Good afternoon everybody. Welcome to discuss Neste's Q3 results that were published this morning. My name is Jukka Miettinen, Vice President of Investor Relations at Neste. Here with me, we have our President and CEO Heikki Malinen and our CFO Eeva Sipila. We are referring to the presentation that was published in our website early this morning. The key highlights of our presentation today includes the highlights of our Q3 performance as well as our financial performance. On the topicals we will discuss update on our Rotterdam expansion project as well as our newly established dividend policy that was launched today. We will have time for discussions and please pay attention to the disclaimer as we will be making forward-looking statements. With these remarks, I would like to hand over to our president and CEO, Heikki Malinen. Heikki, please.

Thank you, Jukka, and good morning, good afternoon to all of you. Nice to see you again in this webcast. So today we're going to go through Q3 2026. Let me first of all say that this really is a historical achievement. We had a really great quarter. I'm very happy and very pleased with the performance of the nested team. I know people have been working very hard to get us out of the trough we saw in 23 and 24. Many things went really well in the third quarter. The operational performance, especially in our renewables products area, was very good. Singapore and Rotterdam ran very well and those volumes helped to improve the performance and financial results over the third quarter. I think our utilization rate in the third quarter in RP renewables demonstrates that when we get to full production, how much potential there really is in our business. We've added resources and focus on predictive maintenance. This really is improving our ability to get more stability in the production lines. We've also emphasized the need to have faster response times when we have technical issues, which occur from time to time. And so that also helped to get us into a good result. We're now in the midst of a heavy turnaround season. Porvo, TA26. Rotterdam Turnaround has started and then in the next year we will have Turnaround in Singapore. Overall, the objective is to increase our reliability, availability, and of course then secure good volumes. A few words about Portovo 2026 Turnaround. We prepared very thoroughly. We had a lot of people on the site. Overall, I'm very pleased with the outcome. TA26 was clearly better than TA24, so we've learned as an organization how to manage these complex turnarounds. With this turnaround now complete, we can run portable into 2029 with good production. Given how strong the market is at the moment, this, of course, is a favorable fact. Global markets remain tight. The market is very volatile. Margins are comparably high. It's of course very difficult to forecast what will happen to markets in the coming quarters. But for the time being, markets are very good. In Rotterdam, I'll come back to Rotterdam a bit later, but as said, the Rotterdam budget has now been revised. Finally, on the financial position, it has been strengthening every quarter. The deleveraging of the company is, for me, very positive, and I'm pleased to announce that we now have a new dividend policy, which we will then review a bit later in more detail. Safety is of course at Neste the number one subject. Looking at these charts here, I have to say we've been going sideways. I want to emphasize that we spent a huge amount of time with the Neste management to try to improve safety, but we've been going sideways. So we have work to be done. We analyze data, we work with our employees, we have good relationships with our workers unions to try to move this to a better level But so far the curves are not changing and so for 2027 we need to come up with new medicine. So the job still is not done when it comes to safety. But I can assure you that the commitment to improve those figures is extremely high. Looking at then still Q3, Rotterdam did very, very well. and recognizing that we also had to turn around in those two small lines. Our OP refining margin was also exceptionally high at $48 per barrel. Overall, we had very strong earnings. EBITDA for the whole company was over 1.5 billion. RP made a billion in the quarter, and Eeva will talk about the balance sheet in more detail, but as I said, the direction of travel has been very positive. So with those introductory remarks, let me hand it over now to Eeva to take it from here. Eeva, please.

Thank you, Heikki, and a very good afternoon to everybody on my behalf as well. I'll start with the renewable diesel reference margin development. And the margin moved. Overall, it was still $100 up in average compared to the previous quarter. Renewable products delivered two-thirds of our €1,555,000,000 comparable EBITDA results, and oil products then half a billion for its part. Very pleased with the performance improvement program, which continued to deliver a very strong result. We now reached 697 million euros of annualized EBTA run rate impact. And the realized in-quarter impact in the third quarter was 172 million euros. and cost reductions then covered 56% of the total. Now this two-year program is coming to its final months and we will end the program in the end of this year as earlier announced. and the quarterly performance by our segments. So let me start with the renewable products. And despite the light blue line that indicates the sales margin being down, this obviously contributed to an improvement in EVTA results and to that roughly one billion level that Heikki already mentioned. When we look at the right hand side, which gives you the main items driving the renewable products EBITDA compared to the second quarter, staff margins continue to be less attractive for us. The share of Europe continues very stable, 73%, and then North America on the 27%. Now, the sales margin was down despite the increase in diesel prices, and this due to the higher feedstock prices as expected outcome, whereas the Q2 was more of an outlier when we had more of an abrupt jump in the solar prices and that sort of netted out negative impacts. Moving then to oil products. Starting on the left hand side shows very clearly the light blue line, the impact of the turnaround of a product due to the turnaround. But then indeed the dark blue column bar shows how high that $48 per barrel refining margin took us. On the right hand side, a very similar story to the left hand side. The waterfall really tells it all. Volumes down while margins significantly up in that row. Then finally a marketing and services segment. So here it's been a very volatile year and you could say that the inventory gains or losses have really driven the quarterly ups and downs. In the first quarter, we had a significant gain from inventory as the market prices really reacted to the Middle East crisis in the March period. As we saw significant price impacts and increases in September, we had a very significant inventory profit. Pretty much explains the whole difference. As such, the marketing and services team is doing a good job in running the daily operations. Obviously up due to the turnaround in oil products, very much in line with our earlier guidance. We have indicated from the beginning of the year that this year is a capex heavy year in the second half. And this will continue in the fourth quarter. We'll see some further increases as the two turnarounds in renewable products have gotten close. I'm very pleased with our ability to deliver cash flow despite the sort of challenging market when one thinks of the sort of working capital and really the sort of big fluctuations in prices. Strong profitability was obviously a big driver behind the 877 million cash flow result for the turnaround. And this then helped moderate the impact of working capital in the quarter. We are sitting on a very high level of inventories at the end of September in renewable products due to the fact that we are obviously prepared to deliver seamlessly. It was a lot less than it could have been and a good job from the team. And then, finally, my final slide illustrates our financial position. And we've made very good progress on the leveraging for the past 12 months, and our leverage now stands at 22.6%.

We are more than comfortably hitting our .

Thank you, Eeva.

Let's see now here. So let's talk now about the Rotterdam expansion budget, its revision and also about the business case. So as I'm sure you can recognize this is a very complex project. There are thousands of In the sequence or in the in the setup can cause delays and delays of course once they start there is always the risk of the domino effect so for example if there are for example delays in the welding of pipes we need to move all the equipment up Jukka Miettinen, Jukka Kanerva, Tommi Tuovila Jukka Miettinen, Jukka Kanerva, Tommi Tuovila that when you're trying to keep up the pace on a megaproject like this, it is not easy.

I would also in Asia where we had our own refinery, Singapore too, but not here in Central Europe.

The budget revision is, of course, unwelcome. It's not something that we planned for and we desire, but it is still where we are today. However, given our strong and much strengthened financial position, we believe the mandate environment, the regulatory framework is very positive. As you know, we've mentioned in the previous presentation The Outlook for Renewable Diesel in Europe It's very, very positive. The market will double by the turn of the decade. And then, of course, we have the potential to produce stuff, and we hope the mandates will then be taken to 6% as we get to 2030. So overall, REDD3 is a major boost. So discussion about energy, Security, this is the right thing. Here you can see a latest picture of the site. You can see the state of affairs. Construction is already fairly well advanced. Some parts of the refinery are already in pre-commissioning phase. We'll get the job done. Overall, very impressed with the site. Thousands of people on there and we're trying to Obviously, people are doing their best to get the job done. Once completed, we have 1.3 million tons of new capacity. We have in Rotterdam existing capacity 1.4 for a total of 2.7. And then, of course, if you look at everything we have, Then, the dividend policy. Obviously, as our financial performance has made a very, very positive turn and earnings have increased, it is also a good moment to stop and update the dividend policy. The board of directors have made a decision. Two words about the thinking here. Fundamentally, first of all, our priority is to make sure that we have a resilient balance sheet. And that will then enable us to grow also our investments as time goes by. Secondly, as I said, the market outlook looks favorable. Once Rotterdam is complete, we will then think of the next wave of growth, but the time for that will be then sometime into the future. And thirdly, there is a question we will also be meeting the expectations of our shareholders in this area. Then the outlook. Outlook remains The guidance remains unchanged, so I will not now walk through that in any more detail. So in summary, that is the presentations today. I'll come back to my final comments after the Q&A. But for now, shall we move on to the questions and answers?

Thank you.

To enter the queue, if you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Alejandro Vigil from Santander. Please go ahead. Alejandro Vigil from Santander. Please go ahead. Alejandro Vigil from Santander. Please go ahead. Alejandro Vigil from Santander.

Please go ahead. Alejandro Vigil from Santander. Please go ahead. Alejandro Vigil from Santander. Please go ahead. Alejandro Vigil from Santander. Please go ahead. Alejandro Vigil from Santander. Please go ahead. Alejandro Vigil from Santander. Please go ahead. Alejandro Vigil from Santander. Please go ahead. I have two questions. The first one is I know your guidance is to maintain and change. You are seeing a significant reduction in sales or could maintain this level at another quarter. I understand the maintenance that is ongoing there. So you can elaborate on that. And the second question is also on the renewable products. In general, the outlook for the near term, how you see evolution of feedstock cost and margins in the short term. Thank you.

The fourth quarter is impacted by the turnarounds. We are selling what we had in inventory to a large degree at the end of September. Singapore is still producing some but with a delay in transportation. The guidance is approximately on the same level, so we will do our utmost to sell as much as our customers need, but I think we're comfortable with the guidance as such.

Thank you. Then on the outlook, if I just say on Renewable Diesel, so overall outlook is very positive. Obviously, we have... ...that will lead to pulling back or reversing or slowing down the implementation of REDD3. So in that respect, you know, we feel good. Also, the reality is that the crisis in the Middle East has raised this whole discussion about energy security in Europe. And I think that in itself is also a further boost, you know, for the production of fuels here in our European continent. So net-net positive. But the reality is that we have more and more volume from China coming in. And I said we have advocated quite strongly about the need. for anti-dumping duties on SAF and we continue that work. Then we will see if in 2027 we will get some remedy on that. But it is still a working process and we will then see what happens next year. Thank you. Kiitos.

The next question comes from Artem Beletsky from SCB. Please go ahead.

Yes, good afternoon and thank you for taking my question. Negotiations, I guess some of the contracts have been already signed, so I'm happy with those terms and maybe relating to these terms, would there be any changes or is it still basically premiums over gas oil, how those will be done? and the second one is relating to initiatives in renewables and employee capacity as you did really hit the capacity and those actions being offered.

Well, if I first start on the terms, I remember last year we made a comment that the term negotiation season had started quite early. This year it's been clearly slower to start. Maybe the overall volatility in the market is creating some delays. Usually, though, in November, you know, things have... As I said, we have usually termed, I think last year we said about half, 60%. That's been the practice in the past at this moment. I think that is sort of a good working hypothesis for the time being. But as I said, it's been a slow start to term negotiations, but I would say mainly probably because of the volatility and there are a lot of uncertainties, but in November things should start moving. The folks have really been doing a lot of work on these refineries, so it was sort of expected that we should start getting to higher levels from those 70s, We have continuously multiple projects underway to improve the reliability of those plants. As I said, we have added and will continue to add issues. Jukka Miettinen, Jukka Kanerva There's a lot of learning, a lot of causality, which we're learning a bit as we go forward. So good work, I'm confident that in Singapore is really to increase ultimately the reliability of those assets so that we get good production afterward.

Thank you.

The next question comes from Kate O'Sullivan from Citi. Please go ahead.

You were clear last quarter that the priority was to improve returns from existing investments and to be leveraged.

Margins remaining exceptionally strong. What is the main constraint on committing to further capacity? Is it confidence in delivering projects at an acceptable cost?

Right. Well, you raised two questions. One is how do you execute projects and the other is the regulatory side. I first want to be very clear that we see ourselves as a growth company, growth business. We are thinking about growth. But for the time being, our focus must be in completing two

and then Rotterdam 1, where we still have some potential.

And then secondly, when it comes to the mandates, of course, continue to advocate for that. Currently, the main news is the mandates and the regulatory framework in Europe has been very positive. And my personal view is really here that The next question comes from Susanna.

Firstly, on Rotterdam expansion project, we've now seen a second capex increase taking the project to around $3 billion, as well as another delay. I was just wondering how is today's division different from the first one that happened last year. I was just wondering how much contingencies are in place for this new guidance as well. The second work on operations and efficiency utilization was very strong. You highlighted the addition of resources and greater focus on maintenance. Now looking into 2027, should we expect this to translate into materially shorter turnaround durations in Singapore compared to 2026?

Thank you for your questions. Pre-commissioning, some of them are even in commissioning.

Some parts of the project have gone really well and we're already almost done. The thing, of course, is this refinery isn't running until every single piece has been completed. And then we can say, OK, so now let's press the buttons. So we just have to get every single... Has anything changed? I think it is just the fact that I don't think really anything has truly changed. Reality is it is very complex. And as I've said before, I think if we compare Rotterdam 2 to Singapore 2, which was also done partially in the midst of COVID, there is a clear difference in terms of how much experience In the Asian market and Middle East there is in running these but then again after this we will be of course much much more experienced at Neste much more wiser and there are many learnings from this which we will then take into the next Jukka Miettinen, Jukka Kanerva We are going to make investments there to make sure we get the reliability more systematically to a higher level, and that will require some time. We need some patience here to get through those, but I feel confident that after Rotterdam 1 and 2 turnaround, we're going to be at a much

The next question comes from Alice Winograd from Morgan Stanley. Please go ahead.

Hi. Thank you both for taking the questions and congrats on results. So first, can I ask for an update on how do you think about capital allocation going forward? I guess this was a quarter with a couple of cash drops in the sense that pre-cash flow is already in the low 20s, so I think it's fair to say that balance sheet repair as such is behind us. So it's easy to see how that can continue to come down pretty sharply, even with the dividend reset, even with the additional budget for Rotterdam. So my question ultimately is, if you think about the marginal dollar in 2027, how do you think it's best spent between higher distributions, organic or inorganic growth, and in the absence of any other movements, I guess, just trending towards net cash? Thank you.

Sure, Alice. So I think as long as we have the geopolitical uncertainty moving markets like they have, I think we have to be prepared for swings in the working capital, like I mentioned in my In my comments earlier, it's something that, despite sort of heavy efforts, it's obviously something a bit out of our control. And as it now looks, I think we're sort of 27, we'll see that continuing. But obviously the question on the marginal dollar, I think it's best explained by the principles and the dividend policy is just kind of one part of that. and there really the deleveraging indeed. I'm sort of thankful for your optimism. We obviously will continue to work on that, but I think in 2027 it's really the sort of second box on that slide. So it is these organic investments. We have debottlenecking events, with the increase in the Rotterdam expansion costs. Obviously, that sort of half a billion increase is basically what you'll see going out in 27. So there is, you know, a working capital swings. We got to just be prepared for that, the bottlenecking and then the Rotterdam expansion. So that will be our 27.

and I would just say thank you I would just running now those assets and then if you think about capital location we have had out of the performance improvement program where we have where the run rate is nearly 700 million which by the way I'm really pleased because our target was 350. so there are also a bunch of ideas how we can be bottleneck and get even more out so

Beyond 2020, or beyond Rotterdam, we will then come back to that later.

Thank you, Heikki. And if I may ask a second question, please, to Eeva. You mentioned already the impact of the diesel hedges in RP margins. Can you quantify to some extent how much this was the Dragon 3Q?

What's the expectation for $180 per ton in Q3? And again, fourth quarter will depend on how the market prices move in the quarter. With these price levels, obviously any hedging done on diesel late last year will have a negative impact just sort of because of the huge swing we've seen in market levels weeks and a couple of months Thank you

The next question comes from Nash Kui from Barclays. Please go ahead.

Hi, good afternoon. Thanks for taking my questions. The first one is on Rotterdam 2 application. I wonder how should we interpret the startup capacity? Then the second question is on shipping rates. I know shipping rate has been quite elevated. I wonder what's the impact on your OPM margins? How should we think about the net impact going forward? Thank you.

So if I start with the Rotterdam, so our plan here is now that we will have a start-up, technical start-up end of 2027 and then commercial ramp-up will start in early Apache. We've taken a lot of learnings from Singapore. Our Rotterdam operational team has now been recruited. They're all hired. They're going through the production lines, item by item. We had multiple teams visiting Singapore to learn from what could have been done differently in the Singapore startup. So we're giving a projection of what that is going I cannot comment on this now, but as I said, trying to learn a lot organizationally from Singapore too. And then if I understood your shipping rate question, obviously they have risen a lot. Jukka Miettinen Jukka Miettinen, Carl Nyberg, Jukka Kanerva, Tommi Tuovila, Tommi Tuovila

Jukka Miettinen, Jukka Kanerva to be a big concern. But yeah, I think this is something we'll just sort of have to live with as long as the geopolitical uncertainty is what it is.

But also in that respect, most of our crude is coming from the North Sea. So the logistics is shorter and there is no geopolitical risk in that.

The next question comes from Henry Tarff from Barenburg. Please go ahead.

Hi there and thanks for taking my questions. The first is clearly the environment continues to be extremely volatile. What are you seeing, what have you seen in October to date for sort of average margins? We've seen a very material build clearly through the first nine months of the year. I appreciate there's a large element of pricing. If pricing remains vaguely stable, then what would you expect the impact of that to be on working capital for the future?

Indeed, it has continued, no change to that in October. We've seen in the renewable side premiums come down in the past couple of weeks somewhat. And then in oil products, again, a lot A lot of volatility there. We know we have a slightly higher turnaround, so that's something that we're now sort of chewing through. Yeah, I mean, we're still obviously early in the quarter, so a lot of things can happen, but just to your question on the past couple of weeks. Then on the working capital, so there I would say that our sort of full-year plan is intact in the sense that, like, Demand expectations during the turnarounds. In OP that's now behind us, so we will start sort of, and we already saw sort of first signs, but we'll definitely now sort of be able to lower product inventories in the coming months to end up in a sort of financially better position towards the end of the year. Whereas in RP then, as I mentioned in my notes, to deliver and Rotterdam is already down. So the plan for the volume side of working capital is definitely down in Q4. And then, like you rightly point out, so obviously the The Euro number multiplies volume with price, so then the price levels towards the year and we'll kind of have a final good free cash flow for the full year, not just this third quarter.

Okay, thanks.

The next question comes from Paul Redman from BNP Paribas. Please go ahead.

Hello all and thank you very much for the questions.

So the first one was just on hedging in 2021 in 3Q on the feedstock side. Has this made you think any differently about your hedging policy into 2027? and with diesel price and feedstock prices very high at the moment, how do you think that could impact your margins in 2027? And then my second was just on utilization. You've mentioned it a couple of times, a very, very strong utilization rate in renewable products this quarter. Is this a new normal, or were there one-offs that happened in 3Q that maybe won't carry into a new normal

Uh... I think in a way we're very pleased with this outcome. We obviously have a bigger positive on the earnings than what we have on the hedging, negative hedging impact and in a way that's how hedging is supposed to work and it sort of protects the downside but obviously you give up Obviously follow the market closely and in a way sort of take the learnings from that. But in a market as volatile as we now see the middle distillate market being and in renewable products when it's kind of a pass through, it's not really a cost item. I don't see us sort of being very easily open to sort of have firm structure will also have an impact on our hedging decisions. It's really, that's kind of the starting point on sort of closing certain parts of the open positions on that.

So, Paul, on your question regarding utilization, is this a new normal if we look at kind of where

We've been able to achieve a more level of stability.

Now, this was an extraordinarily good quarter. The way I would think about it is we're targeting that low 80s. We now have these major turnarounds coming.

I think once we've gotten them done and I start to see concrete evidence but I would not use the 90 as a new normal yet.

So more 80s is the target and we've come from 70, so I'll leave it up to you at the moment to then set your own set target.

Thank you very much.

The next question comes from Matti Karola from OP Corporate Bank.

So do you have a certain target of terming and are you open to go with more spot exposures here as biopremiums are right now in the spot phase quite weak but the fundamentals for next year should be strong and actually time should be okay for you?

Okay, thank you, Marti. So, I was very positive.

Now, as I said, things can change. We're in a super volatile environment. The term negotiations, as I said earlier on, they've been very slow to start this year. Historically, we have aimed to be in the 50-60 range. So unless we say something, that's probably a good working number. But as I said, we're very, very early as we speak.

Okay, thank you. Maybe there's another question still about the political risk within the renewables. And if we think about this fuel crisis, to compare that to the Russian invasion in Ukraine, back then in the European market, Sweden alone was at high compared to what we see a couple of years ago.

I would go back to my earlier comment about energy security. If we look at Europe so far, yes, there have been discussions about fuel prices.

Obviously, it's an issue. Jukka Miettinen, Jukka Kanerva, Tommi Tuovila

Russia, your supply constraints, especially from the Middle East, you know, you really need that volume. Otherwise, the market will be even tighter. So having said that, I think we will look at 2027 quite optimistically.

And I think, Matti, just to conclude, so we need the REG3 implementation as it has gone across Europe, so that obviously has...

True, so the countries we sail to is much more broad than it was in the past. That is correct. Thank you. That's what I'd like to hear. So our markets where we supply renewables is more diverse.

The next question comes from Adnan Dhanani from RBC. Please go ahead. Hi.

Thanks for taking my question. Stay with me, please. First of all, on your RBC, The Rotterdam expansion, which looks like there will be no contribution in 2027. The extent of the turnaround in Singapore is going to be going into one skew. And then, as you said, the default is making a build in Singapore that will be reliable to life and be higher year over year. So I'm just trying to understand, combined with all those impacts, what the overall volumes could look like versus 2026. And then second on your performance improvement program, as you said, you've hit double the original target. It looks like COVID is going up by around 100 million euros on the run rate.

Can I take both?

Yeah, I can take both. So, Adnan, I wasn't quite sure if you were more interested in the 26 or 27 volumes. For the 26 volumes, we have the guidance intact. And to an earlier question, I said that we obviously have some Less sort of opportunity on inventories and hence the sort of guidance is a good proxy. Obviously we'll sort of try to empty the barrels as much as we can. And then on 27, so I would repeat what Heikki referred to earlier, that startup late 27 in practice means then a commercial operation starting in 28. I think it was Paul's question on that. Are we striving for better utilization going forward? So absolutely, in that sense the focus on the existing current lines, especially now with the heavy turnaround, extra turnaround work ongoing to get more out of that. We'll be back on 27 guidance obviously then in February, so all those facts.

The next question comes from Derek Whitfield from Texas Capitol. Please go ahead.

Good afternoon, all, and thanks for taking my questions. I have two questions. First, referencing slide 11, could you elaborate on your gains in feedstock? Are there one or two items that you could point to that really drove the improvement? Thank you.

Yeah, I can discuss a bit on feedstocks. The trend we're seeing and have seen is basically one of For instance we've seen in the Q3 actually the feedstock prices were down as there was a bit less buying out there and I believe also some sort of less production in your home markets. So obviously it's still very much in the market where being active, being on Read it well to make sure that we buy the right quantities from the global network. And that's then sort of any benefit you'll see.

It's a good question.

Is there sort of the one silver bullet, Derek, that kind of changed? I think this is more of a continuum. We've added more staff in Singapore and Rotterdam. We're focusing more on maintenance, more on quick response. If I kind of just think about refining crude, we've been doing it for over 100 years. There's a lot of science around that here in our industry, and to take mitigative measures, I think that is improving. We have already made some modifications to the lines to increase the resilience. Maybe that had a bit, but I don't really have enough evidence. I think one quarter It's not enough evidence to confirm that, but as I said, once we get into next year and we've completed Rotterdam 1 and Singapore 1 and 2, and we have a couple of quarters, then I think, then we will know if there's a more permanent step change. So that's how I answer it. I need more evidence and that'll be more of a second half of 28, sorry, second half of 27, second half of 27 discussion when that work is done. Hopefully you can manage with that response, thanks.

The next question comes from Nash Kui from Barclays. Please go ahead.

I really want to ask a follow-up question because I like your point made on energy security. I wonder, have you had any discussions with the Finnish government around that topic, as well as the strategic importance of the pro-war refinery? So will there be any implications for how you think about pro-war's long-term role or economic

I'm sure it's an issue for all of the European Union member states. Some of them have their own fuel supply domestically. Some of them import most of their fuel. As you know, many European countries are highly Jukka Miettinen, Carl Nyberg, Jukka Kanerva The refinery has been developed over the last 50 years or 60 years very systematically. It's as we call a complex refinery. It has a lot of conversion potential. We know that we can over time convert it more and more into sustainable fuels when we see the need. But I think for the time, more broader geographic area. So I think Porvo has a very important role and obviously we're developing it on that basis. So that is how I see the situation. Thank you.

There are no more questions at this time.

Thank you very much. As always, it's a pleasure to spend the hour with you. We are very happy with the performance of the last quarter, obviously working very hard to make sure we can continue that. We discussed the turnarounds. The markets are very tight. We're trying to take advantage of the opportunities our customers are providing us. Rotterdam of course is super high on my priority as CEO. We will generate a lot of cash over the coming decades as the markets continue evolving into more renewables. And as I said, the balance sheet is getting stronger. It gives us resilience, it gives us a strong foundation then to not only pay dividends but also then to invest into the future once we have our plans clarified. Good questions and Eeva and I will join you again then in February. Take care.

Good afternoon everybody. Welcome to discuss Neste's Q3 results that were published this morning. My name is Jukka Miettinen, Vice President of Investor Relations at Neste. Here with me, we have our President and CEO Heikki Malinen and our CFO Eeva Sipila. We are referring to the presentation that was published in our website early this morning.

The key highlights of our presentation today includes the highlights of our key Q3 performance as well as our financial performance.

On the topicals we will discuss update on our Rotterdam expansion project as well as our newly established dividend policy. that was launched today. We will have time for discussions and please pay attention to the disclaimer as we will be making forward-looking statements. With these remarks, I would like to hand over to our president and CEO Heikki Malinen. Heikki, please.

Thank you, Jukka, and good morning, good afternoon to all of you. Nice to see you again in this webcast. So today we're going to go through Q3 2026. Let me first of all say that this really is a historical achievement.

We had a really great quarter.

I'm very happy and very pleased with the performance of the Neste team. I know people have been working very hard to get us out of the trough we saw in 2023 and 2024. Many things went really well in the third quarter. Your operational performance, especially in our renewable products area, was very good. Singapore and Rotterdam ran very well and those volumes helped to improve the performance and financial results of the third quarter. I think