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Neste Oyj (A3/NR) Misses On Headlines; Cash Flow And Leverage Slightly Worse

ENERGY SECTOR


  • Q1 revenue missed BBG consensus by 11% at -9% YoY while comparable EBITDA missed by 21% at -34% YoY. Revenues were lower across all segments with Oil -16% YoY while Renewables/marketing were -4%. FY guidance unchanged.
  • Cash flow before financing turned more negative at an outflow of EUR 350mn compared to EUR 102mn in Q123 on the back of inventory build-up. EBITDA leverage of 1.2x from 1x at FY23 and 0.7x at Q123. Leverage ratio of 27.9%, up from 22.7% at FY23 (against a 40% target).
  • EUR spreads muted.
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