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Neste Oyj Revises Guidance; Credit Negative

ENERGY SECTOR

A3[S] EUR Spreads 1-2bp Wider DoD

Credit negative with the revised guidance coming in below consensus following already lowered outlooks in Q2 and in May.


  • Neste has again revised FY24 guidance for Renewable Products citing the drop in diesel prices, weak renewable price premiums and feedstock costs remaining steady.
  • Renewable Products sales volume to be ~3.9 Mt (+/-5%) in 2024 (vs. previous 4.4 Mt (+/- 10%) with consensus of 4.13 Mt), with SAF sales at 0.35-0.55 Mton (vs. prior 0.5-0.7 Mton). Renewable Products comparable sales margin guidance lowered to USD 360–480/ton (previously USD 480–580/ton and consensus USD 502.1/ton).
  • Oil Products’ 2024 guidance remains unchanged.

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