On October 29, Finnish renewable energy leader Neste reported strong third-quarter results, driven by record sales of sustainable aviation fuel (SAF) and improved profitability across its renewable products segment. SAF sales reached an all-time high of 251,000 tons, more than doubling from 112,000 tons a year earlier, underscoring the company’s rapid expansion in the aviation fuel market.

President and CEO Heikki Malinen announced that the renewable products division achieved an EBITDA of €266 million, up sharply from €106 million in the same period last year. Comparable sales margins rose from $341 per ton to $480 per ton, while total sales volumes increased to 1.046 million tons. By product category, renewable diesel accounted for 779,000 tons, SAF for 251,000 tons, and other renewable products for 16,000 tons.

Neste’s biorefineries processed 94% waste and residue feedstocks, up from 90% last year, reflecting continued progress in sustainable sourcing. About 74% of sales were made in Europe and 26% in North America, compared with 51% and 49% a year ago. Despite maintenance downtime at the Rotterdam plant, the company’s average utilization rate climbed to 79%, up from 52% in the previous quarter.

Production from the Martinez Renewable Fuels joint venture with Marathon Petroleum in California also increased, although challenging U.S. market conditions continued to weigh on Neste’s overall margins. In total, Neste produced 1.133 million tons of renewable products during the quarter, compared with 727,000 tons a year earlier. The company expects higher full-year renewable product sales in 2025, with SAF remaining a key growth driver and reinforcing Neste’s global leadership in sustainable fuels.