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Neste to slash jobs following weak Q4
19 February 2025
Reuters reported that Finland’s Neste is cutting about 600 positions. The company cited an excess supply in the renewable fuel market that caused a slump in quarterly core profit.
Heikki Malinen, Neste (Photo: Outokumpu Corporation)
According to the report, Neste CEO Heikki Malinen said the renewable fuel market is facing ongoing challenges. These include uncertainty in the U.S. regulatory environment.
Neste cut its guidance on the renewable sales margin three times last year, Reuters reported, citing falling renewable fuel prices due to weak demand and oversupply.
The Reuters story said the company missed analyst estimates of 308 million euros (approx. $321 million) for earnings before interest, tax, depreciation and amortization (EBITDA) in the fourth quarter. Neste said sales volume for the renewable business in 2025 should be higher than in 2024.
Additionally, the company said it will delay the scheduled start of commercial operations in its renewable refinery in Rotterdam, Netherlands, Reuters reported.
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