NTOIF - Neste Oyj (NTOIF) Q1 2025 Earnings Call Transcript
2025-04-29 16:13:04 ET
Neste Oyj (NTOIF)
Q1 2025 Earnings Conference Call
April 29, 2025 08:00 AM ET
Company Participants
Anssi Tammilehto - SVP, Strategy, M&A, and IR
Heikki Malinen - CEO
Eeva Sipilä - CFO
Conference Call Participants
Alejandro Vigil - Santander
Derrick Whitfield - Texas Capital
Henri Patricot - UBS
Sasikanth Chilukuru - Morgan Stanley
Artem Beletski - SEB
Matthew Blair - TPH
Adnan Dhanani - RBC
Peter Low - Redburn Atlantic
Paul Redman - BNP Paribas
Pasi Väisänen - Nordea
Nash Cui - Barclays
Yulia Bocharnikova - Goldman Sachs
Presentation
Anssi Tammilehto
Good afternoon, everybody. Welcome to discuss Neste's Q1 2025 Results that were published this morning. My name is Anssi Tammilehto. I'm the Senior Vice President, Strategy, M&A and Investor Relations. And here with me on the call today are our President and CEO, Heikki Malinen; and our CFO, Eeva Sipilä.
During this call, it's good to note that we will be making forward-looking statements in the presentation. So please make sure that you are familiar with the disclaimer also. And the agenda is as follows. First, we will go through the Q1 in brief, discussed by Heikki, then financial performance by Eeva Sipilä. And then last but not least, the topicals and outlook by Heikki again. And finally, we will have also time for your questions and happy to have a discussion with all of you.
So, with these remarks, happy to hand over to Heikki Malinen. Thank you.
Heikki Malinen
Thank you, Anssi and good afternoon, good morning, everybody. Welcome also on my behalf to this call. First of all, let me thank Anssi for the great work he did as interim CFO, really appreciate Anssi jumping into this role at short notice and an excellent job he did. So, thank you, Anssi. Very, very appreciated.
And it's also my pleasure to welcome Eeva, you will see her in a moment here. I'm very happy that is Eeva joining the team. And together, we will then work with you all to tell the Neste story and hopefully provide you with good perspective on the company and our business.
Eeva is a great CFO. She's very smart. She's tough. She has a lot of relevant experience and she will be a great addition to the Neste team.
So, this is my first full quarter release, I started in mid-October, as you know. So it's a real pleasure to now start to tell you also the full story.
Now, let's go to the first slide. And at Neste, we start always our presentations with safety. If you look at this slide, it basically has two pieces of information, on the left-hand side you can see data on our total recordable incident frequency rate, it basically tells you about employee safety, what is happening on that side. And then on the right-hand side, you see process safety which is very relevant information when you look at refining industry.
A couple of observations. First of all, on the left-hand side, you can see this line has been going up. That is, of course, not good performance. The data actually includes two businesses. If we look at our businesses, we have the refining business, which is the bulk of Neste, but we also have feedstock sourcing collection in the United States, which is primarily Mahoney.
Mahoney is a logistics business, not refining. And the Mahoney data tweaked this number upwards. So, if I just look at the refining side of the business, the figure was about 1.7 million for Q1, 1.7 billion is actually for refining, it's not great....
Neste Oyj (NTOIF) Q1 2025 Earnings Call Transcript