Neste has withdrawn from an investment into renewable hydrogen production at its plant in Porvoo, Finland, the oil refiner and biofuel maker said after its third-quarter core earnings missed expectations on Thursday.
Neste’s decision seems like a typical re-evaluation of investment projects during harsh times rather than a sign of some bigger changes, Inderes analyst Petri Gostowski said. Its adjusted earnings before interest, tax, depreciation and amortization slumped 66 per cent to €293-million in the third quarter, missing analysts’ average estimate of €348-million in a company-provided poll.
Malinen, who officially took the top position last week, added that Neste had launched a group-wide potential analysis following “unsatisfactory” performance in recent quarters, including three outlook cuts so far this year.
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