Matti Lehmus

Matti Lehmus leads Neste as President and CEO, overseeing what has become one of the most remarkable corporate transformations in the global energy sector. Neste was Finland's state-owned oil refining company — a conventional petroleum business. Over the past two decades, the company has transformed itself into the world's largest producer of renewable diesel (also known as hydrotreated vegetable oil, HVO) and sustainable aviation fuel (SAF), produced primarily from waste and residue fats, used cooking oil, and other renewable feedstocks. Neste's NEXBTL renewable refining technology converts waste fats into drop-in renewable fuels that are chemically identical to their fossil counterparts — they can be used in existing diesel engines and jet engines without modification. This technology advantage, combined with massive production capacity (the company's renewable fuel capacity exceeds 5 million tonnes annually with plants in Finland, Singapore, and Rotterdam), has made Neste the global leader in renewable fuels. The sustainable aviation fuel market is particularly promising: airlines and aviation regulators increasingly require SAF blending, but global production capacity remains far below demand. Neste is the world's largest SAF producer. However, the company has faced margin pressure as renewable fuel capacity from competitors has increased and feedstock (waste fat) prices have risen. Key stock drivers include renewable diesel and SAF margins, feedstock availability and pricing, new capacity ramp-up (Rotterdam and Singapore expansions), SAF mandate policies globally, traditional oil refining margins, and competition from other renewable fuel producers.