Robust operational performance delivering strong cash flow and clear strategy to drive value
In 2024, Nynas delivered a solid operational and financial performance enabled by a clear strategy to focus on its core strengths as a market-leader in high growth niche segments. The performance underscores the relevance of its long-term strategy centred around its longstanding customer base and the energy transition.
“We are delighted with the progress made during 2024, evidencing our right-sized cost base and a more targeted commercial and manufacturing footprint. We have redefined our strategic direction, positioning Nynas as a specialty chemicals company which is enabling the energy transition and setting our course to 2035,” says Nynas CEO Eric Gosse.
Financial and operational strength
Nynas reported Adjusted EBITDA of 1,333 MSEK for 2024 (1316 in 2023), reflecting continued commercial success and operational efficiency. The Company generated strong cash flow from operations, enabling investment and planning for long-term growth, and enabling the transformation of the Harburg site with an aim to monetise it in due course.
Operational reliability remained high, with all three production plants achieving 95-99% reliability rates. The Nynäshamn refinery set a new monthly production record for naphthenic specialty oils, reaching 42 ktons in May 2024.
A new strategy
The strategy focuses on increasing value through innovation and sustainability. By expanding its product range with more sustainable, high-margin specialty materials, Nynas aims to reinforce its position in the European market.
“Nynas is uniquely positioned to contribute to the energy transition. Our strategy reflects our purpose to advance a more sustainable society, and our product development pipeline is fully aligned with this goal,” adds Eric Gosse.
In 2024, Nynas received the EcoVadis Gold rating, placing it among the top 5% of rated companies globally.
Outlook 2025
Having completed 2 successive financial years with strong operational and financial performance, Nynas continues to monitor the debt capital markets, with a view to optimising its capital structure at the appropriate time.
Nynas, as a European focused company, has not been directly impacted by the recent uncertainty in relation to United States import tariffs and potential retaliation from other countries. Nynas ceased its operations in the United States in 2022 and imports only a minimal share of its feedstock from the United States.
