Nynas Annual & Sustainability Report 2025 published

Nynas delivered improved profitability and strengthened its financial platform in 2025, supported by disciplined execution, high operational reliability and solid demand across its core businesses.

In a challenging macroeconomic environment, the company continued to generate stable cash flows while further improving its balance sheet.

Adjusted EBITDA increased to 1,401 MSEK, compared with 1,333 MSEK in 2024, reflecting resilient performance across operations. Operating cash flow amounted to 995 MSEK, underlining the company’s ability to generate cash and support continued balance sheet improvement.

“This was an important year for Nynas. We improved profitability, generated strong cash flow and significantly strengthened our balance sheet, while continuing to execute on our long-term strategy,” says Eric Gosse, President and CEO of Nynas. “Through disciplined operations and targeted investments, we have reinforced the company’s resilience and established a stronger platform for sustainable value creation.”

Growing volumes in core segments

Sales volumes increased in both business segments during the year. Volumes of Naphthenic Specialty Products grew by 3% year on year, driven primarily by strong demand for transformer oils and continued growth in selected international markets.

Bitumen volumes also increased, supported by sustained activity in Nordic infrastructure markets and an improved sales mix, with a higher share of polymer-modified products.

Continued balance sheet strengthening

Net debt was reduced to 3,797 MSEK, compared with 4,835 MSEK at the end of 2024. The improvement was supported by strong operating cash flow and the successful issuance of a 380 MUSD senior secured bond during the year. The refinancing simplified the capital structure, extended debt maturities and further improved the company’s financial resilience.

As a result, the net debt to adjusted EBITDA ratio declined to 2.8 times, compared with 3.5 times in 2024.

Investing for future growth

During the year, the Board approved an investment of 213 MSEK to increase vacuum distillation capacity at the Nynäshamn production site. The investment is expected to improve product yields, enhance feedstock flexibility and support future growth in higher value naphthenic specialty products, while also increasing operational resilience.

With improved leverage, stable cash generation and a stronger financial platform, Nynas enters 2026 well positioned to continue strengthening its core business and advancing its long-term strategic priorities.

 

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