Strong performance for Nynas in 2023

In 2023, Nynas returned to profitability, driven by the strong performance of its core operations. "We have proven that Nynas is a sustainable business, built on unique products, infrastructure, and market position, and achieved a strong performance both commercially and financially in 2023", says Nynas CEO Eric Gosse.

With a smaller footprint than in the past, Nynas posted a positive operating result of SEK 566 million in 2023, significantly increasing its adjusted EBITDA to SEK 829 million (2022: 596) and recovering equity. Net income in 2023 was SEK 592 million.

Strong market demand

Nynas experienced strong demand for its Naphthenic Specialty Products (NSP), particularly in transformer oils. These oils contribute to the energy transition by helping customers increase the efficiency and expansion of their electrical infrastructure.

Bitumen sales bounced back to levels above our targets in Scandinavia. Nynas continue to work actively on the entire supply chain to better serve customers, putting to good use of the two production plants in Nynäshamn and Gothenburg. Nynas also remains a key bitumen supplier in the UK, building on the 50 per cent stake in the Eastham refinery.

Investing in the future

During the year, the company continued to develop its capability to source feedstock from a variety of sources through rapid testing and decision-making, thereby enhancing its feedstock sourcing capabilities.

Showing a commitment to the future, SEK 600 million was invested over the course of the year, including a largescale turnaround of the biggest production plant.

Sustainability a key driver

Nynas products play a vital role in the transition to a sustainable society. Through their lifecycle the products have a positive impact, helping save carbon and energy compared to the next best available product.

"Sustainability is the main driver in our R&D projects today. Through innovative products we support our customers and society transition to a more sustainable world", explains Eric Gosse.

Nynas is currently expanding the portfolio of circular products and exploring new circular feedstocks. In 2023, for example, we launched a project with Stena Recycling to collect and re-refine end-of-life transformer oils to use as feedstock.

The company also continues to improve the energy efficiency at all Nynas sites and introduce energy sources with a lower climate impact.

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Further reading

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A successful Nynas Industrial Lubricants Forum in Stuttgart

Over two intensive days in April, the UNITI Mineral Oil Technology Forum (UMTF) was held in Stuttgart. The program included everything from the latest industry trends to research results and practical applications. Nynas was present and also organised its annual Industrial Lubricants Forum.

Industry gatherings

An important forum for spreading knowledge about our products and ongoing research and development work are the various industry events held around the world.

Nynas supports academic studies in Türkiye

Throughout the world, Nynas has a longstanding tradition of collaboration with institutions of higher education. In Türkiye, our General Manager now teaches classes at two of the country’s most prestigious universities.