Nynas reports a strong Q2 2026 in a volatile market environment

Nynas was able to provide supply security to customers in volatile markets, enabled by access to additional liquidity to fund higher commodity prices. 

Financial highlights – Q2 2026

(Q2 2025 comparative figures in brackets)

• Net sales: 527 kton (552 kton)
• Adjusted EBITDA: 702 MSEK (426 MSEK)
• Operating cash flow: −260 MSEK (332 MSEK)
• Net debt to Adjusted EBITDA: 2.8x (3.3x)

Increased commodity prices raised working capital levels, reducing operating cash flow and increasing net debt. However, continued improvements in earnings improved net debt to Adjusted EBITDA to 2.8x compared with 3.3x in Q2 2025.

During the quarter, Nynas further strengthened its access to liquidity through a new trade financing facility, building on actions in Q1 to increase resilience to higher commodity prices as part of a proactive approach to risk management.

In the Naphthenics Specialty Products (NSP) segment, profitability improved, supported by increased sales volumes, a supportive macro environment, the temporary impact of accelerated pass-through of cost increases, and higher demand driven by supply tightness in the market following disruptions in the Middle East. The business also continued to advance its sustainable product offering during the quarter, including securing key projects involving its bio-based transformer fluids NYTRO® BIO 300X.

The Bitumen segment delivered solid profitability despite lower overall volumes. Margins improved due to a stronger product mix and favourable market pricing of intermediates, more than offsetting the impact of lower volumes. Market conditions remained supportive, underpinned by stable infrastructure activity and continued demand for polymer modified products in both the Nordics and the UK.

“Nynas has delivered a strong quarter despite exceptional market conditions driven by the conflict in the Middle East. We were able to fully support our customers during these testing times, illustrating the robustness and resilience of our supply chain, our improved financial position, and the strength of our overall business model,” says Eric Gosse, President and CEO of Nynas AB.