Nynas reports continued strong performance in Q3 2026

Nynas AB (publ) delivered continued strong performance in the third quarter of 2026.

Adjusted EBITDA increased by 23% compared with Q3 2025, driven by higher sales volumes and stronger margins in Naphthenic Specialty Products (NSP). Operating cash flow also improved significantly, and leverage ratio decreased to 2.3x driven by the improved Adjusted EBITDA.

Financial highlights – Q3 2026

(Q3 2025 comparative figures in brackets)

  • Net sales: 586 kton (582 kton) 
  • Adjusted EBITDA: 597 MSEK (484 MSEK)
  • Operating cash flow: 735 MSEK (113 MSEK)
  • Net debt to Adjusted EBITDA: 2.3x (3.4x)

Adjusted EBITDA increased by 113 MSEK, or 23%, compared with Q3 2025, primarily driven by stronger performance in NSP. Operating cash flow improved to 735 MSEK, reflecting improved earnings and positive working capital movements. The leverage ratio improved to 2.3x from 3.4x in Q3 2025, primarily as a result of higher Adjusted EBITDA.

In Naphthenic Specialty Products (NSP), sales volumes increased by 8% compared with Q3 2025. The development was supported by continued operational improvements, a better sales mix and tight market conditions. NSP sales reached their highest level since the closure of the Harburg production site in 2022, with record sales across a range of products and markets outside Europe.

The Bitumen segment recorded broadly stable sales volumes compared with Q3 2025, while product unit margins decreased.

During the quarter, Nynas signed a three-year inventory monetisation agreement with Goldman Sachs, expected to be implemented during the first half of 2027. The arrangement is expected to strengthen liquidity while reducing costs, price exposure and volatility. Nynas also renegotiated its long-term gas supply agreement with Gasum on substantially improved terms, reducing variable costs.

“We delivered another strong quarter, with continued growth in our Naphthenics business whilst reducing our cost and delivering a significant improvement in cash flow. This performance demonstrates the resilience of our business in a volatile market environment. At the same time, we continue to strengthen our financial position and have improved the efficiency and resilience of our operations,” says Eric Gosse, President and CEO of Nynas AB.

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