Nynas reports strong Q4 earnings growth and improved financial position
Adjusted EBITDA increased by 53% year on year to 312 MSEK, driven by higher product margins across both Naphthenic Specialty Products (NSP) and Bitumen.
Operating cash flow rose to 1,279 MSEK, supported by reduced working capital, while net debt was reduced by 1,076 MSEK, lowering the net debt to Adjusted EBITDA ratio to 2.8x. Full year Adjusted EBITDA for 2025 was 1,401 MSEK (145 MUSD) versus 1,333 MSEK (127 MUSD) in 2024.
In NSP, lower volumes in Q4 were offset by an increase in unit margins, reflecting realised pricing and improved sales mix. October 2025 marked Nynas’ strongest month for transformer oil sales since 2022. During the quarter, the company also achieved the first installation of its biobased transformer oil, NYTRO BIO 300X, in Croatia.
The Bitumen business delivered higher volumes and improved unit margins, supported by returning customers, favourable weather conditions and a supportive environment in Scandinavia.
During the quarter, the Board approved a 213 MSEK investment to expand vacuum distillation capacity at the Nynäshamn refinery, looking ahead to Q1, Nynas expects NSP volumes to exceed 2025 levels, with stable margins, while Bitumen volumes and margins are expected to remain robust in line with normal seasonality.
“A lot has happened at Nynas in 2025 with a successful refinancing and a continuously improving performance. With its niche offering of high-performance products for electrification and essential infrastructure, Nynas is well positioned ahead of 2026 to keep on improving its fundamentals,” says Eric Gosse, President and CEO of Nynas AB.
