Nynas reports improved profitability and further balance sheet strengthening in Q1 2026
Nynas AB (publ) delivered improved profitability in the first quarter of 2026, driven by strong demand and robust product unit margins.
The quarter was also characterised by continued balance sheet strengthening.
Financial highlights – Q1 2026
(Q1 2025 comparative figures in brackets)
- Net sales: 286 kton (296 kton)
- Adjusted EBITDA: 259 MSEK (179 MSEK)
- Operating cash flow: -257 MSEK (-730 MSEK)
- Net debt / Adjusted EBITDA: 2.9x (4.7x)
Nynas further strengthened its financial position during the quarter through continued strong cash generation and improved leverage. Net debt to Adjusted EBITDA improved to 2.9x compared with 4.7x in Q1 2025.
During the quarter, Nynas also strengthened its liquidity through an expanded accounts receivable financing facility, as well as improved credit terms with suppliers to increase resilience to higher commodity prices as part of a proactive approach to risk management.
In the Naphthenics Specialty Products (NSP) segment, profitability remained robust, supported by strong realised pricing, normalised sales mix and higher demand driven by supply tightness in the market related to the disruptions in the Middle East. The business also continued to advance its sustainable product offering during the quarter, including projects involving the re-refined transformer fluid NYTRO® RR 900X.
The Bitumen segment delivered solid profitability despite lower overall volumes. The sales decrease was primarily driven by lower sales of side streams, while core bitumen sales increased during the quarter. Market conditions in the Nordics remained supportive, underpinned by stable infrastructure activity and continued demand for polymer modified products in both Nordics and UK.
“Nynas has again delivered a strong quarter with increased sales in our markets delivering increased EBITDA and cash flow. At a low point of our annual cycle, we have reduced our net debt and gained access to additional liquidity. We enter well prepared and very focused into that new high price environment unleashed by the crisis in the Middle East,” says Eric Gosse, President and CEO of Nynas AB.
