What Nynas does

Nynas AB (publ) is a Swedish specialty chemicals company founded in 1928 and headquartered in Stockholm, producing naphthenic specialty oils and bitumen for infrastructure and industrial customers across Europe and selected international markets. Its product portfolio spans five segments: transformer oils (NYTRO family including circular NYTRO RR 900X, bio-based NYTRO BIO 300X, and HVDC reference grade NYTRO 10XN), bitumen and polymer-modified bitumen (NYPOL, NYTHERM, NYFOAM, rejuvenators), base oils (NYBASE, NYNAS BT 22), process oils (NYFLEX, NYTEX), and tyre & rubber oils (NYTEX, NYTEX BIO 6200). Core production is based on naphthenic crude refining at three facilities - Nynäshamn (Sweden), Harburg (Germany), and Malaysia - supported by more than 30 years of empirical field data on polymer-modified bitumen performance. Nynas monetises through direct B2B sales of specialty chemical products sold by volume under specification-based contracts to utilities, transformer OEMs, road construction contractors, and industrial manufacturers.

The business model is enterprise B2B with two principal revenue streams: Naphthenic Specialty Products (NSP) covering transformer oils, base oils, process oils, and tyre & rubber oils; and Bitumen covering road construction and infrastructure binders. Nynas sells primarily through direct field sales teams in Europe, with no disclosed public pricing; contracts are volume and specification-based. Sustainability has become a strategic differentiator: NYNAS EVO (2024) delivers 25% lower carbon footprint across all segments using biogenic hydrogen, NYTRO RR 900X (2024) offers 99%+ recycled content through a closed-loop partnership with Stena Recycling (2023, ISCC Plus certified), and the group holds EcoVadis Platinum (top 1% globally, 2025) and USDA Biobased certifications. Operations in the USA were concluded in 2022 as part of a refocus on European core markets; financial reorganisation completed in 2021. Q1 2026 Adjusted EBITDA was 259 MSEK (up 45% YoY) and net debt/EBITDA improved to 2.9x, supported by a $380M USD senior secured bond issuance in June 2025.

Name

Nynas

Legal name

Nynas AB (publ)

Website

https://nynas.com

Company type

Public

Founded year

1928

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Nynas is a Swedish specialty chemicals company founded in 1928 that produces naphthenic specialty oils, transformer fluids, bitumen, base oils, process oils, and tyre & rubber oils for utilities, transformer OEMs, road builders, and industrial manufacturers across Europe.

Ownership category

akta.pro rank

Product category

Specialty Chemicals

NAICS

Petroleum Refineries (324110), Petroleum Lubricating Oil and Grease Manufacturing (324191), Asphalt Paving, Roofing, and Saturated Materials Manufacturing (32412)

SIC

Petroleum Refining (2911), Miscellaneous Products Of Petroleum & Coal (2990)

akta.pro primary industry

Base Oil Production & Supply (Group I–V, Re-refined) (EUALAJAA)

akta.pro secondary industries

Industrial & Waterproofing Bitumen Products (Roofing, Membranes, Shingles, Sealants) (EUALAKAF), Used Oil Collection, Re-refining & Circularity (Waste Oil, Recycled Base Oils) (EUALAJAK)

Keywords

• Naphthenic specialty oils
• Transformer insulating fluids
• Polymer modified bitumen
• Industrial base oils
• Process and tyre oils

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Naphthenic Specialty Products (NSP): Sale of naphthenic specialty oils including transformer oils, base oils, process oils, and tyre & rubber oils. The segment delivered robust profitability with strong realised pricing and higher demand driven by market supply tightness.
2. Bitumen: Sale of bitumen products including standard penetration grade bitumen, polymer modified bitumen (PMB), cationic bitumen emulsion, and specialty products like NYTHERM, NYFOAM, and rejuvenators for road construction and infrastructure.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Nynas refines and supplies naphthenic specialty oils and bitumen products for industrial markets. Its portfolio spans transformer oils (including circular NYTRO RR 900X and bio-based NYTRO BIO 300X), polymer modified bitumen and bitumen emulsions for road construction, base oils for lubricants and metalworking, process oils, and tyre & rubber oils. The company sells direct to utilities, transformer manufacturers, road construction firms, tire makers, and lubricant producers, primarily across Europe.

Product overview

Nynas is a specialty chemicals company focused on naphthenic products for infrastructure and energy transition applications. The company operates across five core product segments: Bitumen (including NYPOL RE, Polymer Modified Bitumen, Cationic Bitumen Emulsion, NYTHERM, NYFOAM, and Rejuvenator), Transformer Oils (including NYTRO RR 900X, NYTRO 10XN, NYTRO BIO 300X, NYTRO LIBRA/TAURUS, and NYTRO EVO), Base Oils (including NYNAS BT 22, NYBASE, and specialized oils for lubricating greases, metalworking, and industrial lubricants), Process Oils (including NYTEX 8022 and NYFLEX 223), and Tyre & Rubber Oils (including NYTEX 4700 and NYTEX BIO 6200). The NYNAS EVO sub-brand encompasses sustainable versions of products across all segments, achieving 25% lower carbon footprint. Nynas also provides online calculator tools for transformer oil applications. The company positions itself as enabling the energy transition through products used in power transmission, road infrastructure, and transportation.

Differentiator

Problem solved

Functional benefit

Brands

• NYNAS EVO: Product line covering all specialty segments (power transformers, lubricants, tires, adhesives) with lower carbon footprint, produced using biogenic hydrogen.
• DISTRO
• ENDURA
• NYBASE
• NYTEX
• NYTRO
• NYFLEX
• NYPOL
• NYTHERM
• NYFOAM

Products and services

• NYTRO RR 900X Fully circular 100% re-refined transformer oil made entirely from end-of-life insulating oil, containing over 99% recycled content. Reduces greenhouse gas emissions by more than 70% over product lifetime vs virgin transformer oil and reduces cradle-to-gate GWP of transformers by up to 8%. For utilities, grid operators, and transformer OEMs seeking circular insulation fluids.
• NYTRO 10XN HVDC and high-performance transformer insulating liquid with proven DC ageing stability, widely used as a global reference grade for HVDC converter transformer applications.
• NYTRO 10XN EVO Lower carbon footprint version of NYTRO 10XN produced using biogenic hydrogen, serving as a drop-in replacement for standard insulating fluids with identical performance and no need for re-approval.
• NYTRO BIO 300X Bio-based high-performance transformer oil with superior cooling performance and reduced carbon footprint, ideal for offshore wind farms and sensitive environments. USDA-certified biobased product.
• Polymer Modified Bitumen (PMB) Bitumen modified with polymers (SBS) to improve elasticity, toughness, rutting resistance, cracking resistance, and fatigue performance across wider temperature ranges. Field data shows up to 40% less rutting after 9 years.
• NYPOL RE Polymer-modified bitumen binder with a biogenic component used to reduce climate impact while extending technical lifespan of asphalt pavements.
• Cationic Bitumen Emulsion Bitumen emulsion used in road construction and maintenance applications.
• NYFOAM Foam bitumen product for road construction applications.
• Rejuvenator Bitumen product designed to restore and rejuvenate aged asphalt pavements.
• NYBASE Drop-in Group I paraffinic oil substitute base oil offering identical viscosity, solvency, and polarity characteristics with minimal adjustments. For lubricant and grease manufacturers.
• NYNAS BT 22 New base oil developed for metalworking fluids and lubricants applications.
• NYTEX 8022 Highly versatile process oil for various industrial applications.
• NYTEX 4700 Tyre oil that improves fuel efficiency and reduces carbon footprint, with an established reputation in the tire industry.
• NYTEX BIO 6200 Bio-based tyre oil providing sustainability benefits for tire and rubber manufacturers; received 2024 Innovation of the Year recognition.
• NYNAS EVO product line Sustainable product line covering all Nynas specialty segments including power transformers, lubricants, tires, and adhesives. Achieves 25% lower carbon footprint with retained quality and product properties, verified via third-party review.

Quantifiable outcome

• Up to 40% less rutting after 9 years with PMB vs conventional bitumen
• +6 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• KONČAR – D&STcoreTechnology or Integration · 31 March 2026KONČAR manufactured a 10 MVA power transformer for Sweden's first wooden substation at Karlshammar, filled with NYTRO RR 900X. Transformer successfully passed all FAT tests including dielectric and temperature rise tests per IEC 60076.
• E.ONcoreOthers · 31 March 2026E.ON is creating Sweden's first wooden substation in Karlshammar using sustainable materials including NYTRO RR 900X re-refined transformer oil, reducing carbon footprint by approximately 17%.
• Hitachi EnergycoreTechnology or Integration · 6 March 2026Hitachi Energy deployed NYTRO RR 900X in a 117 MVA shell-type test transformer at their Córdoba, Spain factory. The deployment demonstrates technical equivalence to virgin oils and supports circularity in transformer manufacturing.
• Asphalt Grid SystemscoreTechnology or Integration · 1 January 2026Asphalt Grid Systems uses Nynas PMB products including NYPOL 77 in geosynthetic interlayer systems for runway and road projects. Edinburgh Airport £30M runway upgrade incorporates Nynas bitumen products.
• CestoreminorStrategic or Co-development Partner · 1 January 2026Pilot project to test ocean-based CO2 capture technology at Nynäshamn. Cestore's solution uses chemical processes inspired by natural ocean processes to permanently store CO2. Nynas evaluating storage of 5,000 tonnes CO2 per year.
• MycoMineminorStrategic or Co-development Partner · 1 January 2024Collaboration with Swedish biotechnology company MycoMine to investigate fungi-based treatment methods for legacy industrial materials at Nynas's Nynäshamn site. Pilot project exploring mycoremediation for challenging industrial waste.
• Stena RecyclingcoreStrategic or Co-development Partner · 1 January 2023Stena Recycling collects end-of-life transformer oil through its European network and supplies raw material to Nynas for re-refining into NYTRO RR 900X circular transformer oil. Both companies are ISCC Plus certified ensuring full supply chain traceability.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• M&I Materials: M&I Materials produces MIDEL ester-based transformer fluids, a competing technology to Nynas's mineral-oil-based NYTRO range, particularly in HVDC, offshore wind, and fire-safety-sensitive applications.
• Avista Oil: Avista Oil operates used-oil collection and re-refining into base oils, directly adjacent to Nynas's circular NYTRO RR 900X re-refining capability and competing for re-refined feedstock supply in Europe.

Direct peers

• H&R GmbH & Co. KGaA: H&R is a German specialty oils refiner producing naphthenic and paraffinic base oils, process oils, and white oils, with overlapping customers and applications in industrial lubricants and tire/rubber processing oils.
• Ergon: Ergon is one of the world's largest producers of naphthenic specialty oils and paraffinic base oils, directly competing with Nynas in transformer oils, process oils, and rubber/tire oils across global markets.
• Calumet Specialty Products Partners: Calumet refines naphthenic and paraffinic specialty oils and produces lubricating base oils and white oils, competing head-to-head with Nynas in base oils, process oils, and tire & rubber oils.

Broad incumbents

• Shell: Shell's lubricants division sells Diala transformer oils, base oils, and bitumen globally; it is a broad incumbent that overlaps with Nynas across transformer oils, lubricants, and road construction products.
• ExxonMobil: ExxonMobil offers Mobilect transformer oils and a broad base oils portfolio, competing with Nynas's NYTRO and NYBASE lines primarily through its global scale and integrated refining.
• BASF: BASF supplies a broad portfolio of lubricant additives, base stocks, and specialty chemicals that overlap with Nynas's industrial customer base in greases, metalworking fluids, and process oils.
• TotalEnergies: TotalEnergies produces specialty base oils, lubricants, and bitumen (including polymer-modified grades), competing with Nynas across both the naphthenic specialty oils and bitumen product lines.
• Cargill: Cargill's Envirotemp FR3 natural-ester fluid competes with NYTRO BIO 300X in environmentally sensitive transformer applications, while Cargill's industrial oils overlap with Nynas's process oils.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@Nynas
• Xx.com/NynasAB
• Facebookfacebook.com/NynasAB

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nynas