Nynas AB-Strong Q1 and supportive outlook for 2026-05/12/2026

Research evidence excerpt

Nynas AB-Strong Q1 and supportive outlook for 2026-05/12/2026

al build-up ahead of the bitumen season of USD

32m, as well as price timing effects

• Nynas has a strong cash position of USD 106m. This, together with increased capacity under its working capital facility with Goldman

Sachs, should provide suf cient room to navigate the elevated commodity price environment

• Net leverage (IFRS and pre. IFRS) stands at 2.9x, which is in line with our estimate of through-the-cycle leverage for Nynas. Leverage was

at 2.5x at year-end 2025 and is higher this quarter largely due to working capital build. We expect it to increase further in Q2 due to higher

working capital, which is ampli ed by the current commodity prices

• Overall, another strong quarter from Nynas, with a supportive outlook for the remainder of 2026. We think the company is well positioned

to navigate the working capital impact despite exceptionally high commodity prices

Deviation table

Peder Loholt Kristiansen

+47 24 13 21 08, peder.loholt.kristiansen@paretosec.com

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