Nokian Renkaat Oyj · OMXHEX:TYRES
Nokian Renkaat Oyj — Nokian Tyres — Q3 2025 Earnings Presentation
31 slides from Nokian Renkaat Oyj's earnings presentation, Oct 28, 2025
Slide 1: Strong operating profit improvement in Q3, driven by enhanced pricing in passenger car tires
STRONG OPERATING PROFIT IMPROVEMENT IN Q3, DRIVEN BY ENHANCED PRICING IN PASSENGER CAR TIRES. ACTIONS ONGOING TO FURTHER STRENGTHEN FINANCIAL PERFORMANCE INTERIM REPORT JANUARY–SEPTEMBER 2025 PAOLO POMPEI, PRESIDENT AND CEO JARI HUUHTANEN, INTERIM CFO OCTOBER 28, 2025
Slide 2: Agenda
AGENDA 1 Quarterly highlights 2 Financial performance 3 Business units 4 Assumptions and guidance 2
Slide 3: Quarterly highlights
QUARTERLY HIGHLIGHTS nokicin’ TYRES
Slide 4: Highlights of Q3/2025
HIGHLIGHTS OF Q3/2025 • Double-digit net sales growth continued. Sales grew in all regions. • Operating profit improved significantly, driven by enhanced pricing in passenger car tires. • Actions ongoing to further improve financial performance. • Ramp-up of operations in Romania progressing as plan
Slide 5: Ramp-up at the Romanian factory progressing as planned, strengthening our position in Europe
RAMP-UP AT THE ROMANIAN FACTORY PROGRESSING AS PLANNED, STRENGTHENING OUR POSITION IN EUROPE The world’s first full-scale zero-CO2-emissions tire factory 2 n e w p r o du c t l i n e s Deliveries ~1 million tires N o w o p e r at i n g i n l a u n c h e d f o r C e n t r al t o c u s t om e r s to b
Slide 6: Powerproof completes our premium offering for Central and Southern European markets
POWERPROOF 2 COMPLETES OUR PREMIUM OFFERING FOR CENTRAL AND SOUTHERN EUROPEAN MARKETS NOKIAN TYRES POWERPROOF 2 UHP SUMMER TIRE • 2nd new tire range in the market manufactured in Romania • Premium ultra-high-performance, tested by TÜV SÜD • Durable structure for long-lasting protection against road
Slide 7: Recognized expertise in winter and advanced tire technologies
RECOGNIZED EXPERTISE IN WINTER AND ADVANCED TIRE TECHNOLOGIES TEST SUCCESS FOR OUR FLAGSHIP SILVER FOR NOKIAN TYRES INTUITU 2.0 WINTER TIRES IN 2025 SMART TIRE TECHNOLOGY Nokian Tyres Hakkapeliitta® 10 studded tire in the #1 place • Tekniikan Maailma • Aftonbladet • Dagbladet • Motor • Vi Bilägare N
Slide 8: Strengthening our brand through sports partnership
STRENGTHENING OUR BRAND THROUGH SPORTS PARTNERSHIP • Increasing global visibility through the world’s largest annual winter sports event • Connecting the Nokian Tyres brand with millions of hockey fans • Creating premium experiences for customers and consumers • Sharing a drive for performance, team
Slide 9: Financial performance
FINANCIAL PERFORMANCE nokicin’ TYRES
Slide 10: Tire market development in 1–9/2025
TIRE MARKET DEVELOPMENT IN 1–9/2025 PC/LT replacement tire market showing modest growth in Europe, weakness in heavy tire market continued PC & LT TIRES TRUCK TIRES AGRI TIRES • Europe RT +2% • Europe RT 0% • Europe RT -5% • North America RT -1% • Europe OE -15% Market data based on sell-in data pro
Slide 11: Net sales and operating profit improved in Q3
NET SALES AND OPERATING PROFIT IMPROVED IN Q3 • Net sales EUR 344.1 million (313.6), +10.8% with comparable currencies • Sales grew in all regions • North America significantly outperformed the market • Segments EBITDA EUR 65.4 million (58.8) • 19.0% (18.8%) of net sales • Segments operating profit
Slide 12: Net sales continued to grow in all regions in Q3
NET SALES CONTINUED TO GROW IN ALL REGIONS IN Q3 NET SALES BY GEOGRAPHICAL AREA, EUR million YoY change in comparable currencies 12
Slide 13: Cash flow improved, capex below 2024
CASH FLOW IMPROVED, CAPEX BELOW 2024 EUR million 7–9/2025 7–9/2024 1–9/2025 1–9/2024 2024 Net sales 344.1 313.6 957.3 874.8 1,289.8 Operating profit 21.8 4.1 0.7 -13.6 1.8 Operating profit, % 6.3% 1.3% 0.1% -1.6% 0.1% Segments EBITDA 65.4 58.8 135.1 118.1 185.2 Segments EBITDA, % 19.0% 18.8% 14.1% 1
Slide 14: Reduced capex and improved working capital management contributed to better cash flow
REDUCED CAPEX AND IMPROVED WORKING CAPITAL MANAGEMENT CONTRIBUTED TO BETTER CASH FLOW CHANGE IN CASH FLOWS, EUR million 1–9/2025 vs. 1–9/2024 14
Slide 15: Significant investments in 2023–2025 to build our future platform
SIGNIFICANT INVESTMENTS IN 2023 –2025 TO BUILD OUR FUTURE PLATFORM Investment phase approaching its end • Net investments in 2025 estimated to be EUR 180 million • Total investments in 2023–2025 approx. EUR 800 million • Capex returning to a level in line with depreciation • Romanian state aid up to
Slide 16: Business units
16 BUSINESS UNITS nokicin’ TYRES
Slide 17: Q3: Passenger Car Tyres
Q3: PASSENGER CAR TYRES Continued sales and profit growth • Net sales increased by 13.2% • ASP with comparable currencies improved • Share of >18” tires increased significantly • Segment operating profit improved due to price increases and favorable product mix 7−9/ 7−9/ 1−9/ 1−9/ EUR million 2025 2
Slide 18: Q3: Passenger Car Tyres bridge
Q3: PASSENGER CAR TYRES BRIDGE Price/mix impacted segment operating profit positively by EUR 35 million NET SALES, EUR million SEGMENT OPERATING PROFIT, EUR million 18
Slide 19: Passenger Car Tyres net sales - quarterly changes
PASSENGER CAR TYRES NET SALES - QUARTERLY CHANGES YoY Change % Sales Volumes Price / Mix Currency 19
Slide 20: Q3: Heavy Tyres
Q3: HEAVY TYRES Lower volume affected net sales and profitability • Net sales decreased caused by lower volume of truck and agri tires • Profitability declined mainly due to lower volume and inventory revaluation 7−9/ 7−9/ 1−9/ 1−9/ EUR million 2025 2024 2025 2024 2024 Net sales 55.4 57.9 172.0 173.
Slide 21: Q3: Vianor
Q3: VIANOR Improved sales and operating profit • Net sales with comparable currencies increased by 7.0% • Segment operating profit improved to EUR -6.4 million 7−9/ 7−9/ 1−9/ 1−9/ EUR million 2025 2024 2025 2024 2024 Net sales 74.9 69.4 231.4 220.8 354.9 Net sales change in 7.0% 2.4% 4.2% 1.9% 3.6%
Slide 22: Assumptions and guidance
22 ASSUMPTIONS AND GUIDANCE nokicin’ TYRES
Slide 23: Favorable development in North American tariffs
FAVORABLE DEVELOPMENT IN NORTH AMERICAN TARIFFS • ~85% of Nokian Tyres’ US volume produced locally in March Canada imposes 25% counter-tariffs on Dayton 4 the tires produced in the US • Winter tires imported from Europe to the US. Canada supplied from the US and Europe May 3 The US imposes 25% tarif
Slide 24: Guidance for 2025
GUIDANCE FOR 2025 (unchanged) In 2025, Nokian Tyres’ net sales are expected to grow and segments operating profit as a percentage of net sales to improve compared to the previous year. Assumptions Tire demand in Nokian Tyres’ markets is expected to remain at the previous year’s level in 2025. Develo
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Slide 26: Appendix
APPENDIX 26
Slide 27: 1–9: Passenger Car Tyres bridge
1–9: PASSENGER CAR TYRES BRIDGE APPENDIX Price/mix impacted segment operating profit positively by EUR 41 million NET SALES, EUR million SEGMENT OPERATING PROFIT, EUR million 27
Slide 28: Group segments operating profit 2021–Q3/2025
GROUP SEGMENTS OPERATING PROFIT APPENDIX 2021–Q3/2025 7–9/2025 • Net sales EUR 344.1 million (313.6), 9.7% • Segments operating profit EUR 32.4 million (30.4) 1–9/2025 • Net sales EUR 957.3 million (874.8), 9.4% • Segments operating profit EUR 40.2 million (35.4) 28
Slide 29: Debt portfolio as of September 30, 2025
APPENDIX DEBT PORTFOLIO AS OF SEPTEMBER 30, 2025 • EUR 300 million long-term bilateral sustainability-linked credit facilities originally due in 2026 extended to be due in 2027 • EUR 100 million long-term bilateral sustainability-linked credit facility originally due in 2027 extended to be due in 20
Slide 30: Net debt and debt maturities
NET DEBT AND DEBT MATURITIES APPENDIX Available liquidity, Q3/2025 Q3/2024 EUR million Cash 89 160 Committed undrawn credit 214 305 facilities Total 303 466 30 *Withdrawn loans due in Q4/2025
Slide 31: Disclaimer
DISCLAIMER Statements in this presentation, which are not historical facts, such as expectations, anticipations, beliefs and estimates, are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertain