Nokian Renkaat Oyj · OMXHEX:TYRES
Nokian Renkaat Oyj — Nokian Tyres — Q4 2025 Earnings Presentation
32 slides from Nokian Renkaat Oyj's earnings presentation, Feb 10, 2026
Slide 1: Strong profitability improvement continued in the fourth quarter
STRONG PROFITABILITY IMPROVEMENT CONTINUED IN THE FOURTH QUARTER FINANCIAL STATEMENT RELEASE 2025 PAOLO POMPEI, PRESIDENT AND CEO JARI HUUHTANEN, INTERIM CFO FEBRUARY 10, 2026
Slide 2: Agenda
Vaihda kuva AGENDA 1 Highlights 2 Financial performance 3 Business units 4 Assumptions and guidance 2
Slide 3: Highlights
HIGHLIGHTS nokicin’ TYRES
Slide 4: 2025 marked a turning point in profitability and cash flow
2 0 2 5 M AR K E D A T UR N I N G P O I N T I N P R O F I T AB I L I T Y A N D C A S H F L O W • Strong price/mix improvement in Passenger Car Tyres • New products and brand partnerships strengthening our premium positioning • Major investment phase completed • Stronger cash flow, supported by impro
Slide 5: Capacity expansion on track in Europe
INVESTMENT CAPACITY EXPANSION • Initial production milestone achieved in the Romanian factory: one million tires produced in 2025 ON TRACK IN EUROPE • Shifting from the investment mode towards stabilizing manufacturing operations as the ramp-up continues • The first installment of the Romanian state
Slide 6: New products and partnerships strengthen premium positioning
NEW PRODUCTS AND Partnering with Kimi Räikkönen and IIHF PARTNERSHIPS • Expands visibility in key markets STRENGTHEN • Strengthens the brand through high-profile sports partnerships PREMIUM Stronger offering • 150+ new products introduced in 2025 POSITIONING • Product launches focused on premium tir
Slide 7: Further progress in our sustainability journey
FURTHER PROGRESS IN O U R S U S T AI N ABI L I TY ~28% -38% 3.7 Recycled & Absolute Accident JOURNEY renewable scope 1&2 CO2 frequency materials emissions* (LTIF) (2024: 25%) (2024: 4.6) 7 *Baseline 2022
Slide 8: Financial performance
FINANCIAL PERFORMANCE nokicin’ TYRES
Slide 9: Tire market development in 2025
TIRE MARKET DEVELOPMENT IN 2025 PC/LT replacement tire market was flat, heavy tire markets stagnant PC & LT TIRES TRUCK TIRES AGRI TIRES • Europe RT +1% • Europe RT 0% • Europe RT -5% • North America RT 0% • Europe OE -10% Market data based on sell-in data provided by tiremaker associations and Noki
Slide 10: Profitability continued to improve in Q4
PROFITABILITY CONTINUED TO IMPROVE IN Q4 • Net sales EUR 416.4 million (415.0), +0.8% with comparable currencies • Sales growth driven by North America and Nordics • Segments EBITDA EUR 87.1 million (67.1) • 20.9% (16.2%) of net sales • Segments operating profit EUR 51.5 million (35.9) • 12.3% (8.7%
Slide 11: Net sales increased and profitability improved in 2025
NET SALES INCREASED AND PROFITABILITY IMPROVED IN 2025 • Net sales EUR 1,373.6 million (1,289.8), +7.2% with comparable currencies • Sales grew in all regions • Segments EBITDA EUR 222.2 million (185.2) • 16.2% (14.4%) of net sales • Segments operating profit EUR 91.3 million (71.4) • 6.6% (5.5%) of
Slide 12: Net sales increased in all regions in 2025
NET SALES INCREASED IN ALL REGIONS IN 2025 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 10–12/2025 10–12/2024 2025 2024 Net sales 416.4 415.0 1,373.6 1,289.8 Operating profit 35.1 15.4 35.8 1.8 Operating profit, % 8.4% 3.7% 2.6% 0.1% Segments EBITDA 87.1 67.1 222.2 185.2 Segments EBITDA, % 20.9% 16.2% 16.2% 14.4% Segments operating profi
Slide 14: Cash flow supported by improved working capital and reduced capex
CASH FLOW SUPPORTED BY IMPROVED WORKING CAPITAL AND REDUCED CAPEX CHANGE IN CASH FLOWS, EUR million 2025 vs. 2024 14
Slide 15: Major investment phase completed, enabling our future platform
MAJOR INVESTMENT PHASE COMPLETED, ENABLING OUR FUTURE PLATFORM • Total investments in 2023–2025 approx. EUR 800 million • Capex returning to a level in line with depreciations • Net investments in 2026 estimated to be EUR ~130 million 15 *2025 capex excluding Romanian state aid of EUR 32.6 million
Slide 16: Business units
16 BUSINESS UNITS nokicin’ TYRES
Slide 17: Q4: Passenger Car Tyres
Q4: PASSENGER CAR TYRES Continued sales and profit growth • Net sales increased by 3.9% • ASP with comparable currencies improved • Share of >18” tires increased significantly • Segment operating profit improved due to price increases, favorable product mix and lower material costs 10−12/ 10−12/ EUR
Slide 18: Q4: Passenger Car Tyres bridge
Q4: PASSENGER CAR TYRES BRIDGE Price/mix had a positive impact of EUR 20 million on segment operating profit 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: Q4: Heavy Tyres
Q4: HEAVY TYRES Lower volume affected net sales • Net sales decreased caused by lower volume of forestry tires • Profitability declined mainly due to lower volume, weaker product mix and inventory revaluation 10−12/ 10−12/ EUR million 2025 2024 2025 2024 Net sales 60.0 61.8 232.0 235.1 Net sales cha
Slide 21: Q4: Vianor
Q4: VIANOR Stable operating profit • Net sales with comparable currencies decreased by 2.7% • Negatively impacted by mild winter • Segment operating profit was at last year’s level at EUR 11.2 million 10−12/ 10−12/ EUR million 2025 2024 2025 2024 Net sales 132.4 134.1 363.8 354.9 Net sales change in
Slide 22: Assumptions and guidance
22 ASSUMPTIONS AND GUIDANCE nokicin’ TYRES
Slide 23: Guidance for 2026
GUIDANCE FOR 2026 In 2026, Nokian Tyres’ net sales are expected to grow compared to the previous year and segments operating profit as a percentage of net sales to be 8−10%. Assumptions Tire demand in Nokian Tyres’ markets is expected to remain flat in 2026. Development of global economy as well as
Slide 24: Timo Koponen appointed Nokian Tyres' new CFO
TIMO KOPONEN APPOINTED NOKIAN TYRES’ NEW CFO • Nokian Tyres has appointed Timo Koponen Chief Financial Officer • He will start in the position by April 15, 2026 • He has extensive experience in finance and operations from companies, such as Normet, Lamor Corporation, Wärtsilä, Hackman, and Konecrane
Slide 25: Capital Markets Day 2026
NOKIAN TYRES CAPITAL MARKETS DAY 2026 Wednesday, February 11, 2026 at 2:00 p.m. EET https://company.nokiantyres.com/investors/ 25
Slide 26: Nokian Tyres
nokia’ TYRES
Slide 27: Appendix
APPENDIX 27
Slide 28: 2025: Passenger Car Tyres bridge
2025: PASSENGER CAR TYRES BRIDGE APPENDIX Price/mix had a positive impact of EUR 60 million on segment operating profit NET SALES, EUR million SEGMENT OPERATING PROFIT, EUR million 28
Slide 29: Group segments operating profit
GROUP SEGMENTS OPERATING PROFIT APPENDIX 2021–2025 10–12/2025 • Net sales EUR 416.4 million (415.0), 0.3% • Segments operating profit EUR 51.5 million (35.9) 2025 • Net sales EUR 1,373.6 million (1,289.8), 6.5% • Segments operating profit EUR 91.3 million (71.4) 29
Slide 30: Debt portfolio as of December 31, 2025
APPENDIX DEBT PORTFOLIO AS OF DECEMBER 31, 2025 • EUR 300 million long-term bilateral sustainability-linked credit facilities 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 2028 • Total o
Slide 31: Net debt and debt maturities
NET DEBT AND DEBT MATURITIES APPENDIX Available liquidity, Q4/2025 Q4/2024 EUR million Cash 147 176 Committed undrawn credit 304 304 facilities Total 451 481 31
Slide 32: 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