Nokian Renkaat Oyj · OMXHEX:TYRES
Nokian Renkaat Oyj — Nokian Tyres — Q1 2026 Earnings Presentation
30 slides from Nokian Renkaat Oyj's earnings presentation, Apr 22, 2026
Slide 1: Sales increased across all regions and operating profit improved significantly
SALES INCREASED ACROSS ALL REGIONS AND O P E R AT I N G P R O F I T I M P R O V E D S I G N I F I C A N T LY D R I V E N B Y D I S C I P L I N E D S T R AT E G Y E X E C U T I O N INTERIM REPORT JANUARY–MARCH 2026 PAOLO POMPEI, PRESIDENT AND CEO TIMO KOPONEN, CFO APRIL 22, 2026
Slide 2: Agenda
AGENDA 1 Quarterly highlights 2 Financial performance 3 Business units 4 Cash flow and financial position 5 Assumptions and guidance 2
Slide 3: Quarterly Highlights
QUARTERLY HIGHLIGHTS nokicin’ TYRES
Slide 4: Highlights of Q1 2026
HIGHLIGHTS OF Q1 2026 • Operating profit improved significantly, supported by higher volume, price/mix improvement and lower manufacturing and material costs. • Effective working capital management and lower capex contributed to improved cash flow. • Continuous improvement initiatives supporting the
Slide 5: Reinventing winter tires through disruptive product innovations
REINVENTING WINTER TIRES THROUGH DISRUPTIVE PRODUCT INNOVATIONS NOKIAN TYRES NOKIAN TYRES HAKKAPELIITTA 01 SNOWPROOF 3P INNOVATIVE NEW STUD ADVANCED PREMIUM WINTER TECHNOLOGY WITH TIRE FOR CENTRAL AND ON-DEMAND GRIP SOUTHERN EUROPE Around 550 customers and media representatives from core markets par
Slide 6: Financial Performance
FINANCIAL PERFORMANCE nokicin’ TYRES
Slide 7: Tire market development in 1–3/2026
TIRE MARKET DEVELOPMENT IN 1–3/2026 PC/LT replacement tire markets declined in Europe and North America with European heavy tire segments more resilient PASSENGER CAR & TRUCK AGRI & FORESTRY LIGHT TRUCK TIRES TIRES TIRES • Europe RT -3% • Europe RT +5% • Europe RT & OE flat • North America RT -8% Ma
Slide 8: Growth in all key metrics
GROWTH IN ALL KEY METRICS EUR million 279.6 269.5 • Net sales increased by 4.9% in comparable currencies. NET SALES • Sales grew across all regions, with Central and Southern Europe and North America outperforming the market. Q1’25 Q1’26 30.2 SEGMENTS EBITDA 12.5 • Segments EBITDA increased to EUR 3
Slide 9: Net sales grew in all regions
NET SALES GREW IN ALL REGIONS NET SALES BY GEOGRAPHICAL AREA, EUR million NET SALES BY BUSINESS UNIT, EUR million YoY change in comparable currencies YoY change in comparable currencies +1.4% 138.6 140 133.7 Q1’26 Q1’25 Change 120 Passenger 186.3 174.1 +9.1% Car Tyres 100 +9.1% +7.8% 80 72.4 66.3 68
Slide 10: Growing share of larger tire sizes supporting premium mix
GROWING SHARE OF LARGER TIRE SIZES SUPPORTING PREMIUM MIX WINTER TIRES ALL-SEASON & SUMMER TIRES ALL-WEATHER TIRES 37% 37% 38% 32% 30% 26% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 • ≥18” tires growing significantly 51% • All-season and summer tire gro
Slide 11: Cash flow improved, capex below 2025
CASH FLOW IMPROVED, CAPEX BELOW 2025 EUR million 1–3/2026 1–3/2025 2025 Net sales 279.6 269.5 1,373.6 Operating profit -17.8 -35.9 35.8 Operating profit, % -6.4% -13.3% 2.6% Segments EBITDA 30.2 12.5 222.2 Segments EBITDA, % 10.8% 4.6% 16.2% Segments operating profit -4.3 -18.5 91.3 Segments operati
Slide 12: Major investment phase completed, capex is normalizing to a level with depreciation
MAJOR INVESTMENT PHASE COMPLETED, CAPEX IS NORMALIZING TO A LEVEL WITH DEPRECIATION EUR million Investments Estimate 400 Depreciation 300 • After the major investment phase, capex is normalizing to a level aligned with 200 depreciation, supporting stronger cash flow • Net investments expected 100 to
Slide 13: Business Units
13 BUSINESS UNITS nokicin’ TYRES
Slide 14: Passenger Car Tyres
PASSENGER CAR TYRES Continued sales and profit growth • Net sales increased by 9.1% with comparable currencies • ASP improved and share of ≥18” tires increased • Segment operating profit improved due to price increases, volume growth as well as lower manufacturing and material costs EUR million 1−3/
Slide 15: Passenger Car Tyres Bridge
PASSENGER CAR TYRES BRIDGE Price/mix, volume and materials supported segment operating profit positively NET SALES, EUR million SEGMENT OPERATING PROFIT, EUR million 15
Slide 16: Passenger Car Tyres Net Sales - Quarterly Changes
PASSENGER CAR TYRES NET SALES - QUARTERLY CHANGES YoY Change % Sales Volumes Price / Mix Currency 16
Slide 17: Heavy Tyres
HEAVY TYRES Net sales decreased slightly, profitability improved • Net sales decreased due to lower OE demand in the forestry segment • Segment operating profit improved to EUR 8.6 million, representing 15.7% of net sales, supported by pricing discipline EUR million 1−3/2026 1−3/2025 2025 Net sales
Slide 18: Vianor
VIANOR Higher sales, lower profitability • Net sales in comparable currencies increased by 1.7% • Segment operating profit declined to EUR -17.1 million • Cost inflation and a one-off inventory revaluation had a negative impact • The first quarter is seasonally low in Vianor, therefore negative in p
Slide 19: Cash Flow and Financial Position
CASH FLOW AND FINANCIAL POSITION 19
Slide 20: Effective working capital management and lower capex contributed to improved cash flow
EFFECTIVE WORKING CAPITAL MANAGEMENT AND LOWER CAPEX CONTRIBUTED TO IMPROVED CASH FLOW CHANGE IN CASH FLOWS, EUR million 1–3/2026 vs. 1–3/2025 4 -20 10 45 0 0 -10 -12 -20 -30 31 -40 -50 -60 20 -70 -80 -90 -91 -100 EBITDA Working Capital Investments Financial items Dividends Debts 1-3/2025 and other
Slide 21: Net debt decreased year-over-year
NET DEBT DECREASED YEAR-OVER-YEAR NET DEBT, EUR million DEBT MATURITIES EUR 802 million 500 -45 450 400 350 300 757 250 200 150 100 50 Q1’25 Q1’26 0 2026 2027 2028 2029 2030 2031- Liquidity Committed Credit Facilities | Undrawn (Major) Leases | IFRS 16 EUR 441 million Debt Market | Commercial Papers
Slide 22: Assumptions and Guidance
22 ASSUMPTIONS AND GUIDANCE nokicin’ TYRES
Slide 23: Tire industry assumptions for 2026
TIRE INDUSTRY ASSUMPTIONS FOR 2026 PASSENGER CAR & AGRI & FORESTRY LIGHT TRUCK TIRES TIRES RT -2% to 2% OE broadly in line with last year’s level Replacement demand flat, with mixed regional RT demand expected to grow development modestly in Europe Market data based on sell-in data provided by tirem
Slide 24: Guidance for 2026
GUIDANCE FOR 2026 (unchanged) 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
Slide 25: Nokian Tyres is an attractive long-term investment opportunity
NOKIAN TYRES IS AN ATTRACTIVE LONG-TERM INVESTMENT OPPORTUNITY WHAT WE FOCUS ON HOW WE WIN FINANCIAL TARGETS* Leading position in winter tires Value captured by premium positioning and mix enhancement NET SALES Above-market growth in all- E U R 1 . 8 –2 . 0 B I L L I O N season and all-weather tires
Slide 26: nokiar’
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Slide 27: Appendix
APPENDIX 27
Slide 28: Group segments operating profit
GROUP SEGMENTS OPERATING PROFIT APPENDIX 2022–2026 SEGMENTS OPERATIG PROFIT PER QARTER, M€ 50 1–3/2026 40 30 • Net sales EUR 279.6 million 20 (269.5), 3.8% 10 0 • Segments operating profit -10 Q1 Q2 Q3 Q4 EUR -4.3 million (-18.5) -20 2022 2023 2024 2025 2026 CUMULATIVE SEGMENTS OPERATING PROFIT PER
Slide 29: Net debt and debt maturities
NET DEBT AND DEBT MATURITIES APPENDIX NET DEBT DEBT MATURITIES Q1/2026 Q1/2025 Q1/2026 1100 1100 500 500 1000 1000 450 450 900 900 400 100 400 118 131 800 800 350 350 27 700 700 218 198 300 300 EUR million EUR million 600 600 250 200 250 500 500 200 200 400 400 150 324 150 300 300 31 557 558 20 13 2
Slide 30: 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