Fri October 28 08:00 am 2022 in category Stock exchange releases

Inside information: Nokian Tyres plc raises its net sales guidance for 2022

Nokian Tyres plc, Inside information, October 28, 2022 at 8:00 a.m.

The war in Ukraine and resulting sanctions have a significant negative impact on Nokian Tyres’ supply capacity and performance. Discontinued supply of tires from Russia is impacting sales, especially in Central Europe. However, tire demand has remained good and Nokian Tyres has succeeded in implementing price increases to mitigate cost inflation. In addition, currency exchange rates affect net sales positively. Therefore, the company raises its net sales guidance for 2022.

Tire imports from Russia to Europe and North America ended in July. In April, the EU imposed sanctions banning tire imports from Russia to the EU, including a transition period until July 10.

On June 28, the Board of Directors decided to initiate a controlled exit from Russia. The process is ongoing.

Interim Report JanuarySeptember 2022 will be published on November 1, 2022.

Updated guidance for 2022:

The war in Ukraine and resulting sanctions have a significant negative impact on Nokian Tyres’ supply capacity and performance. In 2022, Nokian Tyres’ net sales is expected to be at previous year’s level or increase, and segments operating profit is expected to decrease significantly compared to 2021.

Earlier guidance given on June 17, 2022:

The war in Ukraine and resulting sanctions cause significant uncertainty to Nokian Tyres’ operating environment. In 2022, Nokian Tyres’ net sales is expected to decrease or to be at previous year’s level, and segments operating profit is expected to decrease significantly compared to 2021.

Further information:
Päivi Antola
SVP, Communications, Investor Relations and Brand
Tel. +358 10 401 7327

Investor relations: ir@nokiantyres.com
Media enquiries: media@nokiantyres.com