contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Analyst

Joonas Korkiakoski

Nokian Tyres is a premium tire manufacturer. The company develops and manufactures tires for passenger cars, trucks and heavy machinery. The company also operates the Vianor chain, which provides tire and car services. Nokian Tyres' main market areas are the Nordic countries, Central Europe and North America. The company began manufacturing tires for passenger cars in 1932 and is headquartered in Nokia, Finland.

Rauli has published a new company report on Tyres following Q1  Nokian Tyres’ Q1 results were better than our expectations, and the company reiterated its full-year guidance as expected. The company is on a good earnings growth path, but the effects of the war in Iran bring risks to the outlook for the rest of the year. In our view, the valuation is fairly neutral considering earnings growth expectations, but the expected return remains subdued. We reiterate our Reduce recommendation and EUR 10 target price. Quoted from the report:  Management was not concerned about cost pressures The rise in oil prices affects Nokian Tyres’ raw materials, including the price of synthetic rubber. According to the company, the impact of higher raw material prices will start to be reflected in its results at the end of Q3 or the beginning of Q4. However, the CEO was not concerned about cost inflation as such, but believed the company and the industry in general would compensate for higher costs through price increases, as they have typically been able to do. Instead, the company saw risks in demand. In our view, this is a valid concern, as tire demand has been subdued anyway, and weakening consumer demand combined with price increases may weaken demand, especially in more expensive tires. At the same time, we note that in recent quarters, the company has benefited from both improved pricing and falling raw material costs. When costs turn upward, this margin-supporting factor will weaken or cease, even if the company is able to compensate for the higher costs with price increases. Thus, raw material developments may dampen the expected upward trend in margins, even if they do not have a direct negative impact.                    Inderes              Nokian Renkaat Q1'26: Kelpo alkuvuosi, mutta riskejä loppuvuodelle - Inderes    Yhtiö on hyvällä tuloskasvu-uralla, mutta Iranin sodan vaikutukset tuovat riskiä loppuvuoden näkymiin.

Good NR. In my opinion, 2025 was year 1 for the new NR. This Q1 result compared to that shows that NR is up and running again. We’ll see how the retracting studs affect autumn sales. Also, increasing marketing (ice hockey + Kimi) is likely to boost the brand. Good NR.

Regarding the table. Guidance remains unchanged as expected, i.e., revenue grows (meaning 0-10%) and adj. EBIT% is 8-10%. The comments in the report were quite broad/brief. A well-deserved positive reaction, but in my opinion, the forecasts face downward pressure from cost inflation and potentially weakening demand as a counterweight to the Q1 beat.     Forecast table  Q1’25 Q1’26 Q1’26e Q1’26e Consensus   Difference (%) 2026e     MEUR / EUR  Comparison Actual Inderes Consensus Lowest  Highest Act. vs. Inderes Inderes   Revenue  270 280 289 282 274 - 289 -3 % 1446   EBIT (adj.)  -19 -4 -9 -7 -14 - 1 51 % 123   EBIT  -36 -18 -20 -17 -25 - -7 10 % 83   EPS (reported)  -0.27 -0.16 -0.18 -0.16 -0.19 - -0.07 10 % 0.46                Revenue growth %  14 % 4 % 7 % 5 % 2 %  7 % -3.4 %-pts 6 %   EBIT % (adj.)  -6.9 % -1.5 % -3.0 % -2.4 % -5.1 % - 0.3 % 1.5 %-pts 8.5 %   Source: Inderes & Vara Research, 8 analysts (consensus)

January–March 2026  Net sales were EUR 279.6 million (January–March 2025: 269.5). In comparable currencies, net sales increased by 4.9%. Segments total operating profit was EUR -4.3 million (-18.5), an improvement of 76.6%. Operating profit improved thanks to higher passenger car tyre prices and lower manufacturing and material costs. Operating profit was EUR -17.8 million (-35.9), an improvement of 50.3%. Non-IFRS exclusions were EUR -13.5 million (-17.4). Earnings per share were EUR -0.16 (-0.27). Cash flow from operating activities was EUR -71.4 million (-121.8). Nokian Tyres’ updated strategy and financial targets through 2029 were published in February.  Well received by the market.

On Wednesday, there will be a Rengaslive session led by Rauli starting at 12:55

Here are Rauli’s pre-result comments as Tyres reports its Q1 results on Wednesday, April 22.  We expect the company’s revenue to grow and the adjusted operating loss to narrow significantly from the weak comparison period. The first quarter is seasonally the smallest of the year for the company. We believe the company will reiterate its full-year guidance.                   Inderes – 20 Apr 26              Nokian Tyres Q1'26 -ennakko: Tappio kaventunee ja katseet Romanian ylösajossa...    Odotamme oikaistun liiketappion lähes puolittuvan 9 MEUR:oon hinnankorotusten ja paremman mixin tukemana.

CEO’s review of last week’s Annual General Meeting!                    Inderes              Nokian Renkaiden yhtiökokous | Toimitusjohtajan katsaus 25.3.2026 - Inderes    Aika: 30.03.2026 klo 07.10 Toimitusjohtaja Paolo Pompein katsaus Nokian Renkaiden yhtiökokouksesta 25.3.2026.

Nokian Tyres

Nokian Tyres’ situation is difficult in the short term, as a rapid reduction in Russia risks is impossible and the operating environment is exceptionally unpredictable. 

<p>Nokian Tyres’ situation is difficult in the short term, as a rapid reduction in Russia risks is impossible and the operating environment is exceptionally unpredictable. </p> 

	2021	22e	23e
Revenue	1,714.2	1,648.3	1,761.4
growth-%	30.5 %	-3.8 %	6.9 %
EBIT (adj.)	324.9	217.8	278.3
EBIT-% (adj.)	19.0 %	13.2 %	15.8 %
EPS (adj.)	1.84	1.20	1.56
Dividend	0.55	0.60	0.65
Dividend %	1.7 %	5.8 %	6.3 %
P/E (adj.)	18.1	8.6	6.6
EV/EBITDA	10.5	4.4	3.8

Nokian Tyres: A demanding situation

Key Estimate Figures2022-04-01

Forum discussions