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"value": "784600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-252": { "value": "1164200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-253": { "value": "Basic information Nokian Tyres plc is a Finnish public corporation founded in accordance with the Finnish laws and domiciled in the city of Nokia. The shares of Nokian Tyres plc have been quoted on Nasdaq Helsinki since 1995. Nokian Tyres Group develops and manufactures summer, winter and all-season tires for passenger cars and vans as well as special tires for heavy machinery. The Group also manufactures retreading materials and retreads tires. The largest and most extensive tire retail chain in the Nordic countries, Vianor, is a part of the Group. The core business units in the Group are Passenger Car Tyres, Heavy Tyres, and Vianor. The Board of Directors of Nokian Tyres plc has approved the financial statements for publication at its meeting on February 10, 2026. In accordance with the Finnish Limited Liability Companies Act, the shareholders can approve or reject the financial statements or make a decision on altering the financial statements in the Annual General Meeting arranged after its publication. A copy of the consolidated financial statements is available from the company\u2019s headquarters at Pirkkalaistie 7, 37100 Nokia and at company.nokiantyres.com. Basis of preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards and in compliance with the IAS and IFRS standards as well as the SIC and IFRIC interpretations in force on December 31, 2025. The International Financial Reporting Standards refer to the standards and related interpretations to be applied within the Community as provided in the Finnish Accounting Act and the provisions issued on the basis of this Act, and in accordance with the procedure laid down in Regulation (EC) No. 1606/2002 of the European Parliament and of the Council on the application of international accounting standards. The notes to the consolidated financial statements comply with the Finnish accounting and corporate laws. The information in the financial statements is presented in millions of euros and is prepared under the historical cost convention except as disclosed in the following accounting policies. New and amended standards and interpretations (IAS 8.28) The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2025 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. \u2022 Lack of Exchangeability - Amendments to IAS 21 Standards that have been issued but that are not yet effective The new and amended standards and interpretations relevant to the Group that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective. \u2022 Presentation and Disclosure in Financial Statements \u2013 IFRS 18 (January 1, 2027) The Group is currently assessing the impact of the amendments to determine the impact that they will have on the Group\u2019s accounting policy disclosures. The IFRS are under constant development. The Group will adopt each standard and interpretation on the effective date or from the beginning of the following financial period. Use of estimates The preparation of the consolidated financial statements in accordance with the IFRS standards requires the Group management to use estimates and assumptions that affect the amount of assets and liabilities shown in the statement of financial position at the time of preparation, the presentation of contingent assets and liabilities in the financial statements, and the amount of revenues and expenses during the reporting period. Estimates have been used when determining the number of items reported in the financial statements, measure assets (Notes 13,14,15), test goodwill and other assets for impairment (Note 14), and for the future use of deferred tax assets (Note 19). The estimates made in the context of the preparation of financial statements are based on the management\u2019s best judgment at the end of the reporting period. The realization of the estimates and assumptions is continuously monitored .
Accounting policies for the consolidated
financial statements
The Group follows the IFRS 16 standard\u2019s guidelines when determining lease periods. For lease contracts that have been defined as valid until further notice, an expected lease term pursuant to the management\u2019s judgment is applied. The determination of the expected lease term considers the financial impacts of any sanctions included in the lease contracts, such as sanctions related to the early termination of the contract. Options for extending and terminating the lease term have been considered when determining the length of the lease term, pursuant to the guidelines of the standard. The extension option is counted into the lease term if it is reasonably certain that the option will be used and, correspondingly, if it is reasonably certain that the option to terminate will not be used, the term covered by the option is counted into the lease term. Whenever a contract contains a lease component and a non-lease component, the Group separates the non-lease components, such as maintenance, services, etc. using the separate prices that are listed in the lease contracts or on the basis of an estimate. If the lease term is valid until further notice, the management\u2019s judgment will be applied and, accordingly, the contracts will be booked for three years. The company\u2019s risks include strategic, operational, and financial risks. The key risks included in the estimates include the country risk as well as the risks related to the challenging tire pricing environment related to the development of raw material prices. The risks are regularly monitored and assessed as part of the risk management program. The most material risks are presented in Note 33. By the time of the approval of the financial statements, the company is not aware of such major sources of estimation uncertainty at the end of the reporting period nor of such key assumptions concerning the future that might have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year except for what has been disclosed in Note 14. Decisions based on management judgment The management has exercised separate judgment as regards the recognition of the cloud service deployment costs, as was assessed in the meeting of the recognition criteria under the decision issued by IFRIC in spring 2021. The company\u2019s management estimates the completed and current cloud service contracts. The commissioning costs for cloud services will be recognised when the company is able to specify the recognised commodity and the commodity is under the company\u2019s control. The material part of the company\u2019s sales consists of standard sales of goods between companies, where invoicing occurs with standard terms upon goods delivery, and which involves no substantial need for estimates. However, the company\u2019s management has exercised judgment when estimating the time when control over the product is transferred away from the company under reseller agreements. The management has set climate goals for the company, which are taken into account in the preparation of the consolidated financial statements, for example in impairment testing and in depreciation times and accounting values of intangible and tangible fixed assets. The management follows the possible impacts of climate change to the risks and opportunities of the business focusing on i.a. product portfolio, purchase of raw- materials, energy, logistics and product development. Currently, these do not have a material impact on the preparation of the financial statements. Impairment tests for goodwill take into account i.e. possible changes in the product portfolio when the future cash flows are estimated. During the 2022 fiscal year, the company announced that it will invest in new production capacity in Europe. The new factory was built in Romania in 2023\u20132025 and it is the industry\u2019s first carbon dioxide-free factory. The Group\u2019s climate work steering group supervises and monitors the progress of the Group\u2019s work aimed at reducing greenhouse gas emissions. Principles of consolidation The consolidated financial statements include the financial statements of the parent company Nokian Tyres plc as well as all the subsidiaries in which the Parent company owns, directly or indirectly, more than 50% of the voting rights or in which the Parent company otherwise exercises control. Control exists when the Group, through participation in an investee, is exposed or entitled to its variable returns and is able to affect the returns through exercising power over the investee. Associated companies in which the Group has 20% to 50% of the voting rights and in which it exercises significant influence, but not control, have been consolidated using the equity method. If the Group\u2019s share of the associated company\u2019s losses exceeds its holding in the associated company, the carrying amount will be recorded in the statement of financial position at nil value. Losses in excess of that value will be ignored unless the Group has obligations toward the associated companies. Investments in associates include the carrying amount of the investment in an associated company according to the equity method, and any possible other non-current investments in the associated company, which are, in substance, part of a net investment in the associated company. The Group has no associated companies at the end of financial year 2025 or 2024 . A joint arrangement refers to a contractual undertaking, in which the Group has agreed to share control over material financial and business principles with one or more parties. A joint arrangement is either a joint operation or a joint venture. In a joint venture, the Group holds rights to the net assets of the arrangement, whereas in a joint operation, the Group holds rights to the assets and carries obligations on the liabilities of the arrangement. Nokianvirran Energia Oy is a joint operation as the parties share control according to a specific Mankala principle where the company is not intended to make profit while the parties have agreed to utilize the total output.
Nokianvirran Energia Oy is accounted for as a Group company
using the proportionate consolidation method on each row
according to the 32.3% shareholding.
The acquired subsidiaries have been consolidated using the
acquisition method, according to which the acquired company\u2019s
assets and liabilities are measured at fair value on the date of
acquisition. The cost of goodwill is the excess of the cost of the
business combination over the acquirer\u2019s interest in the net
fair value of the identifiable assets, liabilities and contingent
liabilities. Acquisition-related costs, except for the costs to issue
debt or equity securities, are expensed. Possible contingent
consideration is measured at fair value on the date of acquisition
and is classified as a liability. Contingent consideration classified
as a liability is measured at fair value on each reporting date
and the following gain or loss is recognised in the income
statement. Under IFRS, goodwill is not amortized but is rather
tested annually for impairment. Subsidiaries acquired during the
financial year have been consolidated from the acquisition date
and those divested until the divestment date .
All internal transactions, receivables, liabilities, and unrealized
margins as well as the distribution of profits within the Group
are eliminated while preparing the consolidated financial
statements.
Foreign currency items
Transactions in foreign currencies have been recorded at
the exchange rates effective on the transaction date. In the
statement of financial position, all items in foreign currencies
unsettled on the reporting date are measured at the European
Central Bank\u2019s closing exchange rate. The quotations of the
relevant central bank are applied if the European Central Bank
does not quote a specific currency. Foreign exchange gains and
losses related to business operations and financing activities
have been recorded under financial income and expenses.
Foreign Group companies The statements of the financial position of foreign subsidiaries have been converted into euros using the European Central Bank\u2019s closing rates, and the monthly income statements use the average rate for the period. The translation differences arising from the subsidiaries\u2019 income statements and statements of financial position have been recorded under other comprehensive income and in the translation reserve within equity as a separate item. The translation differences arising from the elimination of foreign company acquisition cost and from the profits and losses incurred after the acquisition have been recorded under other comprehensive income as a separate item and in the translation reserve within equity. If the settlement of a loan to a foreign operation is neither planned nor likely to occur in the foreseeable future, then the loan is considered as a net investment in a foreign operation and the foreign exchange gains and losses arising on the item are recognised in other comprehensive income and accumulated in the translation reserve in equity. When a subsidiary is divested fully or in part, the related accumulated translation differences are brought from equity to the income statement and entered as a gain or loss on the sale . Operating result The Group has defined operating result as follows: operating result is the net sum of net sales plus other operating income less the cost of sales, selling, marketing and R&D expenses, administration expenses, and other operating expenses. Operating result does not include exchange rate gains or losses.
Notes to the consolidated financial statements
1. Net sales and operating segments
Accounting policies Revenue recognition The Nokian Tyres Group develops and manufactures summer, winter and all-season tires for passenger cars and delivery vehicles as well as special tires for heavy machinery. The Group includes the tire retail chain Vianor. The Group manufactures retreading materials and performs tire retreading. The Group\u2019s business units are Passenger Car Tyres, Heavy Tyres, and Vianor. The chosen business structure describes, for example, the different nature of the sales revenue from the business units and the cyclical nature of their operations. Geographical areas provide further information on the regional magnitudes of the business functions and the various uncertainties contained within the market. The company is managed through the aforementioned business units and geographical areas. The company\u2019s performance obligation is met and the recognition as income is made when a product or service is delivered. The sales of services and products create separate performance obligations. The material part of the company\u2019s net sales consists of standard B2B sales of goods, where invoicing occurs with standard terms upon goods delivery. Income for the sales of products is booked when the material risks and benefits related to the ownership of goods, their right of possession, and actual control have been transferred to the buyer in accordance with the terms of contract, and when the payment is probable. Net sales also include the sale of services to a small extent. Income from services is booked once the services have been performed. The company\u2019s business is not characterized by overdue recognition; instead, there is one performance obligation that corresponds to a single recognition date. Invoicing occurs with standard terms upon goods delivery. Revenue for both products and services is reported under net sales. Even the longest payment terms are a maximum of 12 months. Therefore, the financing component has not been separately indicated. Refunds have a minor impact on the financial statements. The company mainly operates in the replacement tire market, where product refund practices may differ from the original equipment market. As a rule, the contract templates that are widely employed by the group do not allow for returning products that have already been sold at the customer\u2019s initiative, unless the delivery is defective or a separate provision for this has been made in the specific contract. Refunds and other factors affecting the selling price are monitored when determining the trading price. When calculating net sales, sales income is adjusted with indirect taxes and discounts. The company mainly sells tires to its own direct customers, granting them volume-based discounts. When recognizing goods, the company considers the discounts given to customers. During the financial year, the estimate is based on customers\u2019 estimates on future volumes and, on the other hand, on volumes that have already been realized. At the time of the closing of the financial statements, the discount is based on the realized volume at that time. Advances from customers are not cosidered a material item as regards in the financial statements or when compared to net sales. Invoiced sales discounts are booked as refunds for trade receivables. Advances received from customers are not booked as trade receivables but instead as debts. The products sold by the company have a standard warranty period. Furthermore, in limited markets, a so-called Hakka Guarantee is offered for selected Hakka products that covers tire punctures not covered by the standard warranty.
2. Acquisitions and disposals
Accounting policies Non-current assets held for sale and discontinued operations A non-current asset, or a group of disposable items, is classified as being held for sale if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset instead of being generated from the continued use of the asset. Non-current assets held for sale, and assets related to discontinued operations, are measured at their carrying amounts, or the lower fair value less the costs to sell, if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset and if the sales transaction is most likely to take place. A discontinued operation is a part of the entity that has been divested or classified as being held for sale and represents a separate core business area or a geographic operating area. The result for the period of discontinued operations is presented as a separate item in the income statement and the comparative information in the income statement is restated accordingly. The Group\u2019s financial statements for 2025 and 2024 do not include any non-current assets held for sale .
5. Other operating expenses
Accounting policies Research and development costs Research costs are recognized as part of selling, marketing, and R&D expenses for the financial period in which they incurred. Government grants Grants received from governments or other parties are recognized adjustments to the related expenses in the income statement for the period .
7. Depreciation, amortization and impairment losses
Accounting policies Property, plant, and equipment Depreciation is based on the following expected useful lives: Buildings 10\u201340 years Machinery and equipment 4\u201320 years Other tangible assets 10\u201340 years Land is not depreciated. The expected useful lives are reviewed at each reporting date, and if they differ materially from previous estimates, the depreciation schedules are changed accordingly. Research and development costs Development costs are capitalized once certain criteria associated with commercial and technical feasibility have been met. Capitalized development costs primarily comprising materials, supplies, and direct labor costs as well as the related overheads are amortized systematically over their expected useful life. The amortization period is 3\u20135 years . Impairment On the reporting date, the Group shall assess whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset in question is estimated. Goodwill and intangible assets not yet available for use are tested for impairment at least annually. To assess impairment, the Group\u2019s assets are allocated to cash-generating units on the smallest group that is largely independent of other units and the cash flows of which can be separated. The recoverable amount is the higher of fair value of the asset less costs to sell and a value in use. As a rule, value in use is based on the discounted future cash flows that the corresponding asset or the cash-generating unit can derive. The impairment recognized in the income statement is the amount by which the carrying amount of the asset exceeds the corresponding recoverable amount, and in the statement of financial position, it is allocated first to reduce the carrying amount of any goodwill of the unit and then pro rata against the other assets. An impairment loss recognized in prior periods will be reversed if the estimates used to determine the recoverable amount change. However, a reversal of impairment loss shall not exceed the carrying amount that would have been determined in the statement of financial position without the recognized impairment loss in prior periods. Impairment loss on goodwill is not reversed under any circumstances. Goodwill and other intangible assets Goodwill is not amortized. The amortization schedule for other intangible assets is 3\u201310 years .
11. Tax expense
Accounting policies Income taxes Tax expenses in the profit and loss statement consist of current and deferred taxes. Tax expense is adjusted for taxes related to previous financial years. Current taxes are calculated on the taxable income using the tax rates enacted or substantively enacted in each country by the balance sheet date. Taxes are recognized in the profit and loss statement unless they relate to items recognized in the Consolidated statement of comprehensive income or directly in equity. Interest expenses arising from unpaid tax liabilities are reported under financial expenses. Due to the nature of the international business environment, group companies are subject to routine tax audits in various jurisdictions. Changing and complex tax regulations in multiple jurisdictions where Nokian Tyres operates may create uncertainty regarding tax obligations and adversely affect the Group\u2019s financial position. Management evaluates the positions taken in tax returns in cases where tax legislation is subject to interpretation. In such cases, the Group recognizes a provision based on the estimated likelihood of acceptance by the tax authorities. Nokian Tyres does not have significant tax disputes ongoing and no specific tax risks are identified currently. Nokian Tyres has conducted preemptive discussions with authorities in different countries in order to agree on the taxation of its operations or changes in the corporate structure to minimize tax risks .
12. Earnings per share
Accounting policies Earnings per share Basic earnings per share are calculated by dividing the profit or loss attributable to the equity holders of the parent for the period by the weighted average number of shares outstanding during the period. The average number of treasury shares has been deducted from the number of shares outstanding. For the calculation of the diluted earnings per share, the diluting impact of all potentially diluting share conversions have been taken into account. The Group has had share options and previously convertible bonds as diluting instruments. At present, the Group does not have either. The dilution of share options has been computed using the treasury stock method. In dilution, the denominator includes the shares obtained through the assumed conversion of the options, and the repurchase of treasury shares at the average market price during the period with the funds generated by the conversion. The assumed conversion of options is not taken into account for the calculation of earnings per share if the effective share subscription price defined for the options exceeds the average market price for the period. The convertible bonds are assumed to have been traded for company shares after the issue.
EUR million
2025
2024
Result attributable to the equity holders
of the parent
-15.0
-22.8
Result for the period to calculate the diluted
earnings per share
-15.0
-22.8
Shares, 1,000 pcs
Weighted average number of shares
137,873
137, 8 69
Dilutive effect of the options
-
-
Diluted weighted average number of shares
137,873
137,8 69
Earnings per share, euros
Basic
-0.11
-0.17
Diluted
-0.11
-0.17
13. Property, plant and equipment
Accounting policies Property, plant and equipment The values of the property, plant, and equipment acquired by the Group companies are based on their costs. Any proceeds from selling items produced while bringing an item of PPE into the location and condition intended are not deducted from the acquisition price but instead recorded in profit or loss. The assets of acquired subsidiaries are measured at fair value on the date of acquisition. Depreciation is calculated on a straight- line basis from the original acquisition cost, based on the expected useful life. Depreciation includes any impairment losses. In the statement of financial position, the property, plant, and equipment are stated at cost less accumulated depreciation and impairment losses. The borrowing costs of the items included in property, plant, and equipment, and requiring a substantial construction period, are capitalized for the period needed to produce the investment for the intended purpose. Other borrowing costs are recognized as expenses in the period that they were incurred. Regular maintenance and repair costs are recognized as expenses for the period. Expenses incurred from significant modernization or improvement projects are recorded in the statement of financial position if the company gains future economic benefits in excess of the originally assessed standard of performance of the existing asset. Modernization and improvement projects are depreciated on a straight-line basis over their useful lives. Gains and losses from the divestment and disposal of property, plant, and equipment are determined as the difference of the net disposal proceeds and the carrying amounts. Sales gains and losses are included in the operating profit in the income statement. Government grants Grants received for the acquisition of property, plant, and equipment reduce the acquisition cost. Borrowing costs The borrowing costs of items included in property, plant, and equipment or other intangible assets, and requiring a substantial construction period, are capitalized for the period needed to produce the investment for the intended purpose. Other borrowing costs are recognized as expenses for the period in which they incurred. The Group has not capitalized borrowing costs in 2025 or 2024 .
14. Intangible assets
Accounting policies Goodwill and other intangible assets Goodwill arising from business combinations is recognized as the amount by which the aggregate of the transferred consideration, any non-controlling interest in what has been acquired, and any previously held interest exceeds the fair value of the net assets acquired. Goodwill is not amortized but is tested for impairment annually as well as whenever an indication of possible impairment exists. Other intangible assets include customer relationships, capitalized development costs, patents, copyrights, licenses, and software. Intangible rights acquired in business combinations are measured at fair value and amortized on a straight-line basis over their useful lives. Other intangible assets are measured at cost and amortized on a straight-line basis over their useful lives. An intangible asset is only recorded in the statement of financial position if it is probable that the expected future economic benefits that are attributable to the asset will flow to the company and cost can be measured reliably. Subsequent expenses related to the assets are only recorded in the statement of financial position if the company gains future economic benefits in excess of the originally assessed standard of performance of the existing asset; otherwise, costs are recognized as expenses at the time of occurrence . In the statement of financial position, intangible assets are recorded at cost less accumulated amortization and impairment losses. The borrowing costs of items included in other intangible assets, and requiring a substantial construction period, are capitalized for the period needed to produce the investment for the intended purpose. Other borrowing costs are recognized as expenses in the period that they are incurred.
15. Right of use assets
Accounting policies Lease agreements In accordance with IFRS 16, all of the assets related to lease agreement (right-of use assets) and future lease payment obligations (lease liabilities) are recognized in the statement of financial position at the inception of the contract. Nokian Tyres primarily acts as a lessee. The vast majority of leases recognized as Right-of-use assets under IFRS 16 comprise Vianor chain real estate and warehouses. The Group as lessee Nokian Tyres recognizes a leased asset and the related lease liability at the lease commencement date, except for short- term leases and low value leases. \u2022 A lease is considered short term if the lease term is 12 months or less and no option included. \u2022 A lease is considered of low value if the business level materiality thresholds are not met. The Group applies this guideline to all asset classes, with the exception of vehicle leases, which are also recognized under IFRS 16 even if their contract term is below 12 months or the related asset is deemed of low value. The lease term is determined as the non-cancelable period of the lease, taking extension and termination options into consideration, if it is reasonably certain that the Group will exercise such options. If the lease term is indefinite (valid until further notice), management judgment is used to estimate the expected lease term and the indefinite contracts will be booked on the basis of the planning period, usually for three years. Lease liability under IFRS 16 is recorded at the commencement date of the lease and measured at the present value of the lease payments during the lease term. The criteria used to determine the discount rate by lease agreement are the geographical location, currency, maturity of the risk-free interest rate, and the lessee\u2019s credit risk premium. When the agreement includes a lease component and a non-lease component, Nokian Tyres separates the non- lease components, such as maintenance or services, based on either the stand-alone prices given in the lease agreement or by using estimates. The lease liability is remeasured with a corresponding effect to the related leased asset when there is a change in the future lease payments due to contract renegotiation, index changes, or a reassessment of options. The leased asset consists of the initial lease liability and any initial direct costs less any incentives granted by the lessor. It is valued at cost less accumulated depreciation and impairment losses. Any remeasurement is in line with the remeasurement of the lease liability. The right-of-use asset is depreciated in a straight-line basis over the lease term. The Group as a lessor The lessor will classify each lease agreement into either finance or operating lease in accordance with the IFRS 16 standard. If the lease transfers substantially all of the risk and rewards incidental to the ownership of the asset, it is considered to be a finance lease; otherwise, the lease is considered to be an operating lease. Assets held under finance leases are recorded in the statement of the financial position as receivables at an amount equal to the net investment in the lease. Assets held under operating leases are included in intangible assets and property, plant, and equipment in the statement of the financial position. These assets are depreciated over their useful lives, consistent with assets in the company\u2019s own use. Income from operating leases is recorded in the income statement on a straight-line basis over the lease term. From the Group\u2019s point of view, operating as a lessor is limited. Sale and leaseback In a sale and leaseback transaction, the Group assesses whether the transaction meets the criteria for the sale of an asset under IFRS 15. If the criteria are met, at the time of sale, the right-of-use asset is recognized in the balance sheet at an amount corresponding to the portion of the original carrying amount of the asset that relates to the right retained by the Group. The gain or loss on sale is then recognized as the portion of the sales price that corresponds to the rights transferred to the buyer. If the sales price does not reflect fair value, the difference is allocated either to prepaid rent or to financial liabilities. If the criteria for sale are not met, the asset continues to be reported in the balance sheet, and the consideration received is presented as a financial liability. Sale and leaseback arrangements in the Group\u2019s balance sheet are accounted for as leases and are part of the right-of- use assets and lease liabilities. Any gains arising from these transactions are allocated over the lease term.
16. Carrying amounts and fair values of financial assets and liabilities
Accounting policies Financial assets and liabilities Classification of financial instruments When recognizing a financial asset in its statement of financial position, the Group classifies it into one of the following measurement categories: \u2022 Amortized cost \u2022 Fair value through other comprehensive income \u2022 Fair value through profit or loss. These categories apply to subsequent measurement and profit or loss recognition. The classification is based on the business model for managing the asset and the contractual cash flow characteristics of the asset. A financial asset is classified as subsequently measured at amortized cost when the objective is to hold financial assets to collect contractual cash flows that are payments of principal and interest on the principal amount outstanding. In the Group, in principle this measurement category includes trade receivables, loan receivables, and cash and cash equivalents, including liquid short-term investments in money market instruments. A debt instrument in the financial assets is classified as subsequently measured at fair value through other comprehensive income when the objective is to both hold the financial assets to collect contractual cash flows that are payments of principal and interest on the principal amount outstanding and sell the financial assets. If there are business objectives for the holding of a financial asset other than the foresaid, it is classified as subsequently measured at fair value through profit or loss. The Group\u2019s derivative assets are included in this category. However, when recognizing an investment in an equity instrument in its statement of financial position, the Group may make an irrevocable election to present subsequent changes in fair value in other comprehensive income. The election is made on an instrument-by-instrument basis. The Group typically designates investments in quoted and unquoted shares that are not held for trading as at fair value through other comprehensive income. The measurement category of a financial liability is either at amortized cost or at fair value through profit or loss. A financial liability is classified as at fair value through profit or loss if it is held-for-trading, is a derivative, or is specifically designated as such. Other financial liabilities are subsequently measured at amortized cost. The financial liabilities of the Group are classified as measured at amortized cost except for derivative liabilities. Measurement of financial instruments At initial recognition, all financial assets and liabilities are measured at fair value taking into account any transaction costs, and in the statement of financial position, they are included in current or non-current assets or liabilities depending on the maturity of the item. Financial assets and financial liabilities are subsequently measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss in accordance with the measurement category of the item. Impairment of financial assets At each reporting date, the Group recognizes a loss allowance for expected credit losses on a financial asset that is not measured at fair value through profit or loss. When measuring the expected credit losses, the Group reviews the actual credit losses, current conditions, and forecasts of the future economic conditions. For trade receivables, the Group follows the simplified approach whereby the impairment recognized in trade receivables corresponds to the lifetime expected credit losses for trade receivables .
19. Deferred tax assets and liabilities
Accounting policies Deferred taxes Deferred taxes are calculated on temporary differences between the carrying value and tax value of assets and liabilities. Deferred taxes are calculated using the statutory tax rates enacted or substantively enacted by the balance sheet date. The most significant temporary differences arise from differences in depreciation of intangible and tangible assets, fair value measurement of financial assets and hedging instruments, internal inventory margins, provisions, and unused tax losses. Deferred tax assets arising from temporary differences are recognized only to the extent that it is probable they can be utilized against future taxable income during their validity period. Management judgment is required to determine the amount of deferred tax assets in relation to the timing of loss utilization and the level of forecasted future taxable profits. Nokian Tyres has recognized deferred tax assets and liabilities in its financial statements, which, based on management\u2019s assessment, are expected to be realized and recognized in future profit or loss. Nokian Tyres is subject to Pillar 2 regulations. The Group applies the mandatory temporary exception under IAS 12 related to deferred taxes and does not report deferred taxes arising from Pillar 2. The Group has assessed the impact of Pillar 2 legislation on its taxes based on the financial data of its group entities for the year 2025. Based on the assessment, the Group determines that it is not subject to Pillar Two \u201ctop-up\u201d taxes .
20. Inventories
Accounting policies Inventories Inventories are measured at the lower of cost or the net realizable value. Cost is primarily determined in accordance with standard cost accounting. The cost of finished goods and work in progress includes raw material purchase costs, direct manufacturing wages, other direct manufacturing costs, and a share of production overheads, borrowing costs excluded. Net realizable value is the estimated sales price in ordinary activities less the costs associated with the completion of the product and the estimated necessary costs incurred to make the sale of the product. Allowance is recorded in obsolete items.
21. Trade and other receivables
Accounting policies Revenue recognition Trade receivables have been recorded on the balance sheet according to the originally invoiced amount, and items in other currencies have been recognized at the closing rate reported by the European Central Bank. Trade receivables will change if the receivables are booked as a credit loss. There are three types of credit loss provisions: group-level IFRS 9, local, and statutory credit loss provision. Revenue from contracts with customers is reported under net sales, and credit losses are reported separately from net sales under other business expenses .
22. Cash and cash equivalents
Accounting policies Cash and cash equivalents Cash and cash equivalents include cash on hand and other current investments, such as commercial papers and bank deposits.
23. Equity
Accounting policies Treasury shares The acquisition cost of treasury shares repurchased by the Group is recognized as a deduction in equity. The consideration received for the treasury shares when sold, net of transaction costs and tax, is included in equity . Dividend The dividend proposed by the Board of Directors at the Annual General Meeting has not been recognized in the financial statements. Dividends are only accounted for on the basis of the decision of the Annual General Meeting . 24. Long-term incentive plans for the Group management team and key personnel Accounting policies Share-based payments Performance shares are measured at fair value on the grant date and are expensed to employee benefit expenses on a straight-line basis over the vesting period and retention period. The equity-settled amounts are recorded as an increase in equity. The expense determined on the grant date is based on the Group\u2019s estimate of the number of shares that are assumed to vest at the end of the vesting period. The impact of non- market-based conditions is not included in the fair value of the share; instead, it is taken into account in the final number of shares that are assumed to vest at the end of the vesting period. The Group updates the assumption of the final number on each reporting date. The fair values of cash settled amounts are similarly updated on each reporting date and recorded in equity. The changes in estimated values in both share and cash settled amounts are booked to the income statement. 25. Pension liabilities Accounting policies Pension liabilities The Group companies have several pension schemes in different countries based on local conditions and practices. These pension schemes are defined either as defined contribution plans or defined benefit pension plans. Payments for defined contribution plans are recorded as expenses in the income statement for the period they relate to.
26. Provisions
Accounting policies Provisions A provision is entered into the statement of financial position if the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions may be related to the reorganization of activities, unprofitable agreements, environmental obligations, trials, and tax risks. Warranty provisions include the cost of product replacement during the warranty period.
30. Fair values of derivative financial instruments
Accounting policies Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its interest rate, foreign currency, and commodity price risk exposures. Derivatives are recognized initially at fair value and subsequently measured at fair value. Publicly quoted market prices and rates as well as the generally used measurement models are used to define the fair value of derivatives. The data and assumptions used in the measurement models are based on verifiable market prices and values. Fair value changes of derivatives are recognized in profit or loss unless the derivative is part of a hedging relationship when fair value changes are recognized according to the hedge accounting standards for hedging relationships. In general, hedge accounting is not applied to the derivatives used to hedge cash flows from the Group\u2019s business operations in foreign currencies. Hedge accounting can be used to reduce the volatility in the income statement caused by the items measured at fair value through profit or loss. Hedge accounting eliminates the accounting asymmetry between the hedging instrument and the hedged item as it enables the aforesaid to affect the income statement simultaneously. The Group may designate derivative financial instruments as hedging instruments to hedge the variability in cash flows that is attributable to changes in foreign exchange rates, interest rates, and commodity prices. In addition, the Group may, if necessary, designate derivative financial instruments and other financial instruments as hedging instruments in hedges of foreign exchange risk on a net investment in a foreign operation. At the inception of hedge accounting for a hedging relationship, the Group designates and documents the hedging relationship and the risk management objective and strategy for undertaking the hedge. The documentation includes an assessment whether the hedge effectiveness requirements are met in the hedging relationship. The Group aims to use hedging instruments that create no ineffective portion. Cash flow hedges In cash flow hedges, the effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the cash flow hedge reserve is reclassified to profit or loss as the hedged item affects profit or loss. The Group may apply hedge accounting to interest rate swaps by which floating rate borrowings have been converted into fixed rate borrowings and interest rate and currency swaps where foreign currency floating rate loan receivables have been converted into functional currency floating rate loan receivables. The gains or losses related to both the effective and ineffective portion of the hedge are presented in income statement within financial items. The price risk of the Group\u2019s forecast electricity purchases in Finland is hedged with electricity derivatives to which hedge accounting is applied. The Group may separately hedge the two components of electricity price risk, system price, and area price difference, or a combination of these components. In Romania, the Group has entered into a virtual power purchase agreement (VPPA) to ensure the supply of zero CO 2 emission energy and to hedge against the local forecast electricity purchase price risk. These contracts result in the recognition of derivatives, as there is no physical delivery of electricity, and they are also subject to hedge accounting. The gain or loss related to the effective portion of the hedges is presented in income statement within the cost of sales. The ineffective portion is recognised in income statement within other operating income or expenses. Hedge of a net investment in a foreign operation Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. The effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the translation reserve is reclassified to profit or loss on the disposal or partial disposal of the foreign operation. The Group does not currently have hedges of a net investment in a foreign operation.
32. Contingent liabilities and assets
Accounting policies Contingent liabilities and contingent assets A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the realization of an uncertain future event not totally controllable by the Group. A contingent liability is also defined as a present obligation that probably will not require the settlement of the obligation or that cannot be measured reliably. A contingent liability is disclosed in the notes to the consolidated financial statements. Correspondingly, a contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the realization of an uncertain future event not totally controllable by the Group. In case an inflow of economic benefits is probable, a contingent asset is disclosed in the notes to the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "Basic information Nokian Tyres plc is a Finnish public corporation founded in accordance with the Finnish laws and domiciled in the city of Nokia. The shares of Nokian Tyres plc have been quoted on Nasdaq Helsinki since 1995. Nokian Tyres Group develops and manufactures summer, winter and all-season tires for passenger cars and vans as well as special tires for heavy machinery. The Group also manufactures retreading materials and retreads tires. The largest and most extensive tire retail chain in the Nordic countries, Vianor, is a part of the Group. The core business units in the Group are Passenger Car Tyres, Heavy Tyres, and Vianor. The Board of Directors of Nokian Tyres plc has approved the financial statements for publication at its meeting on February 10, 2026. In accordance with the Finnish Limited Liability Companies Act, the shareholders can approve or reject the financial statements or make a decision on altering the financial statements in the Annual General Meeting arranged after its publication. A copy of the consolidated financial statements is available from the company\u2019s headquarters at Pirkkalaistie 7, 37100 Nokia and at company.nokiantyres.com. Basis of preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards and in compliance with the IAS and IFRS standards as well as the SIC and IFRIC interpretations in force on December 31, 2025. The International Financial Reporting Standards refer to the standards and related interpretations to be applied within the Community as provided in the Finnish Accounting Act and the provisions issued on the basis of this Act, and in accordance with the procedure laid down in Regulation (EC) No. 1606/2002 of the European Parliament and of the Council on the application of international accounting standards. The notes to the consolidated financial statements comply with the Finnish accounting and corporate laws. The information in the financial statements is presented in millions of euros and is prepared under the historical cost convention except as disclosed in the following accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "Nokian Tyres plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "public corporation ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "Nokia", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "Nokian Tyres plcNokian Tyres plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "Nokian Tyres Group develops and manufactures summer, winter and all-season tires for passenger cars and vans as well as special tires for heavy machinery. The Group also manufactures retreading materials and retreads tires. The largest and most extensive tire retail chain in the Nordic countries, Vianor, is a part of the Group. The core business units in the Group are Passenger Car Tyres, Heavy Tyres, and Vianor", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "The Board of Directors of Nokian Tyres plc has approved the financial statements for publication at its meeting on February 10, 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": " Nokian Tyres plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "Pirkkalaistie 7, 37100 Nokia", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "Basis of preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards and in compliance with the IAS and IFRS standards as well as the SIC and IFRIC interpretations in force on December 31, 2025. The International Financial Reporting Standards refer to the standards and related interpretations to be applied within the Community as provided in the Finnish Accounting Act and the provisions issued on the basis of this Act, and in accordance with the procedure laid down in Regulation (EC) No. 1606/2002 of the European Parliament and of the Council on the application of international accounting standards. The notes to the consolidated financial statements comply with the Finnish accounting and corporate laws. The information in the financial statements is presented in millions of euros and is prepared under the historical cost convention except as disclosed in the following accounting policies", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards and in compliance with the IAS and IFRS standards as well as the SIC and IFRIC interpretations in force on December 31, 2025. The International Financial Reporting Standards refer to the standards and related interpretations to be applied within the Community as provided in the Finnish Accounting Act and the provisions issued on the basis of this Act, and in accordance with the procedure laid down in Regulation (EC) No. 1606/2002 of the European Parliament and of the Council on the application of international accounting standards. The notes to the consolidated financial statements comply with the Finnish accounting and corporate laws. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "
New and amended standards and interpretations
(IAS 8.28)
The Group applied for the first-time certain standards and
amendments, which are effective for annual periods beginning
on or after January 1, 2025 (unless otherwise stated). The Group
has not early adopted any other standard, interpretation or
amendment that has been issued but is not yet effective.
\u2022 Lack of Exchangeability - Amendments to IAS 21
Standards that have been issued but that are not
yet effective
The new and amended standards and interpretations relevant
to the Group that are issued, but not yet effective, up to
the date of issuance of the Group\u2019s financial statements are
disclosed below. The Group intends to adopt these new and
amended standards and interpretations, if applicable, when
they become effective.
\u2022 Presentation and Disclosure in Financial Statements \u2013 IFRS 18
(January 1, 2027)
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "Use of estimates The preparation of the consolidated financial statements in accordance with the IFRS standards requires the Group management to use estimates and assumptions that affect the amount of assets and liabilities shown in the statement of financial position at the time of preparation, the presentation of contingent assets and liabilities in the financial statements, and the amount of revenues and expenses during the reporting period. Estimates have been used when determining the number of items reported in the financial statements, measure assets (Notes 13,14,15), test goodwill and other assets for impairment (Note 14), and for the future use of deferred tax assets (Note 19). The estimates made in the context of the preparation of financial statements are based on the management\u2019s best judgment at the end of the reporting period. The realization of the estimates and assumptions is continuously monitored 14. Intangible assets Accounting policies Goodwill and other intangible assets Goodwill arising from business combinations is recognized as the amount by which the aggregate of the transferred consideration, any non-controlling interest in what has been acquired, and any previously held interest exceeds the fair value of the net assets acquired. Goodwill is not amortized but is tested for impairment annually as well as whenever an indication of possible impairment exists. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "Use of estimates The preparation of the consolidated financial statements in accordance with the IFRS standards requires the Group management to use estimates and assumptions that affect the amount of assets and liabilities shown in the statement of financial position at the time of preparation, the presentation of contingent assets and liabilities in the financial statements, and the amount of revenues and expenses during the reporting period. Estimates have been used when determining the number of items reported in the financial statements, measure assets (Notes 13,14,15), test goodwill and other assets for impairment Note 14), and for the future use of deferred tax assets (Note 19). The estimates made in the context of the preparation of financial statements are based on the management\u2019s best judgment at the end of the reporting period. The realization of the estimates and assumptions is continuously monitored .
The Group follows the IFRS 16 standard\u2019s guidelines when
determining lease periods. For lease contracts that have
been defined as valid until further notice, an expected lease
term pursuant to the management\u2019s judgment is applied. The
determination of the expected lease term considers the financial
impacts of any sanctions included in the lease contracts, such
as sanctions related to the early termination of the contract.
Options for extending and terminating the lease term have
been considered when determining the length of the lease term,
pursuant to the guidelines of the standard. The extension option
is counted into the lease term if it is reasonably certain that
the option will be used and, correspondingly, if it is reasonably
certain that the option to terminate will not be used, the term
covered by the option is counted into the lease term. Whenever
a contract contains a lease component and a non-lease
component, the Group separates the non-lease components,
such as maintenance, services, etc. using the separate prices that
are listed in the lease contracts or on the basis of an estimate.
If the lease term is valid until further notice, the management\u2019s
judgment will be applied and, accordingly, the contracts will be
booked for three years.
The company\u2019s risks include strategic, operational, and financial
risks. The key risks included in the estimates include the country
risk as well as the risks related to the challenging tire pricing
environment related to the development of raw material
prices. The risks are regularly monitored and assessed as part
of the risk management program. The most material risks are
presented in Note 33.
By the time of the approval of the financial statements, the
company is not aware of such major sources of estimation
uncertainty at the end of the reporting period nor of such
key assumptions concerning the future that might have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year
except for what has been disclosed in Note 14.
Decisions based on management judgment
The management has exercised separate judgment as regards
the recognition of the cloud service deployment costs, as
was assessed in the meeting of the recognition criteria under
the decision issued by IFRIC in spring 2021. The company\u2019s
management estimates the completed and current cloud service
contracts. The commissioning costs for cloud services will be
recognised when the company is able to specify the recognised
commodity and the commodity is under the company\u2019s control.
The material part of the company\u2019s sales consists of standard
sales of goods between companies, where invoicing occurs
with standard terms upon goods delivery, and which involves
no substantial need for estimates. However, the company\u2019s
management has exercised judgment when estimating the time
when control over the product is transferred away from the
company under reseller agreements.
The management has set climate goals for the company, which
are taken into account in the preparation of the consolidated
financial statements, for example in impairment testing and
in depreciation times and accounting values of intangible and
tangible fixed assets. The management follows the possible
impacts of climate change to the risks and opportunities of the
business focusing on i.a. product portfolio, purchase of raw-
materials, energy, logistics and product development. Currently,
these do not have a material impact on the preparation of the
financial statements. Impairment tests for goodwill take into
account i.e. possible changes in the product portfolio when the
future cash flows are estimated.
During the 2022 fiscal year, the company announced that it will
invest in new production capacity in Europe. The new factory
was built in Romania in 2023\u20132025 and it is the industry\u2019s first
carbon dioxide-free factory. The Group\u2019s climate work steering
group supervises and monitors the progress of the Group\u2019s work
aimed at reducing greenhouse gas emissions.
The Group\u2019s Management Team is the chief operating decision
maker. The segment information is presented in respect of
the business and geographical segments. Business segments
are based on the internal organization and financial reporting
structure.
Segment performance is evaluated based on operating
result and is measured consistently with profit or loss in the
consolidated financial statements.
33. Significant risks, uncertainties,
and ongoing disputes
Several uncertainties can impact Nokian Tyres\u2019 business
and financial performance. The Group has adopted a risk
management policy, approved by the Board of Directors, which
supports the achievement of strategic goals and ensures
business continuity. The risk management process aims to
identify and evaluate threats and opportunities and to plan
and implement practical measures for each risk. Nokian Tyres
describes the overview of its risk management systems in the
Corporate Governance Statement.
For example, the following risks could potentially have an impact
on Nokian Tyres\u2019 business:
Economic and geopolitical uncertainty
Nokian Tyres is exposed to risks related to consumer confidence
and macroeconomic and geopolitical conditions. International
tensions and increasing global uncertainty may lead to economic
recession, create trade barriers such as tariffs, and cause global
or regional crises that may significantly affect product demand
or cause widespread disruptions in production and supply chain.
These factors may adversely affect Nokian Tyres\u2019 financial
performance and the collection of trade receivables.
Risk mitigation measures: continuous monitoring of the
operating environment and markets. The company\u2019s ability
to respond quickly and adapt its operations to a changing
environment. Creating a balanced manufacturing platform.
Acting in accordance with the contingency plan.
Changes in consumer behavior
The weakening of consumer confidence has shifted demand
towards more affordable products and delayed purchase
decisions. The tire wholesale and retail landscape is evolving with
digitalization to meet changing consumer needs. Nokian Tyres
aims to adapt to changes in the sales channel and to innovate
and develop new products and services that appeal to customers
and consumers. Despite extensive testing of products, issues
related to product quality and inability to meet customer
needs or demands of performance and safety can harm Nokian
Tyres\u2019 reputation and brand, thereby negatively affecting the
company\u2019s financial profitability and growth opportunities.
Risk mitigation measures: ensuring high-quality research and
development. Continuously monitoring markets and consumer
needs to anticipate consumer preferences. Sufficient resources
for product testing. Developing distribution channels and
network.
Production and commercial operations in Europe
To ensure tire availability, Nokian Tyres is investing in new
zero-CO
2
-emissions production capacity in Romania. While
commercial production has commenced as planned, temporary
delays in ramping up production processes or challenges
related to commercial execution in a competitive market may
negatively impact Nokian Tyres\u2019 financial performance and
growth opportunities, especially in Central Europe.
Risk mitigation measures: close monitoring of the ramp-up,
markets and consumer needs. Preparation and continuous
follow-up of a risk management plan. Ability to quickly react
to significant changes. Retention and recruitment of skilled
personnel.
Currency market
Nokian Tyres\u2019 operations are exposed to currency risks arising
from currency transactions and the translation of subsidiary
financial statements, which may affect Nokian Tyres\u2019 results and
profitability. The most significant currency risks are caused by
the Swedish krona, the Norwegian krone, the US and Canadian
dollars and the Romanian leu. Approximately 60 percent of the
Group\u2019s sales are generated outside the euro-zone. The most
significant net investments in foreign operations are in the
US and Romania. A weakening of the US dollar benefits Nokian
Tyres in currency transactions due to its net-buy position, but it
has a negative impact through translation exposure. The impact
of fluctuations in the Romanian leu primarily arises through
translation exposure. Expenses in the Swedish, Norwegian,
and Canadian subsidiaries are predominantly incurred in local
currencies, which mitigates the impact of currency fluctuation
on sales denominated in those currencies.
Risk mitigation measures: hedging against the effects of
exchange rate fluctuations according to the hedging strategy.
Information technology and cybersecurity
The availability of information systems and network services
is crucial to Nokian Tyres. Unplanned interruption in critical
information systems and network services may cause disruption
to the continuity of operations. These systems and services
may also be exposed to cyberattacks, which may lead to a
leakage of confidential information, violation of data privacy
regulations or intellectual property rights, production and
delivery interruptions, or reputational damage. Risk analyses
and projects related to cybersecurity, data protection, and
customer information are continuously a special focus area for
the company.
Risk mitigation measures: sufficient investments and resources
in IT infrastructure and capabilities, as well as cybersecurity.
Appropriate plans to respond to disruptions in information
systems and network services, including backup systems and
recovery plans. Continuous monitoring of cybersecurity and data
protection and vulnerability management. Employee training.
Diversified customer base
Ensuring a diversified customer base and fostering strong
customer relationships help reduce sales risk and create
long-term business stability. Excessive concentration of the
customer base can make the company dependent on a limited
number of large customers, exposing the business to risks and
potentially leading to a decline in sales and profitability.
Risk mitigation measures: continuous monitoring of the
markets and proactive response to changes in the customer
base. Deepening cooperation with existing key customers, for
example, in the development of new products. Expanding the
customer base geographically and in selected segments within
current markets. Developing the distribution network and
services, especially in key growth areas.
Environment, social responsibility and governance
Various aspects of corporate sustainability, including product
quality, safety, the environment, and human rights, are
increasingly important. Legislation and regulation, particularly
around environmental, social responsibility and governance
(ESG) issues, are increasing and placing additional requirements
to all actors in the value chain. Non-compliance with laws,
regulations, or standards by Nokian Tyres or its suppliers,
customers, or partners, neglecting new and tightening
requirements, or incorrectly interpreting them may result in
additional costs for Nokian Tyres or lead to fines and damage
the company\u2019s reputation and brand. Over-reliance on individual
suppliers increases the risk related to the availability of
sustainable raw materials.
Risk mitigation measures: strong commitment to achieving
ESG targets. Development and implementation of internal
guidance, processes and training to ensure compliance. Active
monitoring of upcoming laws and regulations. Expanding the
supplier network. Regular environmental, human rights, and
quality audits.
Climate change
Tire industry may be subject to risks caused by climate change,
such as changes in consumer preferences and regulatory
changes. Extreme weather events may also affect natural rubber
production, and fluctuations in raw material prices as well as new environmental fees may increase, potentially impacting profitability. Nokian Tyres is committed to reducing GHG emissions annually from its operations to combat climate change. Risk mitigation measures: increasing use of recyclable and renewable raw materials to cut GHG emissions and other environmental impacts. Membership in industry associations helps identify new sustainable product development and business opportunities. Employee retention and competence Nokian Tyres\u2019 success relies on employing the right people in the right positions. Failure to attract competent and committed professionals, coupled with an inability to provide a motivating work environment, may have an adverse impact on the implementation of Nokian Tyres\u2019 strategy and the achievement of its financial targets. Risk mitigation measures: creating an attractive and safe workplace, including up-to-date work tools and competitive salaries and other benefits. Providing opportunities for career development. Developing employer brand to attract the best talent. Ensuring critical competencies and targeted recruitment. Legal proceedings In January 2024, the European Commission initiated an unannounced inspection at Nokian Tyres plc\u2019s headquarters in Nokia, Finland. The European Commission has expressed its concerns that the inspected tire manufacturing companies may have violated EU antitrust rules that prohibit cartels and restrictive business practices. Nokian Tyres does not have information on the outcome of the inspection, and it cannot comment on the ongoing investigation. Nokian Tyres is fully co-operating with the authorities . Lawsuits in the United States and Canada followed the news of the European Commission inspection. Nokian Tyres was named as a defendant in these lawsuits, along with other tire manufacturers. The lawsuits allege violations by the defendants of antitrust laws with respect to new replacement tires for passenger cars, vans, trucks and busses sold in the relevant jurisdictions. The U.S. lawsuits have been consolidated to a multidistrict litigation in the U.S. District Court for the Northern District of Ohio. Nokian Tyres considers the lawsuits to be without merit, however, the ultimate outcome of which cannot be predicted at this time. In May 2017, the Finnish Financial Supervisory Authority filed a request for investigation into possible securities market offences relating to alleged malpractices in magazine tests by Nokian Tyres. In October 2020 charges were filed against Nokian Tyres, its President and CEO and six Directors who served on the Board of Directors in 2015\u20132016, for securities market information offence. In addition, four employees of the company were charged with misuse of inside information. The District Court of Helsinki dismissed all charges in 2022. After an appeal, the Court of Appeal dismissed the charges against the company\u2019s former Directors. The former President and CEO was sentenced to a fine for a securities market information offence and the employees were sentenced to a fine or suspended imprisonment for misuse of inside information. The company was fined EUR 50,000 but was not found to have engaged in malpractices in magazine tests as alleged in the charges. The company decided not to apply for the leave. Tax disputes There are no ongoing tax disputes in Nokian Tyres entities. Routine tax audits in Nokian Tyres Group entities may possibly lead to a reassessment of taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "The most material risks are presented in Note 33. By the time of the approval of the financial statements, the company is not aware of such major sources of estimation uncertainty at the end of the reporting period nor of such key assumptions concerning the future that might have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year except for what has been disclosed in Note 1433. Significant risks, uncertainties, and ongoing disputes Several uncertainties can impact Nokian Tyres\u2019 business and financial performance. The Group has adopted a risk management policy, approved by the Board of Directors, which supports the achievement of strategic goals and ensures business continuity. The risk management process aims to identify and evaluate threats and opportunities and to plan and implement practical measures for each risk. Nokian Tyres describes the overview of its risk management systems in the Corporate Governance Statement. For example, the following risks could potentially have an impact on Nokian Tyres\u2019 business: Economic and geopolitical uncertainty Nokian Tyres is exposed to risks related to consumer confidence and macroeconomic and geopolitical conditions. International tensions and increasing global uncertainty may lead to economic recession, create trade barriers such as tariffs, and cause global or regional crises that may significantly affect product demand or cause widespread disruptions in production and supply chain. These factors may adversely affect Nokian Tyres\u2019 financial performance and the collection of trade receivables. Risk mitigation measures: continuous monitoring of the operating environment and markets. The company\u2019s ability to respond quickly and adapt its operations to a changing environment. Creating a balanced manufacturing platform. Acting in accordance with the contingency plan. Changes in consumer behavior The weakening of consumer confidence has shifted demand towards more affordable products and delayed purchase decisions. The tire wholesale and retail landscape is evolving with digitalization to meet changing consumer needs. Nokian Tyres aims to adapt to changes in the sales channel and to innovate and develop new products and services that appeal to customers and consumers. Despite extensive testing of products, issues related to product quality and inability to meet customer needs or demands of performance and safety can harm Nokian Tyres\u2019 reputation and brand, thereby negatively affecting the company\u2019s financial profitability and growth opportunities. Risk mitigation measures: ensuring high-quality research and development. Continuously monitoring markets and consumer needs to anticipate consumer preferences. Sufficient resources for product testing. Developing distribution channels and network. Production and commercial operations in Europe To ensure tire availability, Nokian Tyres is investing in new zero-CO 2 -emissions production capacity in Romania. While commercial production has commenced as planned, temporary delays in ramping up production processes or challenges related to commercial execution in a competitive market may negatively impact Nokian Tyres\u2019 financial performance and growth opportunities, especially in Central Europe. Risk mitigation measures: close monitoring of the ramp-up, markets and consumer needs. Preparation and continuous follow-up of a risk management plan. Ability to quickly react to significant changes. Retention and recruitment of skilled personnel. Currency market Nokian Tyres\u2019 operations are exposed to currency risks arising from currency transactions and the translation of subsidiary financial statements, which may affect Nokian Tyres\u2019 results and profitability. The most significant currency risks are caused by the Swedish krona, the Norwegian krone, the US and Canadian dollars and the Romanian leu. Approximately 60 percent of the Group\u2019s sales are generated outside the euro-zone. The most significant net investments in foreign operations are in the US and Romania. A weakening of the US dollar benefits Nokian Tyres in currency transactions due to its net-buy position, but it has a negative impact through translation exposure. The impact of fluctuations in the Romanian leu primarily arises through translation exposure. Expenses in the Swedish, Norwegian, and Canadian subsidiaries are predominantly incurred in local currencies, which mitigates the impact of currency fluctuation on sales denominated in those currencies. Risk mitigation measures: hedging against the effects of exchange rate fluctuations according to the hedging strategy. Information technology and cybersecurity The availability of information systems and network services is crucial to Nokian Tyres. Unplanned interruption in critical information systems and network services may cause disruption to the continuity of operations. These systems and services may also be exposed to cyberattacks, which may lead to a leakage of confidential information, violation of data privacy regulations or intellectual property rights, production and delivery interruptions, or reputational damage. Risk analyses and projects related to cybersecurity, data protection, and customer information are continuously a special focus area for the company. Risk mitigation measures: sufficient investments and resources in IT infrastructure and capabilities, as well as cybersecurity. Appropriate plans to respond to disruptions in information systems and network services, including backup systems and recovery plans. Continuous monitoring of cybersecurity and data protection and vulnerability management. Employee training. Diversified customer base Ensuring a diversified customer base and fostering strong customer relationships help reduce sales risk and create long-term business stability. Excessive concentration of the customer base can make the company dependent on a limited number of large customers, exposing the business to risks and potentially leading to a decline in sales and profitability. Risk mitigation measures: continuous monitoring of the markets and proactive response to changes in the customer base. Deepening cooperation with existing key customers, for example, in the development of new products. Expanding the customer base geographically and in selected segments within current markets. Developing the distribution network and services, especially in key growth areas. Environment, social responsibility and governance Various aspects of corporate sustainability, including product quality, safety, the environment, and human rights, are increasingly important. Legislation and regulation, particularly around environmental, social responsibility and governance (ESG) issues, are increasing and placing additional requirements to all actors in the value chain. Non-compliance with laws, regulations, or standards by Nokian Tyres or its suppliers, customers, or partners, neglecting new and tightening requirements, or incorrectly interpreting them may result in additional costs for Nokian Tyres or lead to fines and damage the company\u2019s reputation and brand. Over-reliance on individual suppliers increases the risk related to the availability of sustainable raw materials. Risk mitigation measures: strong commitment to achieving ESG targets. Development and implementation of internal guidance, processes and training to ensure compliance. Active monitoring of upcoming laws and regulations. Expanding the supplier network. Regular environmental, human rights, and quality audits. Climate change Tire industry may be subject to risks caused by climate change, such as changes in consumer preferences and regulatory changes. Extreme weather events may also affect natural rubber production, and fluctuations in raw material prices as well as new environmental fees may increase, potentially impacting profitability. Nokian Tyres is committed to reducing GHG emissions annually from its operations to combat climate change. Risk mitigation measures: increasing use of recyclable and renewable raw materials to cut GHG emissions and other environmental impacts. Membership in industry associations helps identify new sustainable product development and business opportunities. Employee retention and competence Nokian Tyres\u2019 success relies on employing the right people in the right positions. Failure to attract competent and committed professionals, coupled with an inability to provide a motivating work environment, may have an adverse impact on the implementation of Nokian Tyres\u2019 strategy and the achievement of its financial targets. Risk mitigation measures: creating an attractive and safe workplace, including up-to-date work tools and competitive salaries and other benefits. Providing opportunities for career development. Developing employer brand to attract the best talent. Ensuring critical competencies and targeted recruitment. Legal proceedings In January 2024, the European Commission initiated an unannounced inspection at Nokian Tyres plc\u2019s headquarters in Nokia, Finland. The European Commission has expressed its concerns that the inspected tire manufacturing companies may have violated EU antitrust rules that prohibit cartels and restrictive business practices. Nokian Tyres does not have information on the outcome of the inspection, and it cannot comment on the ongoing investigation. Nokian Tyres is fully co-operating with the authorities ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "Principles of consolidation The consolidated financial statements include the financial statements of the parent company Nokian Tyres plc as well as all the subsidiaries in which the Parent company owns, directly or indirectly, more than 50% of the voting rights or in which the Parent company otherwise exercises control. Control exists when the Group, through participation in an investee, is exposed or entitled to its variable returns and is able to affect the returns through exercising power over the investee. Associated companies in which the Group has 20% to 50% of the voting rights and in which it exercises significant influence, but not control, have been consolidated using the equity method. If the Group\u2019s share of the associated company\u2019s losses exceeds its holding in the associated company, the carrying amount will be recorded in the statement of financial position at nil value. Losses in excess of that value will be ignored unless the Group has obligations toward the associated companies. Investments in associates include the carrying amount of the investment in an associated company according to the equity method, and any possible other non-current investments in the associated company, which are, in substance, part of a net investment in the associated company. The Group has no associated companies at the end of financial year 2025 or 2024 . A joint arrangement refers to a contractual undertaking, in which the Group has agreed to share control over material financial and business principles with one or more parties. A joint arrangement is either a joint operation or a joint venture. In a joint venture, the Group holds rights to the net assets of the arrangement, whereas in a joint operation, the Group holds rights to the assets and carries obligations on the liabilities of the arrangement. Nokianvirran Energia Oy is a joint operation as the parties share control according to a specific Mankala principle where the company is not intended to make profit while the parties have agreed to utilize the total output. using the proportionate consolidation method on each row according to the 32.3% shareholding. 17. Investments in associates and non-current financial investments
Invest-
ments in Unquoted Unquoted
EUR million associates securities shares
Accumulated cost,
Jan 1, 2025
0.1
2.9
0.2
Net exchange differences
-
-0.3
-
Carrying amount,
Dec 31, 2025
0.1
2.5
0.2
Carrying amount,
Dec 31, 2024
0.1
2.9
0.2
Parent and Group company relations:
Parent
Group Voting company
Domicile
Country
holding, % rights, % holding, %
Parent company
Nokian Tyres plc
Nokia
Finland
Group companies
Nokian Heavy Tyres Ltd.
Nokia
Finland
100
100
100
Levypy\u00f6r\u00e4 Oy
Nastola
Finland
100
100
Nokian D\u00e4ck AB
Sweden
100
100
100
Nokian Dekk AS
Norway
100
100
100
Nokian Tyres GmbH
Germany
100
100
100
Nokian Tyres AG
Switzerland
100
100
100
Nokian Tyres SP Z.O.O
Poland
100
100
100
Nokian Tyres U.S. Holdings Inc.
USA
100
100
100
Nokian Tyres Inc
USA
100
100
Nokian Tyres U.S. Operations LLC
USA
100
100
Nokian Tyres Canada Inc.
Canada
100
100
100
Nokian Tyres s.r.o.
Czech Rep.
100
100
100
TOV Nokian Shina
Ukraine
100
100
100
Nokian Tyres Holding Oy
Nokia
Finland
100
100
100
Nokian Tyres Trading (Shanghai) Co Ltd
China
100
100
NT Tyre Machinery Oy
Nokia
Finland
100
100
Koy Nokian Nosturikatu 18
Nokia
Finland
100
100
100
Koy Nokian Rengaskatu 4
Nokia
Finland
100
100
100
Nokian Portti Oy
Turku
Finland
100
100
100
Nokian Tyres Spain S.L.U.
Spain
100
100
100
Nokian Tyres Spain Operations S.L.U
Spain
100
100
100
Nokian Tyres Europe Operations S.R.L.
Romania
100
100
100
Parent
Group Voting company
Domicile
Country
holding, % rights, % holding, %
Nokian Tyres SAS
France
100
100
100
Nokianvirran Energia Oy
Nokia
Finland
32.3
32.3
32.3
Vianor Holding Oy
Nokia
Finland
100
100
100
Vianor Oy
Lappeenranta
Finland
100
100
Vianor AB
Sweden
100
100
Nordic Wheels AB
Sweden
100
100
Vianor AS
Norway
100
100
EAM NRE1V Holding Oy
Finland
0
100
Associated companies
Sammaliston Sauna Oy
Nokia
Finland
33
33
33
Nokianvirran Energia Oy is a joint operation with three parties that supplies production steam for the tire plant in Nokia. The parties share control according to a specific Mankala-principle where the company is not intended to make profit while the parties have agreed to utilize the total output. The company is accounted for as a Group company using the proportionate consolidation method on each row according to the 32.3 percent shareholding ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "Principles of consolidation The consolidated financial statements include the financial statements of the parent company Nokian Tyres plc as well as all the subsidiaries in which the Parent company owns, directly or indirectly, more than 50% of the voting rights or in which the Parent company otherwise exercises control. Control exists when the Group, through participation in an investee, is exposed or entitled to its variable returns and is able to affect the returns through exercising power over the investee. Associated companies in which the Group has 20% to 50% of the voting rights and in which it exercises significant influence, but not control, have been consolidated using the equity method. If the Group\u2019s share of the associated company\u2019s losses exceeds its holding in the associated company, the carrying amount will be recorded in the statement of financial position at nil value. Losses in excess of that value will be ignored unless the Group has obligations toward the associated companies. Investments in associates include the carrying amount of the investment in an associated company according to the equity method, and any possible other non-current investments in the associated company, which are, in substance, part of a net investment in the associated company. The Group has no associated companies at the end of financial year 2025 or 2024 . A joint arrangement refers to a contractual undertaking, in which the Group has agreed to share control over material financial and business principles with one or more parties. A joint arrangement is either a joint operation or a joint venture. In a joint venture, the Group holds rights to the net assets of the arrangement, whereas in a joint operation, the Group holds rights to the assets and carries obligations on the liabilities of the arrangement. Nokianvirran Energia Oy is a joint operation as the parties share control according to a specific Mankala principle where the company is not intended to make profit while the parties have agreed to utilize the total output. 161 Remuneration Report Report by the Board of Directors Sust using the proportionate consolidation method on each row according to the 32.3% shareholding. The acquired subsidiaries have been consolidated using the acquisition method, according to which the acquired company\u2019s assets and liabilities are measured at fair value on the date of acquisition. The cost of goodwill is the excess of the cost of the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. Acquisition-related costs, except for the costs to issue debt or equity securities, are expensed. Possible contingent consideration is measured at fair value on the date of acquisition and is classified as a liability. Contingent consideration classified as a liability is measured at fair value on each reporting date and the following gain or loss is recognised in the income statement. Under IFRS, goodwill is not amortized but is rather tested annually for impairment. Subsidiaries acquired during the financial year have been consolidated from the acquisition date and those divested until the divestment date . All internal transactions, receivables, liabilities, and unrealized margins as well as the distribution of profits within the Group are eliminated while preparing the consolidated financial statements.
Foreign Group companies
The statements of the financial position of foreign subsidiaries
have been converted into euros using the European Central
Bank\u2019s closing rates, and the monthly income statements use
the average rate for the period. The translation differences
arising from the subsidiaries\u2019 income statements and
statements of financial position have been recorded under
other comprehensive income and in the translation reserve
within equity as a separate item. The translation differences
arising from the elimination of foreign company acquisition cost
and from the profits and losses incurred after the acquisition
have been recorded under other comprehensive income as a
separate item and in the translation reserve within equity. If the
settlement of a loan to a foreign operation is neither planned
nor likely to occur in the foreseeable future, then the loan
is considered as a net investment in a foreign operation and
the foreign exchange gains and losses arising on the item are
recognised in other comprehensive income and accumulated in
the translation reserve in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
The consolidated financial statements include the financial
statements of the parent company Nokian Tyres plc as well as
all the subsidiaries in which the Parent company owns, directly
or indirectly, more than 50% of the voting rights or in which the
Parent company otherwise exercises control. Control exists
when the Group, through participation in an investee, is exposed
or entitled to its variable returns and is able to affect the
returns through exercising power over the investee.
Parent and Group company relations:
Parent
Group Voting company
Domicile
Country
holding, % rights, % holding, %
Parent company
Nokian Tyres plc
Nokia
Finland
Group companies
Nokian Heavy Tyres Ltd.
Nokia
Finland
100
100
100
Levypy\u00f6r\u00e4 Oy
Nastola
Finland
100
100
Nokian D\u00e4ck AB
Sweden
100
100
100
Nokian Dekk AS
Norway
100
100
100
Nokian Tyres GmbH
Germany
100
100
100
Nokian Tyres AG
Switzerland
100
100
100
Nokian Tyres SP Z.O.O
Poland
100
100
100
Nokian Tyres U.S. Holdings Inc.
USA
100
100
100
Nokian Tyres Inc
USA
100
100
Nokian Tyres U.S. Operations LLC
USA
100
100
Nokian Tyres Canada Inc.
Canada
100
100
100
Nokian Tyres s.r.o.
Czech Rep.
100
100
100
TOV Nokian Shina
Ukraine
100
100
100
Nokian Tyres Holding Oy
Nokia
Finland
100
100
100
Nokian Tyres Trading (Shanghai) Co Ltd
China
100
100
NT Tyre Machinery Oy
Nokia
Finland
100
100
Koy Nokian Nosturikatu 18
Nokia
Finland
100
100
100
Koy Nokian Rengaskatu 4
Nokia
Finland
100
100
100
Nokian Portti Oy
Turku
Finland
100
100
100
Nokian Tyres Spain S.L.U.
Spain
100
100
100
Nokian Tyres Spain Operations S.L.U
Spain
100
100
100
Nokian Tyres Europe Operations S.R.L.
Romania
100
100
100
Parent Group Voting company Domicile Countryholding, % rights, % holding, % Nokian Tyres SAS France 100 100 100 Nokianvirran Energia Oy Nokia Finland 32.3 32.3 32.3 Vianor Holding Oy Nokia Finland 100 100 100 Vianor Oy Lappeenranta Finland 100 100 Vianor AB Sweden 100 100 Nordic Wheels AB Sweden 100 100 Vianor AS Norway 100 100 EAM NRE1V Holding Oy Finland 0 100 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "The consolidated financial statements include the financial statements of the parent company Nokian Tyres plc as well as all the subsidiaries in which the Parent company owns, directly or indirectly, more than 50% of the voting rights or in which the Parent company otherwise exercises control. Control exists when the Group, through participation in an investee, is exposed or entitled to its variable returns and is able to affect the returns through exercising power over the investee. The acquired subsidiaries have been consolidated using the acquisition method, according to which the acquired company\u2019s assets and liabilities are measured at fair value on the date of acquisition. The cost of goodwill is the excess of the cost of the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. Acquisition-related costs, except for the costs to issue debt or equity securities, are expensed. Possible contingent consideration is measured at fair value on the date of acquisition and is classified as a liability. Contingent consideration classified as a liability is measured at fair value on each reporting date and the following gain or loss is recognised in the income statement. Under IFRS, goodwill is not amortized but is rather tested annually for impairment. Subsidiaries acquired during the financial year have been consolidated from the acquisition date and those divested until the divestment date . All internal transactions, receivables, liabilities, and unrealized margins as well as the distribution of profits within the Group are eliminated while preparing the consolidated financial statements. The statements of the financial position of foreign subsidiaries have been converted into euros using the European Central Bank\u2019s closing rates, and the monthly income statements use the average rate for the period. The translation differences arising from the subsidiaries\u2019 income statements and statements of financial position have been recorded under other comprehensive income and in the translation reserve within equity as a separate item. The translation differences arising from the elimination of foreign company acquisition cost and from the profits and losses incurred after the acquisition have been recorded under other comprehensive income as a separate item and in the translation reserve within equity. If the settlement of a loan to a foreign operation is neither planned nor likely to occur in the foreseeable future, then the loan is considered as a net investment in a foreign operation and the foreign exchange gains and losses arising on the item are recognised in other comprehensive income and accumulated in the translation reserve in equity. When a subsidiary is divested fully or in part, the related accumulated translation differences are brought from equity to the income statement and entered as a gain or loss on the sale ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "
Associated companies in which the Group has 20% to 50% of
the voting rights and in which it exercises significant influence,
but not control, have been consolidated using the equity
method. If the Group\u2019s share of the associated company\u2019s losses
exceeds its holding in the associated company, the carrying
amount will be recorded in the statement of financial position
at nil value. Losses in excess of that value will be ignored unless
the Group has obligations toward the associated companies.
Investments in associates include the carrying amount of the
investment in an associated company according to the equity
method, and any possible other non-current investments in
the associated company, which are, in substance, part of a
net investment in the associated company. The Group has no
associated companies at the end of financial year 2025 or 2024 .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "Associated companies in which the Group has 20% to 50% of the voting rights and in which it exercises significant influence, but not control, have been consolidated using the equity method. If the Group\u2019s share of the associated company\u2019s losses exceeds its holding in the associated company, the carrying amount will be recorded in the statement of financial position at nil value. Losses in excess of that value will be ignored unless the Group has obligations toward the associated companies. Investments in associates include the carrying amount of the investment in an associated company according to the equity method, and any possible other non-current investments in the associated company, which are, in substance, part of a net investment in the associated company. The Group has no associated companies at the end of financial year 2025 or 2024 A joint arrangement refers to a contractual undertaking, in which the Group has agreed to share control over material financial and business principles with one or more parties. A joint arrangement is either a joint operation or a joint venture. In a joint venture, the Group holds rights to the net assets of the arrangement, whereas in a joint operation, the Group holds rights to the assets and carries obligations on the liabilities of the arrangement. Nokianvirran Energia Oy is a joint operation as the parties share control according to a specific Mankala principle where the company is not intended to make profit while the parties have agreed to utilize the total output. 161 Remuneration Report Report by the Board of Directors Sust using the proportionate consolidation method on each row according to the 32.3% shareholding. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "Associated companies in which the Group has 20% to 50% of the voting rights and in which it exercises significant influence, but not control, have been consolidated using the equity method. If the Group\u2019s share of the associated company\u2019s losses exceeds its holding in the associated company, the carrying amount will be recorded in the statement of financial position at nil value. Losses in excess of that value will be ignored unless the Group has obligations toward the associated companies. Investments in associates include the carrying amount of the investment in an associated company according to the equity method, and any possible other non-current investments in the associated company, which are, in substance, part of a net investment in the associated company. The Group has no associated companies at the end of financial year 2025 or 2024 . 17. Investments in associates and non-current financial investments
Invest-
ments in Unquoted Unquoted
EUR million associates securities shares
Accumulated cost,
Jan 1, 2025
0.1
2.9
0.2
Net exchange differences
-
-0.3
-
Carrying amount,
Dec 31, 2025
0.1
2.5
0.2
Carrying amount,
Dec 31, 2024
0.1
2.9
0.2
Associated companies Sammaliston Sauna Oy Nokia Finland 33 33 33 Nokianvirran Energia Oy is a joint operation with three parties that supplies production steam for the tire plant in Nokia. The parties share control according to a specific Mankala-principle where the company is not intended to make profit while the parties have agreed to utilize the total output. The company is accounted for as a Group company using the proportionate consolidation method on each row according to the 32.3 percent shareholding .", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "
A joint arrangement refers to a contractual undertaking, in
which the Group has agreed to share control over material
financial and business principles with one or more parties. A
joint arrangement is either a joint operation or a joint venture.
In a joint venture, the Group holds rights to the net assets of
the arrangement, whereas in a joint operation, the Group holds rights to the assets and carries obligations on the liabilities of the arrangement. Nokianvirran Energia Oy is a joint operation as the parties share control according to a specific Mankala principle where the company is not intended to make profit while the parties have agreed to utilize the total output. 161 Remuneration Report Report by the Board of Directors Sust using the proportionate consolidation method on each row according to the 32.3% shareholding. Nokianvirran Energia Oy is a joint operation with three parties that supplies production steam for the tire plant in Nokia. The parties share control according to a specific Mankala-principle where the company is not intended to make profit while the parties have agreed to utilize the total output. The company is accounted for as a Group company using the proportionate consolidation method on each row according to the 32.3 percent shareholding ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "A joint arrangement refers to a contractual undertaking, in which the Group has agreed to share control over material financial and business principles with one or more parties. A joint arrangement is either a joint operation or a joint venture. In a joint venture, the Group holds rights to the net assets of the arrangement, whereas in a joint operation, the Group holds rights to the assets and carries obligations on the liabilities of the arrangement. Nokianvirran Energia Oy is a joint operation as the parties share control according to a specific Mankala principle where the company is not intended to make profit while the parties have agreed to utilize the total output. 161 Remuneration Report Report by the Board of Directors Sust using the proportionate consolidation method on each row according to the 32.3% shareholding. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "The acquired subsidiaries have been consolidated using the acquisition method, according to which the acquired company\u2019s assets and liabilities are measured at fair value on the date of acquisition. The cost of goodwill is the excess of the cost of the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. Acquisition-related costs, except for the costs to issue debt or equity securities, are expensed. Possible contingent consideration is measured at fair value on the date of acquisition and is classified as a liability. Contingent consideration classified as a liability is measured at fair value on each reporting date and the following gain or loss is recognised in the income statement. Under IFRS, goodwill is not amortized but is rather tested annually for impairment. Subsidiaries acquired during the financial year have been consolidated from the acquisition date and those divested until the divestment date .
Goodwill and other intangible assets
Goodwill is not amortized. The amortization schedule for
other intangible assets is 3\u201310 years .
14. Intangible assets Accounting policies Goodwill and other intangible assets Goodwill arising from business combinations is recognized as the amount by which the aggregate of the transferred consideration, any non-controlling interest in what has been acquired, and any previously held interest exceeds the fair value of the net assets acquired. Goodwill is not amortized but is tested for impairment annually as well as whenever an indication of possible impairment exists. Other intangible assets include customer relationships, capitalized development costs, patents, copyrights, licenses, and software. Intangible rights acquired in business combinations are measured at fair value and amortized on a straight-line basis over their useful lives. Other intangible assets are measured at cost and amortized on a straight-line basis over their useful lives. An intangible asset is only recorded in the statement of financial position if it is probable that the expected future economic benefits that are attributable to the asset will flow to the company and cost can be measured reliably. Subsequent expenses related to the assets are only recorded in the statement of financial position if the company gains future economic benefits in excess of the originally assessed standard of performance of the existing asset; otherwise, costs are recognized as expenses at the time of occurrence . In the statement of financial position, intangible assets are recorded at cost less accumulated amortization and impairment losses. The borrowing costs of items included in other intangible assets, and requiring a substantial construction period, are capitalized for the period needed to produce the investment for the intended purpose. Other borrowing costs are recognized as expenses in the period that they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "The acquired subsidiaries have been consolidated using the acquisition method, according to which the acquired company\u2019s assets and liabilities are measured at fair value on the date of acquisition. The cost of goodwill is the excess of the cost of the business combination over the acquirer\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. Acquisition-related costs, except for the costs to issue debt or equity securities, are expensed. Possible contingent consideration is measured at fair value on the date of acquisition and is classified as a liability. Contingent consideration classified as a liability is measured at fair value on each reporting date and the following gain or loss is recognised in the income statement. Under IFRS, goodwill is not amortized but is rather tested annually for impairment. Subsidiaries acquired during the financial year have been consolidated from the acquisition date and those divested until the divestment date ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "Foreign currency items Transactions in foreign currencies have been recorded at the exchange rates effective on the transaction date. In the statement of financial position, all items in foreign currencies unsettled on the reporting date are measured at the European Central Bank\u2019s closing exchange rate. The quotations of the relevant central bank are applied if the European Central Bank does not quote a specific currency. Foreign exchange gains and losses related to business operations and financing activities have been recorded under financial income and expenses. Foreign Group companies The statements of the financial position of foreign subsidiaries have been converted into euros using the European Central Bank\u2019s closing rates, and the monthly income statements use the average rate for the period. The translation differences arising from the subsidiaries\u2019 income statements and statements of financial position have been recorded under other comprehensive income and in the translation reserve within equity as a separate item. The translation differences arising from the elimination of foreign company acquisition cost and from the profits and losses incurred after the acquisition have been recorded under other comprehensive income as a separate item and in the translation reserve within equity. If the settlement of a loan to a foreign operation is neither planned nor likely to occur in the foreseeable future, then the loan is considered as a net investment in a foreign operation and the foreign exchange gains and losses arising on the item are recognised in other comprehensive income and accumulated in the translation reserve in equity. When a subsidiary is divested fully or in part, the related accumulated translation differences are brought from equity to the income statement and entered as a gain or loss on the sale . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "The statements of the financial position of foreign subsidiaries have been converted into euros using the European Central Bank\u2019s closing rates, and the monthly income statements use the average rate for the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "1. Net sales and operating segments Accounting policies Revenue recognition The Nokian Tyres Group develops and manufactures summer, winter and all-season tires for passenger cars and delivery vehicles as well as special tires for heavy machinery. The Group includes the tire retail chain Vianor. The Group manufactures retreading materials and performs tire retreading. The Group\u2019s business units are Passenger Car Tyres, Heavy Tyres, and Vianor. The chosen business structure describes, for example, the different nature of the sales revenue from the business units and the cyclical nature of their operations. Geographical areas provide further information on the regional magnitudes of the business functions and the various uncertainties contained within the market. The company is managed through the aforementioned business units and geographical areas. The company\u2019s performance obligation is met and the recognition as income is made when a product or service is delivered. The sales of services and products create separate performance obligations. The material part of the company\u2019s net sales consists of standard B2B sales of goods, where invoicing occurs with standard terms upon goods delivery. Income for the sales of products is booked when the material risks and benefits related to the ownership of goods, their right of possession, and actual control have been transferred to the buyer in accordance with the terms of contract, and when the payment is probable. Net sales also include the sale of services to a small extent. Income from services is booked once the services have been performed. The company\u2019s business is not characterized by overdue recognition; instead, there is one performance obligation that corresponds to a single recognition date. Invoicing occurs with standard terms upon goods delivery. Revenue for both products and services is reported under net sales. Even the longest payment terms are a maximum of 12 months. Therefore, the financing component has not been separately indicated. Refunds have a minor impact on the financial statements. The company mainly operates in the replacement tire market, where product refund practices may differ from the original equipment market. As a rule, the contract templates that are widely employed by the group do not allow for returning products that have already been sold at the customer\u2019s initiative, unless the delivery is defective or a separate provision for this has been made in the specific contract. Refunds and other factors affecting the selling price are monitored when determining the trading price. When calculating net sales, sales income is adjusted with indirect taxes and discounts. The company mainly sells tires to its own direct customers, granting them volume-based discounts. When recognizing goods, the company considers the discounts given to customers. During the financial year, the estimate is based on customers\u2019 estimates on future volumes and, on the other hand, on volumes that have already been realized. At the time of the closing of the financial statements, the discount is based on the realized volume at that time. Advances from customers are not cosidered a material item as regards in the financial statements or when compared to net sales. Invoiced sales discounts are booked as refunds for trade receivables. Advances received from customers are not booked as trade receivables but instead as debts. The products sold by the company have a standard warranty period. Furthermore, in limited markets, a so-called Hakka Guarantee is offered for selected Hakka products that covers tire punctures not covered by the standard warranty.
Other
2025 Passenger operations and
EUR million
Ca r Tyres
Heavy Tyres
Vianor
eliminations
Group
Net sales from external customers
801.2
203.0
362.9
6.4
1,373.6
Services
94.1
94.1
Sales of goods
801.2
203.0
268.9
6.4
1,279.6
Inter-segment net sales
57.2
29.0
0.9
-87.0
Net sales
858.4
232.0
363.8
-80.6
1,373.6
Operating result
28.3
24.3
-3.5
-13.2
35.8
% of net sales
3.3%
10.5%
-1.0%
16.4%
2.6%
Financial income and expenses
-51.7
Result before tax
-15.9
Tax expense
0.9
Result for the period
-15.0
Assets
1,665.5
192.8
193.0
11.8
2,063.2
Unallocated assets
250.6
Total asset s
2,313.8
Liabilities
216.9
43.6
53.1
0.6
314.2
Unallocated liabilities
835.3
Total liabilities
1,149.5
Capital expenditure
109.4
8.7
5.1
3.7
126.9
Depreciation and amortization
98.7
11.3
31.2
1.1
142.2
Other non-cash expenses
1.4
-0.3
0.2
0.0
1.3
Other
2024 Passenger operations and
EUR million
Ca r Tyres
Heavy Tyres
Vianor
eliminations
Group
Net sales from external customers
725.2
204.9
353.6
6.1
1,289.8
Services
86.9
86.9
Sales of goods
725.2
204.9
266.7
6.1
1,202.9
Inter-segment net sales
54.8
30.2
1.3
-86.2
Net sales
779.9
235.1
354.9
-80.1
1,289.8
Operating result
-15.6
30.0
-3.8
-8.8
1.8
% of net sales
-2.0%
12.8%
-1.1%
11.0%
0.1%
Financial income and expenses
-33.3
Result before tax
-31.5
Tax expense
8.7
Result for the period
-22.8
Assets
1,735.4
203.9
202.5
15.9
2 ,1 57.6
Unallocated assets
266.1
Total assets
2,423.7
Liabilities
239.6
47. 9
48.1
0.0
335.6
Unallocated liabilities
815.7
Total liabilities
1,151.3
Capital expenditure
325.3
10.8
8.0
6.0
350.1
Depreciation and amortization
84.6
10.9
27.6
1.1
124.2
Other non-cash expenses
4.6
-0.6
-0.3
0.0
3.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "1. Net sales and operating segments Accounting policies Revenue recognition The Nokian Tyres Group develops and manufactures summer, winter and all-season tires for passenger cars and delivery vehicles as well as special tires for heavy machinery. The Group includes the tire retail chain Vianor. The Group manufactures retreading materials and performs tire retreading. The Group\u2019s business units are Passenger Car Tyres, Heavy Tyres, and Vianor. The chosen business structure describes, for example, the different nature of the sales revenue from the business units and the cyclical nature of their operations. Geographical areas provide further information on the regional magnitudes of the business functions and the various uncertainties contained within the market. The company is managed through the aforementioned business units and geographical areas. The company\u2019s performance obligation is met and the recognition as income is made when a product or service is delivered. The sales of services and products create separate performance obligations. The material part of the company\u2019s net sales consists of standard B2B sales of goods, where invoicing occurs with standard terms upon goods delivery. Income for the sales of products is booked when the material risks and benefits related to the ownership of goods, their right of possession, and actual control have been transferred to the buyer in accordance with the terms of contract, and when the payment is probable. Net sales also include the sale of services to a small extent. Income from services is booked once the services have been performed. The company\u2019s business is not characterized by overdue recognition; instead, there is one performance obligation that corresponds to a single recognition date. Invoicing occurs with standard terms upon goods delivery. Revenue for both products and services is reported under net sales. Even the longest payment terms are a maximum of 12 months. Therefore, the financing component has not been separately indicated. Refunds have a minor impact on the financial statements. The company mainly operates in the replacement tire market, where product refund practices may differ from the original equipment market. As a rule, the contract templates that are widely employed by the group do not allow for returning products that have already been sold at the customer\u2019s initiative, unless the delivery is defective or a separate provision for this has been made in the specific contract. Refunds and other factors affecting the selling price are monitored when determining the trading price. When calculating net sales, sales income is adjusted with indirect taxes and discounts. The company mainly sells tires to its own direct customers, granting them volume-based discounts. When recognizing goods, the company considers the discounts given to customers. During the financial year, the estimate is based on customers\u2019 estimates on future volumes and, on the other hand, on volumes that have already been realized. At the time of the closing of the financial statements, the discount is based on the realized volume at that time. Advances from customers are not cosidered a material item as regards in the financial statements or when compared to net sales. Invoiced sales discounts are booked as refunds for trade receivables. Advances received from customers are not booked as trade receivables but instead as debts. The products sold by the company have a standard warranty period. Furthermore, in limited markets, a so-called Hakka Guarantee is offered for selected Hakka products that covers tire punctures not covered by the standard warranty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
Revenue recognition
The Nokian Tyres Group develops and manufactures
summer, winter and all-season tires for passenger cars
and delivery vehicles as well as special tires for heavy
machinery. The Group includes the tire retail chain Vianor.
The Group manufactures retreading materials and performs
tire retreading. The Group\u2019s business units are Passenger
Car Tyres, Heavy Tyres, and Vianor. The chosen business
structure describes, for example, the different nature of
the sales revenue from the business units and the cyclical
nature of their operations. Geographical areas provide
further information on the regional magnitudes of the
business functions and the various uncertainties contained
within the market. The company is managed through the
aforementioned business units and geographical areas.
The Group\u2019s Management Team is the chief operating decision maker. The segment information is presented in respect of the business and geographical segments. Business segments are based on the internal organization and financial reporting structure. Segment performance is evaluated based on operating result and is measured consistently with profit or loss in the consolidated financial statements. The business segments comprise of entities with operating activities providing products and services. The segments are managed as separate entities. Pricing of inter-segment transactions is based on current market prices and the terms of evaluating profitability and resources allocated to segments are based on profit before interests and taxes. Segment assets and liabilities include items directly attributable to a segment and items that can be allocated on a reasonable basis. The unallocated items contain tax and financial items together with joint Group resource items. Capital expenditure comprises of additions to intangible assets and property, plant and equipment used in more than one period. Business segments Passenger Car Tyres business unit develops, manufactures and sells winter, summer and all-season tires for passenger cars, SUVs, and vans. Heavy Tyres business unit comprises tires for forestry machinery, special tires for agricultural machinery, tractors and industrial machinery as well as retreading and truck tire business. Operating segments
Other
2025 Passenger operations and
EUR million
Ca r Tyres
Heavy Tyres
Vianor
eliminations
Group
Net sales from external customers
801.2
203.0
362.9
6.4
1,373.6
Services
94.1
94.1
Sales of goods
801.2
203.0
268.9
6.4
1,279.6
Inter-segment net sales
57.2
29.0
0.9
-87.0
Net sales
858.4
232.0
363.8
-80.6
1,373.6
Operating result
28.3
24.3
-3.5
-13.2
35.8
% of net sales
3.3%
10.5%
-1.0%
16.4%
2.6%
Financial income and expenses
-51.7
Result before tax
-15.9
Tax expense
0.9
Result for the period
-15.0
Assets
1,665.5
192.8
193.0
11.8
2,063.2
Unallocated assets
250.6
Total asset s
2,313.8
Liabilities
216.9
43.6
53.1
0.6
314.2
Unallocated liabilities
835.3
Total liabilities
1,149.5
Capital expenditure
109.4
8.7
5.1
3.7
126.9
Depreciation and amortization
98.7
11.3
31.2
1.1
142.2
Other non-cash expenses
1.4
-0.3
0.2
0.0
1.3
Vianor chain provides car services and sells car tires as well as truck tires. In addition to Nokian Tyres brand, Vianor sells other tire brands and other automotive products and services. Other operations and eliminations contain business development and Group management unallocated to the segments and eliminations between different business segments
Other
2024 Passenger operations and
EUR million
Ca r Tyres
Heavy Tyres
Vianor
eliminations
Group
Net sales from external customers
725.2
204.9
353.6
6.1
1,289.8
Services
86.9
86.9
Sales of goods
725.2
204.9
266.7
6.1
1,202.9
Inter-segment net sales
54.8
30.2
1.3
-86.2
Net sales
779.9
235.1
354.9
-80.1
1,289.8
Operating result
-15.6
30.0
-3.8
-8.8
1.8
% of net sales
-2.0%
12.8%
-1.1%
11.0%
0.1%
Financial income and expenses
-33.3
Result before tax
-31.5
Tax expense
8.7
Result for the period
-22.8
Assets
1,735.4
203.9
202.5
15.9
2 ,1 57.6
Unallocated assets
266.1
Total assets
2,423.7
Liabilities
239.6
47. 9
48.1
0.0
335.6
Unallocated liabilities
815.7
Total liabilities
1,151.3
Capital expenditure
325.3
10.8
8.0
6.0
350.1
Depreciation and amortization
84.6
10.9
27.6
1.1
124.2
Other non-cash expenses
4.6
-0.6
-0.3
0.0
3.7
Notes concerning geographical segments
The business segments are operating in four geographic
regions: Nordics, Other Europe, Americas and other countries.
Other contains items that are not allocated to any geographic
region. In presenting information on the basis of geographical
segments, segment revenue is based on the location of the
customers and segment assets are based on the location of the
assets.
Geographical information
2025
EUR million
Nordics
Other Europe
Americas
Other countries
Other
Group
Net sales
727.4
343.2
298.0
5.0
-
1,373.6
Services
94.1
-
-
-
94.1
Sales of goods
633.3
343.2
298.0
5.0
-
1,279.6
Assets
916.3
617.2
538.0
0.0
-8.3
2,063.2
Unallocated assets
250.6
Total assets
2,313.8
Capital expenditure
38.0
80.6
8.3
0.0
0.0
126.9
2024
EUR million
Nordics
Other Europe
Americas
Other countries
Other
Group
Net sales
696.2
319.6
270.3
3.7
-
1,289.8
Services
86.9
-
-
-
86.9
Sales of goods
609.3
319.6
270.3
3.7
-
1,202.9
Assets
966.8
579.1
621.2
0.0
-9.4
2,157.6
Unallocated assets
266.1
Total assets
2,423.7
Capital expenditure
66.7
250.0
33.4
0.0
0.0
350.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "Revenue recognition The Nokian Tyres Group develops and manufactures summer, winter and all-season tires for passenger cars and delivery vehicles as well as special tires for heavy machinery. The Group includes the tire retail chain Vianor. The Group manufactures retreading materials and performs tire retreading. The Group\u2019s business units are Passenger Car Tyres, Heavy Tyres, and Vianor. The chosen business structure describes, for example, the different nature of the sales revenue from the business units and the cyclical nature of their operations. Geographical areas provide further information on the regional magnitudes of the business functions and the various uncertainties contained within the market. The company is managed through the aforementioned business units and geographical areas. The Group\u2019s Management Team is the chief operating decision maker. The segment information is presented in respect of the business and geographical segments. Business segments are based on the internal organization and financial reporting structure. Segment performance is evaluated based on operating result and is measured consistently with profit or loss in the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "
The company\u2019s performance obligation is met and the
recognition as income is made when a product or service is
delivered. The sales of services and products create separate
performance obligations. The material part of the company\u2019s
net sales consists of standard B2B sales of goods, where
invoicing occurs with standard terms upon goods delivery.
Income for the sales of products is booked when the material
risks and benefits related to the ownership of goods, their
right of possession, and actual control have been transferred
to the buyer in accordance with the terms of contract, and
when the payment is probable. Net sales also include the sale
of services to a small extent. Income from services is booked
once the services have been performed. The company\u2019s
business is not characterized by overdue recognition; instead,
there is one performance obligation that corresponds to a
single recognition date. Invoicing occurs with standard terms
upon goods delivery.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "
Other
2025 Passenger operations and
EUR million
Ca r Tyres
Heavy Tyres
Vianor
eliminations
Group
Net sales from external customers
801.2
203.0
362.9
6.4
1,373.6
Services
94.1
94.1
Sales of goods
801.2
203.0
268.9
6.4
1,279.6
Inter-segment net sales
57.2
29.0
0.9
-87.0
Net sales
858.4
232.0
363.8
-80.6
1,373.6
Operating result
28.3
24.3
-3.5
-13.2
35.8
% of net sales
3.3%
10.5%
-1.0%
16.4%
2.6%
Financial income and expenses
-51.7
Result before tax
-15.9
Tax expense
0.9
Result for the period
-15.0
Assets
1,665.5
192.8
193.0
11.8
2,063.2
Unallocated assets
250.6
Total asset s
2,313.8
Liabilities
216.9
43.6
53.1
0.6
314.2
Unallocated liabilities
835.3
Total liabilities
1,149.5
Capital expenditure
109.4
8.7
5.1
3.7
126.9
Depreciation and amortization
98.7
11.3
31.2
1.1
142.2
Other non-cash expenses
1.4
-0.3
0.2
0.0
1.3
Other
2024 Passenger operations and
EUR million
Ca r Tyres
Heavy Tyres
Vianor
eliminations
Group
Net sales from external customers
725.2
204.9
353.6
6.1
1,289.8
Services
86.9
86.9
Sales of goods
725.2
204.9
266.7
6.1
1,202.9
Inter-segment net sales
54.8
30.2
1.3
-86.2
Net sales
779.9
235.1
354.9
-80.1
1,289.8
Operating result
-15.6
30.0
-3.8
-8.8
1.8
% of net sales
-2.0%
12.8%
-1.1%
11.0%
0.1%
Financial income and expenses
-33.3
Result before tax
-31.5
Tax expense
8.7
Result for the period
-22.8
Assets
1,735.4
203.9
202.5
15.9
2 ,1 57.6
Unallocated assets
266.1
Total assets
2,423.7
Liabilities
239.6
47. 9
48.1
0.0
335.6
Unallocated liabilities
815.7
Total liabilities
1,151.3
Capital expenditure
325.3
10.8
8.0
6.0
350.1
Depreciation and amortization
84.6
10.9
27.6
1.1
124.2
Other non-cash expenses
4.6
-0.6
-0.3
0.0
3.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "2. Acquisitions and disposals Accounting policies Non-current assets held for sale and discontinued operations A non-current asset, or a group of disposable items, is classified as being held for sale if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset instead of being generated from the continued use of the asset. Non-current assets held for sale, and assets related to discontinued operations, are measured at their carrying amounts, or the lower fair value less the costs to sell, if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset and if the sales transaction is most likely to take place. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "2. Acquisitions and disposals Accounting policies Non-current assets held for sale and discontinued operations A non-current asset, or a group of disposable items, is classified as being held for sale if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset instead of being generated from the continued use of the asset. Non-current assets held for sale, and assets related to discontinued operations, are measured at their carrying amounts, or the lower fair value less the costs to sell, if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset and if the sales transaction is most likely to take place. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "2. Acquisitions and disposals Accounting policies Non-current assets held for sale and discontinued operations A non-current asset, or a group of disposable items, is classified as being held for sale if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset instead of being generated from the continued use of the asset. Non-current assets held for sale, and assets related to discontinued operations, are measured at their carrying amounts, or the lower fair value less the costs to sell, if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset and if the sales transaction is most likely to take place. A discontinued operation is a part of the entity that has been divested or classified as being held for sale and represents a separate core business area or a geographic operating area. The result for the period of discontinued operations is presented as a separate item in the income statement and the comparative information in the income statement is restated accordingly. The Group\u2019s financial statements for 2025 and 2024 do not include any non-current assets held for sale . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "2. Acquisitions and disposals Accounting policies Non-current assets held for sale and discontinued operations A non-current asset, or a group of disposable items, is classified as being held for sale if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset instead of being generated from the continued use of the asset. Non-current assets held for sale, and assets related to discontinued operations, are measured at their carrying amounts, or the lower fair value less the costs to sell, if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset and if the sales transaction is most likely to take place. A discontinued operation is a part of the entity that has been divested or classified as being held for sale and represents a separate core business area or a geographic operating area. The result for the period of discontinued operations is presented as a separate item in the income statement and the comparative information in the income statement is restated accordingly. The Group\u2019s financial statements for 2025 and 2024 do not include any non-current assets held for sale . Disposals There were no significant disposals or classifications as discontinued operations during 2025 or 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "Non-current assets held for sale and discontinued operations A non-current asset, or a group of disposable items, is classified as being held for sale if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset instead of being generated from the continued use of the asset. Non-current assets held for sale, and assets related to discontinued operations, are measured at their carrying amounts, or the lower fair value less the costs to sell, if the amount corresponding to its carrying amount will primarily be generated from the sale of the asset and if the sales transaction is most likely to take place. A discontinued operation is a part of the entity that has been divested or classified as being held for sale and represents a separate core business area or a geographic operating area. The result for the period of discontinued operations is presented as a separate item in the income statement and the comparative information in the income statement is restated accordingly. The Group\u2019s financial statements for 2025 and 2024 do not include any non-current assets held for sale Disposals There were no significant disposals or classifications as discontinued operations during 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
Acquisitions
There were no significant acquisitions during 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "
3. Cost of sales
EUR million
2025
2024
Raw materials
336.8
274.7
Goods purchased for resale
218.7
242.3
Wages and social security contributions on
goods sold
82.6
74.3
Other costs
219.3
213.6
Depreciation of production
91.0
77. 2
Sales freights
72.4
78.2
Warehousing
63.1
69.4
Change in inventories
8.3
26.3
Total
1,092.3
1,056.0
5. Other operating expenses Accounting policies Research and development costs Research costs are recognized as part of selling, marketing, and R&D expenses for the financial period in which they incurred. Government grants Grants received from governments or other parties are recognized adjustments to the related expenses in the income statement for the period .
EUR million
2025
2024
Losses on sale and disposals of tangible
fixed assets
0.5
0.0
Expensed credit losses and provisions
-0.3
0.0
Other expenses
1.6
0.9
Total
1.8
1.0
To support the establishment of the factory in Romania, the European Commission approved in 2024 up to EUR 99.5 million Romanian state aid measure. The first installment of EUR 32.6 million was paid at the end of 2025. 6. Auditor\u2019s fees
EUR million
2025
2024
Audit fee
1.2
1.0
Tax services
-
-
Other services
0.0
0.1
Total
1.2
1.1
7. Depreciation, amortization and impairment losses Accounting policies Property, plant, and equipment Depreciation is based on the following expected useful lives: Buildings 10\u201340 years Machinery and equipment 4\u201320 years Other tangible assets 10\u201340 years Land is not depreciated. The expected useful lives are reviewed at each reporting date, and if they differ materially from previous estimates, the depreciation schedules are changed accordingly. Research and development costs Development costs are capitalized once certain criteria associated with commercial and technical feasibility have been met. Capitalized development costs primarily comprising materials, supplies, and direct labor costs as well as the related overheads are amortized systematically over their expected useful life. The amortization period is 3\u20135 years . Impairment On the reporting date, the Group shall assess whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset in question is estimated. Goodwill and intangible assets not yet available for use are tested for impairment at least annually. To assess impairment, the Group\u2019s assets are allocated to cash-generating units on the smallest group that is largely independent of other units and the cash flows of which can be separated. The recoverable amount is the higher of fair value of the asset less costs to sell and a value in use. As a rule, value in use is based on the discounted future cash flows that the corresponding asset or the cash-generating unit can derive. The impairment recognized in the income statement is the amount by which the carrying amount of the asset exceeds the corresponding recoverable amount, and in the statement of financial position, it is allocated first to reduce the carrying amount of any goodwill of the unit and then pro rata against the other assets. An impairment loss recognized in prior periods will be reversed if the estimates used to determine the recoverable amount change. However, a reversal of impairment loss shall not exceed the carrying amount that would have been determined in the statement of financial position without the recognized impairment loss in prior periods. Impairment loss on goodwill is not reversed under any circumstances. Goodwill and other intangible assets Goodwill is not amortized. The amortization schedule for other intangible assets is 3\u201310 years . Depreciation and amortization by asset category
EUR million
2025
2024
Intangible rights
3.8
3.8
Other intangible assets
0.7
0.8
Buildings
12.2
9.6
Machinery and equipment
72.0
61.9
Right of use asset
50.2
45.6
Other tangible assets
3.3
2.5
Total
142.2
124.2
8. Personnel expenses
EUR million
2025
2024
Wages and salaries
223.8
209.6
Pension contributions - defined contribution
plans
23.5
22.8
Share-based payments
1.9
-0.2
Other social security contributions
26.0
24.1
Total
275.3
256.3
10. Financial expenses
EUR million
2025
2024
Interest expenses
Financial liabilities measured at
amortized cost
-32.8
-33.0
Interest rate derivatives designated
as hedges
-1.0
2.0
Lease liabilities
-4.8
-4.5
Exchange rate losses and changes in
fair value
Financial assets and liabilities at
amortized cost
-30.4
-15.9
Foreign currency derivatives
-28.3
-16.1
Other financial expenses
-3.2
-2.8
Total
-100.4
-70. 2
11. Tax expense Accounting policies Income taxes Tax expenses in the profit and loss statement consist of current and deferred taxes. Tax expense is adjusted for taxes related to previous financial years. Current taxes are calculated on the taxable income using the tax rates enacted or substantively enacted in each country by the balance sheet date. Taxes are recognized in the profit and loss statement unless they relate to items recognized in the Consolidated statement of comprehensive income or directly in equity. Interest expenses arising from unpaid tax liabilities are reported under financial expenses. Due to the nature of the international business environment, group companies are subject to routine tax audits in various jurisdictions. Changing and complex tax regulations in multiple jurisdictions where Nokian Tyres operates may create uncertainty regarding tax obligations and adversely affect the Group\u2019s financial position. Management evaluates the positions taken in tax returns in cases where tax legislation is subject to interpretation. In such cases, the Group recognizes a provision based on the estimated likelihood of acceptance by the tax authorities. Nokian Tyres does not have significant tax disputes ongoing and no specific tax risks are identified currently. Nokian Tyres has conducted preemptive discussions with authorities in different countries in order to agree on the taxation of its operations or changes in the corporate structure to minimize tax risks .
EUR million
2025
2024
Current tax expense
-6.5
-12.8
Adjustment for prior periods
-1.3
0.7
Change in deferred tax
8.7
20.8
Total
0.9
8.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "3. Cost of sales
EUR million
2025
2024
Raw materials
336.8
274.7
Goods purchased for resale
218.7
242.3
Wages and social security contributions on
goods sold
82.6
74.3
Other costs
219.3
213.6
Depreciation of production
91.0
77. 2
Sales freights
72.4
78.2
Warehousing
63.1
69.4
Change in inventories
8.3
26.3
Total
1,092.3
1,056.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "3. Cost of sales
EUR million
2025
2024
Raw materials
336.8
274.7
Goods purchased for resale
218.7
242.3
Wages and social security contributions on
goods sold
82.6
74.3
Other costs
219.3
213.6
Depreciation of production
91.0
77. 2
Sales freights
72.4
78.2
Warehousing
63.1
69.4
Change in inventories
8.3
26.3
Total
1,092.3
1,056.0
5. Other operating expenses Accounting policies Research and development costs Research costs are recognized as part of selling, marketing, and R&D expenses for the financial period in which they incurred. Government grants Grants received from governments or other parties are recognized adjustments to the related expenses in the income statement for the period .
EUR million
2025
2024
Losses on sale and disposals of tangible
fixed assets
0.5
0.0
Expensed credit losses and provisions
-0.3
0.0
Other expenses
1.6
0.9
Total
1.8
1.0
To support the establishment of the factory in Romania, the European Commission approved in 2024 up to EUR 99.5 million Romanian state aid measure. The first installment of EUR 32.6 million was paid at the end of 2025. 6. Auditor\u2019s fees
EUR million
2025
2024
Audit fee
1.2
1.0
Tax services
-
-
Other services
0.0
0.1
Total
1.2
1.1
7. Depreciation, amortization and impairment losses Accounting policies Property, plant, and equipment Depreciation is based on the following expected useful lives: Buildings 10\u201340 years Machinery and equipment 4\u201320 years Other tangible assets 10\u201340 years Land is not depreciated. The expected useful lives are reviewed at each reporting date, and if they differ materially from previous estimates, the depreciation schedules are changed accordingly. Research and development costs Development costs are capitalized once certain criteria associated with commercial and technical feasibility have been met. Capitalized development costs primarily comprising materials, supplies, and direct labor costs as well as the related overheads are amortized systematically over their expected useful life. The amortization period is 3\u20135 years . Impairment On the reporting date, the Group shall assess whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset in question is estimated. Goodwill and intangible assets not yet available for use are tested for impairment at least annually. To assess impairment, the Group\u2019s assets are allocated to cash-generating units on the smallest group that is largely independent of other units and the cash flows of which can be separated. The recoverable amount is the higher of fair value of the asset less costs to sell and a value in use. As a rule, value in use is based on the discounted future cash flows that the corresponding asset or the cash-generating unit can derive. The impairment recognized in the income statement is the amount by which the carrying amount of the asset exceeds the corresponding recoverable amount, and in the statement of financial position, it is allocated first to reduce the carrying amount of any goodwill of the unit and then pro rata against the other assets. An impairment loss recognized in prior periods will be reversed if the estimates used to determine the recoverable amount change. However, a reversal of impairment loss shall not exceed the carrying amount that would have been determined in the statement of financial position without the recognized impairment loss in prior periods. Impairment loss on goodwill is not reversed under any circumstances. Goodwill and other intangible assets Goodwill is not amortized. The amortization schedule for other intangible assets is 3\u201310 years . Depreciation and amortization by asset category
EUR million
2025
2024
Intangible rights
3.8
3.8
Other intangible assets
0.7
0.8
Buildings
12.2
9.6
Machinery and equipment
72.0
61.9
Right of use asset
50.2
45.6
Other tangible assets
3.3
2.5
Total
142.2
124.2
Depreciation and amortization by function
EUR million
2025
2024
Production
91.0
77. 2
Selling, marketing and R&D
40.0
35.9
Administration
11.2
11.1
Total
142.2
124.2
8. Personnel expenses
EUR million
2025
2024
Wages and salaries
223.8
209.6
Pension contributions - defined contribution
plans
23.5
22.8
Share-based payments
1.9
-0.2
Other social security contributions
26.0
24.1
Total
275.3
256.3
10. Financial expenses
EUR million
2025
2024
Interest expenses
Financial liabilities measured at
amortized cost
-32.8
-33.0
Interest rate derivatives designated
as hedges
-1.0
2.0
Lease liabilities
-4.8
-4.5
Exchange rate losses and changes in
fair value
Financial assets and liabilities at
amortized cost
-30.4
-15.9
Foreign currency derivatives
-28.3
-16.1
Other financial expenses
-3.2
-2.8
Total
-100.4
-70. 2
11. Tax expense Accounting policies Income taxes Tax expenses in the profit and loss statement consist of current and deferred taxes. Tax expense is adjusted for taxes related to previous financial years. Current taxes are calculated on the taxable income using the tax rates enacted or substantively enacted in each country by the balance sheet date. Taxes are recognized in the profit and loss statement unless they relate to items recognized in the Consolidated statement of comprehensive income or directly in equity. Interest expenses arising from unpaid tax liabilities are reported under financial expenses. Due to the nature of the international business environment, group companies are subject to routine tax audits in various jurisdictions. Changing and complex tax regulations in multiple jurisdictions where Nokian Tyres operates may create uncertainty regarding tax obligations and adversely affect the Group\u2019s financial position. Management evaluates the positions taken in tax returns in cases where tax legislation is subject to interpretation. In such cases, the Group recognizes a provision based on the estimated likelihood of acceptance by the tax authorities. Nokian Tyres does not have significant tax disputes ongoing and no specific tax risks are identified currently. Nokian Tyres has conducted preemptive discussions with authorities in different countries in order to agree on the taxation of its operations or changes in the corporate structure to minimize tax risks .
EUR million
2025
2024
Current tax expense
-6.5
-12.8
Adjustment for prior periods
-1.3
0.7
Change in deferred tax
8.7
20.8
Total
0.9
8.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "
4. Other operating income
EUR million
2025
2024
Gains on sale of property, plant and
equipment
0.6
0.5
Other income
1.6
1.9
Total
2.2
2.4
5. Other operating expenses
EUR million
2025
2024
Losses on sale and disposals of tangible
fixed assets
0.5
0.0
Expensed credit losses and provisions
-0.3
0.0
Other expenses
1.6
0.9
Total
1.8
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "4. Other operating income
EUR million
2025
2024
Gains on sale of property, plant and
equipment
0.6
0.5
Other income
1.6
1.9
Total
2.2
2.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "
Research and development costs
Research costs are recognized as part of selling,
marketing, and R&D expenses for the financial period in
which they incurred.
Research and development costs Development costs are capitalized once certain criteria associated with commercial and technical feasibility have been met. Capitalized development costs primarily comprising materials, supplies, and direct labor costs as well as the related overheads are amortized systematically over their expected useful life. The amortization period is 3\u20135 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "Government grants Grants received from governments or other parties are recognized adjustments to the related expenses in the income statement for the period Government grants Grants received for the acquisition of property, plant, and equipment reduce the acquisition cost", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "
EUR million
2025
2024
Losses on sale and disposals of tangible
fixed assets
0.5
0.0
Expensed credit losses and provisions
-0.3
0.0
Other expenses
1.6
0.9
Total
1.8
1.0
To support the establishment of the factory in Romania, the
European Commission approved in 2024 up to EUR 99.5 million
Romanian state aid measure. The first installment of EUR 32.6
million was paid at the end of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "6. Auditor\u2019s fees
EUR million
2025
2024
Audit fee
1.2
1.0
Tax services
-
-
Other services
0.0
0.1
Total
1.2
1.1
Ernst & Young Oy has been the company\u00b4s principal auditor since March 30, 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "
Property, plant, and equipment
Depreciation is based on the following expected useful lives:
Buildings 10\u201340 years
Machinery and equipment 4\u201320 years
Other tangible assets 10\u201340 years
Land is not depreciated.
The expected useful lives are reviewed at each reporting
date, and if they differ materially from previous estimates,
the depreciation schedules are changed accordingly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "Property, plant, and equipment Depreciation is based on the following expected useful lives: Buildings 10\u201340 years Machinery and equipment 4\u201320 years Other tangible assets 10\u201340 years Land is not depreciated. The expected useful lives are reviewed at each reporting date, and if they differ materially from previous estimates, the depreciation schedules are changed accordingly. Depreciation and amortization by asset category
EUR million
2025
2024
Intangible rights
3.8
3.8
Other intangible assets
0.7
0.8
Buildings
12.2
9.6
Machinery and equipment
72.0
61.9
Right of use asset
50.2
45.6
Other tangible assets
3.3
2.5
Total
142.2
124.2
Property, plant and equipment
The values of the property, plant, and equipment
acquired by the Group companies are based on their
costs. Any proceeds from selling items produced while
bringing an item of PPE into the location and condition
intended are not deducted from the acquisition price but
instead recorded in profit or loss. The assets of acquired
subsidiaries are measured at fair value on the date of
acquisition. Depreciation is calculated on a straight-
line basis from the original acquisition cost, based on
the expected useful life. Depreciation includes any
impairment losses.
In the statement of financial position, the property,
plant, and equipment are stated at cost less accumulated
depreciation and impairment losses. The borrowing costs
of the items included in property, plant, and equipment,
and requiring a substantial construction period, are
capitalized for the period needed to produce the
investment for the intended purpose. Other borrowing
costs are recognized as expenses in the period that they
were incurred.
Regular maintenance and repair costs are recognized as expenses for the period. Expenses incurred from significant modernization or improvement projects are recorded in the statement of financial position if the company gains future economic benefits in excess of the originally assessed standard of performance of the existing asset. Modernization and improvement projects are depreciated on a straight-line basis over their useful lives. Gains and losses from the divestment and disposal of property, plant, and equipment are determined as the difference of the net disposal proceeds and the carrying amounts. Sales gains and losses are included in the operating profit in the income statement. Government grants Grants received for the acquisition of property, plant, and equipment reduce the acquisition cost. Borrowing costs The borrowing costs of items included in property, plant, and equipment or other intangible assets, and requiring a substantial construction period, are capitalized for the period needed to produce the investment for the intended purpose. Other borrowing costs are recognized as expenses for the period in which they incurred. The Group has not capitalized borrowing costs in 2025 or 2024 .
Other Advances and fixed
2025 Machinery and tangible assets under
EUR million
Land property
Buildings
equipment assets
construction
Total
Accumulated cost, Jan 1, 2025
27.7
401.4
1,214.2
67.5
305.1
2,015.9
Increase
1.1
-15.7
-8.1
-0.9
152.3
128.6
Decrease
-0.1
-0.8
-5.4
-0.1
-0.1
-6.5
Transfers between items
0.0
56.2
179.1
6.7
-252.9
-10.9
Other changes
0.0
0.0
0.0
0.0
Exchange differences
-0.3
-20.1
-38.1
-1.6
-7.9
-67.9
Accumulated cost, Dec 31, 2025
28.5
421.0
1,341.7
71.6
196.5
2,059.2
Accum. Depreciation, Jan 1, 2025
0.0
-103.4
-720.9
-14.9
-839.1
Depreciation for the period
-12.2
-72.0
-3.3
-87.6
Decrease
0.5
3.1
0.0
3.5
Other changes
0.0
Exchange differences
1.9
10.2
0.4
12.5
Accum. Depreciation, Dec 31, 2025
0.0
-113.2
-779.6
-17.8
-910.6
Carrying amount, Dec 31, 2025
28.4
307.8
562.0
53.8
196.5
1,148.6
Other Advances and fixed
2024 Machinery and tangible assets under
EUR million
Land property
Buildings
equipment assets
construction
Total
Accumulated cost, Jan 1, 2024
27.6
274.1
1,049.9
51.4
244.5
1 ,6 47. 5
Increase
0.1
3.4
22.0
0.8
323.6
349.9
Decrease
0.0
-0.1
-1.7
0.0
0.0
-1.9
Transfers between items
115.8
127.4
14.8
-264.8
-6.8
Other changes
0.0
0.0
0.0
0.0
0.0
0.0
Exchange differences
0.0
8.2
16.7
0.6
1.8
27. 2
Accumulated cost, Dec 31, 2024
27.7
401.4
1,214.2
6 7. 5
305.1
2,015.9
Accum. Depreciation, Jan 1, 2024
0.0
-93.2
-656.9
-12.2
-762.3
Depreciation for the period
-9.6
-61.9
-2.5
-74.0
Decrease
0.1
1.4
0.0
1.5
Other changes
0.0
0.0
0.0
0.0
Exchange differences
-0.7
-3.5
-0.2
-4.3
Accum. Depreciation, Dec 31, 2024
0.0
-103.4
-720.9
-14.9
-839.1
Carrying amount, Dec 31, 2024
27.7
298.0
493.3
52.7
305.1
1,176.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "Property, plant, and equipment Depreciation is based on the following expected useful lives: Buildings 10\u201340 years Machinery and equipment 4\u201320 years Other tangible assets 10\u201340 years Land is not depreciated. The expected useful lives are reviewed at each reporting date, and if they differ materially from previous estimates, the depreciation schedules are changed accordingly. Research and development costs Development costs are capitalized once certain criteria associated with commercial and technical feasibility have been met. Capitalized development costs primarily comprising materials, supplies, and direct labor costs as well as the related overheads are amortized systematically over their expected useful life. The amortization period is 3\u20135 years Goodwill and other intangible assets Goodwill is not amortized. The amortization schedule for other intangible assets is 3\u201310 years Depreciation and amortization by asset category
EUR million
2025
2024
Intangible rights
3.8
3.8
Other intangible assets
0.7
0.8
Buildings
12.2
9.6
Machinery and equipment
72.0
61.9
Right of use asset
50.2
45.6
Other tangible assets
3.3
2.5
Total
142.2
124.2
Depreciation and amortization by function
EUR million
2025
2024
Production
91.0
77. 2
Selling, marketing and R&D
40.0
35.9
Administration
11.2
11.1
Total
142.2
124.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "Property, plant, and equipment Depreciation is based on the following expected useful lives: Buildings 10\u201340 years Machinery and equipment 4\u201320 years Other tangible assets 10\u201340 years Land is not depreciated. The expected useful lives are reviewed at each reporting date, and if they differ materially from previous estimates, the depreciation schedules are changed accordingly. 13. Property, plant and equipment Accounting policies Property, plant and equipment The values of the property, plant, and equipment acquired by the Group companies are based on their costs. Any proceeds from selling items produced while bringing an item of PPE into the location and condition intended are not deducted from the acquisition price but instead recorded in profit or loss. The assets of acquired subsidiaries are measured at fair value on the date of acquisition. Depreciation is calculated on a straight- line basis from the original acquisition cost, based on the expected useful life. Depreciation includes any impairment losses. In the statement of financial position, the property, plant, and equipment are stated at cost less accumulated depreciation and impairment losses. The borrowing costs of the items included in property, plant, and equipment, and requiring a substantial construction period, are capitalized for the period needed to produce the investment for the intended purpose. Other borrowing costs are recognized as expenses in the period that they were incurred.
Regular maintenance and repair costs are recognized
as expenses for the period. Expenses incurred from
significant modernization or improvement projects are
recorded in the statement of financial position if the
company gains future economic benefits in excess of
the originally assessed standard of performance of the
existing asset. Modernization and improvement projects
are depreciated on a straight-line basis over their useful
lives. Gains and losses from the divestment and disposal
of property, plant, and equipment are determined as the
difference of the net disposal proceeds and the carrying
amounts. Sales gains and losses are included in the
operating profit in the income statement.
Government grants
Grants received for the acquisition of property, plant, and
equipment reduce the acquisition cost.
Borrowing costs
The borrowing costs of items included in property, plant,
and equipment or other intangible assets, and requiring
a substantial construction period, are capitalized for the
period needed to produce the investment for the intended
purpose. Other borrowing costs are recognized as
expenses for the period in which they incurred. The Group
has not capitalized borrowing costs in 2025 or 2024 .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "Impairment On the reporting date, the Group shall assess whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset in question is estimated. Goodwill and intangible assets not yet available for use are tested for impairment at least annually. To assess impairment, the Group\u2019s assets are allocated to cash-generating units on the smallest group that is largely independent of other units and the cash flows of which can be separated. The recoverable amount is the higher of fair value of the asset less costs to sell and a value in use. As a rule, value in use is based on the discounted future cash flows that the corresponding asset or the cash-generating unit can derive. The impairment recognized in the income statement is the amount by which the carrying amount of the asset exceeds the corresponding recoverable amount, and in the statement of financial position, it is allocated first to reduce the carrying amount of any goodwill of the unit and then pro rata against the other assets. An impairment loss recognized in prior periods will be reversed if the estimates used to determine the recoverable amount change. However, a reversal of impairment loss shall not exceed the carrying amount that would have been determined in the statement of financial position without the recognized impairment loss in prior periods. Impairment loss on goodwill is not reversed under any circumstances. Goodwill arising from business combinations is recognized as the amount by which the aggregate of the transferred consideration, any non-controlling interest in what has been acquired, and any previously held interest exceeds the fair value of the net assets acquired. Goodwill is not amortized but is tested for impairment annually as well as whenever an indication of possible impairment exists.
Impairment losses
No impairment losses have been booked from the intangible
assets based on the impairment tests for goodwill in 2025.
Impairment tests for goodwill
Goodwill has been allocated to the Group\u2019s cash-generating
units that have been defined according to the business
organization. Impairment testing is performed by comparing
the carrying amount of those cash-generating units that
include goodwill with their expected recoverable amount. An
impairment loss is recognized if the recoverable amount of
the cash-generating unit is less than the carrying amount. The
calculations have included the investment in the new passenger
car tire factory in Romania. Commercial tire deliveries from the
factory started in the second quarter of 2025.
Allocation of goodwill prior tests
EUR million
Dec 31, 2025
Passenger Car Tyres
61.1
He avy Ty res
0.9
Vianor
-
Total goodwill
62.0
The recoverable amount of a cash-generating unit is based
on calculations of the value in use. The cash flow forecasts
used in these calculations are based on five-year financial
plans approved by the management. The estimated sales and
production volumes are based on the current condition and
scope of the existing assets including the investment to the
new production capacity in Romania. The key assumptions
used in the plans include product selection, country-specific
sales distribution, margin on products, and their past actual
outcomes. Assumptions are also based on commonly used
growth, demand and price forecasts provided by market
research institutes.
The discount rate used is the weighted average cost of capital
(WACC) after taxes defined for the Group. The calculation
components are risk-free rate of return, market risk premium,
industry-specific beta co-efficient, borrowing cost and the
capital structure at market value at the time of testing. The
discount rate used for Passenger Car Tyres is 8.2% (8.5%) and
for Heavy Tyres is 7.5% (7.6%). Vianor has not been tested in 2025
as the whole goodwill allocated to Vianor has been impaired
in 2021. Future cash flows after the forecast period approved
by the management have been capitalized as a terminal value
using a steady 2% growth rate and discounted with the discount
rate specified above. The assumption for the net sales growth
rate has been 2 %. The sensitivity tests have been performed
using net sales and gross margin. A possible impairment would
require a significant weakening of the key assumptions from the
financial plans approved by the management.
The testing indicated no need to recognise impairment losses
in Passenger Car Tyres and in Heavy Tyres. The recoverable
amount in Passenger Car Tyres considerably exceeds the
carrying amount of the cash-generating unit. The new factory
investment in Europe is increasing the amount of capital
expenditure in the planning period EUR 52.0 million. Due to
the nature of the new factory investment a significant amount
of the recoverable amount of the cash flow is generated in
the terminal value. The recoverable amount in Heavy Tyres
significantly exceeds the carrying amount of the cash-
generating unit.
Allocation of goodwill after tests
Impairment Goodwill
EUR million loss Dec 31, 2025
Passenger Car Tyres
61.1
-
61.1
He avy Ty res
0.9
-
0.9
Vianor
-
-
0.0
Total goodwill
62.0
-
62.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "Impairment On the reporting date, the Group shall assess whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset in question is estimated. Goodwill and intangible assets not yet available for use are tested for impairment at least annually. To assess impairment, the Group\u2019s assets are allocated to cash-generating units on the smallest group that is largely independent of other units and the cash flows of which can be separated. The recoverable amount is the higher of fair value of the asset less costs to sell and a value in use. As a rule, value in use is based on the discounted future cash flows that the corresponding asset or the cash-generating unit can derive. The impairment recognized in the income statement is the amount by which the carrying amount of the asset exceeds the corresponding recoverable amount, and in the statement of financial position, it is allocated first to reduce the carrying amount of any goodwill of the unit and then pro rata against the other assets. An impairment loss recognized in prior periods will be reversed if the estimates used to determine the recoverable amount change. However, a reversal of impairment loss shall not exceed the carrying amount that would have been determined in the statement of financial position without the recognized impairment loss in prior periods. Impairment loss on goodwill is not reversed under any circumstances", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "Impairment On the reporting date, the Group shall assess whether there is any indication that an asset may be impaired. If any such indication exists, the recoverable amount of the asset in question is estimated. Goodwill and intangible assets not yet available for use are tested for impairment at least annually. To assess impairment, the Group\u2019s assets are allocated to cash-generating units on the smallest group that is largely independent of other units and the cash flows of which can be separated. The recoverable amount is the higher of fair value of the asset less costs to sell and a value in use. As a rule, value in use is based on the discounted future cash flows that the corresponding asset or the cash-generating unit can derive. The impairment recognized in the income statement is the amount by which the carrying amount of the asset exceeds the corresponding recoverable amount, and in the statement of financial position, it is allocated first to reduce the carrying amount of any goodwill of the unit and then pro rata against the other assets. An impairment loss recognized in prior periods will be reversed if the estimates used to determine the recoverable amount change. However, a reversal of impairment loss shall not exceed the carrying amount that would have been determined in the statement of financial position without the recognized impairment loss in prior periods. Impairment loss on goodwill is not reversed under any circumstances", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "Goodwill and other intangible assets Goodwill is not amortized. The amortization schedule for other intangible assets is 3\u201310 years 14. Intangible assets Accounting policies Goodwill and other intangible assets Goodwill arising from business combinations is recognized as the amount by which the aggregate of the transferred consideration, any non-controlling interest in what has been acquired, and any previously held interest exceeds the fair value of the net assets acquired. Goodwill is not amortized but is tested for impairment annually as well as whenever an indication of possible impairment exists. Other intangible assets include customer relationships, capitalized development costs, patents, copyrights, licenses, and software. Intangible rights acquired in business combinations are measured at fair value and amortized on a straight-line basis over their useful lives. Other intangible assets are measured at cost and amortized on a straight-line basis over their useful lives. An intangible asset is only recorded in the statement of financial position if it is probable that the expected future economic benefits that are attributable to the asset will flow to the company and cost can be measured reliably. Subsequent expenses related to the assets are only recorded in the statement of financial position if the company gains future economic benefits in excess of the originally assessed standard of performance of the existing asset; otherwise, costs are recognized as expenses at the time of occurrence
In the statement of financial position, intangible assets
are recorded at cost less accumulated amortization and
impairment losses. The borrowing costs of items included
in other intangible assets, and requiring a substantial
construction period, are capitalized for the period needed
to produce the investment for the intended purpose.
Other borrowing costs are recognized as expenses in the
period that they are incurred.
Other
2025 Intangible intangible
EUR million
Goodwill
rights
assets
Total
Accumulated cost,
Jan 1, 2025
76.0
91.9
26.7
194.7
Increase
0.7
0.7
Decrease
-0.1
0.0
-0.1
Transfers between
items
10.8
0.1
10.9
Other changes
0.0
0.0
0.0
Exchange
differences
0.5
0.1
0.0
0.6
Accumulated cost,
Dec 31, 2025
76.6
103.5
26.7
206.8
Accum.
Depreciation,
Jan 1, 2025
-14.5
-78.6
-23.3
-116.5
Depreciation for
the period
-3.8
-0.7
-4.5
Decrease
0.1
0.0
0.1
Other changes
Exchange
differences
0.0
-0.1
0.0
-0.1
Accum.
Depreciation,
Dec 31, 2025
-14.5
-82.4
-24.0
-121.0
Carrying amount,
Dec 31, 2025
62.0
21.1
2.7
85.8
Other
2024 Intangible intangible
EUR million
Goodwill
rights
assets
Total
Accumulated cost,
Jan 1, 2024
76.6
84.5
27.1
188.2
Increase
1.0
0.0
1.0
Decrease
-0.6
-0.6
Transfers between
items
6.5
0.3
6.8
Other changes
0.0
0.0
0.0
0.0
Exchange
differences
-0.6
0.0
-0.1
-0.7
Accumulated cost,
Dec 31, 2024
76.0
91.9
26.7
194.7
Accum.
Depreciation,
Jan 1, 2024
-14.3
-74.9
-22.9
-112.1
Depreciation for
the period
-3.8
-0.8
-4.6
Decrease
0.3
0.3
Other changes
-0.3
0.0
-0.3
Exchange
differences
0.0
0.0
0.1
0.1
Accum.
Depreciation,
Dec 31, 2024
-14.5
-78.6
-23.3
-116.5
Carrying amount,
Dec 31, 2024
61.5
13.3
3.4
78.2
Impairment losses No impairment losses have been booked from the intangible assets based on the impairment tests for goodwill in 2025. Impairment tests for goodwill Goodwill has been allocated to the Group\u2019s cash-generating units that have been defined according to the business organization. Impairment testing is performed by comparing the carrying amount of those cash-generating units that include goodwill with their expected recoverable amount. An impairment loss is recognized if the recoverable amount of the cash-generating unit is less than the carrying amount. The calculations have included the investment in the new passenger car tire factory in Romania. Commercial tire deliveries from the factory started in the second quarter of 2025. Allocation of goodwill prior tests
EUR million
Dec 31, 2025
Passenger Car Tyres
61.1
He avy Ty res
0.9
Vianor
-
Total goodwill
62.0
The recoverable amount of a cash-generating unit is based on calculations of the value in use. The cash flow forecasts used in these calculations are based on five-year financial plans approved by the management. The estimated sales and production volumes are based on the current condition and scope of the existing assets including the investment to the new production capacity in Romania. The key assumptions used in the plans include product selection, country-specific sales distribution, margin on products, and their past actual outcomes. Assumptions are also based on commonly used growth, demand and price forecasts provided by market research institutes. The discount rate used is the weighted average cost of capital (WACC) after taxes defined for the Group. The calculation components are risk-free rate of return, market risk premium, industry-specific beta co-efficient, borrowing cost and the capital structure at market value at the time of testing. The discount rate used for Passenger Car Tyres is 8.2% (8.5%) and for Heavy Tyres is 7.5% (7.6%). Vianor has not been tested in 2025 as the whole goodwill allocated to Vianor has been impaired in 2021. Future cash flows after the forecast period approved by the management have been capitalized as a terminal value using a steady 2% growth rate and discounted with the discount rate specified above. The assumption for the net sales growth rate has been 2 %. The sensitivity tests have been performed using net sales and gross margin. A possible impairment would require a significant weakening of the key assumptions from the financial plans approved by the management. The testing indicated no need to recognise impairment losses in Passenger Car Tyres and in Heavy Tyres. The recoverable amount in Passenger Car Tyres considerably exceeds the carrying amount of the cash-generating unit. The new factory investment in Europe is increasing the amount of capital expenditure in the planning period EUR 52.0 million. Due to the nature of the new factory investment a significant amount of the recoverable amount of the cash flow is generated in the terminal value. The recoverable amount in Heavy Tyres significantly exceeds the carrying amount of the cash- generating unit. Allocation of goodwill after tests
Impairment Goodwill
EUR million loss Dec 31, 2025
Passenger Car Tyres
61.1
-
61.1
He avy Ty res
0.9
-
0.9
Vianor
-
-
0.0
Total goodwill
62.0
-
62.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "Goodwill and other intangible assets Goodwill is not amortized. The amortization schedule for other intangible assets is 3\u201310 years .
Depreciation and amortization by asset category
EUR million
2025
2024
Intangible rights
3.8
3.8
Other intangible assets
0.7
0.8
Buildings
12.2
9.6
Machinery and equipment
72.0
61.9
Right of use asset
50.2
45.6
Other tangible assets
3.3
2.5
Total
142.2
124.2
Other intangible assets include customer relationships, capitalized development costs, patents, copyrights, licenses, and software. Intangible rights acquired in business combinations are measured at fair value and amortized on a straight-line basis over their useful lives. Other intangible assets are measured at cost and amortized on a straight-line basis over their useful lives. An intangible asset is only recorded in the statement of financial position if it is probable that the expected future economic benefits that are attributable to the asset will flow to the company and cost can be measured reliably. Subsequent expenses related to the assets are only recorded in the statement of financial position if the company gains future economic benefits in excess of the originally assessed standard of performance of the existing asset; otherwise, costs are recognized as expenses at the time of occurrence . In the statement of financial position, intangible assets are recorded at cost less accumulated amortization and impairment losses. The borrowing costs of items included in other intangible assets, and requiring a substantial construction period, are capitalized for the period needed to produce the investment for the intended purpose. Other borrowing costs are recognized as expenses in the period that they are incurred.
Other
2025 Intangible intangible
EUR million
Goodwill
rights
assets
Total
Accumulated cost,
Jan 1, 2025
76.0
91.9
26.7
194.7
Increase
0.7
0.7
Decrease
-0.1
0.0
-0.1
Transfers between
items
10.8
0.1
10.9
Other changes
0.0
0.0
0.0
Exchange
differences
0.5
0.1
0.0
0.6
Accumulated cost,
Dec 31, 2025
76.6
103.5
26.7
206.8
Accum.
Depreciation,
Jan 1, 2025
-14.5
-78.6
-23.3
-116.5
Depreciation for
the period
-3.8
-0.7
-4.5
Decrease
0.1
0.0
0.1
Other changes
Exchange
differences
0.0
-0.1
0.0
-0.1
Accum.
Depreciation,
Dec 31, 2025
-14.5
-82.4
-24.0
-121.0
Carrying amount,
Dec 31, 2025
62.0
21.1
2.7
85.8
Other
2024 Intangible intangible
EUR million
Goodwill
rights
assets
Total
Accumulated cost,
Jan 1, 2024
76.6
84.5
27.1
188.2
Increase
1.0
0.0
1.0
Decrease
-0.6
-0.6
Transfers between
items
6.5
0.3
6.8
Other changes
0.0
0.0
0.0
0.0
Exchange
differences
-0.6
0.0
-0.1
-0.7
Accumulated cost,
Dec 31, 2024
76.0
91.9
26.7
194.7
Accum.
Depreciation,
Jan 1, 2024
-14.3
-74.9
-22.9
-112.1
Depreciation for
the period
-3.8
-0.8
-4.6
Decrease
0.3
0.3
Other changes
-0.3
0.0
-0.3
Exchange
differences
0.0
0.0
0.1
0.1
Accum.
Depreciation,
Dec 31, 2024
-14.5
-78.6
-23.3
-116.5
Carrying amount,
Dec 31, 2024
61.5
13.3
3.4
78.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "Goodwill and other intangible assets Goodwill is not amortized. The amortization schedule for other intangible assets is 3\u201310 years Goodwill and other intangible assets Goodwill arising from business combinations is recognized as the amount by which the aggregate of the transferred consideration, any non-controlling interest in what has been acquired, and any previously held interest exceeds the fair value of the net assets acquired. Goodwill is not amortized but is tested for impairment annually as well as whenever an indication of possible impairment exists. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "
8. Personnel expenses
EUR million
2025
2024
Wages and salaries
223.8
209.6
Pension contributions - defined contribution
plans
23.5
22.8
Share-based payments
1.9
-0.2
Other social security contributions
26.0
24.1
Total
275.3
256.3
Information on the employee benefits and loans of the key
management personnel is presented in note 34 Related party
transactions.
Other than production wages and salaries were EUR 192.7 (182.1)
million in 2025.
25. Pension liabilities Accounting policies Pension liabilities The Group companies have several pension schemes in different countries based on local conditions and practices. These pension schemes are defined either as defined contribution plans or defined benefit pension plans. Payments for defined contribution plans are recorded as expenses in the income statement for the period they relate to. All material pension arrangements in the Group are defined contribution plans. The Board of Directors decided in their meeting on August 7, 2017, to implement a share acquisition and administration arrangement of Nokian Tyres Plc (Nokian Tyres) shares with Evli Awards Management Oy (EAM) according to the stipulations of the Companies Act for financing the purchase of own shares (the Finnish Companies Act, Chapter 13, Section 10, Subsection 2) relating to incentive plans. As a part of this arrangement EAM founded EAM NRE1V Holding Oy (Holding company) which acquires the shares with Nokian Tyres\u2019 funding and according to the agreement. These shares will be delivered to the employees according to the Nokian Tyres\u2019 share plan terms and conditions. The Holding company is owned by the EAM in legal terms, but according to the agreement Nokian Tyres has control over the company and acts as the principal, whereas EAM is an agent through the Holding company. This control arising from contractual terms means that the Holding company is consolidated into the Group\u2019s IFRS financial statements as a structured entity", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "
Personnel
2025
2024
Group employees
Average
4,176
3,850
At the end of the review period
3,959
3,810
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "9. Financial income
EUR million
2025
2024
Interest income
Financial assets measured at
amortized cost
2.6
7.4
Dividend income
Non-current financial investments
measured at fair value through other
comprehensive income
0.0
0.0
Exchange rate gains and changes in
fair value
Financial assets and liabilities at
amortized cost
20.7
10.9
Foreign currency derivatives
25.3
18.4
Other financial income
0.0
0.1
Total
48.7
37.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "9. Financial income
EUR million
2025
2024
Interest income
Financial assets measured at
amortized cost
2.6
7.4
Dividend income
Non-current financial investments
measured at fair value through other
comprehensive income
0.0
0.0
Exchange rate gains and changes in
fair value
Financial assets and liabilities at
amortized cost
20.7
10.9
Foreign currency derivatives
25.3
18.4
Other financial income
0.0
0.1
Total
48.7
37.0
10. Financial expenses
EUR million
2025
2024
Interest expenses
Financial liabilities measured at
amortized cost
-32.8
-33.0
Interest rate derivatives designated
as hedges
-1.0
2.0
Lease liabilities
-4.8
-4.5
Exchange rate losses and changes in
fair value
Financial assets and liabilities at
amortized cost
-30.4
-15.9
Foreign currency derivatives
-28.3
-16.1
Other financial expenses
-3.2
-2.8
Total
-100.4
-70. 2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "9. Financial income
EUR million
2025
2024
Interest income
Financial assets measured at
amortized cost
2.6
7.4
Dividend income
Non-current financial investments
measured at fair value through other
comprehensive income
0.0
0.0
Exchange rate gains and changes in
fair value
Financial assets and liabilities at
amortized cost
20.7
10.9
Foreign currency derivatives
25.3
18.4
Other financial income
0.0
0.1
Total
48.7
37.0
10. Financial expenses
EUR million
2025
2024
Interest expenses
Financial liabilities measured at
amortized cost
-32.8
-33.0
Interest rate derivatives designated
as hedges
-1.0
2.0
Lease liabilities
-4.8
-4.5
Exchange rate losses and changes in
fair value
Financial assets and liabilities at
amortized cost
-30.4
-15.9
Foreign currency derivatives
-28.3
-16.1
Other financial expenses
-3.2
-2.8
Total
-100.4
-70. 2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "10. Financial expenses
EUR million
2025
2024
Interest expenses
Financial liabilities measured at
amortized cost
-32.8
-33.0
Interest rate derivatives designated
as hedges
-1.0
2.0
Lease liabilities
-4.8
-4.5
Exchange rate losses and changes in
fair value
Financial assets and liabilities at
amortized cost
-30.4
-15.9
Foreign currency derivatives
-28.3
-16.1
Other financial expenses
-3.2
-2.8
Total
-100.4
-70. 2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "
Accounting policies
Income taxes
Tax expenses in the profit and loss statement consist of
current and deferred taxes. Tax expense is adjusted for
taxes related to previous financial years. Current taxes
are calculated on the taxable income using the tax rates
enacted or substantively enacted in each country by the
balance sheet date. Taxes are recognized in the profit and
loss statement unless they relate to items recognized in
the Consolidated statement of comprehensive income or
directly in equity. Interest expenses arising from unpaid
tax liabilities are reported under financial expenses.
Due to the nature of the international business
environment, group companies are subject to routine
tax audits in various jurisdictions. Changing and complex
tax regulations in multiple jurisdictions where Nokian
Tyres operates may create uncertainty regarding tax
obligations and adversely affect the Group\u2019s financial
position. Management evaluates the positions taken
in tax returns in cases where tax legislation is subject
to interpretation. In such cases, the Group recognizes
a provision based on the estimated likelihood of
acceptance by the tax authorities. Nokian Tyres does not
have significant tax disputes ongoing and no specific
tax risks are identified currently. Nokian Tyres has
conducted preemptive discussions with authorities in
different countries in order to agree on the taxation of
its operations or changes in the corporate structure to
minimize tax risks .
EUR million
2025
2024
Current tax expense
-6.5
-12.8
Adjustment for prior periods
-1.3
0.7
Change in deferred tax
8.7
20.8
Total
0.9
8.7
The reconciliation of tax expense recognized in the income
statement and tax expense using the domestic corporate tax rate
(2025: 20.0%, 2024: 20.0%):
EUR million
2025
2024
Result before tax
-15.9
-31.5
Taxes calculated according to the Finnish
tax rate of 20%
3.2
6.3
Effect of deviant tax rates in foreign
subsidiaries
-0.6
-1.6
Tax exempt revenues
0.2
0.4
Non-deductible expenses
-0.5
-0.5
Adjustment for prior periods
-0.8
3.9
Utilization of previously unrecognized tax
losses
0.0
0.1
Other items
-0.6
0.2
Tax expense
0.9
8.7
Income tax relating to components of other comprehensive
income:
2025 Before Tax Net of
EUR million tax amount benefit tax amount
Cash flow hedges
5.6
-1.0
4.5
Translation differences
on foreign operations
-64.7
-64.7
Total
-59.1
-1.0
-60.1
2024 Before Tax Net of
EUR million tax amount benefit tax amount
Cash flow hedges
-1.3
0.5
-0.8
Translation differences
on foreign operations
27.0
27.0
Total
25.7
0.5
26.2
Deferred taxes Deferred taxes are calculated on temporary differences between the carrying value and tax value of assets and liabilities. Deferred taxes are calculated using the statutory tax rates enacted or substantively enacted by the balance sheet date. The most significant temporary differences arise from differences in depreciation of intangible and tangible assets, fair value measurement of financial assets and hedging instruments, internal inventory margins, provisions, and unused tax losses. Deferred tax assets arising from temporary differences are recognized only to the extent that it is probable they can be utilized against future taxable income during their validity period. Management judgment is required to determine the amount of deferred tax assets in relation to the timing of loss utilization and the level of forecasted future taxable profits. Nokian Tyres has recognized deferred tax assets and liabilities in its financial statements, which, based on management\u2019s assessment, are expected to be realized and recognized in future profit or loss. Nokian Tyres is subject to Pillar 2 regulations. The Group applies the mandatory temporary exception under IAS 12 related to deferred taxes and does not report deferred taxes arising from Pillar 2. The Group has assessed the impact of Pillar 2 legislation on its taxes based on the financial data of its group entities for the year 2025. Based on the assessment, the Group determines that it is not subject to Pillar Two \u201ctop-up\u201d taxes .
Recognized in other
Dec 31, Adjustments Recognized in comprehensive Net exchange Dec 31,
EUR million 2024 between items income statement income differences 2025
Deferred tax assets
Inventories
10.6
-1.4
9.2
Property, plant and equipment and
intangible assets
5.9
11.1
17.0
Lease liabilities
27.9
-2.9
-0.6
24.3
Provisions and accruals
4.2
0.5
4.7
Tax losses carried forward
28.3
4.0
32.3
Cash flow hedges
1.1
0.1
-0.7
0.5
Other items
9.0
-8.9
0.1
Total
87.1
0.0
2.4
-0.7
-0.6
88.2
Deferred tax assets offset against
deferred tax liabilities
-32.3
4.5
-27.7
Deferred tax assets
54.8
0.0
6.9
-0.7
-0.6
60.4
Deferred tax liabilities
Property, plant and equipment and
intangible assets
7.4
-1.9
5.5
Right of use assets
26.8
-4.3
0.7
23.2
Untaxed reserves
0.6
0.0
0.6
Cash flow hedges
1.0
0.0
0.4
1.4
Other items
0.2
-0.1
0.0
Total
36.0
0.0
-6.4
0.4
0.7
30.8
Deferred tax liabilities offset against
deferred tax assets
-32.3
4.5
-27.7
Deferred tax liabilities
3.7
0.0
-1.8
0.4
0.7
3.0
Recognized in other
Dec 31, Adjustments Recognized in comprehensive Net exchange Dec 31,
EUR million 2023 between items income statement income differences 2024
Deferred tax assets
Inventories
9.3
1.3
10.6
Property, plant and equipment and
intangible assets
1.8
4.1
5.9
Lease liabilities
28.5
-0.8
0.2
27.9
Provisions and accruals
-0.7
0.3
4.6
4.2
Tax losses carried forward
33.5
0.6
-5.8
28.3
Cash flow hedges
0.0
-
1.1
1.1
Other items
0.1
0.3
8.6
9.0
Total
72.6
1.2
12.0
1.1
0.2
87.1
Deferred tax assets offset against
deferred tax liabilities
-17.6
-14.6
-32.3
Deferred tax assets
55.0
1.2
-2.6
1.1
0.2
54.8
Deferred tax liabilities
Property, plant and equipment and
intangible assets
14.9
0.5
-8.0
7.4
Right of use assets
27.4
-0.4
-0.2
26.8
Untaxed reserves
0.0
0.6
0.6
Cash flow hedges
0.4
-
0.5
1.0
Other items
1.7
-0.4
-1.1
0.2
Total
44.3
0.1
-8.8
0.5
-0.2
36.0
Deferred tax liabilities offset against
deferred tax assets
-17.6
-14.6
-32.3
Deferred tax liabilities
26.7
0.1
-23.4
0.5
-0.2
3.7
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. On December 31, 2025, the Group had carry forward losses for EUR 109.1 (140.8) million, on which a deferred tax asset has been recognised. EUR 2.3 (0.0) million of these carry forward losses will expire during years 2026\u20132030 and EUR 104.8 (134.2) million will expire during years 2031\u20132035 and EUR 2.0 (6.5) million will not expire. The Group also had carry forward losses for EUR 2.2 (2.1) million, on which no deferred tax asset was recognized. It is not probable that future taxable profit will be available to offset these losses. EUR 2.2 million of these losses will expire in five years. The Group has utilized previously unrecognized tax losses from prior periods with EUR 0.0 (0.3) million in 2025. The adjustments include EUR 0.0 (1.1) million of adjustments that are booked through retained earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "Accounting policies Income taxes Tax expenses in the profit and loss statement consist of current and deferred taxes. Tax expense is adjusted for taxes related to previous financial years. Current taxes are calculated on the taxable income using the tax rates enacted or substantively enacted in each country by the balance sheet date. Taxes are recognized in the profit and loss statement unless they relate to items recognized in the Consolidated statement of comprehensive income or directly in equity. Interest expenses arising from unpaid tax liabilities are reported under financial expenses. Due to the nature of the international business environment, group companies are subject to routine tax audits in various jurisdictions. Changing and complex tax regulations in multiple jurisdictions where Nokian Tyres operates may create uncertainty regarding tax obligations and adversely affect the Group\u2019s financial position. Management evaluates the positions taken in tax returns in cases where tax legislation is subject to interpretation. In such cases, the Group recognizes a provision based on the estimated likelihood of acceptance by the tax authorities. Nokian Tyres does not have significant tax disputes ongoing and no specific tax risks are identified currently. Nokian Tyres has conducted preemptive discussions with authorities in different countries in order to agree on the taxation of its operations or changes in the corporate structure to minimize tax risks Accounting policies Deferred taxes Deferred taxes are calculated on temporary differences between the carrying value and tax value of assets and liabilities. Deferred taxes are calculated using the statutory tax rates enacted or substantively enacted by the balance sheet date. The most significant temporary differences arise from differences in depreciation of intangible and tangible assets, fair value measurement of financial assets and hedging instruments, internal inventory margins, provisions, and unused tax losses. Deferred tax assets arising from temporary differences are recognized only to the extent that it is probable they can be utilized against future taxable income during their validity period. Management judgment is required to determine the amount of deferred tax assets in relation to the timing of loss utilization and the level of forecasted future taxable profits. Nokian Tyres has recognized deferred tax assets and liabilities in its financial statements, which, based on management\u2019s assessment, are expected to be realized and recognized in future profit or loss. Nokian Tyres is subject to Pillar 2 regulations. The Group applies the mandatory temporary exception under IAS 12 related to deferred taxes and does not report deferred taxes arising from Pillar 2. The Group has assessed the impact of Pillar 2 legislation on its taxes based on the financial data of its group entities for the year 2025. Based on the assessment, the Group determines that it is not subject to Pillar Two \u201ctop-up\u201d taxes ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "12. Earnings per share Accounting policies Earnings per share Basic earnings per share are calculated by dividing the profit or loss attributable to the equity holders of the parent for the period by the weighted average number of shares outstanding during the period. The average number of treasury shares has been deducted from the number of shares outstanding. For the calculation of the diluted earnings per share, the diluting impact of all potentially diluting share conversions have been taken into account. The Group has had share options and previously convertible bonds as diluting instruments. At present, the Group does not have either. The dilution of share options has been computed using the treasury stock method. In dilution, the denominator includes the shares obtained through the assumed conversion of the options, and the repurchase of treasury shares at the average market price during the period with the funds generated by the conversion. The assumed conversion of options is not taken into account for the calculation of earnings per share if the effective share subscription price defined for the options exceeds the average market price for the period. The convertible bonds are assumed to have been traded for company shares after the issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "12. Earnings per share Accounting policies Earnings per share Basic earnings per share are calculated by dividing the profit or loss attributable to the equity holders of the parent for the period by the weighted average number of shares outstanding during the period. The average number of treasury shares has been deducted from the number of shares outstanding. For the calculation of the diluted earnings per share, the diluting impact of all potentially diluting share conversions have been taken into account. The Group has had share options and previously convertible bonds as diluting instruments. At present, the Group does not have either. The dilution of share options has been computed using the treasury stock method. In dilution, the denominator includes the shares obtained through the assumed conversion of the options, and the repurchase of treasury shares at the average market price during the period with the funds generated by the conversion. The assumed conversion of options is not taken into account for the calculation of earnings per share if the effective share subscription price defined for the options exceeds the average market price for the period. The convertible bonds are assumed to have been traded for company shares after the issue.
EUR million
2025
2024
Result attributable to the equity holders
of the parent
-15.0
-22.8
Result for the period to calculate the diluted
earnings per share
-15.0
-22.8
Shares, 1,000 pcs
Weighted average number of shares
137,873
137, 8 69
Dilutive effect of the options
-
-
Diluted weighted average number of shares
137,873
137,8 69
Earnings per share, euros
Basic
-0.11
-0.17
Diluted
-0.11
-0.17
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "Borrowing costs The borrowing costs of items included in property, plant, and equipment or other intangible assets, and requiring a substantial construction period, are capitalized for the period needed to produce the investment for the intended purpose. Other borrowing costs are recognized as expenses for the period in which they incurred. The Group has not capitalized borrowing costs in 2025 or 2024
EUR million
2025
2024
Non-current
Loans from financial institutions and
pension loans
544.9
557. 3
Bond loans
99.6
99.4
644.5
656.7
Current
Commercial papers
39.9
2.0
Current portion of non-current loans from
financial institutions and pension loans
12.5
0.9
52.4
2.9
Total
696.9
659.6
All interest-bearing financial liabilities are denominated in euros.
Effective interest rates for interest-bearing financial liabilities
2025 2024
Without With Without With
hedges hedges hedges hedges
Loans from financial
institutions and
pension loans
3.6%
3.9%
4.3%
4.3%
Bond loans
5.3%
5.3%
5.3%
5.3%
Commercial papers
2.3%
2.3%
4.5%
4.5%
Total
3.7%
4.0%
4.5%
4.4%
See note 16 for the fair values of the interest-bearing
financial liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "Borrowing costs The borrowing costs of items included in property, plant, and equipment or other intangible assets, and requiring a substantial construction period, are capitalized for the period needed to produce the investment for the intended purpose. Other borrowing costs are recognized as expenses for the period in which they incurred. The Group has not capitalized borrowing costs in 2025 or 2024 . ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "
Goodwill and other intangible assets
Goodwill arising from business combinations is
recognized as the amount by which the aggregate of the
transferred consideration, any non-controlling interest
in what has been acquired, and any previously held
interest exceeds the fair value of the net assets acquired.
Goodwill is not amortized but is tested for impairment
annually as well as whenever an indication of possible
impairment exists.
Other
2025 Intangible intangible
EUR million
Goodwill
rights
assets
Total
Accumulated cost,
Jan 1, 2025
76.0
91.9
26.7
194.7
Increase
0.7
0.7
Decrease
-0.1
0.0
-0.1
Transfers between
items
10.8
0.1
10.9
Other changes
0.0
0.0
0.0
Exchange
differences
0.5
0.1
0.0
0.6
Accumulated cost,
Dec 31, 2025
76.6
103.5
26.7
206.8
Accum.
Depreciation,
Jan 1, 2025
-14.5
-78.6
-23.3
-116.5
Depreciation for
the period
-3.8
-0.7
-4.5
Decrease
0.1
0.0
0.1
Other changes
Exchange
differences
0.0
-0.1
0.0
-0.1
Accum.
Depreciation,
Dec 31, 2025
-14.5
-82.4
-24.0
-121.0
Carrying amount,
Dec 31, 2025
62.0
21.1
2.7
85.8
Other
2024 Intangible intangible
EUR million
Goodwill
rights
assets
Total
Accumulated cost,
Jan 1, 2024
76.6
84.5
27.1
188.2
Increase
1.0
0.0
1.0
Decrease
-0.6
-0.6
Transfers between
items
6.5
0.3
6.8
Other changes
0.0
0.0
0.0
0.0
Exchange
differences
-0.6
0.0
-0.1
-0.7
Accumulated cost,
Dec 31, 2024
76.0
91.9
26.7
194.7
Accum.
Depreciation,
Jan 1, 2024
-14.3
-74.9
-22.9
-112.1
Depreciation for
the period
-3.8
-0.8
-4.6
Decrease
0.3
0.3
Other changes
-0.3
0.0
-0.3
Exchange
differences
0.0
0.0
0.1
0.1
Accum.
Depreciation,
Dec 31, 2024
-14.5
-78.6
-23.3
-116.5
Carrying amount,
Dec 31, 2024
61.5
13.3
3.4
78.2
Impairment losses No impairment losses have been booked from the intangible assets based on the impairment tests for goodwill in 2025. Impairment tests for goodwill Goodwill has been allocated to the Group\u2019s cash-generating units that have been defined according to the business organization. Impairment testing is performed by comparing the carrying amount of those cash-generating units that include goodwill with their expected recoverable amount. An impairment loss is recognized if the recoverable amount of the cash-generating unit is less than the carrying amount. The calculations have included the investment in the new passenger car tire factory in Romania. Commercial tire deliveries from the factory started in the second quarter of 2025. Allocation of goodwill prior tests
EUR million
Dec 31, 2025
Passenger Car Tyres
61.1
He avy Ty res
0.9
Vianor
-
Total goodwill
62.0
The recoverable amount of a cash-generating unit is based on calculations of the value in use. The cash flow forecasts used in these calculations are based on five-year financial plans approved by the management. The estimated sales and production volumes are based on the current condition and scope of the existing assets including the investment to the new production capacity in Romania. The key assumptions used in the plans include product selection, country-specific sales distribution, margin on products, and their past actual outcomes. Assumptions are also based on commonly used growth, demand and price forecasts provided by market research institutes. The discount rate used is the weighted average cost of capital (WACC) after taxes defined for the Group. The calculation components are risk-free rate of return, market risk premium, industry-specific beta co-efficient, borrowing cost and the capital structure at market value at the time of testing. The discount rate used for Passenger Car Tyres is 8.2% (8.5%) and for Heavy Tyres is 7.5% (7.6%). Vianor has not been tested in 2025 as the whole goodwill allocated to Vianor has been impaired in 2021. Future cash flows after the forecast period approved by the management have been capitalized as a terminal value using a steady 2% growth rate and discounted with the discount rate specified above. The assumption for the net sales growth rate has been 2 %. The sensitivity tests have been performed using net sales and gross margin. A possible impairment would require a significant weakening of the key assumptions from the financial plans approved by the management. The testing indicated no need to recognise impairment losses in Passenger Car Tyres and in Heavy Tyres. The recoverable amount in Passenger Car Tyres considerably exceeds the carrying amount of the cash-generating unit. The new factory investment in Europe is increasing the amount of capital expenditure in the planning period EUR 52.0 million. Due to the nature of the new factory investment a significant amount of the recoverable amount of the cash flow is generated in the terminal value. The recoverable amount in Heavy Tyres significantly exceeds the carrying amount of the cash- generating unit. Allocation of goodwill after tests
Impairment Goodwill
EUR million loss Dec 31, 2025
Passenger Car Tyres
61.1
-
61.1
He avy Ty res
0.9
-
0.9
Vianor
-
-
0.0
Total goodwill
62.0
-
62.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "Other intangible assets include customer relationships, capitalized development costs, patents, copyrights, licenses, and software. Intangible rights acquired in business combinations are measured at fair value and amortized on a straight-line basis over their useful lives. Other intangible assets are measured at cost and amortized on a straight-line basis over their useful lives. An intangible asset is only recorded in the statement of financial position if it is probable that the expected future economic benefits that are attributable to the asset will flow to the company and cost can be measured reliably. Subsequent expenses related to the assets are only recorded in the statement of financial position if the company gains future economic benefits in excess of the originally assessed standard of performance of the existing asset; otherwise, costs are recognized as expenses at the time of occurrence . In the statement of financial position, intangible assets are recorded at cost less accumulated amortization and impairment losses. The borrowing costs of items included in other intangible assets, and requiring a substantial construction period, are capitalized for the period needed to produce the investment for the intended purpose. Other borrowing costs are recognized as expenses in the period that they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "15. Right of use assets Accounting policies Lease agreements In accordance with IFRS 16, all of the assets related to lease agreement (right-of use assets) and future lease payment obligations (lease liabilities) are recognized in the statement of financial position at the inception of the contract. Nokian Tyres primarily acts as a lessee. The vast majority of leases recognized as Right-of-use assets under IFRS 16 comprise Vianor chain real estate and warehouses. The Group as lessee Nokian Tyres recognizes a leased asset and the related lease liability at the lease commencement date, except for short- term leases and low value leases. \u2022 A lease is considered short term if the lease term is 12 months or less and no option included. \u2022 A lease is considered of low value if the business level materiality thresholds are not met. The Group applies this guideline to all asset classes, with the exception of vehicle leases, which are also recognized under IFRS 16 even if their contract term is below 12 months or the related asset is deemed of low value. The lease term is determined as the non-cancelable period of the lease, taking extension and termination options into consideration, if it is reasonably certain that the Group will exercise such options. If the lease term is indefinite (valid until further notice), management judgment is used to estimate the expected lease term and the indefinite contracts will be booked on the basis of the planning period, usually for three years. Lease liability under IFRS 16 is recorded at the commencement date of the lease and measured at the present value of the lease payments during the lease term. The criteria used to determine the discount rate by lease agreement are the geographical location, currency, maturity of the risk-free interest rate, and the lessee\u2019s credit risk premium. When the agreement includes a lease component and a non-lease component, Nokian Tyres separates the non- lease components, such as maintenance or services, based on either the stand-alone prices given in the lease agreement or by using estimates. The lease liability is remeasured with a corresponding effect to the related leased asset when there is a change in the future lease payments due to contract renegotiation, index changes, or a reassessment of options. The leased asset consists of the initial lease liability and any initial direct costs less any incentives granted by the lessor. It is valued at cost less accumulated depreciation and impairment losses. Any remeasurement is in line with the remeasurement of the lease liability. The right-of-use asset is depreciated in a straight-line basis over the lease term. The Group as a lessor The lessor will classify each lease agreement into either finance or operating lease in accordance with the IFRS 16 standard. If the lease transfers substantially all of the risk and rewards incidental to the ownership of the asset, it is considered to be a finance lease; otherwise, the lease is considered to be an operating lease. Assets held under finance leases are recorded in the statement of the financial position as receivables at an amount equal to the net investment in the lease. Assets held under operating leases are included in intangible assets and property, plant, and equipment in the statement of the financial position. These assets are depreciated over their useful lives, consistent with assets in the company\u2019s own use. Income from operating leases is recorded in the income statement on a straight-line basis over the lease term. From the Group\u2019s point of view, operating as a lessor is limited. Sale and leaseback In a sale and leaseback transaction, the Group assesses whether the transaction meets the criteria for the sale of an asset under IFRS 15. If the criteria are met, at the time of sale, the right-of-use asset is recognized in the balance sheet at an amount corresponding to the portion of the original carrying amount of the asset that relates to the right retained by the Group. The gain or loss on sale is then recognized as the portion of the sales price that corresponds to the rights transferred to the buyer. If the sales price does not reflect fair value, the difference is allocated either to prepaid rent or to financial liabilities. If the criteria for sale are not met, the asset continues to be reported in the balance sheet, and the consideration received is presented as a financial liability. Sale and leaseback arrangements in the Group\u2019s balance sheet are accounted for as leases and are part of the right-of- use assets and lease liabilities. Any gains arising from these transactions are allocated over the lease term.
2025
Machinery and
EUR million
Land property
Buildings
equipment
Total
Accumulated cost, Jan 1, 2025
1.5
261.6
8.5
271.6
Increase
0.0
35.0
2.5
37.5
Decrease
-0.1
-38.5
-2.2
-40.8
Other changes
0.0
0.0
0.0
0.0
Exchange differences
0.0
-3.0
-0.2
-3.2
Accumulated cost, Dec 31, 2025
1.4
255.2
8.5
265.1
Accum. Depreciation, Jan 1, 2025
-0.4
-144.0
-2.8
-147.1
Depreciation for the period
-0.1
- 47.2
-2.9
-50.2
Decrease
0.1
37.0
1.6
38.7
Other changes
0.0
0.0
0.0
0.0
Exchange differences
0.0
2.0
0.0
2.1
Accum. Depreciation,
Dec 31, 2025
-0.4
-152.1
-4.0
-156.5
Carrying amount, Dec 31, 2025
1.0
103.1
4.5
108.6
Expenses arising from leases of low-value amounted to EUR 0.5 (0.6) million and short-term leases amounted to EUR 5.3 (6.0) million in 2025. These contracts are not included in the right of use assets. Interest expenses from right of use assets were EUR 4.8 (4.5) million. Sale and Leaseback transaction On March 13, 2025, Vianor AB signed an agreement to sell the Sandviken service center to Fastigheten Stallgatan i Sandviken AB. In addition, Vianor AB became a long-term tenant of the building under a lease agreement signed on March 13, 2025. The consideration received from the sale of the property was EUR 0.6 million, which is presented in the Group\u2019s cash flow statement as part of investing cash flows. The arrangement resulted in a gain on sale of EUR 0.5 million in the Group\u2019s income statement
2024 Machinery and
EUR million
Land property
Buildings
equipment
Total
Accumulated cost, Jan 1, 2024
1.4
241.6
4.8
247.8
Increase
0.2
44.9
4.9
50.0
Decrease
-0.1
-21.8
-1.2
-23.0
Other changes
0.0
0.0
0.0
0.0
Exchange differences
0.0
-3.1
0.0
-3.1
Accumulated cost, Dec 31, 2024
1.5
261.7
8.5
271.6
Accum. Depreciation, Jan 1, 2024
-0.3
-120.9
-1.9
-123.1
Depreciation for the period
-0.1
-43.4
-2.1
-45.6
Decrease
0.1
19.0
1.2
20.2
Other changes
0.0
0.0
0.0
0.0
Exchange differences
0.0
1.3
0.0
1.3
Accum. Depreciation,
Dec 31, 2024
-0.4
-144.0
-2.8
-147.1
Carrying amount, Dec 31, 2024
1.1
117.7
5.7
124.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "15. Right of use assets Accounting policies Lease agreements In accordance with IFRS 16, all of the assets related to lease agreement (right-of use assets) and future lease payment obligations (lease liabilities) are recognized in the statement of financial position at the inception of the contract. Nokian Tyres primarily acts as a lessee. The vast majority of leases recognized as Right-of-use assets under IFRS 16 comprise Vianor chain real estate and warehouses. The Group as lessee Nokian Tyres recognizes a leased asset and the related lease liability at the lease commencement date, except for short- term leases and low value leases. \u2022 A lease is considered short term if the lease term is 12 months or less and no option included. \u2022 A lease is considered of low value if the business level materiality thresholds are not met. The Group applies this guideline to all asset classes, with the exception of vehicle leases, which are also recognized under IFRS 16 even if their contract term is below 12 months or the related asset is deemed of low value. The lease term is determined as the non-cancelable period of the lease, taking extension and termination options into consideration, if it is reasonably certain that the Group will exercise such options. If the lease term is indefinite (valid until further notice), management judgment is used to estimate the expected lease term and the indefinite contracts will be booked on the basis of the planning period, usually for three years. Lease liability under IFRS 16 is recorded at the commencement date of the lease and measured at the present value of the lease payments during the lease term. The criteria used to determine the discount rate by lease agreement are the geographical location, currency, maturity of the risk-free interest rate, and the lessee\u2019s credit risk premium. When the agreement includes a lease component and a non-lease component, Nokian Tyres separates the non- lease components, such as maintenance or services, based on either the stand-alone prices given in the lease agreement or by using estimates. The lease liability is remeasured with a corresponding effect to the related leased asset when there is a change in the future lease payments due to contract renegotiation, index changes, or a reassessment of options. The leased asset consists of the initial lease liability and any initial direct costs less any incentives granted by the lessor. It is valued at cost less accumulated depreciation and impairment losses. Any remeasurement is in line with the remeasurement of the lease liability. The right-of-use asset is depreciated in a straight-line basis over the lease term. The Group as a lessor The lessor will classify each lease agreement into either finance or operating lease in accordance with the IFRS 16 standard. If the lease transfers substantially all of the risk and rewards incidental to the ownership of the asset, it is considered to be a finance lease; otherwise, the lease is considered to be an operating lease. Assets held under finance leases are recorded in the statement of the financial position as receivables at an amount equal to the net investment in the lease. Assets held under operating leases are included in intangible assets and property, plant, and equipment in the statement of the financial position. These assets are depreciated over their useful lives, consistent with assets in the company\u2019s own use. Income from operating leases is recorded in the income statement on a straight-line basis over the lease term. From the Group\u2019s point of view, operating as a lessor is limited. Sale and leaseback In a sale and leaseback transaction, the Group assesses whether the transaction meets the criteria for the sale of an asset under IFRS 15. If the criteria are met, at the time of sale, the right-of-use asset is recognized in the balance sheet at an amount corresponding to the portion of the original carrying amount of the asset that relates to the right retained by the Group. The gain or loss on sale is then recognized as the portion of the sales price that corresponds to the rights transferred to the buyer. If the sales price does not reflect fair value, the difference is allocated either to prepaid rent or to financial liabilities. If the criteria for sale are not met, the asset continues to be reported in the balance sheet, and the consideration received is presented as a financial liability. Sale and leaseback arrangements in the Group\u2019s balance sheet are accounted for as leases and are part of the right-of- use assets and lease liabilities. Any gains arising from these transactions are allocated over the lease term", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "16. Carrying amounts and fair values of financial assets and liabilities Accounting policies Financial assets and liabilities Classification of financial instruments When recognizing a financial asset in its statement of financial position, the Group classifies it into one of the following measurement categories: \u2022 Amortized cost \u2022 Fair value through other comprehensive income \u2022 Fair value through profit or loss. These categories apply to subsequent measurement and profit or loss recognition. The classification is based on the business model for managing the asset and the contractual cash flow characteristics of the asset. A financial asset is classified as subsequently measured at amortized cost when the objective is to hold financial assets to collect contractual cash flows that are payments of principal and interest on the principal amount outstanding. In the Group, in principle this measurement category includes trade receivables, loan receivables, and cash and cash equivalents, including liquid short-term investments in money market instruments. A debt instrument in the financial assets is classified as subsequently measured at fair value through other comprehensive income when the objective is to both hold the financial assets to collect contractual cash flows that are payments of principal and interest on the principal amount outstanding and sell the financial assets. If there are business objectives for the holding of a financial asset other than the foresaid, it is classified as subsequently measured at fair value through profit or loss. The Group\u2019s derivative assets are included in this category. However, when recognizing an investment in an equity instrument in its statement of financial position, the Group may make an irrevocable election to present subsequent changes in fair value in other comprehensive income. The election is made on an instrument-by-instrument basis. The Group typically designates investments in quoted and unquoted shares that are not held for trading as at fair value through other comprehensive income. The measurement category of a financial liability is either at amortized cost or at fair value through profit or loss. A financial liability is classified as at fair value through profit or loss if it is held-for-trading, is a derivative, or is specifically designated as such. Other financial liabilities are subsequently measured at amortized cost. The financial liabilities of the Group are classified as measured at amortized cost except for derivative liabilities. Measurement of financial instruments At initial recognition, all financial assets and liabilities are measured at fair value taking into account any transaction costs, and in the statement of financial position, they are included in current or non-current assets or liabilities depending on the maturity of the item. Financial assets and financial liabilities are subsequently measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss in accordance with the measurement category of the item. Impairment of financial assets At each reporting date, the Group recognizes a loss allowance for expected credit losses on a financial asset that is not measured at fair value through profit or loss. When measuring the expected credit losses, the Group reviews the actual credit losses, current conditions, and forecasts of the future economic conditions. For trade receivables, the Group follows the simplified approach whereby the impairment recognized in trade receivables corresponds to the lifetime expected credit losses for trade receivables .
2025
2024
Carrying Fair value Carrying Fair value
EUR million
Note
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
Financial assets
Fair value through profit or loss
Derivatives held for trading
30
2.8
-
2.8
-
1.9
-
1.9
-
Derivatives designated as hedges
30
9.9
-
9.9
-
14.1
-
14.1
-
Unquoted securities
17
2.5
-
-
2.5
2.9
-
-
2.9
Amortized cost
Trade and other receivables
21
253.3
-
253.3
-
276.3
-
276.3
-
Money market instruments
22
-
-
-
-
-
-
-
-
Cash in hand and at bank
22
146.9
-
146.9
-
176.1
-
176.1
-
Fair value through other comprehensive income
Unquoted shares
17
0.2
-
-
0.2
0.2
-
-
0.2
Total financial assets
415.7
-
412.9
2.8
471.5
-
468.4
3.1
Financial liabilities
Fair value through profit or loss
Derivatives held for trading
30
2.2
-
2.2
-
1.1
-
1.1
-
Derivatives designated as hedges
30
3.5
-
3.5
-
13.2
-
13.2
Amortized cost
Interest-bearing financial liabilities
27
696.9
-
705.4
-
659.6
-
676.8
-
Trade and other payables
28
143.6
-
143.6
-
160.6
-
160.6
-
Total financial liabilities
846.1
-
854.7
-
834.6
-
851.7
-
The carrying amount of financial assets corresponds to the maximum exposure to the credit risk on the reporting date. See note 29 for the impairments in respect of trade receivables. Other financial assets measured at amortized cost and fair value through other comprehensive income are not subject to material impairment. Fair value measurements have been classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety shall be determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. All items measured at fair value through profit or loss excluding unquoted securities have been classified to Level 2 in the fair value hierarchy and items include Group\u2019s derivative financial instruments. To establish the fair value of these instruments the Group uses generally accepted valuation models with inputs based on observable market data. Level 3 includes unquoted securities measured at fair value through profit or loss, and unquoted shares measured at fair value through other comprehensive income since cost is assessed to represent the fair value .
Financial assets and liabilities not measured at fair value but for
which the fair value can be measured are categorised in Level 2
in the fair value hierarchy. Level 2 includes financial assets and
financial liabilities measured at amortized cost. Their fair values
are based on the future cash flows that are discounted with
market interest rates on the reporting date.
There were no transfers between different levels during the
financial year.
17. Investments in associates and non-current
financial investments
Invest-
ments in Unquoted Unquoted
EUR million associates securities shares
Accumulated cost,
Jan 1, 2025
0.1
2.9
0.2
Net exchange differences
-
-0.3
-
Carrying amount,
Dec 31, 2025
0.1
2.5
0.2
Carrying amount,
Dec 31, 2024
0.1
2.9
0.2
18. Other non-current receivables
EUR million
2025
2024
Other non-current receivables
27.4
21.0
Total
27.4
21.0
21. Trade and other receivables Accounting policies Revenue recognition Trade receivables have been recorded on the balance sheet according to the originally invoiced amount, and items in other currencies have been recognized at the closing rate reported by the European Central Bank. Trade receivables will change if the receivables are booked as a credit loss. There are three types of credit loss provisions: group-level IFRS 9, local, and statutory credit loss provision. Revenue from contracts with customers is reported under net sales, and credit losses are reported separately from net sales under other business expenses .
EUR million
2025
2024
Trade receivables
253.0
274.0
Accrued revenues and deferred expenses
19.5
18.3
Derivative financial instruments
Designated as hedges
3.3
1.9
Measured at fair value through profit
or loss
2.8
1.9
Current tax assets
7.3
4.4
Value added tax receivables
15.7
24.4
Other receivables
6.3
12.3
Total
307.8
337.1
The carrying amount of trade and other receivables corresponds to the maximum exposure to the credit risk on the reporting date. The carrying amount of trade and other receivables is a reasonable approximation of their fair value. See note 29 for the impairments in respect of trade receivables. Significant items under accrued revenues and deferred expenses
EUR million
2025
2024
Annual discounts, purchases
3.4
3.7
Financial items
1.2
1.2
Social security contributions
0.0
0.1
Insurances
1.5
1.4
Other items
13.4
12.0
Total
19.5
18.3
22. Cash and cash equivalents Accounting policies Cash and cash equivalents Cash and cash equivalents include cash on hand and other current investments, such as commercial papers and bank deposits.
EUR million
2025
2024
Cash in hand and at bank
146.9
176.1
Money market instruments
-
-
Total
146.9
176.1
27. Interest-bearing financial liabilities
EUR million
2025
2024
Non-current
Loans from financial institutions and
pension loans
544.9
557. 3
Bond loans
99.6
99.4
644.5
656.7
Current
Commercial papers
39.9
2.0
Current portion of non-current loans from
financial institutions and pension loans
12.5
0.9
52.4
2.9
Total
696.9
659.6
All interest-bearing financial liabilities are denominated in euros. Effective interest rates for interest-bearing financial liabilities
2025 2024
Without With Without With
hedges hedges hedges hedges
Loans from financial
institutions and
pension loans
3.6%
3.9%
4.3%
4.3%
Bond loans
5.3%
5.3%
5.3%
5.3%
Commercial papers
2.3%
2.3%
4.5%
4.5%
Total
3.7%
4.0%
4.5%
4.4%
See note 16 for the fair values of the interest-bearing financial liabilities. Interest-bearing net debt
EUR million
2025
2024
Financial liabilities, non-current
644.5
656.7
Financial liabilities, current
52.4
2.9
Lease liabilities
114.1
129.6
Liquid funds
-146.9
-176.1
Total
664.0
613.1
Changes in interest-bearing net debt
2025 Carrying amount, Translation Carrying amount,
EUR million
Jan 1
Cash flows
differences
Other changes
Dec 31
Financial liabilities, non-current
656.7
0.3
-
-12.5
644.5
Financial liabilities, current
2.9
36.8
-
12.6
52.4
Lease liabilities
129.6
-50.1
-0.8
35.4
114.1
Liquid funds
-176.1
28.2
1.0
-
-146.9
Total
613.1
15.3
0.1
35.5
664.0
2024 Carrying amount, Translation Carrying amount,
EUR million
Jan 1
Cash flows
differences
Other changes
Dec 31
Financial liabilities, non-current
404.0
253.5
-
-0.8
656.7
Financial liabilities, current
104.2
-102.1
-
0.8
2.9
Lease liabilities
130.3
-46.0
-1.8
47.1
129.6
Liquid funds
-414.9
238.5
0.3
-
-176.1
Total
223.6
343.9
-1.6
47.1
613.1
28. Trade and other payables
EUR million
2025
2024
Trade payables
143.6
160.6
Accrued expenses and deferred revenues
135.2
131.5
Advance payments
0.0
0.0
Derivative financial instruments
Designated as hedges
3.6
6.2
Measured at fair value through
profit or loss
2.2
1.1
Current tax liabilities
5.0
7.8
Value added tax liabilities
25.7
30.3
Other liabilities
14.0
18.0
Total
329.4
355.5
The carrying amount of trade and other payables is a reasonable approximation of their fair value.
EUR million
2025
2024
Significant items under accrued
expenses and deferred revenues
Wages, salaries and social security
contributions
37.0
31.5
Annual discounts, sales
78.4
79.4
Commissions
0.2
0.2
Marketing expenses
0.9
1.0
Transportation costs
1.2
0.0
Financial items
6.2
7.2
Other items
11.3
12.1
Total
135.2
131.5
29. Financial risk management The Group Treasury identifies, measures, manages, and monitors financial risks that could impact the Group\u2019s financial performance. This includes liquidity risk, credit risk, and market risks: foreign exchange risk, interest rate risk, commodities risk, and other market risks. The objective is to employ risk mitigation strategies and controls that align with the Group\u2019s risk appetite and protect against potential adverse financial outcomes. The principles and targets of financial risk management are defined in the Group\u2019s treasury policy, which is approved by the Board. The Credit Committee makes credit decisions that have a significant impact on the credit exposure of the Group. Financing activities and financial risk management are centralized to the parent company Treasury. It engages in financing and hedging transactions with external parties while also serving as the primary counterparty for business units in various financing undertakings, including funding, foreign exchange operations, and cash management. Foreign currency risk Foreign currency risk or exchange risk, arises from the potential changes in the value of one currency relative to another. As the Nokian Tyres Group operates in various countries and with several currencies, this risk can significantly impact financial performance. The Nokian Tyres Group consists of the parent company in Finland, the sales companies in Sweden, Norway, the USA, Canada, Czech Republic, Germany, France, Switzerland, Poland, Spain and Ukraine, the tire chain companies in Finland, Sweden and Norway. The tire factories are located in Nokia, Finland, Dayton, US and Oradea, Romania. Transaction risk Transaction exposure occurs when the parent or a Group company has a foreign currency denominated monetary asset or liability, firm commitment or forecasted exposure that will be translated later to the company\u2019s functional/home currency. The Group companies operate primarily with their functional currency and the transactions between the parent company and the Group companies are typically carried out in a functional currency of the respective Group company, which means that the transaction risk is mainly transferred into the parent company. However, for justified reasons, e.g. based on its business operations, a Group company can have foreign currency items. The Group Treasury identifies, manages, and monitors significant transaction exposures in all Group companies. Currency forwards, currency options and cross-currency swaps are used as hedging instruments. The primary transaction exposure of each non-functional currency against functional currency in the parent company and each Group company consists of balance sheet items and currency derivatives. The primary net exposure of each foreign currency is actively managed and hedged with appropriate derivative instruments or non-derivative alternatives with accepted counterparties. According to the Group\u2019s treasury policy hedging is required when the primary net exposure in single currency is EUR 10 million or above. Additionally, the combined net exposure of all foreign currencies in the parent company must not exceed EUR 50m, ensuring that a simultaneous +/- 10 percent change in all foreign currencies against the euro does not create an impact of over EUR 5m on the income statement. Non-convertible currencies are an exception and are not hedged, as the means for covering the exposure are unavailable in the market. The secondary transaction net exposure arises from future non-balance sheet transactions. This exposure may be hedged according to the market situation, with the hedge ratio reaching up to 70 percent of the highly probable forecasted exposure until the end of the following year Transaction risk
EUR million
Dec 31, 2025
Dec 31, 2024
Functional currency
EUR
EUR
EUR
EUR
EUR
EUR
CZK
RON
EUR
EUR
EUR
EUR
EUR
EUR
CZK
RON
Foreign currency
CAD
NOK
PLN
RON
SEK
USD
EUR
EUR
CAD
NOK
PLN
RON
SEK
USD
EUR
EUR
Trade receivables
24.2
41.2
16.9
0.4
25.1
22.5
13.4
0.0
20.5
29.5
15.0
2.0
23.6
11.7
27.0
0.0
Loans and receivables
2.4
27.6
0.2
117.3
16.9
29.9
8.8
10.2
1.8
35.2
0.0
178.9
18.7
16.6
0.0
0.1
Total currency
income
26.6
68.9
17.2
117.7
42.0
52.4
22.2
10.2
22.3
64.6
15.0
181.0
42.3
28.2
27.0
0.1
Trade payables
-0.4
0.0
-0.3
-12.2
0.0
-21.2
-22.4
-15.1
-0.1
0.0
-0.4
0.0
0.0
-34.1
-31.6
-10.9
Borrowings
-27.8
-41.7
-7.1
0.0
-18.5
-27.4
0.0
0.0
-21.6
-40.1
-8.2
0.0
-13.8
0.0
-1.6
0.0
Total currency
expenditure
-28.2
-41.7
-7.4
-12.2
-18.5
-48.6
-22.4
-15.1
-21.7
-40.1
-8.6
0.0
-13.8
-34.1
-33.2
-10.9
Foreign exchange
derivatives
1.9
-25.8
-7.1
-97.2
-25.9
-12.3
7.0
0.0
-0.7
-23.7
-7.0
-173.3
-28.8
-4.8
9.5
0.0
Primary net
exposure
0.3
1.4
2.7
8.4
-2.4
-8.5
6.8
-4.9
-0.1
0.8
-0.7
7.7
-0.3
-10.7
3.2
-10.9
Translation risk The translation exposure refers to the net investment in a foreign operation that must be translated into the Group reporting currency at the end of each financial reporting period. The foreign exchange differences arising from the translation of the results and financial position of a foreign operation are recognized in other comprehensive income (OCI). Translation exposure is a non-cash item until an asset is sold. Net investments in foreign operations are not hedged and the volatility due to foreign exchange changes in OCI is accepted. Additionally, the cash flow mismatch between net investments and hedges is avoided. When a foreign subsidiary is expected to generate net income and thereby dividend flows, those expected cash flows can be hedged partly or in total. Group\u2019s total other comprehensive income was negatively affected by translation differences on foreign operations by EUR 64.7 (positively affected 27.0) million. Translation risk Net investments by currency
EUR million
Dec 31, 2025
Dec 31, 2024
Currency of net investment
CAD
22.5
22.8
CZK
10.6
14.5
NOK
52.2
53.2
RON
397.7
198.6
SEK
44.6
43.3
USD
469.1
527.7
Sensitivity analysis for foreign currency risk The following table demonstrates the sensitivity to a reasonably possible change in the base currency against the quote currency, with all other variables held constant, of the Group\u2019s profit before tax and equity due to changes in the fair value of financial assets and liabilities. A reasonably possible change is assumed to be a 10% base currency appreciation or depreciation against the quote currency. A change of a different magnitude can also be estimated fairly accurately because the sensitivity is nearly linear.
Dec 31, 2025
Dec 31, 2024
Base currency
Base currency
10% stronger
10% weaker
10% stronger
10% weaker
Income Income Income Income
EUR million
statement
Equity
statement
Equity
statement
Equity
statement
Equity
Base currency / Quote currency
EUR/CAD
0.0
-
0.0
-
-0.5
-
-0.1
-
EUR/CZK
0.7
-
-0.7
-
0.4
-
-0.4
-
EUR/PLN
-0.3
-
0.3
-
0.1
-
-0.1
-
EUR/NOK
-0.4
-
0.2
-
-0.4
-
-0.1
-
EUR/RON
-1.3
-
1.3
-
-1.9
-
1.9
-
EUR/SEK
0.1
-
-0.5
-
0.0
-
0.0
-
EUR/USD
0.8
-
-0.8
-
1.0
-
-1.0
-
Interest rate risk The Group Treasury manages interest rate risks associated with the Group\u2019s borrowings. The objective of the interest rate risk management is to reduce uncertainty related to interest expenses and mitigate the impact of adverse interest rate fluctuations. The aim is that 25\u201375 percent of the interest rate risk exposure is effectively fixed-rate debt including the potential interest rate derivatives. The planned refinancing and new non-current interest-bearing financial debts included in the interest rate risk exposure can be managed with interest rate derivatives not earlier than 12 months before the drawdown. The Group uses interest rate derivatives as cash flow hedges and hedge accounting is mainly applied for those derivatives. On the reporting date the floating rate interest-bearing financial liabilities amounted to EUR 294.9 (257.3) million and the fixed rate interest-bearing liabilities EUR 401.9 (402.3) million including the interest rate derivatives. The share of the fixed rate non-current interest-bearing financial liabilities including their current portion was 61 (61) percent and the average fixing period of the interest-bearing financial liabilities was 20 (11) months including the interest rate derivatives. Commodity price risk Derivatives are not used to hedge commodity price risk, except for electricity price risk in Finland and Romania. The Group procures approximately 110 GWh of electricity annually in Finland from the Nordic electricity exchange, resulting in exposure to electricity price fluctuations. To manage this risk, electricity purchases are hedged using derivatives, adhering to the pre-defined hedge ratios outlined in the procurement policy for the next five years. On the reporting date the energy amount of the electricity derivatives amounted to 210 (210) GWh. In Romania, the Group will procure around 200 GWh of electricity annually at the market price. The Group has entered into a virtual power purchase agreement (VPPA) to ensure the supply of zero CO 2 emission energy and to hedge against the local forecast electricity purchase price risk. The VPPA is valid until the end of 2035, with an annual forecast contract volume of around 60 GWh. The ineffective portion of cash flow hedge electricity derivatives for Romania amounted EUR 0.6m in 2025 and was recognized in other operating income . Sensitivity analysis for interest rate risk The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the Group\u2019s profit before tax through the impact on floating rate borrowings and interest rate hedges measured at fair value through profit or loss and the Group\u2019s equity due to changes in the fair value of cash flow hedges. A reasonably possible change is assumed to be a 1 %-point increase or decrease of the market interest rates. A change of a different magnitude can also be estimated fairly accurately because the sensitivity is nearly linear.
Dec 31, 2025
Dec 31, 2024
Interest rate
Interest rate
1%-point higher
1%-point lower
1%-point higher
1%-point lower
Income Income Income Income
EUR million
statement
Equity
statement
Equity
statement
Equity
statement
Equity
Impact of interest rate change
-5.5
5.9
5.5
-5.9
-5.5
8.8
5.5
-8.8
Sensitivity analysis for electricity price risk The following table demonstrates the sensitivity to a reasonably possible change in electricity price, with all other variables held constant, of the Group\u2019s profit before tax and equity due to changes in the fair value of the electricity derivatives. A reasonably possible change is assumed to be a 5 EUR/MWh increase or decrease of the electricity market prices. A change of a different magnitude can also be estimated fairly accurately because the sensitivity is nearly linear.
Dec 31, 2025
Dec 31, 2024
Electricity price
Electricity price
5 EUR/MWh higher
5 EUR/MWh lower
5 EUR/MWh higher
5 EUR/MWh lower
Income Income Income Income
EUR million
statement
Equity
statement
Equity
statement
Equity
statement
Equity
Impact of electricity price change
Electricity forwards. Finland
-
1.4
-
-1.4
-
1.0
-
-1.0
VPPA*, Romania
-
2.3
-
-2.3
-
2.2
-
-2.2
*Virtual Power Purchase Agreement Liquidity and funding risk In accordance with the Group\u2019s treasury policy, Treasury is responsible for maintaining the Group\u2019s liquidity, efficient cash management and sufficient sources of funding. The committed credit limits cover all funding needs, such as outstanding commercial papers, other current loans, working capital changes arising from operative business and investments. The Group has arranged 55 percent of its interest-bearing financial liabilities including credit limits as sustainability-linked arrangements with KPIs related to e.g. Greenhouse Gas (GHG) Scope 1 and 2 emission intensity and Scope 3 emission intensity from product use. Refinancing risk is reduced by split maturity structure of loans and credit limits. Total of EUR 100 million bilateral revolving credit facilities due in 2026 were replaced with bilateral revolving credit facilities of the same amount maturing in 2027 and including extension options of up to two years. A EUR 200 million revolving sustainability-linked credit facility, due in 2028, was extended to 2029 by exercising the last of two one-year extension options. In addition, the Group has a EUR 500 million domestic commercial paper program. The current credit limits and the commercial paper program are used to finance inventories, trade receivables, subsidiaries in distribution chains and thus to control the typical seasonality in the Group\u2019s cash flows. On the reporting date the Group\u2019s liquidity in cash and cash equivalents was EUR 146.9 (176.1) million. At the end of the year the Group\u2019s credit limits available were EUR 764.7 (803.3) million, out of which the committed limits were EUR 304.5 (304.4) million. The available committed non-current credits amounted to EUR 300.0 (300.0) million. The Group\u2019s interest-bearing financial liabilities totaled EUR 696.9 (659.6) million. All the interest-bearing financial liabilities were in EUR. The average interest rate of interest-bearing financial liabilities was 4.0 percent. Current interest-bearing financial liabilities, including the current portion of non- current financial liabilities maturing within the next 12 months, amounted to EUR 52.4 (2.9) million. The Group reports the main financial covenants to creditors quarterly. If the Group does not satisfy the requirements set in financial covenants, creditor may demand accelerated repayment of the credits. In 2025 the Group has met the requirement set in the financial covenant, which is linked to equity ratio which has to be at least at the level of 30 percent. Other covenants are related among others to restrict the disposal of the Group\u2019s major assets and the change of control of Nokian Tyres plc. Management monitors regularly that the covenant requirements are met. Contractual maturities of financial and lease liabilities
2025
Carrying Contractual maturities*
EUR million
amount
2026
2027
2028
2029
2030
2031\u2013
Total
Non-derivative financial liabilities
Loans from financial institutions and pension loans
Fixed rate loans
2.4
-0.6
-0.6
-0.6
-0.5
-0.3
-
-2.5
Floating rate loans
555.1
-32.0
-336.4
-128.7
-29.4
-25.0
-48.1
-599.6
Bond loans
99.6
-5.1
-5.1
-105.1
-
-
-
-115.4
Commercial papers
39.9
-40.0
-
-
-
-
-
-40.0
Trade and other payables
143.6
-143.6
-
-
-
-
-
-143.6
Bank overdraft
-
-
-
-
-
-
-
-
Lease liabilities
114.1
-44.2
-27.1
-19.3
-11.0
-6.7
-17.9
-126.2
Derivative financial liabilities
Interest rate derivatives
Designated as hedges
1.7
-1.3
-0.7
0.1
0.2
0.3
0.4
-1.0
Foreign currency derivatives
Measured at fair value through profit or loss
Cashflow out
2.2
-208.3
-
-
-
-
-
-208.3
Cashflow in
Electricity derivatives
-2.8
208.6
-
-
-
-
-
208.6
Designated as hedges, Finland
0.3
-0.3
-0.1
0.0
0.0
-
-
-0.3
Designated as hedges, Romania
-8.4
1.5
1.5
1.3
1.1
1.0
4.5
10.9
Total
947. 5
-265.1
-368.5
-252.4
-39.6
-30.8
-61.1
-1,017. 5
*The figures are undiscounted and include both the finance charges and the repayments
Contractual maturities of financial and lease liabilities
2024
Carrying Contractual maturities*
EUR million
amount
2025
2026
2027
2028
2029
2030\u2013
Total
Non-derivative financial liabilities
Loans from financial institutions and pension loans
Fixed rate loans
2.9
-0.6
-0.6
-0.6
-0.6
-0.5
-0.3
-3.1
Floating rate loans
555.2
-24.8
-328.9
-131.7
-28.1
-30.5
-74.5
-618.6
Bond loans
99.4
-5.1
-5.1
-5.1
-105.1
0.0
0.0
-120.5
Commercial papers
2.0
-2.0
-
-
-
-
-
-2.0
Trade and other payables
160.6
-160.6
-
-
-
-
-
-160.6
Bank overdraft
0.2
-0.2
-
-
-
-
-
-0.2
Lease liabilities
129.6
-48.5
-35.6
-19.0
-11.5
-6.6
-21.3
-142.5
Derivative financial liabilities
Interest rate derivatives
Designated as hedges
4.0
-0.8
-1.8
-1.0
-0.2
-0.1
-0.1
-4.0
Foreign currency derivatives
Measured at fair value through profit or loss
Cashflow out
1.1
-318.5
-
-
-
-
-
-318.5
Cashflow in
Electricity derivatives
-1.9
318.1
-
-
-
-
-
318.1
Designated as hedges, Finland
1.2
-0.6
-0.5
-0.2
0.0
-
-
-1.3
Designated as hedges, Romania
-6.1
0.5
1.6
1.4
1.0
0.6
2.8
7. 9
Total
948.2
-243.2
-370.9
-156.2
-144.5
-37.2
-93.3
-1,045.3
*The figures are undiscounted and include both the finance charges and the repayments.
Credit risk
Credit risk is a risk that a counterparty will not meet its
obligations under a financial instrument or customer contract,
leading to a financial loss. The Group is exposed to credit risk
in its operating activities, primarily trade receivables, and in
its financing activities, including deposits, foreign exchange
transactions and other financial transactions with banks and
financial institutions.
The credit risk in financial transactions is controlled by doing
business only with banks and financial institutions with good
credit ratings. In investments the Group\u2019s placements are
current and funds are invested only in solid domestic large-cap
or mid-cap listed companies or public institutions which meet
the criteria set by the treasury policy.
The principles of customer credit risk management are
documented in the Group\u2019s credit policy approved by the Board.
The Credit Committee makes all the significant credit decisions.
Customer credit risk is managed by each business area subject
to the Group\u2019s credit policy, procedures, and controls relating
to customer credit risk management. Creditworthiness of a
customer is assessed based on its financial status, payment
history, and country risk. Individual credit limits are defined in
accordance with this assessment and/or in some cases trade
finance instruments, bank guarantees, and specific payment
terms may be in use to mitigate the credit risk. Credits are
limited in countries where political or economic environment
is unstable. Outstanding customer receivables, customers\u2019
creditworthiness, and country risk are regularly monitored.
Payment programs, which customer is committed to, are
agreed upon for past due receivables. There are no customer
or country risk concentrations exceeding 15 percent in trade
receivables, except for an 18 percent share of customers in
Norway and a 17 percent share of customers in the US (none in
2024) on the reporting date.
Aging and impairment of trade receivables
Impairment recognized in trade receivables corresponds
to lifetime expected credit losses for trade receivables. To
measure expected credit losses a simplified provision matrix
is in use and individual assessments are used with customers
bearing an increased credit risk. An impairment analysis is
performed at each reporting date. The maximum exposure to
credit risk at the reporting date is the carrying value of trade
receivables. When measuring expected credit losses, the
Group reviews five-year sales, customer payment behavior,
actual credit losses, current conditions and forecasts of future
economic conditions. Trade receivables are permanently
written-off when the expected income from the receivable
is permanently lost, for example at the end of bankruptcy
proceedings.
The aging and impairment of trade receivables
Dec 31, 2025
Dec 31, 2024
Trade receivables Impairment loss Trade receivables Impairment loss
EUR million gross amount allowance gross amount allowance
Not past due
231.6
-1.0
248.9
-1.1
Past due less than 30 days
14.3
-0.3
19.6
-0.4
Past due between 30 and 90 days
5.6
-0.3
2.6
-0.1
Past due between 91 and 180 days
1.5
-0.2
1.2
-0.2
Past due more than 180 days
32.1
-30.2
41.2
-37.6
Total
285.0
-32.0
313.4
-39.5
Changes in the impairment loss allowance for trade receivables
EUR million
2025
2024
Loss allowance, Jan 1
39.5
43.3
Write-offs
-8.1
-3.3
Other changes
0.9
-0.6
Change in loss allowance recognized in profit or loss
-0.3
-
Loss allowance, Dec 31
32.0
39.5
Capital management
The Group\u2019s objectives of managing capital are to maximize
the shareholder value and to secure the Group\u2019s access to
capital markets at all times despite of the seasonal nature of
the business. To maintain or adjust the capital structure, the
Group may adjust dividend payment to shareholders or return
capital to shareholders or issue new shares. Capital structure is
monitored by net debt to EBITDA ratio and equity ratio. Equity
ratio has to be at least at the level of 30 percent in accordance
with the financial covenant. Equity ratio is calculated as a ratio
of total equity to total assets excluding advances received.
Net debt / EBITDA
EUR million
2025
2024
Average interest-bearing liabilities
940.7
801.3
Less: Average liquid funds
111.3
198.8
Average net debt
829.4
602.5
Operating profit
35.8
1.8
Add: Depreciations, amortizations and
impairments
142.2
124.2
EBITDA
178.1
126.0
Average net debt / EBITDA
4.66
4.78
Equity ratio
EUR million
2025
2024
Equity attributable to equity
holders of the parent
1,164.2
1,272.4
Add: Non-controlling interest
-
-
Total equity
1,164.2
1,272.4
Total assets
2,313.8
2,423.7
Less: Advances received
0.0
0.0
Adjusted total assets
2,313.7
2,423.7
Equity ratio
50.3%
52.5%
30. Fair values of derivative financial instruments Accounting policies Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its interest rate, foreign currency, and commodity price risk exposures. Derivatives are recognized initially at fair value and subsequently measured at fair value. Publicly quoted market prices and rates as well as the generally used measurement models are used to define the fair value of derivatives. The data and assumptions used in the measurement models are based on verifiable market prices and values. Fair value changes of derivatives are recognized in profit or loss unless the derivative is part of a hedging relationship when fair value changes are recognized according to the hedge accounting standards for hedging relationships. In general, hedge accounting is not applied to the derivatives used to hedge cash flows from the Group\u2019s business operations in foreign currencies. Hedge accounting can be used to reduce the volatility in the income statement caused by the items measured at fair value through profit or loss. Hedge accounting eliminates the accounting asymmetry between the hedging instrument and the hedged item as it enables the aforesaid to affect the income statement simultaneously. The Group may designate derivative financial instruments as hedging instruments to hedge the variability in cash flows that is attributable to changes in foreign exchange rates, interest rates, and commodity prices. In addition, the Group may, if necessary, designate derivative financial instruments and other financial instruments as hedging instruments in hedges of foreign exchange risk on a net investment in a foreign operation. At the inception of hedge accounting for a hedging relationship, the Group designates and documents the hedging relationship and the risk management objective and strategy for undertaking the hedge. The documentation includes an assessment whether the hedge effectiveness requirements are met in the hedging relationship. The Group aims to use hedging instruments that create no ineffective portion. Cash flow hedges In cash flow hedges, the effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the cash flow hedge reserve is reclassified to profit or loss as the hedged item affects profit or loss. The Group may apply hedge accounting to interest rate swaps by which floating rate borrowings have been converted into fixed rate borrowings and interest rate and currency swaps where foreign currency floating rate loan receivables have been converted into functional currency floating rate loan receivables. The gains or losses related to both the effective and ineffective portion of the hedge are presented in income statement within financial items. The price risk of the Group\u2019s forecast electricity purchases in Finland is hedged with electricity derivatives to which hedge accounting is applied. The Group may separately hedge the two components of electricity price risk, system price, and area price difference, or a combination of these components. In Romania, the Group has entered into a virtual power purchase agreement (VPPA) to ensure the supply of zero CO 2 emission energy and to hedge against the local forecast electricity purchase price risk. These contracts result in the recognition of derivatives, as there is no physical delivery of electricity, and they are also subject to hedge accounting. The gain or loss related to the effective portion of the hedges is presented in income statement within the cost of sales. The ineffective portion is recognised in income statement within other operating income or expenses. Hedge of a net investment in a foreign operation Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. The effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the translation reserve is reclassified to profit or loss on the disposal or partial disposal of the foreign operation. The Group does not currently have hedges of a net investment in a foreign operation.
2025
2024
Notional Fair value Fair value Notional Fair value Fair value
EUR million amount assets liabilities amount assets liabilities
Derivatives measured at fair value through profit or loss
Foreign currency derivatives
Currency forwards
208.3
2.8
2.1
318.6
1.8
1.0
Currency options, purchased
10.7
0.0
-
10.9
0.1
-
Currency options, written
15.6
-
0.1
29.4
-
0.1
Derivatives designated as cash flow hedges
Interest rate derivatives
Interest rate swaps
300.0
1.4
3.1
300.0
7.8
11.8
Electricity derivatives
Electricity forwards, Finland
9.1
0.1
0.4
9.0
0.1
1.3
VPPA*, Romania
35.6
8.4
-
36.4
6.1
-
*Virtual Power Purchase Agreement
Derivatives are maturing within the next 12 months excluding the interest rate swaps and electricity forwards.
The fair value of forward exchange contracts is measured using the forward rates on the reporting date. The fair value of currency
options is calculated using an option valuation model.
The fair values of interest rate derivatives are determined as the present value of the future cash flows based on market interest rates
on the reporting date.
The fair value of electricity derivatives is based on quoted market prices in active markets on the reporting date .
31. Financial instruments designated as hedging instruments Cash flow hedges Financial instruments designated as hedging instruments
2025
Maturity
2026
2027
2028
2029
2030
2031\u2013
Total
Interest rate swaps
Hedged item: Floating rate EUR debt
Notional amount, EUR million
50.0
100.0
150.0
300.0
Average fixed rate
2.8%
3.1%
2.4%
2.7%
Electricity forwards, Finland
Hedged item: Electricity system price
Notional amount, EUR million
3.7
2.9
1.4
0.7
8.6
Notional amount, GWh
88
70
35
18
210
Average forward rate, e/MWh
41.8
40.9
39.9
40.3
41.1
Hedged item: Electricity Finnish
area price difference
Notional amount, EUR million
0.2
0.1
0.1
0.1
0.4
Notional amount, GWh
59
53
26
18
155
Average forward rate, e/MWh
2.8
2.1
2.9
3.5
2.7
VPPA*, Romania
Hedged item: Electricity spot price
Forecast notional amount, EUR million
3.1
3.6
3.6
3.6
3.6
18.1
35.6
Forecast notional amount, GWh
52
62
62
62
62
309
609
Average forward rate, e/MWh
58.5
58.5
58.5
58.5
58.5
58.5
58.5
*Virtual Power Purchase Agreement
2024
Maturity
2025
2026
2027
2028
2029
2030\u2013
Tota l
Interest rate swaps
Hedged item: Floating rate EUR debt
Notional amount, EUR million
50.0
100.0
150.0
300.0
Average fixed rate
2.8%
3.1%
2.4%
2.7%
Electricity forwards
Hedged item: Electricity system price
Notional amount, EUR million
3.5
3.0
1.8
0.7
9.1
Notional amount, GWh
79
70
44
18
210
Average forward rate, e/MWh
44.1
42.8
42.2
41.2
43.0
Hedged item: Electricity Finnish
area price difference
Notional amount, EUR million
0.0
0.0
Notional amount, GWh
18
18
Average forward rate, e/MWh
-1.3
-1.3
VPPA*, Romania
Hedged item: Electricity spot price
Forecast notional amount, EUR million
0.7
3.1
3.6
3.6
3.6
21.7
36.4
Forecast notional amount, GWh
13
52
62
62
62
371
621
Average forward rate, e/MWh
58.5
58.5
58.5
58.5
58.5
58.5
58.5
*Virtual Power Purchase Agreemen
Effect of hedging instruments on the statement of financial position and statement of comprehensive income
2025
Interest rate Electricity
derivatives derivatives
Interest rate Electricity
EUR million swaps
forwards, Finland
VPPA*, Romania
Notional amount
300.0
9.1
35.6
Notional amount, GWh
-
366
609
Assets
Carrying amount
1.4
0.1
8.4
Line item in the statement of financial Trade and other Trade and other Trade and other
position receivables receivables receivables
Liabilities
Carrying amount
3.1
0.4
-
Line item in the statement of financial Trade and other Trade and other Trade and other
position payables payables payables
Change in value for recognizing hedge
ineffectiveness
Hedged item
-1.9
-0.6
-2.4
Hedging instrument
1.9
0.6
2.4
Effective portion
Amount recognized in other
comprehensive income
1.9
0.6
1.8
Amount reclassified from the cash flow
hedge reserve to profit or loss
1.0
0.3
-
Line item in the income statement
Financial items
Cost of sales
Cost of sales
Ineffective portion
Amount recognized in profit or loss
-
-
0.6
Other operating Other operating
income or income or
Line item in the income statement
Financial items
expenses expenses
*Virtual Power Purchase Agreement
2024
Interest rate Electricity
derivatives derivatives
Interest rate Electricity
EUR million swaps
forwards, Finland
VPPA*, Romania
Notional amount
300.0
9.0
36.4
Notional amount, GWh
-
228
621
Assets
Carrying amount
7.8
0.1
6.1
Line item in the statement of financial Trade and other Trade and other Trade and other
position receivables receivables receivables
Liabilities
Carrying amount
11.8
1.3
-
Line item in the statement of financial Trade and other Trade and other Trade and other
position payables payables payables
Change in value for recognizing hedge
ineffectiveness
Hedged item
3.5
3.0
-6.1
Hedging instrument
-3.5
-3.0
6.1
Effective portion
Amount recognized in other
comprehensive income
-3.5
-3.0
6.1
Amount reclassified from the cash flow
hedge reserve to profit or loss
-2.0
1.0
-
Line item in the income statement
Financial items
Cost of sales
Cost of sales
Ineffective portion
Amount recognized in profit or loss
-
-
0.0
Other operating Other operating
income or income or
Line item in the income statement
Financial items
expenses expenses
*Virtual Power Purchase Agreement
Effect of hedging instruments on equity
EUR million
2025
2024
Cash flow hedge reserve, Jan 1
0.8
1.6
Cash flow hedges
Change in fair value recognized in other
comprehensive income
Interest rate swaps
1.9
-3.5
Electricity forwards, Finland
0.6
-3.0
VPPA*, Romania
1.8
6.1
Amount reclassified to profit or loss
Interest rate swaps
1.0
-2.0
Electricity forwards, Finland
0.3
1.0
VPPA*, Romania
-
-
Tax effect
-1.0
0.5
Cash flow hedge reserve, Dec 31
5.3
0.8
*Virtual Power Purchase Agreement
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "16. Carrying amounts and fair values of financial assets and liabilities Accounting policies Financial assets and liabilities Classification of financial instruments When recognizing a financial asset in its statement of financial position, the Group classifies it into one of the following measurement categories: \u2022 Amortized cost \u2022 Fair value through other comprehensive income \u2022 Fair value through profit or loss. These categories apply to subsequent measurement and profit or loss recognition. The classification is based on the business model for managing the asset and the contractual cash flow characteristics of the asset. A financial asset is classified as subsequently measured at amortized cost when the objective is to hold financial assets to collect contractual cash flows that are payments of principal and interest on the principal amount outstanding. In the Group, in principle this measurement category includes trade receivables, loan receivables, and cash and cash equivalents, including liquid short-term investments in money market instruments. A debt instrument in the financial assets is classified as subsequently measured at fair value through other comprehensive income when the objective is to both hold the financial assets to collect contractual cash flows that are payments of principal and interest on the principal amount outstanding and sell the financial assets. If there are business objectives for the holding of a financial asset other than the foresaid, it is classified as subsequently measured at fair value through profit or loss. The Group\u2019s derivative assets are included in this category. However, when recognizing an investment in an equity instrument in its statement of financial position, the Group may make an irrevocable election to present subsequent changes in fair value in other comprehensive income. The election is made on an instrument-by-instrument basis. The Group typically designates investments in quoted and unquoted shares that are not held for trading as at fair value through other comprehensive income. The measurement category of a financial liability is either at amortized cost or at fair value through profit or loss. A financial liability is classified as at fair value through profit or loss if it is held-for-trading, is a derivative, or is specifically designated as such. Other financial liabilities are subsequently measured at amortized cost. The financial liabilities of the Group are classified as measured at amortized cost except for derivative liabilities. Measurement of financial instruments At initial recognition, all financial assets and liabilities are measured at fair value taking into account any transaction costs, and in the statement of financial position, they are included in current or non-current assets or liabilities depending on the maturity of the item. Financial assets and financial liabilities are subsequently measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss in accordance with the measurement category of the item. Impairment of financial assets At each reporting date, the Group recognizes a loss allowance for expected credit losses on a financial asset that is not measured at fair value through profit or loss. When measuring the expected credit losses, the Group reviews the actual credit losses, current conditions, and forecasts of the future economic conditions. For trade receivables, the Group follows the simplified approach whereby the impairment recognized in trade receivables corresponds to the lifetime expected credit losses for trade receivables 21. Trade and other receivables Accounting policies Revenue recognition Trade receivables have been recorded on the balance sheet according to the originally invoiced amount, and items in other currencies have been recognized at the closing rate reported by the European Central Bank. Trade receivables will change if the receivables are booked as a credit loss. There are three types of credit loss provisions: group-level IFRS 9, local, and statutory credit loss provision. Revenue from contracts with customers is reported under net sales, and credit losses are reported separately from net sales under other business expenses 22. Cash and cash equivalents Accounting policies Cash and cash equivalents Cash and cash equivalents include cash on hand and other current investments, such as commercial papers and bank deposits. Accounting policies Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its interest rate, foreign currency, and commodity price risk exposures. Derivatives are recognized initially at fair value and subsequently measured at fair value. Publicly quoted market prices and rates as well as the generally used measurement models are used to define the fair value of derivatives. The data and assumptions used in the measurement models are based on verifiable market prices and values. Fair value changes of derivatives are recognized in profit or loss unless the derivative is part of a hedging relationship when fair value changes are recognized according to the hedge accounting standards for hedging relationships. In general, hedge accounting is not applied to the derivatives used to hedge cash flows from the Group\u2019s business operations in foreign currencies. Hedge accounting can be used to reduce the volatility in the income statement caused by the items measured at fair value through profit or loss. Hedge accounting eliminates the accounting asymmetry between the hedging instrument and the hedged item as it enables the aforesaid to affect the income statement simultaneously. The Group may designate derivative financial instruments as hedging instruments to hedge the variability in cash flows that is attributable to changes in foreign exchange rates, interest rates, and commodity prices. In addition, the Group may, if necessary, designate derivative financial instruments and other financial instruments as hedging instruments in hedges of foreign exchange risk on a net investment in a foreign operation. At the inception of hedge accounting for a hedging relationship, the Group designates and documents the hedging relationship and the risk management objective and strategy for undertaking the hedge. The documentation includes an assessment whether the hedge effectiveness requirements are met in the hedging relationship. The Group aims to use hedging instruments that create no ineffective portion. Cash flow hedges In cash flow hedges, the effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the cash flow hedge reserve is reclassified to profit or loss as the hedged item affects profit or loss. The Group may apply hedge accounting to interest rate swaps by which floating rate borrowings have been converted into fixed rate borrowings and interest rate and currency swaps where foreign currency floating rate loan receivables have been converted into functional currency floating rate loan receivables. The gains or losses related to both the effective and ineffective portion of the hedge are presented in income statement within financial items. The price risk of the Group\u2019s forecast electricity purchases in Finland is hedged with electricity derivatives to which hedge accounting is applied. The Group may separately hedge the two components of electricity price risk, system price, and area price difference, or a combination of these components. In Romania, the Group has entered into a virtual power purchase agreement (VPPA) to ensure the supply of zero CO 2 emission energy and to hedge against the local forecast electricity purchase price risk. These contracts result in the recognition of derivatives, as there is no physical delivery of electricity, and they are also subject to hedge accounting. The gain or loss related to the effective portion of the hedges is presented in income statement within the cost of sales. The ineffective portion is recognised in income statement within other operating income or expenses. Hedge of a net investment in a foreign operation Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. The effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the translation reserve is reclassified to profit or loss on the disposal or partial disposal of the foreign operation. The Group does not currently have hedges of a net investment in a foreign operation", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "
Accounting policies
Financial assets and liabilities
Classification of financial instruments
When recognizing a financial asset in its statement of
financial position, the Group classifies it into one of the
following measurement categories:
\u2022 Amortized cost
\u2022 Fair value through other comprehensive income
\u2022 Fair value through profit or loss.
These categories apply to subsequent measurement and
profit or loss recognition. The classification is based on the
business model for managing the asset and the contractual
cash flow characteristics of the asset.
A financial asset is classified as subsequently measured at
amortized cost when the objective is to hold financial assets
to collect contractual cash flows that are payments of
principal and interest on the principal amount outstanding. In
the Group, in principle this measurement category includes
trade receivables, loan receivables, and cash and cash
equivalents, including liquid short-term investments in money
market instruments.
A debt instrument in the financial assets is classified
as subsequently measured at fair value through other
comprehensive income when the objective is to both hold
the financial assets to collect contractual cash flows that are
payments of principal and interest on the principal amount
outstanding and sell the financial assets.
If there are business objectives for the holding of a financial
asset other than the foresaid, it is classified as subsequently
measured at fair value through profit or loss. The Group\u2019s
derivative assets are included in this category. However,
when recognizing an investment in an equity instrument in
its statement of financial position, the Group may make an
irrevocable election to present subsequent changes in fair
value in other comprehensive income. The election is made
on an instrument-by-instrument basis. The Group typically
designates investments in quoted and unquoted shares
that are not held for trading as at fair value through other
comprehensive income.
Impairment of financial assets At each reporting date, the Group recognizes a loss allowance for expected credit losses on a financial asset that is not measured at fair value through profit or loss. When measuring the expected credit losses, the Group reviews the actual credit losses, current conditions, and forecasts of the future economic conditions. For trade receivables, the Group follows the simplified approach whereby the impairment recognized in trade receivables corresponds to the lifetime expected credit losses for trade receivables Accounting policies Revenue recognition Trade receivables have been recorded on the balance sheet according to the originally invoiced amount, and items in other currencies have been recognized at the closing rate reported by the European Central Bank. Trade receivables will change if the receivables are booked as a credit loss. There are three types of credit loss provisions: group-level IFRS 9, local, and statutory credit loss provision. Revenue from contracts with customers is reported under net sales, and credit losses are reported separately from net sales under other business expenses Accounting policies Cash and cash equivalents Cash and cash equivalents include cash on hand and other current investments, such as commercial papers and bank deposits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "Classification of financial instruments When recognizing a financial asset in its statement of financial position, the Group classifies it into one of the following measurement categories: \u2022 Amortized cost \u2022 Fair value through other comprehensive income \u2022 Fair value through profit or loss. These categories apply to subsequent measurement and profit or loss recognition. The classification is based on the business model for managing the asset and the contractual cash flow characteristics of the asset. A financial asset is classified as subsequently measured at amortized cost when the objective is to hold financial assets to collect contractual cash flows that are payments of principal and interest on the principal amount outstanding. In the Group, in principle this measurement category includes trade receivables, loan receivables, and cash and cash equivalents, including liquid short-term investments in money market instruments. A debt instrument in the financial assets is classified as subsequently measured at fair value through other comprehensive income when the objective is to both hold the financial assets to collect contractual cash flows that are payments of principal and interest on the principal amount outstanding and sell the financial assets. If there are business objectives for the holding of a financial asset other than the foresaid, it is classified as subsequently measured at fair value through profit or loss. The Group\u2019s derivative assets are included in this category. However, when recognizing an investment in an equity instrument in its statement of financial position, the Group may make an irrevocable election to present subsequent changes in fair value in other comprehensive income. The election is made on an instrument-by-instrument basis. The Group typically designates investments in quoted and unquoted shares that are not held for trading as at fair value through other comprehensive income.
2025
2024
Carrying Fair value Carrying Fair value
EUR million
Note
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
Financial assets
Fair value through profit or loss
Derivatives held for trading
30
2.8
-
2.8
-
1.9
-
1.9
-
Derivatives designated as hedges
30
9.9
-
9.9
-
14.1
-
14.1
-
Unquoted securities
17
2.5
-
-
2.5
2.9
-
-
2.9
Amortized cost
Trade and other receivables
21
253.3
-
253.3
-
276.3
-
276.3
-
Money market instruments
22
-
-
-
-
-
-
-
-
Cash in hand and at bank
22
146.9
-
146.9
-
176.1
-
176.1
-
Fair value through other comprehensive income
Unquoted shares
17
0.2
-
-
0.2
0.2
-
-
0.2
Total financial assets
415.7
-
412.9
2.8
471.5
-
468.4
3.1
Financial liabilities
Fair value through profit or loss
Derivatives held for trading
30
2.2
-
2.2
-
1.1
-
1.1
-
Derivatives designated as hedges
30
3.5
-
3.5
-
13.2
-
13.2
Amortized cost
Interest-bearing financial liabilities
27
696.9
-
705.4
-
659.6
-
676.8
-
Trade and other payables
28
143.6
-
143.6
-
160.6
-
160.6
-
Total financial liabilities
846.1
-
854.7
-
834.6
-
851.7
-
The carrying amount of financial assets corresponds to the maximum exposure to the credit risk on the reporting date. See note 29 for the impairments in respect of trade receivables. Other financial assets measured at amortized cost and fair value through other comprehensive income are not subject to material impairment. Fair value measurements have been classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety shall be determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. All items measured at fair value through profit or loss excluding unquoted securities have been classified to Level 2 in the fair value hierarchy and items include Group\u2019s derivative financial instruments. To establish the fair value of these instruments the Group uses generally accepted valuation models with inputs based on observable market data. Level 3 includes unquoted securities measured at fair value through profit or loss, and unquoted shares measured at fair value through other comprehensive income since cost is assessed to represent the fair value Financial assets and liabilities not measured at fair value but for which the fair value can be measured are categorised in Level 2 in the fair value hierarchy. Level 2 includes financial assets and financial liabilities measured at amortized cost. Their fair values are based on the future cash flows that are discounted with market interest rates on the reporting date. There were no transfers between different levels during the financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "If there are business objectives for the holding of a financial asset other than the foresaid, it is classified as subsequently measured at fair value through profit or loss. The Group\u2019s derivative assets are included in this category. However, when recognizing an investment in an equity instrument in its statement of financial position, the Group may make an irrevocable election to present subsequent changes in fair value in other comprehensive income. The election is made on an instrument-by-instrument basis. The Group typically designates investments in quoted and unquoted shares that are not held for trading as at fair value through other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "The measurement category of a financial liability is either at amortized cost or at fair value through profit or loss. A financial liability is classified as at fair value through profit or loss if it is held-for-trading, is a derivative, or is specifically designated as such. Other financial liabilities are subsequently measured at amortized cost. The financial liabilities of the Group are classified as measured at amortized cost except for derivative liabilities", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "Impairment of financial assets At each reporting date, the Group recognizes a loss allowance for expected credit losses on a financial asset that is not measured at fair value through profit or loss. When measuring the expected credit losses, the Group reviews the actual credit losses, current conditions, and forecasts of the future economic conditions. For trade receivables, the Group follows the simplified approach whereby the impairment recognized in trade receivables corresponds to the lifetime expected credit losses for trade receivables . Aging and impairment of trade receivables Impairment recognized in trade receivables corresponds to lifetime expected credit losses for trade receivables. To measure expected credit losses a simplified provision matrix is in use and individual assessments are used with customers bearing an increased credit risk. An impairment analysis is performed at each reporting date. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables. When measuring expected credit losses, the Group reviews five-year sales, customer payment behavior, actual credit losses, current conditions and forecasts of future economic conditions. Trade receivables are permanently written-off when the expected income from the receivable is permanently lost, for example at the end of bankruptcy proceedings. The aging and impairment of trade receivables
Dec 31, 2025
Dec 31, 2024
Trade receivables Impairment loss Trade receivables Impairment loss
EUR million gross amount allowance gross amount allowance
Not past due
231.6
-1.0
248.9
-1.1
Past due less than 30 days
14.3
-0.3
19.6
-0.4
Past due between 30 and 90 days
5.6
-0.3
2.6
-0.1
Past due between 91 and 180 days
1.5
-0.2
1.2
-0.2
Past due more than 180 days
32.1
-30.2
41.2
-37.6
Total
285.0
-32.0
313.4
-39.5
Changes in the impairment loss allowance for trade receivables
EUR million
2025
2024
Loss allowance, Jan 1
39.5
43.3
Write-offs
-8.1
-3.3
Other changes
0.9
-0.6
Change in loss allowance recognized in profit or loss
-0.3
-
Loss allowance, Dec 31
32.0
39.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "Impairment of financial assets At each reporting date, the Group recognizes a loss allowance for expected credit losses on a financial asset that is not measured at fair value through profit or loss. When measuring the expected credit losses, the Group reviews the actual credit losses, current conditions, and forecasts of the future economic conditions. For trade receivables, the Group follows the simplified approach whereby the impairment recognized in trade receivables corresponds to the lifetime expected credit losses for trade receivables ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
2025
2024
Carrying Fair value Carrying Fair value
EUR million
Note
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
Financial assets
Fair value through profit or loss
Derivatives held for trading
30
2.8
-
2.8
-
1.9
-
1.9
-
Derivatives designated as hedges
30
9.9
-
9.9
-
14.1
-
14.1
-
Unquoted securities
17
2.5
-
-
2.5
2.9
-
-
2.9
Amortized cost
Trade and other receivables
21
253.3
-
253.3
-
276.3
-
276.3
-
Money market instruments
22
-
-
-
-
-
-
-
-
Cash in hand and at bank
22
146.9
-
146.9
-
176.1
-
176.1
-
Fair value through other comprehensive income
Unquoted shares
17
0.2
-
-
0.2
0.2
-
-
0.2
Total financial assets
415.7
-
412.9
2.8
471.5
-
468.4
3.1
Financial liabilities
Fair value through profit or loss
Derivatives held for trading
30
2.2
-
2.2
-
1.1
-
1.1
-
Derivatives designated as hedges
30
3.5
-
3.5
-
13.2
-
13.2
Amortized cost
Interest-bearing financial liabilities
27
696.9
-
705.4
-
659.6
-
676.8
-
Trade and other payables
28
143.6
-
143.6
-
160.6
-
160.6
-
Total financial liabilities
846.1
-
854.7
-
834.6
-
851.7
-
The carrying amount of financial assets corresponds to the maximum exposure to the credit risk on the reporting date.
See note 29 for the impairments in respect of trade receivables. Other financial assets measured at amortized cost and fair value
through other comprehensive income are not subject to material impairment.
Fair value measurements have been classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety shall be determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. All items measured at fair value through profit or loss excluding unquoted securities have been classified to Level 2 in the fair value hierarchy and items include Group\u2019s derivative financial instruments. To establish the fair value of these instruments the Group uses generally accepted valuation models with inputs based on observable market data. Level 3 includes unquoted securities measured at fair value through profit or loss, and unquoted shares measured at fair value through other comprehensive income since cost is assessed to represent the fair value . Financial assets and liabilities not measured at fair value but for which the fair value can be measured are categorised in Level 2 in the fair value hierarchy. Level 2 includes financial assets and financial liabilities measured at amortized cost. Their fair values are based on the future cash flows that are discounted with market interest rates on the reporting date. There were no transfers between different levels during the financial year.
2025
2024
Notional Fair value Fair value Notional Fair value Fair value
EUR million amount assets liabilities amount assets liabilities
Derivatives measured at fair value through profit or loss
Foreign currency derivatives
Currency forwards
208.3
2.8
2.1
318.6
1.8
1.0
Currency options, purchased
10.7
0.0
-
10.9
0.1
-
Currency options, written
15.6
-
0.1
29.4
-
0.1
Derivatives designated as cash flow hedges
Interest rate derivatives
Interest rate swaps
300.0
1.4
3.1
300.0
7.8
11.8
Electricity derivatives
Electricity forwards, Finland
9.1
0.1
0.4
9.0
0.1
1.3
VPPA*, Romania
35.6
8.4
-
36.4
6.1
-
*Virtual Power Purchase Agreement
Derivatives are maturing within the next 12 months excluding the interest rate swaps and electricity forwards. The fair value of forward exchange contracts is measured using the forward rates on the reporting date. The fair value of currency options is calculated using an option valuation model. The fair values of interest rate derivatives are determined as the present value of the future cash flows based on market interest rates on the reporting date. The fair value of electricity derivatives is based on quoted market prices in active markets on the reporting date . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
2025
2024
Carrying Fair value Carrying Fair value
EUR million
Note
amount
Level 1
Level 2
Level 3
amount
Level 1
Level 2
Level 3
Financial assets
Fair value through profit or loss
Derivatives held for trading
30
2.8
-
2.8
-
1.9
-
1.9
-
Derivatives designated as hedges
30
9.9
-
9.9
-
14.1
-
14.1
-
Unquoted securities
17
2.5
-
-
2.5
2.9
-
-
2.9
Amortized cost
Trade and other receivables
21
253.3
-
253.3
-
276.3
-
276.3
-
Money market instruments
22
-
-
-
-
-
-
-
-
Cash in hand and at bank
22
146.9
-
146.9
-
176.1
-
176.1
-
Fair value through other comprehensive income
Unquoted shares
17
0.2
-
-
0.2
0.2
-
-
0.2
Total financial assets
415.7
-
412.9
2.8
471.5
-
468.4
3.1
Financial liabilities
Fair value through profit or loss
Derivatives held for trading
30
2.2
-
2.2
-
1.1
-
1.1
-
Derivatives designated as hedges
30
3.5
-
3.5
-
13.2
-
13.2
Amortized cost
Interest-bearing financial liabilities
27
696.9
-
705.4
-
659.6
-
676.8
-
Trade and other payables
28
143.6
-
143.6
-
160.6
-
160.6
-
Total financial liabilities
846.1
-
854.7
-
834.6
-
851.7
-
The carrying amount of financial assets corresponds to the maximum exposure to the credit risk on the reporting date. See note 29 for the impairments in respect of trade receivables. Other financial assets measured at amortized cost and fair value through other comprehensive income are not subject to material impairment. Fair value measurements have been classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety shall be determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. All items measured at fair value through profit or loss excluding unquoted securities have been classified to Level 2 in the fair value hierarchy and items include Group\u2019s derivative financial instruments. To establish the fair value of these instruments the Group uses generally accepted valuation models with inputs based on observable market data. Level 3 includes unquoted securities measured at fair value through profit or loss, and unquoted shares measured at fair value through other comprehensive income since cost is assessed to represent the fair value Financial assets and liabilities not measured at fair value but for which the fair value can be measured are categorised in Level 2 in the fair value hierarchy. Level 2 includes financial assets and financial liabilities measured at amortized cost. Their fair values are based on the future cash flows that are discounted with market interest rates on the reporting date. There were no transfers between different levels during the financial year
2025
2024
Notional Fair value Fair value Notional Fair value Fair value
EUR million amount assets liabilities amount assets liabilities
Derivatives measured at fair value through profit or loss
Foreign currency derivatives
Currency forwards
208.3
2.8
2.1
318.6
1.8
1.0
Currency options, purchased
10.7
0.0
-
10.9
0.1
-
Currency options, written
15.6
-
0.1
29.4
-
0.1
Derivatives designated as cash flow hedges
Interest rate derivatives
Interest rate swaps
300.0
1.4
3.1
300.0
7.8
11.8
Electricity derivatives
Electricity forwards, Finland
9.1
0.1
0.4
9.0
0.1
1.3
VPPA*, Romania
35.6
8.4
-
36.4
6.1
-
*Virtual Power Purchase Agreement
Derivatives are maturing within the next 12 months excluding the interest rate swaps and electricity forwards. The fair value of forward exchange contracts is measured using the forward rates on the reporting date. The fair value of currency options is calculated using an option valuation model. The fair values of interest rate derivatives are determined as the present value of the future cash flows based on market interest rates on the reporting date. The fair value of electricity derivatives is based on quoted market prices in active markets on the reporting date ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "The carrying amount of financial assets corresponds to the maximum exposure to the credit risk on the reporting date. See note 29 for the impairments in respect of trade receivables. Other financial assets measured at amortized cost and fair value through other comprehensive income are not subject to material impairment. Fair value measurements have been classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety shall be determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. All items measured at fair value through profit or loss excluding unquoted securities have been classified to Level 2 in the fair value hierarchy and items include Group\u2019s derivative financial instruments. To establish the fair value of these instruments the Group uses generally accepted valuation models with inputs based on observable market data. Level 3 includes unquoted securities measured at fair value through profit or loss, and unquoted shares measured at fair value through other comprehensive income since cost is assessed to represent the fair value ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "18. Other non-current receivables
EUR million
2025
2024
Other non-current receivables
27.4
21.0
Total
27.4
21.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "18. Other non-current receivables
EUR million
2025
2024
Other non-current receivables
27.4
21.0
Total
27.4
21.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "19. Deferred tax assets and liabilities
Accounting policies
Deferred taxes
Deferred taxes are calculated on temporary differences
between the carrying value and tax value of assets
and liabilities. Deferred taxes are calculated using the
statutory tax rates enacted or substantively enacted by
the balance sheet date. The most significant temporary
differences arise from differences in depreciation of
intangible and tangible assets, fair value measurement
of financial assets and hedging instruments, internal
inventory margins, provisions, and unused tax losses.
Deferred tax assets arising from temporary differences
are recognized only to the extent that it is probable they
can be utilized against future taxable income during their
validity period.
Management judgment is required to determine the
amount of deferred tax assets in relation to the timing of
loss utilization and the level of forecasted future taxable
profits. Nokian Tyres has recognized deferred tax assets
and liabilities in its financial statements, which, based on
management\u2019s assessment, are expected to be realized
and recognized in future profit or loss.
Nokian Tyres is subject to Pillar 2 regulations. The Group
applies the mandatory temporary exception under IAS 12
related to deferred taxes and does not report deferred
taxes arising from Pillar 2. The Group has assessed the
impact of Pillar 2 legislation on its taxes based on the
financial data of its group entities for the year 2025.
Based on the assessment, the Group determines that it is
not subject to Pillar Two \u201ctop-up\u201d taxes .
Recognized in other
Dec 31, Adjustments Recognized in comprehensive Net exchange Dec 31,
EUR million 2024 between items income statement income differences 2025
Deferred tax assets
Inventories
10.6
-1.4
9.2
Property, plant and equipment and
intangible assets
5.9
11.1
17.0
Lease liabilities
27.9
-2.9
-0.6
24.3
Provisions and accruals
4.2
0.5
4.7
Tax losses carried forward
28.3
4.0
32.3
Cash flow hedges
1.1
0.1
-0.7
0.5
Other items
9.0
-8.9
0.1
Total
87.1
0.0
2.4
-0.7
-0.6
88.2
Deferred tax assets offset against
deferred tax liabilities
-32.3
4.5
-27.7
Deferred tax assets
54.8
0.0
6.9
-0.7
-0.6
60.4
Deferred tax liabilities
Property, plant and equipment and
intangible assets
7.4
-1.9
5.5
Right of use assets
26.8
-4.3
0.7
23.2
Untaxed reserves
0.6
0.0
0.6
Cash flow hedges
1.0
0.0
0.4
1.4
Other items
0.2
-0.1
0.0
Total
36.0
0.0
-6.4
0.4
0.7
30.8
Deferred tax liabilities offset against
deferred tax assets
-32.3
4.5
-27.7
Deferred tax liabilities
3.7
0.0
-1.8
0.4
0.7
3.0
Recognized in other
Dec 31, Adjustments Recognized in comprehensive Net exchange Dec 31,
EUR million 2023 between items income statement income differences 2024
Deferred tax assets
Inventories
9.3
1.3
10.6
Property, plant and equipment and
intangible assets
1.8
4.1
5.9
Lease liabilities
28.5
-0.8
0.2
27.9
Provisions and accruals
-0.7
0.3
4.6
4.2
Tax losses carried forward
33.5
0.6
-5.8
28.3
Cash flow hedges
0.0
-
1.1
1.1
Other items
0.1
0.3
8.6
9.0
Total
72.6
1.2
12.0
1.1
0.2
87.1
Deferred tax assets offset against
deferred tax liabilities
-17.6
-14.6
-32.3
Deferred tax assets
55.0
1.2
-2.6
1.1
0.2
54.8
Deferred tax liabilities
Property, plant and equipment and
intangible assets
14.9
0.5
-8.0
7.4
Right of use assets
27.4
-0.4
-0.2
26.8
Untaxed reserves
0.0
0.6
0.6
Cash flow hedges
0.4
-
0.5
1.0
Other items
1.7
-0.4
-1.1
0.2
Total
44.3
0.1
-8.8
0.5
-0.2
36.0
Deferred tax liabilities offset against
deferred tax assets
-17.6
-14.6
-32.3
Deferred tax liabilities
26.7
0.1
-23.4
0.5
-0.2
3.7
Deferred tax assets and liabilities are offset when there is a
legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income taxes relate
to the same fiscal authority.
On December 31, 2025, the Group had carry forward losses for
EUR 109.1 (140.8) million, on which a deferred tax asset has been
recognised. EUR 2.3 (0.0) million of these carry forward losses
will expire during years 2026\u20132030 and EUR 104.8 (134.2) million
will expire during years 2031\u20132035 and EUR 2.0 (6.5) million will
not expire.
The Group also had carry forward losses for EUR 2.2 (2.1) million,
on which no deferred tax asset was recognized. It is not probable
that future taxable profit will be available to offset these losses.
EUR 2.2 million of these losses will expire in five years.
The Group has utilized previously unrecognized tax losses from
prior periods with EUR 0.0 (0.3) million in 2025. The adjustments
include EUR 0.0 (1.1) million of adjustments that are booked
through retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "Accounting policies Deferred taxes Deferred taxes are calculated on temporary differences between the carrying value and tax value of assets and liabilities. Deferred taxes are calculated using the statutory tax rates enacted or substantively enacted by the balance sheet date. The most significant temporary differences arise from differences in depreciation of intangible and tangible assets, fair value measurement of financial assets and hedging instruments, internal inventory margins, provisions, and unused tax losses. Deferred tax assets arising from temporary differences are recognized only to the extent that it is probable they can be utilized against future taxable income during their validity period. Management judgment is required to determine the amount of deferred tax assets in relation to the timing of loss utilization and the level of forecasted future taxable profits. Nokian Tyres has recognized deferred tax assets and liabilities in its financial statements, which, based on management\u2019s assessment, are expected to be realized and recognized in future profit or loss. Nokian Tyres is subject to Pillar 2 regulations. The Group applies the mandatory temporary exception under IAS 12 related to deferred taxes and does not report deferred taxes arising from Pillar 2. The Group has assessed the impact of Pillar 2 legislation on its taxes based on the financial data of its group entities for the year 2025. Based on the assessment, the Group determines that it is not subject to Pillar Two \u201ctop-up\u201d taxes . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "20. Inventories Accounting policies Inventories Inventories are measured at the lower of cost or the net realizable value. Cost is primarily determined in accordance with standard cost accounting. The cost of finished goods and work in progress includes raw material purchase costs, direct manufacturing wages, other direct manufacturing costs, and a share of production overheads, borrowing costs excluded. Net realizable value is the estimated sales price in ordinary activities less the costs associated with the completion of the product and the estimated necessary costs incurred to make the sale of the product. Allowance is recorded in obsolete items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "20. Inventories Accounting policies Inventories Inventories are measured at the lower of cost or the net realizable value. Cost is primarily determined in accordance with standard cost accounting. The cost of finished goods and work in progress includes raw material purchase costs, direct manufacturing wages, other direct manufacturing costs, and a share of production overheads, borrowing costs excluded. Net realizable value is the estimated sales price in ordinary activities less the costs associated with the completion of the product and the estimated necessary costs incurred to make the sale of the product. Allowance is recorded in obsolete items.
EUR million
2025
2024
Raw materials and supplies
124.6
116.1
Work in progress
10.7
11.7
Finished goods
290.0
324.2
Total
425.4
452.1
Annually an additional expense is recognised in the carrying amounts of all separate inventory items to avoid them exceeding their maximum probable net realisable values. In 2025 EUR 0.2 (7.1) million expense was recognised to decrease the carrying amount of the inventories to reflect the net realisable value.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "21. Trade and other receivables Accounting policies Revenue recognition Trade receivables have been recorded on the balance sheet according to the originally invoiced amount, and items in other currencies have been recognized at the closing rate reported by the European Central Bank. Trade receivables will change if the receivables are booked as a credit loss. There are three types of credit loss provisions: group-level IFRS 9, local, and statutory credit loss provision. Revenue from contracts with customers is reported under net sales, and credit losses are reported separately from net sales under other business expenses ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "21. Trade and other receivables Accounting policies Revenue recognition Trade receivables have been recorded on the balance sheet according to the originally invoiced amount, and items in other currencies have been recognized at the closing rate reported by the European Central Bank. Trade receivables will change if the receivables are booked as a credit loss. There are three types of credit loss provisions: group-level IFRS 9, local, and statutory credit loss provision. Revenue from contracts with customers is reported under net sales, and credit losses are reported separately from net sales under other business expenses .
EUR million
2025
2024
Trade receivables
253.0
274.0
Accrued revenues and deferred expenses
19.5
18.3
Derivative financial instruments
Designated as hedges
3.3
1.9
Measured at fair value through profit
or loss
2.8
1.9
Current tax assets
7.3
4.4
Value added tax receivables
15.7
24.4
Other receivables
6.3
12.3
Total
307.8
337.1
The carrying amount of trade and other receivables corresponds to the maximum exposure to the credit risk on the reporting date. The carrying amount of trade and other receivables is a reasonable approximation of their fair value. See note 29 for the impairments in respect of trade receivables. Significant items under accrued revenues and deferred expenses
EUR million
2025
2024
Annual discounts, purchases
3.4
3.7
Financial items
1.2
1.2
Social security contributions
0.0
0.1
Insurances
1.5
1.4
Other items
13.4
12.0
Total
19.5
18.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "22. Cash and cash equivalents Accounting policies Cash and cash equivalents Cash and cash equivalents include cash on hand and other current investments, such as commercial papers and bank deposits.
EUR million
2025
2024
Cash in hand and at bank
146.9
176.1
Money market instruments
-
-
Total
146.9
176.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "22. Cash and cash equivalents Accounting policies Cash and cash equivalents Cash and cash equivalents include cash on hand and other current investments, such as commercial papers and bank deposits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "23. Equity Accounting policies Treasury shares The acquisition cost of treasury shares repurchased by the Group is recognized as a deduction in equity. The consideration received for the treasury shares when sold, net of transaction costs and tax, is included in equity . Dividend The dividend proposed by the Board of Directors at the Annual General Meeting has not been recognized in the financial statements. Dividends are only accounted for on the basis of the decision of the Annual General Meeting . Reconciliation of the number of shares
Number of Paid-up
shares, Share Share unrestricted Treasury
EUR million 1,000 pcs capital premium equity reserve
shares
Total
Jan 1, 2024
137, 867
25.4
181.4
238.2
-16.7
428.4
Acquisition/conveyance of treasury shares
2
0.1
0.1
Dec 31, 2024
137,870
25.4
181.4
238.2
-16.6
428.4
Jan 1, 2025
137,870
25.4
181.4
238.2
-16.6
428.4
Acquisition/conveyance of treasury shares
6
0.2
0.2
Dec 31, 2025
137,875
25.4
181.4
238.2
-16.4
428.7
The nominal value of shares was abolished in 2008, hence no maximum share capital of the Group exists anymore. All outstanding shares have been paid for in full. Below is a description of the reserves within equity: Share premium Before the nominal value of shares was abolished, the amount exceeding the nominal value of shares received by the company in connection with share issue and share subscription were recognised in share premiums. Translation reserve Translation reserve includes the differences arising from the translation of the foreign subsidiaries\u2019 financial statements. The gains and losses from the net investments in foreign units and hedging those net investments are also included in translation reserve once the requirements of hedge accounting have been met. Fair value and hedging reserves The fair value and hedging reserves comprise of two sub reserves: a fair value reserve for financial assets measured at fair value through other comprehensive income and a hedging fund for changes in the fair value of the derivative financial instruments used for cash flow hedging. Paid-up unrestricted equity reserve After the nominal value of shares was abolished, the entire share subscription made by option rights are entered in the paid-up unrestricted reserve. Treasury shares No share repurchases were made during the review period, and the company did not possess any own shares on December 31, 2025. Nokian Tyres has an agreement from 2017 with a third-party service provider concerning the share-based incentive program for key personnel. The third party owns Nokian Tyres\u2019 shares related to the incentive program until the shares are given to the participants of the program. In accordance with IFRS, these repurchased shares have been reported as treasury shares in the Consolidated Statement of Financial Position. On December 31, 2025, the number of these shares was 1,046,507 (1,052,242). This number of shares corresponded to 0.75 (0.76) percent of the total shares and voting rights in the company. Dividends After the balance sheet date, the Board of Directors proposed that a dividend of EUR 0. 2 5 (0. 25) per share be paid. Specification of the distributable funds The distributable funds on December 31, 2025, total EUR 742.6 (768.8) million and are based on the balance of the Parent company and the Finnish legislation.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "Accounting policies Treasury shares The acquisition cost of treasury shares repurchased by the Group is recognized as a deduction in equity. The consideration received for the treasury shares when sold, net of transaction costs and tax, is included in equity Reconciliation of the number of shares
Number of Paid-up
shares, Share Share unrestricted Treasury
EUR million 1,000 pcs capital premium equity reserve
shares
Total
Jan 1, 2024
137, 867
25.4
181.4
238.2
-16.7
428.4
Acquisition/conveyance of treasury shares
2
0.1
0.1
Dec 31, 2024
137,870
25.4
181.4
238.2
-16.6
428.4
Jan 1, 2025
137,870
25.4
181.4
238.2
-16.6
428.4
Acquisition/conveyance of treasury shares
6
0.2
0.2
Dec 31, 2025
137,875
25.4
181.4
238.2
-16.4
428.7
The nominal value of shares was abolished in 2008, hence no maximum share capital of the Group exists anymore. All outstanding shares have been paid for in full. Below is a description of the reserves within equity: Share premium Before the nominal value of shares was abolished, the amount exceeding the nominal value of shares received by the company in connection with share issue and share subscription were recognised in share premiums. Translation reserve Translation reserve includes the differences arising from the translation of the foreign subsidiaries\u2019 financial statements. The gains and losses from the net investments in foreign units and hedging those net investments are also included in translation reserve once the requirements of hedge accounting have been met. Fair value and hedging reserves The fair value and hedging reserves comprise of two sub reserves: a fair value reserve for financial assets measured at fair value through other comprehensive income and a hedging fund for changes in the fair value of the derivative financial instruments used for cash flow hedging. Paid-up unrestricted equity reserve After the nominal value of shares was abolished, the entire share subscription made by option rights are entered in the paid-up unrestricted reserve. Treasury shares No share repurchases were made during the review period, and the company did not possess any own shares on December 31, 2025. Nokian Tyres has an agreement from 2017 with a third-party service provider concerning the share-based incentive program for key personnel. The third party owns Nokian Tyres\u2019 shares related to the incentive program until the shares are given to the participants of the program. In accordance with IFRS, these repurchased shares have been reported as treasury shares in the Consolidated Statement of Financial Position. On December 31, 2025, the number of these shares was 1,046,507 (1,052,242). This number of shares corresponded to 0.75 (0.76) percent of the total shares and voting rights in the company", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "
Treasury shares
The acquisition cost of treasury shares repurchased by
the Group is recognized as a deduction in equity. The
consideration received for the treasury shares when sold,
net of transaction costs and tax, is included in equity .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "Treasury shares The acquisition cost of treasury shares repurchased by the Group is recognized as a deduction in equity. The consideration received for the treasury shares when sold, net of transaction costs and tax, is included in equity .
Treasury shares
No share repurchases were made during the review period, and
the company did not possess any own shares on December 31,
2025.
Nokian Tyres has an agreement from 2017 with a third-party
service provider concerning the share-based incentive program
for key personnel. The third party owns Nokian Tyres\u2019 shares related to the incentive program until the shares are given to the participants of the program. In accordance with IFRS, these repurchased shares have been reported as treasury shares in the Consolidated Statement of Financial Position. On December 31, 2025, the number of these shares was 1,046,507 (1,052,242). This number of shares corresponded to 0.75 (0.76) percent of the total shares and voting rights in the company", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "Dividend The dividend proposed by the Board of Directors at the Annual General Meeting has not been recognized in the financial statements. Dividends are only accounted for on the basis of the decision of the Annual General Meeting
Dividends
After the balance sheet date, the Board of Directors proposed
that a dividend of EUR 0. 2 5 (0. 25) per share be paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "Dividend The dividend proposed by the Board of Directors at the Annual General Meeting has not been recognized in the financial statements. Dividends are only accounted for on the basis of the decision of the Annual General Meeting . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "
Reconciliation of the number of shares
Number of Paid-up
shares, Share Share unrestricted Treasury
EUR million 1,000 pcs capital premium equity reserve
shares
Total
Jan 1, 2024
137, 867
25.4
181.4
238.2
-16.7
428.4
Acquisition/conveyance of treasury shares
2
0.1
0.1
Dec 31, 2024
137,870
25.4
181.4
238.2
-16.6
428.4
Jan 1, 2025
137,870
25.4
181.4
238.2
-16.6
428.4
Acquisition/conveyance of treasury shares
6
0.2
0.2
Dec 31, 2025
137,875
25.4
181.4
238.2
-16.4
428.7
The nominal value of shares was abolished in 2008, hence no maximum share capital of the Group exists anymore. All outstanding
shares have been paid for in full.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "0.25", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-359": { "value": "0.25", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-360": { "value": "24. Long-term incentive plans for the Group management team and key personnel Accounting policies Share-based payments Performance shares are measured at fair value on the grant date and are expensed to employee benefit expenses on a straight-line basis over the vesting period and retention period. The equity-settled amounts are recorded as an increase in equity. The expense determined on the grant date is based on the Group\u2019s estimate of the number of shares that are assumed to vest at the end of the vesting period. The impact of non- market-based conditions is not included in the fair value of the share; instead, it is taken into account in the final number of shares that are assumed to vest at the end of the vesting period. The Group updates the assumption of the final number on each reporting date. The fair values of cash settled amounts are similarly updated on each reporting date and recorded in equity. The changes in estimated values in both share and cash settled amounts are booked to the income statement. Long-term incentive plans In 2025, the Board of Directors confirmed to continue with new performance periods for the share-based incentive plan for the Group\u2019s key employees. The decision included a Performance Share Plan (PSP) as the main structure and a Restricted Share Plan (RSP) as a complementary structure for specific situations. The purpose of the share-based incentive plans is to harmonize the goals of the Company\u2019s owners and key personnel in order to increase the value of the Company in the long term, to commit key personnel to the Company and its strategic target and to offer a competitive rewards system for personnel. The long-term incentives were established for the first time in February 2019, based on the Board of Directors decision. The Board decides annually on the plan commencement and new performance periods as well as details of it. The Performance Share Plan 2023\u20132027 consists of three performance periods covering the financial years 2023\u20132024, 2024\u20132025 and 2025\u20132026 with one year restricted period each. In Performance Share Plans, the maximum amount of the share-based reward is 250% for the President and CEO and 200% of the annual base salary for the member of the Group Management Team. A typical precondition for the payment of the share reward is that the employment relationship of the individual participant with Nokian Tyres continues until the payment date of the reward. In addition to this there is a precondition based on the Restricted Share Plan, a financial performance criteria is applied to Group Management Team. The criteria is a threshold value for segment Return on Capital Employed (ROCE), which must be exceeded for a potential payment of a share reward based on the Restricted Share Plan. The President and CEO and members of the Group Management Team must own 25% of the paid net shares until the total shareholding corresponds to the value of his/her gross annual salary. They must own this number of shares as long as they are involved in the Group\u2019s Management Team. Active Performance Share Plans The Board of Directors of Nokian Tyres plc approved in May 2025 the commencement of a new plan period in the company\u2019s long- term Performance Share Plan (\u201cPSP\u201d). PSP is a long-term incentive tool, used selectively for retention of Nokian Tyres key employees.
The Performance Share Plan 2023\u20132027 consists of three
plan periods. The Board of Directors decide annually on the
commencement and details of the plan periods. Nokian Tyres
initially announced the establishment of the PSP scheme
2023\u20132027 on February 7, 2023.
Performance Share Plan 2025\u20132026 includes a two-year
performance period, and one year restriction period (2027). The
performance targets are average earnings per share (EPS), average
return on capital employed (ROCE%) and reduction of Scope 1 &
2 CO
2
emission intensity. Subject to achieving the performance
targets, share rewards will be delivered in spring 2028.
The aggregate maximum number of shares to be paid based on
PSP 2025\u20132026 is 1,657,000 shares. The reward will be paid in
Nokian Tyres plc shares. The number of shares represents gross
earnings, from which the applicable payroll tax is withheld, and
the remaining net value is paid to the participants in shares. If
the participant\u2019s employment or executive contract ends before
the reward is paid, the reward is generally not be paid.
Active Restricted Share Plans
The Board of Directors of Nokian Tyres plc approved in February
2025 the commencement of a new plan period in the company\u2019s
long-term share-based incentive scheme, Restricted Share
Plan (\u201cRSP\u201d). RSP scheme serves as a complementary long-term
incentive tool, used selectively for retention of Nokian Tyres key
employees.
Nokian Tyres originally announced the establishment of the RSP
scheme on February 5, 2019.
Restricted Share Plan 2025\u20132027 includes a three-year
restriction period, with potential rewards delivered in 2028 in
shares of Nokian Tyres.
The aggregate number of shares to be paid based on RSP
2025\u20132027 is a maximum of 120,000 shares. The number of
shares represents gross earnings, from which the applicable
payroll tax is withheld, and the remaining net value is paid to the
participants in shares.
The payment of the share reward is contingent upon the
participant remaining employed by Nokian Tyres until the
reward payment date. In addition, a financial threshold has
been set for the remuneration of the members of Nokian Tyres\u2019
Group Management Team, which must be exceeded to receive
potential reward from RSP 2025\u20132027. The financial indicator is
the Segments Return on Capital Employed (ROCE).
Payments for share-based plans that ended in 2024
In February 2025, the Board of Directors approved outcomes of
the Performance and Restricted share plans 2022\u20132024.
Performance Share Plan 2022\u20132024
No share-based rewards were paid under the PSP 2022\u20132024 as
the targets were not reached.
Restricted Share Plan 2022\u20132024
The three-year restriction period of the Restricted Share Plan
2022\u20132024 ended after financial year 2024. Under the RSP
2022\u20132024, a maximum total of 5,500 shares of the company
was granted without consideration to five key employees with
the terms and conditions of the RSP 2022\u20132024. The shares
have been acquired from the market on behalf of the recipients,
and their transfer took place on March 6, 2025.
As well RSP 2022\u20132024, a maximum total of 6,000 shares of
the company was granted without consideration to five key
employees with the terms and conditions. The shares have been
acquired from the market on behalf of the recipient, and their
transfer took place on August 6, 2025.
The following tables present more specific information on the performance share plans.
Instrument
PSP 2022\u20132024
PSP 2023\u20132025
PSP 2024\u20132026
PSP 2025\u20132027
RSP 2022\u20132024
RSP 2023\u20132025
RSP 2024\u20132026
RSP 2025\u20132027
Total
Issuing date
Feb 8, 2022
Feb 7, 2023
Feb 6,2024
May 6,2025
Feb 8, 2022
Feb 7, 2023
Feb 6,2024
Feb 4,2025
Initial amount, pcs
513,742
1,400,000
1,760,000
1,657,000
120,000
120,000
120,000
120,000
5,810,742
Dividend adjustment
No
No
No
No
No
No
No
No
Initial allocation date
Feb 8, 2022
Feb 17, 2023
Mar 1, 2024
May 6,2025
Dec 19, 2022
Dec 12, 2023
Feb
19,2024
Beginning of earning period
Jan 1, 2022
Jan 1, 2023
Jan 1, 2024
Jan 1, 2025
Jan 1, 2022
Jan 1, 2023
Jan 1, 2024
Jan 1, 2025
End of earning period
Dec 31, 2024
Dec 31, 2024
Dec 31, 2025
Dec 31, 2026
Dec 31, 2024
Dec 31, 2025
Dec 31, 2026
Dec 31, 2027
Vesting date
Mar 31, 2025
Apr 30, 2026
Apr 30, 2027
Apr 30, 2028
Mar 31, 2025
Mar 31, 2026
Mar 31, 2027
Mar 31, 2028
Cumulative Cumulative Average earnings Continued Continued Continued Continued
Segments EBITDA, increase in EBITDA, increase in per share (EPS), employment, employment, employment, employment,
earnings per share passenger car tire passenger car tire average return on segments segments segments return on segments
(EPS) growth % production volume production volume capital employed return on capital return on capital capital employed return on capital
and segments and reduction and reduction (ROCE%) and employed (ROCE) employed (ROCE) (ROCE) for employed (ROCE)
return on capital
in direct CO
2
in direct CO
2
reduction of Scope for Management for Management Management Team for Management
Vesting conditions employed (ROCE) emissions emissions
1 & 2 CO
2
emission
Tea m Tea m (excluding new CEO) Tea m
Maximum contractual life, years
3.1
3.2
3.2
3.0
3.1
3.3
3.3
3.2
3.1
Remaining contractual life, years
0.0
0.3
1.3
2.3
0.0
0.3
1.3
2.3
1.2
Number of persons at the end of
reporting year
0
132
143
84
0
2
3
0
Payment method
Cash & equity
Cash & equity
Cash & equity
Cash & equity
Cash & equity
Cash & equity
Cash & equity
Cash & equity
Changes during period
PSP 2022\u20132024
PSP 2023\u20132025
PSP 2024\u20132026
PSP 2025\u20132027
RSP 2022\u20132024
RSP 2023\u20132025
RSP 2024\u20132026
RSP 2025\u20132027
Total
Jan 1, 2025
Outstanding in the beginning of the
period
333,066
1,189,218
1,724,744
0
12,300
15,000
110,000
0
3,384,328
Reserve in the beginning of the period
180,676
210,782
35,256
0
107,700
105,000
10,000
0
649,414
Changes during period
Granted
0
0
0
1,748,968
0
0
0
0
1,748,968
Forfeited
11,714
140,146
270,284
198,788
800
7,500
0
0
629,232
Earned (Gross)
0
90,923
0
0
11,500
0
0
0
102,423
Delivered (Net)
0
0
0
0
5,735
0
0
0
5,735
Expired
513,742
1,098,295
0
0
108,500
0
0
0
1,720,537
Dec 31, 2025
Outstanding at the of the period
0
90,923
1,454,460
1,550,180
0
7, 500
110,000
0
3,213,063
Reserved at the of the period
0
0
305,540
106,820
0
112,500
10,000
0
534,860
Fair value determination
Inputs to the fair value determination of the performance
shares expensed are listed in the below table as weighted
average values. The total fair value of the performance shares
is based on the company\u2019s estimate in December 31, 2025 as to
the number of shares to be eventually vesting.
25. Pension liabilities
2025
Fair value determination
Share price at grant, EUR
6.4
Share price at reporting date, EUR
9.5
Expected dividend yield, %
4.0%
Fair market value per share at grant, EUR
5.7
Valuation model
Dividend Discount
Total fair value Dec 31, 2025, EUR million
2.4
Impact on period profits and
financial position
Expenses for the financial year,
share-based payments, EUR million
1.9
Liabilities arising from share-based
payments Dec 31, 2025, EUR million
0.0
Estimated amount of cash to be paid
under these plans, EUR million
6.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "
Accounting policies
Share-based payments
Performance shares are measured at fair value on
the grant date and are expensed to employee benefit
expenses on a straight-line basis over the vesting period
and retention period. The equity-settled amounts
are recorded as an increase in equity. The expense
determined on the grant date is based on the Group\u2019s
estimate of the number of shares that are assumed to
vest at the end of the vesting period. The impact of non-
market-based conditions is not included in the fair value
of the share; instead, it is taken into account in the final
number of shares that are assumed to vest at the end of
the vesting period. The Group updates the assumption of
the final number on each reporting date. The fair values
of cash settled amounts are similarly updated on each
reporting date and recorded in equity. The changes in
estimated values in both share and cash settled amounts
are booked to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "
Accounting policies
Pension liabilities
The Group companies have several pension schemes
in different countries based on local conditions and
practices. These pension schemes are defined either as
defined contribution plans or defined benefit pension
plans. Payments for defined contribution plans are
recorded as expenses in the income statement for the
period they relate to.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "26. Provisions Accounting policies Provisions A provision is entered into the statement of financial position if the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions may be related to the reorganization of activities, unprofitable agreements, environmental obligations, trials, and tax risks. Warranty provisions include the cost of product replacement during the warranty period", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "26. Provisions Accounting policies Provisions A provision is entered into the statement of financial position if the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions may be related to the reorganization of activities, unprofitable agreements, environmental obligations, trials, and tax risks. Warranty provisions include the cost of product replacement during the warranty period
Restruc-
Warranty turing
EUR million provision
provision
Total
Jan 1, 2025
1.6
0.0
1.6
Provisions made
1.6
0.0
1.6
Provisions used
0.0
0.0
0.0
Unused provisions
reversed
-1.6
0.0
-1.6
Dec 31, 2025
1.6
0.0
1.6
EUR million
2025
2024
Current provisions
1.6
1.6
Warranty provision The goods are sold with a normal warranty period. Additionally, a Hakka Guarantee warranty has been established in certain markets for certain products to compensate tire damages not covered by the normal warranty, one year after the purchase and to a certain wear limit. Damaged goods will be repaired at the cost of the company or replaced with a corresponding product. Activating the Hakka Guarantee requires the end customer to register for the service. The provisions are based on the sales and statistical compensation volumes of the tyres sold under these warranties. The warranty provisions are expected to be utilised within one year", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "
28. Trade and other payables
EUR million
2025
2024
Trade payables
143.6
160.6
Accrued expenses and deferred revenues
135.2
131.5
Advance payments
0.0
0.0
Derivative financial instruments
Designated as hedges
3.6
6.2
Measured at fair value through
profit or loss
2.2
1.1
Current tax liabilities
5.0
7.8
Value added tax liabilities
25.7
30.3
Other liabilities
14.0
18.0
Total
329.4
355.5
The carrying amount of trade and other payables is a reasonable
approximation of their fair value.
EUR million
2025
2024
Significant items under accrued
expenses and deferred revenues
Wages, salaries and social security
contributions
37.0
31.5
Annual discounts, sales
78.4
79.4
Commissions
0.2
0.2
Marketing expenses
0.9
1.0
Transportation costs
1.2
0.0
Financial items
6.2
7.2
Other items
11.3
12.1
Total
135.2
131.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "
EUR million
2025
2024
Significant items under accrued
expenses and deferred revenues
Wages, salaries and social security
contributions
37.0
31.5
Annual discounts, sales
78.4
79.4
Commissions
0.2
0.2
Marketing expenses
0.9
1.0
Transportation costs
1.2
0.0
Financial items
6.2
7.2
Other items
11.3
12.1
Total
135.2
131.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "29. Financial risk management The Group Treasury identifies, measures, manages, and monitors financial risks that could impact the Group\u2019s financial performance. This includes liquidity risk, credit risk, and market risks: foreign exchange risk, interest rate risk, commodities risk, and other market risks. The objective is to employ risk mitigation strategies and controls that align with the Group\u2019s risk appetite and protect against potential adverse financial outcomes. The principles and targets of financial risk management are defined in the Group\u2019s treasury policy, which is approved by the Board. The Credit Committee makes credit decisions that have a significant impact on the credit exposure of the Group. Financing activities and financial risk management are centralized to the parent company Treasury. It engages in financing and hedging transactions with external parties while also serving as the primary counterparty for business units in various financing undertakings, including funding, foreign exchange operations, and cash management. Foreign currency risk Foreign currency risk or exchange risk, arises from the potential changes in the value of one currency relative to another. As the Nokian Tyres Group operates in various countries and with several currencies, this risk can significantly impact financial performance. The Nokian Tyres Group consists of the parent company in Finland, the sales companies in Sweden, Norway, the USA, Canada, Czech Republic, Germany, France, Switzerland, Poland, Spain and Ukraine, the tire chain companies in Finland, Sweden and Norway. The tire factories are located in Nokia, Finland, Dayton, US and Oradea, Romania. Transaction risk Transaction exposure occurs when the parent or a Group company has a foreign currency denominated monetary asset or liability, firm commitment or forecasted exposure that will be translated later to the company\u2019s functional/home currency. The Group companies operate primarily with their functional currency and the transactions between the parent company and the Group companies are typically carried out in a functional currency of the respective Group company, which means that the transaction risk is mainly transferred into the parent company. However, for justified reasons, e.g. based on its business operations, a Group company can have foreign currency items. The Group Treasury identifies, manages, and monitors significant transaction exposures in all Group companies. Currency forwards, currency options and cross-currency swaps are used as hedging instruments. The primary transaction exposure of each non-functional currency against functional currency in the parent company and each Group company consists of balance sheet items and currency derivatives. The primary net exposure of each foreign currency is actively managed and hedged with appropriate derivative instruments or non-derivative alternatives with accepted counterparties. According to the Group\u2019s treasury policy hedging is required when the primary net exposure in single currency is EUR 10 million or above. Additionally, the combined net exposure of all foreign currencies in the parent company must not exceed EUR 50m, ensuring that a simultaneous +/- 10 percent change in all foreign currencies against the euro does not create an impact of over EUR 5m on the income statement. Non-convertible currencies are an exception and are not hedged, as the means for covering the exposure are unavailable in the market. The secondary transaction net exposure arises from future non-balance sheet transactions. This exposure may be hedged according to the market situation, with the hedge ratio reaching up to 70 percent of the highly probable forecasted exposure until the end of the following year . Transaction risk
EUR million
Dec 31, 2025
Dec 31, 2024
Functional currency
EUR
EUR
EUR
EUR
EUR
EUR
CZK
RON
EUR
EUR
EUR
EUR
EUR
EUR
CZK
RON
Foreign currency
CAD
NOK
PLN
RON
SEK
USD
EUR
EUR
CAD
NOK
PLN
RON
SEK
USD
EUR
EUR
Trade receivables
24.2
41.2
16.9
0.4
25.1
22.5
13.4
0.0
20.5
29.5
15.0
2.0
23.6
11.7
27.0
0.0
Loans and receivables
2.4
27.6
0.2
117.3
16.9
29.9
8.8
10.2
1.8
35.2
0.0
178.9
18.7
16.6
0.0
0.1
Total currency
income
26.6
68.9
17.2
117.7
42.0
52.4
22.2
10.2
22.3
64.6
15.0
181.0
42.3
28.2
27.0
0.1
Trade payables
-0.4
0.0
-0.3
-12.2
0.0
-21.2
-22.4
-15.1
-0.1
0.0
-0.4
0.0
0.0
-34.1
-31.6
-10.9
Borrowings
-27.8
-41.7
-7.1
0.0
-18.5
-27.4
0.0
0.0
-21.6
-40.1
-8.2
0.0
-13.8
0.0
-1.6
0.0
Total currency
expenditure
-28.2
-41.7
-7.4
-12.2
-18.5
-48.6
-22.4
-15.1
-21.7
-40.1
-8.6
0.0
-13.8
-34.1
-33.2
-10.9
Foreign exchange
derivatives
1.9
-25.8
-7.1
-97.2
-25.9
-12.3
7.0
0.0
-0.7
-23.7
-7.0
-173.3
-28.8
-4.8
9.5
0.0
Primary net
exposure
0.3
1.4
2.7
8.4
-2.4
-8.5
6.8
-4.9
-0.1
0.8
-0.7
7.7
-0.3
-10.7
3.2
-10.9
Translation risk The translation exposure refers to the net investment in a foreign operation that must be translated into the Group reporting currency at the end of each financial reporting period. The foreign exchange differences arising from the translation of the results and financial position of a foreign operation are recognized in other comprehensive income (OCI). Translation exposure is a non-cash item until an asset is sold. Net investments in foreign operations are not hedged and the volatility due to foreign exchange changes in OCI is accepted. Additionally, the cash flow mismatch between net investments and hedges is avoided. When a foreign subsidiary is expected to generate net income and thereby dividend flows, those expected cash flows can be hedged partly or in total. Group\u2019s total other comprehensive income was negatively affected by translation differences on foreign operations by EUR 64.7 (positively affected 27.0) million. Translation risk Net investments by currency
EUR million
Dec 31, 2025
Dec 31, 2024
Currency of net investment
CAD
22.5
22.8
CZK
10.6
14.5
NOK
52.2
53.2
RON
397.7
198.6
SEK
44.6
43.3
USD
469.1
527.7
Sensitivity analysis for foreign currency risk The following table demonstrates the sensitivity to a reasonably possible change in the base currency against the quote currency, with all other variables held constant, of the Group\u2019s profit before tax and equity due to changes in the fair value of financial assets and liabilities. A reasonably possible change is assumed to be a 10% base currency appreciation or depreciation against the quote currency. A change of a different magnitude can also be estimated fairly accurately because the sensitivity is nearly linear.
Dec 31, 2025
Dec 31, 2024
Base currency
Base currency
10% stronger
10% weaker
10% stronger
10% weaker
Income Income Income Income
EUR million
statement
Equity
statement
Equity
statement
Equity
statement
Equity
Base currency / Quote currency
EUR/CAD
0.0
-
0.0
-
-0.5
-
-0.1
-
EUR/CZK
0.7
-
-0.7
-
0.4
-
-0.4
-
EUR/PLN
-0.3
-
0.3
-
0.1
-
-0.1
-
EUR/NOK
-0.4
-
0.2
-
-0.4
-
-0.1
-
EUR/RON
-1.3
-
1.3
-
-1.9
-
1.9
-
EUR/SEK
0.1
-
-0.5
-
0.0
-
0.0
-
EUR/USD
0.8
-
-0.8
-
1.0
-
-1.0
-
Interest rate risk The Group Treasury manages interest rate risks associated with the Group\u2019s borrowings. The objective of the interest rate risk management is to reduce uncertainty related to interest expenses and mitigate the impact of adverse interest rate fluctuations. The aim is that 25\u201375 percent of the interest rate risk exposure is effectively fixed-rate debt including the potential interest rate derivatives. The planned refinancing and new non-current interest-bearing financial debts included in the interest rate risk exposure can be managed with interest rate derivatives not earlier than 12 months before the drawdown. The Group uses interest rate derivatives as cash flow hedges and hedge accounting is mainly applied for those derivatives. On the reporting date the floating rate interest-bearing financial liabilities amounted to EUR 294.9 (257.3) million and the fixed rate interest-bearing liabilities EUR 401.9 (402.3) million including the interest rate derivatives. The share of the fixed rate non-current interest-bearing financial liabilities including their current portion was 61 (61) percent and the average fixing period of the interest-bearing financial liabilities was 20 (11) months including the interest rate derivatives. Commodity price risk Derivatives are not used to hedge commodity price risk, except for electricity price risk in Finland and Romania. The Group procures approximately 110 GWh of electricity annually in Finland from the Nordic electricity exchange, resulting in exposure to electricity price fluctuations. To manage this risk, electricity purchases are hedged using derivatives, adhering to the pre-defined hedge ratios outlined in the procurement policy for the next five years. On the reporting date the energy amount of the electricity derivatives amounted to 210 (210) GWh. In Romania, the Group will procure around 200 GWh of electricity annually at the market price. The Group has entered into a virtual power purchase agreement (VPPA) to ensure the supply of zero CO 2 emission energy and to hedge against the local forecast electricity purchase price risk. The VPPA is valid until the end of 2035, with an annual forecast contract volume of around 60 GWh. The ineffective portion of cash flow hedge electricity derivatives for Romania amounted EUR 0.6m in 2025 and was recognized in other operating income . Sensitivity analysis for interest rate risk The following table demonstrates the sensitivity to a reasonably possible change in interest rates, with all other variables held constant, of the Group\u2019s profit before tax through the impact on floating rate borrowings and interest rate hedges measured at fair value through profit or loss and the Group\u2019s equity due to changes in the fair value of cash flow hedges. A reasonably possible change is assumed to be a 1 %-point increase or decrease of the market interest rates. A change of a different magnitude can also be estimated fairly accurately because the sensitivity is nearly linear.
Dec 31, 2025
Dec 31, 2024
Interest rate
Interest rate
1%-point higher
1%-point lower
1%-point higher
1%-point lower
Income Income Income Income
EUR million
statement
Equity
statement
Equity
statement
Equity
statement
Equity
Impact of interest rate change
-5.5
5.9
5.5
-5.9
-5.5
8.8
5.5
-8.8
Sensitivity analysis for electricity price risk The following table demonstrates the sensitivity to a reasonably possible change in electricity price, with all other variables held constant, of the Group\u2019s profit before tax and equity due to changes in the fair value of the electricity derivatives. A reasonably possible change is assumed to be a 5 EUR/MWh increase or decrease of the electricity market prices. A change of a different magnitude can also be estimated fairly accurately because the sensitivity is nearly linear.
Dec 31, 2025
Dec 31, 2024
Electricity price
Electricity price
5 EUR/MWh higher
5 EUR/MWh lower
5 EUR/MWh higher
5 EUR/MWh lower
Income Income Income Income
EUR million
statement
Equity
statement
Equity
statement
Equity
statement
Equity
Impact of electricity price change
Electricity forwards. Finland
-
1.4
-
-1.4
-
1.0
-
-1.0
VPPA*, Romania
-
2.3
-
-2.3
-
2.2
-
-2.2
*Virtual Power Purchase Agreement Liquidity and funding risk In accordance with the Group\u2019s treasury policy, Treasury is responsible for maintaining the Group\u2019s liquidity, efficient cash management and sufficient sources of funding. The committed credit limits cover all funding needs, such as outstanding commercial papers, other current loans, working capital changes arising from operative business and investments. The Group has arranged 55 percent of its interest-bearing financial liabilities including credit limits as sustainability-linked arrangements with KPIs related to e.g. Greenhouse Gas (GHG) Scope 1 and 2 emission intensity and Scope 3 emission intensity from product use. Refinancing risk is reduced by split maturity structure of loans and credit limits. Total of EUR 100 million bilateral revolving credit facilities due in 2026 were replaced with bilateral revolving credit facilities of the same amount maturing in 2027 and including extension options of up to two years. A EUR 200 million revolving sustainability-linked credit facility, due in 2028, was extended to 2029 by exercising the last of two one-year extension options. In addition, the Group has a EUR 500 million domestic commercial paper program. The current credit limits and the commercial paper program are used to finance inventories, trade receivables, subsidiaries in distribution chains and thus to control the typical seasonality in the Group\u2019s cash flows. On the reporting date the Group\u2019s liquidity in cash and cash equivalents was EUR 146.9 (176.1) million. At the end of the year the Group\u2019s credit limits available were EUR 764.7 (803.3) million, out of which the committed limits were EUR 304.5 (304.4) million. The available committed non-current credits amounted to EUR 300.0 (300.0) million. The Group\u2019s interest-bearing financial liabilities totaled EUR 696.9 (659.6) million. All the interest-bearing financial liabilities were in EUR. The average interest rate of interest-bearing financial liabilities was 4.0 percent. Current interest-bearing financial liabilities, including the current portion of non- current financial liabilities maturing within the next 12 months, amounted to EUR 52.4 (2.9) million. The Group reports the main financial covenants to creditors quarterly. If the Group does not satisfy the requirements set in financial covenants, creditor may demand accelerated repayment of the credits. In 2025 the Group has met the requirement set in the financial covenant, which is linked to equity ratio which has to be at least at the level of 30 percent. Other covenants are related among others to restrict the disposal of the Group\u2019s major assets and the change of control of Nokian Tyres plc. Management monitors regularly that the covenant requirements are met. Contractual maturities of financial and lease liabilities
2025
Carrying Contractual maturities*
EUR million
amount
2026
2027
2028
2029
2030
2031\u2013
Total
Non-derivative financial liabilities
Loans from financial institutions and pension loans
Fixed rate loans
2.4
-0.6
-0.6
-0.6
-0.5
-0.3
-
-2.5
Floating rate loans
555.1
-32.0
-336.4
-128.7
-29.4
-25.0
-48.1
-599.6
Bond loans
99.6
-5.1
-5.1
-105.1
-
-
-
-115.4
Commercial papers
39.9
-40.0
-
-
-
-
-
-40.0
Trade and other payables
143.6
-143.6
-
-
-
-
-
-143.6
Bank overdraft
-
-
-
-
-
-
-
-
Lease liabilities
114.1
-44.2
-27.1
-19.3
-11.0
-6.7
-17.9
-126.2
Derivative financial liabilities
Interest rate derivatives
Designated as hedges
1.7
-1.3
-0.7
0.1
0.2
0.3
0.4
-1.0
Foreign currency derivatives
Measured at fair value through profit or loss
Cashflow out
2.2
-208.3
-
-
-
-
-
-208.3
Cashflow in
Electricity derivatives
-2.8
208.6
-
-
-
-
-
208.6
Designated as hedges, Finland
0.3
-0.3
-0.1
0.0
0.0
-
-
-0.3
Designated as hedges, Romania
-8.4
1.5
1.5
1.3
1.1
1.0
4.5
10.9
Total
947. 5
-265.1
-368.5
-252.4
-39.6
-30.8
-61.1
-1,017. 5
*The figures are undiscounted and include both the finance charges and the repayments . Contractual maturities of financial and lease liabilities
2024
Carrying Contractual maturities*
EUR million
amount
2025
2026
2027
2028
2029
2030\u2013
Total
Non-derivative financial liabilities
Loans from financial institutions and pension loans
Fixed rate loans
2.9
-0.6
-0.6
-0.6
-0.6
-0.5
-0.3
-3.1
Floating rate loans
555.2
-24.8
-328.9
-131.7
-28.1
-30.5
-74.5
-618.6
Bond loans
99.4
-5.1
-5.1
-5.1
-105.1
0.0
0.0
-120.5
Commercial papers
2.0
-2.0
-
-
-
-
-
-2.0
Trade and other payables
160.6
-160.6
-
-
-
-
-
-160.6
Bank overdraft
0.2
-0.2
-
-
-
-
-
-0.2
Lease liabilities
129.6
-48.5
-35.6
-19.0
-11.5
-6.6
-21.3
-142.5
Derivative financial liabilities
Interest rate derivatives
Designated as hedges
4.0
-0.8
-1.8
-1.0
-0.2
-0.1
-0.1
-4.0
Foreign currency derivatives
Measured at fair value through profit or loss
Cashflow out
1.1
-318.5
-
-
-
-
-
-318.5
Cashflow in
Electricity derivatives
-1.9
318.1
-
-
-
-
-
318.1
Designated as hedges, Finland
1.2
-0.6
-0.5
-0.2
0.0
-
-
-1.3
Designated as hedges, Romania
-6.1
0.5
1.6
1.4
1.0
0.6
2.8
7. 9
Total
948.2
-243.2
-370.9
-156.2
-144.5
-37.2
-93.3
-1,045.3
*The figures are undiscounted and include both the finance charges and the repayments. Credit risk Credit risk is a risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk in its operating activities, primarily trade receivables, and in its financing activities, including deposits, foreign exchange transactions and other financial transactions with banks and financial institutions. The credit risk in financial transactions is controlled by doing business only with banks and financial institutions with good credit ratings. In investments the Group\u2019s placements are current and funds are invested only in solid domestic large-cap or mid-cap listed companies or public institutions which meet the criteria set by the treasury policy. The principles of customer credit risk management are documented in the Group\u2019s credit policy approved by the Board. The Credit Committee makes all the significant credit decisions. Customer credit risk is managed by each business area subject to the Group\u2019s credit policy, procedures, and controls relating to customer credit risk management. Creditworthiness of a customer is assessed based on its financial status, payment history, and country risk. Individual credit limits are defined in accordance with this assessment and/or in some cases trade finance instruments, bank guarantees, and specific payment terms may be in use to mitigate the credit risk. Credits are limited in countries where political or economic environment is unstable. Outstanding customer receivables, customers\u2019 creditworthiness, and country risk are regularly monitored. Payment programs, which customer is committed to, are agreed upon for past due receivables. There are no customer or country risk concentrations exceeding 15 percent in trade receivables, except for an 18 percent share of customers in Norway and a 17 percent share of customers in the US (none in 2024) on the reporting date. Aging and impairment of trade receivables Impairment recognized in trade receivables corresponds to lifetime expected credit losses for trade receivables. To measure expected credit losses a simplified provision matrix is in use and individual assessments are used with customers bearing an increased credit risk. An impairment analysis is performed at each reporting date. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables. When measuring expected credit losses, the Group reviews five-year sales, customer payment behavior, actual credit losses, current conditions and forecasts of future economic conditions. Trade receivables are permanently written-off when the expected income from the receivable is permanently lost, for example at the end of bankruptcy proceedings. The aging and impairment of trade receivables
Dec 31, 2025
Dec 31, 2024
Trade receivables Impairment loss Trade receivables Impairment loss
EUR million gross amount allowance gross amount allowance
Not past due
231.6
-1.0
248.9
-1.1
Past due less than 30 days
14.3
-0.3
19.6
-0.4
Past due between 30 and 90 days
5.6
-0.3
2.6
-0.1
Past due between 91 and 180 days
1.5
-0.2
1.2
-0.2
Past due more than 180 days
32.1
-30.2
41.2
-37.6
Total
285.0
-32.0
313.4
-39.5
Changes in the impairment loss allowance for trade receivables
EUR million
2025
2024
Loss allowance, Jan 1
39.5
43.3
Write-offs
-8.1
-3.3
Other changes
0.9
-0.6
Change in loss allowance recognized in profit or loss
-0.3
-
Loss allowance, Dec 31
32.0
39.5
Capital management The Group\u2019s objectives of managing capital are to maximize the shareholder value and to secure the Group\u2019s access to capital markets at all times despite of the seasonal nature of the business. To maintain or adjust the capital structure, the Group may adjust dividend payment to shareholders or return capital to shareholders or issue new shares. Capital structure is monitored by net debt to EBITDA ratio and equity ratio. Equity ratio has to be at least at the level of 30 percent in accordance with the financial covenant. Equity ratio is calculated as a ratio of total equity to total assets excluding advances received. Net debt / EBITDA
EUR million
2025
2024
Average interest-bearing liabilities
940.7
801.3
Less: Average liquid funds
111.3
198.8
Average net debt
829.4
602.5
Operating profit
35.8
1.8
Add: Depreciations, amortizations and
impairments
142.2
124.2
EBITDA
178.1
126.0
Average net debt / EBITDA
4.66
4.78
Equity ratio
EUR million
2025
2024
Equity attributable to equity
holders of the parent
1,164.2
1,272.4
Add: Non-controlling interest
-
-
Total equity
1,164.2
1,272.4
Total assets
2,313.8
2,423.7
Less: Advances received
0.0
0.0
Adjusted total assets
2,313.7
2,423.7
Equity ratio
50.3%
52.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "Foreign currency risk Foreign currency risk or exchange risk, arises from the potential changes in the value of one currency relative to another. As the Nokian Tyres Group operates in various countries and with several currencies, this risk can significantly impact financial performance. The Nokian Tyres Group consists of the parent company in Finland, the sales companies in Sweden, Norway, the USA, Canada, Czech Republic, Germany, France, Switzerland, Poland, Spain and Ukraine, the tire chain companies in Finland, Sweden and Norway. The tire factories are located in Nokia, Finland, Dayton, US and Oradea, Romania. Transaction risk Transaction exposure occurs when the parent or a Group company has a foreign currency denominated monetary asset or liability, firm commitment or forecasted exposure that will be translated later to the company\u2019s functional/home currency. The Group companies operate primarily with their functional currency and the transactions between the parent company and the Group companies are typically carried out in a functional currency of the respective Group company, which means that the transaction risk is mainly transferred into the parent company. However, for justified reasons, e.g. based on its business operations, a Group company can have foreign currency items. The Group Treasury identifies, manages, and monitors significant transaction exposures in all Group companies. Currency forwards, currency options and cross-currency swaps are used as hedging instruments. The primary transaction exposure of each non-functional currency against functional currency in the parent company and each Group company consists of balance sheet items and currency derivatives. The primary net exposure of each foreign currency is actively managed and hedged with appropriate derivative instruments or non-derivative alternatives with accepted counterparties. According to the Group\u2019s treasury policy hedging is required when the primary net exposure in single currency is EUR 10 million or above. Additionally, the combined net exposure of all foreign currencies in the parent company must not exceed EUR 50m, ensuring that a simultaneous +/- 10 percent change in all foreign currencies against the euro does not create an impact of over EUR 5m on the income statement. Non-convertible currencies are an exception and are not hedged, as the means for covering the exposure are unavailable in the market. The secondary transaction net exposure arises from future non-balance sheet transactions. This exposure may be hedged according to the market situation, with the hedge ratio reaching up to 70 percent of the highly probable forecasted exposure until the end of the following year .
Transaction risk
EUR million
Dec 31, 2025
Dec 31, 2024
Functional currency
EUR
EUR
EUR
EUR
EUR
EUR
CZK
RON
EUR
EUR
EUR
EUR
EUR
EUR
CZK
RON
Foreign currency
CAD
NOK
PLN
RON
SEK
USD
EUR
EUR
CAD
NOK
PLN
RON
SEK
USD
EUR
EUR
Trade receivables
24.2
41.2
16.9
0.4
25.1
22.5
13.4
0.0
20.5
29.5
15.0
2.0
23.6
11.7
27.0
0.0
Loans and receivables
2.4
27.6
0.2
117.3
16.9
29.9
8.8
10.2
1.8
35.2
0.0
178.9
18.7
16.6
0.0
0.1
Total currency
income
26.6
68.9
17.2
117.7
42.0
52.4
22.2
10.2
22.3
64.6
15.0
181.0
42.3
28.2
27.0
0.1
Trade payables
-0.4
0.0
-0.3
-12.2
0.0
-21.2
-22.4
-15.1
-0.1
0.0
-0.4
0.0
0.0
-34.1
-31.6
-10.9
Borrowings
-27.8
-41.7
-7.1
0.0
-18.5
-27.4
0.0
0.0
-21.6
-40.1
-8.2
0.0
-13.8
0.0
-1.6
0.0
Total currency
expenditure
-28.2
-41.7
-7.4
-12.2
-18.5
-48.6
-22.4
-15.1
-21.7
-40.1
-8.6
0.0
-13.8
-34.1
-33.2
-10.9
Foreign exchange
derivatives
1.9
-25.8
-7.1
-97.2
-25.9
-12.3
7.0
0.0
-0.7
-23.7
-7.0
-173.3
-28.8
-4.8
9.5
0.0
Primary net
exposure
0.3
1.4
2.7
8.4
-2.4
-8.5
6.8
-4.9
-0.1
0.8
-0.7
7.7
-0.3
-10.7
3.2
-10.9
Translation risk
The translation exposure refers to the net investment in a
foreign operation that must be translated into the Group
reporting currency at the end of each financial reporting period.
The foreign exchange differences arising from the translation
of the results and financial position of a foreign operation are
recognized in other comprehensive income (OCI). Translation
exposure is a non-cash item until an asset is sold.
Net investments in foreign operations are not hedged and the
volatility due to foreign exchange changes in OCI is accepted.
Additionally, the cash flow mismatch between net investments
and hedges is avoided. When a foreign subsidiary is expected
to generate net income and thereby dividend flows, those
expected cash flows can be hedged partly or in total.
Group\u2019s total other comprehensive income was negatively
affected by translation differences on foreign operations by
EUR 64.7 (positively affected 27.0) million.
Translation risk
Net investments by currency
EUR million
Dec 31, 2025
Dec 31, 2024
Currency of net investment
CAD
22.5
22.8
CZK
10.6
14.5
NOK
52.2
53.2
RON
397.7
198.6
SEK
44.6
43.3
USD
469.1
527.7
Sensitivity analysis for foreign currency risk The following table demonstrates the sensitivity to a reasonably possible change in the base currency against the quote currency, with all other variables held constant, of the Group\u2019s profit before tax and equity due to changes in the fair value of financial assets and liabilities. A reasonably possible change is assumed to be a 10% base currency appreciation or depreciation against the quote currency. A change of a different magnitude can also be estimated fairly accurately because the sensitivity is nearly linear.
Dec 31, 2025
Dec 31, 2024
Base currency
Base currency
10% stronger
10% weaker
10% stronger
10% weaker
Income Income Income Income
EUR million
statement
Equity
statement
Equity
statement
Equity
statement
Equity
Base currency / Quote currency
EUR/CAD
0.0
-
0.0
-
-0.5
-
-0.1
-
EUR/CZK
0.7
-
-0.7
-
0.4
-
-0.4
-
EUR/PLN
-0.3
-
0.3
-
0.1
-
-0.1
-
EUR/NOK
-0.4
-
0.2
-
-0.4
-
-0.1
-
EUR/RON
-1.3
-
1.3
-
-1.9
-
1.9
-
EUR/SEK
0.1
-
-0.5
-
0.0
-
0.0
-
EUR/USD
0.8
-
-0.8
-
1.0
-
-1.0
-
Commodity price risk Derivatives are not used to hedge commodity price risk, except for electricity price risk in Finland and Romania. The Group procures approximately 110 GWh of electricity annually in Finland from the Nordic electricity exchange, resulting in exposure to electricity price fluctuations. To manage this risk, electricity purchases are hedged using derivatives, adhering to the pre-defined hedge ratios outlined in the procurement policy for the next five years. On the reporting date the energy amount of the electricity derivatives amounted to 210 (210) GWh. In Romania, the Group will procure around 200 GWh of electricity annually at the market price. The Group has entered into a virtual power purchase agreement (VPPA) to ensure the supply of zero CO 2 emission energy and to hedge against the local forecast electricity purchase price risk. The VPPA is valid until the end of 2035, with an annual forecast contract volume of around 60 GWh. The ineffective portion of cash flow hedge electricity derivatives for Romania amounted EUR 0.6m in 2025 and was recognized in other operating income Sensitivity analysis for electricity price risk The following table demonstrates the sensitivity to a reasonably possible change in electricity price, with all other variables held constant, of the Group\u2019s profit before tax and equity due to changes in the fair value of the electricity derivatives. A reasonably possible change is assumed to be a 5 EUR/MWh increase or decrease of the electricity market prices. A change of a different magnitude can also be estimated fairly accurately because the sensitivity is nearly linear.
Dec 31, 2025
Dec 31, 2024
Electricity price
Electricity price
5 EUR/MWh higher
5 EUR/MWh lower
5 EUR/MWh higher
5 EUR/MWh lower
Income Income Income Income
EUR million
statement
Equity
statement
Equity
statement
Equity
statement
Equity
Impact of electricity price change
Electricity forwards. Finland
-
1.4
-
-1.4
-
1.0
-
-1.0
VPPA*, Romania
-
2.3
-
-2.3
-
2.2
-
-2.2
*Virtual Power Purchase Agreement ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "Translation risk The translation exposure refers to the net investment in a foreign operation that must be translated into the Group reporting currency at the end of each financial reporting period. The foreign exchange differences arising from the translation of the results and financial position of a foreign operation are recognized in other comprehensive income (OCI). Translation exposure is a non-cash item until an asset is sold. Net investments in foreign operations are not hedged and the volatility due to foreign exchange changes in OCI is accepted. Additionally, the cash flow mismatch between net investments and hedges is avoided. When a foreign subsidiary is expected to generate net income and thereby dividend flows, those expected cash flows can be hedged partly or in total. Group\u2019s total other comprehensive income was negatively affected by translation differences on foreign operations by EUR 64.7 (positively affected 27.0) million. Translation risk Net investments by currency
EUR million
Dec 31, 2025
Dec 31, 2024
Currency of net investment
CAD
22.5
22.8
CZK
10.6
14.5
NOK
52.2
53.2
RON
397.7
198.6
SEK
44.6
43.3
USD
469.1
527.7
Sensitivity analysis for foreign currency risk
The following table demonstrates the sensitivity to a reasonably possible change in the base currency against the quote currency, with
all other variables held constant, of the Group\u2019s profit before tax and equity due to changes in the fair value of financial assets and
liabilities.
A reasonably possible change is assumed to be a 10% base currency appreciation or depreciation against the quote currency. A change
of a different magnitude can also be estimated fairly accurately because the sensitivity is nearly linear.
Dec 31, 2025
Dec 31, 2024
Base currency
Base currency
10% stronger
10% weaker
10% stronger
10% weaker
Income Income Income Income
EUR million
statement
Equity
statement
Equity
statement
Equity
statement
Equity
Base currency / Quote currency
EUR/CAD
0.0
-
0.0
-
-0.5
-
-0.1
-
EUR/CZK
0.7
-
-0.7
-
0.4
-
-0.4
-
EUR/PLN
-0.3
-
0.3
-
0.1
-
-0.1
-
EUR/NOK
-0.4
-
0.2
-
-0.4
-
-0.1
-
EUR/RON
-1.3
-
1.3
-
-1.9
-
1.9
-
EUR/SEK
0.1
-
-0.5
-
0.0
-
0.0
-
EUR/USD
0.8
-
-0.8
-
1.0
-
-1.0
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "Liquidity and funding risk In accordance with the Group\u2019s treasury policy, Treasury is responsible for maintaining the Group\u2019s liquidity, efficient cash management and sufficient sources of funding. The committed credit limits cover all funding needs, such as outstanding commercial papers, other current loans, working capital changes arising from operative business and investments. The Group has arranged 55 percent of its interest-bearing financial liabilities including credit limits as sustainability-linked arrangements with KPIs related to e.g. Greenhouse Gas (GHG) Scope 1 and 2 emission intensity and Scope 3 emission intensity from product use. Refinancing risk is reduced by split maturity structure of loans and credit limits. Total of EUR 100 million bilateral revolving credit facilities due in 2026 were replaced with bilateral revolving credit facilities of the same amount maturing in 2027 and including extension options of up to two years. A EUR 200 million revolving sustainability-linked credit facility, due in 2028, was extended to 2029 by exercising the last of two one-year extension options. In addition, the Group has a EUR 500 million domestic commercial paper program. The current credit limits and the commercial paper program are used to finance inventories, trade receivables, subsidiaries in distribution chains and thus to control the typical seasonality in the Group\u2019s cash flows. On the reporting date the Group\u2019s liquidity in cash and cash equivalents was EUR 146.9 (176.1) million. At the end of the year the Group\u2019s credit limits available were EUR 764.7 (803.3) million, out of which the committed limits were EUR 304.5 (304.4) million. The available committed non-current credits amounted to EUR 300.0 (300.0) million. The Group\u2019s interest-bearing financial liabilities totaled EUR 696.9 (659.6) million. All the interest-bearing financial liabilities were in EUR. The average interest rate of interest-bearing financial liabilities was 4.0 percent. Current interest-bearing financial liabilities, including the current portion of non- current financial liabilities maturing within the next 12 months, amounted to EUR 52.4 (2.9) million. The Group reports the main financial covenants to creditors quarterly. If the Group does not satisfy the requirements set in financial covenants, creditor may demand accelerated repayment of the credits. In 2025 the Group has met the requirement set in the financial covenant, which is linked to equity ratio which has to be at least at the level of 30 percent. Other covenants are related among others to restrict the disposal of the Group\u2019s major assets and the change of control of Nokian Tyres plc. Management monitors regularly that the covenant requirements are met. Contractual maturities of financial and lease liabilities
2025
Carrying Contractual maturities*
EUR million
amount
2026
2027
2028
2029
2030
2031\u2013
Total
Non-derivative financial liabilities
Loans from financial institutions and pension loans
Fixed rate loans
2.4
-0.6
-0.6
-0.6
-0.5
-0.3
-
-2.5
Floating rate loans
555.1
-32.0
-336.4
-128.7
-29.4
-25.0
-48.1
-599.6
Bond loans
99.6
-5.1
-5.1
-105.1
-
-
-
-115.4
Commercial papers
39.9
-40.0
-
-
-
-
-
-40.0
Trade and other payables
143.6
-143.6
-
-
-
-
-
-143.6
Bank overdraft
-
-
-
-
-
-
-
-
Lease liabilities
114.1
-44.2
-27.1
-19.3
-11.0
-6.7
-17.9
-126.2
Derivative financial liabilities
Interest rate derivatives
Designated as hedges
1.7
-1.3
-0.7
0.1
0.2
0.3
0.4
-1.0
Foreign currency derivatives
Measured at fair value through profit or loss
Cashflow out
2.2
-208.3
-
-
-
-
-
-208.3
Cashflow in
Electricity derivatives
-2.8
208.6
-
-
-
-
-
208.6
Designated as hedges, Finland
0.3
-0.3
-0.1
0.0
0.0
-
-
-0.3
Designated as hedges, Romania
-8.4
1.5
1.5
1.3
1.1
1.0
4.5
10.9
Total
947. 5
-265.1
-368.5
-252.4
-39.6
-30.8
-61.1
-1,017. 5
*The figures are undiscounted and include both the finance charges and the repayments Contractual maturities of financial and lease liabilities
2024
Carrying Contractual maturities*
EUR million
amount
2025
2026
2027
2028
2029
2030\u2013
Total
Non-derivative financial liabilities
Loans from financial institutions and pension loans
Fixed rate loans
2.9
-0.6
-0.6
-0.6
-0.6
-0.5
-0.3
-3.1
Floating rate loans
555.2
-24.8
-328.9
-131.7
-28.1
-30.5
-74.5
-618.6
Bond loans
99.4
-5.1
-5.1
-5.1
-105.1
0.0
0.0
-120.5
Commercial papers
2.0
-2.0
-
-
-
-
-
-2.0
Trade and other payables
160.6
-160.6
-
-
-
-
-
-160.6
Bank overdraft
0.2
-0.2
-
-
-
-
-
-0.2
Lease liabilities
129.6
-48.5
-35.6
-19.0
-11.5
-6.6
-21.3
-142.5
Derivative financial liabilities
Interest rate derivatives
Designated as hedges
4.0
-0.8
-1.8
-1.0
-0.2
-0.1
-0.1
-4.0
Foreign currency derivatives
Measured at fair value through profit or loss
Cashflow out
1.1
-318.5
-
-
-
-
-
-318.5
Cashflow in
Electricity derivatives
-1.9
318.1
-
-
-
-
-
318.1
Designated as hedges, Finland
1.2
-0.6
-0.5
-0.2
0.0
-
-
-1.3
Designated as hedges, Romania
-6.1
0.5
1.6
1.4
1.0
0.6
2.8
7. 9
Total
948.2
-243.2
-370.9
-156.2
-144.5
-37.2
-93.3
-1,045.3
*The figures are undiscounted and include both the finance charges and the repayments", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "Credit risk Credit risk is a risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk in its operating activities, primarily trade receivables, and in its financing activities, including deposits, foreign exchange transactions and other financial transactions with banks and financial institutions. The credit risk in financial transactions is controlled by doing business only with banks and financial institutions with good credit ratings. In investments the Group\u2019s placements are current and funds are invested only in solid domestic large-cap or mid-cap listed companies or public institutions which meet the criteria set by the treasury policy. The principles of customer credit risk management are documented in the Group\u2019s credit policy approved by the Board. The Credit Committee makes all the significant credit decisions. Customer credit risk is managed by each business area subject to the Group\u2019s credit policy, procedures, and controls relating to customer credit risk management. Creditworthiness of a customer is assessed based on its financial status, payment history, and country risk. Individual credit limits are defined in accordance with this assessment and/or in some cases trade finance instruments, bank guarantees, and specific payment terms may be in use to mitigate the credit risk. Credits are limited in countries where political or economic environment is unstable. Outstanding customer receivables, customers\u2019 creditworthiness, and country risk are regularly monitored. Payment programs, which customer is committed to, are agreed upon for past due receivables. There are no customer or country risk concentrations exceeding 15 percent in trade receivables, except for an 18 percent share of customers in Norway and a 17 percent share of customers in the US (none in 2024) on the reporting date. Aging and impairment of trade receivables Impairment recognized in trade receivables corresponds to lifetime expected credit losses for trade receivables. To measure expected credit losses a simplified provision matrix is in use and individual assessments are used with customers bearing an increased credit risk. An impairment analysis is performed at each reporting date. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables. When measuring expected credit losses, the Group reviews five-year sales, customer payment behavior, actual credit losses, current conditions and forecasts of future economic conditions. Trade receivables are permanently written-off when the expected income from the receivable is permanently lost, for example at the end of bankruptcy proceedings. The aging and impairment of trade receivables
Dec 31, 2025
Dec 31, 2024
Trade receivables Impairment loss Trade receivables Impairment loss
EUR million gross amount allowance gross amount allowance
Not past due
231.6
-1.0
248.9
-1.1
Past due less than 30 days
14.3
-0.3
19.6
-0.4
Past due between 30 and 90 days
5.6
-0.3
2.6
-0.1
Past due between 91 and 180 days
1.5
-0.2
1.2
-0.2
Past due more than 180 days
32.1
-30.2
41.2
-37.6
Total
285.0
-32.0
313.4
-39.5
Changes in the impairment loss allowance for trade receivables
EUR million
2025
2024
Loss allowance, Jan 1
39.5
43.3
Write-offs
-8.1
-3.3
Other changes
0.9
-0.6
Change in loss allowance recognized in profit or loss
-0.3
-
Loss allowance, Dec 31
32.0
39.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "Capital management The Group\u2019s objectives of managing capital are to maximize the shareholder value and to secure the Group\u2019s access to capital markets at all times despite of the seasonal nature of the business. To maintain or adjust the capital structure, the Group may adjust dividend payment to shareholders or return capital to shareholders or issue new shares. Capital structure is monitored by net debt to EBITDA ratio and equity ratio. Equity ratio has to be at least at the level of 30 percent in accordance with the financial covenant. Equity ratio is calculated as a ratio of total equity to total assets excluding advances received. Net debt / EBITDA
EUR million
2025
2024
Average interest-bearing liabilities
940.7
801.3
Less: Average liquid funds
111.3
198.8
Average net debt
829.4
602.5
Operating profit
35.8
1.8
Add: Depreciations, amortizations and
impairments
142.2
124.2
EBITDA
178.1
126.0
Average net debt / EBITDA
4.66
4.78
Equity ratio
EUR million
2025
2024
Equity attributable to equity
holders of the parent
1,164.2
1,272.4
Add: Non-controlling interest
-
-
Total equity
1,164.2
1,272.4
Total assets
2,313.8
2,423.7
Less: Advances received
0.0
0.0
Adjusted total assets
2,313.7
2,423.7
Equity ratio
50.3%
52.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "30. Fair values of derivative financial instruments Accounting policies Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its interest rate, foreign currency, and commodity price risk exposures. Derivatives are recognized initially at fair value and subsequently measured at fair value. Publicly quoted market prices and rates as well as the generally used measurement models are used to define the fair value of derivatives. The data and assumptions used in the measurement models are based on verifiable market prices and values. Fair value changes of derivatives are recognized in profit or loss unless the derivative is part of a hedging relationship when fair value changes are recognized according to the hedge accounting standards for hedging relationships. In general, hedge accounting is not applied to the derivatives used to hedge cash flows from the Group\u2019s business operations in foreign currencies. Hedge accounting can be used to reduce the volatility in the income statement caused by the items measured at fair value through profit or loss. Hedge accounting eliminates the accounting asymmetry between the hedging instrument and the hedged item as it enables the aforesaid to affect the income statement simultaneously. The Group may designate derivative financial instruments as hedging instruments to hedge the variability in cash flows that is attributable to changes in foreign exchange rates, interest rates, and commodity prices. In addition, the Group may, if necessary, designate derivative financial instruments and other financial instruments as hedging instruments in hedges of foreign exchange risk on a net investment in a foreign operation. At the inception of hedge accounting for a hedging relationship, the Group designates and documents the hedging relationship and the risk management objective and strategy for undertaking the hedge. The documentation includes an assessment whether the hedge effectiveness requirements are met in the hedging relationship. The Group aims to use hedging instruments that create no ineffective portion. Cash flow hedges In cash flow hedges, the effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the cash flow hedge reserve is reclassified to profit or loss as the hedged item affects profit or loss. The Group may apply hedge accounting to interest rate swaps by which floating rate borrowings have been converted into fixed rate borrowings and interest rate and currency swaps where foreign currency floating rate loan receivables have been converted into functional currency floating rate loan receivables. The gains or losses related to both the effective and ineffective portion of the hedge are presented in income statement within financial items. The price risk of the Group\u2019s forecast electricity purchases in Finland is hedged with electricity derivatives to which hedge accounting is applied. The Group may separately hedge the two components of electricity price risk, system price, and area price difference, or a combination of these components. In Romania, the Group has entered into a virtual power purchase agreement (VPPA) to ensure the supply of zero CO 2 emission energy and to hedge against the local forecast electricity purchase price risk. These contracts result in the recognition of derivatives, as there is no physical delivery of electricity, and they are also subject to hedge accounting. The gain or loss related to the effective portion of the hedges is presented in income statement within the cost of sales. The ineffective portion is recognised in income statement within other operating income or expenses. Hedge of a net investment in a foreign operation Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. The effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the translation reserve is reclassified to profit or loss on the disposal or partial disposal of the foreign operation. The Group does not currently have hedges of a net investment in a foreign operation.
2025
2024
Notional Fair value Fair value Notional Fair value Fair value
EUR million amount assets liabilities amount assets liabilities
Derivatives measured at fair value through profit or loss
Foreign currency derivatives
Currency forwards
208.3
2.8
2.1
318.6
1.8
1.0
Currency options, purchased
10.7
0.0
-
10.9
0.1
-
Currency options, written
15.6
-
0.1
29.4
-
0.1
Derivatives designated as cash flow hedges
Interest rate derivatives
Interest rate swaps
300.0
1.4
3.1
300.0
7.8
11.8
Electricity derivatives
Electricity forwards, Finland
9.1
0.1
0.4
9.0
0.1
1.3
VPPA*, Romania
35.6
8.4
-
36.4
6.1
-
*Virtual Power Purchase Agreement
Derivatives are maturing within the next 12 months excluding the interest rate swaps and electricity forwards. The fair value of forward exchange contracts is measured using the forward rates on the reporting date. The fair value of currency options is calculated using an option valuation model. The fair values of interest rate derivatives are determined as the present value of the future cash flows based on market interest rates on the reporting date. The fair value of electricity derivatives is based on quoted market prices in active markets on the reporting date .
31. Financial instruments designated as hedging instruments
Cash flow hedges
Financial instruments designated as hedging instruments
2025
Maturity
2026
2027
2028
2029
2030
2031\u2013
Total
Interest rate swaps
Hedged item: Floating rate EUR debt
Notional amount, EUR million
50.0
100.0
150.0
300.0
Average fixed rate
2.8%
3.1%
2.4%
2.7%
Electricity forwards, Finland
Hedged item: Electricity system price
Notional amount, EUR million
3.7
2.9
1.4
0.7
8.6
Notional amount, GWh
88
70
35
18
210
Average forward rate, e/MWh
41.8
40.9
39.9
40.3
41.1
Hedged item: Electricity Finnish
area price difference
Notional amount, EUR million
0.2
0.1
0.1
0.1
0.4
Notional amount, GWh
59
53
26
18
155
Average forward rate, e/MWh
2.8
2.1
2.9
3.5
2.7
VPPA*, Romania
Hedged item: Electricity spot price
Forecast notional amount, EUR million
3.1
3.6
3.6
3.6
3.6
18.1
35.6
Forecast notional amount, GWh
52
62
62
62
62
309
609
Average forward rate, e/MWh
58.5
58.5
58.5
58.5
58.5
58.5
58.5
*Virtual Power Purchase Agreement
2024
Maturity
2025
2026
2027
2028
2029
2030\u2013
Tota l
Interest rate swaps
Hedged item: Floating rate EUR debt
Notional amount, EUR million
50.0
100.0
150.0
300.0
Average fixed rate
2.8%
3.1%
2.4%
2.7%
Electricity forwards
Hedged item: Electricity system price
Notional amount, EUR million
3.5
3.0
1.8
0.7
9.1
Notional amount, GWh
79
70
44
18
210
Average forward rate, e/MWh
44.1
42.8
42.2
41.2
43.0
Hedged item: Electricity Finnish
area price difference
Notional amount, EUR million
0.0
0.0
Notional amount, GWh
18
18
Average forward rate, e/MWh
-1.3
-1.3
VPPA*, Romania
Hedged item: Electricity spot price
Forecast notional amount, EUR million
0.7
3.1
3.6
3.6
3.6
21.7
36.4
Forecast notional amount, GWh
13
52
62
62
62
371
621
Average forward rate, e/MWh
58.5
58.5
58.5
58.5
58.5
58.5
58.5
*Virtual Power Purchase Agreemen t
Effect of hedging instruments on the statement of financial position and statement of comprehensive income
2025
Interest rate Electricity
derivatives derivatives
Interest rate Electricity
EUR million swaps
forwards, Finland
VPPA*, Romania
Notional amount
300.0
9.1
35.6
Notional amount, GWh
-
366
609
Assets
Carrying amount
1.4
0.1
8.4
Line item in the statement of financial Trade and other Trade and other Trade and other
position receivables receivables receivables
Liabilities
Carrying amount
3.1
0.4
-
Line item in the statement of financial Trade and other Trade and other Trade and other
position payables payables payables
Change in value for recognizing hedge
ineffectiveness
Hedged item
-1.9
-0.6
-2.4
Hedging instrument
1.9
0.6
2.4
Effective portion
Amount recognized in other
comprehensive income
1.9
0.6
1.8
Amount reclassified from the cash flow
hedge reserve to profit or loss
1.0
0.3
-
Line item in the income statement
Financial items
Cost of sales
Cost of sales
Ineffective portion
Amount recognized in profit or loss
-
-
0.6
Other operating Other operating
income or income or
Line item in the income statement
Financial items
expenses expenses
*Virtual Power Purchase Agreement
2024
Interest rate Electricity
derivatives derivatives
Interest rate Electricity
EUR million swaps
forwards, Finland
VPPA*, Romania
Notional amount
300.0
9.0
36.4
Notional amount, GWh
-
228
621
Assets
Carrying amount
7.8
0.1
6.1
Line item in the statement of financial Trade and other Trade and other Trade and other
position receivables receivables receivables
Liabilities
Carrying amount
11.8
1.3
-
Line item in the statement of financial Trade and other Trade and other Trade and other
position payables payables payables
Change in value for recognizing hedge
ineffectiveness
Hedged item
3.5
3.0
-6.1
Hedging instrument
-3.5
-3.0
6.1
Effective portion
Amount recognized in other
comprehensive income
-3.5
-3.0
6.1
Amount reclassified from the cash flow
hedge reserve to profit or loss
-2.0
1.0
-
Line item in the income statement
Financial items
Cost of sales
Cost of sales
Ineffective portion
Amount recognized in profit or loss
-
-
0.0
Other operating Other operating
income or income or
Line item in the income statement
Financial items
expenses expenses
*Virtual Power Purchase Agreement Effect of hedging instruments on equity
EUR million
2025
2024
Cash flow hedge reserve, Jan 1
0.8
1.6
Cash flow hedges
Change in fair value recognized in other
comprehensive income
Interest rate swaps
1.9
-3.5
Electricity forwards, Finland
0.6
-3.0
VPPA*, Romania
1.8
6.1
Amount reclassified to profit or loss
Interest rate swaps
1.0
-2.0
Electricity forwards, Finland
0.3
1.0
VPPA*, Romania
-
-
Tax effect
-1.0
0.5
Cash flow hedge reserve, Dec 31
5.3
0.8
*Virtual Power Purchase Agreement", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "30. Fair values of derivative financial instruments Accounting policies Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its interest rate, foreign currency, and commodity price risk exposures. Derivatives are recognized initially at fair value and subsequently measured at fair value. Publicly quoted market prices and rates as well as the generally used measurement models are used to define the fair value of derivatives. The data and assumptions used in the measurement models are based on verifiable market prices and values. Fair value changes of derivatives are recognized in profit or loss unless the derivative is part of a hedging relationship when fair value changes are recognized according to the hedge accounting standards for hedging relationships. In general, hedge accounting is not applied to the derivatives used to hedge cash flows from the Group\u2019s business operations in foreign currencies. Hedge accounting can be used to reduce the volatility in the income statement caused by the items measured at fair value through profit or loss. Hedge accounting eliminates the accounting asymmetry between the hedging instrument and the hedged item as it enables the aforesaid to affect the income statement simultaneously. The Group may designate derivative financial instruments as hedging instruments to hedge the variability in cash flows that is attributable to changes in foreign exchange rates, interest rates, and commodity prices. In addition, the Group may, if necessary, designate derivative financial instruments and other financial instruments as hedging instruments in hedges of foreign exchange risk on a net investment in a foreign operation. At the inception of hedge accounting for a hedging relationship, the Group designates and documents the hedging relationship and the risk management objective and strategy for undertaking the hedge. The documentation includes an assessment whether the hedge effectiveness requirements are met in the hedging relationship. The Group aims to use hedging instruments that create no ineffective portion. Cash flow hedges In cash flow hedges, the effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the cash flow hedge reserve is reclassified to profit or loss as the hedged item affects profit or loss. The Group may apply hedge accounting to interest rate swaps by which floating rate borrowings have been converted into fixed rate borrowings and interest rate and currency swaps where foreign currency floating rate loan receivables have been converted into functional currency floating rate loan receivables. The gains or losses related to both the effective and ineffective portion of the hedge are presented in income statement within financial items. The price risk of the Group\u2019s forecast electricity purchases in Finland is hedged with electricity derivatives to which hedge accounting is applied. The Group may separately hedge the two components of electricity price risk, system price, and area price difference, or a combination of these components. In Romania, the Group has entered into a virtual power purchase agreement (VPPA) to ensure the supply of zero CO 2 emission energy and to hedge against the local forecast electricity purchase price risk. These contracts result in the recognition of derivatives, as there is no physical delivery of electricity, and they are also subject to hedge accounting. The gain or loss related to the effective portion of the hedges is presented in income statement within the cost of sales. The ineffective portion is recognised in income statement within other operating income or expenses. Hedge of a net investment in a foreign operation Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. The effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the translation reserve is reclassified to profit or loss on the disposal or partial disposal of the foreign operation. The Group does not currently have hedges of a net investment in a foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "Accounting policies Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its interest rate, foreign currency, and commodity price risk exposures. Derivatives are recognized initially at fair value and subsequently measured at fair value. Publicly quoted market prices and rates as well as the generally used measurement models are used to define the fair value of derivatives. The data and assumptions used in the measurement models are based on verifiable market prices and values. Fair value changes of derivatives are recognized in profit or loss unless the derivative is part of a hedging relationship when fair value changes are recognized according to the hedge accounting standards for hedging relationships. In general, hedge accounting is not applied to the derivatives used to hedge cash flows from the Group\u2019s business operations in foreign currencies. Hedge accounting can be used to reduce the volatility in the income statement caused by the items measured at fair value through profit or loss. Hedge accounting eliminates the accounting asymmetry between the hedging instrument and the hedged item as it enables the aforesaid to affect the income statement simultaneously. The Group may designate derivative financial instruments as hedging instruments to hedge the variability in cash flows that is attributable to changes in foreign exchange rates, interest rates, and commodity prices. In addition, the Group may, if necessary, designate derivative financial instruments and other financial instruments as hedging instruments in hedges of foreign exchange risk on a net investment in a foreign operation. At the inception of hedge accounting for a hedging relationship, the Group designates and documents the hedging relationship and the risk management objective and strategy for undertaking the hedge. The documentation includes an assessment whether the hedge effectiveness requirements are met in the hedging relationship. The Group aims to use hedging instruments that create no ineffective portion. Cash flow hedges In cash flow hedges, the effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the cash flow hedge reserve is reclassified to profit or loss as the hedged item affects profit or loss. The Group may apply hedge accounting to interest rate swaps by which floating rate borrowings have been converted into fixed rate borrowings and interest rate and currency swaps where foreign currency floating rate loan receivables have been converted into functional currency floating rate loan receivables. The gains or losses related to both the effective and ineffective portion of the hedge are presented in income statement within financial items. The price risk of the Group\u2019s forecast electricity purchases in Finland is hedged with electricity derivatives to which hedge accounting is applied. The Group may separately hedge the two components of electricity price risk, system price, and area price difference, or a combination of these components. In Romania, the Group has entered into a virtual power purchase agreement (VPPA) to ensure the supply of zero CO 2 emission energy and to hedge against the local forecast electricity purchase price risk. These contracts result in the recognition of derivatives, as there is no physical delivery of electricity, and they are also subject to hedge accounting. The gain or loss related to the effective portion of the hedges is presented in income statement within the cost of sales. The ineffective portion is recognised in income statement within other operating income or expenses. Hedge of a net investment in a foreign operation Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. The effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the translation reserve is reclassified to profit or loss on the disposal or partial disposal of the foreign operation. The Group does not currently have hedges of a net investment in a foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "Accounting policies Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its interest rate, foreign currency, and commodity price risk exposures. Derivatives are recognized initially at fair value and subsequently measured at fair value. Publicly quoted market prices and rates as well as the generally used measurement models are used to define the fair value of derivatives. The data and assumptions used in the measurement models are based on verifiable market prices and values. Fair value changes of derivatives are recognized in profit or loss unless the derivative is part of a hedging relationship when fair value changes are recognized according to the hedge accounting standards for hedging relationships. In general, hedge accounting is not applied to the derivatives used to hedge cash flows from the Group\u2019s business operations in foreign currencies. Hedge accounting can be used to reduce the volatility in the income statement caused by the items measured at fair value through profit or loss. Hedge accounting eliminates the accounting asymmetry between the hedging instrument and the hedged item as it enables the aforesaid to affect the income statement simultaneously. The Group may designate derivative financial instruments as hedging instruments to hedge the variability in cash flows that is attributable to changes in foreign exchange rates, interest rates, and commodity prices. In addition, the Group may, if necessary, designate derivative financial instruments and other financial instruments as hedging instruments in hedges of foreign exchange risk on a net investment in a foreign operation. At the inception of hedge accounting for a hedging relationship, the Group designates and documents the hedging relationship and the risk management objective and strategy for undertaking the hedge. The documentation includes an assessment whether the hedge effectiveness requirements are met in the hedging relationship. The Group aims to use hedging instruments that create no ineffective portion. Cash flow hedges In cash flow hedges, the effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the cash flow hedge reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the cash flow hedge reserve is reclassified to profit or loss as the hedged item affects profit or loss. The Group may apply hedge accounting to interest rate swaps by which floating rate borrowings have been converted into fixed rate borrowings and interest rate and currency swaps where foreign currency floating rate loan receivables have been converted into functional currency floating rate loan receivables. The gains or losses related to both the effective and ineffective portion of the hedge are presented in income statement within financial items. The price risk of the Group\u2019s forecast electricity purchases in Finland is hedged with electricity derivatives to which hedge accounting is applied. The Group may separately hedge the two components of electricity price risk, system price, and area price difference, or a combination of these components. In Romania, the Group has entered into a virtual power purchase agreement (VPPA) to ensure the supply of zero CO 2 emission energy and to hedge against the local forecast electricity purchase price risk. These contracts result in the recognition of derivatives, as there is no physical delivery of electricity, and they are also subject to hedge accounting. The gain or loss related to the effective portion of the hedges is presented in income statement within the cost of sales. The ineffective portion is recognised in income statement within other operating income or expenses. Hedge of a net investment in a foreign operation Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. The effective portion of changes in the fair value of the hedging instrument is recognized in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective portion of changes in fair value is recognized immediately in profit or loss. The amount accumulated in the translation reserve is reclassified to profit or loss on the disposal or partial disposal of the foreign operation. The Group does not currently have hedges of a net investment in a foreign operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "32. Contingent liabilities and assets Accounting policies Contingent liabilities and contingent assets A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the realization of an uncertain future event not totally controllable by the Group. A contingent liability is also defined as a present obligation that probably will not require the settlement of the obligation or that cannot be measured reliably. A contingent liability is disclosed in the notes to the consolidated financial statements.
EUR million
2025
2024
For own debt
Pledged assets
3.8
5.9
Other own commitments
Guarantees
1.2
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "32. Contingent liabilities and assets Accounting policies Contingent liabilities and contingent assets A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the realization of an uncertain future event not totally controllable by the Group. A contingent liability is also defined as a present obligation that probably will not require the settlement of the obligation or that cannot be measured reliably. A contingent liability is disclosed in the notes to the consolidated financial statements. Correspondingly, a contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the realization of an uncertain future event not totally controllable by the Group. In case an inflow of economic benefits is probable, a contingent asset is disclosed in the notes to the consolidated financial statements.
EUR million
2025
2024
For own debt
Pledged assets
3.8
5.9
Other own commitments
Guarantees
1.2
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "32. Contingent liabilities and assets Accounting policies Contingent liabilities and contingent assets A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the realization of an uncertain future event not totally controllable by the Group. A contingent liability is also defined as a present obligation that probably will not require the settlement of the obligation or that cannot be measured reliably. A contingent liability is disclosed in the notes to the consolidated financial statements. Correspondingly, a contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the realization of an uncertain future event not totally controllable by the Group. In case an inflow of economic benefits is probable, a contingent asset is disclosed in the notes to the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "32. Contingent liabilities and assets Accounting policies Contingent liabilities and contingent assets A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the realization of an uncertain future event not totally controllable by the Group. A contingent liability is also defined as a present obligation that probably will not require the settlement of the obligation or that cannot be measured reliably. A contingent liability is disclosed in the notes to the consolidated financial statements. Correspondingly, a contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the realization of an uncertain future event not totally controllable by the Group. In case an inflow of economic benefits is probable, a contingent asset is disclosed in the notes to the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
EUR million
2025
2024
For own debt
Pledged assets
3.8
5.9
Other own commitments
Guarantees
1.2
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "Finland ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "The related parties of the Group consist of members of the Board of Directors, the President, other key management personnel, and close members of their families. Transactions and outstanding balances with parties having significant influence
1,000 euros
2025
2024
Key management personnel
Employee benefit expenses
Short-term employee benefits
4,221.4
4,006.4
Post-employment benefits
225.7
-
Share-based payments
6.3
19.9
Total
4,453.4
4,026.3
Remunerations
Paolo Pompei, President and CEO
(January 1, 2025\u2013)
820.2
-
Jukka Moisio, President and CEO
(May 27, 2020\u2013December 31, 2024)
-
8 17.8
Members of the Board of Directors
Jukka Hienonen
129.0
127.6
Elina Bj\u00f6rklund
90.0
85.8
Susanne Hahn
72.4
70.3
Markus Korsten
68.9
69.6
Elisa Markula
65.4
62.6
Jouko P\u00f6l\u00f6nen
87.9
88.6
Antti M\u00e4kinen
61.2
-
1,000 euros
2025
2024
Prior members of the Board of Directors
Pekka Vauramo
2.8
88.6
Christopher Ostrander
87.9
95.6
Reima Ryts\u00f6l\u00e4
4.2
66.1
Veronica Lindholm
-
3.5
George Rietbergen
-
3.5
Total
669.7
761.8
No incentives were paid to the members of the Board of Directors. In addition to the above remuneration, the Company paid asset transfer taxes arising from the acquisition of shares from fixed pay.
1,000 euros
2025
2024
Other key management personnel
2,731.5
2,426.7
of which incentives for the reported period
174.0
19.9
No special pension commitments have been granted to the members of the Board of Directors and no statutory pension expense incurs.President and CEO Paolo Pompei does not have a supplementary pension plan and his retirement age is in accordance with the statutory pension regulations. The other management in Finland has a supplementary pension plan of 10% of the annual salary and a retirement age of 63 years. Management team members outside Finland have pension contribution and retirement age based on local practice. No loans, guarantees or collaterals have been granted to the related parties. Shares and share options granted to the President and other key management personnel
2025
2024
Granted, pcs
Shares
509,220
403,224
Share options
-
-
Held, pcs
Shares
116,058
146,855
Share options
-
-
Exercisable
-
-
No performance shares nor share options have been granted to the members of the Board of Directors ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "The related parties of the Group consist of members of the Board of Directors, the President, other key management personnel, and close members of their families. Transactions and outstanding balances with parties having significant influence
1,000 euros
2025
2024
Key management personnel
Employee benefit expenses
Short-term employee benefits
4,221.4
4,006.4
Post-employment benefits
225.7
-
Share-based payments
6.3
19.9
Total
4,453.4
4,026.3
Remunerations
Paolo Pompei, President and CEO
(January 1, 2025\u2013)
820.2
-
Jukka Moisio, President and CEO
(May 27, 2020\u2013December 31, 2024)
-
8 17.8
Members of the Board of Directors
Jukka Hienonen
129.0
127.6
Elina Bj\u00f6rklund
90.0
85.8
Susanne Hahn
72.4
70.3
Markus Korsten
68.9
69.6
Elisa Markula
65.4
62.6
Jouko P\u00f6l\u00f6nen
87.9
88.6
Antti M\u00e4kinen
61.2
-
1,000 euros
2025
2024
Prior members of the Board of Directors
Pekka Vauramo
2.8
88.6
Christopher Ostrander
87.9
95.6
Reima Ryts\u00f6l\u00e4
4.2
66.1
Veronica Lindholm
-
3.5
George Rietbergen
-
3.5
Total
669.7
761.8
No incentives were paid to the members of the Board of Directors. In addition to the above remuneration, the Company paid asset transfer taxes arising from the acquisition of shares from fixed pay.
1,000 euros
2025
2024
Other key management personnel
2,731.5
2,426.7
of which incentives for the reported period
174.0
19.9
No special pension commitments have been granted to the members of the Board of Directors and no statutory pension expense incurs.President and CEO Paolo Pompei does not have a supplementary pension plan and his retirement age is in accordance with the statutory pension regulations. The other management in Finland has a supplementary pension plan of 10% of the annual salary and a retirement age of 63 years. Management team members outside Finland have pension contribution and retirement age based on local practice. No loans, guarantees or collaterals have been granted to the related parties. Shares and share options granted to the President and other key management personnel
2025
2024
Granted, pcs
Shares
509,220
403,224
Share options
-
-
Held, pcs
Shares
116,058
146,855
Share options
-
-
Exercisable
-
-
No performance shares nor share options have been granted to the members of the Board of Directors .", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "35. Events after the reporting date On February 10, 2026, Nokian Tyres published its updated strategy and financial targets by the end of 2029. Further information is available on a stock exchange release available at company.nokiantyres.com/investors/. The mid-term targets are: \u2022 Net sales EUR 1.8\u20132.0 billion \u2022 Segments EBITDA >24% \u2022 Segments operating profit >15% \u2022 Net debt/Segments EBITDA <2 On January 14, 2026, Timo Koponen was appointed Nokian Tyres CFO and a member of the Management team. He will start in the position by April 15, 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700YQIO8Y4L4WKR40", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }