Nokian Tyres withdraws financial guidance for 2022 due to Russian sanctions

Nokia, Finland – Nokian Tyres stated in a press release that Russian military actions in Ukraine and the consequent sanctions have caused significant uncertainty related to Russia, to the functionality of the Russian financial and payment system, and to the Russian ruble exchange rate. Therefore the Board of Directors of Nokian Tyres plc has decided to withdraw the Company’s financial guidance for 2022 published on February 8, 2022. Due to the prevailing uncertainties, the Board is not in a position to give a new guidance at this moment.

Earlier guidance from February 8, 2022:

In 2022, Nokian Tyres’ net sales with comparable currencies are expected to grow significantly and segments operating profit is expected to grow. The global car and tire demand is expected to grow. The COVID-19 pandemic continues to cause uncertainties, including cost inflation and availability challenges, in the whole automotive value chain. In addition, current geopolitical situation causes uncertainties in 2022.