Nokian gains on solid growth in central Europe

Nokia, Finland - Nokian Tyres plc has posted an overall increase in both sales and earnings (EBITDA) for 2024, due largely to “solid growth” in central Europe.

Earnings came in 7.6% higher year-on-year at €185 million on sales of just under €1.3 billion, around 10% above the 2023 level, Nokian reported 4 Feb.

Gains included a significant increase in net sales of passenger car tires, driven by a robust growth in central Europe, said president and CEO Paolo Pompei.

In the Nordic countries, Pompei said, Nokian “continues in a strong position while further improvement is required in our North American business where the fourth quarter was particularly soft.”

Nokian’s heavy tires business “performed well in a weak OE market,” added Pompei, who joined at the Finnish tire maker at the start of the year.

In 2024, he continued, the company advanced growth through “strategic investments to increase capacity and strong innovation efforts to launch new products.”

Milestones included opening the Nokian’s tire factory in Romania, which Pompei said “is getting ready for tire deliveries.”

Furthermore, Nokian completed a phase of major investment at its US tire factory, where it is now introducing new sustainable materials into its tires.

In 2025, Pompei said Nokian will focus on growth and sharpen its operations to increase productivity and efficiency while maintaining strict cost control.

On the wider business environment, he said “the recent announcements of trade tariffs [by the Trump administration] are causing uncertainty.

“We are analysing the possible impacts of the tariffs and creating a strategy how to address them.”