The following is a summary of the Nokian Renkaat Oyj (NKRKF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Nokian Renkaat reported Q1 revenue of €236 million, identical to the previous year's figures.

• Despite challenges, Portfolio EBITDA in Q1 was €12.5 million, slightly higher than the previous year's €11.2 million.

• The company's Q1 operating profit fell slightly to -€15.1 million compared to the previous year's -€14 million.

• The Finnish political strikes and the Red Sea crisis negatively impacted the EBITDA level by roughly €20 million.

Business Progress:

• Nokian Renkaat is moving forward with operations at its new zero-CO2 factory in Romania, set to start production within the year.

• Despite political and environmental hurdles, the company stresses its potential for significant future growth.

• The completion of its U.S. factory and the opening of the Romanian factory are foundational for the company's focus on organic growth.

• Nokian Tyres is working on innovative solutions to manage a forecasted 5% rise in labour costs, currently considering efficiencies and price adjustments.

• The company anticipates spending around €350 million in capital expenditure for the year, potentially less if subsidies are approved.

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