Good afternoon, and welcome to Nokian Tyres first quarter 2026 results audiocast. I am Annukka Angeria from Nokian Tyres Investor Relations, and together with me in this call, I have our President and CEO, Paolo Pompei, and our new CFO, Timo Koponen. As usual, Paolo and Timo will run through the presentation, and after that, we will open the line for questions. Before we start, I would like to ask you, Timo, a couple of questions. You have been with us only a few days, and first of all, welcome to the company. Thank you. It's great to have you here. With the short but intense experience with the company, what are your first impressions? Yeah. Well, it has been very busy start as everybody can anticipate. First of all, I'm very excited to be on board finally. It's been a long wait. Kind of looking back when we started discussions with Paolo and the other people in the company, I got really intrigued by the momentum and drive that Nokian has, and obviously that intrigue remains. You only need to look at the just ended first quarter, and you can really see that we have a second gear on. It's good to be here. Thank you. Good to hear. Maybe if you can also briefly say a few words about your background. Sure. As I think it was already mentioned in the announcement, I have a long background in the Finnish industrial equipment companies, Konecranes, Hackman, Metos, Wärtsilä, and last couple of years at Normet. I've been working in finance, as well as in the line management roles, both in Finland and abroad, France, China, and U.K., and now in Finland. Thank you. With that, I will now hand over to you, Paolo, for the first quarter results. Excellent. Thank you very much, Annukka. Also from my side, welcome on board, Timo. Let's start immediately with the headlines where you can see that sales increased across all regions and operating profit improved significantly, driven by discipline, strategy, execution. Let's move to the agenda. We will start with the quarterly highlights, moving to the financial performance, then Timo will comment the business unit performance as well as our cash flow and financial position. Then we will close this call with assumption and guidance. Of course, at the end there will be question and answer. Moving directly to slide number four, operating profit improved significantly. This was really supported by volume, price, mix improvements, and lower manufacturing and material costs. Operating profit improved by more than 50%, and we had really good also price and mix improvements during this quarter. Effective working capital management and lower CapEx has contributed to improve our cash flow by over EUR 50 million in quarter one, and this is also an important achievement in this quarter. We keep working hard on our continuous improvement initiative that are really supporting strongly our strategic plan and our EUR 220 million EBITDA improvements by 2029. This was also an exciting quarter when we talk about product innovation. We were able, actually, we were releasing two important flagship in our product range, for the Nordics and the Central European market, and also a new tire for Heavy Tyres division, a new line for truck tires. Moving to slide number five. As I said, this was an exciting quarter, and it's worth really to spend a few words about our achievements because we were able to release, once again, a new disruptive technology, the Hakkapeliitta 01, that is actually delivering a tire that is able to operate and to adapt to the change of temperature with stud on or stud off, depending on the driving condition with different temperatures. This is really a great achievement. It is a disruptive innovation, and we are really proud about the achievement of our R&D team and what our company's been able to develop through intense R&D work as well as intense testing in the last few years. We're also releasing the Nokian Tyres Snowproof 3P. This is also an extremely high-performing product dedicated to the Central and Southern European market that is beating actually the key competitors in many parameters, and of course, we are extremely excited about our strong improvements in the product performance in a strategic market, a growing market for all of us. We have invited to test our tires and solution more than 500 customers during the month of March in our test center, White Hell in Ivalo. This is obviously the best way to promote our product to make sure that our customer can really experience the good performance and the good capabilities of our own facilities as well as of our own products. Let's move to the financial performance. Moving directly to slide number seven. When we look at the market, we see actually a market declining both in Europe and North America. This is making us even more satisfied with our existing journey because obviously in Passenger Car Tires, we've been able to outperform the market in quarter one. The market is estimated to be at this stage -3% in Europe in Passenger Car Tires and -8%, so significantly down in North America. Truck tire business has been positive actually in quarter one, and we can say that agricultural and forestry business was flat both in the OE and the replacement market in the same period. Moving to slide number eight, we see that net sales increased by 4.9% in quarter one. I would like to highlight the strong performance of Passenger Car Tires that was +9% in comparable currency. We were growing in all the regions, and this is also very important in our existing journey. We improved segment EBITDA to EUR 30.2 million, so plus almost EUR 18 million compared to previous year. This is representing finally two-digit EBITDA, 10.8% of net sales, compared to 4.6% in 2025. We improved our segment operating profit by more than EUR 14 million. This is a growth of 70%, moving to EUR -4.3 million, so very close to the breakeven, coming from EUR 18.5 million in 2025. Finally, we improve our operating profit by 50% to EUR -17.8 million versus almost EUR -36 million in 2025. The numbers are improving according to plan, and we are really pleased about these developments. Moving to slide number nine, you will see as we have anticipated, that sales are growing in any region. Obviously, this in comparable currency, we see a growth of 1.4% in the Nordics, strong growth in Central and Southern Europe with 9.1%, and also very good growth in comparable currency in North America with +7.8%. I remind you, in a market that is declining by 8% in quarter one. Passenger Car Tyres was outperforming the market. Heavy Tyres, the sales were down by 1.6%, but the profit was improving significantly above 15% at 15.7%, and Vianor was slightly positive with 1.7%. Moving to slide number 10. This is a new slide that we are presenting in this deck that is giving you a better understanding of the mix development of the company. You will see that in quarter one, we were growing in terms of percentage of sales in the all-season and summer tire business, while we were declining from 37%-30% in the winter tire business. Just a reminder, obviously, quarter one is not a winter tire quarter in our industry. And also, second reminder is that obviously we are leveraging this year the product launches that we did last year in 2025 in Central Europe for the all season and summer tire business, as well also in North America for the all-weather. We are also happy about the progress we are doing on the 18 inches plus larger tire diameters. They are reaching today 51% in value of our total sales. I would say from the mix development point of view, we are developing the business in line with the plan and in line with the strategic targets that we released in February 2026. Moving to slide number 11. Of course, we see more or less the same numbers, but I would like to focus your attention on three main KPIs. One, obviously, the reduction of the debt by approximately EUR 45 million, and Timo will tell you more about that. The reduction of the capital expenditure to EUR 7.3 million from EUR 52 million last year. Obviously, we say that we were ending a very heavy investment period, and now we get back to normal. Then, of course, the cash flow from operating activities has been also improving by more than EUR 50 million. Moving to slide number 12. You will see that we are targeting this year an investment level more or less in line with the depreciation of approximately EUR 130 million at this stage. We get back really to a normal investment level, which is obviously supporting our strategic plan journey moving forward to 2029. I leave the stage to Timo for the business unit comments. Okay. Thank you, Paolo. It has already been mentioned a couple of times, we are very pleased about the performance we had in Passenger Car Tires, net sales increasing by 9.1% on comparable currencies. At the same time, the pricing continued improving, and very importantly, we operated with the lower manufacturing and as well as material costs. This logically all results in significantly improved segment operating profit. As we can see, we moved from losses year ago, EUR 6.2 million up to EUR 10.2 million or 5.5%. Moving on to page 15. When looking at different components in the Passenger Car Tires in net sales, volume contributed EUR 10 million of that increase, + 5.7%, and price mix EUR 6 million, + 3.4%. Headwind we had relates to currencies, - 2.1%, and that comes mainly from the North American sales. In the lower part, in segment operating profit level, lower material cost was the biggest lever we had by EUR 11 million sales volume and price mix had also a significant positive effect, EUR 5 million and EUR 6 million respectively. As we already anticipated in the Capital Markets Day, during the period we may have made significant investments in our brand and marketing, and that shows as a higher SG&A, and it's needless to say, the growth always takes some money. Moving on then, looking at the overall picture we are very happy about sales volume return to growth after two declining quarters, growing by 5.7% on quarter one. Regarding the price mix, we can see the price increase continuing also on the quarter, this time by 3.4%. Currencies, we already commented earlier. Moving to Heavy Tyres. There, the net sales decreased by 1.6%, and that was due to lower demand in forestry segment. Despite of that, the segment operating profit improved by EUR 8.6 million, and that is thanks to good pricing discipline. Percentage-wise, as Paolo already mentioned, we are back above 15% level at 15.77%. As it has been our target already in this business is to fix profitability, and we are very happy to see that happening. Then finally on the business units, Vianor, there we had a disappointing first quarter, as already mentioned. This part of the increased net sales, it went up by 1.7%. The segment operating profit declined and was EUR -17.1 million. The main cause there was two factors, basically, the cost inflation and then one-off inventory revaluation, which both had a negative effect. As a reminder, as most of you already know, Q1 is seasonally low for Vianor, so nothing new there. Moving to cash flow and financial position. Positive cash flow development was already mentioned. Two main contributors there. First of all, thanks to very effective working capital management, we were able to improve, and there the factors are, as we have previously communicated, we have several initiatives ongoing to improve our position, the inventories, payables and so on. Another big improvement compared to year ago was the lower CapEx. There are some seasonalities on that, but we also have to remember that we have very tight scrutiny on new investments, what we are taking in, and focusing on improving cash flow. Finally, on a debt position, as already I mentioned, net debt went down by EUR 45 million on a quarter. On liquidity, at the moment or end of the quarter, it was EUR 441 million consisting of cash and then the EUR 304 million undrawn cash credit facilities. Regarding the debt maturities on the right-hand side, as we already commented in the report, during the period, we executed an extension of one year for EUR 100 million loan, and that was the only event that we had on a quarter. Excellent. Thank you very much, Timo. Let's move now to the assumption and guidance. If we can move to slide 23, you will see that we are actually not changing the assumption for this year. We believe the market will remain ±2%, pretty stable in passenger car tire, as well as in agri and forestry tires, where we see actually the demand pretty stable and low level in the OE market and slightly positive in the after market for the rest of the year. Moving to slide 24 and looking at the guidance, there are no changes to our previous guidance. We believe that in 2026, Nokian Tyres sales will grow compared to previous year, and obviously operating profit as a percentage of net sales will be between 8%-10%. The tire demand is expected to remain flat. Obviously, we are continuously watching the evolution of the existing conflict in Middle East. This is an important part of the assumption. At the moment we are able, looking at the outlook and considering our continuous improvement plan, we are able to confirm that our guidance is pretty strong and stable. The profitability obviously will improve, supported by new products, but also by price and mix as you can see also in quarter one, and continuous efficiency improvement. I would like to close this quarterly presentation reminding our long-term objective. We remain focused, and we want to remain fully focused in our leading position, in keeping our leading position in winter tire. We are targeting to grow above market level in the all-season, all-weather segment, as well as in the agri and forestry tires. Three different journeys by geography. In Nordic it's about strengthening our first position, while in Central Europe as well as in North America, it's about growing above market average. We will do that always supporting value, premium value positioning, and mix enhancements. We will do that expanding our Vianor network in Europe and focusing more and more on B2B and B2C, in particular, consumers. We have a strong product innovation in the pipeline. Actually, we are planning by 2029, I remind you, in the Passenger Car Tires to release a new product, in all the segments where we operate, 90% of those new products will be dedicated to winter tire and all-season and all-weather. Consumer-focused growth investments in marketing in particular, and then we will keep working on operational excellence where we see great opportunities to improve significantly our cost structure. Our local- to- local business model will enable us to be less vulnerable in front of geopolitical tensions. Of course, we can count more and more in an experienced and engaged team, we will be able to achieve our financial target. Our long-term financial target remains the same, EUR 1.8 billion-EUR 2 billion within 2029. Segment EBITDA above 24%, and segment operating profit above 15%, reducing the debt level to a ratio between net debt and segment EBITDA below 2%. We can now move on to the question and answer and thank you for your attention. The next question comes from Artem Beletski from SEB. Please go ahead. Yes, good afternoon, Paolo and Timo, and thank you for taking my question. I actually have three to be asked. The first one is relating to raw materials, and Paolo, you also mentioned the conflict in Middle East. Could you maybe comment whether you have been doing already some price increases due to this topic or have seen competitors acting? Maybe just in terms of time lag, when this type of higher oil-related raw material costs will start to increase for you? Maybe I start with that one. Yeah. Thank you for the question. This is an important one and really relevant, of course. When we talk about raw material, there is a time gap, as you know very well. We are estimating to see the impact of the raw material changes more through the end of the year, meaning end of quarter three, beginning of quarter four. Clearly, we are not concerned about compensating this effect that will come up. As you can see, our pricing are moving up, despite we have a favorable trend at the moment of the raw material trend. Clearly prices is the tool to compensate the raw material trend long-term. Obviously, we don't comment about competitors, but I can only say in 30 years in our industry, the market is very disciplined in transferring this cost, obviously, when they are coming. Yes. This is very clear. Maybe the second question what I would like to ask is relating to Heavy Tyres, and indeed, you delivered quite nice profitability improvement in Q1. Do you see that this level is now sustainable? Maybe you can update us with your view, what comes to market recovery? Do you still expect it potentially to happen in second half of this year? Yeah. Thanks a lot. This is also a very good question, actually. The Heavy Tires business is improving because obviously good price discipline, as we said, it's keeping and of course, some internal operational efficiency actions that we have activated. I think the Heavy Tires business is now at the end of a very long negative cycle. We expect the market obviously to move up. It's difficult for anyone to say, particularly today with existing crisis in Middle East, to say really when the market, the OE market in particular, will pick up. Because the replacement market, I think, is already moving in a better direction. It's more about understanding when the OE market, for us, as you know, is very important, the forestry market, as well. My original estimation was the market will improve in the second half of the year. Of course, this at the moment is not yet visible. At least we don't have any visibility about this potential improvement already in the second half of the year. We will keep you up to date step by step. Yes. Great. Then the last one what I had was relating to SG&A expenses, and those went up EUR 6 million in Q1 year-over-year. I fully understand that it has to relate to these very interesting new products what you introduced to the market. Is it fair to say that the increase during the remainder of the year will be much smaller, given the fact that all product introductions and presumably big events are behind us? Yes, of course. Don't forget in quarter one 2025, we were coming out from a very, very difficult 2024, rebuilding the company, stretching everything at minimum, not really investing too much in our future. Now we are investing on our future with growing sales force and growing marketing investments. Of course, a big, big product launches that we did in March 2026. Clearly, we will keep investing in growth, but it has to be a profitable growth. As I said, of course you should not expect a 12% SG&A increase every quarter because otherwise this will not be sustainable. You should expect that obviously we will keep investing on our brand for the future. Okay. Very good. Thank you. This is all from my end. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Thomas Besson from Kepler Cheuvreux. Please go ahead. Thank you very much. Good afternoon. I hope you can hear me. The quality of the line was disastrous during the previous question, so I may ask a question for almost a second time, but I'd like to make sure I understood correctly. I think, Paolo, you said that the industry has basically been raising prices, to offset higher energy and input cost historically. My question was really to try to have a view on what you're assuming in terms of energy and raw materials headwind over here or Nokian in 2026. When these energy and raw materials are going to turn from a tailwind into a headwind. What kind of price hike you need to be able to offset this assumed headwind? That's my first question. I have more questions that I'll ask later. Thank you. I'm sorry if the line was not. I hope it's better now. That is an important question. As we said, the raw material effect of the current situation will probably be visible end of quarter three, beginning of quarter four. Of course, this is changing every day, as you know very well. It's depending on different announcements that are happening every day. Let's say in our assumptions, we consider the existing raw material level, the one that we will see moving forward, then obviously we are expecting to see some impact end of quarter three, beginning of quarter four. I think the pricing action we have in place are able to compensate this raw material effect. I will keep repeating that the problem is not about transferring the cost. It's always about evaluating the consumer behavior at the end. In the tire industry, we were always very disciplined in managing price and raw material. We try in the last, actually in the last couple of years now, one year and a half, to improve also our positioning through new products and through price increases. In general, I would say that I will not be concerned about the balance between prices and raw material. We need to see how the demand will evolve. At the same time, we need to say that our journey is a little bit, in particular outside of the Nordic, it's a little bit independent, meaning that we come from a niche position, a small position, so we still have plenty of opportunity to manage our growth. Thank you. Second question. Your Q1 volumes in passenger cars were up 5.7% while your reference markets in Europe and the U.S. were both down. It comes against Q1 2025, where you already had a strong jump in volumes. Can you elaborate on what has been allowing this? Where have you gained share? Whether you do expect to be able to continue to largely outperform your end markets in Q2 and the rest of 2026. Sure. We are growing in terms of market share, as we said, in the two, I would say, new markets. We could not even say new because obviously we were before the crisis in Russia. We were already pretty present in Central Europe. We are regaining, obviously, market share in Central Europe. We are growing market share in North America. This is driven by a combination of elements, as we know very well. First of all, we have a completely new manufacturing footprint that is giving the possibility to have dedicated factories for dedicated markets. Meaning that we can really focus on the development of specific markets with dedicated manufacturing capabilities. Secondly, a lot of new products. We are releasing a lot of new products that are giving also the possibility to our team to promote our innovation capabilities. Of course, we are reinforcing the team as well, at the same time, also exploring new channels, reinforcing our B2B and B2C channels. It's a combination. Clearly for us, it's a continuous journey, but it's very important that this journey is going to be profitable. In Q1 2025, you saw an important growth of 22%, but you didn't see an improvement of profitability. Now, if you notice, you see a different journey in the last few quarters. We focus more on profitability improvement at this stage of our life. Then, of course, we are happy to see, like in quarter one, when profitability and growth are moving together in the same direction, because this is really what any healthy company should provide to investors every quarter. Clear for that. Can you say a few words about what you expect in the coming quarters about your share gains? Do you think it can continue, or this was the best performance you're going to show during the year? The guidance is about growth. What I mean is that we keep guiding single-digit growth, and that is really important. We are not guiding two-digit growth, but we are guiding single-digit growth. Understood. Last question for me, please. I think it's fantastic that you barely spent any money in Q1 on CapEx. EUR 7 million. So obviously driving an unusually big decline in debt over the quarter. Can you explain why this is the case, or are you phasing something very slowly, or do you still think you're going to need to spend EUR 120 million, EUR 130 million for the year, or did you get some of the Romanian state aid in Q1? Timo has already anticipated very well that clearly when you look at CapEx, you need to see also sort of seasonality. Normally, for instance, we do maintenance during factory closing. Obviously the CapEx level in end of quarter one, beginning of quarter two will increase because it's the maintenance period for many of our own operations. As I said, I would consider under EUR 30 million the maximum roof. Actually, we are targeting less than EUR 130 million. For us, it's very important to be capital efficient, meaning to be able really to invest wherever is needed in terms of maintenance, but also wherever we see a clear and faster return. I will not take quarter one as a reference, but in general, of course, we have projects, we have maintenance project, we have a small operational project to complete. Their plant that is not fully completed yet. Of course, we are guiding, as I said, at this stage, EUR 130 million and probably a bit less, but we will guide you better in the second quarter. Very clear. Thank you very much. Thank you. There are no more questions at this time. I hand the conference back to the speakers. If there are no further questions, this concludes today's call. Thank you, Paolo and Timo, and all for joining this call. We wish you a great rest of the day. Thank you very much. Thank you.