Good afternoon, everyone, from sunny Helsinki, and welcome to Nokian Tyres' second-quarter 2026 results call. I am Annukka Angeria from Nokian Tyres Investor Relations, and joining me today are President and CEO Paolo Pompei, and CFO Timo Koponen.

Paolo will begin with an overview of the second-quarter group-level results, and after that, Timo will take us through the business unit financials. As usual, after the presentation, we will be happy to take your questions.

With that, Paolo, please go ahead.

Thank you, Annukka, and thank you, everyone, for joining this quarterly call this afternoon. We start with the headline, strong profitability improvement driven by higher sales volumes and enhanced pricing.

We are going to comment a very good quarter, I would say, in both dimensions: sales development as well as profitability. Moving to the agenda, we will start, obviously, with the quarterly highlights and the financial performance.

Then, Timo will comment the business unit performance, as well as the cash flow and the financial position. I will close the call with the assumptions and guidance.

Then, finally, we will have our Q&A. Moving to slide number 3, quarterly highlights, and moving to slide number 4.

Before to start, we would like to highlight two important recognitions that we received during the quarter. Both of them are about our sustainability journey, and the first one is about the Financial Times, who was ranking Nokian Tyres as the first tire company in the sustainability, in the climate change leadership.

We were the highest-scoring tire company in this ranking, and we were ranked globally 39 among the 600 companies that were selected. The second recognition came from the TIME magazine, also identifying Nokian Tyres as one of the best sustainable companies.

We were ranked 100 among the top 750 companies around the world. These two recognitions are very important to us because they highlight the strong effort of our team and our board in delivering sustainable operations and in improving our performance in the sustainability area day by day and year after year.

Moving to slide number 5, let's comment together the highlights of quarter two. Operating profit improved significantly by over 130%, supported by higher sales volume, price increases, as well as lower manufacturing and raw material costs.

We were able to grow sales in all the regions and in all the businesses, and reflecting the high consumer trust on our brand. We had also good pre-sales in June, in particular when we talk about winter tires in the Nordics, with the pre-sales of the Nokian Tyres Hakkapeliitta 01.

We are very pleased about the development of this new flagship that is now part of our product portfolio. Then, of course, we keep improving our operation through efficiency improvement plans and we are progressing with our own initiatives in line with our own plan.

Moving to slide number 6 and slide number 7, let's first look at the market performance. The market in Europe was the replacement market quite stable in the first half of the year, while in North America, we experienced a negative market trend, -5% in the replacement channel.

Passenger car tire business is in some way recovering when we talk about Western producer, and there is some decline coming in particular due to the tariff imposed by the European authorities to the Chinese production. Truck tire business is also developing well in Europe in the aftermarket.

We understand the market was up by 10%. We see a slight recovery of the agricultural and forestry business, +5% both OE and replacement in the first half of 2026.

Moving to slide number 8, going deeply in the numbers, we had quite a good growth in term of sales in quarter two with a 10.6% sales increase or 9.7% in comparable currency. We were able to grow in all our regions outperforming the market, and this was obviously driven by higher sales volumes and also price increases.

We had also a good improvement of the segment EBITDA, +34%, reaching €76.8 million in the quarter. This is representing 20.2% of net sales, that is not far away from our medium-term target of 24%.

Segment operating profit increased significantly by 71%, over €45 million reached compared to €26.3 million in 2025 quarter two, and this correspond to 11.8% of net sales, compared to last year of 7.7%. As we said at the beginning, improvement was driven by higher sales volume, price increases, and lower manufacturing as well as material cost.

Finally, operating profit, we more than double our operating profit in the period, reaching €34.8 million compared to €14.8 million in 2025. Moving to slide number 9, we are very pleased to highlight the sales growth of the passenger car tire business, overall reaching almost 14% in comparable currency.

Also Heavy Tyres was able to reach two-digit growth with 10.1% compared to the same quarter of 2025, while Vianor was remained pretty stable in term of sales. I want to drive your attention to the significant growth we had in Central Europe.

We're very pleased about this growth because it's also supported by the good improvement and improved output of our new factory in Romania. Everything is developing in this area according to plan.

Moving to slide number 10, we're improving in term of mix development. We were able to grow in many segments where we operate.

However, we've been able to grow significantly in the all-season, all-weather segment that, as you know very well, is growing significantly in Europe in particular, and we were able to increase our sales, also supported by our new product range, Seasonproof 2. Winter tire was able to grow as well, but at a lower speed compared to the all-season business, in particular in Central Europe, and this is why the percentage is slightly lower in term of total sales compared to the same period in previous year.

Mix is improving also in term of dimensions. We reached 50% of our sales in the segment 18 inches plus.

This is also an important achievement that is highlighting how Nokian Tyres is able to focus on the premium range and, obviously, in the more demanding applications. Moving to slide number 11, more or less there are some numbers we have been already analyzed together.

What we want to highlight the attention to is probably the net sales year to date are now up by 7.6%, and the segment EBITDA is now up by 54%. Operating profit turned positive from a negative level of previous year year to date.

Last but not least, in the bottom of the slide, you will see that in term of capital expenditure, we were very disciplined. Of course, we have a lower level compared to previous year when we were still ramping up our operations in Romania, reaching at year to date €24.5 million, which is significantly lower than the level of previous year that was €90 million at this stage.

Timo will comment shortly about the cash flow development. Moving to slide number 12, we are expecting for the full-year capex to be significantly lower than previous year, reaching in some way a level between 100 or even below the €100 million at this stage.

This is our estimate as up to date. Then, I hand it over to Timo for the comment about the business units.

Thank you, Paolo. Let's start with the Passenger Car Tyres, which obvious- obviously was was one of the main drivers behind behind a strong performance.

The Passenger Car Tyres continued very strong performance also in in Q2. Net sales was up by 13.7% in comparable currencies.

Prices were further improved, as well as the the the transfer to the bigger bigger rim sizes, as already commented by Paolo. In segment operating profit, the percentage was 15.1% for the quarter, which is almost then money-wise doubling the the or more than doubling the the profit from from previous year same quarter.

In H1, the net sales grew by 11.6% and and a segment operating profit stood at €45.7 million. Then when breaking the performance on a page 15 to to various components, in the net sales, the volume component contributed €22 million or 10.5%, which, of course, is is the main driver there.

That, combined with the continued positive price/mix, €6 million or 3.1%, we we saw a very good volume, or net sales development for the quarter. Then in segment operating profit, the lower material cost, as already highlighted, was the biggest lever by by €10 million.

The other other significant elements is the is the lower, or the positive price/mix and and and the lower lower materials. Some some negative development in terms of the supply chain and as SG&A, but the main main picture in this picture remains very, very, very good.

Then looking at quarter by quarter, we can see now that the volume, indeed, increased by by 10.5%. The volume, price/mix, we saw a fifth, actually sixth consecutive quarter with a positive, positive development, which we are extremely proud of.

Currencies neutral for this quarter, some negative development in North America, but that was offset by positive development in the Nordics. Moving to Heavy Tyres on page 17, Heavy Tyres, as mentioned, already returned to growth in the quarter, going up by 10.1%.

That was driven basically by agri, but we saw positive development across all the end-user segments. Segment operating profit improved to €10.1 million, representing 15.0%, driving also the the H1 then then to be still still above 15, which has been the the target level.

This has been supported, as we already commented in Q1, on a very disciplined pricing, as well as as tight cost management. Then at Vianor, top line more or less flat, but then in terms in terms of the profitability, we were suffering still of the cost inflation and and somewhat the quarter was impacted by the early start of the spring season, meaning that the the season started already late late March, which then ate ate a little bit the volumes from from Q2, as we have commented in the in the reports.

Then moving on to to cash flow and and financial position. Cash flow very strong, two main elements there, of course, the improved EBITDA as as well as then the significantly lower capex.

When looking at the free cash flow, the improvement was was roughly €97 million, which then then also enabled us to to to decrease the the debt debt levels. The only area where where we saw basically growth on a wrong direction was the was the working capital, where the strong top-line growth resulted in the increased receivables.

Other than that, the initiatives that we have had ongoing in terms of the capital efficiency in inventories or or or on a on a liability, the payables side are progressing as planned. Then finally, on a net debt, there the net debt decreased by €49 million in a quarter, liquidity remaining on a on a well, very healthy, stable level.

Then then at the end, still a reminder on debt maturities. During the quarter, we made arrangements and executed the extension on a on a revolving cash facility, €100 million, as well as then another extension on a €300 million bilateral term loan facility.

Back to Paolo.

Thank you, Timo. Let's move on the assumptions and guidance, moving to slide number 23.

We are not expecting major changes in the second half of the year. We are expecting the passenger car tire replacement market to remain pretty stable between plus/minus 2%.

This is the visibility we have at the moment, while we also maintain a positive outlook when we talk about truck tires, between 5% to 10% positive, as well as agricultural and forestry tires, where we see the market to be between 0% to +5%, a modest growth in, in particular, in Europe at this stage. Moving to slide number 24, we confirm our guidance for the year, where we say that we will grow and we will land with segment operating profit as a percentage of net sales between 8% to 10%.

No changes in the guidance at the moment for 2026. Moving to slide number 25 and completing our presentation over the quarterly results, just a quick update about the strategy execution that is, as you can see also from our financial results, is delivering the expected results.

We keep pushing our premium positioning, strengthening our brand with strong marketing investments, with new products, and, in particular, with better prices. Also, I have to say, we're really proud of our team was able to execute efficiently our continuous improvement plan across the organization, and this is driving significant profitability improvement.

We are very well done for our team that has been able actually to focus on what really matters to influence the improvement in our P&L. We have new product coming up.

They are driving growth in our selected segments. I'd like to remind you that our selective segment remain winter tire, all-season and all-weather tire, as well as agricultural and forestry tires.

We have completed investment phase, we are creating a foundation for a stronger cash generation. We landed in quarter two at €24 million capex compared to €90 million last year, you can clearly see that now we are moving forward with an efficient, renewed manufacturing footprint, and we can now focus on growth.

We can now move to question and answers. Going back then to Annukka.

Yes, we are ready for the questions.

Yes, good afternoon, Paolo and Timo, and thank you for taking my questions. I actually have two to be asked.

The first one is relating to PCT first, a clear profitability improvement what you have shown in the quarter. Could you maybe comment whether these new products, as you have been commenting, for example, regarding Hakkapeliitta 01, so that pre-season sales has been exceeding expectations, whether these new products have been supporting profitability of the business in the quarter or do you expect some of this impact to be visible, for example, in Q3?

This is the first question. The other question is relating actually to raw materials.

Could you maybe comment how you see H2 in terms of upward pressure on that front and whether you are still comfortable that you would be able to compensate the pressure through price increases what comes to raw materials? Thank you.

Thank you very much for those two important questions. The first one is about the new products and the profitability improvement.

Clearly, we've been investing a lot, as in 2025 and at the beginning of 2026 in new products that are covering not only winter tire with the Hakkapeliitta 01 and Snowproof 2 in Central Europe, but also in all-season and with the Seasonproof 2 in the Central European market. Of course, those new product are positioned better than the previous one, they are driving the improvement in profitability.

Hakkapeliitta 01, obviously, being a product dedicated to the Nordic markets and to Canada, is exposed to the pre-sales as well, clearly we should expect that the new positioning will be obviously kept moving forward. We're very pleased about this development.

About the raw material, this is a complicated question in the way that, obviously, raw material will be, at this stage, higher in quarter end of quarter three, beginning of quarter four. It's a little bit of roller coaster, as you can appreciate, going up and down depending on the geopolitical situation.

Of course, as always, we say that the task of the company is to make sure that we are able to compensate the raw material trend. It's more a matter of understanding what will be the development in particular at the end of the year at this stage.

Maybe just a quick follow-up relating to raw material situation and pricing conditions. Is it fair to assume that anti-dumping duties by EU against Chinese products should be helpful and whether we could see some impact from this topic already during this year?

It is helping to, in some way, reduce the pressure coming from tier 3 and tier 4. It's also true, and we need to acknowledge, that a large part of the production made in Asia is today produced outside China.

I'm talking about other countries like Thailand, Cambodia, Vietnam, and now even North Africa. Obviously we could expect a sort of rebalance of the market because obviously there are new sources where the tires are coming from.

This is not really, I think we should look at our journey. It's a different journey.

It's in a sort of premium brand segments. Obviously we are obviously watching these dynamics, but we need to simply focus on our own segments.

As our own segments are also less exposed to the mass production of the Chinese tire, in particular when we talk about summer tires. This is making also our strategy a bit different because we are focused really on segments where we can deliver added value and where we can provide a different value proposition to our own customers.

This is very clear. Thank you.

Thank you very much.

Good afternoon. Hi, it's Thomas Besson from Kepler Cheuvreux.

I hope you can hear me.

Thank you. Yes, we can.

Great. First, congratulations on this quarter.

I have a few questions, please. If that's okay, I'd like to ask them one by one.

Firstly, I would like to start with the volume growth, which I think is impressive. Could you help us understanding what has been driving that, talk about the ramp-up of your Romanian capacities and the potential decline of your offtake contracts?

Can you maybe make some qualitative comments about that to start?

Sure. Thank you for the question.

The volume growth is a combination of different elements. One, as we said, is new products available in the market.

Those are providing, obviously, good support to our sales growth. The second element is related to the possibility then to leverage our new manufacturing footprint.

I keep repeating, I keep reminding everyone, the manufacturing platform is a tool, but sales is about branding and positioning and creating consumer demand. New product, I would say are extremely important in our strategy to drive growth.

Then, of course, recovery. Don't forget we lost a significantly amount of sales when we didn't have the possibility to leverage our manufacturing facility in Russia at the end of 2022.

Now, obviously, we are approaching the market with a new spirit, regaining market share in all the key markets where we believe we can be successful in our own segments. This is obviously the big effort of our sales team globally in order to make sure that we are able to promote our new products and value proposition successfully in all the key markets where we operate.

Okay.

No comment on contract manufacturing? Have you reduced that or

We reduced the manufacturing, but as we said always, we keep 10% of our overall sales always made by manufacturing partner, in particular to producing with those manufacturing partner segments or sizes where we believe those sizes are not strategic for us, or where we believe we don't have a specific competitive advantage. We will keep always our relationship with our manufacturing partners.

Thank you. I move to my second question.

When I look at your operating profit breakdown and I look at the contribution from passenger cars, heavy tires, and Vianor and others, I noticed that the others has become substantially bigger. It was in the first half last year €7.5 million negative, in the first half this year €19.4 million negative.

Can you explain that big jump? I don't think historically there has been such a big other element.

To some extent, it does also positively impact the margins you're reporting for passenger tires and heavy tires, I would like to understand that better just to also know what we should model for the future in terms of relative offset of your manufacturing performance through this line.

Thank you. Basically, those operational in eliminations, you're mentioning this one, I guess, are related, obviously, to between the sell-in activities between Vianor and the passenger car tire sales.

Obviously, more Vianor is reducing the stock, more the intra-elimination will be lower, and vice versa. I think this is what you are referring to or is anything else?

Yeah.

It's more about sell-in and sell-out of Vianor. We are eliminating, obviously, the sales in order to not double-count the same sales in our P&L.

Understood. It's really linked to the decisions you're taking at Vianor level, then.

It's not really about decisions. It's part of the dynamics.

Vianor is acting as a sort of independent chain, obviously it's all about the movement of stock that we have in Vianor while he's selling out Nokian Tyres products.

Understood. I have two questions to finish about the cash flow, please.

You've made comments about the capex to be somewhat lower. I think it's clear when we see what you've spent in H1.

I think initially the comment was it was going to be a triple-digit million figure for the year. It looks like it's going to be a double-digit million figure.

Can you give us even a range for capex? Is it going to be more 50-60, 80-90, something like that, or you let us guess?

No, yeah,

I think the last quarter, we said round about €100 million, and now Paolo said that it's going to be probably below that. Not going to give you a exact range, but it's lower than €100 million and then you can pick the number.

I will pick a number. Thank you.

Last question, your receivables have jumped substantially. It's partly a reflection of your higher volumes, but the increase in number of days of sales is quite sharp.

Can you help us understanding that? Are you coming back to the Nokian of the old times being the bank of your dealers?

Are you taking any risk or is that completely safe? That was my last question.

Thank you.

It is completely sales-growth-driven. Definitely, there we haven't done any payment terms weakenings or change that to a worse direction.

On the contrary, actually. It is definitely only growth-related.

We have to remember that, when looking at inside the quarter, it was very much driven by the June sales, which also have an effect on that. End of June balance sheet is rather an snapshot and the indication of a longer trendline.

Thank you very much, Timo. Thank you both.

Thank you.

Good afternoon. Thank you for taking my questions.

The first one, and sorry to come back to that, will be on raw materials again. Obviously, in the year-to-date bridge in pass cars, you're showing a €19 million tailwind.

I think the overall market expectation, also from other companies, will clearly be to be negative in H2. Could you provide a comment if it should be more neutral for the full year or how it should trend in Q3, Q4?

I guess with the sourcing that you already did, you should have decent visibility on that. Related to that, also, how should we think about the price-to-cost phasing in Q3, Q4?

Will any potential negative in materials be directly offset in Q3 already or is it more ramping up towards Q4 and then potentially overcompensating there? Then another question just on tariffs, actually.

Is there any EPA benefit that you expect to book, or have you booked one already year to date? My last question will be basically a housekeeping one.

Could you just confirm again that the contract manufacturing volumes that you have with your Chinese partner are not subject to anti-dumping tariffs and potentially also not produced in China itself? Thank you.

Thank you very much. I think we can reply to all the questions.

When we talk about the raw material, please remember what we presented also during the Capital Markets Day. Raw material are obviously moving up and down depending on the market trend, but also we made a very important internal review of our raw material supplier at the end of 2025, beginning 2026, and we've been able to achieve significant saving, resourcing or working very closely with our team in this area.

The improvement that you see are partially delivered by the market trend, partially driven also by our own effort to reduce to improve the cost through the homologation of new suppliers. The trend is expected to go up, as I said, in in in our P&L because we need to think about there is always a time lag when we talk about the moment we buy and the moment we sell.

It's expected to go up in quarter in quarter four. Clearly, we cannot comment about our future pricing due to the competitive rules, the competition rules, but but, of course, our policy is always about compensating whatever additional cost in positioning positioning our product in the compensating the the additional cost.

Moving to the second question about tariff, clearly, I'm not sure what you mean when we talk about benefit. Tariff are obviously redirecting the market flow, as I said, to other countries.

At the moment, China has been obviously subject to tariff up to 50%, actually, from from June. As I said, a large part of the Asian products are coming from other countries, including And we go to the question number 3, our off-takes that are not coming from China at this stage, but they are coming from from other countries.

We don't see, at this stage, any risk of new tariff in our existing off-take contract manufacturing activities.

Thank you. One follow-up, if I may, just then on the Q2 pass car tire bridge.

How much of the price/mix benefit that you show would be linked to mix and higher than 18-inch tires out of the 3.1%?

The prices have developed really in the right direction, they are positive. The overall actually is including a regional mix effect, meaning that, of course, when we sell in Central Europe, the overall margins are lower than in the Nordics.

Obviously now in Central Europe, we reach finally a level of profitability that we are really satisfied with. In general, I think prices are moving up at a good level, and the mix is slightly negative.

Understood. Thank you.

Hi, Rauli from Inderes here. Just one question from me.

I was wondering, given the increase in raw material cost in the spring, has there been any kind of advanced ordering or stock building visible from your clients or in the dealer network in general?

No, we obviously don't disclose the procurement practices because obviously we don't want to give any advantage to anybody. In general, I can say this time that there is not much to say because obviously there are no real speculation at the moment.

It's very difficult for everybody, I think, to make any kind of speculation about the future trend of the raw material. Because as you can appreciate, every day is a new day at this stage.

I think it's very important, at least for us, to do what we can do always in this kind of situations, to monitor the market and to make sure that we take daily decisions that are not exposing the company to high risk for a long term. Or

did you, Rauli, mean that the anticipation of the potential price increases, then the sales would be advanced for more like the pre-sales?

Exactly, that. That's what I was trying to ask.

No,

we don't see that from the customer point of view.

That's very clear. Thank you.

Thank you for taking my question. This is Miika from DNB Carnegie.

Given the strong passenger car tire margin improvement in Q2 and, presumably, even stronger margin contribution in H2 given the larger weight of winter tires in your sales mix, what's really the reason for maintaining your group margin if you also expect to compensate for the raw material pressure? My question is really, are you cautious that there were actually some pull-forward demand effects or time effects between the pricing and material costs that are translating into a headwind in H2?

Or what's really making you cautious into your H2 margin profile, please?

Thank you very much. This is a great question.

I think we have a very good control of what we can control. The only thing we are not able to control is the market development.

At the moment, we're very cautious in evaluating the market trend in term of sales, because obviously those are driving also higher or lower margin depending on the magnitude of growth. This is really the area that is today difficult to predict in the today market, while, of course, we are well under control when we talk about anything else, meaning manufacturing cost, SG&A, efficiency improvement plans.

I think there we are actually developing nicely, and the team has full under control the execution of all the tasks that we have at the moment ongoing around the company in order to improve efficiency and productivity. The sales side is always difficult to plan, and for sure we will have a better view closing quarter three, most probably.

Thank you. Then if you can elaborate on how the Romanian factory contributed to your Q2 results, or more specifically, I'm interested in what kind of earnings contribution you expect from this facility in 2026, assuming an additional let's say, 1 million units are delivered this year.

If you could really help us to understand where are we standing in terms of that contribution.

The factory, as we said, is progressing above plan in term of volume. Clearly, we are talking still about a ramp-up phase.

We are not talking about a factory that has already reached the full capacity. At the moment, it's absorbing money, but, of course, it starts to deliver a very good level of cost.

We are very pleased with existing development. Clearly, we don't disclose the margin by factory, as you can appreciate.

The only thing I can say is that we are in the ramp-up phase. We are above plan in term of ramp-up.

The factory is delivering better profit or better results than what we were expecting six months ago.

Thank you. That's great color.

Thank you very much. I would like to follow up, please.

I understand, well, even if I'm a bit surprised, but I understand you don't want to give much quantitative elements to your answers. Is it fair to assume that your Romanian plant will effectively produce 1 million tires in '26 or is it going to be more?

Can you update us on the evolution of your capacities in your US and Finnish factories as well, please? Can we have a figure for the volume increase you are able to produce in 2026, please?

Sorry, I didn't catch exactly how much you were expecting from Romania. Can you please repeat?

The previous question was assuming that you were increasing capacities in Romania to 1 million. Is that the right number?

Can you give us maybe your latest plan for the Romanian ramp-up? How many tires are going to be produced in that factory in '26 and in '27, if you can share that number?

Can you talk about the increase in capacity in the other factories, if there is one? Yeah.

Romania will produce more than 2 million pieces at this stage. Obviously Romania, as I said, is going better above our plan.

Obviously we are very pleased about this development, driven by the fact that we are selling more in Central Europe. As I said, the factory will always adapt to the requested volume by the market.

This 30% growth in quarter two obviously is helping the ramp-up of the factory to happen faster than expected. We try to not disclose now anymore the overall capacity.

Our competitor doesn't as well. Obviously, in general, obviously, we have, as I said already during the Capital Markets Day, the capacity we need to accomplish our strategic plan.

When you look at our sales outlook, which is between €1.8 to €2 billion by 2029, we are obviously highlighting that we can achieve this level of sales with our existing implemented capacity, including Romania and Dayton, and also some improvements in Nokia.

Thank you, Paolo. I have two follow-up questions, please.

One, can you remind us how many tires were produced in Romania in '25, please? Two, can you remind us what is assumed in 2029?

Is that effectively 6 million tires produced in 2029, or at least is it 6 million tires needed to get to your €1.8 to €2 billion revenues?

Last year we disclosed we were producing more than 1 million tire, and we are now disclosing that we'll produce more than 2 million tires actually this year in Romania, we more than doubled the production. Obviously we will give you an update on the way.

To achieve €1.8 billion in 2026, of course, this will in 2000 2029, €1.8-€2 billion in 2029, this will always become also from Romania, but also from the growth we are expecting in North America, as well as further growth in the Nordics. Of course, we will have, at that time, almost full capacity utilization overall around the world.

This will obviously result probably in the next step, which we will be very pleased to take in consideration at that stage.

Understood. I have a last question, please.

I've noticed that almost all your growth has been driven by Central Europe in the quarter. I think that's also where you had lost the most share when you were short of capacities.

I think it's fair to say. You also said that this is a less profitable region than the Nordics.

Can you remind us your ranking in terms of regions and say maybe whether the Central European margins have made substantial progress in Q2? Is that fair to say that?

Central Europe is delivering, at the moment, a great margins. Clearly, we need to consider that our positioning in the Nordics is pretty strong, meaning that you will always see now marginal improvements.

We were more following the market trend. When we talk about Central Europe, as you correctly said, we are recovering fast what we lost in the past.

Of course, we are also acquiring new customers, because not all the customer were waiting for us to come back. I think it's a great job done in quarter two by our team, again, supported by also a completely new product range that is really premium in term of performance, very performing extremely well versus competition.

We start to see also some rewardings when we see independent tests presenting results. The opportunity are, as we said since the very beginning, more in Central Europe than in the Nordics, where we follow the market trend.

The job is difficult because it's about defending our good market share. Then, of course, we have North America.

In North America, I think we did very well, because in a declining market, approximately 5% we estimate in H1, we were able actually to improve our sales. From the sales point of view, we didn't leverage the market growth, but we were step by step gaining position and market share.

Thank you very much, Paolo.

Jose

We cannot hear any question. Maybe there is a problem with the audio?

It seems that there are no further questions, this ends today's call. Thank you, everyone, for joining us today.

We really appreciate your time and interest. Have a great summer, and we look forward to speaking you soon again.

Bye.

Thank you very much. Have a great summer.

Thank you. Bye-bye.