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 11 results. 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.

Timo will comment the business units performance, as well as the cash flow and the financial position. We will close the call with the assumption and guidance, finally, we will have our Q&A.

Moving to slide number three, quarterly highlights, moving to slide number four. 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. 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, we were ranked globally 39 among 600 companies that were selected. The second recognition came from the TIME Magazine 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 five, 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 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 Nordic 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. Of course, we keep improving our operation through efficiency improvement plans, we are progressing with our own initiatives in line with our own plan.

Moving to slide number six and slide number seven. 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 Tyres business is in some way recovering when we talk about the Western producer. 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%, and we see a slight recovery of the agricultural and forestry business, +5% both year replacement in the first half of 2026.

Moving to slide number eight, going deeply in the numbers. We had quite a good growth in terms of sales in Q2 with the 10.6% sales increase or 9.7% in comparable currency.

We were able to grow in all our regions, outperforming the market. This was obviously driven by higher sales volumes and also price increases.

We had also good improvement of the segment EBITDA, +34%, reaching EUR 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 EUR 45 million reach compared to EUR 26.3 million in 2025, Q2.

This corresponds 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 costs.

Finally, operating profit. We more than doubled our operating profit in the period, reaching EUR 34.8 million compared to EUR 14.8 million in 2025.

Moving to slide number nine. We are very pleased to highlight the sales growth of the Passenger Car Tyres 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 remained pretty stable in terms of sales. I want to drive your attention to the significant growth we had in Central Europe.

We are very pleased about this growth because it is also supported by the good improvements, improved output of our new factory in Romania. Everything is developing in this area according to plan.

Moving to slide 10, we are improving in terms of mix development. We were able to grow in many segments where we operate.

However, we have been able to grow significantly in the all-season segment, that as you know very well, is growing significantly in Europe in particular. 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. This is why the percentage is slightly lower in terms of total sales compared to the same period in previous year.

Mix is improving also in terms of dimensions. We reach 50% of our sales in the segment 18 in 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 11, more or less, there are some numbers we have been already analyzed together.

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

Last but not least, in the bottom of the slide, you will see that in terms 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 a year-to-date EUR 24.5 million, which is significantly lower than the level of previous year that was EUR 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 EUR 100 million or even below the EUR 100 million at this stage.

This is our estimate as up to date. 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 obviously was one of the main drivers behind a strong performance.

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

Prices were further improved as well as the transfer to the 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 or more than doubling the profit from previous year same quarter.

In H1, the net sales grew by 11.6%, the segment operating profits stood at EUR 45.77 million. When breaking the performance on page 15 to various components, in the net sales, the volume component contributed EUR 22 million or 10.5%, which of course is the main driver there.

That combined with the continued positive price mix, EUR 6 million or 3.1%, we saw a very good volume on net sales development for the quarter. In segment operating profit, the lower material cost, as already highlighted, was the biggest lever by EUR 10 million, the other significant elements is the positive price mix and the lower materials.

Some negative development in terms of the supply chain and SG&A, the main picture in this picture remains very, very great. Looking at quarter-by-quarter, we can see now that the volume indeed increased by 10.5%.

The volume at price mix, we saw a fifth, actually sixth consecutive quarter with a positive development, which we are extremely proud of. The currency is neutral for this quarter, some negative development in North America, 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%, and that was driven basically by Agri, but we saw positive development across all the end user segments.

Segment operating profit improved to EUR 10.1 million, representing 15.0%, driving also the H1 to be still above 15%, which has been the target level. This has been supported, as we already commented in Q1, on a very disciplined pricing as well as tight cost management.

At Vianor top line, more or less flat. In terms of the profitability, we were suffering still of the cost inflation and somewhat the quarter was impacted by the early start of the spring season, meaning that the season started already at March which then ate a little bit the volumes from Q2, as we have commented in the report.

Moving on to cash flow and financial position. Cash flow very strong.

Two main elements there, of course, the improved EBITDA, as well as then the significantly lower CapEx. When looking at the free cash flow, the improvement was roughly EUR 97 million, which then also enabled us to decrease the debt levels.

The only area where we saw basically growth on a wrong direction 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 capital efficiency in inventories or on a liability, the payable side, are progressing as planned.

Finally, on a net debt there, the net debt decreased by EUR 49 million in a quarter. Liquidity remaining on a very healthy, stable level.

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

Back to Paolo.

Thank you, Timo. Let's move on the assumptions and guidance.

Moving to slide 23. We are not expecting major changes in the second half of the year.

We are expecting the Passenger Car Tyres replacement market to remain pretty stable between ±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%, so a modest growth in particular in Europe at this stage. Moving to slide 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%-10%.

No changes in the guidance at the moment for 2026. Moving to slide 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 result, 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 are really proud of our team who was able to execute efficiently our continuous improvement plan across in 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 our improvement in our P&L.

We have new product coming up. They are driving growth in our selected segments.

I would like to remind you that our selected segment remain winter tire, all-season and all-weather tire, as well as agricultural and forestry tires. We have completed the investment phase, we are creating a foundation for a stronger cash generation.

We landed in quarter two at EUR 24 million CapEx compared to EUR 19 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 answer, going back to Annukka.

Yes, we are ready for the questions.

Yes, good afternoon, Paolo and Timo, and thank you for taking my question. I actually have two to be asked, and the first one is relating to PCT.

First, 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, 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, and 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 when it 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 you know, in 2025 and beginning of 2026, in new products that are covering not only winter tire with the Hakkapeliitta 01 and Snowproof 3P in Central Europe, but also in all season. We had also with the Seasonproof 2 in the Central European market.

Of course, those new products are positioned better than the previous one, so 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 are 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 end of Q3, beginning of Q4. 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?

Whether we could see some impact from this topic already during this year?

It's helping to, in some ways, select to reduce the pressure coming from Tier III and Tier IV. It's also true that we need to acknowledge that the larger 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.

I think we should look at our journey. It's a different journey.

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

As you know, 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.

Okay. This is very clear.

Thank you.

Thank you very much.

Good afternoon. Hi, it's Thomas 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.

Sure.

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 product 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 significant amount of sales when we didn't have the possibility to leverage our manufacturing facility in Russia at the end of 2022.

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, it's the big effort of our sales team globally in order to make sure that we are able to promote our new products and value propositions successfully in all the key markets where we operate.

No comment on contract manufacturing. Have you reduced that or?

We reduced the manufacturing, 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—

Okay.

...always our relationship with our manufacturing partners.

Thank you. I move to my second question.

When I look at your operating profit break even, and I look at the contribution from Passenger Car Tyres, Heavy Tyres, and Vianor and others, I noticed that the others has become substantially bigger. It was, in the first half last year, EUR -7.5 million.

In the first half this year, EUR -19.4 million. 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 Car Tyres and Heavy Tyres.

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 eliminations, you are mentioning this one, I guess, are related obviously between the sell-in activities between Vianor and the Passenger Car Tyres sales.

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

Yes.

It's more about the 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 decision, 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 it'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. Now 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 EUR 50, EUR 60, EUR 80, EUR 90, something like that?

Or you let us guess?

I think the last quarter we said around about EUR 100 million. Now Paolo said that it's going to be probably below that.

Not going to give you an exact range, but it's lower than EUR 100 million. 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. The increase in number of days of sales is quite sharp.

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

Are you taking any risk? Is that completely safe?

That was my last question. Thank you.

Yeah. It is completely sales growth driven.

Definitely, we haven't done any payment terms, weakenings or changed 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 a snapshot and an indication of a longer timeline.

Okay. Thank you very much Paolo.

Thank you both.

Thank you.

Good afternoon. Thank you for taking my questions.

The first one, I'm sorry to come back to that, will be on raw materials again. Obviously, in the year-to-date bridge in past calls, you were showing a EUR 19 million tailwind, and 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? 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 materials be directly offset in Q3 already, or is it more ramping up towards Q4 and then potentially overcompensating there? Another question just on tariffs, actually.

Is there any year 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.

First of all, 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 driven 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 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, but it's expected to go up in quarter four.

Clearly, we cannot comment about our future pricing due to the competitive rules, the computational rules, but of course, our policy is always about compensating whatever additional cost in positioning our product in the compensating 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 June. As I said, a larger part of the Asian products are coming from other countries, including, when we go to the question three, our lot of stocks that are not coming from China at this stage, but they are coming from other countries.

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

Thank you. One follow-up, if I may, just then on the Q2 Passenger Car Tyres, which how much of the price mix benefit that you show would be linked to mix and higher than 18 in 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.

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 these kind of situations to monitor the market and to make sure that we take daily decisions that are not exposing the company to too high risk for a long term.

Did you, Rauli, mean that the anticipation of the potential price increases, then the sales would be advanced for more like a prepaid?

Exactly that. Yeah.

That's what I was striving to, yeah.

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?

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 are very cautious in evaluating the market trend in terms 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 today's market.

While of course, we are well under control when we talk about anything else, meaning manufacturing costs as G&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.

Okay. Thank you.

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 can really help us to understand where are we standing in terms of that contribution.

The factory, as we said, is progressing above plan in terms of volume. We are talking still about a ramp-up phase, so we are not talking about a factory that has already reached full capacity.

At the moment it is absorbing money, but of course it starts to deliver a very good level of cost, and 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 terms of ramp-up, so 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, and well, even if I'm a bit surprised, but I understand you don't want to give much quantitative elements to your answers, but is it fair to assume that your Romanian plant will effectively produce 1 million tires in 2026, or is it going to be more? Can you update us on the evolution of your capacities in your U.S.

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 2026 and in 2027, if you can share that number?

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

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 EUR 1.8 billion-EUR 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 2025, 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 EUR 1.8 billion to EUR 2 billion revenues?

Last year, we disclosed we were producing more than 1 million tires, 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 EUR 1.8 billion in 2026, of course, this will, in 2029, EUR 1.8 billion-EUR 2 billion in 2029, this will obviously come 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'll be very pleased to take in consideration at that stage.

Understood. I have a last question, please.

I have 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 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, great margins. Clearly, we need to consider that our position in the Nordics is pretty strong, meaning that you will always see now marginal improvements together with.

We are 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 customers 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, performing extremely well versus competition.

We start to see also some rewarding 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 is about defending our good market share. Of course, we have North America.

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.

Maybe there's no—

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

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. We look forward to speaking to you soon again.

Bye.

Thank you very much. Have a great summer.

Thank you. Bye-bye.