- Revenue up 4.4% YoY on winter and all-weather tire sales and strong performance in Europe
- Sales mix of 18-inch and above tires reaches 41.5%, up 3.4 percentage points year-on-year
SEOUL, South Korea, November 4, 2026 – NEXEN TIRE, a leading global tire manufacturer, announced KRW 814.8 billion in revenue and KRW 18.1 billion in operating profit for the third quarter on November 4. This marks a 4.4% increase in revenue year-on-year and the fourth consecutive quarter above KRW 800 billion, and comes despite slowing demand and rising raw material prices.
Third-quarter growth was driven by higher sales of high-value-added products and strong sales in Europe. Revenue in Europe reached KRW 349.1 billion, up 8.8% year-on-year, making it the company’s largest market at 43% of total revenue, followed by North America at 21%, Korea at 18% and other regions at 18%.
The company also continued to improve its product mix, centered on high-value-added products such as high-inch, all-weather and winter tires. The sales mix of 18-inch and above tires rose to 41.5%, up 3.4 percentage points year-on-year and 2.7 percentage points quarter-on-quarter. The high-inch share climbed 7.3 percentage points year-on-year to 32.2% in Europe and reached 51.1% in the US.
All-weather (3PMSF All-season) and winter tires maintained their growth momentum on the back of new regional product launches. For the first nine months of the year, revenue rose 31.3% year-on-year for all-weather tires and 11.7% for winter tires. This growth reflects the introduction of the WINGUARD Sport 3 winter tire in Europe and the launch of the N’BLUE 4Season 2 all-weather tire in markets such as Korea and the US.
NEXEN TIRE’s original equipment (OE) business has remained strong. Despite slowing growth in the OE market amid weak global demand for new vehicles, as well as exchange rate volatility and shifting trade conditions in major economies, the company has continued to win new OE supply from global automakers, including premium brands.
However, cost pressures and the strong Korean won have weighed on profitability. Raw material prices and ocean freight rates are up due to external factors such as the conflict in the Middle East, pushing the cost-of-sales ratio up to 74.0%, a 2.6 percentage point increase from the same period last year. Once costs for raw materials and ocean freight stabilize, NEXEN TIRE expects its improved product mix to become a key driver of profitability.
The company also outlined its response to global environmental regulations. To prepare for the EU Deforestation Regulation (EUDR) and the Empowering Consumers for the Green Transition Directive (ECGT), NEXEN TIRE is building a supply chain management system and reviewing compliance for all its products and marketing initiatives. Notably, in October, the company earned a Gold Medal from EcoVadis, a global sustainability rating agency, for the third year in a row.
“Despite the unfavorable external environment, we have maintained top-line growth thanks to the expansion of high-value-added products and our performance in Europe,” said John Bosco (Hyeon Suk) Kim, CEO of NEXEN TIRE. “We will continue to improve our product mix centered on all-weather, winter and high-inch tires, and respond proactively to global regulations to regain profitability.”