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© 2026 Nokia1 Q4 2025 Financial results 29 January 2026
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© 2026 Nokia2 Disclaimer Public It should be noted that Nokia and its business are exposed to various risks and uncertainties and certain statements herein t hat are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements preceded by “believe” , “expect”, “expectations”, “commit”, “anticipate”, “foresee”, “see”, “target”, “estimate”, ”designed”, “aim”, “plan”, “intend”, “influence”, “assumption”, “focus”, “continue”, “project”, “should", “is to” , "will”, “could”, “forecast”, “strive”, “envisage”, “may”, “would” or similar expressions. These statements are based on management's best assumptions and beliefs in the light of the information currently available t o it. Because they involve risks and uncertainties, actual results may differ materially from the results that we currently expect. Factors, including risks and uncertainties that could cause such differ ences can be both external, such as general, economic and industry conditions, as well as internal operating factors. We have identified these in more detail in our annual report on Form 20 -F for the year ended December 31, 2024, under “Operating and Financial Review and Prospects—Risk Factors“, and in our other filings or documents furnished with the U.S. Securities and Exchange Commission, including Nokia’s financial results reports. Other unknown or unpredictable factors or underlying assumptions subsequently proven to be incorrect could cause actual results to differ materially from those in the forward-looking statements. We do not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally req uired. Nokia presents financial information on reported, comparable, constant currency, and constant currency and portfolio basis. C omparable measures presented herein exclude intangible asset amortization and other purchase price fair value adjustments, goodwill impairments, restructuring related charges, transaction and related cos ts, including integration costs, and certain other items affecting comparability. In order to allow full visibility on determining comparable results, information on items affecting comparability is presented s eparately for each of the components of profit or loss. Constant currency reporting provides additional information on change in financial measures on a constant currency basis in order to better reflect the u nderlying business performance. Therefore, change in financial measures at constant currency excludes the impact of changes in exchange rates in comparison to euro, our reporting currency. Constant currency an d portfolio measures are presented on a constant currency basis and assumes any meaningful acquisitions or disposals for which the IFRS financial measures have not been recast had been in place since 1 January 2024. Such measures are presented in order to better reflect the underlying business performance when reported net sales have changed not only due to changes in foreign exchange rates but al so as a result of acquisitions or disposals. As comparable, constant currency or constant currency and portfolio financial measures are not defined in IFRS they may not be directly comparable with similarly titled measures used by other companies, including those in the same industry. The primary rationale for presenting these measures is that the management uses these measures in assessing the financial perform ance of Nokia and believes that these measures provide meaningful supplemental information on the underlying business performance of Nokia. These financial measures should not be considered i n isolation from, or as a substitute for, financial information presented in compliance with IFRS. Nokia is a registered trademark of Nokia Corporation. Other product and company names mentioned herein may be trademarks or t rade names of their respective owners.
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© 2026 Nokia3 © 2026 Nokia3 Business Highlights Justin Hotard President and Chief Executive Officer Public
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© 2026 Nokia4 CEO Key messages – Q4 2025 Public All net sales changes are presented as year-on-year changes on a constant currency and portfolio basis 1 Q4 net sales grew 3% with growth in Network Infrastructure +7% Strong contribution from Optical Networks which grew 17%. 2 Full year comparable operating profit of EUR 2.0bn slightly above mid-point of prior guide. Q4 comparable operating margin saw supportive product mix and leverage from higher sales volume. 3 Network Infrastructure continues to deliver growth in AI & Cloud. Strong order intake in Q4 with book-to- bill above 1 across both Optical and IP Networks supported by AI & Cloud customers. 4 2025 saw several important steps for Nokia. Infinera acquisition, progress in AI & Cloud, leadership renewal, operating model simplification and NVIDIA partnership. 5 Supportive demand environment as we enter 2026, expect to deliver good progress towards 2028 targets. Guidance for 2026 comparable operating profit of EUR 2.0 to 2.5 billion.
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5 © 2026 Nokia Progressing on our growth ambition in AI & Cloud Public 0% 1% 2% 3% 4% 5% 6% 7% 0 50 100 150 200 250 300 350 400 450 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Sales to AI & Cloud customers (EUR million) Nokia organic Infinera % of group sales Several important milestones achieved in Q4 25 • Strong order intake in AI & Cloud in Q4 • EUR 2.4 billion from AI & Cloud (FY25) • 800G ZR/ZR+ pluggables shipping: • Multiple design wins, scaling production • First revenue in Q4 • Strong in-field performance • Progress on DC Switching expansion • Key product launches in the quarter • 7220 IXR-H6 (1.6T) platform • Agentic AI for EDA delivering 96% less downtime • Hyperscaler design win for next-gen switch platform
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6 © 2026 Nokia Mobile Infrastructure: a single, integrated platform Structure effective from 1 January 2026 Public Technology Standards (currently Nokia Technologies) Radio Networks (currently in Mobile Networks) Mobile Infrastructure Core Software (currently in Cloud and Network Services)
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7 © 2026 Nokia 2026 outlook and long-term KPIs Full year 2026 outlook Comparable operating profit(1) EUR 2.0 billion to EUR 2.5 billion PublicPublic Long-term KPIs(4) Metric 2025 Actual(2) Target(1) Network Infrastructure KPIs #1 NI net sales growth ('25-’28)(3) 8% 6-8% CAGR #2 NI operating margin ('28) 9.5%(5) 13% – 17% Mobile Infrastructure KPIs #3 MI gross margin (%) ('28) 48.3% 48 to 50% #4 MI operating profit ('28) € 1.5 bn grow from € 1.5 bn Group KPIs #5 Corporate center cost base € 180 m(6) € 150 m #6 FCF conversion 72% 65% to 75% (1) 2026 Outlook is based on a EUR:USD rate of 1.18 while long-term KPI targets are based on 1.17 which was effective rate at CMD (2) Actuals are based on the recast financials issued following Nokia’s Q4 results. (3) Growth rate is on a constant currency and portfolio basis. (4) These long-term KPIs are for additional information and not part of Nokia’s official financial outlook. (5) Network Infrastructure operating margin base for 2025 actual is shown pro forma if Nokia had owned Infinera for the whole of 2025. (6) Group common cost in 2025 has been recast to €180 million from previous reporting of €373 million with more costs allocat ed to operating segments. As communicated at CMD, operating segments are expected to mitigate the increased cost over time.
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© 2026 Nokia8 © 2026 Nokia8 © 2026 Nokia8 Q4 Financial Performance Marco Wirén Chief Financial Officer Public
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© 2026 Nokia9 Fourth quarter in-line with expectations Public Q4 25 gross margin 48.1% (90)bps y-o-y Q4 25 net sales (EUR) 6.1bn Q4 25 FCF (EUR) 0.2bn 3% y-o-y Q4 25 operating margin 17.3% +90 bps y-o-y Q4 25 net cash (EUR) 3.4bn All net sales changes presented are year-on-year on a constant currency and portfolio basis. All profit and margin figures are shown on a comparable basis. 3%
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© 2026 Nokia10 Network Infrastructure Public All net sales changes presented are on constant currency and portfolio basis. The darker bar in the net sales chart illustrates the contribution from the Infinera business acquired during Q1’25. Network Infrastructure net sales by quarter (EUR million) 7% Optical Networks +17% IP Networks +3% Fixed Networks 0% Net sales growth by unit • Optical Networks key growth driver with strong demand from AI & Cloud • IP Networks +3% against strong Q4’24 • Fixed Networks stable as portfolio actions offset growth in fiber OLT. • Book-to-bill well above 1 with strength in both Optical and IP Networks • Gross margin largely stable y-o-y • Operating margin declined due to combination of growth-related investments and integration of Infinera Q4 25 Q4 24 YoY Net sales (EUR m) 2 407 2 031 7 % Gross profit 1 074 923 Gross margin 44.6 % 45.4 % Operating profit 397 398 Operating margin 16.5 % 19.6 %
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© 2026 Nokia11 All net sales changes presented are on constant currency and portfolio basis Cloud and Network Services • Slight y-o-y decline in Q4. Full year net sales grew +6% with strong Core Networks demand. • Q4 Gross margin benefited from a modest provision reversal of EUR 37 million but even excluding this margin improved. • Continue to focus on improving margin profile of the business. Public -4% Q4 25 Q4 24 YoY Net sales (EUR m) 837 940 (4)% Gross profit 485 483 Gross margin 57.9 % 51.4 % Operating profit 237 222 Operating margin 28.3 % 23.6 %
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© 2026 Nokia12 All net sales changes presented are year-on-year in constant currency Mobile Networks All net sales changes presented are in constant currency Public 6% Q4 25 Q4 24 YoY Net Sales (EUR m) 2 502 2 545 6 % Gross Profit 1 004 950 Gross Margin 40.1 % 37.3 % Operating Profit 283 201 Operating Margin 11.3 % 7.9 % • Strong year-end demand drove 6% net sales growth in Q4. • Q4 gross margin benefited from supportive product mix in the quarter. • Continue to focus on driving topline stability and improving margin profile.
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© 2026 Nokia13 Nokia Technologies • Several deals signed in Q4, contracted net sales run-rate remains approximately EUR 1.4bn • Q4 operating expenses saw an approximately EUR 20 million charge as we continue to optimize our patent portfolio. Public This chart is to illustrate our current financial planning assumptions. This chart is not illustrative of our view on deal valuations. Actual outcomes of negotiations may be different. €0.9-1.0bn ~€1.4bn Q4 2025 contracted run-rate €1.4-1.5bn Q4 25 Q4 24 YoY Net sales (EUR m) 384 463 (14)% Gross profit 384 462 Gross margin 100.0 % 99.8 % Operating profit 250 356 Operating margin 65.1 % 76.9 %
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© 2026 Nokia14 Regional sales trends Public Year-on-year on constant currency and portfolio basis 2% reported 3% constant currency and portfolio Americas APAC EMEA Nokia Technologies -14% Europe ex. Tech 4% €6.0bn €6.1bn -13% 5% -21% -7% 14% 0% 22%
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© 2026 Nokia15 Q4 net cash benefited from solid FCF and NVIDIA investment Public €3.0bn €3.4bn Receivables - 960mn Inventories + 210mn Liabilities + 150mn Total NWC - 600mn • Q4 Free cash flow of EUR 0.2 billion • EUR 0.2 billion in dividends • NVIDIA equity investment benefited cash by EUR 0.9 billion • Acquisition of unowned share of NSB impacted cash by EUR 0.5 billion.
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16 © 2026 Nokia Nokia recast comparative financials under operating model effective 1 Jan 2026 2025 FY EUR billion Network Infrastructure Mobile Infrastructure Portfolio Businesses Group Common & Other Nokia Group Net sales 7.65 11.41 0.85 19.90 Gross profit 3.28 5.52 0.18 8.97 Gross margin % 42.9% 48.3% 21.7% 45.1% Operating profit 0.77 1.53 (0.09) (0.18) 2.02 Operating margin % 10.1% 13.4% -10.7% 10.2% All profit and margin figures are shown based on Nokia’s comparable reporting. Recast financials only incorporate 10 months of Infinera following t he acquisition closing at the end of February 2025. Public
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© 2026 Nokia 1 7