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© 2026 Nokia1 Q3 2026 Financial Results 22 October 2026 Public
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2 © 2026 Nokia Disclaimer Public It should be noted that Nokia and its business are exposed to various risks and uncertainties and certain statements herein that 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”, “ensure”, “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 to 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 differences 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 31 December 2025, 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 required. Nokia presents financial information on reported, comparable, constant currency, and constant currency and portfolio basis. Comparable measures presented herein exclude intangible asset amortization and other purchase price fair value adjustments, goodwill impairments, restructuring related charges, transaction and related costs, 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 separately 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 underlying 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 and portfolio measures are presented on a constant currency basis and assume any meaningful acquisitions or disposals for which the IFRS financial measures have not been recast would have 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 also 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 performance 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 in isolation from, or as a substitute for, financial information presented in compliance with IFRS. Reconciliations of these non-IFRS measures to the most directly reconcilable IFRS measures are available in our financial reports. Nokia is a registered trademark of Nokia Corporation. Other product and company names mentioned herein may be trademarks or trade names of their respective owners.
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3 © 2026 Nokia Q3 Business Highlights Public Justin Hotard President and CEO
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4 © 2026 Nokia +9% +190 +220bps Net sales growth Comparable gross profit (EUR million) Comparable operating margin Q3 highlights All net sales changes presented are year-on-year on a constant currency basis.Public
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5 © 2026 Nokia Accelerating momentum in AI & Cloud in Q3 0 500 1 000 1 500 2 000 2 500 3 000 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 AI & Cloud order intake (EUR million) 123% €1.5bn Net sales growth Order intake All net sales changes presented are year-on-year on a constant currency basis. Q1 2025 is shown including Infinera during Jan-Feb. 0 200 400 600 800 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 AI & Cloud net sales (EUR million) Public
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6 © 2026 Nokia Strengthening our position across Network Infrastructure IP Networks •2 hyperscaler design wins including next-gen DC gateway •Telco wins in edge/core routing, aggregation and backhaul across US, Japan and Europe. •Working with Zayo and NeoCloud partners on new inference connectivity architecture Optical Networks •800G coherent pluggable shipments up 2.4x QoQ •800G ZR/ZR+ pluggable: design wins with 29 customers •Major hyperscaler line system win •Multi-rail: 3 design wins and achieved initial customer deliveries Fixed Networks •Strategy to focus on more profitable parts of business •Maintain strong OLT base •~45% OLT market share* •Softbank launch partner for industry first 16-port line card supporting GPON, 10G, 25G, 50G co-existing on same fiber *Dell’Oro – xPON OLT ports shipped market share on 12 month trailing basis Global ex. ChinaPublic
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7 © 2026 Nokia AI-RAN progress towards commercial deployment First proofs: > 20%+ Spectral-efficiency gain Initial AI-RAN live networks First voice call AI-RAN deployment AI + radio workloads Simultaneously on 5G network Emerging application ecosystem Public Customers engaged with AI-RAN globally
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8 © 2026 Nokia Clear traction on our 5 strategic priorities Public 1 2 3 4 5 Accelerate growth in AI & Cloud Lead the next era of connectivity with AI-native networks and 6G Grow by co- innovating with customers and partners Focus capital where we can differentiate Unlock sustainable returns 800G pluggable volumes +2.4x q-o-q Two additional IP hyperscaler design wins Multi-rail shipping and has won 3 design wins 19 customers engaged on AI-RAN Deployed AI-RAN platform in a live networks with T-Mobile and Elisa Delivering spectral efficiency gains of >20% Google investment in Finnish datacenters Announced partnership with ICEYE Softbank partner for new industry first 16-port multi-PON line card Fab 2 in San Jose moving to 24/7 operations by end of October FWA sale to Inseego completed ECE sale to AURELIUS announced Delivering on our cost savings commitments Infinera EUR 200 million synergy target to be achieved by end of 2026 China integration to be 90% complete by end of 2026
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9 © 2026 Nokia Q3 Financial Performance Public Marco Wirén Chief Financial Officer
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10 © 2026 Nokia Q3 delivers strong net sales and profit growth Gross margin 44.6% +220 bps y-o-y Net sales (EUR) 5.2bn FCF (EUR) -0.1bn +9% y-o-y Operating margin 11.7% -20 bps y-o-y Net cash (EUR) 2.6bn All net sales changes presented are year-on-year on a constant currency basis and profit/margins are on a comparable basis. 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Net sales (EUR million) +9% 36% 38% 40% 42% 44% 46% 48% 50% 0 500 1 000 1 500 2 000 2 500 3 000 3 500 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Gross profit (EUR million) and margin 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 0 200 400 600 800 1 000 1 200 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Operating profit (EUR million) and margin
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11 © 2026 Nokia 0 500 1 000 1 500 2 000 2 500 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Net sales (EUR million) Network Infrastructure Public IP Networks Net sales +43% EUR 386 million Optical Networks Net sales +18% Gross margin 41.2% EUR 933 million Fixed Networks Net sales (EUR) -22% EUR 839 million Operating margin 10.0% -150 bps y-o-y +230bps y-o-y All net sales changes presented are year-on-year on a constant currency basis. +15% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 50 100 150 200 250 300 350 400 450 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Operating profit (EUR million) and margin 38% 39% 40% 41% 42% 43% 44% 45% 46% 47% 0 200 400 600 800 1000 1200 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Gross profit (EUR million) and margin
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12 © 2026 Nokia 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Net sales (EUR million) Mobile Infrastructure Public Radio Networks Net sales +10% EUR 425 million Core Software Net sales -13% Gross margin 47.5% EUR 519 million Technology Standards Net sales +8% EUR 1 958 million Operating margin 14.5% +20bps y-o-y +160bps y-o-y All net sales changes presented are year-on-year on a constant currency basis. +5% 45% 46% 47% 48% 49% 50% 51% 52% 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Gross profit (EUR million) and margin 0% 5% 10% 15% 20% 25% 0 100 200 300 400 500 600 700 800 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Operating profit (EUR million) and margin
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13 © 2026 Nokia Q3 2025 AI & Cloud Telecom Mission Critical Enterprise & Defense Technology Licensees FX & other Q3 2026 €4.7bn €5.2bn +0%+123% +7% +8% Net sales trends by customer type Public Year-on-year on a constant currency basis Public +9% constant currency growth +10% reported growth
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14 © 2026 Nokia Restructuring update Europe China 23-26 program Full year 2026 Q2 assumption Q3 updated assumption Restructuring and associated charges related to cost savings program EUR 800 million EUR 1 100 million Restructuring and associated cash flows EUR 700 – 800 million EUR 800 – 900 million Public
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15 © 2026 Nokia Working capital and restructuring impact cash in the quarter • Net working capital change: EUR 0.3 billion cash outflow • Dividends: EUR 0.2 billion • Q3 26 closing net cash of EUR 2.6 billion Q2 26 Adj. profit NWC Dividend Capex Cash taxes Restructuring Other Q3 26 €2.8bn €2.6bn Receivables - 230mn Inventories - 130mn Liabilities + 90mn Total NWC - 270mn Public
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16 © 2026 Nokia 2026 outlook and additional assumptions Full year 2026 financial outlook Comparable operating profit (1) EUR 2.1 billion to EUR 2.6 billion (1) 2026 Outlook is based on a EUR:USD rate of 1.14 for the remainder of the 2026. Supporting Assumptions Q4 seasonality Net sales: Nokia assumes a 20 % to 24% q-o-q increase in net sales in Q4. Comparable operating profit: Nokia assumes a typically strong q-o-q increase in operating profit in Q4 to deliver full year operating profit above the mid- point of our comparable operating profit guidance 2026 Comparable financial income and expenses Positive EUR 300 to 400 million 2026 Comparable income tax rate ~26% 2026 Cash outflows related to income taxes EUR 500 million 2026 Capital expenditures EUR 750 - 850 million 2026 Free cash flow conversion from comparable operating profit 35% to 55% Public
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17 © 2026 Nokia Q&A Public Justin Hotard President and CEO Marco Wirén Chief Financial Officer