Nokia Co po atio I te im epo t22 Octobe 2026 at 08:00 EEST
Nokia Co po atio I te im Repo t fo Q3 2026
Nokia delive s st o g et sales a d p ofit g owth
- Q3 et sales g ew 9% y-o-y o a co sta t cu e cy basis (+10% epo ted).
- Netwo k I f ast uctu e et sales g ew 15% y-o-y o a co sta t cu e cy basis, led by IP Netwo ks g owi g 43% a d Optical Netwo ks 18%. G oup et sales to AI & Cloud custome s g ew 123% a d o de i take 118%.
- Mobile I f ast uctu e et sales g ew 5% y-o-y, i pa t due to accele atio of eve ue f om Q4 i to Q3. The segme t be efited f om p oduct mix, comme cial discipli e a d co ti ued executio of the cost eductio p og am.
- Q3 compa able g oss ma gi was la gely stable y-o-y at 44.6%. Repo ted g oss ma gi decli ed 220bps to 42.2%.
- Q3 compa able ope ati g ma gi i c eased 220bps y-o-y to 11.7% be efiti g f om eve ue g owth a d ope ati g efficie cy. Repo ted ope ati g ma gi decli ed 160bps to 3.8% due to accele ated est uctu i g a d i teg atio cost.
- Q3 compa able diluted EPS f om co ti ued ope atio s of EUR 0.09; epo ted diluted EPS f om co ti ued ope atio s of EUR 0.03.
- Nokia’s full yea fi a cial outlook is u cha ged.
“Team Nokia co ti ues to delive o ou commitme ts as we execute agai st ou st ategy. I Q3, we g ew et sales by 9% a d imp oved compa able ope ati g ma gi by 220 basis poi ts. We co ti ue to simplify ou po tfolio, a d we a e o t ack to complete the I fi e a i teg atio by the e d of 2026, o e yea ahead of pla with EUR 200 millio of et sy e gies.
I AI & Cloud, et sales mo e tha doubled yea -ove -yea a d we secu ed EUR 1.5 billio i ew o de s. Ou st o g o de backlog also positio s us fo futu e g owth. We expect ou combi ed Optical a d IP Netwo ks busi esses to g ow betwee 25% a d 30% i 2027. Nokia’s st e gths a e u iquely suited to meet g owi g dema ds fo AI i f ast uctu e that is la ge , mo e dist ibuted a d hype co ected. We a e i vesti g whe e we ca diffe e tiate a d co-i ovate with hype scale s. Ou pa t e ship with Google i suppo t of thei EUR 13 billio i vestme t i Fi la d is a example of how ou optical a d IP etwo ks p ovide the c itical co ectivity AI i f ast uctu e equi es.
AI- ative etwo ks a e movi g i to the physical wo ld, a d ou AI-RAN platfo m is bei g developed to delive the pe fo ma ce eeded fo this ma ket. Togethe with T-Mobile a d NVIDIA, we completed the wo ld’s fi st AI-RAN call i a live ope ato etwo k i li e with the commitme t we a ou ced last yea . As we move towa ds comme cial deployme t the featu es a d spect al efficie cy delive ed by ou platfo m a e u iquely diffe e tiated i the ma ket.
Ove all, g owth is accele ati g, ope ati g leve age is becomi g mo e visible a d I’m co fide t i the lo g-te m sha eholde value Team Nokia is c eati g.”
Justi Hota d, P eside t a d CEO
This is a summa y of the Nokia Co po atio I te im Repo t fo Q3 2026 published today. Nokia o ly publishes a summa y of its fi a cial epo ts i stock excha ge eleases. The summa y focuses o Nokia G oup’s fi a cial i fo matio as well as o Nokia’s outlook. The detailed, segme t-level discussio will be available i the complete fi a cial epo t hosted at www. okia.com/fi a cials. I vesto s should ot solely ely o summa ies of Nokia’s fi a cial epo ts a d should also eview the complete epo ts with tables.
FINANCIAL RESULTS
| EUR millio (except fo EPS i EUR) | Q3’26 | Q3’25 | YoY cha ge | Q1-Q3’26 | Q1-Q3’25 | YoY cha ge | Repo ted esults | Net sales | 5 154 | 4 700 | 10% | 14 402 | 13 443 | 7% | G oss ma gi % | 42.2% | 44.4% | (220)bps | 43.7% | 43.5% | 20bps | Ope ati g p ofit | 196 | 252 | (22)% | 229 | 403 | (43)% | Ope ati g ma gi % | 3.8% | 5.4% | (160)bps | 1.6% | 3.0% | (140)bps | P ofit f om co ti ui g ope atio s | 176 | 90 | 96% | 307 | 150 | 105% | Loss f om disco ti ued ope atio s | (21) | (10) | (59) | (34) | P ofit fo the pe iod | 156 | 80 | 95% | 248 | 116 | 114% | EPS f om co ti ui g ope atio s, diluted | 0.03 | 0.01 | 200% | 0.05 | 0.02 | 150% | Net cash a d i te est-bea i g fi a cial i vestme ts | 2 584 | 3 001 | (14)% | 2 584 | 3 001 | (14)% | Compa able esults | Net sales | 5 154 | 4 705 | 10% | 14 405 | 13 453 | 7% | Co sta t cu e cy a d po tfolio YoY cha ge | 9% | 7% | G oss ma gi % | 44.6% | 44.8% | (20)bps | 45.5% | 44.4% | 110bps | Ope ati g p ofit | 605 | 448 | 35% | 1 340 | 1 024 | 31% | Ope ati g ma gi % | 11.7% | 9.5% | 220bps | 9.3% | 7.6% | 170bps | P ofit f om co ti ui g ope atio s | 498 | 334 | 49% | 1 223 | 760 | 61% | EPS f om co ti ui g ope atio s, diluted | 0.09 | 0.06 | 50% | 0.21 | 0.13 | 62% |
| Segme t esults | Netwo kI f ast uctu e | MobileI f ast uctu e | Po tfolioBusi esses | EUR millio | Q3’26 | Q3’25 | Q3’26 | Q3’25 | Q3’26 | Q3’25 | Net sales | 2 158 | 1 850 | 2 902 | 2 755 | 96 | 97 | YoY cha ge | 17% | 5% | (1)% | Co sta t cu e cy YoY cha ge | 15% | 5% | (2)% | G oss ma gi % | 41.2% | 42.7% | 47.5% | 47.3% | 31.3% | 18.6% | Ope ati g p ofit/(loss) | 216 | 143 | 420 | 355 | 3 | (4) | Ope ati g ma gi % | 10.0% | 7.7% | 14.5% | 12.9% | 3.1% | (4.1)% |
OUTLOOK
| Full Yea 2026 | Compa able ope ati g p ofit(1),(2) | EUR 2.1 billio to EUR 2.6 billio |
1 Please efe to Alte ative pe fo ma ce measu es sectio i Nokia Co po atio I te im Repo t fo Q3 2026 fo a full expla atio of how this te m is defi ed.2 Outlook is based o a EUR:USD ate of 1.14 fo the emai de of 2026.
The outlook a d the u de lyi g outlook assumptio s a e fo wa d-looki g stateme ts subject to a umbe of isks a d u ce tai ties as desc ibed o efe ed to i the Risk Facto s sectio late i this elease.Alo g with Nokia’s official outlook ta get p ovided above, Nokia p ovides the below assumptio s that suppo t the g oup level fi a cial outlook fo 2026.
| Full yea 2026 | Comme t | Q4 seaso ality | Nokia assumes a 20% to 24% q-o-q i c ease i et sales i Q4.Compa able ope ati g p ofit: Nokia assumes a typically st o g q-o-q i c ease i ope ati g p ofit i Q4 to delive full yea ope ati g p ofit above the mid-poi t of ou compa able ope ati g p ofit outlook. | Netwo k I f ast uctu e et sales g owth(1) | 12 – 14% | This i co po ates a updated assumptio fo combi ed Optical a d IP Netwo ks to g ow somewhat above Nokia’s p io 18-20% assumptio i 2026. | Compa able fi a cial i come a d expe ses | Positive EUR 300 to 400 millio (update) | St o g i come f om Nokia’s ve tu e fu d i vestme ts is leadi g to a i c ease i the outlook assumptio fo 2026. | Compa able i come tax ate | ~26% (update) | Nokia’s effective tax ate emai s se sitive to geog aphic mix. | Cash outflows elated to i come taxes | EUR 500 millio | Capital expe ditu es | EUR 750 – 850 millio (update) | Reduced assumptio pa tially due to some cha ges i eal estate pla s a d the timi g of some of the cash impact of ma ufactu i g i vestme ts movi g to 2027. Nokia’s optical ma ufactu i g expa sio pla s emai o -t ack, this o ly elates to timi g of some cash payme ts. | F ee cash flow co ve sio f om compa able ope ati g p ofit | 35% to 55% (update) | Nokia is lowe i g its FCF co ve sio assumptio due to i vestme ts the compa y is maki g i wo ki g capital du i g 2026 to secu e supply a d suppo t the g owth oppo tu ity i 2027 alo g with accele ated est uctu i g. Nokia is ow pla i g to i vest a additio al EUR 400 millio i wo ki g capital this yea . | Rest uctu i g a d associated cha ges elated to cost savi gs p og ams | EUR 1 100 millio (update) | Nokia has i c eased the scale of some of its est uctu i g p og ams as it accele ates effo ts to simplify the compa y’s ope atio s a d locatio st ategy a d i c ease ope ati g leve age i the busi ess goi g fo wa d. | Rest uctu i g a d associated cash outflows | EUR 800 – 900 millio (update) | Rest uctu i g a d elated cash outflows elati g to all Nokia est uctu i g p og ams. |
1 Net sales g owth assumptio is o a co sta t cu e cy a d po tfolio basis.
SHAREHOLDER DISTRIBUTION
Divide d
U de the autho izatio by the A ual Ge e al Meeti g held o 9 Ap il 2026, the Boa d of Di ecto s may esolve o the dist ibutio of a agg egate maximum of EUR 0.14 pe sha e to be paid i espect of fi a cial yea 2025. The autho izatio will be used to dist ibute divide d a d/o assets f om the ese ve fo i vested u est icted equity i fou i stallme ts du i g the autho izatio pe iod u less the Boa d decides othe wise fo a justified easo .
O 22 Octobe 2026, the Boa d esolved to dist ibute a divide d of EUR 0.03 pe sha e. The divide d eco d date is 27 Octobe 2026 a d the divide d will be paid o 5 Novembe 2026. The actual divide d payme t date outside Fi la d will be dete mi ed by the p actices of the i te media y ba ks t a sfe i g the divide d payme ts.
Followi g this a ou ced dist ibutio , the Boa d’s emai i g dist ibutio autho izatio is a maximum of EUR 0.03 pe sha e.
RISK FACTORS
Nokia a d its busi esses a e exposed to a umbe of isks a d u ce tai ties which i clude but a e ot limited to:
- Competitive i te sity, which is expected to co ti ue at a high level as some competito s seek to take sha e;
- Cha ges i custome etwo k i vestme ts elated to thei ability to mo etize the etwo k o oppo tu ities elated to AI a d data ce te g owth;
- Ou ability to e su e competitive ess of ou p oduct oadmaps a d costs th ough additio al R&D i vestme ts;
- Ou ability to p ocu e o ma ufactu e ce tai compo e ts (e.g. semico ducto s), the costs the eof a d ou ability to alig ou i ve to y levels a d supplie commitme ts with custome dema d
- Distu ba ce i the global supply chai ;
- Impact of i flatio , i c eased global mac o-u ce tai ty, majo cu e cy fluctuatio s, cha ges i ta iffs a d highe i te est ates;
- Pote tial eco omic impact a d dis uptio of global pa demics;
- Wa o othe geopolitical co flicts, dis uptio s a d pote tial costs the eof;
- Othe mac oeco omic, i dust y a d competitive developme ts;
- Timi g a d value of ew, e ewed a d existi g pate t lice si g ag eeme ts with lice sees;
- Results i tech ology lice si g; costs to p otect a d e fo ce ou i tellectual p ope ty ights; o -goi g litigatio with espect to lice si g a d egulato y la dscape fo pate t lice si g;
- The outcomes of o -goi g a d pote tial disputes a d litigatio ;
- Ou ability to execute, complete, successfully i teg ate a d ealize the expected be efits f om t a sactio s;
- Timi g of completio s a d accepta ces of ce tai p ojects;
- Ou p oduct a d egio al mix;
- U ce tai ty i fo ecasti g i come tax expe ses a d cash outflows, ove the lo g-te m, as they a e also subject to possible cha ges due to busi ess mix, the timi g of pate t lice si g cash flow a d cha ges i tax legislatio , i cludi g pote tial tax efo ms i va ious cou t ies a d OECD i itiatives;
- Ou ability to utilize ou Fi ish defe ed tax assets a d thei ecog itio o ou bala ce sheet;
- Ou ability to meet ou sustai ability a d othe ESG ta gets, i cludi g ou ta gets elati g to g ee house gas emissio s;
as well the isk facto s specified u de Fo wa d-looki g stateme ts of this elease, a d ou 2025 a ual epo t o Fo m 20-F published o 5 Ma ch 2026 u de Ope ati g a d fi a cial eview a d p ospects-Risk facto s.
FORWARD-LOOKING STATEMENTS
Ce tai stateme ts he ei that a e ot histo ical facts a e fo wa d-looki g stateme ts. These fo wa d-looki g stateme ts eflect Nokia’s cu e t expectatio s a d views of futu e developme ts a d i clude stateme ts ega di g: A) expectatio s, pla s, be efits o outlook elated to ou st ategies, p ojects, p og ams, p oducts, g owth ma ageme t, lice ses, ope atio al key pe fo ma ce i dicato s a d decisio s o ma ket exits; B) expectatio s, pla s o be efits elated to futu e pe fo ma ce of ou busi esses (i cludi g the expected impact, timi g a d du atio of geopolitical co flicts a d the ge e al o egio al mac oeco omic co ditio s o ou busi esses, ou supply chai , the timi g of ma ket cha ges o tu i g poi ts i dema d a d ou custome s’ busi esses) a d a y futu e divide ds a d othe dist ibutio s of p ofit; C) expectatio s a d ta gets ega di g fi a cial pe fo ma ce a d esults of ope atio s, i cludi g ma ket sha e, p ices, et sales, i come, ma gi s, cash flows, cost savi gs, the timi g of eceivables, ope ati g expe ses, p ovisio s, impai me ts, ta iffs, taxes, cu e cy excha ge ates, hedgi g, i vestme t fu ds, i flatio , p oduct cost eductio s, competitive ess, value c eatio , eve ue ge e atio i a y specific egio , a d lice si g i come a d payme ts; D) ou ability to execute, expectatio s, pla s o be efits elated to t a sactio s, i vestme ts a d cha ges i o ga izatio al st uctu e a d ope ati g model; E) impact o eve ue with espect to litigatio / e ewal discussio s; a d F) a y stateme ts p eceded by o i cludi g “a ticipate”, “co ti ue”, “believe”, “e visage”, “expect”, “aim”, “will”, “ta get”, “may”, “would”, “could“, “see”, “pla ”, “e su e” o simila exp essio s. These fo wa d-looki g stateme ts a e subject to a umbe of isks a d u ce tai ties, ma y of which a e beyo d ou co t ol, which could cause ou actual esults to diffe mate ially f om such stateme ts. These stateme ts a e based o ma ageme t’s best assumptio s a d beliefs i light of the i fo matio cu e tly available to them. These fo wa d-looki g stateme ts a e o ly p edictio s based upo ou cu e t expectatio s a d views of futu e eve ts a d developme ts a d a e subject to isks a d u ce tai ties that a e difficult to p edict because they elate to eve ts a d depe d o ci cumsta ces that will occu i the futu e. Facto s, i cludi g isks a d u ce tai ties that could cause these diffe e ces, i clude those isks a d u ce tai ties ide tified i the Risk Facto s above.
ANALYST WEBCAST
- Nokia’s webcast will begi o 22 Octobe 2026 at 3.00 p.m. Fi ish time (EEST). The webcast will last app oximately 60 mi utes.
- The webcast will be a p ese tatio followed by a Q&A sessio . P ese tatio slides will be available fo dow load at www. okia.com/fi a cials.
- A li k to the webcast will be available at www. okia.com/fi a cials.
- Media ep ese tatives may joi the co fe e ce call via the li k, whe e dial-i details a e also available.
FINANCIAL CALENDAR
Nokia pla s to publish its fou th qua te a d full yea 2026 esults o 28 Ja ua y 2027.
About Nokia
Nokia is a global leade i co ectivity i f ast uctu e, e abli g the AI supe cycle. We build etwo ks that co ect i tellige ce a d delive a comp ehe sive co ectivity solutio ac oss fixed, mobile, IP, optical, co e, a d data ce te etwo ks. With secu ity by desig , AI-d ive i ovatio , a d AI-optimized a chitectu e, Nokia delive s t usted i f ast uctu e that e ables AI to scale a d adva ces co ectivity to secu e a b ighte wo ld.
I qui ies:
NokiaCommu icatio sPho e: +358 10 448 4900Email: p ess.se vices@ okia.comMa ia Vaismaa, Vice P eside t, Co po ate Commu icatio s
NokiaI vesto Relatio sPho e: +358 931 580 507Email: i vesto . elatio s@ okia.com