Slide 1: Welcome to Nokia's Capital Markets Day 2025
Welcome to Nokia’s Capital Markets Day 2025 1 © 2025 Nokia Public
Slide 2: Disclaimer
Disclaimer 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
Slide 3: Agenda
Agenda 1 The next chapter – Justin Hotard, President and CEO 2 AI-native networks – Pallavi Mahajan, Chief Technology and AI Officer 3 Through the lens of our customers – Raghav Sahgal, Chief Customer Officer 4 Network Infrastructure: Powering the AI supercycle - David Heard, President, Network Infr
Slide 4: The next chapter
The next chapter Justin Hotard President and CEO 4 © 2025 Nokia Public
Slide 5: Connecting People
Connecting People 5 © 2025 Nokia Public
Slide 6: AI traffic growth and new network demands
REFLECT THE SCRIPT Consumer AI traffic Enterprise and industrial New network growth AI traffic growth demands Uplink intensity increasing 20%+ ~50% Traffic variability increasing CAGR CAGR over the next decade over the next decade Latency sensitivity critical 6 © 2025 Nokia Public
Slide 7: North star: Advancing connectivity to secure a brighter world
North star: Advancing connectivity to secure a brighter world Connecting Intelligence 7 © 2025 Nokia Public
Slide 8: Network Infrastructure drives market growth
Network Infrastructure AI & Cloud, Mission drives market growth Critical drive growth +5% +5% 116 116 102 102 16% 24 AI & Cloud Network 16 60 9% Mission Critical 48 Infrastructure 15 20 11% (incl. Defense) Telecommunication 1% 72 72 Providers 1% Mobile 55 56 Infrastructure 2025 2028 2025 2028 Nokia
Slide 9: Addressable market by customer segment
Telecommunication AI & Cloud Mission Critical providers Enterprise incl. Defense Addressable market size, €72bn €24bn €20bn ’28 Market CAGR, ’25 -’28 1% 16% 11% % of revenue1 76% 6% 10% 1. As of Q3 2025. Nokia also generated 8% of its net sales from licensing in Q3 2025 Nokia addressable market, in
Slide 10: Our 5 strategic priorities
Our 5 strategic priorities 1. 2. 3. 4. 5. Accelerate Lead the next era Grow by co- Focus capital Unlock growth in AI & of connectivity innovating with where we can sustainable Cloud with AI-native customers and differentiate returns networks and 6G partners 10 © 2025 Nokia Public
Slide 11: Network Infrastructure and Mobile Infrastructure
Network Mobile Customer focus Infrastructure* Infrastructure €7.8bn 10% €11.6bn 13% Capital allocation TTM TTM TTM TTM revenue operating margin revenue operating margin Greater agility TTM = Trailing Twelve Months actual figures (i.e. Q4’24 through Q3’25) *This provisional financial information is a
Slide 12: Delivering on capital allocation discipline
Delivering on capital allocation discipline Fixed Wireless CPE Portfolio (currently in Network Infrastructure) Business Site Implementation (currently in Network Infrastructure) €0.9bn €-0.1bn TTM TTM Enterprise Campus Edge revenue operating margin (currently Cloud and Network Services) Microwave Ra
Slide 13: Nokia Group Leadership Team effective 1 January 2026
Nokia Group Leadership Team effective 1 January 2026 Justin Hotard Marco Wirén President and Chief Financial Chief Executive Officer Officer Louise Fisk Patrik Hammarén Victoria Hanrahan Mikko Hautala Chief President, Chief of Staff to Chief Geopolitical Communications Technology Nokia’s President &
Slide 14: Strategic KPIs to measure our progress
Strategic KPIs to measure our progress Metric TTM (Q4’24-Q3’25) Target Network #1 NI net sales growth ('25-'28) 8% 6-8% CAGR Infrastructure KPIs #2 NI operating margin ('28) 10% 13% – 17% Mobile #3 MI gross margin (%) ('28) 48% 48 to 50% Infrastructure KPIs #4 MI operating profit ('28) € 1.5 bn grow
Slide 15: Creating long term value for shareholders
Creating long term value for shareholders Delivering profit Position Nokia for Maintaining disciplined expansion long term growth approach to capital allocation Double-digit operating profit CAGR through 2028 Target to deliver double-digit CAGR comparable operating profit growth through 2028 15 © 20
Slide 16: AI-native networks
AI-native networks Pallavi Mahajan Chief Technology and AI Officer 16 © 2025 Nokia Public
Slide 17: Programmable, software defined, extensible networks
Programmable Software defined networks Extensible 17 © 2025 Nokia Public
Slide 18: Scalability, elasticity, security
Elasticity Scalability Security and trust Trustworthy and secure Flexibility Extensible 18 © 2025 Nokia Public
Slide 19: AI-native, open, trustworthy and secure
Reliability | Per-port peak Mobile traffic Latency Downtime bandwidth Up Out Across AI-native Physical AI • Self-driving cars • General robotics Open Open framework Open Open ecosystem data Agentic AI Trustworthy • Coding assistant • Customer service and secure • Patient care Generative AI Perceptio
Slide 20: Yesterday, video calls
Yesterday, video calls 20 © 2025 Nokia Public
Slide 21: Today, AI traffic is growing, and it is different data
Today, AI traffic is growing, and it is different data 21 © 2025 Nokia Public
Slide 22: The future connected landscape
The future connected landscape AR glasses as Yesterday Today Tomorrow common as smartphone Reliability 99.9% 99.999% 99.9999% Downtime Hrs Mins Secs50% autonomous vehicles Per-port peak 50-100 Gbps 400-800 Gbps 1.6-3.2 Drones Tbps bandwidth delivering parcels ~100-1000 ms ~10-100 ms ~1-10 ms Latency
Slide 23: RAN, Core, IP Routing, Fixed, Optical portfolio
RAN Core IP Routing Fixed IP Switching Optical Programmable FP5 1.2/1.6Tbps 7220 IXR AnyRAN Service-aware 7250 IXR World’s first embedded 7250 IXR engines AI-RAN AI-native 7730 SXR 50G PON 7750 SR 800G ICE-X AI continuum 7750 SR 23 © 2025 Nokia Public
Slide 24: Data and domain knowledge
Data Domain knowledge 24 © 2025 Nokia Public
Slide 25: RAN, Core, IP Routing, Fixed, Optical
RAN Core IP Routing Fixed IP Switching Optical 25 © 2025 Nokia Public
Slide 26: AI-RAN user experience, capex and opex
AI-RAN RAN User Delayed Lower experience CAPEX OPEX 26 © 2025 Nokia Public
Slide 27: Autonomous networks
Autonomous networks Self-configure Self-optimize Self-heal Self-secure RAN Core IP Routing Fixed IP Switching Optical 27 © 2025 Nokia Public
Slide 28: Optical self-optimize and self-secure
Optical Self-optimize Self-secure Planning time Anticipating Design accuracy -50% network +30% 28 © 2025 Nokia Public
Slide 29: AI-native networks ready for the AI supercycle
AI-native networks ready for the AI supercycle Learn - Adapt - Protect - Improve 29 © 2025 Nokia Public
Slide 30: Through the lens of our customers
Through the lens of our customers Raghav Sahgal Chief Customer Officer 30 © 2025 Nokia Public
Slide 31: Pace of technology, opportunity in AI supercycle
Pace of Opportunity in Positioned technology AI supercycle to lead 31 © 2025 Nokia Public
Slide 32: Telecommunication Providers, AI & Cloud, Mission Critical
Telecommunication AI & Cloud Mission Critical Providers Enterprise incl. Defense Estimated 2025 capex €208bn €358bn - Addressable market size, €72bn €24bn €20bn ’28 Market CAGR, ’25 -’28 1% 16% 11% % of revenue1 76% 6% 10% 1. As of Q3 2025. Nokia also generated 8% of its net sales from licensing in
Slide 33: Telecommunication Providers
Telecommunication Providers 70% of the world’s 5G standalone networks include Nokia core platforms A red and black logo Description automatically generated 70% of fiber broadband connections in North America use Nokia networks EE 15 of the world’s 20 fastest 5G networks rely on our technology 33 © 2
Slide 34: AI & Cloud relationships of the top 10 global hyperscalers
AI & Cloud relationships 9 Microsoft-1 | Visit Fargo-Moorhead 100 + of the top 10 customer global hyperscalers relationships use Nokia’s optical networks 34 © 2025 Nokia Public
Slide 35: Mission Critical Enterprise
Mission Critical Enterprise 35 © 2025 Nokia Public
Slide 36: Customer first, co-creation, profitable growth
Customer Co-creation Profitable first growth Team Nokia 36 © 2025 Nokia Public
Slide 37: Network Infrastructure: Powering the AI supercycle
Network Infrastructure Powering the AI supercycle David Heard President of Nokia Network Infrastructure 37 © 2025 Nokia Public
Slide 38: Significant value creation opportunity in the AI supercycle
Significant value creation opportunity in the AI supercycle Large AI supercycle Extensive portfolio with Scale & strong Key wins validating market opportunity leadership position innovation roadmap strategic milestones €60bn #1 or #2 ~€1.6bn ~€1.5bn ‘28 SAM, 9% CAGR1 Market share2 Annual R&D YTD AI
Slide 39: Nokia Network Infrastructure – who we are
Nokia Network Infrastructure – who we are Optical Networks IP Networks Fixed Networks €3.1bn #1 or #2 €2.6bn #1 €2.1bn #1 TTM revenue Optical Systems1 TTM revenue Edge routing2 TTM revenue xPON OLT, XGS PON ONT/OLT2 Customer Segment 9 of the 1500+ Industry (TTM revenue) Enterprise, Mission Critical
Slide 40: Large and growing market across all businesses
Large and growing market across all 3 businesses Serviceable Addressable Market (SAM)4 24% 37% AI & Cloud Intra-data €60bn AI bandwidth center traffic 16% CAGR CAGR over next CAGR over next 8 €48bn €24bn 3 years1 years1 Enterprise, Mission Critical €16bn 7-9% 2bn €3-4T CAGR €14bn €11bn Telecommunica
Slide 41: NI solutions powering AI factories and the AI supercycle
NI solutions powering AI factories and the AI supercycle From cloud on ramps to scale-up to scale-out to scale-across to subsea AI AI AI AI Edge Metro Long haul Subsea Front end Optical Networks Fixed Networks (Line systems, pluggables, (PON, Optical LAN, intra-DC components) Out of band mgmt.) Scal
Slide 42: Significant momentum fueling growth
Significant momentum fueling growth Orders (YTD 2025) € Hundreds ~€1.5bn 40%+ 150%+ of Millions AI & Cloud Optical Networks 800G coherent Data center switching providers YoY growth1 DCI* pluggables YoY growth 1. YTD 2025 pro forma for Infinera acquisition. *Data center interconnect (DCI) 42 © 2025 N
Slide 43: Optical Networks – scale, innovation, leadership
Optical Networks – scale, innovation, leadership Optical networks portfolio Unparalleled vertical integration Optical Systems Applications Indium 1830 GX, 1830 PSS Metro phosphide fab Faster innovation Long Haul Silicon photonics Automation capability WaveSuite, Subsea Improved Transcend quality Who
Slide 44: Optical Networks – market drivers and growth opportunities
Optical Networks – market drivers and growth opportunities Serviceable Addressable Market (SAM)1 2028 Investment priorities €17bn Intra-DC 283% 400G → 800G → 1.6T → 3.2T 2025 €1bn optics & CAGR Hyper-focus on low power components €13bn €3bn 1.6T & 3.2T New emerging applications LPO, LRO, NPO, CPO Ne
Slide 45: Infinera integration – delivering on strategic intent
Infinera integration – delivering on strategic intent Delivered unified roadmap Create optical networks powerhouse and delight customers Numerous cross-portfolio wins Increase presence in North America 40% YoY growth in NAM €1.5bn NI AI & Cloud orders Increase Nokia’s presence in AI & Cloud year-to-
Slide 46: Customer use cases driving growth
Customer use cases driving growth Coherent Pluggables - Wins Components - Opportunity Hyperscaler AI scale-across AI & Cloud provider intra-data center connectivity ICE-X 800G ZR/ZR+ ICE-D 1.6T Performance enables LPO application which 800G over 1,700km, multi-vendor can drive down power by up to 80
Slide 47: IP Networks - powering the world's most critical networks
IP Networks - powering the world’s most critical networks Routing portfolio Applications Key value propositions IP Access & Aggregation IP Edge & Core Aggregation Silicon and systems leadership Edge 7705 SAR 7210 SAS 7250 IXR 7730 SXR 7750 SR 7750 SR-s BNG1 Agility, automation and security Cell site
Slide 48: IP Networks – market drivers and growth opportunities
IP Networks – market drivers and growth opportunities Serviceable Addressable Market (SAM)1 2028 €35bn Investment priorities 2025 Data Center Switching 400G → 1.6T → 3.2T €27bn Back-end networks moving to ethernet €21bn 15% IP/Optical convergence CAGR €14bn AI for efficient and operational simplicit
Slide 49: Customer use cases driving growth
Customer use cases driving growth Data Center Gateway - Win Data Center Switch – Opportunity Hyperscaler data center DCI & WAN NEOCLOUD AI data center network 7250 IXR-10e/18e 7220 IXR, 7250 IXR, 7750 SR Scale, performance, reliability, quality, features Efficient scalability, open, AI-managed DC fr
Slide 50: Fixed Networks – innovation for the fiber era
Fixed Networks – innovation for the fiber era Fiber access for broadband and enterprise Why customers choose Nokia # 1 # 1 19 600M 70% OLT market XGS OLT & ONT of the top 20 broadband lines of US fibered Tech leader in 10-25-50G service providers shipped homes served Silicon and open systems Lightsp
Slide 51: Fixed Networks – market drivers and growth opportunities
Fixed Networks – market drivers and growth opportunities Serviceable Addressable Market (SAM)1 Investment priorities 2028 Optical LAN 55% All networks go fiber 2025 €9bn CAGR €7bn €1bn ~50% <10% <5% New SAM Copper to fiber Coax to fiber CATx to fiber ONT completed completed completed €4bn 3-5% €4bn
Slide 52: NI strategic priorities
NI strategic priorities Optical Networks IP Networks Fixed Networks Drive systems share gains in Drive growth in data Extend leadership in AI & Cloud, telcos, mission critical center switching residential PON Ramp 800G coherent Accelerate growth in mission Innovate with chipsets, platforms, pluggabl
Slide 53: Delivering value in the AI supercycle
Delivering value in the AI supercycle Strategic KPIs 6-8% 13-17% Total NI revenue CAGR 2028 NI (‘25-’28) operating margin 1. 2. 3. 4. Well positioned in Clear strategy with Opportunity to open Scale & VI to deliver attractive market focused execution €1 bn+ markets margin expansion Business momentum
Slide 54: Mobile Infrastructure: Transforming to lead in AI-native networks
Mobile Infrastructure: Transforming to lead in AI-native networks Justin Hotard President and CEO Patrik Hammarén President, Technology Standards 54 © 2025 Nokia Public
Slide 55: Mobile Infrastructure: a single, integrated platform
Mobile Infrastructure: a single, integrated platform Core Software (currently in Cloud and Network Services) Radio Networks Mobile (currently in Mobile Networks) Infrastructure Technology Standards (currently Nokia Technologies) 55 © 2025 Nokia Public
Slide 56: Mobile Infrastructure at a glance
Mobile Infrastructure at a glance Core Radio Standards €2.5bn #1 €7.5bn #2 €1.4bn 26,000+ TTM Voice Core, TTM 5G RAN Annual contracted Live patent revenue SDM1 revenue supplier1 run-rate net sales families 125+ 15 out of 20 ~70% 5G SA Core Contracts 5G SA Core Contracts, Nokia is a RAN supplier Pate
Slide 57: Mobile Infrastructure Market by Geography
Mobile Infrastructure Market by Geography 2025 SAM of €55B forecasted to grow at 1% through 2028 Nokia Total Radio and Core Ranking SAM Europe SAM NAM SAM Nokia #2 €12B Nokia #2 €16B MEA SAM Nokia #2 €7B SAM €3B LAT APJ SAM SAM Nokia #3 India Nokia #3 €4B €12B Nokia #1 Western Providers Only Western
Slide 58: Mobile Infrastructure: Connecting intelligence everywhere
Mobile Infrastructure: Connecting intelligence everywhere Mobile Infrastructure priorities Deepen customer Position to win in Near-term profit Focus on core Trust / Security relationships and AI-native networks improvement innovation comment partnerships and 6G Today Tomorrow 58 © 2025 Nokia Public
Slide 59: Leading transformation to AI-native 6G
Leading transformation to AI-native 6G Today AI-native 6G Telco revenue Subscriber Higher ARPU model ARPU + AI Tokens Software-driven business model AI Apps Services • Evolution to recurring revenue model MI product Services • Faster innovation revenue clock speed Mix* Software (Baseband, • Better l
Slide 60: Core Software: leading the market to AI-native
Core Software: leading the market to AI-native Transforming core to cloud-native Delivering better financial returns 11% Core Software growing TTM net sales faster than market Cloud-native Data-fabric growth* Operating margin improvement in Core 20% 15% 11% 7% 8% 10% Autonomous Extensible 0% 2022 20
Slide 61: Core Software market opportunity
Core Software market opportunity Core Software Market Trends Building a leading telco software position 5G/5GSA Cloud Core Networks1: +3% 17 650+ telecommunications Voice Core: #1 16 providers with 5G Packet Core: #3 networks by 2030 Sub. Data Mgmt.: #1 Autonomous Signaling & Policy: #4 8 9 Networks
Slide 62: Core Software: Realizing Autonomous Networks
Core Software: Realizing Autonomous Networks Network Monetization Platform / API exposure Autonomous Networks SaaS first Act Operations Analytics Security Apps Apps Apps Telco Agentic Ops Service Intent Knowledge Graphs Autonomous Networks Fabric 360 Observability Proactive Security Quantum Safe Thi
Slide 63: Radio Networks: Unique assets to leverage for improved returns
Radio Networks: Unique assets to leverage for improved returns Unique product portfolio Financial performance stabilizing RF and -2% 2% baseband anyRAN TTM net sales growth TTM operating margin hardware software Stabilizing Significant net sales opportunity to improve operating SMO & margin Automati
Slide 64: Radio Networks market opportunity
Radio Networks market opportunity Radio Networks Addressable Market (€bn) 1 4 % Mobile growth data 35% 5G Site CAGR over mid-band penetration 1% next 10 continues sites years 39 39 Global Consumer Cellular* 20 19 Services -1% (Mobile + FWA, EB/mo) 800 600 Mobile FWA 400 19 19 Products 2% 200 0 2025
Slide 65: Leading the way to AI-native networks and 6G
Leading the way to AI-native networks and 6G Setting the stage for smarter, faster, Seamless introduction of AI-RAN for telcos. and more energy-efficient networks Supporting 5G today, ready for 6G anyRAN Nokia 5G/6G software Pilot customers Capacity cards into Nokia COTS / Dell PowerEdge AirScale (1
Slide 66: Mobile Infrastructure: Strategic priorities
Mobile Infrastructure: Strategic priorities 1. 2. 3. 4. Sharper commercial Compete where we Simplify and drive Durable profit from focus can deliver value operating leverage Technology Standards Strategic KPIs 48-50% Increase Increase operating profit 2028 gross margin from base of EUR 1.5bn 66 © 20
Slide 67: Technology Standards
Technology Standards 1 2 3 4 Patent licensing Predictable Diversification Investing to business model long-term of revenue strengthen cash flow streams portfolio 67 © 2025 Nokia Public
Slide 68: Technology Standards
Technology Standards Built on innovation and intellectual property Intellectual Standards property contributions Virtuous cycle of IPR Research and Monetization innovation through licensing 68 © 2025 Nokia Public
Slide 69: Strong execution across licensing programs
Strong execution across licensing programs Licensing segment Mobile Connected Consumer IoT Multimedia devices vehicles electronics devices services Licensing coverage in core markets High Medium Medium Low Low Market CAGR estimate for 1-3% 3-5% 1-3% 5-7% 7-9% 2025-2030 Over €0.8bn of annual revenue
Slide 70: Investing to renew and strengthen our portfolio
Investing to renew and strengthen our portfolio Live patent families in Nokia portfolio Inflow of live families Q3/2020 to Q3/2025 Patent filings High-quality ~13,000 families >26k portfolio proven Acquisitions in litigation ~1,400 families <20k Outflow of live families Q3/2020 to Q3/2025 ~70% of fa
Slide 71: Technology Standards
Technology Standards Developing foundational technology 1 Patent licensing business model standards that enable entire industries Over €0.8bn of annual revenue under 2 Predictable long-term cash flow contract until 2030 (at current FX rates) Over €0.2bn of annual revenue run-rate 3 Diversification o
Slide 72: Creating sustainable value: Financial targets and strategic KPIs
Creating sustainable value: Financial targets and strategic KPIs Marco Wirén Chief Financial Officer 72 © 2025 Nokia Public
Slide 73: Long term financial target built on strategic KPIs
Long term financial target built on strategic KPIs Metric TTM (Q4’24-Q3’25) Target Long term Comparable operating profit (‘28) € 2.0 bn € 2.7 to 3.2 bn financial target Network #1 NI net sales growth ('25-'28) 8% 6-8% CAGR Infrastructure KPIs #2 NI operating margin ('28) 10% 13% – 17% Mobile #3 MI g
Slide 74: KPI #1 & 2: Delivering growth and operating leverage in NI
KPI # 1 & 2: Delivering growth and operating leverage in NI Serviceable Addressable Market (EUR billion) Network Infrastructure Strategic KPIs outside mainland China and Russia Net sales CAGR 6 to 8% 60 25/28 (‘25-28 CAGR) +9% 9 FN +6% 48 Operating margin 13% to 17% 7 17 (‘28) ON +9% 13 Levers : Opt
Slide 75: KPI #3 & 4: Increasing value capture in Mobile Infrastructure
KPI # 3 & 4: Increasing value capture in Mobile Infrastructure while investing for the future Gross margin Operating profit One-time 55% 2 500 benefits Grow from EUR 50% 50 % 2 000 1.5 bn base 50% 48% 45% 48 % 1 500 45% 44% 47 % 41% excluding 1 000 one-time 40% 500 benefits 35% 0 2021 2022 2023 2024
Slide 76: KPI #5: Streamlining Group Common operating expenses
KPI #5: Streamlining Group Common operating expenses Group Common operating expenses (EUR million) -200 370 350 50 150 150 2024 2025 2026 2028 76 © 2025 Nokia Public
Slide 77: Execution on cost savings plan, now targeting high-end
Execution on cost savings plan, now targeting high-end EUR 1.2 bn EUR 1.2 bn EUR 1.0 bn EUR 1.0 bn 14,000* reduction targeted by end of 2026 compared to Sept’23 EUR 0.8 bn EUR 0.8 bn Compared to workforce of EUR 84k* at start of the program 0.4 bn Oct'23 plan Dec'24 Sept'25 Current plan Savings Achi
Slide 78: Improving FCF as working capital normalized
Improving FCF as working capital normalized FCF Conversion from Comparable Operating Profit 100% 90% 80% 80% 75% 70% 60% 65% 50% 40% 85% 50% 72% 30% 65% 20% 34% 10% 27% 0% 2020 2021 2022 2023 2024 2025 2026 onwards 78 © 2025 Nokia Public
Slide 79: KPI #6 Consistent FCF conversion
KPI #6 Consistent FCF conversion Target 65% to 75% FCF conversion from comparable operating profit Comparable operating profit 100% Working capital +5% to -5% 5 to 8% Capex vs. D&A Capex ~EUR 0.2bn above D&A 15-20% Cash tax Cash tax ~ EUR 0.5bn Restructuring / Other 3-5% FCF conversion 65 to 75% 79
Slide 80: Balance sheet position provides flexibility
Balance sheet position provides flexibility Cash position in Q3 25 Debt maturity profile Credit ratings 3.0bn Investment grade 1 000 BBB- Fitch (stable) Net cash (EUR) 750 EUR million BBB- 500 S&P Global (stable) 6.1bn 250 Total cash (EUR) Ba1 Moody’s 0 (stable) 2038 2039 2025 2026 2027 2028 2029 20
Slide 81: Strategic review – units moved to Portfolio Businesses
Strategic review – 4 units moved to Portfolio Businesses Portfolio decisions based on assessment of: Four units moving to Portfolio Businesses Fixed Wireless Access CPE Portfolio #1/2 Market position (currently in Network Infrastructure) Businesses Site Implementation Net sales* Accretive Margin pro
Slide 82: Capital allocation: approach and resulting opportunity
Capital allocation: approach and resulting opportunity 1 Organic investment: R&D and Capex Focused Near-term profit 2 Inorganic investment: M&A and strategic investments improvement Prudent 3 Dividends: recurring, stable and growing over time Long term growth Balanced potential 4 Share buybacks: exc
Slide 83: Our strategy to drive double-digit profit growth
Our strategy to drive double-digit profit growth 1. 2. 3. 4. 5. Accelerate Lead the next era Grow by co- Focus capital Unlock growth in AI of connectivity innovating with where we can sustainable & Cloud with AI-native customers and differentiate returns networks and 6G partners Growth and Grow prof
Slide 84: Target to deliver double-digit CAGR comparable operating profit growth through 2028
Connecting Intelligence 1. 2. 3. 4. 5. Accelerate Lead the next era Grow by co- Focus capital Unlock growth in AI of connectivity innovating with where we can sustainable & Cloud with AI-native customers and differentiate returns networks and 6G partners Target to deliver double-digit CAGR comparabl