Slide 1: Q1 2025 Financial results
Q1 2025 Financial results 24 April 2025 1 © 2025 Nokia
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: Business Highlights
Business Highlights Justin Hotard President and Chief Executive Officer 3 © 2025 Nokia Public
Slide 4: CEO initial observations
CEO initial observations Impressive core Nokia plays critical role technology base as trusted partner for across portfolio customers Focus on capital Investing for long- allocation term value creation 4 © 2025 Nokia Public
Slide 5: Key messages – Q1 2025
Key messages – Q1 2025 1 Market recovery continued in Q1 and order intake remained strong. Q1 net sales saw a decline in Nokia Technologies but growth in all other businesses: • Network Infrastructure grew 11% with all units growing with strong start to enlarged Optical Networks unit 2 growing 15%.
Slide 6: Optical Networks - Infinera acquisition closed in Q1
Optical Networks - Infinera acquisition closed in Q1 Strategic rationale... ...early progress Gain scale necessary to accelerate product Optical Networks market share of 26%* roadmaps and innovation on proforma basis in 2024. Highly complementary from a geographic, Strong on-going momentum with sale
Slide 7: Q1 Financial Performance
Q1 Financial Performance Marco Wirén Chief Financial Officer 7 © 2025 Nokia Public
Slide 8: Network Infrastructure delivers strong growth to start 2025
Network Infrastructure delivers strong growth to start 2025 Q1 25 net sales (EUR) Q1 25 gross margin Q1 25 operating margin Q1 25 FCF (EUR) Q1 25 net cash (EUR) 4.4bn 42.3% 3.6% 0.7bn 3.0bn (3)% y-o-y (820)bps y-o-y (990)bps y-o-y Net Sales (EUR million) Gross profit (EUR million) and margin Operati
Slide 9: Network Infrastructure
Network Infrastructure net sales Net sales growth by unit Network Infrastructure by quarter (EUR million) 11% Fixed +9% 2 500 Networks 2 000 • Strong net sales growth with 1 500 all units contributing 1 000 IP Networks +7% • Book-to-bill above 1 500 • Optical Networks benefited 0 Optical Networks +1
Slide 10: Mobile Networks
Mobile Networks 3 000 Mobile Networks net sales by quarter (EUR million) 2% 2 500 • Continue to see signs of 2 000 market stabilization 1 500 • Net sales growth driven by 1 000 North America 500 • Profitability decline due to 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 one-time contract
Slide 11: Cloud and Network Services
Cloud and Network 1 000 Cloud and Network Services net sales by quarter (EUR million) 8% Services 800 600 • Strong Q1 growth driven by Core Networks 400 200 • Both gross and operating margin benefit from mix and 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 leverage Gross profit (EUR milli
Slide 12: Nokia Technologies
Nokia Technologies €1.4-1.5bn ~€1.4bn • Challenging YoY comparison related to over EUR 400mn of catch-up net €0.9-1.0bn sales in Q1 2024 • Agreements signed in Q1 2025 with Amazon and other companies • Continued execution led to contracted run-rate of EUR 1.4bn Q4 2023 run- Q1 2025 Mid-term rate con
Slide 13: Regional sales: Growth in NAM, India offset by Nokia Technologies
Regional sales: Growth in NAM, India offset by Nokia Technologies Year-on-year on constant currency and portfolio basis -1% reported -3% constant currency and portfolio Nokia Technologies -52% -8% Europe ex. Tech -7% -18% 73% €4.4bn €4.4bn -4% 21% -25% -6% Americas APAC EMEA Q1 24 Latin North Greate
Slide 14: Strong free cash flow offset by Infinera acquisition
Strong free cash flow offset by Infinera acquisition • Receivables driving working capital inflows €4.9bn • Negative EUR 2.3bn impact to net cash from Infinera acquisition €3.0bn • Free cash flow of EUR 0.7 billion Q4 24 Adjusted Change in Dividend Capex Cash Restructuring Infinera Other Q1 25 profi
Slide 15: 2025 Outlook
2025 Outlook Full year 2025 Comparable operating profit(1) EUR 1.9 billion to EUR 2.4 billion Free cash flow(1) 50% to 80% conversion from comparable operating profit (1) Please refer to the Alternative performance measure section of our Interim Report for Q1 2025 for a full explanation of how these
Slide 16: Q&A
Q&A 1 6 16 © 2025 Nokia Public
Slide 17: © 2025 Nokia
1 7 © 2025 Nokia