Slide 1: Q2 2025 Financial results
Q2 2025 Financial results 24 July 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 Key messages – Q2 2025
CEO Key messages – Q2 2025 Stakeholder engagements have increased my optimism about our future opportunity. 1 Nokia is uniquely positioned to lead as connectivity will be a critical differentiator in the AI supercycle. Customers expect us to engage with them as one integrated company. 2 Q2 delivered
Slide 5: Commercial highlights in Q2 across business groups
Commercial highlights in Q2 across business groups Network Mobile Cloud and Network Infrastructure Networks Services Optical Networks Core wins/deployments with 5G deals with Elisa and - 800G ZR/ZR+ hyperscaler award Bharti Airtel, Elisa, 02 Czech Optus Republic and Vodafone Qatar - Win with large U
Slide 6: 2025 outlook
2025 outlook Full year 2025 Comparable operating profit(1) EUR 1.6 billion to EUR 2.1 billion (was EUR 1.9 billion to EUR 2.4 billion) Free cash flow 50% to 80% conversion from comparable operating profit Comparable Operating Profit Bridge EUR 230 million 2.4 (EUR 90 million EUR 50 - 80 venture fund
Slide 7: Q2 Financial Performance
Q2 Financial Performance Marco Wirén Chief Financial Officer 7 © 2025 Nokia Public
Slide 8: Solid performance offset by currency impact
Solid performance offset by currency impact Q2 25 net sales (EUR) Q2 25 gross margin Q2 25 operating margin Q2 25 FCF (EUR) Q2 25 net cash (EUR) 4.55bn 44.7% 6.6% 0.1bn 2.9bn (1)% y-o-y —bps y-o-y (290)bps y-o-y -1% All net sales changes presented are year-on-year on a constant currency and portfoli
Slide 9: Network Infrastructure
Network Infrastructure net sales Net sales growth by unit Network Infrastructure by quarter (EUR million) 8% • Net sales growth across the Fixed Networks +17% three business units • Optical Networks growth IP Networks +3% impacted by supply constraints Optical Networks +6% • Optical Networks book –t
Slide 10: Mobile Networks
Mobile Networks -13% • Decline primarily driven by contract settlement in year- ago quarter • Project timing delay in India • Favorable mix benefiting gross margin Q2 2025 Q2 25 Q2 24 YoY Net Sales (EUR m) 1,732 2,078 (13)% Gross Profit 711 868 Gross Margin 41.1 % 41.8 % Operating Profit 77 182 Oper
Slide 11: Cloud and Network Services
Cloud and Network 14% Services • Q2 growth driven by momentum in 5G SA Core • Both gross and operating margin benefit from mix and leverage Q2 25 Q2 24 YoY Net Sales (EUR m) 557 507 14 % Gross Profit 238 190 Gross Margin 42.7 % 37.5 % Operating Profit 9 (35) Operating Margin 1.6 % (6.9) % All net sa
Slide 12: Nokia Technologies
Nokia Technologies €1.4-1.5bn ~€1.4bn • Continued momentum with several deals signed in the quarter €0.9-1.0bn • Steady progress towards EUR 1.4 to 1.5 billion run- rate target Q2 25 Q2 24 YoY Net Sales (EUR m) 357 356 3% Gross Profit 357 356 Gross Margin 100 % 100 % Operating Profit 255 258 Operati
Slide 13: Mixed performance across regions, impacted by FX
Mixed performance across regions, impacted by FX Year-on-year on constant currency and portfolio basis 2% reported -1% constant currency and portfolio Nokia Technologies 3% Europe ex. Tech 7% €4.5bn €4.5bn 5% -1% -22% -3% 6% -17% 0% Americas APAC EMEA 13 © 2025 Nokia Public
Slide 14: Working capital management well managed in Q2
Working capital management well managed in Q2 • Working capital well managed as receivables offset 2024 variable pay outflows • EUR 0.2 billion in dividends €3.0bn €2.9bn • Free cash flow of Receivables +670mn Inventories -80mn EUR 0.1 billion Liabilities -680mn Total NWC -90mn 14 © 2025 Nokia Publi
Slide 15: High level of natural hedging inherent in the business
High level of natural hedging inherent in the business Rule of thumb Currency exposure (Q2’25) Change in EUR/USD: 10% weaker USD 25% EUR 25% 55% USD 50% Net sales impact: Operating margin INR 5% impact before hedging: 5% -5% Slightly negative 0% CNY 5% 15% Other 15% Net sales Total Costs 15 © 2025 N
Slide 16: Q&A – Save the date: Nokia Capital Markets Day 2025
Q&A SAVE THE DATE Nokia Capital Markets Day 2025 New York 19 November 2025 1 6 16 © 2025 Nokia Public
Slide 17: © 2025 Nokia
1 7 © 2025 Nokia