Slide 1: Q2 2026 Financial Results
Q2 2026 Financial Results 23 July 2026 1 © 2026 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: Q2 Business Highlights
Q2 Business Highlights Justin Hotard President and CEO 3 © 2026 Nokia Public
Slide 4: Q2 highlights
Q2 highlights +9% +70bps +70bps Net sales growth Comparable gross margin Comparable operating margin 4 © 2026 Nokia Public All net sales changes presented are year-on-year on a constant currency basis.
Slide 5: Clear traction on our strategic priorities
Clear traction on our 5 strategic priorities 1 2 3 4 5 Accelerate growth in Lead the next era of Grow by co- Focus capital where Unlock sustainable AI & Cloud connectivity with AI- innovating with we can differentiate returns native networks and customers and 6G partners AI & Cloud net sales growth
Slide 6: Accelerating momentum in AI & Cloud in Q2
Accelerating momentum in AI & Cloud in Q2 AI & Cloud order intake (EUR million) 3 000 2 500 2 000 1 500 Order intake €2.8bn 1 000 500 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 AI & Cloud net sales (EUR million) 500 400 105% 300 Net sales growth 200 100 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 6 © 2026 Noki
Slide 7: AI-RAN. The next platform of the RAN industry
AI-RAN. The next platform of the RAN industry 1 2 3 4 5 Twice the RAN that evolves Open. Three A leap in TCO and network capacity at software Programmable. deployment power, at no from the speed. Not Ready for the AI paths. One AI- hardware spectrum you silicon speed. era. RAN platform. premium alre
Slide 8: Co-innovation with customers and partners
Co-innovation with customers and partners • AI agents built with Gemini • AI-powered network slicing • Expanding and modernize • Out-of-band data-center for Autonomous Networks for Vodafone Albania IOH’s 5G network management solution • Accelerating autonomous • Agentic AI dynamically • Unlocking AI
Slide 9: Focus capital where we can differentiate
Focus capital where we can differentiate Sale of FWA CPE business Optical manufacturing • Nokia agrees sale of FWA business to • San Jose fab on track to begin Inseego production towards the end of the year • Transaction expected to close in Q4 2026 • Increasing Advanced Test and Packaging • Stronge
Slide 10: Q2 Financial Performance
Q2 Financial Performance Marco Wirén Chief Financial Officer 10 © 2026 Nokia Public
Slide 11: Q2 demand accelerates in AI & Cloud
Q2 demand accelerates in AI & Cloud Net sales (EUR) Gross margin Operating margin FCF (EUR) Net cash (EUR) 4.8bn 46.0% 9.0% -0.7bn 2.8bn +9% y-o-y +70 bps y-o-y +70 bps y-o-y Net sales (EUR million) Gross profit (EUR million) and margin Operating profit (EUR million) and margin +9% 7 000 3 500 50% 1
Slide 12: Network Infrastructure
Network Infrastructure Optical Networks IP Networks Fixed Networks Gross margin Operating margin Net sales Net sales Net sales (EUR) +20% +16% -2% 42.7% 8.1% EUR 868 million EUR 679 million EUR 490 million +240 bps y-o-y +170bps y-o-y Net sales (EUR million) Gross profit (EUR million) and margin Ope
Slide 13: Mobile Infrastructure
Mobile Infrastructure Core Software Radio Networks Technology Standards Gross margin Operating margin Net sales Net sales Net sales +1% +7% +15% 49.3% 11.6% EUR 507million EUR 1 765 million EUR 407 million -70bps y-o-y -60bps y-o-y Net sales (EUR million) Gross profit (EUR million) and margin Operat
Slide 14: Sales trends by customer type
Sales trends by customer type Year-on-year on constant currency and portfolio basis Public +9% constant currency growth +8% reported growth +4% €4.8bn -3% +15% +105% €4.4bn Q2 2025 AI & Cloud Telecom Mission Critical Technology Licensees FX Q2 2026 Enterprise & Defense 14 © 2026 Nokia Public
Slide 15: Restructuring Update
Restructuring Update Simplification, increased productivity, strategic alignment Additional 23-26 China program in program Europe 15 © 2026 Nokia Public
Slide 16: Working capital increase impacts cash in the quarter
Working capital increase impacts cash in the quarter • Working capital impact from employee incentive payments from 2025 and some working capital €3.8bn investment supporting growth. • EUR 0.2 billion in dividends €2.8bn Receivables - 280mn • Free cash flow of Inventories - 370mn Liabilities - 330mn
Slide 17: 2026 outlook and additional assumptions
2026 outlook and additional assumptions Full year 2026 financial outlook EUR 2.1 billion to EUR 2.6 billion Comparable operating profit(1) (technical increase from EUR 2.0 billion to EUR 2.5 billion) Supporting Assumptions Net sales: Nokia assumes a 3% to 7% q-o-q increase in net sales in Q3. Compar
Slide 18: Q&A
Q&A Justin Hotard President and CEO Marco Wirén Chief Financial Officer 18 © 2026 Nokia Public
Slide 19: NOK<TA “iiciigerte
NOK<TA “iiciigerte