Nokia Oyj · OMXHEX:NOKIA
Nokia Oyj — Q3 2025 Earnings Presentation
18 slides from Nokia Oyj's earnings presentation, Oct 23, 2025
Slide 1: Q3 2025 Financial results
Q3 2025 Financial results 23 October 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 – Q3 2025
CEO Key messages – Q3 2025 Strong net sales growth of 9% in Q3. Positive order trends – most notably Optical Networks and IP 1 Networks and driven by AI & Cloud customers. Profitability as expected in the quarter with product mix impacting Mobile Networks gross margin. Operating 2 margin declined du
Slide 5: Progressing on growth ambition in AI & Cloud in IP/Optical
Progressing on growth ambition in AI & Cloud in IP/Optical Net sales from AI & Cloud % of net sales from AI & Cloud 6% 14% 29% 300 7% 6% 250 6% 5% 5% 200 4% Nokia group Network Infrastructure Optical Networks 4% 150 3% 2% 100 2% New strategic partnerships announced 2% 2% 2% 50 1% 0 0% Q1 Q2 Q3 Q4 Q1
Slide 6: Nokia unveils 50G PON solution for enterprise connectivity
Nokia unveils 50G PON solution for enterprise connectivity Massive capacity Advanced security Enhanced availability 25Gb/s and 50Gb/s downstream Robust Encryption Fully redundant actives and passives 25Gb/s and 50Gb/s upstream Secure authentication No single point of failure e2e 6 © 2025 2024 Nokia
Slide 7: Progress in CNS and MN; VodafoneThree re-entry
Progress in CNS and MN; VodafoneThree re-entry Cloud and Network Services - Gaining market share as market consolidates - Recognized as #1 market share in Voice Core in H1 - 45% of live 5G SA Core networks use Nokia VodafoneThree agreement Mobile Networks - Nokia selected as new supplier to Vodafone
Slide 8: 2025 outlook
2025 outlook Full year 2025 Comparable operating profit(1) EUR 1.7 billion to EUR 2.2 billion (technical increase from EUR 1.6 billion to EUR 2.1 billion) Free cash flow 50% to 80% conversion from comparable operating profit Change in presentation of venture fund gains and losses impacts full year o
Slide 9: Q3 Financial Performance
Q3 Financial Performance Marco Wirén Chief Financial Officer 9 © 2025 Nokia Public
Slide 10: Strong net sales growth
Strong net sales growth Q3 25 net sales (EUR) Q3 25 gross margin Q3 25 operating margin Q3 25 FCF (EUR) Q3 25 net cash (EUR) 4.8bn 44.2% 9.0% 0.4bn 3.0bn 9% y-o-y (150)bps y-o-y (220)bps y-o-y 9% All net sales changes presented are year-on-year on a constant currency and portfolio basis and profit/m
Slide 11: Network Infrastructure
Network Infrastructure net sales Net sales growth by unit Network Infrastructure by quarter (EUR million) 11% Fixed Networks +8% • Net sales growth across the three business units • Optical networks with book-to-bill IP Networks +4% significantly above one • Gross margin declined due to product mix
Slide 12: Cloud and Network Services
Cloud and Network 13% Services • Q3 growth driven by strength in 5G Core • Gross margin increase due to improved product cost • Operating margin expansion due to operating leverage Q3 25 Q3 24 YoY Net Sales (EUR m) 645 595 13 % Gross Profit 316 269 Gross Margin 49.0 % 45.2 % Operating Profit 77 56 O
Slide 13: Mobile Networks
Mobile Networks 4% • Sales growth in Vietnam along with Middle East and Africa • Gross margin weak due to product mix • Operating margin declined primarily related to gross margin decline • Operating expense reduction y-o-y was offset by the year-ago quarter benefiting from a provision reversal Q3 2
Slide 14: Nokia Technologies
Nokia Technologies €1.4-1.5bn ~€1.4bn • Signed further deals in the quarter including some catch-up benefit • Contracted annual net sales run-rate €0.9-1.0bn remains approximately EUR 1.4bn • Operating margin increased due to higher net sales and somewhat lower operating expenses Q3 25 Q3 24 YoY Net
Slide 15: Strong growth driven by Network Infrastructure
Strong growth driven by Network Infrastructure Year-on-year on constant currency and portfolio basis 12% reported 9% constant currency and portfolio €4.8bn 3% 4% 23% €4.3bn -11% 24% Nokia Technologies 14% Europe ex. Tech 2% -10% 13% Americas APAC EMEA 15 © 2025 Nokia Public
Slide 16: EUR 0.4 billion of free cash flow generated in Q3
EUR 0.4 billion of free cash flow generated in Q3 • Liabilities driving working capital cash inflows • EUR 0.2 billion in dividends €3.0bn €2.9bn • Free cash flow of Receivables - 350mn EUR 0.4 billion Inventories + 60mn Liabilities + 440mn Total NWC + 150mn 16 © 2025 Nokia Public
Slide 17: Date: 19 November, New York
Date: 19 November Location: New York 1 7 17 © 2025 Nokia Public
Slide 18: © 2025 Nokia
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