Slide 1: Q1 2026 Financial Results
Q1 2026 Financial Results 23 April 2026
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 CEO 3 © 2026 Nokia Public
Slide 4: Q1 highlights
Q1 highlights +4% +200bps +49% €1.0bn Net sales growth Comparable operating AI & Cloud AI & Cloud margin sales growth orders 4 © 2026 Nokia Public All net sales changes presented are year-on-year on a constant currency and portfolio basis and margin is on a comparable basis.
Slide 5: CEO Key messages – Q1 2026
CEO Key messages – Q1 2026 Q1 net sales grew 4%. Network Infrastructure grew +6%. Strong contribution from Optical Networks which 1 grew 20%. Gross margin expanded 320bps and operating margin expanded 200bps. AI & Cloud net sales grew 49% and accounted for 8% of sales in Q1. 2 Strong order intake wi
Slide 6: AI supercycle is accelerating Nokia's addressable market growth
AI supercycle is accelerating Nokia’s addressable market growth +8% 126 CAGR 2025-2028 CAGR 2025-2028 CAGR 101 (Nov’25) (now) 74 Network 50 9% 14% Infrastructure Mobile 51 53 1% 2% Infrastructure 2025 2028 +8% 126 101 CAGR AI & Cloud 16% 27% 35 17 Mission Critical 13 20 11% 14% Enterprise & Defense
Slide 7: Rethinking optical innovation in the AI era
Rethinking optical innovation in the AI era Before Announced at OFC Two 4 key coherent optical building blocks engines per Integrated across 13 application-optimized solutions generation Providing up to 70% reduced TCO Coherent pluggable Ontario Huron Superior Pacific 60km 2,000km 7,000km 15,000km C
Slide 8: Growth in AI & Cloud supporting higher NI growth assumptions
Growth in AI & Cloud supporting higher NI growth assumptions 2026 2026 Net sales growth on a constant currency and assumption assumption portfolio basis (Jan’26) (now) Assumption increase due to: Network Infrastructure 6% to 8% 12% to 14% • Demand acceleration in AI & Cloud • EUR 1 billion order int
Slide 9: Solid start to Mobile Infrastructure
Solid start to Mobile Infrastructure Core Software Radio Networks Continue to grow cloud-native Core platforms Margin performance driven by cost discipline and product mix Completed 6 competitive swaps in Q1 Deal announced with Virgin Media O2 10 customers publicly committed to work with us on AI-RA
Slide 10: Q1 Financial Performance
Q1 Financial Performance Marco Wirén Chief Financial Officer 10 © 2026 Nokia Public
Slide 11: Q1 a solid start to 2026
Q1 a solid start to 2026 Net sales (EUR) Gross margin Operating margin FCF (EUR) Net cash (EUR) 4.5bn 45.5% 6.2% 0.6bn 3.8bn +4% y-o-y +320 bps y-o-y +200 bps y-o-y Net sales (EUR million) Gross profit (EUR million) and margin Operating profit (EUR million) and margin 7 000 3 500 50% 1 200 20% +4% 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% +3% -13% 43.4% 6.7% EUR 821 million EUR 626 million EUR 383 million +150 bps y-o-y -30 bps 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 +5% flat +10% 48.5% 8.9% EUR 530 million EUR 1 580 million EUR 385 million +430 bps y-o-y +380 bps y-o-y Net sales (EUR million) Gross profit (EUR million) and margin O
Slide 14: Sales trends by customer type
Sales trends by customer type Year-on-year on constant currency and portfolio basis Public +4% constant currency and portfolio growth +2% reported growth +49% +19% €4.5bn +10% €4.4bn -2% Q1 2025 AI & Cloud Telecom Mission Critical Technology FX Portfolio & Other Q1 2026 Enterprise & Licenses Defense
Slide 15: Solid Q1 FCF linked to working capital seasonality
Solid Q1 FCF linked to working capital seasonality • Q1 strong quarter for cash generation due to working capital seasonality • EUR 0.2 billion in €3.8bn dividends • Free cash flow of EUR 0.6 billion €3.4bn Receivables + 220mn Inventories - 150mn Liabilities + 460mn Total NWC + 530mn 15 © 2026 Nokia
Slide 16: 2026 outlook and additional assumptions
2026 outlook and additional assumptions Full year 2026 financial outlook Comparable operating profit(1) EUR 2.0 billion to EUR 2.5 billion Supporting Assumptions Net sales: 5-9% q-o-q increase in net sales in Q2. Q2 seasonality Comparable operating profit: Q2 12-16% of full year. 2026 Comparable fin
Slide 17: NOKIA “ticigente
NOKIA “ticigente