Slide 1: Q4 2024 Financial results
Q4 2024 Financial results 30 January 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: Key messages – Q4 2024
Key messages – Q4 2024 • Improving market conditions now clearly visible in net sales. Strong growth in Q4 with +9% net sales growth in constant currency. • All business groups contributed with improved net sales trends in Q4. Network Infrastructure grew 17% with all units growing. Strong performanc
Slide 4: Q4 Financial Performance
Q4 Financial Performance Marco Wirén Chief Financial Officer 4 © 2025 Nokia Public
Slide 5: Strong Q4 growth and profitability as market trends improve
Strong Q4 growth and profitability as market trends improve Q4 24 net sales (EUR) Q4 24 gross margin Q4 24 operating margin FY 24 FCF (EUR) Q4 24 net cash (EUR) 6.0bn 47.2% 19.1% 2.0bn 4.9bn 9% y-o-y +250bps y-o-y +380bps y-o-y Net Sales (EUR million) Gross profit (EUR million) and margin Operating
Slide 6: Network Infrastructure
Network Infrastructure net sales by quarter (EUR million) Network Infrastructure 1 000 +16% +24% +7% 800 • Acceleration in growth with strong 600 finish to 2024 400 • Improving demand from CSP 200 customers supporting all units 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q
Slide 7: Mobile Networks
Mobile Networks 3 500 Mobile Networks net sales by quarter (EUR million) -2% 3 000 • Sales trends now stabilizing with 2 500 easier comparisons in India 2 000 • Commercial momentum remains 1 500 strong with deals in the quarter 1 000 signed with Deutsche Telekom 500 and Bharti 0 Q4 22 Q1 23 Q2 23 Q3
Slide 8: Cloud and Network Services
Cloud and Network 1 200 Cloud and Network Services net sales by quarter (EUR million) 7% Services 1 000 800 • Strong performance to end 600 2024 driven by Core Networks 400 and Enterprise Campus Edge 200 • Strong gross margin 0 performance supported by Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24
Slide 9: Nokia Technologies
Nokia Technologies €1.4-1.5bn €1.3-1.4bn • Growth in net sales driven by smartphone renewals and new growth areas €0.9-1.0bn • Run-rate increased in Q4 to approximately EUR 1.3 to 1.4 billion in the quarter from prior EUR 1.3 billion. • Q4 agreements included Transsion (a previously unlicensed mobil
Slide 10: Regional sales: Growth in NAM, India and Nokia Technologies
Regional sales: Growth in NAM, India and Nokia Technologies Year-on-year at constant currency 10% reported 9% constant currency Nokia Technologies 85% Europe ex. Tech 3% 17% €6.0bn -4% -2% 0% 20% EMEA €5.4bn APAC -10% 16% Americas Q4 23 Latin North Greater India Rest of APAC Europe Middle East FX Im
Slide 11: Strong free cash flow conversion in 2024
Strong free cash flow conversion in 2024 2024 FCF Conversion* Annual FCF Conversion 85% 80% 72% 72% 55% 50% 2024 D&A vs. Net Taxes Nokia Restructuring 2024 FCF 2020 2021 2022 2023 2024 2025 2026 Comparable capex working Technologies / Other conversion Operating capital Profit *Excluding ASN FCF 11 ©
Slide 12: Strong cash position supports increased dividend
Strong cash position supports increased dividend Returned EUR 1.4 billion to shareholders in 2024 Returned in 2024: Proposed for 2025: Dividends: 2024 dividend proposal EUR 710 mn EUR 0.14 per share Share buyback program: 680 Continue to execute on share buyback related to Infinera EUR mn acquisitio
Slide 13: Business Highlights
Business Highlights Pekka Lundmark President and Chief Executive Officer 1 3 13 © 2025 Nokia Public
Slide 14: Strategic actions in 2024 provide strong platform for future growth
Strategic actions in 2024 provide strong platform for future growth Acquisitions Divestments Due to close in Q1: Completed: Completed: Lumine Group to acquire Device Management and Service Management Platform Businesses from Nokia (part of CNS) 14 © 2025 Nokia Public
Slide 15: Strategic progress expanding into Enterprise
Strategic progress expanding into Enterprise Targetting return to double-digit growth in 2025 Net sales to Enterprise customers (EUR bn) • Full year net sales declined 4% 2.4 12% amidst challenging environment +10% CAGR 1.8 10% • Won key deals in Q4 and throughout 2024 1.2 8% • Go-to-market partners
Slide 16: Investing to better position IP Networks in the data center market
Investing to better position IP Networks in the data center market Leveraging IP Networks' successful track record with CSPs to expand TAM EUR100m EUR 1bn Additional annual operating expenses (2025-2027) Incremental net sales by 2028 Go-to-market Enterprise IT R&D and channel Hyperscalers Telco Clou
Slide 17: Mobile Networks - building commercial momentum into 2025
Mobile Networks - building commercial momentum into 2025 Won 18k net additional base station sites since start of 2024 Americas EMEA APAC 2 8 2 1 6 3 17 © 2025 Nokia Public
Slide 18: Cloud and Network Services - positioned well for 2025
Cloud and Network Services - positioned well for 2025 Core Networks Private wireless Network as Code 117 Core 5G SA CSP customers 850 customers 48 Network API partners Acquisition of Rapid's 20-25% technology and R&D units of CSPs have deployed Acknowledged as leader Transport Energy 5G SA Public Se
Slide 19: Market dynamics in 2025
Market dynamics in 2025 • Improving dynamics seen in H2 2024 expected to continue into 2025 leading to Network strong growth. Infrastructure • Supportive growth drivers across all NI units. • Stabilizing end market demand in 2025 with some potential recovery in Mobile Networks customer spending. Fac
Slide 20: 2025 Outlook
2025 Outlook Full year 2025 Comparable operating profit(1) EUR 1.9 billion to EUR 2.4 billion (excluding any impact from pending Infinera acquisition) Free cash flow(1) 50% to 80% conversion from comparable operating profit (excluding any impact from pending Infinera acquisition) (1) Please refer to
Slide 21: Key Takeaways
Key Takeaways Strategic progress Market recovery to Delivered strong end positions Nokia well continue into 2025 to 2024 as expected for growth driving underlying opportunities profit improvements 21 © 2025 Nokia Public
Slide 22: Q&A
Q&A 2 2 22 © 2025 Nokia Public
Slide 23: © 2025 Nokia
2 3 © 2025 Nokia