Nokia Oyj · OMXHEX:NOKIA

Nokia Oyj — Q3 2026 Earnings Presentation

18 slides from Nokia Oyj's earnings presentation, Oct 22, 2026

1. Slide 1: Q3 2026 Financial Results

   Q3 2026 Financial Results 22 October 2026 1 © 2026 Nokia Public

2. 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

3. Slide 3: Q3 Business Highlights

   Q3 Business Highlights Justin Hotard President and CEO 3 © 2026 Nokia Public

4. Slide 4: Q3 highlights

   Q3 highlights +9% +190 +220bps Net sales growth Comparable gross profit Comparable operating margin (EUR million) 4 © 2026 Nokia Public All net sales changes presented are year-on-year on a constant currency basis.

5. Slide 5: Accelerating momentum in AI & Cloud in Q3

   Accelerating momentum in AI & Cloud in Q3 AI & Cloud order intake (EUR million) 3 000 2 500 2 000 1 500 Order intake €1.5bn 1 000 500 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 AI & Cloud net sales (EUR million) 800 600 400 Net sales growth 123% 200 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 5 © 2

6. Slide 6: Strengthening our position across Network Infrastructure

   Strengthening our position across Network Infrastructure Optical Networks IP Networks Fixed Networks • 800G coherent pluggable • 2 hyperscaler design wins • Strategy to focus on more shipments up 2.4x QoQ including next-gen DC gateway profitable parts of business • 800G ZR/ZR+ pluggable: design • Te

7. Slide 7: AI-RAN progress towards commercial deployment

   AI-RAN progress towards commercial deployment First proofs: > 20%+ Spectral-efficiency gain First voice call AI + radio workloads Initial AI-RAN live networks AI-RAN deployment Simultaneously on 5G network Customers engaged with AI-RAN globally Emerging application ecosystem 7 © 2026 Nokia Public

8. Slide 8: 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 Grow by co- Focus capital where Unlock sustainable AI & Cloud of connectivity with innovating with we can differentiate returns AI-native networks customers and and 6G partners 800G pluggable volumes 19 cus

9. Slide 9: Q3 Financial Performance

   Q3 Financial Performance Marco Wirén Chief Financial Officer 9 © 2026 Nokia Public

10. Slide 10: Q3 delivers strong net sales and profit growth

    Q3 delivers strong net sales and profit growth Net sales (EUR) Gross margin Operating margin FCF (EUR) Net cash (EUR) 5.2bn 44.6% 11.7% -0.1bn 2.6bn +9% y-o-y -20 bps y-o-y +220 bps y-o-y Net sales (EUR million) Gross profit (EUR million) and margin Operating profit (EUR million) and margin +9% 7 00

11. Slide 11: Network Infrastructure

    Network Infrastructure Optical Networks IP Networks Fixed Networks Gross margin Operating margin Net sales Net sales Net sales (EUR) +18% +43% -22% 41.2% 10.0% EUR 933 million EUR 839 million EUR 386 million -150 bps y-o-y +230bps y-o-y Net sales (EUR million) Gross profit (EUR million) and margin O

12. Slide 12: Mobile Infrastructure

    Mobile Infrastructure Core Software Radio Networks Technology Standards Gross margin Operating margin Net sales Net sales Net sales -13% +10% +8% 47.5% 14.5% EUR 519 million EUR 1 958 million EUR 425 million +20bps y-o-y +160bps y-o-y Net sales (EUR million) Gross profit (EUR million) and margin Ope

13. Slide 13: Net sales trends by customer type

    Net sales trends by customer type Year-on-year on a constant currency basis Public +9% constant currency growth +10% reported growth €5.2bn +8% +7% +123% +0% €4.7bn Q3 2025 AI & Cloud Telecom Mission Critical Technology Licensees FX & other Q3 2026 Enterprise & Defense 13 © 2026 Nokia Public

14. Slide 14: Restructuring update

    Restructuring update 23-26 program Q3 updated Full year 2026 Q2 assumption assumption Restructuring and associated China charges related to cost savings EUR 800 million EUR 1 100 million program Restructuring and associated EUR 700 – 800 EUR 800 – 900 cash flows million million Europe 14 © 2026 Noki

15. Slide 15: Working capital and restructuring impact cash in the quarter

    Working capital and restructuring impact cash in the quarter • Net working capital change: EUR 0.3 €2.8bn €2.6bn billion cash outflow • Dividends: EUR 0.2 billion Receivables - 230mn Inventories - 130mn • Q3 26 closing net Liabilities + 90mn Total NWC - 270mn cash of EUR 2.6 billion Q2 26 Adj. profi

16. Slide 16: 2026 outlook and additional assumptions

    2026 outlook and additional assumptions Full year 2026 financial outlook Comparable operating profit(1) EUR 2.1 billion to EUR 2.6 billion Supporting Assumptions Net sales: Nokia assumes a 20 % to 24% q-o-q increase in net sales in Q4. Comparable operating profit: Nokia assumes a typically strong q-

17. Slide 17: Q&A

    Q&A Justin Hotard President and CEO Marco Wirén Chief Financial Officer 17 © 2026 Nokia Public

18. Slide 18: NOK<TA ‘iitigerée

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