Slide 1: Q4 2025 Financial results
Q4 2025 Financial results 29 January 2026 1 © 2026 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 t hat 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 © 2026 Nokia Public
Slide 4: CEO Key messages – Q4 2025
CEO Key messages – Q4 2025 Q4 net sales grew 3% with growth in Network Infrastructure +7% 1 Strong contribution from Optical Networks which grew 17%. Full year comparable operating profit of EUR 2.0bn slightly above mid-point of prior guide. Q4 comparable 2 operating margin saw supportive product mi
Slide 5: Progressing on our growth ambition in AI & Cloud
Progressing on our growth ambition in AI & Cloud Sales to AI & Cloud customers (EUR million) Several important milestones achieved in Q4 25 450 7% • Strong order intake in AI & Cloud in Q4 400 6% • EUR 2.4 billion from AI & Cloud (FY25) 350 5% • 800G ZR/ZR+ pluggables shipping: 300 • Multiple design
Slide 6: Mobile Infrastructure: a single, integrated platform
Mobile Infrastructure: a single, integrated platform Structure effective from 1 January 2026 Core Software (formerly in Cloud and Network Services) Radio Networks Mobile (formerly in Mobile Networks) Infrastructure Technology Standards (formerly Nokia Technologies) 6 © 2026 Nokia Public
Slide 7: 2026 outlook and long-term KPIs
2026 outlook and long-term KPIs Full year 2026 outlook Comparable operating profit(1) EUR 2.0 billion to EUR 2.5 billion Long-term KPIs(4) Metric 2025 Actual(2) Target(1) Network #1 NI net sales growth ('25-’28)(3) 8% 6-8% CAGR Infrastructure KPIs #2 NI operating margin ('28) 9.5%(5) 13% – 17% Mobil
Slide 8: Q4 Financial Performance
Q4 Financial Performance Marco Wirén Chief Financial Officer 8 © 2026 Nokia Public
Slide 9: Fourth quarter in-line with expectations
Fourth quarter in-line with expectations Q4 25 net sales (EUR) Q4 25 gross margin Q4 25 operating margin Q4 25 FCF (EUR) Q4 25 net cash (EUR) 6.1bn 48.1% 17.3% 0.2bn 3.4bn 3% y-o-y +90 bps y-o-y (90)bps y-o-y 3% All net sales changes presented are year-on-year on a constant currency and portfolio ba
Slide 10: Network Infrastructure
Network Infrastructure net sales Net sales growth by unit by quarter (EUR million) Network Infrastructure 7% Optical Networks +17% • Optical Networks key growth driver with strong demand from AI & Cloud IP • IP Networks +3% against strong Q4’24 Networks +3% • Fixed Networks stable as portfolio actio
Slide 11: Cloud and Network Services
Cloud and Network -4% Services • Slight y-o-y decline in Q4. Full year net sales grew +6% with strong Core Networks demand. • Q4 Gross margin benefited from a modest provision reversal of EUR 37 million but even excluding this margin improved. • Continue to focus on improving margin profile of the b
Slide 12: Mobile Networks
Mobile Networks 6% • Strong year-end demand drove 6% net sales growth in Q4. • Q4 gross margin benefited from supportive product mix in the quarter. • Continue to focus on driving topline stability and improving margin profile. Q4 25 Q4 24 YoY Net Sales (EUR m) 2 502 2 545 6% Gross Profit 1 004 950
Slide 13: Nokia Technologies
Nokia Technologies €1.4-1.5bn ~€1.4bn • Several deals signed in Q4, contracted net sales run-rate remains approximately EUR 1.4bn • Q4 operating expenses saw an €0.9-1.0bn approximately EUR 20 million charge as we continue to optimize our patent portfolio. Q4 25 Q4 24 YoY Net sales (EUR m) 384 463 (
Slide 14: Regional sales trends
Regional sales trends Year-on-year on constant currency and portfolio basis 2% reported 3% constant currency and portfolio €6.0bn €6.1bn Nokia Technologies -14% Europe ex. Tech 4% 0% 22% -21% -13% 5% -7% 14% Americas APAC EMEA 14 © 2026 Nokia Public
Slide 15: Q4 net cash benefited from solid FCF and NVIDIA investment
Q4 net cash benefited from solid FCF and NVIDIA investment • Q4 Free cash flow of EUR 0.2 billion • EUR 0.2 billion in dividends €3.4bn • NVIDIA equity investment benefited cash by EUR 0.9 billion €3.0bn • Acquisition of unowned share Receivables - 960mn of NSB impacted cash by EUR Inventories + 210
Slide 16: Nokia recast comparative financials under operating model effective 1 Jan 2026
Nokia recast comparative financials under operating model effective 1 Jan 2026 2025 FY Network Mobile Portfolio Group Common EUR billion Infrastructure Infrastructure Businesses & Other Nokia Group Net sales 7.65 11.41 0.85 19.90 Gross profit 3.28 5.52 0.18 8.97 Gross margin % 42.9% 48.3% 21.7% 45.1
Slide 17: © 2026 Nokia
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