Nokia Corporation (NOK) Q1 2025 Earnings Call

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WEBVTT 00:00:00.925 -- 00:00:05.712 Good morning, ladies and gentlemen. Welcome to Nokia's first quarter 2025 results call. 00:00:05.712 -- 00:00:10.259 I'm David Mulholland, head of Nokia Investor Relations, and today with me is Justin Hotard, 00:00:10.259 -- 00:00:14.205 our president and CEO, along with Marco Varenne, our CFO. 00:00:14.205 -- 00:00:16.448 Before we get started, a quick disclaimer. 00:00:16.448 -- 00:00:20.615 During this call, we will be making forward-looking statements regarding our future business, 00:00:20.615 -- 00:00:24.601 transactions, and financial performance, and these statements are predictions that involve 00:00:24.601 -- 00:00:26.744 risks and uncertainties. 00:00:26.744 -- 00:00:32.781 Actual results may therefore differ materially from the results we currently expect. 00:00:32.781 -- 00:00:36.732 Factors that could cause such differences can be both external as well as internal operating 00:00:36.732 -- 00:00:41.309 factors. We have identified such risks in the risk factor section of our annual report 00:00:41.309 -- 00:00:45.917 on Form 20F, which is available on our investor relations website. 00:00:45.917 -- 00:00:50.344 Within today's presentation, references to growth rates will be mostly on a constant 00:00:50.344 -- 00:00:55.513 currency and portfolio basis, and this is basically to take into account both acquisitions 00:00:55.513 -- 00:00:59.459 that we've done and looked at on a like-for-like basis, if they've been present in both 00:00:59.459 -- 00:01:04.366 periods, along with any disposals. Where we refer to margins, it will be based on our 00:01:04.366 -- 00:01:08.990 comparable reporting. Please note that our Q1 report and the presentation that accompanies 00:01:08.990 -- 00:01:13.635 this call are published on our we...