Nokia Corporation (NOK) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to Nokia's first quarter 2026 results call. I'm David Mulholland, head of Nokia Investor Relations. Today with me is Justin Hotard, our president and CEO, along with Marco Veran, our CFO. Before we get started, a quick disclaimer. During this call, we will be making forward-looking statements regarding our future business and financial performance, and these statements are predictions that involve risks and uncertainties. Actual results may therefore differ materially from the results we currently expect. Factors that could cause such differences can be both external as well as internal operating factors. We have identified such risks in the risk factor section of our annual report on Form 20F, which is available on our Investor Relations website. Within today's presentation, references to growth rates will mostly be on a constant currency and portfolio basis, and other financial items will be relating to our comparable reporting. Please note that our Q1 report and a presentation that accompanies this call are published on our website. The report includes both reported and comparable financial results and reconciliation between the two. In terms of the agenda for today, Justin will go through our key messages for the quarter. Marco will then go through the financial performance and will then move to Q&A. With that, let me hand over to Justin. Thank you, David, and good morning, everyone. Our first quarter gave us a solid start to 2026 net sales grew 4% to four and a half billion euros with an operating margin of 6.2% and we delivered a free cash flow of 629 million euros in the quarter. gross profit was 2 billion euros and gross margin expanded 320 basis points supported in part by the absence of a one time charge and mobil...