Nokia Corporation (NOK) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.878 Good morning, ladies and gentlemen. Welcome to Nokia's third quarter 2025 results call. 00:00:04.878 -- 00:00:09.043 I'm David Mulholland, head of Nokia Investor Relations, and today with me is Justin Hotard, 00:00:09.043 -- 00:00:13.109 our president and CEO, along with Marco Varan, our CFO. 00:00:13.109 -- 00:00:15.132 Before we get started, a quick disclaimer. 00:00:15.132 -- 00:00:18.997 During this call, we will be making forward-looking statements regarding our future business 00:00:18.997 -- 00:00:22.842 and financial performance, and these statements are predictions that involve risks and 00:00:22.842 -- 00:00:27.389 uncertainties. Actual results may therefore differ materially from the results we currently 00:00:27.389 -- 00:00:31.881 expect. Factors that could cause such differences can be both external as well as internal 00:00:31.881 -- 00:00:36.485 operating factors. We have identified such risks in the risk factor section of our annual 00:00:36.485 -- 00:00:41.250 report on Form 20F, which is available on our investor relations website. 00:00:41.250 -- 00:00:45.294 Within today's presentation, references to growth rates will mostly be on a constant 00:00:45.294 -- 00:00:49.879 currency and portfolio basis, and other financial items will be based on our comparable 00:00:49.879 -- 00:00:54.303 reporting. Please note that our Q3 report and the presentation that accompanies this 00:00:54.303 -- 00:00:59.239 call are published on our website. The report includes both reported and comparable financial 00:00:59.239 -- 00:01:02.463 results and a reconciliation between the two. 00:01:02.463 -- 00:01:07.330 In terms of the agenda for today, Justin will go through our key messages from the quarter, 00:01:07.330 -- 00:01:09.914 a...