Nokia Corporation (NOK) Q4 2025 Earnings Call

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WEBVTT 00:00:00.419 -- 00:00:04.864 Good morning, ladies and gentlemen. Welcome to Nokia's fourth quarter and full year 2025 00:00:04.864 -- 00:00:09.509 results call. I'm David Mulholland, head of Nokia Investor Relations, and today with 00:00:09.509 -- 00:00:14.814 me is Justin Hotard, our president and CEO, along with Marco Varen, our CFO. 00:00:14.814 -- 00:00:17.097 Before we get started, a quick disclaimer. 00:00:17.097 -- 00:00:21.101 During this call, we will be making forward-looking statements regarding our future business 00:00:21.101 -- 00:00:24.925 and financial performance, and these statements are predictions that involve risks and 00:00:24.925 -- 00:00:29.290 uncertainties. Actual results may therefore differ materially from the results we currently 00:00:29.290 -- 00:00:34.081 expect. Factors that could cause such differences can be both external as well as internal 00:00:34.081 -- 00:00:38.446 operating factors. We've identified such risks in the risk factor section of our annual 00:00:38.446 -- 00:00:43.512 report on Form 20F, which is available on our investor relations website. 00:00:43.512 -- 00:00:47.356 Within today's presentation, references to growth rates will mostly be on a constant 00:00:47.356 -- 00:00:51.821 currency and portfolio basis, and other financial items will be based on our comparable 00:00:51.821 -- 00:00:56.627 reporting. Please note that our Q4 report and a presentation that accompanies this call 00:00:56.627 -- 00:01:00.984 are published on our website. The report includes both reported and comparable financial 00:01:00.984 -- 00:01:03.928 results and reconciliation between the two. 00:01:03.928 -- 00:01:08.234 In terms of the agenda for today, Justin will go through our key messages from the quarter, 00:01:08.234 -- 00:01...