NOKNokia Oyj
Industry Comms infra Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
€7.37 → €7.87
Promises vs. what happened
10 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
Annual guides: kept. Multi-year targets: shown once, then gone.
| Promise | Made in | What happened | |
|---|---|---|---|
| 2025 cash 50–80% of profit | Q4 '24 | 72% | Held |
| Patents ~€1.1B profit in '25 | Q4 '24 | €1.06B | Held |
| Enterprise double-digit growth '25 | Q4 '24 | never reported | Dropped |
| Infinera €200M synergies by '27 | Q1 '25 | back in Q3 '26, now by end-'26; no amount shown | Open |
| €1B data-center IP sales by '28 | Q4 '24 | not tracked since | Open |
| 2026 profit €2.0–2.5B | Q4 '25 | now €2.1–2.6B, 'above the mid-point' | Open |
| Network growth 12–14% in '26 | Q1 '26 | +6%, +12%, then +15% | Open |
| Network margin 13–17% by '28 | Q4 '25 | 10.0% in Q3 '26 | Open |
| 2025 profit €1.9–2.4B | Q4 '24 | cut, then €2.02B | Missed |
| 2026 cash 55–75% of profit | Q1 '26 | cut to 35–55% | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26Q3
'26
DemandOff page one Q1 '26
AI & CloudPage one since Q1 '26
OpticalOff page one Q2 '26
CostsOff page one Q2 '26
PatentsFirst seen Q4 '24
RadioOff page one Q2 '26
OutlookOff page one Q1 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Market recovery and demand environment
“Improving market conditions now clearly visible in net sales. Strong growth in Q4 with +9% net sales growth in constant currency.”
Deck Nokia Q4 2024 Financial results · p. 3 ·
Market recovery and demand environment
“Public All net sales changes are presented as year-on-year changes on a constant currency and portfolio basis 1 Market recovery continued in Q1 and order intake remained strong.”
Deck Nokia Q1 2025 Financial results · p. 5 ·
Market recovery and demand environment
“4 Demand environment remains supportive. Continue to expect strong growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales in Mobile Networks.”
Deck Nokia Q2 2025 Financial results · p. 4 ·
Market recovery and demand environment
“3 Demand environment is healthy. Particularly strong trends in AI & Cloud. Order backlog coverage of expected”
Deck Nokia Q3 2025 Financial results · p. 4 ·
Market recovery and demand environment
“5 Supportive demand environment as we enter 2026, expect to deliver good progress towards 2028 targets. Guidance for 2026 comparable operating profit of EUR 2.0 to 2.5 billion.”
Deck Nokia Q4 2025 Financial results · p. 4 ·
AI & Cloud customers
“Investing to better position IP Networks in the data center market”
Deck Nokia Q4 2024 Financial results · p. 16 ·
AI & Cloud customers
“Nokia is uniquely positioned to lead as connectivity will be a critical differentiator in the AI supercycle.”
Deck Nokia Q2 2025 Financial results · p. 4 ·
AI & Cloud customers
“Progressing on growth ambition in AI & Cloud in IP/Optical”
Deck Nokia Q3 2025 Financial results · p. 5 ·
AI & Cloud customers
“EUR 2.4 billion from AI & Cloud (FY25)”
Deck Nokia Q4 2025 Financial results · p. 5 ·
AI & Cloud customers
“2 AI & Cloud net sales grew 49% and accounted for 8% of sales in Q1.”
Deck Nokia Q1 2026 Financial Results · p. 5 ·
AI & Cloud customers
“AI & Cloud net sales growth in Q2 of +105%”
Deck Nokia Q2 2026 Financial Results · p. 5 ·
AI & Cloud customers
“Accelerating momentum in AI & Cloud in Q3 0 500 1 000 1 500 2 000 2 500 3 000”
Deck Nokia Q3 2026 Financial Results · p. 5 ·
Infinera and Optical Networks
“Optical Networks - Infinera acquisition closed in Q1”
Deck Nokia Q1 2025 Financial results · p. 6 ·
Infinera and Optical Networks
“3 Infinera acquisition progressing well. Strong commercial momentum. On track for synergies.”
Deck Nokia Q2 2025 Financial results · p. 4 ·
Infinera and Optical Networks
“Infinera integration progressing well. On or ahead of schedule with integration/synergies. Major contributor to both net sales growth and order intake in Q3. 800G ZR/ZR+ coherent pluggables generally available and shipping.”
Deck Nokia Q3 2025 Financial results · p. 4 ·
Infinera and Optical Networks
“Strong contribution from Optical Networks which grew 17%.”
Deck Nokia Q4 2025 Financial results · p. 4 ·
Infinera and Optical Networks
“1 Q1 net sales grew 4%. Network Infrastructure grew +6%. Strong contribution from Optical Networks which grew 20%. Gross margin expanded 320bps and operating margin expanded 200bps.”
Deck Nokia Q1 2026 Financial Results · p. 5 ·
Infinera and Optical Networks
“San Jose fab on track to begin production towards the end of the year”
Deck Nokia Q2 2026 Financial Results · p. 9 ·
Infinera and Optical Networks
“•800G coherent pluggable shipments up 2.4x QoQ”
Deck Nokia Q3 2026 Financial Results · p. 6 ·
Cost savings and margin repair
“Strong profitability in Q4 with comparable gross margin of 47.2% and comparable operating margin of 19.1% supported by net sales growth, Nokia Technologies catch-up and ongoing cost control.”
Deck Nokia Q4 2024 Financial results · p. 3 ·
Cost savings and margin repair
“2 Profitability as expected in the quarter with product mix impacting Mobile Networks gross margin. Operating margin declined due to a one-time benefit in the prior year from a provision reversal.”
Deck Nokia Q3 2025 Financial results · p. 4 ·
Cost savings and margin repair
“1 Q1 net sales grew 4%. Network Infrastructure grew +6%. Strong contribution from Optical Networks which grew 20%. Gross margin expanded 320bps and operating margin expanded 200bps.”
Deck Nokia Q1 2026 Financial Results · p. 5 ·
Cost savings and margin repair
“Accelerated restructuring plans”
Deck Nokia Q2 2026 Financial Results · p. 5 ·
Cost savings and margin repair
“Delivering on our cost savings commitments”
Deck Nokia Q3 2026 Financial Results · p. 8 ·
Nokia Technologies licensing run-rate
“Run-rate increased in Q4 to approximately EUR 1.3 to 1.4 billion in the quarter from prior EUR 1.3 billion.”
Deck Nokia Q4 2024 Financial results · p. 9 ·
Nokia Technologies licensing run-rate
“Continued execution led to contracted run-rate of EUR 1.4bn”
Deck Nokia Q1 2025 Financial results · p. 12 ·
Nokia Technologies licensing run-rate
“Steady progress towards”
Deck Nokia Q2 2025 Financial results · p. 12 ·
Nokia Technologies licensing run-rate
“Contracted annual net sales run-rate remains approximately EUR 1.4bn”
Deck Nokia Q3 2025 Financial results · p. 14 ·
Nokia Technologies licensing run-rate
“Several deals signed in Q4, contracted net sales run-rate remains approximately EUR 1.4bn”
Deck Nokia Q4 2025 Financial results · p. 13 ·
Nokia Technologies licensing run-rate
“On track to deliver stable performance for 2026”
Deck Nokia Q1 2026 Financial Results · p. 9 ·
Mobile Networks stabilisation, then AI-RAN
“Cloud and Network Services grew 7% led by Core Networks and Enterprise Campus Edge. Mobile Networks stabilizing, with a a small net sales decline of -2%, a significant improvement on recent quarters.”
Deck Nokia Q4 2024 Financial results · p. 3 ·
Mobile Networks stabilisation, then AI-RAN
“Mobile Networks stabilized with 2% growth 3 Profitability impacted by lower net sales in Nokia Technologies and a one-time contract settlement in Mobile”
Deck Nokia Q1 2025 Financial results · p. 5 ·
Mobile Networks stabilisation, then AI-RAN
“Progress in CNS and MN; VodafoneThree re-entry”
Deck Nokia Q3 2025 Financial results · p. 7 ·
Mobile Networks stabilisation, then AI-RAN
“Mobile Infrastructure: a single, integrated platform”
Deck Nokia Q4 2025 Financial results · p. 6 ·
Mobile Networks stabilisation, then AI-RAN
“4 Progressing well on AI-RAN with 10 publicly committed customers.”
Deck Nokia Q1 2026 Financial Results · p. 5 ·
Mobile Networks stabilisation, then AI-RAN
“AI-RAN. The next platform of the RAN industry”
Deck Nokia Q2 2026 Financial Results · p. 7 ·
Mobile Networks stabilisation, then AI-RAN
“AI-RAN progress towards commercial deployment”
Deck Nokia Q3 2026 Financial Results · p. 7 ·
Full-year outlook changes
“5 Comparable operating profit outlook lowered to EUR 1.6 billion to EUR 2.1 billion due to currency and tariff headwinds. FCF conversion guidance unchanged at 50% to 80% of comparable operating profit.”
Deck Nokia Q2 2025 Financial results · p. 4 ·
Full-year outlook changes
“5 Well on track to achieve our full year outlook. Tracking towards the mid-point of our operating profit outlook range.”
Deck Nokia Q3 2025 Financial results · p. 4 ·
Full-year outlook changes
“2 Full year comparable operating profit of EUR 2.0bn slightly above mid-point of prior guide. Q4 comparable operating margin saw supportive product mix and leverage from higher sales volume.”
Deck Nokia Q4 2025 Financial results · p. 4 ·
Full-year outlook changes
“5 Expect Network Infrastructure to grow between 12% and 14% for full year. Tracking somewhat above the mid-point of full year comparable operating profit outlook of EUR 2.0 to 2.5 billion.”
Deck Nokia Q1 2026 Financial Results · p. 5 ·
Full-year outlook changes
“Comparable operating profit: Nokia assumes a typically strong q-o-q increase in operating profit in Q4 to deliver full year operating profit above the mid-point of our comparable operating profit guidance 2026 Comparable financial income and expenses Positive EUR 300 to 400 million 2026 Comparable income tax rate ~26% 2026 Cash outflows related to income taxes EUR 500 million 2026 Capital expenditures EUR 750 - 850…”
Deck Nokia Q3 2026 Financial Results · p. 16 ·
What they keep talking about · 9
The themes that show up deck after deck, and the ones that disappear.
- Demand
- The opening line of every key-messages slide through Q4 '25 ("starting to turn the corner", then "supportive"); from Q1 '26 the headline is a row of numbers instead.
- AI & Cloud
- "Webscale" in 2024; its own slide from Q3 '25; heads the deck from Q1 '26, with orders of €1.0B (Q1), €2.8B (Q2) and €1.5B (Q3).
- Optical
- Infinera on the key messages through Q3 '25, then gone until Q3 '26 brings its €200M synergy target back, now due by end-'26; in between, Optical Networks growth (+17%, +20%, +18%) and factory capacity.
- Costs
- Led 2024 (€500M of run-rate savings); in 2025 the decks explain margin declines instead; Q2 '26 adds a restructuring slide with no figures; Q3 '26 puts figures on it: charges up from €800M to €1.1B.
- Patents
- A run-rate chart against €1.4–1.5B every deck to Q4 '25, stuck at €1.4B; renamed Technology Standards and folded into Mobile Infrastructure from Q1 '26, chart gone.
- Radio
- "Stabilising" sales in 2024–25; from Q1 '26 the radio story is AI-RAN (10 publicly committed customers).
- Outlook
- The July '25 cut sits on the key messages; the two 'technical' increases (Q3 '25, Q2 '26) only on the outlook slide.
- New
- From Q1 '26: AI & Cloud orders in euros, a sales bridge by customer type, Mission Critical Enterprise & Defense. Q3 '26: the first 2027 number, 25–30% growth for Optical plus IP (CEO, in the report, not on the slides).
- Quiet
- Mobile Networks' own margin, the licensing run-rate chart, enterprise sales and the €1B data-center IP goal; free cash flow conversion moved out of the official outlook, then cut from 55–75% to 35–55% in Q3 '26.
Every quarterly report we’ve saved · 11
The press releases and shareholder letters behind this page.
- Q3 2026 release · 6-K 22 Oct 2026
- H1 2026 release · filed copy 23 Jul 2026
- Q4 2025 release · 6-K 29 Jan 2026
- ? release · filed copy 19 Nov 2025
- Q3 2025 release · 6-K 23 Oct 2025
- Q2 2025 release · 6-K 24 Jul 2025
- Q1 2025 release · 6-K 24 Apr 2025
- FY2024 release · 6-K 30 Jan 2025
- Q3 2024 release · 6-K 17 Oct 2024
- H1 2024 release · 6-K 18 Jul 2024
- ? release · filed copy
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 27% | 38% | 64% | 31% | 25% | 33% | 50% | 54% |
| Growth & sales | 27% | 31% | 29% | 31% | 42% | 33% | 38% | 23% |
| Pricing & margins | 36% | 23% | 29% | 23% | 33% | 25% | 31% | 23% |
| Guidance & outlook | 27% | 46% | 36% | 23% | 42% | 50% | 38% | 54% |
| Capacity & supply | 9% | 15% | 14% | · | 8% | 25% | 19% | 38% |
| Capital & financing | 18% | 8% | 14% | 23% | · | 17% | · | · |
| Competition | · | 8% | · | 8% | 8% | 17% | · | 8% |
| Products & technology | · | 15% | 36% | 8% | 25% | 17% | 19% | 8% |
| Macro & regulation | · | 8% | 36% | · | 8% | 8% | · | · |
| Other | 27% | 15% | 7% | 15% | 8% | 8% | 19% | 15% |
| Questions | 11 | 13 | 14 | 13 | 12 | 12 | 16 | 13 |
| How much the CEO talked | 0% | 0% | 79% | 76% | 70% | 68% | 69% | 0% |
Who’s in charge, who’s selling
read from the filings · 26 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · worsening
The guided profit leaves out restructuring every year
Comparable operating profit €2.02B vs €0.89B reported in 2025; €735M vs €33M in H1 '26. 2026 restructuring charges raised to €800M in July. The CEO's bonus is paid on the comparable figure.
Tier 2 · live
Two definition changes, each +€0.1B to the guide
Venture funds moved out of operating profit (Q3 '25); two units moved to discontinued operations (Q2 '26). Group cost recast from €373M to €180M; four segments became two.
Tier 2 · stable
36% against the 2025 pay policy
Concerns: restricted shares and unclear underpins. Report dissent rose from 3.5% (2025) to 8.0% (2026). The CEO's hiring package carried €9M of buy-outs and sign-on repayment.
Tier 3 · stable
A director sits on the board of the largest US customer
Thomas Dannenfeldt chairs Nokia's Personnel Committee, sits on Audit, and is a T-Mobile US director. Meredith Whittaker is paid for a Bell Labs advisory role and is not independent.
Tier 3 · improving
Insiders bought more than they sold
Purchases €3.3M + $2.4M, sales €3.6M, Oct '25–Sep '26. The largest sale, €1.6M by David Heard, came six days after 352,752 shares vested.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Pay policy (advisory)Executive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 1.15B | not voted | — |
| Remuneration reportExecutive pay. | 111M | 280M | 8.0% |
| Dannenfeldt (abstained)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 193M | 83M | 2.3% |
| Ihamuotila, chair (abstained)A board seat. | 115M | 123M | 3.5% |
| Issue up to 550M sharesPermission to create more shares. The company may then sell new shares later, for deals or to raise cash. New shares dilute the existing ones, so each shareholder owns a smaller share of the company. A no says shareholders want that door kept narrower. | 67M | 29M | 0.8% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| MAR notices, Oct '25–Sep '26 | Sold | Note |
|---|---|---|
| Heard, network infrastructure head | €1.64M | 275,000 shares, six days after a vesting |
| Sahgal, chief customer officer | €1.01M | 150,000 shares on 10 Mar '26 |
| Uitto, ex-head of mobile networks | €0.64M | Oct '25, with a closely associated person |
| Dannenfeldt, director | €0.23M | 33,500 shares on 19 Mar '26 |
| Prosi, group controller | €0.13M | 13,125 shares on 29 Apr '26 |