诺基亚Q3 2026财报：净销售+10%、可比经营利润+35%大超预期且AI&Cloud收入翻倍，但维持全年指引、下调FCF转化，盘前跌约5.7%

----- tm2628115d1_6k.htm -----
6-K
1
tm2628115d1_6k.htm
FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
Report on Form 6-K dated October 22, 2026
(Commission File No. 1-13202)
Nokia Corporation
Karakaari 7
FI-02610 Espoo
Finland
(Translation of the registrant’s name into English and address of registrant’s principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F
:
x
Form 40-F:
¨
Enclosures:
·
Interim report Q3 2026 Stock Exchange Release
·
Interim report Q3 2026 Attachment
1
STOCK EXCHANGE RELEASE 22 October 2026
Nokia Corporation
Interim report
22 October 2026
at 08:00
EEST
Nokia Corporation Interim Report for Q3 2026
Nokia delivers strong net sales and profit growth
·
Q3
net sales
grew 9% y-o-y on a constant currency basis (+10% reported).
·
Network Infrastructure
net sales grew 15% y-o-y on a constant currency basis, led by
IP Networks
growing 43% and
Optical
Networks
18%. Group net sales to
AI & Cloud
customers grew 123% and order intake 118%.
·
Mobile Infrastructure
net sales grew 5% y-o-y, in part due to acceleration of revenue from Q4 into Q3. The segment benefited
from product mix, commercial discipline and continued execution of the cost reduction program.
·
Q3
comparable gross margin
was largely stable y-o-y at 44.6%.
Reported gross margin
declined 220bps to 42.2%.
·
Q3
comparable operating margin
increased 220bps y-o-y to 11.7% benefiting from revenue growth and operating efficiency.
Reported
operating margin
declined 160bps to 3.8% due to accelerated restructuring and integration cost.
·
Q3
comparable diluted EPS
from continued operations of EUR 0.09;
reported diluted EPS
from continued operations of EUR
0.03.
·
Nokia's full year financial outlook is unchanged.
"Team Nokia continues to deliver on our commitments as we execute
against our strategy. In Q3, we grew net sales by 9% and improved comparable operating margin by 220 basis points. We continue to simplify
our portfolio, and we are on track to complete the Infinera integration by the end of 2026, one year ahead of plan with EUR 200 million
of net synergies.
In AI & Cloud, net sales more than doubled year-over-year
and we secured EUR 1.5 billion in new orders. Our strong order backlog also positions us for future growth. We expect our combined Optical
and IP Networks businesses to grow between 25% and 30% in 2027. Nokia’s strengths are uniquely suited to meet growing demands for
AI infrastructure that is larger, more distributed and hyperconnected. We are investing where we can differentiate and co-innovate with
hyperscalers. Our partnership with Google in support of their EUR 13 billion investment in Finland is an example of how our optical and
IP networks provide the critical connectivity AI infrastructure requires.
AI-native networks are moving into the physical world, and our AI-RAN
platform is being developed to deliver the performance needed for this market. Together with T-Mobile and NVIDIA, we completed the world’s
first AI-RAN call in a live operator network in line with the commitment we announced last year. As we move towards commercial deployment
the features and spectral efficiency delivered by our platform are uniquely differentiated in the market.
2
STOCK EXCHANGE RELEASE 22 October 2026
Overall, growth is accelerating, operating leverage is becoming more
visible and I’m confident in the long-term shareholder value Team Nokia is creating."
Justin Hotard
, President and CEO
This is a summary of the Nokia Corporation Interim Report for Q3 2026
published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group's
financial information as well as on Nokia's outlook. The detailed, segment-level discussion will be available in the complete financial
report hosted at
www.nokia.com/financials
. Investors should not solely rely on summaries of Nokia's financial
reports and should also review the complete reports with tables.
FINANCIAL RESULTS
EUR million (except for EPS in EUR)
Q3'26
Q3'25
YoY change
Q1-Q3'26
Q1-Q3'25
YoY change
Reported results
Net sales
5 154
4 700
10
%
14 402
13 443
7
%
Gross margin %
42.2
%
44.4
%
(220
)bps
43.7
%
43.5
%
20
bps
Operating profit
196
252
(22
)%
229
403
(43
)%
Operating margin %
3.8
%
5.4
%
(160
)bps
1.6
%
3.0
%
(140
)bps
Profit from continuing operations
176
90
96
%
307
150
105
%
Loss from discontinued operations
(21
)
(10
)
(59
)
(34
)
Profit for the period
156
80
95
%
248
116
114
%
EPS from continuing operations, diluted
0.03
0.01
200
%
0.05
0.02
150
%
Net cash and interest-bearing financial investments
2 584
3 001
(14
)%
2 584
3 001
(14
)%
Comparable results
Net sales
5 154
4 705
10
%
14 405
13 453
7
%
Constant currency and portfolio YoY change
9
%
7
%
Gross margin %
44.6
%
44.8
%
(20
)bps
45.5
%
44.4
%
110
bps
Operating profit
605
448
35
%
1 340
1 024
31
%
Operating margin %
11.7
%
9.5
%
220
bps
9.3
%
7.6
%
170
bps
Profit from continuing operations
498
334
49
%
1 223
760
61
%
EPS from continuing operations, diluted
0.09
0.06
50
%
0.21
0.13
62
%
Segment results
Network
Infrastructure
Mobile
Infrastructure
Portfolio
Businesses
EUR million
Q3'26
Q3'25
Q3'26
Q3'25
Q3'26
Q3'25
Net sales
2 158
1 850
2 902
2 755
96
97
YoY change
17
%
5
%
(1
)%
Constant currency YoY change
15
%
5
%
(2
)%
Gross margin %
41.2
%
42.7
%
47.5
%
47.3
%
31.3
%
18.6
%
Operating profit/(loss)
216
143
420
355
3
(4
)
Operating margin %
10.0
%
7.7
%
14.5
%
12.9
%
3.1
%
(4.1
)%
OUTLOOK
Full Year 2026
Comparable operating profit
(1),(2)
EUR 2.1 billion to EUR 2.6 billion
1
Please refer to Alternative performance measures section
in Nokia Corporation Interim Report for Q3 2026 for a full explanation of how this term is defined.
2
Outlook is based on a EUR:USD rate of 1.14 for the remainder
of 2026.
The outlook and the underlying outlook assumptions are forward-looking
statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this release.
3
STOCK EXCHANGE RELEASE 22 October 2026
Along with Nokia's official outlook target provided above, Nokia provides
the below assumptions that support the group level financial outlook for 2026.
Full year 2026
Comment
Q4 seasonality
Nokia assumes a 20% to 24% q-o-q increase in net sales in Q4.
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 outlook.
Network Infrastructure net sales growth
(1)
12 - 14%
This incorporates an updated assumption for combined Optical and IP Networks to grow somewhat above Nokia's prior 18-20% assumption in 2026.
Comparable financial income and expenses
Positive EUR 300 to 400 million (update)
Strong income from Nokia's venture fund investments is leading to an increase in the outlook assumption for 2026.
Comparable income tax rate
~26% (update)
Nokia's effective tax rate remains sensitive to geographic mix.
Cash outflows related to income taxes
EUR 500 million
Capital expenditures
EUR 750 - 850 million (update)
Reduced assumption partially due to some changes in real estate plans and the timing of some of the cash impact of manufacturing investments moving to 2027. Nokia's optical manufacturing expansion plans remain on-track, this only relates to timing of some cash payments.
Free cash flow conversion from comparable operating profit
35% to 55% (update)
Nokia is lowering its FCF conversion assumption due to investments the company is making in working capital during 2026 to secure supply and support the growth opportunity in 2027 along with accelerated restructuring. Nokia is now planning to invest an additional EUR 400 million in working capital this year.
Restructuring and associated charges related to cost savings programs
EUR 1 100 million
(update)
Nokia has increased the scale of some of its restructuring programs as it accelerates efforts to simplify the company's operations and location strategy and increase operating leverage in the business going forward.
Restructuring and associated cash outflows
EUR 800 - 900 million
(update)
Restructuring and related cash outflows relating to all Nokia restructuring programs.
1
Net sales growth assumption is on a constant currency
and portfolio basis.
SHAREHOLDER DISTRIBUTION
Dividend
Under the authorization by the Annual General Meeting held on 9 April 2026,
the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of financial
year 2025. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four
installments during the authorization period unless the Board decides otherwise for a justified reason.
On 22 October 2026, the Board resolved to distribute a dividend
of EUR 0.03 per share. The dividend record date is 27 October 2026 and the dividend will be paid on 5 November 2026. The actual
dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.
Following this announced distribution, the Board’s remaining
distribution authorization is a maximum of EUR 0.03 per share.
4
STOCK EXCHANGE RELEASE 22 October 2026
RISK FACTORS
Nokia and its businesses are exposed to a number of risks and uncertainties
which include but are not limited to:
·
Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
·
Changes in customer network investments related to their ability to monetize the network or opportunities related to AI and data center
growth;
·
Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
·
Our ability to procure or manufacture certain components (e.g. semiconductors), the costs thereof and our ability to align our inventory
levels and supplier commitments with customer demand
·
Disturbance in the global supply chain;
·
Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
·
Potential economic impact and disruption of global pandemics;
·
War or other geopolitical conflicts, disruptions and potential costs thereof;
·
Other macroeconomic, industry and competitive developments;
·
Timing and value of new, renewed and existing patent licensing agreements with licensees;
·
Results in technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to
licensing and regulatory landscape for patent licensing;
·
The outcomes of on-going and potential disputes and litigation;
·
Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
·
Timing of completions and acceptances of certain projects;
·
Our product and regional mix;
·
Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes
due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various
countries and OECD initiatives;
·
Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
·
Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;
as well the risk factors specified under Forward-looking statements
of this
release
, and our 2025 annual report on Form 20-F published on 5 March 2026
under Operating and financial review and prospects-Risk factors.
FORWARD-LOOKING STATEMENTS
Certain statements herein that are not historical facts are forward-looking
statements. These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements
regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, products, growth management, licenses,
operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance
of our businesses (including the expected impact, timing and duration of geopolitical conflicts and the general or regional macroeconomic
conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses)
and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of
operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating
expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions,
competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) our ability to execute,
expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact
on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including "anticipate", “continue”,
“believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”,
“would”, “could“, "see", “plan”, “ensure” or similar expressions. These forward-looking
statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results
to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the
information currently available to them. These forward-looking statements are only predictions based upon our current expectations and
views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to
events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences,
include those risks and uncertainties identified in the Risk Factors above.
5
STOCK EXCHANGE RELEASE 22 October 2026
ANALYST WEBCAST
·
Nokia's
webcast will begin on 22 October 2026 at 3.00 p.m. Finnish time (EEST). The
webcast will last approximately 60 minutes.
·
The
webcast will be a presentation followed by a Q&A session. Presentation slides will be
available for download at
www.nokia.com/financials
.
·
A
link to the webcast will be available at
www.nokia.com/financials
.
·
Media
representatives may join the conference call via the link, where dial-in details are also
available.
FINANCIAL CALENDAR
Nokia plans to publish its fourth quarter and full year 2026 results
on 28 January 2027.
About Nokia
Nokia is a global leader in connectivity infrastructure, enabling the
AI supercycle. We build networks that connect intelligence and deliver a comprehensive connectivity solution across fixed, mobile, IP,
optical, core, and data center networks. With security by design, AI-driven innovation, and AI-optimized architecture, Nokia delivers
trusted infrastructure that enables AI to scale and advances connectivity to secure a brighter world.
Inquiries:
Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Vice President, Corporate Communications
Nokia
Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com
Interim Report for Q3 2026
Nokia delivers strong net sales and profit growth
▪ Q3 net sales grew 9% y-o-y on a constant currency basis (+10% reported).
▪ Network Infrastructure net sales grew 15% y-o-y on a constant currency basis, led by IP Networks growing 43% and
Optical Networks 18%. Group net sales to AI & Cloud customers grew 123% and order intake 118%.
▪ Mobile Infrastructure net sales grew 5% y-o-y, in part due to acceleration of revenue from Q4 into Q3. The segment
benefited from product mix, commercial discipline and continued execution of the cost reduction program.
▪ Q3 comparable gross margin was largely stable y-o-y at 44.6%. Reported gross margin declined 220bps to 42.2%.
▪ Q3 comparable operating margin increased 220bps y-o-y to 11.7% benefiting from revenue growth and operating
efficiency. Reported operating margin declined 160bps to 3.8% due to accelerated restructuring and integration cost.
▪ Q3 comparable diluted EPS from continued operations of EUR 0.09; reported diluted EPS from continued operations
of EUR 0.03.
▪ Nokia's full year financial outlook is unchanged.
"Team Nokia continues to deliver on our commitments as we execute against our strategy. In Q3, we grew net sales by 9%
and improved comparable operating margin by 220 basis points. We continue to simplify our portfolio, and we are on track to
complete the Infinera integration by the end of 2026, one year ahead of plan with EUR 200 million of net synergies.
In AI & Cloud, net sales more than doubled year-over-year and we secured EUR 1.5 billion in new orders. Our strong order
backlog also positions us for future growth. We expect our combined Optical and IP Networks businesses to grow between
25% and 30% in 2027. Nokia’s strengths are uniquely suited to meet growing demands for AI infrastructure that is larger,
more distributed and hyperconnected. We are investing where we can differentiate and co-innovate with hyperscalers. Our
partnership with Google in support of their EUR 13 billion investment in Finland is an example of how our optical and IP
networks provide the critical connectivity AI infrastructure requires.
AI-native networks are moving into the physical world, and our AI-RAN platform is being developed to deliver the
performance needed for this market. Together with T-Mobile and NVIDIA, we completed the world’s first AI-RAN call in a live
operator network in line with the commitment we announced last year. As we move towards commercial deployment the
features and spectral efficiency delivered by our platform are uniquely differentiated in the market.
Overall, growth is accelerating, operating leverage is becoming more visible and I’m confident in the long-term shareholder
value Team Nokia is creating."
Justin Hotard, President and CEO
EUR million (except for EPS in EUR) Q3'26 Q3'25 YoY change Q1-Q3'26 Q1-Q3'25 YoY change
Reported results
Net sales 5 154 4 700 10% 14 402 13 443 7%
Gross margin % 42.2% 44.4% (220)bps 43.7% 43.5% 20bps
Operating profit 196 252 (22)% 229 403 (43)%
Operating margin % 3.8% 5.4% (160)bps 1.6% 3.0% (140)bps
Profit from continuing operations 176 90 96% 307 150 105%
Loss from discontinued operations (21) (10) (59) (34)
Profit for the period 156 80 95% 248 116 114%
EPS from continuing operations, diluted 0.03 0.01 200% 0.05 0.02 150%
Net cash and interest-bearing financial investments 2 584 3 001 (14)% 2 584 3 001 (14)%
Comparable results
Net sales 5 154 4 705 10% 14 405 13 453 7%
Constant currency and portfolio YoY change 9% 7%
Gross margin % 44.6% 44.8% (20)bps 45.5% 44.4% 110bps
Operating profit 605 448 35% 1 340 1 024 31%
Operating margin % 11.7% 9.5% 220bps 9.3% 7.6% 170bps
Profit from continuing operations 498 334 49% 1 223 760 61%
EPS from continuing operations, diluted 0.09 0.06 50% 0.21 0.13 62%
22 October 2026 1
Outlook
Full Year 2026
Comparable operating profit(1),(2) EUR 2.1 billion to EUR 2.6 billion
(1) Please refer to Alternative performance measures section in this report for a full explanation of how this term is defined.
(2) Outlook is based on a EUR:USD rate of 1.14 for the remainder of 2026.
The outlook and the underlying outlook assumptions are forward-looking statements subject to a number of risks and uncertainties as
described or referred to in the Risk Factors section later in this report.
Along with Nokia's official outlook target provided above, Nokia provides the below assumptions that support the group level financial
outlook for 2026.
Full year 2026 Comment
Q4 seasonality
Nokia assumes a 20% to 24% q-o-q increase in net sales in Q4.
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 outlook.
Network Infrastructure net sales growth(1) 12 - 14%
This incorporates an updated assumption for combined Optical and IP
Networks to grow somewhat above Nokia's prior 18-20% assumption in
2026.
Comparable financial income and
expenses
Positive EUR 300 to 400 million
(update)
Strong income from Nokia's venture fund investments is leading to an
increase in the outlook assumption for 2026.
Comparable income tax rate ~26% (update) Nokia's effective tax rate remains sensitive to geographic mix.
Cash outflows related to income taxes EUR 500 million
Capital expenditures EUR 750 - 850 million
(update)
Reduced assumption partially due to some changes in real estate plans
and the timing of some of the cash impact of manufacturing investments
moving to 2027. Nokia's optical manufacturing expansion plans remain
on-track, this only relates to timing of some cash payments.
Free cash flow conversion from
comparable operating profit 35% to 55% (update)
Nokia is lowering its FCF conversion assumption due to investments the
company is making in working capital during 2026 to secure supply and
support the growth opportunity in 2027 along with accelerated
restructuring. Nokia is now planning to invest an additional EUR 400
million in working capital this year.
Restructuring and associated charges
related to cost savings programs
EUR 1 100 million
(update)
Nokia has increased the scale of some of its restructuring programs as it
accelerates efforts to simplify the company's operations and location
strategy and increase operating leverage in the business going forward.
Restructuring and associated cash
outflows
EUR 800 - 900 million
(update)
Restructuring and related cash outflows relating to all Nokia restructuring
programs.
(1) Net sales growth assumption is on a constant currency and portfolio basis.
Shareholder distribution
Dividend
Under the authorization by the Annual General Meeting held on 9
April 2026, the Board of Directors may resolve on the distribution of
an aggregate maximum of EUR 0.14 per share to be paid in respect
of financial year 2025. The authorization will be used to distribute
dividend and/or assets from the reserve for invested unrestricted
equity in four installments during the authorization period unless the
Board decides otherwise for a justified reason.
On 22 October 2026, the Board resolved to distribute a dividend of
EUR 0.03 per share. The dividend record date is 27 October 2026
and the dividend will be paid on 5 November 2026. The actual
dividend payment date outside Finland will be determined by the
practices of the intermediary banks transferring the dividend
payments.
Following this announced distribution, the Board’s remaining
distribution authorization is a maximum of EUR 0.03 per share.
22 October 2026 2
Financial Results
Q3 2026 compared to Q3 2025
Net sales
In Q3 2026, reported net sales increased 10%. On a constant
currency basis, Nokia's comparable net sales increased 9%, driven by
15% growth in Network Infrastructure. Network Infrastructure
growth was driven by IP Networks which grew 43% and Optical
Networks which grew 18%. Mobile Infrastructure grew 5% with
growth in Radio Networks and Technology Standards.
Gross margin
Reported gross margin in Q3 2026 decreased 220 basis points to
42.2% and comparable gross margin decreased 20 basis points to
44.6%. The small decrease in comparable gross margin was related
to product mix. Reported gross margin decreased mainly due to
higher restructuring costs.
Operating profit/loss and margin
Reported operating profit in Q3 2026 was EUR 196 million, or 3.8%
of net sales, a decrease versus EUR 252 million, or 5.4% of net sales
in Q3 2025.
Comparable operating profit increased 35% to EUR 605 million from
EUR 448 million in Q3 2025 and comparable operating margin was
11.7%, an increase of 220 basis points versus 9.5% in Q3 2025. The
increase in comparable gross profit was partially offset by a net
negative impact from other operating income and expenses versus
the year ago quarter.
The impact of hedging in Q3 2026 was negative EUR 16 million,
compared to a positive impact of EUR 39 million in Q3 2025.
In Q3 2026, the difference between reported and comparable
operating profit related primarily to EUR 357 million of restructuring
and associated charges, EUR 46 million of amortization and
depreciation of acquired intangible assets and property, plant and
equipment and EUR 8 million of integration related costs associated
with the Infinera acquisition. In Q3 2025, the difference between
reported and comparable operating profit related to EUR 115 million
of amortization and depreciation of acquired intangible assets and
property, plant and equipment, EUR 44 million of restructuring and
associated charges, EUR 25 million related to the release of
acquisition related fair value adjustments to deferred revenue and
inventory, and EUR 10 million in transaction and related costs
associated with the Infinera acquisition.
Profit from continuing operations
Reported profit from continuing operations in Q3 2026 was EUR 176
million, compared to a profit of EUR 90 million in Q3 2025.
Comparable profit from continuing operations in Q3 2026 was EUR
498 million, compared to EUR 334 million in Q3 2025. Beyond the
increase in comparable operating profit, the increase in comparable
profit from continuing operations was driven by the net positive
impact from financial income and expenses including a positive
revaluation within Nokia's venture fund investments, partially offset
by an increase in income tax expense.
Apart from the items affecting comparability included in operating
profit (and their associated tax effects), there was no difference in
Q3 2026 between reported and comparable profit from continuing
operations. In Q3 2025, the difference was mainly due to a negative
impact of EUR 57 million from an increase in the financial liability to
acquire non-controlling interest in Nokia Shanghai Bell and EUR 41
million negative impact related to deferred tax expense due to tax
rate changes.
Loss from discontinued operations
Reported loss from discontinued operations in Q3 2026 was EUR 21
million, compared to a loss of EUR 10 million in Q3 2025.
Earnings per share
Reported diluted EPS from continuing operations was EUR 0.03 in Q3
2026, compared to EUR 0.01 in Q3 2025. Comparable diluted EPS
from continuing operations was EUR 0.09 in Q3 2026, compared to
EUR 0.06 in Q3 2025. Reported diluted EPS from discontinued
operations was EUR 0.00 in Q3 2026 and Q3 2025.
Cash performance
During Q3 2026, net cash decreased by EUR 192 million, resulting in
an end-of-quarter net cash balance of EUR 2 584 million. Total cash
decreased by EUR 153 million sequentially to EUR 5 023 million. Free
cash flow was negative EUR 99 million in Q3 2026.
22 October 2026 3
Segment Details
Network Infrastructure
EUR million Q3'26 Q3'25 YoY change
Constant
currency
YoY change Q1-Q3'26 Q1-Q3'25 YoY change
Constant
currency and
portfolio YoY
change
Net sales 2 158 1 850 17% 15% 6 024 5 314 13% 11%
Optical Networks 933 782 19% 18% 2 622 2 037 29% 19%
IP Networks 839 578 45% 43% 2 143 1 811 18% 20%
Fixed Networks 386 490 (21)% (22)% 1 258 1 466 (14)% (12)%
Gross profit 889 790 13% 2 551 2 212 15%
Gross margin % 41.2% 42.7% (150)bps 42.3% 41.6% 70bps
Operating profit 216 143 51% 503 372 35%
Operating margin % 10.0% 7.7% 230bps 8.3% 7.0% 130bps
Net sales by region
Americas 1 147 917 25% 23% 3 119 2 486 25% 21%
APAC 366 356 3% 3% 1 007 1 035 (3)% (2)%
EMEA 644 576 12% 11% 1 899 1 792 6% 4%
Network Infrastructure net sales increased 17% on a reported and
15% on a constant currency basis. This was driven by a strong
performance in both IP and Optical Networks, partially offset by a
decline in Fixed Networks.
Optical Networks net sales grew 18% on a constant currency basis,
reflecting strong growth in AI & Cloud and also grew with
Telecommunication Providers. Growth was led by the Americas with a
more moderate contribution from EMEA. Order intake was strong
across both AI & Cloud and Telecommunication Providers.
IP Networks net sales increased 43% on a constant currency basis,
led by AI & Cloud, alongside growth in Telecommunication Providers
and Mission Critical Enterprise customers. Net sales increased across
all regions, with particular strength in the Americas. Order intake
remained strong in IP Networks especially from AI & Cloud
customers.
Fixed Networks net sales declined 22% on a constant currency
basis, as we continue to prioritize higher-margin offerings. Sales of
operator premises equipment (OLT) remained stable. We saw strong
order intake growth on a year-on-year basis.
Gross profit improved year-on-year, driven by higher net sales in IP
and Optical Networks, partially offset by Fixed Networks. Gross
margin declined due to product mix and a ramp-up of new products
for AI & Cloud customers in IP Networks. We expect a recovery in the
fourth quarter, supported by scale benefits and pricing discipline.
Operating profit increased year-on-year, reflecting higher gross
profit, partially offset by increased operating expenses related to
targeted investments to support long-term growth, particularly in IP
Networks and Optical Networks. Operating margin increase was
driven by operating leverage.
22 October 2026 4
Mobile Infrastructure
EUR million Q3'26 Q3'25 YoY change
Constant
currency
YoY change Q1-Q3'26 Q1-Q3'25 YoY change
Constant
currency
YoY change
Net sales 2 902 2 755 5% 5% 8 085 7 866 3% 5%
Core Software 519 594 (13)% (13)% 1 559 1 638 (5)% (3)%
Radio Networks 1 958 1 770 11% 10% 5 309 5 110 4% 6%
Technology Standards 425 391 9% 8% 1 217 1 118 9% 11%
Gross profit 1 379 1 302 6% 3 912 3 708 6%
Gross margin % 47.5% 47.3% 20bps 48.4% 47.1% 130bps
Operating profit 420 355 18% 952 800 19%
Operating margin % 14.5% 12.9% 160bps 11.8% 10.2% 160bps
Net sales by region
Americas 651 732 (11)% (13)% 1 905 2 118 (10)% (8)%
APAC 801 737 9% 10% 2 067 1 998 3% 7%
EMEA 1 450 1 285 13% 12% 4 115 3 750 10% 11%
Mobile Infrastructure net sales increased 5% on a reported basis and
5% on a constant currency basis.
Core Software net sales declined 13% on a constant currency basis.
This was driven by softness in certain applications we are de-emphasizing along supply chain constraints for server infrastructure.
Radio Networks net sales grew by 10% on a constant currency basis
in part due to acceleration of revenue from Q4 into Q3. Net sales
grew in all regions with strongest growth in EMEA and in APAC,
particularly in Japan and India.
Technology Standards delivered net sales of EUR 425 million in the
quarter, growing 8% on a constant currency basis. The growth was
driven by license agreements signed in the past four quarters and
included a typical benefit from catch-up net sales.
Gross profit increased in line with net sales. Gross margin was
largely stable year-on-year in Q3 2026. The gross margin benefited
from an increased contribution from Technology Standards.
Operating profit increased year-on-year in Q3 2026 driven by higher
gross profit and lower SG&A expenses due to ongoing cost savings
programs. This was partially offset by a negative impact from other
operating income and expenses which benefited from positive
impact from hedging in Q3 2025. Operating margin improved mainly
due to operating leverage.
Portfolio Businesses
EUR million Q3'26 Q3'25 YoY change
Constant
currency
YoY change Q1-Q3'26 Q1-Q3'25 YoY change
Constant
currency and
portfolio YoY
change
Net sales 96 97 (1)% (2)% 290 265 9% 11%
Gross profit 30 18 67% 91 55 65%
Gross margin % 31.3% 18.6% 1 270bps 31.4% 20.8% 1 060bps
Operating profit/(loss) 3 (4) 6 (21)
Operating margin % 3.1% (4.1)% 720bps 2.1% (7.9)% 1 000bps
Portfolio Businesses net sales decreased 1% on a reported and 2%
on a constant currency basis.
Gross profit increased year-on-year due to Site Implementation and
Outside Plant. Gross margin increased by 1 270bps year-on-year.
Operating profit was EUR 3 million in the quarter compared to
operating loss of EUR 4 million in the year-ago quarter.
Group Common and Other
EUR million Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Operating loss (34) (46) (120) (127)
The decrease in operating loss was driven by lower R&D expenses
and a positive impact from other operating income and expenses.
22 October 2026 5
Net sales by region
EUR million Q3'26 Q3'25 YoY change
Constant
currency YoY
change Q1-Q3'26 Q1-Q3'25 YoY change
Constant
currency and
portfolio YoY
change
Americas 1 833 1 686 9% 7% 5 129 4 708 9% 8%
APAC 1 169 1 096 7% 7% 3 081 3 045 1% 4%
EMEA 2 152 1 915 12% 12% 6 194 5 689 9% 9%
Total 5 154 4 700 10% 9% 14 402 13 443 7% 7%
Net sales by customer type
EUR million Q3'26 Q3'25 YoY change
Constant
currency YoY
change Q1-Q3'26 Q1-Q3'25 YoY change
Constant
currency and
portfolio YoY
change
Telecommunication Providers 3 640 3 608 1% 0% 10 396 10 369 0% 1%
AI & Cloud 631 279 126% 123% 1 425 680 110% 92%
Mission Critical Enterprise &
Defense 459 426 8% 7% 1 368 1 282 7% 6%
Technology Licensees 425 391 9% 8% 1 217 1 118 9% 11%
Other(1) — (3) (3) (5)
Total 5 154 4 700 10% 9% 14 402 13 443 7% 7%
(1) Includes eliminations of inter-segment revenues, unallocated items and certain other items.
Reconciliation of reported operating profit to comparable operating profit
EUR million Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Reported operating profit 196 252 229 403
Restructuring and associated charges 357 44 903 178
Amortization and depreciation of acquired intangible assets and property, plant and
equipment 46 115 137 330
Transaction and related costs, including integration costs 8 10 29 23
Change in provisions related to past acquisitions (4) — 13 —
Impairment and write-off of assets, net of reversals 3 2 33 4
Release of acquisition-related fair value adjustments to deferred revenue and inventory — 25 3 83
Other, net 1 1 (7) 3
Comparable operating profit 605 448 1 340 1 024
The comparable operating profit that Nokia discloses is intended to
provide meaningful supplemental information to both management
and investors regarding Nokia’s underlying business performance by
excluding certain items of income and expenses that may not be
indicative of Nokia’s business operating results. Comparable
operating profit is used also in determining management
remuneration.
In Q3 2026, the main adjustments related to restructuring charges
which are part of the ongoing restructuring programs and to
amortization and depreciation of acquired intangible assets and
property, plant and equipment which are primarily related to
purchase price allocation of the Infinera acquisition.
22 October 2026 6
Cash and cash flow in Q3 2026
EUR billion
EUR million, at end of period Q3'26 Q2'26 QoQ change Q4'25 YTD change
Total cash and interest-bearing financial investments 5 023 5 176 (3)% 6 791 (26)%
Net cash and interest-bearing financial investments(1) 2 584 2 776 (7)% 3 378 (24)%
(1) Net cash and interest-bearing financial investments does not include lease liabilities. For details, please refer to the Alternative performance measures section in this report.
The cash flow descriptions below include cash flows from both
continuing operations and discontinued operations.
Free cash flow
During Q3 2026, Nokia’s free cash flow was negative EUR 99 million,
as comparable operating profit was offset by cash outflows related
to net working capital, restructuring and associated charges and
capital expenditures.
Net cash from operating activities
Net cash used in operating activities was driven by:
▪ Nokia’s adjusted profit of EUR 744 million.
▪ The cash outflow related to net working capital in the quarter was
approximately EUR 560 million. There was approximately EUR 290
million cash outflow related to restructuring and associated
charges from the current and previous cost savings programs. The
balance of EUR 270 million cash outflow can be broken down as
follows:
◦ The increase in receivables was approximately EUR 230 million.
The balance sheet impact related to sale of receivables in the
quarter increased.
◦ The increase in inventories was approximately EUR 130 million.
◦ The increase in liabilities was approximately EUR 90 million.
▪ An outflow related to cash taxes of approximately EUR 70 million.
Net cash from investing activities
▪ Net cash used in investing activities was due primarily to the
outflows related to capital expenditures of approximately EUR 190
million, inflow of approximately EUR 40 million from sale of fixed
assets, outflow of approximately EUR 30 million for acquisition of
businesses and an inflow of approximately EUR 40 million related
to other financial assets.
Net cash from financing activities
▪ Net cash used in financing activities was related primarily to
proceeds from sales of treasury shares of approximately EUR 60
million, dividend payments of approximately EUR 230 million and
lease payments of approximately EUR 50 million.
22 October 2026 7
January-September 2026 compared to
January-September 2025
Net sales
In the first nine months of 2026, net sales grew 7% on a reported
basis. The increase from the acquisition of Infinera (which closed at
the end of February 2025) contributed 2% and was offset by foreign
exchange fluctuations with a negative impact of 2%.
On a constant currency and portfolio basis, Nokia's comparable net
sales also increased by 7% in the first nine months of 2026 resulting
from growth in both Network Infrastructure which grew 11% and
Mobile Infrastructure which grew 5% in the first nine months.
Portfolio Businesses also grew by 11% during that period.
Gross margin
Both reported and comparable gross margin increased year-on-year
versus the first nine months of 2025. Reported gross margin
increased 20 basis points to 43.7% and comparable gross margin
increased 110 basis points to 45.5%. The improvement was driven
by increases from both Network Infrastructure and Mobile
Infrastructure which increased by 70bps and 130bps respectively.
Operating profit/loss and margin
Reported operating profit in the first nine months of 2026 was EUR
229 million, or 1.6% of net sales, a decrease from EUR 403 million or
3.0% of net sales in the first nine months of 2025. Comparable
operating profit increased to EUR 1 340 million from EUR 1 024
million year-on-year and comparable operating margin increased
170 basis points year-on-year to 9.3%. The increase in comparable
operating profit reflected the increased gross profit and was slightly
offset by an increase in operating expenses as underlying cost
reductions were more than offset by targeted investments for long-term growth. In addition, comparable other operating income and
expense in the first nine months of 2026 was negative EUR 13 million
versus the prior year positive EUR 103 million.
The impact of hedging in the first nine months of 2026 was negative
EUR 2 million, compared to a positive impact of EUR 27 million in the
first nine months of 2025.
In the first nine months of 2026, the difference between reported
and comparable operating profit was primarily related to EUR 903
million of restructuring and associated charges, EUR 137 million of
amortization and depreciation of acquired intangible assets and
property, plant and equipment, EUR 33 million of impairment and
write-off of assets, net of reversals, EUR 29 million of integration
related costs associated with the Infinera acquisition and EUR 13
million charge related to a change in provisions related to past
acquisitions. In the first nine months of 2025, the difference
between reported and comparable operating profit was primarily
related to EUR 330 million of amortization and depreciation of
acquired intangible assets and property, plant and equipment, EUR
178 million of restructuring and associated charges, the release of
acquisition-related fair-value adjustments to deferred revenue and
inventory of EUR 83 million, and EUR 23 million of transaction and
related costs, including integration costs.
Profit from continuing operations
Reported profit from continuing operations in the first nine months
of 2026 was EUR 307 million, compared to a profit of EUR 150
million for the same period in 2025. Comparable profit from
continuing operations in the first nine months of 2026 was EUR
1 223 million, compared to EUR 760 million in the first nine months
of 2025. The increase in comparable profit from continuing
operations was driven by the higher comparable operating profit and
higher net financial income, partially offset by higher income tax
expenses and lower share of results of associates and joint ventures.
Apart from the items affecting comparability included in operating
profit (and their associated tax effects), the difference between
reported and comparable profit from continuing operations in the
first nine months of 2026 was mainly due to the negative impact
from a resolution of legal dispute of EUR 37 million. In the first nine
months of 2025, the difference was mainly due to the increase in
financial liability to acquire non-controlling interest in Nokia
Shanghai Bell of negative EUR 65 million, impact of deferred tax
expense due to tax rate changes of negative EUR 41 million and
decrease in fair value of Infinera convertible notes of EUR 23 million
which were settled in Q2 2025 .
Loss from discontinued operations
Reported loss from discontinued operations in the first nine months
of 2026 was EUR 59 million, compared to a loss of EUR 34 million in
the first nine months of 2025.
Earnings per share
Reported diluted EPS from continuing operations was EUR 0.05 in
the first nine months of 2026, compared to EUR 0.02 in the first nine
months of 2025. Comparable diluted EPS from continuing operations
was EUR 0.21 in the first nine months of 2026, compared to EUR
0.13 in the first nine months of 2025. Reported diluted EPS from
discontinued operations was negative EUR 0.01 in the first nine
months of 2026, compared to EUR 0.00 in the first nine months of
2025.
Cash performance
In the first nine months of 2026, Nokia's net cash decreased EUR
794 million, resulting in an end-of-period net cash balance of EUR
2 584 million. Total cash decreased EUR 1 768 million, resulting in
total cash balance of EUR 5 023 million. Free cash flow was negative
EUR 205 million in the first nine months of 2026.
22 October 2026 8
Additional information
Significant events in 2026
Changes in leadership team
On 1 April 2026, Kristen Pressner started as Chief People Officer and
member of the Group Leadership Team. Pressner has over 30 years
of international experience in HR, talent management, and
organizational transformation. She joined Nokia from Roche Holding
Group, where she most recently served as Global Head of People &
Culture for Roche Diagnostics.
On 17 August 2026, Emma Falck started as President of Mobile
Infrastructure and member of the Nokia Group Leadership Team.
Falck brings extensive experience leading transformation and
improving performance in complex global technology businesses.
She joined Nokia from Siemens, where she served as Executive Vice
President, Products, Smart Infrastructure Buildings, leading a global
organization across product management and development, and
supply chain.
Annual General Meeting
On 9 April 2026, Nokia held its Annual General Meeting (AGM) in
Helsinki. The AGM approved all the proposals of the Board of
Directors to the AGM. The following resolutions were among the
ones made (for all resolutions made, refer to Nokia's stock exchange
release on 9 April 2026):
▪ The financial statements were adopted, and the Board of Directors
and President and CEO were discharged from liability for the
financial year 2025.
▪ The AGM decided that no dividend is distributed by a resolution of
the AGM and authorized the Board to resolve on the distribution of
an aggregate maximum of EUR 0.14 per share as dividend from
the retained earnings and/or as assets from the reserve for
invested unrestricted equity.
▪ Timo Ahopelto, Elizabeth Crain, Thomas Dannenfeldt, Pernille
Erenbjerg, Lisa Hook, Timo Ihamuotila, Mike McNamara, Thomas
Saueressig and Kai Öistämö were re-elected as members of the
Board for a term ending at the close of the next AGM. In addition,
the AGM resolved to elect Meredith Whittaker as a new member of
the Board for the same term of office. In its assembly meeting
that took place after the AGM, the Board elected Timo Ihamuotila
as Chair and Thomas Saueressig as Vice Chair of the Board.
Eurobond issuance
On 5 June 2026, Nokia announced it had issued senior unsecured
notes (the Notes) in an aggregate principal amount of EUR 500
million under its Euro Medium Term Note (EMTN) programme. The
Notes are due in June 2032 and carry a fixed annual coupon of
3.625%. Nokia used the net proceeds from the Notes to refinance
its outstanding EUR 500 million 3.125% notes due May 2028.
Shares
The total number of Nokia shares on 30 September 2026, equaled
5 742 239 696. On 30 September 2026, Nokia held 83 304 077
Nokia shares, representing approximately 1.5% of the total number
of Nokia shares and voting rights.
22 October 2026 9
Risk Factors
Nokia and its businesses are exposed to a number of risks and
uncertainties which include but are not limited to:
▪ Competitive intensity, which is expected to continue at a high level
as some competitors seek to take share;
▪ Changes in customer network investments related to their ability
to monetize the network or opportunities related to AI and data
center growth;
▪ Our ability to ensure competitiveness of our product roadmaps
and costs through additional R&D investments;
▪ Our ability to procure or manufacture certain components (e.g.
semiconductors), the costs thereof and our ability to align our
inventory levels and supplier commitments with customer
demand;
▪ Disturbance in the global supply chain;
▪ Impact of inflation, increased global macro-uncertainty, major
currency fluctuations, changes in tariffs and higher interest rates;
▪ Potential economic impact and disruption of global pandemics;
▪ War or other geopolitical conflicts, disruptions and potential costs
thereof;
▪ Other macroeconomic, industry and competitive developments;
▪ Timing and value of new, renewed and existing patent licensing
agreements with licensees;
▪ Results in technology licensing; costs to protect and enforce our
intellectual property rights; on-going litigation with respect to
licensing and regulatory landscape for patent licensing;
▪ The outcomes of on-going and potential disputes and litigation;
▪ Our ability to execute, complete, successfully integrate and realize
the expected benefits from transactions;
▪ Timing of completions and acceptances of certain projects;
▪ Our product and regional mix;
▪ Uncertainty in forecasting income tax expenses and cash outflows,
over the long-term, as they are also subject to possible changes
due to business mix, the timing of patent licensing cash flow and
changes in tax legislation, including potential tax reforms in
various countries and OECD initiatives;
▪ Our ability to utilize our Finnish deferred tax assets and their
recognition on our balance sheet;
▪ Our ability to meet our sustainability and other ESG targets,
including our targets relating to greenhouse gas emissions;
as well the risk factors specified under Forward-looking statements
of this report, and our 2025 annual report on Form 20-F published
on 5 March 2026 under Operating and financial review and
prospects-Risk factors.
Forward-looking statements
Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect
Nokia's current expectations and views of future developments and
include statements regarding: A) expectations, plans, benefits or
outlook related to our strategies, projects, programs, products,
growth management, licenses, operational key performance
indicators and decisions on market exits; B) expectations, plans or
benefits related to future performance of our businesses (including
the expected impact, timing and duration of geopolitical conflicts
and the general or regional macroeconomic conditions on our
businesses, our supply chain, the timing of market changes or
turning points in demand and our customers’ businesses) and any
future dividends and other distributions of profit; C) expectations
and targets regarding financial performance and results of
operations, including market share, prices, net sales, income,
margins, cash flows, cost savings, the timing of receivables,
operating expenses, provisions, impairments, tariffs, taxes, currency
exchange rates, hedging, investment funds, inflation, product cost
reductions, competitiveness, value creation, revenue generation in
any specific region, and licensing income and payments;
D) our ability to execute, expectations, plans or benefits related to
transactions, investments and changes in organizational structure
and operating model; E) impact on revenue with respect to litigation/
renewal discussions; and F) any statements preceded by or including
"anticipate", “continue”, “believe”, “envisage”, “expect”, “aim”,
“will”, “target”, “may”, “would”, “could“, "see", “plan”, “ensure” or
similar expressions. These forward-looking statements are subject
to a number of risks and uncertainties, many of which are beyond
our control, which could cause our actual results to differ materially
from such statements. These statements are based on
management’s best assumptions and beliefs in light of the
information currently available to them. These forward-looking
statements are only predictions based upon our current
expectations and views of future events and developments and are
subject to risks and uncertainties that are difficult to predict
because they relate to events and depend on circumstances that will
occur in the future. Factors, including risks and uncertainties that
could cause these differences, include those risks and uncertainties
identified in the Risk Factors above.
22 October 2026 10
Financial statement information
Consolidated income statement (condensed)
EUR million
Reported Comparable
Note Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25 Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Net sales 2, 4 5 154 4 700 14 402 13 443 5 154 4 705 14 405 13 453
Cost of sales (2 979) (2 615) (8 104) (7 595) (2 855) (2 596) (7 853) (7 485)
Gross profit 2 2 176 2 085 6 298 5 848 2 299 2 109 6 553 5 968
Research and development expenses (1 251) (1 155) (3 857) (3 426) (1 109) (1 104) (3 443) (3 309)
Selling, general and administrative expenses (733) (710) (2 197) (2 131) (579) (590) (1 757) (1 738)
Other operating income and expenses 4 31 (15) 112 (6) 33 (13) 103
Operating profit 2 196 252 229 403 605 448 1 340 1 024
Share of results of associates and joint ventures 9 5 12 15 9 5 12 15
Financial income and expenses 51 (15) 289 (44) 51 38 298 44
Profit before tax 256 242 531 374 665 492 1 650 1 083
Income tax expense 6 (80) (152) (223) (224) (168) (158) (427) (323)
Profit from continuing operations 176 90 307 150 498 334 1 223 760
Loss from discontinued operations 3 (21) (10) (59) (34) — — — —
Profit for the period 156 80 248 116 498 334 1 223 760
Attributable to:
Equity holders of the parent 152 78 240 109 494 333 1 216 753
Non-controlling interests 4 1 8 6 4 1 8 6
Earnings per share attributable to equity holders of the parent
Basic earnings per share, EUR
Continuing operations 0.03 0.01 0.05 0.02 0.09 0.06 0.22 0.13
Discontinued operations 0.00 0.00 (0.01) 0.00 — — — —
Profit for the period 0.03 0.01 0.04 0.02 0.09 0.06 0.22 0.13
Average number of shares ('000 shares) 5 641 000 5 400 892 5 609 545 5 386 311 5 641 000 5 400 892 5 609 545 5 386 311
Diluted earnings per share, EUR
Continuing operations 0.03 0.01 0.05 0.02 0.09 0.06 0.21 0.13
Discontinued operations 0.00 0.00 (0.01) 0.00 — — — —
Profit for the period 0.03 0.01 0.04 0.02 0.09 0.06 0.21 0.13
Average number of shares ('000 shares) 5 745 378 5 488 578 5 731 356 5 484 275 5 745 378 5 488 578 5 731 356 5 484 275
Beginning from the second quarter of 2026 Nokia has presented its Fixed Wireless Access CPE and Enterprise Campus Edge businesses as
discontinued operations. The comparative information has been recast accordingly.
The above condensed consolidated income statement should be read in conjunction with accompanying notes.
22 October 2026 11
Consolidated statement of comprehensive income (condensed)
EUR million
Reported
Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Profit for the period 156 80 248 116
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans 161 57 280 (182)
Income tax related to items that will not be reclassified to profit or loss (40) (14) (67) 45
Total of items that will not be reclassified to profit or loss 121 43 213 (137)
Items that may be reclassified to profit or loss
Translation differences 37 (63) 388 (1 608)
Net investment hedges (6) 9 (35) 122
Cash flow and other hedges (16) (34) (64) 44
Financial assets at fair value through other comprehensive income (7) (2) (4) 13
Other changes, net (2) 7 (2) 5
Income tax related to items that may be reclassified subsequently to profit or loss 6 4 18 (39)
Total of items that may be reclassified to profit or loss 12 (79) 301 (1 463)
Other comprehensive income/(loss), net of tax 133 (36) 514 (1 600)
Total comprehensive income/(loss) for the period 289 44 762 (1 484)
Attributable to:
Equity holders of the parent 283 43 750 (1 486)
Non-controlling interests 6 1 12 2
Total comprehensive income/(loss) attributable to equity holders of the parent arises from:
Continuing operations 304 54 809 (1 452)
Discontinued operations (21) (10) (59) (34)
The above condensed consolidated statement of comprehensive income should be read in conjunction with accompanying notes.
22 October 2026 12
Consolidated statement of financial position (condensed)
EUR million Note 30 September 2026 30 September 2025 31 December 2025
ASSETS
Goodwill 6 150 5 971 5 996
Other intangible assets 1 288 1 542 1 399
Property, plant and equipment 1 737 1 521 1 570
Right-of-use assets 843 924 920
Investments in associated companies and joint ventures 190 126 180
Non-current interest-bearing financial investments 7 352 390 368
Other non-current financial assets 7 1 316 1 111 1 072
Defined benefit pension assets 5 6 817 6 223 6 380
Deferred tax assets 6 3 684 3 570 3 643
Other non-current receivables 319 292 277
Total non-current assets 22 697 21 671 21 805
Inventories 2 880 2 380 2 209
Trade receivables 7 4 701 3 990 4 975
Contract assets 901 754 805
Current income tax assets 316 300 256
Other current receivables 1 135 885 784
Current interest-bearing financial investments 7 622 773 961
Other current financial assets 7 335 400 340
Cash and cash equivalents 7 4 049 4 892 5 462
Total current assets 14 940 14 374 15 792
Assets held for sale 3 43 — —
Total assets 37 680 36 044 37 597
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital 246 246 246
Share premium 292 794 870
Treasury shares (344) (352) (352)
Translation differences (917) (1 245) (1 272)
Fair value and other reserves 4 112 3 872 3 955
Reserve for invested unrestricted equity 16 371 14 789 15 663
Retained earnings 1 478 1 477 1 857
Total shareholders' equity 21 237 19 582 20 967
Non-controlling interests 97 91 91
Total equity 21 333 19 673 21 058
Long-term interest-bearing liabilities 7, 8 1 865 2 343 2 329
Long-term lease liabilities 739 809 797
Defined benefit pension and post-employment liabilities 5 1 839 1 969 1 947
Deferred tax liabilities 473 514 392
Contract liabilities 222 300 286
Other non-current liabilities 187 99 147
Provisions 9 764 612 637
Total non-current liabilities 6 088 6 646 6 535
Short-term interest-bearing liabilities 7, 8 574 711 1 084
Short-term lease liabilities 196 202 203
Other financial liabilities 7 356 852 316
Contract liabilities 1 682 1 589 1 562
Current income tax liabilities 309 180 344
Trade payables 7 3 521 3 062 2 978
Other current liabilities 7 2 918 2 539 2 738
Provisions 9 642 589 779
Total current liabilities 10 200 9 725 10 004
Liabilities associated with assets held for sale 3 59 — —
Total liabilities 16 347 16 371 16 539
Total shareholders' equity and liabilities 37 680 36 044 37 597
Shareholders' equity per share, EUR 3.75 3.62 3.76
Number of shares ('000 shares, excluding treasury shares) 5 658 936 5 413 481 5 582 534
The above condensed consolidated statement of financial position should be read in conjunction with accompanying notes.
22 October 2026 13
Consolidated statement of cash flows (condensed)
EUR million Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Cash flow from operating activities
Profit for the period 156 80 248 116
Adjustments 588 555 1 662 1 425
Depreciation and amortization 205 286 625 835
Share based payments 104 83 319 238
Impairment charges 3 2 42 4
Gain on sale of businesses and associated companies — — (1) (13)
Restructuring charges 283 30 785 143
Financial income and expenses (51) 15 (289) 44
Income tax expense 73 150 207 213
Other (29) (11) (26) (39)
Cash flows from operations before changes in net working capital 744 635 1 910 1 541
Change in net working capital (563) 56 (1 315) 479
(Increase)/decrease in receivables (227) (353) (288) 939
(Increase)/decrease in inventories (131) 54 (654) (59)
(Decrease)/increase in non-interest-bearing liabilities (205) 355 (373) (401)
Cash flows from operations 181 691 595 2 020
Interest received 25 24 105 138
Interest paid (42) (46) (148) (168)
Income taxes paid, net (69) (72) (298) (294)
Net cash flows from operating activities 95 597 254 1 696
Cash flow from investing activities
Purchase of property, plant and equipment and intangible assets (194) (168) (476) (458)
Proceeds from government grants related property, plant and equipment — — 17 —
Proceeds from sale of property, plant and equipment and intangible assets 42 9 42 21
Acquisition of businesses, net of cash acquired (30) (4) (30) (1 730)
Proceeds from disposal of businesses, net of cash disposed — — 10 40
Purchase of interest-bearing financial investments (402) (25) (522) (152)
Proceeds from interest-bearing financial investments 257 39 858 1 077
Purchase of other financial assets (20) (64) (51) (106)
Proceeds from other financial assets 63 8 99 134
Foreign exchange hedging of cash and cash equivalents 2 15 (9) 99
Other 1 1 14 5
Net cash flows used in investing activities (281) (189) (48) (1 070)
Cash flow from financing activities
Acquisition of treasury shares — — — (624)
Proceeds from sale of treasury shares(1) 62 — 62 —
Payments relating to issuance of shares — — (9) —
Proceeds from long-term borrowings — — 495 151
Repayment of long-term borrowings — — (1 133) (873)
Proceeds from/(repayment of) short-term borrowings 92 (25) (316) (17)
Payment of principal portion of lease liabilities (48) (54) (154) (167)
Dividends paid (226) (216) (617) (594)
Net cash flows used in financing activities (120) (295) (1 672) (2 124)
Translation differences 7 (17) 53 (233)
Net (decrease)/increase in cash and cash equivalents (299) 96 (1 413) (1 731)
Cash and cash equivalents at beginning of period 4 348 4 797 5 462 6 623
Cash and cash equivalents at end of period 4 049 4 892 4 049 4 892
(1) In September 2026, Nokia shares held by Nokia's subsidiaries were sold to simplify administration of treasury shares.
The above condensed consolidated statement of cash flows should be read in conjunction with accompanying notes.
22 October 2026 14
Consolidated statement of changes in shareholders' equity (condensed)
EUR million
Share
capital
Share
premium
Treasury
shares
Translation
differences
Fair value
and other
reserves
Reserve for
invested
unrestricted
equity
Retained
earnings
Total
shareholders'
equity
Non-controlling
interests
Total
equity
1 January 2025 246 734 (431) 263 3 963 13 926 1 956 20 657 90 20 747
Profit for the period 109 109 6 116
Other comprehensive loss (1 508) (91) 3 (1 595) (5) (1 600)
Total comprehensive loss — — — (1 508) (91) — 112 (1 486) 2 (1 484)
Share-based payments 238 238 238
Settlement of share-based
payments (239) 162 (77) (77)
Acquisition of treasury shares(1)
(624) 821 197 197
Cancellation of treasury shares(1)
703 (703) — —
Acquisition through business
combinations 61 584 645 2 647
Dividends (591) (591) (3) (594)
Total transactions with owners — 60 79 — — 863 (591) 411 (1) 410
30 September 2025 246 794 (352) (1 245) 3 872 14 789 1 477 19 582 91 19 673
1 January 2026 246 870 (352) (1 272) 3 955 15 663 1 857 20 967 91 21 058
Profit for the period 240 240 8 248
Other comprehensive income 355 157 (3) 510 4 514
Total comprehensive income — — — 355 157 — 237 750 12 762
Share-based payments 319 319 319
Settlement of share-based
payments (897) 609 (288) (288)
Sale of treasury shares(2)
7 98 105 105
Dividends (617) (617) (5) (622)
Total transactions with owners — (579) 8 — — 708 (617) (480) (6) (486)
30 September 2026 246 292 (344) (917) 4 112 16 371 1 478 21 237 97 21 333
(1) In November 2024, Nokia announced a new share buyback program to offset the dilutive effect of the acquisition of Infinera Corporation. Share purchases commenced on 25 November
2024 and the program was completed on 2 April 2025 when Nokia had acquired 150 000 000 shares representing the maximum number of shares that could be repurchased under the
program for an aggregate amount of EUR 703 million. The repurchased shares were canceled on 23 April 2025. Repurchases were funded using funds in the reserve for invested
unrestricted equity and the repurchases reduced the total unrestricted equity.
(2) In September 2026, Nokia shares held by Nokia's subsidiaries were sold to simplify administration of treasury shares.
The above condensed consolidated statement of changes in shareholders' equity should be read in conjunction with accompanying notes.
22 October 2026 15
Notes to Financial statements
1. GENERAL INFORMATION
This unaudited and condensed consolidated financial statement information of Nokia has been prepared in accordance with IAS 34, Interim
Financial Reporting, and it should be read in conjunction with the annual consolidated financial statements for 2025 prepared in accordance
with IFRS® Accounting Standards as published by the IASB and as adopted by the EU. The same accounting policies, methods of computation
and applications of judgment are followed in this financial statement information as was followed in the annual consolidated financial
statements for 2025 except for the following:
In the second quarter of 2026, Nokia has classified its Fixed Wireless Access CPE and Enterprise Campus Edge businesses, which were
previously reported as part of Portfolio Businesses, as held for sale and will present them as discontinued operations beginning from Q2
2026. Comparative financial information presented in the consolidated income statement and disclosed in the relevant notes has been recast
accordingly. For more information on the discontinued operations, refer to Note 3. Discontinued operations and disposal groups held for
sale.
Percentages and figures presented herein may include rounding differences and therefore may not add up precisely to the totals presented
and may vary from previously published financial information. This financial report was authorized for issue by the Board of Directors on
22 October 2026.
Nokia's net sales and operating profit are subject to seasonal fluctuation being generally highest in the fourth quarter and lowest in the first
quarter of the year. This is mainly due to the seasonality in the spending cycles of telecommunication providers.
Comparable measures
Nokia presents in these condensed consolidated financial statements financial information on both a reported and comparable basis.
Comparable measures exclude intangible asset amortization and other purchase price fair value adjustments, goodwill impairments,
restructuring related charges and certain other items affecting comparability. In order to allow full visibility on determining comparable
results, information on items affecting comparability is presented separately for each of the components of profit or loss.
As comparable financial measures are not defined in IFRS they may not be directly comparable with similarly titled measures used by other
companies, including those in the same industry. The primary rationale for presenting these measures is that the management uses these
measures in assessing the financial performance of Nokia and believes that these measures provide meaningful supplemental information on
the underlying business performance of Nokia. These financial measures should not be considered in isolation from, or as a substitute for,
financial information presented in compliance with IFRS. For further details on alternative performance measures used by Nokia and
reconciliations to the closest IFRS-defined measures, refer to the Alternative performance measures section accompanying this consolidated
financial statement information.
Foreign exchange rates
Nokia’s net sales are derived from various countries and invoiced in various currencies. To mitigate the impact of changes in exchange rates
on our results, we hedge operative forecasted net foreign exchange exposures, typically within a 12-month horizon, and apply hedge
accounting in the majority of cases.
The below table shows the exposure to different currencies for net sales and total costs.
Q3'26 Q3'25 Q2'26
Net sales Total costs Net sales Total costs Net sales Total costs
EUR ~25% ~30% ~25% ~25% ~25% ~30%
USD ~55% ~50% ~55% ~50% ~55% ~45%
Other ~20% ~20% ~20% ~25% ~20% ~25%
Total 100% 100% 100% 100% 100% 100%
End of Q3'26 balance sheet rate 1 EUR = 1.14 USD, end of Q3'25 balance sheet rate 1 EUR = 1.17 USD and end of Q2'26 balance sheet rate 1 EUR = 1.14 USD
New and amended standards and interpretations
New standards and amendments to existing standards that became effective on 1 January 2026, did not have a material impact on Nokia's
consolidated financial statements. New standards and amendments to existing standards issued by the IASB that are not yet effective are
not expected to have a material impact on Nokia's consolidated financial statements when adopted, except for IFRS 18 Presentation and
Disclosure in Financial Statements which was published in April 2024.
IFRS 18 sets out the requirements for presentation and disclosures in financial statements and it will replace IAS 1 Presentation of Financial
Statements. Nokia will apply IFRS 18 from its mandatory effective date of 1 January 2027. Even though IFRS 18 is not changing the
recognition and measurement requirements, the standard is expected to significantly change how Nokia presents its consolidated financial
statements, particularly the income statement, statement of cash flows, and notes to the financial statements. Nokia is currently assessing
the impact the adoption will have on its consolidated financial statements. For potential impacts identified, refer to Note 1.4. New and
amended standards and interpretations in Nokia's annual consolidated financial statements for 2025.
22 October 2026 16
2. SEGMENT INFORMATION
Nokia has three operating and reportable segments for financial reporting purposes: (1) Network Infrastructure, (2) Mobile Infrastructure and
(3) Portfolio Businesses. Additionally, Nokia presents segment-level information for Group Common and Other and provides net sales
information for the following business units within the Network Infrastructure segment: (i) IP Networks, (ii) Optical Networks and (iii) Fixed
Networks, and the following business units within the Mobile Infrastructure segment: (i) Core Software, (ii) Radio Networks and (iii)
Technology Standards.
Accounting policies of the segments are the same as those for the group, except that items affecting comparability are not allocated to the
segments. For more information on comparable measures and items affecting comparability, refer to Note 1. General information, and to the
Alternative Performance Measures section accompanying this consolidated financial statement information. Inter-segment revenues and
transfers are accounted for as if the revenues were to third parties, that is, at current market prices.
Change in reporting structure
Nokia adopted its new operational and reporting structure on 1 January 2026 to better align its business to customer needs and accelerate
innovation as the AI supercycle increases demand for advanced connectivity. Previously Nokia had four operating and reportable segments
for financial reporting purposes: (1) Network Infrastructure, (2) Mobile Networks, (3) Cloud and Network Services, and (4) Nokia Technologies.
The new operational and reporting structure recognizes the following two primary operating segments:
▪ Network Infrastructure is a growth segment, positioned to capitalize on the rapid, global AI and data center build-out while continuing to
innovate for its telecommunications customer base. The segment consists of three business units Optical Networks, IP Networks and Fixed
Networks.
▪ Mobile Infrastructure segment brings together Nokia’s Core Networks portfolio, Radio Networks portfolio and Technology Standards
(formerly Nokia Technologies). It is positioned for core and radio network technology and services leadership to lead the industry to AI-native networks and 6G.
In addition, Nokia has identified several units which are not seen as core to the future of the company’s strategy. These units were moved
into a dedicated operating segment called Portfolio Businesses while the company assesses the best value creating opportunity for them.
The units moved were:
▪ Fixed Wireless Access CPE (previously in Fixed Networks in Network Infrastructure)
▪ Site Implementation and Outside Plant (previously in Fixed Networks in Network Infrastructure)
▪ Enterprise Campus Edge (previously in Cloud and Network Services)
▪ Microwave Radio (previously in Mobile Networks)
In Q2 2026, Nokia classified Fixed Wireless Access CPE and Enterprise Campus Edge businesses as discontinued operations. Refer to Note 3.
Discontinued operations and disposal groups held for sale.
Comparative segment information, including segment information for Network Infrastructure and Mobile Infrastructure, has been recast to
reflect the presentation of discontinued operations.
Segment descriptions
Network Infrastructure
The Network Infrastructure segment serves AI & Cloud customers, telecommunication providers and mission critical enterprises globally. The
segment consists of three business units: (i) Optical Network, which provides optical transport networks for metro, regional, long-haul and
data center interconnect applications; (ii) IP Networks, which provides IP routing and data center switching and (iii) Fixed Networks, which
provides the equipment for home broadband networks. The segment is positioned to capitalize on the rapid, global AI and data center build-out while continuing to innovate for its telecommunications customer base.
Mobile Infrastructure
Mobile Infrastructure segment serves telecommunications providers, mission critical enterprises and defense customers along with licensing
Nokia’s patent portfolio to a range of industries reliant on Nokia’s technology. The segment is positioned for core and radio-network
technology and services leadership to lead the industry towards AI-native networks and 6G. The segment consists of three businesses: (i)
Core Software, which includes cloud‑native mobile core software and AI‑driven operations, analytics and security software and related
services; (ii) Radio Networks, which includes radio access products across all 3GPP technology generations, related network management and
services and (iii) Technology Standards which shapes global connectivity standards through research and innovation, manages Nokia’s
industry-leading patent portfolio, and monetizes Nokia’s patents through licensing.
Portfolio Businesses
Portfolio Businesses include a set of units that are not considered core to the company’s long-term strategy. These units operate across
different areas of the portfolio and continue to serve their respective customers and markets, while the company evaluates strategic options
for their future development and ownership. As of Q2 2026 Portfolio Businesses comprise Site Implementation and Outside Plant, and
Microwave Radio businesses. Fixed Wireless Access CPE and Enterprise Campus Edge businesses which were previously part of Portfolio
Businesses are presented as discontinued operations beginning from Q2 2026.
Group Common and Other
Despite not being a reportable segment, Nokia also provides segment-level information for Group Common and Other. Group Common and
Other includes certain corporate-level and centrally managed expenses and revenues.
22 October 2026 17
Q3'26
Net sales Cost of sales
Research and
development
expenses
Selling, general and
administrative
expenses
Other operating
income and
expenses
Operating
EUR million profit/(loss)
Network Infrastructure(1) 2 158 (1 269) (396) (275) (3) 216
Mobile Infrastructure(2) 2 902 (1 523) (686) (267) (7) 420
Portfolio Businesses 96 (66) (18) (8) (2) 3
Total segments 5 156 (2 858) (1 100) (550) (12) 639
Group Common and Other (2) 3 (10) (30) 5 (34)
Total comparable 5 154 (2 855) (1 109) (579) (6) 605
Restructuring and associated charges — (120) (113) (125) 2 (357)
Amortization and depreciation of acquired intangible
assets and property, plant and equipment — (1) (24) (20) — (46)
Transaction and related costs, including integration
costs — — (4) (3) — (8)
Change in provisions related to past acquisitions — — — (5) 9 4
Impairment and write-off of assets, net of reversals — (1) (2) — — (3)
Other, net — — — — — (1)
Total reported(3) 5 154 (2 979) (1 251) (733) 4 196
(1) Includes Optical Networks net sales of EUR 933 million, IP Networks net sales of EUR 839 million and Fixed Networks net sales of EUR 386 million.
(2) Includes Core Software net sales of EUR 519 million, Radio Networks net sales of EUR 1 958 million and Technology Standards net sales of EUR 425 million.
(3) Total reported operating profit includes depreciation and amortization of EUR 204 million of which EUR 52 million relates to Network Infrastructure, EUR 102 million to Mobile
Infrastructure and EUR 3 million to Portfolio Businesses.
Q3'25
Net sales Cost of sales
Research and
development
expenses
Selling, general and
administrative
expenses
Other operating
income and
expenses
Operating
EUR million profit/(loss)
Network Infrastructure(1) 1 850 (1 060) (392) (256) 1 143
Mobile Infrastructure(2) 2 755 (1 453) (683) (295) 31 355
Portfolio Businesses 97 (79) (13) (10) 1 (4)
Total segments 4 702 (2 592) (1 088) (561) 33 494
Group Common and Other 3 (4) (15) (29) — (46)
Total comparable 4 705 (2 596) (1 104) (590) 33 448
Amortization and depreciation of acquired intangible
assets and property, plant and equipment — (1) (25) (89) — (115)
Restructuring and associated charges — 3 (22) (25) — (44)
Release of acquisition-related fair value adjustments
to deferred revenue and inventory (5) (20) — — — (25)
Transaction and related costs, including integration
costs — (1) (4) (6) — (10)
Other, net — — (1) — — (2)
Total reported(3) 4 700 (2 615) (1 155) (710) 31 252
(1) Includes Optical Networks net sales of EUR 782 million, IP Networks net sales of EUR 578 million and Fixed Networks net sales of EUR 490 million. Total Network Infrastructure net sales
includes EUR 2 million net sales to other segments.
(2) Includes Core Software net sales of EUR 594 million, Radio Networks net sales of EUR 1 770 million and Technology Standards net sales of EUR 391 million.
(3) Total reported operating profit includes depreciation and amortization of EUR 284 million of which EUR 52 million relates to Network infrastructure, EUR 111 million to Mobile
Infrastructure and EUR 3 million to Portfolio Businesses.
22 October 2026 18
Q1-Q3'26
Net sales Cost of sales
Research and
development
expenses
Selling, general and
administrative
expenses
Other operating
income and
expenses
Operating
EUR million profit
Network Infrastructure(1) 6 024 (3 473) (1 221) (814) (13) 503
Mobile Infrastructure(2) 8 085 (4 173) (2 128) (833) 1 952
Portfolio Businesses 290 (198) (54) (24) (7) 6
Total segments 14 399 (7 844) (3 403) (1 671) (19) 1 461
Group Common and Other 6 (9) (40) (85) 7 (120)
Total comparable 14 405 (7 853) (3 443) (1 757) (13) 1 340
Restructuring and associated charges — (244) (328) (333) 2 (903)
Amortization and depreciation of acquired intangible
assets and property, plant and equipment — (4) (74) (60) — (137)
Impairment and write-off of assets, net of reversals — (2) (4) (27) — (33)
Transaction and related costs, including integration
costs — (3) (12) (14) — (29)
Change in provisions related to past acquisitions — — — (8) (5) (13)
Gain on defined benefit plan amendment — 2 3 1 — 7
Other, net (3) — (1) — 1 (3)
Total reported(3) 14 402 (8 104) (3 857) (2 197) (15) 229
(1) Includes Optical Networks net sales of EUR 2 622 million, IP Networks net sales of EUR 2 143 million and Fixed Networks net sales of EUR 1 258 million.
(2) Includes Core Software net sales of EUR 1 559 million, Radio Networks net sales of EUR 5 309 million and Technology Standards net sales of EUR 1 217 million.
(3) Total reported operating profit includes Depreciations and amortizations of EUR 620 million for the Group, of which EUR 155 million relates to Network infrastructure, EUR 313 million to
Mobile Infrastructure and EUR 9 million to Portfolio Businesses.
Q1-Q3'25
Net sales Cost of sales
Research and
development
expenses
Selling, general and
administrative
expenses
Other operating
income and
expenses
Operating
EUR million profit
Network Infrastructure(1) 5 314 (3 103) (1 110) (738) 8 372
Mobile Infrastructure(2) 7 866 (4 158) (2 105) (897) 94 800
Portfolio Businesses 265 (210) (48) (30) 1 (21)
Total segments 13 445 (7 471) (3 263) (1 665) 103 1 151
Group Common and Other 8 (14) (47) (73) — (127)
Total comparable 13 453 (7 485) (3 309) (1 738) 103 1 024
Amortization and depreciation of acquired intangible
assets and property, plant and equipment — (3) (57) (270) — (330)
Restructuring and associated charges — (33) (51) (93) (1) (178)
Release of acquisition-related fair value adjustments
to deferred revenue and inventory (10) (73) — — — (83)
Transaction and related costs, including integration
costs — (1) (7) (29) 13 (23)
Other, net — (1) (2) (1) (3) (7)
Total reported(3) 13 443 (7 595) (3 426) (2 131) 112 403
(1) Includes Optical Networks net sales of EUR 2 037 million, IP Networks net sales of EUR 1 811 million and Fixed Networks net sales of EUR 1 466 million. Total Network Infrastructure net
sales includes EUR 2 million net sales to other segments.
(2) Includes Core Software net sales of EUR 1 638 million, Radio Networks net sales of EUR 5 110 million and Technology Standards net sales of EUR 1 118 million.
(3) Total reported operating profit includes Depreciations and amortizations of EUR 829 million for the Group, of which EUR 152 million relates to Network infrastructure, EUR 331 million to
Mobile Infrastructure and EUR 9 million to Portfolio Businesses.
Reconciliation of segments' operating profit to Group profit before tax
EUR million Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Total segments' operating profit 639 494 1 461 1 151
Group Common and Other's operating loss (34) (46) (120) (127)
Comparable operating profit 605 448 1 340 1 024
Other unallocated items (409) (196) (1 111) (621)
Share of results of associated companies and joint ventures 9 5 12 15
Financial income and expenses 51 (15) 289 (44)
Reported profit before tax 256 242 531 374
22 October 2026 19
3. DISCONTINUED OPERATIONS AND DISPOSAL GROUPS HELD FOR SALE
As part of the strategy work that led to Nokia's new strategy and reorganization of its business into two primary operating segments, Nokia
identified several units which were not seen as core to the future of the company's strategy. These units were moved into a dedicated
operating segment called Portfolio Businesses beginning from 1 January 2026 while the company continued to assess the best value creating
opportunity for them. For more details, refer to Note 2. Segment Information.
During the first half of 2026, Nokia's management prepared a coordinated plan to dispose of the businesses in its Portfolio Businesses
segment. In relation to this, on 30 April 2026 Nokia and Inseego announced that they had signed an agreement in which Inseego will acquire
Nokia’s Fixed Wireless Access CPE (FWA) business. Accordingly, Nokia classified the FWA business as held for sale and presents it as a
discontinued operation beginning from the second quarter of 2026.
The acquisition of the FWA business by Inseego was completed on 1 October 2026. Under the terms of the acquisition, and Nokia’s USD 10
million cash investment completed in conjunction with the acquisition, Nokia received an equity ownership stake in Inseego in the form of
approximately 1.9 million shares of Inseego common stock, representing an approximately 11% ownership interest. Nokia also received
warrants to purchase an aggregate of up to approximately 0.8 million shares of common stock, at an exercise price of USD 4.26 per share. In
addition, the consideration transferred includes elements of engineering support and profit sharing some of which are contingent on future
performance.
In the second quarter of 2026, Nokia also considered the sale of its Enterprise Campus Edge (ECE) business to be highly probable and hence
classified it as held for sale and a discontinued operation beginning from the second quarter of 2026. On 13 October 2026, Nokia announced
that it had signed a definitive agreement regarding the proposed acquisition by AURELIUS of the ECE business. The planned transaction is
expected to close in the first half of 2027, subject to customary closing conditions.
Results of discontinued operations
Reported
EUR million Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Net sales 81 128 212 321
Expenses (108) (141) (279) (379)
Operating loss (27) (13) (67) (58)
Impairment loss recognized on the remeasurement to fair value less costs to sell — — (8) —
Gain on sale⁽¹⁾ — — — 13
Loss from discontinued operations before tax (27) (13) (76) (45)
Income tax benefit 7 3 16 12
Loss from discontinued operations⁽²⁾ (21) (10) (59) (34)
(1) Gain on sale relates to the disposal of Nokia's Submarine Networks business in 2024.
(2) Loss from discontinued operations is attributable to the equity holders of the parent in its entirety.
Cash flows from discontinued operations
EUR million Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Net cash flows used in operating activities (18) (21) (41) (81)
Net cash flows from investing activities⁽¹⁾ — — 10 40
Net cash flow used in discontinued operations (18) (21) (31) (41)
(1) Net cash flows from investing activities relate to the disposal of Nokia's Submarine Networks business in 2024.
Assets and liabilities of disposal groups classified as held for sale
EUR million 30 September 2026
ASSETS
Inventories 19
Trade receivables 18
Other assets 6
Assets held for sale 43
LIABILITIES
Contract liabilities 24
Other liabilities 35
Liabilities associated with assets held for sale 59
22 October 2026 20
4. NET SALES
Nokia provides net sales information disaggregated by region as it considers its geographic regions to primarily depict how the nature,
amount, timing and uncertainty of revenue and cash flows are affected by economic factors. In addition, Nokia discloses net sales by its
customer type.
Each operating segment consists of customers that operate in all regions. No segment has a specific revenue concentration in any region.
Net sales information by region and customer type is presented for continuing operations only.
Net sales by region
EUR million Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Americas 1 833 1 686 5 129 4 708
APAC 1 169 1 096 3 081 3 045
EMEA 2 152 1 915 6 194 5 689
Total 5 154 4 700 14 402 13 443
Segment net sales by region
EUR million Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Network Infrastructure 2 158 1 850 6 024 5 314
Americas 1 147 917 3 119 2 486
APAC 366 356 1 007 1 035
EMEA 644 576 1 899 1 792
Mobile Infrastructure 2 902 2 755 8 085 7 866
Americas 651 732 1 905 2 118
APAC 801 737 2 067 1 998
EMEA 1 450 1 285 4 115 3 750
Portfolio Businesses 96 97 290 265
Group Common and Other(1) (2) (3) 3 (2)
Total 5 154 4 700 14 402 13 443
(1) Includes eliminations of inter-segment revenues and unallocated items.
Net sales by customer type
EUR million Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Telecommunication Providers 3 640 3 608 10 396 10 369
AI & Cloud 631 279 1 425 680
Mission Critical Enterprise & Defense 459 426 1 368 1 282
Technology Licensees 425 391 1 217 1 118
Other(1)
— (3) (3) (5)
Total 5 154 4 700 14 402 13 443
(1) Includes eliminations of inter-segment revenues, unallocated items and certain other items.
22 October 2026 21
5. PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS
Nokia operates several post-employment plans in various countries including both defined contribution and defined benefit plans. Defined
benefit plans include pension plans and other post-employment benefit plans, providing retirement healthcare benefits and life insurance
coverage. Nokia remeasured 93% of its defined benefit obligations and 97% of the plan assets at 30 September 2026. Nokia's pension and
other post-employment plans in the United States have been remeasured using updated valuations from an external actuary, and the main
pension plans outside of the United States have been remeasured based on updated asset valuations and changes in the discount rates
during the reporting period. The impact of not remeasuring other pension and post-employment obligations is considered not material. At 30
September 2026, the weighted average discount rates used in remeasurement of the most significant plans were as follows (comparatives at
31 December 2025): US Pension 6.1% (5.0%), US OPEB 6.1% (5.0%), Germany 4.5% (3.9%) and UK 6.6% (5.7%).
The funded status of Nokia’s defined benefit plans (before the effect of the asset ceiling) increased from 136%, or EUR 4 893 million, at 30
June 2026 to 140% or EUR 5 068 million, at 30 September 2026. During the quarter (comparatives during the quarter ending 30 June 2026)
the global defined benefit plan asset portfolio was invested approximately 49% (51%) in insurance contracts, 39% (38%) fixed income and
cash, 7% (6%) in equities and 5% (5%) in other asset classes, mainly private equity and real estate.
Changes in pension and post-employment net asset/(liability)
30 September 2026 30 September 2025 31 December 2025
EUR million Pensions(1) US OPEB Total Pensions(1) US OPEB Total Pensions(1) US OPEB Total
Net asset/(liability) recognized 1 January 5 061 (628) 4 433 5 541 (692) 4 849 5 541 (692) 4 849
Recognized in income statement 46 (23) 23 79 (26) 53 70 (34) 36
Recognized in other comprehensive income 191 89 280 (176) (6) (182) (12) (12) (24)
Contributions and benefits paid 89 3 92 84 3 87 124 3 127
Exchange differences and other movements(2) 179 (29) 150 (628) 75 (553) (662) 107 (555)
Net asset/(liability) recognized
at the end of the period 5 566 (588) 4 978 4 900 (646) 4 254 5 061 (628) 4 433
(1) Includes pensions, retirement indemnities and other post-employment plans.
(2) Includes Section 420 transfers, medicare subsidies and other transfers.
Funded status
EUR million 30 September 2026 30 June 2026 31 March 2026 31 December 2025 30 September 2025
Defined benefit obligation (12 825) (13 657) (13 610) (13 793) (14 179)
Fair value of plan assets 17 893 18 550 18 358 18 315 18 519
Funded status 5 068 4 893 4 748 4 522 4 340
Effect of asset ceiling (90) (91) (89) (89) (86)
Net asset recognized at the end of the period 4 978 4 802 4 659 4 433 4 254
6. DEFERRED TAXES
Deferred tax assets are recognized to the extent it is probable that future taxable profit will be available against which the unused tax losses,
unused tax credits and deductible temporary differences can be utilized in the relevant jurisdictions. At 30 September 2026, Nokia has
recognized deferred tax assets of EUR 3.7 billion (EUR 3.6 billion at 31 December 2025).
In addition, at 30 September 2026, Nokia has unrecognized deferred tax assets of approximately EUR 5 billion (EUR 5 billion at 31 December
2025), the majority of which relate to France (approximately EUR 4 billion). These deferred tax assets have not been recognized due to
uncertainty regarding their utilization. A significant portion of the French unrecognized deferred tax assets are indefinite in nature and
available against future French tax liabilities, subject to a limitation of 50% of annual taxable profits.
Nokia continually evaluates the probability of utilizing its deferred tax assets and considers both positive and negative evidence in its
assessment.
22 October 2026 22
7. FAIR VALUE OF FINANCIAL INSTRUMENTS
Financial assets and liabilities measured at fair value are categorized based on the availability of observable inputs used to measure their fair
value. The three hierarchical levels are based on an increasing amount of judgment associated with the inputs used to derive fair valuation for
these assets and liabilities, Level 1 being market values for exchange traded products, Level 2 being primarily based on publicly available
market information and Level 3 requiring most management judgment. At the end of each reporting period, Nokia categorizes its financial
assets and liabilities to the appropriate level of fair value hierarchy. Items for continuing operations carried at fair value in the following table
are measured at fair value on a recurring basis. For more information about the valuation methods and principles, refer to Note 5.2. Financial
assets and liabilities, and Note 5.3. Derivative assets and liabilities in the annual consolidated financial statements for 2025.
30 September 2026
Carrying amounts Fair value
Amortized
cost
Fair value through profit or
loss
Fair value through
other comprehensive
income(1)
EUR million Level 1 Level 2 Level 3 Level 2 Total Total
Non-current interest-bearing financial investments 352 — — — — 352 353
Venture funds and similar equity investments — 39 — 1 067 — 1 106 1 106
Other non-current financial assets 101 — 83 — 25 209 209
Other current financial assets 301 — — — 27 328 328
Derivative assets — — 71 — — 71 71
Trade receivables — — — — 4 701 4 701 4 701
Current interest-bearing financial investments 396 — 226 — — 622 622
Cash and cash equivalents 3 959 — 91 — — 4 049 4 049
Total financial assets 5 109 39 471 1 067 4 753 11 439 11 440
Long-term interest-bearing liabilities 1 865 — — — — 1 865 1 919
Other long-term financial liabilities 18 — — 71 — 89 89
Short-term interest-bearing liabilities 574 — — — — 574 579
Other short-term financial liabilities 40 — — 3 — 43 43
Derivative liabilities — — 314 — — 314 314
Discounts without performance obligations 278 — — — — 278 278
Trade payables 3 521 — — — — 3 521 3 521
Total financial liabilities 6 296 — 314 74 — 6 684 6 743
31 December 2025
Carrying amounts Fair value
Amortized
cost
Fair value through profit or
loss
Fair value through
other comprehensive
income(1)
EUR million Level 1 Level 2 Level 3 Level 2 Total Total
Non-current interest-bearing financial investments 368 — — — — 368 377
Venture funds and similar equity investments — — — 857 — 857 857
Other non-current financial assets 96 — 82 — 37 215 215
Other current financial assets 231 — — — 17 248 248
Derivative assets — — 127 — — 127 127
Trade receivables — — — — 4 975 4 975 4 975
Current interest-bearing financial investments 323 — 638 — — 961 962
Cash and cash equivalents 4 647 — 815 — — 5 462 5 462
Total financial assets 5 665 — 1 662 857 5 029 13 213 13 223
Long-term interest-bearing liabilities 2 329 — — — — 2 329 2 401
Other long-term financial liabilities 28 — — 31 — 59 59
Short-term interest-bearing liabilities 1 084 — — — — 1 084 1 083
Other short-term financial liabilities 46 — — 6 — 52 52
Derivative liabilities — — 266 — — 266 266
Discounts without performance obligations 294 — — — — 294 294
Trade payables 2 978 — — — — 2 978 2 978
Total financial liabilities 6 759 — 266 37 — 7 062 7 133
(1) No financial instruments measured at fair value through other comprehensive income are categorized in fair value hierarchy level 1 or level 3.
Lease liabilities are not included in the fair value of financial instruments.
Level 3 Financial assets include a large number of investments in unlisted equities and unlisted venture funds, including investments
managed by NGP Capital specializing in growth-stage investing. The fair value of level 3 investments is determined using one or more
valuation techniques with unobservable inputs, where the use of the market approach generally consists of using comparable market
transactions, while the use of the income approach generally consists of calculating the net present value of expected future cash flows.
22 October 2026 23
Changes in level 3 financial assets and liabilities measured at fair value:
EUR million Financial Assets Financial Liabilities
1 January 2026 857 (37)
Net gains/(losses) in income statement 254 (37)
Additions 51 —
Deductions (58) —
Transfer out of level 3 (37) —
30 September 2026 1 067 (74)
The gains and losses from financial assets and liabilities categorized in level 3 are included in financial income and expenses. A net gain of
EUR 219 million related to level 3 financial instruments held at 30 September 2026 was included in the profit and loss during 2026 (net loss
of EUR 70 million related to level 3 financial instruments held at 31 December 2025 during 2025).
8. INTEREST-BEARING LIABILITIES
Carrying amount (EUR million)
Issuer/borrower Instrument Currency
Nominal
(million)
Final
maturity
30 September
2026
30 September
2025 31 December 2025
Nokia Corporation 2.00% Senior Notes EUR 630 3/2026 — 629 630
Nokia Corporation 4.375% Senior Notes USD 500 6/2027 433 417 418
Nokia of America Corporation 6.50% Senior Notes USD 74 1/2028 65 63 63
Nokia Corporation 3.125% Senior Notes EUR 500 5/2028 — 491 490
Nokia of America Corporation 6.45% Senior Notes USD 206 3/2029 182 176 176
Nokia Corporation
4.375% Sustainability-linked
Senior Notes(1) EUR 500 8/2031 483 508 503
Nokia Corporation 3.625% Senior Notes EUR 500 6/2032 478 — —
Nokia Corporation NIB R&D Loan(2) EUR 250 10/2032 250 250 250
Nokia Corporation 6.625% Senior Notes USD 500 5/2039 397 426 417
Nokia Corporation and
various subsidiaries Other liabilities 151 94 466
Total 2 439 3 054 3 413
(1) The bond has a one-time redemption premium at maturity of EUR 4 million in case Nokia does not meet its commitment to reduce its greenhouse gas (GHG) emissions (in tCO2 e) across its
value chain (Scope 1, 2, and 3) by 50% between 2019 and 2030. This target is one of Nokia’s key sustainability targets and has been selected to be the Sustainability Performance Target in
Nokia’s Sustainable Finance Framework that enables the issuance of sustainability-linked financing instruments.
(2) The loan from the Nordic Investment Bank (NIB) is repayable in two installments in 2031 and 2032.
Nokia has a committed Revolving Credit Facility with nominal value of EUR 1 500 million maturing in June 2031 (with a one-year extension
option). Nokia also has EUR 870 million in total committed loan facilities with the European Investment Bank (EIB), expiring in tranches of EUR
435 million each in December 2027 and April 2028. The EIB facilities have not yet been disbursed and will have an average maturity of
approximately seven years after disbursements.
For information about Nokia's uncommitted funding programs, refer to Note 5.4. Financial risk management in the annual consolidated
financial statements for 2025. All borrowings and credit facilities are senior unsecured and have no financial covenants.
22 October 2026 24
9. PROVISIONS
EUR million Restructuring
Litigation and
Environmental Warranty Material liability Other(1) Total
At 1 January 2026 371 289 377 88 291 1 416
Charged to income statement
Additions 785 66 97 56 13 1 017
Reversals — (25) (63) (29) (37) (154)
Total charged/(credited) to income statement 785 41 34 27 (24) 863
Utilized during period(2) (690) (67) (104) (23) (12) (896)
Translation differences and other — 5 1 (1) 17 22
At 30 September 2026 466 268 308 91 272 1 405
Non-current 304 141 96 — 223 764
Current 164 128 212 91 46 642
(1) Other provisions include provisions for various obligations such as project losses, indirect tax provisions, divestment-related provisions, certain employee-related provisions other than
restructuring provisions and asset retirement obligations.
(2) The utilization of restructuring provision includes items transferred to accrued expenses. EUR 247 million remained in accrued expenses at 30 September 2026.
10. COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS
EUR million 30 September 2026 30 September 2025 31 December 2025
Contingent liabilities on behalf of group companies
Guarantees issued by financial institutions
Commercial guarantees 896 937 943
Non-commercial guarantees 436 506 431
Corporate guarantees
Commercial guarantees 283 274 275
Non-commercial guarantees 38 41 37
Financing commitments
Customer finance commitments 13 17 7
Investment commitments 248 231 221
The amounts in the table above represent the maximum principal amount of commitments and contingencies, and these amounts do not
reflect management's expected outcomes.
22 October 2026 25
Alternative performance measures
Certain financial measures presented in this interim report are not measures of financial performance, financial position or cash flows
defined in IFRS, and therefore may not be directly comparable with financial measures used by other companies, including those in the same
industry. The primary rationale for presenting these measures is that the management uses these measures in assessing the financial
performance of Nokia and believes that these measures provide meaningful supplemental information on the underlying business
performance. These financial measures should not be considered in isolation from, or as a substitute for, financial information presented in
compliance with IFRS.
This section provides summarized information on the performance measures included in this interim report as well as reconciliations of the
performance measures to the amounts presented in the financial statements.
Performance measure Definition Purpose
Comparable
measures
Comparable measures exclude intangible asset amortization and
other purchase price fair value adjustments, goodwill
impairments, restructuring related charges, transaction and
related costs, including integration costs, and certain other
items affecting comparability.
We believe that our comparable results provide meaningful
supplemental information to both management and investors
regarding Nokia’s underlying business performance by excluding
certain items of income and expenses that may not be indicative
of Nokia’s business operating results. Comparable operating
profit is used also in determining management remuneration.
Constant currency
net sales growth /
Net sales growth
adjusted for currency
fluctuations
When net sales growth is reported on a constant currency basis /
adjusted for currency fluctuations, the exchange rates used to
translate amounts in local currencies to euro, our reporting
currency, are the average actual periodic exchange rates for the
comparative financial period. Therefore, the constant currency
net sales growth / net sales growth adjusted for currency
fluctuations exclude the effects of changes in exchange rates
during the current period compared to euro.
We provide additional information on net sales growth on a
constant currency basis / adjusted for currency fluctuations in
order to better reflect the underlying business performance.
Constant currency
and portfolio net
sales growth
When net sales growth is reported on a constant currency and
portfolio basis, net sales in local currencies are translated to
euro using the average exchange rates for the comparative
financial period. Additionally, certain specific acquisitions or
disposals are treated as if they had occurred at the beginning of
the comparative financial period. As a result, constant currency
and portfolio net sales growth excludes the effects of changes in
exchange rates during the current period and is adjusted for the
impact of portfolio changes by including net sales from certain
specific acquisitions and excluding net sales from certain specific
divestitures from the beginning of the comparative period.
We provide additional information on net sales growth on a
constant currency and portfolio basis in order to better reflect
the underlying business performance when reported net sales
have changed not only due to changes in foreign exchange rates
but also as a result of acquisitions or disposals.
Total cash and
interest-bearing
financial investments
("Total cash")
Total cash and interest-bearing financial investments consist of
cash and cash equivalents and current interest-bearing financial
investments and non-current interest-bearing financial
investments.
Total cash and interest-bearing financial investments is used to
indicate funds available to Nokia to run its current and invest in
future business activities as well as provide return for security
holders.
Net cash and
interest-bearing
financial investments
("Net cash")
Net cash and interest-bearing financial investments equals total
cash and interest-bearing financial investments less long-term
and short-term interest-bearing liabilities. Lease liabilities are
not included in interest-bearing liabilities.
Net cash and interest-bearing financial investments is used to
indicate Nokia's liquidity position after cash required to settle
the interest-bearing liabilities.
Free cash flow Net cash flows from operating activities less capital
expenditures, net of investment grants received.
Free cash flow is the cash that Nokia generates after
investments in property, plant and equipment and intangible
assets, net of investment grants received, and we believe it
provides meaningful supplemental information as it represents
the cash available to service and repay interest-bearing financial
liabilities, including lease liabilities, make investments to grow
business and distribute funds to shareholders. It is a measure of
cash generation, working capital efficiency and capital discipline
of the business.
Capital expenditures Purchases of property, plant and equipment and intangible
assets (excluding assets acquired under business combinations).
Capital expenditures is used to refer to investments in profit-generating activities in the future.
Recurring/One-time
measures
Recurring measures, such as recurring net sales, are based on
revenues that are likely to continue in the future. Recurring
measures exclude e.g. the impact of catch-up net sales relating
to prior periods. One-time measures, such as one-time net
sales, reflect the revenues that are not likely to continue in the
future.
Recurring/one-time measures are used to improve
comparability between financial periods.
Adjusted profit/(loss) Adjusted profit/(loss) equals the cash from operations before
changes in net working capital subtotal in the consolidated
statement of cash flows.
Adjusted profit/(loss) is used to provide a structured
presentation when describing the cash flows.
Restructuring and
associated charges,
liabilities and cash
outflows
Charges, liabilities and cash outflows related to activities that
either meet the strict definition of restructuring under IFRS or
are closely associated with such activities.
Restructuring and associated charges, liabilities and cash
outflows are used to measure the progress of our integration
and transformation activities.
22 October 2026 26
Comparable to reported reconciliation
Q3'26
Net
sales
Cost of
sales
Research and
development
expenses
Selling,
general and
administrative
expenses
Other
operating
income and
expenses
Operating
profit
Financial
income
and
expenses
Income
tax
expense
Profit
from
continuing
EUR million operations
Comparable 5 154 (2 855) (1 109) (579) (6) 605 51 (168) 498
Restructuring and associated charges — (120) (113) (125) 2 (357) — 76 (281)
Amortization and depreciation of acquired
intangible assets and property, plant and
equipment — (1) (24) (20) — (46) — 11 (35)
Transaction and related costs, including
integration costs — — (4) (3) — (8) — 2 (6)
Change in provisions related to past
acquisitions — — — (5) 9 4 — (1) 3
Impairment and write-off of assets, net of
reversals — (1) (2) — — (3) — 1 (2)
Disposal of businesses — — — — — (1) — — (1)
Items affecting comparability — (124) (142) (154) 10 (409) — 88 (322)
Reported 5 154 (2 979) (1 251) (733) 4 196 51 (80) 176
Q3'25
Net
sales
Cost of
sales
Research and
development
expenses
Selling,
general and
administrative
expenses
Other
operating
income and
expenses
Operating
profit
Financial
income
and
expenses
Income
tax
expense
Profit
from
continuing
EUR million operations
Comparable 4 705 (2 596) (1 104) (590) 33 448 38 (158) 334
Amortization and depreciation of acquired
intangible assets and property, plant and
equipment — (1) (25) (89) — (115) — 28 (87)
Restructuring and associated charges — 3 (22) (25) — (44) — 9 (35)
Release of acquisition-related fair value
adjustments to deferred revenue and
inventory (5) (20) — — — (25) — 6 (19)
Transaction and related costs, including
integration costs — (1) (4) (6) — (10) — — (10)
Impairment and write-off of assets, net of
reversals — — (1) — — (2) — — (1)
Disposal of businesses — — — — (1) (1) 3 4 7
Change in financial liability to acquire NSB
non-controlling interest — — — — — — (57) — (57)
Deferred tax expense due to tax rate
changes — — — — — — — (41) (41)
Items affecting comparability (5) (19) (51) (120) (1) (196) (53) 6 (244)
Reported 4 700 (2 615) (1 155) (710) 31 252 (15) (152) 90
Q1-Q3'26
Net
sales
Cost of
sales
Research and
development
expenses
Selling,
general and
administrative
expenses
Other
operating
income and
expenses
Operating
profit
Financial
income
and
expenses
Income
tax
expense
Profit
from
continuing
EUR million operations
Comparable 14 405 (7 853) (3 443) (1 757) (13) 1 340 298 (427) 1 223
Restructuring and associated charges — (244) (328) (333) 2 (903) — 182 (721)
Amortization and depreciation of acquired
intangible assets and property, plant and
equipment — (4) (74) (60) — (137) — 34 (103)
Impairment and write-off of assets, net of
reversals — (2) (4) (27) — (33) — 7 (26)
Transaction and related costs, including
integration costs — (3) (12) (14) — (29) — 7 (22)
Change in provisions related to past
acquisitions — — — (8) (5) (13) — 3 (9)
Gain on defined benefit plan amendment — 2 3 1 — 7 — (2) 5
Release of acquisition-related fair value
adjustments to deferred revenue (3) — — — — (3) — 1 (2)
Settlements and resolutions of legal
disputes — — — — — — (8) (29) (37)
Disposal of businesses — — (1) — 1 — (1) — (1)
Items affecting comparability (3) (251) (414) (440) (2) (1 111) (9) 204 (916)
Reported 14 402 (8 104) (3 857) (2 197) (15) 229 289 (223) 307
22 October 2026 27
Q1-Q3'25
Net
sales
Cost of
sales
Research and
development
expenses
Selling,
general and
administrative
expenses
Other
operating
income and
expenses
Operating
profit
Financial
income
and
expenses
Income
tax
expense
Profit
from
continuing
EUR million operations
Comparable 13 453 (7 485) (3 309) (1 738) 103 1 024 44 (323) 760
Amortization and depreciation of acquired
intangible assets and property, plant and
equipment — (3) (57) (270) — (330) — 79 (251)
Restructuring and associated charges — (33) (51) (93) (1) (178) — 35 (143)
Release of acquisition-related fair value
adjustments to deferred revenue and
inventory (10) (73) — — — (83) — 20 (63)
Transaction and related costs, including
integration costs — (1) (7) (29) 13 (23) — — (23)
Impairment and write-off of assets, net of
reversals — (1) (2) (1) — (4) — 1 (3)
Disposal of businesses — — — — (3) (3) 3 5 5
Change in financial liability to acquire NSB
non-controlling interest — — — — — — (65) — (65)
Deferred tax expense due to tax rate
changes — — — — — — — (41) (41)
Change in fair value of Infinera convertible
notes — — — — — — (23) — (23)
Fair value changes of current equity
investments — — — — — — (3) — (3)
Items affecting comparability (10) (110) (116) (393) 9 (621) (88) 99 (610)
Reported 13 443 (7 595) (3 426) (2 131) 112 403 (44) (224) 150
Reconciliation of constant currency and portfolio net sales growth to reported net sales growth
Below tables show the reconciliation between constant currency and portfolio net sales growth and reported net sales growth. Portfolio
changes comprise the acquisition of Infinera which was completed in Q1'25. Constant currency and portfolio growth is the same as constant
currency growth if there were no portfolio changes affecting the unit during the periods presented.
Net sales growth by segment
Q3'26 year-on-year change Q1-Q3'26 year-on-year change
Constant
currency and
portfolio
change
Foreign
exchange
impact
Portfolio
changes YoY change
Constant
currency and
portfolio
change
Foreign
exchange
impact
Portfolio
changes YoY change
Nokia Group 9% 1% 0% 10% 7% (2)% 2% 7%
Network Infrastructure 15% 2% 0% 17% 11% (2)% 4% 13%
Optical Networks 18% 1% 0% 19% 19% (2)% 12% 29%
IP Networks 43% 2% 0% 45% 20% (2)% 0% 18%
Fixed Networks (22)% 1% 0% (21)% (12)% (2)% 0% (14)%
Mobile Infrastructure 5% 0% 0% 5% 5% (2)% 0% 3%
Core Software (13)% 0% 0% (13)% (3)% (2)% 0% (5)%
Radio Networks 10% 1% 0% 11% 6% (2)% 0% 4%
Technology Standards 8% 1% 0% 9% 11% (2)% 0% 9%
Portfolio Businesses (2)% 1% 0% (1)% 11% (2)% 0% 9%
Group net sales growth by region
Q3'26 year-on-year change Q1-Q3'26 year-on-year change
Constant
currency and
portfolio
change
Foreign
exchange
impact
Portfolio
changes YoY change
Constant
currency and
portfolio
change
Foreign
exchange
impact
Portfolio
changes YoY change
Americas 7% 2% 0% 9% 8% (2)% 3% 9%
APAC 7% 0% 0% 7% 4% (4)% 1% 1%
EMEA 12% 0% 0% 12% 9% (1)% 1% 9%
22 October 2026 28
Primary operating segments' net sales growth by region
Q3'26 year-on-year change Q1-Q3'26 year-on-year change
Constant
currency and
portfolio
change
Foreign
exchange
impact
Portfolio
changes YoY change
Constant
currency and
portfolio
change
Foreign
exchange
impact
Portfolio
changes YoY change
Network Infrastructure
Americas 23% 2% 0% 25% 21% (3)% 7% 25%
APAC 3% 0% 0% 3% (2)% (3)% 2% (3)%
EMEA 11% 1% 0% 12% 4% (1)% 3% 6%
Mobile Infrastructure
Americas (13)% 2% 0% (11)% (8)% (2)% 0% (10)%
APAC 10% (1)% 0% 9% 7% (4)% 0% 3%
EMEA 12% 1% 0% 13% 11% (1)% 0% 10%
Net sales growth by customer type
Q3'26 year-on-year change Q1-Q3'26 year-on-year change
Constant
currency and
portfolio
change
Foreign
exchange
impact
Portfolio
changes YoY change
Constant
currency and
portfolio
change
Foreign
exchange
impact
Portfolio
changes YoY change
Telecommunication
Providers 0% 1% 0% 1% 1% (2)% 1% 0%
AI & Cloud 123% 3% 0% 126% 92% (3)% 21% 110%
Mission Critical
Enterprise & Defense 7% 1% 0% 8% 6% (1)% 2% 7%
Technology Licensees 8% 1% 0% 9% 11% (2)% 0% 9%
Net cash and interest-bearing financial investments
EUR million 30 September 2026 30 June 2026 31 March 2026 31 December 2025 30 September 2025
Non-current interest-bearing financial investments 352 344 336 368 390
Current interest-bearing financial investments 622 484 879 961 773
Cash and cash equivalents 4 049 4 348 4 951 5 462 4 892
Total cash and interest-bearing financial investments 5 023 5 176 6 166 6 791 6 055
Long-term interest-bearing liabilities(1) 1 865 1 922 2 338 2 329 2 343
Short-term interest-bearing liabilities(1) 574 478 40 1 084 711
Total interest-bearing liabilities 2 439 2 400 2 378 3 413 3 054
Net cash and interest-bearing financial investments 2 584 2 776 3 788 3 378 3 001
(1) Lease liabilities are not included in interest-bearing liabilities.
Free cash flow
EUR million Q3'26 Q3'25 Q1-Q3'26 Q1-Q3'25
Net cash flows from operating activities 95 597 254 1 696
Capital expenditures, net of investment grants received (194) (168) (459) (458)
Free cash flow (99) 429 (205) 1 238
This financial report was approved by the Board of Directors on 22 October 2026.
Media and Investor Contacts:
Communications, tel. +358 10 448 4900 email: press.services@nokia.com
Investor Relations, tel. +358 931 580 507 email: investor.relations@nokia.com
• Nokia plans to publish its fourth quarter and full year 2026 results on 28 January 2027.
22 October 2026 29
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant, Nokia Corporation, has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Date: October 22, 2026
Nokia Corporation
By:
/s/ Johanna Mandelin
Name:
Johanna Mandelin
Title:
Global Head of Corporate Legal