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Nokia (NOKIA) investor relations material
Nokia Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Net sales grew 9% year-over-year in Q3 2025 on a constant currency and portfolio basis, with all business groups contributing and strong demand from AI and cloud customers, especially in Optical and IP Networks.
Profitability was in line with expectations; operating margin declined 220 basis points year-on-year due to a one-time benefit in the prior year.
Integration of the Infinera acquisition is ahead of schedule, contributing positively to sales and order intake.
Backlog coverage entering Q4 is stronger than recent years, supporting a positive outlook.
Gross margin declined 150 basis points year-on-year to 44.2%, mainly due to product mix in Network Infrastructure and Mobile Networks.
Financial highlights
Q3 2025 net sales reached EUR 4.8 billion, up 9% year-over-year on a constant currency and portfolio basis.
Gross margin was 44.2% (down 150bps year-over-year); operating margin was 9.0% (down 220bps year-over-year).
Free cash flow was EUR 429 million; net cash position at quarter-end was EUR 3.0 billion.
Comparable operating profit was EUR 435 million (down 10% year-over-year); comparable diluted EPS was EUR 0.06.
Cost savings program is on track, targeting EUR 450 million in savings for 2025.
Outlook and guidance
Full-year 2025 comparable operating profit guidance raised to EUR 1.7–2.2 billion due to a technical change in venture fund reporting.
Free cash flow conversion target remains 50%-80% of comparable operating profit for the full year.
Q4 net sales expected to grow sequentially, slightly above historical seasonality, with strong growth in Network Infrastructure and Cloud and Network Services.
Dividend of EUR 0.03 per share declared, with a remaining authorization of EUR 0.03 per share.
AI/Cloud customer growth strategy?
Gross margin recovery plan for product mix?
Infinera's path to operating profit?
Motivations for continuous cost discipline
AI/cloud growth drivers by customer segment?
Strategy for sustainable Mobile Networks margins?
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Frequently asked questions
Nokia Oyj operates as a network and technology company that provides broadband infrastructure, software, and related services worldwide. It operates in three business groups: Mobile Networks, Fixed Networks, and Nokia Technologies. The Mobile Networks group provides radio access and core network solutions for operators, enterprises, and public sector institutions. The Fixed Networks group offers fixed-network infrastructure solutions for high-speed data transmission requirements with advanced mobile broadcast solutions for television broadcasters.
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