REG-Nokia provides recast comparative segment results for 2025 and 2024 reflecting new operating and financial reporting structure

Nokia OyjAnnouncement

29/01/2026 06:30

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Nokia Corporation
Stock Exchange Release
29 January 2026 at 08:30 EET

Nokia provides recast comparative segment results for 2025 and 2024 reflecting
new operating and financial reporting structure

Nokia today provides recast comparative segment financial information on a
quarterly and annual basis for 2025, and on an annual basis for 2024,
reflecting the previously announced changes in its operating and financial
reporting structure.

Changes in operating and reporting structure, effective from 1 January 2026
On 19 November 2025, Nokia announced together with its new strategy that it
will reorganize its business into two primary operating segments to better
align to customer needs and accelerate innovation as the AI supercycle
increases demand for advanced connectivity. This reorganization took effect as
of 1 January 2026.

The reorganization recognizes Network Infrastructure as 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 and is led by David Heard.

The new 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. The new
segment brings together a portfolio whose value creation is founded on mobile
communication technologies based on 3GPP standards with a strong cash flow
position underpinned by IP licensing. It is led by Justin Hotard on an interim
basis and consists of three business units Core Software, Radio Networks and
Technology Standards.

In addition, as part of its strategy work, Nokia 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: (i) Fixed Wireless Access CPE (previously in Fixed
Networks in Network Infrastructure), (ii) Site Implementation and Outside
Plant (previously in Fixed Networks in Network Infrastructure), (iii)
Enterprise Campus Edge (previously in Cloud and Network Services), and (iv)
Microwave Radio (previously in Mobile Networks).

Recast comparative segment financial information for 2025 and 2024
Nokia will report its segment financial information in accordance with the new
organizational structure beginning with its Q1 2026 financial results. In
addition to full segment financial information for its three operating
segments, Nokia will disclose net sales information for the business units
within its Network Infrastructure and Mobile Infrastructure segments.
Furthermore, Nokia will continue providing segment-level data for Group Common
and Other.

To provide a basis for comparison, the following tables present summarized
unaudited income statement information on a recast basis for all four quarters
and full year of 2025, as well as for the full year 2024, for Network
Infrastructure, Mobile Infrastructure and Portfolio Businesses segments, as
well as for Group Common and Other. 
Reported or comparable results for the Nokia Group were not affected by the
changes in the reporting structure.

 Network Infrastructure (Recast)                                                                             
 EUR million                                   Q1’25    Q2’25    Q3’25    Q4’25    Q1-Q4’25      Q1-Q4’24    
 Net sales                                     1 639    1 826    1 850    2 332    7 646         6 285       
 Optical Networks                              525      730      782      981      3 018         1 636       
 IP Networks                                   646      588      578      783      2 594         2 582       
 Fixed Networks                                468      507      490      568      2 034         2 067       
 Gross profit                                  687      736      791      1 067    3 281         2 713       
 Gross margin %                                41.9%    40.3%    42.8%    45.8%    42.9%         43.2%       
 Research and development expenses             (343)    (374)    (392)    (409)    (1 518)       (1 195)     
 Selling, general and administrative expenses  (228)    (251)    (254)    (274)    (1 007)       (845)       
 Other operating income and expenses           (1)      8        1        6        14            44          
 Operating profit                              115      119      145      390      770           718         
 Operating margin %                            7.0%     6.5%     7.8%     16.7%    10.1%         11.4%       



 Mobile Infrastructure (Recast)                                                                              
 EUR million                                   Q1’25    Q2’25    Q3’25    Q4’25    Q1-Q4’25      Q1-Q4’24    
 Net sales                                     2 573    2 526    2 747    3 562    11 409        12 191      
 Core Software                                 535      507      593      765      2 400         2 411       
 Radio Networks                                1 669    1 662    1 763    2 414    7 507         7 852       
 Technology Standards                          369      357      391      384      1 501         1 928       
 Gross profit                                  1 137    1 264    1 300    1 814    5 515         6 137       
 Gross margin %                                44.2%    50.0%    47.3%    50.9%    48.3%         50.3%       
                                                                                                             
 Research and development expenses             (720)    (701)    (683)    (785)    (2 889)       (2 894)     
 Selling, general and administrative expenses  (309)    (292)    (294)    (338)    (1 233)       (1 320)     
 Other operating income and expenses           24       39       31       38       131           189         
 Operating profit                              132      309      354      730      1 525         2 111       
 Operating margin %                            5.1%     12.2%    12.9%    20.5%    13.4%         17.3%       



 Portfolio Businesses (Recast)                                                                               
 EUR million                                   Q1’25    Q2’25    Q3’25    Q4’25    Q1-Q4’25      Q1-Q4’24    
 Net sales                                     176      199      234      236      845           717         
                                                                                                             
 Gross profit                                  39       35       44       65       183           190         
 Gross margin %                                22.2%    17.6%    18.8%    27.5%    21.7%         26.5%       
                                                                                                             
 Research and development expenses             (35)     (36)     (32)     (38)     (142)         (146)       
 Selling, general and administrative expenses  (36)     (32)     (32)     (35)     (135)         (125)       
 Other operating income and expenses           —        1        1        2        4             9           
 Operating profit                              (32)     (32)     (19)     (6)      (90)          (72)        
 Operating margin %                            (18.2%)  (16.1%)  (8.1%)   (2.5%)   (10.7%)       (10.0%)     



 Group Common and Other (Recast)                                                                             
 EUR million                                   Q1’25    Q2’25    Q3’25    Q4’25    Q1-Q4’25      Q1-Q4’24    
 Net sales                                     4        3        4        6        16            34          
                                                                                                             
 Gross profit                                  (6)      —        (1)      1        (5)           4           
                                                                                                             
 Research and development expenses             (16)     (16)     (16)     (18)     (65)          (63)        
 Selling, general and administrative expenses  (10)     (33)     (29)     (38)     (109)         (116)       
 Other operating income and expenses           —        —        —        —        (1)           1           
 Operating profit                              (32)     (48)     (45)     (55)     (180)         (174)       

About Nokia
Nokia is a global leader in connectivity for the AI era. With expertise across
fixed, mobile, and transport networks, we’re advancing connectivity to
secure a brighter world.

Inquiries:
Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Vice President, Global Media Relations

Nokia
Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment
*     ENG Recast tables
(https://ml-eu.globenewswire.com/Resource/Download/575a6c2a-6b52-48e7-9b6a-552e61108dc9)