Nokia Oyj (NOK) perpetual futures

Nokia reported Q2 2026 net sales growth of 9% with gross margin expanding 70 basis points to 46% and operating margin increasing 70 basis points to 9%. The company achieved exceptional results in its AI and cloud segment, with net sales more than doubling year-on-year to EUR 446 million and order intake reaching EUR 2.8 billion, though CEO Justin Hotard emphasized that approximately half of Q2 orders are expected to convert to revenue within the next 12 months and that order patterns are inherently lumpy. Network infrastructure delivered strong performance with optical networks growing 20% and IP networks growing 16%, driven by continued demand from AI and cloud customers and emerging growth in telecom customers investing in transport infrastructure. The company launched its first commercial AI RAN platform last week, targeting pilot deployments by end of 2026 and commercial availability in 2027, with expectations for spectral efficiency gains exceeding 100% by 2028. Management reaffirmed guidance for somewhat above midpoint operating profit performance and announced several capacity expansion initiatives including volume production at the San Jose indium phosphide facility by year

Nokia reported Q1 2026 net sales of EUR 4.5 billion (4% growth) with operating margin of 6.2% and free cash flow of EUR 629 million. The company raised full-year Network Infrastructure growth guidance to 12-14% from 6-8%, and Optical/IP Networks to 18-20% from 10-12%, reflecting stronger AI and cloud customer momentum and EUR 1 billion in new orders received in the quarter. Gross margin expanded 320 basis points to 45.5%, supported by Infinera integration synergies and strong Optical Networks performance.

Nokia reported FY2025 net sales of EUR 19.9 billion and operating profit of EUR 2 billion with 72% free cash flow conversion, executing its repositioning strategy around Network Infrastructure growth and Mobile Infrastructure profitability. The company highlighted strong optical networking momentum (17% Q4 growth) driven by AI and cloud customers, while establishing new organizational structure including Mobile Infrastructure and Portfolio Businesses segments. For FY2026, Nokia targets operating profit of EUR 2.0-2.5 billion with Network Infrastructure expected to grow 6-8% and optical/IP networks at 10-12% CAGR through 2028.

Nokia achieved 9% net sales growth in Q3 2025 with all business groups contributing. Network Infrastructure grew 11% driven by optical networks (+19%), while Cloud and Network Services expanded 13% with improved margins. The company secured Infinera acquisition synergies ahead of schedule and expects Q4 net sales growth slightly above historical 22% seasonality, tracking toward the midpoint of its EUR 1.7-2.2 billion operating profit guidance.

Nokia cut its full-year operating profit guidance by EUR 300 million midpoint, citing EUR 230 million currency headwind (primarily EUR/USD movement from 1.04 to 1.17) and EUR 50-80 million tariff impact on fulfillment of existing orders. Q2 net sales declined 1% on constant currency basis to EUR 4.55 billion, with Network Infrastructure growth of 8% offset by Mobile Networks decline of 13%, while underlying operational performance remained in line with expectations.