Nokia Corporation Interim Report for Q3 2025

Nokia Corporation Interim Report for Q3 2025

Strong net sales growth, well on track to achieve full year outlook

• Q3 comparable net sales grew 9% y-o-y on a constant currency and portfolio basis (12% reported) with all business groups contributing and particularly strong growth in Optical Networks growing 19%.
• Comparable gross margin in Q3 declined 150bps y-o-y to 44.2% (reported declined 150bps to 43.7%) as expected due to product mix in Network Infrastructure and Mobile Networks offsetting strength in Cloud and Network Services.
• Q3 comparable operating margin decreased 220bps y-o-y to 9.0% (reported up 140bps to 5.0%). The margin would have been stable y-o-y apart from a one-time benefit in the prior year from a provision reversal.
• Q3 comparable diluted EPS for the period of EUR 0.06; reported diluted EPS for the period of EUR 0.01.
• Q3 free cash flow of EUR 0.4 billion, net cash balance of EUR 3.0 billion.
• Operationally, Nokia's outlook is unchanged for full year 2025. However, a change in venture fund reporting leads to a EUR 0.1 billion revision to the operating profit.⁽¹⁾ As a result Nokia's comparable operating profit guidance is revised to between EUR 1.7 and 2.2 billion (was between EUR 1.6 and 2.1 billion).

Full press release