Full Year 2025 Nokia Oyj Earnings Call Transcript
Key Points
- Nokia Oyj (NOK) reported a 3% increase in net sales for Q4 2025, reaching EUR6.1 billion.
- The company achieved an operating profit of EUR1 billion in Q4, aligning with expectations.
- Network Infrastructure saw a 7% growth in net sales, driven by a 17% increase in optical networks.
- Nokia Oyj (NOK) secured a design win for its next-generation data center switching platform.
- The company closed the transaction to take full ownership of its joint venture in China, Nokia Shanghai Bell, enhancing operational flexibility.
- Operating margin for Q4 was 90 basis points below the prior year, impacted by increased investments in growth areas.
- Cloud and Network Services experienced a 4% decline in Q4 due to different phasing of revenue recognition.
- Nokia Technologies saw a 17% decline in net sales in Q4, with lower catch-up sales compared to the previous year.
- The company anticipates some top-line headwinds in 2026 from prior contract losses in Mobile Infrastructure.
- Nokia Oyj (NOK) expects Q1 2026 net sales to decline more than normal seasonality would imply, following a stronger-than-usual Q4 2025.
Good morning, ladies and gentlemen. Welcome to Nokia's fourth-quarter and full-year 2025 results call. I'm David Mulholland, Head of Nokia Investor Relations. And today with me is Justin Hotard, our President and CEO; along with Marco Wiren, our CFO.
Before we get started, a quick disclaimer. During this call, we will be making forward-looking statements regarding our future business and financial performance, and these statements are predictions that involve risks and uncertainties.
Actual results may, therefore, differ materially from the results we currently expect. Factors that could cause such differences can be both external as well as internal operating factors. We've identified such risks in the Risk Factor section of our Annual Report on Form 20-F, which is available on our Investor Relations website.
Within today's presentation, references to growth rates will mostly be on a constant currency and portfolio basis, and other financial items will be based on our comparable reporting. Please note that our Q4 report
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