Nokia - Interim Report for Q1 2026

Solid start to the year with strong growth in Optical Networks

• Q1 comparable net sales grew 4% y-o-y on a constant currency and portfolio basis (+2% reported).
• Network Infrastructure net sales grew 6% y-o-y on a constant currency and portfolio basis with a strong contribution from
  Optical Networks which grew 20%. Net sales from AI & Cloud customers grew 49%.
• Mobile Infrastructure net sales grew 3% y-o-y on a constant currency basis. Core Software grew 5% while Radio Networks
  was flat and Technology Standards grew 10% with several new deals signed in the quarter.
• Q1 comparable gross margin expanded 320bps y-o-y to 45.5%. Reported gross margin increased 270bps to 44.2%.
• Q1 comparable operating margin increased 200bps y-o-y to 6.2%. Reported operating margin expanded 190bps to 1.4%.
• Q1 comparable diluted EPS of EUR 0.05; reported diluted EPS for the period of EUR 0.02.
• Q1 free cash flow of EUR 0.6 billion, net cash balance of EUR 3.8 billion.
• Nokia's full year outlook is unchanged. Nokia targets EUR 2.0 to 2.5 billion of comparable operating profit.

Full press release