Nokia Corporation
Stock Exchange Release
23 July 2026 at 8:15 EEST

Nokia provides recast comparative financial information reflecting the presentation of Fixed Wireless Access CPE and Enterprise Campus Edge businesses as discontinued operations

Nokia today provides recast comparative financial information for Nokia Group and its reportable segments for Q1 2026 and Q1-Q4 2025 reflecting the presentation of Fixed Wireless Access CPE and Enterprise Campus Edge businesses as discontinued operations.

Presentation of Fixed Wireless Access CPE and Enterprise Campus Edge businesses as discontinued operations

As part of the strategy work that led to Nokia's new strategy and reorganization of its business into two primary operating segments, Nokia identified several units which were not seen as core to the future of the company's strategy. These units were moved into a dedicated operating segment called Portfolio Businesses beginning from 1 January 2026 while the company continued to assess the best value creating opportunity for them. During Q2 2026, Nokia classified the Fixed Wireless Access CPE and Enterprise Campus Edge businesses included in the Portfolio Businesses segment as discontinued operations. This followed the agreement Nokia reached to sell its Fixed Wireless Access CPE business and its assessment that it is highly probable it will reach an agreement to sell Enterprise Campus Edge. Classification of these businesses as discontinued operations had also a minor impact on the financial information for Network Infrastructure and Mobile Infrastructure segments due to the scope of expected transactions and centrally allocated costs. For more information on Nokia’s current operational and reporting structure and discontinued operations, refer to Note 2. Segment information and Note 3. Discontinued operations and disposal groups held for sale in Nokia’s Report for Q2 and Half Year 2026.

To provide a basis for comparison, the following tables present summarized income statement information for Nokia Group and its reportable segments on an unaudited basis for all quarters and the full year of 2025, as well as for the first two quarters and first half of 2026, reflecting the presentation of Fixed Wireless Access CPE and Enterprise Campus Edge businesses as discontinued operations.

Tables in Excel are attached to this stock exchange release.

Nokia Group

Reported
	Recast
EUR million	Q1'25	Q2'25	Q3'25	Q4'25	Q1-Q4'25	Q1'26	Q2’26	Q1-Q2’26
Net sales	4 300	4 443	4 700	6 021	19 464	4 433	4 815	9 248
Gross profit	1 809	1 953	2 085	2 739	8 587	1 977	2 146	4 123
Gross margin %	42.1%	44.0%	44.4%	45.5%	44.1%	44.6%	44.6%	44.6%
Research and development expenses	(1 127)	(1 143)	(1 155)	(1 350)	(4 776)	(1 223)	(1 383)	(2 606)
Selling, general and administrative expenses	(701)	(721)	(710)	(854)	(2 985)	(647)	(817)	(1 464)
Other operating income and expenses	23	58	31	39	151	(24)	4	(19)
Operating profit/(loss)	4	147	252	575	977	83	(50)	33
Operating margin %	0.1%	3.3%	5.4%	9.5%	5.0%	1.9%	(1.0%)	0.4%
Profit/(loss) from continuing operations	(39)	99	90	562	712	104	27	131
Profit/(loss) for the period	(60)	96	80	544	660	87	5	92

Comparable
	Recast
EUR million	Q1'25	Q2'25	Q3'25	Q4'25	Q1-Q4'25	Q1'26	Q2’26	Q1-Q2’26
Net sales	4 300	4 448	4 705	6 026	19 480	4 436	4 815	9 251
Gross profit	1 842	2 017	2 109	2 920	8 889	2 038	2 216	4 253
Gross margin %	42.8%	45.3%	44.8%	48.5%	45.6%	45.9%	46.0%	46.0%
Research and development expenses	(1 097)	(1 109)	(1 104)	(1 231)	(4 541)	(1 137)	(1 197)	(2 334)
Selling, general and administrative expenses	(559)	(589)	(590)	(664)	(2 402)	(588)	(589)	(1 177)
Other operating income and expenses	23	48	33	42	145	(11)	5	(7)
Operating profit	209	367	448	1 067	2 092	301	434	735
Operating margin %	4.9%	8.3%	9.5%	17.7%	10.7%	6.8%	9.0%	7.9%
Profit/(loss) from continuing operations	174	252	334	884	1 644	311	414	726
Profit/(loss) for the period	174	252	334	884	1 644	311	414	726

Network Infrastructure

	Recast
EUR million	Q1'25	Q2'25	Q3'25	Q4'25	Q1-Q4'25	Q1'26	Q2’26	Q1-Q2’26
Net sales	1 639	1 825	1 850	2 332	7 646	1 829	2 037	3 866
Gross profit	686	736	790	1 067	3 278	792	870	1 662
Gross margin %	41.9%	40.3%	42.7%	45.8%	42.9%	43.3%	42.7%	43.0%
Research and development expenses	(344)	(374)	(392)	(410)	(1 520)	(398)	(428)	(825)
Selling, general and administrative expenses	(229)	(253)	(256)	(275)	(1 013)	(268)	(272)	(540)
Other operating income and expenses	(1)	8	1	6	14	(6)	(4)	(10)
Operating profit	113	117	143	387	760	121	166	287
Operating margin %	6.9%	6.4%	7.7%	16.6%	9.9%	6.6%	8.2%	7.4%

Mobile Infrastructure

	Recast
EUR million	Q1'25	Q2'25	Q3'25	Q4'25	Q1-Q4'25	Q1'26	Q2’26	Q1-Q2’26
Net sales	2 579	2 531	2 755	3 579	11 445	2 503	2 680	5 183
Gross profit	1 140	1 266	1 302	1 817	5 525	1 213	1 320	2 533
Gross margin %	44.2%	50.0%	47.3%	50.8%	48.3%	48.5%	49.3%	48.9%
Research and development expenses	(720)	(701)	(683)	(785)	(2 890)	(708)	(735)	(1 443)
Selling, general and administrative expenses	(310)	(293)	(295)	(338)	(1 235)	(283)	(283)	(566)
Other operating income and expenses	24	39	31	38	131	0	8	8
Operating profit	134	310	355	732	1 531	222	310	532
Operating margin %	5.2%	12.3%	12.9%	20.4%	13.4%	8.9%	11.6%	10.3%

Portfolio Businesses

	Recast
EUR million	Q1'25	Q2'25	Q3'25	Q4'25	Q1-Q4'25	Q1'26	Q2’26	Q1-Q2’26
Net sales	80	89	97	113	379	100	94	194
Gross profit	21	15	18	35	90	33	27	60
Gross margin %	27.0%	17.4%	18.6%	30.8%	23.7%	32.7%	29.3%	31.0%
Research and development expenses	(17)	(18)	(13)	(18)	(65)	(18)	(19)	(37)
Selling, general and administrative expenses	(10)	(10)	(10)	(12)	(42)	(7)	(8)	(16)
Other operating income and expenses	0	1	1	(2)	1	(5)	(1)	(5)
Operating profit/(loss)	(6)	(11)	(4)	4	(17)	3	0	2
Operating margin %	(7.3%)	(12.5%)	(4.3%)	3.5%	(4.5%)	2.9%	(0.5%)	1.3%

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, Corporate Communications

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

Attachment

Recast Tables ENG