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Nokia Oyj’s third-quarter profit beat analyst expectations, driven by rising demand for data center networking equipment as investment in artificial intelligence infrastructure surges.

NOKIA $NOK JUST REPORTED Q3 EARNINGS - Net Sales: €5,154M, beating est. of €5.04B 🟢 - Adj EPS: €0.09, beating est. of €0.06 🟢 - Comparable Gross Margin: 44.6% (-20 bps YoY) - Comparable Oper Profit: €605M - Comparable Oper Margin: 11.7% (+220 bps YoY) - AI & Cloud Net Sales: +123% YoY (cc) - AI & Cloud Order Intake: €1.5B - Reported EPS: €0.03 Segment Net Sales: - Network Infrastructure: €2,158M (+17% YoY) - Mobile Infrastructure: €2,902M (+5% YoY) - Portfolio Businesses: €96M (-1% YoY) FY26 Guidance: - Comparable Oper Profit: €2.1B-€2.6B - Network Infrastructure Growth: 12% to 14% - FCF Conversion: 35% to 55% - CapEx: €750M-€850M Key Updates: - Dividend per Share: €0.03 - Infinera Integration: On track for completion by the end of 2026, one year ahead of plan - AI-RAN Call: Completed with T-Mobile and NVIDIA in a live operator network

NOKIA $NOK Q3’26 EARNINGS HIGHLIGHTS 🔹 Net Sales: €5,154M (Est. €5.04B) 🟢; +10% YoY 🔹 Adj. EPS: €0.09 (Est. €0.06) 🟢; +50% YoY 🔹 Comparable Gross Margin: 44.6%; -20 bps YoY 🔹 Comparable Oper Profit: €605M (Est. €442M) 🟢 FY26 Guide: 🔹 Comparable Oper Profit: €2.1B-€2.6B 🔹 Network Infrastructure Growth: 12% to 14% 🔹 FCF Conversion: 35% to 55% 🔹 CapEx: €750M-€850M Segment Net Sales: 🔹 Network Infrastructure: €2,158M; +17% YoY 🔹 Mobile Infrastructure: €2,902M; +5% YoY 🔹 Portfolio Businesses: €96M; -1% YoY Other Q3 Metrics: 🔹 Comparable Oper Margin: 11.7%; +220 bps YoY 🔹 AI & Cloud Net Sales: +123% YoY; cc 🔹 Optical Networks: +18% YoY; cc 🔹 IP Networks: +43% YoY; cc 🔹 AI & Cloud Order Intake: €1.5B 🔹 Reported EPS: €0.03 🔹 Net Cash: €2,584M; -14% YoY Key Updates: 🔹 Dividend per Share: €0.03 🔹 Infinera Integration: On track for completion by the end of 2026, one year ahead of plan 🔹 AI-RAN Call: Completed with T-Mobile and NVIDIA in a live operator network Comments: 🔸 “In Q3, we grew net sales by 9% and improved comparable operating margin by 220 basis points.”

Nokia $NOK CEO Hotard says AI infra demand remains strong and supply constraints are the main thing slowing the buildout “I don’t think you can say in any manner we’re overbuilding today” “If we could build 2x faster, our customers could build 2x faster, they probably would” Hotard said that gives him confidence “we’re still in the early days” of the AI buildout. He also argued demand does not depend on constant releases of new frontier models: “Even if we didn’t have another frontier model released in the next three years, we could probably make tremendous progress just deploying the technology that’s there today.” Memory shortages and power availability remain among the biggest constraints. Source: CNBC / ht @ArjunKharpal