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.”