Nokia Capital Markets Day 2025 Summary Company Overview - **Company**: Nokia (NYSE:NOK) - **Event**: Capital Markets Day 2025 - **Date**: November 19, 2025 Key Industry Insights - **AI Supercycle**: Nokia is positioning itself to lead in the AI supercycle, which is characterized by a multi-wave structural transformation that will reshape industries and economies [3][7][9] - **Network Demand**: The demand for connectivity is increasing due to the rise of AI applications, with consumer AI traffic expected to grow over 20% annually and enterprise AI traffic nearly 50% annually over the next decade [8][11] - **Market Growth**: The Network Infrastructure (NI) market is forecasted to grow from $48 billion in 2025 to $60 billion in 2028, driven by AI workloads and increased data center traffic [11] Strategic Focus Areas - **AI-Native Networks**: Nokia aims to lead the development of AI-native networks that are adaptable, reliable, and capable of handling the demands of AI applications [12][13][21] - **Customer-Centric Approach**: The company is focusing on co-innovation with customers, particularly in telecommunications and AI/cloud sectors, to enhance network performance and unlock new value [14][17][19] - **Defense Sector**: Nokia is establishing a new business unit, Nokia Defense, to focus on mission-critical connectivity for sectors like public safety and defense [19] Financial Performance - **Revenue and Margins**: The Network Infrastructure segment generated approximately $7.8 billion in revenue with a 10% operating margin and a 43% gross margin over the past 12 months [25][26] - **Mobile Infrastructure**: This segment generated about EUR 11.6 billion with a 48% gross margin and 13% operating profit [26] Organizational Changes - **Business Segmentation**: Nokia is restructuring from four business groups to two segments: Network Infrastructure and Mobile Infrastructure, to streamline operations and enhance focus [25][29] - **Leadership Team**: A new leadership team is being established to drive Nokia's strategy forward, emphasizing agility and execution [32][34] Technological Innovations - **AI Integration**: Nokia is integrating AI into its network operations, enhancing capabilities such as beamforming through AI-driven optimization techniques [62][63] - **Optical and IP Networking**: The company is focusing on high-performance optics and switching technologies to support the growing demands of AI workloads [11][57] Future Outlook - **Investment in R&D**: Nokia plans to invest in areas where it can differentiate itself technologically, particularly in AI and cloud infrastructure [23][24] - **Sustainable Growth**: The company aims for double-digit operating profit growth through 2028, positioning itself as a compelling investment opportunity in the AI supercycle [37][38] Conclusion - **Vision for the Future**: Nokia is transitioning from a company known for connecting people to one that connects intelligence, with a clear strategy to leverage the AI supercycle for long-term growth and value creation [9][35]

（原标题：诺基亚(NOK.US)精简业务 押注AI基础设施热潮） 智通财经APP获悉，诺基亚公司(NOK.US)正押注人工智能热潮，通过精简业务，聚焦于可连接AI数据 中心的网络基础设施领域。 诺基亚首席执行官贾斯汀·霍塔德周三在公司资本市场日活动前接受采访时表示，此举将在未来几年实 现两位数的营业利润增长。 公司宣布，到2028年，年度营业利润将达到27亿欧元(约合31亿美元)至32亿欧元区间。 周三，诺基亚股价在赫尔辛基证券交易所跌幅一度达6.3%，连续第五个交易日下跌。上月，芯片巨头 英伟达公司同意以10亿美元收购诺基亚股权后，其股价曾大幅飙升，但随后受市场对AI泡沫的普遍担 忧影响，部分涨幅回吐。截至发稿，该股美股盘前下跌5.88%。 第三季度，AI和云服务客户占公司净销售额的6%，但高管们称该领域是公司"最大的机遇"。 诺基亚与全球市值最高的公司英伟达达成的10亿美元合作协议，让这家芯片巨头获得了诺基亚3%的股 份。 去年，诺基亚收购了英飞朗公司(Infinera Corp.)，以拓展AI数据中心网络产品业务;还聘请了芬兰前驻美 大使，向各国政府推广国防通信服务。 分析师马修·布洛克斯汉姆与卡米拉· ...

The company plans to accelerate growth in AI and cloud services, while developing new technology incorporating AI into next-generation mobile networks. ...

Market Overview and Growth - Nokia's addressable market in 2028 is estimated to be €72 billion for Telecommunication Providers, €24 billion for AI & Cloud, and €20 billion for Mission Critical Enterprise including Defense[20] - The market CAGR from 2025 to 2028 is projected at 1% for Telecommunication Providers, 16% for AI & Cloud, and 11% for Mission Critical Enterprise including Defense[20] - Consumer AI traffic is expected to grow at a CAGR of over 20% over the next decade, while enterprise and industrial AI traffic is projected to grow at approximately 50% CAGR over the same period[11, 12] - Network Infrastructure's serviceable addressable market (SAM) is expected to grow from €48 billion in 2025 to €60 billion in 2028, representing a 9% CAGR[16, 74] Financial Performance and Targets - Network Infrastructure achieved 8% net sales growth (TTM Q4'24-Q3'25) and aims for a 6-8% CAGR from 2025-2028[29] - Network Infrastructure targets an operating margin of 13%-17% by 2028, compared to the current 10% (TTM Q4'24-Q3'25)[29] - Mobile Infrastructure aims to increase its operating profit from a base of €15 billion and achieve a gross margin of 48-50% by 2028[29] - The company is targeting a reduction in the corporate center cost base to €150 million, from the current €360 million (TTM Q4'24-Q3'25)[29] - Nokia is targeting a double-digit CAGR comparable operating profit growth through 2028[32, 183] Strategic Priorities and Portfolio Management - Nokia is divesting from portfolio businesses with €09 billion TTM revenue and €-01 billion TTM operating margin[26] - Technology Standards has over €08 billion of annual revenue under contract until 2030 and over €02 billion of annual revenue run-rate from expansion areas[153, 158]

IT之家 11 月 19 日消息，诺基亚今日举行 2025 年资本市场日（Capital Markets Day），正式公布其全新战略，旨在把握人工智能（AI）驱动的网络转型浪 潮，引领行业进入"AI 超级周期"（AI supercycle），并充分捕获其中蕴含的巨大价值。公司同步宣布了新的长期财务目标、战略性关键绩效指标（KPI）、 运营模式演进方案，以及集团领导团队的调整安排。 为高效落实新战略方向，诺基亚将简化其运营架构，整合为两大核心业务板块：网络基础设施（Network Infrastructure）与移动基础设施（Mobile Infrastructure）。此次重组预计 2026 年 1 月 1 日起正式生效，旨在推动公司更敏捷地创新、更高效地服务客户，并持续提升股东价值。诺基亚现设定目标： 到 2028 年，可比运营利润（comparable operating profit）达到 27 亿至 32 亿欧元，较截至 2025 年第三季度末的过去 12 个月（2024 年 Q4–2025 年 Q3）所实 现的 20 亿欧元显著提升。 诺基亚总裁兼首席执行官贾斯汀・霍塔德（Justin Hotar ...

格隆汇11月19日｜诺基亚盘前跌4%。此前公司概述新的长期财务目标。 ...

Nokia is banking on the boom in AI, streamlining its business to focus on networking infrastructure that can connect data centers https://t.co/yThOY2959W ...

格隆汇11月19日｜诺基亚宣布新战略、运营模式的演进、新的长期财务目标、战略关键绩效指标以及集 团领导团队的变动。诺基亚计划到2028年实现27-32亿欧元的营业利润。此次重组将于2026年1月1日生 效。目标是在2026年确定每个部门的未来发展方向。 ...

Nokia unveiled a new strategy on Wednesday focused on artificial intelligence, as the Finnish telecoms equipment maker strives to simplify its business and boost annual core profit by as much as 60% o... ...

Core Strategy - Nokia unveiled a new strategy focused on artificial intelligence, aiming to simplify its business and boost annual core profit by up to 60% over the next three years [1] - The company plans to reorganize into two primary businesses: network infrastructure dedicated to AI and data centers, and mobile infrastructure focused on core telecom activities [1] Financial Targets - Nokia is targeting an annual comparable operating profit of €2.7 billion to €3.2 billion ($3.1 billion to $3.7 billion) by 2028, compared to €2 billion last year [2] Growth Initiatives - The growth plan comes amid a slowdown in 5G investments, with Nokia acquiring U.S. optical networking firm Infinera to tap into the AI boom [3] - The acquisition has boosted sales and was followed by a $1 billion equity investment from Nvidia, which acquired a 2.9% stake in Nokia [3] - Demand from major cloud providers is increasing, with nine out of the ten largest cloud providers now utilizing Nokia's technology [4] Cost Management - Nokia plans to establish a new defense incubation unit to provide secure connectivity to Western countries [4] - The company aims to reduce group operating expenses to €150 million by 2028, down from €350 million [4] Market Reaction - The strategy announcement negatively impacted investor sentiment, causing Nokia shares to fall as much as 6%, although they remain up 25% year-to-date [5] - Analysts noted that market expectations were high following a strong share price increase [5] Analyst Insights - Some analysts believe the new strategy is not a radical departure from the current focus, but there are concerns regarding the substantial investment in AI and the uncertainty of returns [6]