It should be noted that Nokia and its business are exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements preceded by "believe", "expect", "expectations", "commit", "anticipate", "foresee", "see", "target", "estimate", "designed", "aim", "plan", "intend", "influence", "assumption", "focus", "continue", "p ...

Core Viewpoint - The interdependence between Europe and the United States is emphasized, highlighting that large technology companies cannot depend solely on one continent for their operations [1] Group 1 - Nokia's CEO, Justin Hotard, stated the importance of a diversified approach for technology companies, indicating that reliance on a single market is not sustainable [1] - The European Union is considering stronger support measures for technology firms, which may impact the operational strategies of companies like Nokia [1]

纵观2025全年，诺基亚按固定汇率计算的净销售额增长2%，实现可比营业利润20亿欧元，自由现金流 达15亿欧元。 智通财经APP获悉，诺基亚公司(NOK.US)周四公布2025年第四季度财报，按固定汇率计算，其季度净 销售额同比增长3%至61亿欧元，符合公司预期。这一增长主要得益于网络基础设施与移动网络业务的 扩张，抵消了其他业务板块的下滑。 这家芬兰电信设备制造商的季度可比营业利润为10.6亿欧元，较去年同期的10.9亿欧元略有下降。可比 营业利润率下滑90个基点至17.3%，公司表示主要源于在网络基础设施领域的增长性投资，包括对近期 收购的英菲尼拉(Infinera)的整合。 该季度诺基亚的可比稀释每股收益为0.16欧元，稀释每股收益为0.10欧元。期末，公司净现金余额为34 亿欧元。 公司董事会已提议2025财年每股派息0.14欧元。 展望未来，诺基亚发布了2026年财务指引，目标可比营业利润介于20亿至25亿欧元之间。公司预计网络 基础设施业务在2026年的净销售额将增长6%至8%，与其长期目标保持一致。 诺基亚同时宣布，已于第四季度完成对其在华合资企业的全资控股，此举导致5亿欧元的净现金流出。 诺基 ...

Core Insights - Nokia reported a significant increase in sales of its network infrastructure equipment driven by rising demand from artificial intelligence and data-center customers [1] Company Summary - The surge in demand for network infrastructure is attributed to the growing needs of artificial intelligence applications and data centers [1]

Core Insights - Nokia has announced a reorganization of its business into two primary operating segments to better align with customer needs and enhance innovation in response to the increasing demand for advanced connectivity driven by the AI supercycle [2][3] Segment Overview - The new Network Infrastructure segment is recognized as a growth area, focusing on capitalizing on the global AI and data center build-out, and includes three business units: Optical Networks, IP Networks, and Fixed Networks, led by David Heard [3] - The Mobile Infrastructure segment consolidates Nokia's Core Networks, Radio Networks, and Technology Standards, aiming for leadership in core and radio network technology and services, with a focus on AI-native networks and 6G, led by Justin Hotard on an interim basis [4] - A new segment called Portfolio Businesses has been created for units not considered core to Nokia's future strategy, which includes Fixed Wireless Access CPE, Site Implementation and Outside Plant, Enterprise Campus Edge, and Microwave Radio [5] Financial Reporting Changes - Nokia will report its segment financial information according to the new organizational structure starting with Q1 2026, including detailed net sales information for business units within the Network Infrastructure and Mobile Infrastructure segments [6] - Comparative segment financial information for 2025 and 2024 has been recast to reflect the new structure, with no impact on reported or comparable results for the Nokia Group [7] Financial Performance Summary - For the Network Infrastructure segment in 2025, net sales totaled EUR 7,646 million, with a gross profit of EUR 3,281 million and a gross margin of 42.9% [8] - The Mobile Infrastructure segment reported net sales of EUR 11,409 million in 2025, with a gross profit of EUR 5,515 million and a gross margin of 48.3% [9] - The Portfolio Businesses segment achieved net sales of EUR 845 million in 2025, with a gross profit of EUR 183 million and a gross margin of 21.7% [10]

Core Points - Nokia Corporation's Annual General Meeting is scheduled for April 9, 2026, at Finlandia Hall, Helsinki, Finland, with proposals available on the company's website [1] - Sari Baldauf will step down from the Board of Directors, and the Board proposes to maintain the number of Board members at ten [2] - The Board recommends re-election of current members and the election of Meredith Whittaker as a new member [3] - The Board proposes to keep annual fees for Board members at current levels, with approximately 40% paid in Nokia shares [6][8] - The Board seeks authorization to distribute a maximum of EUR 0.14 per share as dividends [10][11] - Deloitte Oy is proposed for re-election as the auditor and sustainability reporting assurer for the financial year 2027 [13][14] - The Board proposes to authorize the issuance and repurchase of a maximum of 550 million shares [15][18] - Other matters to be addressed include adopting the financial statements for 2025 and granting discharge from liability to Board members [19][20]

Core Insights - Nokia's Q4 2025 performance met expectations, with net sales growing 3% to EUR 6.1 billion and full-year operating profit of EUR 2.0 billion, slightly above guidance [4][7] - The company is focusing on long-term growth opportunities, particularly in AI and Cloud, and has simplified its operating model for better accountability and profitability [8][11] Financial Performance - Q4 2025 net sales reached EUR 6.1 billion, a 3% increase year-over-year, while full-year net sales grew 2% on a constant currency basis [4][7] - Comparable gross margin for Q4 improved by 90 basis points to 48.1%, while reported gross margin decreased by 120 basis points to 44.9% due to restructuring charges [7][14] - Full-year comparable operating profit was EUR 2.0 billion, with a free cash flow of EUR 1.5 billion, equating to a conversion rate of 72% [7][12] Business Segments - Network Infrastructure saw a 7% increase in net sales in Q4, driven by a 17% growth in Optical Networks, with strong order intake from AI and Cloud customers [5][6] - Mobile Networks net sales grew by 6% in Q4, while Cloud and Network Services experienced a 4% decline [6][12] - Nokia Technologies maintained a contracted net sales run-rate of EUR 1.4 billion, reflecting stable performance [6] Strategic Initiatives - The acquisition of Infinera has strengthened Nokia's portfolio, aligning with its strategy to leverage AI in network operations [7][9] - The company is investing in AI-native networks and 6G technologies, anticipating significant demand in these areas [10][12] Outlook for 2026 - Nokia targets a comparable operating profit of EUR 2.0 to 2.5 billion for 2026, with expectations of strong demand in Network Infrastructure [12][18] - The company anticipates net sales growth in Network Infrastructure of 6-8% CAGR, with combined IP and Optical Networks expected to grow 10-12% [20][26] - Capital expenditures are projected to be between EUR 900 million and 1 billion, primarily for manufacturing capacity and real estate renewal projects [20][21]

Core Viewpoint - The article discusses the strategic partnership between Nokia and Nvidia, highlighting the implications of Nvidia's investment and influence on Nokia's technology strategy, particularly in the context of 5G and 6G networks [2]. Group 1: Nokia and Nvidia Partnership - Nokia accepted a $1 billion investment from Nvidia, which led to a significant increase in its stock price, but also made Nvidia the second-largest shareholder, granting it substantial influence over Nokia's technology strategy [2]. - As part of the deal, future 5G and 6G network software must be designed based on Nvidia's GPUs, linking Nokia's technology closely with AI [2]. - Nokia's CTO emphasized the creation of a hardware abstraction layer to allow compatibility with various chip architectures, including Marvell chips and Nvidia GPUs, aiming to reduce complexity while maintaining software consistency [4]. Group 2: Ericsson's Strategy - Ericsson maintains a different approach by promoting hardware independence, focusing on ensuring that its network software can be deployed on various chip platforms rather than relying on a single chip provider [2][3]. - Ericsson's CEO stated that their software can run on multiple architectures, including x86 and GPUs, and they aim to keep hardware choices open as they approach AI-RAN and 6G [3]. - The company has been cautious about fully committing to any single chip architecture, reflecting concerns over the longevity of x86 in the face of a shift towards Arm architecture [7]. Group 3: Market Dynamics and Challenges - The article notes that many telecom operators advocate for complete separation of software and hardware, but achieving this remains challenging due to the inherent nature of proprietary chips [4]. - There is skepticism regarding the feasibility of a "full chip" strategy, with the likelihood that Ericsson may eventually adopt a common software core similar to Nokia's approach [8]. - The wireless access network (RAN) market shows little sign of significant recovery, posing risks for both Nokia's aggressive Nvidia partnership and Ericsson's cautious strategy [9].

Group 1 - A wave of layoffs is sweeping through telecom operators and equipment manufacturers, with major companies like Verizon, Telefónica, and BT announcing significant job cuts [1] - Ericsson plans to cut approximately 1,600 jobs in Sweden, representing about 13% of its local workforce, as part of a global initiative to optimize its cost structure [2][4] - Nokia is also implementing layoffs across several European markets, including plans to close its Munich office, affecting hundreds of employees, and cutting over 700 jobs by 2030 [5] Group 2 - The layoffs are driven by pressures from a declining global RAN (Radio Access Network) market, which saw a significant drop from $45 billion in 2022 to $40 billion in 2023, a decrease of 11% [8] - Both companies reported disappointing financial results, with Ericsson's net sales declining by 9% year-on-year in Q3 2025, while Nokia's net profit fell by 43.7% despite a 12% increase in sales revenue [6][8] - The European market has become a challenging environment for both companies, with Nokia's sales in Europe dropping by 4% year-on-year, while North America shows strong growth [11] Group 3 - The anticipated deployment of 6G networks is expected to begin around 2028-2029, which may lead to a new growth cycle for the RAN market [9] - Both companies are increasingly shifting their focus and investments towards the North American market due to the stagnation in Europe, with Nokia planning significant investments in the U.S. [11]

Core Viewpoint - The resurgence of interest in older mobile phones, particularly the Nokia N8, is driven by a shift in aesthetic preferences among younger consumers who seek unique and authentic photographic experiences rather than standardized beauty [1]. Group 1: Market Trends - The nostalgia trend has led to a significant increase in the popularity of older mobile phones, with the Nokia N8 being highlighted as a cost-effective option for photography enthusiasts [2][4]. - The price of older devices like the Nokia N8 has remained low, making them accessible to budget-conscious consumers, with prices ranging from 110 to 170 yuan [2][7]. - The demand for older devices is reflected in social media, where posts featuring the Nokia N8 have garnered significant engagement, indicating a growing community of interest [25][40]. Group 2: Consumer Behavior - Young consumers are increasingly turning to older devices as a form of resistance against algorithm-driven photography, seeking a more authentic and less polished aesthetic [1][36]. - The appeal of the Nokia N8 lies in its unique imaging capabilities, which contrast with the overly processed images produced by modern smartphones [36][41]. - The act of using older devices has become a form of social currency among young people, allowing them to express individuality and creativity [31][41]. Group 3: Technical Aspects - The Nokia N8 features a distinctive design and hardware that contribute to its unique photographic style, including a xenon flash that is still valued by some photographers today [10][16]. - Despite its age, the Nokia N8's imaging capabilities are still competitive, with users appreciating its ability to produce images that reflect a more natural aesthetic [16][36]. - The device's limitations, such as outdated interfaces and potential for malfunction, are acknowledged but do not deter enthusiasts who value its unique output [17][22].