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]

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 Insights - Nokia Corporation (NOK) is scheduled to report its fourth-quarter 2025 results on January 29, with a previous earnings surprise of 16.67% and an average trailing four-quarter negative earnings surprise of 4.05% [1][2] Revenue and Earnings Expectations - The Zacks Consensus Estimate for total revenues in the December quarter is $6.95 billion, up from $6.38 billion a year ago, while earnings are projected at 17 cents per share, down from 19 cents per share in the same quarter last year [7][11] Business Challenges - Nokia's core Mobile Networks business continues to face challenges, including slowing customer deployments and strong competition, leading to soft gains in network infrastructure and cloud services [3] - Higher component costs, supply chain issues, and ongoing R&D spending are contributing to financial pressure, with rising infrastructure investments and volatile business conditions potentially offsetting revenue gains [4] Strategic Developments - Nokia secured a $1 billion investment from NVIDIA Corporation during the quarter, providing strategic flexibility, although near-term benefits are limited due to execution challenges and long development cycles [5] - A collaboration with Bharti Airtel to enable 5G capabilities via network APIs is noted, but long adoption cycles and uncertain monetization are expected to restrict immediate financial benefits [6] Earnings Prediction - The current model does not predict an earnings beat for Nokia in the fourth quarter, with an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell) [8][9]

Group 1 - Nokia Corporation is interested in establishing a Global Capability Centre and research centres in Karnataka, having a long-standing association with the State for over 25 years and operating its largest global research centre in Bengaluru [1] - The Karnataka Government is committed to supporting the World Economic Forum's 'Yes–BLR UpLink' initiative, aimed at developing the 'Yes Bengaluru' programme for sustainable urban development [2] - The UpLink initiative provides financial assistance, mentorship, and pilot opportunities to start-ups addressing city-centric challenges and contributing to urban development, with the WEF UpLink delegation appreciating the Karnataka Government's support [3] Group 2 - Vast Space, a US-based space technology company, has expressed interest in partnering with the Karnataka Government in space technology, advanced manufacturing, and innovation-driven initiatives [4] - Voyager Technologies, another aerospace company, is also interested in a partnership with the Karnataka Government and aims to collaborate with ISRO on space technology and research initiatives [4]

Core Viewpoint - The Magnificent Seven technology stocks are expected to continue leading market gains in 2026, driven by their strong earnings and positioning in the AI sector [2][4]. Group 1: Predictions for the Magnificent Seven - The Magnificent Seven stocks, which include Amazon, Alphabet, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla, are anticipated to advance and support market growth despite concerns over high valuations [3][4]. - Valuations for most of the Magnificent Seven have declined over the past year, which may attract investors looking for opportunities [4][6]. - Volatility is expected in the performance of these stocks, influenced by investor sentiment regarding AI investment pace and external factors like tariffs [7][8]. Group 2: Individual Company Insights - Meta Platforms, currently the cheapest among the Magnificent Seven at 20x forward earnings, is predicted to see its valuation increase as it reports growth and invests in AI [9][10]. - Nvidia is expected to expand its partnerships, which could enhance its revenue opportunities, particularly in the AI sector [12][13]. - Other tech stocks outside the Magnificent Seven, such as Nebius Group and Broadcom, may outperform the group as the AI boom continues [14][15].

Core Viewpoint - Nokia is set to publish its fourth-quarter and full-year 2025 financial report on 29 January 2026, with the report available on its website shortly after publication [1]. Financial Reporting - Nokia only provides a summary of its financial reports in stock exchange releases, focusing on the financial information of Nokia Group and its outlook [2]. - Detailed segment-level discussions will be available in the complete financial report hosted on Nokia's financials webpage [2]. Analyst Webcast - An analyst webcast will take place on 29 January 2026 at 11:30 a.m. Finnish time, lasting approximately 60 minutes, including a presentation and a Q&A session [5]. - Presentation slides for the webcast will be available for download on Nokia's financials webpage [5].

Core Viewpoint - Defiance ETFs has launched the Defiance Daily Target 2X Long NOK ETF (LNOK), aimed at providing traders with amplified exposure to Nokia Oyj's stock performance through a leveraged investment strategy [1][2]. Group 1: Fund Overview - The LNOK ETF seeks to achieve daily investment results of 200% of the daily percentage change in the share price of Nokia Corporation [2]. - The fund is designed for active traders looking for short-term bullish exposure to Nokia's stock [1][3]. Group 2: Underlying Company - Nokia Oyj is a global technology company based in Finland, providing telecommunications infrastructure, networking equipment, and advanced technology solutions to various sectors including service providers and governments [3]. - The company operates in mobile networks, network infrastructure, cloud services, and advanced technologies, including intellectual property licensing [3]. Group 3: Investment Characteristics - The fund is not a direct investment in Nokia Oyj, meaning investors do not have ownership privileges or voting rights associated with Nokia shares [3][8]. - The fund's performance is subject to the risks associated with leveraged investments, which can magnify both gains and losses [4][13]. Group 4: Investment Risks - The fund's strategy involves entering into swap agreements and options contracts, exposing it to risks similar to owning shares of Nokia, despite not being a direct investment [7]. - The performance of the fund may differ significantly from 200% of Nokia's return over periods longer than a single trading day due to compounding effects [11].

Core Insights - Proximus has selected Nokia to modernize its online charging system and voice core, utilizing cloud-native solutions to enhance automation and support new business models [1][3] - The migration will involve Proximus' entire customer base and over 1,000 products to Nokia's Converged Charging solution, replacing a competitor's existing system [2][9] - The implementation of Nokia's cloud-native Voice Core, Subscriber Data Management, and Policy solutions aims to improve network automation and facilitate flexible scaling [3][9] Company Overview - Proximus Group is headquartered in Brussels and provides connectivity, IT, and digital services, focusing on building a trusted connected world [7] - The company operates under various brands, including Proximus, Mobile Vikings, and Scarlet in Belgium, and Proximus NXT in the Netherlands and Luxembourg [8] - Proximus aims to build the leading gigabit network in Belgium and contribute to a sustainable digital society while achieving profitable growth [11] Strategic Goals - The modernization efforts will enable greater automation, new business models, and future-ready services, supporting Proximus' digital transformation [9] - Proximus is positioned to become a global digital communications leader through its international activities, leveraging strengths from BICS, Telesign, and Route Mobile [10]