Nokia Corporation
Stock Exchange Release
23 July 2026 at 8:15 EEST
Nokia provides recast comparative financial information reflecting the presentation of Fixed Wireless Access CPE and Enterprise Campus Edge businesses as discontinued operations
Nokia today provides recast comparative financial information for Nokia Group and its reportable segments for Q1 2026 and Q1-Q4 2025 reflecting the presentation of Fixed Wireless Access CPE and Enterprise Campus Edge businesses as discontinued operations.
Presentation of Fixed Wireless Access CPE and Enterprise Campus Edge businesses as discontinued operations
As part of the strategy work that led to Nokia’s new strategy and reorganization of its business into two primary operating segments, Nokia identified several units which were not seen as core to the future of the company’s strategy. These units were moved into a dedicated operating segment called Portfolio Businesses beginning from 1 January 2026 while the company continued to assess the best value creating opportunity for them. During Q2 2026, Nokia classified the Fixed Wireless Access CPE and Enterprise Campus Edge businesses included in the Portfolio Businesses segment as discontinued operations. This followed the agreement Nokia reached to sell its Fixed Wireless Access CPE business and its assessment that it is highly probable it will reach an agreement to sell Enterprise Campus Edge. Classification of these businesses as discontinued operations had also a minor impact on the financial information for Network Infrastructure and Mobile Infrastructure segments due to the scope of expected transactions and centrally allocated costs. For more information on Nokia’s current operational and reporting structure and discontinued operations, refer to Note 2. Segment information and Note 3. Discontinued operations and disposal groups held for sale in Nokia’s Report for Q2 and Half Year 2026.
To provide a basis for comparison, the following tables present summarized income statement information for Nokia Group and its reportable segments on an unaudited basis for all quarters and the full year of 2025, as well as for the first two quarters and first half of 2026, reflecting the presentation of Fixed Wireless Access CPE and Enterprise Campus Edge businesses as discontinued operations.
Tables in Excel are attached to this stock exchange release.
Nokia Group
| Reported | |||||||||
| Recast | |||||||||
| EUR million | Q1’25 | Q2’25 | Q3’25 | Q4’25 | Q1-Q4’25 | Q1’26 | Q2’26 | Q1-Q2’26 | |
| Net sales | 4 300 | 4 443 | 4 700 | 6 021 | 19 464 | 4 433 | 4 815 | 9 248 | |
| Gross profit | 1 809 | 1 953 | 2 085 | 2 739 | 8 587 | 1 977 | 2 146 | 4 123 | |
| Gross margin % | 42.1% | 44.0% | 44.4% | 45.5% | 44.1% | 44.6% | 44.6% | 44.6% | |
| Research and development expenses | (1 127) | (1 143) | (1 155) | (1 350) | (4 776) | (1 223) | (1 383) | (2 606) | |
| Selling, general and administrative expenses | (701) | (721) | (710) | (854) | (2 985) | (647) | (817) | (1 464) | |
| Other operating income and expenses | 23 | 58 | 31 | 39 | 151 | (24) | 4 | (19) | |
| Operating profit/(loss) | 4 | 147 | 252 | 575 | 977 | 83 | (50) | 33 | |
| Operating margin % | 0.1% | 3.3% | 5.4% | 9.5% | 5.0% | 1.9% | (1.0%) | 0.4% | |
| Profit/(loss) from continuing operations | (39) | 99 | 90 | 562 | 712 | 104 | 27 | 131 | |
| Profit/(loss) for the period | (60) | 96 | 80 | 544 | 660 | 87 | 5 | 92 | |
| Comparable | |||||||||
| Recast | |||||||||
| EUR million | Q1’25 | Q2’25 | Q3’25 | Q4’25 | Q1-Q4’25 | Q1’26 | Q2’26 | Q1-Q2’26 | |
| Net sales | 4 300 | 4 448 | 4 705 | 6 026 | 19 480 | 4 436 | 4 815 | 9 251 | |
| Gross profit | 1 842 | 2 017 | 2 109 | 2 920 | 8 889 | 2 038 | 2 216 | 4 253 | |
| Gross margin % | 42.8% | 45.3% | 44.8% | 48.5% | 45.6% | 45.9% | 46.0% | 46.0% | |
| Research and development expenses | (1 097) | (1 109) | (1 104) | (1 231) | (4 541) | (1 137) | (1 197) | (2 334) | |
| Selling, general and administrative expenses | (559) | (589) | (590) | (664) | (2 402) | (588) | (589) | (1 177) | |
| Other operating income and expenses | 23 | 48 | 33 | 42 | 145 | (11) | 5 | (7) | |
| Operating profit | 209 | 367 | 448 | 1 067 | 2 092 | 301 | 434 | 735 | |
| Operating margin % | 4.9% | 8.3% | 9.5% | 17.7% | 10.7% | 6.8% | 9.0% | 7.9% | |
| Profit/(loss) from continuing operations | 174 | 252 | 334 | 884 | 1 644 | 311 | 414 | 726 | |
| Profit/(loss) for the period | 174 | 252 | 334 | 884 | 1 644 | 311 | 414 | 726 | |
Network Infrastructure
| Recast | |||||||||
| EUR million | Q1’25 | Q2’25 | Q3’25 | Q4’25 | Q1-Q4’25 | Q1’26 | Q2’26 | Q1-Q2’26 | |
| Net sales | 1 639 | 1 825 | 1 850 | 2 332 | 7 646 | 1 829 | 2 037 | 3 866 | |
| Gross profit | 686 | 736 | 790 | 1 067 | 3 278 | 792 | 870 | 1 662 | |
| Gross margin % | 41.9% | 40.3% | 42.7% | 45.8% | 42.9% | 43.3% | 42.7% | 43.0% | |
| Research and development expenses | (344) | (374) | (392) | (410) | (1 520) | (398) | (428) | (825) | |
| Selling, general and administrative expenses | (229) | (253) | (256) | (275) | (1 013) | (268) | (272) | (540) | |
| Other operating income and expenses | (1) | 8 | 1 | 6 | 14 | (6) | (4) | (10) | |
| Operating profit | 113 | 117 | 143 | 387 | 760 | 121 | 166 | 287 | |
| Operating margin % | 6.9% | 6.4% | 7.7% | 16.6% | 9.9% | 6.6% | 8.2% | 7.4% | |
Mobile Infrastructure
| Recast | |||||||||
| EUR million | Q1’25 | Q2’25 | Q3’25 | Q4’25 | Q1-Q4’25 | Q1’26 | Q2’26 | Q1-Q2’26 | |
| Net sales | 2 579 | 2 531 | 2 755 | 3 579 | 11 445 | 2 503 | 2 680 | 5 183 | |
| Gross profit | 1 140 | 1 266 | 1 302 | 1 817 | 5 525 | 1 213 | 1 320 | 2 533 | |
| Gross margin % | 44.2% | 50.0% | 47.3% | 50.8% | 48.3% | 48.5% | 49.3% | 48.9% | |
| Research and development expenses | (720) | (701) | (683) | (785) | (2 890) | (708) | (735) | (1 443) | |
| Selling, general and administrative expenses | (310) | (293) | (295) | (338) | (1 235) | (283) | (283) | (566) | |
| Other operating income and expenses | 24 | 39 | 31 | 38 | 131 | 0 | 8 | 8 | |
| Operating profit | 134 | 310 | 355 | 732 | 1 531 | 222 | 310 | 532 | |
| Operating margin % | 5.2% | 12.3% | 12.9% | 20.4% | 13.4% | 8.9% | 11.6% | 10.3% | |
Portfolio Businesses
| Recast | |||||||||
| EUR million | Q1’25 | Q2’25 | Q3’25 | Q4’25 | Q1-Q4’25 | Q1’26 | Q2’26 | Q1-Q2’26 | |
| Net sales | 80 | 89 | 97 | 113 | 379 | 100 | 94 | 194 | |
| Gross profit | 21 | 15 | 18 | 35 | 90 | 33 | 27 | 60 | |
| Gross margin % | 27.0% | 17.4% | 18.6% | 30.8% | 23.7% | 32.7% | 29.3% | 31.0% | |
| Research and development expenses | (17) | (18) | (13) | (18) | (65) | (18) | (19) | (37) | |
| Selling, general and administrative expenses | (10) | (10) | (10) | (12) | (42) | (7) | (8) | (16) | |
| Other operating income and expenses | 0 | 1 | 1 | (2) | 1 | (5) | (1) | (5) | |
| Operating profit/(loss) | (6) | (11) | (4) | 4 | (17) | 3 | 0 | 2 | |
| Operating margin % | (7.3%) | (12.5%) | (4.3%) | 3.5% | (4.5%) | 2.9% | (0.5%) | 1.3% | |
About Nokia
Nokia is a global leader in connectivity for the AI era. With expertise across fixed, mobile, and transport networks, we’re advancing connectivity to secure a brighter world.
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