Nokia Corporation Interim Report for Q3 2026
Key Highlights
- ➤Q3 net sales grew 10% reported, reaching EUR 5.154 billion
- ➤Comparable operating margin rose 220bps year-over-year to 11.7%
- ➤AI & Cloud customer sales grew 123%; order intake increased 118%
- ➤Full-year comparable operating profit outlook unchanged at EUR 2.1–2.6 billion
- ➤Nokia lowered free-cash-flow conversion guidance to 35%–55%
Expert Statements
Justin Hotard, President and CEO of Nokia
“Team Nokia continues to deliver on our commitments as we execute against our strategy. In Q3, we grew net sales by 9% and improved comparable operating margin by 220 basis points.”
Justin Hotard, President and CEO of Nokia
“We continue to simplify our portfolio, and we are on track to complete the Infinera integration by the end of 2026, one year ahead of plan with EUR 200 million of net synergies.”
Justin Hotard, President and CEO of Nokia
“In AI & Cloud, net sales more than doubled year-over-year and we secured EUR 1.5 billion in new orders.”
Justin Hotard, President and CEO of Nokia
“We expect our combined Optical and IP Networks businesses to grow between 25% and 30% in 2027.”
Justin Hotard, President and CEO of Nokia
“Nokia’s strengths are uniquely suited to meet growing demands for AI infrastructure that is larger, more distributed and hyperconnected.”
Justin Hotard, President and CEO of Nokia
“We are investing where we can differentiate and co-innovate with hyperscalers.”
Justin Hotard, President and CEO of Nokia
“Our partnership with Google in support of their EUR 13 billion investment in Finland is an example of how our optical and IP networks provide the critical connectivity AI infrastructure requires.”
Justin Hotard, President and CEO of Nokia
“AI-native networks are moving into the physical world, and our AI-RAN platform is being developed to deliver the performance needed for this market.”
Justin Hotard, President and CEO of Nokia
“Together with T-Mobile and NVIDIA, we completed the world’s first AI-RAN call in a live operator network in line with the commitment we announced last year.”
Justin Hotard, President and CEO of Nokia
“As we move towards commercial deployment the features and spectral efficiency delivered by our platform are uniquely differentiated in the market.”
Justin Hotard, President and CEO of Nokia
“Overall, growth is accelerating, operating leverage is becoming more visible and I’m confident in the long-term shareholder value Team Nokia is creating.”
Nokia Corporation Interim report 22 October 2026 at 08:00 EEST
Nokia delivers strong net sales and profit growth * Q3 net sales grew 9% y-o-y on a constant currency basis (+10% reported). * Network Infrastructure net sales grew 15% y-o-y on a constant currency basis, led by IP Networks growing 43% and Optical Networks 18%. Group net sales to AI & Cloud customers grew 123% and order intake 118%. * Mobile Infrastructure net sales grew 5% y-o-y, in part due to acceleration of revenue from Q4 into Q3. The segment benefited from product mix, commercial discipline and continued execution of the cost reduction program. * Q3 comparable gross margin was largely stable y-o-y at 44.6%. Reported gross margin declined 220bps to 42.2%. * Q3 comparable operating margin increased 220bps y-o-y to 11.7% benefiting from revenue growth and operating efficiency. Reported operating margin declined 160bps to 3.8% due to accelerated restructuring and integration cost. * Q3 comparable diluted EPS from continued operations of EUR 0.09; reported diluted EPS from continued operations of EUR 0.03. * Nokia's full year financial outlook is unchanged. "Team Nokia continues to deliver on our commitments as we execute against our strategy. In Q3, we grew net sales by 9% and improved comparable operating margin by 220 basis points. We continue to simplify our portfolio, and we are on track to complete the Infinera integration by the end of 2026, one year ahead of plan with EUR 200 million of net synergies.
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