Nokia Recasts Segments and Reports Q4 Growth as AI-Driven Network Sales Jump, Guidance Pulls Shares Lower

Overview

• Nokia began 2026 under a new structure with Network Infrastructure, Mobile Infrastructure, and Portfolio Businesses, and released recast 2025 and 2024 segment data for comparability.
• Q4 2025 net sales reached €6.1 billion, up 3% year over year on a constant-currency basis, with comparable operating profit of €1.06 billion and a 17.3% margin.
• Network Infrastructure grew 19% in Q4, including 17% growth in Optical Networks, as AI and cloud data center demand lifted orders and kept book-to-bill above one.
• Mobile Networks revenue fell 1.7% year over year in Q4, though the unit’s gross margin improved to 40.1% from 37.3%, signaling operational stabilization.
• Nokia ended Q4 with €3.4 billion net cash after taking full ownership of its China joint venture, proposed a €0.14 per-share dividend for 2025, and announced board changes including chair succession and a new nominee.