Nokia Oyj (NOKIA) Earnings Call Transcripts

Nokia Oyj's Latest Earnings Call - Q1 FY2026

In Q1 2026, Nokia Oyj reported net sales of EUR 4.5 billion, reflecting a 4% year-over-year growth, with an operating margin of 6.2%. The company delivered a free cash flow of EUR 629 million and experienced significant growth in AI and cloud-related orders, which surged by 49%. Management raised their growth guidance for Network Infrastructure to 12%-14% from the previous 6%-8%, and for Optical and IP Networks to 18%-20% from 10%-12%, signaling strong demand and operational momentum. The outlook for the fiscal year remains positive, with expectations of continued revenue acceleration driven by AI and cloud investments.

Reported metrics

Guidance from management

Nokia expects continued growth in 2026, with Network Infrastructure growth now projected at 12%-14% and Optical and IP Networks at 18%-20%. The overall financial outlook remains unchanged, with management tracking above the midpoint of their operating profit guidance range.

What management said

Thank you, Justin and Marco. As usual, for the Q&A session, as a courtesy to others in the queue, could you please limit yourself to 1 question and a brief follow-up. Sherry, could you please give the instructions?

I think this is pretty much the same actually, if you look also the whole industry in Optical side. So the whole supply chain is doing the same as well to secure that we actually can capture those demand opportunities. But still, there's more demand than supply. So that's why it's important that we invest in capturing these opportunities.

What analysts pressed on

Analysts expressed concerns regarding the sustainability of growth in Fixed Networks, especially given the 13% decline in sales. There were also questions about the potential impact of supply chain constraints on the ramp-up of new manufacturing capabilities and the integration of Infinera.

Main topics on the call

• Revenue Growth Acceleration — Nokia's net sales grew 4% to EUR 4.5 billion, driven by strong performance in Optical Networks, which saw a 20% increase. Management noted, 'We saw strong momentum with AI and cloud customers,' indicating a robust demand...
• Increased Guidance — Management raised growth expectations for Network Infrastructure to 12%-14% and for Optical and IP Networks to 18%-20%, up from previous estimates of 6%-8% and 10%-12%, respectively. This reflects 'a bit more confidence ...
• AI and Cloud Demand — AI and cloud-related orders surged by 49%, with management stating, 'We now expect our AI and cloud addressable market to grow at a 27% CAGR between 2025 and 2028,' indicating a structural shift in demand.
• Operational Efficiency Improvements — Gross profit increased to EUR 2 billion with a gross margin of 45.5%, an improvement of 320 basis points year-over-year. The operating margin expanded by 200 basis points, reflecting effective cost management.

Read the full Nokia Oyj transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 56 Nokia Oyj earnings call transcripts on record, spanning February 6, 2020 to July 23, 2026. Based on this history, Nokia Oyj reports quarterly. The most recent call on file is dated July 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

NOKIA

Exchange

HLSE

Country

FI

Sector

Information Technology

Industry

Communications Equipment

Calls on record

56

First call

February 6, 2020

Most recent

July 23, 2026

Reporting cadence

quarterly