Nokia Corporation Q3 2025 Earnings Recap

Nokia delivered a strong Q3 2025, with net sales increasing by 9% driven by growth across all business groups, and robust order intake particularly in AI and cloud sectors.

Key Takeaways

• Operating margin declined year-on-year due to a nonrecurring benefit last year; otherwise, it would have remained stable.
• Strong order intake in optical and IP networks, especially from AI and cloud customers, contributed to a healthier backlog.
• New partnerships with Endscale and Super Micro enhance Nokia's positioning in advanced networking technologies.
• Nokia remains well on track to meet its full-year operating profit outlook, with an expected sequential sales increase in Q4.
• Strategic review of venture fund investments leads to a reported increase in operating profit guidance, while maintaining unchanged operational targets.