Nokia Q3 Sales Up 10% to EUR 5.15B, AI & Cloud Revenue Doubles; Restructuring Raised to EUR 1.1B
NOK sits 60% above its 52-week low of $5.45.
Summary
Nokia grew Q3 net sales 10% to EUR 5.15 billion and doubled AI & Cloud revenue to EUR 631 million, but restructuring charges of EUR 357 million pushed reported operating profit down 22% and free cash flow negative.
Key Events · Earnings and Guidance · NOK
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Q3 Sales Grow 10%, AI & Cloud Doubles
Net sales rose 10% reported (9% constant currency) to EUR 5,154 million. AI & Cloud net sales reached EUR 631 million, up 126% reported, with EUR 1.5 billion of new orders booked.
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Comparable Profit Up 35%, Reported Down 22%
Comparable operating profit rose to EUR 605 million (11.7% margin, +220bps) while reported operating profit fell to EUR 196 million (3.8% margin) on EUR 357 million of restructuring charges in the quarter.
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Restructuring Raised, Cash Guidance Cut
Full-year restructuring charges guidance rose to EUR 1,100 million and FCF conversion was cut to 35-55%, with an additional EUR 400 million of working capital investment planned for 2026. Q3 free cash flow was negative EUR 99 million.
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Outlook Unchanged, 2027 Optical/IP Target Set
Full-year 2026 comparable operating profit outlook held at EUR 2.1-2.6 billion. Nokia expects combined Optical and IP Networks to grow 25-30% in 2027.
Analysis · NOK · Manufacturing
The AI infrastructure pivot is working: AI & Cloud net sales more than doubled to EUR 631 million and the company booked EUR 1.5 billion of new orders, while comparable operating profit rose 35% to EUR 605 million on an 11.7% margin. Cash and cost are the catch. Reported operating profit fell 22% to EUR 196 million as restructuring charges jumped to EUR 357 million in the quarter, and Nokia raised its full-year restructuring bill to EUR 1.1 billion while cutting free-cash-flow conversion guidance to 35-55% and flagging an extra EUR 400 million of working capital investment this year. Free cash flow was negative EUR 99 million in the quarter and net cash fell to EUR 2.58 billion. Full-year comparable operating profit outlook of EUR 2.1-2.6 billion is unchanged, so the debate is whether the AI order momentum converts to cash before the restructuring and working-capital drag bites.
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At the time of this filing, NOK was trading at $8.72 on NYSE in the Manufacturing sector, with a market capitalization of approximately $52.3B. The 52-week trading range was $5.45 to $17.45. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.