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โข Net sales: โฌ4.82B, up 8% YoY and 9% in constant currency
โข Comparable EPS: โฌ0.07 vs. โฌ0.04 YoY
โข Comparable operating profit: โฌ434M, up 18%
โข Comparable operating margin: 9.0%, up 70 bps
โข Reported operating loss: โฌ50M, including โฌ390M of restructuring charges
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โข Network Infrastructure sales rose 12%, led by Optical Networks growth of 20% and IP Networks growth of 16%
โข AI & Cloud revenue more than doubled to โฌ446M, up 105% in constant currency
โข Mobile Infrastructure sales increased 7% in constant currency
โข Gross margin expanded 70 bps to 46.0% on a comparable basis
โข Free cash flow was negative โฌ732M, primarily due to working-capital, restructuring and capex outflows
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Optical Networks continued to see significant order-intake growth from AI and cloud customers, while Nokia expanded U.S. optical manufacturing capacity to support expected demand in 2027 and 2028.