Nokia (NYSE: NOK) unveils recast 2025–24 segment results for AI era

Rhea-AI Filing Summary

Nokia Corporation is reorganizing its business from 1 January 2026 into three operating segments – Network Infrastructure, Mobile Infrastructure and Portfolio Businesses – plus Group Common and Other, and has published recast comparative segment figures for 2025 and 2024.

Under the new structure, 2025 net sales were EUR 7,646 million for Network Infrastructure and EUR 11,409 million for Mobile Infrastructure, compared with EUR 6,285 million and EUR 12,191 million respectively in 2024. Portfolio Businesses generated 2025 net sales of EUR 845 million versus EUR 717 million in 2024. Network Infrastructure delivered a 2025 operating profit of EUR 770 million with a 10.1% operating margin, while Mobile Infrastructure reported EUR 1,525 million operating profit and a 13.4% margin. Portfolio Businesses remained loss-making with a 2025 operating loss of EUR 90 million.

The company notes that reported or comparable results for the Nokia Group are unchanged by this new reporting structure, which is intended to align with its AI-era connectivity strategy and highlight Network Infrastructure as a growth segment.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

Report on Form 6-K dated January 29, 2026

(Commission File No. 1-13202)

Nokia Corporation

Karakaari 7

FI-02610 Espoo

Finland 

(Translation of the registrant’s name into English and address of registrant’s principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F: x		Form 40-F: ¨

Enclosures:

· Stock Exchange Release: Nokia provides recast comparative segment results for 2025 and 2024 reflecting new operating and financial reporting structure

· Attachment: ENG Recast tables

1
STOCK EXCHANGE RELEASE 29 JANUARY 2026

Nokia Corporation 

Stock Exchange Release 

29 January 2026 at 08:30 EET

Nokia provides recast comparative segment results for 2025 and 2024 reflecting new operating and financial reporting structure

Nokia today provides recast comparative segment financial information on a quarterly and annual basis for 2025, and on an annual basis for 2024, reflecting the previously announced changes in its operating and financial reporting structure.

Changes in operating and reporting structure, effective from 1 January 2026

On 19 November 2025, Nokia announced together with its new strategy that it will reorganize its business into two primary operating segments to better align to customer needs and accelerate innovation as the AI supercycle increases demand for advanced connectivity. This reorganization took effect as of 1 January 2026.

The reorganization recognizes Network Infrastructure as a growth segment, positioned to capitalize on the rapid, global AI and data center build-out while continuing to innovate for its telecommunications customer base. The segment consists of three business units Optical Networks, IP Networks and Fixed Networks and is led by David Heard.

The new Mobile Infrastructure segment brings together Nokia’s Core Networks portfolio, Radio Networks portfolio and Technology Standards (formerly Nokia Technologies). It is positioned for core and radio network technology and services leadership to lead the industry to AI-native networks and 6G. The new segment brings together a portfolio whose value creation is founded on mobile communication technologies based on 3GPP standards with a strong cash flow position underpinned by IP licensing. It is led by Justin Hotard on an interim basis and consists of three business units Core Software, Radio Networks and Technology Standards.

In addition, as part of its strategy work, Nokia identified several units which are not seen as core to the future of the company’s strategy. These units were moved into a dedicated operating segment called Portfolio Businesses while the company assesses the best value creating opportunity for them. The units moved were: (i) Fixed Wireless Access CPE (previously in Fixed Networks in Network Infrastructure), (ii) Site Implementation and Outside Plant (previously in Fixed Networks in Network Infrastructure), (iii) Enterprise Campus Edge (previously in Cloud and Network Services), and (iv) Microwave Radio (previously in Mobile Networks).

Recast comparative segment financial information for 2025 and 2024

Nokia will report its segment financial information in accordance with the new organizational structure beginning with its Q1 2026 financial results. In addition to full segment financial information for its three operating segments, Nokia will disclose net sales information for the business units within its Network Infrastructure and Mobile Infrastructure segments. Furthermore, Nokia will continue providing segment-level data for Group Common and Other.

To provide a basis for comparison, the following tables present summarized unaudited income statement information on a recast basis for all four quarters and full year of 2025, as well as for the full year 2024, for Network Infrastructure, Mobile Infrastructure and Portfolio Businesses segments, as well as for Group Common and Other.

Reported or comparable results for the Nokia Group were not affected by the changes in the reporting structure.

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STOCK EXCHANGE RELEASE 29 JANUARY 2026

Network Infrastructure (Recast)
EUR million		Q1’25				Q2’25				Q3’25				Q4’25				Q1-Q4’25				Q1-Q4’24
Net sales			1 639				1 826				1 850				2 332				7 646				6 285
Optical Networks			525				730				782				981				3 018				1 636
IP Networks			646				588				578				783				2 594				2 582
Fixed Networks			468				507				490				568				2 034				2 067
Gross profit			687				736				791				1 067				3 281				2 713
Gross margin %			41.9	%			40.3	%			42.8	%			45.8	%			42.9	%			43.2	%
Research and development expenses			(343	)			(374	)			(392	)			(409	)			(1 518	)			(1 195	)
Selling, general and administrative expenses			(228	)			(251	)			(254	)			(274	)			(1 007	)			(845	)
Other operating income and expenses			(1	)			8				1				6				14				44
Operating profit			115				119				145				390				770				718
Operating margin %			7.0	%			6.5	%			7.8	%			16.7	%			10.1	%			11.4	%

Mobile Infrastructure (Recast)
EUR million		Q1’25				Q2’25				Q3’25				Q4’25				Q1-Q4’25				Q1-Q4’24
Net sales			2 573				2 526				2 747				3 562				11 409				12 191
Core Software			535				507				593				765				2 400				2 411
Radio Networks			1 669				1 662				1 763				2 414				7 507				7 852
Technology Standards			369				357				391				384				1 501				1 928
Gross profit			1 137				1 264				1 300				1 814				5 515				6 137
Gross margin %			44.2	%			50.0	%			47.3	%			50.9	%			48.3	%			50.3	%
Research and development expenses			(720	)			(701	)			(683	)			(785	)			(2 889	)			(2 894	)
Selling, general and administrative expenses			(309	)			(292	)			(294	)			(338	)			(1 233	)			(1 320	)
Other operating income and expenses			24				39				31				38				131				189
Operating profit			132				309				354				730				1 525				2 111
Operating margin %			5.1	%			12.2	%			12.9	%			20.5	%			13.4	%			17.3	%

Portfolio Businesses (Recast)
EUR million		Q1’25				Q2’25				Q3’25				Q4’25				Q1-Q4’25				Q1-Q4’24
Net sales			176				199				234				236				845				717
Gross profit			39				35				44				65				183				190
Gross margin %			22.2	%			17.6	%			18.8	%			27.5	%			21.7	%			26.5	%
Research and development expenses			(35	)			(36	)			(32	)			(38	)			(142	)			(146	)
Selling, general and administrative expenses			(36	)			(32	)			(32	)			(35	)			(135	)			(125	)
Other operating income and expenses			—				1				1				2				4				9
Operating profit			(32	)			(32	)			(19	)			(6	)			(90	)			(72	)
Operating margin %			(18.2	)%			(16.1	)%			(8.1	)%			(2.5	)%			(10.7	)%			(10.0	)%

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STOCK EXCHANGE RELEASE 29 JANUARY 2026

Group Common and Other (Recast)
EUR million		Q1’25				Q2’25				Q3’25				Q4’25				Q1-Q4’25				Q1-Q4’24
Net sales			4				3				4				6				16				34
Gross profit			(6	)			—				(1	)			1				(5	)			4
Research and development expenses			(16	)			(16	)			(16	)			(18	)			(65	)			(63	)
Selling, general and administrative expenses			(10	)			(33	)			(29	)			(38	)			(109	)			(116	)
Other operating income and expenses			—				—				—				—				(1	)			1
Operating profit			(32	)			(48	)			(45	)			(55	)			(180	)			(174	)

About Nokia

Nokia is a global leader in connectivity for the AI era. With expertise across fixed, mobile, and transport networks, we’re advancing connectivity to secure a brighter world.

Inquiries:

Nokia 

Communications 

Phone: +358 10 448 4900 

Email: press.services@nokia.com 

Maria Vaismaa, Vice President, Global Media Relations

Nokia 

Investor Relations 

Phone: +358 931 580 507 

Email: investor.relations@nokia.com

4
STOCK EXCHANGE RELEASE 29 JANUARY 2026

Network Infrastructure (Recast)
EUR million		Q1’25				Q2’25				Q3’25				Q4’25				Q1-Q4’25				Q1-Q4’24
Net sales			1,639				1,826				1,850				2,332				7,646				6,285
Optical Networks			525				730				782				981				3,018				1,636
IP Networks			646				588				578				783				2,594				2,582
Fixed Networks			468				507				490				568				2,034				2,067
Gross profit			687				736				791				1,067				3,281				2,713
Gross margin %			41.9	%			40.3	%			42.8	%			45.8	%			42.9	%			43.2	%
Research and development expenses			(343	)			(374	)			(392	)			(409	)			(1,518	)			(1,195	)
Selling, general and administrative expenses			(228	)			(251	)			(254	)			(274	)			(1,007	)			(845	)
Other operating income and expenses			(1	)			8				1				6				14				44
Operating profit			115				119				145				390				770				718
Operating margin %			7.0	%			6.5	%			7.8	%			16.7	%			10.1	%			11.4	%

Mobile Infrastructure (Recast)
EUR million		Q1’25				Q2’25				Q3’25				Q4’25				Q1-Q4’25				Q1-Q4’24
Net sales			2,573				2,526				2,747				3,562				11,409				12,191
Core Software			535				507				593				765				2,400				2,411
Radio Networks			1,669				1,662				1,763				2,414				7,507				7,852
Technology Standards			369				357				391				384				1,501				1,928
Gross profit			1,137				1,264				1,300				1,814				5,515				6,137
Gross margin %			44.2	%			50.0	%			47.3	%			50.9	%			48.3	%			50.3	%
Research and development expenses			(720	)			(701	)			(683	)			(785	)			(2,889	)			(2,894	)
Selling, general and administrative expenses			(309	)			(292	)			(294	)			(338	)			(1,233	)			(1,320	)
Other operating income and expenses			24				39				31				38				131				189
Operating profit			132				309				354				730				1,525				2,111
Operating margin %			5.1	%			12.2	%			12.9	%			20.5	%			13.4	%			17.3	%

Portfolio Businesses (Recast)
EUR million		Q1’25				Q2’25				Q3’25				Q4’25				Q1-Q4’25				Q1-Q4’24
Net sales			176				199				234				236				845				717
Gross profit			39				35				44				65				183				190
Gross margin %			22.2	%			17.4	%			18.8	%			27.5	%			21.7	%			26.5	%
Research and development expenses			(35	)			(36	)			(32	)			(38	)			(142	)			(146	)
Selling, general and administrative expenses			(36	)			(32	)			(32	)			(35	)			(135	)			(125	)
Other operating income and expenses			—				1				1				2				4				9
Operating profit			(32	)			(32	)			(19	)			(6	)			(90	)			(72	)
Operating margin %			(18.2	)%			(16.1	)%			(8.1	)%			(2.5	)%			(10.7	)%			(10.0	)%

Group Common and Other (Recast)
EUR million		Q1’25				Q2’25				Q3’25				Q4’25				Q1-Q4’25				Q1-Q4’24
Net sales			4				3				4				6				16				34
Gross profit			(6	)			—				(1	)			1				(5	)			4
Research and development expenses			(16	)			(16	)			(16	)			(18	)			(65	)			(63	)
Selling, general and administrative expenses			(10	)			(33	)			(29	)			(38	)			(109	)			(116	)
Other operating income and expenses			—				—				—				—				(1	)			1
Operating profit			(32	)			(48	)			(45	)			(55	)			(180	)			(174	)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant, Nokia Corporation, has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: January 29, 2026		Nokia Corporation
	By:	/s/ Johanna Mandelin
	Name:	Johanna Mandelin
	Title:	Vice President, Corporate Legal

FAQ

How is Nokia (NOK) changing its operating and reporting structure?

Nokia is reorganizing into three main operating segments from 1 January 2026: Network Infrastructure, Mobile Infrastructure and Portfolio Businesses, plus Group Common and Other. The change aligns reporting with its AI-era connectivity strategy and previously announced strategic refocus.

What 2025 recast net sales did Nokia (NOK) report for Network Infrastructure?

Under the new structure, Nokia’s Network Infrastructure segment recorded 2025 net sales of EUR 7,646 million, up from EUR 6,285 million in 2024. The segment focuses on Optical Networks, IP Networks and Fixed Networks under its growth-oriented connectivity strategy.

How did Nokia’s Mobile Infrastructure segment perform in 2025 on a recast basis?

Nokia’s recast 2025 Mobile Infrastructure net sales were EUR 11,409 million versus EUR 12,191 million in 2024, with 2025 operating profit of EUR 1,525 million and a 13.4% operating margin. The segment combines Core Software, Radio Networks and Technology Standards portfolios.

What businesses are included in Nokia’s new Portfolio Businesses segment?

Portfolio Businesses holds units not seen as core to Nokia’s future strategy. These include Fixed Wireless Access CPE, Site Implementation and Outside Plant, Enterprise Campus Edge and Microwave Radio, moved from other segments while the company assesses value-maximizing options.

Do Nokia’s new segment figures change its overall reported 2025 and 2024 results?

The recast segment data does not change Nokia’s reported or comparable results at the group level for 2025 or 2024. Only the allocation of net sales and profits between segments is updated to reflect the new operating and financial reporting structure.

What margins did Nokia’s Network Infrastructure and Mobile Infrastructure segments achieve in 2025?

In 2025, Network Infrastructure posted an operating margin of 10.1% with EUR 770 million operating profit, while Mobile Infrastructure achieved a 13.4% operating margin with EUR 1,525 million operating profit, based on the recast segment presentation.