ESPOO, Finland, March 6, 2026, 15:15 EET
Nokia Oyj late Thursday released its 2025 annual report and filed the U.S. Form 20-F, opening the books on a year that saw the Finnish telecom equipment company land over 2.4 billion euros in orders from AI and cloud clients. 1
Nokia’s filing arrives while the company leans into AI and data centers, hoping those bets will make up for sluggish demand in 5G equipment. For 2026, Nokia is aiming for comparable operating profit—its adjusted metric—between 2.0 billion and 2.5 billion euros. It’s not expecting much lift from its Mobile Infrastructure segment, describing that market as merely stable. 2
Nokia is pushing to move its recent AI-RAN tests into real-world commercial projects with operators. On Wednesday, the company announced a collaboration with Telia Finland focused on AI-RAN — that’s artificial intelligence for the radio access network, the systems connecting phones to cell towers. “An important building block” in Nokia’s strategy, according to Chief Technology and AI Officer Pallavi Mahajan. 3
Nokia rolled out its annual regulatory package on Thursday, submitting audited financials, a board review, sustainability and governance statements, plus the remuneration report. The company filed its Form 20-F, the required yearly report for foreign issuers at the U.S. Securities and Exchange Commission. 1
Nokia reported a 3% increase in 2025 net sales, with comparable operating profit landing around 2.0 billion euros. Free cash flow reached 1.5 billion euros. The board is proposing a distribution of up to 0.14 euro per share for the 2025 financial year. 2
Chief Executive Justin Hotard described the results as “solid and in line with expectations” in the report. He highlighted that the Infinera integration brought added strength for Nokia among AI and cloud clients. Nokia’s organizational shake-up—merging four business groups down to two core segments, Network Infrastructure and Mobile Infrastructure—took effect Jan. 1. 2
For 2026, Hotard pointed to three main levers: driving growth in Network Infrastructure, improving margins and cash flow in Mobile Infrastructure, and ramping up efficiency across the company. He said Nokia’s goal is to demonstrate “clear progress” this year toward its bigger ambitions. 2
The competition isn’t only swirling around AI hype. Earlier this week, Reuters said Nokia has deepened AI-related network agreements with TIM Brasil and Deutsche Telekom—a signal of the broader operator investment wave that’s in play for Ericsson as well. According to Rémy Pascal, who leads Omdia’s mobile infrastructure research, the broader lineup of operators adopting AI-RAN points to real momentum: it’s “gaining traction” and shaping up as a strategic path for the sector. 4
FMR LLC’s stake in Nokia ticked above the 5% disclosure mark as of March 2, according to a regulatory filing released Wednesday. The firm held 5.04% of Nokia’s shares, along with 4.83% of voting rights, the filing revealed. 5
Speed, though, is what could tip the scales. Nokia flagged a string of risks: fierce rivals, changes in carrier spending, tariffs, currency fluctuations, pricier semiconductors, supply snags, and geopolitical turmoil. Any of those, the company warned, might drag out returns from its AI-driven overhaul. 6
