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Nokia Q2 and Half Year 2025 Financial Results

CEO Commentary Highlights

Nokia's President and CEO, Justin Hotard, discusses the company's strategic positioning in the AI supercycle and its strong portfolio in networks. The report details Q2 and Half Year 2025 financial performance, noting a 1% decline in comparable net sales on a constant currency and portfolio basis, offset by growth in Network Infrastructure (+8%) and Cloud and Network Services (+14%).

Operating profit was impacted by venture fund investments and currency revaluation. The company has revised its full-year 2025 operating profit outlook downwards to EUR 1.6 - 2.1 billion due to currency headwinds and tariffs.

Key Financial Performance

For Q2 2025, Nokia reported comparable net sales of EUR 4,551 million. Comparable operating profit stood at EUR 301 million, with a comparable operating margin of 6.6%. Diluted EPS was EUR 0.04. The company generated EUR 0.1 billion in free cash flow, maintaining a net cash balance of EUR 2.9 billion.

Outlook and Shareholder Distribution

Nokia anticipates a stronger second half of the year. The full-year 2025 comparable operating profit outlook has been adjusted to between EUR 1.6 and 2.1 billion. Free cash flow conversion is expected to remain between 50% and 80%.

The Board of Directors resolved to distribute a dividend of EUR 0.04 per share on 24 July 2025.

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