Financials Nokia Oyj

Equities

NOKIA

FI0009000681

Communications & Networking

Market Closed - Nasdaq Helsinki Other stock markets 10:30:00 18/02/2026 pm IST			5-day change	1st Jan Change
6.260 ^EUR	+4.06%		+3.10%	+12.35%

18/02	VIAVI Solutions Inc. Highlights Importance of Trusted Partner Collaboration in AI Era and Outlines Core Solution Areas for Communications and Networking At MWC Barcelona	CI
18/02	Swedish Stocks in North America - Ericsson Up 0.5 Percent	FW

Projected Income Statement: Nokia Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	21,870	22,202	24,911	22,258	20,279	19,904	20,409	21,202
Change	-	1.52%	12.2%	-10.65%	-8.89%	-1.85%	2.54%	3.88%
EBITDA ¹	2,839	3,479	3,838	3,110	3,616	2,699	3,110	3,460
Change	-	22.54%	10.32%	-18.97%	16.27%	-25.36%	15.23%	11.23%
EBIT ¹	2,114	2,775	3,109	2,375	2,619	2,024	2,297	2,653
Change	-	31.27%	12.04%	-23.61%	10.27%	-22.72%	13.48%	15.5%
Interest Paid ¹	-184	-176	-38	-137	152	11	-33.25	-44.33
Earnings before Tax (EBT) ¹	834	1,926	2,184	1,499	2,091	915	1,865	2,293
Change	-	130.94%	13.4%	-31.36%	39.49%	-56.24%	103.78%	22.97%
Net income ¹	-2,431	1,623	4,250	665	1,277	651	1,390	1,723
Change	-	166.76%	161.86%	-84.35%	92.03%	-49.02%	113.49%	23.97%
Announcement Date	04/02/21	03/02/22	26/01/23	25/01/24	30/01/25	29/01/26	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	6,569	5,076	5,313	5,399	6,414	5,348	5,873	6,241	7,449	5,859	5,710	4,982	5,707	4,667	4,466	4,326	6,314	4,390	4,551	4,833	6,130	4,545	4,744	4,956	6,196	4,836	5,142	5,200
Change	-	-22.73%	4.67%	1.62%	18.8%	-16.62%	9.82%	6.27%	19.36%	-21.35%	-2.54%	-12.75%	14.55%	-18.22%	-4.31%	-3.13%	45.95%	-30.47%	3.67%	6.2%	26.84%	-25.86%	4.37%	4.48%	25.03%	-21.95%	6.33%	1.13%
EBITDA ¹	1,270	822	858	808	1,086	757	896	840	1,345	656	811	604	1,040	760	613	615	1,307	323	469	606	1,227	433.5	550.5	713.5	1,372	-	-	-
Change	-	-35.28%	4.38%	-5.83%	34.41%	-30.29%	18.36%	-6.25%	60.12%	-51.23%	23.63%	-25.52%	72.19%	-26.92%	-19.34%	0.33%	112.52%	-75.29%	45.2%	29.21%	102.48%	-64.67%	26.97%	29.61%	92.27%	-	-	-
EBIT ¹	1,090	551	682	633	908	583	714	658	1,154	479	626	424	846	597	423	454	1,142	156	301	435	1,058	251.2	386.1	508	1,144	408	551	614
Change	-	-49.45%	23.77%	-7.18%	43.44%	-35.79%	22.47%	-7.84%	75.38%	-58.49%	30.69%	-32.27%	99.53%	-29.43%	-29.15%	7.33%	151.54%	-86.34%	92.95%	44.52%	143.22%	-76.26%	53.72%	31.57%	125.27%	-64.35%	35.05%	11.43%
Charge d'intérêts ¹	-13	-52	-39	-47	-38	-40	-27	29	1	-19	-54	-37	-32	-41	27	-29	31	-11	-	-15	55	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	523	372	416	446	693	256	541	509	878	401	407	179	512	451	461	219	948	-36	123	229	599	145.2	287.6	401.4	1,042	361	504	570
Change	-	-28.87%	11.83%	7.21%	55.38%	-63.06%	111.33%	-5.91%	72.5%	-54.33%	1.5%	-56.02%	186.03%	-11.91%	2.22%	-52.49%	332.88%	-103.8%	441.67%	86.18%	161.57%	-75.76%	98.07%	39.57%	159.54%	-65.35%	39.61%	13.1%
Net income ¹	-2,601	261	344	342	676	219	460	427	3,154	289	290	139	-43	438	-142	175	820	-59	90	80	542	97.2	209.8	295.2	748.4	261	367	415
Change	-	110.03%	31.8%	-0.58%	97.66%	-67.6%	110.05%	-7.17%	638.64%	-90.84%	0.35%	-52.07%	-130.94%	1,118.6%	-132.42%	223.24%	368.57%	-107.2%	252.54%	-11.11%	577.5%	-82.07%	115.84%	40.71%	153.52%	-65.13%	40.61%	13.08%
Announcement Date	04/02/21	29/04/21	29/07/21	28/10/21	03/02/22	28/04/22	21/07/22	20/10/22	26/01/23	20/04/23	20/07/23	19/10/23	25/01/24	18/04/24	18/07/24	17/10/24	30/01/25	24/04/25	24/07/25	23/10/25	29/01/26	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Nokia Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-2,485	-3,942	-4,767	-4,323	-4,854	-3,378	-3,422	-4,301
Change	-	-58.63%	-20.93%	9.31%	-12.28%	30.41%	-7.61%	-25.69%
Announcement Date	04/02/21	03/02/22	26/01/23	25/01/24	30/01/25	29/01/26	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Nokia Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	479	560	601	652	472	606	894.8	769.1
Change	-	16.91%	7.32%	8.49%	-27.61%	28.39%	40.42%	-14.04%
Free Cash Flow (FCF) ¹	1,280	2,065	873	665	2,021	1,465	1,753	1,970
Change	-	61.33%	-57.72%	-23.83%	203.91%	-27.51%	28.89%	12.36%
Announcement Date	04/02/21	03/02/22	26/01/23	25/01/24	30/01/25	29/01/26	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Nokia Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	12.98%	15.67%	15.41%	13.97%	17.83%	13.56%	15.24%	16.32%
EBIT Margin (%)	9.67%	12.5%	12.48%	10.67%	12.91%	10.17%	11.25%	12.51%
EBT Margin (%)	3.81%	8.67%	8.77%	6.73%	10.31%	4.6%	9.14%	10.81%
Net margin (%)	-11.12%	7.31%	17.06%	2.99%	6.3%	3.27%	6.81%	8.13%
FCF margin (%)	5.85%	9.3%	3.5%	2.99%	9.97%	7.36%	8.59%	9.29%
FCF / Net Income (%)	-52.65%	127.23%	20.54%	100%	158.26%	225.04%	126.14%	114.33%
Profitability
ROA	3.86%	4.26%	10.24%	1.61%	5.49%	4.14%	3.08%	3.96%
ROE	10.45%	12.4%	12.78%	7.68%	10.53%	7.63%	8.08%	9.13%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.19%	2.52%	2.41%	2.93%	2.33%	3.04%	4.38%	3.63%
CAPEX / EBITDA (%)	16.87%	16.1%	15.66%	20.96%	13.05%	22.45%	28.77%	22.23%
CAPEX / FCF (%)	37.42%	27.12%	68.84%	98.05%	23.35%	41.37%	51.04%	39.05%
Items per share
Cash flow per share ¹	0.3134	0.4618	0.26	0.2358	0.4508	0.3764	0.4544	0.4789
Change	-	47.35%	-43.7%	-9.31%	91.16%	-16.5%	18.35%	5.4%
Dividend per Share ¹	-	0.08	0.12	0.13	0.14	0.14	0.1446	0.1558
Change	-	-	50%	8.33%	7.69%	0%	2.36%	7.73%
Book Value Per Share ¹	2.24	3.08	3.82	3.72	3.84	3.76	3.88	4.017
Change	-	37.5%	24.03%	-2.62%	3.23%	-2.08%	2.84%	3.53%
EPS ¹	-0.43	0.29	0.75	0.12	0.23	0.12	0.2435	0.3018
Change	-	167.44%	158.62%	-84%	91.67%	-47.83%	59.12%	23.95%
Nbr of stocks (in thousands)	56,28,955	56,46,452	55,87,016	55,37,060	53,84,608	56,02,948	56,02,948	56,02,948
Announcement Date	04/02/21	03/02/22	26/01/23	25/01/24	30/01/25	29/01/26	-	-