NOK

Business Context and Reporting Period

This Form 6-K filing, dated January 29, 2026, discloses recast comparative segment financial results for Nokia Corporation for the full years 2025 and 2024. The recasting reflects a new operating and financial reporting structure effective January 1, 2026, designed to align with the AI supercycle and advanced connectivity demands. The reorganization consolidates the business into two primary growth segments: Network Infrastructure (Optical, IP, and Fixed Networks) and Mobile Infrastructure (Core Software, Radio Networks, and Technology Standards). A third segment, Portfolio Businesses, was created to house non-core units under assessment for divestiture or restructuring.

Key Financial Metrics (Recast 2025 vs. 2024)

The following table summarizes the recast annual financial performance in EUR millions:

Key Observations:

• Network Infrastructure: Sales grew 21.6% year-over-year, driven by Optical Networks (sales up 84.5% to €3,018m). Operating margin declined slightly to 10.1% due to increased R&D and SG&A expenses.
• Mobile Infrastructure: Sales declined 6.4% to €11,409m, primarily due to a 4.3% drop in Radio Networks and a 22.1% decline in Technology Standards. Operating margin compressed to 13.4% from 17.3%.
• Portfolio Businesses: Sales increased 17.8% to €845m, but the segment remained unprofitable with an operating loss of €90m.

The filing does not provide consolidated Group-level cash flow, debt, or liquidity metrics, as the focus is strictly on segment recasting.

Material Changes Versus Prior Period

The most significant material change is the structural reorganization of the company's reporting segments. Previously reported segments (e.g., Cloud and Network Services, Mobile Networks) have been reallocated. Specifically:

• Optical Networks within Network Infrastructure showed exceptional growth, with 2025 sales of €3,018m compared to €1,636m in 2024.
• Technology Standards within Mobile Infrastructure saw a significant revenue contraction, falling from €1,928m in 2024 to €1,501m in 2025.
• Portfolio Businesses now aggregates units such as Fixed Wireless Access CPE, Site Implementation, Enterprise Campus Edge, and Microwave Radio, which were previously embedded in other segments.

Reported or comparable results for the Nokia Group as a whole were not affected by these changes; only the segment-level presentation has been altered.

Guidance, Outlook, and Risks

Outlook and Strategy: Management positions Network Infrastructure as a growth segment to capitalize on the global AI and data center build-out. Mobile Infrastructure is positioned to lead in AI-native networks and 6G, leveraging a strong cash flow position underpinned by IP licensing. The company is actively assessing the "best value creating opportunity" for units within the Portfolio Businesses segment.

Risks and Contingencies: The filing highlights the strategic risk associated with the Portfolio Businesses segment, which currently operates at a loss. The future of these units is contingent on management's assessment of divestiture or restructuring options. No specific financial guidance for 2026 was provided in this document.

Investor Verification Checklist

• Verify the specific composition of the Portfolio Businesses segment and the timeline for potential divestitures or restructuring.
• Confirm the drivers behind the 22% decline in Technology Standards revenue and its impact on future licensing cash flows.
• Assess the sustainability of the Optical Networks growth rate (84.5% YoY) in the context of the AI data center build-out.
• Review upcoming Q1 2026 results to see the first full quarter of reporting under the new structure and compare against these recast figures.
• Check for any updates on the interim leadership of the Mobile Infrastructure segment (Justin Hotard) and the appointment of a permanent leader.