Artem Beletski • SEB

Question 1

Artem Beletski's questions to Nokia Oyj (NOK) leadership • Q1 2025

Apr 24, 2025

Question

Artem Beletski asked for an outlook on the subdivisions within Network Infrastructure (NI) for the year and requested an update on Mobile Networks' net footprint gains.

Answer

President and CEO Justin Hotard prioritized the growth opportunities within NI as Optical, then IP Networks, and finally the more stable Fixed Networks. CFO Marco Wiren added that India is a key driver for Fixed Networks. Regarding Mobile Networks, Marco Wiren stated the business is stabilizing but declined to provide a specific update on footprint gains, deferring to the upcoming Capital Markets Day.

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Question 2

Artem Beletski's questions to Nokia Oyj (NOK) leadership • Q4 2024

Jan 30, 2025

Question

Artem Beletski questioned the growth trajectory for the Network Infrastructure segment, asking for sub-segment detail and if 'strong growth' implies double-digit growth. He also asked about the opportunity in the Nokia Technologies' multimedia space.

Answer

CEO Pekka Lundmark confirmed expectations for strong growth in Network Infrastructure, driven by continued momentum in IP and Fixed Networks and a recovery in Optical, but declined to assign a specific number. CFO Marco Wiren and CEO Pekka Lundmark addressed the Technologies question, confirming significant opportunities in new areas like multimedia and automotive. Pekka Lundmark clarified that the 'run rate' metric represents the annualized contract base, which is distinct from one-time catch-up payments that can boost quarterly revenue.