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    Felix Henriksson • Nordea

    Felix Henriksson's questions to Nokia Oyj (NOK) leadership

    Felix Henriksson's questions to Nokia Oyj (NOK) leadership • Q2 2025

    Question

    Felix Henriksson from Nordea Markets asked if the weaker business mix expected in Q3 was confined to Mobile Networks and inquired about the expected step-down in OpEx for Nokia Technologies in the second half of the year.

    Answer

    CFO Marco Wirén confirmed the Q3 margin impact is primarily due to a less favorable product mix in Mobile Networks, with less software revenue expected compared to Q2. President & CEO Justin Hotard clarified for Nokia Technologies that OpEx is expected to be flat, with the full-year profit guidance supported by optimism for revenue performance in the second half.

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    Felix Henriksson's questions to Nokia Oyj (NOK) leadership • Q2 2025

    Question

    Felix Henriksson of Nordea Markets asked about the drivers of the weaker business mix expected in Q3 and questioned the assumptions behind the Nokia Technologies EBIT guidance, which implies lower OpEx in the second half.

    Answer

    CFO Marco Wirén explained the Q3 margin outlook reflects a less favorable product mix in Mobile Networks, specifically less software revenue compared to Q2. President & CEO Justin Hotard clarified for Nokia Technologies that OpEx is expected to be flat, with the EBIT guidance reflecting optimism on second-half revenue.

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    Felix Henriksson's questions to Nokia Oyj (NOK) leadership • Q1 2025

    Question

    Felix Henriksson asked if Nokia witnessed any demand pull-forward from U.S. customers in Q1 ahead of tariffs and if there was any observed hesitancy in hyperscaler spending.

    Answer

    President and CEO Justin Hotard stated there was no material demand pull-forward in Q1 related to tariffs. Regarding hyperscalers, he noted that strong order growth and a book-to-bill above 1 in Optical Networks indicate continued investment. He explained that leasing pauses don't always mean CapEx changes and that short-term digestion periods are normal during technology transitions, like the current one in GPUs.

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    Felix Henriksson's questions to Nokia Oyj (NOK) leadership • Q4 2024

    Question

    Felix Henriksson asked about the scenarios behind the wide full-year EBIT guidance range and questioned the outlook for the U.S. BEAD program under a potential new presidential administration.

    Answer

    CFO Marco Wiren explained that the guidance range reflects current market understanding, with market development being a key variable. CEO Pekka Lundmark expressed confidence in the BEAD program's continuation, noting its link to U.S. manufacturing—a priority for the new administration—and highlighted that Nokia has already begun manufacturing in Wisconsin to meet program requirements and has started receiving orders.

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    Felix Henriksson's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership

    Felix Henriksson's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q2 2025

    Question

    Felix Henriksson of Nordea Markets asked about Ericsson's confidence in gaining market share, referencing a past Capital Markets Day target, and which regions present the best opportunities for growth.

    Answer

    CEO Börje Ekholm candidly stated that the expected opportunity from replacing high-risk vendors in Europe has not materialized. Instead, Ericsson is focusing its investment and efforts on strengthening its position in key markets like the U.S., India, and Japan, citing the new R&D center in Japan as an example of this focused strategy.

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    Felix Henriksson's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q1 2025

    Question

    Felix Henriksson asked about competitive trends outside the U.S. and whether the negative organic growth in regions beyond the Americas was driven by broad demand weakness or a tougher competitive environment.

    Answer

    CEO Börje Ekholm responded that increased competition from Chinese vendors is not a new development and has been a consistent factor for several quarters. He attributed the performance primarily to a slower market outside of North America. He characterized the market share situation as having some footprint gains and losses that are currently more or less evening out.

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    Felix Henriksson's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q3 2024

    Question

    Felix Henriksson of Nordea asked for color on OpEx development into Q4 and whether H2 would be stable versus H1. He also requested quantification of the one-time benefits to Q3 gross margin from the IPR deal and a customer settlement.

    Answer

    CFO Lars Sandstrom confirmed the outlook for H2 OpEx remains similar to H1, possibly slightly higher due to bonus provisions. He quantified the combined positive impact from the retroactive IPR revenue and the customer settlement on the Q3 gross margin as being 'around a percentage point'.

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    Felix Henriksson's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q2 2024

    Question

    Felix Henriksson from Nordea asked about the game plan for Vonage, questioning the timeline for achieving profitable growth following the recent write-down, negative organic growth, and ongoing losses.

    Answer

    CFO Lars Sandstrom stated there is no specific timeline but that the company is focused on returning the business to profitable growth. CEO Börje Ekholm stressed that the primary strategic goal remains building the new market for Network APIs, which was the core rationale for the acquisition. He acknowledged the existing business must be managed better but the main focus is on this long-term platform opportunity.

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    Felix Henriksson's questions to Telenor ASA (TELNY) leadership

    Felix Henriksson's questions to Telenor ASA (TELNY) leadership • Q1 2025

    Question

    Felix Henriksson from Nordea asked about the drivers of fierce competition in Finland, where all operators saw negative mobile net adds, and inquired about the subscriber base of Telenor's fighter brand, Moi.

    Answer

    Executive Frank Maaø explained that Telenor does not disclose the subscriber base for Moi. He attributed the negative net adds in Finland primarily to a decline in mobile broadband subscriptions as customers switch to newly rolled-out fixed fiber, noting the smartphone market remains relatively stable. CEO Benedicte Fasmer added that despite the competition, the Finnish unit delivered strong 9% growth.

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    Felix Henriksson's questions to Telenor ASA (TELNY) leadership • Q4 2024

    Question

    Felix Henriksson of Nordea requested more detail on the 2025 Nordic service revenue growth outlook, asking about specific pockets of strength and weakness by geography and product, and the balance between ARPU growth and net subscriber additions.

    Answer

    CEO Benedicte Fasmer highlighted strong performance and market share gains in Finland and good development in Denmark's demanding market. She emphasized the 'more-for-more' strategy across the Nordics, where value-added services, particularly security, are bundled with connectivity to drive growth. CFO Torbjorn Wist confirmed this strategy has a positive effect on ARPU, which remains a key focus for value creation.

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    Felix Henriksson's questions to Telenor ASA (TELNY) leadership • Q3 2024

    Question

    Felix Henriksson asked for an update on Telenor's thinking regarding bringing on partners for its tower business, an ambition stated at the 2022 Capital Markets Day. He also inquired about the drivers behind the positive mobile subscriber net adds in Norway.

    Answer

    CEO Sigve Brekke confirmed that a tower partnership is still under consideration, with the company currently in the middle of strategic and financial evaluations. Regarding subscriber growth in Norway, he attributed the positive trend to successful market differentiation on network and security, which supports the "more-for-more" model, as well as a significant B2B contract win with Aker companies.

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