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    Jakob Bluestone • BNP Paribas

    Jakob Bluestone's questions to Nokia Oyj (NOK) leadership

    Jakob Bluestone's questions to Nokia Oyj (NOK) leadership • Q2 2025

    Question

    Jakob Bluestone from BNP Paribas asked for the reason behind the year being so heavily skewed towards Q4 and whether the midpoint of the revised guidance is covered by the existing order book.

    Answer

    CFO Marco Wirén explained that the Q4 weighting is a long-standing industry pattern driven by CSPs utilizing remaining CapEx budgets late in the year. He stated that while order coverage varies by business, with project-based businesses having longer visibility, the current order coverage does not deviate from the normal pattern seen in previous years.

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    Jakob Bluestone's questions to Nokia Oyj (NOK) leadership • Q2 2025

    Question

    Jakob Bluestone of BNP Paribas asked for the reason behind the year being so heavily weighted to Q4 and whether the midpoint of the current guidance is covered by the existing order book.

    Answer

    CFO Marco Wirén explained that the Q4 weighting is a normal industry pattern driven by CSPs making late-year budget decisions. He stated that while order coverage varies by business, the current situation shows no deviation from the normal pattern for this time of year, and they are not dependent on large, unbooked deals to meet the guidance.

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    Jakob Bluestone's questions to Nokia Oyj (NOK) leadership • Q1 2025

    Question

    Jakob Bluestone asked for clarification on who contractually bears the cost of tariffs and requested details on the new T-Mobile contract, such as its start date and margin profile.

    Answer

    President and CEO Justin Hotard explained that contracts vary across businesses, so there isn't a single answer on who bears tariff costs, but reiterated that all mitigation options are being explored. Regarding the T-Mobile deal, he described it as a significant multiyear extension and a signal of a strong partnership but declined to share further contractual or financial details.

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    Jakob Bluestone's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership

    Jakob Bluestone's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q2 2025

    Question

    Jakob Bluestone of BNP Paribas sought clarification on tariff-related impacts in Q2, asking if the margin hit aligned with the 100-basis-point guidance and what the expectation is for Q3.

    Answer

    CFO Lars Sandström stated that the tariff impact in Q2 was approximately the guided one percentage point. He described the quarter as more 'normal' regarding customer purchasing patterns compared to Q1 and expects a similar level of tariff impact going forward, based on current information.

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    Jakob Bluestone's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q3 2024

    Question

    Jakob Bluestone of BNP Paribas requested an update on the competitive environment in the Radio Access Network (RAN) market, with a specific focus on any changes in pressure from Chinese vendors.

    Answer

    CEO Börje Ekholm stated that the competitive landscape has been largely unchanged over the last few years, characterized by some footprint gains and losses. He reiterated Ericsson's commitment to maintaining commercial discipline rather than chasing every contract.

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    Jakob Bluestone's questions to Infineon Technologies AG (IFNNY) leadership

    Jakob Bluestone's questions to Infineon Technologies AG (IFNNY) leadership • Q2 2025

    Question

    Jakob Bluestone asked for the rationale behind the €200 million reduction in the full-year CapEx guidance.

    Answer

    CFO Sven Schneider explained the primary reason for the CapEx cut to €2.3 billion was the push-out of spending on major front-end buildings, mainly in Dresden and Kulim, into the next fiscal year. CEO Jochen Hanebeck added that the Dresden fab remains a necessary long-term project, and the adjustment is a matter of modularly timing the ramp-up according to demand rather than a change in strategy.

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    Jakob Bluestone's questions to Infineon Technologies AG (IFNNY) leadership • Q2 2025

    Question

    Jakob Bluestone asked if the €200 million cut in CapEx guidance was due to currency effects or a strategic scale-back in response to potential tariffs.

    Answer

    CFO Sven Schneider explained the CapEx cut was primarily due to pushing out major front-end building investments in Dresden and Kulim, with only a minor currency effect. CEO Jochen Hanebeck added that the Dresden fab is still considered necessary long-term, and the delay is a matter of detailed timing, not a change in strategy.

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