Nokia reported a stronger-than-expected Q4 result, driven mainly by its Network Infrastructure and Technology units, while Mobile Networks remained slightly weaker. The 2025 earnings guidance was in line with expectations, and the operational profitability of the network business is expected to improve significantly. The free cash flow forecast was positive at 1.4 billion euros.
Revenue grew by 9% and exceeded expectations, thanks to the Technology unit. Network Infrastructure grew by 17%, and the North American market showed signs of recovery. Nokia’s comparable operating profit rose to 1,142 million euros, surpassing forecasts. Free cash flow was better than expected, and the dividend was increased by one cent. Nokia expects strong growth in Network Infrastructure this year.