Nokia's comparable operating profit rose 35% year over year to €605 million in the third quarter, while reported operating profit fell 22% to €196 million as restructuring and integration costs weighed on results.
Net sales grew 10% from a year earlier to €5.154 billion, or 9% on a constant-currency and portfolio basis.
Sales to AI and cloud customers increased 123% on a constant-currency basis, and order intake from those customers rose 118% to €1.5 billion. Network Infrastructure sales gained 15% on a constant-currency basis to €2.158 billion, with IP Networks up 43% and Optical Networks up 18%. Mobile Infrastructure sales rose 5% to €2.902 billion; Nokia said some revenue shifted from the fourth quarter into the third.
Comparable operating margin improved 2.2 percentage points to 11.7%. Reported operating margin fell 1.6 percentage points to 3.8% from 5.4% a year earlier.
Nokia kept its 2026 comparable operating profit outlook at €2.1 billion to €2.6 billion. Its planning assumptions call for fourth-quarter sales to rise 20% to 24% from the third quarter and for full-year profit to exceed the range's midpoint.
The company lowered its 2026 free cash flow conversion outlook to 35% to 55% of comparable operating profit. Nokia plans to add €400 million to working capital this year to secure supply and support growth in 2027. It also forecasts €1.1 billion in restructuring and related charges, with associated cash outflows of €800 million to €900 million.
Nokia expects its combined Optical Networks and IP Networks businesses to grow 25% to 30% in 2027. President and CEO Justin Hotard said the company expects to finish integrating Infinera by the end of 2026, a year earlier than planned, and anticipates €200 million in net synergies.
Nokia's board declared a dividend of €0.03 per share, with a Tuesday, Oct. 27, record date and payment scheduled for Nov. 5. The company plans to report fourth-quarter and full-year 2026 results on Jan. 28, 2027.
