Annual Report 2025
Nokia has long been trusted to provide the critical network infrastructure the world relies on.
Today, our technology is connecting intelligence – powering our customers with advanced connectivity.
Nokia's year 2025 in 60 seconds
Interview with our President and CEO, Justin Hotard
“Nokia changed the world once by connecting people. Now we can change it again by connecting intelligence.”
Our financial performance in 2025
Our performance in 2025 was a solid foundation for the launch of a new strategy that will position Nokia to lead network transformation in the AI era and support long-term profitable growth.
Footnote
(1) Non-IFRS measure. For the definition and reconciliation of non-IFRS measures to the most directly comparable IFRS measures, refer to the “Alternative performance measures” section within the annual report.
(2) Diluted earnings per share for continuing operations.
(3) The Board of Directors proposes to the Annual General Meeting 2026 to be authorized to decide in its discretion on the distribution of an aggregate maximum of EUR 0.14 per share as dividend from the retained earnings and/or as assets from the reserve for invested unrestricted equity.
Our operating model in 2025
In 2025, Nokia operated with four business groups as outlined below.
In November 2025, alongside the launch of its new strategy, Nokia announced that it would simplify its operating model into two primary operating segments, Network Infrastructure and Mobile Infrastructure. This simplification took effect on 1 January 2026.
Regional split of employees in 2025
Our average number of employees in 2025 totalled approximately 78 000. The map below highlights our regional splits and office locations.
Our new strategy and simplified operating model
At our Capital Markets Day, on 19 November 2025, we announced our new strategy to position Nokia to lead in the AI-driven transformation of networks and capture the value of the AI supercycle. We laid out how we would become faster, more agile, more focused and more execution-driven.
To execute on our new strategic direction, we have simplified Nokia’s operating model. Nokia has moved from four business groups to two primary operating segments: Network Infrastructure and Mobile Infrastructure. This will streamline our organization, allowing us to accelerate innovation, unlock operating leverage and move faster.
Our five strategic priorities
01 Accelerate growth in AI & Cloud
02 Lead the next era of connectivity with AI-native networks and 6G
03 Grow by co-innovating with customers and partners
04 Focus capital where Nokia can differentiate
05 Unlock sustainable returns
Our customers
Our technology helps our customers capture the opportunities of an AI-enabled future. We also co-create solutions with those customers to make sure our product performance and business competitiveness are second to none.
Telecommunication providers
Serviceable addressable market: €69 billion, up 2% year-on-year.
Telecommunication providers offer voice and/or data services through fixed and/or mobile connectivity to consumers, enterprises, governments and other customers.
AI & Cloud
Serviceable addressable market: €17 billion, up 28% year-on-year.
AI & Cloud providers are building the physical infrastructure of the AI economy at unprecedented speed.
Mission critical enterprise & Defense
Serviceable addressable market: €13 billion, up 11% year-on-year.
Mission critical enterprises are those in which connectivity is a strategic asset helping to deliver persistent connectivity for operations that simply cannot fail. They include public utilities, rail and transportation, emergency services and militaries.
Technology licensees
Total revenue: €1.5 billion, down 22% year-on-year.
Technology licensees are companies that have agreed licenses to use Nokia’s intellectual property in their products.
