Full Transcript: Nokia Q2 2026 Earnings Call

Nokia (NYSE: NOK ) held its second-quarter earnings conference call on Thursday.

Below is the complete transcript from the call.

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The full earnings call is available at Summary Nokia Oyj reported a 9% increase in net sales for Q2 2026, with gross margin expanding by 70 basis points to 46% and operating margin by 70 basis points to 9%.

The company highlighted strong growth in Network Infrastructure, especially in Optical and IP Networks, driven by AI and cloud customer demand.

Nokia launched the industry's first commercial AI RAN platform, expecting it to be commercially available by 2027, with pilot deployments set for the end of 2026.

The company is scaling its manufacturing capacity, particularly in optical growth, with investments in Indium Phosphide semiconductor manufacturing in San Jose and acquiring a new site in Arizona.

Management reiterated a commitment to focusing on areas where Nokia can differentiate, such as AI and cloud, while divesting non-core assets like the fixed wireless access business.

Nokia expects to deliver above the midpoint of its operating profit guidance for the year, despite anticipating a sequentially similar operating profit for Q3 compared to Q2.

The restructuring program is on track to achieve 1.2 billion euros in gross cost savings by the end of 2026, with further efficiency programs expected, particularly in Europe.

Full Transcript David Mulholland, Head of Investor Relations Oh, good.

All right.

Good morning, ladies and gentlemen.

Welcome to Nokia's second quarter 2026 results call.

I'm David Mulholland, Head of Nokia Investor Relations, and today with me is Justin Hotard, our President and CEO, along with Marco Wirén, our CFO.

Before we get started, a quick disclaimer.

During this call we will be making forward-looking statements regarding our future business and financial performance, and these statements are predictions that involve risks and uncertainties.

Actual results could therefore differ materially from the results we currently expect.

Factors that could cause such differences can be both external as well as internal operating factors.

We have identified such risks in the Risk Factors section of our annual report on Form 20-F, which is available on our Investor Relations website.

Within today's presentation, references to growth rates will be on a constant currency basis and other financial items will be based on our comparable reporting.

Please note that our Q2 report and a presentation that accompanies this call are published on our website.

The report includes both reported and comparable financial results and reconciliation between the two.

In terms of the agenda for today, Justin will go through the strategic highlights of the quarter and then Marco will go through our financial performance.

We'll then move to Q&A.

With that, let me hand over to Justin.

Justin Hotard, President and CEO Thanks, David, and hello everyone.

Our second quarter showed continued progress against the strategy we set at our Capital Markets Day.

Our team is focused on maximizing our opportunity in the AI super cycle, and that focus is translating into early results.

I'm pleased with the progress that Team Nokia has made.

In the first half of 2026, in Q2, net sales grew 9%.

We expanded our gross margin by 70 basis points to 46% and our operating margin by 70 basis points to 9%.

Network Infrastructure delivered strong growth led by Optical and IP Networks, with sales from AI and cloud customers more than doubling year on year.

Mobile Infrastructure sales also grew, and the business delivered stable profitability largely driven by product mix.

Marco will take you through the details of our financial performance in his update.