Nokia Q3 2025 Interim Report: Strong Net Sales Growth and Revised Operating Profit Outlook

Nokia Corporation reported a strong performance in Q3 2025, with comparable net sales growing 9% year-over-year on a constant currency and portfolio basis, driven by growth across all business groups. Optical Networks saw particularly strong growth at 19%. However, the comparable gross margin declined by 150 basis points to 44.2%, primarily due to product mix in Network Infrastructure and Mobile Networks. The comparable operating margin decreased by 220 basis points to 9.0%, impacted by a one-time benefit from a provision reversal in the prior year. Nokia revised its full-year 2025 comparable operating profit outlook to EUR 1.7-2.2 billion, up from EUR 1.6-2.1 billion, due to a change in venture fund reporting. The company remains on track to achieve its full-year outlook, with a focus on growth and operational leverage.