Nokia J.P. Morgan TMC Conference Boston Takeaways

Research evidence excerpt

Nokia J.P. Morgan TMC Conference Boston Takeaways

J P M O R G A N Europe Equity Research

20 May 2026

Nokia

J.P. Morgan TMC Conference Boston Takeaways

We hosted Nokia CEO Justin Hotard for a fireside chat at our TMC Conference in European Tech Hardware &

Boston. Here are our key takeaways: Payments

Sandeep Deshpande AC

(44-20) 7134-5276

Network Infrastructure sandeep.s.deshpande@jpmorgan.com

Craig A McDowell

• On the Optical roadmap and competitive positioning: Nokia’s CEO framed (44-20)craig.mcdowell@jpmorgan.com7742-4576

the OFC optical announcements as the first major proof point of the Infinera

Anthony Girard

combination, highlighting 13 unique DSP platforms targeting discrete

(44-20) 3493-6469

applications across the stack from scale-out to ultra long-haul. Nokia expects anthony.girard@jpmorgan.com

most of the portfolio to be in the market in 2027, with early units in H1 2027 J.P. Morgan Securities plc

and the volume ramp in H2 2027. Competitively, the CEO emphasized

structural advantages from vertical integration, optimizing between DSP and Specialist Sales contact details:

PIC, and the ability to build tailored products at hyperscaler granularity. The Scott Silver - Specialist Sales -

company argues that this approach matches how AI/cloud customers segment European TMT

requirements and should strengthen Nokia’s position. (44-20) 7134-0412

scott.silver@jpmorgan.com

• Order momentum and revenue translation: Nokia’s CEO attributed the

step-up in orders (€1bn in Q1) primarily to 800G demand, noting that Nokia NOKIA.HE, NOKIA FH

had limited participation in 400G pluggables and stated that order momentum Overweight

was already strong in Q4 (not granularly disclosed then). He expects orders to Price (19 May 26): €11.59