Erratum: Acceleration and margin expansion in 2027 - PT raised to €13.8

Research evidence excerpt

Erratum: Acceleration and margin expansion in 2027 - PT raised to €13.8

ity.

26.6x enablingserving and telecomand infrastructure markets.and IP. We expect this headwind to reduce through 2027 and 2028 and forecast the Network 43.4x of software, solutions,solutionswith strong infrastructure. networks 23.7x49.3x35.7x14.4xPE 21.5x33.4x30.2x13.8xPE 19.6x50.0x33.8x8.3x 2027 EV/EBITDA 16.5x29.5x22.8x7.6x NetworkProvider high-performanceTelecomGlobalsupplierleader equipment datain networkingoncentervendoroptical networkingspecializinghardware,transport, equipmentsoftwareinroutingmobile andandandnetworksoftwaresecurity infrastructure, particularly exposureenterprise,high-capacity4G/5Gto cloudcloudradioandtelecom accessAI-driven and scale-outcore network solutions. 16.6x

22.1x16.9x 17.9x35.0x27.6x7.8x 2028 EV/EBITDA19.1x16.5x Telecom infrastructure and networking company offering mobile and fixed network equipment, software and services to operators globally. CienaCiscoAristaEricssonPeerNokiaaverage 39.9x34.0x 30.8x24.7x 24.7x20.2x 27.9x17.1x .Infrastructure adj. operating margin to rise to 16.8% in 2027 (from 13.8% in 2026), almost Source: Bloomberg, Jefferies estimates for Nokia

reaching the high-end of the 2028 target range (13-17%). We also raise our overall 2026

adjusted operating profit to €2.41bn (previously €2.32bn), close to the high-end of the €2-2.5bn Exhibit 2 - Jefferies estimate changes

range. FY26E FY27E FY28E Old revenue 21135.4 23053.1 24997.8

New revenue 21135.4 23274.0 25863.5

Optical growth supported by roadmap and rising capacity: IP Networks is expected to be % change 0.0% 1.0% 3.5%

a key part of Nokia's AI & Cloud revenue acceleration from Q2-26, as switch orders from a Old gross profit 9699.8 10727.0 11671.0

New gross profit 9713.4 10926.6 12248.2