Quick Take: Nokia 2Q26 - Strong headlines dress up a more pedestrian underlying result

Research evidence excerpt

Quick Take: Nokia 2Q26 - Strong headlines dress up a more pedestrian underlying result

23 July 2026

Ulrich Rathe

+44 20 7762 5157

European Telecom Services ulrich.rathe@bernsteinsg.com

Nokia Qingchuan Lu

+44 20 7762 1322

Rating Qingchuan.Lu@bernsteinsg.com

Market-Perform Dan Corcuera-Robbins, ACA

Price Target +44 20 7762 5184

dan.corcuera-robbins@bernsteinsg.com

NOKIA.FH 5.54 EUR Specialist Sales

Kiran Shah, CFA

+44 20 3547 1533

kiran.shah@bernsteinsg.com

Quick Take: Nokia 2Q26 - Strong headlines dress up a more

pedestrian underlying result

Strong headlines dress up a more pedestrian underlying result. Nokia restated with Close Date 22 Jul 2026

2Qs, so headlines don’t mean much compared to consensus. The restatement moves some

NOKIA.FH Close Price (EUR) 9.17

operations (FWA CPE and Enterprise Campus Edge) from the Portfolio Business unit to

Price Target (EUR) 5.54

“discontinued operations”. This has a very minor effect on the other divisions, but we consider

Upside/(Downside) (40)%

those comparable to consensus. If we exclude the Portfolio Business from 2Q results and

52-Week Range 15.00/3.42

consensus altogether for a like-for-like comparison, revenue beat by 2% and comparable

EDME 1,605.29

operating profit by 9.0%. While this still looks strong, the reason for the operating profit beat

FYE Dec

(€61m vs cons) is materially from the lumpy licensing business within Mobile Infrastructure

Div Yield 1.5%

(€40m vs cons). Notably, the closely watched Optical Networks unit missed revenue and

Market Cap (EUR) (M) 52,633

adj. operating profit consensus by -4%. FY guidance was adjusted for the restatement but

EV (EUR) (M) 49,928

reiterated on an underlying basis. Bottom line: A solid enough 2Q print, but not the game