NOKIA CORP
For the period ended Dec 31, 2025. Filed Mar 5, 2026.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2025 · Filed Mar 5, 2026
Contents
Cloud and Network Services
| 2025 · 2024⁽¹⁾ | |||||
|---|---|---|---|---|---|
| EURm | % of net sales | EURm | % of net sales | Change % | |
| Net sales | 2 606 | 100.0% | 2 589 | 100.0% | 1% |
| Cost of sales | (1 307) | (50.2)% | (1 432) | (55.3)% | (9)% |
| Gross profit | 1 299 | 49.8% | 1 157 | 44.7% | 12% |
| Research and development expenses | (567) | (21.8)% | (550) | (21.3)% | 3% |
| Selling, general and administrative expenses | (421) | (16.2)% | (444) | (17.2)% | (5)% |
| Other operating income and expenses | 27 | 1.0% | 43 | 1.7% | (37)% |
| Operating profit | 338 | 13.0% | 206 | 8.0% | 64% |
(1)In 2025, Nokia moved Managed Services business from Cloud and Network Services to Mobile Networks. The comparative amounts
for 2024 have been recast accordingly. For more information, refer to Note 2.2. Segment information in the consolidated financial
Cloud and Network Services net sales in 2025 were EUR 2 606 million, an increase of EUR 17 million,
or 1%, compared to EUR 2 589 million in 2024. Foreign exchange rate fluctuations had an
approximately 5% negative impact on net sales. Enterprise Campus Edge and Core Networks grew,
but this was partially offset by the impact of the disposal of the Device Management and Service
Management Platform businesses during 2024.
| EURm | 2025 | 2024 | Change % |
|---|---|---|---|
| Americas | 1 120 | 1 153 | (3)% |
| APAC | 529 | 517 | 2% |
| EMEA | 957 | 919 | 4% |
| Total | 2 606 | 2 589 | 1% |
Cloud and Network Services gross profit in 2025 was EUR 1 299 million, an increase of
EUR 142 million, or 12%, compared to EUR 1 157 million in 2024. Cloud and Network Services gross
margin in 2025 was 49.8%, compared to 44.7% in 2024. Gross profit increased mainly as a result
of higher gross margin reflecting favorable product mix.
Cloud and Network Services research and development expenses were EUR 567 million in 2025, an
increase of EUR 17 million or 3%, compared to EUR 550 million in 2024. The increase in research
and development expenses largely reflected increased investments in Core Networks.
Cloud and Network Services selling, general and administrative expenses were EUR 421 million in
2025, a decrease of EUR 23 million, or 5%, compared to EUR 444 million in 2024. Thedecrease in
selling, general and administrative expenses largely reflected continued discipline on cost control.
Cloud and Network Services other operating income and expenses was anincome of EUR 27 million
in 2025, a change of EUR 16 million compared to anincome of EUR 43 million in 2024.
Cloud and Network Services operating profit was EUR 338 million in 2025, an increase of
EUR 132 million, compared to EUR 206 million in 2024. Cloud and Network Services operating
margin in 2025 was 13.0% compared to 8.0% in 2024.
ContentsBusiness overviewCorporate governanceOperating and financial review and prospectsSelected financial data•Operating and financial reviewBusiness integrityEnvironmentShares and shareholdersArticles of AssociationRisk factorsSignificant subsequent eventsGeneral facts on NokiaFinancial statementsOther information
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