-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
Nokia's Q1 2026 results were in line with expectations, with comparable net income of EUR295M (+93% Y/Y) and operating profit of EUR281M (+54% Y/Y), contributing 17% of 2026 consensus estimates. Revenue reached EUR4.5B (+4% Y/Y constant currency), supported by AI-related demand but offset by telecom weakness and FX headwinds. Network Infrastructure drove growth with revenue up 6% to EUR1.8B, led by Optical Networks rising 20% to EUR821M on hyperscaler and AI demand, while Mobile Infrastructure delivered modest 3% growth to EUR2.5B, with operating margin expanding 380bps to 8.9%. Management maintained its full-year 2026 comparable operating profit guidance of EUR2.0B-EUR2.5B and raised Network Infrastructure growth expectations to 12%-14% from 6%-8%, reflecting stronger AI & Cloud momentum. We believe the outlook remains supported by AI-driven demand with gradual margin expansion expected, though performance remains tied to telecom capex recovery and regional demand variability, particularly in North America.