Financials Nokia Oyj

Equities

NOKIA

FI0009000681

Communications & Networking

Market Closed - Nasdaq Helsinki Other stock markets 12:00:00 2025-07-17 pm EDT			After hours 01:52:07 pm
4.156 ^EUR	+1.39%		4.119	-0.89%

Jul. 15	European shares fall on healthcare, financials drag; focus on US-EU trade deal	RE
Jul. 15	European shares fall on healthcare, financials drag; focus on US-EU trade deal	RE

Projected Income Statement: Nokia Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	21,870	22,202	24,911	22,258	20,279	20,286	21,033	21,540
Change	-	1.52%	12.2%	-10.65%	-8.89%	0.04%	3.68%	2.41%
EBITDA ¹	2,839	3,479	3,838	3,110	3,616	2,839	3,332	3,576
Change	-	22.54%	10.32%	-18.97%	16.27%	-21.49%	17.37%	7.33%
EBIT ¹	2,114	2,775	3,109	2,375	2,619	2,090	2,556	2,769
Change	-	31.27%	12.04%	-23.61%	10.27%	-20.19%	22.27%	8.35%
Interest Paid ¹	-184	-176	-38	-137	152	-50.67	-34.25	-34.75
Earnings before Tax (EBT) ¹	834	1,926	2,184	1,499	2,091	1,559	2,091	2,364
Change	-	130.94%	13.4%	-31.36%	39.49%	-25.46%	34.19%	13.05%
Net income ¹	-2,431	1,623	4,250	665	1,277	1,220	1,584	1,807
Change	-	166.76%	161.86%	-84.35%	92.03%	-4.46%	29.82%	14.12%
Announcement Date	2/4/21	2/3/22	1/26/23	1/25/24	1/30/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	5,093	5,294	6,569	5,076	5,313	5,399	6,414	5,348	5,873	6,241	7,449	5,859	5,710	4,982	5,707	4,667	4,466	4,326	6,314	4,390	4,821	4,887	6,229	4,675	5,134	5,155	6,257
Change	-	3.95%	24.08%	-22.73%	4.67%	1.62%	18.8%	-16.62%	9.82%	6.27%	19.36%	-21.35%	-2.54%	-12.75%	14.55%	-18.22%	-4.31%	-3.13%	45.95%	-30.47%	9.83%	1.37%	27.46%	-24.96%	9.83%	0.41%	21.38%
EBITDA ¹	607	765	1,270	822	858	808	1,086	757	896	840	1,345	656	811	604	1,040	760	613	615	1,307	323	577.9	681.1	1,203	550.4	-	-	-
Change	-	26.03%	66.01%	-35.28%	4.38%	-5.83%	34.41%	-30.29%	18.36%	-6.25%	60.12%	-51.23%	23.63%	-25.52%	72.19%	-26.92%	-19.34%	0.33%	112.52%	-75.29%	78.92%	17.85%	76.61%	-54.24%	-	-	-
EBIT ¹	423	486	1,090	551	682	633	908	583	714	658	1,154	479	626	424	846	597	423	454	1,142	156	408.8	529.7	997.8	358.1	609	637	1,085
Change	-	14.89%	124.28%	-49.45%	23.77%	-7.18%	43.44%	-35.79%	22.47%	-7.84%	75.38%	-58.49%	30.69%	-32.27%	99.53%	-29.43%	-29.15%	7.33%	151.54%	-86.34%	162.07%	29.56%	88.39%	-64.12%	70.09%	4.6%	70.33%
Charge d'intérêts	-27	-78	-13	-52	-39	-47	-38	-40	-27	29	1	-19	-54	-37	-32	-41	27	-29	31	-11	-	-	-10	-	-11	-	-
Earnings before Tax (EBT) ¹	165	276	523	372	416	446	693	256	541	509	878	401	407	179	512	451	461	219	948	-36	282.2	409.2	863.8	403	568	596	1,050
Change	-	67.27%	89.49%	-28.87%	11.83%	7.21%	55.38%	-63.06%	111.33%	-5.91%	72.5%	-54.33%	1.5%	-56.02%	186.03%	-11.91%	2.22%	-52.49%	332.88%	-103.8%	883.89%	45%	111.09%	-53.35%	40.94%	4.93%	76.17%
Net income ¹	80	193	-2,601	261	344	342	676	219	460	427	3,154	289	290	139	-43	438	-142	175	820	-59	198.3	292.9	660.5	269.8	426	448	788
Change	-	141.25%	-1,447.67%	110.03%	31.8%	-0.58%	97.66%	-67.6%	110.05%	-7.17%	638.64%	-90.84%	0.35%	-52.07%	-130.94%	1,118.6%	-132.42%	223.24%	368.57%	-107.2%	436.09%	47.71%	125.51%	-59.15%	57.9%	5.16%	75.89%
Announcement Date	7/31/20	10/29/20	2/4/21	4/29/21	7/29/21	10/28/21	2/3/22	4/28/22	7/21/22	10/20/22	1/26/23	4/20/23	7/20/23	10/19/23	1/25/24	4/18/24	7/18/24	10/17/24	1/30/25	4/24/25	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Nokia Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-2,485	-3,942	-4,767	-4,323	-4,854	-3,049	-3,782	-5,245
Change	-	-58.63%	-20.93%	9.31%	-12.28%	37.19%	-24.04%	-38.68%
Announcement Date	2/4/21	2/3/22	1/26/23	1/25/24	1/30/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Nokia Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	479	560	601	652	472	606	589.9	608.1
Change	-	16.91%	7.32%	8.49%	-27.61%	28.38%	-2.65%	3.1%
Free Cash Flow (FCF) ¹	1,280	2,065	873	665	2,021	1,391	1,714	2,114
Change	-	61.33%	-57.72%	-23.83%	203.91%	-31.16%	23.21%	23.33%
Announcement Date	2/4/21	2/3/22	1/26/23	1/25/24	1/30/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Nokia Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	12.98%	15.67%	15.41%	13.97%	17.83%	13.99%	15.84%	16.6%
EBIT Margin (%)	9.67%	12.5%	12.48%	10.67%	12.91%	10.3%	12.15%	12.86%
EBT Margin (%)	3.81%	8.67%	8.77%	6.73%	10.31%	7.68%	9.94%	10.98%
Net margin (%)	-11.12%	7.31%	17.06%	2.99%	6.3%	6.01%	7.53%	8.39%
FCF margin (%)	5.85%	9.3%	3.5%	2.99%	9.97%	6.86%	8.15%	9.81%
FCF / Net Income (%)	-52.65%	127.23%	20.54%	100%	158.26%	114.03%	108.23%	116.96%
Profitability
ROA	3.86%	4.26%	10.24%	1.61%	5.49%	3.69%	3.08%	3.69%
ROE	10.45%	12.4%	12.78%	7.68%	10.53%	7.59%	8.98%	9.47%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.19%	2.52%	2.41%	2.93%	2.33%	2.99%	2.8%	2.82%
CAPEX / EBITDA (%)	16.87%	16.1%	15.66%	20.96%	13.05%	21.34%	17.7%	17%
CAPEX / FCF (%)	37.42%	27.12%	68.84%	98.05%	23.35%	43.56%	34.41%	28.77%
Items per share
Cash flow per share ¹	0.3134	0.4618	0.26	0.2358	0.4508	0.3981	0.4279	0.5236
Change	-	47.35%	-43.7%	-9.31%	91.16%	-11.68%	7.49%	22.35%
Dividend per Share ¹	-	0.08	0.12	0.13	0.14	0.1388	0.1504	0.1624
Change	-	-	50%	8.33%	7.69%	-0.88%	8.4%	7.98%
Book Value Per Share ¹	2.24	3.08	3.82	3.72	3.84	3.86	3.991	4.212
Change	-	37.5%	24.03%	-2.62%	3.23%	0.53%	3.39%	5.53%
EPS ¹	-0.43	0.29	0.75	0.12	0.23	0.2215	0.279	0.3264
Change	-	167.44%	158.62%	-84%	91.67%	-3.7%	25.99%	16.99%
Nbr of stocks (in thousands)	5,628,955	5,646,452	5,587,016	5,537,060	5,384,608	5,391,154	5,391,154	5,391,154
Announcement Date	2/4/21	2/3/22	1/26/23	1/25/24	1/30/25	-	-	-