Nokia Sees FY26 Capital Expenditures of EUR 900M to EUR 1B
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 18h ago
0mins
Sees FY26 capital expenditures EUR 900M-EUR 1B. The company said, "Looking ahead to 2026, our focus is on disciplined execution to capture growth in AI & Cloud, and increase efficiency while building a high performance culture across Team Nokia. We have fewer, clearer priorities, a simplified operating model, and a strategy we are executing with speed and accountability. In financial terms - we target EUR 2.0 to 2.5 billion of comparable operating profit in 2026. We see strong demand trends in Network Infrastructure as we ramp new products expanding our presence in AI & Cloud and invest for long-term growth. In Mobile Infrastructure we see a stable market environment and are focused on efficiency and improving profitability. Overall, we expect 2026 will show clear progress towards the long-term targets that we laid out at our Capital Markets Day in November."
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Analyst Views on NOK
Wall Street analysts forecast NOK stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NOK is 7.36 USD with a low forecast of 6.50 USD and a high forecast of 8.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Analyst Rating
5 Buy
2 Hold
0 Sell
Moderate Buy
Current: 6.820
Low
6.50
Averages
7.36
High
8.50
Current: 6.820
Low
6.50
Averages
7.36
High
8.50
About NOK
Nokia Oyj is a Finland-based company engaged in the network and Internet protocol (IP) infrastructure, software, and related services market. The Company's businesses include Nokia Networks and Nokia Technologies. The Company's segments include Ultra Broadband Networks, IP Networks and Applications, and Nokia Technologies. The Ultra Broadband Networks segment comprises Mobile Networks and Fixed Networks operating segments. The IP Networks and Applications segment comprises IP/Optical Networks and Applications & Analytics operating segments. The Applications & Analytics operating segment offers software solutions spanning customer experience management, network operations and management, communications and collaboration, policy and charging, as well as Cloud, Internet of things (IoT), security, and analytics platforms that enable digital services providers and enterprises to accelerate and optimize their customer experience. The Company has Comptel Oyj among its subsidiaries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Nokia Revises 2024-2025 Financial Reporting Structure
- Network Infrastructure Performance: Nokia's Network Infrastructure reported net sales of EUR 7.6 billion for 2025, a 20.6% increase from EUR 6.3 billion in 2024, although operating profit rose slightly to EUR 770 million, with the operating margin declining from 11.4% to 10.1%, indicating pressure on profitability.
- Mobile Infrastructure Decline: The Mobile Infrastructure segment saw net sales drop to EUR 11.4 billion in 2025 from EUR 12.2 billion in 2024, a decrease of 6.6%, with operating profit significantly falling to EUR 1.5 billion and the operating margin decreasing from 17.3% to 13.4%, reflecting intensified market competition and weak demand.
- Portfolio Businesses Growth: Portfolio Businesses generated net sales of EUR 845 million in 2025, up 17.7% from EUR 717 million in 2024, yet the operating loss widened to EUR 90 million, indicating ongoing challenges in this segment.
- Overall Financial Stability: Despite the restructuring of Nokia's financial reporting, the company stated that overall group results remain unchanged, aiming to provide comparability ahead of the new segment reporting framework set to begin in 2026, ensuring transparency for investors regarding future performance.
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Nokia Reports 3% Revenue Growth in Q4
- Revenue Beat: Nokia's Q4 revenue grew 3% year-over-year to $7.13 billion, surpassing analysts' expectations of $6.95 billion, indicating stable performance in the traditional telecom equipment market.
- Earnings Growth: The company reported earnings per share of $0.21, exceeding the forecast of $0.17, reflecting improvements in cost control and operational efficiency, despite a negative overall market sentiment.
- Negative Market Reaction: Despite strong results, Nokia's stock fell 8%, primarily driven by broader market concerns regarding AI stocks, highlighting investor uncertainty about future growth prospects.
- AI Investment Risks: Nokia's partnership with Nvidia to develop AI-powered 6G platforms could enhance network capacity, but market worries about AI investment returns may adversely affect Nokia's stock performance in the current environment.
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