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1、 2024 Nokia1Q3 2024Financial results17 October 2024 2024 Nokia2Disclaimer PublicIt should be noted that Nokia and its business are exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements.These forward-looking statements re

2、flect Nokias current expectations and views of future developments and include statements preceded by“believe”,“expect”,“expectations”,“commit”,“envisage”,“anticipate”,“foresee”,“see”,“target”,“estimate”,”designed”,“aim”,“forecast”,“plan”,“intend”,“influence”,“assumption”,“focus”,“continue”,“project

3、”,“should,“is to”,will,likely,may,could,would or similar expressions.These statements are based on managements best assumptions and beliefs in light of the information currently available to it.Because they involve risks and uncertainties,actual results may differ materially from the results that we

4、 currently expect.Factors,including risks and uncertainties that could cause such differences can be both external,such as general,economic and industry conditions,as well as internal operating factors.We have identified these in more detail in our annual report on Form 20-F for the year ended Decem

5、ber 31,2023,under“Operating and Financial Review and ProspectsRisk Factors“,and in our other filings or documents furnished with the U.S.Securities and Exchange Commission,including Nokias financial results reports.Other unknown or unpredictable factors or underlying assumptions subsequently proven

6、to be incorrect could cause actual results to differ materially from those in the forward-looking statements.We do not undertake any obligation to publicly update or revise forward-looking statements,whether as a result of new information,future events or otherwise,except to the extent legally requi

7、red.Nokia presents financial information on reported,comparable and constant currency basis.Comparable measures presented in this document exclude intangible asset amortization and other purchase price fair value adjustments,goodwill impairments,restructuring related charges and certain other items

8、affecting comparability.In order to allow full visibility on determining comparable results,information on items affecting comparability is presented separately for each of the components of profit or loss.Constant currency reporting provides additional information on change in financial measures on

9、 a constant currency basis in order to better reflect the underlying business performance.Therefore,change in financial measures at constant currency excludes the impact of changes in exchange rates in comparison to euro,our reporting currency.As comparable or constant currency financial measures ar

10、e not defined in IFRS they may not be directly comparable with similarly titled measures used by other companies,including those in the same industry.The primary rationale for presenting these measures is that the management uses these measures in assessing the financial performance of Nokia and bel

11、ieves that these measures provide meaningful supplemental information on the underlying business performance of Nokia.These financial measures should not be considered in isolation from,or as a substitute for,financial information presented in compliance with IFRS.Nokia is a registered trademark of

12、Nokia Corporation.Other product and company names mentioned herein may be trademarks or trade names of their respective owners.2024 Nokia3Key messages Q3 2024 Market remains weak but starting to turn the corner.Market recovery happening slower than previously expected but now visible in Fixed Networ

13、ks and IP Networks.Market remains weaker for Optical Networks and Mobile Networks.Q3 saw return to growth in both Fixed Networks and IP Networks,growing 9%and 6%respectively helped by strong demand from North America.Network Infrastructure demand environment continues to improve,with solid order int

14、ake growth and a book-to-bill above 1.Significant improvement in gross margin with all business groups contributing.Benefited from supportive regional mix and product mix,along with structural action to reduce product cost.Cost savings program progressing well.Now achieved EUR 500 million run-rate g

15、ross savings as of Q3.Continued strong deal momentum across business groups-Important deals signed for Network Infrastructure(CoreWeave for IP and Optical,AT&T for Fixed,and many others),Mobile Networks(Japan,India,New Zealand and Vietnam).Cloud and Network Services showing excellent 5G Core momentu

16、m.Continued progress diversifying into non-CSP customers;increasing investments to expand into targeted areas.Strong free cash flow of EUR 0.6 billion,leading to strong net cash balance of EUR 5.5 billion.Full year 2024 outlook unchanged.Public 2024 Nokia4 2024 Nokia4 2024 Nokia4Q3 Financial Perform

17、anceMarco WirnChief Financial OfficerPublic 2024 Nokia5Strong gross margin improvement amidst ongoing market weaknessPublicQ3 24 gross margin45.7%+160bps y-o-yQ3 24 net sales(EUR)4.3bnQ3 24 FCF(EUR)0.6bn(7)%y-o-yQ3 24 operating margin10.5%+490bps y-o-yQ3 24 net cash(EUR)5.5bnNet Sales(EUR million)Q3

18、 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 2401 0002 0003 0004 0005 0006 0007 000Gross profit(EUR million)and marginGPmargin4Q rolling marginQ3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 2401 0002 0003 0004 00035%40%45%50%55%Operating profit(EUR million)and marginOPmargin4Q rolling marginQ3 22Q4 22Q1 23Q

19、2 23Q3 23Q4 23Q1 24Q2 24Q3 240200400600800100012000%3%6%9%12%15%18%-7%All net sales changes presented are year-on-year in constant currency and margin is on a comparable basis;Submarine Networks is now accounted for under discontinued operationsCharts show illustrative history excluding Submarine Ne

20、tworks for Q3/Q4 2022.Restated figures have only been provided from Q1 2023 onwards.2024 Nokia6Network InfrastructurePublicReturn to growth in both Fixed Networks and IP Networks Strong growth in North America driving both FN and IPProfitability improved as expected with improving sales trendAcceler

21、ation in sales expected in Q4 supported by strong backlogAll net sales changes presented are in constant currencyCharts show illustrative history excluding Submarine Networks2024 planning assumptionNet sales growth(constant currency)Operating margin-6%to-3%10.0%to 12.0%Gross profit(EUR million)and m

22、arginGPmargin4Q rolling marginQ3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 2402004006008001 0001 20034%36%38%40%42%44%46%Operating profit(EUR million)and marginOPmargin4Q rolling marginQ3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 2401002003004005000%4%8%12%16%20%Fixed NetworksQ3 22Q4 22Q1 23Q2 23Q3 23Q4

23、 23Q1 24Q2 24Q3 2402004006008001 000IP NetworksQ3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Optical NetworksQ3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Network Infrastructure Net sales by quarter(EUR million)+9%+6%-15%2024 Nokia7Mobile Networks Net sales(EUR million)by quarterQ3 22Q4 22Q1 23Q2 23Q3

24、 23Q4 23Q1 24Q2 24Q3 2405001 0001 5002 0002 5003 0003 500All net sales changes presented are year-on-year in constant currencyMobile NetworksSales trends continue to be impacted by weakness in India.Strong gross margin improvement y-o-y Continued strong progress on cost savingsGood momentum with new

25、 deals in India,Japan,Brazil,New Zealand and VietnamAll net sales changes presented are in constant currencyPublic2024 planning assumptionNet sales growth(constant currency)Operating margin-22%to-19%5.0%to 7.0%Gross profit(EUR million)and marginGPmargin4Q rolling marginQ3 22Q4 22Q1 23Q2 23Q3 23Q4 23

26、Q1 24Q2 24Q3 2402004006008001 0001 20020%25%30%35%40%45%50%Operating profit(EUR million)and marginOPmargin4Q rolling marginQ3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24(100)0100200300(5)%0%5%10%15%-17%2024 Nokia8Cloud and Network Services Net sales by quarterQ3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q

27、3 2402004006008001 0001 200All net sales changes presented are in constant currencyCloud and Network ServicesFlat net sales performance excluding divestmentStrong gross margin performance supported by improvement in cost of deliveryOperating profit increased also due to lower operating expensesPubli

28、c2024 planning assumptionNet sales growth(constant currency)Operating margin-7%to-4%6.0%to 8.0%Gross profit(EUR million)and marginGPmargin4Q rolling marginQ3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24010020030040050020%25%30%35%40%45%50%Operating profit(EUR million)and marginOPmargin4Q rolling margi

29、nQ3 22Q4 22Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24-100-50050100150200250300(10)%(5)%0%5%10%15%20%25%30%-4%2024 Nokia9Nokia TechnologiesGrowth in net sales driven by smartphone renewals and new growth areasRun-rate remained at approximately EUR 1.3bnContinue to progress on multimedia and signed an agreem

30、ent with a point-of-sale-payment device manufacturerPublic2024 planning assumptionOperating profitat least EUR 1.4 billionQ4 2023 run-rateSmartphone agreement renewalsQ3 2024 run-rateNew growth areasMid-term expectationThis chart is to illustrate our current financial planning assumptions.This chart

31、 is not illustrative of our view on deal valuations.Actual outcomes of negotiations may be different.0.9-1.0bn1.3bn1.4-1.5bn 2024 Nokia10Regional sales:India drove majority of Q3 decline PublicYear-on-year at constant currencyQ3 23Latin AmericaNorth AmericaGreater ChinaIndiaRest of APACEuropeMiddle

32、East&AfricaFX ImpactQ3 24-8%reported-7%constant currencyAmericasAPACEMEANokia Technologies 35%Europe ex.Tech -7%4.7bn4.3bn-8%-2%-8%-43%-3%1%-2%2024 Nokia11Solid profit and working capital drive free cash flowPublic Receivables driving working capital inflows Returned EUR 0.4bn to shareholders throug

33、h dividend and share buybacks Free cash flow of EUR 621 millionQ2 24Adjusted profitChange in net working capitalDividend&share repurchasesCapexCash TaxesRestructuringOther financial investmentsOtherQ3 245.5bn5.5bn 2024 Nokia12 2024 Nokia12Business HighlightsPekka LundmarkPresident and Chief Executiv

34、e OfficerPublic 2024 Nokia13Focusing on our strategy execution in a challenging market Public*Source:DellOro.Equipment includes:Broadband Access,Microwave&Optical Transport,Mobile Core Network&RAN,SP Router and switch*Source:Global DellOro market forecast for Nokia product portfolio scope YoY Growth

35、 in%Worldwide Telecom Equipment*3Q 224Q 221Q 232Q 233Q 234Q 231Q 242Q 24(20)%(15)%(10)%(5)%5%10%Delloro market(Nokia scope,USD bn)*Feb 2024August 2024202120222023202480859095100-8%-2%2024 Nokia14Significant progress on Mobile Networks revamped strategyPublicRe-baselining operations for resiliency an

36、d profitabilityDriving productivity and efficiency via new ways of workingRenewing go-to-market model to accelerate strategy executionOptimizing commercial performance and capabilitiesOperating expenses(excl.variable pay accruals)Q3 23Q4 23Q1 24Q2 24Q3 24-6%Gross margin evolutionGross margin Gross m

37、argin rolling 4QQ1 19Q3 19Q1 20Q3 20Q1 21Q3 21Q1 22Q3 22Q1 23Q3 23Q1 24Q3 2420%30%40%50%Lower cost base means EUR 9.5 billion net sales for double digit operating margin Continued deal momentum 2024 Nokia15IP Networks Net sales(EUR million)2020202120222023LTMTarget0100020003000Gained technology lead

38、ership with PSE-6sPlanned Infinera acquisition will benefit scale,North America and webscale exposureWell-positioned for webscale/AI opportunities70%of homes not connected with fiber(ex.China)Government funding programs starting to impactMature market starting to upgrade to XGS/25G-PONExpansion oppo

39、rtunities with Optical LAN and Fixed WirelessRecovery has been slower than expected in 2024 but dynamics remain supportivePublicNetwork Infrastructure-Supportive market dynamics aheadFixed NetworksIP NetworksFixed Networks Net sales(EUR million)2020202120222023LTMTarget0100020003000mid-single digit

40、growthOptical Networks Net sales(EUR million)2020202120222023LTMTarget0100020003000mid-single digit growthContinued ramp of FP5 and FPcx products Momentum in enterprise/webscale marketInvesting to broaden product portfolio and expand TAMOptical Networksmid-single digit growth 2024 Nokia16Investing t

41、o better position ourselves with non-CSP customersPublicStrategic push to expand into webscale and enterpriseEvent-Driven Automation Reliable,simplified and adaptable data center network operationsDeploying Nokia IP and optical platforms in datacenters across U.S.and Europe as part of massive wide a

42、rea network buildout to support high-performance AI infrastructure 2024 Nokia17PublicCloud and Network Services-driving cloud-native core leadership Any access Any cloudEdgeRegionalCentralDistributionCloud-native transformationHybridPrivatePublic5G SA coreAutonomous&secure networks5G SA live deploym

43、ent on hyperscaler cloud1st#1Live 5G core networks2Breadth of portfolio and competitiveness2Core SaaS21)Gartner 2)OmdiaMagic QuadrantTM for CSP 5G Core Network Infrastructure Solution LeaderOMDIA reportPublic 2024 Nokia182024 OutlookTracking within bottom-half of comparable OP range and high end of

44、FCF rangePublicPlease refer to the Alternative performance measure section of our Interim Report for Q3 2024 for a full explanation of how these terms are defined.Full year 2024 Comparable operating profitEUR 2.3 billion to EUR 2.9 billionFree cash flow30%to 60%conversion from comparable operating p

45、rofit 2024 Nokia19Market remains weak but starting to turn the cornerKey TakeawaysPublicSignificant gross margin improvement and cost savings program on trackContinued strong deal momentumStrong cash performance with net cash of EUR 5.5bn 2024 outlook reiterated 2024 Nokia20 2024 Nokia20Q&APublic 2024 Nokia21