olivLaw · European equity research
Nokia Oyj NOKIA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Nokia Oyj designs and supplies network infrastructure, cloud and network services, and mobile network and technology products for telecom operators, enterprises and service providers. In fiscal 2025 it kept a large engineering base, with net sales of 19 889 mn EUR and research and development investment of 4 855 mn EUR, as networks shift toward new technologies and sustainability requirements.
At the close of 05 Nov 2026, Nokia Oyj (NOKIA.HE) stock was 6.85 EUR (−7.51% on the day), with market capitalisation 37.1 bn EUR, P/E 57.1 on diluted EPS of 0.12 EUR over the last 12 months, dividend yield 2.04%, beta 1.05, 52-week range 5.13–14.69 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 30.2
- weak (30–45)
- Bollinger (20, 2)
- 6.90 – 9.27
- below the lower band · %B -0.02 · band width 29.3%
- SMA 50 / 200
- 8.69 / 8.96
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.41 / -0.33
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −28.7% | −0.6% | −28.1 pp | — |
| 3 months | −17.8% | −4.2% | −13.6 pp | — |
| 6 months | −35.1% | +4.3% | −39.4 pp | — |
| Year to date | +22.9% | +7.5% | +15.4 pp | — |
| 1 year | +15.4% | +9.9% | +5.5 pp | −1.2% |
| 3 years | +112.5% | +49.8% | +62.6 pp | +6.8% |
| 5 years | +36.5% | +42.8% | −6.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 4-quarter history (min 5.8, median 22.0, max 46.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 23.8 bn | 21.1 bn | 19.2 bn | 19.9 bn |
| Revenue YoY | unavailable | −11.0% | −9.1% | +3.5% |
| Net income | 4.3 bn | 665.0 m | 1.3 bn | 651.0 m |
| Net income YoY | unavailable | −84.4% | +92.0% | −49.0% |
| Diluted EPS | 0.75 | 0.12 | 0.23 | 0.12 |
| Diluted EPS YoY | unavailable | −84.0% | +91.7% | −47.8% |
| net % | 17.9% | 3.1% | 6.6% | 3.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.5 bn EUR
- Financial debt
- 2.3 bn EUR
- Net debt
- -3.1 bn EUR
- Equity
- 21.1 bn EUR
- Total assets
- 37.6 bn EUR
- Debt / equity
- 0.11x
- Current ratio
- unavailable
- ROE
- 3.1%
- ROA
- 1.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 23.8 bn | 21.1 bn | 19.2 bn | 19.9 bn | esef· 10 Mar 2026verified |
| Cost of revenue | 13.7 bn | 12.6 bn | 10.4 bn | 11.2 bn | esef· 10 Mar 2026verified |
| Gross profit | 10.1 bn | 8.5 bn | 8.9 bn | 8.7 bn | esef· 10 Mar 2026verified |
| Research & development | 4.5 bn | 4.3 bn | 4.5 bn | 4.9 bn | esef· 10 Mar 2026verified |
| Operating income | 2.3 bn | 1.7 bn | 2.0 bn | 885.0 m | esef· 10 Mar 2026verified |
| Interest expense | 282.0 m | 579.0 m | 320.0 m | 246.0 m | esef· 10 Mar 2026verified |
| Pre-tax income | 2.2 bn | 1.5 bn | 2.1 bn | 915.0 m | esef· 10 Mar 2026verified |
| Income tax | -2.0 bn | 820.0 m | 380.0 m | 277.0 m | esef· 10 Mar 2026verified |
| Net income | 4.3 bn | 665.0 m | 1.3 bn | 651.0 m | esef· 10 Mar 2026verified |
| Diluted EPS | 0.75 | 0.12 | 0.23 | 0.12 | esef· 10 Mar 2026verified |
| Dividend per share | 0.12 | 0.13 | 0.14 | 0.14 | esef· 10 Mar 2026derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 5.5 bn | 6.2 bn | 6.6 bn | 5.5 bn | esef· 10 Mar 2026verified |
| Receivables | — | 4.9 bn | 5.2 bn | 5.0 bn | esef· 10 Mar 2026verified |
| Inventories | — | 2.7 bn | 2.2 bn | 2.2 bn | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | — | 2.0 bn | 1.4 bn | 1.6 bn | esef· 10 Mar 2026verified |
| Goodwill | — | 5.5 bn | 5.7 bn | 6.0 bn | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 1.1 bn | 802.0 m | 1.4 bn | esef· 10 Mar 2026verified |
| Total assets | — | 39.9 bn | 39.1 bn | 37.6 bn | esef· 10 Mar 2026verified |
| Accounts payable | — | 3.4 bn | 3.2 bn | 3.0 bn | esef· 10 Mar 2026verified |
| Long-term debt | — | 3.6 bn | 2.9 bn | 2.3 bn | esef· 10 Mar 2026verified |
| Current liabilities | — | 10.9 bn | 11.4 bn | 10.0 bn | esef· 10 Mar 2026verified |
| Total liabilities | — | 19.2 bn | 18.4 bn | 16.5 bn | esef· 10 Mar 2026verified |
| Equity | 21.4 bn | 20.6 bn | 20.7 bn | 21.1 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 5.6 bn | 5.5 bn | 5.6 bn | 5.4 bn | esef· 10 Mar 2026derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 1.3 bn | 2.5 bn | 2.1 bn | esef· 10 Mar 2026verified |
| Investing cash flow | -1.9 bn | 1.0 bn | -117.0 m | -1.4 bn | esef· 10 Mar 2026verified |
| Financing cash flow | -837.0 m | -1.5 bn | -2.0 bn | -1.6 bn | esef· 10 Mar 2026verified |
| Dividends paid | 353.0 m | 621.0 m | 723.0 m | 759.0 m | esef· 10 Mar 2026verified |
| Share repurchases | 300.0 m | 300.0 m | 680.0 m | 624.0 m | esef· 10 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 37.1 bn EUR
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.99 – 2.59 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.99 – 2.22 (Mid 1.33)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)1.90 – 2.59 (Mid 2.20)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.5% | 24 (vs peers) | 19% |
| Net margin · Quality | 3.3% | 51 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -5.8% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | -45.7% | 0 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.6x | 32 (on a fixed band) | 11% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 57.1x | 11 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.7% | 53 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial32/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality34/100 · 2/3 factors with a value
- Returns· partial53/100 · 1/2 factors with a value
- Valuation· partial11/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Nokia Oyj (NOKIA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 19.9 bn EUR in 2025; YoY growth 3.5%; net margin 3.3%; ROE 3.1%.
The estimated value range is 1.45–2.41 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 1.76 EUR, the price of 6.85 EUR leaves a potential of -74.2% (value / price − 1) and a margin of safety of -288.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 3.5%
- Revenue CAGR 3Y: -5.8%
- EPS CAGR 3Y: -45.7%
- P/E (TTM): 57.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Net debt / EBITDA, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NOKIA.HENokia Oyj | 37.1 bn | 57.1 | 3.1% | 3.3% | +3.5% | +31% / +113% |
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for NOKIA.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.66 Total return -45% · Per year -45% | 6.50 Total return -3% · Per year -3% | 9.84 Total return 46% · Per year 46% |
| 3 years | 2.91 Total return -54% · Per year -23% | 5.87 Total return -10% · Per year -3% | 9.84 Total return 50% · Per year 14% |
| 5 years | 2.31 Total return -61% · Per year -17% | 5.30 Total return -15% · Per year -3% | 9.84 Total return 54% · Per year 9% |
- Exit P/E± 1.47
- Net margin± 1.03
- Annual revenue growth± 0.93
- Annual dilution± 0.09
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nokia Oyj designs and supplies network infrastructure, cloud and network services, and mobile network and technology products for telecom operators, enterprises and service providers. In fiscal 2025 it kept a large engineering base, with net sales of 19 889 mn EUR 1 and research and development investment of 4 855 mn EUR 1, as networks shift toward new technologies and sustainability requirements.
SWOT
Strengths
- Broad portfolio of network technologies, from fixed networks to mobile systems and cloud software, enabling an integrated customer offering.
- Strong research and development capacity, supported by a patent portfolio managed by a dedicated group.
- Long-standing relationships with telecom operators and with customers in defence and critical infrastructure.
Weaknesses
- Dependence on operator investment can make revenue sensitive to industry capital cycles.
- The reorganisation into two segments from 2026 may create transition periods for operational structure and reporting.
- Exposure to different geographic markets adds regulatory and compliance complexity.
Opportunities
- The move toward autonomous networks and automated software could open new revenue in cloud and network services.
- Demand for sustainable and energy-efficient solutions could favour low-consumption products with clear climate targets.
- Monetising patents through licensing could generate additional revenue from existing technology.
Threats
- Geopolitical tensions could limit access to certain markets or disrupt supply chains.
- Competitors with lower costs could reduce margins in some product segments.
- Changes in reporting and compliance regulation could raise administrative costs.
Risks
- Dependence on operator budgetshigh
If operators reduce or delay network investment, demand for equipment and software could fall significantly.
- Geopolitical riskshigh
Geopolitical change could affect market access, export licences and the continuity of component supply.
- Price competitionmedium
Pressure from lower-cost suppliers could weigh on margins, particularly in mobile network segments.
- Sustainability regulationmedium
Changing sustainability reporting requirements may call for additional systems and controls, with administrative cost.
- Organisational transitionlow
The move to two segments from 2026 may create execution and internal process continuity risks.
Investment thesis
What would need to be true (bull case)
- If investment in autonomous networks accelerates, the company could benefit from its existing software and network portfolio.
- The research base and patent portfolio could support new licences and products in next-generation technologies.
- Relationships with the defence sector and critical infrastructure could provide a steadier source of demand.
What would break the thesis
- If operators postpone investment, revenue could remain under pressure in the near term.
- Geopolitical tensions could restrict access to important markets or raise costs.
- Competitors with lower prices could limit the company's ability to maintain margins.
What to watch
- Results for the first quarter after the reorganisation into two segmentsQ1 2026
- Development of revenue in network infrastructure and cloud2026
- Progress toward the 2030 emissions reduction targetnext annual report
- Any regulatory changes on sustainability reporting and internal controlsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the 2025 annual report, Nokia organises its business into four business groups: network infrastructure, cloud and network services, mobile networks and technology 1. The network infrastructure group delivers fixed networks, IP routing and optical transport networks to communication providers, enterprises and internet operators 1. The mobile networks group develops products across all 3GPP generations for operators and mission-critical customers, including the defence industry 1.
The cloud and network services group offers open, secure, automated software intended to speed customers' move toward autonomous networks 1. The technology group manages the company's patent portfolio and commercialises intellectual property rights 1. From November 2025 the company announced a two-segment operating model effective 1 January 2026, combining network infrastructure and mobile infrastructure 1.
Sustainability is built into product and operating strategy, with four impact areas including carbon emission reduction and the circular economy 1. The report mentions a net-zero target for 2040 and a 50% greenhouse gas reduction target by 2030 1.
Segments
Network infrastructure
The segment supplies fixed networks, IP routing and optical transport networks for communication operators, enterprises and internet providers, where reliability and capacity are key criteria 1.
Mobile networks
This group develops equipment and services for all 3GPP generations, including technologies that enable the transition to next-generation systems, and serves operators, critical enterprises and the defence industry 1.
Cloud and network services
The group provides automated, scalable software supporting autonomous networks, a direction the company regards as relevant to its customers 1.
Market context
The telecom network equipment market is dominated by a few large suppliers, and demand depends on operators' investment in mobile networks, fibre and software systems. The annual report shows that the mobile networks group also serves the defence sector, adding a demand source distinct from the civil market 1.
Research and development spending, operator capital expenditure and customer sustainability requirements shape the segment. The company reports that annual net sales and innovation investment are central to its market position 1.
Trends
- Shift toward autonomous networkstailwind
If operators move to automated networks and scalable software on the timetable they have indicated, demand for the company's cloud and network services could increase 1.
- Sustainability requirementstailwind
Pressure on emissions and sustainability reporting could favour suppliers with clear climate targets, such as those tied to emissions metrics in management incentives 1.
- Geopolitical tensions and supply chainsheadwind
The company notes its exposure to geopolitical and regulatory change, which could affect costs and access to markets or components 1.
- Sustainability reporting regulationmixed
Changes in reporting rules may require adjustments to internal controls and reporting processes, adding administrative effort while increasing transparency 1.
Competitive position
Nokia competes with other global suppliers of network equipment and telecom software, particularly in mobile networks and transport. The annual report does not name competitors, so the list below reflects well-known market players from external knowledge rather than the source document.
Competitive strengths supported by the source include the patent portfolio, research capacity and relationships with operators and the defence sector 1. Competitive pressure could increase if buyers choose lower-cost suppliers or faster software integration.
- EricssonERIC
Global supplier of mobile network equipment and software, a direct competitor in the mobile networks segment.
- Huawei
Major telecom equipment supplier active in similar markets, not listed on US exchanges.
- ZTE
Chinese network equipment maker present in mobile and transport segments, not listed in the US.
- Cisco SystemsCSCO
Competitor in IP routing and network solutions for enterprises and service providers.
News & filings
In the press
- Șase corporații gigant din țările nordice vor colabora în domeniul apărării / Ericsson, Kongsberg, Nokia, Terma, Patria și Saab și-au prezentat planurile la Göteborg, la reuniunea Nordic CompassG4Media · 05 Nov 2026 · RO
- Five UK startups secure eight patents from Panasonic, Nokia, NEC and DENSOTech.eu · 05 Nov 2026 · EN
- 🇪🇺 🇺🇸 ⚡ European companies involved in satellite technologies are expanding thei…Telegram — Intel Slava Z (pro-RU OSINT EN) · 02 Nov 2026 · EN
- De ce a ales gigantul chinez BYD Ungaria în locul României pentru fabrica sa auto. Ce planuri are acum pentru țara noastrăSpotMedia.ro · 02 Nov 2026 · RO
- 🇪🇺 🇺🇦 ⚡️ — European satellite companies are stepping up efforts to challenge Elo…Telegram — Intel Slava Z (pro-RU OSINT EN) · 28 Oct 2026 · EN
- Top angajatori România 2026: Companiile în care salariații se simt cel mai bine. Promovările, tot mai greu de obținutStartupCafe.ro · 28 Oct 2026 · RO
- Ukraine's Starlink woes spur Europe to look for non-Musk alternativesAxios · 28 Oct 2026 · EN
- O nouă etapă în războiul tehnologic dintre Ucraina și Rusia. Ambele țări dezvoltă alternative la StarlinkMediafax · 28 Oct 2026 · RO
- Ucraina a lansat primul satelit pentru a scăpa de sub controlul lui Elon MuskSpotMedia.ro · 27 Oct 2026 · RO
- Viettel este prima întreprindere vietnameză premiată la Premiile de Excelență Telecom Review. - Vietnam.vnSurge — Google News · 27 Oct 2026 · RO
- The Download: everyday AI harms and the race to nuclear spaceflightMIT Technology Review · 26 Oct 2026 · EN
- Students in Serbia Are Taking Over. Embrace Democracy Renewal’s New PlaybookVisegrad Insight (EN) · 26 Oct 2026 · EN
- Galerii FOTO - Altele - Pagina 181 - Mobilissimo.roSurge — Google News · 26 Oct 2026 · RO
- Ucraina vrea să-și dezvolte propria rețea de sateliți de comunicații, după limitările Starshield – scrisoare de intenție semnată cu companiile finlandeze Iceye și NokiaCursDeGuvernare.ro · 25 Oct 2026 · RO
- Galerie foto: Windows 11 - AI Search - Mobilissimo.roSurge — Google News · 24 Oct 2026 · RO
- Sikorski: Musk Should Fly to Mars, Avoid Mixing Business and PoliticsKyiv Post · 24 Oct 2026 · EN
- Ukraine , ICEYE & Nokia sign satcom defence agreementSurge — GDELT DOC · 23 Oct 2026 · RO
- Starlink dă dependență. Kievul vrea să scape șantajul lui Trump și vrea sateliți în cooperare cu EuropaDefenseRomania.ro · 23 Oct 2026 · RO
- Starlink dă dependență. Kievul vrea să scape șantajul lui Trump și vrea sateliți în cooperare cu... - DefenseRomania.roDefenseRomania.ro · 23 Oct 2026 · RO
- In hunt for Starlink alternative, Ukraine partners with Nokia and satellite maker ICEYECNBC — Top News · 23 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202510 Mar 2026
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Nokia Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.