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5G is part of Nokia’s near-term opportunity, but its latest results do not show that 5G alone is driving a corporate turnaround. In Q2 2026, Mobile Infrastructure sales grew 7% year over year on a constant-currency basis, while Network Infrastructure sales grew 12% and sales to AI & Cloud customers rose 105%. Nokia’s comparable operating profit improved, but its reported operating margin was negative. A meaningful redemption would require sustained profit growth, stronger segment performance and delivery against the company’s targets—not just demand for 5G equipment.
What would “redemption” mean for Nokia?
For Nokia, redemption is best judged by financial outcomes rather than the popularity of a technology. The key tests are whether comparable operating profit can grow sustainably, whether the businesses can earn stronger margins, and whether Nokia can meet its published targets. A single quarter of sales growth—or a successful product launch—cannot establish that those tests have been met.
Nokia’s latest available results in this article are for Q2 and the first half of 2026, published on 23 July 2026. The company scheduled its Q3 2026 results for 22 October 2026, so those later results are not included here.
What Nokia’s latest results say about 5G and growth
In Q2 2026, Nokia reported total net sales of EUR 4.815 billion, up 9% year over year on a constant-currency basis. Mobile Infrastructure sales rose 7% on that basis, and the segment’s operating profit was EUR 310 million, unchanged year over year. That is evidence of growth in the business that includes radio networks, core software and technology standards, but it does not isolate how much growth came from 5G.
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The faster growth was elsewhere. Network Infrastructure sales increased 12% to EUR 2.037 billion, while sales to AI & Cloud customers rose 105% year over year. Network Infrastructure includes optical, IP and fixed networks. These figures make it difficult to attribute Nokia’s overall Q2 improvement mainly to 5G.
| Q2 2026 measure | Nokia-reported result | What it indicates |
|---|---|---|
| Total net sales | EUR 4.815 billion; up 9% year over year on a constant-currency basis | Group sales growth, adjusted for currency movements |
| Mobile Infrastructure sales | Up 7% year over year on a constant-currency basis | Growth in Nokia’s mobile infrastructure segment, not a standalone measure of 5G sales |
| Network Infrastructure sales | EUR 2.037 billion; up 12% year over year | Faster growth in Nokia’s network infrastructure business |
| Sales to AI & Cloud customers | Up 105% year over year | Rapid growth in a customer category; the figure does not by itself establish its contribution to future profit |
These are company-reported results, not independent forecasts or a breakdown of revenue by network generation. Nokia said near-term demand was driven by 5G technologies, but the figures above do not show what share of segment sales or profit is specifically attributable to 5G.
Profit improved on one measure, while the reported quarter showed a loss
Nokia’s Q2 comparable operating profit increased 18% year over year to EUR 434 million, and its comparable operating margin rose 70 basis points to 9.0%. Comparable measures are intended to show operating performance apart from specified items; they should not be confused with reported results.
On a reported basis, Nokia recorded an operating loss of EUR 50 million and a negative operating margin of 1.0%. The company attributed the decline to a faster pace of restructuring. The comparable improvement is encouraging, but the reported loss means the quarter was not profitable on that accounting measure.
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For the first half of 2026, comparable sales were EUR 9.251 billion, up 7% on a constant-currency and portfolio basis, and comparable operating profit was EUR 735 million, up 28% year over year. These results support a picture of improving comparable performance, while the Q2 reported figures underline the cost and execution challenges involved.
What Nokia is targeting—and what it has not achieved yet
Nokia’s current-year comparable operating-profit outlook is EUR 2.1–2.6 billion. The company described the change from its previous EUR 2.0–2.5 billion outlook as a technical revision: Fixed Wireless Access CPE and Enterprise Campus Edge were presented as discontinued operations. Nokia said its operational outlook was unchanged. The revised range is guidance, not a result already earned.
For 2028, Nokia has set a comparable operating-profit target of EUR 2.7–3.2 billion. Its segment goals also show what execution would need to look like:
| Measure | Nokia’s published target | Time frame |
|---|---|---|
| Comparable operating profit | EUR 2.7–3.2 billion | 2028 |
| Network Infrastructure sales CAGR | 6–8% | 2025–2028 |
| Network Infrastructure operating margin | 13–17% | By 2028 |
| Mobile Infrastructure gross margin | 48–50% | By 2028 |
Targets are not achieved outcomes. They give investors measurable benchmarks: Nokia would need to turn its current growth into durable earnings and move segment performance toward these stated levels.
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Why 5G matters to Nokia’s strategy—but is also a bridge
At its Capital Markets Day on 19 November 2025, Nokia named “lead the next era of mobile connectivity with AI-native networks and 6G” as one of five strategic priorities. The others are accelerating AI & Cloud growth, growing through customer and partner co-innovation, focusing capital where Nokia can differentiate, and unlocking sustainable returns. The company’s new operating model took effect on 1 January 2026, dividing its business into Network Infrastructure and Mobile Infrastructure.
That framing makes 5G both a current source of mobile-network demand and part of a longer transition. Nokia CEO Justin Hotard said in the company’s Q4 and full-year 2025 results: “While near-term demand is driven by 5G technologies and we see promise for OpenRAN, we are also investing to lead in the transition towards AI-native networks and 6G.” That is Nokia’s view of the opportunity, not independent evidence that future demand or returns will follow.
In its Q2 2026 results, Nokia said it had launched what it described as the industry’s first commercial AI-RAN platform, intended to benefit 5G networks and provide a software upgrade path to 6G. The “first” description and the expected benefits are company claims; the cited results do not independently verify them or demonstrate their eventual financial impact.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What could prevent a turnaround?
Nokia’s own risk disclosures point to factors that could weaken the case for redemption, even if demand for network technology remains healthy:
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- Customer spending: Operators’ decisions about when and how much to invest in their networks can affect demand.
- Competition and product economics: Nokia must maintain competitive product roadmaps and costs, and convert customer demand into profitable business.
- Supply constraints: Component availability and wider supply-chain disruption can affect delivery and costs.
- Restructuring and business changes: Faster restructuring affected Q2 reported performance, while discontinued-operation presentation changed the way the 2026 outlook is reported.
These risks matter to the 5G thesis because equipment demand alone does not guarantee attractive margins or steady cash generation. The evidence here supports a measured conclusion, not a prediction that Nokia has completed a turnaround.
How to judge Nokia’s next results
For a personal-finance reader assessing Nokia as a company rather than its consumer phones, the most useful approach is to track outcomes against the company’s own measures. Future results can show whether mobile growth persists, whether Network Infrastructure’s momentum translates into profit, and whether reported performance improves alongside comparable measures.
- Compare Mobile Infrastructure sales and operating profit over time; do not treat segment growth as a direct 5G revenue figure.
- Watch Network Infrastructure sales and margin against Nokia’s 2025–2028 targets.
- Keep comparable operating profit and reported operating results separate when assessing earnings quality.
- Measure progress against the EUR 2.1–2.6 billion 2026 outlook and the EUR 2.7–3.2 billion 2028 target, remembering that both are company guidance or targets rather than guaranteed results.
Sources: Nokia newsroom; Nokia’s 19 November 2025 strategy announcement; Nokia Q2 and Half Year 2026 results, 23 July 2026; Nokia Q4 and full-year 2025 results.
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