Nokia released its 2025 annual report and Form 20-F, disclosing over €2.4 billion in orders from AI and cloud clients. This strategic pivot toward artificial intelligence and data centers aims to offset slowing demand for traditional 5G equipment.
The company targets a comparable operating profit between €2.0 billion and €2.5 billion for 2026. Nokia does not expect significant growth from its Mobile Infrastructure segment during this period. The report emphasizes capturing growth within Network Infrastructure, specifically through AI and cloud partnerships.
Nordea raised its price target for Nokia to 7.2 euros from 6.4 euros following the report. The firm also reiterated its Buy recommendation on the stock.