S&P Global Ratings revised Nokia’s outlook to Positive from Stable.
The agency affirmed the company's BBB- credit rating.
S&P forecasts Nokia’s EBITDA margin will reach 12% to 13%.
Free operating cash flow is projected to surpass €1.3 billion.
A formal credit upgrade could occur within 18 to 24 months.
Surging demand for AI and cloud infrastructure supports the revised outlook.
Nokia still faces memory component shortages and weak traditional telecom markets.