Nokia's Comparable Profit Jumps 35% While Reported Result Slides 22%

Nokia booked a 10% year-on-year rise in third-quarter 2026 revenue to EUR 5.154 billion, but the headline numbers underneath tell two very different stories. Comparable operating profit climbed 35% to EUR 605 million, while the reported operating result fell 22% to EUR 196 million.

The Finnish telecom equipment maker left its full-year 2026 guidance untouched, still projecting comparable operating profit of between EUR 2.1 billion and EUR 2.6 billion. What did change in the Q3 report was the company's assumption for converting earnings into free cash flow, which was trimmed to a range of 35%–55%. The confirmed profit outlook therefore arrived alongside a more conservative cash conversion assumption.

India Engineering Deal Covers 5G and AI

News on the order front came from L&T Technology Services, which announced on Monday a five-year contract with Nokia to support engineering and research and development work in India. The scope spans 5G, AI-driven operations and AI infrastructure, taking in both mobile network technology and artificial intelligence work. A dedicated development centre and an engineering team on the ground are planned. L&T Technology Services did not disclose the financial terms, and media reports linked the partnership to a rise in Nokia's share price.

Separately, Nokia, ICEYE and Ukraine's Ministry of Defence signed a letter of intent on 22 October to explore possible cooperation on sovereign satellite communications in support of Ukraine's defence capabilities. Nokia framed the step as an examination of a potential collaboration rather than a firm commitment. The stock was up 2.2% on the day, though no link between that move and the letter of intent has been established.

Board Declares EUR 0.03 Dividend

Also on 22 October, Nokia's board resolved a dividend of EUR 0.03 per share. The record date fell on Tuesday, with payment scheduled for 5 November 2026.