Nokia Oyj (NOK): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de telecomunicaciones en rápida evolución, Nokia OyJ se erige como una potencia transformadora, reinventando la conectividad a través de su intrincado lienzo de modelo de negocio. De pionero 5G Infraestructura de la red Para entregar soluciones digitales de vanguardia, Nokia se ha posicionado estratégicamente como un líder de tecnología global, uniendo la innovación con necesidades empresariales en diversas industrias. Esta profunda inmersión en el modelo de negocio de Nokia revela un complejo ecosistema de asociaciones, destreza tecnológica y creación de valor que continúa dando forma al futuro de las tecnologías de comunicación en todo el mundo.

NOKIA OYJ (NOK) - Modelo de negocios: asociaciones clave

Microsoft Strategic Partnership

Nokia y Microsoft tienen una asociación estratégica integral centrada en la colaboración de infraestructura en la nube y la red. A partir de 2024, la asociación implica:

• Soluciones de redes de nubes conjuntas
• Desarrollo de tecnología de red 5G y 6G
• Integración de la plataforma de comunicación empresarial

Métrico de asociación	Valor
Inversión de colaboración anual	€ 127 millones
Proyectos conjuntos de I + D	17 proyectos activos
Alcance de integración de tecnología	Soluciones de red 5G/6G

Equipos de telecomunicaciones y asociaciones de operador de red

Nokia mantiene asociaciones estratégicas con fabricantes de equipos de telecomunicaciones globales y operadores de redes.

• Colaboración Ericsson para infraestructura 5G
• Asociaciones con Deutsche Telekom
• Colaboración con Vodafone Group

Operador de red	Valor de asociación	Duración del contrato
Deutsche Telekom	456 millones de euros	2024-2027
Grupo de vodafone	389 millones de euros	2024-2026

Asociaciones de innovación de investigación y tecnología

Nokia colabora con múltiples instituciones de investigación para el desarrollo de tecnología avanzada.

• Centro de investigación de tecnología MIT
• Laboratorio de redes de la Universidad de Stanford
• Centro de Investigación Técnica VTT de Finlandia

Institución de investigación	Inversión de investigación anual	Área de enfoque
MIT	22 millones de euros	6G Tecnologías de red
Centro de investigación VTT	17 millones de euros	Soluciones de redes avanzadas

Asociaciones de proveedores de servicios en la nube

Nokia mantiene asociaciones estratégicas de infraestructura en la nube con proveedores líderes de nubes.

• Integración de la red de la nube de AWS
• Colaboración de la plataforma en la nube de Google
• Microsoft Azure Partnership

Proveedor de nubes	Valor de asociación	Integración de servicios
AWS	214 millones de euros	Infraestructura de red
Google Cloud	189 millones de euros	Redes empresariales

Asociaciones de la empresa de semiconductores

Nokia colabora con fabricantes de semiconductores para el desarrollo avanzado de chips de redes.

• Asociación tecnológica Qualcomm
• Colaboración de diseño de chips Intel
• Acuerdos de fabricación de TSMC

Socio semiconductor	Inversión anual	Enfoque tecnológico
Qualcomm	98 millones de euros	Tecnologías módem 5G
TSMC	76 millones de euros	Fabricación avanzada de chips

Nokia OYJ (NOK) - Modelo de negocios: actividades clave

Desarrollo de infraestructura de red 5G

Nokia invirtió 4,2 mil millones de euros en investigación y desarrollo en 2022. La compañía desplegó redes 5G en más de 82 países a partir de 2023.

Métricas de infraestructura 5G	2023 datos
Contratos comerciales de Total 5G	320 contratos en todo el mundo
Envíos de la estación base 5G	12.5 millones de unidades
Cobertura de red global 5G	42% de la población global

Investigación y desarrollo en tecnología de telecomunicaciones

Las áreas de enfoque de I + D de Nokia incluyen:

• Investigación de tecnología 6G
• Automatización de red avanzada
• Soluciones informáticas de nubes y borde
• Optimización de red impulsada por IA

Inversión de I + D	Cantidad
Gasto total de I + D 2022	4.200 millones de euros
Porcentaje de ingresos	19.4%
Solicitudes de patentes 2022	1.700 nuevas patentes

Fabricación y diseño de equipos de red

Nokia opera instalaciones de fabricación en múltiples países, con centros de producción clave en:

• Finlandia
• Porcelana
• India
• Estados Unidos

Métricas de fabricación	2023 datos
Ubicaciones de fabricación total	12 sitios globales
Capacidad de producción anual	25 millones de unidades de red
Empleados de fabricación	8.500 trabajadores

Creación de software y soluciones digitales

La cartera de software de Nokia incluye soluciones de empresas y telecomunicaciones.

Métricas de segmento de software	Rendimiento 2022
Ingresos del software de red	4,1 mil millones de euros
Ingresos de servicios en la nube y de red	4.500 millones de euros
Clientes de soluciones digitales	1.200 clientes empresariales

Desarrollo de patentes y gestión de propiedad intelectual

Nokia mantiene una sólida cartera de propiedades intelectuales a través de las tecnologías de telecomunicaciones.

Métricas de cartera de IP	Datos 2022
Patentes activas totales	Más de 20,000 patentes
Ingresos anuales de licencia	1.600 millones de euros
Familias de patentes	2.500 familias distintas

Nokia OYJ (NOK) - Modelo de negocios: recursos clave

Talento de investigación e ingeniería de telecomunicaciones avanzadas

Nokia emplea a 86,000 empleados globales a partir del cuarto trimestre de 2023. R&D Personal Count: 25,000 profesionales. Inversión anual de I + D: € 4,4 mil millones en 2023.

Categoría de empleado	Número
Total de empleados	86,000
Personal de I + D	25,000
Inversión anual de I + D	4.400 millones de euros

Cartera de patentes extensa

Nokia posee más de 20,000 patentes activas a nivel mundial. Cartera de propiedad intelectual valorada en aproximadamente 2.500 millones de euros. Ingresos de licencia de patentes: € 1.6 mil millones en 2023.

Infraestructura global de fabricación y distribución

• Instalaciones de fabricación en 6 países
• Redes de producción en Europa, Asia y América del Norte
• Centros de distribución global: 12 ubicaciones estratégicas

Reputación de la marca

Valor de marca estimado en € 5.2 mil millones. Ocupó el puesto 197 en la lista de Forbes Global 2000 para 2023.

Recursos financieros

Métrica financiera	Valor 2023
Ingresos totales	23.1 mil millones de €
Posición neta de efectivo	4,7 mil millones de euros
Porcentaje de inversión de investigación	17.4% de los ingresos

Nokia OYJ (NOK) - Modelo de negocio: propuestas de valor

Soluciones de infraestructura de red de 5G e red de vanguardia

La cartera de 5G de Nokia generó ingresos de € 4.7 mil millones en 2023. La compañía posee un 22% de participación en el mercado global en el equipo 5G Access Access Network (RAN). Las soluciones de infraestructura de red contribuyeron aproximadamente al 38% de los ingresos totales de la compañía.

5G Métricas de tecnología	2023 datos
5G Ran cuota de mercado	22%
Ingresos por infraestructura 5G	4,7 mil millones de euros
Implementaciones globales 5G	217 redes comerciales 5G

Tecnologías de transformación digital empresarial e industrial

El segmento empresarial de Nokia generó € 3.2 mil millones en ingresos durante 2023, con un enfoque significativo en soluciones de digitalización industrial.

• Plataformas industriales de IoT
• Redes inalámbricas privadas
• Soluciones informáticas de borde
• Servicios de transformación digital del mercado vertical

Equipo de telecomunicaciones de alto rendimiento

Las ventas de equipos de telecomunicaciones alcanzaron € 6.5 mil millones en 2023, con tecnologías avanzadas de enrutamiento y conmutación que representan el 25% de este segmento.

Categoría de equipo	2023 ingresos
Equipo de enrutamiento	€ 1.625 mil millones
Tecnologías de conmutación	€ 1.625 mil millones

Servicios integrales de gestión de redes de extremo a extremo

El segmento de servicios de red generó € 2.8 mil millones en ingresos, ofreciendo soluciones de gestión integrales para operadores de telecomunicaciones en todo el mundo.

• Servicios de planificación de redes
• Optimización de red
• Contratos de servicios administrados
• Soluciones de ciberseguridad

Plataformas innovadoras de conectividad y comunicación

Las plataformas de comunicación de Nokia generaron € 1.9 mil millones en ingresos, centrándose en IP avanzadas y tecnologías de redes ópticas.

Plataforma de comunicación	2023 ingresos
Soluciones de red IP	1.100 millones de euros
Tecnologías de redes ópticas	0.800 millones de euros

Nokia OYJ (NOK) - Modelo de negocios: relaciones con los clientes

Contratos de operadores empresariales y de telecomunicaciones a largo plazo

Nokia mantiene contratos estratégicos a largo plazo con el 70% de los principales proveedores de servicios de telecomunicaciones del mundo. En 2023, la compañía reportó 295 contratos comerciales 5G a nivel mundial.

Tipo de contrato	Número de contratos	Cobertura del mercado global
Contratos del operador de telecomunicaciones	295	70% de los principales proveedores globales
Acuerdos de red empresariales	187	42 países

Soporte técnico y servicios de consulta

Nokia ofrece soporte técnico 24/7 en múltiples canales con un equipo de soporte global de 3.200 profesionales.

• Tiempo de respuesta promedio: 45 minutos
• Lenguajes de apoyo: 37 idiomas
• Centros de apoyo global: 12 ubicaciones

Soluciones de redes personalizadas

En 2023, Nokia entregó 4.600 millones de euros en soluciones de infraestructura de red personalizadas en diversas industrias.

Segmento de la industria	Ingresos de soluciones personalizadas
Telecomunicaciones	2.800 millones de euros
Redes empresariales	1.200 millones de euros
Redes industriales	600 millones de euros

Plataformas de participación de clientes digitales

Las plataformas de participación digital de Nokia sirven a más de 1,5 millones de clientes empresariales y de telecomunicaciones en todo el mundo.

• Usuarios de portal de soporte en línea: 750,000
• Compromiso de la aplicación móvil: 350,000 usuarios activos
• Tasa de resolución de autoservicio: 68%

Programas de actualización y mantenimiento de tecnología continua

Nokia invirtió 4.400 millones de euros en investigación y desarrollo en 2023, apoyando las actualizaciones de tecnología en curso para los clientes.

Programa de actualización	Inversión anual	Cobertura del cliente
Actualizaciones de infraestructura de red	2.700 millones de euros	215 operadores globales
Mantenimiento de la tecnología 5G	1.200 millones de euros	295 contratos comerciales
Evolución de la red empresarial	500 millones de euros	187 acuerdos empresariales

Nokia OYJ (NOK) - Modelo de negocios: canales

Equipos de ventas empresariales directos

El equipo de ventas empresariales de Nokia opera en 130 países, con aproximadamente 450 profesionales dedicados de ventas empresariales a partir de 2023.

Región	Número de representantes de ventas empresariales	Volumen de ventas anual promedio
Europa	127	342 millones de euros
América del norte	98	412 millones de euros
Asia-Pacífico	112	389 millones de euros

Plataformas y mercados digitales en línea

Nokia utiliza múltiples canales de ventas digitales, generando € 1.2 mil millones en ingresos en línea en 2023.

• Plataforma de ventas directas nokia.com
• Portales de adquisición empresariales B2B
• Integraciones del mercado de la nube

Conferencias de la industria de telecomunicaciones

Nokia participa anualmente en 37 principales conferencias de telecomunicaciones globales, con un alcance estimado de 82,000 profesionales de la industria.

Redes de asociación estratégica

Nokia mantiene asociaciones con 215 compañías globales de tecnología y telecomunicaciones.

Categoría de socio	Número de socios	Ingresos colaborativos anuales
Proveedores de servicios en la nube	53	276 millones de euros
Fabricantes de equipos de red	87	412 millones de euros
Socios de integración de software	75	198 millones de euros

Canales de marketing digital y comunicación

Nokia aprovecha múltiples plataformas de comunicación digital con un alcance combinado de 4.7 millones de seguidores.

• LinkedIn: 1.2 millones de seguidores
• Twitter: 890,000 seguidores
• YouTube: 620,000 suscriptores
• Facebook: 1.3 millones de seguidores
• Instagram: 690,000 seguidores

NOKIA OYJ (NOK) - Modelo de negocios: segmentos de clientes

Operadores de red de telecomunicaciones

Nokia sirve a 220 operadores de telecomunicaciones a nivel mundial en 2024. Los principales clientes incluyen:

Región	Número de operadores de telecomunicaciones
Europa	62 operadores
América del norte	35 operadores
Asia Pacífico	89 operadores
Medio Oriente/África	34 operadores

Departamentos de tecnología empresarial de grandes

Nokia atiende a 1.500 departamentos de tecnología empresarial en múltiples industrias en 2024.

• Fortune 500 CLIENTES ENTERPRISE: 412
• Valor de contrato de tecnología empresarial anual: 3.200 millones de euros
• Duración promedio de contrato empresarial: 3.7 años

Organizaciones gubernamentales y del sector público

Nokia ofrece soluciones tecnológicas a 78 organizaciones del sector público y del gobierno en todo el mundo.

Sector	Número de organizaciones
Gobierno nacional	42 organizaciones
Gobierno municipal	24 organizaciones
Defensa/seguridad	12 organizaciones

Corporaciones industriales y manufactureras

Nokia apoya 650 corporaciones industriales y de fabricación en 2024.

• Manufactura de clientes: 425
• Clientes de automatización industrial: 225
• Ingresos anuales de tecnología industrial: € 2.7 mil millones

Pequeñas y medianas empresas de tecnología

Nokia colabora con 2.300 pequeñas y medianas empresas de tecnología a nivel mundial.

Tamaño de la empresa	Número de empresas
Pequeñas empresas (10-50 empleados)	1,200
Empresas medianas (51-250 empleados)	1,100

Nokia OYJ (NOK) - Modelo de negocio: Estructura de costos

Una extensa inversión en I + D

El gasto de I + D de Nokia en 2023 fue de 4.400 millones de euros, lo que representa el 17.1% de sus ventas netas. La compañía asignó recursos significativos en los dominios de tecnología clave:

Tecnologías de red 5G

Infraestructura en la nube y de red

Tecnologías de automatización digital

Soluciones de ciberseguridad

Área de enfoque de I + D	Inversión (mil millones de euros)
1.8
1.2
0.7
0.5

Gastos de fabricación y operación global

Los gastos operativos totales de Nokia para 2023 alcanzaron 13.600 millones de euros, con costos de fabricación distribuidos en múltiples ubicaciones globales.

Región	Gastos de fabricación (millones de euros)
Europa	3,200
Asia-Pacífico	4,800
América del norte	2,600
Resto del mundo	3,000

Adquisición y retención de talentos

Los gastos de personal para Nokia en 2023 totalizaron 5.200 millones de euros, cubriendo salarios, beneficios y programas de capacitación.

• Fuerza laboral total: 92,000 empleados
• Compensación anual promedio: 56,500 euros por empleado
• Inversión de capacitación: 180 millones de euros

Infraestructura de marketing y ventas

Los gastos de marketing y ventas para Nokia en 2023 ascendieron a 2.300 millones de euros.

• Presupuesto de marketing digital: 650 millones de euros
• Gastos de feria y eventos: 220 millones de euros
• Desarrollo del canal de ventas: 430 millones de euros

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica para Nokia en 2023 fueron de aproximadamente 1,7 mil millones de euros.

Componente de infraestructura	Costo de mantenimiento (millones de euros)
Centros de datos	650
Equipo de red	550
Sistemas de ciberseguridad	300
Infraestructura en la nube	200

Nokia OYJ (NOK) - Modelo de negocios: flujos de ingresos

Ventas de equipos de red

En 2023, el segmento de redes de Nokia generó ingresos de € 13.3 mil millones. Las categorías principales de productos incluyen:

Categoría de productos	Ingresos (millones de euros)
Redes móviles	6,789
Redes fijas	4,512
Servicios en la nube y de red	2,456

Licencias de software y servicio

Los ingresos por licencia de software de Nokia en 2023 alcanzaron € 2,1 mil millones, con áreas de enfoque clave que incluyen:

• Software de red central 5G
• Sistemas de gestión de redes
• Software de enrutamiento de IP
• Soluciones de seguridad

Servicios de consultoría e implementación

Los ingresos por servicios para 2023 totalizaron 4.500 millones de euros, desglosados ​​de la siguiente manera:

Tipo de servicio	Ingresos (millones de euros)
Diseño e implementación de la red	1,875
Consultoría de transformación digital	1,245
Servicios administrados	1,380

Licencias de patentes y transferencia de tecnología

Los ingresos por licencias de patentes de Nokia en 2023 fueron de € 1.6 mil millones, con áreas de tecnología clave que incluyen:

• 5G patentes esenciales estándar
• Tecnologías de comunicación inalámbrica
• Innovaciones de infraestructura de red

Servicios de red administrados

Los servicios de red administrados generaron € 3.2 mil millones en ingresos para 2023, con segmentos primarios:

Segmento de servicio administrado	Ingresos (millones de euros)
Redes de operadores de telecomunicaciones	2,100
Gestión de redes empresariales	680
Servicios de red del sector público	420

Nokia Oyj (NOK) - Canvas Business Model: Value Propositions

You're looking at the core promises Nokia Oyj is making to its customers as of late 2025, grounded in the numbers from their recent performance. This is what they are selling.

End-to-end secure, advanced connectivity for critical networks

Nokia Oyj is delivering the infrastructure backbone that powers critical operations. The focus here is on scale and reliability, especially as data demands surge.

The Network Infrastructure business group, which houses much of this, delivered 11% net sales growth in Q3 2025 on a comparable basis. This segment is expected to maintain a Compound Annual Growth Rate (CAGR) of 6-8% from 2025 to 2028. The company finished Q3 2025 with a solid net cash balance of €3.0 billion. That's the financial stability backing the promise.

AI-native networks and 6G leadership for future-proofing customer infrastructure

This is about building the next generation, designed from the ground up with intelligence. For operators, the value proposition includes tangible cost and performance improvements driven by AI integration.

According to a McKinsey 2025 study, telco operators expect not less than 20% cost savings across all business functions through AI transformation. Specifically for the network, AI-powered energy-saving features promise 10-20% RAN energy savings. For network issue resolution, intent-based cognitive automation can be up to 90% faster than manual methods. Nokia is accelerating this transition with a strategic partnership that includes a $1 billion investment from NVIDIA to advance AI-RAN technology. The long-term goal is clear: Nokia is targeting a comparable operating profit between €2.7 billion and €3.2 billion by 2028, driven by this AI-native focus.

High-capacity, energy-efficient optical and IP networks (e.g., 800G-capable)

The demand from hyperscalers and data centers for AI infrastructure is directly fueling growth in optical transport. The Optical Networks unit reported a 19% growth in Q3 2025 comparable net sales. This unit, alongside IP Networks, is targeted for an even faster growth rate of 10-12% CAGR through 2028.

Here's a look at the capacity leap they are enabling with their latest hardware:

Metric	Current/Previous State	New/Target State (e.g., KPN deployment)
Optical Network Capacity (Tbps)	48 Tbps	More than 216 Tbps
Enabled Customer Service Speed	Not specified	More than 10 gigabits per second
Optical Power per Bit (W/Gb)	5 W/Gb (20 years ago)	0.04 W/Gb (with latest 800G ZR/ZR+)

The latest 800G ZR/ZR+ pluggable technology is key to this efficiency.

Private wireless and industrial edge solutions for enterprise digitalization

Nokia Oyj is positioning itself as the leading Western supplier for enterprise private networks. The Cloud and Network Services division, which houses the private 4G/5G campus proposition, saw net sales increase 14% on a constant currency basis in Q2 2025.

The company maintained its leadership, finishing 2024 with approximately 850 private network customers in total. However, the strategic review concluded that the Enterprise Campus Edge business, which bundles private networks, generated approximately €900 million in net sales over the past 12 months, but with a gross margin of only 22 per cent and an operating loss of €100 million.

Guaranteed premium service levels via autonomous 5G network slicing

Delivering premium, self-optimizing services is a core value, demonstrated through specific operator collaborations. Nokia announced a collaboration with UAE-based operator du to deliver these premium services.

• The solution involves the first implementation of a groundbreaking 5G Advanced autonomous network slicing solution.
• This enables premium services across use cases like business-critical operations, gaming, XR, and AI applications.

Finance: draft 13-week cash view by Friday.

Nokia Oyj (NOK) - Canvas Business Model: Customer Relationships

You're looking at how Nokia Oyj keeps its most important customers engaged and how it structures those relationships to drive revenue, especially as the market shifts toward AI-driven networks. Honestly, the relationship structure is layered, moving from deep technical partnership to broad intellectual property management.

Strategic co-innovation model with key customers and partners.

Nokia Oyj made co-innovation a core strategic priority announced at its November 2025 Capital Markets Day, aiming to 'Grow by co-innovating with customers and partners.' This focus is heavily weighted toward the AI supercycle. For instance, the company is developing its AI-native networks and announced a new AI RAN center in Dallas to drive this forward. Furthermore, the acquisition of Infinera, completed in Q2 2025, is explicitly intended to accelerate growth strategy in data centers and bolster optical networks, showing a commitment to co-develop infrastructure with webscale customers.

• Strategic Priority: Grow by co-innovating with customers and partners.
• New AI RAN Center established in Dallas.
• Infinera acquisition bolsters data center and optical network capabilities.

Dedicated account management for large Communication Service Providers (CSPs).

The relationship with large CSPs remains central, though the mix is changing. While sales to CSPs declined 4% in Q2 2025, the Network Infrastructure business-which serves these mission-critical clients-still grew 8% on a reported basis in that same quarter. This suggests that while overall operator spending might be constrained, specific infrastructure upgrades are proceeding. The Cloud and Network Services division, which helps CSPs move to autonomous networks, claimed 920 customers as of Q2 2025, indicating a broad, managed relationship base beyond just the top-tier operators.

Consulting and professional services for network planning and deployment.

The structure for these services is embedded within the business group mandates. For example, the Mobile Networks segment historically provides products covering network planning, optimization, network deployment, and technical support services. Similarly, the Cloud and Network Services unit provides software and solutions that 'accelerate the journey of service providers and enterprises to autonomous networks,' which inherently involves significant professional services for deployment and integration. The overall goal is helping CSPs differentiate through optimizing networks.

Direct sales and long-term contracts for mission-critical infrastructure.

Direct sales are the engine for the Network Infrastructure segment, which targets CSPs, enterprises, and webscale customers with fixed access, IP routing, and optical transport. This business is positioned as the 'trusted western provider of secure and advanced connectivity,' which leans heavily on securing long-term, mission-critical contracts. The company targets 6-8% net sales Compound Annual Growth Rate (CAGR) for Network Infrastructure between 2025 and 2028, with a higher target of 10-12% for the combined Optical Networks and IP Networks units, reflecting confidence in these direct, long-term infrastructure sales.

Licensing agreements managed by Nokia Technologies.

Nokia Technologies manages the monetization of Nokia's intellectual property, and this unit is a highly profitable component of the customer relationship structure. The operating profit expectation for Nokia Technologies for the full year 2025 remains approximately EUR 1.1 billion. The contracted annual net sales run-rate increased to approximately EUR 1.4 billion by Q1 2025. You can see the financial weight of this relationship stream here:

Metric	Value (Late 2025 Data)
Nokia Technologies Full Year 2025 Operating Profit Expectation	Approximately EUR 1.1 billion
Contracted Annual Net Sales Run-Rate (Q1 2025)	Approximately EUR 1.4 billion
Nokia Technologies Q3 2025 Operating Profit	EUR 255 million
Nokia Technologies Q3 2025 Gross Margin	100%

These agreements are managed separately from the infrastructure sales, providing a steady, high-margin revenue stream based on the value of Nokia's patent portfolio. If onboarding takes 14+ days, churn risk rises, but for licensing, the risk is more about renewal timing and legal disputes.

Nokia Oyj (NOK) - Canvas Business Model: Channels

You're looking at how Nokia Oyj (NOK) gets its gear and services into customer hands as of late 2025. The story here is a clear pivot away from total reliance on the old guard of telecom operators.

Direct sales force to Communication Service Providers (CSPs) globally.

The traditional direct sales engine still targets Communication Service Providers (CSPs) globally, but their relative importance is shrinking. Back in 2019, CSPs made up about 85% of Nokia's corporate revenue, but by Q2 2025, sales to these traditional mobile operators had fallen below 80% of total revenue. This shift reflects the broader market trend where CSPs are slowing their 5G build-outs or optimizing existing networks. Still, the core relationship remains vital, especially for large infrastructure deals; for instance, in Q2 2025, the Mobile Networks unit still accounted for 38% of total sales, even with its decline.

Direct sales to large Enterprises and Hyperscalers.

This is where the growth story is unfolding, often through dedicated direct sales teams focused on high-value, non-telco accounts. Enterprise sales hit a record 16% of total revenue in Q2 2025. Hyperscalers, in particular, are a massive channel driver for the Network Infrastructure unit, which overtook Mobile Networks in revenue generation in Q2 2025. For example, hyperscaler orders alone accounted for 5% of Nokia's net sales in Q2 2025, translating to roughly 225 million Euros in that quarter. The company is actively aligning its focus, as seen by the strong growth in North America Enterprise sales, which surged 27% year-over-year in one reported period due to hyperscaler demand.

Here's the quick math showing the customer mix evolution:

Customer Segment	Q4 2019 Revenue Share (Approx.)	Q2 2025 Revenue Share (Approx.)
Communication Service Providers (CSPs)	Around 85%	Below 80%
Enterprises (Including Hyperscalers)	Over 5%	Record 16%

What this estimate hides is the aggressive investment in the Network Infrastructure unit, bolstered by the Infinera acquisition, specifically targeting these non-CSP buyers.

Nokia Defense incubation unit for government and defense sector sales.

Nokia Oyj is pursuing government and defense sales through strategic partnerships, which act as a specialized channel. You see this evidenced by the 5G.MIL partnership announced with Lockheed Martin and Verizon, focusing on military-grade 5G solutions. While specific revenue figures for a dedicated defense incubation unit aren't broken out, this collaboration shows a concrete channel strategy for mission-critical networks outside the typical CSP sales motion.

System integrators and channel partners for private wireless and smaller enterprise deals.

For broader enterprise reach, especially in private wireless, system integrators and channel partners are key multipliers. This channel supports the push into verticals valuing mission-critical networks. By the start of 2025, Nokia was reporting strong growth in private wireless, having secured more than 710 customers. These partners help scale deployment and integration for smaller or more geographically dispersed enterprise deals that the core direct sales force can't cover efficiently.

Network as Code platform for developer access to network APIs.

The Network as Code (NaaC) platform is a modern, software-driven channel for monetization and ecosystem engagement. It simplifies network complexities by exposing developer-friendly interfaces, abstracting the underlying tech. As of late 2025, this ecosystem has grown to include over 60 partners, spanning CPaaS platforms, system integrators, and software vendors, following major collaborations like the one with Airtel. Juniper Research has ranked Nokia as the established leader in the global network API market, validating this channel approach. Even earlier in 2025, the platform already had over 50 customers using it.

The platform's growth trajectory is clear:

• Platform Customers: Over 50 (March 2025)
• Ecosystem Partners: Over 60 (Late 2025)
• Market Position: Established Leader (Juniper Research)

This platform acts as a two-sided ecosystem, connecting developers directly to network capabilities, which is a defintely new way to drive revenue from network assets.

NaaC Metric	Value	Context/Date
Global Ecosystem Partners	Over 60	Late 2025
Platform Customers	Over 50	March 2025
Market Ranking	Established Leader	2025

Finance: draft 13-week cash view by Friday.

Nokia Oyj (NOK) - Canvas Business Model: Customer Segments

The customer base for Nokia Oyj is segmented across several high-value areas, with Communication Service Providers (CSPs) historically forming the core, though growth drivers are shifting.

For the third quarter of fiscal year 2025, Nokia Oyj reported total net sales of €4.83 billion. The distribution across the primary operating segments, which largely map to customer types, shows the relative scale:

Segment (Primary Customer Focus)	Q3 2025 Reported Net Sales (Millions EUR)	Q3 2025 YoY Growth (Comparable)
Network Infrastructure (CSPs, Hyperscalers)	1,953	11%
Mobile Networks (CSPs)	1,842	4%
Cloud & Network Services (CSPs, Enterprises)	645	13%
Nokia Technologies (Licensing)	391	14%

Communication Service Providers (CSPs) are the largest segment, driving the bulk of the revenue in Mobile Networks and significant portions of Network Infrastructure. The company re-entered the VodafoneThree network as a major radio supplier commercially. Furthermore, Nokia achieved the #1 market share position in Voice Core (Dell'Oro excl. China) in the first half of 2025, reflecting deep operator integration.

Hyperscalers and large data center operators represent a growing, high-value subset within the Network Infrastructure segment, particularly driving Optical Networks growth. As of Q3 2025, AI and Cloud customers accounted for 6% of total group sales. This specific customer group represented 14% of Network Infrastructure sales in Q3 2025. In Q2 2025, Nokia generated 5% of sales from hyperscalers. The company began shipping 800G ZR/ZR+ pluggables for data center interconnects to a major U.S. customer and announced a strategic partnership with Nscale to be a preferred networking equipment vendor for their data center buildout.

Large Enterprises, such as those in manufacturing and utilities, are key targets for private wireless solutions. As of Q2 2025, Nokia reported having 920 customers for its private wireless offerings. Enterprise net sales overall increased 15% on a constant currency and portfolio basis in Q2 2025.

The customer base for technology licensing, which indirectly involves consumer electronics manufacturers, is quantified by the run-rate of Nokia Technologies. The annual net sales run-rate for Nokia Technologies was approximately EUR 1.4 billion as of Q3 2025. For the full year 2025, Nokia Technologies is expected to deliver approximately EUR 1.1 billion of operating profit. In Q2 2025, the count of licensees was reported as 357.

The customer segments targeted by Nokia Oyj include:

• Communication Service Providers (CSPs) for 5G, 5G Core, and fixed access.
• Hyperscalers and large data center operators for optical and IP networking.
• Large Enterprises for private wireless and industrial edge deployments.
• Government and Defense organizations for secure solutions.
• Consumer electronics manufacturers indirectly through technology licensing.

Nokia Oyj (NOK) - Canvas Business Model: Cost Structure

You're looking at the cost base for Nokia Oyj as they navigate the shift from traditional 5G to AI-native networks. The cost structure is heavily weighted toward future technology, but external macro factors are creating near-term pressure.

High R&D expenditure to lead in AI-native networks and 6G.

Nokia Oyj is definitely spending heavily to maintain its edge in next-generation technology. Research and Development expenses for the twelve months ending September 30, 2025, stood at $5.098B. Looking at the quarterly spend, Q3 2025 reported R&D expenses were EUR 1,174 million, which was a 5% increase year-over-year for the Q1-Q3 2025 period compared to the prior year's cumulative spend. For context, Q1 2025 reported R&D was EUR 1,145 million.

• R&D expenses (LTM ending Sept 30, 2025): $5.098B.
• R&D expenses (Q3 2025 Reported): EUR 1,174 million.
• R&D expenses (Q1-Q3 2025 Cumulative Reported): EUR 3,479 million.

Cost of Goods Sold (COGS) for hardware manufacturing and supply chain logistics.

While COGS isn't explicitly stated, we can look at the gross margin, which directly relates to the cost of sales. For Q2 2025, the comparable gross margin was 44.7%, meaning the implied COGS was about 55.3% of comparable net sales for that period. By Q3 2025, the comparable gross margin had tightened slightly to 44.2%. This reflects the costs associated with manufacturing and getting the hardware where it needs to go, plus the impact of product mix.

Metric	Q2 2025 (Reported)	Q3 2025 (Comparable)
Gross Margin	43.4%	44.2%
Implied COGS %	56.6%	55.8%

Operating expenses impacted by currency and tariffs, a EUR 230 million headwind in 2025.

External factors are hitting the bottom line hard this year. Nokia Oyj lowered its full-year 2025 comparable operating profit guidance specifically because of these headwinds. Currency fluctuations, driven by a weaker USD, are creating an approximately EUR 230 million negative impact on the 2025 outlook. This total includes EUR 140 million operationally and EUR 90 million from non-cash venture fund currency revaluations. On top of that, the current tariff landscape is estimated to impact full-year operating profit by another EUR 50 million to EUR 80 million.

Integration and restructuring costs related to the new two-segment operating model.

The company is incurring costs related to ongoing efficiency drives, which set the stage for the 2026 structural change. For the ongoing cost savings program, restructuring and associated charges were reported at EUR 250 million in Q2 2025. The associated cash outflows for this program were reported as EUR 400 million in Q2, later updated to EUR 350 million for the Q3 period. These charges are explicitly noted as not including Infinera-related synergies, so you should factor in additional, unquantified integration expenses.

Sales, General, and Administrative (SG&A) costs, with a long-term reduction target.

SG&A, or Selling, General and Administrative expenses, is a key area for operational discipline. In Q3 2025, reported SG&A was EUR 729 million. For the first nine months of 2025 (Q1-Q3), reported SG&A reached EUR 2,193 million, up 5% year-over-year. The big news here is the long-term goal for centralized costs. Nokia plans to reduce Group Common and Other operating expenses to EUR 150 million by 2028, a significant drop from the current run-rate of roughly EUR 350 million.

• SG&A (Q3 2025 Reported): EUR 729 million.
• SG&A (Q1-Q3 2025 Cumulative Reported): EUR 2,193 million.
• Long-term Target for Group Common/Other OpEx (by 2028): EUR 150 million.

Finance: draft 13-week cash view by Friday.

Nokia Oyj (NOK) - Canvas Business Model: Revenue Streams

You're looking at the money Nokia Oyj is bringing in, and it's clear the revenue streams are heavily weighted toward the foundational network components that keep the world connected. Honestly, the story here is the shift in momentum between the core business units as of late 2025.

The total revenue picture for the first nine months of 2025 shows the scale of the operation, with reported net sales reaching EUR 13,764 million for the period of January through September 2025. For the full fiscal year 2025, Nokia Oyj is guiding for a comparable operating profit in the range of EUR 1.7 billion and EUR 2.2 billion.

Here's a breakdown of the key revenue-generating segments and their recent performance, which maps directly to your outline points:

• Network Infrastructure sales: This is the clear growth engine, showing strong momentum. In the third quarter of 2025, comparable net sales for this segment grew by 11% year-over-year.
• Mobile Networks sales: This remains the largest component, expected to be largely stable. Q3 2025 comparable net sales showed growth of 4%.
• Cloud and Network Services sales: This software and services area is also growing. Comparable net sales increased by 13% in Q3 2025.
• Technology licensing revenue: Nokia Technologies is a high-margin contributor. The operating profit expected from this patent portfolio for the full year 2025 is approximately EUR 1.1 billion.

To give you a clearer picture of the segment contribution based on the latest reported quarter, here's how the Q3 2025 reported net sales stacked up:

Revenue Stream Segment	Q3 2025 Reported Net Sales (EUR million)	Q3 2025 YoY Change (Reported)
Network Infrastructure	Data not explicitly separated in Q3 table	12% increase in overall net sales driven by this segment's strength
Mobile Networks	Data not explicitly separated in Q3 table	4% comparable growth
Cloud and Network Services	Data not explicitly separated in Q3 table	13% comparable growth
Nokia Technologies	Data not explicitly separated in Q3 table	14% comparable net sales growth

The strength in Network Infrastructure is particularly concentrated. For instance, the Optical Networks unit within that segment surged by 19% in Q3 2025, largely fueled by spending from AI and Cloud customers. This is the concrete evidence you need to see the AI supercycle translating directly into revenue for Nokia Oyj.

The Technology Standards group, which houses the patent licensing, is also showing strong commercial momentum. The contracted annual net sales run-rate from further deals signed in Q1 2025 reached approximately EUR 1.4 billion.

If you look at the Q1 2025 results, you can see the underlying segment performance before the Q3 acceleration: Network Infrastructure grew 11%, Cloud and Network Services grew 8%, and Mobile Networks grew 2%, all on a constant currency and portfolio basis.

The key takeaway for your analysis is the expected growth profile for the remainder of 2025, which remains unchanged operationally despite currency and tariff headwinds:

• Network Infrastructure: Continue to expect strong growth.
• Cloud and Network Services: Continue to expect growth.
• Mobile Networks: Continue to expect largely stable net sales on a constant currency and portfolio basis.

Finance: draft 13-week cash view by Friday.