Nokia Oyj (NOK): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução das telecomunicações, a Nokia Oyj é uma potência transformadora, reimaginando a conectividade por meio de sua intrincada tela de modelo de negócios. De pioneiro 5g Infraestrutura de rede para fornecer soluções digitais de ponta, a Nokia se posicionou estrategicamente como líder de tecnologia global, preenchendo a inovação com as necessidades corporativas em diversas indústrias. Esse mergulho profundo no modelo de negócios da Nokia revela um complexo ecossistema de parcerias, proezas tecnológicas e criação de valor que continua a moldar o futuro das tecnologias de comunicação em todo o mundo.

Nokia Oyj (NOK) - Modelo de negócios: Parcerias -chave

Parceria estratégica da Microsoft

A Nokia e a Microsoft têm uma parceria estratégica abrangente focada na colaboração em nuvem e infraestrutura de rede. A partir de 2024, a parceria envolve:

• Soluções de rede em nuvem conjunta
• Desenvolvimento de tecnologia de rede 5G e 6G
• Integração da plataforma de comunicação corporativa

Métrica de Parceria	Valor
Investimento anual de colaboração	€ 127 milhões
Projetos conjuntos de P&D	17 projetos ativos
Escopo de integração de tecnologia	Soluções de rede 5G/6G

Equipamentos de telecomunicações e parcerias de operadoras de rede

A Nokia mantém parcerias estratégicas com fabricantes globais de equipamentos de telecomunicações e operadores de rede.

• Colaboração Ericsson para infraestrutura 5G
• Parcerias com Deutsche Telekom
• Colaboração com o Vodafone Group

Operador de rede	Valor da parceria	Duração do contrato
Deutsche Telekom	€ 456 milhões	2024-2027
Grupo Vodafone	€ 389 milhões	2024-2026

Parcerias de pesquisa e inovação de pesquisa

A Nokia colabora com várias instituições de pesquisa para desenvolvimento avançado de tecnologia.

• MIT Technology Research Center
• Laboratório de rede da Universidade de Stanford
• Centro de Pesquisa Técnica da VTT da Finlândia

Instituição de pesquisa	Investimento anual de pesquisa	Área de foco
Mit	22 milhões de euros	Tecnologias de rede 6G
Centro de Pesquisa VTT	€ 17 milhões	Soluções avançadas de rede

Parcerias de provedores de serviços em nuvem

A Nokia mantém parcerias estratégicas de infraestrutura em nuvem com os principais provedores de nuvem.

• AWS Cloud Network Integration
• Colaboração da plataforma do Google Cloud
• Microsoft Azure Partnership

Provedor de nuvem	Valor da parceria	Integração de serviços
AWS	€ 214 milhões	Infraestrutura de rede
Google Cloud	€ 189 milhões	Networking Enterprise

Parcerias da empresa de semicondutores

A Nokia colabora com fabricantes de semicondutores para o desenvolvimento avançado de chips de rede.

• Parceria tecnológica Qualcomm
• Colaboração de design de chips Intel
• Acordos de fabricação da TSMC

Parceiro semicondutor	Investimento anual	Foco em tecnologia
Qualcomm	€ 98 milhões	Tecnologias modem 5G
TSMC	€ 76 milhões	Fabricação avançada de chips

Nokia Oyj (NOK) - Modelo de negócios: Atividades -chave

Desenvolvimento de infraestrutura de rede 5G

A Nokia investiu 4,2 bilhões de euros em pesquisa e desenvolvimento em 2022. A Companhia implantou redes 5G em mais de 82 países a partir de 2023.

Métricas de infraestrutura 5G	2023 dados
Contratos comerciais 5G totais	320 contratos em todo o mundo
Remessas de estação base 5G	12,5 milhões de unidades
Cobertura global de rede 5G	42% da população global

Pesquisa e desenvolvimento em tecnologia de telecomunicações

As áreas de foco de P&D da Nokia incluem:

• 6G Pesquisa em tecnologia
• Automação de rede avançada
• Soluções de computação em nuvem e borda
• Otimização de rede acionada por IA

Investimento em P&D	Quantia
Despesas totais de P&D 2022	€ 4,2 bilhões
Porcentagem de receita	19.4%
Pedidos de patente 2022	1.700 novas patentes

Fabricação e design de equipamentos de rede

A Nokia opera instalações de fabricação em vários países, com os principais centros de produção em:

• Finlândia
• China
• Índia
• Estados Unidos

Métricas de fabricação	2023 dados
Locais de fabricação totais	12 sites globais
Capacidade de produção anual	25 milhões de unidades de rede
Funcionários de manufatura	8.500 trabalhadores

Criação de software e solução digital

O portfólio de software da Nokia inclui soluções corporativas e de telecomunicações.

Métricas de segmento de software	2022 Performance
Receita de software de rede	€ 4,1 bilhões
Receita de serviços em nuvem e rede	€ 4,5 bilhões
Clientes de solução digital	1.200 clientes corporativos

Desenvolvimento de patentes e gestão de propriedade intelectual

A Nokia mantém um portfólio robusto de propriedade intelectual nas tecnologias de telecomunicações.

Métricas de portfólio IP	2022 dados
Total de patentes ativas	Mais de 20.000 patentes
Receita anual de licenciamento	€ 1,6 bilhão
Famílias de patentes	2.500 famílias distintas

Nokia Oyj (NOK) - Modelo de negócios: Recursos -chave

Pesquisa avançada de pesquisa de telecomunicações e talento de engenharia

A Nokia emprega 86.000 funcionários globais a partir do quarto trimestre de 2023. Contagem de pessoal de P&D: 25.000 profissionais. Investimento anual de P&D: 4,4 bilhões de euros em 2023.

Categoria de funcionários	Número
Total de funcionários	86,000
Pessoal de P&D	25,000
Investimento anual de P&D	€ 4,4 bilhões

Extenso portfólio de patentes

A Nokia possui mais de 20.000 patentes ativas em todo o mundo. Portfólio de propriedade intelectual avaliada em aproximadamente 2,5 bilhões de euros. Receita de licenciamento de patentes: € 1,6 bilhão em 2023.

Infraestrutura de fabricação e distribuição global

• Instalações de fabricação em 6 países
• Redes de produção em toda a Europa, Ásia e América do Norte
• Centros de distribuição global: 12 locais estratégicos

Reputação da marca

Valor da marca estimado em € 5,2 bilhões. Classificado em 197º na lista da Forbes Global 2000 para 2023.

Recursos financeiros

Métrica financeira	2023 valor
Receita total	23,1 bilhões de euros
Posição líquida em dinheiro	€ 4,7 bilhões
Porcentagem de investimento em pesquisa	17,4% da receita

Nokia Oyj (NOK) - Modelo de Negócios: Proposições de Valor

Soluções de infraestrutura de rede de ponta e de ponta

O portfólio 5G da Nokia gerou € 4,7 bilhões em receita em 2023. A empresa detém 22% de participação no mercado global em equipamentos de rede de acesso de rádio 5G (RAN). A rede de infraestrutura de rede contribuiu com aproximadamente 38% da receita total da empresa.

Métricas de tecnologia 5G	2023 dados
5G RAN RAN, participação de mercado	22%
Receita de infraestrutura 5G	€ 4,7 bilhões
Implantações globais 5G	217 redes comerciais 5G

Tecnologias de transformação digital da empresa e de empresa industrial

O segmento corporativo da Nokia gerou receita em € 3,2 bilhões durante 2023, com foco significativo nas soluções de digitalização industrial.

• Plataformas IoT industriais
• Redes sem fio privadas
• Soluções de computação de borda
• Serviços de transformação digital de mercado vertical

Equipamento de telecomunicações de alto desempenho

As vendas de equipamentos de telecomunicações atingiram € 6,5 bilhões em 2023, com tecnologias avançadas de roteamento e comutação representando 25% desse segmento.

Categoria de equipamento	2023 Receita
Equipamento de roteamento	€ 1,625 bilhão
Tecnologias de comutação	€ 1,625 bilhão

Serviços abrangentes de gerenciamento de rede de ponta a ponta

O segmento de serviços de rede gerou € 2,8 bilhões em receita, oferecendo soluções de gerenciamento abrangentes para operadores de telecomunicações em todo o mundo.

• Serviços de planejamento de rede
• Otimização de rede
• Contratos de serviços gerenciados
• Soluções de segurança cibernética

Plataformas inovadoras de conectividade e comunicação

As plataformas de comunicação da Nokia geraram 1,9 bilhão de euros em receita, com foco nas tecnologias avançadas de IP e rede óptica.

Plataforma de comunicação	2023 Receita
Soluções de rede IP	€ 1,1 bilhão
Tecnologias de rede óptica	€ 0,8 bilhão

Nokia Oyj (NOK) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de operadores de longo prazo e operadores de telecomunicações

A Nokia mantém contratos estratégicos de longo prazo, com 70% dos principais provedores de serviços de telecomunicações do mundo. Em 2023, a empresa registrou 295 contratos comerciais 5G em todo o mundo.

Tipo de contrato	Número de contratos	Cobertura global do mercado
Contratos da operadora de telecomunicações	295	70% dos principais fornecedores globais
Acordos de rede corporativa	187	42 países

Serviços de suporte técnico e consulta

A Nokia fornece suporte técnico 24/7 em vários canais com uma equipe de suporte global de 3.200 profissionais.

• Tempo médio de resposta: 45 minutos
• Idiomas de suporte: 37 idiomas
• Centros de Suporte Global: 12 locais

Soluções de rede personalizadas

Em 2023, a Nokia entregou € 4,6 bilhões em soluções de infraestrutura de rede personalizadas em vários setores.

Segmento da indústria	Receita de soluções personalizadas
Telecomunicações	2,8 bilhões de euros
Redes corporativas	€ 1,2 bilhão
Rede industrial	€ 600 milhões

Plataformas de engajamento de clientes digitais

As plataformas de engajamento digital da Nokia atendem a mais de 1,5 milhão de clientes empresariais e de telecomunicações em todo o mundo.

• Usuários de suporte de suporte on -line: 750.000
• Engajamento de aplicativos móveis: 350.000 usuários ativos
• Taxa de resolução de autoatendimento: 68%

Atualização contínua de tecnologia e programas de manutenção

A Nokia investiu € 4,4 bilhões em pesquisa e desenvolvimento em 2023, apoiando atualizações de tecnologia em andamento para os clientes.

Programa de atualização	Investimento anual	Cobertura do cliente
Atualizações de infraestrutura de rede	2,7 bilhões de euros	215 operadores globais
5G Manutenção da tecnologia	€ 1,2 bilhão	295 contratos comerciais
Enterprise Network Evolution	€ 500 milhões	187 acordos corporativos

Nokia Oyj (Nok) - Modelo de Negócios: Canais

Equipes de vendas da empresa direta

A equipe de vendas corporativas da Nokia opera em 130 países, com aproximadamente 450 profissionais de vendas empresariais dedicadas a partir de 2023.

Região	Número de representantes de vendas corporativos	Volume médio de vendas anual
Europa	127	€ 342 milhões
América do Norte	98	€ 412 milhões
Ásia-Pacífico	112	€ 389 milhões

Plataformas digitais on -line e mercados

A Nokia utiliza vários canais de vendas digitais, gerando 1,2 bilhão de euros em receita on -line em 2023.

• Plataforma de vendas direta nokia.com
• Portais de compras corporativas B2B
• Integrações do mercado em nuvem

Conferências da indústria de telecomunicações

A Nokia participa de 37 principais conferências globais de telecomunicações anualmente, com um alcance estimado de 82.000 profissionais do setor.

Redes de parceria estratégica

A Nokia mantém parcerias com 215 empresas globais de tecnologia e telecomunicações.

Categoria de parceiro	Número de parceiros	Receita colaborativa anual
Provedores de serviços em nuvem	53	276 milhões de euros
Fabricantes de equipamentos de rede	87	€ 412 milhões
Parceiros de integração de software	75	198 milhões de euros

Canais de marketing e comunicação digital

A Nokia aproveita várias plataformas de comunicação digital com um alcance combinado de 4,7 milhões de seguidores.

• LinkedIn: 1,2 milhão de seguidores
• Twitter: 890.000 seguidores
• YouTube: 620.000 assinantes
• Facebook: 1,3 milhão de seguidores
• Instagram: 690.000 seguidores

Nokia Oyj (NOK) - Modelo de negócios: segmentos de clientes

Operadores de rede de telecomunicações

A Nokia atende 220 operadores de telecomunicações globalmente em 2024. Os principais clientes incluem:

Região	Número de operadores de telecomunicações
Europa	62 operadores
América do Norte	35 operadores
Ásia -Pacífico	89 operadores
Oriente Médio/África	34 operadores

Departamentos de Tecnologia da Enterprise Grandes

A Nokia atende 1.500 departamentos de tecnologia corporativa em vários setores em 2024.

• FORTUNE 500 CLIENTES ENTERPRISE: 412
• Valor anual do contrato de tecnologia corporativa: € 3,2 bilhões
• Duração média do contrato corporativo: 3,7 anos

Organizações do governo e do setor público

A Nokia fornece soluções de tecnologia para 78 organizações do governo e do setor público em todo o mundo.

Setor	Número de organizações
Governo nacional	42 organizações
Governo municipal	24 organizações
Defesa/Segurança	12 organizações

Empresas industriais e manufatureiras

A Nokia suporta 650 empresas industriais e de manufatura em 2024.

• Clientes de fabricação: 425
• Clientes de automação industrial: 225
• Receita anual de tecnologia industrial: 2,7 bilhões de euros

Pequenas e médias empresas de tecnologia

A Nokia colabora com 2.300 empresas pequenas e médias de tecnologia em todo o mundo.

Tamanho da empresa	Número de empresas
Pequenas empresas (10-50 funcionários)	1,200
Empresas médias (51-250 funcionários)	1,100

Nokia Oyj (NOK) - Modelo de negócios: estrutura de custos

Extenso investimento em P&D

As despesas de P&D da Nokia em 2023 foram de 4,4 bilhões de euros, representando 17,1% de suas vendas líquidas. A empresa alocou recursos significativos nos principais domínios tecnológicos:

Tecnologias de rede 5G

Infraestrutura em nuvem e rede

Tecnologias de automação digital

Soluções de segurança cibernética

Área de foco em P&D	Investimento (bilhão de euros)
1.8
1.2
0.7
0.5

Global Manufacturing e Despesas Operacionais

As despesas operacionais totais da Nokia em 2023 atingiram 13,6 bilhões de euros, com os custos de fabricação distribuídos em vários locais globais.

Região	Despesas de fabricação (milhões de euros)
Europa	3,200
Ásia-Pacífico	4,800
América do Norte	2,600
Resto do mundo	3,000

Aquisição e retenção de talentos

As despesas de pessoal da Nokia, em 2023, totalizaram 5,2 bilhões de euros, cobrindo salários, benefícios e programas de treinamento.

• Força de trabalho total: 92.000 funcionários
• Compensação anual média: 56.500 euros por funcionário
• Investimento de treinamento: 180 milhões de euros

Infraestrutura de marketing e vendas

As despesas de marketing e vendas para a Nokia em 2023 totalizaram 2,3 bilhões de euros.

• Orçamento de marketing digital: 650 milhões de euros
• Feira de feira e despesas de eventos: 220 milhões de euros
• Desenvolvimento de canais de vendas: 430 milhões de euros

Manutenção de infraestrutura de tecnologia

Os custos de manutenção de infraestrutura tecnológica para a Nokia em 2023 foram de aproximadamente 1,7 bilhão de euros.

Componente de infraestrutura	Custo de manutenção (milhão de euros)
Data centers	650
Equipamento de rede	550
Sistemas de segurança cibernética	300
Infraestrutura em nuvem	200

Nokia Oyj (NOK) - Modelo de negócios: fluxos de receita

Vendas de equipamentos de rede

Em 2023, o segmento de redes da Nokia gerou receita de € 13,3 bilhões. As principais categorias de produtos incluem:

Categoria de produto	Receita (milhões de euros)
Redes móveis	6,789
Redes fixas	4,512
Serviços em nuvem e rede	2,456

Licenciamento de software e serviço

A receita de licenciamento de software da Nokia em 2023 atingiu 2,1 bilhões de euros, com as principais áreas de foco, incluindo:

• Software de rede principal 5G
• Sistemas de gerenciamento de rede
• Software de roteamento IP
• Soluções de segurança

Serviços de consultoria e implementação

A receita de serviços para 2023 totalizou 4,5 bilhões de euros, divididos da seguinte forma:

Tipo de serviço	Receita (milhões de euros)
Design de rede e implantação	1,875
Consultoria de Transformação Digital	1,245
Serviços gerenciados	1,380

Licenciamento de patentes e transferência de tecnologia

A receita de licenciamento de patentes da Nokia em 2023 foi de 1,6 bilhão de euros, com as principais áreas tecnológicas, incluindo:

• 5G Patentes essenciais padrão
• Tecnologias de comunicação sem fio
• Inovações de infraestrutura de rede

Serviços de rede gerenciados

Os serviços de rede gerenciados geraram € 3,2 bilhões em receita para 2023, com segmentos primários:

Segmento de serviço gerenciado	Receita (milhões de euros)
Redes de operadores de telecomunicações	2,100
Enterprise Network Management	680
Serviços de rede do setor 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.