Here are 1-3 brief analogies for Nokia:

• Cisco for global telecom infrastructure: Nokia is a primary provider of the hardware and software that mobile carriers and internet service providers use to build their 5G and fiber optic networks, analogous to how Cisco provides networking gear for businesses and data centers.

• Siemens for digital communication networks: Nokia operates similarly to Siemens, providing large-scale, essential technology and infrastructure, but specifically focused on digital communication systems for telecommunications companies.

• The Caterpillar of 5G and fiber optic networks: Nokia provides the foundational "heavy machinery" and equipment that builds the core digital communication infrastructure, much like Caterpillar provides the equipment to build physical roads and structures.

• Mobile Networks: Provides radio access network (RAN) and core network solutions, enabling operators to deploy and manage 2G, 3G, 4G, and 5G mobile connectivity.
• Cloud and Network Services: Delivers software, consulting, and integration services for network automation, monetization, and digital transformation for communication service providers and enterprises.
• Fixed Networks: Supplies broadband access equipment and solutions, including fiber-to-the-home (FTTH), DSL, and Wi-Fi, for residential and business connectivity.
• Optical Networks: Offers high-capacity optical transport systems for long-haul, metro, and data center interconnect applications.
• IP Networks: Provides IP routing and optical networking products, along with related services, for building robust and scalable communication networks.
• Enterprise Solutions: Delivers private wireless networks, industrial automation, and mission-critical networking solutions tailored for various industries.
• Nokia Technologies (Patent Licensing): Manages and licenses Nokia's extensive patent portfolio to various companies across the mobile, multimedia, and networking industries.

Nokia (symbol: NOK) primarily sells its products, solutions, and services to other companies (B2B) rather than directly to individuals. Its major customers are global telecommunications service providers, large enterprises, and internet content providers (webscalers).

Here are some of Nokia's major customer companies, primarily consisting of leading global telecommunications operators and major internet/cloud service providers:

• AT&T Inc. (Symbol: T)
• Verizon Communications Inc. (Symbol: VZ)
• T-Mobile US, Inc. (Symbol: TMUS)
• Vodafone Group Plc (Symbol: VOD)
• Deutsche Telekom AG (Symbol: DTEGY)
• Orange S.A. (Symbol: ORAN)
• Telefónica S.A. (Symbol: TEF)
• China Mobile Limited (Symbol: CHL)
• Alphabet Inc. (Google Cloud) (Symbol: GOOGL)
• Amazon.com, Inc. (Amazon Web Services) (Symbol: AMZN)
• Microsoft Corporation (Microsoft Azure) (Symbol: MSFT)

Additionally, Nokia serves a broad spectrum of enterprise customers across various industries such as energy, transportation, manufacturing, and public safety, by providing private wireless networks, industrial automation, and specialized connectivity solutions. While these customers are numerous and significant for Nokia's growth strategy, individual major customer companies in this diverse segment are less frequently disclosed publicly compared to the large global operators and webscalers.

• Broadcom Inc. (AVGO)
• Intel Corporation (INTC)

Justin Hotard, President and Chief Executive Officer
Justin Hotard was appointed Nokia's President and Chief Executive Officer in March 2025. Prior to this role, he was the President of Nokia's Cloud and Network Services business group. Before joining Nokia, Hotard held leadership positions at Hewlett Packard Enterprise (HPE), where he most recently served as Senior Vice President and General Manager of HPE's High Performance Computing & Artificial Intelligence business. He also held various general management roles at NCR Corporation and Dell.

Marco Wirén, Chief Financial Officer
Marco Wirén is the Chief Financial Officer of Nokia, responsible for financial matters including external and internal reporting, business performance management, capital allocation, global business services, investor relations, mergers & acquisitions, and treasury activities. He joined Nokia in 2020. Before Nokia, he was President of Wärtsilä Energy and Executive Vice President of the Wärtsilä Group. His career includes CFO roles at Wärtsilä Group, SSAB Group, a global specialized steel company, and Eltel Networks, a provider of technical services to the electrical and telecommunications industries. He also held senior finance, strategy, and business development roles at NCC Group. During his time at Wärtsilä, he helped establish the company as a leader in energy storage and streamlined its portfolio. Wirén also serves as Vice Board Chair of Neste.

Tommi Uitto, President of Mobile Networks
Tommi Uitto serves as the President of Mobile Networks at Nokia. He is responsible for Nokia's mobile products and solutions, including 4G, 5G, cloud core, and small cells. Uitto has held various leadership positions within Nokia, focusing on mobile networks and global services.

David Heard, President of Network Infrastructure
David Heard became President of Network Infrastructure at Nokia in 2025, joining with the acquisition of Infinera, where he previously served as CEO and before that as Chief Operating Officer. His experience prior to Infinera includes senior positions across various technology companies in the U.S., such as JDSU, BigBand Networks, Somera Communications, Lucent, and AT&T.

Raghav Sahgal, President of Cloud and Network Services
Raghav Sahgal is the President of Cloud and Network Services at Nokia, where he is responsible for driving the company's cloud and network service strategies. His extensive background includes leadership roles at companies such as NICE Ltd, Oracle, and Lucent Technologies, bringing experience from the technology and telecommunications sectors.

The increasing adoption and maturity of Open Radio Access Networks (Open RAN) architecture. This approach disaggregates hardware and software components in cellular networks, allowing operators to mix and match vendors and deploy software on general-purpose hardware. This fundamentally challenges Nokia's traditional business model of providing integrated, proprietary network solutions by potentially commoditizing hardware, lowering average selling prices, and opening the market to new, often smaller, software-focused competitors.

Nokia (NOK) primarily operates in the telecommunications infrastructure, technology development, and licensing sectors. The addressable markets for its main products and services span several key areas:

Cloud and Network Services (CNS)

• The global addressable market for Cloud and Network Services was estimated at approximately EUR 25 billion in 2021 and was projected to grow to EUR 26 billion by 2023. This market includes areas such as 5G core, analytics and AI-based services, private wireless and industrial automation, digital operations, and managed security.

Network Infrastructure

• The total addressable market (TAM) for telco (telecommunications service providers) is estimated at €84 billion globally.
• The total addressable market (TAM) for data centers is currently estimated at €20 billion globally. Nokia is increasing its focus on this market, particularly for optical networking to support AI workloads.
• For the period 2022-2025, the addressable market for IP Networks is projected to have a Compound Annual Growth Rate (CAGR) of 3% (global).
• The addressable market for Fixed Networks is expected to see a CAGR of 4% from 2022-2025 (global).
• Optical Networks' addressable market is anticipated to grow at a CAGR of 2% from 2022-2025 (global).
• The addressable market for Submarine Networks is expected to grow at a single-digit CAGR from 2022-2025 (global). (Note: Nokia recently sold its submarine networks business).

Mobile Networks

• The AI-RAN (Artificial Intelligence Radio Access Network) market, a significant opportunity within the broader RAN market, is expected to exceed a cumulative $200 billion globally by 2030. Nokia is strategically partnering to develop and deploy AI-native mobile networks.

Enterprise Solutions

• Nokia views the enterprise segment as a significant growth opportunity beyond communication service providers. In 2020, Nokia generated €1.57 billion in revenue from the enterprise market (global), an 11% increase from 2019. Nokia is a leading vendor in the private 4G/5G wireless networks technology sector.

Expected Drivers of Future Revenue Growth for Nokia (NOK)

Over the next 2-3 years, Nokia is expected to drive revenue growth through several key strategic initiatives and market trends:

1. Expansion in Network Infrastructure, Driven by AI and Cloud Demand: Nokia anticipates strong growth in its Network Infrastructure division, particularly in optical and IP networks. This growth is largely fueled by increasing demand from AI and cloud customers, including hyperscalers and data center operators, who require advanced networking solutions to support expanding network capacity and AI workloads. The acquisition of Infinera is also a significant factor in strengthening Nokia's position in 800G optics and high-performance transport networks.
2. Diversification into the Enterprise Sector: Nokia is actively expanding its footprint in the enterprise market to reduce its reliance on traditional telecom operators. The company is focusing on offering private wireless networks and industrial automation solutions across various industries such as manufacturing, logistics, public safety, banking, financial services, insurance (BFSI), transport, utilities, and defense.
3. Strategic Partnerships and AI-Powered Networking, Including 6G Development: A significant driver is Nokia's strategic partnership with Nvidia, which includes a $1 billion investment. This collaboration aims to develop AI-powered wireless networks and 6G cellular technology, integrating AI into the network infrastructure to capitalize on the "AI supercycle." This initiative is expected to open new revenue opportunities beyond traditional telecom equipment by offering AI-enhanced products.
4. Growth in Cloud and Network Services: The Cloud and Network Services business group is projected to contribute to revenue growth, specifically through strong performance in 5G Core networks, enterprise private wireless solutions, and network monetization services.
5. Monetization of Nokia Technologies and Patent Portfolio: Nokia Technologies, responsible for managing the company's extensive patent portfolio, is expected to continue generating revenue through new and renewed patent licensing agreements. The segment continues to sign new deals, with an anticipated annual net sales run rate of approximately EUR 1.4 billion and an operating profit of EUR 1.1 billion for the full year.