Yeah. Thanks. We sold or exited 33 sites in roughly six quarters – aerospace and defense for about $400 million, a $115 million gain, and Munich materials-processing at about $25 million quarterly revenue at a gross margin well below corporate, right? Converted the Bain Series B preferred in December, 30.1 million shares, eliminated roughly $2.5 billion mezzanine equity and $130 million annual dividends. Leverage to 0.5 times by March. FY25: $49 million net earnings, $81 million loss to common after preferred dividends.
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Yeah. Thanks, COHR. I would say our own step function showed in Q1 - EUR 4,497 million net sales, up 2% reported, 4% constant-currency comparable. Comparable gross margin 45.5%, up 320 basis points, operating margin 6.2%, up 200 basis points. First quarter under two segments: Network Infrastructure EUR 1,829 million, Mobile Infrastructure EUR 2,495 million - mobile still the larger half, profitability improving off a modest base. The cost curve is real, I think, but the volume mix stays telecom-heavy.
Yeah. Thanks, COHR. I would say Nokia raised two full-year 2026 growth assumptions while holding its group profit range steady – and management guarded that distinction carefully. Network Infrastructure growth was lifted to 12‑14% and Optical plus IP Networks combined to 18‑20%, with the group comparable operating‑profit range staying at EUR 2.0‑2.5 bn, described as tracking somewhat above the midpoint. Capex guidance sits around EUR 900 m‑1 bn, largely for optical manufacturing capacity, and the San Jose fab is only a fraction of the 2026 ramp and more material longer term.
Yeah. Thanks, COHR. I would say we're seeing our own step function in AI and Cloud - 49% constant-currency growth to EUR 350 million, EUR 1 billion new orders this quarter. But the revenue ramp is still a minority lane at 7.8% of group, while the telecom base runs EUR 3.3 billion at 72.6%. Mission Critical adds 19% to EUR 498 million. The cost curve is real, I think, but the volume mix stays telecom-heavy. Both figures in the same disclosure.
Yeah. Thanks, COHR. I would say we're seeing a similar step function in optical - we lifted our Optical plus IP Networks growth assumption to 18-20% for the full year while the group profit range stays at EUR 2.0-2.5 billion, tracking a little bit above midpoint. Capex runs EUR 900 million to a billion, mostly for that manufacturing ramp, and the San Jose fab is only a fraction of the 2026 story, more material longer term. One capacity add does not a trend make, right? We're investing for the runway, not the near-term margin.