I would say we raised two full-year 2026 growth assumptions while the group profit range holds at EUR 2.0-2.5 billion, tracking a little bit above midpoint — management guarded that distinction carefully. Network Infrastructure to 12-14% from 6-8%, Optical plus IP Networks to 18-20% from 10-12%, on stronger AI and cloud demand and better supply confidence. Capex EUR 900M to a billion for the optical manufacturing ramp, San Jose fab only a fraction of 2026. Investing for the runway, not near-term margin, hedges unchanged.

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NOK / A raise inside an unchanged range

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/p/p-day-20260729-nok-src-nok-guidance-raise-rotation ↗

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2026-07-29T19:15:42.834Z