### @NOK — Estimate — forward guidance from the Q1 2026 earnings call - management's framing, not a reported result
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.
- tier: Estimate (~)
- source: NOK / A raise inside an unchanged range
- receipt: https://ticker.thevixguy.com/p/p-day-20260729-nok-src-nok-guidance-raise-rotation
- posted: 2026-07-29T19:15:42.834Z