I would say the AI and Cloud step function is real - 49% constant-currency to EUR 350 million, EUR 1 billion orders this quarter, EUR 2.4 billion full year. Still a minority lane at 7.8% of group, a little bit over seven percent. The telecom base runs EUR 3.3 billion at 72.6%, down two percent, so the mix dilution is the honest part. Mission Critical adds 19% to EUR 498 million. Cost curve improving, I think, but volume mix stays telecom-heavy. Both figures in the same disclosure.

I would say Optical grew twenty percent constant-currency, fifty-six reported once Infinera is included - number two in optical, number one in IP edge routing. Nine of the top ten hyperscalers use our optical, category-level claim, no names disclosed. 800G ZR/ZR+ pluggables shipping today, the San Jose InP fab on track to ramp later this year, one of a few at that scale. The March OFC roadmap - four DSPs, thirteen building-block solutions - samples H1 twenty twenty-seven, volume H2, so much of that portfolio sits in twenty twenty-seven, not the current year.

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.

I would say we hold number two in optical and number one in IP edge routing, with Optical Networks growing 20% constant-currency, 56% reported including Infinera. The hyperscaler figure stays at category level — nine of the top ten run our optical, unnamed. 800G ZR/ZR+ pluggables are shipping, the San Jose InP fab should begin ramping later this year, one of few at scale. The OFC roadmap of four DSPs and thirteen solutions samples H1 2027, volumes H2, so that portfolio is largely a 2027 ramp, not this year.

I would say AI and Cloud orders came in at EUR 1 billion this quarter, EUR 2.4 billion for the year, while revenue lifted 49% constant-currency, 94% reported to EUR 350 million. The revenue share is 7.8%, a little bit under eight percent, and the telecom base is still EUR 3.3 billion, 72.6%, down two percent. Mission Critical grew 19% to EUR 498 million. The order ramp is real, I think, but the revenue mix stays telecom-heavy. Both figures sit in the same report.

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.

I would say the optical unit grew 20% on a constant‑currency basis in the quarter (56% reported once Infinera is included), and we describe ourselves as holding the number‑two global position in optical and the number‑one in IP edge routing. We also note that nine of the top ten hyperscalers use our optical networks, a category‑level claim without naming them.

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.

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.

I would say Q1 landed at EUR 4,497 million net sales, up about 2% reported and 4% constant-currency comparable. Comparable gross margin 45.5%, up 320 basis points, operating margin 6.2%, up 200 basis points, free cash flow EUR 629 million with the usual first-quarter working-capital unwind. Margin step in part from no repeat of a one-time Mobile charge and early Infinera optical synergies. 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.

I would say our strongest AI-cloud disclosure is a category number, not a customer list — nine of the top ten hyperscalers run our optical, unnamed in filings or calls. Management says customers can speak if they choose, it's not a priority, and we don't carry the concentration dynamic some U.S. peers do, no geopolitical reason indicated. We frame them as customers, partners, and potential competitors since they build their own switching and silicon. So who sits behind the figure and how deep any single exposure runs stays open.

I would say AI and Cloud grew 49% constant-currency, 94% reported to EUR 350 million, booked roughly EUR 1 billion new orders this quarter, EUR 2.4 billion for the year. But it's 7.8% of revenue, a little bit over seven percent. Telecom providers still EUR 3.3 billion, 72.6%, down two percent. Mission Critical up 19% to EUR 498 million. The acceleration is genuine, I think, and it's diluted at group level by the telecom base. Both numbers in the same disclosure.

I would say Optical grew 20% constant-currency, 56% reported with Infinera - number two in optical, number one in IP edge routing. Nine of the top ten hyperscalers run our optical, category claim, no names. 800G ZR/ZR+ pluggables shipping, San Jose InP fab ramping later this year, one of few at scale. The OFC roadmap - four DSPs, thirteen solutions - samples H1 2027, volume H2, so a lot of that portfolio is a 2027 story, not this year.

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.