Nokia lowers 2025 operating profit guidance on currency headwinds

Nokia Corp lowered its 2025 comparable operating profit guidance to EUR 1.6 billion to EUR 2.1 billion from EUR 1.9 billion to EUR 2.4 billion, citing currency headwinds and tariff impacts.

The Finnish telecommunications equipment maker said currency fluctuations, particularly a weaker U.S. dollar, will have an approximately EUR 230 million negative impact on 2025 results. This includes EUR 140 million in operational impact and EUR 90 million from non-cash venture fund currency revaluations. The current tariff environment is expected to reduce full-year operating profit by EUR 50 million to EUR 80 million.

Nokia's updated guidance is based on a EUR:USD exchange rate of 1.17 for the remainder of the year, compared to the 1.04 rate used when the company issued its original January guidance. The company maintained its free cash flow conversion guidance of 50% to 80% from comparable operating profit.

The company reported preliminary second-quarter results of approximately EUR 4.55 billion in net sales and EUR 300 million in comparable operating profit. The quarterly operating profit includes a EUR 50 million negative impact from venture funds, primarily related to currency fluctuations.

Nokia said its underlying business performed as expected through the first half of the year. The company will release complete second-quarter and half-year 2025 financial results on July 24, 2025.

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