NOK · Forward model · Fixed Networks
What has to happen in Fixed Networks
Model as of
This page changes Fixed Networks inside the complete NOK model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
Shares this vertical and portfolio case. Slider and horizon edits stay in your browser.
Fixed Networks
Basis quarter€490M
Final quarter€426M
Implied CAGR−3%
Final revenue mix7%
Fibre access - passive optical network line terminals, fixed access software and premises equipment. The only Network Infrastructure line in decline: down 2% on a constant-currency basis in 2026 Q2 and down 8% across the first half, because Nokia is deliberately steering the line towards higher-margin products rather than defending volume.
Last four quarters
2025 Q3
€490M
Reported
2025 Q4
€568M
Reported
2026 Q1
€382M
Estimated
2026 Q2
€490M
Reported
Fibre access / PONOptical line terminalsFixed access software
Sequential growth
−0.9%/qtr
decaying toward −0.5%
Deseasonalised Q2'25-Q2'26 trend of -0.86%/qtr; consistent with the disclosed -2% quarter and -8% first half.
Fixed Networks
Latest: €426M (2031Q2E)
| Period | Value |
|---|---|
| 2025Q1 | €468M |
| 2025Q2 | €507M |
| 2025Q3 | €490M |
| 2025Q4 | €568M |
| 2026Q1 | €382M |
| 2026Q2 | €490M |
| 2026Q3E | €486M |
| 2026Q4E | €573M |
| 2027Q1E | €477M |
| 2027Q2E | €473M |
| 2027Q3E | €470M |
| 2027Q4E | €555M |
| 2028Q1E | €463M |
| 2028Q2E | €459M |
| 2028Q3E | €456M |
| 2028Q4E | €539M |
| 2029Q1E | €450M |
| 2029Q2E | €447M |
| 2029Q3E | €444M |
| 2029Q4E | €525M |
| 2030Q1E | €438M |
| 2030Q2E | €436M |
| 2030Q3E | €433M |
| 2030Q4E | €512M |
| 2031Q1E | €428M |
| 2031Q2E | €426M |
Assumptions & reasoning
- Fixed Wireless Access CPE and Site Implementation and Outside Plant were taken out of this line from 1 January 2026, so the 2025 figures shown here are already on the narrowed definition and are not comparable with pre-2025 Fixed Networks disclosure.
- A managed decline can turn into an unmanaged one: the Capital Markets Day's 6-8% Network Infrastructure CAGR against a 10-12% Optical-plus-IP CAGR arithmetically requires this line to keep shrinking.
- 2026 Q1 is derived as first-half less the disclosed second quarter: 872 - 490 = 382, part of the three-line sum that reproduces the recast segment total exactly.