NOK · Forward model · IP Networks
What has to happen in IP Networks
Model as of
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IP Networks
Basis quarter€679M
Final quarter€1.16B
Implied CAGR+11%
Final revenue mix18%
IP routing and data-centre switching. Net sales grew 16% on a constant-currency basis in 2026 Q2 with, in Nokia's words, strong growth from AI and Cloud partially offset by a decline from Telecommunication Providers - two customer bases moving in opposite directions inside one reported line.
Last four quarters
2025 Q3
€578M
Reported
2025 Q4
€783M
Reported
2026 Q1
€626M
Estimated
2026 Q2
€679M
Reported
IP routingData-centre switching
Sequential growth
+3.7%/qtr
decaying toward +1.7%
Deseasonalised Q2'25-Q2'26 trend, 3.7%/qtr; cross-checks the disclosed +16% constant-currency year on year.
IP Networks
Latest: €1.16B (2031Q2E)
| Period | Value |
|---|---|
| 2025Q1 | €646M |
| 2025Q2 | €588M |
| 2025Q3 | €578M |
| 2025Q4 | €783M |
| 2026Q1 | €626M |
| 2026Q2 | €679M |
| 2026Q3E | €704M |
| 2026Q4E | €975M |
| 2027Q1E | €754M |
| 2027Q2E | €778M |
| 2027Q3E | €803M |
| 2027Q4E | €1.11B |
| 2028Q1E | €851M |
| 2028Q2E | €875M |
| 2028Q3E | €898M |
| 2028Q4E | €1.23B |
| 2029Q1E | €945M |
| 2029Q2E | €969M |
| 2029Q3E | €992M |
| 2029Q4E | €1.36B |
| 2030Q1E | €1.04B |
| 2030Q2E | €1.06B |
| 2030Q3E | €1.09B |
| 2030Q4E | €1.48B |
| 2031Q1E | €1.13B |
| 2031Q2E | €1.16B |
Assumptions & reasoning
- The telecom-provider half of this line is declining while the AI and cloud half compounds, and Nokia publishes no split between them - the single 3.7% trend rate is the net of two opposite movements.
- Margin is the Network Infrastructure parent rate, as for Optical and Fixed; Nokia's Q2 2026 segment note gives one gross profit, one operating profit and one depreciation figure for the whole segment.
- 2026 Q1 is derived as first-half less the disclosed second quarter: 1 305 - 679 = 626, part of the three-line sum that reproduces the recast segment total exactly.