NOK · Forward model · Portfolio Businesses
What has to happen in Portfolio Businesses
Model as of
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Portfolio Businesses
Basis quarter€94M
Final quarter€77M
Implied CAGR−4%
Final revenue mix1%
Site Implementation and Outside Plant plus Microwave Radio - the units Nokia has said are not core and for which it targets to conclude on a future direction during 2026. Fixed Wireless Access CPE and Enterprise Campus Edge were moved out of this segment into discontinued operations in Q2 2026, so the perimeter has already changed once inside the model's own history.
Last four quarters
2025 Q3
€97M
Reported
2025 Q4
€113M
Reported
2026 Q1
€100M
Estimated
2026 Q2
€94M
Reported
Site Implementation and Outside PlantMicrowave Radio
Sequential growth
−1.5%/qtr
decaying toward −0.5%
A line under active disposal review with no growth mandate; -1.5%/qtr runs it down gently.
Portfolio Businesses
Latest: €77M (2031Q2E)
| Period | Value |
|---|---|
| 2025Q1 | €80M |
| 2025Q2 | €89M |
| 2025Q3 | €97M |
| 2025Q4 | €113M |
| 2026Q1 | €100M |
| 2026Q2 | €94M |
| 2026Q3E | €93M |
| 2026Q4E | €91M |
| 2027Q1E | €90M |
| 2027Q2E | €89M |
| 2027Q3E | €88M |
| 2027Q4E | €87M |
| 2028Q1E | €86M |
| 2028Q2E | €85M |
| 2028Q3E | €84M |
| 2028Q4E | €83M |
| 2029Q1E | €82M |
| 2029Q2E | €82M |
| 2029Q3E | €81M |
| 2029Q4E | €80M |
| 2030Q1E | €80M |
| 2030Q2E | €79M |
| 2030Q3E | €78M |
| 2030Q4E | €78M |
| 2031Q1E | €77M |
| 2031Q2E | €77M |
Assumptions & reasoning
- ASEASONAL by materiality: the measured Q4 amplitude is 1.129 on a single window, and a 13% Q4 lift on 2.0% of group net sales moves the group by 0.26% - below the noise in the group index itself.
- NO disposal is modelled. If the remaining units are sold, this line disappears and the model is about 2% too high on group revenue from that date on.
- The 3.7% EBITDA margin is derived from a trailing comparable operating profit of EUR 3 million plus about EUR 12 million of segment depreciation on EUR 404 million of net sales - a rounding-scale number on a rounding-scale line.