Nokia recasts financials after FWA CPE and Campus Edge exit
Nokia has published recast comparative financial data for 2025 and the first half of 2026, following its decision to classify two business units as discontinued operations. The Fixed Wireless Access (FWA) CPE and Enterprise Campus Edge businesses, both previously housed in Nokia's Portfolio Businesses segment, have been removed from the group's continuing operations after the company agreed to sell FWA CPE and assessed a sale of Campus Edge as highly probable.
The recast figures affect the Nokia Group consolidated income statement and, to a lesser extent, the Network Infrastructure and Mobile Infrastructure segment results, owing to the reallocation of centrally assigned costs.
What the numbers show
On a comparable basis, Nokia Group's recast net sales for the full year 2025 came in at EUR 19.48 billion, with a comparable operating margin of 10.7 percent. For the first half of 2026, comparable net sales reached EUR 9.25 billion at a comparable operating margin of 7.9 percent, reflecting the seasonally lighter first quarter that is typical for Nokia's business mix.
Mobile Infrastructure remains the largest segment by revenue, contributing EUR 11.45 billion in comparable 2025 net sales at a gross margin of 48.3 percent. Network Infrastructure posted EUR 7.65 billion for the same period. The Portfolio Businesses segment, which now captures only the remaining non-core units after the discontinued-operations carve-out, generated EUR 379 million in 2025 net sales with a full-year comparable operating loss of EUR 17 million.
The reclassification is a technical accounting step required under IFRS 5 and does not alter Nokia's previously reported cash position or order backlog. Full details of the discontinued operations, including the scope of the FWA CPE sale agreement, are contained in Notes 2 and 3 of Nokia's Q2 and Half Year 2026 report.
Strategic context
The divestiture of FWA CPE and Enterprise Campus Edge reflects Nokia's broader strategic realignment, initiated at the start of 2026 when the company reorganised into two primary operating segments and a Portfolio Businesses holding structure. The move signals a tighter focus on its core fixed, mobile and transport network infrastructure business, where the company competes directly with Ericsson, Huawei and, at the optical and IP routing layer, Cisco and Ciena.
FWA CPE is a relatively commoditised hardware category driven by operator capex cycles, while enterprise campus networking is a segment dominated by Cisco, HPE Aruba and Juniper. Nokia's decision to exit both suggests management concluded the return profile in those markets did not justify continued investment against well-entrenched incumbents.
For investors, the practical effect of the recast is to present a cleaner view of the continuing business ahead of what the company will likely position as a higher-margin, infrastructure-focused portfolio. Analysts will now compare Nokia's ongoing segments against a restated baseline, making year-on-year comparisons more straightforward as the divestitures complete. Nokia has not disclosed a buyer for the Campus Edge unit or a timetable for closing that transaction.