OUTLOOK
The outlook provided below reflects the acquisition of Infinera.
| Full Year 2025 | |
| Comparable operating profit(1) | EUR 1.9 billion to EUR 2.4 billion |
| Free cash flow(1) | 50% to 80% conversion from comparable operating profit |
1Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q1 2025 for a full explanation of how these terms are defined.
The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.
Along with Nokia's official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.
| Full year 2025 | Comment | |
| Group Common and Other operating expenses | approximately EUR 400 million | |
| Comparable financial income and expenses | Positive EUR 50 to 150 million | |
| Comparable income tax rate | ~25% | |
| Cash outflows related to income taxes | EUR 500 million (update) | Mainly reflecting evolving regional mix and the inclusion of Infinera |
| Capital Expenditures | EUR 650 million (update) | Reflecting the inclusion of Infinera |
| Recurring gross cost savings | EUR 400 million | Related to ongoing cost savings program and not including Infinera-related synergies |
| Restructuring and associated charges related to cost savings programs | EUR 250 million | Related to ongoing cost savings program and not including Infinera-related synergies |
| Restructuring and associated cash outflows | EUR 400 million | Related to ongoing cost savings program and not including Infinera-related synergies |
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