Nokia is trading at €7.70, down 6.10%, after cutting its 2026 free-cash-flow conversion outlook.
- Its October 22 Q3 report cut the outlook to 35%–55% from 55%–75%, citing working-capital investment and accelerated restructuring.
- Q3 free cash flow was negative €99 million, while comparable operating profit rose 35% to €605 million.
- Nokia raised expected 2026 restructuring charges to €1.1 billion and related cash outflows to €800–900 million; its release and cash-flow revisions best explain the decline.