What happened? The Nokia Earnings call just concluded. We highlight the three key points from the call below BNPP Exane View: Overall, we see the call as fairly neutral for the shares as there were no major new disclosures and much of the call was the CEO laying out his early thoughts on the business. . Outlook. The company said the main reason for the more cautious outlook for 2025 operating profit was the EUR120m settlement, i.e. the guidance cut was not directly linked to the Infinera acquisition or the broader macro debate. The company was most bullish on the outlook for Optical, followed by IP with a more moderate outlook for fibre. For MN, the company said it sees a stable outlook in 2025, i.e. similar to what it said last qtr. Nokia said it had not seen any material demand pull in relating to tariffs at this point but was monitoring this area closely. . Tariffs. Nokia said that its Q2 25 guide of a EUR20-30m hit was purely cost focused with no pricing impact embedded. There was no simple answer on how tariffs impact the various contracts as they are different. The guidance does not assume anything specifically tariff related for H2 25 given the uncertainty and fluidity of the situation. Nokia flagged that it had 5 manufacturing facilities in the US, including 2 that came through the Infinera acquisition. . TMUS. The contract is a ''significant multi-year contract'' in RAN but there was no quantification. Nokia did not specify how the phasing or timing of the contract might play out (though we, for example, saw this can be a big driver of earnings at Ericsson). Nokia did not say if the EUR120m settlement was TMUS-related but it said that the settlement was relating to quality issues on a contract dating 2019 (note the TMUS contract was signed in 2018 but started in 2019 - link)