Category: 3. Business

Leading global law firm, Baker McKenzie, has hired Sebastian Ma’ilei as a Transfer Pricing Partner in the Firm’s Tax team in London.

Prior to joining the Firm, Sebastian (Seb) worked, most recently, as a Transfer Pricing Partner in the London office of Deloitte, where he has a proven track record of generating transfer pricing work on international tax planning projects and tax disputes. He has a particular focus on the financial services industry, with experience of having worked with each of the Big 4 over the course of his career.

Seb has deep experience in large scale insurance and asset management (across traditional and alternatives managers) businesses, as well as clients in the renewable and technology sectors.

Baker McKenzie’s London Managing Partner, Ed Poulton, commented:

“It gives me great pleasure to be announcing Seb’s hire into our London office. His deep client relationships, and expertise across established and emerging industries like renewables and technology will be a tremendous asset to our team.”

Head of Tax in London at the Firm, Jessica Eden added:

“Seb’s stellar experience in transfer pricing for insurance and reinsurance clients is the perfect complement to our top tier tax practice.”

Seb joins the Firm on 1 December.

Baker McKenzie continues to accelerate aggressively its lateral growth strategy to add senior talent to its bench in London. Most recently, this has included Tax Partner, Sam Trowbridge, M&A Partner, Helen Johnson, Private Equity Real Estate Partner, Mark Thompson, Investment Funds Partner, Nick Benson, Energy & Infrastructure Partner, James Wyatt, Restructuring & Insolvency Partner, Kevin Heverin, Patent Litigation Partner, Indradeep Bhattacharya, and Corporate M&A Partner, Michal Berkner.

With more than 2,700 deal practitioners in 45 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. Baker McKenzie has been consistently recognised as a top-three firm for cross-border M&A by volume over the past decade. The teams are a hybrid of ‘local’ and ‘global,’ combining money-market sophistication with local excellence.

Baker McKenzie’s Tax team is among the most highly rated and recommended tax advisers worldwide, top ranked by international tax directories in more jurisdictions than any other law firm.

Until 30 November 2025, anyone who opens a BBVA account in Italy and activates their card (physical or digital) will receive 10% cashback on purchases made during the first month, up to a maximum of €50 cashback credited directly to the account.

And that’s not all: for the following six months, every payment continues to bring satisfaction with 3% cashback on the first €280 of monthly purchases, for a total of up to an additional €50 in cashback.

Whether it’s a new Black Friday smartphone, Christmas gifts for the kids, or the holiday dinner, BBVA gives you back part of what you spend—a smart way to turn inevitable expenses into a small gain.

Liquidity that works for you: 3% gross interest on your balance

Your liquidity can celebrate too: BBVA offers 3% gross interest on the balance of your current account for the first six months, up to €1 million, with no restrictions, minimum amounts, or the need to open a savings or deposit account.

It’s a completely free current account, with full access to your funds—you can make transfers, withdrawals, and payments at any time. So while you think about gifts, your money keeps working for you.

“Black Friday and the Christmas holidays are times when we all tend to spend a little more — and we want to meet Italians’ needs by making this period more rewarding than ever,” says Walter Rizzi, BBVA Country Manager for Italy. “With Great Cashback, part of your spending goes straight back into your account, while with the remunerated liquidity, even the money you don’t spend continues to grow. It’s the perfect combination for those who want to manage their finances smartly, even during the busiest time of the year.”

Cologne, Germany, 19 November 2025 – Airbus and Østnes Helicopters, the official distributor for Airbus Helicopters in the Nordic countries, announced a contract for 10 Airbus H125s at this year’s European Rotors. This order, when combined with four H125s already booked earlier in 2025, brings the total number of H125s ordered through Østnes Helicopters this year to 14 aircraft.

“Our customers require a rotorcraft that is not just reliable, but truly versatile, capable of performing everything from long-line utility work to passenger transport. The H125 delivers on all fronts, and we see a continuous strong demand for the helicopter on the Nordic market. This strategic procurement ensures we can maintain short delivery times and offer our customers the best availability for the world’s most successful single-engine helicopter,” said Stine Østnes, Chief Sales Officer of Østnes Helicopters.

“The unwavering demand for the H125 in the Nordics is a clear testament to its unmatched versatility and performance,” said Thomas Hein, Head of Europe Region at Airbus Helicopters. “The H125 is engineered to excel in the most demanding conditions, and this total of 14 orders in 2025 affirms its position as the preferred tool for customers across the Nordic countries. We are proud to continue this journey of growth and partnership with Østnes Helicopters.”

Østnes Helicopters has solidified a strong presence within the region’s rotorcraft sector, having successfully facilitated the sale of more than 400 helicopters across both the new and secondary markets. The company’s maintenance organisation is approved to deliver full Maintenance, Repair, and Overhaul (MRO) services for the H120, H125, and H130 models. Furthermore, its operational scope encompasses full support for the H145, which is delivered by a dedicated team of certified technicians and avionics experts specially trained for the H145 helicopter.

There are more than 130 H125s in the Nordics, which mainly perform utility and aerial work missions.  Across the globe, there are more than 4,300 H125 family helicopters flying in the most demanding conditions. The H125 belongs to the renowned Ecureuil family, the absolute market leader in the intermediate single-engine helicopter category, achieving a market share of  73% in 2024.

@AirbusHeli #H125 #MakingMissionsPossible #EuropeanRotors2025

Nokia Corporation
Stock Exchange Release
19 November 2025 at 13:00 EET

Nokia announces new strategy, evolution of its operating model, new long-term financial target, strategic KPIs and changes to its Group Leadership Team

Espoo, Finland – Nokia is holding its Capital Markets Day 2025 today and announcing its strategy to position itself to lead in the AI-driven transformation of networks and capture the value of the AI supercycle. Nokia also announces new long-term financial target, strategic KPIs for the business, an evolution of its operating model and changes to its Group Leadership Team. To execute on its new strategic direction, Nokia is simplifying its operational model into two primary operating segments of Network Infrastructure and Mobile Infrastructure. These changes are intended to put Nokia on a stronger path to innovate, serve its customers and create shareholder value. The company now targets to grow its annual comparable operating profit to a range of EUR 2.7 to 3.2 billion by 2028.

“Nokia changed the world once by connecting people — and will again by connecting intelligence,” said Justin Hotard, President and CEO of Nokia. “As the trusted western provider of secure and advanced connectivity, our technology is powering the AI supercycle. From fixed to mobile infrastructure we are developing technology that accelerates value for our customers. I am proud of the work Team Nokia is doing to focus and lead this critical era in connectivity”.

The new strategy will focus on the following five strategic priorities:

1. Accelerate growth in AI & Cloud
2. Lead the next era of mobile connectivity with AI-native networks and 6G
3. Grow by co-innovating with customers and partners
4. Focus capital where Nokia can differentiate
5. Unlock sustainable returns 

    

Together, these priorities will focus Nokia on where it can lead, simplify how it operates, and strengthen its path to deliver growth and create value.

Nokia to operate with two primary operating segments
Nokia will reorganize its business into two primary operating segments to better align to customer needs and accelerate innovation as the AI supercycle increases demand for advanced connectivity. This reorganization will take effect as of 1 January 2026.

The reorganization recognizes Network Infrastructure as a growth segment, positioned to capitalize on the rapid, global AI and data center build-out while continuing to innovate for its telecommunications customer base. The segment will continue to be led by David Heard and consists of three business units Optical Networks, IP Networks and Fixed Networks.

The new Mobile Infrastructure segment will bring together Nokia’s Core Networks portfolio, Radio Networks portfolio and Technology Standards, formerly Nokia Technologies. It will be positioned for core and radio network technology and services leadership to lead the industry to AI-native networks and 6G. The new segment brings together a portfolio whose value creation is founded on mobile communication technologies based on 3GPP standards with a strong cash flow position underpinned by IP licensing. It will be led by Justin Hotard on an interim basis and will consist of three business units Core Software, Radio Networks and Technology Standards.

As part of these changes, Nokia is announcing additional changes in its leadership team, effective 1 January 2026. Raghav Sahgal will take the position of Nokia’s Chief Customer Officer, and will continue in the Group Leadership Team, driving a seamless customer experience for Nokia’s customers. Patrik Hammarén will continue in the Group Leadership Team as President, Technology Standards, formerly Nokia Technologies, reflecting the significant value technology standards creates for Nokia. In addition, Tommi Uitto will step down from the Group Leadership Team, effective 31 December.

Businesses moved to newly created Portfolio Businesses segment
As part of its strategy work, Nokia has conducted a thorough review of its business portfolio. This process identified several units which despite some compelling growth opportunities, are not seen as core to the future of the company’s strategy. These units will be moved into a dedicated operating segment called Portfolio Businesses while the company assesses the best value creating opportunity for them.

Nokia plans to move the following units into Portfolio Businesses:

• Fixed Wireless Access CPE (currently in Fixed Networks in Network Infrastructure)
• Site Implementation and Outside Plant (currently in Fixed Networks in Network Infrastructure)
• Enterprise Campus Edge (currently in Cloud and Network Services)
• Microwave Radio (currently in Mobile Networks)

Nokia targets to conclude on a future direction for each unit during 2026. During this transition Nokia’s priority will be to ensure continuity for customers and employees. During the past twelve months, these units generated net sales of approximately EUR 0.9 billion with an operating loss of EUR 0.1 billion.

Moving defense into dedicated unit for incubation 
Nokia Defense is being launched as an incubation unit to serve as the central go-to-market and R&D hub for Nokia’s defense portfolio. Building on the strong foundation of Nokia Federal Solutions in the US, the company sees further opportunities in the US, Finland and other allied countries to deliver defense-grade solutions based on Nokia’s core technologies in Network and Mobile infrastructure.

New long-term financial target and strategic KPIs
Nokia is introducing a new long-term financial target to achieve comparable operating profit of EUR 2.7 billion to EUR 3.2 billion by 2028, an increase from the EUR 2.0 billion generated in the last 12 months (Q4’24-Q3’25). This is a separate long-term target for Nokia, not part of the group level financial outlook and replaces Nokia’s prior long-term targets to grow faster than the market, achieve a comparable operating margin of at least 13% and free cash flow conversion from comparable operating profit of 55% to 85%.

Nokia is exposed to different trends across its primary segments and will use different strategic levers across the company maximise shareholder value creation based on the greatest opportunities. Nokia is introducing a series of strategic KPIs which best illustrate the expected outcomes of Nokia’s strategy. These KPIs for the business are not part of the group level financial outlook.

• Net sales growth in Network Infrastructure: Nokia targets 6-8% net sales CAGR during 2025-2028. This includes a 10-12% target for the combined Optical Networks and IP Networks.
• Network Infrastructure operating margin: 13% to 17% by 2028
• Mobile Infrastructure gross margin: 48-50% by 2028
• Mobile Infrastructure operating profit: Grow from a base of EUR 1.5 billion
• Group Common and Other operating expenses: EUR 150 million operating expenses down from the current EUR 350 million run-rate by 2028.
• Free cash flow conversion: Nokia targets to deliver free cash flow conversion from comparable operating profit of between 65% and 75%.

Provisional financial information for the new segment structure
Nokia’s new segments will be established from 1 January 2026 and Nokia will begin reporting its financial results under the new segment structure beginning with its first quarter 2026 financial results. Nokia intends to publish recast financials for both 2024 and 2025 under the new reporting structure during the first quarter of 2026. Nokia is providing the below approximate provisional breakdown of the business within the new reporting framework to help investors understand the perimeter, these figures are also provided proforma for the Infinera acquisition.

Q4’24 – Q3’25  (EUR billion)	Net  sales	Gross  margin	Operating profit	Operating  margin
Network Infrastructure*	7.8	43%	0.8	10%
Mobile Infrastructure	11.6	48%	1.5	13%
Portfolio businesses	0.9	22%	-0.1	N/A
Group Common and Other			-0.2	N/A
Nokia comparable*	20.3	45%	2.0	10%

*This provisional financial information is also shown proforma for the Infinera acquisition.

Starting with its Q1 2026 financial results, Nokia will provide on a quarterly basis full segment reporting for the new segments (i.e. net sales, gross profit, operating profit) and will also provide revenue disclosure for the business units within the primary operating segments. The business units within Network Infrastructure will be Optical Networks, IP Networks and Fixed Networks. The business units within Mobile Infrastructure will be Core Software, Radio Networks and Technology Standards.

About Nokia
Nokia is a global leader in connectivity for the AI era. With expertise across fixed, mobile, and transport networks, powered by the innovation of Nokia Bell Labs, we’re advancing connectivity to secure a brighter world.

Inquiries:

Nokia 
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Vice President, Global Media Relations

Nokia
Investor Relations
Phone: +358 931 580 507 
Email: investor.relations@nokia.com

FORWARD-LOOKING STATEMENTS 

Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

As the world continues seeking a treaty to end plastic pollution, Africa is not waiting to adapt but planning ahead.

Beyond short-term bans and clean-ups, the continent is working to revamp laws, markets and supply chains to steer economies towards non-plastic alternatives and substitutes as a new source of industrial growth.

Ghana: Plastic policy for industrial shift

In Ghana, a five-year implementation plan is underway to reduce plastic packaging and make sustainable alternatives more commercially viable.

The blueprint, a first in West Africa, was developed with support from the UK-funded Sustainable Manufacturing and Environmental Pollution (SMEP) Programme of UN Trade and Development (UNCTAD).

It aligns economic incentives, public procurement and key performance indicators with broader industrial strategy, currently being piloted to target the country’s most waste-heavy sectors such as plastic mulch film, sachet water packaging and carrier bags.

“This is a development strategy, not a waste strategy,” Ebenezer Laryea, a project director for SMEP on the ground, told UNCTAD ahead of this year’s Africa Industrialization Week running through 21 November.

 “We’re using plastics policy to drive broader industrial shift, rethinking how we trade and consume so that sustainability and the bioeconomy shape our path to economic growth.”

The blueprint links to forthcoming Extended Producer Responsibility (EPR) rules, as the country aims for a competitive foothold in the fast-emerging global circular bioeconomy.

“Ghana’s transition provides an opportunity for both enhanced environmental protection and economic advancement, positioning the country as a hub for trade in plastic alternatives and natural substitutes,” said Director Larry Kottoe of Ghana’s Environmental Protection Authority.

East Africa: Plastic policy for green industrialization

Supported by UNCTAD’s SMEP programme, countries in East Africa also accelerate progress towards a circular and regenerative economy.

The East African Community is considering a draft bill on a regionally binding roadmap to phase out harmful single-use plastics.

The work seeks to close cross-border loopholes that often hamper national action on single-use plastics, harmonising regulations across Burundi, the Democratic Republic of the Congo, Kenya, Rwanda, Somalia, South Sudan, Uganda and the United Republic of Tanzania.

Beyond banning plastics, the draft bill mandates EPR rules, incentivizes sustainable materials and protects informal workers to formalize the waste economy.

“Plastic controls must be paired with business-enabling measures, supportive policy frameworks, sustainable finance and skills development,” concluded Abraham Korir Sing’Oei, a principal secretary at Kenya’s Ministry of Foreign and Diaspora Affairs.