Finnish network equipment maker Nokia Oyj (NOKIA.HE) is heading back into the Euro Stoxx 50 benchmark after a one-year absence, while German automaker Volkswagen AG (VOW.DE) will be dropped from the blue-chip gauge, index provider Stoxx Ltd. said Tuesday in its annual review.

The changes take effect before trading opens on September 21. French utility Engie SA (ENGI.PA) also gains a seat in the index, while Dutch information-services group Wolters Kluwer (WKL.AS) exits alongside Volkswagen.

Nokia’s return caps a remarkable run for the Espoo-based company. Its Helsinki-listed shares touched a near-18-year high in June and remain more than double their level from a year earlier, fueled by a strategic pivot toward selling fiber-optic equipment for AI data centers. The company reported second-quarter revenue of €4.815 billion (approximately $5.6 billion), up 8% from a year earlier, with earnings per share of €0.07 (approximately $0.081). Growth was led by the Network Infrastructure division, which expanded 12%, while sales to cloud and AI customers more than doubled.

US-listed shares of Nokia (NOK) rose about 1% in after-hours trading Tuesday following the announcement. The stock has gained roughly 53% year to date, buoyed in part by strong retail investor interest. On Stocktwits, message volume about the stock jumped about 150% over the previous session and is up 642% over the past month, though retail sentiment on the platform remained bearish.

Analyst opinion skews positive. According to Koyfin data, 12 of 23 analysts rate Nokia a buy, four say hold, and seven recommend selling. JPMorgan in August kept an Overweight rating with a $21 price target, implying more than 100% upside from the stock’s last close. The bank argued investors may be underestimating Nokia’s opportunity in AI and cloud infrastructure, noting that the company’s order pipeline points to stronger earnings in 2027 and 2028 than consensus expectations.

Volkswagen, by contrast, has seen its shares fall nearly 27% so far this year. Europe’s largest automaker is grappling with intensifying competition from Chinese manufacturers while pushing through a broad restructuring. Its removal from the Euro Stoxx 50 reflects both the share-price decline and the index methodology’s focus on free-float market capitalization.

Index membership changes carry real financial weight. The rapid expansion of passive investing means index-tracking funds and ETFs must automatically buy shares of companies entering a benchmark while selling those that leave. For Nokia, inclusion could bring steady institutional demand; for Volkswagen, exclusion may compound selling pressure.

Stoxx also announced a series of adjustments to the broader Stoxx 600 Index. Greek lenders National Bank of Greece (ETE.AT) and Alpha Bank (ALPHA.AT) will be added, following Greece’s reclassification to developed-market status in April. Meanwhile, British sportswear retailer JD Sports Fashion (JD.L), Swedish outdoor gear maker Thule Group (THULE.ST), and German airport operator Fraport AG (FRA.DE) are set to exit the Stoxx 600.

Index ChangeCompanies AddedCompanies RemovedEuro Stoxx 50Nokia Oyj, Engie SAVolkswagen AG, Wolters KluwerStoxx 600National Bank of Greece, Alpha BankJD Sports Fashion, Thule Group, Fraport AG

Note: All changes effective before market open on September 21, 2026.

The reshuffle highlights the shifting composition of Europe’s corporate landscape. A Finnish telecom equipment maker riding the AI infrastructure wave is replacing a legacy automaker battling structural headwinds, a swap that underscores how technology and electrification are redrawing the region’s equity benchmarks.