Company: NOKBF
Filing Date: 2025-04-24
Form Type: 6-K
Source: 0001104659-25-038218
Chunk: 1

Company: NOKIA CORP
Filing Date: 2025-04-24
Form: 6-K
Chunk 1
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bps to -1.1%), mainly due to lower gross margin 
 and increased operating expenses resulting from targeted investments for long-term growth.                                      |

| · | Q1 comparable diluted EPS for the period of EUR 0.03; reported diluted EPS for the period of EUR -0.01. |

| · | Q1 free cash flow of EUR 0.7 billion, net cash balance of EUR 3.0 billion. |

| · | Full year 2025 outlook unchanged with comparable operating profit of between EUR 1.9 billion and 2.4 billion and free cash flow conversion 
 from comparable operating profit of between 50% and 80%.                                                                                   |

This is a summary of the Nokia Corporation Interim Report for Q1 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses
on Nokia Group's financial information as well as on Nokia's outlook. The detailed, segment-level discussion will be available in the
complete financial report hosted at . A video interview summarizing the key points of our Q1 results will
also be published on the website. Investors should not solely rely on summaries of Nokia's financial reports and should also review the
complete reports with tables.

JUSTIN HOTARD, PRESIDENT AND CEO, ON Q1 2025 RESULTS

In the following quote, net sales growth rates are on a constant currency and portfolio basis.

Since joining Nokia as President and CEO three weeks ago, I’ve
had great engagements with some of our customers, partners and employees. I see great potential for Nokia, and my early focus is on capital
allocation to ensure we both drive efficiency and invest sufficiently in the right growth segments for long-term value creation. I am
impressed with our core technology base across our portfolio including in RAN and core as well as in IP, Optical and Fiber technologies.
In speaking with customers, it is clear we play a critical role as a trusted partner operating their mobile and fixed networks and have
the potential to expand our presence in hyperscale, enterprise and defense markets. Spending the time with our employees I've been excited
by their innovative spirit, energy and drive to unlock Nokia's full potential.

2

| STOCK EXCHANGE RELEASE 24 April 2025 |

Our first quarter financial performance saw a net sales decline of
3%. However, excluding the catch-up element of licensing deals signed in the prior year, sales grew 7%. Our operating margin declined
year-on-year due to the challenging prior