Company: NOKBF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0001104659-25-007448
Chunk: 6

Company: NOKIA CORP
Filing Date: 2025-01-30
Form: 6-K
Chunk 6
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 the pending Infinera acquisition along with
the transfer of Managed Services from Cloud and Network Services to Mobile Networks (further details of this transfer are included in
the Additional Topics section), Nokia is not currently providing assumptions by business group as it did previously.

|                                           |     | Full year 2025                 |
| Group Common and Other operating expenses |     | approximately EUR 400 million  |
| Comparable financial income and expenses  |     | Positive EUR 50 to 150 million |
| Comparable income tax rate                |     | ~25%                           |
| Cash outflows related to income taxes     |     | EUR 450 million                |
| Capital Expenditures                      |     | EUR 550 million                |

2026 TARGETS

Nokia's current targets for its existing perimeter of the business
for 2026 are outlined below. This does not consider pending acquisitions. Nokia sees further opportunities to increase margins beyond
2026 and believes an operating margin of 14% remains achievable over the longer term.

| Net sales                      | Grow faster than the market                            |
| Comparable operating margin(1) | ≥ 13%                                                  |
| Free cash flow(1)              | 55% to 85% conversion from comparable operating profit |

Please refer to Alternative Performance measures section
in Nokia Corporation Financial Report for Q4 and full year 2024 for a full explanation of how these terms are defined.

The comparable operating margin target for Nokia group is built on
the following assumptions by business group for 2026:

| Network              
 Infrastructure       | 13                                    
 - 16% operating margin                |
| Mobile               
 Networks             | 6                                     
 - 9% operating margin                 |
| Cloud                
 and Network Services | 7                                     
 - 10% operating margin                |
| Nokia                
 Technologies         | Operating                             
 profit more than EUR 1.1 billion      |
| Group                
 common and other     | Approximately                         
 EUR 300 million of operating expenses |

ADDITIONAL TOPICS

Progress on Infinera acquisition

On 27 June 2024, Nokia announced a definitive agreement under which
Nokia will acquire Infinera, a global supplier of innovative open optical networking solutions and advanced optical semiconductors. The
acquisition process continues to proceed as expected. On 13 September 2024, the applicable waiting period under the US pre-merger review
expired and the Department of Justice decided not to investigate the planned transaction. On 1 October 2024, Infin