Company: NOKBF
Filing Date: 2025-10-23
Form Type: 6-K
Source: 0001104659-25-101680
Chunk: 15

Company: NOKIA CORP
Filing Date: 2025-10-23
Form: 6-K
Chunk 15
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001 million. Total             
 cash increased by EUR 85 million sequentially to EUR 6 055 million. Free cash flow was positive      
 EUR 429 million in Q3 2025. Additional topics Venture fund investment activities reporting           
 In Q3 2025, Nokia completed a strategic review of its venture fund investment activities.            
 As a result, Nokia no longer views passive venture fund investments as having a significant          
 role in the company's strategy and has initiated a process to scale down these investments.          
 Consequently, the presentation of the results of venture fund investments as operating activities    
 is no longer considered relevant, and therefore beginning from Q3 2025, Nokia is presenting          
 the gains and losses from venture fund investments, including the changes in fair value and          
 the fund management fees, as financial income and expenses. For the segment reporting purposes,      
 the results of venture fund investments had previously been included in the operating results        
 of Group Common and Other. The comparative financial information for each quarter Q1-Q3 2024         
 and Q1-Q2 2025 has been recast accordingly. 23 October 2025 4                                        |

| Segment                                                                                           
 Details Network Infrastructure EUR million Q3'25 Q3'24 YoY change Constant currency and portfolio 
 YoY change Q1-Q3'25 Q1-Q3'24 YoY change Constant currency and portfolio YoY change Net sales      
 1 953 1 525 28% 11% 5 579 4 486 24% 10% IP Networks 578 581 (1)% 4% 1 811 1 760 3% 6% Optical     
 Networks 782 366 114% 19% 2 037 1 115 83% 13% Fixed Networks 594 578 3% 8% 1 731 1 611 7%         
 10% Gross profit 786 642 22% 2 212 1 815 22% Gross margin % 40.2% 42.1% (190)bps 39.6% 40.5%      
 (90)bps Operating profit 139 180 (23)% 383 363 6% Operating margin % 7.1% 11.8% (470)bps          
 6.9% 8.1% (120)bps Adjusted free cash flow 150 290 (48)% 480 181 165% Continuing