Company: NOKBF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0001104659-25-007448
Chunk: 5

Company: NOKIA CORP
Filing Date: 2025-01-30
Form: 6-K
Chunk 5
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Share buyback programs

In January 2024, Nokia’s Board of Directors initiated a share
buyback program to repurchase shares to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The
share buyback execution started on 20 March 2024. On 19 July 2024, Nokia's Board of Directors decided to accelerate the timeframe for
the share buyback program with the aim of completing the full EUR 600 million program by the end of the year instead of the initial two
year timeframe. The program was completed on 21 November 2024 and the repurchased 157 646 220 shares were canceled on 4 December 2024.

On 27 June 2024, Nokia announced its intention to acquire Infinera
in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American
depositary shares ("ADSs"), depending on the elections of Infinera shareholders. To offset the dilution from the transaction
to Nokia shareholders, on 22 November 2024 Nokia announced a new share buyback program targeting to repurchase 150 million shares for
an aggregate purchase price not exceeding EUR 900 million. Under this share buyback program, by 31 December 2024, Nokia had repurchased
19 186 046 of its own shares at an average price per share of approximately EUR 4.14.

OUTLOOK

|                                | Full Year 2025                                                                                                  |
| Comparable operating profit(1) | EUR 1.9 billion to EUR 2.4 billion (excluding any impact from pending Infinera acquisition)                     |
| Free cash flow(1)              | 50% to 80% conversion from comparable operating profit (excluding any impact from pending Infinera acquisition) |

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.

| 5                                      
 STOCK EXCHANGE RELEASE 30 January 2025 |

The outlook, long-term targets and all of the underlying outlook assumptions
described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk
Factors section later in this report. release.

Along with Nokia's official outlook targets provided above, Nokia provides
the below additional assumptions that support the group level financial outlook. Considering