Company: NOKBF
Filing Date: 2025-01-30
Form Type: 6-K
Source: 0001104659-25-007448
Chunk: 3

Company: NOKIA CORP
Filing Date: 2025-01-30
Form: 6-K
Chunk 3
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ipate a strong return on investment considering the momentum we already have today in the market.

Looking further ahead into 2025, we expect the improved trends we have
seen in Network Infrastructure in the second half of this year, to sustain and drive strong growth. Cloud and Network Services is also
expected to grow with strong 5G Core momentum and growth in our Enterprise Campus Edge business. End markets in Mobile Networks are improving
and we currently assume largely stable net sales. Nokia Technologies is expected to deliver approximately EUR 1.1 billion of operating
profit.

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 STOCK EXCHANGE RELEASE 30 January 2025 |

At the Nokia level, we currently estimate we will deliver comparable
operating profit of between EUR 1.9 and 2.4 billion in 2025. We also target free cash flow conversion from comparable operating profit
of between 50% and 80%. Excluding the one-time items that benefited 2024 by over EUR 700 million which were mostly in the first half of
the year, this guidance would imply a strong improvement in our comparable operating profit in 2025 despite select increased investments.

Given the market volatility in 2024, our results demonstrate the responsiveness
and capacity of the Nokia team to execute in all market conditions. I thank the whole Nokia team for their commitment, hard work and drive
which made these results possible.

FINANCIAL RESULTS

| EUR million (except                             
 for EPS in EUR)                                 |     | Q4'24 |        |   |     | Q4'23 |        |   |     | YoY    
 change |     |     |     | Constant 
 currency 
 YoY      
 change   |   |   |     | Q1-Q4'24 |        |   |     | Q1-Q4'23 |        |   |     | YoY    
 change |     |     |     | Constant 
 currency 
 YoY      
 change   |    |    |
| Reported results                                |     |       |        |   |     |       |        |   |     |        |     |     |     |          |   |   |     |          |        |   |     |          |        |   |     |        |     |     |     |          |    |    |
| Net sales                                       |     |       |  5 983 |   |     |       |  5 416 |   |     |        |  10 | %