Company: NOKBF
Filing Date: 2025-04-24
Form Type: 6-K
Source: 0001104659-25-038218
Chunk: 3

Company: NOKIA CORP
Filing Date: 2025-04-24
Form: 6-K
Chunk 3
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, we will continue
to focus on investing in future growth opportunities and we now have an unexpected charge impacting Mobile Networks. Considering these
factors, while achieving the top-end of the range will now be more challenging, our comparable operating profit guidance remains between
EUR 1.9 and 2.4 billion. Our free cash flow guidance remains between 50% and 80% of comparable operating profit.

3

| STOCK EXCHANGE RELEASE 24 April 2025 |

In the coming months I will continue to listen and learn from customers,
employees, shareholders and other stakeholders. I will provide an update with our Q2 results and I look forward to presenting our complete
value creation vision for Nokia at our capital markets day which we now expect to hold in November.

Justin Hotard

President and CEO

FINANCIAL RESULTS

| EUR million (except for EPS in EUR)                 |     | Q1'25 |        |    |     | Q1'24 |        |   |     | YoY change |        |      |
| Reported results                                    |     |       |        |    |     |       |        |   |     |            |        |      |
| Net sales                                           |     |       |  4 390 |    |     |       |  4 444 |   |     |            |     (1 | )%   |
| Gross margin %                                      |     |       |   41.5 | %  |     |       |   49.7 | % |     |            |   (820 | )bps |
| Research and development expenses                   |     |       | (1 145 | )  |     |       | (1 125 | ) |     |            |      2 | %    |
| Selling, general and administrative expenses        |     |       |   (728 | )  |     |       |   (693 | ) |     |            |      5 | %    |
| Operating (loss)/profit                             |     |       |    (48 | )  |     |       |    405 |   |     |            |   (112 | )%   |
| Operating margin %                                  |     |       |   (1.1 | )% |     |       |    9.1 | % |     |            | -1 020 | bps  |
| (Loss)/profit from continuing operations            |     |       |    (60 | )