Company: NOKBF
Filing Date: 2025-07-24
Form Type: 6-K
Source: 0001104659-25-070159
Chunk: 3

Company: NOKIA CORP
Filing Date: 2025-07-24
Form: 6-K
Chunk 3
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 of our control, currency due to the weaker US Dollar, and tariffs. Currency has an approximately EUR 230 million
negative impact relative to our expectations at the start of the year with EUR 90 million from non-cash venture fund currency revaluations.
The current tariff levels are forecasted to impact operating profit by EUR 50 million to EUR 80 million inclusive of those in Q2. Considering
these two headwinds, we decided it was prudent at this point to lower our comparable operating profit outlook to a range of EUR 1.6 billion
to EUR 2.1 billion from the prior range of EUR 1.9 billion to EUR 2.4 billion.

Justin Hotard

President and CEO

3

| STOCK EXCHANGE RELEASE 24 July 2025 |

FINANCIAL RESULTS

| EUR                                    
 million (except for EPS in EUR)        |     |  Q2'25 |   |     |  Q2'24 |   |     | YoY change |      |     | Q1-Q2'25 |   |     | Q1-Q2'24 |   |     | YoY change |      |
| Reported                               
 results                                |     |        |   |     |        |   |     |            |      |     |          |   |     |          |   |     |            |      |
| Net                                    
 sales                                  |     |  4 546 |   |     |  4 466 |   |     |          2 | %    |     |    8 936 |   |     |    8 910 |   |     |          0 | %    |
| Gross margin                           
 %                                      |     |   43.4 | % |     |   43.3 | % |     |         10 | bps  |     |     42.5 | % |     |     46.5 | % |     |       (400 | )bps |
| Research and                           
 development expenses                   |     | (1 161 | ) |     | -1 134 |   |     |          2 | %    |     |   (2 306 | ) |     |   (2 259 | ) |     |          2 | %    |
| Selling, general                       
 and administrative expenses            |     |   (744 | ) |     |   (715 | ) |     |          4 | %    |     |