Company: NOKBF
Filing Date: 2025-10-23
Form Type: 6-K
Source: 0001104659-25-101680
Chunk: 5

Company: NOKIA CORP
Filing Date: 2025-10-23
Form: 6-K
Chunk 5
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 in Mobile Networks on a constant currency    
 and portfolio basis. In Nokia Technologies we expect approximately EUR 1.1 billion in operating profit.                                |
| Group                                                   
 Common and Other operating expenses                     | Approximately                 
 EUR 350 million (update)      |                                                                                                                                        |
| Comparable                                              
 financial income and expenses                           | Positive                      
 EUR 0 to 100 million (update) | Updated                                                                                                                                
 to now include impact of venture fund investments                                                                                      |
| Comparable                                              
 income tax rate                                         | ~25%                          |                                                                                                                                        |
| Cash                                                    
 outflows related to income taxes                        | EUR                           
 500 million                   |                                                                                                                                        |
| Capital                                                 
 expenditures                                            | EUR                           
 650 million                   |                                                                                                                                        |
| Recurring                                               
 gross cost savings                                      | EUR                           
 450 million (update)          | Related                                                                                                                                
 to ongoing cost savings program and not including Infinera-related synergies                                                           |
| Restructuring                                           
 and associated charges related to cost savings programs | EUR                           
 250 million                   | Related                                                                                                                                
 to ongoing cost savings program and not including Infinera-related synergies                                                           |
| Restructuring                                           
 and associated cash outflows                            | EUR                           
 350 million (update)          | Related                                                                                                                                
 to ongoing cost savings program and not including Infinera-related synergies                                                           |

| 5                                      
 STOCK EXCHANGE RELEASE 23 October 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.

RISK FACTORS

Nokia and its businesses are exposed to a number of risks and uncertainties
which include but are not limited to:

| · | Competitive                                                                                    
 intensity, which is expected to continue