Company: NOKBF
Filing Date: 2025-10-23
Form Type: 6-K
Source: 0001104659-25-101680
Chunk: 11

Company: NOKIA CORP
Filing Date: 2025-10-23
Form: 6-K
Chunk 11
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 to the expected weaker software           
 contribution in Mobile Networks, balancing the higher-than-normal contribution in Q2, and           
 product mix effects in Network Infrastructure. Operating margin was stable year-on-year,            
 excluding a one-time benefit seen in the prior year related to a provision reversal. Following      
 a strategic review, we have decided to scale down our passive venture fund investments. Therefore,  
 we are also changing how we present these investments in our financials, they will now be           
 within financial income and expenses instead of affecting operating profit. We may still            
 make targeted minority investments, directly as Nokia, that can accelerate our strategy.            
 Looking forward, we are on track to achieve our full year outlook. The change in presentation       
 of venture fund investments leads to a technical increase of EUR 0.1 billion to our comparable      
 operating profit outlook which is now EUR 1.7 to 2.2 billion. We are tracking towards the           
 midpoint of the range. At our Capital Markets Day in New York on November 19th, we will share       
 our strategy to unlock the full potential of our portfolio and the steps we are taking to           
 focus the company to deliver growth and operating leverage. The AI supercycle is accelerating       
 demand for providers of advanced and trusted connectivity. Nokia is uniquely positioned to          
 be a leader in this market. Justin Hotard President and CEO 23 October 2025 2                       |

| Outlook                                                                                            
 Full Year 2025 Comparable operating profit(1,2) EUR 1.7 billion to EUR 2.2 billion (technical      
 revision from EUR 1.6 billion to 2.1 billion) Free cash flow(1) 50% to 80% conversion from         
 comparable operating profit (1) Please refer to Alternative performance measures section           
 in this report for a full explanation of how these terms are defined. (2) Outlook is based         
 on a EUR:USD rate of 1.17 for the remainder of the year. Operationally, Nokia's outlook is         
 unchanged for full year 2025. However, a change in venture fund reporting (explained on page       
 4) revises the operating profit outlook by EUR 0.1 billion. As a result Nokia's comparable         
 operating profit guidance is now between EUR 1.7 and 2.2 billion (was between EUR 1.6 and          
 2.1 billion). The outlook and all of the underlying outlook assumptions described below are        
 forward-looking statements subject to a number of risks and uncertainties