Company: NOKBF
Filing Date: 2025-04-24
Form Type: 6-K
Source: 0001104659-25-038218
Chunk: 7

Company: NOKIA CORP
Filing Date: 2025-04-24
Form: 6-K
Chunk 7
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 currency and portfolio net sales growth”. Constant currency and portfolio net sales growth is presented on
a constant currency basis and also assumes certain specific acquisitions had already been owned during both periods and as if disposals
had already occurred in both comparison periods. This has been added to mainly consider the acquisition of Infinera and is an evolution
of the constant currency APM that had been previously used.

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 at a high level as some competitors seek to take share; |

| · | Changes in customer network investments related to their ability to monetize the network; |

| · | Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments; |

| · | Our ability to procure certain standard components and the costs thereof, such as semiconductors; |

| · | Disturbance in the global supply chain; |

| · | Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates; |

| · | Potential economic impact and disruption of global pandemics; |

| · | War or other geopolitical conflicts, disruptions and potential costs thereof; |

| · | Other macroeconomic, industry and competitive developments; |

| · | Timing and value of new, renewed and existing patent licensing agreements with licensees; |

| · | Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with 
 respect to licensing and regulatory landscape for patent licensing;                                                                |

| · | The outcomes of on-going and potential disputes and litigation; |

| · | Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions; |

| · | Timing of completions and acceptances of certain projects; |

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| · | Our product and regional mix; |

| · | Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes       
 due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various 
 countries and OECD initiatives;                                                                                                          |

| · | Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet; |

| · | Our ability to meet our sustainability and other ESG targets, including our targets relating