Company: NOKBF
Filing Date: 2025-07-24
Form Type: 6-K
Source: 0001104659-25-070159
Chunk: 5

Company: NOKIA CORP
Filing Date: 2025-07-24
Form: 6-K
Chunk 5
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 400 million           | Related to ongoing cost savings program and not including                                                                     
 Infinera-related synergies                                                                                                    |

5

| STOCK EXCHANGE RELEASE 24 July 2025 |

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; |

| · | 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 
 to greenhouse gas emissions;                                                             |

as well