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

Company: NOKIA CORP
Filing Date: 2025-10-23
Form: 6-K
Chunk 23
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 For      
 details, please refer to the Alternative performance measures section in this report. The        
 cash flow descriptions below include cash flows from both continuing operations and discontinued 
 operations. Free cash flow During Q3 2025, Nokia’s free cash flow was positive EUR               
 429 million, as comparable operating profit was partially offset by capital expenditures         
 and restructuring. Net cash from operating activities Net cash from operating activities         
 was driven by: ▪ Nokia’s adjusted profit of EUR 635 million. ▪ The cash                          
 inflow related to net working capital in the quarter was approximately EUR 60 million. There     
 was approximately EUR 90 million cash outflow related to restructuring and associated items      
 from the current and previous cost savings programs. The balance of EUR 150 million cash         
 inflow can be broken down as follows: ◦ The increase in receivables was approximately            
 EUR 350 million. ◦ The decrease in inventories was approximately EUR 60 million. ◦               
 The increase in liabilities was approximately EUR 440 million mainly related to an increase      
 in contract liabilities, liabilities related to incentive payments and accounts payable.         
 ▪ An outflow related to cash taxes of approximately EUR 70 million. ▪ An outflow                 
 related to net interest of approximately EUR 20 million. Net cash from investing activities      
 ▪ Net cash used in investing activities was due primarily to the outflows related                
 to capital expenditures of approximately EUR 170 million, outflow related to other financial     
 assets of approximately EUR 60 million. This was partially offset by an inflow of approximately  
 EUR 10 million from sale of fixed assets. Net cash from financing activities ▪ Net               
 cash used in financing activities was related primarily to dividend payments of approximately    
 EUR 220 million and lease payments of approximately EUR 50 million. Change in total cash         
 and net cash In Q3 2025, the approximately EUR 40 million difference between the change in       
 total cash and net cash was primarily due to the net impact of the repayment of debt. 23         
 October 2025 10                                                                                  |

| January-September                                                                                   
 2025 compared to January-September 2024 Net sales In the first nine months of 2025, net sales       
 grew 4% on a reported basis. The increase from the acquisition of Infinera was partially            
 offset by foreign exchange rate fluctuations, along with the following drivers. On a constant       
 currency and portfolio basis, Nokia's comparable net sales increased 2% in the first nine