Company: NOKBF
Filing Date: 2025-10-23
Form Type: 6-K
Source: 0001104659-25-101680
Chunk: 4

Company: NOKIA CORP
Filing Date: 2025-10-23
Form: 6-K
Chunk 4
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 held on 29 April 2025,
the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of financial
year 2024. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four
installments during the authorization period unless the Board decides otherwise for a justified reason.

| 4                                      
 STOCK EXCHANGE RELEASE 23 October 2025 |

Following this announced distribution, the Board’s remaining
distribution authorization is a maximum of EUR 0.03 per share.

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 |

Please refer to Alternative performance measures section
in Nokia Corporation Interim Report for Q3 2025 for a full explanation of how these terms are defined.

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 (refer to section Additional Topics below for further details) 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 as described or referred to in the Risk Factors section
later in this release.

Along with Nokia's official outlook targets provided above, Nokia
provides the below additional assumptions that support the group level financial outlook.

|                                                         | Full                          
 year 2025                     | Comment                                                                                                                                |
| Net                                                     
 sales assumptions                                       |                               | Normal seasonality in net sales excluding Nokia Technologies,                                                                          
 would imply an increase of 22% sequentially in Q4. Considering recent strong order trends, Nokia currently assumes Q4 will be slightly 
 above normal seasonality in terms of sequential growth.                                                                                
 For the full year, Nokia continues to assume strong growth in                                                                          
 Network Infrastructure, growth in Cloud and Network Services and largely stable net sales