Company: NOKBF
Filing Date: 2025-11-19
Form Type: 6-K
Source: 0001104659-25-113946
Chunk: 3

Company: NOKIA CORP
Filing Date: 2025-11-19
Form: 6-K
Chunk 3
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 segments and will use different strategic levers across the company maximise shareholder value creation based on the greatest opportunities. Nokia is introducing a series of strategic KPIs which best illustrate the expected outcomes of Nokia’s strategy. These KPIs for the business are not part of the group level financial outlook.

| · | Net                                                                                         
 sales growth in Network Infrastructure: Nokia targets 6-8% net sales CAGR during 2025-2028. 
 This includes a 10-12% target for the combined Optical Networks and IP Networks.            |

| · | Network                                             
 Infrastructure operating margin: 13% to 17% by 2028 |

| · | Mobile                                      
 Infrastructure gross margin: 48-50% by 2028 |

| · | Mobile                                                               
 Infrastructure operating profit: Grow from a base of EUR 1.5 billion |

| · | Group                                                                                 
 Common and Other operating expenses: EUR 150 million operating expenses down from the 
 current EUR 350 million run-rate by 2028.                                             |

| · | Free                                                                                     
 cash flow conversion: Nokia targets to deliver free cash flow conversion from comparable 
 operating profit of between 65% and 75%.                                                 |

Provisional financial information for the new segment structure

Nokia’s new segments will be established from 1 January 2026 and Nokia will begin reporting its financial results under the new segment structure beginning with its first quarter 2026 financial results. Nokia intends to publish recast financials for both 2024 and 2025 under the new reporting structure during the first quarter of 2026. Nokia is providing the below approximate provisional breakdown of the business within the new reporting framework to help investors understand the perimeter, these figures are also provided proforma for the Infinera acquisition.

| Q4’24 – Q3’25           
 (EUR                    
 billion)                |     | Net   
 sales |      |     | Gross  
 margin |    |   |     | Operating 
 profit    |      |     | Operating 
 margin    |     |   |
| Network Infrastructure* |     |       |  7.8 |     |        | 43 | % |     |           |  0.8 |     |           |  10 | % |
| Mobile Infrastructure   |     |       | 11.6 |     |        | 48 | % |     |           |  1.5 |     |           |  13 | % |
| Portfolio businesses    |