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

Company: NOKIA CORP
Filing Date: 2025-04-24
Form: 6-K
Chunk 6
---
 this report.

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                                                                              |
| Group Common and Other operating expenses                             | approximately EUR 400 million  |                                                                                      |
| Comparable financial income and expenses                              | Positive EUR 50 to 150 million |                                                                                      |
| Comparable income tax rate                                            | ~25%                           |                                                                                      |
| Cash outflows related to income taxes                                 | EUR 500 million (update)       | Mainly reflecting evolving regional mix and the inclusion of Infinera                |
| Capital Expenditures                                                  | EUR 650 million (update)       | Reflecting the inclusion of Infinera                                                 |
| Recurring gross cost savings                                          | EUR 400 million                | Related to ongoing cost savings program and not including Infinera-related synergies |
| Restructuring and associated charges related to cost savings programs | EUR 250 million                | Related to ongoing cost savings program and not including Infinera-related synergies |
| Restructuring and associated cash outflows                            | EUR 400 million                | Related to ongoing cost savings program and not including Infinera-related synergies |

5

| STOCK EXCHANGE RELEASE 24 April 2025 |

ADDITIONAL TOPICS

Completion of Infinera acquisition

On 28 February 2025, Nokia announced the completion of the acquisition
of Infinera Corporation, pursuant to the definitive agreement announced on 27 June 2024. Infinera, the San Jose based global supplier
of innovative open optical networking solutions and advanced optical semiconductors, has become part of the Nokia group effective as of
the closing with Nokia holding 100% of its equity and voting rights. The total purchase consideration was EUR 2.5 billion, consisting
of cash proceeds, Nokia shares in the form of American Depositary Shares, the fair value of the portion of Infinera’s performance
and restricted shares attributable to pre-combination services that were replaced with Nokia’s share-based payment awards and the
fair value of Infinera’s convertible senior notes in line with relevant bond indentures. For more information regarding the acquisition,
refer to Note 3. Acquisitions in Nokia Corporation Interim Report for Q1 2025.

"Constant currency and portfolio net sales growth" alternative performance metric

In Q1 2025, Nokia has introduced a new alternative performance metric
(APM), "constant