# EDGAR Filing Document

**Accession Number:** 0000924613
**File Stem:** 0001104659-23-006886
**Filing Date:** 2023-1
**Character Count:** 157232
**Document Hash:** 8ec3b47e499672ec574ce2206aefc64c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-006886.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001104659-23-006886

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20230126

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NOKIA CORP
- **CENTRAL INDEX KEY:** 0000924613
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** H9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13202
- **FILM NUMBER:** 23555663

**BUSINESS ADDRESS:**
- **STREET 1:** KARAKAARI 7
- **STREET 2:** P O BOX 226
- **CITY:** ESPOO FINLAND
- **STATE:** H9
- **ZIP:** 02610
- **BUSINESS PHONE:** 358 71 400 2733

**MAIL ADDRESS:**
- **STREET 1:** KARAKAARI 7
- **STREET 2:** P O BOX 226
- **CITY:** ESPOO
- **STATE:** H9
- **ZIP:** 02610

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a -16 or 15d -16 of

the Securities Exchange Act of 1934

Report on Form 6-K dated January 26, 2023

(Commission File No. 1-13202)

Nokia Corporation

Karakaari 7A

FI-02610 Espoo

Finland<br> (Name and address of registrant's principal executive office)

---

| | |
|:---|:---|
| Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: | Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: |
| **Form 20-F**: ⌧ | Form 40-F: ¨ |
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): | Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): |
| Yes: ¨ | **No**: ⌧ |
| Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): | Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): |
| Yes: ¨ | **No**: ⌧ |
| Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. | Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. |
| Yes: ¨ | **No**: ⌧ |

---

Enclosures:

&nbsp;&nbsp;&nbsp;&nbsp;· Stock Exchange Release: Nokia Corporation Financial Report for Q4 and full
year 2022

&nbsp;&nbsp;&nbsp;&nbsp;· Report attached to the Stock Exchange Release: Report for Q4 and full year
2022

---

| | | |
|:---|:---|:---|
| ![](tm234506d1_6kimg034.jpg)<br>| *Stock exchange release*<br>26 January 2023 | 1 (8) |

---

Nokia Corporation

Financial Statement Release

26 January 2023 at 08:00 EET

**Nokia Corporation Financial Report for Q4 and full year 2022**

**A solid end to a year of acceleration**

&nbsp;&nbsp;&nbsp;&nbsp;· Q4 net sales grew 11% y-o-y in constant currency (16% reported). Full year
net sales grew 6% (12% reported).

&nbsp;&nbsp;&nbsp;&nbsp;· In Q4 Network Infrastructure grew net sales 14% in constant currency with
all units contributing. Mobile Networks grew 3% with a meaningful shift in regional mix in the quarter while Cloud and Network Services
grew 5%. Nokia Technologies grew 82% as a long-term licensee exercised an option leading to higher revenue recognition in Q4.

&nbsp;&nbsp;&nbsp;&nbsp;· Enterprise net sales grew 49% y-o-y in constant currency in Q4 (55% reported);
21% in full year 2022 (27% reported).

&nbsp;&nbsp;&nbsp;&nbsp;· Q4 comparable gross margin +340bps y-o-y to 43.5% (reported +330bps to 42.8%),
with 240bps of expansion related to the Nokia Technologies option exercise. Comparable operating margin +130bps to 15.5% (reported +30bps
to 11.8%).

&nbsp;&nbsp;&nbsp;&nbsp;· Q4 operating margin improved y-o-y due to the combination of the exercised
option in Nokia Technologies and stronger margin in Network Infrastructure offsetting declines in Mobile Networks (regional mix shift)
and greater losses in Group Common and Other primarily related to the strong venture fund performance in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;· Re-recognized deferred tax asset of EUR 2.5bn in Q4 which boosted reported
net profit and EPS.

&nbsp;&nbsp;&nbsp;&nbsp;· Q4 comparable diluted EPS of EUR 0.16; reported diluted EPS of EUR 0.56.
Full year EUR 0.44 and EUR 0.75 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;· Q4 free cash flow positive EUR 0.4bn, net cash balance of EUR 4.8bn. Full
year free cash flow EUR 0.8bn.

&nbsp;&nbsp;&nbsp;&nbsp;· Board proposes dividend authorization of EUR 0.12 per share.

&nbsp;&nbsp;&nbsp;&nbsp;· Nokia expects 2023 full year net sales of between EUR 24.9bn to 26.5bn, comparable
operating margin between 11.5 to 14.0% and Free Cash Flow conversion from comparable operating profit of 20 to 50%.

This is a summary of the Nokia Corporation Financial Report for Q4 and full year 2022 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group's financial information as well as on Nokia's outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at <u>www.nokia.com/financials</u>. A video interview summarizing the key points of our Q4 results will also be published on the website. Investors should not solely rely on summaries of Nokia's financial reports and should also review the complete report with tables.

**PEKKA LUNDMARK, PRESIDENT AND CEO, ON Q4 AND FULL YEAR 2022 RESULTS**

We said at the start of 2022 that it would be a year of acceleration and we delivered what we promised. The Nokia team did a great job navigating geopolitical, economic and supply challenges, successfully executed our strategy and delivered a strong full year performance. Our constant currency full year net sales growth accelerated to 6% and we maintained a stable comparable operating margin of 12.5% which is a good result considering one-off benefits we had in 2021.

---

| | | |
|:---|:---|:---|
| ![](tm234506d1_6kimg034.jpg)<br>| *Stock exchange release*<br>26 January 2023  | 2 (8) |

---

One of our strategic priorities is to broaden our customer base and grow in Enterprise and I'm delighted we achieved 21% net sales growth in constant currency for the full year with 49% growth in Q4. There were important webscale wins in 2022 with momentum also continuing to build in our private wireless business where we added 45 customers in Q4.

The highlight of the fourth quarter was our stellar Network Infrastructure performance, which grew net sales 14% in constant currency with significant operating margin expansion. Notably, we saw a strong acceleration in both our Optical Networks and IP Networks businesses with net sales growing 21% and 11% respectively in constant currency. Mobile Networks delivered 3% constant currency growth in Q4 with operating margin declining year-on-year, as expected due to changes in regional mix. On a full year basis, Mobile Networks' 3% net sales growth and 90bps higher operating margin is encouraging after a successful reset the previous year. We continue to see solid demand trends in Network Infrastructure and Mobile Networks as we look ahead into 2023.

In Cloud and Network Services, we saw good Q4 net sales growth of 5% in constant currency and continued improvement in gross margin, which increased 200bps year-on-year. Increased investments into private wireless and Software-as-a-Service meant operating margin was largely stable. This is evidence that the ongoing optimization of our portfolio is bearing fruit and positioning us for continued profitable growth in the future.

In Nokia Technologies, we remain in two litigation/renewal discussions. Several court rulings have validated our position giving us confidence in our approach to prioritize the value of our portfolio over achieving specific timelines. At the end of the year, a long-term licensee exercised an option to extend its license in effect into perpetuity. This meant we recognized all outstanding revenue for this license in the fourth quarter. More recently, I was pleased to see us enter into a new multi-year patent license agreement with Samsung, which underscores Nokia Technologies' strong patent portfolio and supports its ability to deliver stable operating profit over the long-term.

Looking forward to 2023, while we are mindful of the uncertain economic outlook, demand remains robust. We expect another year of growth and we are targeting full year net sales of between EUR 24.9bn and EUR 26.5bn which implies between 2% and 8% growth in constant currency. We are also targeting a comparable operating margin in the range of 11.5% to 14.0%. Whilst this growth means we have another year of working capital build constraining our free cash flow conversion from comparable operating profit to a range of 20% to 50%, we expect significantly stronger cash flow in 2024. Due to our confidence in our long-term outlook and strong balance sheet position the Board is proposing an increase in the dividend to EUR 0.12 per share.

I would like to thank the whole Nokia team for delivering a really positive 2022 and for putting us on a strong foundation to keep delivering in 2023 and beyond.

---

| | | |
|:---|:---|:---|
| ![](tm234506d1_6kimg034.jpg) | *Stock exchange release*<br>26 January 2023  | 3 (8) |

---

**FINANCIAL RESULTS**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| EUR million (except for EPS in EUR) | **Q4'22** | Q4'21 | YoY<br> change |  | Constant<br> currency <br> YoY <br> change | **Q1–<br> Q4'22** | Q1–<br> Q4'21 | YoY <br> change |  | Constant<br> currency<br> YoY<br> change |
| **Reported results** |  |  |  |  |  |  |  |  |  |  |
| Net sales | **7 449** | 6 414 | 16 | % | 11% | **24 911** | 22 202 | 12 | % | 6% |
| Gross margin % | **42.8%** | 39.5% | 330 | bps |  | **41.0%** | 39.8% | 120 | bps |  |
| Research and development expenses | **(1 222)** | (1 118) | 9 | % |  | **(4 550)** | (4 214) | 8 | % |  |
| Selling, general and administrative expenses | **(838)** | (758) | 11 | % |  | **(3 013)** | (2 792) | 8 | % |  |
| Operating profit | **882** | 740 | 19 | % |  | **2 318** | 2 158 | 7 | % |  |
| Operating margin % | **11.8%** | 11.5% | 30 | bps |  | **9.3%** | 9.7% | (40) |)bps |  |
| Profit for the period | **3 152** | 680 | 364 | % |  | **4 259** | 1 645 | 159 | % |  |
| EPS, diluted | **0.56** | 0.12 | 367 | % |  | **0.75** | 0.29 | 159 | % |  |
| Net cash and interest-bearing financial investments | **4 767** | 4 615 | 3 | % |  | **4 767** | 4 615 | 3 | % |  |
| **Comparable results** |  |  |  |  |  |  |  |  |  |  |
| Net sales | **7 449** | 6 414 | 16 | % | 11% | **24 911** | 22 202 | 12 | % | 6% |
| Gross margin % | **43.5%** | 40.1% | 340 | bps |  | **41.4%** | 40.4% | 100 | bps |  |
| Research and development expenses | **(1 189)** | (1 092) | 9 | % |  | **(4 449)** | (4 084) | 9 | % |  |
| Selling, general and administrative expenses | **(727)** | (659) | 10 | % |  | **(2 604)** | (2 379) | 9 | % |  |
| Operating profit | **1 154** | 908 | 27 | % |  | **3 109** | 2 775 | 12 | % |  |
| Operating margin % | **15.5%** | 14.2% | 130 | bps |  | **12.5%** | 12.5% | 0 | bps |  |
| Profit for the period | **929** | 731 | 27 | % |  | **2 481** | 2 109 | 18 | % |  |
| EPS, diluted | **0.16** | 0.13 | 23 | % |  | **0.44** | 0.37 | 19 | % |  |
| ROIC<sup>1</sup> | **17.5%** | 20.1% | (260) |)bps |  | **17.5%** | 20.1% | (260) |)bps |  |

---

<sup>1</sup> Comparable ROIC = Comparable operating profit after tax, last four quarters / invested capital, average of last five quarters' ending balances. Refer to the Performance measures section in Nokia Corporation Financial Report for Q4 and full year 2022 for details.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Business group results** | Network<br> Infrastructure | Network<br> Infrastructure | Mobile<br> Networks | Mobile<br> Networks | Cloud and<br> Network Services | Cloud and<br> Network Services | Nokia<br> Technologies | Nokia<br> Technologies | Group Common<br> and Other | Group Common<br> and Other |
| EUR million | **Q4'22** | **Q4'21** | **Q4'22** | **Q4'21** | **Q4'22** | **Q4'21** | **Q4'22** | **Q4'21** | **Q4'22** | **Q4'21** |
| Net Sales | **2 709** | 2 254 | **2 960** | 2 761 | **1 060** | 964 | **679** | 368 | **59** | 74 |
| YoY change | **20%** |  | **7%** |  | **10%** |  | **85%** |  | **(20)%** |  |
| Constant currency YoY change | **14%** |  | **3%** |  | **5%** |  | **82%** |  | **(26)%** |  |
| Gross margin % | **39.6%** | 34.0% | **34.7%** | 37.6% | **43.8%** | 41.8% | **99.9%** | 99.7% | **(10.2)%** | (4.1)% |
| Operating profit/(loss) | **431** | 248 | **201** | 270 | **147** | 145 | **564** | 282 | **(189)** | (38) |
| Operating margin % | **15.9%** | 11.0% | **6.8%** | 9.8% | **13.9%** | 15.0% | **83.1%** | 76.6% | **(320.3)%** | (51.4)% |

---

---

| | | |
|:---|:---|:---|
| ![](tm234506d1_6kimg034.jpg) | *Stock exchange release*<br>26 January 2023  | 4 (8) |

---

**SHAREHOLDER DISTRIBUTION**

**Dividend**

The Board of Directors proposes that the Annual General Meeting 2023 authorizes the Board to resolve on the distribution of an aggregate maximum of EUR 0.12 per share to be paid in respect of financial year 2022. The authorization would be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

Nokia's dividend policy is to target recurring, stable and over time growing ordinary dividend payments, taking into account the previous year's earnings as well as the company's financial position and business outlook.

Under the authorization by the Annual General Meeting held on 5 April 2022, the Board of Directors may resolve an aggregate maximum distribution of EUR 0.08 per share. 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, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

Under the authorization, dividends of EUR 0.02 per share were paid in Q2 2022 totaling EUR 113 million; in Q3 2022 totaling EUR 112 million and in Q4 2022 totaling EUR 112 million.

On 26 January 2023, the Board resolved to distribute a dividend of EUR 0.02 per share. The dividend record date is on 31 January 2023 and the dividend will be paid on 9 February 2023. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

Following this announced distribution of the fourth installment and executed payments of the previous installments, the Board has no remaining distribution authorization.

The payment of the fourth installment of the distribution is expected to total approximately EUR 112 million in Q1 2023.

**Share buyback program**

In 2020 and 2021, Nokia generated strong cash flow which has significantly improved the cash position of the company. To manage the company's capital structure, Nokia's Board of Directors initiated a share buyback program under the authorizations from the Annual General Meetings 2021 and 2022 to repurchase shares to return up to EUR 600 million of cash to shareholders in tranches over a period of two years.

The first phase of the share buyback program with a maximum aggregate purchase price of EUR 300 million started in February 2022 and ended in November 2022. Under the first phase of the buyback program, Nokia repurchased 63 963 583 of its own shares at an average price per share of approximately EUR 4.69. The repurchases reduced the Company's unrestricted equity by EUR 300 million and the repurchased shares were cancelled in December 2022.

The second EUR 300 million phase of the share buyback program started in January 2023 and it will end at the latest by 21 December 2023.

**OUTLOOK**

---

| | |
|:---|:---|
| | **Full Year 2023** |
| Net sales<sup>1</sup> | EUR 24.9 billion to EUR 26.5 billion<sup>1</sup> (2 to 8% growth in constant currency) |
| Comparable operating margin<sup>2</sup> | 11.5 to 14.0% |
| Free cash flow<sup>2</sup> | 20 to 50% conversion from comparable operating profit |

---

<sup>1</sup> Assuming the rate 1 EUR = 1.07 USD as of 31 December 2022 through 2023.

<sup>2</sup> Please refer to Performance measures section in Nokia Corporation Financial Report for Q4 and full year 2022 for a full explanation of how these terms are defined.

---

| | | |
|:---|:---|:---|
| ![](tm234506d1_6kimg034.jpg) | *Stock exchange release*<br>26 January 2023  | 5 (8) |

---

The outlook, long-term targets 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, below are outlook assumptions by business group that support the group level outlook. The comments for relative growth by business group are provided to give a reference on how we expect each to perform relative to the overall group.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2023 total addressable market | 2023 total addressable market | Nokia business group assumptions | Nokia business group assumptions |
| | Size (EUR bn)<sup>1</sup> | Constant currency growth | Net sales growth | Operating margin |
| Network Infrastructure<sup>2</sup> | 48 | 4% | In-line to below group | 11.0 to 14.0% |
| Mobile Networks<sup>3</sup> | 53 | 5% | Faster than group | 7.0 to 10.0% |
| Cloud and Network Services | 29 | 4% | In-line to below group | 5.5 to 8.5% |
| <br> <sup>1</sup> Total addressable market forecasts assume the currency rate of 1 EUR = 1.07 USD as of 31 December 2022 through 2023. The addressable market is excluding Russia and Belarus.<br><sup>2</sup> Excluding Submarine Networks.<br><sup>3</sup> Excluding China. | <br> <sup>1</sup> Total addressable market forecasts assume the currency rate of 1 EUR = 1.07 USD as of 31 December 2022 through 2023. The addressable market is excluding Russia and Belarus.<br><sup>2</sup> Excluding Submarine Networks.<br><sup>3</sup> Excluding China. | <br> <sup>1</sup> Total addressable market forecasts assume the currency rate of 1 EUR = 1.07 USD as of 31 December 2022 through 2023. The addressable market is excluding Russia and Belarus.<br><sup>2</sup> Excluding Submarine Networks.<br><sup>3</sup> Excluding China. | <br> <sup>1</sup> Total addressable market forecasts assume the currency rate of 1 EUR = 1.07 USD as of 31 December 2022 through 2023. The addressable market is excluding Russia and Belarus.<br><sup>2</sup> Excluding Submarine Networks.<br><sup>3</sup> Excluding China. | <br> <sup>1</sup> Total addressable market forecasts assume the currency rate of 1 EUR = 1.07 USD as of 31 December 2022 through 2023. The addressable market is excluding Russia and Belarus.<br><sup>2</sup> Excluding Submarine Networks.<br><sup>3</sup> Excluding China. |

---

Nokia provides the following approximate outlook assumptions for additional items concerning 2023:

---

| | | |
|:---|:---|:---|
| | Full year 2023 | Comment |
| Nokia Technologies operating profit | Largely stable | Assuming closure of outstanding litigation / renewal discussions we expect largely stable operating profit in Nokia Technologies in 2023. Nokia currently assumes free cash flow slightly greater than operating profit in Nokia Technologies. |
| Group Common and Other operating profit | Negative<br> EUR 300-350 million | This includes central function costs largely stable at below EUR 200 million and an increase in investment in long-term research now above EUR 100 million. This line also accounts for Radio Frequency Systems (RFS) and could be impacted by any positive or negative revaluations in Nokia's venture funds in 2023. |
| Comparable financial income and expenses | EUR 0 million | As interest rates have increased we now expect financial income and expenses to be approximately balanced. |
| Comparable income tax rate | ~25% | Following the re-recognition of deferred tax assets at the end of 2022 we now provide an assumption based on a % tax rate instead of an absolute amount. |
| Cash outflows related to income taxes | EUR 700 million | Cash outflows related to income taxes are expected to increase due to mandatory capitalization of R&D costs under U.S. tax laws as well as evolving regional mix. |
| Capital Expenditures | EUR 650 million |  |

---

**LONG-TERM TARGETS**

Nokia's long-term targets remain unchanged from those introduced with its Q4 2021 financial results. The targets had an associated timeline of 3-5 years which remains unchanged and implies by 2024-2026. These targets remain intended to show Nokia's ambition to deliver continuous improvement in the business over the time period.

---

| | |
|:---|:---|
| Net sales | Grow faster than the market |
| Comparable operating margin<sup>1</sup> | ≥ 14% |
| Free cash flow<sup>1</sup> | 55 to 85% conversion from comparable operating profit |

---

<sup>1</sup>Please refer to Performance measures section in Nokia Corporation Financial Report for Q4 and full year 2022 for a full explanation of how these terms are defined.

---

| | | |
|:---|:---|:---|
| ![](tm234506d1_6kimg034.jpg) | *Stock exchange release* <br>26 January 2023 | &nbsp;&nbsp;&nbsp;&nbsp;6 (8) |

---

**RISK FACTORS**

Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Competitive
 intensity, which is expected to continue at a high level;

&nbsp;&nbsp;&nbsp;&nbsp;· Our
 ability to ensure competitiveness of our product roadmaps and costs through additional R&D
 investments;

&nbsp;&nbsp;&nbsp;&nbsp;· Our
 ability to procure certain standard components and the costs thereof, such as semiconductors;

&nbsp;&nbsp;&nbsp;&nbsp;· Disturbance
 in the global supply chain;

&nbsp;&nbsp;&nbsp;&nbsp;· Accelerating
 inflation, increased global macro-uncertainty, major currency fluctuations and higher interest
 rates;

&nbsp;&nbsp;&nbsp;&nbsp;· Scope
 and duration of the COVID-19 pandemic, and its economic impact;

&nbsp;&nbsp;&nbsp;&nbsp;· War
 or other geopolitical conflicts, disruptions and potential costs thereof;

&nbsp;&nbsp;&nbsp;&nbsp;· Other
 macroeconomic, industry and competitive developments;

&nbsp;&nbsp;&nbsp;&nbsp;· Timing
 and value of new, renewed and existing patent licensing agreements with smartphone vendors,
 automotive companies, consumer electronics companies and other licensees;

&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 outcomes of on-going and potential disputes and litigation;

&nbsp;&nbsp;&nbsp;&nbsp;· Timing
 of completions and acceptances of certain projects;

&nbsp;&nbsp;&nbsp;&nbsp;· Our
 product and regional mix;

&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;· Our
 ability to utilize our US and Finnish deferred tax assets and their recognition on our balance
 sheet;

&nbsp;&nbsp;&nbsp;&nbsp;· Our
 ability to meet our sustainability and other ESG targets, including our targets relating
 to greenhouse gas emissions; as well the risk factors specified under Forward-looking statements
 of this release, and our 2021 annual report on Form 20-F published on 3 March 2022
 under Operating and financial review and prospects-Risk factors.

**FORWARD-LOOKING STATEMENTS**

Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, product launches, growth management, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of COVID-19 and the general macroeconomic conditions on our businesses, our supply chain and our customers' businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including "continue", "believe", "commit", "estimate", "expect", "aim", "influence", "will" or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management's best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

---

| | | |
|:---|:---|:---|
| ![](tm234506d1_6kimg034.jpg)<br>| *Stock exchange release* <br>26 January 2023 | &nbsp;&nbsp;&nbsp;&nbsp;7 (8) |

---

**ANALYST WEBCAST**

&nbsp;&nbsp;&nbsp;&nbsp;· Nokia's
 webcast will begin on 26 January 2023 at 11.30 a.m. Finnish time (EET). The webcast
 will last approximately 90 minutes.

&nbsp;&nbsp;&nbsp;&nbsp;· The
 webcast will include an extended presentation covering both our financial results along with
 a Group Level Progress Update followed by a Q&A session. The results presentation slides
 will be available for download at <u>www.nokia.com/financials</u>.

&nbsp;&nbsp;&nbsp;&nbsp;· A
 link to the webcast will be available at <u>www.nokia.com/financials</u>.

&nbsp;&nbsp;&nbsp;&nbsp;· Media
 representatives can listen in via the link, or alternatively call +1-412-317-5619.

**FINANCIAL CALENDAR 2023**

&nbsp;&nbsp;&nbsp;&nbsp;· Nokia
 plans to publish its "Nokia in 2022" annual report, which includes the review by
 the Board of Directors and the audited annual accounts, during week 9 of 2023. The annual
 report will be available at <u>www.nokia.com/financials</u>.

&nbsp;&nbsp;&nbsp;&nbsp;· Nokia's
 Annual General Meeting 2023 is planned to be held on 4 April 2023.

&nbsp;&nbsp;&nbsp;&nbsp;· Nokia
 plans to publish its first quarter 2023 results on 20 April 2023.

&nbsp;&nbsp;&nbsp;&nbsp;· Nokia
 plans to publish its second quarter and half year 2023 results on 20 July 2023.

&nbsp;&nbsp;&nbsp;&nbsp;· Nokia
 plans to publish its third quarter and January-September 2023 results on 19 October 2023.

**About Nokia**

At Nokia, we create technology that helps the world act together.

As a trusted partner for critical networks, we are committed to innovation and technology leadership across mobile, fixed and cloud networks. We create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

Adhering to high standards of integrity and security, we help build the capabilities needed for a more productive, sustainable and inclusive world.

---

| | | |
|:---|:---|:---|
| ![](tm234506d1_6kimg034.jpg) | *Stock exchange release* <br>26 January 2023 | 8 (8) |

---

**Inquiries:**

Nokia

Communications

Phone: +358 10 448 4900

Email: <u>press.services@nokia.com</u>

Maria Vaismaa, Global Head of Public Relations

Nokia

Investor Relations

Phone: +358 40 803 4080

Email: <u>investor.relations@nokia.com</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R eport for Q4 and full yyFear 2022 A solid end to a yyFear of acceleration ▪ Q4 net sales grew 11% yyFE-o-yyFE in constant currencyyFE (16% reported). yFull yyFEear net sales grew 6% (12% reported). ▪ In Q4 Network Infrastructure grew net sales 14% in constant currencyyFE with all units contributing. Mobile Networks grew 3% with a meaningful shift in regional mix in the quarter while Cloud and Network Services grew 5%. Nokia Technologies grew 82% as a long-term licensee exercised an option leading to higher revenue recognition in Q4. ▪ yEn terprise net sales grew 49% yyFE-o-yyFE in constant currencyyFE in Q4 (55% reported); 21% in full yyFEear 2022 (27% reported). ▪ Q4 comparable gross margin +340bps yyFE-o-yyFE to 43.5% (reported + 330bps to 42.8%), with 240bps of expansion related to the Nokia Technologies option exercise. Comparable operating margin +130bps to 15.5% (reported + 30bps to 11.8%). ▪ Q4 operating margin improved yyFE-o-yyFE due to the combination of the exercised option in Nokia Technologies and stronger margin in Network Infrastructure o ffset ting declines in Mobile Networks (regional mix shift) and greater losses in Group Common and Other primarilyyFE related to the strong venture fund performance in the prior yyFEear. ▪ Re-recognized deferred tax asset of yEUR 2.5bn in Q4 which boosted reported net profit and yEPS .. ▪ Q4 c omparable diluted yEPS of yEUR 0.16 ; reported diluted yEPS of yEUR 0.56 .. yFull yyFEear yEUR 0. 44 and yEUR 0.75 respectivelyyFE. ▪ Q4 free cash flo w positive yEUR 0.4bn , net cash balance of yEUR 4.8bn .. yFull yyFEear free cash flow yEUR 0.8bn. ▪ Board proposes dividend authorization of yEUR 0.12 per share. ▪ Nokia expects 2023 full yyFEear net sales of between yEUR 24.9bn to 26.5bn, comparable operating margin between 11.5 to 14.0% and yFree Cash yFlow conversion from comparable operating profit of 20 to 50% .. yEUR million (except for yEPS in yEUR) Q4'22 Q4'21 YoY change Constant currencyy YoY change Q1-Q4'22 Q1-Q4'21 YoY change Constant currencyy YoY change Reported results Net sales 7 449 6 414 16% 11% 24 911 22 202 12% 6% Gross margin % 42.8% 39.5% 330bps 41.0% 39.8% 120bps Research and development expenses (1 222) (1 118) 9% (4 550) (4 214) 8% Selling, general and administrative expenses (838) (758) 11% (3 013) (2 792) 8% Operating profit 882 740 19% 2 318 2 158 7% Operating margin % 11.8% 11.5% 30bps 9.3% 9.7% (40) bps Profit for the period 3 152 680 364% 4 259 1 645 159% yEPS, diluted 0.56 0.12 367% 0.75 0.29 159% Net cash and interest-bearing financial investments 4 767 4 615 3% 4 767 4 615 3% Comparable results Net sales 7 449 6 414 16% 11% 24 911 22 202 12% 6% Gross margin % 43.5% 40.1% 340bps 41.4% 40.4% 100bps Research and development expenses (1 189) (1 092) 9% (4 449) (4 084) 9% Selling, general and administrative expenses (727) (659) 10% (2 604) (2 379) 9% Operating profit 1 154 908 27% 3 109 2 775 12% Operating margin % 15.5% 14.2% 130bps 12.5% 12.5% 0bps Profit for the period 929 731 27% 2 481 2 109 18% yEPS, diluted 0.16 0.13 23% 0.44 0.37 19% ROIC 1 17.5% 20.1% (260) bps 17.5% 20.1% (260) bps 1 Comparable ROIC = Comparable operating profit after tax, last four quarters / invested capital, average of last five quarters' ending balances. Refer to the Performance measures section in this report for details. Business group results Network Infrastructure Mobile Networks Cloud and Network Services Nokia Technologies Group Common and Other yEUR million Q4'22 Q4'21 Q4'22 Q4'21 Q4'22 Q4'21 Q4'22 Q4'21 Q4'22 Q4'21 Net Sales 2 709 2 254 2 960 2 761 1 060 964 679 368 59 74 YoY change 20% 7% 10% 85% (20) % Constant currencyyFE YoY change 14% 3% 5 % 82% (26) % Gross margin % 39.6% 34.0% 34.7% 37.6% 43.8% 41.8% 99.9% 99.7% (10.2) % (4.1) % Operating profit/(loss) 431 248 201 270 147 145 564 282 (189) (38) Operating margin % 15.9% 11.0% 6.8% 9.8% 13.9% 15.0% 83.1% 76.6% (320.3) % (51.4) % 26 JanuaryyFE 2023 1  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We said at the start of 2022 that it would be a yyFEear of acceleration and we delivered what we promised. The Nokia team did a great job navigating geopolitical, economic and supplyyFE challenges, successfullyyFE executed our strategyyFE and delivered a strong full yyFEear performance. Our constant currencyyFE full yyFEear net sales growth accelerated to 6% and we maintained a stable comparable operating margin of 12.5% which is a good result considering one-off benefits we had in 2021 .. One of our strategic priorities is to broaden our customer base and grow in yEnterprise and I'm delighted we achieved 21% net sales growth in constant cur rencyyFE for the full yyFEear with 49% growth in Q4. There were important webscale wins in 2022 with momentum also continuing to build in our private wireless business where we added 45 customers in Q4. The highlight of the fourth quarter was our stellar Network Infrastructure performance, which grew net sales 14% in constant currencyyFE with significant operating margin expansion. NotablyyFE, we saw a strong acceleration in both our Optical Networks and IP Networks businesses with net sales growing 21% and 11% respectivelyyFE in constant currencyyFE. Mobile Networks delivered 3% constant currencyyFE growth in Q4 with operating margin declining yyFEear-on-yyFEear, as expected due to changes in regional mix. On a full yyFEear basis, Mobile Networks' 3% net sales growth and 90bps higher operating margin is encouraging after a successful reset the previous yyFEear. We continue to see solid demand trends in Network Infrastructure and Mobile Networks as we look ahead into 2023. In Cloud and Network Services, we saw good Q4 net sales growth of 5% in constant currencyyFE and continued improvement in gross margin, which increased 200bps yyFEear-on-yyFEear. Increased investments into private wireless and Software-as-a-Service meant operating margin was largelyyFE stable. This is evidence that the ongoing optimization of our portfolio is bearing fruit and positioning us for continued profitable growth in the future. In Nokia Technologies, we remain in two litigation/renewal discussions. Several court rulings have validated our position giving us confidence in our approach to prioritize the value of our portfolio over achieving specific timelines. At the end of the yyFEear, a long-term licensee exercised an option to extend its license in effect into perpetuityy .. This meant we recognized all outstanding revenue for this license in the fourth quarter. More recentlyyFE, I was pleased to see us enter into a new multi-yyFEear patent license agreement with Samsung, which underscores Noki a Technologies ' strong patent portfolio and supports its abilityy to deliver stable operating profit over the long-term. Looking forward to 2023, while we are mindful of the uncertain economic outlook, demand remains robust .. We expect another yyFEear of growth and we are targeting full yyFEear net sales of between yEUR 24.9bn and yEUR 26.5bn which implies between 2% and 8% growth in constant currencyyFE. We are also targeting a comparable operating margin in the range of 11.5% to 14.0%. Whilst this growth means we have another yyFEear of working capital build constraining our free cash flow conversion from comparable operating profit to a range of 20% to 50 %, we expect significantlyyFE stronger cash flow in 2024. Due to our confidence in our long-term outlook and strong balance sheet position the Board is proposing an increase in the dividend to yEUR 0.12 per share .. I would like to thank the whole Nokia team for delivering a reallyyFE positive 2022 and for putting us on a strong foundation to keep delivering in 2023 and beyyFEond. Shareholder distribution Dividend The Board of Directors proposes that the Annual General Meeting 2023 authorizes the Board to resolve on the distribution of an aggregate maximum of yEUR 0.12 per share to be paid in respect of financial yyFEear 2022. The authorization would be used to distribute dividend and/or assets from the reserve for invested unrestricted equityyFE in four installments during the authorization period, in connection with the quarterlyyFE results, unless the Board decides otherwise for a justified reason. Nokia's dividend policyyFE is to target recurring, stable and over time growing ordinaryyFE dividend payyFEments, taking into account the previous yyFEear's earnings as well as the companyyFE's financial position and business outlook. Under the authorization byyFE the Annual General Meeting held on 5 April 2022, the Board of Directors mayyFE resolve an aggregate maximum distribution of yEUR 0.08 per share. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equityyFE in four installments during the authorization period, in connection with the quarterlyyFE results, unless the Board decides otherwise for a justified reason. Under the authorization, dividends of yEUR 0.02 per share were paid in Q2 2022 totaling yEUR 113 million; in Q3 2022 totaling yEUR 112 million and in Q4 2022 totaling yEUR 112 million. On 26 JanuaryyFE 2023, the Board resolved to distribute a dividend of yEUR 0.02 per share. The dividend record date is on 31 JanuaryyFE 2023 and the dividend will be paid on 9 yFebruaryyFE 2023. The actual dividend payyFEment date outside yFinland will be determined byyFE the practices of the intermediaryyFE banks transferring the dividend payyFEments. yFollowing this announced distribution of the fourth installment and executed payyFEments of the previous installments, the Board has no remaining distribution authorization. The payyFEment of the fourth installment of the distribution is expected to total approximatelyyFE yEUR 112 million in Q1 2023. Share buyyFEback program In 2020 and 2021, Nokia generated strong cash flow which has significantlyyFE improved the cash position of the companyyFE. To manage the companyyFE's capital structure, Nokia's Board of Directors initiated a share buyyFEback program under the authorizations from the Annual General Meetings 2021 and 2022 to repurchase shares to return up to yEUR 600 million of cash to shareholders in tranches over a period of two yyFEears. The first phase of the share buyyFEback program with a maximum aggregate purchase price of yEUR 300 million started in yFebruaryyFE 2022 and ended in November 2022. Under the first phase of the buyyFEback program, Nokia repurchased 63 963 583 of its own shares at an average price per share of approximatelyyFE yEUR 4.69. The repurchases reduced the CompanyyFE's unrestricted equityyFE byyFE yEUR 300 million and the repurchased shares were cancelled in December 2022. The second yEUR 300 million phase of the share buyyFEback program started in JanuaryyFE 2023 and it will end at the latest byyFE 21 December 2023. 26 JanuaryyFE 2023 2  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outlook yFull Year 2023 Net sales 1 yEUR 24.9 billion to yEUR 26.5 bil lion 1 (2 to 8% growth in constant currencyyFE) Comparable operating margin 2 11.5 to 14.0% yFree cash flow 2 20 to 50% conversion from comparable operating profit 1 Assuming the rate 1 yEUR = 1.07 USD as of 31 December 2022 through 2023. 2 Please refer to Performance measures section in this report for a full explanation of how these terms are defined. The outlook, long-term targets and all of the underlyyFEing outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk yFactors section later in this report .. Along with Nokia's official outlook targets provided above, below are outlook assumptions byyFE business group that support the group level outlook. The comments for relative growth byyFE business group are provided to give a reference on how we expect each to perform relative to the overall group. 2023 total addressable market Nokia business group assumptions Size (yEUR bn) 1 Constant currencyyFNE growth Net sales growth Operating margin Network Infrastructure 2 48 4% In-line to below group 11.0 to 14.0% Mobile Networks 3 53 5% yFaster than group 7.0 to 10.0% Cloud and Network Services 29 4% In-line to below group 5.5 to 8.5% 1 Total addressable market forecasts assume the currencyyFE rate of 1 yEUR = 1.07 USD as of 31 December 2022 through 2023. The addressable market is excluding Russia and Belarus. 2 yExcluding Submarine Networks. 3 yExcluding China. Nokia provides the following approximate outlook assumptions for additional items concerning 2023: yFull yyFNEear 2023 Comment Nokia Technologies operating profit LargelyyFE stable Assuming closure of outstanding litigation / renewal discussions we expect largelyyFE stable operating profit in Nokia Technologies in 2023. Nokia currentlyyFE assumes free cash flow slightlyyFE greater than operating profit in Nokia Technologies. Group Common and Other operating profit Negative yEUR 300-350 million This includes central function costs largelyyFE stable at below yEUR 200 million and an increase in investment in long-term research now above yEUR 100 million. This line also accounts for Radio yFrequencyyFE SyyFEstems (RyFS) and could be impacted byyFE anyyFE positive or negative revaluations in Nokia's venture funds in 2023. Comparable financial income and expenses yEUR 0 million As interest rates have increased we now expect financial income and expenses to be approximatelyyFE balanced. Comparable income tax rate ~25% yFollowing the re-recognition of deferred tax assets at the end of 2022 we now provide an assumption based on a % tax rate instead of an absolute amount. Cash outflows related to income taxes yEUR 700 million Cash outflows related to income taxes are expected to increase due to mandatoryyFE capitalization of R&D costs under U.S. tax laws as well as evolving regional mix. Capital yExpenditures yEUR 650 million Long-term targets Nokia's long-term targets remain unchanged from those introduced with its Q4 2021 financial results. The targets had an associated timeline of 3-5 yyFEears which remains unchanged and implies byyFE 2024-2026. These targets remain intended to show Nokia's ambition to deliver continuous improvement in the business over the time period. Net sales Grow faster than the market Comparable operating margin 1 ≥ 14% yFree cash flow 1 55 to 85% conversion from comparable operating profit 1 Please refer to Performance measures section in this report for a full explanation of how these terms are defined. 26 JanuaryyFE 2023 3  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;yFinancial Results Q4 2022 compared to Q4 2021 Net sales In Q4 2022 , reported net sales increased 16% , benefiting from foreign exchange rate fluctuations along with the following drivers. On a constant currencyyFE basis, Nokia net sales growth accelerated to 11% as all four business groups grew yyFEear-on-yyFEear. Network Infrastructure grew 14% driven byyFE strong demand across all businesses and Nokia Technologies increased 82% mainlyyFE reflecting a long-term license e exercising an option. Mobile Networks net sales grew 3% reflecting a shift in regional demand trends while Cloud and Network Services increased 5%. Gross margin Reported gross margin increased 330 basis points to 42.8% in Q4 2022 and comparable gross margin increased 340 basis points to 43.5% .. The option being exercised in Nokia Technologies accounted for approximatelyyFE 240bps of the total expansion. Network Infrastructure gross margin expanded due to favorable mix along with improved indirect cost of sales, while Mobile Networks declined as it witnessed a meaningful shift in regional mix in the quarter. Operating profit and margin Reported operating profit in Q4 2022 was yEUR 882 million, or 11.8% of net sales, up from 11.5% in the yyFEear-ago quarter. Comparable operating profit increased to yEUR 1 154 million, while comparable operating margin was 15.5% , up from 14.2% in the yyFEear-ago quarter. Higher overall gross profit in Q4 2022 was partlyyFE offset byyFE a net negative impact from Nokia's venture fund investments and the impact of hedging, both of which are recorded in other operating income and expenses, as well as higher operating expenses. In addition to the negative impact from foreign exchange fluctuations and salaryyFE inflation, higher R&D expenses reflected continued investments to build or maintain technologyyFE leadership across our portfolio, while higher SG&A expenses reflected investments in broadening our go-to-market approach. AdditionallyyFE, operating profit benefited yyFEear-on-yyFEear from lower variable payyFE accruals. Nokia's venture fund investments generated a loss of approximatelyyFE yEUR 90 million in Q4 2022 compared to a benefit of approximatelyyFE yEUR 60 million in Q4 2021. The impact of hedging in Q4 2022 was negative yEUR 33 million, compared to a benefit of yEUR 1 million in Q4 2021. In Q4 2022 , the difference between reported and comparable operating profit was primarilyyFE related to the amortization of acquired intangible assets, the impairment and write-off of assets, net of reversals along with restructuring and associated charges .. In Q4 2021 , the difference between reported and comparable operating profit was primarilyyFE related to the amortization of acquired intangible assets, restructuring and associated charges and the negative impact from a change in provisions related to past acquisitions, partlyyFE offset byyFE a gain on the sale of fixed assets. Profit for the period Reported net profit was yEUR 3 152 million, compared to yEUR 680 million in Q4 2021 .. Comparable net profit was yEUR 929 million, compared to yEUR 731 million in Q4 2021 .. The improvement in comparable net profit reflects the increase in comparable operating profit, as well as a net positive fluctuation in financial income and expenses which was primarilyyFE driven byyFE higher interest income reflecting recent interest rate increases, as well as higher share of results of associated companies and joint ventures. These were partlyyFE offset byyFE higher income taxes, related to regional profit evolution. In addition to the items impacting comparabilityyFE included in operating profit (and their associated tax effects), in Q4 2022 , the difference between reported and comparable net profit was related to changes in the recognition of deferred tax assets (see "yFinnish Deferred Tax Asset" below), loss allowances and impairments on customer financing loans and a deferred tax expense due to tax rate changes. In Q4 2021 , the difference between reported and comparable net profit was related to a tax benefit related to past operating model integration, changes in the recognition of deferred tax assets and a loss allowance on customer financing loan. yEarnings per share Reported diluted yEPS was yEUR 0.56 in Q4 2022, compared to yEUR 0.12 in Q4 2021 .. Comparable diluted yEPS was yEUR 0.16 in Q4 2022 compared to yEUR 0.13 in Q4 2021 .. Comparable return on Invested Capital (ROIC) Q4 2022 comparable ROIC was 17.5% , compared to 20.1% in Q4 2021 .. The decrease reflected higher average invested capital for the rolling four quarters, partlyyFE offset byyFE higher operating profit after tax for the rolling four quarters. The higher average invested capital reflected growth in average total equityyFE, partiallyyFE offset byyFE increase in average total cash and interest-bearing financial investments and a decrease in average total interest-bearing liabilities. Cash performance During Q4 2022 , net cash increased yEUR 112 million, resulting in an end-of-quarter net cash balance of approximatelyyFE yEUR 4.8 billion. Total cash was largelyyFE flat sequentiallyyFE at approximatelyyFE yEUR 9.2 billion. yFree cash flow was positive yEUR 364 million in Q4 2022 , largelyyFE generated from operating profit, partlyyFE offset byyFE net working capital outflows. Deferred Tax Assets in yFinland In 2020, Nokia de-recognized deferred tax assets in yFinland, as required, due to a regular assessment of our abilityyFE to utilize deferred tax assets in yFinland in the foreseeable future, which was done primarilyyFE based on our historical performance. At 31 December 2022, Nokia concluded, based on its latest assessment, that it is probable that it will be able to utilize the unused tax losses and deductible temporaryyFE differences in yFinland and re-recognized deferred tax assets of yEUR 2.5 billion in the consolidated statement of financial position. yFor further details on the re-recognition of deferred tax assets in yFinland, please refer to note 5, Deferred taxes in the yFinancial statement information section in this report. 26 JanuaryyFE 2023 4  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud and Network Services yEUR million Q4'22 Q4'21 YoY change Constant currencyy YoY change Q1-Q4'22 Q1-Q4'21 YoY change Constant currencyy YoY change Net sales 1 060 964 10% 5% 3 351 3 089 8% 2% Gross profit 464 403 15% 1 340 1 160 16% Gross margin % 43.8% 41.8% 200bps 40.0% 37.6% 240bps Operating profit 147 145 1% 177 166 7% Operating margin % 13.9% 15.0% (110) bps 5.3% 5.4% (10) bps Cloud and Network Services net sales grew 10% on a reported basis and 5% on a constant currencyyFE basis. yFrom a product perspective, there was strong growth in yEnterprise Solutions which was driven byyFE ongoing momentum in campus wireless. Business Applications and Cloud and Cognitive Services also grew and were offset byyFE a slight decline in Core Networks. yFrom a regional perspective, on a constant currencyyFE basis Cloud and Network Services saw strong growth in North America, Asia Pacific and Middle yEast & Africa whilst yEurope was flat and there were declines in Latin America and India. Gross margin expanded, benefiting from operational improvements in project deliveryyFE that have been made across the business. Operating margin declined yyFEear-on-yyFEear as the higher gross profit was offset byyFE increased SG&A and R&D expenses, reflecting continued investments to strengthen leadership in campus wireless. Operating profit was also negativelyyFE impacted byyFE hedging and a loss allowance on certain trade receivables, both recorded in other operating income and expenses. AdditionallyyFE, operating profit benefited yyFEear-on-yyFEear from lower variable payyFE accruals. Nokia Technologies yEUR million Q4'22 Q4'21 YoY change Constant currencyy YoY change Q1-Q4'22 Q1-Q4'21 YoY change Constant currencyy YoY change Net sales 679 368 85% 82% 1 595 1 502 6% 5% Gross profit 678 367 85% 1 590 1 497 6% Gross margin % 99.9% 99.7% 20bps 99.7% 99.7% 0bps Operating profit 564 282 100% 1 208 1 185 2% Operating margin % 83.1% 76.6% 650bps 75.7% 78.9% (320) bps Nokia Technologies net sales grew 8 5% on a reported basis and 82% on a constant currencyyFE basis reflecting an option exercised within a long-term license. Q4 2022 net sales also benefited from new deals signed that also included some catch-up net sales and one-time transactions while Q4 2021 benefited from one-time transactions. In the full yyFEear 2022 we signed over 50 new patent license agreements across our smartphone, automotive, consumer electronics, and IoT licensing programs. As outlined in Nokia's 2021 Annual yFinancial Statements, Nokia has been recognizing revenue each quarter related to a 10-yyFEear patent license agreement entered into in April 2014. Under the terms of the agreement the licensee had an option to extend the license agreement for the remaining life of the licensed patents (in effect becoming a perpetual license). In Q4 2022 theyyFE exercised this right. Under the applied accounting policies, the notice triggered revenues of yEUR 305 million in Q4 2022 that would otherwise have been recognized in future periods. Nokia will therefore no longer recognize revenue in relation to this agreement in future periods. AdditionallyyFE, net sales were negativelyyFE impacted byyFE two licensing agreements that ended during 2021 which are in the process of litigation/renewal, along with the impact of market share changes in the smartphone industryyFE, including a companyyFE that has exited the smartphone market. The previouslyyFE discussed two litigation/renewal situations remain outstanding with no net sales recognized in 2022. Nokia will continue to prioritize protecting the value of its portfolio over achieving specific timelines. Nokia continues to expect to return to a run-rate of yEUR 1.4-1.5bn of revenue when these discussions conclude. Operating margin expanded yyFEear-on-yyFEear reflecting the inclusion of the aforementioned option exercised in Q4 2022. Operating expenses increased slightlyyFE as a result of increased legal fees. Operating profit was also negativelyyFE impacted byyFE a loss allowance on c ertain trade receivables , recorded in other operating income and expenses. Group Common and Other yEUR million Q4'22 Q4'21 YoY change Constant currencyy YoY change Q1-Q4'22 Q1-Q4'21 YoY change Constant currencyy YoY change Net sales 59 74 (20) % (26) % 295 257 15% 8% Gross profit/(loss) (6) (3) (12) (13) Gross margin % (10.2) % (4.1) % (610) bps (4.1) % (5.1) % 100bps Operating profit/(loss) (189) (38) (318) (125) Operating margin % (320.3) % (51.4) % (26 890) bps (107.8) % (48.6) % (5 920) bps Group Common and Other net sales decreased 20% on a reported basis and 26% on a constant currencyyFE basis as Radio yFrequencyyFE SyyFEstems declined in North America .. The decrease in operating result was primarilyyFE driven byyFE losses from Noki a's venture fund investments, which amounted to approximatelyyFE yEUR 90 million in Q4 2022 , and related to the net impact of foreign exchange fluctuations and revaluations, compared to profits of approximatelyyFE yEUR 60 million in Q4 2021, as well as higher operating expenses. 26 JanuaryyFE 2023 6  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales byyFE region 1 yEUR million Q4'22 Q4'21 YoY change Constant currencyy YoY change Q1-Q4'22 Q1-Q4'21 YoY change Constant currencyy YoY change Asia Pacific 801 684 17% 17% 2 648 2 472 7% 5% yEurope 2 351 1 836 28% 27% 6 662 6 313 6% 4% Greater China 356 393 (9) % (10) % 1 581 1 512 5% (2) % India 568 248 129% 116% 1 290 1 035 25% 15% Latin America 387 325 19% 10% 1 223 983 24% 12% Middle yEast & Africa 595 554 7% 3% 1 969 1 771 11% 5% North America 2 070 2 128 (3) % (12) % 8 388 7 187 17% 4% Submarine Networks 319 246 30% 32% 1 150 929 24% 25% Total 7 449 6 414 16% 11% 24 911 22 202 12% 6% 1 In Q2 2022, Nokia changed how it presents net sales information on a regional basis. Nokia determined that providing net sales of its Submarine Networks business separatelyyFN=E from the net sales byyFN=E region information for the rest of the Group improves the usefulness of regional net sales information byyFN=E removing volatilityyFN=E caused byyFN=E the specific nature of the Submarine Networks business. The comparative information for net sales byyFN=E region has been recast accordinglyyFN=E. Reported changes are disclosed in the table above. The regional commentaryyFE below focuses on constant currencyyFE results, to exclude the impact of foreign exchange rate fluctuations. The commentaryyFE is based on regions excluding Submarine Networks, given the nature of that business leads to significant regional volatilityyFE between periods. The strong performance in Asia Pacific reflected double-digit growth across Network Infrastructure, Mobile Networks and Cloud and Network Services. yEurope net sales growth benefited from Nokia Technologies (which is entirelyyFE reported in yEurope), as a long-term licensee exercised an option leading to higher revenue recognition in Q4. Net sales in yEurope increased at a double-digit rate in both Network Infrastructure and Mobile Networks. Growth in Network Infrastructure was driven byyFE yFixed Networks and Optical Networks. Within Greater China , net sales decreased due to Network Infrastructure, particularlyyFE in IP Networks. The strong growth in net sales in India was related to Mobile Networks, as 5G deployyFEments started to ramp in the fourth quarter. Network Infrastructure also saw strong growth driven byyFE both Optical Networks and yFixed Networks. Net sales in Latin America increased primarilyyFE due to Network Infrastructure and Mobile Networks. Middle yEast & Africa growth was driven byyFE Cloud and Network Services. The double-digit decline in North America reflected lower net sales in Mobile Networks following significant strength in the first three quarters of 2022, as expected. This was somewhat offset byyFE growth in Network Infrastructure and Cloud and Network Services. Net sales byyFE customer tyyFEpe yEUR million Q4'22 Q4'21 YoY change Constant currencyy YoY change Q1-Q4'22 Q1-Q4'21 YoY change Constant currencyy YoY change Communications service providers (CSP) 5 640 5 238 8% 3% 19 911 17 977 11% 3% yEnterprise 769 495 55% 49% 2 007 1 575 27% 21% Licensees 679 368 84% 82% 1 595 1 502 6% 5% Other 1 361 312 16% 16% 1 398 1 148 22% 21% Total 7 449 6 414 16% 11% 24 911 22 202 12% 6% 1 Includes net sales of Submarine Networks which operates in a different market, and Radio yFrequencyyFN=E SyyFN=Estems (RyFS), which is being managed as a separate entityyFN=E, and certain other items, such as eliminations of inter-segment revenues. Submarine Networks and RyFS net sales also include revenue from enterprise customers and communications service providers. C ontinued strong demand from CSPs le d to robust sales growth of 3% in constant currencyyFE in Q4 2022. Growth in yEnterprise net sales accelerated to 49% in constant currencyyFE, as we continued to execute on our strong order book. Net sales to webscale customers more than doubled in the quarter, as we continued to build traction with these customers. Private wireless continued to grow stronglyyFE double-digit and now has more than 560 customers. Customer engagement also remains positive as we added 97 new yEnterprise customers in the quarter. Refer to the Nokia Technologies section of this report for a discussion on net sales to Licensees. The growth in 'Other' was due to the strength of Submarine Networks. 26 JanuaryyFE 2023 7  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 2022 to Q4 2021 bridge for net sales and operating profit yEUR million Q4'22 Volume, price, mix and other yForeign exchange impact Items affecting comparabilityy Q4'21 Net sales 7 449 734 301 — 6 414 Operating profit 882 269 (23) (104) 740 Operating margin % 11.8% 11.5% The table above shows the change in net sales and operating profit compared to the yyFEear-ago quarter. Net sales benefited stronglyyFE from both the impact of foreign exchange rate fluctuations, as well as improvements from an operational standpoint. Operating profit saw a positive impact from an operational standpoint, a negative impact from foreign exchange rate fluctuations, as well as a negative impact from larger items affecting comparabilit yyFE largelyyFE due to the impairment and write-off of assets, net of reversals, and restructuring and associated charges. The negative impact to operating profit seen from foreign exchange rate fluctuations is a combination of an underlyyFEing benefit to operating profit related to our mix of currencyyFE exposures, which was more than offset byyFE our hedging program. Reconciliation of reported operating profit to comparable operating profit yEUR million Q4'22 Q4'21 YoY change Q1-Q4'22 Q1-Q4'21 YoY change Reported operating profit 882 740 19% 2 318 2 158 7% Amortization of acquired intangible assets 106 99 411 391 Impairment and write-off of assets, net of reversals 84 13 97 45 Restructuring and associated charges 80 52 177 263 Costs associated with countryyFE exit (6) — 98 — Gain on sale of fixed assets — (30) — (53) Settlement of legal disputes — — — (80) Other, net 7 34 8 51 Comparable operating profit 1 154 908 27% 3 109 2 775 12% The comparable operating profit that Nokia discloses is intended to provide meaningful supplemental information to both management and investors regarding Nokia's underlyyFEing business performance byyFE excluding certain items of income and expenses that mayyFE not be indicative of Nokia's business operating results. Comparable operating profit is used also in determining management remuneration. In Q4 2022 the main adjustments related to the amortization of acquired intangible assets which is primarilyyFE related to purchase price allocation of the Alcatel-Lucent acquisition, the impairment and write-off of assets, net of reversals along with restructuring charges mainlyyFE related to the ongoing restructuring program (discussed later in this interim report) .. 26 JanuaryyFE 2023 8  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash flow in Q4 2022 yEUR billion yEUR million, at end of period Q4'22 Q3'22 QoQ change Q4'21 YTD change Total cash and interest-bearing financial investments 9 244 9 251 0% 9 268 0% Net cash and interest-bearing financial investments 1 4 767 4 655 2% 4 615 3% 1 Net cash and interest-bearing financial investments does not include lease liabilities. yFor details, please refer to the Performance measures section in this report. yFree cash flow During Q4 2022, Nokia's free cash flow was positive yEUR 364 million, generated from operating profit, partlyyFE offset byyFE cash outflows related to net working capital, as well as capital expenditures, restructuring and income taxes. N et cash from operating activities Net cash from operating activities was driven byyFE: ▪ Nokia's adjusted profit of yEUR 1 443 million. ▪ ApproximatelyyFE yEUR 60 million of restructuring and associated cash outflows, related to our current and previous cost savings programs. ▪ yExcluding the restructuring and associated cash outflows, the decrease in net cash related to net working capital was approximatelyyFE yEUR 710 million, as follows: The increase in receivables was approximatelyyFE yEUR 580 million, primarilyyFE related to seasonalityyFE, partlyyFE offset byyFE an increase in the balance sheet impact of the sale of receivables in the quarter. T he increase in inventories was approximatelyyFE yEUR 60 million , a s normal seasonalityyFE was offset byyFE inventoryyFE builds related to upcoming deployyFEments in India. The decrease in liabilities was approximatelyyFE yEUR 70 million, primarilyyFE related to a decrease in contract liabilities and deferred revenues, partlyyFE related to the exercise of an option related to a long-term license in Nokia Technologies, offset byyFE an increase in accounts payyFEable, as well as accruals for 2022 performance-related employyFEee variable payyFE. ▪ An outflow related to cash taxes of approximatelyyFE yEUR 90 million. ▪ An outflow related to net interest of approximatelyyFE yEUR 20 million. Net cash used in investing activities ▪ Net cash used in investing activities was related primarilyyFE to capital expenditures of approximatelyyFE yEUR 200 million. Net cash used in financing activities ▪ Net cash used in financing activities was related primarilyyFE to dividend payyFEments of approximatelyyFE yEUR 120 million, the acquisition of treasuryyFE shares of approximatelyyFE yEUR 70 million and lease payyFEments of approximatelyyFE yEUR 50 million. Change in total cash and net cash In Q 4 2022, the approximatelyyFE yEUR 120 million difference between the change in total cash and net cash was primarilyyFE due to changes in the carryyFEing amounts of certain issued bonds, as a result of both foreign exchange rate and interest rate fluctuations. yForeign exchange rates had an approximatelyyFE yEUR 40 million negative impact on net cash. 26 JanuaryyFE 2023 9  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ja nuaryyFE- December 2022 compared to JanuaryyFE–December 2021 Net sales In full yyFEear 2022, reported net sales incr eased 12%, b enefiting from foreign exchange rate fluctuations along with the following drivers. On a constant currencyyFE basis, Nokia net sales increased 6% in full yyFEear 2022. SupplyyFE chain disruptions and semiconductor supplyyFE constraints impacted the timing of revenue through the yyFEear but following meaningful improvements in the second half of 2022, the yyFEear ended with minimal impact from this. Performance was driven byyFE growth across all four business groups, with particular strength in Network Infrastructure, which grew 10%. Mobile Networks and Cloud and Network Services both grew at a low-single digit rate and Nokia Technologies increased 5%, although benefited from an option exercised in a long-term license that led to higher revenue recognition in Q4 2022. Gross margin Both reported and comparable gross margin improved yyFEear-on- yyFEear in full yyFEe ar 2022. Reported gross margin increased 120 basis points to 41.0% and comparable gross margin increased 100 basis points to 41.4%. The gross margin expansion was primarilyyFE driven byyFE margin expansion in Network Infrastructure, as well as ongoing improvements in cost competitiveness and favorable regional mix in Mobile Networks. AdditionallyyFE, gross margin benefited from the higher revenue recognition in Nokia Technologies in Q4 2022. Operating profit and margin Reported operating profit in full yyFEear 2022 was yEUR 2 318 million, or 9.3% of net sales, down from 9.7% in the yyFEear-ago period. Comparable operating profit increased to yEUR 3 109 million, while comparable operating margin was flat yyFEear-on-yyFEear at 12.5%. While gross profit increased in full yyFEear 2022, this was largelyyFE offset byyFE higher operating expenses, which were negativelyyFE impacted byyFE foreign exchange fluctuations, as well as a significant swing in other operating income and expenses. R&D expenses increased yyFEear-on- yyFEear, reflecting our commitment to build or maintain technologyyFE leadership across our portfolio. The net negative fluctuation in other operating income and expenses ref lected lower profits from Nokia's venture funds, the impact of hedging, higher loss allowances on certain trade receivables and the absence of certain other operating income items that benefited the yyFEear-ago period .. SG&A expenses increased related to higher salaryyFE expenses and investments we are making in areas such as private wireless. AdditionallyyFE, operating expenses benefited yyFEear-on-yyFEear from lower variable payyFE accruals. Nokia's venture fund investments generated a benefit of approximatelyyFE yEUR 20 million in full yyFEear 2022 compared to a benefit of approximatelyyFE yEUR 190 million in full yyFEear 2021. The impact of hedging was negative yEUR 107 million in full yyFEear 2022, compared to a benefit of yEUR 45 million in full yyFEear 2021. In 2021, Nokia benefited from approximatelyyFE 150bps of one-offs to its comparable operating margin related to venture fund investments, a one-off software contract in Q2, reversals of loss allowances on certain trade receivables and some other one-time benefits. In full yyFEear 2022, the difference between reported and comparable operating profit was related to the amortization of acquired intangible assets, restructuring and associated charges, costs associated with a countryyFE exit and the impairment and write-off of assets, net of reversals. In full yyFEear 2021, the difference between reported and comparable operating profit was primarilyyFE related to the amortization of acquired intangible assets, restructuring and associated charges, the impairment and write-off of assets, net of reversals, the negative impact from a change in provisions related to past acquisitions and the fair value changes of a legacyyFE IPR fund, partlyyFE offset byyFE a gain related to the settlement of legal disputes and a gain on the sale of fixed assets. Profit for the period Reported net profit in full yyFEear 2022 was yEUR 4 259 million, compared to yEUR 1 645 million in the yyFEear-ago period. Comparable net profit was yEUR 2 481 million, compared to yEUR 2 109 million in the yyFEear-ago period. The improvement in comparable net profit reflects an increase in comparable operating profit and lower net financial income and expenses , which primarilyyFE reflected the impact of higher interest rates on pension plans and interest income, as well as a positive revaluation of embedded derivatives related to foreign currencyyFE orders. This was partlyyFE offset byyFE higher income tax expenses and lower share of results of associated companies and joint ventures. In full yyFEear 2022, in addition to the items impacting comparabilityyFE included in operating profit (and their associated tax effects), the difference between reported and comparable net profit was related to changes in the recognition of deferred tax assets (for more information see "yFinnish Deferred tax Asset" in the Q4 2022 Compared to Q4 2021 section above), loss allowances and impairments on customer financing loans, the release of cumulative exchange differences related to abandonment of foreign operations, a deferred tax expense due to tax rate changes and byyFE the change in financial liabilityyFE to acquire Nokia Shanghai Bell non- controlling interest. In the full yyFEear 2021, in addition to the items impacting comparabilityyFE included in operating profit (and their associated tax effects), the difference between reported and comparable net profit was related to tax benefit related to past operating model integration, a benefit related to a change in the recognition of deferred tax assets, a change in financial liabilityyFE to acquire Nokia Shanghai-Bell non-controlling interest, a loss allowance on customer financing loan and a deferred tax benefit due to tax rate changes .. yEarnings per share Reported diluted yEPS in full yyFEear 2022 was yEUR 0.75, compared to yEUR 0.29 in full yyFEear 2021. Comparable diluted yEPS in full yyFEear 2022 was yEUR 0.44 compared to yEUR 0.37 in full yyFEear 2021. Cash performance At the end of full yyFEear 2022, Nokia had a net cash balance of approximatelyyFE yEUR 4.8 billion, an increase of yEUR 0. 2 billion compared to the end of full yyFEear 2021. Total cash of yEUR 9.2 billion at the end of 2022 was largelyyFE flat compared to last yyFEear. yFree cash flow was yEUR 840 million in 2022, representing approximatelyyFE 27% conversion of comparable operating profit. yFree cash flow conversion was negativelyyFE impacted byyFE net working capital outflows during the yyFEear, a large part of which was related to the free cash flow performance of Nokia Technologies being a pproximatelyyFE yEUR 800 million lower than its operating profit, primarilyyFE due to prepayyFEments we received from certain licensees in previous yyFEears and the higher revenue recognition that benefited Q4 2022 operating profit. 26 JanuaryyFE 2023 10  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sustainabilityy Our strategyyFE and focus areas At Nokia, we create technologyyFE that helps the world act together. ConnectivityyFE and digitalization playyFE a critical role in helping to solve manyyFE of the world's greatest challenges. On 31 October 2022, we announced our enhanced yEnvironmental, Social and Governance (yESG) strategyyFE, designed to maximize Nokia's impact. Combining its technologyyFE, solutions and capabilities to address some of the biggest global challenges, the strategyyFE also aims to create increased value. The yESG strategyyFE builds on five strategic focus areas outlined below. The yESG strategyyFE is aligned with the topics that are most material to Nokia and its stakeholders. SustainabilityyFE is a core component of Nokia business and technologyyFE strategies. Our ambition is to build new competitive opportunities while also creating tangible environmental and social benefits. The five keyyFE focus areas of the yESG strategyyFE are: yEnvironment which includes climate and circularityyFE topics. We look to reduce our environmental footprint and help our operator customers reduce their footprint. Our ambition is to be the leader in energyyFE efficiencyyFE and circular practices. Industrial Digitalization focuses on the role of enhanced connectivityyFE and digitalization in unlocking value and making organizations more productive, adaptable, sustainable and resilient. Our connectivityyFE and digital solutions provide new 5G use cases, automation and smart resilient networking that sustainablyyFE transform phyyFEsical industries. SecurityyFE & Privacyy : SecurityyFE and privacyyFE are part of everyyFEthing we do. We aim to deliver securityyFE and privacyyFE byyFE design, with the goal to ensure the network is seamlesslyyFE secure. Our ambition is that securityyFE and privacyyFE become the cornerstone of our reputation and product proposition. Bridging the digital divide : The pandemic highlighted manyyFE inequalities including the extent of the digital divide. Our aim is to be a bridge for digital inclusion through our connectivityyFE and digital skill building solutions. Responsible Business : Our business is built on the foundation of trust. Our Code of Conduct expresses our personal commitment to earn this trust everyyFE dayyFE. It provides clear and simple direction for all employyFEees and business partners. Our ambition is to take a proactive and values-driven role in driving responsible business practices internallyyFE and in our value chain. yEnvironment During the last quarter of 2022, we took some initial steps in our environmental impact related to biodiversityyFE as well as actions that contribute to the further development and strengthening of our circular approach. We also again received an A- leadership result on CDP for our carbon disclosure and related activities. BiodiversityyFE appeared for the first time in our 2022 materialityyFE assessment top quartile of most material issues. In December we announced our inaugural three-yyFEear collaboration with the John Nurminen yFoundation to protect the Baltic Sea and support the regeneration of a healthyyFE biodiverse ecosyyFEstem. The partnership will also explore the potential role of digital technologyyFE to monitor and support restoration of the ecosyyFEstem. During the quarter we also took the opportunityyFE to conclude the protection of 5.64 hectares of Nokia land in Northern yFinland to create a nature conservation area. The yFinnish Government also protected an equivalent area of land as part of the state gift of nature campaign. In relation to circular practices, we also announced the opening of a new regional maintenance hub in RiyyFEadh in the Kingdom of Saudi Arabia during the quarter. The hub will support customers across the Middle yEast and Africa region, providing repair and support services for Nokia's 5G and legacyyFE telecoms network equipment as well as training to local engineers. The move supports Nokia's efforts to extend the lifespan of its network equipment through the adoption of circular practices that enable greater material efficiencyyFE, reduced waste and more sustainable networks. Industrial Digitalization During December Nokia announced the results of a surveyyFE commissioned with Global Data on the impact of deployyFEing private wireless on enterprise operations. KeyyFE findings show more than half of the surveyyFE respondents have seen cost reductions since introducing the technologyyFE and over 79% have seen or would expect to see a return on investment (ROI) within six months. 82% of the companies surveyyFEed stated that the most important or one of the most important factors in their strategyyFE and decision-making processes is sustainabilityyFE. CyyFEbersecurityyFE and business efficiencyyFE are keyyFE transformation drivers for earlyyFE adopters of private wireless. In December 2022, our Submarine Networks business inaugurated the deployyFEment of a private 5G network on its submarine syyFEstems production and assemblyyFE site based in Calais. More than 2 yyFEears of development and integration were necessaryyFE to deployyFE the largest private industrial 5G network in yEurope to date, and to provide coverage to the 50,000 square meters of the Calais site. yEleven buildings as well as the loading docks will be covered byyFE 59 5G small cell antennas. In November, Nokia announced that it will deployyFE the first industrial- grade LTyE private network, the San Antonio Terminal Internacional S.A. (STI), the main port in Chile and a keyyFE port in South America. Responsible Business During Q4 2022 we implemented events and campaigns to remind our employyFEees about the importance of ethics and speaking up. We hosted a global IntegrityyFE DayyFE which included senior leader engagement and recognition of ethical role models as well as learning and celebratoryyFE activities. We recentlyyFE launched a new yEthics Helpline tool, making it even easier for reporting suspected compliance breaches. The new tool offers a more agile and user- friendlyyFE interface, enhanced reporting and data analyyFEtics capabilities for investigators and enhanced case management features, leading to increased efficiencyyFE in investigations. During the quarter, we received recognition from the 2022 Workplace Pride Global Benchmark which awarded Nokia for the third time with an ambassador status for its LGBT+ work. In addition, Nokia's OUT Leaders program, showcasing LGBT+ leaders as role models in the organization, was recognized as a best practice byyFE the World yEconomic yForum's Global ParityyFE Alliance, a cross-industryyFE group of global organizations focusing on accelerating diversityyFE, equalityyFE and inclusion in the workplace. yFinallyyFE, two new 'Action for Leadership' programs were launched in partnership with 'UN Women' and two operator customers, Saudi Telecom CompanyyFE, and e&, headquartered in Dubai. The program invites women talent from Nokia and our customers to innovate on business solutions to address social sustainabilityyFE. Our people Nokia also held its annual Global DayyFE of Learning for all employyFEees in November with more than 58 000 participants. The focus was on strategyyFE, technologyyFE, and people with the aim to emphasize Nokia as the companyyFE of choice. During the dayyFE 13 different topics were presented including Nokia yEnvironmental, Social and Governance strategyyFE, Nokia TechnologyyFE Vision 2030 and specific skills development. 26 JanuaryyFE 2023 11  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional information Cost Savings Program In Q1 2021, we announced plans to reset our cost base, targeting a reduction of approximatelyyFE yEUR 600 million byyFE the end of 2023. Given the strength in our end markets, the pace of restructuring continues to be slower than we initiallyyFE planned. The overall size of the plan, however, remains unchanged and continues to depend on the evolution of our end markets, consistent with our commentaryyFE when we announced the plan. We continue to expect these cost savings to result in approximatelyyFE yEUR 500-600 million of restructuring and associated charges byyFE the end of 2023. We continue to expect total restructuring and associated cash outflows to be approximatelyyFE yEUR 1 050-1 150 million. This total includes approximatelyyFE yEUR 500 million of cash outflows related to our previous restructuring program. In yEUR million, rounded to the nearest yEUR 50 million Actual yExpected amounts for Total amount 1 2021 2022 2023 BeyyFEond 2023 Recurring gross cost savings 150 250 100 100 600 - cost of sales 50 100 50 50 250 - operating expenses 100 150 50 50 350 Restructuring and associated charges related to our most recent cost savings program 250 150 150 500-600 Restructuring and associated cash outflows 2 350 300 300 150 1 050-1 150 1 Savings expected byyFN=E end of 2023. 2 Includes cash outflows related to the most recent cost savings program, as well as the remaining cash outflows related to our previous programs. Restructuring and associated charges byyFE business group In yEUR million, rounded to the nearest yEUR 50 million Mobile Networks 300-350 Network Infrastructure ~100 Cloud and Network Services 100-150 Total restructuring and associated charges 500-600 Significant events JanuaryyFE – December 2022 On 3 yFebruaryyFE 2022, Nokia announced that its Board of Directors is initiating a share buyyFEback program to return up to yEUR 600 million of cash to shareholders in tranches over a period of two yyFEears. Nokia launched the first phase of the program on 11 yFebruaryyFE 2022 with repurchases starting on 14 yFebruaryyFE 2022. On 5 April 2022, Nokia held its Annual General Meeting (AGM) at its headquarters in yEspoo under special arrangements due to the COVID-19 pandemic. ApproximatelyyFE 59 300 shareholders representing approximatelyyFE 3 063 million shares and votes were represented at the meeting. The following resolutions were made: ▪ The financial statements were adopted and the Board and President and CyEO were discharged from liabilityyFE for financial yyFEear 2021. ▪ The AGM decided that no dividend is distributed byyFE a resolution of the Annual General Meeting and authorized the Board of Directors to resolve in its discretion on the distribution of an aggregate maximum of yEUR 0.08 per share as dividend from the retained earnings and/or as assets from the reserve for invested unrestricted equityyFE (equityyFE repayyFEment). ▪ Sari Baldauf, Bruce Brown, Thomas Dannenfeldt, Jeanette Horan, yEdward Kozel, Søren Skou and Carla Smits-Nusteling were reelected as members of the Board of Directors for a term ending at the close of the next AGM. In addition, the AGM resolved to elect Lisa Hook, Thomas Saueressig and Kai Öistämö as new members of the Board of Directors for the same term of office. In an assemblyyFE meeting that took place after the AGM, the Board elected Sari Baldauf as Chair of the Board, and Søren Skou as new Vice Chair of the Board. ▪ The annual fees of the Board members were increased byy yEUR 10 000 except for the Board Chair. ▪ Remuneration Report of the companyyFYMMMEs governing bodies was supported. ▪ Deloitte OyyFE was re-elected as the auditor for Nokia for the financial yyFEear 2023. ▪ Board was authorized to resolve to repurchase a maximum of 550 million Nokia shares and to issue a maximum of 550 million shares through issuance of shares or special rights entitling to shares in one or more issues. The authorizations are effective until 4 October 2023 and theyyFE terminated the corresponding authorizations granted byyFE the AGM on 8 April 2021. On 12 April 2022, Nokia announced its intention to exit the Russian market. Nokia will aim to provide the necessaryyFE support to maintain the networks alreadyyFE present as it exits the market. Nokia sees this as the most responsible course of action to take. Nokia recognized a provision of yEUR 104 million in Q1 2022 in relation to Russia. Russia accounted for less than 2% of Nokia's net sales in 2021 .. Net sales in Russia declined approximatelyyFE yEUR 80 million yyFEear-on-yyFEear in Q4 2022 and approximatelyyFE yEUR 2 60 million in full yyFEear 2022, however, the impact was mitigated byyFE strong demand from other regions, considering the supplyyFE constraints. On 6 MayyFE 2022, Nokia announced that its Chief People Officer, Stephanie Werner-Dietz, had informed the companyyFE that she will leave and step down from the Group Leadership Team to take up a position in another companyyFE. Werner-Dietz left the companyyFE on 26 August 2022. On 13 September 2022, Nokia announced that it has appointed AmyyFE Hanlon-Rodemich as Chief People Officer and member of the Group 26 JanuaryyFE 2023 12  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leadership Team, effective 24 October 2022. Hanlon-Rodemich joined Nokia from GlobalLogic, a leading companyyFE in digital product engineering, where she was Chief People Officer. On 6 October 2022, Nokia announced that its Chief Legal Officer, Nassib Abou-Khalil, has decided to leave Nokia and step down from its Group Leadership Team. On 11 November 2022, Nokia announced it has completed the first phase of the share buyyFEback program announced in yFebruaryyFE 2022. On 8 December 2022, it was announced that Nokia has decided to launch the second phase of the share buyyFEback program and it had cancelled the shares repurchased under the first phase of the program. Repurchases under the second phase of the program resumed on 2 JanuaryyFE 2023. yFor more information on the share buyyFEback program, refer to the Shareholder distribution section in this report. After December 2022 On 25 JanuaryyFE 2023, Nokia announced it had appointed yEsa Niinimäki as Chief Legal Officer and member of the Group Leadership Team. Niinimäki has worked at Nokia for more than 15 yyFEears where he has held multiple positions, most recentlyyFE Interim Chief Legal Officer. Shares The total number of Nokia shares on 31 December 2022, equaled 5 632 297 576. On 31 December 2022, Nokia and its subsidiaryyFE companies held 45 281 539 Nokia shares, representing approximatelyyFE 0.8% of the total number of Nokia shares and voting rights. Risk yFactors Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to: ▪ Competitive intensityyFE, which is expected to continue at a high level; ▪ Our abilityyFE to ensure competitiveness of our product roadmaps and costs through additional R&D investments; ▪ Our abilityyFE to procure certain standard components and the costs thereof, such as semiconductors; ▪ Disturbance in the global supplyyFE chain; ▪ Accelerating inflation, increased global macro-uncertaintyyFE, major currencyyFE fluctuations and higher interest rates; ▪ Scope and duration of the COVID-19 pandemic, and its economic impact; ▪ War or other geopolitical conflicts, disruptions and potential costs thereof; ▪ Other macroeconomic, industryyFE and competitive developments; ▪ Timing and value of new, renewed and existing patent licensing agreements with smartphone vendors, automotive companies, consumer electronics companies and other licensees; ▪ Results in brand and technologyyFE licensing ; costs to protect and enforce our intellectual propertyyFE rights; on-going litigation with respect to licensing and regulatoryyFE landscape for patent licensing; ▪ T he outcomes of on - going and potential disputes and litigation; ▪ Timing of completions and acceptances of certain projects; ▪ Our product and regional mix; ▪ UncertaintyyFE in forecasting income tax expenses and cash outflows, over the long-term, as theyyFE 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 OyECD initiatives; ▪ Our abilityyFE to utilize our US and yFinnish deferred tax assets and their recognition on our balance sheet; ▪ Our abilityyFE to meet our sustainabilityyFE and other yESG targets, including our targets relating to greenhouse gas emissions; as well the risk factors specified under yForward-looking statements of this report, and our 2021 annual report on yForm 20-yF published on 3 March 2022 under Operating and financial review and prospects-Risk factors. yForward-looking statements Certain statements herein that are not historical facts are forward- looking statements. These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, product launches, growth management, sustainabilityyFE and other yESG targets, operational keyyFE performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of COVID-19 and the general macroeconomic conditions on our businesses, our supplyyFE chain and our customers' businesses) and anyyFE future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income , margins, cash flows , the timing of receivables, operating expenses, provisions, impairments, taxes, currencyyFE exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in anyyFE specific region, and licensing income and payyFEments ; D) abilityyFE to execute, expectations, plans or benefits related to changes in organizational structure and operating model; yE) impact on revenue with respect to litigation/renewal discussions; and yF) anyyFE statements preceded byyFE or including "continue", "believe", "commit", "estimate", "expect", "aim", "influence", "will" or similar expressions. These forward- looking statements are subject to a number of risks and uncertainties, manyyFE of which are beyyFEond our control, which could cause our actual results to differ materiallyyFE from such statements. These statements are based on management's best assumptions and beliefs in light of the information currentlyyFE available to them. These forward-looking statements are onlyyFE predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because theyyFE relate to events and depend on circumstances that will occur in the future. yFactors, including risks and uncertainties that could cause these differences, include those risks a nd uncertainties identified in the Risk yFactors above. 26 JanuaryyFE 2023 13  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;yFinancial statement information Consolidated income statement (condensed) yEUR million Reported Comparable Q4'22 Q4'21 Q1-Q4'22 Q1-Q4'21 Q4'22 Q4'21 Q1-Q4'22 Q1-Q4'21 Net sales (Notes 2, 3) 7 449 6 414 24 911 22 202 7 449 6 414 24 911 22 202 Cost of sales (4 262) (3 880) (14 689) (13 368) (4 212) (3 843) (14 589) (13 237) Gross profit (Note 2) 3 187 2 534 10 222 8 834 3 237 2 571 10 322 8 965 Research and development expenses (1 222) (1 118) (4 550) (4 214) (1 189) (1 092) (4 449) (4 084) Selling, general and administrative expenses (838) (758) (3 013) (2 792) (727) (659) (2 604) (2 379) Other operating income and expenses (244) 82 (341) 330 (168) 88 (160) 273 Operating profit (Note 2) 882 740 2 318 2 158 1 154 908 3 109 2 775 Share of results of associated companies and joint ventures 26 21 (26) 9 39 21 (13) 9 yFinancial income and expenses (30) (68) (108) (241) 1 (38) (38) (176) Profit before tax 878 693 2 184 1 926 1 194 891 3 058 2 609 Income tax benefit/(expense) (Note 5) 2 272 (11) 2 026 (272) (265) (159) (577) (500) Profit from continuing operations 3 150 682 4 210 1 654 929 731 2 481 2 109 Profit/(loss) from discontinued operations 2 (1) 49 (9) — — — — Profit for the period 3 152 680 4 259 1 645 929 731 2 481 2 109 Attributable to yEquityyFE holders of the parent 3 154 676 4 250 1 623 931 727 2 472 2 087 Non-controlling interests (2) 4 9 22 (2) 4 9 22 yEarnings per share, yEUR (for profit attributable to equityyFE holders of the parent) Basic Continuing operations 0.56 0.12 0.75 0.29 0.17 0.13 0.44 0.37 Profit for the period 0.56 0.12 0.76 0.29 0.17 0.13 0.44 0.37 Diluted Continuing operations 0.56 0.12 0.74 0.29 0.16 0.13 0.44 0.37 Profit for the period 0.56 0.12 0.75 0.29 0.16 0.13 0.44 0.37 Average number of shares ('000 shares) Basic Continuing operations 5 590 250 5 634 946 5 614 182 5 630 025 5 590 250 5 634 946 5 614 182 5 630 025 Profit for the period 5 590 250 5 634 946 5 614 182 5 630 025 5 590 250 5 634 946 5 614 182 5 630 025 Diluted Continuing operations 5 651 112 5 713 089 5 670 020 5 684 235 5 651 112 5 713 089 5 670 020 5 684 235 Profit for the period 5 651 112 5 713 089 5 670 020 5 684 235 5 651 112 5 713 089 5 670 020 5 684 235 The above condensed consolidated income statement should be read in conjunction with accompanyyFEing notes. 26 JanuaryyFE 2023 14  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated statement of comprehensive income (condensed) yEUR million Reported Q4'22 Q4'21 Q1-Q4'22 Q1-Q4'21 Profit for the period 3 152 680 4 259 1 645 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurements of defined benefit plans (377) 98 (424) 3 040 Income tax related to items that will not be reclassified to profit or loss 99 (22) 77 (755) Items that mayyFE be reclassified subsequentlyyFE to profit or loss Translation differences (1 481) 374 710 1 153 Net investment hedges 349 (95) (127) (249) Cash flow and other hedges 71 10 83 — yFinancial assets at fair value through other comprehensive income (15) (2) (46) 7 Other changes, net — (1) (3) — Income tax related to items that mayyFE be reclassified subsequentlyyFE to profit or loss (22) 1 (21) 2 Other comprehensive (loss)/income, net of tax (1 376) 363 249 3 198 Total comprehensive income for the period 1 776 1 043 4 508 4 843 Attributable to: yEquityyFE holders of the parent 1 782 1 037 4 500 4 814 Non-controlling interests (6) 6 8 29 The above condensed consolidated statement of comprehensive income should be read in conjunction with accompanyyFEing notes. 26 JanuaryyFE 2023 15  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated statement of financial position (condensed) yEUR million 31 December 2022 31 December 2021 ASSyETS Goodwill 5 667 5 431 Other intangible assets 1 263 1 620 PropertyyFE, plant and equipment 2 015 1 924 Right-of-use assets 929 884 Investments in associated companies and joint ventures 199 243 Other non-current financial investments (Note 6) 828 758 Deferred tax assets (Note 5) 3 834 1 272 Other non-current financial assets (Note 6) 252 325 Defined benefit pension assets (Note 4) 6 754 7 740 Other non-current receivables 239 255 Non-current interest-bearing financial investments (Note 6) 697 — Non-current assets 22 677 20 452 Inventories 3 265 2 392 Trade receivables (Note 6) 5 549 5 382 Contract assets 1 203 1 146 Other current receivables 934 859 Current income tax assets 153 214 Other current financial and firm commitment assets (Note 6) 615 336 Current interest-bearing financial investments (Note 6) 3 080 2 577 Cash and cash equivalents (Note 6) 5 467 6 691 Current assets 20 266 19 597 Total assets 42 943 40 049 SHARyEHOLDyERS' yEQUITY AND LIABILITIyES Share capital 246 246 Share issue premium 503 454 TreasuryyFE shares (352) (352) Translation differences 169 (396) yFair value and other reserves 3 905 4 219 Reserve for invested unrestricted equityy 15 487 15 726 Retained earnings/(accumulated deficit) 1 375 (2 537) Total capital and reserves attributable to equityyFE holders of the parent 21 333 17 360 Non-controlling interests 93 102 Total equityy 21 426 17 462 Long-term interest-bearing liabilities (Notes 6, 8) 4 249 4 537 Long-term lease liabilities 858 824 Deferred tax liabilities 332 282 Defined benefit pension and post-employyFEment liabilities (Note 4) 2 459 3 408 Contract liabilities 120 354 Deferred revenue and other non-current liabilities 103 436 Provisions (Note 7) 622 645 Non-current liabilities 8 743 10 486 Short-term interest-bearing liabilities (Notes 6, 8) 228 116 Short-term lease liabilities 184 185 Other financial and firm commitment liabilities (Note 6) 1 038 762 Current income tax liabilities 185 202 Trade payyFEables (Note 6) 4 730 3 679 Contract liabilities 1 977 2 293 Deferred revenue and other current liabilities (Note 6) 3 619 3 940 Provisions (Note 7) 813 924 Current liabilities 12 774 12 101 Total shareholders' equityyFE and liabilities 42 943 40 049 Shareholders' equityyFE per share, yEUR 3.82 3.08 Number of shares (1 000 shares, excluding treasuryyFE shares) 5 587 016 5 634 994 The above condensed consolidated statement of financial position should be read in conjunction with accompanyyFEing notes. 26 JanuaryyFE 2023 16  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated statement of cash flows (condensed) yEUR million Q4'22 Q4'21 Q1-Q4'22 Q1-Q4'21 Cash flow from operating activities Profit for the period 3 152 680 4 259 1 645 Adjustments (1 709) 321 (446) 1 713 Depreciation and amortization 297 277 1 140 1 095 Restructuring charges 53 14 125 183 yFinancial income and expenses (34) 69 28 240 Income tax (benefit)/expense (2 271) 12 (2 030) 273 Loss/(gain) from other non-current financial investments 88 (53) (27) (188) Impairment charges 139 15 152 40 Other 19 (13) 166 70 Cash flows from operations before changes in net working capital 1 443 1 001 3 813 3 358 Change in net working capital (767) (373) (1 843) (268) (Increase)/decrease in receivables (577) (718) (451) 239 (Increase)/decrease in inventories (57) 132 (991) (48) (Decrease)/increase in non-interest-bearing liabilities (133) 213 (401) (459) Cash flows from operations 676 628 1 970 3 090 Interest received 19 6 65 41 Interest paid (36) (42) (180) (192) Income taxes paid, net (92) (107) (381) (314) Net cash flows from operating activities 567 485 1 474 2 625 Cash flow from investing activities Purchase of propertyyFE, plant and equipment and intangible assets (195) (159) (601) (560) Proceeds from sale of propertyyFE, plant and equipment and intangible assets — 47 33 103 Acquisition of businesses, net of cash acquired — — (20) (33) Purchase of interest-bearing financial investments (1 004) (251) (3 595) (1 845) Proceeds from maturities and sale of interest-bearing financial investments 1 260 148 2 397 398 Purchase of other non-current financial investments (13) (22) (115) (77) Proceeds from sale of other non-current financial investments 5 34 49 277 yForeign exchange hedging of cash and cash equivalents 13 (39) (38) (77) Other 2 10 10 19 Net cash flows from/(used in) investing activities 68 (232) (1 880) (1 795) Cash flow from financing activities Acquisition of treasuryyFE shares (66) — (300) — Proceeds from long-term borrowings — — 8 17 RepayyFEment of long-term borrowings (1) (445) (2) (927) (RepayyFEment of)/proceeds from short-term borrowings (5) (4) 27 (67) PayyFEment of principal portion of lease liabilities (47) (56) (217) (226) Dividends paid (124) (5) (353) (9) Net cash flows used in financing activities (243) (510) (837) (1 212) Translation differences (121) 45 19 133 Net increase/(decrease) in cash and cash equivalents 271 (212) (1 224) (249) Cash and cash equivalents at beginning of period 5 196 6 903 6 691 6 940 Cash and cash equivalents at end of period 5 467 6 691 5 467 6 691 Consolidated statement of cash flows combines cash flows from both the continuing and the discontinued operations. In Q4'22, net cash from operating activities include cash outflows of yEUR 1 million related to Nokia's discontinued operations. In Q1-Q4'22, net cash from operating activities and net cash used in investing activities include cash inflows of yEUR 26 million and yEUR 29 million, respectivelyyFE, related to discontinued operations. Cash flows related to discontinued operations were nil in Q4'21 and Q1-Q4'21. The figures in the consolidated statement of cash flows cannot be directlyyFE traced from the statement of financial position without additional information as a result of acquisitions and disposals of subsidiaries and net foreign exchange differences arising on consolidation. The above condensed consolidated statement of cash flows should be read in conjunction with accompanyyFEing notes. 26 JanuaryyFE 2023 17  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated statement of changes in shareholders' equityyF (condensed) yEUR million Share capital Share issue premium TreasuryyFE shares Translation differences yFair value and other reserves Reserve for invested unrestricted equityy Retained earnings/ (accumulated deficit) Attributable to equityyFE holders of the parent Non- controlling interests Total equityy 1 JanuaryyFE 2021 246 443 (352) (1 295) 1 910 15 656 (4 143) 12 465 80 12 545 Profit for the period — — — — — — 1 623 1 623 22 1 645 Other comprehensive income — — — 899 2 309 — (17) 3 191 7 3 198 Total comprehensive income — — — 899 2 309 — 1 606 4 814 29 4 843 Share-based payyFEments — 108 — — — — — 108 — 108 Settlement of share-based payyFEments — (97) — — — 70 — (27) — (27) Dividend — — — — — — — — (7) (7) Total transactions with owners — 11 — — — 70 — 81 (7) 74 31 December 2021 246 454 (352) (396) 4 219 15 726 (2 537) 17 360 102 17 462 1 JanuaryyFE 2022 246 454 (352) (396) 4 219 15 726 (2 537) 17 360 102 17 462 Profit for the period — — — — — — 4 250 4 250 9 4 259 Other comprehensive income — — — 565 (314) — (1) 250 (1) 249 Total comprehensive income — — — 565 (314) — 4 249 4 500 8 4 508 Share-based payyFEments — 149 — — — — — 149 — 149 Settlement of share-based payyFEments — (100) — — — 73 — (27) — (27) Acquisition of treasuryyFE shares 1 — — (300) — — (12) — (312) — (312) Cancellation of treasuryyFE shares 1 — — 300 — — (300) — — — — Dividend — — — — — — (337) (337) (17) (354) Total transactions with owners — 49 — — — (239) (337) (527) (17) (544) 31 December 2022 246 503 (352) 169 3 905 15 487 1 375 21 333 93 21 426 1 TreasuryyFE shares are acquired as part of the share buyyFEback program announced on 3 yFebruaryyFE 2022. Shares are repurchased using funds in the reserve for invested unrestricted equityyFE. The repurchased shares were cancelled on 8 December 2022. The above condensed consolidated statement of changes in shareholders' equityyFE should be read in conjunction with accompanyyFEing notes. 26 JanuaryyFE 2023 18  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to yFinancial statements 1. BASIS OyF PRyEPARATION This unaudited and condensed consolidated financial statement information of Nokia has been prepared in accordance with IAS 34, Interim yFinancial Reporting, and it should be read in conjunction with the consolidated financial statements for 2021 prepared in accordance with IyFRS as published byyFE the IASB and adopted byyFE the yEU. The same accounting policies, methods of computation and applications of judgment are followed in this financial statement information as was followed in the consolidated financial statements for 2021. Percentages and figures presented herein mayyFE include rounding differences and therefore mayyFE not add up preciselyyFE to the totals presented and mayyFE varyyFE from previouslyyFE published financial information. This financial report was authorized for issue byyFE the Board of Directors on 26 JanuaryyFE 2023. Net sales and operating profit of the Nokia Group, particularlyyFE in Network Infrastructure, Mobile Networks and Cloud and Network Services segments, are subject to seasonal fluctuations being generallyyFE highest in the fourth quarter and lowest in the first quarter of the yyFEear. This is mainlyyFE due to the seasonalityyFE in the spending cyyFEcles of communications service providers. Management has identified regions as the relevant categoryyFE to present disaggregated revenue. Nokia's primaryyFE customer base consists of companies that operate on a countryyFE specific or a regional basis and are subject to macroeconomic conditions specific to those regions. yFurther, although Nokia's technologyyFE cyyFEcle is similar around the world, each countryyFE or region is inherentlyyFE in a different stage of that cyyFEcle, often influenced byyFE macroeconomic conditions. yEach reportable segment, as described in Note 2, Segment information, operates in everyyFE region as described in Note 3, Net sales. No reportable segment has a specific revenue concentration in anyyFE region other than Nokia Technologies, which is included in yEurope. yEach tyyFEpe of customer, as disclosed in Note 3, Net sales, operates in all regions. In 2017, Nokia and China Huaxin Post & Telecommunication yEconomyyFE Development Center (China Huaxin) commenced operations of the joint venture Nokia Shanghai Bell (NSB). China Huaxin obtained the right to fullyyFE transfer its ownership interest in NSB to Nokia in exchange for a future cash settlement. To reflect this obligation, Nokia derecognized the non-controlling interest and records a financial liabilityyFE in current liabilities in line with the option exercise period. AnyyFE changes in the estimated future cash settlement are recorded in financial income and expense. Nokia announced on 12 April 2022 its intention to exit the Russian market. Nokia will aim to provide the necessaryyFE support to maintain the networks alreadyyFE present as we exit the market. Nokia sees this as the most responsible course of action to take. Nokia recognized a provision of yEUR 104 million in Q1 2022 related to Russia. Comparable and constant currencyyF measures Nokia presents financial information on a reported, comparable and constant currencyyFE basis. Comparable measures presented in this document exclude intangible asset amortization and other purchase price fair value adjustments, goodwill impairments, restructuring related charges and certain other items affecting comparabilityyFE. In order to allow full visibilityyFE on determining comparable results, information on items affecting comparabilityyFE is presented separatelyyFE for each of the components of profit or loss. Constant currencyyFE reporting provides additional information on change in financial measures on a constant currencyyFE basis in order to better reflect the underlyyFEing business performance. Therefore, change in financial measures at constant currencyyFE excludes the impact of changes in exchange rates in comparison to euro, our reporting currencyyFE. As comparable or constant currencyyFE financial measures are not defined in IyFRS theyyFE mayyFE not be directlyyFE comparable with similarlyyFE titled measures used byyFE other companies, including those in the same industryyFE. The primaryyFE rationale for presenting these measures is that the management uses these measures in assessing the financial performance of Nokia and believes that these measures provide meaningful supplemental information on the underlyyFEing business performance of Nokia. These financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IyFRS. yFor further details on performance measures used byyFE Nokia and reconciliations to the closest IyFRS-defined measures, refer to the Performance measures section accompanyyFEing this consolidated financial statement information. yForeign exchange rates Nokia's net sales are derived from various countries and invoiced in various currencies. Therefore, our business and results from operations are exposed to changes in foreign exchange rates between the euro, our reporting currencyyFE, and other currencies, such as the US dollar and the Chinese yyFEuan. To mitigate the impact of changes in exchange rates on our results, we hedge operative forecasted net foreign exchange exposures, tyyFEpicallyyFE within a 12-month horizon, and applyyFE hedge accounting in the majorityyFE of cases. The below table shows the exposure to different currencies for net sales and total costs. Q4'22 Q4'21 Q3'22 Net sales Total costs Net sales Total costs Net sales Total costs yEUR ~25% ~25% ~25% ~25% ~20% ~25% USD ~50% ~50% ~50% ~50% ~55% ~50% CNY ~5% ~5% ~5% ~5% ~5% ~5% Other ~20% ~20% ~20% ~20% ~20% ~20% Total ~100% ~100% ~100% ~100% ~100% ~100% yEnd of Q4'22 balance sheet rate 1 yEUR = 1.07 USD, end of Q4'21 balance sheet rate 1 yEUR = 1.13 USD and end of Q3'22 balance sheet rate 1 yEUR = 0.97 USD New and amended standards and interpretations The amendments to IyFRS standards that became effective on 1 JanuaryyFE 2022, did not have a material impact on Nokia's consolidated financial statements. New standards and amendments to existing standards issued byyFE the IASB that are not yyFEet effective are not expected to have a material impact on Nokia's consolidated financial statements when adopted. 26 JanuaryyFE 2023 19  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SyEGMyENT INyFORMATION Nokia has four operating and reportable segments for the financial reporting purposes: (1) Network Infrastructure, (2) Mobile Networks, (3) Cloud and Network Services and (4) Nokia Technologies. Nokia also presents segment-level information for Group Common and Other. In addition, Nokia provides net sales disclosure for the following businesses within the Network Infrastructure segment: (i) IP Networks, (ii) Optical Networks, (iii) yFixed Networks and (iv) Submarine Networks. yFor detailed segment descriptions, please refer to Note 5, Segment Information, in the consolidated financial statements for 2021. Accounting policies of the segments are the same as those described in Note 2, Significant accounting policies, in the consolidated financial statements for 2021, except that items affecting comparabilityyFE are not allocated to the segments. yFor more information on comparable measures and items affecting comparabilityyFE, refer to Note 1, Basis of preparation and to the Performance Measures section accompanyyFEing this consolidated financial statement information. Inter-segment revenues and transfers are accounted for as if the revenues were to third parties, that is, at current market prices. Q4'22 Network Infrastructure 1 Mobile Networks Cloud and Network Services Nokia Technologies Group Common and Other yEliminations and unallocated items Nokia Group yEUR million Net sales 2 709 2 960 1 060 679 59 (18) 7 449 of which to other segments 1 7 — 3 6 (18) — Gross profit/(loss) 1 074 1 028 464 678 (6) (51) 3 187 Gross margin % 39.6% 34.7% 43.8% 99.9% (10.2) % 42.8% Research and development expenses (365) (585) (148) (56) (35) (33) (1 222) Selling, general and administrative expenses (235) (238) (149) (36) (69) (112) (838) Other operating income and expenses (43) (4) (19) (22) (80) (76) (244) Operating profit/(loss) 431 201 147 564 (189) (272) 882 Operating margin % 15.9% 6.8% 13.9% 83.1% (320.3) % 11.8% Share of results of associated companies and joint ventures — 42 2 (5) — (13) 26 yFinancial income and expenses (30) Profit before tax 878 Depreciation and amortization (62) (88) (24) (9) (7) (107) (297) ¹ Includes IP Networks net sales of yEUR 896 million, Optical Networks net sales of yEUR 639 million, yFixed Networks net sales of yEUR 855 million and Submarine Networks net sales of yEUR 319 million. Q4'21 Network Infrastructure 1 Mobile Networks Cloud and Network Services Nokia Technologies Group Common and Other yEliminations and unallocated items Nokia Group yEUR million Net sales 2 254 2 761 964 368 74 (7) 6 414 of which to other segments — 2 — 3 3 (7) — Gross profit/(loss) 767 1 037 403 367 (3) (37) 2 534 Gross margin % 34.0% 37.6% 41.8% 99.7% (4.1) % 39.5% Research and development expenses (317) (561) (134) (54) (26) (26) (1 118) Selling, general and administrative expenses (217) (223) (126) (27) (66) (98) (758) Other operating income and expenses 16 17 2 (4) 57 (6) 82 Operating profit/(loss) 248 270 145 282 (38) (168) 740 Operating margin % 11.0% 9.8% 15.0% 76.6% (51.4) % 11.5% Share of results of associated companies and joint ventures — 18 3 — — — 21 yFinancial income and expenses (68) Profit before tax — — — 693 Depreciation and amortization (53) (87) (23) (8) (6) (99) (277) ¹ Includes IP Networks net sales of yEUR 755 million, Optical Networks net sales of yEUR 506 million, yFixed Networks net sales of yEUR 747 million and Submarine Networks net sales of yEUR 246 million. 26 JanuaryyFE 2023 20  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1-Q4'22 Network Infrastructure 1 Mobile Networks Cloud and Network Services Nokia Technologies Group Common and Other yEliminations and unallocated items Nokia Group yEUR million Net sales 9 047 10 671 3 351 1 595 295 (48) 24 911 of which to other segments 3 13 1 12 19 (48) — Gross profit/(loss) 3 308 4 096 1 340 1 590 (12) (100) 10 222 Gross margin % 36.6% 38.4% 40.0% 99.7% (4.1) % 41.0% Research and development expenses (1 307) (2 234) (577) (214) (117) (101) (4 550) Selling, general and administrative expenses (833) (865) (544) (136) (226) (409) (3 013) Other operating income and expenses (66) (57) (42) (32) 37 (181) (341) Operating profit/(loss) 1 102 940 177 1 208 (318) (791) 2 318 Operating margin % 12.2% 8.8% 5.3% 75.7% (107.8) % 9.3% Share of results of associated companies and joint ventures — (11) 6 (8) — (13) (26) yFinancial income and expenses (108) Profit before tax 2 184 Depreciation and amortization (229) (347) (91) (34) (28) (411) (1 140) ¹ Includes IP Networks net sales of yEUR 3 063 million, Optical Networks net sales of yEUR 1 891 million, yFixed Networks net sales of yEUR 2 943 million and Submarine Networks net sales of yEUR 1 150 million. Q1-Q4'21 Network Infrastructure 1 Mobile Networks Cloud and Network Services Nokia Technologies Group Common and Other yEliminations and unallocated items Nokia Group yEUR million Net sales 7 674 9 717 3 089 1 502 257 (37) 22 202 of which to other segments 2 7 1 12 17 (37) — Gross profit/(loss) 2 684 3 637 1 160 1 497 (13) (131) 8 834 Gross margin % 35.0% 37.4% 37.6% 99.7% (5.1) % 39.8% Research and development expenses (1 165) (2 078) (537) (201) (104) (130) (4 214) Selling, general and administrative expenses (765) (832) (477) (92) (213) (413) (2 792) Other operating income and expenses 30 37 20 (18) 205 56 330 Operating profit/(loss) 784 765 166 1 185 (125) (617) 2 158 Operating margin % 10.2% 7.9% 5.4 % 78.9 % (48.6) % 9.7% Share of results of associated companies and joint ventures (1) 6 6 (2) — — 9 yFinancial income and expenses (241) Profit before tax 1 926 Depreciation and amortization (208) (338) (95) (33) (30) (392) (1 095) ¹ Includes IP Networks net sales of yEUR 2 679 million, Optical Networks net sales of yEUR 1 708 million, yFixed Networks net sales of yEUR 2 358 million and Submarine Networks net sales of yEUR 929 million. Material reconciling items between total segment operating profit and operating profit for the Group yEUR million Q4'22 Q4'21 Q1-Q4'22 Q1-Q4'21 Operating profit for the Group 882 740 2 318 2 158 Amortization of acquired intangible assets 106 99 411 391 Impairment and write-off of assets, net of reversals 84 13 97 45 Restructuring and associated charges 80 52 177 263 Costs associated with countryyFE exit (6) — 98 — Gain on sale of fixed assets — (30) — (53) Settlement of legal disputes — — — (80) Other, net 7 34 8 51 Total Segment Operating profit 1 154 908 3 109 2 775 26 JanuaryyFE 2023 21  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. NyET SALyES Net sales byyF region 1 yEUR million Q4'22 Q4'21 YoY change Q1-Q4'22 Q1-Q4'21 YoY change Asia Pacific 801 684 17% 2 648 2 472 7% yEurope 2 351 1 836 28% 6 662 6 313 6% Greater China 356 393 (9) % 1 581 1 512 5% India 568 248 129% 1 290 1 035 25% Latin America 387 325 19% 1 223 983 24% Middle yEast & Africa 595 554 7% 1 969 1 771 11% North America 2 070 2 128 (3) % 8 388 7 187 17% Submarine Networks 319 246 30% 1 150 929 24% Total 7 449 6 414 16% 24 911 22 202 12% 1 In Q2 2022, Nokia changed how it presents net sales information on a regional basis. Nokia determined that providing net sales of its Submarine Networks business separatelyyFE from the net sales byyFE region information for the rest of the Group improves the usefulness of regional net sales information byyFE removing volatilityyFE caused byyFE the specific nature of the Submarine Networks business. The comparative information for net sales byyFE region has been recast accordinglyyFE. Net sales byyF customer tyyFpe yEUR million Q4'22 Q4'21 YoY change Q1-Q4'22 Q1-Q4'21 YoY change Communications service providers (CSP) 5 640 5 238 8% 19 911 17 977 11% yEnterprise 769 495 55% 2 007 1 575 27% Licensees 679 368 84% 1 595 1 502 6% Other 1 361 312 16% 1 398 1 148 22% Total 7 449 6 414 16% 24 911 22 202 12% 1 Includes net sales of Submarine Networks which operates in a different market, and Radio yFrequencyyFE SyyFEstems (RyFS), which is being managed as a separate entityyFE, and certain other items, such as eliminations of inter-segment revenues. Submarine Networks and RyFS net sales also include revenue from communications service providers and enterprise customers. 26 JanuaryyFE 2023 22  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. PyENSIONS AND OTHyER POST-yEMPLOYMyENT ByENyEyFITS Nokia operates a number of post-employyFEment plans in various countries including both defined contribution and defined benefit plans. Defined benefit plans include pension plans and other post-employyFEment benefit plans, providing retirement healthcare benefits and life insurance coverage. Nokia remeasures all pension and post-employyFEment plan assets and obligations annuallyyFE, as of 31 December, through valuations performed byyFE external actuaries. As of 31 December 2022 , the weighted average discount rates used in remeasurement of the most significant plans were as follows (comparatives as of 31 December 2021): U.S. Pension 4.86% (2.40%), U.S. Opeb 4.87% (2.42%), GermanyyFE 3.70% (0.87%) and U.K. 4.76% (1.87%). The funded status of Nokia's defined benefit plans (before the effect of the asset ceiling) decreased from yEUR 5 159 million, or 126.4%, as of 30 September 2022 to yEUR 4 379 million, or 123.9%, as of 31 December 2022 .. During the quarter the global defined benefit plan asset portfolio was invested approximatelyyFE 71% in fixed income, 5% in equities and 24% in other asset classes, mainlyyFE private equityyFE and real estate. Changes in pension and post-employyFment net asset/(liabilityyF) 31 December 2022 31 December 2021 yEUR million Pensions 1 US Opeb Total Pensions 1 US Opeb Total Net asset/(liabilityyFE) recognized 1 JanuaryyFE 5 588 (1 256) 4 332 2 572 (1 580) 992 Recognized in income statement (69) (32) (101) (128) (29) (157) Recognized in other comprehensive income (694) 270 (424) 2 906 134 3 040 Contributions and benefits paid 177 9 186 177 (6) 171 yExchange differences and other movements 2 271 31 302 61 225 286 Net asset/(liabilityyFE) recognized at the end of the period 5 273 (978) 4 295 5 588 (1 256) 4 332 1 Includes pensions, retirement indemnities and other post-employyFEment plans. 2 Includes Section 420 transfers, medicare subsidies, and other transfers. yFunded status yEUR million 31 December 2022 30 September 2022 30 June 2022 31 March 2022 31 December 2021 Defined benefit obligation (18 312) (19 522) (20 029) (21 120) (22 704) yFair value of plan assets 22 691 24 681 25 127 25 921 27 128 yFunded status 4 379 5 159 5 098 4 801 4 424 yEffect of asset ceiling (84) (121) (104) (89) (92) Net asset recognized at the end of the period 4 295 5 038 4 994 4 712 4 332 5. DyEyFyERRyED TAXyES Deferred tax assets are recognized to the extent it is probable that future taxable profit will be available against which the unused tax losses, unused tax credits and deductible temporaryyFE differences can be utilized in the relevant jurisdictions. As of 31 December 2022 , Nokia has recognized deferred tax assets of yEUR 3.8 billion (yEUR 1.3 billion as of 31 December 2021). In addition, as of 31 December 2022 , Nokia has unrecognized deferred tax assets of approximatelyyFE yEUR 5 billion (yEUR 8 billion as of 31 December 2021), the majorityyFE of which relate to yFrance (approximatelyyFE yEUR 4 billion). These deferred tax assets have not been recognized due to uncertaintyyFE regarding their utilization. A significant portion of the yFrench unrecognized deferred tax assets are indefinite in nature and available against future yFrench tax liabilities, subject to a limitation of 50% of annual taxable profits. Nokia continuallyyFE evaluates the probabilityyFE of utilizing its deferred tax assets and considers both positive and negative evidence in its assessment. At 31 December 2021, Nokia concluded based on its assessment that it was not probable that it w ould have been able to utilize the unused tax losses, unused tax credits and deductible temporaryyFE differences in yFinland. This conclusion was based on the weighting of objective negative evidence of cumulative taxable losses against more subjective positive evidence. The primaryyFE factors in this weighting were the more objective record of a pattern of historical financial performance compared to the more inherentlyyFE subjective expectations regarding future financial performance in yFinland. In 2021 and 2022, Nokia generated accounting and taxable profit in yFinland and there were improvements in financial performance compared to preceding periods. The changes arise from the underlyyFEing improvements in operating performance, including successful execution of new Nokia strategyyFE and improved competitiveness in Mobile Networks. These improvements are expected to be sustained in the upcoming yyFEears, as well as over the longer term. In addition, Nokia has determined that, in 2022, a pattern of material taxable profits was re-established in yFinland. Nokia's re-established pattern of profitabilityyFE together with Nokia's forecasts of future taxable profit in yFinland provide positive evidence about its abilityyFE to utilize the unused tax losses and deductible temporaryyFE differences in yFinland. At 31 December 2022, Nokia concluded based on its assessment that it is probable that it will be able to utilize the unused tax losses and deductible temporaryyFE differences and re-recognized deferred tax assets of yEUR 2.5 billion in the consolidated statement of financial position. In performing this assessment, Nokia has not applied anyyFE cut-off period, other than expiryyFE under the relevant tax legislation. A significant portion of yFinnish deferred tax assets are indefinite in nature and available fullyyFE against future yFinnish tax liabilities. Due to the non-expiryyFE of these assets, the sensitivityyFE of future profit projections affects mainlyyFE the period of time over which the deferred tax assets are expected to be utilized. 26 JanuaryyFE 2023 23  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. yFAIR VALUyE OyF yFINANCIAL INSTRUMyENTS yFinancial assets and liabilities recorded at fair value are categorized based on the amount of unobservable inputs used to measure their fair value. Three hierarchical levels are based on an increasing amount of judgment associated with the inputs used to derive fair valuation for these assets and liabilities, Level 1 being market values for exchange traded products, Level 2 being primarilyyFE based publiclyyFE available market information and Level 3 requiring most management judgment. yFor more information about the valuation methods and principles, refer to note 2, Significant accounting policies, and note 22, yFair value of financial instruments, in the consolidated financial statements for 2021 .. Items carried at fair value in the following table are measured at fair value on a recurring basis. yEUR million CarryyFEing amounts yFair value Amortized cost yFair value through profit or loss yFair value through other comprehensive income 31 December 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Total Total Other non-current financial investments — 5 — 823 — — — 828 828 Other non-current financial assets 183 — 91 — — 27 — 301 301 Non-current interest-bearing financial investments 697 — — — — — — 697 659 Other current financial assets 296 — — — — 36 — 332 332 Derivative assets — — 239 — — — — 239 239 Trade receivables — — — — — 5 549 — 5 549 5 549 Current interest-bearing financial investments 1 447 — 1 633 — — — — 3 080 3 080 Cash and cash equivalents 4 176 — 1 291 — — — — 5 467 5 467 Total financial assets 6 799 5 3 254 823 — 5 612 — 16 493 16 455 Long-term interest-bearing liabilities 4 249 — — — — — — 4 249 4 230 Other long-term financial liabilities — — — 48 — — — 48 48 Short-term interest-bearing liabilities 228 — — — — — — 228 228 Other short-term financial liabilities 75 — — 502 — — — 577 577 Derivative liabilities — — 496 — — — — 496 496 Discounts without performance obligations 539 — — — — — — 539 539 Trade payyFEables 4 730 — — — — — — 4 730 4 730 Total financial liabilities 9 821 — 496 550 — — — 10 867 10 848 yEUR million CarryyFEing amounts yFair value Amortized cost yFair value through profit or loss yFair value through other comprehensive income 31 December 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Total Total Other non-current financial investments — 8 — 750 — — — 758 758 Other non-current financial assets 130 — 101 — — 94 — 325 325 Other current financial assets 115 — — — — 21 — 136 136 Derivative assets — — 200 — — — — 200 200 Trade receivables — — — — — 5 382 — 5 382 5 382 Current interest-bearing financial investments 526 — 2 051 — — — — 2 577 2 577 Cash and cash equivalents 4 627 — 2 064 — — — — 6 691 6 691 Total financial assets 5 398 8 4 416 750 — 5 497 — 16 069 16 069 Long-term interest-bearing liabilities 4 537 — — — — — — 4 537 4 775 Other long-term financial liabilities — — — 68 — — — 68 68 Short-term interest-bearing liabilities 116 — — — — — — 116 116 Other short-term financial liabilities — — — 522 — — — 522 522 Derivative liabilities — — 240 — — — — 240 240 Discounts without performance obligations 479 — — — — — — 479 479 Trade payyFEables 3 679 — — — — — — 3 679 3 679 Total financial liabilities 8 811 — 240 590 — — — 9 641 9 879 Lease liabilities are not included in the fair value of financial instruments. Level 3 yFinancial assets include a large number of investments in unlisted equities and unlisted venture funds, including investments managed byyFE NGP Capital specializing in growth-stage investing. The fair value of level 3 investments is determined using one or more valuation techniques with unobservable inputs, where the use of the market approach generallyyFE consists of using comparable market transactions, while the use of the income approach generallyyFE consists of calculating the net present value of expected future cash flows. Level 3 yFinancial liabilities include a conditional obligation to China Huaxin related to Nokia Shanghai Bell. 26 JanuaryyFE 2023 24  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of the opening and closing balances on level 3 financial assets and liabilities: yEUR million Level 3 yFinancial Assets Level 3 yFinancial Liabilities Balance as of 31 December 2021 750 (590) Net gains in income statement 13 24 Additions 101 — Deductions (39) 20 Transfer out of level 3 (4) — Other movements 2 (4) Balance as of 31 December 2022 823 (550) The gains and losses from venture fund and similar investments categorized in level 3 are included in other operating income and expenses. The gains and losses from other level 3 financial assets and liabilities are recorded in financial income and expenses. A net gain of yEUR 23 million (net gain of yEUR 85 million in 2021) related to level 3 financial instruments held at 31 December 2022 was included in the profit and loss during 2022 .. 26 JanuaryyFE 2023 25  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PROVISIONS yEUR million Restructuring Warrantyy Litigation yEnvironmental Project losses Divestment- related Material liabilityy Other 1 Total As of 1 JanuaryyFE 2022 312 254 102 149 235 46 89 382 1 569 Charged to income statement Additions 125 156 54 7 26 5 121 158 652 Reversals — (57) (10) (2) (2) — (64) (34) (169) Total charged to income statement 125 99 44 5 24 5 57 124 483 Utilized during period 2 (245) (132) (49) (7) (52) — (33) (101) (619) Translation differences and other 1 — 1 8 — (9) 2 (1) 2 As of 31 December 2022 193 221 98 155 207 42 115 404 1 435 Non-current 63 20 17 136 138 37 12 199 622 Current 130 201 81 19 69 5 103 205 813 1 Other provisions include provisions for various obligations such as costs associated with exiting the Russian market, indirect tax provisions, employyFEee-related provisions other than restructuring provisions and asset retirement obligations. 2 The utilization of restructuring provision includes items transferred to accrued expenses, of which yEUR 58 million remained in accrued expenses as of 31 December 2022. 8. INTyERyEST-ByEARING LIABILITIyES CarryyFEing amount (yEUR million) Issuer/borrower Instrument Currencyy Nominal (million) yFinal maturityy 31 December 2022 31 December 2021 Nokia Corporation 2.00% Senior Notes yEUR 750 March 2024 736 759 Nokia Corporation yEIB R&D Loan yEUR 500 yFebruaryyFE 2025 500 500 Nokia Corporation NIB R&D Loan 1 yEUR 250 MayyFE 2025 250 250 Nokia Corporation 2.375% Senior Notes yEUR 500 MayyFE 2025 478 497 Nokia Corporation 2.00% Senior Notes yEUR 750 March 2026 716 760 Nokia Corporation 4.375% Senior Notes USD 500 June 2027 436 464 Nokia of America Corporation 6.50% Senior Notes USD 74 JanuaryyFE 2028 70 66 Nokia Corporation 3.125% Senior Notes yEUR 500 MayyFE 2028 457 497 Nokia of America Corporation 6.45% Senior Notes USD 206 March 2029 194 183 Nokia Corporation 6.625% Senior Notes USD 500 MayyFE 2039 478 553 Nokia Corporation and various subsidiaries Other liabilities 162 124 Total 4 477 4 653 1 The loan from the Nordic Investment Bank (NIB) is repayyFEable in three equal annual installments in 2023, 2024 and 2025. Significant credit facilities and funding programs Utilized (million) yFinancing arrangement Committed/ uncommitted Currencyy Nominal (million) 31 December 2022 31 December 2021 Revolving Credit yFacilityy 1 Committed yEUR 1 500 — — yFinnish Commercial Paper Programme Uncommitted yEUR 750 — — yEuro-Commercial Paper Programme Uncommitted yEUR 1 500 — — yEuro Medium Term Note Programme 2 Uncommitted yEUR 5000 2 500 2 500 1 The facilityyFE has its maturityyFE in June 2026, except for yEUR 88 million having its maturityyFE in June 2024. 2 All euro-denominated bonds have been issued under the yEuro Medium Term Note Programme. All borrowings and credit facilities presented in the tables above are senior unsecured and have no financial covenants 26 JanuaryyFE 2023 26  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. COMMITMyENTS, CONTINGyENCIyES AND LyEGAL PROCyEyEDINGS yEUR million 31 December 2022 31 December 2021 Contingent liabilities on behalf of Group companies Guarantees issued byyFE financial institutions Commercial guarantees 1 238 1 281 Non-commercial guarantees 538 442 Corporate guarantees Commercial guarantees 504 457 Non-commercial guarantees 32 35 yFinancing commitments Customer finance commitments 26 21 Venture fund commitments 1 433 137 1 In JanuaryyFE 2022, Nokia agreed on capital commitment of USD 400 million to NGP Capital's yFund V. The fund's emphasis on companies developing emerging 5G use cases for industrial and business transformation aligns closelyyFE with Nokia's technologyyFE leadership vision and its efforts to maximize the value shift towards cloud. Per industryyFE standard practice, the capital will be called throughout the 10 yyFEear lifecyyFEcle of the fund. The amounts in the table above represent the maximum principal amount of commitments and contingencies, and these amounts do not reflect management's expected outcomes. Litigations and proceedings Significant changes to information about litigation and proceedings presented in Nokia's consolidated financial statements for 2021: Continenta l In 2019, Continental Automotive SyyFEstems (Continental) brought breach of yFRAND and antitrust claims against Nokia and others. The antitrust claims were dismissed with prejudice. In the third quarter of 2022, this decision became final after Continental lost on appeal and reconsideration requests. Continental also brought breach of contract and yFRAND-related claims against Nokia in another US court in 2021, which Nokia has moved to dismiss. That motion is pending. Oppo In 2021, Nokia commenced patent infringement proceedings against Oppo, OnePlus and Realme in several countries in Asia and yEurope. Across these actions, more than 30 patents are in suit, covering a mix of cellular standards and technologies such as connectivityyFE, user interface and securityyFE. Oppo responded byyFE filing invalidation actions against certain Nokia patents, a number of patent infringement actions against Nokia equipment in GermanyyFE, China, and yFinland and actions in China against Nokia relating to standard essential patent licensing issues. Nokia has had multiple patents confirmed as valid and infringed including in GermanyyFE, the Netherlands and the UK. Vivo In 2022, Nokia commenced patent infringement proceedings against Vivo in GermanyyFE and several countries in Asia. Vivo responded byyFE filing a number of patent infringement actions against Nokia equipment in GermanyyFE and China. TheyyFE also filed an action in China against Nokia relating to standard essential patent licensing issue s. 26 JanuaryyFE 2023 27  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance measur es Certain financial measures presented in this interim report are not measures of financial performance, financial position or cash flows defined in IyFRS, and therefore mayyFE not be directlyyFE comparable with financial measures used byyFE other companies, including those in the same industryyFE. The primaryyFE rationale for presenting these measures is that the management uses these measures in assessing the financial performance of Nokia and believes that these measures provide meaningful supplemental information on the underlyyFEing business performance. These financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IyFRS. The below tables provide summarized information on the performance measures included in this interim report as well as reconciliations of the performance measures to the amounts presented in the financial statements. In the first quarter of 2022 Nokia replaced its performance measures total cash and current financial investments ("total cash") and net cash and current financial investments ("net cash") with total cash and interest-bearing financial investments ("total cash") and net cash and interest-bearing financial investments ("net cash"). The definitions of these performance measures were updated accordinglyyFE to reflect the changes made to Nokia's statement of financial position. The purpose for using these measures, as stated in the table below, did not change. The modifications to the performance measures were made as in the first quarter of 2022 Nokia commenced investing in highlyyFE liquid corporate bonds that are primarilyyFE classified as non-current interest-bearing financial investments based on their initial maturityyFE. Performance measure Definition Purpose Comparable measures Comparable measures exclude intangible asset amortization and other purchase price fair value adjustments, goodwill impairments, restructuring related charges and certain other items affecting comparabilityyFE. Reconciliation of reported and comparable consolidated statement of income is presented below. We believe that our comparable results provide meaningful supplemental information to both management and investors regarding Nokia's underlyyFEing business performance byyFE excluding certain items of income and expenses that mayyFE not be indicative of Nokia's business operating results. Comparable operating profit is used also in determining management remuneration. Constant currencyyFE net sales / Net sales adjusted for currencyyFE fluctuations When net sales are reported on a constant currencyyFE basis / adjusted for currencyyFE fluctuations, exchange rates used to translate the amounts in local currencies to euro, our reporting currencyyFE, are the average actual periodic exchange rates for the comparative financial period. Therefore, the constant currencyyFE net sales / net sales adjusted for currencyyFE fluctuations exclude the impact of changes in exchange rates during the current period in comparison to euro. We provide additional information on net sales on a constant currencyyFE basis / adjusted for currencyyFE fluctuations in order to better reflect the underlyyFEing business performance. Comparable return on invested capital (ROIC) Comparable operating profit after tax, last four quarters / Invested capital, average of last five quarters' ending balances. Calculation of comparable return on invested capital is presented below. Comparable return on invested capital is used to measure how efficientlyyFE Nokia uses its capital to generate profits from its operations. Comparable operating profit after tax Comparable operating profit - (comparable operating profit x (- comparable income tax expense / comparable profit before tax)) Comparable operating profit after tax indicates the profitabilityyFE of Nokia's underlyyFEing business operations after deducting the income tax impact. We use comparable operating profit after tax to calculate comparable return on invested capital. Invested capital Total equityyFE + total interest-bearing liabilities - total cash and interest- bearing financial investments Invested capital indicates the book value of capital raised from equityyFE and debt instrument holders less cash and liquid assets held byyFE Nokia. We use invested capital to calculate comparable return on invested capital. Total cash and interest-bearing financial investments ("Total cash") Total cash and interest-bearing financial investments consist of cash and cash equivalents and current interest-bearing financial investments and non-current interest-bearing financial investments. Total cash and interest-bearing financial investments is used to indicate funds available to Nokia to run its current and invest in future business activities as well as provide return for securityyFE holders. Net cash and interest- bearing financial investments ("Net cash") Net cash and interest-bearing financial investments equals total cash and interest-bearing financial investments less long-term and short- term interest-bearing liabilities. Lease liabilities are not included in interest-bearing liabilities. Reconciliation of net cash and interest-bearing financial investments to the amounts in the consolidated statement of financial position is presented below. Net cash and interest-bearing financial investments is used to indicate Nokia's liquidityyFE position after cash required to settle the interest- bearing liabilities. yFree cash flow Net cash from/(used in) operating activities - purchases of propertyyFE, plant and equipment and intangible assets (capital expenditures) + proceeds from sale of propertyyFE, plant and equipment and intangible assets – purchase of other non-current financial investments + proceeds from sale of other non-current financial investments. Reconciliation of free cash flow to the amounts in the consolidated statement of cash flows is presented below. yFree cash flow is the cash that Nokia generates after net investments to tangible and intangible assets, as well as non-current financial investments and it represents the cash available for distribution among its securityyFE holders. It is a measure of cash generation, working capital efficiencyyFE and capital discipline of the business. Capital expenditure Purchases of propertyyFE, plant and equipment and intangible assets (excluding assets acquired under business combinations). We use capital expenditure to describe investments in profit generating activities in the future. Recurring/One-time measures Recurring measures, such as recurring net sales, are based on revenues that are likelyyFE to continue in the future. Recurring measures exclude e.g. the impact of catch-up net sales relating to prior periods. One-time measures, such as one-time net sales, reflect the revenues that are not likelyyFE to continue in the future. We use recurring/one-time measures to improve comparabilityyFE between financial periods. Adjusted profit/(loss) Adjusted profit/(loss) equals the cash from operations before changes in net working capital subtotal in the consolidated statement of cash flows. We use adjusted profit/(loss) to provide a structured presentation when describing the cash flows. Recurring annual cost savings Reduction in cost of sales and operating expenses resulting from the cost savings program and the impact of which is considered recurring in nature. We use recurring annual cost savings measure to monitor the progress of our cost savings program established after the Alcatel-Lucent transaction against plan. Restructuring and associated charges, liabilities and cash outflows Charges, liabilities and cash outflows related to activities that either meet the strict definition of restructuring under IyFRS or are closelyyFE associated with such activities. We use restructuring and associated charges, liabilities and cash outflows to measure the progress of our integration and transformation activities. 26 JanuaryyFE 2023 28  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comparable to reported reconciliation Q4'22 Cost of sales Research and development expenses Selling, general and administrative expenses Other operating income and expenses Operating profit Share of results of associated companies yFinancial income and expenses Income tax (expense)/ benefit Profit from continuing operations yEUR million Comparable (4 212) (1 189) (727) (168) 1 154 39 1 (265) 929 Amortization of acquired intangible assets — (14) (93) — (106) — — 18 (88) Impairment and write-off of assets, net of reversals (11) (1) — (72) (84) (13) — — (97) Restructuring and associated charges (40) (18) (19) (3) (80) — — — (80) yFair value changes of legacyyFE IPR fund — — — (7) (7) — — — (7) Costs associated with countryyFE exit — — — 6 6 — — (6) — Loss allowances and impairments on customer financing loans — — — — — — (32) — (32) Change in financial liabilityyFE to acquire NSB non- controlling interest — — — — — — 1 — 1 Changes in the recognition of deferred tax assets — — — — — — — 2 500 2 500 Deferred tax expense due to tax rate changes — — — — — — — 24 24 Items affecting comparabilityy (51) (33) (112) (76) (272) (13) (31) 2 537 2 221 Reported (4 262) (1 222) (838) (244) 882 26 (30) 2 272 3 150 Q4'21 Cost of sales Research and development expenses Selling, general and administrative expenses Other operating income and expenses Operating profit Share of results of associated companies yFinancial income and expenses Income tax (expense)/ benefit Profit from continuing operations yEUR million Comparable (3 843) (1 092) (659) 88 908 21 (38) (159) 731 Amortization of acquired intangible assets — (15) (84) — (99) — — 18 (82) Restructuring and associated charges (33) (5) (12) (2) (52) — — — (52) Gain on sale of fixed assets — — — 30 30 — — — 30 Change in provisions related to past acquisitions — — — (26) (26) — — — (26) Impairment and write-off of assets, net of reversals (5) (7) (2) — (13) — — — (13) yFair value changes of legacyyFE IPR fund — — — (7) (7) — — — (7) Costs associated with contract exit 1 — — — 1 — — — 1 Divestment of businesses — — — (1) (1) — — — (1) Loss allowance on customer financing loan — — — — — — (32) — (32) Change in financial liabilityyFE to acquire NSB non- controlling interest — — — — — — 2 — 2 Prior yyFEear tax benefit related to past operating model integration — — — — — — — 69 69 Changes in the recognition of deferred tax assets — — — — — — — 61 61 Items affecting comparabilityy (37) (26) (98) (6) (168) — (30) 148 (50) Reported (3 880) (1 118) (758) 82 740 21 (68) (11) 682 26 JanuaryyFE 2023 29  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1-Q4'22 Cost of sales Research and development expenses Selling, general and administrative expenses Other operating income and expenses Operating profit Share of results of associated companies yFinancial income and expenses Income tax (expense)/ benefit Profit from continuing operations yEUR million Comparable (14 589) (4 449) (2 604) (160) 3 109 (13) (38) (577) 2 481 Amortization of acquired intangible assets — (56) (356) — (411) — — 84 (327) Restructuring and associated charges (84) (37) (52) (3) (177) — — — (177) Costs associated with countryyFE exit — — — (98) (98) — — (6) (104) Impairment and write-off of assets, net of reversals (17) (8) — (72) (97) (13) — — (110) yFair value changes of legacyyFE IPR fund — — — (7) (7) — — — (7) Loss allowances and impairments on customer financing loans — — — — — — (61) — (61) Release of cumulative exchange differences related to abandonment of foreign operations — — — — — — (20) — (20) Change in financial liabilityyFE to acquire NSB non- controlling interest — — — — — — 11 — 11 Changes in the recognition of deferred tax assets — — — — — — — 2 500 2 500 Deferred tax expense due to tax rate changes — — — — — — — 24 24 Items Affecting comparabilityy (100) (101) (409) (181) (791) (13) (70) 2 603 1 729 Reported (14 689) (4 550) (3 013) (341) 2 318 (26) (108) 2 026 4 210 Q1-Q4'21 Cost of sales Research and development expenses Selling, general and administrative expenses Other operating income and expenses Operating profit Share of results of associated companies yFinancial income and expenses Income tax (expense)/ benefit Profit from continuing operations yEUR million Comparable (13 237) (4 084) (2 379) 273 2 775 9 (176) (500) 2 109 Amortization of acquired intangible assets — (56) (335) — (391) — — 80 (312) Restructuring and associated charges (121) (62) (74) (6) (263) — — — (263) Settlement of legal disputes — — — 80 80 — — — 80 Gain on sale of fixed assets — — — 53 53 — — — 53 Impairment and write-off of assets, net of reversals (9) (12) (3) (21) (45) — — — (45) Change in provisions related to past acquisitions — — — (26) (26) — — — (26) yFair value changes of legacyyFE IPR fund — — — (23) (23) — — — (23) Divestment of businesses — — — (1) (1) — — — (1) Change in financial liabilityyFE to acquire NSB non- controlling interest — — — — — — (33) — (33) Loss allowance on customer financing loan — — — — — — (32) — (32) Prior yyFEear tax benefit related to past operating model integration — — — — — — — 69 69 Changes in the recognition of deferred tax assets — — — — — — — 61 61 Deferred tax expense due to tax rate changes — — — — — — — 17 17 Items affecting comparabilityy (131) (130) (413) 56 (617) — (65) 228 (454) Reported (13 368) (4 214) (2 792) 330 2 158 9 (241) (272) 1 654 26 JanuaryyFE 2023 30  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash and interest-bearing financial investments yEUR million 31 December 2022 30 September 2022 30 June 2022 31 March 2022 31 December 2021 Non-current interest-bearing financial investments 697 715 473 493 — Current interest-bearing financial investments 3 080 3 340 3 253 2 685 2 577 Cash and cash equivalents 5 467 5 196 5 457 6 341 6 691 Total cash and interest-bearing financial investments 9 244 9 251 9 183 9 519 9 268 Long-term interest-bearing liabilities 1 4 249 4 364 4 424 4 489 4 537 Short-term interest-bearing liabilities 1 228 232 213 126 116 Total interest-bearing liabilities 4 477 4 596 4 637 4 615 4 653 Net cash and interest-bearing financial investments 4 767 4 655 4 546 4 904 4 615 1 Lease liabilities are not included in interest-bearing liabilities. yFree cash flow yEUR million Q4'22 Q4'21 Q1-Q4'22 Q1-Q4'21 Net cash from operating activities 567 485 1 474 2 625 Purchase of propertyyFE, plant and equipment and intangible assets (195) (159) (601) (560) Proceeds from sale of propertyyFE, plant and equipment and intangible assets — 47 33 103 Purchase of other non-current financial investments (13) (22) (115) (77) Proceeds from sale of other non-current financial investments 5 34 49 277 yFree cash flow 364 385 840 2 368 26 JanuaryyFE 2023 31  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comparable return on invested capital (ROIC) Q4'22 yEUR million Rolling four quarters Q4'22 Q3'22 Q2'22 Q1'22 Comparable operating profit 3 109 1 154 658 714 583 Comparable profit before tax 3 058 1 194 667 681 516 Comparable income tax expense (577) (265) (116) (95) (101) Comparable operating profit after tax 2 526 899 544 614 469 yEUR million Average 31 December 2022 30 September 2022 30 June 2022 31 March 2022 31 December 2021 Total equityy 19 159 21 426 19 797 19 026 18 083 17 462 Total interest-bearing liabilities 4 596 4 477 4 596 4 637 4 615 4 653 Total cash and interest-bearing financial investments 9 293 9 244 9 251 9 183 9 519 9 268 Invested capital 14 462 16 659 15 143 14 480 13 179 12 847 Comparable ROIC 17.5% Q3'22 yEUR million Rolling four quarters Q3'22 Q2'22 Q1'22 Q4'21 Comparable operating profit 2 863 658 714 583 908 Comparable profit before tax 2 755 667 681 516 891 Comparable income tax expense (471) (116) (95) (101) (159) Comparable operating profit after tax 2 374 544 614 469 746 yEUR million Average 30 September 2022 30 June 2022 31 March 2022 31 December 2021 30 September 2021 Total equityy 18 152 19 797 19 026 18 083 17 462 16 392 Total interest-bearing liabilities 4 716 4 596 4 637 4 615 4 653 5 080 Total cash and interest-bearing financial investments 9 320 9 251 9 183 9 519 9 268 9 381 Invested capital 13 548 15 143 14 480 13 179 12 847 12 091 Comparable ROIC 17.5% Q4'21 yEUR million Rolling four quarters Q4'21 Q3'21 Q2'21 Q1'21 Comparable operating profit 2 775 908 633 682 551 Comparable profit before tax 2 609 891 580 643 495 Comparable income tax expense (500) (159) (117) (104) (120) Comparable operating profit after tax 2 243 746 505 572 417 yEUR million Average 31 December 2021 30 September 2021 30 June 2021 31 March 2021 31 December 2020 Total equityy 14 901 17 462 16 392 14 337 13 771 12 545 Total interest-bearing liabilities 5 105 4 653 5 080 5 063 5 153 5 576 Total cash and interest-bearing financial investments 8 861 9 268 9 381 8 751 8 842 8 061 Invested capital 11 145 12 847 12 091 10 649 10 082 10 060 Comparable ROIC 20.1% 26 JanuaryyFE 2023 32  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm234506d1_6kimg033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This financial report was approved byyFE the Board of Directors on 26 JanuaryyFE 2023 .. Media and Investor Contacts : Communications, tel. +358 10 448 4900 email: press.services@nokia.com Investor Relations, tel. +358 4080 3 4080 email: investor.relations@nokia.com • Nokia plans to publish its "Nokia in 2022" annual report, which includes the review byyFE the Board of Directors and the audited annual accounts, during week 9 of 2023. • Nokia's Annual General Meeting 2023 is planned to be held on 4 April 2023. • Nokia plans to publish its first quarter 2023 results on 20 April 2023. • Nokia plans to publish its second quarter and half yyFEear 2023 results on 20 JulyyFE 2023. • Nokia plans to publish its third quarter and JanuaryyFE-September 2023 results on 19 October 2023. 26 JanuaryyFE 2023 33  |

---

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant, Nokia Corporation, has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: January 26, 2023 | Nokia Corporation | Nokia Corporation |
|  | By: | /s/ Esa Niinimäki |
|  | Name: | Esa Niinimäki |
|  | Title: | Chief Legal Officer |

---