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NOKIA CORP

For the period ended Dec 31, 2025. Filed Mar 5, 2026.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2025 · Filed Mar 5, 2026

NOK$7.66+2.7%Stored close · as of Nov 6, 2026
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Contents

Alternative performance measures

Certain financial measures presented in this report are not measures of financial performance,

financial position or cash flows defined in IFRS Accounting Standards. As these measures are not

defined in IFRS Accounting Standards, they may not be directly comparable with financial measures

used by other companies, including those in the same industry. The primary 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 underlying 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 IFRS Accounting Standards.

Return on capital employed %

Return on capital employed is defined as (Profit before tax + Interest expense on interest-bearing

liabilities) / (Average capital and reserves attributable to equity holders of the parent + average

non-controlling interests + average interest-bearing liabilities).

Purpose

Return on capital employed indicates how efficiently Nokia uses its capital to generate profits.

Composition of return on capital employed %:

EURm202520242023
Profit before tax9152 0911 469
Interest expense on interest-bearing liabilities141209201
Total1 0562 3001 670
Average capital and reserves attributable to equity holders of the parent(1)20 81220 59720 935
Average non-controlling interests(1)919192
Average interest-bearing liabilities(1)3 6504 0404 334
Total capital employed24 55324 72825 361
Return on capital employed %4.3%9.3%6.6%

(1)Calculated as the average of opening and closing balance for the year as presented in the consolidated statement of financial

position. Refer to the consolidated financial statements.

Return on shareholders’ equity %

Return on shareholders’ equity is defined as Profit/(loss) for the year attributable to equity holders

of the parent / Average capital and reserves attributable to equity holders of the parent.

Purpose

Return on shareholders’ equity indicates how efficiently Nokia uses the capital invested by its

shareholders to generate profits.

Composition of return on shareholders’ equity %:

EURm202520242023
Profit for the year attributable to equity holders of the parent6511 277665
Average capital and reserves attributable to equity holders of the parent(1)20 81220 59720 935
Return on shareholders’ equity %3.1%6.2%3.2%

(1)Calculated as the average of opening and closing balance for the year as presented in the consolidated statement of financial

position. Refer to the consolidated financial statements.

Equity ratio %

Equity ratio % is defined as (Total capital and reserves attributable to equity holders of the parent

  • non-controlling interests) / Total assets.

Purpose

Equity ratio indicates the proportion of assets financed by the capital provided by the equity

holders of the parent to the total assets of Nokia.

Composition of equity ratio %:

EURm202520242023
Total capital and reserves attributable to equity holders of the parent20 96720 65720 537
Non-controlling interests919091
Shareholders’ equity21 05820 74720 628
Total assets37 59739 14939 860
Equity ratio %56.0%53.0%51.8%

ContentsBusiness overviewCorporate governanceOperating and financial review and prospectsGeneral facts on NokiaAmerican Depositary SharesControls and proceduresGovernment regulationSales in United States-sanctioned countriesTaxationKey ratios•Alternative performance measuresFinancial statementsOther information

Total cash and interest-bearing financial investments

Total cash and interest-bearing financial investments consist of cash and cash equivalents, current

interest-bearing financial investments and non-current interest-bearing financial investments.

Purpose

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 security holders.

Composition of total cash and interest-bearing financial investments:

EURm202520242023
Cash and cash equivalents5 4626 6236 234
Current interest-bearing financial investments9611 6611 565
Non-current interest-bearing financial investments368457715
Total cash and interest-bearing financial investments6 7918 7418 514

Net cash and interest-bearing financial investments

Net cash and interest-bearing financial investments equals total cash and interest-bearing financial

investments less long-term and short-term interest-bearing liabilities.

Purpose

Net cash and interest-bearing financial investments is used to indicate Nokia’s liquidity position

after cash required to settle the interest-bearing liabilities.

Composition of net cash and interest-bearing financial investments:

EURm202520242023
Total cash and interest-bearing financial investments
Cash and cash equivalents5 4626 6236 234
Current interest-bearing financial investments9611 6611 565
Non-current interest-bearing financial investments368457715
Interest-bearing liabilities
Long-term interest-bearing liabilities(2 329)(2 918)(3 637)
Short-term interest-bearing liabilities(1 084)(969)(554)
Net cash and interest-bearing financial investments3 3784 8544 323

Net debt to equity (gearing) %

Net debt to equity (gearing) % is defined as Interest-bearing liabilities less Total cash and interest-

bearing financial investments / (Total capital and reserves attributable to the equity holders of the

parent + Non-controlling interests).

Purpose

Net debt to equity ratio presents the relative proportion of shareholders’ equity and interest-

bearing liabilities used to finance Nokia’s assets and indicates the leverage of Nokia’s business.

Composition of net debt to equity (gearing) %:

EURm202520242023
Interest-bearing liabilities
Long-term interest-bearing liabilities2 3292 9183 637
Short-term interest-bearing liabilities1 084969554
Total cash and interest-bearing financial investments
Cash and cash equivalents(5 462)(6 623)(6 234)
Current interest-bearing financial investments(961)(1 661)(1 565)
Non-current interest-bearing financial investments(368)(457)(715)
Net debt(3 378)(4 854)(4 323)
Total capital and reserves attributable to equity holders of the parent20 96720 65720 537
Non-controlling interests919091
Shareholders’ equity21 05820 74720 628
Net debt to equity (gearing) %(16.0)%(23.4)%(21.0)%

Free cash flow

Free cash flow is defined as Net cash flows from operating activities less purchases of property,

plant and equipment and intangible assets (capital expenditures).

Purpose

Free cash flow is the cash that Nokia generates after investments in property, plant and equipment

and intangible assets, and we believe it provides meaningful supplemental information as it

represents the cash available to service and repay interest-bearing financial liabilities, including

lease liabilities, make investments to grow business and distribute funds to shareholders. It is a

measure of cash generation, working capital efficiency and capital discipline of the business.

Composition of free cash flow:

EURm202520242023
Net cash flows from operating activities2 0712 4931 317
Purchase of property, plant and equipment and intangible assets (capital expenditures)(606)(472)(652)
Free cash flow1 4652 021665

ContentsBusiness overviewCorporate governanceOperating and financial review and prospectsGeneral facts on NokiaAmerican Depositary SharesControls and proceduresGovernment regulationSales in United States-sanctioned countriesTaxationKey ratios•Alternative performance measuresFinancial statementsOther information

Capital expenditure

Purchases of property, plant and equipment and intangible assets (excluding assets acquired under

business combinations).

Purpose

Capital expenditure is used to describe investments in future profit-generating activities.

Composition of capital expenditure:

EURm202520242023
Purchase of property, plant and equipment and intangible assets(606)(472)(652)
Capital expenditure(606)(472)(652)

Comparable operating profit

Comparable operating profit excludes intangible asset amortization and other purchase price fair

value adjustments, goodwill impairments, restructuring-related charges, transaction and related

costs, including integration costs, and certain other items affecting comparability.

Purpose

We believe that the comparable operating profit provides meaningful supplemental information

to both management and investors regarding Nokia’s underlying business performance by

excluding certain items of income and expenses that may not be indicative of Nokia’s business

operating results. Comparable operating profit is used also in determining management

remuneration.

Composition of comparable operating profit:

EURm202520242023
Operating profit(1)8851 9701 733
Restructuring and associated charges478445356
Amortization and depreciation of acquired intangible assets and property, plant and equipment444314341
Release of acquisition-related fair value adjustments to deferred revenue and inventory88——
Provision for contractual claims66——
Transaction and related costs, including integration costs3323—
Loss on defined benefit plan amendment24——
Disposal of businesses6(67)(20)
Divestment of associates—(190)—
Impairment and write-off of assets, net of reversals—8925
Costs associated with country exit——(49)
Other⁽¹⁾——23
Comparable operating profit(1)2 0242 5842 409

administrative expenses and other operating income to financial income. The comparative amounts for 2024 and 2023 have been

recast accordingly. For more information, refer to Note 1.2. General accounting policies in the consolidated financial statements.

Comparable operating margin %

Comparable operating margin is defined as Comparable operating profit / Net sales.

Purpose

Comparable operating margin is used as a measure of Nokia’s operating profitability as a

percentage of net sales excluding intangible asset amortization and other purchase price fair value

adjustments, goodwill impairments, restructuring-related charges, transaction and related costs,

including integration costs and certain other items affecting comparability.

As with comparable operating profit, we believe that the comparable operating margin provides

meaningful supplemental information to both management and investors regarding Nokia’s

underlying business performance by excluding certain items of income and expenses that may not

be indicative of Nokia’s business operating results.

Composition of comparable operating margin:

EURm202520242023
Comparable operating profit(1)2 0242 5842 409
Net sales19 88919 22021 138
Comparable operating margin %10.2%13.4%11.4%

administrative expenses and other operating income to financial income. The comparative amounts for 2024 and 2023 have been

recast accordingly. For more information, refer to Note 1.2. General accounting policies in the consolidated financial statements.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.