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 April 30, 2015

(Commission File No. 1-13202)

Nokia Corporation

Karaportti 3

FI-02610 Espoo

Finland

(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:

Form 20-F: x    Form 40-F: o

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: o    No: x

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: o    No: x

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: o    No: x

Interim Report for Q1 2015

Strong year-on-year sales growth; Weak Nokia Networks profitability compensated by good performance in Nokia Technologies and HERE

Nokia Corporation

Interim Report

April 30, 2015 at 08:00 (CET +1)

This is a summary of the Nokia Corporation interim report for first quarter 2015 published today. The complete first quarter 2015 interim report with tables is available at http://company.nokia.com/en/financials. Investors should not rely on summaries of our interim reports only, but should review the complete interim reports with tables.

FINANCIAL HIGHLIGHTS

·                  Net sales in Q1 2015 of EUR 3.2 billion (EUR 2.7 billion in Q1 2014), up 20% year-on-year

·                  Non-IFRS diluted EPS in Q1 2015 of EUR 0.05 (EUR 0.04 in Q1 2014), an increase of 25% year-on-year; reported diluted EPS in Q1 2015 of EUR 0.05 (EUR 0.03 in Q1 2014), up 67% year-on-year

Nokia Networks

·                  15% year-on-year net sales growth driven by growth in four out of our six regions, with non-IFRS operating margin declining to 3.2% from 9.3%

·                  21% year-on-year growth in Global Services net sales, primarily driven by strong growth in the network implementation business line. 10% year-on-year growth in Mobile Broadband net sales, primarily driven by overall radio technologies, particularly LTE

·                  61% year-on-year decline in non-IFRS operating profit primarily driven by lower software sales, lower non-IFRS gross profit in the systems integration business line, the short-term impact of strategic entry deals, higher non-IFRS operating expenses due to foreign exchange impacts and increased investments in LTE, 5G and cloud core, and more challenging market conditions

HERE

·                  25% year-on-year growth in net sales, with 29% year-on-year increase in sales of new vehicle licenses for embedded navigation systems

·                  90% year-on-year growth in non-IFRS operating profit, with non-IFRS operating margin expanding to 7.3% from 4.8%

Nokia Technologies

·                  103% year-on-year growth in net sales and 124% growth in non-IFRS operating profit, primarily due to non-recurring adjustments to accrued net sales from existing agreements, revenue share related to previously divested intellectual property rights, and intellectual property rights divested in the first quarter 2015. In addition, net sales and non-IFRS operating profit benefitted from higher intellectual property licensing income from existing licensees

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(1) Results are as reported unless otherwise specified. The results information in this report is unaudited. Please see “Notes to financial statements — Basis of preparation” in our complete Q1 2015 interim report for more information. Non-IFRS results exclude transaction and other related costs resulting from the sale of substantially all of Nokia’s Devices & Services business to Microsoft, goodwill impairment charges, intangible asset amortization and purchase price related items, restructuring related costs, and certain other items that may not be indicative of Nokia’s underlying business performance. For a detailed discussion, please see the year to date discussion and the non-IFRS to reported reconciliation note to the financial statements in our complete Q1 2015 interim report. A reconciliation of our Q4 2014 non-IFRS results to our reported results can be found in our complete Q4 2014 interim report with tables on pages 20-25 published on January 29, 2015. A reconciliation of our Q3 2014 non-IFRS results to our reported results can be found in our complete Q3 2014 interim report with tables on pages 22-27 published on October 23, 2014. A reconciliation of our Q2 2014 non-IFRS results to our reported results can be found in our complete Q2 2014 interim report with tables on pages 22-27 published on July 24, 2014.

Subsequent events

After the end of the first quarter 2015, Nokia announced it had entered into a memorandum of understanding regarding a combination with Alcatel-Lucent, and that it had initiated a strategic review process related to HERE. Additionally, there were positive developments in Nokia’s venture fund investments after the end of the first quarter. Please refer to page 5 in Nokia’s complete Q1 2015 interim report for additional information related to these events.

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CEO statement

Nokia delivered a 20% increase in net sales and 25% increase in earnings per share in the first quarter.  Underlying these results was excellent performance from HERE and Nokia Technologies, while good growth at Nokia Networks was offset by unsatisfactory profitability.

I remain confident that our lean operating model, ongoing focus on cost management, and the current strength of our portfolio will enable us to meet our 2015 goals for Nokia Networks. The business delivered healthy year-on-year growth even after adjusting for currency fluctuations, although a number of factors in the quarter had a negative impact on profitability. We expect some of these negative factors to ease, particularly in the second half of 2015.

HERE’s excellent momentum in the automotive sector continued, helping the business deliver 25% year-on-year growth and improved profitability. As we proceed with the strategic review that we announced on April 15, we are considering our options in order to determine what is best for Nokia shareholders and best for HERE. I am very pleased with HERE’s performance and firmly believe that it will have a bright future, either with Nokia or with new ownership.

Nokia Technologies also had a strong quarter with year on year sales up more than 100% and operating margin up sharply both year-on-year and sequentially. The business benefitted in the quarter from some non-recurring effects and revenue share from previously divested intellectual property rights. I am more confident than ever that licensing activities are tracking well and that there is a robust pipeline of potential new licensees. In addition, I believe that we are focusing on the right innovation opportunities and that the necessary cost discipline is in place.

Shortly after the end of the quarter, we announced a landmark deal with Alcatel-Lucent. The strategic logic of this proposed transaction is strong and we believe that it will provide long term benefits to shareholders of both Nokia and Alcatel-Lucent. We are moving fast on the necessary integration planning, and have already established a structure designed to minimize disruption to our ongoing business. We will bring the same operational discipline to our integration activities that we have successfully applied to the earlier transformation at Nokia Networks.

Rajeev Suri
President and CEO of Nokia

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Nokia in Q1 2015

The following discussion is of Nokia Group’s reported results for the first quarter 2015 which comprise the results of Nokia’s three businesses — Nokia Networks, HERE and Nokia Technologies, as well as Group Common Functions. Comparisons are given to the first quarter 2014 and fourth quarter 2014 results, unless otherwise indicated.

Financial discussion

Net sales

Nokia’s net sales increased 20% year-on-year and declined 16% sequentially. At constant currency, Nokia’s net sales would have increased 11% year-on-year and declined 21% sequentially.

Year-on-year discussion

The year-on-year increase in Nokia’s net sales in the first quarter 2015 was primarily due to higher net sales in Nokia Networks, Nokia Technologies and, to a lesser extent, in HERE.

Sequential discussion

The sequential decline in Nokia’s net sales in the first quarter 2015 was primarily due to seasonally lower net sales in Nokia Networks and, to a lesser extent, in HERE. This was partially offset by higher net sales in Nokia Technologies.

Non-IFRS Operating profit

Year-on-year discussion

Nokia’s non-IFRS operating profit declined 13% year-on-year in the first quarter 2015, primarily due to a decline in non-IFRS operating profit in Nokia Networks, partially offset by increases in non-IFRS operating profit in Nokia Technologies and, to a lesser extent, in HERE.

Nokia’s non-IFRS other income and expenses was an expense of EUR 19 million in the first quarter 2015, compared to an income of EUR 11 million in the first quarter 2014. On a year-on-year basis, the change in Nokia’s non-IFRS other income and expenses was primarily due to lower other income in Group Common Functions and higher foreign exchange hedging related losses.

Sequential discussion

Nokia’s non-IFRS operating profit declined 49% sequentially in the first quarter 2015, primarily due to a decline in non-IFRS operating profit in Nokia Networks, partially offset by an increase in non-IFRS operating profit in Nokia Technologies.

Nokia’s non-IFRS other income and expenses was an expense of EUR 19 million in the first quarter 2015, compared to an expense of EUR 2 million in the fourth quarter 2014. On a sequential basis, the change in Nokia’s non-IFRS other income and expenses was primarily due to foreign exchange hedging related losses.

Non-IFRS Profit

The share of results of associated companies in the first quarter 2015 includes an approximately EUR 25 million out of period adjustment. Nokia has historically accounted for the results of the associated company in

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arrears as the results have not been material. Due to an increase in the entity’s earnings, the amounts reflected in the first quarter 2015 should have been recorded in the fourth quarter 2014.

Year-on-year discussion

Nokia’s non-IFRS profit increased 16% on a year-on-year basis in the first quarter 2015, primarily due to lower non-IFRS financial expenses and the approximately EUR 25 million out of period adjustment mentioned above, partially offset by lower non-IFRS operating profit and, to a lesser extent, higher non-IFRS tax expenses. In the first quarter 2015 Nokia’s non-IFRS tax expense was based on an effective tax rate of approximately 25%, and this resulted in a higher non-IFRS tax expense than in the first quarter 2014. However, the tax expenses in the first quarter of 2014 and 2015 are not directly comparable due to the fact that Nokia’s deferred tax assets in Finland and Germany were subject to valuation allowances until the third quarter of 2014.

Sequential discussion

Sequentially, Nokia’s non-IFRS profit declined 44% in the first quarter 2015, primarily due to a decline in non-IFRS operating profit, partially offset by lower non-IFRS tax expenses, the approximately EUR 25 million out of period adjustment mentioned above and lower non-IFRS financial expenses.

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OUTLOOK

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RISKS AND FORWARD-LOOKING STATEMENTS

It should be noted that Nokia and its businesses are exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements, including, without limitation, those regarding: A) the outcome, transaction timeline and closing of the proposed combination of Nokia and Alcatel-Lucent pursuant to a memorandum of understanding (“MoU”) as announced on April 15, 2015 (“Proposed transaction”) and the ability of Nokia to integrate Alcatel-Lucent into Nokia operations (“Combined company”) and achieve the targeted benefits; B) satisfaction of conditions precedent including closing conditions related to the Proposed transaction in a timely manner, or at all, including obtaining required regulatory approvals, the confirmation and approval of our shareholders for the Proposed transaction and successfully completing tenders for the Alcatel-Lucent shares; C) expectations, plans or benefits related to Nokia’s strategies, including the review of strategic options for our HERE business; D) expectations, plans or benefits related to future performance of Nokia’s businesses Nokia Networks, HERE and Nokia Technologies; E) expectations, plans or benefits related to changes in our management and other leadership, operational structure and operating model, including the expected characteristics, business and operations of the Combined company; F) expectations regarding market developments, general economic conditions and structural changes; G) expectations and targets regarding performance, including those related to market share, prices, net sales and margins; H) timing of the deliveries of our products and services; I) expectations and targets regarding our financial performance, operating expenses, taxes, cost savings and competitiveness, as well as results of operations, including synergies related to the Proposed transaction, the target annual run rate of cost synergies for the Combined company and expected financial results of the Combined company; J) expectations and targets regarding collaboration and partnering arrangements, including the expected customer reach of the Combined company; K) outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigations by authorities; L) expectations regarding restructurings, investments, uses of proceeds from transactions, acquisitions and divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings, investments, divestments and acquisitions, including any expectations, plans or benefits related to or caused by the transaction where Nokia sold substantially all of its Devices & Services business to Microsoft on April 25, 2014; and M) statements preceded by or including “believe,” “expect,” “anticipate,” “foresee,” “sees,” “target,” “estimate,” “designed,” “aim,” “plans,” “intends,” “focus,” “continue,” “project,” “should,” “will” or similar expressions.

These statements are based on the management’s best assumptions and beliefs in light of the information currently available to it. Because they involve risks and uncertainties, actual results may differ materially from the results that we currently expect. We describe the risks and uncertainties that affect the Nokia Group or are relevant to all Nokia businesses at the beginning of this section and provide towards the end information on additional risks that are primarily related to the individual Nokia businesses: Nokia Networks, HERE and Nokia Technologies. Factors, including risks and uncertainties that could cause such differences include, but are not limited to: 1) the inability to close the Proposed transaction in a timely manner, or at all, for instance due to the inability or delays in obtaining the shareholder approval or necessary regulatory approvals for the Proposed transaction, or the occurrence of any event, change or other circumstance that could give rise to the termination of the MoU and successfully completing tenders for the Alcatel-Lucent shares; 2) the inability to achieve the targeted business and operational benefits from the Proposed transaction or disruption caused by the Proposed transaction, including inability to integrate Alcatel-Lucent into Nokia operations and any negative effect from the implementation of the Proposed combination or the announcement of the Proposed transaction for instance due to the loss of customers, loss of key executives or employees or reduced focus on day to day operations and business; 3) our ability to identify market trends and business opportunities to select and execute strategies successfully and in a timely manner, and our ability to successfully adjust our operations and operating models; 4) our ability to sustain or improve the operational and financial performance of our businesses and correctly identify or successfully pursue new business opportunities; 5) our dependence on general economic and market conditions, including the capacity for growth in internet and technology usage; 6) our exposure to regulatory, political or other developments in various countries or regions; 7) our ability to invent new relevant technologies, products and services, to develop and maintain our intellectual property portfolio and to maintain the existing sources of intellectual property related revenue and establish new such sources; 8) our ability to protect our

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intellectual property rights and defend against third-party infringements and claims that we have infringed third parties’ intellectual property rights, as well as increased licensing costs and restrictions on our ability to use certain technologies; 9) the potential complex tax issues, tax disputes and tax obligations we may face, including the obligation to pay additional taxes in various jurisdictions and our actual or anticipated performance, among other factors, which could reduce our ability to utilize deferred tax assets; 10) our ability to retain, motivate, develop and recruit appropriately skilled employees, for instance due to possible disruption caused by the Prosed transaction; 11) the performance of the parties we partner and collaborate with, as well as that of our financial counterparties, and our ability to achieve successful collaboration or partnering arrangements, including any disruption from the Proposed transaction to obtaining or maintaining the contractual relationships; 12) exchange rate fluctuations, particularly between the euro, which is our reporting currency, and the US dollar, the Japanese yen and the Chinese yuan, as well as certain other currencies; 13) the impact of unfavorable outcome of litigation, arbitration, contract-related disputes or allegations of health hazards associated with our businesses; 14) any inefficiency, malfunction or disruption of a system or network that our operations rely on or any impact of a possible cybersecurity breach; 15) our ability to achieve targeted benefits from or successfully implement planned transactions, such as acquisitions, divestments, mergers or joint ventures, and manage unexpected liabilities related thereto; 16) our ability to manage our operating expenses and reach targeted results through efforts aimed at improving our financial performance, for instance through cost savings and other efforts aimed at increased competitiveness 17) our ability to optimize our capital structure as planned and re-establish our investment grade credit rating; 18) Nokia Networks’ ability to execute its strategy or to effectively and profitably adapt its business and operations in a timely manner to the increasingly diverse needs of its customers in the mobile broadband infrastructure and related services market or to such technological developments; 19) Nokia Networks’ ability to effectively and profitably invest in new competitive high-quality products, services, upgrades and technologies and bring them to market in a timely manner; 20) Nokia Networks’ dependence on a limited number of customers and large multi-year agreements and adverse effects as a result of further operator consolidation; 21) Nokia Networks’ ability to manage our manufacturing, service creation and delivery, as well as our logistics efficiently and without interruption; 22) Nokia Networks’ dependence on a limited number of suppliers, who may fail to deliver sufficient quantities of fully functional products and components or deliver timely services meeting our customers’ needs; 23) adverse developments with respect to customer financing or extended payment terms Nokia Networks provides to customers; 24) adverse developments resulting from or in connection to the review of strategic options for our HERE business, including those related to a potential divestment of the HERE business; 25) the intense competition HERE faces and its ability to effectively and profitably invest in new competitive high-quality services and data and bring these to market in a timely manner or adjust its operations efficiently; 26) HERE’s dependence on the overall automotive market developments and customer business conditions; 27) HERE’s dependence, especially with respect to sales to the automotive industry, on a limited number of customers and large multi-year agreements; 28) Nokia Technologies’ ability to maintain its existing sources of intellectual property related revenue or establish new sources; 29) Nokia Technologies’ dependence on a limited number of key licensees that contribute proportionally significant patent licensing income, including the outcome of the binding arbitration with Samsung expected in 2015; 30) Nokia Technologies’ dependence on adequate regulatory protection for patented or other propriety technologies; and 31) Nokia Technologies’ ability to execute its plans through business areas such as technology licensing, licensing the Nokia brand and other business ventures including technology innovation and incubation; 32) and the impact on the Combined company (after giving effect to the Proposed transaction with Alcatel-Lucent) of any of the foregoing risks or forward-looking statements, as well as the risk factors specified on pages 74 to 89 of Nokia’s latest annual report on Form 20-F under “Operating and Financial Review and Prospects—Risk factors”. Other unknown or unpredictable factors or underlying assumptions subsequently proven to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Nokia does not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

Nokia management, Espoo — April 29, 2015

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Media and Investor Contacts:

Corporate Communications, tel. +358 10 448 4900, email: press.services@nokia.com
Investor Relations Europe, tel. +358 4080 3 4080

·                  Nokia’s Annual General Meeting 2015 is scheduled to be held on May 5, 2015.

·                  Nokia plans to publish its second quarter 2015 results on July 30, 2015.

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Interim Report for Q1 2015

Strong year-on-year sales growth; Weak Nokia Networks profitability compensated by good performance in Nokia Technologies and HERE.

Financial highlights

Nokia Networks

HERE

Nokia Technologies

1

(1) Results are as reported unless otherwise specified. The results information in this report is unaudited. Please see “Notes to financial statements — Basis of preparation” for more information. Non-IFRS results exclude transaction and other related costs resulting from the sale of substantially all of Nokia’s Devices & Services business to Microsoft, goodwill impairment charges, intangible asset amortization and purchase price related items, restructuring related costs, and certain other items that may not be indicative of Nokia’s underlying business performance. For a detailed discussion, please see the year to date discussion and the non-IFRS to reported reconciliation note to the financial statements. A reconciliation of our Q4 2014 non-IFRS results to our reported results can be found in our complete Q4 2014 interim report with tables on pages 20-25 published on January 29, 2015. A reconciliation of our Q3 2014 non-IFRS results to our reported results can be found in our complete Q3 2014 interim report with tables on pages 22-27 published on October 23, 2014. A reconciliation of our Q2 2014 non-IFRS results to our reported results can be found in our complete Q2 2014 interim report with tables on pages 22-27 published on July 24, 2014.

Subsequent events

After the end of the first quarter 2015, Nokia announced it had entered into a memorandum of understanding regarding a combination with Alcatel-Lucent, and that it had initiated a strategic review process related to HERE. Additionally, there were positive developments in Nokia’s venture fund investments after the end of the first quarter. Please refer to page 5 for additional information related to these events.

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CEO statement

Nokia delivered a 20% increase in net sales and 25% increase in earnings per share in the first quarter.  Underlying these results was excellent performance from HERE and Nokia Technologies, while good growth at Nokia Networks was offset by unsatisfactory profitability.

I remain confident that our lean operating model, ongoing focus on cost management, and the current strength of our portfolio will enable us to meet our 2015 goals for Nokia Networks. The business delivered healthy year-on-year growth even after adjusting for currency fluctuations, although a number of factors in the quarter had a negative impact on profitability. We expect some of these negative factors to ease, particularly in the second half of 2015.

HERE’s excellent momentum in the automotive sector continued, helping the business deliver 25% year-on-year growth and improved profitability. As we proceed with the strategic review that we announced on April 15, we are considering our options in order to determine what is best for Nokia shareholders and best for HERE. I am very pleased with HERE’s performance and firmly believe that it will have a bright future, either with Nokia or with new ownership.

Nokia Technologies also had a strong quarter with year-on-year sales up more than 100% and operating margin up sharply both year on year and sequentially. The business benefitted in the quarter from some non-recurring effects and revenue share from previously divested intellectual property rights. I am more confident than ever that licensing activities are tracking well and that there is a robust pipeline of potential new licensees. In addition, I believe that we are focusing on the right innovation opportunities and that the necessary cost discipline is in place.

Shortly after the end of the quarter, we announced a landmark deal with Alcatel-Lucent. The strategic logic of this proposed transaction is strong and we believe that it will provide long term benefits to shareholders of both Nokia and Alcatel-Lucent. We are moving fast on the necessary integration planning, and have already established a structure designed to minimize disruption to our ongoing business. We will bring the same operational discipline to our integration activities that we have successfully applied to the earlier transformation at Nokia Networks.

Rajeev Suri

President and CEO of Nokia

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Nokia in Q1 2015

The following discussion is of Nokia Group’s reported results for the first quarter 2015 which comprise the results of Nokia’s three businesses — Nokia Networks, HERE and Nokia Technologies, as well as Group Common Functions. Comparisons are given to the first quarter 2014 and fourth quarter 2014 results, unless otherwise indicated.

Financial discussion

Net sales

Nokia’s net sales increased 20% year-on-year and declined 16% sequentially. At constant currency, Nokia’s net sales would have increased 11% year-on-year and declined 21% sequentially.

Year-on-year discussion

The year-on-year increase in Nokia’s net sales in the first quarter 2015 was primarily due to higher net sales in Nokia Networks, Nokia Technologies and, to a lesser extent, in HERE.

Sequential discussion

The sequential decline in Nokia’s net sales in the first quarter 2015 was primarily due to seasonally lower net sales in Nokia Networks and, to a lesser extent, in HERE. This was partially offset by higher net sales in Nokia Technologies.

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Non-IFRS Operating profit

Year-on-year discussion

Nokia’s non-IFRS operating profit declined 13% year-on-year in the first quarter 2015, primarily due to a decline in non-IFRS operating profit in Nokia Networks, partially offset by increases in non-IFRS operating profit in Nokia Technologies and, to a lesser extent, in HERE.

Nokia’s non-IFRS other income and expenses was an expense of EUR 19 million in the first quarter 2015, compared to an income of EUR 11 million in the first quarter 2014. On a year-on-year basis, the change in Nokia’s non-IFRS other income and expenses was primarily due to lower other income in Group Common Functions and higher foreign exchange hedging related losses.

Sequential discussion

Nokia’s non-IFRS operating profit declined 49% sequentially in the first quarter 2015, primarily due to a decline in non-IFRS operating profit in Nokia Networks, partially offset by an increase in non-IFRS operating profit in Nokia Technologies.

Nokia’s non-IFRS other income and expenses was an expense of EUR 19 million in the first quarter 2015, compared to an expense of EUR 2 million in the fourth quarter 2014. On a sequential basis, the change in Nokia’s non-IFRS other income and expenses was primarily due to foreign exchange hedging related losses.

Non-IFRS Profit

The share of results of associated companies in the first quarter 2015 includes an approximately EUR 25 million out of period adjustment. Nokia has historically accounted for the results of the associated company in arrears as the results have not been material. Due to an increase in the entity’s earnings, the amounts reflected in the first quarter 2015 should have been recorded in the fourth quarter 2014.

Year-on-year discussion

Nokia’s non-IFRS profit increased 16% on a year-on-year basis in the first quarter 2015, primarily due to lower non-IFRS financial expenses and the approximately EUR 25 million out of period adjustment mentioned above, partially offset by lower non-IFRS operating profit and, to a lesser extent, higher non-IFRS tax expenses. In the first quarter 2015 Nokia’s non-IFRS tax expense was based on an effective tax rate of approximately 25%, and this resulted in a higher non-IFRS tax expense than in the first quarter 2014. However, the tax expenses in the first quarter of 2014 and 2015 are not directly comparable due to the fact that Nokia’s deferred tax assets in Finland and Germany were subject to valuation allowances until the third quarter of 2014.

Sequential discussion

Sequentially, Nokia’s non-IFRS profit declined 44% in the first quarter 2015, primarily due to a decline in non-IFRS operating profit, partially offset by lower non-IFRS tax expenses, the approximately EUR 25 million out of period adjustment mentioned above and lower non-IFRS financial expenses.

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Subsequent events

Nokia and Alcatel-Lucent to combine to create an innovation leader in next generation technology and services for an IP connected world

On April 15, 2015, Nokia and Alcatel-Lucent announced their intention to combine to create an innovation leader in next generation technology and services for an IP connected world. The two companies entered into a memorandum of understanding under which Nokia will make an offer for all of the equity securities issued by Alcatel-Lucent, through a public exchange offer in France and in the United States, on the basis of 0.55 of a new Nokia share for every Alcatel-Lucent share.

The combined company announced to target approximately EUR 900 million of operating cost synergies to be achieved on a full year basis in 2019. The operating cost synergies are expected to create a long-term structural cost advantage. The combined company would also target approximately EUR 200 million of reductions in interest expenses to be achieved on a full year basis in 2017. The transaction is expected to be accretive to Nokia earnings on a non-IFRS basis in 2017. These targets all assume closing of the transaction in the first half of 2016. The combined company is expected to have a strong balance sheet, with combined net cash at December 31, 2014 of EUR 7.4 billion, assuming conversion of all Nokia and Alcatel-Lucent convertible bonds.

Each company’s Board of Directors approved the terms of the proposed transaction, which is expected to close in the first half of 2016. The proposed transaction is subject to approval by Nokia’s shareholders, completion of relevant works council consultations, receipt of regulatory approvals and other customary conditions.

Further information on the transaction can be found at: www.newconnectivity.com.

Nokia has initiated a review of strategic options for its HERE business

On April 15, 2015, Nokia announced that it has initiated a review of strategic options, including a potential divestment, for its HERE business. The Board of Directors of Nokia believes this is the right moment to assess the position of HERE within the proposed new Nokia business. The strategic review of HERE is on-going and it may or may not result in a transaction. Any further announcements about HERE will be made as and when appropriate.

Venture fund investments

Nokia makes technology related investments through venture funds. A significant part of these investments are managed by Nokia Growth Partners (“NGP”), which specializes in growth-stage investing. Nokia has also made investments through BlueRun Ventures (“BRV”), which focuses on early stage opportunities.

After the end of the first quarter, NGP sold its holdings in Ganji.com, a major online local services marketplace platform in China to 58.com. Under the terms of the transaction NGP will receive a combination of 58.com shares and cash. BRV had also invested in Ganji.com and is participating in the transaction. The transaction values Nokia’s indirect holdings at approximately EUR 200 million. Nokia expects to record benefits from the

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transaction when cash distributions are made. The final amount and timing of benefits will depend on the value and date at which the venture funds liquidate the portion of the transaction that was made in shares.

At the end of the first quarter 2015, the fair value of our venture fund investments, equalled EUR 978 million, as compared to EUR 778 million at December 31, 2014. This amount is included in the available for sale investments, under non-current assets, in Nokia’s balance sheet.

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Outlook

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Nokia Networks

Technology partner for telecom operators of the future

Operational highlights

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Financial highlights (1)

(1)Results are reported unless specified.

Financial discussion

Net sales by segment

In the first quarter 2015, Mobile Broadband represented 52% of Nokia Networks net sales, compared to 54% in the first quarter 2014 and 52% in the fourth quarter 2014. In the first quarter 2015, Global Services represented 48% of Nokia Networks net sales, compared to 46% in the first quarter 2014 and 47% in the fourth quarter 2014.

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Year-on-year discussion

The year-on-year increase of 15% in Nokia Networks net sales in the first quarter 2015 was primarily due to an increase in net sales in Global Services and, to a lesser extent, in Mobile Broadband.

Global Services net sales increased 21% year-on-year in the first quarter 2015, primarily due to particularly strong growth in the network implementation business line and, to a lesser extent, growth in network planning and optimization as well as care business lines.

Mobile Broadband net sales increased 10% year-on-year in the first quarter 2015, primarily due to growth in overall radio technologies, with particular strength in LTE. This was partially offset by a year-on-year decline in core networking technologies.

At constant currency, Nokia Networks net sales would have increased 5% year-on-year.

Sequential discussion

The sequential decline of 21% in Nokia Networks net sales in the first quarter 2015 was primarily due to a decline in net sales in both Mobile Broadband and Global Services and, to a lesser extent, the absence of approximately EUR 25 million of non-recurring intellectual property rights (“IPR”) income, which benefitted Nokia Networks net sales in the fourth quarter 2014.

Mobile Broadband net sales declined 22% sequentially in the first quarter 2015, primarily due to seasonally lower net sales in overall radio technologies and core networking technologies. Within radio technologies, the decline was primarily due to declines in mature radio technologies, and to a lesser extent in LTE.

Global Services net sales declined 18% sequentially in the first quarter 2015, primarily due to seasonally lower net sales in network implementation and systems integration, as well as seasonal declines in other business lines.

At constant currency, Nokia Networks net sales would have declined 25% sequentially.

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Net sales by region

Year-on-year discussion

On a regional basis, compared to the first quarter 2014, Nokia Networks net sales in North America increased 47%, primarily driven by higher net sales in Global Services, including the benefit from the acquisition of SAC Wireless. In addition, Nokia Networks net sales in North America increased, to a slightly lesser extent, due to higher net sales in Mobile Broadband. In Asia-Pacific, net sales increased 14%, primarily driven by higher Global Services net sales across the region, partially offset by a slight decline in Mobile Broadband net sales. The overall growth in Asia-Pacific was primarily due to higher Mobile Broadband and Global Services net sales in India, partially offset by lower Mobile Broadband net sales in Japan. In Greater China, net sales increased 31% driven by higher net sales in Global Services and, to a lesser extent, in Mobile Broadband. In Middle East and Africa, net sales increased 27% driven by higher net sales in both Mobile Broadband and Global Services. In Latin America, net sales declined 5% driven by lower net sales in both Global Services and Mobile Broadband. The overall decline in Latin America was primarily due to lower net sales in Brazil partially offset by higher net sales in Argentina. In Europe, net sales declined 2%, primarily driven by lower Global Services net sales. The overall decline in Europe was primarily due to lower net sales in Germany, partially offset by higher net sales in Italy and Russia.

Sequential discussion

On a regional basis, compared to the fourth quarter 2014, Nokia Networks net sales in Europe declined 29%, primarily driven by seasonally lower net sales in both Mobile Broadband and, to a lesser extent, in Global Services. The overall decline in Europe was primarily due to lower net sales in Russia and Germany. In North America, net sales declined 25%, primarily driven by seasonally lower net sales in both Global Services and Mobile Broadband, as well as the absence of non-recurring IPR income, which benefitted Nokia Networks net sales in the fourth quarter 2014. In Middle East and Africa, net sales declined 35%, primarily driven by seasonally lower net sales in both Global Services and Mobile Broadband, particularly in the Middle East. In Latin America, net sales declined 35%, primarily driven by seasonally lower net sales in both Global Services and Mobile Broadband, particularly in Colombia. In Greater China, net sales declined 12%, primarily driven by seasonally lower net sales in both Mobile Broadband and, to a lesser extent, in Global Services. The overall decline in Greater China was primarily due to lower net sales in China, partially offset by higher net sales in Taiwan. In

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Asia-Pacific, net sales declined 4%, primarily driven by seasonally lower net sales in both Mobile Broadband and Global Services. The overall decline in Asia-Pacific was primarily due to lower net sales across the region, most notably in Indonesia and Australia, partially offset by higher net sales in India and Japan.

Non-IFRS Operating profit

Year-on-year discussion

The year-on-year decline in Nokia Networks non-IFRS operating profit in the first quarter 2015 was primarily due to Mobile Broadband and, to a lesser extent, Global Services. On a year-on-year basis, the declines in both Mobile Broadband and Global Services non-IFRS operating profit in the first quarter 2015 were primarily due to higher non-IFRS operating expenses and, to a lesser extent, lower non-IFRS gross profit.

On a year-on-year basis, Nokia Networks non-IFRS gross margin declined primarily due to a lower proportion of software and a higher proportion of the network implementation business line in the sales mix. In addition, Nokia Networks non-IFRS gross margin was negatively impacted by lower non-IFRS gross margin within the systems integration business line, higher costs related to the short-term impact of strategic entry deals, and more challenging market conditions. The proportion of high margin software sales in the Nokia Networks sales mix was approximately 5 percentage points lower in the first quarter 2015 compared to the first quarter 2014.

The slight year-on-year decline in non-IFRS gross profit in Mobile Broadband in the first quarter 2015 was primarily due to lower non-IFRS gross profit in core networking technologies, partially offset by higher non-IFRS gross profit in overall radio technologies. The lower non-IFRS gross profit in core networking technologies was primarily attributable to lower software sales. In addition, non-IFRS gross profit in Mobile Broadband was negatively impacted by higher costs related to the short-term impact of strategic entry deals, and more challenging market conditions.

The slight year-on-year decline in Global Services non-IFRS gross profit in the first quarter 2015 was primarily due to the absence of favourable regional mix that benefitted the systems integration business line in the first quarter 2014. This was partially offset by a higher non-IFRS gross profit in the care business line.

The year-on-year increase in Nokia Networks non-IFRS research and development expenses in the first quarter 2015 was primarily due to increased investments in LTE, 5G and cloud core. On a year-on-year basis, Nokia Networks non-IFRS selling, general and administrative expenses increased primarily due to higher personnel expenses.

Nokia Networks non-IFRS other income and expenses was an expense of EUR 14 million in the first quarter 2015, compared to an expense of EUR 2 million in the first quarter 2014. On a year-on-year basis, the change in Nokia Networks non-IFRS other income and expenses was primarily due to foreign exchange hedging related losses.

On a year-on-year basis, foreign exchange fluctuations had a significant positive impact on non-IFRS gross profit, and a significant negative impact on non-IFRS operating expenses, resulting in a slightly positive net impact on non-IFRS operating profit in the first quarter 2015.

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Sequential discussion

The sequential decline in Nokia Networks non-IFRS operating profit in the first quarter 2015 was due to both Mobile Broadband and Global Services, as well as the absence of approximately EUR 25 million of non-recurring IPR income that benefitted Nokia Networks non-IFRS operating profit in the fourth quarter 2014. On a sequential basis, the slight non-IFRS operating loss in Mobile Broadband was primarily due to a lower non-IFRS gross profit. The decline in Global Services non-IFRS operating profit was primarily due to a lower non-IFRS gross profit.

On a sequential basis, Nokia Networks non-IFRS gross margin declined primarily due to higher costs related to the short-term impact of strategic entry deals, a lower proportion of software in the sales mix, and the absence of approximately EUR 25 million of non-recurring IPR income that benefitted the fourth quarter 2014. The proportion of high margin software sales in the Nokia Networks sales mix was approximately 2 percentage points lower in the first quarter 2015 compared to the fourth quarter 2014.

The sequential decline in non-IFRS gross profit in Mobile Broadband in the first quarter 2015 was primarily due to higher costs related to the short-term impact of strategic entry deals, lower non-IFRS gross profit in core networking technologies, primarily related to lower software sales, lower non-IFRS gross profit in overall radio technologies, and more challenging market conditions.

The sequential decline in non-IFRS gross profit in Global Services in the first quarter 2015 was primarily due to lower non-IFRS gross profit in the systems integration, network implementation and care business lines.

The sequential increase in Nokia Networks non-IFRS research and development expenses in the first quarter 2015 was primarily due to increased investments in LTE, 5G and cloud core. On a sequential basis, Nokia Networks non-IFRS selling, general and administrative expenses in the first quarter 2015 declined primarily due to lower costs associated with information technology, finance and marketing related projects.

Nokia Networks non-IFRS other income and expenses was an expense of EUR 14 million in the first quarter 2015, compared an income of EUR 6 million in the fourth quarter 2014. On a sequential basis, the change in Nokia Networks non-IFRS other income and expenses was primarily due to foreign exchange hedging related losses.

On a sequential basis, foreign exchange fluctuations had a positive impact on non-IFRS gross profit, and a negative impact on non-IFRS operating expenses, resulting in a slightly negative net impact on non-IFRS operating profit in the first quarter 2015.

15

HERE

Making the map of the future the source of location intelligence

Operational highlights

Automotive

HERE and BMW AG announced their collaboration to create connected driver experiences and demonstrated the first results of their joint work at the Consumer Electronics Show in January 2015.

Jaguar Land Rover launched the new Jaguar XF, the first commercial vehicle to be powered by HERE Auto, HERE’s end-to-end cloud-enabled smart guidance solution. HERE integrated intelligent location technologies directly into the head unit of the vehicle and developed Jaguar’s smartphone companion apps. The solution will also feature in future Jaguar Land Rover vehicles.

Financial highlights(1)

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(1) Results are reported unless specified.

Financial discussion

Net sales

Sales to automotive customers represented well over 50% of HERE net sales in the first quarter 2015, as well as in the first quarter 2014 and the fourth quarter 2014.

Year-on-year discussion

In the first quarter 2015, HERE net sales increased 25% year-on-year, primarily due to higher sales to automotive customers, as well as Microsoft becoming a more significant licensee of HERE’s services and, to a lesser extent, higher sales to enterprise and personal navigation device (“PND”) customers. This was partially offset by lower recognition of revenue related to smartphone sales by our former Devices & Services business. In addition, compared to the first quarter 2014, HERE’s year-on-year net sales were negatively affected by the absence of a benefit related to the conversion of a contract to a perpetual license.

At constant currency, HERE overall net sales would have increased 17% year-on-year.

Sequential discussion

In the first quarter 2015, HERE net sales declined 11% sequentially, primarily due to seasonally lower sales to both PND and automotive customers.

At constant currency, HERE overall net sales would have declined 14% sequentially.

New vehicle licences

In the first quarter 2015, HERE had sales of new vehicle licenses of 3.6 million units, compared to 2.8 million units in the first quarter 2014 and 3.9 million units in the fourth quarter 2014. On a year-on-year basis, unit sales to automotive customers increased primarily due to higher consumer uptake of in-vehicle navigation and higher vehicle sales. On a sequential basis, unit sales to automotive customers declined primarily due to seasonality.

Non-IFRS Operating profit

Year-on-year discussion

The year-on-year increase in HERE non-IFRS operating profit in the first quarter 2015 was primarily due to higher non-IFRS gross profit, partially offset by higher non-IFRS operating expenses. On a year-on-year basis, HERE non-IFRS research and development expenses increased primarily due to higher investments in targeted

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growth areas, including higher non-IFRS research and development expenses related to our acquisition of Medio, which was completed on July 2, 2014. This was partially offset by cost savings related to the curtailing of investments in certain higher risk longer-term growth opportunities. On a year-on-year basis, HERE non-IFRS selling, general, and administrative expenses increased primarily due to higher business support costs.

On a year-on-year basis, foreign exchange fluctuations had a significant positive impact on non-IFRS gross profit, and a significant negative impact on non-IFRS operating expenses, resulting in a slightly positive net impact on non-IFRS operating profit in the first quarter 2015.

Sequential discussion

The sequential decline in HERE non-IFRS operating profit in the first quarter 2015 was primarily due to lower non-IFRS gross profit, partially offset by lower non-IFRS operating expenses. On a sequential basis, HERE non-IFRS research and development expenses declined primarily due to cost savings related to the curtailing of investments in certain higher risk longer-term growth opportunities, partially offset by higher investments in targeted growth areas. On a sequential basis, HERE non-IFRS selling, general, and administrative expenses declined primarily due to lower seasonal marketing expenses, partially offset by higher business support costs.

On a sequential basis, foreign exchange fluctuations had a positive impact on non-IFRS gross profit, and a negative impact on non-IFRS operating expenses, resulting in a slightly positive net impact on non-IFRS operating profit in the first quarter 2015.

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Nokia Technologies

Leveraging existing assets and continuing innovation for renewal and growth

Operational highlights

Licensing

Sales of the Nokia N1 Android tablet started in China at the end of January 2015. The Nokia N1 is being brought to market by an original design manufacturer (ODM) partner who is licensing the Nokia brand, Z Launcher software and industrial design of the tablet, and who is responsible for manufacturing, sales and distribution.

Incubation

Nokia Technologies has played a leading role in the standardization of an Image File Format for storing pictures and picture sequences, such as photo bursts, compressed with H.265/HEVC codec. The technical features have now been finalized, and the specification text is expected to be ready in July 2015. This format significantly reduces the file size compared to legacy formats, such as JPEG, and provides a rich set of features for novel photography use cases, such as burst photos.

Financial highlights (1)

(1)Results are reported unless specified

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Financial discussion

Net sales

Year-on-year discussion

In the first quarter 2015, Nokia Technologies net sales increased 103% year-on-year, primarily due to two factors. First, approximately two-thirds of the year-on-year growth in Nokia Technologies net sales in the first quarter 2015 related to non-recurring adjustments to accrued net sales from existing agreements, revenue share related to previously divested intellectual property rights, and intellectual property rights divested in the first quarter 2015. Second, approximately one-third of the year-on-year growth in Nokia Technologies net sales in the first quarter 2015 related to higher intellectual property licensing income from existing licensees, which included Microsoft becoming a more significant intellectual property licensee in conjunction with the sale of substantially all of Nokia’s Devices & Services business to Microsoft.

At constant currency, Nokia Technologies net sales would have increased 96% year-on-year.

Nokia Technologies first quarter 2015 net sales includes revenue from all licensing negotiations, litigations and arbitrations to the extent that we believe is currently required, but is not a forecast of the likely future outcome of ongoing licensing projects.

Sequential discussion

The sequential increase of 79% in Nokia Technologies net sales in the first quarter 2015 was primarily due to two factors. First, approximately 80% of the sequential increase in Nokia Technologies net sales in the first quarter 2015 related to non-recurring adjustments to accrued net sales from existing agreements, revenue share related to previously divested intellectual property rights, and intellectual property rights divested in the first quarter 2015. Second, approximately 20% of the sequential growth in Nokia Technologies net sales in the first quarter 2015 related to higher intellectual property licensing income from existing licensees.

At constant currency, Nokia Technologies net sales would have increased 75% sequentially.

Nokia Technologies first quarter 2015 net sales includes revenue from all licensing negotiations, litigations and arbitrations to the extent that we believe is currently required, but is not a forecast of the likely future outcome of ongoing licensing projects.

Non-IFRS Operating profit

Year-on-year discussion

The year-on-year increase in Nokia Technologies non-IFRS operating profit in the first quarter 2015 was primarily due to higher non-IFRS gross profit, partially offset by higher non-IFRS operating expenses.

In the first quarter 2015, the year-on-year increase in Nokia Technologies non-IFRS research and development expenses was primarily due to investments in business activities, which target new and significant long-term growth opportunities, as well as higher patent portfolio costs. On a year-on-year basis, Nokia Technologies non-

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IFRS selling, general and administrative expenses increased primarily due to increased activities related to anticipated and ongoing patent licensing cases and, to a lesser extent, higher business support costs.

On a year-on-year basis, foreign exchange fluctuations had a positive impact on non-IFRS gross profit, and a negative impact on non-IFRS operating expenses, resulting in a positive net impact on non-IFRS operating profit in the first quarter 2015.

Sequential discussion

The sequential increase in Nokia Technologies non-IFRS operating profit in the first quarter 2015 was primarily due to higher non-IFRS gross profit, partially offset by higher non-IFRS operating expenses.

The sequential increase in Nokia Technologies non-IFRS research and development expenses was primarily due to investments in business activities, which target new and significant long-term growth opportunities. On a sequential basis, Nokia Technologies non-IFRS selling, general and administrative expenses declined primarily due to the absence of non-recurring consultancy costs, which negatively affected the fourth quarter 2014.

Sequentially, foreign exchange fluctuations had a positive impact on non-IFRS gross profit, and a negative impact on non-IFRS operating expenses, resulting in a positive net impact on non-IFRS operating profit in the first quarter 2015.

Cash and cash flow

Nokia Group change in net cash and other liquid assets (EUR billion)

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(1)Total cash and other liquid assets less interest-bearing liabilities.

In the first quarter 2015, Nokia’s total cash and other liquid assets decreased by EUR 199 million and Nokia’s net cash and other liquid assets decreased by EUR 351 million, compared to the fourth quarter 2014.

Foreign exchange rates had an approximately EUR 150 million positive impact on the translation of gross cash and approximately EUR 150 million positive impact on net cash.

On a sequential basis, net cash and other liquid assets was affected by the following factors:

In the first quarter 2015, Nokia’s net cash used in operating activities was EUR 199 million. Nokia’s adjusted net profit before changes in net working capital was EUR 370 million in the first quarter 2015. Nokia had approximately EUR 50 million of restructuring-related cash outflows in the first quarter 2015, related to Nokia Networks. Excluding this, Nokia net working capital had cash outflows of approximately EUR 50 million as the negative cash impact from decreases in short-term liabilities was partially offset by the positive impact from a decrease in receivables. In addition, Nokia had: a) cash inflows of approximately EUR 30 million related to net financial income and expenses, b) cash outflows of approximately EUR 400 million primarily related to foreign exchange impact from hedging and balance sheet related items, and c) cash outflows of approximately EUR 100 million related to taxes. Additionally, Nokia had cash inflows related to net working capital and taxes from discontinued operations totalling approximately EUR 10 million in the first quarter 2015.

In the first quarter 2015, Nokia had cash outflows from investing activities primarily related to approximately EUR 70 million of capital expenditures and approximately EUR 50 million related to acquisitions completed in the quarter.

In the first quarter 2015, cash outflows from financing activities primarily related to the share repurchases, which totalled approximately EUR 160 million during the quarter.

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Nokia’s year to date performance

The following discussion is of Nokia Group’s reported results for the first quarter 2015 which comprise the results of Nokia’s three businesses — Nokia Networks, HERE and Nokia Technologies, as well as Group Common Functions. Comparisons are given to the first quarter 2014 and fourth quarter 2014 results, unless otherwise indicated.

Net sales

Nokia’s net sales increased 20% year-on-year. At constant currency, Nokia’s net sales would have increased 11% year-on-year.

The year-on-year increase in Nokia’s net sales in the first quarter 2015 was primarily due to higher net sales in Nokia Networks, Nokia Technologies and, to a lesser extent, in HERE.

Operating profit

Nokia’s operating profit declined 2% year-on-year in the first quarter 2015, primarily due to a decline in operating profit in Nokia Networks, partially offset by increases in operating profit in Nokia Technologies and, to a lesser extent, in HERE.

Nokia’s other income and expenses was an expense of EUR 25 million in the first quarter 2015, compared to an expense of EUR 3 million in the first quarter 2014. On a year-on-year basis, Nokia’s other income and expenses increased primarily due to lower other income in Group Common Functions.

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Profit

The share of results of associated companies in the first quarter 2015 includes an approximately EUR 25 million out of period adjustment. Nokia has historically accounted for the results of the associated company in arrears as the results have not been material. Due to an increase in the entity’s earnings, the amounts reflected in the first quarter 2015 should have been recorded in the fourth quarter 2014.

Nokia’s profit increased 65% on a year-on-year basis in the first quarter 2015, primarily due to lower financial expenses and the approximately EUR 25 million out of period adjustment mentioned above.

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Nokia Networks

Net sales by segment

In the first quarter 2015, Mobile Broadband represented 52% of Nokia Networks net sales, compared to 54% in the first quarter 2014. In the first quarter 2015, Global Services represented 48% of Nokia Networks net sales, compared to 46% in the first quarter 2014.

The year-on-year increase of 15% in Nokia Networks net sales in the first quarter 2015 was primarily due to an increase in net sales in Global Services and, to a lesser extent, in Mobile Broadband.

Global Services net sales increased 21% year-on-year in the first quarter 2015, primarily due to particularly strong growth in the network implementation business line and, to a lesser extent, growth in network planning and optimization as well as care business lines.

Mobile Broadband net sales increased 10% year-on-year in the first quarter 2015, primarily due to growth in overall radio technologies, with particular strength in LTE. This was partially offset by a year-on-year decline in core networking technologies.

At constant currency, Nokia Networks net sales would have increased 5% year-on-year.

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Net sales by region

On a regional basis, compared to the first quarter 2014, Nokia Networks net sales in North America increased 47%, primarily driven by higher net sales in Global Services, including the benefit from the acquisition of SAC Wireless. In addition, Nokia Networks net sales in North America increased, to a slightly lesser extent, due to higher net sales in Mobile Broadband. In Asia-Pacific, net sales increased 14%, primarily driven by higher Global Services net sales across the region, partially offset by a slight decline in Mobile Broadband net sales. The overall growth in Asia-Pacific was primarily due to higher Mobile Broadband and Global Services net sales in India, partially offset by lower Mobile Broadband net sales in Japan. In Greater China, net sales increased 31% driven by higher net sales in Global Services and, to a lesser extent, in Mobile Broadband. In Middle East and Africa, net sales increased 27% driven by higher net sales in both Mobile Broadband and Global Services. In Latin America, net sales declined 5% driven by lower net sales in both Global Services and Mobile Broadband. The overall decline in Latin America was primarily due to lower net sales in Brazil partially offset by higher net sales in Argentina. In Europe, net sales declined 2%, primarily driven by lower Global Services net sales. The overall decline in Europe was primarily due to lower net sales in Germany, partially offset by higher net sales in Italy and Russia.

Operating profit

The year-on-year decline in Nokia Networks operating profit in the first quarter 2015 was primarily due to Mobile Broadband and, to a lesser extent, Global Services. On a year-on-year basis, the declines in both Mobile Broadband and Global Services operating profit in the first quarter 2015 were primarily due to higher operating expenses and, to a lesser extent, lower gross profit.

On a year-on-year basis, Nokia Networks gross margin declined primarily due to a lower proportion of software and a higher proportion of the network implementation business line in the sales mix. In addition, Nokia Networks gross margin was negatively impacted by lower gross margin within the system integration business line, higher costs related to the short-term impact of strategic entry deals, and more challenging market conditions. The proportion of high margin software sales in the Nokia Networks sales mix was approximately 5 percentage points lower in the first quarter 2015 compared to the first quarter 2014.

The slight year-on-year decline in gross profit in Mobile Broadband in the first quarter 2015 was primarily due to lower gross profit in core networking technologies, partially offset by higher gross profit in overall radio technologies. The lower gross profit in core networking technologies was primarily attributable to lower software sales. In addition, gross profit in Mobile Broadband was negatively impacted by higher costs related to the short-term impact of strategic entry deals, and more challenging market conditions.

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The slight year-on-year decline in Global Services gross profit in the first quarter 2015 was primarily due to the absence of favourable regional mix that benefitted the systems integration business line in the first quarter 2014. This was partially offset by a higher gross profit in the care business line.

The year-on-year increase in Nokia Networks research and development expenses in the first quarter 2015 was primarily due to increased investments in LTE, 5G and cloud core. On a year-on-year basis, Nokia Networks selling, general and administrative expenses increased primarily due to higher personnel expenses.

Nokia Networks other income and expenses was an expense of EUR 14 million in the first quarter 2015, compared to an expense of EUR 17 million in the first quarter 2014. On a year-on-year basis, the change in Nokia Networks other income and expenses was primarily due to foreign exchange hedging related losses.

On a year-on-year basis, foreign exchange fluctuations had a significant positive impact on gross profit, and a significant negative impact on operating expenses, resulting in a slightly positive net impact on operating profit in the first quarter 2015.

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HERE

Net sales

Sales to automotive customers represented well over 50% of HERE net sales in the first quarter 2015, as well as in the first quarter 2014.

In the first quarter 2015, HERE net sales increased 25% year-on-year, primarily due to higher sales to automotive customers, as well as Microsoft becoming a more significant licensee of HERE’s services and, to a lesser extent, higher sales to enterprise and PND customers. This was partially offset by lower recognition of revenue related to smartphone sales by our former Devices & Services business. In addition, compared to the first quarter 2014, HERE’s year-on-year net sales were negatively affected by the absence of a benefit related to the conversion of a contract to a perpetual license.

At constant currency, HERE overall net sales would have increased 17% year-on-year.

New vehicle licences

In the first quarter 2015, HERE had sales of new vehicle licenses of 3.6 million units, compared to 2.8 million units in the first quarter 2014. On a year-on-year basis, unit sales to automotive customers increased primarily due to higher consumer uptake of in-vehicle navigation and higher vehicle sales.

Operating profit

The year-on-year increase in HERE operating profit in the first quarter 2015 was primarily due to higher gross profit, partially offset by higher operating expenses. On a year-on-year basis, HERE research and development expenses increased primarily due to higher investments in targeted growth areas, including higher research and development expenses related to our acquisition of Medio, which was completed on July 2, 2014. This was partially offset by cost savings related to the curtailing of investments in certain higher risk longer-term growth

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opportunities. On a year-on-year basis, HERE selling, general, and administrative expenses increased primarily due to higher business support costs.

HERE other income and expenses was an expense of EUR 6 million in the first quarter 2015, compared to an expense of EUR 2 million in the first quarter 2014.

On a year-on-year basis, foreign exchange fluctuations had a significant positive impact on gross profit, and a significant negative impact on operating expenses, resulting in a slightly positive net impact on operating profit in the first quarter 2015.

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Nokia Technologies

Net sales

In the first quarter 2015, Nokia Technologies net sales increased 103% year-on-year, primarily due to two factors. First, approximately two-thirds of the year-on-year growth in Nokia Technologies net sales in the first quarter 2015 related to non-recurring adjustments to accrued net sales from existing agreements, revenue share related to previously divested intellectual property rights, and intellectual property rights divested in the first quarter 2015. Second, approximately one-third of the year-on-year growth in Nokia Technologies net sales in the first quarter 2015 related to higher intellectual property licensing income from existing licensees, which included Microsoft becoming a more significant intellectual property licensee in conjunction with the sale of substantially all of Nokia’s Devices & Services business to Microsoft.

At constant currency, Nokia Technologies net sales would have increased 96% year-on-year.

Nokia Technologies first quarter 2015 net sales includes revenue from all licensing negotiations, litigations and arbitrations to the extent that we believe is currently required, but is not a forecast of the likely future outcome of ongoing licensing projects.

Operating profit

The year-on-year increase in Nokia Technologies operating profit in the first quarter 2015 was primarily due to higher gross profit, partially offset by higher operating expenses.

In the first quarter 2015, the year-on-year increase in Nokia Technologies research and development expenses was primarily due to investments in business activities, which target new and significant long-term growth opportunities, as well as higher patent portfolio costs. On a year-on-year basis, Nokia Technologies selling, general and administrative expenses increased primarily due to increased activities related to anticipated and ongoing patent licensing cases and, to a lesser extent, higher business support costs.

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On a year-on-year basis, foreign exchange fluctuations had a positive impact on gross profit, and a negative impact on operating expenses, resulting in a positive net impact on operating profit in the first quarter 2015.

Shares

The total number of Nokia shares on March 31, 2015, equalled 3 678 181 547. On March 31, 2015, Nokia and its subsidiary companies owned 54 380 021 Nokia shares, representing approximately 1.5% of the total number of Nokia shares and voting rights.

Cancellation of shares and other changes in the number of shares

Pursuant to Nokia Board of Directors’ decision announced on January 29, 2015, the cancellation of 66 903 682 Nokia shares held by the Company was registered with the Finnish Trade Register on February 4, 2015 and on March 20, 2015 a total of 40 983 new shares were subscribed for by using conversion rights pertaining to Nokia’s EUR 750 million convertible bond due in 2017. On March 31, 2015 the outstanding number of shares in the company was 3 678 181 547. These changes did not affect the company’s share capital.