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 July 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:

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 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.

Nokia Corporation Interim Report for Q2 2015 and January-June 2015

Strong Q2 positions Nokia well to meet full year 2015 objectives

Nokia Corporation

Interim Report

July 30, 2015 at 08:00 (CET +1)

This is a summary of the Nokia Corporation interim report for second quarter 2015 and January-June 2015 published today. The complete interim report for second quarter 2015 and January-June 2015 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 Q2 2015 of EUR 3.2 billion (EUR 2.9 billion in Q2 2014), up 9% year-on-year (down 1% year-on-year on a constant currency basis)

·                  Non-IFRS diluted EPS in Q2 2015 of EUR 0.09 (EUR 0.06 in Q2 2014), an increase of 50% year-on-year; reported diluted EPS in Q2 2015 of EUR 0.09 (loss of EUR 0.01 in Q2 2014)

Nokia Networks

·                  6% year-on-year net sales growth (4% year-on-year decline on a constant currency basis)

·                  12% year-on-year growth in non-IFRS gross profit, with non-IFRS gross margin increasing to 40.0% from 38.1%, primarily driven by an elevated level of software sales within Mobile Broadband and strong performance across Global Services

·                  11% year-on-year growth in non-IFRS operating profit, with non-IFRS operating margin increasing to 11.5% from 11.0%, supported by continued focus on operational excellence

HERE

·                  25% year-on-year growth in net sales, with 24% growth in new vehicle licenses for embedded navigation systems

·                  Non-IFRS operating profit of EUR 27 million, with non-IFRS operating margin increasing year-on-year to 9.3% from 0.0%

Nokia Technologies

·                  31% year-on-year growth in net sales and 17% year-on-year growth in non-IFRS operating profit, primarily due to higher intellectual property licensing income from existing and new licensees and non-recurring net sales. In addition, on a year-on-year basis, non-IFRS operating profit was negatively affected by higher non-IFRS operating expenses

Group Common Functions

·                  Non-IFRS operating profit of EUR 69 million benefitted from a gain of approximately EUR 110 million related to Nokia’s investments made through its venture funds

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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” 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 (the “Sale of the D&S Business”), 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 Q1 2015 non-IFRS results to our reported results can be found in our complete Q1 2015 interim report with tables on page 29 published on April 30, 2015. 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.

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CEO statement

Nokia delivered strong results in the second quarter, with each of our three businesses performing very well.

I am particularly pleased by Nokia Networks, which delivered improved performance overall, despite a year-on-year decline in net sales on a constant currency basis. Software sales were up significantly; core networking sales improved; we saw a reduced impact of strategic entry deals; Global Services had one of its best quarters in the history of the company; and costs remained well under control.

While we expect the telecom infrastructure market to remain challenging, I believe that our disciplined operating model and strong execution capabilities will continue to differentiate us in this environment. Additionally, we remain highly focused on reducing costs and improving efficiency in order to mitigate the impact of market conditions.

Nokia Technologies not only continued its licensing momentum in the quarter with a new agreement with LG, but also recently unveiled OZO, a truly game-changing virtual reality camera. The team in “Tech” has shown both disciplined execution in licensing and an entrepreneurial spirit in pursuing new growth opportunities.

HERE continued to deliver well, again showing year-on-year sales and profitability growth. Our strategic review of that business is now in an advanced stage, and I would like to reiterate that our focus is on what is in the best interests of our shareholders and the long term future of HERE.

Overall, with these results, we are well positioned to deliver on our full-year 2015 commitments.

Rajeev Suri
President and CEO

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Nokia in Q2 2015

Financial discussion

The following discussion is of Nokia’s reported results for the second 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 second quarter 2014 and first quarter 2015 results, unless otherwise indicated.

Net sales

Nokia’s net sales increased 9% year-on-year and were approximately flat sequentially. At constant currency, Nokia’s net sales would have decreased 1% both on a year-on-year and sequential basis.

Year-on-year discussion

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

Sequential discussion

On a sequential basis, the approximately flat net sales in the second quarter 2015 were primarily due to slightly higher net sales in Nokia Networks and HERE, partially offset by lower net sales in Nokia Technologies.

Non-IFRS Operating profit

Year-on-year discussion

Nokia’s non-IFRS operating profit increased 51% year-on-year in the second quarter 2015, primarily due to an increase in non-IFRS operating profit in Group Common Functions and, to a lesser extent, in Nokia Networks, HERE and Nokia Technologies.

Nokia’s non-IFRS other income and expenses was an income of EUR 113 million in the second quarter 2015, compared to an expense of EUR 9 million in the second quarter 2014. On a year-on-year basis, the change in Nokia’s non-IFRS other income and expenses was primarily due to higher other income in Group Common Functions, related to Nokia’s investments made through its venture funds. During the second quarter 2015, Nokia Growth Partners sold its holdings in Ganji.com, a major online local services marketplace platform in China, to 58.com. BlueRun Ventures also invested in Ganji.com and participated in the transaction, which valued Nokia’s total indirect holdings in Ganji.com at approximately EUR 200 million. Related to the transaction, Nokia recorded a gain of approximately EUR 110 million in the second quarter 2015. The final amount and timing of additional income or expense will depend on the value and date at which the venture funds liquidate the portion of the consideration that was received in shares.

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

Sequential discussion

Nokia’s non-IFRS operating profit increased 97% sequentially in the second quarter 2015, primarily due to an increase in non-IFRS operating profit in Nokia Networks and Group Common Functions, partially offset by a decrease in non-IFRS operating profit in Nokia Technologies.

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Nokia’s non-IFRS other income and expenses was an income of EUR 113 million in the second quarter 2015, compared to an expense of EUR 19 million in the first quarter 2015. On a sequential basis, the change in Nokia’s non-IFRS other income and expenses was primarily due to higher other income in Group Common Functions, related to Nokia’s investments made through its venture funds. During the second quarter 2015, Nokia Growth Partners sold its holdings in Ganji.com, a major online local services marketplace platform in China, to 58.com. BlueRun Ventures also invested in Ganji.com and participated in the transaction, which valued Nokia’s total indirect holdings in Ganji.com at approximately EUR 200 million. Related to the transaction, Nokia recorded a gain of approximately EUR 110 million in the second quarter 2015. The final amount and timing of additional income or expense will depend on the value and date at which the venture funds liquidate the portion of the consideration that was received in shares.

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

Non-IFRS Profit

Year-on-year discussion

Nokia’s non-IFRS profit increased 66% on a year-on-year basis in the second quarter 2015, primarily due to higher non-IFRS operating profit and, to a lesser extent, a net positive fluctuation in non-IFRS financial income and expenses. This was partially offset by higher non-IFRS tax expense. Nokia’s non-IFRS tax expense in the second quarter 2015 was based on a tax rate of approximately 27%, and this resulted in a higher non-IFRS tax expense than in the second quarter 2014. However, the tax expenses in the second quarter of 2014 and 2015 are not directly comparable primarily due to Nokia’s deferred tax assets in Finland and Germany that were subject to valuation allowances until the third quarter of 2014.

Sequential discussion

Sequentially, Nokia’s non-IFRS profit increased 79% in the second quarter 2015, primarily due to a higher non-IFRS operating profit, partially offset by higher non-IFRS tax expenses and the absence of the approximately EUR 25 million out of period adjustment to the share of results of associated companies that benefitted the first quarter 2015.

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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

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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 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, and litigation related to IPR; 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 Proposed 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 in 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 its 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 its 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 with 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

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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 proprietary technologies; 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; and 32) and the impact on the Combined company (after giving effect to the Proposed transaction) 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 — July 29, 2015

Media and Investor Contacts:

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

Nokia plans to publish its third quarter 2015 results on October 29, 2015.

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Interim Report for Q2 2015 and January-June 2015

Strong Q2 positions Nokia well to meet full year 2015 objectives

Financial highlights

·             Net sales in Q2 2015 of EUR 3.2 billion (EUR 2.9 billion in Q2 2014), up 9% year-on-year (down 1% year-on-year on a constant currency basis)

·             Non-IFRS diluted EPS in Q2 2015 of EUR 0.09 (EUR 0.06 in Q2 2014), an increase of 50% year-on-year; reported diluted EPS in Q2 2015 of EUR 0.09 (loss of EUR 0.01 in Q2 2014)

Nokia Networks

·             6% year-on-year net sales growth (4% year-on-year decline on a constant currency basis)

·             12% year-on-year growth in non-IFRS gross profit, with non-IFRS gross margin increasing to 40.0% from 38.1%, primarily driven by an elevated level of software sales within Mobile Broadband and strong performance across Global Services

·             11% year-on-year growth in non-IFRS operating profit, with non-IFRS operating margin increasing to 11.5% from 11.0%, supported by continued focus on operational excellence

HERE

·             25% year-on-year growth in net sales, with 24% growth in new vehicle licenses for embedded navigation systems

·             Non-IFRS operating profit of EUR 27 million, with non-IFRS operating margin increasing year-on-year to 9.3% from 0.0%

Nokia Technologies

·             31% year-on-year growth in net sales and 17% year-on-year growth in non-IFRS operating profit, primarily due to higher intellectual property licensing income from existing and new licensees and non-recurring net sales. In addition, on a year-on-year basis, non-IFRS operating profit was negatively affected by higher non-IFRS operating expenses

Group Common Functions

·             Non-IFRS operating profit of EUR 69 million benefitted from a gain of approximately EUR 110 million related to Nokia’s investments made through its venture funds

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 (the “Sale of the D&S Business”), 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 Q1 2015 non-IFRS results to our reported results can be found in our complete Q1 2015 interim report with tables on page 29 published on April 30, 2015. 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.

2

CEO statement

Nokia delivered strong results in the second quarter, with each of our three businesses performing very well.

I am particularly pleased by Nokia Networks, which delivered improved performance overall, despite a year-on-year decline in net sales on a constant currency basis. Software sales were up significantly; core networking sales improved; we saw a reduced impact of strategic entry deals; Global Services had one of its best quarters in the history of the company; and costs remained well under control.

While we expect the telecom infrastructure market to remain challenging, I believe that our disciplined operating model and strong execution capabilities will continue to differentiate us in this environment. Additionally, we remain highly focused on reducing costs and improving efficiency in order to mitigate the impact of market conditions.

Nokia Technologies not only continued its licensing momentum in the quarter with a new agreement with LG, but also recently unveiled OZO, a truly game-changing virtual reality camera. The team in “Tech” has shown both disciplined execution in licensing and an entrepreneurial spirit in pursuing new growth opportunities.

HERE continued to deliver well, again showing year-on-year sales and profitability growth. Our strategic review of that business is now in an advanced stage, and I would like to reiterate that our focus is on what is in the best interests of our shareholders and the long term future of HERE.

Overall, with these results, we are well positioned to deliver on our full-year 2015 commitments.

Rajeev Suri
President and CEO

3

4

Nokia in Q2 2015

Financial discussion

The following discussion is of Nokia’s reported results for the second 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 second quarter 2014 and first quarter 2015 results, unless otherwise indicated.

Net sales

Nokia’s net sales increased 9% year-on-year and were approximately flat sequentially. At constant currency, Nokia’s net sales would have decreased 1% both on a year-on-year and sequential basis.

Year-on-year discussion

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

Sequential discussion

On a sequential basis, the approximately flat net sales in the second quarter 2015 were primarily due to slightly higher net sales in Nokia Networks and HERE, partially offset by lower net sales in Nokia Technologies.

Non-IFRS Operating profit

Year-on-year discussion

Nokia’s non-IFRS operating profit increased 51% year-on-year in the second quarter 2015, primarily due to an increase in non-IFRS operating profit in Group Common Functions and, to a lesser extent, in Nokia Networks, HERE and Nokia Technologies.

Nokia’s non-IFRS other income and expenses was an income of EUR 113 million in the second quarter 2015, compared to an expense of EUR 9 million in the second quarter 2014. On a year-on-year basis, the change in Nokia’s non-IFRS other income and expenses was primarily due to higher other income in Group Common Functions, related to Nokia’s investments made through its venture funds. During the second quarter 2015, Nokia Growth Partners sold its holdings in Ganji.com, a major online local services marketplace platform in China, to 58.com. BlueRun Ventures also invested in Ganji.com and participated in the transaction, which valued Nokia’s total indirect holdings in Ganji.com at approximately EUR 200 million. Related to the transaction, Nokia recorded a gain of approximately EUR 110 million in the second quarter 2015. The final amount and timing of additional income or expense will depend on the value and date at which the venture funds liquidate the portion of the consideration that was received in shares.

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

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Sequential discussion

Nokia’s non-IFRS operating profit increased 97% sequentially in the second quarter 2015, primarily due to an increase in non-IFRS operating profit in Nokia Networks and Group Common Functions, partially offset by a decrease in non-IFRS operating profit in Nokia Technologies.

Nokia’s non-IFRS other income and expenses was an income of EUR 113 million in the second quarter 2015, compared to an expense of EUR 19 million in the first quarter 2015. On a sequential basis, the change in Nokia’s non-IFRS other income and expenses was primarily due to higher other income in Group Common Functions, related to Nokia’s investments made through its venture funds. During the second quarter 2015, Nokia Growth Partners sold its holdings in Ganji.com, a major online local services marketplace platform in China, to 58.com. BlueRun Ventures also invested in Ganji.com and participated in the transaction, which valued Nokia’s total indirect holdings in Ganji.com at approximately EUR 200 million. Related to the transaction, Nokia recorded a gain of approximately EUR 110 million in the second quarter 2015. The final amount and timing of additional income or expense will depend on the value and date at which the venture funds liquidate the portion of the consideration that was received in shares.

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

Non-IFRS Profit

Year-on-year discussion

Nokia’s non-IFRS profit increased 66% on a year-on-year basis in the second quarter 2015, primarily due to higher non-IFRS operating profit and, to a lesser extent, a net positive fluctuation in non-IFRS financial income and expenses. This was partially offset by higher non-IFRS tax expense. Nokia’s non-IFRS tax expense in the second quarter 2015 was based on a tax rate of approximately 27%, and this resulted in a higher non-IFRS tax expense than in the second quarter 2014. However, the tax expenses in the second quarter of 2014 and 2015 are not directly comparable primarily due to Nokia’s deferred tax assets in Finland and Germany that were subject to valuation allowances until the third quarter of 2014.

Sequential discussion

Sequentially, Nokia’s non-IFRS profit increased 79% in the second quarter 2015, primarily due to a higher non-IFRS operating profit, partially offset by higher non-IFRS tax expenses and the absence of the approximately EUR 25 million out of period adjustment to the share of results of associated companies that benefitted the first quarter 2015.

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Outlook

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Nokia Networks

Technology partner for telecom operators of the future

Operational highlights

Radio

Deal momentum continued: new contracts in the quarter included Algar Telecom in Brazil and Bharti Airtel in India.

Nokia Networks demonstrated 10 Gbps speeds on millimeter wave spectrum, paving the way towards 5G.

Nokia Networks signed an agreement to acquire Eden Rock Communications, LLC to boost its multivendor SON radio optimization capabilities.

Global Services

Nokia Networks launched Telco Cloud Index to support operators to assess their maturity in cloud deployments.

The 3-D Geolocation based optimization tool was awarded by Small Cell Forum and the Build-Operate-Transfer model included in the Managed Services portfolio was awarded by GTB.

Telco Cloud & Software Defined Networking

Nokia Networks launched the AirFrame Data Center Solution for telecom operators to implement cloud services. Nokia’s AirFrame Data Center Solution is an industry first that combines IT best practices with the needs of the telco domain, by evolving cloud architecture to incorporate centralized and distributed capabilities that will be necessary for future telco networking and service delivery.

Analytics and Internet of Things

Nokia Networks won the 2015 Light Reading award in the category “Most Innovative Security Strategy for vendors” with its Security in Networks for Internet of Things solution.

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Financial highlights (1)

(1)Results are reported unless specified.

Financial discussion

Net sales by segment

In the second quarter 2015, Mobile Broadband represented 51% of Nokia Networks net sales, compared to 53% in the second quarter 2014 and 52% in the first quarter 2015. In the second quarter 2015, Global Services

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represented 49% of Nokia Networks net sales, compared to 46% in the second quarter 2014 and 48% in the first quarter 2015.

Year-on-year discussion

The year-on-year increase of 6% in Nokia Networks net sales in the second 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 12% year-on-year in the second quarter 2015, primarily due to growth in the network implementation, care, network planning and optimization and, to a lesser extent, the systems integration business lines. The network planning and optimization and systems integration business lines delivered particularly strong percentage growth on a year-on-year basis, consistent with our ongoing focus on services-led and professional services business.

Mobile Broadband net sales increased 3% year-on-year in the second quarter 2015, primarily due to growth in overall radio technologies, with particular strength in LTE.

At constant currency, Nokia Networks net sales would have decreased 4% year-on-year.

Sequential discussion

The sequential increase of 2% in Nokia Networks net sales in the second 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 4% sequentially in the second quarter 2015, primarily due to an increase in net sales in the care, network implementation and network planning and optimization business lines.

Mobile Broadband net sales increased 1% sequentially in the second quarter 2015, primarily due to higher net sales in overall radio technologies. Within radio technologies, the sequential growth was primarily due to 3G and LTE, partially offset by a decline in CDMA.

At constant currency, Nokia Networks net sales would have increased 1% sequentially.

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Net sales by region

Year-on-year discussion

On a regional basis, compared to the second quarter 2014, Nokia Networks net sales in Greater China increased 24% primarily driven by higher net sales in Global Services and, to a lesser extent, in Mobile Broadband. The overall increase in Greater China was due to higher net sales in both China and Taiwan. In Middle East and Africa, net sales increased 22% driven by higher net sales in both Global Services and Mobile Broadband. In North America, net sales increased 16%, primarily driven by higher net sales in Global Services, with particular strength in the network implementation business line, including the benefit from the acquisition of SAC Wireless. This was partially offset by lower net sales in Mobile Broadband. In Europe, net sales increased 6%, primarily driven by higher Mobile Broadband net sales, partially offset by lower net sales in Global Services. The overall increase in Europe was primarily due to higher net sales in the UK, partially offset by lower net sales in Germany. In Latin America, net sales increased 5% driven by higher net sales in both Global Services and Mobile Broadband. The overall increase in Latin America was primarily due to higher net sales in Chile. In Asia-Pacific, net sales decreased 7%, primarily driven by lower Mobile Broadband net sales, partially offset by a slight increase in Global Services net sales. The overall decline in Asia-Pacific was primarily due to lower net sales in Japan, Indonesia, and South Korea, partially offset by higher net sales in India and Myanmar.

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Sequential discussion

On a regional basis, compared to the first quarter 2015, Nokia Networks net sales in Europe increased 14%, primarily driven by higher net sales in both Mobile Broadband and, to a lesser extent, in Global Services. The overall increase in Europe was primarily due to higher net sales in Ukraine, Russia and the UK, partially offset by a decline in net sales in Germany. In Middle East and Africa, net sales increased 28%, driven by higher net sales in both Global Services and Mobile Broadband, particularly in the Middle East. In Latin America, net sales increased 17%, primarily driven by higher net sales in Global Services and, to a lesser extent, Mobile Broadband. The overall increase in Latin America was primarily driven by higher net sales in Colombia. In Greater China, net sales increased 4%, driven by higher net sales in both Global Services and Mobile Broadband. The overall increase in Greater China was primarily due to higher net sales in Taiwan. In Asia-Pacific, net sales declined 13%, driven by lower net sales in both Mobile Broadband and Global Services. The overall decline in Asia-Pacific was primarily due to lower net sales particularly in Japan, India and South Korea, partially offset by higher net sales in Indonesia and Myanmar. In North America, net sales declined 8%, driven by lower net sales in both Global Services and Mobile Broadband.

Non-IFRS Operating profit

Year-on-year discussion

The year-on-year increase in Nokia Networks non-IFRS operating profit in the second quarter 2015 was due to both Global Services and Mobile Broadband. On a year-on-year basis, the increases in Global Services and Mobile Broadband non-IFRS operating profit in the second quarter 2015 were primarily due to higher non-IFRS gross profit, partially offset by higher non-IFRS operating expenses. Note that Nokia Networks non-IFRS operating margin benefitted from an elevated level of software sales in the second quarter 2015.

On a year-on-year basis, Nokia Networks non-IFRS gross margin increased primarily due to the improvement in gross margin within Mobile Broadband, partially offset by a negative mix shift with a higher proportion Global Services net sales and a lower proportion of Mobile Broadband net sales. The year-on-year improvement in non-IFRS gross margin within Mobile Broadband was primarily due to a higher proportion of software sales. The proportion of high margin software sales in the Nokia Networks sales mix was approximately 4 percentage points higher in the second quarter 2015 compared to the second quarter 2014.

The year-on-year increase in non-IFRS gross profit in Mobile Broadband in the second quarter 2015 was primarily due to higher non-IFRS gross profit in overall radio technologies, driven by higher software sales. This was partially offset by challenging market conditions.

The year-on-year increase in Global Services non-IFRS gross profit in the second quarter 2015 was primarily due to the higher non-IFRS gross profit in the care business line and, to a lesser extent, the network implementation and systems integration business lines. On a year-on-year basis, the systems integration business line generated particularly strong percentage growth, consistent with our ongoing focus on services-led and professional services business.

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The year-on-year increase in Nokia Networks non-IFRS research and development expenses in the second quarter 2015 was primarily due to increased investments in growth areas including LTE, small cells, 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. The year-on-year increases in both non-IFRS research and development and selling, general and administrative expenses in the second quarter 2015 were partially offset by continued operational improvement.

Nokia Networks non-IFRS other income and expenses was an income of EUR 10 million in the second quarter 2015, compared to an expense of EUR 9 million in the second quarter 2014. On a year-on-year basis, the change in Nokia Networks non-IFRS other income and expenses was primarily due to a reduction in doubtful account allowances and lower foreign exchange hedging related losses.

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

Sequential discussion

The sequential increase in Nokia Networks non-IFRS operating profit in the second quarter 2015 was due to both Mobile Broadband and Global Services. On a sequential basis, the increase in non-IFRS operating profit in Mobile Broadband was primarily due to a higher non-IFRS gross profit and lower non-IFRS operating expenses. The increase in Global Services non-IFRS operating profit was primarily due to a higher non-IFRS gross profit, partially offset by higher non-IFRS operating expenses. Note that Nokia Networks non-IFRS operating margin benefitted from an elevated level of software sales in the second quarter 2015.

On a sequential basis, Nokia Networks non-IFRS gross margin increased due to higher non-IFRS gross margin in both Mobile Broadband and Global Services. The sequential improvement in non-IFRS gross margin within Mobile Broadband was primarily due to a higher proportion of software sales and, to a lesser extent, lower costs related to the short-term impact of strategic entry deals. The proportion of high margin software sales in the Nokia Networks sales mix was approximately 5 percentage points higher in the second quarter 2015 compared to the first quarter 2015. The sequential improvement in non-IFRS gross margin within Global Services was due to higher non-IFRS gross margin across all business lines.

The sequential increase in non-IFRS gross profit in Mobile Broadband in the second quarter 2015 was primarily due to higher non-IFRS gross profit in overall radio technologies, driven by higher software sales, as well as lower costs related to the short-term impact of strategic entry deals.

The sequential increase in non-IFRS gross profit in Global Services in the second quarter 2015 was primarily due to higher non-IFRS gross profit across all business lines, with particular strength in care, network implementation, and systems integration. Sequentially, the systems integration business line generated particularly strong percentage growth, consistent with our ongoing focus on services-led and professional services business.

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The sequential decrease in Nokia Networks non-IFRS research and development expenses in the second quarter 2015 was primarily due to focus on cost efficiency, partially offset by increased investments in growth areas including small cells. On a sequential basis, Nokia Networks non-IFRS selling, general and administrative expenses in the second quarter 2015 increased primarily due to higher personnel expenses, partially offset by continued operational improvement.

Nokia Networks non-IFRS other income and expenses was an income of EUR 10 million in the second quarter 2015, compared to an expense of EUR 14 million in the first quarter 2015. On a sequential basis, the change in Nokia Networks non-IFRS other income and expenses was primarily due to lower foreign exchange hedging related losses and a reduction in doubtful account allowances.

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

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HERE

Making the map of the future the source of location intelligence

Operational highlights

Automotive

HERE expanded its real-time traffic service from 44 to 50 countries, and also added innovative features to enhance the service, including reversible express lane coverage, which is available through its Enterprise and Consumer offerings too.

HERE was selected by Finnish traffic agencies to lead a pilot project to assess the capability of mobile network and location cloud technologies in supporting the timely communication of critical safety information on the road.

HERE published an interface specification that defines how sensor data gathered by vehicles on the road can be ingested by a cloud, with the aim of supporting the automotive industry in accelerating the deployment of technologies that improve road safety and ease traffic congestion.

Enterprise

Sygic, a leading developer of hybrid navigation solutions, chose to exclusively use HERE map content in its Truck Navigation product.

TimoCom, the online freight exchange which helps fleets avoid ‘empty runs’, upgraded its TC eMap solution to include real-time truck tracking, powered by mapping, routing, geocoding and traffic data from HERE.

Consumer

HERE added more features to HERE.com, including one-click zoom and a ‘contextual menu’ that lets users set any place on the map as the start or end of a journey or as a waypoint along an existing route.

HERE expanded language support to 19 languages and voice-guided navigation to 53 languages in the HERE app for iOS.

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Financial highlights(1)

(1) Results are reported unless specified.

Financial discussion

Net sales

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

Year-on-year discussion

In the second quarter 2015, HERE net sales increased 25% year-on-year, primarily due to higher sales to automotive customers and, to a lesser extent, Microsoft becoming a more significant licensee of HERE’s services, as well as higher sales to enterprise customers. This was partially offset by lower recognition of revenue related to smartphone sales by our former Devices & Services business.

At constant currency, HERE overall net sales would have increased 12% year-on-year.

Sequential discussion

In the second quarter 2015, HERE net sales increased 11% sequentially, primarily due to seasonally higher sales to automotive customers and, to a lesser extent, higher net sales to both personal navigation device and enterprise customers. This was partially offset by lower recognition of revenue related to smartphone sales by our former Devices & Services business.

At constant currency, HERE overall net sales would have increased 8% sequentially.

New vehicle licences

In the second quarter 2015, HERE had sales of new vehicle licenses of 4.1 million units, compared to 3.3 million units in the second quarter 2014 and 3.6 million units in the first quarter 2015. On a year-on-year basis, unit sales to automotive customers increased primarily due to both higher consumer uptake of in-vehicle navigation

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and higher vehicle sales. On a sequential basis, unit sales to automotive customers increased 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 second 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 growth areas, as well as incentive related accruals. This was partially offset by cost savings related to the curtailing of investments in certain higher risk longer-term growth opportunities. The year-on-year increase in HERE non-IFRS selling, general, and administrative expenses was primarily due to an increase in certain external consultancy fees, as well as higher incentive related accruals.

On a year-on-year basis, foreign exchange fluctuations had a significantly positive impact on non-IFRS gross profit, and a significantly negative impact on non-IFRS operating expenses, resulting in a positive net impact on non-IFRS operating profit in the second quarter 2015. On a constant currency basis, HERE non-IFRS research and development expenses declined year-on-year in the second quarter 2015.

Sequential discussion

The sequential increase in HERE non-IFRS operating profit in the second quarter 2015 was primarily due to higher non-IFRS gross profit, partially offset by higher non-IFRS operating expenses. On a sequential basis, HERE non-IFRS research and development expenses increased primarily due to higher incentive related accruals, investments in targeted growth areas and external consultancy fees. The sequential increase in HERE non-IFRS selling, general, and administrative expenses was primarily due to higher seasonal marketing expenses and an increase in certain external consultancy fees.

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

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Nokia Technologies

Leveraging existing assets and continuing innovation for renewal and growth

Operational highlights

Licensing

Nokia Technologies entered into a patent license agreement with LG Electronics. LG Electronics is the latest of more than 80 licensees for Nokia Technologies’ standards essential patents, and the first major smartphone manufacturer to join the licensing program since the Sale of the D&S Business. The agreement reinforces the value of Nokia’s patent portfolio and its position in technologies for the Programmable World.

Digital Media and Digital Health

Nokia Technologies focused investments in technology licensing and product development towards the areas of digital media and digital health, building on its experience in research and design and helping to bring new technologies to market.

On July 28, Nokia Technologies announced its lead digital media product, OZO, a Virtual Reality camera for professional content creators.

Financial highlights (1)

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(1)Results are reported unless specified.

Financial discussion

Net sales

Year-on-year discussion

In the second quarter 2015, Nokia Technologies net sales increased 31% year-on-year, primarily due to two factors. First, approximately 50% of the year-on-year growth in Nokia Technologies net sales in the second quarter 2015 related to higher intellectual property licensing income from existing and new licensees. Second, approximately 50% of the year-on-year growth related to non-recurring net sales.

At constant currency, Nokia Technologies net sales would have increased 24% year-on-year.

Nokia Technologies second 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 decrease of 27% in Nokia Technologies net sales in the second quarter 2015 primarily related to the absence of the following three items that benefitted the first quarter 2015: non-recurring adjustments to accrued net sales from existing agreements, revenue share related to previously divested intellectual property rights, and intellectual property rights divestments. This was partially offset by non-recurring net sales and higher intellectual property licensing income from a new licensee.

At constant currency, Nokia Technologies net sales would have decreased 29% sequentially.

Nokia Technologies second 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 second quarter 2015 was primarily due to higher non-IFRS gross profit, partially offset by higher non-IFRS operating expenses.

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In the second 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-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 slightly positive net impact on non-IFRS operating profit in the second quarter 2015.

Sequential discussion

The sequential decrease in Nokia Technologies non-IFRS operating profit in the second quarter 2015 was primarily due to lower non-IFRS gross profit and, to a lesser extent, higher non-IFRS operating expenses.

Nokia Technologies non-IFRS research and development expenses were approximately flat on a sequential basis. The sequential increase in Nokia Technologies non-IFRS selling, general and administrative expenses was primarily due to increased activities related to ongoing patent licensing cases.

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

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Cash and cash flow

Nokia, including discontinued operations, change in net cash and other liquid assets (EUR billion)

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

In the second quarter 2015, Nokia’s total cash and other liquid assets decreased by EUR 898 million and Nokia’s net cash and other liquid assets decreased by EUR 842 million. The two primary negative drivers of the sequential change in Nokia’s net cash and other liquid assets in the second quarter 2015 were the payment of the dividend and the payment of incentives related to Nokia Networks’ strong business performance in 2014. Excluding these two factors, Nokia’s net cash and other liquid assets would have increased sequentially.

Foreign exchange rates had an approximately EUR 70 million negative impact on the translation of gross cash and approximately EUR 40 million negative impact on net cash.

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

In the second quarter 2015, Nokia’s net cash used in operating activities was EUR 258 million. Nokia’s adjusted net profit before changes in net working capital was EUR 530 million in the second quarter 2015. Nokia had approximately EUR 30 million of restructuring-related cash outflows in the second quarter 2015, related to Nokia Networks. Excluding this, Nokia net working capital had cash outflows of approximately EUR 730 million, primarily due to a decrease in short-term liabilities and, to a lesser extent, an increase in receivables. The

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sequential decrease in short-term liabilities was primarily due to the payment of incentives related to Nokia Networks’ strong business performance in 2014, as well as a decrease in accounts payable. In addition, Nokia had: a) cash outflows of approximately EUR 30 million related to net interest expenses, b) cash inflows of approximately EUR 80 million of other financial income and expenses primarily related to foreign exchange hedging and balance sheet related items, and c) cash outflows of approximately EUR 70 million related to taxes. Additionally, Nokia had cash outflows related to net working capital and taxes from discontinued operations totalling approximately EUR 10 million in the second quarter 2015.

In the second quarter 2015, Nokia had net cash outflows from investing activities primarily related to approximately EUR 90 million of capital expenditures and inflows of approximately EUR 30 million related to proceeds from the sales and purchases of financial investments in the quarter. Additionally, Nokia discontinued operations had cash inflows related to sale of businesses totalling approximately EUR 50 million in the second quarter 2015.

In the second quarter 2015, Nokia had net cash outflows from financing activities primarily related to the payment of the dividend, which totalled approximately EUR 510 million during the quarter. In addition, Nokia had cash outflows of approximately EUR 30 million related to the acquisition of subsidiary shares from a non-controlling interest holder.

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Nokia’s year to date performance

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.

Nokia thus far has received antitrust clearances from the European Commission, Albania, Brazil, Canada, Colombia, Russia and Serbia, in addition to the expiration of the antitrust review period in the United States. Both companies will continue to cooperate with the remaining authorities to close their outstanding reviews as quickly as possible.

Each company’s Board of Directors approved the terms of the proposed transaction. The transaction remains subject to approval by Nokia shareholders, Nokia holding over 50.00% of the share capital of Alcatel-Lucent on a fully diluted basis upon completion of the public exchange offer, receipt of the outstanding regulatory approvals and other customary conditions. The transaction is expected to close in the first half of 2016.

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

Financial discussion

The following discussion is of Nokia’s reported results for January-June 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 January-June 2014 results, unless otherwise indicated.

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Net sales

Nokia’s net sales increased 14% year-on-year in the first six months of 2015. At constant currency, Nokia’s net sales would have increased 5% year-on-year.

The year-on-year increase in Nokia’s net sales in the first six months of 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 increased 42% year-on-year in the first six months of 2015, primarily due to an increase in operating profit in Nokia Technologies and Group Common Functions and, to a lesser extent, in HERE. This was partially offset by a decrease in operating profit in Nokia Networks.

During the first six months of 2015, Nokia Networks recorded amounts in order to correct items previously reported in 2014 and 2013 as cost of sales and reductions to accounts receivable. The impact of this correction was to reduce cost of sales in the current period by EUR 37 million, of which EUR 7 million related to 2014 and EUR 30 million to 2013. The error related to businesses divested in 2013 where Nokia Networks continued to operate certain accounting functions under a transitional arrangement and erroneously recorded pass through costs of the disposed businesses as costs of Nokia Networks.

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Nokia’s other income and expenses was an income of EUR 81 million in the first six months of 2015, compared to an expense of EUR 45 million in the first six months of 2014. On a year-on-year basis, the change in Nokia’s other income and expenses was primarily due to higher other income in Group Common Functions related to Nokia’s investments made through its venture funds. During the first six months of 2015, Nokia Growth Partners sold its holdings in Ganji.com, a major online local services marketplace platform in China, to 58.com. BlueRun Ventures also invested in Ganji.com and participated in the transaction, which valued Nokia’s total indirect holdings in Ganji.com at approximately 200 million EURO. Related to the transaction, Nokia recorded a gain of approximately EUR 110 million in the first six months of 2015. The final amount and timing of additional income or expense will depend on the value and date at which the venture funds liquidate the portion of the consideration that was received in shares.

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

Profit

Nokia’s profit increased to EUR 533 million in the first six months of 2015, compared to EUR 84 million in the first six months of 2014. This was primarily due to lower financial expenses and higher operating profit, partially offset by an increase in tax expenses. The lower financial expenses were primarily due to the absence of EUR 123 million of one-time expenses related to the redemption of materially all of Nokia Networks’ borrowings and the absence of a EUR 57 million accounting charge related to the repayment of EUR 1.5 billion convertible bonds issued to Microsoft, both of which negatively affected Nokia’s profit in the first six months of 2014.

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

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Nokia Networks

Net sales by segment

In the first six months of 2015, Mobile Broadband represented 51% of Nokia Networks net sales, compared to 53% in the first six months of 2014. In the first six months of 2015, Global Services represented 49% of Nokia Networks net sales, compared to 46% in the first six months 2014.

The year-on-year increase of 10% in Nokia Networks net sales in the first six months of 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 16% year-on-year in the first six months of 2015, primarily due to particularly strong growth in the network implementation business line and, to a lesser extent, growth in care and network planning and optimization business lines. The network planning and optimization business line delivered particularly strong percentage growth on a year-on-year basis, consistent with our ongoing focus on services-led and professional services business.

Mobile Broadband net sales increased 6% year-on-year in the first six months of 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 1% year-on-year.

Net sales by region

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On a regional basis, compared to the first six months of 2014, Nokia Networks net sales in North America increased 30%, primarily driven by higher net sales in Global Services, with particular strength in the network implementation business line, 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 Greater China, net sales increased 27% driven by higher net sales in Global Services and, to a lesser extent, in Mobile Broadband. The overall increase in Greater China was due to higher net sales in both China and Taiwan. In Middle East and Africa, net sales increased 24% driven by higher net sales in both Global Services and Mobile Broadband, particularly in the Middle East. In Asia-Pacific, net sales increased 3%, primarily driven by higher Global Services net sales, partially offset by a decline in Mobile Broadband net sales. The overall growth in Asia-Pacific was primarily due to higher net sales in India and Myanmar, partially offset by lower net sales in Japan and Indonesia. In Europe, net sales increased 2%, primarily driven by higher Mobile Broadband net sales, partially offset by lower Global Services net sales. The overall increase in Europe was primarily due to higher net sales in the UK, Italy and Russia, partially offset by lower net sales in Germany. In Latin America, net sales were approximately flat, primarily due to higher net sales in Argentina and Ecuador, offset primarily by lower net sales in Brazil.

Operating profit

The year-on-year decline in Nokia Networks operating profit in the first six months of 2015 was primarily due to Mobile Broadband. In the first six months of 2015, Global Services operating profit was flat on a year-on-year basis. The decline in Mobile Broadband operating profit in the first six months of 2015 was primarily due to higher operating expenses, partially offset by higher gross profit. The flat Global Services operating profit in the first six months of 2015 was primarily due to higher operating expenses, offset by higher gross profit.

On a year-on-year basis, the decline in Nokia Networks gross margin in the first six months of 2015 was primarily due to a lower gross margin in Global Services, as well as a negative mix shift due to a higher proportion of Global Services net sales and a lower proportion of Mobile Broadband net sales. The year-on-year decline in gross margin within Global Services was primarily due to lower gross margin in the systems integration and network implementation business lines, as well as a negative mix shift due to a higher proportion of network implementation and network planning and optimization net sales and a lower proportion of care net sales. Within Mobile Broadband, the gross margin in the first six months of 2015 was approximately flat on a year-on-year basis. The approximately flat gross margin within Mobile Broadband was primarily due to

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a lower proportion of higher gross margin core networking technologies net sales in the sales mix, as well as a lower gross margin in core networking technologies, partially offset by a higher gross margin within overall radio technologies. In addition, Nokia Networks gross margin was negatively impacted by higher costs related to the short-term impact of strategic entry deals, and challenging market conditions. The proportion of high margin software sales in the Nokia Networks sales mix was approximately flat compared to the first six months of 2014.

The year-on-year increase in gross profit in Mobile Broadband in the first six months of 2015 was primarily due to higher gross profit in overall radio technologies. In addition, gross profit in Mobile Broadband was negatively impacted by higher costs related to the short-term impact of strategic entry deals, and challenging market conditions.

The year-on-year increase in Global Services gross profit in the first six months of 2015 was primarily due to higher gross profit in the care business line, partially offset by a lower gross profit in the systems integration business line.

During the first six months of 2015, Nokia Networks recorded amounts in order to correct items previously reported in 2014 and 2013 as cost of sales and reductions to accounts receivable. The impact of this correction was to reduce cost of sales in the current period by EUR 37 million, of which EUR 7 million related to 2014 and EUR 30 million to 2013. The error related to businesses divested in 2013 where Nokia Networks continued to operate certain accounting functions under a transitional arrangement and erroneously recorded pass through costs of the disposed businesses as costs of Nokia Networks.

The year-on-year increase in Nokia Networks research and development expenses in the first six months of 2015 was primarily due to increased investments in LTE, small cells, cloud core and 5G. On a year-on-year basis, Nokia Networks selling, general and administrative expenses increased primarily due to higher personnel expenses. The year-on-year increases in both research and development and selling, general and administrative expenses in the first six months of 2015 were partially offset by continued operational improvement.

Nokia Networks other income and expenses was an expense of EUR 4 million in the first six months of 2015, compared to an expense of EUR 60 million in the first six months of 2014. On a year-on-year basis, the change in Nokia Networks other income and expenses was primarily due to the absence of restructuring charges in the first six months of 2015. Nokia Networks other income and expenses included EUR 49 million of restructuring and associated charges in the first six months of 2014.

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

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HERE

Net sales

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

In the first six months of 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. 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 six months of 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 14% year-on-year.

New vehicle licences

In the first six months of 2015, HERE had sales of new vehicle licenses of 7.7 million units, compared to 6.1 million units in the first six months of 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 improvement in HERE operating profit in the first six months of 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 opportunities. On a year-on-year basis, HERE selling, general, and administrative expenses

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increased primarily due to higher business support costs and incentive accruals, as well as an increase in certain external consultancy fees.

HERE other income and expenses was an expense of EUR 13 million in the first six months of 2015, compared to an expense of EUR 5 million in the first six months of 2014. In the first six months of 2015, charges related to cost reduction programs amounted to EUR 12 million, compared to EUR 4 million of restructuring charges in the first six months of 2014.

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 six months of 2015. On a constant currency basis, HERE research and development expenses declined year-on-year in the first six months of 2015.

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Nokia Technologies