Conference call February 2, :00 / Helsinki 08:00 / New York 1 Nokia Q4 and FY 2016

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1 Conference call February 2, :00 / Helsinki 08:00 / New York 1 Nokia 2016 Q4 and FY 2016

2 Disclaimer It should be noted that Nokia and its business 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 future business and the financial performance of Nokia and its industry and statements preceded by believe, expect, anticipate, foresee, sees, target, estimate, designed, aim, plans, intends, focus, continue, will or similar expressions. These statements are based on 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. Factors, including risks and uncertainties that could cause such differences can be both external, such as general, economic and industry conditions, as well as internal operating factors. We have identified these in more detail on pages 69 to 87 of our annual report on Form 20-F for the year ended December 31, 2015 under Operating and Financial Review and Prospects Risk Factors, our other filings with the U.S. Securities and Exchange Commission and in our interim report issued on May 10, 2016, our half-year report issued on August 4, 2016, our interim report issued on October 27, 2016 and our full year report issued on February 2, 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. We do not undertake any obligation to publicly update or revise forwardlooking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. In addition to information on our reported IFRS results, we provide certain information on a non-ifrs, or underlying business performance, basis. Non-IFRS results exclude all material special items for all periods. In addition, non-ifrs results exclude intangible asset amortization and other purchase price accounting related items arising from business acquisitions. We believe that our non-ifrs financial measures provide meaningful supplemental information to both management and investors regarding Nokia s underlying business performance by excluding the aforementioned items that may not be indicative of Nokia s business operating results. These non-ifrs financial measures should not be viewed in isolation or as substitutes to the equivalent IFRS measure(s), but should be used in conjunction with the most directly comparable IFRS measure(s) in the reported results. A detailed explanation of the content of the non-ifrs information and a reconciliation between the non-ifrs and the reported information for historical periods can be found in Nokia s respective results reports. Please see our issued interim reports for more information on our results and financial performance for the indicated periods as well as our operating and reporting structure. Nokia is a registered trademark of Nokia Corporation. Other product and company names mentioned herein may be trademarks or trade names of their respective owners. 2 Nokia 2017

3 Contents* Introduction Slides 1-4 Nokia, reported Slide 5 Nokia, non-ifrs Slide 6 Nokia s Networks business Slides 7-8 Ultra Broadband Networks Slide 9 IP Networks and Applications Slide 10 Nokia Technologies Slide 11 Group Common and Other Slide 12 Nokia change in net cash and other liquid assets Slide 13 Nokia Capital Structure Optimization Program Slide 14 Cost savings program Slides Nokia 2017 *All comparisons to 2015 in this presentation, with the exception of Nokia s reported financial performance, are made against the combined company historicals that reflect Nokia s new operating and financial reporting structure, including Alcatel-Lucent, and are presented as additional information as described in the release published on April 22, For details on the combined company historicals, please refer to note 1, Basis of Preparation in the notes to the fourth quarter and full year 2016 financial report published on February 2, 2017.

4 Presented by Rajeev Suri President and CEO Kristian Pullola CFO 4 Nokia 2017

5 Nokia, reported 5 Nokia 2017

6 Nokia, non-ifrs Net sales Combined company historicals Q4'16 Q4'15 YoY change Q3'16 QoQ change Net sales constant currency (non-ifrs) (13)% 11% Net sales (non-ifrs) (13)% % Nokia's Networks business (14)% % Nokia Technologies (25)% 353 (12)% Group Common and Other % % Gross profit (non-ifrs) (14)% % Gross margin % (non-ifrs) 42.0% 42.4% (40)bps 39.7% 230bps Operating profit (non-ifrs) (27)% % Nokia's Networks business (22)% % Nokia Technologies (49)% 225 (30)% Group Common and Other (73) (129) (101) Operating margin % (non-ifrs) 14.0% 16.6% (260)bps 9.3% 470bps Q Q Q Q Q Networks business Nokia Technologies Networks services Group Common and Other 6 Nokia 2017 Q4 and Full Year 2016 Highlights Operating margin for Nokia s Networks business at the high end of our guidance range for full year Non-IFRS net sales in Q of EUR 6.7bn (reported: EUR 6.6bn). In the year-ago quarter, non-ifrs net sales would have been EUR 7.7bn on a comparable combined company basis (reported: EUR 3.6bn on a Nokia stand-alone basis). Non-IFRS diluted EPS in Q of EUR 0.12 (reported: EUR 0.11) benefited by approximately EUR due to the Q non-ifrs tax rate coming in at 23% compared to our guidance. Non-IFRS diluted EPS in full year 2016 of EUR 0.22 (reported: negative EUR 0.13). Nokia s Board of Directors will propose a dividend of EUR 0.17per share for 2016 (EUR 0.16 per share for 2015).

7 Nokia s Networks business Net sales and margins Margin % 38.3% 40.6% 37.4% 37.2% 40% % 14.1% 20% % 6.0% 8.1% % Q Q Q Q Q Ultra Broadband Networks GM% IP Networks and Applications OM% Q4 and Full Year 2016 Highlights Combined company historicals Q4'16 Q4'15 YoY change Q3'16 QoQ change Net sales - constant currency (14)% 12% Net sales (14)% % Ultra Broadband Networks (15)% % IP Networks and Applications (12)% % Gross profit (13)% % Gross margin % 40.6% 40.1% 50bps 37.2% 340bps R&D (932) (1 011) (8)% (882) 6% SG&A (688) (761) (10)% (669) 3% Other income and expenses 8 39 (79)% 1 700% Operating profit (22)% % Ultra Broadband Networks (18)% % IP Networks and Applications (29)% % Operating margin % 14.1% 15.5% (140)bps 8.1% 600bps 14% year-on-year net sales decrease in Q4 2016, reflecting challenging market conditions in Q and the difficult comparison against the strong performance by Alcatel-Lucent in Q Strong Q gross margin of 40.6% and operating margin of 14.1%, supported by continued focus on operational excellence and cost controls. Operating margin of 8.9% in full year 2016, at the high end of our guidance range of 7-9%. 7 Nokia 2017

8 Nokia s Networks business Net sales by geographic area Q Q4/2015-Q4/ % 19% % 22% % 10% 500 Asia-Pacific Greater China Middle East & Africa Europe Latin America North America 0 Asia-Pacific Europe Greater China Latin America Middle East & Africa North America 8 Nokia 2017

9 Ultra Broadband Networks Net sales and margins % % 9 Nokia % 35.5% 35.5% Mobile Networks Fixed Networks % 6.0% 8.4% GM% OM% 38.1% % Q Q Q Q Q Margin 40% 20% 0% Q Highlights Combined company historicals Q4'16 Q4'15 YoY change Q3'16 QoQ change Net sales - constant currency (15)% 9% Net sales (15)% % Mobile Networks (14)% % Fixed Networks (22)% 585 (7)% Gross profit (14)% % Gross margin % 38.1% 37.8% 30bps 35.5% 260bps R&D (596) (682) (13)% (577) 3% SG&A (488) (552) (12)% (479) 2% Other income and expenses 8 16 (50)% (4) Operating profit (18)% % Operating margin % 13.3% 13.8% (50)bps 8.4% 490bps The year-on-year decrease in Ultra Broadband Networks net sales in the fourth quarter 2016 was due to Mobile Networks and Fixed Networks. The decrease in Mobile Networks net sales was primarily due to radio networks and, to a lesser extent, services and converged core networks, partially offset by advanced mobile networks solutions. The decrease in Fixed Networks net sales was primarily due to broadband access, services and digital home. Approximately 50% of the year-on-year decrease was related to two specific customers, with one customer completing a large project in Asia-Pacific and another customer reducing its level of spending in Latin America. On a year-on-year basis, in the fourth quarter 2016, Ultra Broadband Networks operating profit decreased primarily due to lower gross profit, partially offset by lower R&D and SG&A expenses. The decrease in Ultra Broadband Networks gross profit was primarily due to lower gross profit in both Mobile Networks and Fixed Networks. The decrease in gross profit in both Mobile Networks and Fixed Networks was primarily due to lower net sales, with gross margin remaining solid on a year-on-year basis. The decreases in Ultra Broadband Networks R&D and SG&A expenses were primarily due to Mobile Networks. The decrease in Mobile Networks R&D and SG&A expenses was primarily due to lower personnel expenses, primarily reflecting progress related to Nokia s cost savings program and, to a lesser extent, lower incentive accruals.

10 IP Networks and Applications Net sales and margins % % 42.3% 42.0% 47.0% 464 Margin 50% Combined company historicals Q4'16 Q4'15 YoY QoQ Q3'16 change change Net sales - constant currency (12)% 20% Net sales (12)% % IP/Optical Networks (12)% % IP Routing (12)% % Optical Networks (10)% % Applications & Analytics (13)% % Gross profit (10)% % Gross margin % 47.0% 46.1% 90bps 42.0% 500bps R&D (336) (329) 2% (305) 10% SG&A (200) (209) (4)% (191) 5% Other income and expenses 0 23 (100)% 5 (100)% Operating profit (29)% % Operating margin % 16.1% 20.0% (390)bps 7.5% 860bps % 20.0% % 7.1% 5.9% 7.5% % Q Q Q Q Q IP Routing Optical Networks Applications & Analytics GM% OM% Q Highlights The year-on-year decrease in IP Networks and Applications net sales in the fourth quarter 2016 was due to both IP/Optical Networks and Applications & Analytics. The decrease in IP/Optical Networks net sales was due to both IP routing and optical networks. In the fourth quarter 2016, Applications & Analytics net sales declined yearon-year primarily in Europe and North America, where the spending environment remained challenging and large projects signed in 2015 neared completion. On a year-on-year basis, in the fourth quarter 2016, IP Networks and Applications operating profit decreased primarily due to lower gross profit and, to a lesser extent, due to a net negative fluctuation in other income and expenses. The decrease in IP Networks and Applications gross profit was due to both IP/Optical Networks and Applications & Analytics. The decrease in gross profit in IP/Optical Networks was primarily due to lower net sales. The decrease in gross profit in Applications & Analytics was due to lower net sales. This was partially offset by higher gross margin, primarily due to tight control of other direct cost and variances. 10 Nokia 2017

11 Nokia Technologies Net sales and margins % 98.5% 75.2% 96.4% 96.6% 92.9% Margin 100% Q4'16 Combined company historicals Q4'15 YoY change Q3'16 QoQ change Net sales - constant currency (25)% (13)% Net sales (25)% 353 (12)% Gross profit (30)% 341 (16)% Gross margin % 92.9% 99.0% (610)bps 96.6% (370)bps R&D (70) (73) (4)% (65) 8% SG&A (63) (33) 91% (50) 26% Other income and expenses 4 7 (43)% 0 Operating profit (49)% 225 (30)% Operating margin % 51.1% 75.2% (2 410)bps 63.7% (1 260)bps % 63.7% 45.9% 51.1% Q Q Q Q Q GM% OM% 50% 0% Q Highlights The year-on-year decrease in Nokia Technologies net sales in the fourth quarter 2016 was primarily related to the absence of non-recurring adjustments totaling approximately EUR 200 million resulting from the settled arbitration which benefitted the year-ago quarter and, to a lesser extent, lower licensing income from certain existing licensees that experienced decreases in handset sales. This was partially offset by higher net sales related to an expanded IPR license agreement, divested IPR and the acquisition of Withings. The year-on-year decrease in Nokia Technologies operating profit was primarily due to lower gross profit and higher SG&A expenses, partially offset by lower R&D expenses. The decrease in Nokia Technologies gross profit was due to lower net sales and lower gross margin. The lower gross margin was primarily due to a higher proportion of digital health and digital media net sales, both of which carry a lower gross margin than patent and brand licensing. The decrease in Nokia Technologies R&D expenses was primarily due to lower patent portfolio costs, partially offset by higher investments in the areas of digital media and digital health. The increase in Nokia Technologies SG&A expenses was primarily due to higher marketing costs in digital health, as well as increased licensing activities. 11 Nokia 2017

12 Group Common and Other Net sales and margins % 11.0% 22.5% 13.8% 18.8% Margin 30% 0% Q4'16 Combined company historicals Q4'15 YoY change Q3'16 QoQ change Net sales - constant currency 29% 10% Net sales % % Gross profit % 41 56% Gross margin % 18.8% 12.6% 620bps 13.8% 500bps R&D (73) (77) (5)% (70) 4% SG&A (58) (58) 0% (61) (5)% Other income and expenses (6) (25) (76)% (11) (45)% Operating loss (73) (129) (43)% (101) (28)% Operating margin % (21.4)% (50.8)% 2 940bps (33.9)% 1 250bps (21.4%) (25.1%) (33.9%) (41.9%) (50.8%) Q Q Q Q Q GM% OM% (30%) (60%) Q Highlights The year-on-year increase in Group Common and Other net sales in the fourth quarter 2016 was primarily due to Alcatel Submarine Networks and, to a lesser extent, Radio Frequency Systems. On a year-on-year basis, in the fourth quarter 2016, Group Common and Other operating loss decreased primarily due to higher gross profit and a net positive fluctuation in other income and expenses. The increase in Group Common and Other gross profit was primarily due to Alcatel Submarine Networks and, to a lesser extent, Radio Frequency Systems. Group Common and Other other income and expenses was an expense of EUR 6 million in the fourth quarter 2016, compared to an expense of EUR 25 million in the year-ago quarter. On a year-on-year basis, the change was primarily due to the absence of an approximately EUR 20 million loss recorded in the fourth quarter 2015, which related to certain of Nokia s investments made through its venture funds. 12 Nokia 2017

13 Nokia change in net cash and other liquid assets (EUR billion) 13 Nokia 2017

14 Nokia EUR 7 billion Capital Structure Optimization Program all figures approximate, in EUR billion ~ > ~ dividend Share buyback 14 Nokia Total Program as announced on October 29, 2015 Total Program as announced on October 27, 2016 Share buyback Cash used to acquire Alcatel-Lucent securities prior to the buy-out offer Special dividend 2015 dividend De-leveraging Completed through Q4 2016

15 Cost savings program all figures approximate, in The following table summarizes the financial information related to our cost savings program, as of the end of the fourth quarter Balances related to previous Nokia and Alcatel-Lucent restructuring and cost savings programs have been included as part of this overall cost savings program as of the second quarter ~ 15 Nokia 2017

16 Cost savings program The following table summarizes our full year 2016 results and future expectations related to our cost savings program and network equipment swaps. ~ In full year 2016, the actual total cost savings benefitted from lower incentive accruals, related to the financial performance in full year Lower incentive accruals drove more than half of the higher than previously expected decrease in total costs in 2016, and this is expected to reverse in 2017, assuming full year 2017 financial performance in-line with our expectations. On a cumulative basis, Nokia continues to be well on track to achieve the targeted EUR 1.2 billion of total cost savings in full year To the extent that our actual full year 2016 charges and cash flows deviated from our previous expectations, future expectations have been adjusted accordingly. 16 Nokia 2017

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