This document provides details of Nokia's Q3 2018 conference call, including an outline, disclaimer on forward-looking statements, and financial results. Key highlights include Nokia reporting 1% year-over-year decline in net sales for Q3 2018 but growth of 1% excluding catch-up licensing sales from Q3 2017. Non-IFRS diluted EPS was €0.06 compared to €0.09 year-over-year, driven by lower gross profit across Networks segments. Nokia also provided an outlook for 2018-2020 targets and details on its cost savings program.

1. 1 © Nokia 2016
Q3 2018Conference call
October 25, 2018
15:00 / Helsinki
08:00 / New York

2. 2 © Nokia 2018
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. These forward-looking
statements reflect Nokia’s current expectations and
views of future developments and include statements
preceded by “believe,” “expect,” “anticipate,”
“foresee,” “sees,” “target,” “estimate,” “designed,”
“aim,” “plans,” “intends,” “focus,” “continue,” “is to,”
“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 71 to 89
of our annual report on Form 20-F for the year ended
December 31, 2017 under “Operating and Financial
Review and Prospects—Risk Factors“, and in our other
filings or documents furnished with the U.S. Securities
and Exchange Commission, including Nokia’s financial
results reports. 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 forward-looking statements,
whether as a result of new information, future events
or otherwise, except to the extent legally required.
Nokia presents financial information on reported, non-
IFRS and constant currency basis. Non-IFRS measures
presented in this document exclude costs related to
the acquisition of Alcatel-Lucent and related
integration, goodwill impairment charges, intangible
asset amortization and other purchase price fair value
adjustments, restructuring and associated charges and
certain other items that may not be indicative of
Nokia's underlying business performance. In order to
allow full visibility on determining non-IFRS results,
information on non-IFRS exclusions is presented
separately for each of the components of profit or loss.
Constant currency reporting provides additional
information on change in financial measures on a
constant currency basis in order to better reflect the
underlying business performance. Therefore, change in
financial measures at constant currency excludes the
impact of changes in exchange rates in comparison to
euro, our reporting currency. Non-IFRS or constant
currency financial measures should not be considered
in isolation from, or as a substitute for, financial
information presented in compliance with IFRS, and
either of these financial measures as used by Nokia
may not be comparable to similarly titled measures
used by other companies or persons. Please see our
complete financial report 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.

3. 3 © Nokia 2018
Contents
Slide
Summary 5
Outlook 6
Financial results 7
Q3 2018 compared to Q3 2017 8
Jan-Sep 2018 compared to Jan-Sep 2017 9
Net cash and current financial investments 10
Cost savings program 11-12
Segment details
Nokia’s Networks business 13-14
Ultra broadband Networks 15
Global Services 16
IP Networks and Applications 17
Nokia Technologies 18
Group Common and Other 19

4. 4 © Nokia 2018
Presented by
Rajeev Suri
President and CEO
Kristian Pullola
CFO

5. 5 © Nokia 2018
Summary

6. 6 © Nokia 2018
Outlook Metric FY 2018 FY 2020
Nokia Non-IFRS operating margin 9-11% 12-16%
Non-IFRS diluted EPS EUR 0.23-0.27 EUR 0.37-0.42
Recurring free cash flow Slightly positive Clearly positive
Dividend Approximately 40% to 70% of non-IFRS diluted EPS on a long-
term basis.
Nokia’s Board of Directors is committed to proposing a growing
dividend, including for 2018.
Nokia’s Networks business Net sales Outperform our primary addressable market in 2018 and over
the longer-term.
On a constant currency basis, our primary addressable market is
expected to decline approximately 1 to 3 percent in 2018, and
grow in 2019 and 2020.
Operating margin 6-9% 9-12%
Nokia Licensing within
Nokia Technologies
Net sales CAGR of approximately 10% over the 3-year period ending 2020
Operating margin Expand to approximately 85% for full year 2020
This is a summary, please also refer to the full Outlook section of our Financial Report for Q3 and January-September 2018.

7. 7 © Nokia 2018
Nokia financial results

8. 8 © Nokia 2018
Nokia financial results, Q3 2018 compared to Q3 2017
Nokia non-IFRS and reported net sales were both down approximately 1% year-on-
year. On a constant currency basis, Nokia non-IFRS net sales were approximately flat
year-on-year and Nokia reported net sales grew approximately 1% year-on-year.
Reported net sales in Q3 2018, excluding approximately EUR 180 million of non-
recurring catch-up licensing net sales which benefitted the year-ago period, grew by
approximately 3% year on year, with growth across all 5 of our Networks business
groups, as well as in Nokia Technologies.
Nokia non-IFRS diluted EPS amounted to EUR 0.06, compared to EUR 0.09 in the
year-ago period. Non-IFRS diluted EPS, excluding non-recurring catch-up licensing
net sales which benefitted the year-ago period, declined by EUR 0.01 year-on-year.
Adjusted for the non-recurring item, the decline in non-IFRS diluted EPS was
primarily driven by lower gross profit across all three reportable segments of our
Networks business, partially offset by improved recurring gross profit performance
in our Technologies business, as well as lower operating expenses in both Networks
and Technologies.
Nokia reported diluted EPS amounted to negative EUR 0.02, compared to negative
EUR 0.03 in the year-ago period, primarily driven by lower restructuring and
associated charges, lower impairment of assets and improved recurring gross profit
performance in our Technologies business, partially offset by the absence of
approximately EUR 180 million of non-recurring catch-up licensing net sales, which
benefitted the year-ago period, lower gross profit across all three reportable
segments in our Networks business and income taxes.

9. 9 © Nokia 2018
Nokia financial results, Jan-Sep 2018 compared to Jan-Sep 2017
Nokia reported net sales decreased 5% year-on-year. On a constant currency basis,
Nokia reported net sales were flat year-on-year.
Nokia reported operating loss amounted to EUR 611 million, compared to EUR 403
million in the year-ago period. This was primarily driven by lower gross profit across
all three reportable segments in our Networks business and the absence of
approximately EUR 170 million of non-recurring catch-up licensing net sales, which
benefitted the year-ago period, partially offset by lower restructuring and associated
charges and lower impairment of assets.
Nokia reported diluted EPS amounted to negative EUR 0.13, compared to negative
EUR 0.19 in the year-ago period. This was primarily driven by the absence of
expenses related to the early redemption of debt, lower restructuring and
associated charges and income taxes, partially offset by lower gross profit across all
three reportable segments in our Networks business and the absence of
approximately EUR 170 million of non-recurring catch-up licensing net sales, which
benefitted the year-ago period.

10. 10 © Nokia 2018
Change in net cash and current financial investments
(EUR billion)

11. 11 © Nokia 2018
Cost savings program
all figures approximate, in EUR million
The following table summarizes the financial information related to our cost savings program, as of the end of the third quarter 2018. 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 2016.
~

12. 12 © Nokia 2018
Cost savings program
The following table summarizes our full year 2016 and 2017 results and future expectations related to our cost savings program and network equipment swaps.
~
We now expect restructuring and associated charges to total EUR 1 750 million and the related cash outflows to total EUR 2 100 million, both of which are EUR 150
million below our previous expectations. In addition, we now expect the charges and cash outflows related to network equipment swaps to total EUR 1 300 million,
which is EUR 100 million below our previous expectations.
Note that the above expectations do not reflect the changes resulting from the cost reduction program announced on October 25, 2018. We expect the program
to result in a EUR 700 million reduction of non-IFRS annualized operating expenses and production overheads by the end of 2020 compared to the end of 2018,
of which EUR 500 million is expected from operating expenses. The restructuring charges and cash outflows are both expected to be EUR 900 million.

13. 13 © Nokia 2018
2 099 2 471 1 857 2 055 2 125
1 359
1 642
1 239
1 326 1 380
1 365
1 714
1 228
1 313 1 383
38.6% 37.6%
35.8% 34.8% 35.9%
6.9%
11.1%
1.0% 1.5%
5.0%
0%
20%
40%
0
2 000
4 000
6 000
8 000
Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
Nokia’s Networks business
Net sales and margins
Margin
EUR million Q3'18 Q3'17 YoY change
Constant
currency YoY
change
Net sales 4 888 4 823 1% 3%
Ultra Broadband Networks 2 125 2 099 1% 2%
Global Services 1 380 1 359 2% 5%
IP Networks and Applications 1 383 1 365 1% 3%
Gross profit 1 754 1 860 (6)%
Gross margin % 35.9% 38.6% (270)bps
R&D (877) (918) (4)%
SG&A (629) (646) (3)%
Other income and expenses (2) 38
Operating profit 246 334 (26)%
Ultra Broadband Networks 75 78 (4)%
Global Services 58 110 (47)%
IP Networks and Applications 113 146 (23)%
Operating margin % 5.0% 6.9% (190)bps
EUR million
Ultra Broadband Networks
Global Services
GM%
OM%
IP Networks and Applications

14. 14 © Nokia 2018
Nokia’s Networks business
21%
21%
11%
7%
9%
31%
Asia-Pacific Europe
Greater China Latin America
Middle East & Africa North America
Q3 2018 Q3/2017-Q3/2018
0
500
1 000
1 500
2 000
Asia-Pacific Europe Greater
China
Latin
America
Middle East
& Africa
North
America
EUR million
Net sales by geographic area

15. 15 © Nokia 2018
Net sales and margins
Ultra Broadband Networks
Mobile Networks Fixed Networks
GM% OM%
1 598 1 944 1 413 1 565 1 623
501
526
445
490 502
44.2%
46.4% 47.3%
43.7% 42.6%
3.7%
10.8%
4.6%
2.4% 3.5%
0%
20%
40%
60%
0
1 000
2 000
3 000
Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
EUR million Margin
EUR million Q3'18 Q3'17
YoY
change
Constant
currency YoY
change
Net sales 2 125 2 099 1% 2%
Mobile Networks 1 623 1 598 2% 2%
Fixed Networks 502 501 0% 1%
Gross profit 905 928 (2)%
Gross margin % 42.6% 44.2% (160)bps
R&D (562) (581) (3)%
SG&A (265) (290) (9)%
Other income and expenses (2) 20
Operating profit 75 78 (4)%
Operating margin % 3.5% 3.7% (20)bps

16. 16 © Nokia 2018
Net sales and margins
Global Services
GM% OM%
1 359 1 642 1 239 1 326 1 380
20.6%
17.4%
13.9% 15.2%
17.2%
8.1%
7.4%
(0.5%)
0.8%
4.2%
(10%)
0%
10%
20%
30%
40%
0
500
1 000
1 500
2 000
Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
EUR million Margin
EUR million Q3'18 Q3'17 YoY change
Constant
currency YoY
change
Net sales 1 380 1 359 2% 5%
Gross profit 238 280 (15)%
Gross margin % 17.2% 20.6% (340)bps
R&D (21) (20) 5%
SG&A (157) (155) 1%
Other income and expenses (3) 6
Operating profit 58 110 (47)%
Operating margin % 4.2% 8.1% (390)bps

17. 17 © Nokia 2018
Net sales and margins
IP Networks and Applications
IP Routing Nokia SoftwareOptical Networks
GM% OM%
682 737 550 592 609
329
506
363 365 412
354
471
316 356 363
47.8%
44.4%
40.5% 40.6% 44.2%
10.7%
15.1%
(2.9%)
0.8%
8.2%
(15%)
0%
15%
30%
45%
60%
0
500
1 000
1 500
2 000
Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
EUR million Margin
EUR million Q3'18 Q3'17
YoY
change
Constant
currency YoY
change
Net sales 1 383 1 365 1% 3%
IP/Optical Networks 1 021 1 011 1% 3%
IP Routing 609 682 (11)% (9)%
Optical Networks 412 329 25% 29%
Nokia Software 363 354 3% 4%
Gross profit 611 652 (6)%
Gross margin % 44.2% 47.8% (360)bps
R&D (294) (316) (7)%
SG&A (207) (201) 3%
Other income and expenses 3 11
Operating profit 113 146 (23)%
Operating margin % 8.2% 10.7% (250)bps

18. 18 © Nokia 2018
EUR million
Q3'18 Q3'17
YoY
change
Constant
currency YoY
change
Net sales 351 483 (27)% (27)%
Gross profit 350 473 (26)%
Gross margin % 99.7% 97.9% 180bps
R&D (28) (58) (52)%
SG&A (30) (25) 20%
Other income and expenses (1) 0
Operating profit 290 390 (26)%
Operating margin % 82.6% 80.7% 190bps
Net sales and margins
Nokia Technologies
474 540
349 352 351
9
15
16 9 0
97.9%
94.6%
97.3% 98.1%
99.7%
80.7%
70.2%
75.1%
80.9%
82.6%
0%
50%
100%
0
200
400
600
Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
EUR million Margin
Digital healthPatent, brand and technology
licensing
GM% OM%

19. 19 © Nokia 2018
EUR million
Q3'18 Q3'17
YoY
change
Constant
currency YoY
change
Net sales 235 251 (6)% (4)%
Gross profit 37 32 16%
Gross margin % 15.7% 12.7% 300bps
R&D (66) (59) 12%
SG&A (51) (50) 2%
Other income and expenses 32 20
Operating loss (49) (56) (13)%
Operating margin % (20.9)% (22.3)% 140bps
Net sales and margins
Group Common and Other
251 302 252 278 235
12.7%
14.9% 14.7% 19.1% 15.7%
( 22.3)%
( 10.3)%
( 31.0)%
( 9.7)%
( 20.9)%
(40%)
(20%)
0%
20%
0
200
400
Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018
EUR million Margin
GM% OM%