RISK FACTORS Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to: Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;Changes in customer network investments related to their ability to monetize the network;Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;Our ability to procure certain standard components and the costs thereof, such as semiconductors;Disturbance in the global supply chain;Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;Potential economic impact and disruption of global pandemics;War or other geopolitical conflicts, disruptions and potential costs thereof;Other macroeconomic, industry and competitive developments;Timing and value of new, renewed and existing patent licensing agreements with licensees;Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;The outcomes of on-going and potential disputes and litigation;Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;Timing of completions and acceptances of certain projects;Our product and regional mix;Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions; as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.
These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including "anticipate", "continue”, "believe”, "envisage”, "expect”, "aim”, "will”, "target”, "may”, "would”, "could", "see", "plan”, "ensure” or similar expressions.
Justin HotardPresident and CEO FINANCIAL RESULTS EUR million (except for EPS in EUR) Q1'25 Q1'24 YoY change Reported results Net sales 4 390 4 444 (1)% Gross margin % 41.5% 49.7% (820)bps Research and development expenses (1 145) (1 125) 2% Selling, general and administrative expenses (728) (693) 5% Operating (loss)/profit (48) 405 (112)% Operating margin % (1.1)% 9.1% (1 020)bps (Loss)/profit from continuing operations (60) 451 Profit/(loss) from discontinued operations — (13) (Loss)/profit for the period (60) 438 EPS for the period, diluted (0.01) 0.08 Net cash and interest-bearing financial investments 2 988 5 137 (42)% Comparable results Net sales 4 390 4 444 (1)% Constant currency and portfolio YoY change(1) (3%) Gross margin % 42.3% 50.5% (820)bps Research and development expenses (1 115) (1 076) 4% Selling, general and administrative expenses (587) (584) 1% Operating profit 156 600 (74)% Operating margin % 3.6% 13.5% (990)bps Profit for the period 153 512 (70)% EPS for the period, diluted 0.03 0.09 (67)% Business group results Network Infrastructure MobileNetworks Cloud and Network Services Nokia Technologies Group Common and Other EUR million Q1'25 Q1'24 Q1'25 Q1'24 Q1'25 Q1'24 Q1'25 Q1'24 Q1'25 Q1'24 Net sales 1 722 1 439 1 729 1 682 567 546 369 757 4 23 YoY change 20% 3% 4% (51)% (83)% Constant currency and portfolio YoY change(1) 11% 2% 8% (52)% (83)% Gross margin % 40.6% 40.8% 30.9% 40.9% 45.9% 39.4% 100.0% 100.0% Operating profit/(loss) 135 85 (152) (32) 14 (37) 259 658 (99) (75) Operating margin % 7.8% 5.9% (8.8)% (1.9)% 2.5% (6.8)% 70.2% 86.9% (1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes.
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