Commentary & Deal Flow

Nokia Corporation, (ticker: "NOKIA", country: FI) rated BBB-/BBB- (stable) by S&P and Fitch, has mandated BNP Paribas, Goldman Sachs Bank Europe SE, Nordea, Santander and SEB as Joint Bookrunners to arrange a series of fixed-income investor calls commencing Wednesday, 27-May-26.

An expected €500m WNG, 6-year Senior Unsecured offering of Notes (the “New Notes”), expected to be rated BBB-/BBB- by S&P and Fitch, under the Issuer’s EMTN programme will follow, subject to market conditions.

The net proceeds of the offering of the New Notes will be used for general corporate purposes, including (without limitation) and at the sole discretion of the Issuer, the refinancing of existing indebtedness. Nokia Corporation intends, following pricing of the New Notes, to give notice of the exercise of its option to redeem in full all of its outstanding €500m 3.125% Notes due May 2028 (ISIN: XS2171872570) pursuant to the make‑whole redemption provisions in the Conditions thereof, in accordance with, and subject to, the terms and conditions set out in the relevant redemption notice.

Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or CCI Product Summary has been prepared as not available to retail in the EEA or the UK.

The Base Prospectus dated 31-Mar-26 and the Supplement dated 25-May-26 are available, and the Final Terms, when published, will be available on the website of Euronext Dublin at: www.euronext.com