Commentary & Deal Flow

Reoffer: 6yr: MS+90bp / 99.350 / 3.748%
Benchmark: 6yr: DBR 0% Feb-32 @ 85.74% / B+101.7bp

Final Books in excess of €3bn.

Launched: 6yr: €500m @ MS+90bp - Books in excess of €3bn
IPTs: 6yr: MS+125/130bp

• Issuer: Nokia Corporation (Ticker: NOKIA, Country: FI)
• Issuer LEI: 549300A0JPRWG1KI7U06
• Issuer Rating: BBB- / BBB-, stable outlook by S&P and Fitch
• Exp Issue Rating: BBB- / BBB- by S&P and Fitch
• Status: Senior Unsecured
• Format: Reg S, Bearer, New Global Note
• Settlement: 05-Jun-26 (T+6)
• Tenor: 6-year
• Maturity: 05-Jun-32
• Size: €500m
• Coupon: 3.625% Fixed, Actual / Actual, Annual (ICMA), Unadjusted
• Re-Offer: 99.350% / 3.748% / MS+90bp / B+101.7bp
• Reference: DBR 0% Feb-32 @ 85.74% (HR 110%)
• ISIN: XS3397145767
• Use of Proceeds: The net proceeds of the offering of the 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 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.
• Documentation: €5,000,000,000 EMTN Programme Base Prospectus dated 31-Mar-26 (the “Base Prospectus”) and the Supplement dated 25-May-26 (the “Supplement”)
• Denominations: €100,000 + €1,000
• Issuer Call Options: MWC (Partial or in Whole), 3m Par Call, Clean-up Call (75%), Tax Call (at 100%)
• Make-Whole Spread: B+15bp
• Governing Law: English Law
• Listing: Euronext Dublin, Regulated Market
• Clearing: Euroclear and Clearstream
• Selling Restrictions: As per Base Prospectus (Reg. S Compliance Category 2; TEFRA D)
• Target Market: MiFID II / UK MiFIR professionals/ECPs-only (all distribution channels). No EEA PRIIPs key information document (KID) or CCI product summary has been prepared as not available to retail in EEA or UK
• Advertisement: The Base Prospectus and the Supplement is available, and the Final Terms, when published, will be available, on the website of Euronext Dublin at: www.euronext.com
• Joint Bookrunners: BNP Paribas (B&D), Goldman Sachs Bank Europe SE, Nordea, Santander, SEB
• Timing: PRICED - TOE 14:53 LDN / 15:53 CET, FTT - 15:20 LDN / 16:20 CET