Nokia Oyj : Q1 fact sheet

Financial and operational highlights in Q1 2021

"We have delivered a robust start to the year with strong net sales, operating margin and cash flow. Today's results demonstrate that we are on track to deliver on our three-phased plan to achieve sustainable, profitable growth and technology leadership as announced at our recent Capital Markets Day."

Pekka Lundmark, President and CEO

Financial highlights

Net sales	Gross margin	Operating margin
	(comparable)	(comparable)

€5.1bn	38.2%	10.9%
Q1 20: €4.9bn	Q1 20: 36.4%	Q1 20: 2.4%
EPS, diluted	Net cash and current	Total cash and current
(comparable)	financial investments	financial investments
€0.07	€3.7bn	€8.8bn
Q1 20: €0.01	Q4 20: €2.5bn	Q4 20: €8.1bn

Net sales, reported

By segment

1%

By customer type

By region

7%

7%

5%

6% 5%

13%

7%

8%

33%

45%

8%

11%

34%

81%

29%

Constant

Constant currency

currency

YoY change

YoY change

Constant

◼North America

€1 664m

23%

Mobile Networks

€2 262m

2%

◼Europe

€1 474m

4%

currency

Network Infrastructure

€1 727m

28%

◼Communications service providers €4 098m

YoY change

◼Asia Pacific

€581m

(14)%

Cloud and Network Services

€674m

(5)%

7%

◼Middle East & Africa

€415m

(8)%

Nokia Technologies

€365m

6%

◼Enterprise

€354m

18%

◼Greater China

€402m

23%

Group Common and Other

€57m

(9)%

◼Licensees

€365m

6%

◼Latin America

€293m

11%

Eliminations

€(10)m

◼Other

€259m

37%

◼India

€248m

27%

Total net sales

€5 076m

9%

Total net sales

€5 076m

9%

Total net sales

€5 076m

9%

Business and operational highlights

Mobile Networks

Network Infrastructure

Cloud and Network Services

Nokia Technologies

Comparable operating margin

Comparable operating margin

Comparable operating margin

Comparable operating margin

3.4%	10.8%	(3.0)%	78.4%
Q1 20: 0.6%	Q1 20: (2.2)%	Q1 20: (5.2)%	Q1 20: 80.7%
Commercial 5G deals	Live 5G networks	"5G Powered by ReefShark"	Enterprise
29 April 2021	29 April 2021	proportion of 5G shipments	Net sales growth
160	63	~44%	18%
			Constant currency YoY change

Disclaimer: Nokia presents financial information on reported, comparable and constant currency basis. Comparable measures presented in this document exclude intangible asset amortization and other purchase price fair value adjustments, goodwill impairments, restructuring related charges and certain other items affecting comparability. In order to allow full visibility on determining comparable results, information on items affecting comparability 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. As comparable or constant currency financial measures are not defined in IFRS they may not be directly comparable with similarly titled measures used by other companies, including those in the same industry. The primary rationale for presenting these measures is that the management uses these measures in assessing the financial performance of Nokia and believes that these measures provide meaningful supplemental information on the underlying business performance of Nokia. These financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS. Please see our complete financial report for more information on our results and financial performance as well as our operating and reporting structure

© 2021 Nokia