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    NOKIA   FI0009000681

NOKIA OYJ

(NOKIA)
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Real-time Estimate Tradegate  -  09:29:15 2023-01-27 am EST
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Nokia completes first phase of share buyback program

11/11/2022 | 02:16pm EST

Nokia Corporation
Stock Exchange Release
11 November 2022 at 21:15 EET

Nokia completes first phase of share buyback program

Espoo, Finland – Nokia Corporation ("Nokia" or the "Company") has now completed the first phase of the share buyback program announced in February 2022. Between 14 February 2022 and 11 November 2022, Nokia repurchased 63,963,583 of its own shares (FI0009000681) at an average price per share of approximately EUR 4.69.

On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia’s Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to its shareholders in tranches over a period of two years. The first phase of the share buyback program started on 14 February 2022 with a maximum aggregate purchase price of EUR 300 million. This phase has now been completed.

The purpose of the repurchases is to optimize Nokia's capital structure through the reduction of capital. The Board of Directors of the Company will separately resolve on the cancellation of the repurchased shares.

The repurchases were executed otherwise than in proportion to the existing shareholdings of Nokia's shareholders (directed repurchases) through public trading on the regulated market of Nasdaq Helsinki and selected multilateral trading facilities.

The repurchases reduced the Company’s unrestricted equity by EUR 300,000,000. Nokia Corporation now holds a total of 97,786,461 treasury shares.

Nokia continues to target to return under the buyback program up to EUR 600 million of cash to its shareholders in tranches over a period of two years, subject to continued authorization from the Annual General Meeting.

About Nokia
At Nokia, we create technology that helps the world act together.

As a trusted partner for critical networks, we are committed to innovation and technology leadership across mobile, fixed and cloud networks. We create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

Adhering to high standards of integrity and security, we help build the capabilities needed for a more productive, sustainable and inclusive world.

Inquiries:

Nokia
Investor Relations
Phone: +358 40 803 4080
Email: investor.relations@nokia.com
David Mulholland, Head of Investor Relations


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Analyst Recommendations on NOKIA OYJ
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Financials
Sales 2022 24 484 M 26 570 M 26 570 M
Net income 2022 1 750 M 1 899 M 1 899 M
Net cash 2022 5 065 M 5 496 M 5 496 M
P/E ratio 2022 14,2x
Yield 2022 2,26%
Capitalization 24 481 M 26 566 M 26 566 M
EV / Sales 2022 0,79x
EV / Sales 2023 0,70x
Nbr of Employees 87 927
Free-Float 93,8%
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Mean consensus BUY
Number of Analysts 25
Last Close Price 4,38 €
Average target price 5,84 €
Spread / Average Target 33,2%
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Managers and Directors
Pekka Ilmari Lundmark President & Chief Executive Officer
Marco WirÚn Chief Financial Officer
Sari Maritta Baldauf Chairman
Nishant Batra Chief Strategy & Technology Officer
Bruce R. Brown Independent Non-Executive Director
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