Nokia Corporation Financial Report for Q2 and Half Year 2020

Continued improved execution drives strong margin and cash performance

• Strong margin expansion, primarily driven by Mobile Access
• Clear roadmap progress, particularly related to our 5G mid-band portfolio
• Confidence in resilient customer base and strong liquidity position
• 11% decrease in net sales, largely driven by COVID-19 and China
• Strong growth in Nokia Enterprise
• Positive operating profit, on a reported basis, in both Q2 and half year 2020
• Within previously provided Outlook ranges for full year 2020, adjusted the non-IFRS mid-points for EPS to EUR 0.25 and operating margin to 9.5%
• Delivered strong free cash flow year-to-date and raised 2020 recurring free cash flow guidance to be clearly positive

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