ESPOO (dpa-AFX) - Finnish network company Nokia (NOK) reported that its
first quarter profit attributable to equity holders of the parent climbed to 434
million euros or 0.08 euros per share from 279 million euros or 0.05 euros per
share in the same quarter last year.

Quarterly comparable profit attributable to equity holders of the parent was 497
million euros or 0.09 euros per share up from 332 million euros or 0.06 euros
per share in the previous year. The increase in comparable net profit was
primarily driven by the increase in comparable operating profit and a net
positive fluctuation in financial income and expenses, partially offset by
higher income tax expense. The positive movement in financial income and
expenses mainly reflected favorable foreign exchange rates.

Net sales for the first quarter dropped 20% to 4.67 billion euros from last
year's 5.86 billion euros, negatively impacted by foreign exchange rate
fluctuations along with the other factors.

The ongoing market weakness drove a 19% year-on-year constant currency decline
in net sales in the first quarter. However, the company said it has seen
continued improvement in order intake, meaning it remains confident in a
stronger second half and achieving its full year outlook.

Looking ahead for fiscal year 2024, Nokia still expects comparable operating
profit to be in the range of 2.3 billion euros to 2.9 billion euros, and free
cash flow conversion from comparable operating profit of between 30% and 60%.

For fiscal 2026, the company projects net sales to grow faster than the market,
and comparable operating margin to be greater than equal to 13 percent.

Nokia sees further opportunities to increase margins beyond 2026 and believes an
operating margin of 14% remains achievable over the longer term.

Under the authorization by the Annual General Meeting held on 3 April 2024, the
Board of Directors may resolve on the distribution of an aggregate maximum of
0.13 euros per share to be paid in respect of financial year 2023.

On 18 April 2024, the Board resolved to distribute a dividend of 0.04 euros per
share. The dividend record date is on 23 April 2024 and the dividend will be
paid on 3 May 2024. Following this announced distribution, the Board's
remaining distribution authorization is a maximum of 0.09 euros per share.

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