Interim Report for Q1 2023 Strong net sales growth; outlook unchanged ▪ Net sales grew 9% y-o-y in constant currency (10% reported). ▪ Enterprise net sales grew 62% y-o-y in constant currency (65% reported). ▪ Comparable gross margin declined 300bps y-o-y to 37.7% (reported -310bps to 37.5%), due to regional mix and a lower contribution from Nokia Technologies partly related to a license option exercised in Q4 2022. ▪ Comparable operating margin declined y-o-y by 270bps to 8.2%, due to the above mentioned factors impacting gross margin along with a significant swing in venture fund contribution, somewhat offset by disciplined cost control. ▪ Reported operating margin increased 70bps y-o-y to 7.3%. In addition to the above factors, the margin increased due to a provision recognized in the prior year compared to a partial reversal this year along with a divestment related gain. ▪ Comparable diluted EPS of EUR 0.06; reported diluted EPS of EUR 0.05. ▪ Free cash flow negative EUR 0.1bn, net cash balance of EUR 4.3bn. ▪ 2023 outlook unchanged in constant currency. Full year net sales outlook applying 31 March 2023 exchange rates is EUR 24.6bn to 26.2bn. Comparable operating margin guidance remains 11.5% to 14.0%. EUR million (except for EPS in EUR) Q1'23 Q1'22 YoY change Constant currency YoY change Reported results Net sales 5 859 5 348 10% 9% Gross margin % 37.5% 40.6% (310) bps Research and development expenses (1 108) (1 072) 3% Selling, general and administrative expenses (729) (675) 8% Operating profit 426 354 20% Operating margin % 7.3% 6.6% 70bps Profit for the period 289 219 32% EPS, diluted 0.05 0.04 25% Net cash and interest-bearing financial investments 4 304 4 904 (12) % Comparable results Net sales 5 859 5 348 10% 9% Gross margin % 37.7% 40.7% (300) bps Research and development expenses (1 093) (1 052) 4% Selling, general and administrative expenses (642) (581) 10% Operating profit 479 583 (18) % Operating margin % 8.2% 10.9% (270) bps Profit for the period 342 416 (18) % EPS, diluted 0.06 0.07 (14) % ROIC1 15.8% 19.5% (370) bps 1 Comparable ROIC = Comparable operating profit after tax, last four quarters / invested capital, average of last five quarters’ ending balances. Refer to the Performance measures section in this report for details. Network Infrastructure Mobile Networks Cloud and Network Services Nokia Technologies Group Common and Other EUR million Q1'23 Q1'22 Q1'23 Q1'22 Q1'23 Q1'22 Q1'23 Q1'22 Q1'23 Q1'22 Net sales 2 248 1 974 2 567 2 268 760 736 242 306 48 76 YoY change 14% 13% 3% (21) % (37) % Constant currency YoY change 13% 13% 3% (22) % (38) % Gross margin % 38.0% 34.7% 33.8% 39.8% 32.8% 38.6% 100.0% 99.7% (12.5) % 2.6% Operating profit/(loss) 344 195 137 171 (20) 20 149 220 (131) (23) Operating margin % 15.3% 9.9% 5.3% 7.5% (2.6) % 2.7% 61.6% 71.9% (272.9) % (30.3) % 20 April 2023 1

We started this year with the unveiling of a renewed corporate strategy and refreshed brand. This reflects who we are today - a B2B technology innovation leader unleashing the exponential potential of networks. Q1 also saw the launch of our new industry-leading optical networking platform PSE-6s and AirScale Habrok, our latest 5G massive MIMO radios powered by a new generation of ReefShark chipsets. Both products are designed to help our customers achieve more with lower power consumption, supporting our intent to develop ESG into a competitive advantage. Financially we delivered a solid start to 2023 with Q1 net sales growing 9% in constant currency. Our comparable operating margin was 8.2%, a decline of 270bps year-on-year, which was primarily due to expected greater seasonality in Mobile Networks’ profitability, a lower contribution from Nokia Technologies in the quarter and a negative impact from venture fund investments. Network Infrastructure had another great quarter with 13% constant currency net sales growth and continued operating margin expansion. We saw particular strength in Optical Networks and good growth in both IP Networks and Submarine Networks. Mobile Networks net sales grew 13% as 5G deployments in India ramped up, more than offsetting a slowdown in North America spending. As we expected, we are seeing greater seasonality between the first and second half of the year in terms of profitability for Mobile Networks. Cloud and Network Services achieved net sales growth of 3% in constant currency, but profitability was impacted by product mix. Nokia Technologies net sales declined 22% in the quarter, which was largely due to a long-term license which is no longer contributing after an option was exercised in Q4 2022. We remain confident Nokia Technologies will return to an annual run-rate of EUR 1.4-1.5bn of net sales. We maintained our strong momentum in Enterprise with 62% net sales growth in constant currency. We continue to make good progress in both webscale and private wireless and we expect to see strong double-digit growth for the full year. One of our strategic pillars is to actively manage our portfolio to secure a leading position in all segments where we decide to compete. To support that goal, we have signed agreements to divest part of our Radio Frequency Systems business and our VitalQIP business. In addition, we recently agreed to the sale of our stake in the joint venture TD Tech, subject to closing conditions. Looking forward, we are starting to see some signs of the economic environment impacting customer spending. Given the ongoing need to invest in 5G and fiber, we see this primarily as a question of timing; nevertheless we will maintain our cost discipline to ensure we can successfully navigate this uncertainty. We remain on track to deliver another year of growth in 2023 so our outlook is unchanged with the expectation that profitability in the second half of the year will be stronger than the first half. Shareholder distribution Dividend Under the authorization by the Annual General Meeting held on 4 April 2023, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.12 per share to be paid in respect of financial year 2022. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason. On 20 April 2023, the Board resolved to distribute a dividend of EUR 0.03 per share. The dividend record date is on 25 April 2023 and the dividend will be paid on 4 May 2023. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments. Following this announced distribution, the Board’s remaining distribution authorization is a maximum of EUR 0.09 per share. Share buyback program In February 2022, Nokia’s Board of Directors initiated a share buyback program to repurchase shares to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second EUR 300 million phase of the share buyback program started in January 2023 and it will end at the latest by 21 December 2023. Under this phase, Nokia has by 31 March 2023 repurchased 19 019 000 of its own shares at an average price per share of approximately EUR 4.41. Capital management policy On 2 March 2023, Nokia updated its capital management policy with a focus on sustaining investment grade rating and improving shareholder returns consistent with the performance of the business. Nokia now targets to maintain a net cash position in the range of 10-15% of net sales to ensure it can continue to invest in the necessary R&D to maintain and further improve its technology leadership, fund working capital requirements in support of the company’s growth ambitions and to maintain some flexibility for bolt-on acquisitions. Nokia’s previous target in terms of cash management was to maintain a total cash position equivalent to at least 30% of net sales. 20 April 2023 2

Outlook Full Year 2023 Net sales1 EUR 24.6 billion to EUR 26.2 billion1 (2 to 8% growth in constant currency) Comparable operating margin2 11.5 to 14.0% Free cash flow2 20 to 50% conversion from comparable operating profit 1 Assuming the rate 1 EUR = 1.09 USD as of 31 March 2023 continues for the remainder of 2023 along with actual Q1 foreign exchange rates (adjusted from prior 1.07 USD rate as of 31 December 2022). Assuming the year-end 2022 exchange rate the net sales outlook would continue to be EUR 24.9bn to EUR 26.5bn. 2 Please refer to Performance measures section in this report for a full explanation of how these terms are defined. The outlook, long-term targets and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report. Along with Nokia's official outlook targets provided above, below are outlook assumptions by business group that support the group level outlook. The comments for relative growth by business group are provided to give a reference on how we expect each to perform relative to the overall group. 2023 total addressable market (update) Nokia business group assumptions Size (EUR bn)1 Constant currency growth Net sales growth Operating margin Network Infrastructure2 47 (update) 4% In-line to below group 11.0 to 14.0% Mobile Networks3 51 (update) 4% (update) Faster than group 7.0 to 10.0% Cloud and Network Services 28 (update) 3% (update) In-line to below group 5.5 to 8.5% 1 Total addressable market forecasts assume the rate 1 EUR = 1.09 USD as of 31 March 2023 continues for the remainder of 2023 along with actual Q1 foreign exchange rates. The addressable market is excluding Russia and Belarus. 2 Excluding Submarine Networks. 3 Excluding China. Nokia provides the following approximate outlook assumptions for additional items concerning 2023: Full year 2023 Comment Nokia Technologies operating profit Largely stable Assuming closure of outstanding litigation / renewal discussions we expect largely stable operating profit in Nokia Technologies in 2023. Nokia currently assumes free cash flow slightly greater than operating profit in Nokia Technologies. Group Common and Other operating profit Negative EUR 350-400 million (update) This includes central function costs largely stable at below EUR 200 million and an increase in investment in long-term research now above EUR 100 million. This line also accounts for Radio Frequency Systems (RFS) and could be impacted by any positive or negative revaluations in Nokia's venture funds in 2023. Comparable financial income and expenses EUR 0 million As interest rates have increased we now expect financial income and expenses to be approximately balanced. Comparable income tax rate ~25% Following the re-recognition of deferred tax assets at the end of 2022 we now provide an assumption based on a % tax rate instead of an absolute amount. Cash outflows related to income taxes EUR 700 million Cash outflows related to income taxes are expected to increase due to mandatory capitalization of R&D costs under U.S. tax laws as well as evolving regional mix. Capital Expenditures EUR 700 million (update) Long-term targets Nokia's long-term targets remain unchanged from those introduced with its Q4 2021 financial results. The targets had an associated timeline of 3-5 years which remains unchanged and implies by 2024-2026. These targets remain intended to show Nokia's ambition to deliver continuous improvement in the business over the time period. Net sales Grow faster than the market Comparable operating margin1 ≥ 14% Free cash flow1 55 to 85% conversion from comparable operating profit 1 Please refer to Performance measures section in this report for a full explanation of how these terms are defined. 20 April 2023 3

Financial Results Q1 2023 compared to Q1 2022 Net sales In Q1 2023, reported net sales increased 10%, benefiting slightly from foreign exchange rate fluctuations along with the following drivers. On a constant currency basis, Nokia's net sales increased 9% with growth across all business groups except Nokia Technologies. Network Infrastructure and Mobile Networks both grew at double-digit rates, with Network Infrastructure increasing 13%, led by Optical Networks and IP Networks, and Mobile Networks increasing 13% reflecting the continued ramp of 5G in India. Cloud and Network Services increased 3%, while Nokia Technologies declined 22% due in part to the option exercised in Q4 2022 by a long-term licensee. Gross margin Reported gross margin decreased 310 basis points to 37.5% in Q1 2023 and comparable gross margin decreased 300 basis points to 37.7%. Gross margin performance reflected the negative impact of regional mix in Mobile Networks, as well as lower net sales in Nokia Technologies and lower gross margin in Cloud and Network Services. Network Infrastructure gross margin increased strongly, in part due to positive mix shift within businesses. Operating profit and margin Reported operating profit in Q1 2023 was EUR 426 million, or 7.3% of net sales, up from 6.6% in the year-ago quarter. Comparable operating profit decreased to EUR 479 million, while comparable operating margin was 8.2%, down from 10.9% in the year-ago quarter. Higher overall gross profit in Q1 2023 was more than offset by higher operating expenses and a net negative fluctuation in other operating income and expenses, related to the impact from Nokia's venture fund investments partly offset by hedging. Operating expenses increased at a slower rate than net sales, reflecting disciplined cost control but with absolute operating expenses increasing primarily due to inflation. Additionally, operating profit benefited year-on-year from lower variable pay accruals. Nokia's venture fund investments generated a loss of approximately EUR 30 million in Q1 2023 compared to a benefit of approximately EUR 40 million in Q1 2022. The impact of hedging in Q1 2023 was positive EUR 10 million, compared to a negative impact of EUR 5 million in Q1 2022. In Q1 2023, the difference between reported and comparable operating profit was primarily related to the amortization of acquired intangible assets, the partial reversal of provision associated with a country exit that was made in Q1 2022, restructuring and associated charges and the divestment of a business. In Q1 2022, the difference between reported and comparable operating profit was primarily related to costs associated with a country exit, the amortization of acquired intangible assets, and restructuring and associated charges. Profit for the period Reported net profit in Q1 2023 was EUR 289 million, compared to EUR 219 million in Q1 2022. Comparable net profit in Q1 2023 was EUR 342 million, compared to EUR 416 million in Q1 2022. The decline in comparable net profit reflects the lower comparable operating profit and higher income tax expenses, related to unrecognized deferred tax assets in Finland in Q1 2022. These were somewhat offset by a net positive fluctuation in financial income and expenses which was primarily driven by higher interest income related to higher interest rates, as well as a net positive fluctuation in the share of results of associates and joint ventures. Apart from the items impacting comparability included in operating profit (and their associated tax effects), there were no significant items impacting comparability between reported and comparable net profit in Q1 2023. In Q1 2022, the difference between reported and comparable net profit was related to a loss allowance on customer financing loan. Earnings per share Reported diluted EPS was EUR 0.05 in Q1 2023, compared to EUR 0.04 in Q1 2022. Comparable diluted EPS was EUR 0.06 in Q1 2023 compared to EUR 0.07 in Q1 2022. Comparable return on Invested Capital (ROIC) Q1 2023 comparable ROIC was 15.8%, compared to 19.5% in Q1 2022. The decrease reflected higher average invested capital for the rolling four quarters, partly offset by higher operating profit after tax for the rolling four quarters. The higher average invested capital reflected growth in average total equity, partially offset by a decrease in average total interest-bearing liabilities, while average total cash and interest-bearing financial investments were flat. Cash performance During Q1 2023, net cash decreased EUR 463 million, resulting in an end-of-quarter net cash balance of EUR 4.3 billion. Total cash decreased EUR 630 million sequentially to EUR 8.6 billion. Free cash flow was negative EUR 147 million in Q1 2023. Additional topics Portfolio Management In December 2022, RFS and Amphenol entered into an agreement for RFS to sell the North American cable and global base station antenna business to Amphenol. The deal is expected to close in Q2 2023, subject to satisfying certain standard closing conditions. In addition, RFS is streamlining its offering over the first half of 2023 to concentrate on providing premium cable solutions to European and Asian cable markets while also ramping down some other parts of its business. As part of our portfolio rebalancing efforts within Cloud and Network Services we have sold our VitalQIP business to Cygna Labs. Financial terms of the transaction remain confidential. Additionally, we are working on exiting TD Tech, a legacy joint venture founded in 2004 to build 3G systems for the China market. TD Tech’s business has pivoted into handsets, modems, and other devices and there are no operational linkages or activities between TD Tech and Nokia. TD Tech does not fit Nokia’s strategic focus as a B2B technology innovation leader. Therefore, Nokia has entered into an agreement to sell its share in the company to New East New Materials. The closing is subject to conditions including a pre-emption right of the joint venture partner and the sale will only take place if and when these conditions are met which could yet take some time. 20 April 2023 4

Segment Details Network Infrastructure EUR million Q1'23 Q1'22 YoY change Constant currency YoY change Net sales 2 248 1 974 14% 13% - IP Networks 781 678 15% 13% - Optical Networks 533 363 47% 45% - Fixed Networks 650 671 (3) % (5) % - Submarine Networks 285 262 9% 11% Gross profit 855 684 25% Gross margin % 38.0% 34.7% 330bps Operating profit 344 195 76% Operating margin % 15.3% 9.9% 540bps Network Infrastructure net sales grew strongly again in the first quarter with 14% growth on a reported basis and 13% on a constant currency basis. Growth rates are expected to slow in the coming quarters as Q1 has benefited from some catch up as supply chains normalized and comparisons become more challenging. IP Networks net sales grew 13% on a constant currency basis, primarily reflecting strength in North America (with particular strength in enterprise), Asia Pacific along with India. In Q1 2023, shipments of the new FP5-based IP Routing products continued to ramp. We currently have 50 contracts and expect a gradual transition to the new platform in the coming years. Optical Networks net sales grew 45% on a constant currency basis showing continued strong momentum and customer engagement in our PSE-V solutions. In the quarter we also launched our latest generation PSE-6s products which are due to start shipping later in the year. Growth was driven primarily by India, Europe and North America in the quarter. Fixed Networks net sales declined 5% on a constant currency basis against a tough year-ago comparison. Regionally, net sales grew in India, Middle East & Africa, Asia Pacific and Europe. Net sales in North America declined, as continued growth in fiber deployments were offset by a slowdown in fixed wireless access which remains sensitive to a small number of customers. Submarine Networks net sales grew 11% on a constant currency basis, as webscale-driven project deployments continued to drive growth. Gross margin increased strongly year-on-year primarily due to positive mix shift and lower indirect cost of sales such as logistics costs compared to the year-ago period. Operating profit and operating margin improved strongly year-on-year as the gross margin expansion was only partly offset by higher operating expenses (which grew slower than sales). Operating profit was also positively impacted by hedging and the change in loss allowances on certain trade receivables, both recorded in other operating income and expenses. Mobile Networks EUR million Q1'23 Q1'22 YoY change Constant currency YoY change Net sales 2 567 2 268 13% 13% Gross profit 867 902 (4) % Gross margin % 33.8% 39.8% (600) bps Operating profit 137 171 (20) % Operating margin % 5.3% 7.5% (220) bps In Q1 2023, Mobile Networks net sales grew 13% on a reported and constant currency basis. The quarter was driven by the continued ramp-up in 5G deployments in India which grew substantially and we gained meaningful market share. Mobile Networks also grew in Europe where we continued to gain market share amidst a largely stable spending environment, as well as in Middle East & Africa. North America declined as customer spending returned to a more normal pattern in 2023 (compared to first-half weighted spending seen in 2022), combined with customer inventory depletion in the quarter. We also saw some declines in Asia Pacific and in Greater China related to the phasing of 5G deployments. The decline in gross margin in the first quarter was primarily related to regional mix along with some small currency impact. We expect gross margin will remain under pressure in the first half of the year before then improving in the second half. Operating margin declined year-on-year in Q1 2023 due to regional mix impacting gross margin although was somewhat offset by volume impact and disciplined cost control. On an absolute basis, operating profit was impacted by lower gross profit and a relatively small increase in operating expenses. There was also a positive impact in the quarter from hedging. Additionally, operating profit benefited year-on-year from lower variable pay accruals. 20 April 2023 5

Cloud and Network Services EUR million Q1'23 Q1'22 YoY change Constant currency YoY change Net sales 760 736 3% 3% Gross profit 249 284 (12) % Gross margin % 32.8% 38.6% (580) bps Operating profit/(loss) (20) 20 (200) % Operating margin % (2.6) % 2.7% (530) bps Cloud and Network Services net sales grew 3% on a reported and constant currency basis. From a product perspective, there was growth in Enterprise Solutions which was driven by ongoing momentum in campus wireless. Core Networks also grew while Business Applications and Cloud and Cognitive Services declined. From a regional perspective, on a constant currency basis Cloud and Network Services saw strong growth in Europe, North America and Middle East & Africa offsetting declines in Asia Pacific along with some small movements in other regions. Gross margin declined, as we saw a shift from software sales towards lower margin hardware sales in the quarter, despite the overall increase in net sales. Operating margin declined year-on-year as the lower gross profit combined with increased SG&A and R&D expenses, which reflected inflation and continued investment to strengthen leadership in campus wireless. As we progress with portfolio rebalancing in Cloud and Network Services, we also remain focused on carefully managing the cost base of the business. Operating profit was helped by a small contribution from hedging. Nokia Technologies EUR million Q1'23 Q1'22 YoY change Constant currency YoY change Net sales 242 306 (21) % (22) % Gross profit 242 305 (21) % Gross margin % 100.0% 99.7% 30bps Operating profit 149 220 (32) % Operating margin % 61.6% 71.9% (1 030) bps Nokia Technologies net sales declined 21% on a reported basis and 22% on a constant currency basis. The decline was attributable to three factors. First, a long-term licensee exercised an option in Q4 2022 which led to all outstanding revenue being recognized in the quarter and hence is no longer benefiting net sales in 2023. Second, there was lower net sales from a smartphone vendor whose market share has meaningfully declined and finally a lower contribution from brand licensing in the quarter. Beyond these three factors licensing net sales were essentially stable also accounting for the renewed agreement with Samsung. Nokia remains in litigation/renewal situations regarding two license agreements that ended during 2021. Nokia will continue to prioritize protecting the value of its portfolio over achieving specific timelines. Nokia continues to expect to return to an annual run-rate of EUR 1.4-1.5bn of revenue as we work through the smartphone license renewal cycle and continue to grow in new focus areas such as automotive, consumer electronics, IoT and multimedia. Operating margin declined year-on-year reflecting the decline in net sales and a small increase in operating expenses. Group Common and Other EUR million Q1'23 Q1'22 YoY change Constant currency YoY change Net sales 48 76 (37) % (38) % Gross profit/(loss) (6) 2 Gross margin % (12.5) % 2.6% (1 510) bps Operating profit/(loss) (131) (23) Operating margin % (272.9) % (30.3) % (24 260) bps Group Common and Other net sales decreased 37% on a reported basis and 38% on a constant currency basis related to Radio Frequency Systems. The decrease in operating result was primarily driven by losses from Nokia's venture fund investments as well as higher operating expenses. Venture fund losses were approximately EUR 30 million in Q1 2023, balanced between foreign exchange fluctuations and revaluations, compared to gains of approximately EUR 40 million in Q1 2022. 20 April 2023 6

Net sales by region EUR million Q1'23 Q1'22 YoY change Constant currency YoY change Asia Pacific 578 634 (9) % (7) % Europe 1 473 1 399 5% 5% Greater China 336 392 (14) % (12) % India 853 200 327% 325% Latin America 232 226 3% 1% Middle East & Africa 436 409 7% 7% North America 1 666 1 826 (9) % (12) % Submarine Networks1 285 262 9% 11% Total 5 859 5 348 10% 9% 1Nokia provides net sales for the Submarine Networks business separately from the rest of the Group to improve the usefulness of disclosed information by removing volatility caused by the specific nature of the Submarine Networks business. Reported changes are disclosed in the table above. The regional commentary below focuses on constant currency results, to exclude the impact of foreign exchange rate fluctuations. The commentary is based on regions excluding Submarine Networks, given the nature of that business leads to significant regional volatility between periods. The net sales performance in Asia Pacific reflected declines in both Mobile Networks and Cloud and Network Services, particularly in Japan, partly offset by broader growth in Network Infrastructure. Europe net sales were negatively impacted by Nokia Technologies (which is entirely reported in Europe), due in part to the option exercised in Q4 2022 by a long-term licensee. Excluding Nokia Technologies, net sales in Europe increased at a double-digit rate driven by growth across all business groups. Within Greater China, net sales decreased due to Mobile Networks. The strong growth in net sales in India was related to Mobile Networks, as 5G deployments continued to ramp in Q1 2023. Network Infrastructure also saw strong growth driven by Optical Networks, IP Networks and Fixed Networks. Net sales in Latin America were stable, as slight growth in Network Infrastructure was mostly offset by Mobile Networks and Cloud and Network Services. Middle East & Africa growth was driven by all business groups. The double-digit decline in North America reflected lower net sales in Mobile Networks as customer spending returned to a more normal pattern in 2023 (compared to first-half biased spending in 2022), combined with some customer inventory depletion seen in the quarter. This was somewhat offset by growth in Cloud and Network Services and Network Infrastructure. Net sales by customer type EUR million Q1'23 Q1'22 YoY change Constant currency YoY change Communications service providers (CSP) 4 725 4 373 8% 7% Enterprise 566 343 65% 62% Licensees 242 306 (21) % (22) % Other1 327 325 1% 2% Total 5 859 5 348 10% 9% 1 Includes net sales of Submarine Networks which operates in a different market, and Radio Frequency Systems (RFS), which is being managed as a separate entity, and certain other items, such as eliminations of inter-segment revenues. Submarine Networks and RFS net sales also include revenue from enterprise customers and communications service providers. Continued strong demand from CSPs drove solid net sales growth of 7% in constant currency in Q1 2023. Growth in Enterprise net sales once again accelerated in Q1 2023, increasing 62% in constant currency, as we continued to execute on our strong order book. Growth was particularly strong in webscale where sales more than doubled in the quarter. Private wireless continued to grow strongly double-digit and now has more than 595 customers. Customer engagement also remains positive as we added 73 new Enterprise customers in the quarter. Refer to the Nokia Technologies section of this report for a discussion on net sales to Licensees. The growth in ‘Other’ net sales relates to growth in Submarine Networks partially offset by RFS. 20 April 2023 7

Q1 2023 to Q1 2022 bridge for net sales and operating profit EUR million Q1'23 Volume, price, mix and other Foreign exchange impact Items affecting comparability Q1'22 Net sales 5 859 470 41 — 5 348 Operating profit 426 (112) 8 176 354 Operating margin % 7.3% 6.6% The table above shows the change in net sales and operating profit compared to the year-ago quarter. Net sales benefited strongly from improvements from an operational standpoint, and, to a lesser extent, foreign exchange rate fluctuations. Operating profit saw a negative impact from an operational standpoint, a slight positive impact from foreign exchange rate fluctuations, as well as a positive impact from items affecting comparability as further described below. The slight positive impact to operating profit seen from foreign exchange rate fluctuations is a combination of an underlying negative impact to operating profit related to our mix of currency exposures, which was more than offset by our hedging program. Reconciliation of reported operating profit to comparable operating profit EUR million Q1'23 Q1'22 YoY change Reported operating profit 426 354 20% Amortization of acquired intangible assets 89 100 Costs associated with country exit (35) 104 Restructuring and associated charges 28 30 Divestment of businesses (26) — Impairment and write-off of assets, net of reversals (2) (5) Comparable operating profit 479 583 (18) % The comparable operating profit that Nokia discloses is intended to provide meaningful supplemental information to both management and investors regarding Nokia’s underlying business performance by excluding certain items of income and expenses that may not be indicative of Nokia’s business operating results. Comparable operating profit is used also in determining management remuneration. In Q1 2023 the main adjustments related to the amortization of acquired intangible assets which is primarily related to purchase price allocation of the Alcatel-Lucent acquisition, the partial reversal of a provision associated with a country exit that was made in Q1 2022, restructuring charges mainly related to the ongoing restructuring program (discussed later in this interim report) and the divestment of a business. 20 April 2023 8

Cash and cash flow in Q1 2023 EUR billion EUR million, at end of period Q1'23 Q4'22 QoQ change Total cash and interest-bearing financial investments 8 614 9 244 (7) % Net cash and interest-bearing financial investments1 4 304 4 767 (10) % 1Net cash and interest-bearing financial investments does not include lease liabilities. For details, please refer to the Performance measures section in this report. Free cash flow During Q1 2023, Nokia’s free cash flow was negative EUR 147 million, as operating profit was more than offset by cash outflows related to net working capital, as well as capital expenditures, restructuring and income taxes. Net cash from operating activities Net cash from operating activities was driven by: ▪ Nokia’s adjusted profit of EUR 745 million. ▪ Approximately EUR 100 million of restructuring and associated cash outflows, related to our current and previous cost savings programs. ▪ Excluding the restructuring and associated cash outflows, the decrease in net cash related to net working capital was approximately EUR 410 million, as follows: ◦ The decrease in receivables was approximately EUR 30 million. ◦ The increase in inventories was approximately EUR 70 million, as we continue to build inventory related to ongoing 5G deployments in India. ◦ The decrease in liabilities was approximately EUR 370 million, primarily related to a decrease in accounts payable, partly offset by an increase in contract liabilities as well as an increase in accruals for 2023 performance-related employee variable pay. ▪ An outflow related to cash taxes of approximately EUR 140 million. ▪ An outflow related to net interest of approximately EUR 20 million. Net cash used in investing activities ▪ Net cash used in investing activities was related primarily to capital expenditures of approximately EUR 230 million and a net cash outflow from other non-current financial investments of approximately EUR 10 million, partly offset by net cash inflows related to the disposal of businesses of approximately EUR 20 million and related to the sale of assets of approximately EUR 10 million. Net cash used in financing activities ▪ Net cash used in financing activities was related primarily to dividend payments of approximately EUR 110 million, the acquisition of treasury shares of approximately EUR 80 million and lease payments of approximately EUR 70 million. Change in total cash and net cash In Q1 2023, the approximately EUR 170 million difference between the change in total cash and net cash was primarily due to the issuance and repurchase of debt in the quarter, as well as changes in the carrying amounts of certain issued bonds, as a result of interest and foreign exchange rate fluctuations. In Q1 2023, Nokia issued approximately EUR 0.5 billion of new bonds, and purchased, through a tender offer, approximately EUR 0.7 billion of certain bonds. Foreign exchange rates had an approximately EUR 70 million negative impact on net cash. 20 April 2023 9

Sustainability Our strategy and focus areas At Nokia, we create technology that helps the world act together. Connectivity and digitalization can play a critical role in helping to solve many of the world’s greatest challenges. In February 2023 Nokia’s refreshed corporate strategy was presented at Mobile World Congress (MWC). One of the six corporate strategy pillars is to develop ESG into a competitive advantage by leveraging our technology and portfolio strengths to maximize our positive impact on other industries, society, and the world around us. In March Nokia published its 2022 People and Planet sustainability report outlining its performance relating to the company’s Environmental, Social and Governance (ESG) strategy. The ESG strategy consists of the following five focus areas: Environment, Industrial digitalization, Security and privacy, Bridging the digital divide, and Responsible business. Environment The environment pillar of Nokia’s ESG strategy covers climate and circularity activities. In the first quarter of 2023 we started to track and quantify impacts affecting natural capital, including bio- and geodiversity, across our value chain and published our first Biodiversity / Geodiversity position paper. Other Q1 2023 achievements in environment included recognition as a member of the 2023 Clean200™ which lists the 200 publicly quoted companies who are deemed at the forefront of the energy transition and put sustainability at the heart of their products, services, business models and investments. We were also included in CDP’s Supplier Engagement Rating Leadership Board reserved for companies with the highest rating for supplier engagement on climate change. During MWC, we announced the launch of Habrok, our latest generation of cutting-edge AirScale massive MIMO radios for mobile operator and enterprise networks. They are optimized to deliver best-in-class capacity and network performance offering higher energy efficiency by using 30 percent less energy. Industrial Digitalization The handprint impact of Nokia’s industrial digitalization technology on many enterprise and industrial sectors in their decarbonization and productivity journey is an important pillar of Nokia’s ESG strategy. In March 2023, we announced that we will be providing private wireless connectivity, network edge equipment and analytics to support The Ocean Cleanup’s plastic harvesting operations in the Great Pacific Garbage Patch. According to UNESCO, plastic waste makes up 80% of all marine pollution and around 8 to 10 million metric tons of plastic end up in the ocean each year. 5G, private wireless, edge compute, sensors, AI-based analytics, drones and other advanced technologies will play an increasingly critical role in supporting the conservation and sustainability of our natural environment by providing immediate up-to-date and constant information on the status of the environment, whether on land or in the sea. Working with The Ocean Cleanup provides the opportunity to explore that role further. At MWC we also announced advances to Mission-Critical Industrial Edge (MXIE) capabilities. MXIE will leverage the high-performance Dell PowerEdge server family to support the ever-growing industry digitalization needs. MXIE will also be offered as a Hardware-as-a-Service model, reducing CAPEX requirements to allow enterprises to digitalize operations and evolve towards asset-light ways to productivity improvements and eventual decarbonization in their operations. Security and privacy We continued the execution of our product security transformation program with a focus on delivering on regulatory and customer requirements, and supply chain security. Nokia’s end-to-end security lab in Dallas is now fully operational and has hosted multiple customer visits. We celebrated the global Data Privacy Day 2023 on 28 January by launching our “Privacy is Everyone’s Business” campaign to increase internal awareness and understanding. We continue to work towards having our Binding Corporate Rules application approved by the regulator in Finland by year end. Bridging the digital divide In January 2023 Nokia announced a partnership with UNICEF to help bridge the digital divide and provide a digital education and coding program in Senegal. The principal targeted beneficiaries are more than 100 teachers and 10 000 middle school students in underserved areas. The scope of work includes specific training sessions on digital skills, as well as upgrading equipment and connectivity. The Senegal program is one component of our partnership with UNICEF and is another step in our target to reach 1.5 million people using Nokia technology for social digitalization projects, digital skills and connecting the unconnected. Responsible business In March 2023 we were awarded for the sixth time a Platinum EcoVadis Medal. This places Nokia among the top one percent of companies assessed by EcoVadis, with high scores for environment and sustainable procurement. The EcoVadis score is an independent review of our documented management systems across the ESG portfolio and is requested by key customers. In March we were also certified as a ‘Nasdaq ESG Transparency Partner’ for our engagement in market transparency and in raising environmental standards. In March 2023 we were once again named by Ethisphere as one of the World’s Most Ethical Companies® and were one of only two winners in the telecommunications industry and the only Finnish company to be honored. In 2023, 135 honorees were recognized spanning 19 countries and 46 industries. In the 2023 Bloomberg Gender Equality Index, Nokia achieved a Bloomberg GEI overall score of 83.03 percent — the company’s highest score so far and considerably higher than the technology industry’s average score of 72.36 percent. In March 2023 the Finnish Foundation for Share Promotion — which recognizes Finnish companies that nurture and advance inclusion and diversity in the workplace — awarded Nokia as the 2023 Promotor of Diversity . Other strategic ESG development In early 2023, Nokia launched a Sustainable Finance Framework that underscores the importance of ESG to its business and financing structure. We successfully completed an inaugural 500 million Euro sustainability-linked bond. In February 2023 Nokia was included in Sustainalytics 2023 Top-Rated ESG Companies List. Morningstar Sustainalytics, is a leading firm in ESG research and data serving institutional investors and corporations. 20 April 2023 10

Additional information Cost Savings Program In Q1 2021, we announced plans to reset our cost base, targeting a reduction of approximately EUR 600 million by the end of 2023. Given the strength in our end markets, the pace of restructuring has been slower than we initially planned. The overall size of the plan, however, remains unchanged and continues to depend on the evolution of our end markets, consistent with our commentary when we announced the plan. We continue to expect these cost savings to result in approximately EUR 500-600 million of restructuring and associated charges by the end of 2023. We continue to expect total restructuring and associated cash outflows to be approximately EUR 1 050-1 150 million. This total includes approximately EUR 500 million of cash outflows related to our previous restructuring program. In EUR million, rounded to the nearest EUR 50 million Actual Expected amounts for Total 2021 2022 2023 amount Beyond 2023 Recurring gross cost savings 150 250 100 100 600 - cost of sales 50 100 50 50 250 - operating expenses 100 150 50 50 350 Restructuring and associated charges related to our most recent cost savings program 250 150 150 500-600 Restructuring and associated cash outflows1 350 300 300 150 1 050-1 150 1 Includes cash outflows related to the most recent cost savings program, as well as the remaining cash outflows related to our previous programs. Restructuring and associated charges by business group In EUR million, rounded to the nearest EUR 50 million Mobile Networks 300-350 Network Infrastructure ~100 Cloud and Network Services 100-150 Total restructuring and associated charges 500-600 Significant events January – March 2023 On 25 January 2023, Nokia announced it had appointed Esa Niinimäki as Chief Legal Officer and member of the Group Leadership Team. Niinimäki has worked at Nokia for more than 15 years where he has held multiple positions, most recently Interim Chief Legal Officer. On 9 February 2023, Nokia announced it commenced an offer to purchase the outstanding EUR 750 million 2.00% notes due 15 March 2024 (the “2024 Notes”), EUR 500 million 2.375% notes due 15 May 2025 (the “2025 Notes”) and EUR 750 million 2.00% notes due 11 March 2026 (the “2026 Notes”), up to a maximum cash consideration of EUR 700 million (the “Tender Offer”). The purpose of the Tender Offer is to manage the overall indebtedness of Nokia and to extend Nokia’s debt maturity profile in an efficient manner. Nokia accepted tenders for EUR 372 million (49.66% of the nominal amount) of the 2024 Notes, EUR 208 million (41.57% of the nominal amount) of the 2025 Notes and EUR 120 million (15.96% of the nominal amount) of the 2026 Notes. The Tender Offer was settled on 21 February 2023. On 21 February 2023, Nokia issued EUR 500 million 4.375% sustainability-linked Notes due August 2031 under its 5 billion Euro Medium-Term Note Programme. The proceeds of the new notes are intended to fund the Tender Offer and for general corporate purposes. On 2 March 2023, Nokia informed it had updated its capital management policy with a focus on sustaining investment grade rating and improving shareholder returns consistent with the performance of the business. Nokia now targets to maintain a net cash position in the range of 10-15% of net sales. Nokia intends to maintain a net cash position around this level to ensure it can continue to invest in the necessary R&D to maintain and further improve its technology leadership, fund working capital requirements in support of the company’s growth ambitions and to maintain some flexibility for bolt-on acquisitions. Nokia’s previous target in terms of cash management was to maintain a total cash position equivalent to at least 30% of net sales. After March 2023 On 4 April 2023, Nokia held its Annual General Meeting (AGM) in Helsinki. Shareholders were also able to follow the AGM through a webcast. Approximately 108 000 shareholders representing approximately 3.2 billion shares and votes were represented at the meeting. Among others, the following resolutions were made: ▪ The financial statements were adopted, and the Board of Directors and President and CEO were discharged from liability for the financial year 2022. ▪ The AGM decided that no dividend is distributed by a resolution of the AGM and authorized the Board to decide on the distribution of an aggregate maximum of EUR 0.12 per share as dividend from the retained earnings and/or as assets from the reserve for invested unrestricted equity. The Board will resolve separately on the amount and timing of each distribution. The authorization is valid until the opening of the next AGM. ▪ Sari Baldauf, Thomas Dannenfeldt, Lisa Hook, Jeanette Horan, Thomas Saueressig, Søren Skou, Carla Smits-Nusteling and Kai Öistämö were re-elected as members of the Board for a term ending at the close of the next AGM. In addition, the AGM resolved to elect Timo Ahopelto and Elizabeth Crain as new members of the Board for the same 20 April 2023 11

term. In its assembly meeting that took place after the AGM, the Board re-elected Sari Baldauf as Chair of the Board and Søren Skou as Vice Chair of the Board. ▪ The annual fees of the Board members were increased by EUR 15 000 except for the Board Chair. ▪ The remuneration Report of the company's governing bodies was supported in an advisory vote. ▪ Deloitte Oy was re-elected as the auditor for Nokia for the financial year 2024 with Authorized Public Accountant Marika Nevalainen as the auditor in charge. ▪ The Board was authorized to resolve to repurchase a maximum of 550 million Nokia shares and to issue a maximum of 550 million shares through issuance of shares or special rights entitling to shares in one or more issues. The authorizations are effective until 3 October 2024 and they terminated the corresponding authorizations granted by the AGM on 5 April 2022. Shares The total number of Nokia shares on 31 March 2023, equaled 5 632 297 576. On 31 March 2023, Nokia and its subsidiary companies held 63 940 253 Nokia shares, representing approximately 1.1% of the total number of Nokia shares and voting rights. Risk Factors Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to: ▪ Competitive intensity, which is expected to continue at a high level; ▪ Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments; ▪ Our ability to procure certain standard components and the costs thereof, such as semiconductors; ▪ Disturbance in the global supply chain; ▪ Accelerating inflation, increased global macro-uncertainty, major currency fluctuations and higher interest rates; ▪ Potential economic impact and disruption of global pandemics; ▪ War or other geopolitical conflicts, disruptions and potential costs thereof; ▪ Other macroeconomic, industry and competitive developments; ▪ Timing and value of new, renewed and existing patent licensing agreements with smartphone vendors, automotive companies, consumer electronics companies and other licensees; ▪ Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing; ▪ The outcomes of on-going and potential disputes and litigation; ▪ Timing of completions and acceptances of certain projects; ▪ Our product and regional mix; ▪ Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives; ▪ Our ability to utilize our US and Finnish deferred tax assets and their recognition on our balance sheet; ▪ Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions; as well the risk factors specified under Forward-looking statements of this report, and our 2022 annual report on Form 20-F published on 2 March 2023 under Operating and financial review and prospects-Risk factors. Forward-looking statements Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, product launches, growth management, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics and the general macroeconomic conditions on our businesses, our supply chain and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including "continue", “believe”, “commit”, “estimate”, “expect”, “aim”, “influence”, "will” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above. 20 April 2023 12

Financial statement information Consolidated income statement (condensed) EUR million Reported Comparable Note Q1'23 Q1'22 Q1'23 Q1'22 Net sales 2, 3 5 859 5 348 5 859 5 348 Cost of sales (3 664) (3 179) (3 653) (3 171) Gross profit 2 2 196 2 169 2 207 2 176 Research and development expenses (1 108) (1 072) (1 093) (1 052) Selling, general and administrative expenses (729) (675) (642) (581) Other operating income and expenses 68 (68) 7 39 Operating profit 2 426 354 479 583 Share of results of associates and joint ventures (6) (26) (6) (26) Financial income and expenses (19) (72) (9) (40) Profit before tax 401 256 464 516 Income tax expense 5 (111) (79) (122) (101) Profit from continuing operations 290 177 342 416 (Loss)/profit from discontinued operations (1) 42 — — Profit for the period 289 219 342 416 Attributable to Equity holders of the parent 279 212 332 409 Non-controlling interests 10 7 10 7 Earnings per share attributable to equity holders of the parent Basic earnings per share, EUR Continuing operations 0.05 0.03 0.06 0.07 Profit for the period 0.05 0.04 0.06 0.07 Average number of shares ('000 shares) 5 578 005 5 634 737 5 578 005 5 634 737 Diluted earnings per share, EUR Continuing operations 0.05 0.03 0.06 0.07 Profit for the period 0.05 0.04 0.06 0.07 Average number of shares ('000 shares) 5 648 995 5 705 948 5 648 995 5 705 948 The above condensed consolidated income statement should be read in conjunction with accompanying notes. 20 April 2023 13

Consolidated statement of comprehensive income (condensed) EUR million Reported Q1'23 Q1'22 Profit for the period 289 219 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurements of defined benefit plans 79 263 Income tax related to items that will not be reclassified to profit or loss (19) (74) Items that may be reclassified subsequently to profit or loss Translation differences (281) 338 Net investment hedges 75 (72) Cash flow and other hedges 1 18 Financial assets at fair value through other comprehensive income (23) (5) Other changes, net (3) (1) Income tax related to items that may be reclassified subsequently to profit or loss (14) — Other comprehensive (loss)/income, net of tax (185) 467 Total comprehensive income for the period 104 686 Attributable to: Equity holders of the parent 95 678 Non-controlling interests 9 8 The above condensed consolidated statement of comprehensive income should be read in conjunction with accompanying notes. 20 April 2023 14

Consolidated statement of financial position (condensed) EUR million Note 31 March 2023 31 March 2022 31 December 2022 ASSETS Goodwill 5 588 5 508 5 667 Other intangible assets 1 235 1 534 1 263 Property, plant and equipment 1 992 1 912 2 015 Right-of-use assets 926 950 929 Investments in associated companies and joint ventures 187 217 199 Non-current interest-bearing financial investments 6 898 493 697 Other non-current financial investments 6 794 852 828 Deferred tax assets 5 3 757 1 195 3 834 Other non-current financial assets 6 268 298 252 Defined benefit pension assets 4 6 816 7 818 6 754 Other non-current receivables 257 279 239 Non-current assets 22 718 21 055 22 677 Inventories 3 299 2 636 3 265 Trade receivables 6 5 298 4 855 5 549 Contract assets 1 229 1 123 1 203 Other current receivables 940 1 076 934 Current income tax assets 201 273 153 Other current financial and firm commitment assets 6 572 479 615 Current interest-bearing financial investments 6 2 889 2 685 3 080 Cash and cash equivalents 6 4 827 6 341 5 467 Current assets 19 255 19 470 20 266 Total assets 41 973 40 525 42 943 SHAREHOLDERS' EQUITY AND LIABILITIES Share capital 246 246 246 Share premium 544 421 503 Treasury shares (433) (399) (352) Translation differences (52) (132) 169 Fair value and other reserves 3 946 4 421 3 905 Reserve for invested unrestricted equity 15 486 15 742 15 487 Retained earnings/(accumulated deficit) 1 538 (2 327) 1 375 Total capital and reserves attributable to equity holders of the parent 21 275 17 973 21 333 Non-controlling interests 100 110 93 Total equity 21 375 18 083 21 426 Long-term interest-bearing liabilities 6, 7 3 704 4 489 4 249 Long-term lease liabilities 856 877 858 Deferred tax liabilities 338 288 332 Defined benefit pension and post-employment liabilities 4 2 465 3 106 2 459 Contract liabilities 131 294 120 Deferred revenue and other non-current liabilities 94 404 103 Provisions 8 578 625 622 Non-current liabilities 8 167 10 084 8 743 Short-term interest-bearing liabilities 6, 7 606 126 228 Short-term lease liabilities 176 195 184 Other financial and firm commitment liabilities 6 918 876 1 038 Current income tax liabilities 173 186 185 Trade payables 6 4 183 3 664 4 730 Contract liabilities 2 078 2 326 1 977 Deferred revenue and other current liabilities 6 3 622 4 036 3 619 Provisions 8 676 948 813 Current liabilities 12 431 12 357 12 774 Total shareholders' equity and liabilities 41 973 40 525 42 943 Shareholders' equity per share, EUR 3.82 3.19 3.82 Number of shares (1 000 shares, excluding treasury shares) 5 568 357 5 633 807 5 587 016 The above condensed consolidated statement of financial position should be read in conjunction with accompanying notes. 20 April 2023 15

Consolidated statement of cash flows (condensed) EUR million Q1'23 Q1'22 Cash flow from operating activities Profit for the period 289 219 Adjustments 456 409 Depreciation and amortization 266 274 Restructuring charges 19 16 Financial income and expenses 18 62 Income tax expense 112 76 Loss/(gain) from other non-current financial investments 29 (49) Other 12 30 Cash flows from operations before changes in net working capital 745 628 Change in net working capital (506) 80 Decrease in receivables 33 349 Increase in inventories (73) (212) Decrease in non-interest-bearing liabilities (466) (57) Cash flows from operations 239 708 Interest received 30 4 Interest paid (51) (56) Income taxes paid, net (135) (97) Net cash flows from operating activities 83 559 Cash flow from investing activities Purchase of property, plant and equipment and intangible assets (232) (189) Proceeds from sale of property, plant and equipment and intangible assets 14 1 Proceeds from disposal of businesses, net of disposed cash 22 — Purchase of interest-bearing financial investments (1 015) (700) Proceeds from maturities and sale of interest-bearing financial investments 1 013 98 Purchase of other non-current financial investments (16) (58) Proceeds from sale of other non-current financial investments 4 13 Foreign exchange hedging of cash and cash equivalents (22) (25) Other 5 (1) Net cash flows used in investing activities (227) (861) Cash flow from financing activities Acquisition of treasury shares (81) (47) Proceeds from long-term borrowings 495 5 Repayment of long-term borrowings (713) — Proceeds from short-term borrowings 14 8 Payment of principal portion of lease liabilities (67) (57) Dividends paid (112) — Net cash flows used in financing activities (464) (91) Translation differences (32) 43 Net decrease in cash and cash equivalents (640) (350) Cash and cash equivalents at beginning of period 5 467 6 691 Cash and cash equivalents at end of period 4 827 6 341 Consolidated statement of cash flows combines cash flows from both the continuing and the discontinued operations. The above condensed consolidated statement of cash flows should be read in conjunction with accompanying notes. 20 April 2023 16

Consolidated statement of changes in shareholders' equity (condensed) EUR million Share capital Share premium Treasury shares Translation differences Fair value and other reserves Reserve for invested unrestricted equity Retained earnings/ (accumulated deficit) Attributable to equity holders of the parent Non-controlling interests Total equity 1 January 2022 246 454 (352) (396) 4 219 15 726 (2 537) 17 360 102 17 462 Profit for the period — — — — — — 212 212 7 219 Other comprehensive income — — — 265 202 — (1) 465 2 467 Total comprehensive income — — — 265 202 — 211 678 8 686 Share-based payments — 30 — — — — — 30 — 30 Acquisition of treasury shares1 — — (47) — — (25) — (72) — (72) Settlement of share-based payments — (63) — — — 41 — (22) — (22) Total transactions with owners — (33) (47) — — 16 — (65) — (65) 31 March 2022 246 421 (399) (132) 4 421 15 742 (2 327) 17 973 110 18 083 1 January 2023 246 503 (352) 169 3 905 15 487 1 375 21 333 93 21 426 Profit for the period — — — — — — 279 279 10 289 Other comprehensive income — — — (221) 41 — (4) (184) (1) (185) Total comprehensive income — — — (221) 41 — 275 95 9 104 Share-based payments — 43 — — — — — 43 — 43 Settlement of share-based payments — (2) — — — 2 — — — — Acquisition of treasury shares1 — — (81) — — (3) — (84) — (84) Disposal of subsidiaries — — — — — — — — (2) (2) Dividend — — — — — — (112) (112) — (112) Total transactions with owners — 41 (81) — — (1) (112) (153) (2) (155) 31 March 2023 246 544 (433) (52) 3 946 15 486 1 538 21 275 100 21 375 1 Treasury shares are acquired as part of the share buyback program announced on 3 February 2022. Shares are repurchased using funds in the reserve for invested unrestricted equity. The shares repurchased in the first phase of the program between 14 February and 11 November 2022 were canceled on 8 December 2022. The second phase of the program started on 2 January 2023. The above condensed consolidated statement of changes in shareholders' equity should be read in conjunction with accompanying notes. 20 April 2023 17

Notes to Financial statements 1. BASIS OF PREPARATION This unaudited and condensed consolidated financial statement information of Nokia has been prepared in accordance with IAS 34, Interim Financial Reporting, and it should be read in conjunction with the annual consolidated financial statements for 2022 prepared in accordance with IFRS as published by the IASB and adopted by the EU. The same accounting policies, methods of computation and applications of judgment are followed in this financial statement information as was followed in the annual consolidated financial statements for 2022. Percentages and figures presented herein may include rounding differences and therefore may not add up precisely to the totals presented and may vary from previously published financial information. This financial report was authorized for issue by the Board of Directors on 20 April 2023. Net sales and operating profit of the Nokia Group, particularly in Network Infrastructure, Mobile Networks and Cloud and Network Services segments, are subject to seasonal fluctuations being generally highest in the fourth quarter and lowest in the first quarter of the year. This is mainly due to the seasonality in the spending cycles of communications service providers. In 2017, Nokia and China Huaxin Post & Telecommunication Economy Development Center (China Huaxin) commenced operations of the joint venture Nokia Shanghai Bell (NSB). The contractual arrangement provides China Huaxin with the right to fully transfer its ownership interest in NSB to Nokia and Nokia with the right to purchase China Huaxin’s ownership interest in NSB in exchange for a future cash settlement. To reflect this, Nokia derecognized the non-controlling interest balance related to NSB and recognized a financial liability based on the estimated future cash settlement to acquire China Huaxin’s ownership interest. Any changes in the estimated future cash settlement are recorded in financial income and expense. If the contractual arrangement expires unexercised on 1 July 2023, Nokia will derecognize the financial liability and record non-controlling interest equal to its share of NSB’s net assets with any difference recorded within shareholders’ equity. Comparable and constant currency measures Nokia presents financial information on a 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. For further details on performance measures used by Nokia and reconciliations to the closest IFRS-defined measures, refer to the Performance measures section accompanying this consolidated financial statement information. Foreign exchange rates Nokia’s net sales are derived from various countries and invoiced in various currencies. Therefore, our business and results from operations are exposed to changes in foreign exchange rates between the euro, our reporting currency, and other currencies, such as the US dollar, the Indian rupee and the Chinese yuan. To mitigate the impact of changes in exchange rates on our results, we hedge operative forecasted net foreign exchange exposures, typically within a 12-month horizon, and apply hedge accounting in the majority of cases. The below table shows the exposure to different currencies for net sales and total costs. Q1'23 Q1'22 Q4'22 Net sales Total costs Net sales Total costs Net sales Total costs EUR ~25% ~25% ~25% ~30% ~25% ~25% USD ~50% ~50% ~50% ~45% ~50% ~50% INR ~5% ~5% ~0% ~5% ~5% ~5% CNY ~5% ~5% ~5% ~5% ~5% ~5% Other ~15% ~15% ~20% ~15% ~15% ~15% Total 100% 100% 100% 100% 100% 100% End of Q1'23 balance sheet rate 1 EUR = 1.09 USD, end of Q1'22 balance sheet rate 1 EUR = 1.11 USD and end of Q4'22 balance sheet rate 1 EUR = 1.07 USD New and amended standards and interpretations New standards and amendments to existing standards that became effective on 1 January 2023, did not have a material impact on Nokia's consolidated financial statements, however, the amendments to IAS 1, Presentation of Financial Statements, and IFRS Practice Statement 2 related to disclosure of accounting policies are expected to affect the accounting policy disclosures in Nokia’s annual consolidated financial statements for 2023. These amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement to disclose ‘significant’ accounting policies with a requirement to disclose ‘material’ accounting policies and adding guidance to help entities determine when accounting policy information is material and, therefore, needs to be disclosed. New standards and amendments to existing standards issued by the IASB that are not yet effective are not expected to have a material impact on Nokia's consolidated financial statements when adopted. 20 April 2023 18

2. SEGMENT INFORMATION Nokia has four operating and reportable segments for the financial reporting purposes: (1) Network Infrastructure, (2) Mobile Networks, (3) Cloud and Network Services and (4) Nokia Technologies. Nokia also presents segment-level information for Group Common and Other. In addition, Nokia provides net sales disclosure for the following businesses within the Network Infrastructure segment: (i) IP Networks, (ii) Optical Networks, (iii) Fixed Networks and (iv) Submarine Networks. For detailed segment descriptions, please refer to Note 5, Segment Information, in the annual consolidated financial statements for 2022. Accounting policies of the segments are the same as those described in Note 2, Significant accounting policies, in the annual consolidated financial statements for 2022, except that items affecting comparability are not allocated to the segments. For more information on comparable measures and items affecting comparability, refer to Note 1, Basis of preparation, and to the Performance Measures section accompanying this consolidated financial statement information. Inter-segment revenues and transfers are accounted for as if the revenues were to third parties, that is, at current market prices. Q1'23 Network Infrastructure1 Mobile Networks Cloud and Network Services Nokia Technologies Group Common and Other Eliminations and unallocated EUR million items Nokia Group Net sales 2 248 2 567 760 242 48 (6) 5 859 of which to other segments 1 2 — 0 3 (6) — Gross profit/(loss) 855 867 249 242 (6) (11) 2 196 Gross margin % 38.0% 33.8% 32.8% 100.0% (12.5) % 37.5% Research and development expenses (318) (535) (151) (57) (32) (16) (1 108) Selling, general and administrative expenses (206) (210) (130) (33) (63) (87) (729) Other operating income and expenses 13 14 13 (3) (29) 61 68 Operating profit/(loss) 344 137 (20) 149 (131) (53) 426 Operating margin % 15.3% 5.3% (2.6) % 61.6% (272.9) % 7.3% Share of results of associates and joint ventures — (18) 1 11 — — (6) Financial income and expenses (19) Profit before tax 401 Depreciation and amortization (55) (88) (23) (10) (1) (89) (266) ¹ Includes IP Networks net sales of EUR 781 million, Optical Networks net sales of EUR 533 million, Fixed Networks net sales of EUR 650 million and Submarine Networks net sales of EUR 285 million. Q1'22 Network Infrastructure1 Mobile Networks Cloud and Network Services Nokia Technologies Group Common and Other Eliminations and unallocated EUR million items Nokia Group Net sales 1 974 2 268 736 306 76 (12) 5 348 of which to other segments 1 3 1 3 5 (12) — Gross profit 684 902 284 305 2 (7) 2 169 Gross margin % 34.7% 39.8% 38.6% 99.7% 2.6% 40.6% Research and development expenses (302) (530) (138) (54) (27) (20) (1 072) Selling, general and administrative expenses (182) (199) (124) (30) (46) (94) (675) Other operating income and expenses (4) (2) (1) (1) 48 (107) (68) Operating profit/(loss) 195 171 20 220 (23) (228) 354 Operating margin % 9.9% 7.5% 2.7% 71.9% (30.3) % 6.6% Share of results of associates and joint ventures — (27) 1 (1) — — (26) Financial income and expenses (72) Profit before tax 256 Depreciation and amortization (53) (85) (22) (8) (6) (100) (274) ¹ Includes IP Networks net sales of EUR 678 million, Optical Networks net sales of EUR 363 million, Fixed Networks net sales of EUR 671 million and Submarine Networks net sales of EUR 262 million. Material reconciling items between operating profit for the Group and total segment operating profit EUR million Q1'23 Q1'22 Operating profit for the Group 426 354 Amortization of acquired intangible assets 89 100 Costs associated with country exit (35) 104 Restructuring and associated charges 28 30 Divestment of businesses (26) — Impairment and write-off of assets, net of reversals (2) (5) Total segment operating profit 479 583 20 April 2023 19

3. NET SALES Management has determined that Nokia’s geographic areas are considered as the primary determinants to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Nokia’s primary customer base consists of companies that operate on a country-specific or a regional basis. Although Nokia’s technology cycle is similar around the world, different countries and regions are inherently in a different stage of that cycle, often influenced by macroeconomic conditions specific to those countries and regions. In addition to net sales to external customers by region, the chief operating decision maker also reviews net sales by customer type disclosed below. Each reportable segment, as described in Note 2, Segment information, consists of customers that operate in all geographic areas. No reportable segment has a specific revenue concentration in any geographic area other than Nokia Technologies, which is included within Europe. Net sales by region EUR million Q1'23 Q1'22 YoY change Asia Pacific 578 634 (9) % Europe 1 473 1 399 5% Greater China 336 392 (14) % India 853 200 327% Latin America 232 226 3% Middle East & Africa 436 409 7% North America 1 666 1 826 (9) % Submarine Networks1 285 262 9% Total 5 859 5 348 10% 1Nokia provides net sales for the Submarine Networks business separately from the rest of the Group to improve the usefulness of disclosed information by removing volatility caused by the specific nature of the Submarine Networks business. Net sales by customer type EUR million Q1'23 Q1'22 YoY change Communications service providers (CSP) 4 725 4 373 8% Enterprise 566 343 65% Licensees 242 306 (21) % Other1 327 325 1% Total 5 859 5 348 10% 1 Includes net sales of Submarine Networks which operates in a different market, and Radio Frequency Systems (RFS), which is being managed as a separate entity, and certain other items, such as eliminations of inter-segment revenues. Submarine Networks and RFS net sales also include revenue from communications service providers and enterprise customers. 20 April 2023 20

4. PENSIONS AND OTHER POST-EMPLOYMENT BENEFITS Nokia operates several post-employment plans in various countries including both defined contribution and defined benefit plans. Defined benefit plans include pension plans and other post-employment benefit plans, providing retirement healthcare benefits and life insurance coverage. Nokia remeasured 96% of its defined benefit obligations and 98% of the plan assets at 31 March 2023. Nokia's pension and other post-employment plans in the United States have been remeasured using updated valuations from an external actuary, and the main pension plans outside of the United States have been remeasured based on updated asset valuations and changes in the discount rates during the reporting period. The impact of not remeasuring other pension and post-employment obligations is considered not material. At 31 March 2023, the weighted average discount rates used in remeasurement of the most significant plans were as follows (comparatives at 31 December 2022): US Pension 4.58% (4.86%), US OPEB 4.60% (4.87%), Germany 3.58% (3.70%) and UK 4.72% (4.76%). The funded status of Nokia’s defined benefit plans (before the effect of the asset ceiling) increased from EUR 4 379 million, or 123.9%, at 31 December 2022 to EUR 4 441 million, or 124.6%, at 31 March 2023. During the quarter the global defined benefit plan asset portfolio was invested approximately 71% in fixed income, 5% in equities and 24% in other asset classes, mainly private equity and real estate. Changes in pension and post-employment net asset/(liability) 31 March 2023 31 March 2022 31 December 2022 EUR million Pensions1 US OPEB Total Pensions1 US OPEB Total Pensions1 US OPEB Total Net asset/(liability) recognized 1 January 5 273 (978) 4 295 5 588 (1 256) 4 332 5 588 (1 256) 4 332 Recognized in income statement 18 (12) 6 (20) (8) (28) (69) (32) (101) Recognized in other comprehensive income 96 (17) 79 144 119 263 (694) 270 (424) Contributions and benefits paid 60 3 63 53 (1) 52 177 9 186 Exchange differences and other movements2 (108) 16 (92) 117 (24) 93 271 31 302 Net asset/(liability) recognized at the end of the period 5 339 (988) 4 351 5 882 (1 170) 4 712 5 273 (978) 4 295 1 Includes pensions, retirement indemnities and other post-employment plans. 2 Includes Section 420 transfers, medicare subsidies, and other transfers. Funded status EUR million 31 March 2023 31 December 2022 30 September 2022 30 June 2022 31 March 2022 Defined benefit obligation (18 054) (18 312) (19 522) (20 029) (21 120) Fair value of plan assets 22 495 22 691 24 681 25 127 25 921 Funded status 4 441 4 379 5 159 5 098 4 801 Effect of asset ceiling (90) (84) (121) (104) (89) Net asset recognized at the end of the period 4 351 4 295 5 038 4 994 4 712 5. DEFERRED TAXES Deferred tax assets are recognized to the extent it is probable that future taxable profit will be available against which the unused tax losses, unused tax credits and deductible temporary differences can be utilized in the relevant jurisdictions. At 31 March 2023, Nokia has recognized deferred tax assets of EUR 3.8 billion (EUR 3.8 billion at 31 December 2022). In addition, at 31 March 2023, Nokia has unrecognized deferred tax assets of approximately EUR 5 billion (EUR 5 billion at 31 December 2022), the majority of which relate to France (approximately EUR 4 billion). These deferred tax assets have not been recognized due to uncertainty regarding their utilization. A significant portion of the French unrecognized deferred tax assets are indefinite in nature and available against future French tax liabilities, subject to a limitation of 50% of annual taxable profits. Nokia continually evaluates the probability of utilizing its deferred tax assets and considers both positive and negative evidence in its assessment. 20 April 2023 21

6. FAIR VALUE OF FINANCIAL INSTRUMENTS Financial assets and liabilities recorded at fair value are categorized based on the amount of unobservable inputs used to measure their fair value. Three hierarchical levels are based on an increasing amount of judgment associated with the inputs used to derive fair valuation for these assets and liabilities, Level 1 being market values for exchange traded products, Level 2 being primarily based on publicly available market information and Level 3 requiring most management judgment. At the end of each reporting period, Nokia categorizes its financial assets and liabilities to the appropriate level of fair value hierarchy. Items carried at fair value in the following table are measured at fair value on a recurring basis. For more information about the valuation methods and principles, refer to note 2, Significant accounting policies, and note 21, Fair value of financial instruments, in the annual consolidated financial statements for 2022. 31 March 2023 Carrying amounts Fair value Amortized cost Fair value through profit or loss Fair value through other comprehensive income1 EUR million Level 1 Level 2 Level 3 Level 2 Total Total Other non-current financial investments — 5 — 789 — 794 794 Other non-current financial assets 190 — 93 — 35 318 318 Non-current interest-bearing financial investments 898 — — — — 898 866 Other current financial assets 288 — — — 35 323 323 Derivative assets — — 259 — — 259 259 Trade receivables — — — — 5 298 5 298 5 298 Current interest-bearing financial investments 1 657 — 1 232 — — 2 889 2 889 Cash and cash equivalents 3 665 — 1 162 — — 4 827 4 827 Total financial assets 6 698 5 2 746 789 5 368 15 606 15 574 Long-term interest-bearing liabilities 3 704 — — — — 3 704 3 683 Other long-term financial liabilities — — — 46 — 46 46 Short-term interest-bearing liabilities 606 — — — — 606 613 Other short-term financial liabilities 74 — — 504 — 578 578 Derivative liabilities — — 381 — — 381 381 Discounts without performance obligations 470 — — — — 470 470 Trade payables 4 183 — — — — 4 183 4 183 Total financial liabilities 9 037 — 381 550 — 9 968 9 954 31 December 2022 Carrying amounts Fair value Amortized cost Fair value through profit or loss Fair value through other comprehensive income1 EUR million Level 1 Level 2 Level 3 Level 2 Total Total Other non-current financial investments — 5 — 823 — 828 828 Other non-current financial assets 183 — 91 — 27 301 301 Non-current interest-bearing financial investments 697 — — — — 697 659 Other current financial assets 296 — — — 36 332 332 Derivative assets — — 239 — — 239 239 Trade receivables — — — — 5 549 5 549 5 549 Current interest-bearing financial investments 1 447 — 1 633 — — 3 080 3 080 Cash and cash equivalents 4 176 — 1 291 — — 5 467 5 467 Total financial assets 6 799 5 3 254 823 5 612 16 493 16 455 Long-term interest-bearing liabilities 4 249 — — — — 4 249 4 230 Other long-term financial liabilities — — — 48 — 48 48 Short-term interest-bearing liabilities 228 — — — — 228 228 Other short-term financial liabilities 75 — — 502 — 577 577 Derivative liabilities — — 496 — — 496 496 Discounts without performance obligations 539 — — — — 539 539 Trade payables 4 730 — — — — 4 730 4 730 Total financial liabilities 9 821 — 496 550 — 10 867 10 848 1No financial instruments measured at fair value through other comprehensive income are categorized in fair value hierarchy level 1 or level 3. Lease liabilities are not included in the fair value of financial instruments. Level 3 Financial assets include a large number of investments in unlisted equities and unlisted venture funds, including investments managed by NGP Capital specializing in growth-stage investing. The fair value of level 3 investments is determined using one or more valuation techniques with unobservable inputs, where the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of calculating the net present value of expected future cash flows. Level 3 Financial liabilities consist primarily of a conditional obligation to China Huaxin related to Nokia Shanghai Bell. 20 April 2023 22

Reconciliation of the opening and closing balances on level 3 financial assets and liabilities: EUR million Level 3 Financial Assets Level 3 Financial Liabilities Balance at 31 December 2022 823 (550) Net (losses)/gains in income statement (36) 1 Additions 6 — Deductions (3) — Other movements (1) (1) Balance at 31 March 2023 789 (550) The gains and losses from venture fund and similar investments categorized in level 3 are included in other operating income and expenses. The gains and losses from other level 3 financial assets and liabilities are recorded in financial income and expenses. A net loss of EUR 36 million (net gain of EUR 23 million in 2022) related to level 3 financial instruments held at 31 March 2023 was included in the profit and loss during 2023. 7. INTEREST-BEARING LIABILITIES Carrying amount (EUR million) Issuer/borrower Instrument Currency Nominal (million) Final maturity 31 March 2023 31 March 2022 31 December 2022 Nokia Corporation 2.00% Senior Notes1 EUR 378 March 2024 366 752 736 Nokia Corporation EIB R&D Loan EUR 500 February 2025 500 500 500 Nokia Corporation NIB R&D Loan2 EUR 250 May 2025 250 250 250 Nokia Corporation 2.375% Senior Notes1 EUR 292 May 2025 286 494 478 Nokia Corporation 2.00% Senior Notes1 EUR 630 March 2026 599 753 716 Nokia Corporation 4.375% Senior Notes USD 500 June 2027 436 446 436 Nokia of America Corporation 6.50% Senior Notes USD 74 January 2028 68 67 70 Nokia Corporation 3.125% Senior Notes EUR 500 May 2028 463 498 457 Nokia of America Corporation 6.45% Senior Notes USD 206 March 2029 191 187 194 Nokia Corporation 4.375% Sustainability-linked Senior Notes3 EUR 500 August 2031 493 — — Nokia Corporation 6.625% Senior Notes USD 500 May 2039 487 535 478 Nokia Corporation and various subsidiaries Other liabilities 171 133 162 Total 4 310 4 615 4 477 1 In February 2023 Nokia purchased in a tender offer EUR 372 million (49.66% of the nominal amount) of the notes due 15 March 2024, EUR 208 million (41.57% of the nominal amount) of the notes due 15 May 2025 and EUR 120 million (15.96% of the nominal amount) of the notes due 11 March 2026. 2 The loan from the Nordic Investment Bank (NIB) is repayable in three equal annual installments in 2023, 2024 and 2025. 3 In February 2023 Nokia issued EUR 500 million 4.375% sustainability-linked Notes due August 2031 under its 5 billion Euro Medium Term Note Programme. Significant credit facilities and funding programs Utilized (million) Financing arrangement Committed/ uncommitted Currency Nominal (million) 31 March 2023 31 March 2022 31 December 2022 Revolving Credit Facility1 Committed EUR 1 500 — — — Finnish Commercial Paper Programme Uncommitted EUR 750 — — — Euro-Commercial Paper Programme Uncommitted EUR 1 500 — — — Euro Medium Term Note Programme2 Uncommitted EUR 5000 2 300 2 500 2 500 1 The sustainability-linked facility has its maturity in June 2026, except for EUR 88 million having its maturity in June 2024. 2 All euro-denominated bonds have been issued under the Euro Medium Term Note Programme. All borrowings and credit facilities presented in the tables above are senior unsecured and have no financial covenants. 20 April 2023 23

8. PROVISIONS EUR million Restructuring Warranty Litigation and Environmental Project losses Other1 Total At 1 January 2023 193 221 253 207 561 1 435 Charged to income statement Additions 19 36 17 — 30 102 Reversals — (13) (6) — (58) (77) Total charged to income statement 19 23 11 — (28) 25 Utilized during period2 (54) (30) (4) (81) (28) (197) Translation differences and other (1) — (5) 1 (4) (9) At 31 March 2023 157 214 255 127 501 1 254 Non-current 55 20 147 111 246 578 Current 102 194 108 16 255 676 1Other provisions include provisions for various obligations such as costs associated with exiting the Russian market, indirect tax provisions, employee-related provisions other than restructuring provisions and asset retirement obligations. 2 The utilization of restructuring provision includes items transferred to accrued expenses, of which EUR 51 million remained in accrued expenses at 31 March 2023. 9. COMMITMENTS, CONTINGENCIES AND LEGAL PROCEEDINGS EUR million 31 March 2023 31 March 2022 31 December 2022 Contingent liabilities on behalf of Group companies Guarantees issued by financial institutions Commercial guarantees 1 212 1 283 1 238 Non-commercial guarantees 531 484 538 Corporate guarantees Commercial guarantees 497 463 504 Non-commercial guarantees 31 36 32 Financing commitments Customer finance commitments 17 20 26 Venture fund commitments 419 452 433 The amounts in the table above represent the maximum principal amount of commitments and contingencies, and these amounts do not reflect management's expected outcomes. Litigations and proceedings Significant changes to information about litigation and proceedings presented in Nokia's annual consolidated financial statements for 2022: Continental In 2019, Continental Automotive Systems (Continental) brought breach of FRAND (fair, reasonable and non-discriminatory terms) and antitrust claims against Nokia and others. The antitrust claims were dismissed with prejudice. In 2022, this decision became final after Continental lost on appeal and reconsideration requests. Continental also brought breach of contract and FRAND-related claims against Nokia in 2021. In the beginning of 2023, Nokia’s motion to dismiss was granted in part and denied in part, and the action is proceeding on the remaining claims at this time. Oppo In 2021, Nokia commenced patent infringement proceedings against Oppo, OnePlus and Realme in several countries in Asia and Europe. Across these actions, more than 30 patents are in suit, covering a mix of cellular standards and technologies such as connectivity, user interface and security. Oppo responded by filing invalidation actions against certain Nokia patents, a number of patent infringement actions against Nokia equipment in Germany, China and Finland and actions in China against Nokia relating to standard essential patent licensing issues. Nokia filed an additional case in Brazil and obtained a preliminary injunction. Nokia has had multiple patents confirmed as valid and infringed including in Germany, the Netherlands and the UK. Vivo In 2022, Nokia commenced patent infringement proceedings against Vivo in Germany and several countries in Asia. Vivo responded by filing a number of patent infringement actions against Nokia equipment in Germany and China. They also filed an action in China against Nokia relating to standard essential patent licensing issues. Nokia has had patents confirmed as infringed in Germany. 10. SUBSEQUENT EVENTS On 7 April 2023, Nokia signed an agreement to sell its 51% ownership interest in TD Tech Holding Limited (”TD Tech”), a Hong Kong based joint venture, to New East New Materials for an estimated price of EUR 285 million. At 31 March 2023, the carrying value of TD Tech in the consolidated statement of financial position was EUR 70 million. The estimated gain on sale of EUR 215 million will be recorded in other operating income. The closing is subject to conditions including a pre-emption right of the joint venture partner and the sale will only take place if and when these conditions are met which could yet take some time. 20 April 2023 24

Performance measures Certain financial measures presented in this interim report are not measures of financial performance, financial position or cash flows defined in IFRS, and therefore may not be directly comparable with financial 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. These financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS. The below tables provide summarized information on the performance measures included in this interim report as well as reconciliations of the performance measures to the amounts presented in the financial statements. Performance measure Definition Purpose Comparable measures Comparable measures exclude intangible asset amortization and other purchase price fair value adjustments, goodwill impairments, restructuring related charges and certain other items affecting comparability. Reconciliation of reported and comparable consolidated statement of income is presented below. We believe that our comparable results provide meaningful supplemental information to both management and investors regarding Nokia’s underlying business performance by excluding certain items of income and expenses that may not be indicative of Nokia’s business operating results. Comparable operating profit is used also in determining management remuneration. Constant currency net sales / Net sales adjusted for currency fluctuations When net sales are reported on a constant currency basis / adjusted for currency fluctuations, exchange rates used to translate the amounts in local currencies to euro, our reporting currency, are the average actual periodic exchange rates for the comparative financial period. Therefore, the constant currency net sales / net sales adjusted for currency fluctuations exclude the impact of changes in exchange rates during the current period in comparison to euro. We provide additional information on net sales on a constant currency basis / adjusted for currency fluctuations in order to better reflect the underlying business performance. Comparable return on invested capital (ROIC) Comparable operating profit after tax, last four quarters / Invested capital, average of last five quarters’ ending balances. Calculation of comparable return on invested capital is presented below. Comparable return on invested capital is used to measure how efficiently Nokia uses its capital to generate profits from its operations. Comparable operating profit after tax Comparable operating profit - (comparable operating profit x (- comparable income tax expense / comparable profit before tax)) Comparable operating profit after tax indicates the profitability of Nokia's underlying business operations after deducting the income tax impact. We use comparable operating profit after tax to calculate comparable return on invested capital. Invested capital Total equity + total interest-bearing liabilities - total cash and interest-bearing financial investments Invested capital indicates the book value of capital raised from equity and debt instrument holders less cash and liquid assets held by Nokia. We use invested capital to calculate comparable return on invested capital. Total cash and interest-bearing financial investments ("Total cash") Total cash and interest-bearing financial investments consist of cash and cash equivalents and current interest-bearing financial investments and non-current interest-bearing financial investments. Total cash and interest-bearing financial investments is used to indicate funds available to Nokia to run its current and invest in future business activities as well as provide return for security holders. Net cash and interest-bearing financial investments ("Net cash") Net cash and interest-bearing financial investments equals total cash and interest-bearing financial investments less long-term and short-term interest-bearing liabilities. Lease liabilities are not included in interest-bearing liabilities. Reconciliation of net cash and interest-bearing financial investments to the amounts in the consolidated statement of financial position is presented below. Net cash and interest-bearing financial investments is used to indicate Nokia's liquidity position after cash required to settle the interest-bearing liabilities. Free cash flow Net cash flows from/(used in) operating activities - purchases of property, plant and equipment and intangible assets (capital expenditures) + proceeds from sale of property, plant and equipment and intangible assets – purchase of other non-current financial investments + proceeds from sale of other non-current financial investments. Reconciliation of free cash flow to the amounts in the consolidated statement of cash flows is presented below. Free cash flow is the cash that Nokia generates after net investments to tangible and intangible assets, as well as non-current financial investments and it represents the cash available for distribution among its security holders. It is a measure of cash generation, working capital efficiency and capital discipline of the business. Capital expenditure Purchases of property, plant and equipment and intangible assets (excluding assets acquired under business combinations). We use capital expenditure to describe investments in profit generating activities in the future. Recurring/One-time measures Recurring measures, such as recurring net sales, are based on revenues that are likely to continue in the future. Recurring measures exclude e.g. the impact of catch-up net sales relating to prior periods. One-time measures, such as one-time net sales, reflect the revenues that are not likely to continue in the future. We use recurring/one-time measures to improve comparability between financial periods. Adjusted profit/(loss) Adjusted profit/(loss) equals the cash from operations before changes in net working capital subtotal in the consolidated statement of cash flows. We use adjusted profit/(loss) to provide a structured presentation when describing the cash flows. Recurring annual cost savings Reduction in cost of sales and operating expenses resulting from the cost savings program and the impact of which is considered recurring in nature. We use recurring annual cost savings measure to monitor the progress of our cost savings program established after the Alcatel-Lucent transaction against plan. Restructuring and associated charges, liabilities and cash outflows Charges, liabilities and cash outflows related to activities that either meet the strict definition of restructuring under IFRS or are closely associated with such activities. We use restructuring and associated charges, liabilities and cash outflows to measure the progress of our integration and transformation activities. 20 April 2023 25

Comparable to reported reconciliation Q1'23 Cost of sales Research and development expenses Selling, general and administrative expenses Other operating income and expenses Operating profit Share of results of associates and joint ventures Financial income and expenses Income tax (expense)/ benefit Profit from continuing EUR million operations Comparable (3 653) (1 093) (642) 7 479 (6) (9) (122) 342 Amortization of acquired intangible assets — (13) (76) — (89) — — 20 (69) Costs associated with country exit — — — 35 35 — — (7) 28 Restructuring and associated charges (12) (4) (12) (1) (28) — — 4 (24) Divestment of businesses — — — 26 26 — — (5) 21 Impairment and write-off of assets, net of reversals 1 1 — — 2 — — — 2 Change in financial liability to acquire NSB non-controlling interest — — — — — — (10) — (10) Items affecting comparability (11) (16) (87) 61 (53) — (10) 11 (52) Reported (3 664) (1 108) (729) 68 426 (6) (19) (111) 290 Q1'22 Cost of sales Research and development expenses Selling, general and administrative expenses Other operating income and expenses Operating profit Share of results of associates and joint ventures Financial income and expenses Income tax (expense)/ benefit Profit from continuing EUR million operations Comparable (3 171) (1 052) (581) 39 583 (26) (40) (101) 416 Costs associated with country exit — — — (104) (104) — — — (104) Amortization of acquired intangible assets — (15) (85) — (100) — — 21 (78) Restructuring and associated charges (9) (8) (10) (2) (30) — — — (30) Impairment and write-off of assets, net of reversals 2 3 1 — 5 — — — 5 Loss allowance on customer financing loan — — — — — — (29) — (29) Change in financial liability to acquire NSB non-controlling interest — — — — — — (3) — (3) Items affecting comparability (7) (20) (94) (107) (228) — (32) 22 (239) Reported (3 179) (1 072) (675) (68) 354 (26) (72) (79) 177 Net cash and interest-bearing financial investments EUR million 31 March 2023 31 December 2022 30 September 2022 30 June 2022 31 March 2022 Non-current interest-bearing financial investments 898 697 715 473 493 Current interest-bearing financial investments 2 889 3 080 3 340 3 253 2 685 Cash and cash equivalents 4 827 5 467 5 196 5 457 6 341 Total cash and interest-bearing financial investments 8 614 9 244 9 251 9 183 9 519 Long-term interest-bearing liabilities1 3 704 4 249 4 364 4 424 4 489 Short-term interest-bearing liabilities1 606 228 232 213 126 Total interest-bearing liabilities 4 310 4 477 4 596 4 637 4 615 Net cash and interest-bearing financial investments 4 304 4 767 4 655 4 546 4 904 1 Lease liabilities are not included in interest-bearing liabilities. Free cash flow EUR million Q1'23 Q1'22 Net cash flows from operating activities 83 559 Purchase of property, plant and equipment and intangible assets (232) (189) Proceeds from sale of property, plant and equipment and intangible assets 14 1 Purchase of other non-current financial investments (16) (58) Proceeds from sale of other non-current financial investments 4 13 Free cash flow (147) 326 20 April 2023 26

Comparable return on invested capital (ROIC) Q1'23 EUR million Rolling four quarters Q1'23 Q4'22 Q3'22 Q2'22 Comparable operating profit 3 006 479 1 154 658 714 Comparable profit before tax 3 005 464 1 194 667 681 Comparable income tax expense (598) (122) (265) (116) (95) Comparable operating profit after tax 2 411 354 899 544 614 EUR million Average 31 March 2023 31 December 2022 30 September 2022 30 June 2022 31 March 2022 Total equity 19 941 21 375 21 426 19 797 19 026 18 083 Total interest-bearing liabilities 4 527 4 310 4 477 4 596 4 637 4 615 Total cash and interest-bearing financial investments 9 162 8 614 9 244 9 251 9 183 9 519 Invested capital 15 306 17 071 16 659 15 143 14 480 13 179 Comparable ROIC 15.8% Q4'22 EUR million Rolling four quarters Q4'22 Q3'22 Q2'22 Q1'22 Comparable operating profit 3 109 1 154 658 714 583 Comparable profit before tax 3 058 1 194 667 681 516 Comparable income tax expense (577) (265) (116) (95) (101) Comparable operating profit after tax 2 526 899 544 614 469 EUR million Average 31 December 2022 30 September 2022 30 June 2022 31 March 2022 31 December 2021 Total equity 19 159 21 426 19 797 19 026 18 083 17 462 Total interest-bearing liabilities 4 596 4 477 4 596 4 637 4 615 4 653 Total cash and interest-bearing financial investments 9 293 9 244 9 251 9 183 9 519 9 268 Invested capital 14 462 16 659 15 143 14 480 13 179 12 847 Comparable ROIC 17.5% Q1'22 EUR million Rolling four quarters Q1'22 Q4'21 Q3'21 Q2'21 Comparable operating profit 2 806 583 908 633 682 Comparable profit before tax 2 630 516 891 580 643 Comparable income tax expense (481) (101) (159) (117) (104) Comparable operating profit after tax 2 293 469 746 505 572 EUR million Average 31 March 2022 31 December 2021 30 September 2021 30 June 2021 31 March 2021 Total equity 16 009 18 083 17 462 16 392 14 337 13 771 Total interest-bearing liabilities 4 913 4 615 4 653 5 080 5 063 5 153 Total cash and interest-bearing financial investments 9 152 9 519 9 268 9 381 8 751 8 842 Invested capital 11 770 13 179 12 847 12 091 10 649 10 082 Comparable ROIC 19.5% 20 April 2023 27

This financial report was approved by the Board of Directors on 20 April 2023. Media and Investor Contacts: Communications, tel. +358 10 448 4900 email: press.services@nokia.com Investor Relations, tel. +358 4080 3 4080 email: investor.relations@nokia.com • Nokia plans to publish its second quarter and half year 2023 results on 20 July 2023. • Nokia plans to publish its third quarter and January-September 2023 results on 19 October 2023. 20 April 2023 28