Share repurchases

Program announced in November 2024

On 22 November 2024, Nokia announced that its Board of Directors initiated a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. This share buyback program was completed on 2 April 2025.

Between 25 November 2024 and 2 April 2025, Nokia repurchased 150,000,000 of its own shares at an average price per share of approximately EUR 4.69. The repurchases reduced the Company’s unrestricted equity by approximately EUR 703 million and the repurchased shares were cancelled in April 2025.

Program announced in January 2024

On 25 January 2024, Nokia’s Board of Directors initiated a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. This share buyback program was completed on 21 November 2024.

Nokia repurchased 157,646,220 of its own shares at an average price per share of approximately EUR 3.81. The repurchases reduced the Company’s unrestricted equity by EUR 600 million and the repurchased shares were cancelled in December 2024.