Chinese vice premier urges manufacturing sector shift toward digital, intelligent development
CHONGQING, Nov. 19 — Chinese Vice Premier Zhang Guoqing has called for accelerated efforts to advance the digital and intelligent transformation and upgrading of the manufacturing sector, while also emphasizing solid work to promote the innovative development of state-owned enterprises.
Efforts should be made to improve and upgrade traditional industries, foster and strengthen emerging industries, make forward-looking plans for future industries, and develop new quality productive forces in accordance with local conditions, Zhang, who is also a member of the Political Bureau of the Communist Party of China Central Committee, said during research trips in Guizhou Province and Chongqing Municipality from Nov. 16 to 19.
Having visited enterprises in sectors such as data services, chemicals, food, metallurgy, automobiles and communication equipment, Zhang noted that advancing the digital and intelligent transformation and upgrading of the manufacturing industry is an urgent necessity to consolidate the foundations of the real economy.
He stressed the importance of promoting the integration of large AI models with enterprises’ R&D design, production and manufacturing. He also noted the need to intensify efforts to strengthen the R&D and iterative development of homegrown industrial software, while enhancing its compatibility with production equipment.
Zhang said that state-owned enterprises should continuously enhance their independent innovation capabilities, cultivate new quality productive forces, and gain new competitive advantages through the deep integration of technological and industrial innovation.
Specific efforts should be made to improve institutional arrangements for state-owned enterprises to promote original innovation, increase the proportion of R&D investment in basic research, and achieve more breakthroughs in core technologies, key generic technologies and cutting-edge technologies, he said.
Europe’s businesses, from factories to start-ups, will spend less time on administrative work and compliance and more time innovating and scaling-up, thanks to the European Commission’s new digital package.
This initiative opens opportunities for European companies to grow and to stay at the forefront of technology while at the same time promoting Europe’s highest standards of fundamental rights, data protection, safety and fairness.
At its core, the package includes a digital omnibus that streamlines rules on artificial intelligence (AI), cybersecurity and data, complemented by a Data Union Strategy to unlock high-quality data for AI and European Business Wallets that will offer companies a single digital identity to simplify paperwork and make it much easier to do business across EU Member States.
The package aims to ease compliance with simplification efforts estimated to save up to €5 billion in administrative costs by 2029. Additionally, the European Business Wallets could unlock another €150 billion in savings for businesses each year.
Consumer protection remains a critical aspect of Tanzania’s financial sector. The obligation for financial service providers to comply with the Bank of Tanzania (Financial Consumer Protection) Regulations, G.N. No 884 of 2019 (the Consumer Protection Regulations) underscores this importance.
Regulation 43 (1) of the Consumer Protection Regulations requires every financial service provider to establish a mechanism for receiving, processing and determining consumer complaints. While this requirement has been in place, there were previously no standardised guidelines on how all financial service providers should embed these requirements within their operations except for banking institutions, which were guided by the Bank of Tanzania Guidelines for Banking Consumers’ Complaints, 2015 (the 2015 Guidelines).
To address this gap, the Bank of Tanzania (BoT) has issued the Guidelines for Handling Financial Consumer Complaints, 2025 (the Guidelines) which revokes the 2015 Guidelines and is applicable to all financial service providers (FSPs) licensed with the BoT. This initiative aims to strengthen consumer protection and establish a standardised framework for managing consumer complaints across FSPs including banks, financial institutions, microfinance service providers and individual money lenders.
The Guidelines aim to ensure complaints are handled efficiently, fairly, transparently, and timely, thereby increasing consumer satisfaction, trust and confidence within the financial sector. The Guidelines are designed to ensure tighter compliance with the Consumer Protection Regulations.
Key Definitions
The following are some of the key terms as defined under the Guidelines:
Complaint means dissatisfaction expressed by a consumer on financial products or service provided by a FSP.
Complaint Handling Mechanism means systems and processes established by a FSP to effectively manage and resolve consumer complaints.
Consumer means a person that uses, or has used or is using, any of the financial products or services provided by a FSP.
Financial Consumer Protection Unit means the unit designated within the BoT to handle consumer complaints.
FSP means an institution or individual licensed, regulated and supervised by the BoT.
Primary FSP means a FSP that has a direct relationship with a consumer in offering the respective financial products or services.
Secondary FSP means a FSP indirectly involved in the consumer transaction.
Third Party means an individual or entity that forms part of the business processes which are necessary to support the provision of banking or related financial services.
In this legal update, we briefly outline the key requirements introduced under the Guidelines to ensure FSPs comply with their obligations when handling consumer complaints.
Key Compliance Requirements under the Guidelines
Guiding Principles
In accordance with guideline 7 of the Guidelines, FSPs must adhere to certain key principles when handling complaints to ensure consumer satisfaction and regulatory compliance. These principles include honesty, confidentiality, transparency, fairness and equal treatment. This requires FSPs to present all material facts clearly and accurately without any intent to mislead the complainant; to respect consumer privacy by ensuring that personal information and complaint details are treated with strict confidentiality; to clearly communicate their to complaint-handling processes, procedures, and expected timelines; and to treat all complainants fairly and without bias at every stage of the complaint-handling process.
Awareness and Accessibility of Complaint Handling Mechanisms
Part II of the Guidelines requires FSPs to make complaint handling mechanisms easily accessible and well-publicised. Key obligations include:
Providing consumers with clear and sufficient information about their right to lodge complaints and available mechanisms for submitting, resolving, and appealing complaints, including and the applicable timelines.
Displaying complaint handling procedures prominently at principal offices, branches, and agent locations in both English and Kiswahili.
Providing at least three reliable and secure channels, whether analog or digital, for receiving complaints, tailored to the needs and profiles of consumers.
Ensuring complaints are handled free of charge such as providing toll-free numbers for phone-based complaints.
Assisting consumers with special needs, such as disabilities or language barriers.
Addressing complaints related to third parties or agents and maintaining records of all complaints received and resolved through those agents.
Complaint Handling and Resolution Procedures by FSPs
Part III of the Guidelines requires FSPs to establish internal procedures for receiving, handling, resolving, monitoring, and reporting complaints. These procedures must include:
Assigning a unique registration number to each complaint and completing the prescribed form in the First Schedule upon receipt.
Acknowledging complaints immediately upon receipt, whether in writing or through another appropriate channel.
Investigating complaints based on their subject matter and determining appropriate remedial action.
Resolving complaints within the timelines prescribed under the Consumer Protection Regulations.
Notifying complainants in writing of the final resolution, including the reasons for the decision and any available next steps, such as escalation to BoT.
FSPs must also comply with the following requirements:
Approving a formal complaints policy and conducting regular reviews in line with their governance structures.
Training relevant staff, including customer care and front-line officers, on complaint handling procedures.
Establishing a dedicated complaints unit staffed with trained officers at the head office as well as at branches/regional offices.
Retaining complaint records for a minimum of five (5) years from the date of receipt.
Ensuring that all relevant staff, including customer care and front-line officers, are aware of internal complaints handling procedures.
Lodging of Complaints at the BoT for Appeal
Where complainants are dissatisfied with the FSP’s initial decision, or if they do not receive a response within the prescribed timelines, they may appeal to the BoT by lodging their complaints to the Complaint Consumer Protection Unit for determination.
Complaints to the BoT must be submitted within the timelines prescribed under the Consumer Protection Regulations and in accordance with BoT’s eligibility criteria.
Channels for Lodging Complaints with the BoT
Consumers can now lodge complaints with the BoT during working hours through multiple channels, including:
The SEMA NA BoT website;
The SEMA NA BoT mobile application;
The SEMA NA BoT toll-free number (IVR);
The SEMA NA BoT chatbot; and
Any other acceptable method, depending on the available communication channels.
* SEMA NA BoT in English means Speak with BoT.
BoT Criteria for Complaint Eligibility
Before determining a complaint, the BoT will ensure that:
The complaint has been fully handled by the FSP to finality.
The consumer remains dissatisfied with the FSP’s decision.
The statutory timeframe for receiving a response from the FSP has lapsed.
No legal proceedings have been initiated in a court or tribunal on the same matter.
The complainant has suffered material loss or inconvenience.
The complaint is neither vexatious nor frivolous.
Upon receiving a consumer complaint and making its initial determination as outlined above, the BoT will notify the relevant FSP and require them to submit a response to the complaint within ten (10) days from day of receipt of the notice. Failure by the FSP to respond may result in the BoT to proceeding with the complaint exparte and could lead to imposition of penalties or sanctions on the FSP.
Upon determination of the complaint by the BoT, the FSP is required to indicate acceptance or non-acceptance of the determination in writing within seven (7) days of the determination.
Other Compliance Requirements
FSPs must submit a monthly report using a prescribed form within 15 days after the end of each month.
Any FSP that contravenes the Guidelines may be subject to sanctions and administrative measures under the Consumer Protection Regulations.
TOURNAI, Belgium — A Belgian farmer is facing off against oil giant TotalEnergies in court on Wednesday, arguing the French company should pay for damage caused by climate change, in the latest lawsuit by environmental activists against big energy companies.
Ahead of the hearing, Hugues Falys told a crowd of some 50 supporters, who had turned up in the cold rain, that he brought his claim “to force TotalEnergies to change its practices” and make its operations less harmful “for society in general and agriculture in particular.”
The lawsuit, backed by environmental organization Greenpeace, seeks financial compensation and demands TotalEnergies reduce its oil and gas production to slow the greenhouse gas emissions that warm the planet.
The company did not reply to a request for comment but in other litigation has said it has already cut emissions and is investing in greener energy sources.
Worldwide, environmental groups and individual citizens have brought nearly 100 cases against major oil producers including BP, Exxon Mobil and Shell in the last two decades. A 2023 report by the United Nations Environment Program found that the number of lawsuits had doubled in the previous five years.
None have, so far, resulted in any company being forced to pay for damages directly related to climate change.
“We think it’s time that the impunity of big polluters like TotalEnergies, that still exists today, ends and it has to end in court,” Joeri Thijs of Greenpeace Belgium told reporters ahead of Wednesday’s hearing.
The proceedings are expected to last until mid-December.
In 2021, a court in Belgium’s northern neighbor the Netherlands ordered Shell to cut its carbon emissions in a landmark case brought by climate activist groups. That decision was later overturned on appeal and is now pending before the Supreme Court.
Earlier this year, a German court ruled against a Peruvian farmer who argued global warming increased his risk of catastrophic flooding and wanted German energy giant RWE to pay up.
According to the Climate Litigation Database maintained by Columbia University’s law school, most of the lawsuits are brought in the United States.
In January, the U.S. Supreme Court declined to hear an appeal from oil and gas companies trying to block such lawsuits, allowing a case brought by the city of Honolulu against Sunoco, Shell, Chevron, Exxon Mobil and BP to move forward. A similar case is pending in Colorado.
Activists have had more success with cases against their own governments than against companies. The Dutch Supreme Court held in 2019 that protection from the potentially devastating effects of climate change was a human right and that the government has a duty to protect its citizens. A Paris court ruled similarly in 2021, but an appeal is still pending.
Last year, Montana’s Supreme Court upheld a landmark climate ruling that said the state was violating residents’ constitutional right to a clean environment by permitting oil, gas and coal projects without regard for global warming.
Activists have also looked beyond domestic courts to fight global warming.
In July, the United Nations’ top court handed down an advisory opinion that countries could be in violation of international law if they fail to take measures to protect the planet from climate change, and nations harmed by its effects could be entitled to reparations.
Last year, Europe’s highest human rights court ruled that countries must better protect their people from the consequences of climate change, siding with a group of older Swiss women against their government in a groundbreaking ruling that could have implications across the continent.
The effects of those cases have yet to be fully seen but experts say the decisions pave the way for other legal actions, including domestic lawsuits.
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Leading global law firm, Baker McKenzie, has hired Sebastian Ma’ilei as a Transfer Pricing Partner in the Firm’s Tax team in London.
Prior to joining the Firm, Sebastian (Seb) worked, most recently, as a Transfer Pricing Partner in the London office of Deloitte, where he has a proven track record of generating transfer pricing work on international tax planning projects and tax disputes. He has a particular focus on the financial services industry, with experience of having worked with each of the Big 4 over the course of his career.
Seb has deep experience in large scale insurance and asset management (across traditional and alternatives managers) businesses, as well as clients in the renewable and technology sectors.
Baker McKenzie’s London Managing Partner, Ed Poulton, commented:
“It gives me great pleasure to be announcing Seb’s hire into our London office. His deep client relationships, and expertise across established and emerging industries like renewables and technology will be a tremendous asset to our team.”
Head of Tax in London at the Firm, Jessica Eden added:
“Seb’s stellar experience in transfer pricing for insurance and reinsurance clients is the perfect complement to our top tier tax practice.”
Seb joins the Firm on 1 December.
Baker McKenzie continues to accelerate aggressively its lateral growth strategy to add senior talent to its bench in London. Most recently, this has included Tax Partner, Sam Trowbridge, M&A Partner, Helen Johnson, Private Equity Real Estate Partner, Mark Thompson, Investment Funds Partner, Nick Benson, Energy & Infrastructure Partner, James Wyatt, Restructuring & Insolvency Partner, Kevin Heverin, Patent Litigation Partner, Indradeep Bhattacharya, and Corporate M&A Partner, Michal Berkner.
With more than 2,700 deal practitioners in 45 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. Baker McKenzie has been consistently recognised as a top-three firm for cross-border M&A by volume over the past decade. The teams are a hybrid of ‘local’ and ‘global,’ combining money-market sophistication with local excellence.
Baker McKenzie’s Tax team is among the most highly rated and recommended tax advisers worldwide, top ranked by international tax directories in more jurisdictions than any other law firm.
Until 30 November 2025, anyone who opens a BBVA account in Italy and activates their card (physical or digital) will receive 10% cashback on purchases made during the first month, up to a maximum of €50 cashback credited directly to the account.
And that’s not all: for the following six months, every payment continues to bring satisfaction with 3% cashback on the first €280 of monthly purchases, for a total of up to an additional €50 in cashback.
Whether it’s a new Black Friday smartphone, Christmas gifts for the kids, or the holiday dinner, BBVA gives you back part of what you spend—a smart way to turn inevitable expenses into a small gain.
Liquidity that works for you: 3% gross interest on your balance
Your liquidity can celebrate too: BBVA offers 3% gross interest on the balance of your current account for the first six months, up to €1 million, with no restrictions, minimum amounts, or the need to open a savings or deposit account.
It’s a completely free current account, with full access to your funds—you can make transfers, withdrawals, and payments at any time. So while you think about gifts, your money keeps working for you.
“Black Friday and the Christmas holidays are times when we all tend to spend a little more — and we want to meet Italians’ needs by making this period more rewarding than ever,” says WalterRizzi, BBVA Country Manager for Italy. “With Great Cashback, part of your spending goes straight back into your account, while with the remunerated liquidity, even the money you don’t spend continues to grow. It’s the perfect combination for those who want to manage their finances smartly, even during the busiest time of the year.”
Cologne, Germany, 19 November 2025 – Airbus and Østnes Helicopters, the official distributor for Airbus Helicopters in the Nordic countries, announced a contract for 10 Airbus H125s at this year’s European Rotors. This order, when combined with four H125s already booked earlier in 2025, brings the total number of H125s ordered through Østnes Helicopters this year to 14 aircraft.
“Our customers require a rotorcraft that is not just reliable, but truly versatile, capable of performing everything from long-line utility work to passenger transport. The H125 delivers on all fronts, and we see a continuous strong demand for the helicopter on the Nordic market. This strategic procurement ensures we can maintain short delivery times and offer our customers the best availability for the world’s most successful single-engine helicopter,” said Stine Østnes, Chief Sales Officer of Østnes Helicopters.
“The unwavering demand for the H125 in the Nordics is a clear testament to its unmatched versatility and performance,” said Thomas Hein, Head of Europe Region at Airbus Helicopters. “The H125 is engineered to excel in the most demanding conditions, and this total of 14 orders in 2025 affirms its position as the preferred tool for customers across the Nordic countries. We are proud to continue this journey of growth and partnership with Østnes Helicopters.”
Østnes Helicopters has solidified a strong presence within the region’s rotorcraft sector, having successfully facilitated the sale of more than 400 helicopters across both the new and secondary markets. The company’s maintenance organisation is approved to deliver full Maintenance, Repair, and Overhaul (MRO) services for the H120, H125, and H130 models. Furthermore, its operational scope encompasses full support for the H145, which is delivered by a dedicated team of certified technicians and avionics experts specially trained for the H145 helicopter.
There are more than 130 H125s in the Nordics, which mainly perform utility and aerial work missions. Across the globe, there are more than 4,300 H125 family helicopters flying in the most demanding conditions. The H125 belongs to the renowned Ecureuil family, the absolute market leader in the intermediate single-engine helicopter category, achieving a market share of 73% in 2024.
Maersk constantly strives to provide more reliable and innovative products. We offer the broadest coverage and competitive transit times at an unmatched reliability.
To continue offering our broad portfolio of services and high level of reliability, we are implementing – Origin Dangerous Cargo Service (Inland Haulage)- for the below said location in Madagascar with effective from 18th December 2025 for Regulated countries and 19th November 2025 for Non-Regulated countries.
The implemented tariff amount is detailed as follows:
Container Size Type – All containers
For your reference, you can also use our inland price look-up feature to find inland rates & its related mandatory surcharges online via Maersk.com that are already included in your existing contract or look up our tariff rates.
We appreciate your business and look forward to continuing working with you in the future.
Nokia Corporation Stock Exchange Release 19 November 2025 at 13:00 EET
Nokia announces new strategy, evolution of its operating model, new long-term financial target, strategic KPIs and changes to its Group Leadership Team
Espoo, Finland – Nokia is holding its Capital Markets Day 2025 today and announcing its strategy to position itself to lead in the AI-driven transformation of networks and capture the value of the AI supercycle. Nokia also announces new long-term financial target, strategic KPIs for the business, an evolution of its operating model and changes to its Group Leadership Team. To execute on its new strategic direction, Nokia is simplifying its operational model into two primary operating segments of Network Infrastructure and Mobile Infrastructure. These changes are intended to put Nokia on a stronger path to innovate, serve its customers and create shareholder value. The company now targets to grow its annual comparable operating profit to a range of EUR 2.7 to 3.2 billion by 2028.
“Nokia changed the world once by connecting people — and will again by connecting intelligence,” said Justin Hotard, President and CEO of Nokia. “As the trusted western provider of secure and advanced connectivity, our technology is powering the AI supercycle. From fixed to mobile infrastructure we are developing technology that accelerates value for our customers. I am proud of the work Team Nokia is doing to focus and lead this critical era in connectivity”.
The new strategy will focus on the following five strategic priorities:
Accelerate growth in AI & Cloud
Lead the next era of mobile connectivity with AI-native networks and 6G
Grow by co-innovating with customers and partners
Focus capital where Nokia can differentiate
Unlock sustainable returns
Together, these priorities will focus Nokia on where it can lead, simplify how it operates, and strengthen its path to deliver growth and create value.
Nokia to operate with two primary operating segments Nokia will reorganize its business into two primary operating segments to better align to customer needs and accelerate innovation as the AI supercycle increases demand for advanced connectivity. This reorganization will take effect as of 1 January 2026.
The reorganization recognizes Network Infrastructure as a growth segment, positioned to capitalize on the rapid, global AI and data center build-out while continuing to innovate for its telecommunications customer base. The segment will continue to be led by David Heard and consists of three business units Optical Networks, IP Networks and Fixed Networks.
The new Mobile Infrastructure segment will bring together Nokia’s Core Networks portfolio, Radio Networks portfolio and Technology Standards, formerly Nokia Technologies. It will be positioned for core and radio network technology and services leadership to lead the industry to AI-native networks and 6G. The new segment brings together a portfolio whose value creation is founded on mobile communication technologies based on 3GPP standards with a strong cash flow position underpinned by IP licensing. It will be led by Justin Hotard on an interim basis and will consist of three business units Core Software, Radio Networks and Technology Standards.
As part of these changes, Nokia is announcing additional changes in its leadership team, effective 1 January 2026. Raghav Sahgal will take the position of Nokia’s Chief Customer Officer, and will continue in the Group Leadership Team, driving a seamless customer experience for Nokia’s customers. Patrik Hammarén will continue in the Group Leadership Team as President, Technology Standards, formerly Nokia Technologies, reflecting the significant value technology standards creates for Nokia. In addition, Tommi Uitto will step down from the Group Leadership Team, effective 31 December.
Businesses moved to newly created Portfolio Businesses segment As part of its strategy work, Nokia has conducted a thorough review of its business portfolio. This process identified several units which despite some compelling growth opportunities, are not seen as core to the future of the company’s strategy. These units will be moved into a dedicated operating segment called Portfolio Businesses while the company assesses the best value creating opportunity for them.
Nokia plans to move the following units into Portfolio Businesses:
Fixed Wireless Access CPE (currently in Fixed Networks in Network Infrastructure)
Site Implementation and Outside Plant (currently in Fixed Networks in Network Infrastructure)
Enterprise Campus Edge (currently in Cloud and Network Services)
Microwave Radio (currently in Mobile Networks)
Nokia targets to conclude on a future direction for each unit during 2026. During this transition Nokia’s priority will be to ensure continuity for customers and employees. During the past twelve months, these units generated net sales of approximately EUR 0.9 billion with an operating loss of EUR 0.1 billion.
Moving defense into dedicated unit for incubation Nokia Defense is being launched as an incubation unit to serve as the central go-to-market and R&D hub for Nokia’s defense portfolio. Building on the strong foundation of Nokia Federal Solutions in the US, the company sees further opportunities in the US, Finland and other allied countries to deliver defense-grade solutions based on Nokia’s core technologies in Network and Mobile infrastructure.
New long-term financial target and strategic KPIs Nokia is introducing a new long-term financial target to achieve comparable operating profit of EUR 2.7 billion to EUR 3.2 billion by 2028, an increase from the EUR 2.0 billion generated in the last 12 months (Q4’24-Q3’25). This is a separate long-term target for Nokia, not part of the group level financial outlook and replaces Nokia’s prior long-term targets to grow faster than the market, achieve a comparable operating margin of at least 13% and free cash flow conversion from comparable operating profit of 55% to 85%.
Nokia is exposed to different trends across its primary segments and will use different strategic levers across the company maximise shareholder value creation based on the greatest opportunities. Nokia is introducing a series of strategic KPIs which best illustrate the expected outcomes of Nokia’s strategy. These KPIs for the business are not part of the group level financial outlook.
Net sales growth in Network Infrastructure: Nokia targets 6-8% net sales CAGR during 2025-2028. This includes a 10-12% target for the combined Optical Networks and IP Networks.
Network Infrastructure operating margin: 13% to 17% by 2028
Mobile Infrastructure gross margin: 48-50% by 2028
Mobile Infrastructure operating profit: Grow from a base of EUR 1.5 billion
Group Common and Other operating expenses: EUR 150 million operating expenses down from the current EUR 350 million run-rate by 2028.
Free cash flow conversion: Nokia targets to deliver free cash flow conversion from comparable operating profit of between 65% and 75%.
Provisional financial information for the new segment structure Nokia’s new segments will be established from 1 January 2026 and Nokia will begin reporting its financial results under the new segment structure beginning with its first quarter 2026 financial results. Nokia intends to publish recast financials for both 2024 and 2025 under the new reporting structure during the first quarter of 2026. Nokia is providing the below approximate provisional breakdown of the business within the new reporting framework to help investors understand the perimeter, these figures are also provided proforma for the Infinera acquisition.
Q4’24 – Q3’25 (EUR billion)
Net sales
Gross margin
Operating profit
Operating margin
Network Infrastructure*
7.8
43%
0.8
10%
Mobile Infrastructure
11.6
48%
1.5
13%
Portfolio businesses
0.9
22%
-0.1
N/A
Group Common and Other
-0.2
N/A
Nokia comparable*
20.3
45%
2.0
10%
*This provisional financial information is also shown proforma for the Infinera acquisition.
Starting with its Q1 2026 financial results, Nokia will provide on a quarterly basis full segment reporting for the new segments (i.e. net sales, gross profit, operating profit) and will also provide revenue disclosure for the business units within the primary operating segments. The business units within Network Infrastructure will be Optical Networks, IP Networks and Fixed Networks. The business units within Mobile Infrastructure will be Core Software, Radio Networks and Technology Standards.
About Nokia Nokia is a global leader in connectivity for the AI era. With expertise across fixed, mobile, and transport networks, powered by the innovation of Nokia Bell Labs, we’re advancing connectivity to secure a brighter world.
Inquiries:
Nokia Communications Phone: +358 10 448 4900 Email: press.services@nokia.com Maria Vaismaa, Vice President, Global Media Relations
Nokia Investor Relations Phone: +358 931 580 507 Email: investor.relations@nokia.com
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, projects, programs, product launches, growth management, licenses, 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, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand 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, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and 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 “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” 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 our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.
