• Nokia’s financing strategy maintains steadfast link with its sustainability strategy with EUR 1.5 billion multicurrency revolving credit facility.
• New facility builds on previous work in this area including sustainability-linked guarantee facility and sustainable finance framework.
• Pricing mechanism linked to reduction of Nokia’s Scope 1, 2 and 3 greenhouse gas emissions.

Nokia announced the recent signing of a EUR 1.5 billion five-year multicurrency revolving credit facility with two one-year extension options, and continues with a sustainability pricing mechanism linking the margin of the RCF to two key RCF sustainability targets outlined below. The margin of the RCF will increase or decrease depending on Nokia’s progress towards reaching these targets. The new RCF will replace the EUR 1,412 million RCF agreement dated 18 June 2019.

Nokia’s key RCF sustainability targets include annual target observation periods and dates, with RCF pricing adjustments impacting the following year:

Reduction of absolute Scope 1 and 2 greenhouse gas emissions (“GHG”)

Reduction of absolute Scope 3 GHG emissions.

Nokia’s financing strategy is linked to its sustainability strategy and today’s announcement builds on previous sustainable finance activities. These activities include linking the margin of Nokia’s revolving credit facility to Nokia’s sustainability targets in 2019, Nokia’s first sustainability-linked guarantee facility in 2022, as well as the launch of Nokia’s sustainable finance framework in 2023.

Nokia is committed to reducing its Scope 1, 2 and 3 GHG emissions. Nokia has a Net-Zero target of 2040 which is approved by the Science Based Targets initiative (SBTi), ensuring that Nokia’s greenhouse gas emissions targets and paths towards those targets are independently validated.

Further information on the detailed operational approach Nokia has taken to reducing GHG emissions can be found in the Net-Zero climate transition plan detailing Nokia’s commitments and targets as well as the actions being taken to decarbonize in selected scopes. In March 2025, Nokia published its 2024 Annual Sustainability Statement, prepared for the first time in accordance with the provisions of the newly applicable EU Corporate Sustainability Reporting Directive and with the requirements of the European Sustainability Reporting Standards.

“We’re delighted with the strong support and commitment from our key banking partners in this refinancing transaction that connects our financing strategy with our sustainability priorities,” said Marco Wirén, Chief Financial Officer, Nokia.

“Nokia’s sustainability approach is centered on protecting and creating value for our company, and our stakeholders. We are committed to our climate transition plan, which is built to deliver efficiency and innovations in our value chain. Continuing to link the pricing of the revolving credit facility to our science-based climate goals is a strong step forward demonstrating our commitment to our sustainability targets,” said Subho Mukherjee, Vice President of Sustainability, Nokia.