There is still a couple of years left before the cash reserves need to be used for buybacks again; these were cheap acquisitions back in the day, but €450m in rewards would taste good 
856k shares went to Saghal (384k 
), Heard (184k), Niinimäki, Hautala (25k), Fisk, Hammaren, Hanrahan, Prosi, Wiren (122k)
Changes in Nokia Oyj’s holdings of own shares
Espoo – Nokia has today transferred 43,552,813 Nokia shares (NOKIA) held by the company, free of consideration, to participants in Nokia’s share-based incentive programs in accordance with the terms and conditions of the programs. The transfer of the shares is based on the Board of Directors’ decision announced on October 2, 2025, to issue shares held by the company to fulfill obligations under the incentive programs.
The number of own shares held by Nokia Oyj after the transfer is 88,583,624.