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QPR Software Plc: Interim Report January - March 2022

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QPR SOFTWARE PLC                         STOCK EXCHANGE RELEASE                      APRIL 22, 2022                          AT 9:00 AM



SaaS revenue increased and implementation of growth strategy proceeds as planned, new sales of software licenses clearly decreased compared to the exceptional comparison period



JANUARY-MARCH 2021

  • SaaS business grew by 8%
  • Net sales amounted to EUR 2,201 thousand (2021: 2,904) and decreased by 24%
  • EBITDA was EUR -201 thousand (566)
  • Operating result (EBIT) was EUR -472 thousand (286)
  • Result before taxes was EUR -483 thousand (206)
  • Result for the period was EUR -380 thousand (170)
  • Earnings per share was EUR -0.032 (0.014)


OUTLOOK FOR 2022 (unchanged)

The exceptional circumstances caused by the COVID-19 pandemic continue to affect new customer acquisition in the first quarter of 2022. However, there are signs of customer decision-making normalizing in the procurement of Process Mining software.

Based on the growing number of outstanding offers, recurring customer revenue, and consulting booking levels, QPR expects its net sales to grow in 2022 (2021: EUR 9,140 thousand) supported by growth in SaaS revenue. However, due to a single software license deal of about EUR 0.5 million rized in the first quarter of 2021, we expect the first-quarter net sales and results of 2022 to fall short when compared year on year.


CEO JUSSI VASAMACOMMENTS ON JANUARY-MARCH 2022:

The first quarter clearly fell short of the exceptional comparison period of 2021, when a significant software license and consulting transaction of more than EUR 0.5M was recognized as revenue. Acquisition of new customers was slow during the first quarter of the year, which is reflected in a decrease in new software license sales.

Growth investments launched in line with the company's new strategy and the cost of co-operation negotiations weakened profitability in the first quarter. The company is in a strong reconstruction phase. In the first quarter, we announced a new organization, made several Executive Management Team appointments, and released a new strategy. Expenses in the first quarter include significant restructuring and development costs related to contract restructuring and strategy work. In addition, we have started collaborating with new partners, for example in marketing, to ensure the scalability of go-to-market activities.

In our renewed strategy, we state that we are investing heavily in the international growth of the process mining SaaS business and are aiming for 30% annual growth in SaaS revenue over the strategy period. Growth is made possible by strategically focusing on building scalable solutions in carefully selected process mining solution areas where customer needs meet high customer value. This scalability is enabled through active collaboration with strategic go-to-market partners, technology alliances, and further investment into marketing, sales, and product development capabilities.

We will continue to invest in process mining software development during the current year, as well as sales resources and sales channels. By enhancing task mining
functionalities and focusing on scalable SaaS solutions, we help our customers to take an activity-based approach to improve and automate their business processes, even in
organizations with substantial amounts of data. The latest production version of our QPR ProcessAnalyzer solution utilizes cloud-based Snowflake technology, which opens a unique opportunity for our customers to process large amounts of data in a scalable, fast, and cost-effective manner. Increasing investments in machine learning capabilities and developing solutions for predicting process flows opens new business opportunities to generate continuous and sustainable customer value.

Moreover, Information Services Group’s (ISG) acknowledgment in early 2022 of QPR as a Leader in Process Discovery and Mining is a strong indicator that our process mining technology and tool, QPR ProcessAnalyzer, is well aligned with the market’s needs. The “ISG Provider Lens™ Intelligent Automation – Solutions and Services 2021 in the Nordics” report highlights that QPR is a force to be reckoned with. Despite the growing process mining market being highly competitive, QPR catches praise for its comprehensive solution and machine learning capabilities.

I am particularly pleased to report that we have effectively moved forward also with several strategic partnerships and cooperation agreements during the first quarter. The partnership agreement with Delaware Consulting CV, a global provider of advanced ICT solutions and services, is a good example of how innovation and value for our customers are created and delivered strategically together. Delaware Consulting, which employs more than 3,000 professionals, has taken QPR ProcessAnalyzer, the market-leading technology and tool for process mining, as part of their own offering enabling them to provide their customers with an advanced opportunity to succeed in achieving a variety of business-critical digital transformations and goals. Our solutions and services complement each other and accelerate market entry of innovations for the benefit of our common customers' business.

I am pleased to have also new professionals joining the QPR team during the first quarter to support our growth goals. I am convinced that the new era of the company offers inspiring opportunities for our employees to grow their skills and create new experiences. In addition, our professionals can feel that they make a personal contribution not only to the success of the company and our customers, but also to the sustainable development of society.

QPR's revenue and earnings have been on a downward trend for a long time and continued in the first quarter. We are rebuilding the company and construction work within the company is well underway. We believe that the measures taken will also start to show in the company's figures towards the end of this year. QPR operates in a favorable growth environment, where both the growing demand for process mining internationally and digitalization in the public and private sectors are creating new business opportunities. I strongly believe that our growth strategy, published in March 2022, combined with growth investments, will further improve the company’s competitiveness in our chosen markets.

Jussi Vasama
Chief Executive Officer


KEY FIGURES

KEY FIGURES
EUR in thousands,
unless otherwise indicated
Jan-Mar,
2022
Jan-Mar,
2021
Change,
%
Jan-Dec,
2021
Net sales2,2012,904-249,140
EBITDA-201566-136241
% of net sales-9.119.52.6
Operating result-472286-265-1,248
% of net sales-21.59.8-13.7
Result before tax-483206-335-1,356
Result for the period-380170-323-1,356
% of net sales-17.35.9-14.8
Earnings per share, EUR
(basic and diluted)
-0.0320.014-323-0.113
Equity per share, EUR0.0040.176-980.035
Cash flow from operating
activities
42906-95692
Cash and cash equivalents61857-93441
Net borrowings1,5421231,4321,241
Gearing, %2998.90.0288.5
Equity ratio, %1.440.9-968.3
Return on equity, %-631.432.5-2,042-111.4
Return on investment, %-104.738.1-375-49.3


REPORTING


QPR Software innovates, develops, sells, and delivers software and services in international markets aimed at facilitating operational development in organizations. QPR Software reports one operating segment: Operational development of organizations. In addition to this,
the Company reports revenue from products and services as follows: Software licenses, Renewable software licenses, Software maintenance services, SaaS (Software-as-a-service,) and Consulting.

Recurring revenue reported by the Company consists of Saas net sales, Renewable software licenses, and Software maintenance services. Software licenses are sold to customers for perpetual use or for an agreed, limited period. Renewable software licenses are sold to
customers as a user right with an indefinite duration. These contracts are automatically renewed at the end of the agreed period, usually one year, unless the agreement is terminated within the notice period. Renewable license revenue is recognized at one point in time, in the
beginning of the invoicing period.

Geographical areas reported are Finland, the rest of Europe (including Turkey), and the rest of the world. Net sales are reported according to the customer ́s headquarters location. The company has closed its business and partnerships in Russia for the time being.


BUSINESS OPERATIONS

QPR’s purpose is to help customers achieve more with less. We help our customers drive process and business transparency, ensure that their operations are run as required and designed, and create actionable intelligence where modern AI meets thought leadership.

We do so by innovating, developing, and delivering software for analyzing, monitoring, and modelling organizations’ operations. To ensure maximum customer value, we also offer a wide range of complementary consulting services. By providing organizations with the technologies and methods to transform the invisible into visible and the unknown into manageable, they are empowered to reach long-lasting, continuous results.


NET SALES DEVELOPMENT

January – March 2022

NET SALES BY PRODUCT GROUP
EUR in thousandsJan-Mar,
2022
Jan-Mar,
2021
Change,
%
Jan-Dec,
2021
Software licenses133734-821,317
Renewable software licenses388443-12797
Software maintenance services463518-112,034
SaaS35032381,283
Consulting868886-23,709
Total2,2012,904-249,140
NET SALES BY GEOGRAPHIC AREA
EUR in thousandsJan-Mar,
2022
Jan-Mar,
2021
Change,
%
Jan-Dec,
2021
Finland1,1611,448-204,614
Europe incl. Russia and Turkey677687-12,689
Rest of the world363769-531,837
Total2,2012,904-249,140


January – March 2022

First-quarter net sales decreased by 24% and amounted to EUR 2,201 thousand (2,904).

Net sales from SaaS increased to EUR 350 thousand (323) and grew by 8% year on year. At the end of the quarter, the total offer portfolio was over EUR 7 million and the annual value of the next 12-month SaaS offer portfolio was over EUR 1.6 million.

New software license net sales decreased to EUR 133 thousand (734) and renewable software license net sales to EUR 388 thousand (443).

Consulting net sales, including software deliveries, were EUR 868 thousand (886).

Software maintenance net sales were EUR 463 thousand (518).

Net sales in Finland decreased by 20% and international net sales decreased by 71%. 53% (50) of the Group’s net sales were derived from Finland, 31% (24) from the rest of Europe (including Turkey), and 16% (26) from the rest of the world.


FINANCIAL PERFORMANCE


January – March 2022

The Group´s EBITDA was -201 thousand (566) and operating result (EBIT) EUR -472 thousand (286). The Group's expenses were higher than in the previous year (3%). The growth investments launched in accordance with the company's new strategy and the costs of cooperation negotiations weakened profitability. The costs include restructuring and development costs related to the restructuring of the contract structure and strategy work.

The result for the period was EUR -380 thousand (170). Earnings per share were EUR -0.032 (0.014).


FINANCE AND INVESTMENTS

Between January and December, the cash flow from operating activities amounted to EUR 42 thousand (906). When compared to 2021, the change in the cash flow from operating activities was caused by working capital and operating result.

Net financial expenses were EUR 10 thousand (87) and included exchange rate losses of EUR 4 thousand (0). In 2021 Net financial expenses included a one-off guarantee payment related to a closed project, which the company completed in January.

Investments were EUR 344 thousand (157), and mainly related to product development.

The Group´s financial position is moderate. Cash and cash equivalents at the end of the reporting period were EUR 61 thousand (857), in addition to which, the Group has access to other short-term financial instruments worth EUR 0.5 million. At the end of the period, the Group had a short-term bank loan of EUR 1,500 thousand, but no long-term interest-bearing bank loans.

The gearing ratio was 2,988.9% (0). At the end of the reporting period, the equity ratio was 1.4% (40.9).


PRODUCT DEVELOPMENT

QPR innovates and develops software products that analyze, measure, and model operations in organizations. The Company develops the following software products: QPR ProcessAnalyzer, QPR EnterpriseArchitect, QPR ProcessDesigner, and QPR Metrics.

In the first quarter product development expenses were EUR 604 thousand (486). Product development expenses worth EUR 273 thousand (174) were capitalized. The amortization of capitalized product development expenses was EUR 167 thousand (280). The amortization period for capitalized product development expenses is four years.


PERSONNEL

At the end of the reporting period, the Group employed a total of 79 persons (81). The average
number of personnel during the period was 75 (84).

The average age of employees was 43.7 (42.2) years. Women account for 25% (22) of employees, and men for 75% (78). Of all personnel, 18% (18) work in sales and marketing, 42% (44) in consulting and customer care, 31% (30) in product development, and 8% (8) in administration.

For incentive purposes, the Company has a bonus program that covers all employees. Short-term remuneration of the top management consists of salary, fringe benefits, and a possible annual bonus, mainly based on the net sales performance of the Group and business units. Furthermore, the Company has a key employee stock option plan in use.

SHARES AND SHAREHOLDERS
Trading of sharesJan-Mar,
2022
Jan-Mar,
2021
Change,
%
Jan-Dec,
2021
Shares traded, pcs755,902666,969133,323,915
Volume, EUR1,120,8621,420,641-216,255,379
% of shares6.35.627.7
Average trading price, EUR1.482.13-301.88
Shares and market capitalizationMar 31,
2022
Mar 31,
2021
Change,
%
Dec 31,
2021
Total number of shares, pcs12,444,86312,444,863-12,444,863
Treasury shares, pcs457,009457,009-457,009
Book counter value, EUR0.110.11-0.11
Outstanding shares, pcs11,987,85411,987,854-11,987,854
Number of shareholders1,5771,289221,509
Closing price, EUR1.342.08-361.85
Market capitalization, EUR16,003,78524,934,736-3622,177,530
Book counter value of all treasury
shares, EUR
50,27150,271-50,271
Total purchase value of all treasury
shares, EUR
439,307439,307-439,307
Treasury shares, % of all shares3.73.7-3.7


GOVERNANCE

In March 2022, the Board of Directors gave notice to the shareholders of QPR Software Plc that the Annual General Meeting will be held on Wednesday, April 6, 2022. The Board of Directors of the Company resolved on extraordinary measures pursuant to the temporary legislation approved by the Finnish Parliament. In order to prevent the spread of the Covid-19 pandemic, the Annual General Meeting was held without shareholders’ presence at the Meeting venue. Participation and exercise of shareholder rights in the Meeting was possible only by way of proxy representation, by submitting counterproposals, and by asking questions in advance.

The Annual General Meeting approved the Board's proposal that no dividend be paid for the financial year 2021. The Annual General Meeting made an advisory decision on the Remuneration Report and decided to approve the presented Remuneration Report. The Annual General Meeting resolved that the number of Board Members is four (4) and elected Pertti Ervi, Matti Heikkonen, Antti Koskela and Jukka Tapaninen members of the Company ́s Board of Directors. The term of office of the members of the Board of Directors expires at the end of the next Annual General Meeting. At its organizing meeting, the Board of Directors elected Pertti Ervi as its Chairman.

The Annual General Meeting elected Authorized Public Accountants KPMG Oy Ab as QPR Software ́s auditor with Miika Karkulahti, Authorized Public Accountant, acting as principal auditor. The term of office of the auditor expires at the end of the next Annual General
Meeting. The Annual General Meeting decided to authorize the Board of Directors to decide on the conveyance of the own shares held by the Company (share issue) either on one or on several occasions. The share issue can be carried out as a share issue against payment or without consideration on terms to be determined by the Board of Directors.

All authorizations of the Board and other decisions made by the previous Annual General Meeting are available in their entirety in the stock exchange release published by the Company on April 6, 2022. The release can be found in the Investors section of the Company's website,
https://www.qpr.com/investors/stock-exchange-and-press-releases


EVENTS AFTER THE REVIEW PERIOD

On April 6, 2022, the Annual General Meeting authorized the company's Board of Directors to decide on the share issue. On April 22, 2022, the company announced in a separate release that it had begun preparations for the rights issue during the second quarter to enable the necessary growth investments to be made.


SHORT-TERM RISKS AND UNCERTAINTIES

Internal control and risk management at QPR Software aims to ensure that the Company operates efficiently and effectively, distributes reliable information, complies with regulations and operational principles, reaches its strategic goals, reacts to changes in the market and
operational environment, and ensures the continuity of its business. QPR has identified the following three groups of risks related to its operations: risks related to business operations (country, customer, personnel, legal), risks related to information and products (QPR products, IPR, data security), and risks related to financing (foreign currency, short-term cash flow).

The Company has an insurance policy covering property, operational, and liability risks. Financial risks include reasonable credit risk concerning individual business partners, which is characteristic of any international business. QPR seeks to limit this credit risk by continuously monitoring standard payment terms, receivables, and credit limits.

Approximately 73% of the Group’s trade receivables were in euro at the end of the quarter (63%). At the end of the quarter, the Company had not hedged its non-euro trade receivables.

Risks and risk management practices related to the Company’s business are further described in the Annual Report 2021, pages 23-24 (https://www.qpr.com/investors/financial-information/annual-reports)


FINANCIAL INFORMATION


In 2022 QPR Software Plc will publish its financial information, in Finnish and English, as follows:

Half-year Financial Report January-June 2022: Wednesday, August 3, 2022
Interim Report January – September: Friday, October 21, 2022


QPR Software Plc
BOARD OF DIRECTORS



Further information:

Jussi Vasama
Chief Executive Officer
QPR Software Plc
Tel. +358 50 380 9893

About QPR Software

QPR Software Plc (Nasdaq Helsinki) provides process mining, performance management, and enterprise architecture solutions for digital transformation, strategy execution, and business process improvement in over 50 countries. QPR software allows customers to gain valuable insights for informed decisions that make a difference.

Dare to improve. www.qpr.com

DISTRIBUTION

Nasdaq Helsinki

Key medias

www.qpr.com



FINANCIAL STATEMENTS

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
EUR in thousands, unless
otherwise indicated
Jan-Mar,
2022
Jan-Mar,
2021
Change,
%
Jan-Dec,
2021
Net sales2,2012,904-249,140
Other operating income
Materials and services328337-31,106
Employee benefit expenses1,8111,77226,824
Other operating expenses26322815968
EBITDA-201566-136242
Depreciation and amortization271280-31,489
Operating result-472286-265-1,247
Financial income and expenses-10-80-87-108
Result before tax-483206-335-1,356
Income taxes103-35-391
Result for the period-380170-323-1,356
Earnings per share, EUR
(basic and diluted)
-0.0320.014-323-0.113
Consolidated statement of
comprehensive income:
Result for the period-380170-323-1,356
Other items in comprehensive
income that may be reclassified
subsequently to profit or loss:
Exchange differences on
translating foreign operations
1-100
Total comprehensive income-380171-322-1,356


CONDENSED CONSOLIDATED BALANCE SHEET
EUR in thousandsMar 31,
2022
Mar 31,
2021
Change,
%
Dec 31,
2021
Assets
Non-current assets:
Intangible assets1,8472,033-91,711
Goodwill358513-30358
Tangible assets18616413171
Right-of-use assets70121-42148
Other non-current assets2802771277
Total non-current assets2,7413,108-122,666
Current assets:
Trade and other receivables2,2002,649-172,694
Cash and cash equivalents61857-93441
Total current assets2,2613,506-363,135
Total assets5,0026,614-245,800
Equity and liabilities
Equity:
Share capital1,3591,35901,359
Other funds2121021
Treasury shares-439-4390-439
Translation differences-67-670-68
Invested non-restricted equity fund5505
Retained earnings-8281,311-163-448
Equity attributable to shareholders of
the parent company
512,190-98430
Current liabilities:
Interest-bearing liabilities1,5007001,500
Interest-bearing lease liabilities105158-33182
Advances received1,4321,26313627
Accrued expenses and prepaid income1,2771,693-252,293
Trade and other payables6376104768
Total current liabilities4,9514,424125,370
Total liabilities4,9514,424125,370
Total equity and liabilities5,0026,614-245,800


CONSOLIDATED CONDENCED CASH FLOW STATEMENT
EUR in thousandsJan-Mar,
2022
Jan-Mar,
2021
Change,
%
Jan-Dec,
2021
Cash flow from operating activities:
Result for the period-380170-323-1,356
Adjustments to the result270203331,518
Working capital changes161678-76713
Interest and other financial
expenses paid
-9-14294-164
Interest and other financial
income received
02-1003
Income taxes paid0-5-100-22
Net cash from operating activities42906-95692
Cash flow from investing activities:
Purchases of tangible and
intangible assets
-344-157119-942
Net cash used in investing activities-344-157119-942
Cash flow from financing activities:
Proceeds from short term
borrowings
07001500
Repayments of short term
borrowings
0-700-100-991
Payment of lease liabilities-77-89-140
Net cash used in financing activities-77-89-14509
Net change in cash and cash
equivalents
-379660157258
Cash and cash equivalents
at the beginning of the period
441185138185
Effects of exchange rate changes
on cash and cash equivalents
-112-108-2
Cash and cash equivalents
at the end of the period
61857-93441


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR in thousandsShare
capital
Other
funds
Translation
differences
Treasury
shares
Invested non-
restricted
equity fund
Retained
earnings
Total
Equity Jan 1, 20211,35921-69-43951,1272,004
Repurchase of shares1414
Comprehensive income1170172
Equity March 31, 20211,35921-68-43951,3112,190
Stock option scheme
Comprehensive income-1,760-1,759
Equity Dec 31, 20211,35921-68-4395-449430
Stock option scheme
Comprehensive income1-380-379
Equity March 31, 20221,35921-67-4395-82951


NOTES TO INTERIM FINANCIAL STATEMENTS

ACCOUNTING PRINCIPLES

This report’s tables comply with the requirements of IAS 34 ”Interim Financial Reporting”. Starting from the beginning of 2022, the Group has applied certain new or revised IFRS standards and IFRIC interpretations, as described in the Consolidated Financial Statements 2021. The implementation of these new and revised requirements has not impacted the reported figures. For all other parts, the accounting principles and methods are the same as they were in the 2021 financial statements.

When preparing the consolidated financial statements, management is required to make estimates and assumptions regarding the future and to consider the appropriate application of accounting principles, which means that actual results may differ from estimates.

All amounts presented in this report are consolidated figures, unless otherwise noted. The amounts presented in the report are rounded, therefore, the sum of individual figures may differ from the sum reported. This report is unaudited.


INTANGIBLE AND TANGIBLE ASSETS
EUR in thousandsJan-Mar,
2022
Jan-Mar,
2021
Jan-Dec,
2021
Increase in intangible assets:
Acquisition cost Jan 112,84611,98711,987
Increase304174859
Increase in tangible assets:
Acquisition cost Jan 12,7052,6222,622
Increase401083
CHANGE IN INTEREST-BEARING LIABILITIES
EUR in thousandsJan-Mar,
2022
Jan-Mar,
2021
Jan-Dec,
2021
Interest-bearing liabilities Jan 11,682947947
Proceeds from short term borrowings8007001,500
Repayments878789765
Interest-bearing liabilities Sep 301,6048581,682
PLEDGES AND COMMITMENTS
EUR in thousandsJan-Mar,
2022
Jan-Mar,
2021
Dec 31,
2021
Change,
%
Business mortgages (held by the Company)2,3862,3862,3860
Minimum lease payments based on lease agreements:
Maturing in less than one year22723-6
Maturing in 1-5 years19523-18
Total411246-12
Total pledges and commitments2,4262,3982,4320


CONSOLIDATED INCOME STATEMENT BY QUARTER
EUR in thousandsQ1
2021
Q4
2020
Q3
2020
Q2
2020
Q1
2020
Net sales2,2012,0542,0432,1382,904
Other operating income00000
Materials and services328224248297337
Employee benefit expenses1,8111,9251,4341,6921,772
Other operating expenses263335259146228
EBITDA-201-4301033566
Depreciation and amortization271620311278280
Operating result-472-1,050-208-275286
Financial income and expenses-10-15-5-8-80
Result before tax-483-1,065-213-283206
Income taxes103-664952-35
Result for the period-380-1,131-165-231170


GROUP KEY FIGURES
EUR in thousands, unless
otherwise indicated
Jan-Mar or
Mar 31, 2022
Jan-Mar or
Mar 31, 2021
Jan-Dec or
Dec 31, 2021
Net sales2,2012,9049,140
Net sales growth, %-24.24.11.9
EBITDA-201566241
% of net sales-9.119.52.6
Operating result-472286-1,248
% of net sales-21.59.8-13.7
Result before tax-483206-1,356
% of net sales-21.97.1-14.8
Result for the period-380170-1,356
% of net sales-17.35.9-14.8
Return on equity (per annum), %-631.432.5-111.4
Return on investment (per annum), %-104.738.1-49.3
Cash and cash equivalents611,113441
Net borrowings1,542.011,241
Equity512,190430
Gearing, %3026.40.0288.5
Equity ratio, %1.440.98.3
Total balance sheet5,0026,6145,800
Investments in non-current assets344157942
% of net sales15.65.410.3
Product development expenses6044862,115
% of net sales27.416.723.1
Average number of personnel758480
Personnel at the beginning of period808888
Personnel at the end of period768180
Earnings per share, EUR
(basic and diluted)
-0.0320.014-0.113
Equity per share, EUR0.0040.1760.035
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trivago N.V. Announces Annual General Meeting of Shareholders25.5.2022 21:39:06 CEST | Press release

trivago N.V. (NASDAQ: TRVG) announced today that its annual general meeting of shareholders will be held on June 30, 2022 at the offices of NautaDutilh N.V., Beethovenstraat 400, 1082 PR Amsterdam, the Netherlands. The meeting will start at 3:00 p.m. CEST. The convening notice and explanatory notes for the general meeting are available free of charge in the Investor Relations section of trivago N.V.'s corporate website at ir.trivago.com. About trivago N.V. trivago is a leading global hotel search platform focused on reshaping the way travelers search for and compare hotels and alternative accommodations. Incorporated in 2005 in Düsseldorf, Germany, the platform allows travelers to make informed decisions by personalizing their hotel search and providing them access to a deep supply of hotel information and prices. trivago enables its advertisers to grow their businesses by providing access to a broad audience of travelers via its websites and apps. As of March 31, 2022, trivago has est

Correction: Changes in Nokia Corporation's own shares25.5.2022 19:20:00 CEST | Press release

Nokia Corporation Stock Exchange Release 25 May 2022 at 20:20 EEST Correction: Changes in Nokia Corporation's own shares Espoo, Finland – This is a correction to "Changes in Nokia Corporation's own shares" stock exchange release that was published today at 19:30 EEST. A total of 183 965 Nokia shares (NOKIA) held by the company were today transferred without consideration to participants of Nokia's equity-based incentive plans in accordance with the rules of the plans. The transfer is based on the resolution of the Board of Directors to issue shares held by the company to settle its commitments to participants of the plans as announced on 3 February 2022. The number of own shares held by Nokia Corporation following the transfer is 61 262 561. This version is otherwise identical but now includes an updated total number of Nokia shares transferred (incorrect number was 188 636). About Nokia At Nokia, we create technology that helps the world act together. As a trusted partner for critical

Ultimovacs’ Clinical Data in Journal for ImmunoTherapy of Cancer Show Long-term Dynamic T Cell Responses with UV1 and Checkpoint Inhibitor Synergy25.5.2022 18:45:00 CEST | Press release

Data from three trials of UV1 show dynamic T cell responses, lasting up to 7.5 years UV1-specific immune responses associated with longer clinical survivalSynergy between UV1 vaccination and checkpoint inhibition Oslo, 25 May2022: Ultimovacs ASA ("Ultimovacs") (OSE ULTI), a clinical stage leader in immune stimulatory vaccines for cancer, announced the publication of long-term follow-up data on UV1 in the Journal for ImmunoTherapy of Cancer (JITC). The data show that dynamic UV1 specific immune responses last up to 7.5 years, are associated with longer survival and are enhanced when UV1 is used in combinations with checkpoint inhibitors. “It is important to be able to share this validating data with our research and clinical colleagues through JITC. The data demonstrate highly durable UV1-induced immune responses that are associated with substantially longer overall survival and boosted by checkpoint inhibitors. This is strong support for Ultimovacs’ broad Phase II program combining UV1