Nokia ECONOMIC

Supply Chain & Sourcing Relationships

• The reviewed evidence documents Nokia’s Israeli activity in telecommunications infrastructure, software and services, and local corporate operations rather than food, consumer-goods, or agricultural supply chains ^{1, 2, 3}.

• Nokia’s 2019 memorandum of understanding with Cellcom Israel contemplated a “Sensing as a Service” deployment using Cellcom’s existing radio infrastructure, with Nokia managing the infrastructure and delivering a turnkey solution ².

• Nokia’s 2022 announcement described a 5G Edge Slicing trial with Cellcom in Netanya, Israel, using a sliced RAN-Transport-Core network for business applications, customer experience, and enterprise interconnectivity ¹.

• An undated Nokia case study describes a Nokia–Cellcom deployment of 4G LTE and 5G AirScale small cells at Bloomfield Stadium in Tel Aviv and characterises Nokia as a long-time Cellcom collaborator ³.

• The cited 2019 and 2022 materials do not independently establish completion, current operation, or post-July 2024 continuation of the specific Cellcom arrangements they describe ^{1, 2}.

• No public evidence identified of direct procurement from Israeli agricultural suppliers or exporters, use of an Israeli importer-of-record for goods, seasonal-produce sourcing, or third-party agricultural white-label sourcing ^{1, 2, 3, 4, 5, 6}.

Product Origin, Labeling & Regulatory Compliance

• No public evidence identified of Nokia products labelled as Israeli-origin or settlement-origin goods, DEFRA or customs findings concerning Nokia product origin, or settlement-origin labelling issues ^{1, 2, 3, 4, 5, 6}.

• No public evidence identified of a Nokia policy specifically addressing sourcing or labelling from occupied territories in the reviewed materials ^{1, 2, 3, 4, 5, 6}.

• The reviewed Nokia materials concern network infrastructure, services, and corporate operations, and do not provide evidence of Israeli-origin consumer-product labelling ^{1, 2, 3}.

Investment, Capital & Financial Exposure

• Nokia’s FY2025 group-company schedule lists Nokia Solutions and Networks Israel Ltd. and Infinera (Israel) Ltd. as Israeli-incorporated companies with 100.0% Nokia Group ownership at year-end 2025 ⁷.

• This ownership evidence establishes controlling operating ownership of the two listed Israeli entities, rather than merely a passive portfolio position ⁷.

• Nokia’s complete consolidated-entity schedule as of 31 December 2024 also lists Nokia Solutions and Networks Israel Ltd. in Israel with a 100% group ownership interest ⁸.

• The cited FY2025 schedule does not disclose acquisition dates, purchase prices, local manufacturing locations, Israeli revenue, employee numbers, profits, taxes, dividends, or repatriation flows for those entities ⁷.

• No public evidence identified of Israeli sovereign-debt or Israel-Bonds activity, portfolio holdings, insurance underwriting, lending, or investment by Nokia or its controlling principals in the reviewed materials ^{9, 8, 7}.

• No public evidence identified of Israeli investments by Nokia directors, executives, shareholders holding at least 10%, or their personal or family-office vehicles within the bounded research ^{9, 8, 10}.

Operational Presence & Market Activity

• Nokia’s current affiliate list identifies Nokia Solutions and Networks Israel Ltd. as a Nokia affiliate incorporated in Israel ⁴.

• Nokia’s current office directory lists a Kfar Sava office at Atir Yeda 16, Kfar Sava, Israel ⁵.

• A Norwegian foreign-enterprise record for Nokia Solutions and Networks Israel Ltd. gives the same address, identifies Israel as its country, and categorises its activity as wired, satellite, and wireless telecommunications ¹¹.

• Histadrut reported on 10 June 2025 that Israel’s National Labor Court upheld union representation concerning employees at Nokia Solutions and Networks Israel Ltd., providing contemporaneous evidence of employees and management operations at that subsidiary in 2025 ⁶.

• Nokia’s 2022 Cellcom trial was stated to take place in Netanya, Israel ¹.

• The cited materials do not establish operations, contracts, sales, resellers, distribution, or revenue specifically in West Bank settlements, East Jerusalem settlements, or the Golan Heights ^{1, 2, 3, 4, 5}.

• The Netanya location identified for the 2022 trial is within Israel’s pre-1967 lines ¹.

• The supplied document-scoped pre-scan did not identify Nokia in the specified OHCHR, Albanese, DBIO, PAX, Who Profits, Human Rights Watch, Amnesty, Al-Haq, KLP, BDS, or insurance-report materials, but this result is not evidence of absence from all external databases ^{9, 8, 7}.

Corporate Structure & Foundational Ties

• Nokia Corporation is a Finnish public limited liability company incorporated under Finnish law and registered in the Finnish Trade Register under business identity code 0112038-9 ⁹.

• Nokia reports that it was incorporated on 19 December 1896 ⁹.

• Nokia’s principal executive office is at Karakaari 7, FI-02610 Espoo, Finland, and its current office material identifies its headquarters as being in Espoo ^{9, 5}.

• Nokia’s current leadership page identifies Timo Ihamuotila as Board Chair and Justin Hotard as President and CEO, with Hotard chairing the Group Leadership Team ¹².

• Nokia’s 2025 Form 20-F identifies Nokia Solutions and Networks Oy, Nokia Technologies Oy, Nokia of America Corporation, Infinera Corporation, and Nokia Shanghai Bell Co., Ltd. among its principal group companies ⁹.

• Nokia reports 100% group ownership of those named principal entities, except that it states it completed the purchase of China Huaxin’s approximately 50% stake in Nokia Shanghai Bell in December 2025 ⁹.

• Nokia’s affiliate list identifies Nokia Oyj under Finland and Nokia Solutions and Networks Israel Ltd. under Israel ⁴.

• Solidium Oy was Nokia’s largest shareholder registered in Finland at 31 December 2025, with 325,000,000 shares representing 5.66% of shares and voting rights ⁹.

• Finland’s Government Ownership Steering Department lists Nokia as held through Solidium with a 5.70% shareholding and 0.00% voting-right control in its June 2026 table ¹³.

• Nokia’s 2024 report stated that, to its knowledge, no other corporation or government directly or indirectly controlled Nokia and that no arrangements were expected to result in a change of control ⁸.

• The reviewed records do not identify an Israeli shareholder meeting Nokia’s 10% disclosure threshold or an Israeli controlling person ^{8, 10}.

• No public evidence identified that Nokia was founded in Israel, headquartered in Israel, Israeli tax-resident, Israeli state-owned, or subject to Israeli principal-place-of-management status ^{9, 8, 4, 5}.

• No public evidence identified of Israeli government-appointed directors, golden shares, charter provisions, state-infrastructure designation, or critical-national-infrastructure designation linking Nokia structurally to the Israeli state ^{9, 8, 12, 13}.

Profit Repatriation & Economic Contribution

• Nokia’s FY2025 schedule establishes year-end 2025 ownership of the two Israeli-incorporated Group companies, but does not disclose Israel-specific revenue, profits, tax paid, dividends, or repatriation flows ⁷.

• No public evidence identified of Israel-specific revenue, local workforce totals, Israeli manufacturing, separately reported Israeli research-and-development operations, or Israeli market share in the reviewed filings and office disclosures ^{9, 8, 7, 5}.

• No public evidence identified of Nokia characterising Israel as a strategic market in annual-report geographic revenue disclosures or of a public government or industry designation of Nokia as a key Israeli employer or sector anchor ^{7, 5}.

• No public evidence identified that Nokia Solutions and Networks Israel Ltd. was acquired from an Israeli founder, or of its acquisition date, acquisition price, employee count, Israel-specific revenue, manufacturing location, or Israeli market share ^{9, 8}.

• The available evidence supports the existence of wholly owned Israeli operating entities and local telecommunications activity, but does not quantify the economic contribution retained in Israel or remitted to the Nokia Group ^{7, 1, 2, 6}.