# EDGAR Filing Document

**Accession Number:** 0000717826
**File Stem:** 0001193125-26-021153
**Filing Date:** 2026-1
**Character Count:** 240881
**Document Hash:** 5bd2f36a652cb270d8264cb0fb9eb1ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-021153.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001193125-26-021153

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260123

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ERICSSON LM TELEPHONE CO
- **CENTRAL INDEX KEY:** 0000717826
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-12033
- **FILM NUMBER:** 26557114

**BUSINESS ADDRESS:**
- **STREET 1:** TORSHAMNSGATAN 21 - 23
- **CITY:** STOCKHOLM SWEDEN
- **STATE:** V7
- **ZIP:** 164 83
- **BUSINESS PHONE:** 46107190000

**MAIL ADDRESS:**
- **STREET 1:** S 164 83 STOCKHOLM
- **CITY:** SWEDEN
- **STATE:** V7
- **ZIP:** 0000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LM ERICSSON TELEPHONE CO
- **DATE OF NAME CHANGE:** 19911030

##### [**Table of Contents**](#toc)
**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN ISSUER** 

**Pursuant to Rule 13a-16 or 15d-16 of** 

**the Securities Exchange Act of 1934** 

**January 23, 2026** 

Commission File Number

000-12033

## LM ERICSSON TELEPHONE COMPANY
**(Translation of registrant's name into English)** 

**Torshamnsgatan 21, Kista** 

**SE-164 83, Stockholm, Sweden** 

**(Address of principal executive offices)** 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F [x] Form 40-F [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):__

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):__

Announcement of LM Ericsson Telephone Company, January 23, 2026 regarding "Fourth quarter and full-year report 2025"

------

##### [**Table of Contents**](#toc)
![LOGO](g52056dsp53.jpg)

## Fourth quarter and full-year report 2025
**Strategic highlights – solid commercial momentum and operational execution** 

● Organic sales growth in all three segments in Q4, with 12%\* growth in segment Cloud Software and Services.

● Operational improvements in recent years driving strong margins and solid free cash flow.

**Fourth quarter highlights – good organic growth with all segments contributing** 

● Sales increased by 6%\* YoY. Market areas Europe, Middle East and Africa and South East Asia, Oceania and India grew,
Americas was broadly stable while North East Asia declined. Reported sales were SEK 69.3 (72.9) b.

● Adjusted<sup>1</sup> gross income was SEK 33.2 (33.7) b. with currency headwinds
offsetting strong operational execution. Reported gross income was SEK 32.7 (32.7) b.

● Adjusted<sup>1</sup> gross margin was 48.0% (46.3%) driven mainly by improvements
in Cloud Software and Services. Reported gross margin was 47.2% (44.9%).

● Adjusted<sup>1</sup> EBITA was SEK 12.7 (10.2) b. with an 18.3% (14.1%) margin,
benefiting from improved segment margins in Mobile Networks. Reported EBITA was SEK 11.6 (8.6) b. with a 16.7% (11.8%) margin.

● Net income was SEK 8.6 (4.9) b. EPS diluted was SEK 2.57 (1.44).

● Free cash flow before M&A was SEK 14.9 (15.8) b.

**Full-year highlights – margins stabilized at good levels and solid free cash flow** 

● Sales increased by 2%\*, with growth in Networks and Cloud Software and Services. Reported sales were SEK 236.7 (247.9) b.

● Adjusted<sup>1</sup> gross income increased to SEK 113.9 (111.4) b. driven by
improvements in Mobile Networks, and despite a SEK -7.2 b. currency headwind. Adjusted gross margin increased to 48.1% (44.9%).

● Adjusted<sup>1</sup> EBITA was SEK 42.9 (27.2) b. with an adjusted<sup>1</sup> EBITA margin of 18.1% (11.0%), including the gain from the divestment of iconectiv.

● Net income was SEK 28.7 (0.4) b. EPS diluted was SEK 8.51 (0.01).

● Free cash flow before M&A was SEK 26.8 (40.0) b., delivering a cash flow to net sales of 11.3%.

● Net cash at year-end 2025 was SEK 61.2 (37.8) b.

● Return on capital employed was 24.1% (2.6%), including the benefit of the iconectiv divestment.

● A dividend of SEK 3.00 (2.85) per share for 2025 and a share buyback program of SEK 15.0 b. will be proposed to the AGM by
the Board of Directors.

*Börje Ekholm, President and CEO, said: "Our Q4 results demonstrate solid execution of our strategy priorities. It is encouraging that we delivered organic growth in a flattish RAN market environment through our efforts in mission critical networks, 5G core and Enterprise. The operational actions we have taken in recent years have resulted in improved margins and cash flow, with a ninth consecutive quarter of year-over-year adjusted EBITA margin expansion.* 

*R&D investments to extend technology leadership continued, with a focus on AI-native, secure, and autonomous mobile networks. We generated strong free cash flow and have a strong cash position today. The Board will propose an increased dividend of SEK 3.00 per share, and will also seek a mandate for a share buyback of SEK 15 b.*

*For 2026, we expect the RAN market to be flat. Mission critical and enterprise markets, where we are well positioned, are expected to grow. In this environment, we plan to increase investments in defense during 2026 while continuing to optimize our cost base to support margins and cash flow generation."*

\* Sales adjusted for the impact of acquisitions and divestments and effects of foreign currency fluctuations.

<sup>1</sup> Adjusted metrics exclude restructuring charges.

 <br> 1 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026.

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##### [**Table of Contents**](#toc)

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; SEK b. | Q4<br> 2025 | Q4<br> 2025 | Q4<br>2024 | Q4<br>2024 | YoY<br>change | YoY<br>change | Q3<br>2025 | Q3<br>2025 | QoQ<br>change | QoQ<br>change | Jan-Dec<br> 2025 | Jan-Dec<br> 2025 | Jan-Dec<br>2024 | Jan-Dec<br>2024 | YoY<br>change |  |
| &nbsp;&nbsp; Net sales |  | 69.3 |  | 72.9 |  | -5% |  | 56.2 |  | 23% |  | 236.7 |  | 247.9 | -5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth ¹ ²* | | *-* | | *-* | | *6%* | | *-* | | *-* | | *-* | | *-* | *2%* | |
| &nbsp;&nbsp; Gross income |  | 32.7 |  | 32.7 |  | 0% |  | 26.8 |  | 22% |  | 112.7 |  | 109.4 | 3% |  |
| &nbsp;&nbsp; Gross margin ² |  | 47.2% |  | 44.9% |  | - |  | 47.6% |  | - |  | 47.6% |  | 44.1% | - |  |
| &nbsp;&nbsp; EBIT |  | 11.2 |  | 8.0 |  | 40% |  | 15.2 |  | -26% |  | 38.6 |  | 4.3 | - |  |
| &nbsp;&nbsp; EBIT margin ² |  | 16.1% |  | 10.9% |  | - |  | 26.9% |  | - |  | 16.3% |  | 1.7% | - |  |
| &nbsp;&nbsp; EBITA ² |  | 11.6 |  | 8.6 |  | 35% |  | 15.5 |  | -25% |  | 40.5 |  | 22.1 | 83% |  |
| &nbsp;&nbsp; EBITA margin ² |  | 16.7% |  | 11.8% |  | - |  | 27.6% |  | - |  | 17.1% |  | 8.9% | - |  |
| &nbsp;&nbsp; Net income |  | 8.6 |  | 4.9 |  | 76% |  | 11.3 |  | -24% |  | 28.7 |  | 0.4 | - |  |
| &nbsp;&nbsp; EPS diluted, SEK |  | 2.57 |  | 1.44 |  | 78% |  | 3.33 |  | -23% |  | 8.51 |  | 0.01 | - |  |
| &nbsp;&nbsp; Free cash flow before M&A ² |  | 14.9 |  | 15.8 |  | -6% |  | 6.6 |  | 124% |  | 26.8 |  | 40.0 | -33% |  |
| &nbsp;&nbsp; Net cash, end of period ² |  | 61.2 |  | 37.8 |  | 62% |  | 51.9 |  | 18% |  | 61.2 |  | 37.8 | 62% |  |
| &nbsp;&nbsp; Adjusted financial measures ² ³ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Adjusted gross income |  | 33.2 |  | 33.7 |  | -1% |  | 27.0 |  | 23% |  | 113.9 |  | 111.4 | 2% |  |
| &nbsp;&nbsp; Adjusted gross margin |  | 48.0% |  | 46.3% |  | - |  | 48.1% |  | - |  | 48.1% |  | 44.9% | - |  |
| &nbsp;&nbsp; Adjusted EBIT |  | 12.3 |  | 9.6 |  | 28% |  | 15.5 |  | -21% |  | 41.0 |  | 9.3 | - |  |
| &nbsp;&nbsp; Adjusted EBIT margin |  | 17.7% |  | 13.1% |  | - |  | 27.5% |  | - |  | 17.3% |  | 3.8% | - |  |
| &nbsp;&nbsp; Adjusted EBITA |  | 12.7 |  | 10.2 |  | 24% |  | 15.8 |  | -20% |  | 42.9 |  | 27.2 | 58% |  |
| &nbsp;&nbsp; Adjusted EBITA margin |  | 18.3% |  | 14.1% |  | - |  | 28.1% |  | - |  | 18.1% |  | 11.0% | - |  |

---

<sup>1</sup> Sales adjusted for the impact of acquisitions and divestments and effects of foreign currency fluctuations.

<sup>2</sup> Non-IFRS financial measures are reconciled at the end of this report to the most directly reconcilable line items in the financial statement.

<sup>3</sup> Adjusted metrics exclude restructuring charges.

Amounts marked with an '\*' in this document represent sales growth adjusted for the impact of acquisitions and divestments and effects of foreign currency fluctuations, also named organic sales growth. These numbers present performance on a comparable basis to improve the comparability of results between periods. Organic sales growth figures are non-IFRS measures.

'Adjusted' metrics are adjusted to exclude restructuring charges and are non-IFRS measures. This is a change in nomenclature only.

See 'Financial statements and other information' for Alternative performance measures.

 <br> 2 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026.

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##### [**Table of Contents**](#toc)

## Group results

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; SEK b. | Q4<br> 2025 | Q4<br> 2025 | Q4<br>2024 | Q4<br>2024 | YoY<br>change | YoY<br>change | Q3<br>2025 | Q3<br>2025 | QoQ<br>change | QoQ<br>change | Jan-Dec<br>2025 | Jan-Dec<br>2025 | Jan-Dec<br>2024 | Jan-Dec<br>2024 | YoY<br>change | YoY<br>change |  |
| &nbsp;&nbsp; **Net sales** |  | **69.3** |  | **72.9** |  | **-5%** |  | **56.2** |  | **23%** |  | **236.7** |  | **247.9** |  | **-5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth ¹* | | *-* | | *-* | | *6%* | | *-* | | *-* | | *-* | | *-* | | *2%* | |
| &nbsp;&nbsp; **Gross income** |  | **32.7** |  | **32.7** |  | **0%** |  | **26.8** |  | **22%** |  | **112.7** |  | **109.4** |  | **3%** |  |
| &nbsp;&nbsp; Gross margin |  | 47.2% |  | 44.9% |  | - |  | 47.6% |  | - |  | 47.6% |  | 44.1% |  | - |  |
| &nbsp;&nbsp; Research and development (R&D) expenses |  | -13.1 |  | -13.9 |  | - |  | -11.5 |  | - |  | -48.9 |  | -53.5 |  | - |  |
| &nbsp;&nbsp; Selling and administrative expenses |  | -9.0 |  | -10.5 |  | - |  | -7.9 |  | - |  | -33.7 |  | -51.7 |  | - |  |
| &nbsp;&nbsp; Impairment losses on trade receivables |  | 0.1 |  | 0.0 |  | - |  | 0.0 |  | - |  | 0.2 |  | -0.3 |  | - |  |
| &nbsp;&nbsp; Other operating income and expenses |  | 0.4 |  | -0.1 |  | - |  | 7.7 |  | -95% |  | 8.2 |  | 0.6 |  | - |  |
| &nbsp;&nbsp; Share of earnings of associated companies |  | 0.0 |  | -0.3 |  | - |  | 0.0 |  | - |  | 0.1 |  | -0.2 |  | - |  |
| &nbsp;&nbsp; **EBIT** |  | **11.2** |  | **8.0** |  | **40%** |  | **15.2** |  | **-26%** |  | **38.6** |  | **4.3** |  | **-** |  |
| &nbsp;&nbsp; EBIT margin ¹ |  | 16.1% |  | 10.9% |  | - |  | 26.9% |  | - |  | 16.3% |  | 1.7% |  | - |  |
| &nbsp;&nbsp; EBITA ¹ |  | 11.6 |  | 8.6 |  | 35% |  | 15.5 |  | -25% |  | 40.5 |  | 22.1 |  | 83% |  |
| &nbsp;&nbsp; EBITA margin ¹ |  | 16.7% |  | 11.8% |  | - |  | 27.6% |  | - |  | 17.1% |  | 8.9% |  | - |  |
| &nbsp;&nbsp; Financial income and expenses, net |  | -0.1 |  | -0.4 |  | - |  | -0.2 |  | - |  | -0.3 |  | -1.7 |  | - |  |
| &nbsp;&nbsp; Income tax |  | -2.5 |  | -2.7 |  | - |  | -3.6 |  | - |  | -9.6 |  | -2.2 |  | - |  |
| &nbsp;&nbsp; **Net income** |  | **8.6** |  | **4.9** |  | **76%** |  | **11.3** |  | **-24%** |  | **28.7** |  | **0.4** |  | **-** |  |
| &nbsp;&nbsp; *Restructuring charges* | | *-1.1* | | *-1.6* | | *-* | | *-0.3* | | *-* | | *-2.3* | | *-5.0* | | *-* | |
| &nbsp;&nbsp; Adjusted financial measures ¹ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Adjusted gross income |  | 33.2 |  | 33.7 |  | -1% |  | 27.0 |  | 23% |  | 113.9 |  | 111.4 |  | 2% |  |
| &nbsp;&nbsp; Adjusted gross margin |  | 48.0% |  | 46.3% |  | - |  | 48.1% |  | - |  | 48.1% |  | 44.9% |  | - |  |
| &nbsp;&nbsp; Adjusted EBIT |  | 12.3 |  | 9.6 |  | 28% |  | 15.5 |  | -21% |  | 41.0 |  | 9.3 |  | - |  |
| &nbsp;&nbsp; Adjusted EBIT margin |  | 17.7% |  | 13.1% |  | - |  | 27.5% |  | - |  | 17.3% |  | 3.8% |  | - |  |
| &nbsp;&nbsp; Adjusted EBITA |  | 12.7 |  | 10.2 |  | 24% |  | 15.8 |  | -20% |  | 42.9 |  | 27.2 |  | 58% |  |
| &nbsp;&nbsp; Adjusted EBITA margin |  | 18.3% |  | 14.1% |  | - |  | 28.1% |  | - |  | 18.1% |  | 11.0% |  | - |  |

---

<sup>1</sup> Non-IFRS financial measures are reconciled at the end of this report to the most directly reconcilable line items in the financial statements.

Fourth quarter comments

**Net sales** 

Reported sales decreased by -5% YoY to SEK 69.3 (72.9) b., including a SEK -6.8 b. currency impact. Networks sales declined by -6% to SEK 44.2 b. Cloud Software and Services sales increased by 3% to SEK 20.0 b. Enterprise sales declined by -25% to SEK 4.6 b., mainly driven by a SEK -1.1 b. impact from the divestment of iconectiv in Q3 2025. Sales in segment Other were SEK 0.5 b.

Organic sales grew by 6% YoY. Networks sales increased by 4%\* with sales growth in Europe, Middle East and Africa as well as in South East Asia, Oceania and India, partly offset by lower sales in the other market areas. Cloud Software and Services sales grew by 12%\*, with growth in all market areas. Sales in segment Enterprise grew by 2%\*, with higher sales in Global Communications Platform partly offset by a decline in Enterprise Wireless Solutions.

IPR licensing revenues decreased slightly to SEK 3.3 (3.5) b. as Q4 2024 benefited from retroactive revenue for unlicensed periods. 82% of IPR licensing revenues are reported in segment Networks, with the remainder in Cloud Software and Services.

**Gross income and margin** 

Gross margin increased to 47.2% (44.9%). Networks gross margin increased, reflecting prior periods' cost-reduction actions and operational efficiency. Gross margin in Cloud Software and Services increased as a result of prior periods' cost-reduction actions and improved delivery performance. The margin declined in Enterprise primarily due to the impact of the divestment of iconectiv.

Gross income was stable at SEK 32.7 (32.7) b., as improvements in gross margin were offset by a negative currency impact of SEK -3.6 b. and the impact of the divestment of iconectiv.

Adjusted gross income decreased slightly to SEK 33.2 (33.7) b., with a margin of 48.0% (46.3%).

**Research and development (R&D) expenses** 

R&D expenses decreased to SEK -13.1 (-13.9) b., including restructuring charges of SEK -0.3 (-0.4) b. and a positive currency impact of SEK 0.5 b. Excluding these impacts, R&D was broadly stable, with increased investments for technology leadership offset by savings from cost-reduction actions.

**Selling and administrative (SG&A) expenses** 

SG&A expenses were SEK -9.0 (-10.5) b., including restructuring charges of SEK -0.3 (-0.2) b. and a currency benefit of SEK 0.6 b. SG&A expenses declined in all segments as a result of prior periods' cost-reduction actions.

**Other operating income and expenses** 

Other operating income and expenses were SEK 0.4 (-0.1) b. benefiting from the divestment of a minority interest.

**Restructuring charges** 

Restructuring charges were SEK -1.1 (-1.6) b. mainly related to redundancy activities. Gross income included SEK -0.5 (-1.0) b. of restructuring charges, while operating expenses included SEK -0.6 (-0.6) b. of restructuring charges.

**EBITA** 

EBITA increased to SEK 11.6 (8.6) b. mainly driven by lower operating expenses, benefiting from prior periods' cost-reduction actions and improved gross margins. EBITA included a negative YoY currency impact of SEK -2.5 b. The EBITA margin was 16.7% (11.8%).

Adjusted EBITA increased to SEK 12.7 (10.2) b. The adjusted EBITA margin was 18.3% (14.1%).

**EBIT** 

EBIT increased to SEK 11.2 (8.0) b. with a margin of

16.1% (10.9%). Amortization impacted EBIT by SEK -0.4 (-0.7) b.

Adjusted EBIT increased to SEK 12.3 (9.6) b. with a margin of 17.7% (13.1%).

 <br> 3 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Group results

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##### [**Table of Contents**](#toc)
**Financial income and expenses, net** 

Financial income and expenses were SEK -0.1 (-0.4) b. Financial net increased, primarily as a result of lower interest rates on borrowings and reduction in borrowings. The currency hedge effect was SEK 0.0 (0.0) b.

**Income tax** 

Taxes were SEK -2.5 (-2.7) b.

**Net income** 

Net income increased to SEK 8.6 (4.9) b.

Diluted EPS was SEK 2.57 (1.44).

**Employees** 

The number of employees on December 31, 2025, was 88,826 compared with 89,898 on September 30, 2025. On December 31, 2024, the number of employees was 94,236.

Full-year comments

**Net sales** 

Reported sales decreased by -5% to SEK 236.7 (247.9) b. with a currency impact of SEK -13.9 b. Networks sales declined by -5% to SEK 151.0 (158.2) b., sales in Cloud Software and Services were stable at SEK 62.7 (62.6) b., and Enterprise sales declined by -15% to SEK 21.1 (24.9) b. including a SEK -1.6 b. negative impact from the divestment of iconectiv in Q3 2025.

Organic sales grew by 2%\*. Cloud Software and Services sales increased by 6%\*, while Networks sales grew by 1%\* and Enterprise sales declined by -5%\*.

Organic sales increased in market area Americas, driven by good growth in North America, while sales in Latin America declined. Organic sales in market area Europe, Middle East and Africa grew driven by Middle East and Africa. Sales declined in the other market areas, with the largest reduction in market area South East Asia, Oceania and India, primarily due to reduced investment levels in India. IPR licensing revenues were SEK 14.5 (14.0) b.

The sales mix by commodity was: hardware 37% (38%), software 23% (23%) and services 39% (39%).

**Gross income and margin** 

Gross income increased to SEK 112.7 (109.4) b. with a gross margin of 47.6% (44.1%). The improved gross margin was driven by cost-reduction actions and operational efficiency as well as favorable market mix. Gross income included a negative YoY currency impact of SEK -7.2 b.

Adjusted gross income increased to SEK 113.9 (111.4) b. Adjusted gross margin increased to 48.1% (44.9%).

**Research and development (R&D) expenses** 

R&D expenses decreased to SEK -48.9 (-53.5) b., including restructuring charges of SEK -0.6 (-2.1) b. and a currency benefit of SEK 1.2 b. In 2024, R&D expenses were impacted by an impairment of intangible assets of SEK -1.4 b. Excluding these items, R&D expenses decreased by SEK -0.5 b. YoY. Investments in R&D, for technology leadership and operational resilience, were more than offset by savings from cost-reduction actions in Cloud Software and Services.

**Selling and administrative (SG&A) expenses** 

SG&A expenses decreased to SEK -33.7 (-51.7) b. including restructuring charges of SEK -0.5 (-0.8) b. and a currency benefit of SEK 1.3 b. In 2024 SG&A expenses were impacted by an impairment of intangible assets of SEK -12.6 b. Excluding these items, SG&A expenses decreased by SEK -3.6 b. YoY as a result of cost-reduction actions. The decline was also supported by the Q3 divestments in Enterprise.

**Other operating income and expenses** 

Other operating income and expenses were SEK 8.2 (0.6) b. reflecting a SEK 7.6 b. capital gain from the divestment of iconectiv and a SEK 0.4 b. benefit from a divestment of a minority interest.

**Restructuring charges** 

Restructuring charges amounted to SEK -2.3 (-5.0) b. mainly related to redundancy activities. Gross income included SEK -1.3 (-2.0) b. of restructuring charges, while operating expenses included SEK -1.1 (-3.0) b. of restructuring charges.

**EBITA** 

EBITA increased to SEK 40.5 (22.1) b. including a SEK 7.6 b. capital gain from the divestment of iconectiv and a negative currency impact of SEK -4.8 b. EBITA was supported by lower operating expenses and higher gross income. The EBITA margin was 17.1% (8.9%), driven by EBITA margin improvements in Mobile Networks and a 3.2 percentage point benefit from the iconectiv gain.

Adjusted EBITA increased to SEK 42.9 (27.2) b. The adjusted EBITA margin was 18.1% (11.0%).

**EBIT** 

EBIT increased to SEK 38.6 (4.3) b., with a margin of 16.3% (1.7%). In 2024 EBIT was impacted by a SEK -15.3 b. non-cash impairment charge related to the impairment of intangible assets.

Adjusted EBIT was SEK 41.0 (9.3) b. with a margin of 17.3% (3.8%).

**Financial income and expenses, net** 

Financial income and expenses were SEK -0.3 (-1.7) b. benefiting from lower interest rates and reduced borrowings, a reduction in other financial expenses, as well as a positive impact from currency hedges. The currency hedge effect was SEK 0.4 (0.1) b.

**Income tax** 

Taxes were SEK -9.6 (-2.2) b. The effective tax rate was 25% for 2025, reflecting higher taxable income in jurisdictions with lower statutory tax rates. The effective tax rate for 2024 was 28%, excluding impairment charges, mainly goodwill and intangible assets related to Vonage.

**Net income** 

Net income increased to SEK 28.7 (0.4) b. primarily driven by improved EBIT partly offset by higher taxes. Diluted EPS increased to SEK 8.51 (0.01), including a SEK 1.70 per share benefit from the gain related to the divestment of iconectiv.

 <br> 4 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Group results

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##### [**Table of Contents**](#toc)

## Market area sales

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| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SEK b. | Q4<br> 2025 | Q4<br> 2025 | Q4<br>2024 | Q4<br>2024 | YoY<br>change | YoY<br>change | YoY<br>organic<br>growth | YoY<br>organic<br>growth | Q3<br>2025 | Q3<br>2025 | QoQ<br>change | QoQ<br>change | Jan-Dec<br> 2025 | Jan-Dec<br> 2025 | Jan-Dec<br>2024 | Jan-Dec<br>2024 | YoY<br>change | YoY<br>change | YoY<br>organic<br>growth | YoY<br>organic<br>growth |  |
| &nbsp;&nbsp;&nbsp; Americas |  | 22.9 |  | 25.8 |  | -11% |  | -1% |  | 19.8 |  | 16% |  | 83.4 |  | 85.7 |  | -3% |  | 4% |  |
| &nbsp;&nbsp;&nbsp; Europe, Middle East and Africa |  | 23.4 |  | 21.9 |  | 7% |  | 13% |  | 16.7 |  | 40% |  | 70.7 |  | 71.3 |  | -1% |  | 3% |  |
| &nbsp;&nbsp;&nbsp; South East Asia, Oceania and India |  | 9.0 |  | 8.4 |  | 6% |  | 19% |  | 7.1 |  | 27% |  | 28.8 |  | 32.4 |  | -11% |  | -4% |  |
| &nbsp;&nbsp;&nbsp; North East Asia |  | 5.2 |  | 7.1 |  | -27% |  | -16% |  | 3.8 |  | 36% |  | 16.0 |  | 18.8 |  | -15% |  | -9% |  |
| &nbsp;&nbsp;&nbsp; Other |  | 8.8 |  | 9.7 |  | -9% |  | 13% |  | 8.8 |  | 1% |  | 37.7 |  | 39.7 |  | -5% |  | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which IPR* | | *3.3* | | *3.5* | | *-5%* | | *-* | | *3.1* | | *6%* | | *14.5* | | *14.0* | | *4%* | | *-* | |
| &nbsp;&nbsp;&nbsp; **Total** |  | **69.3** |  | **72.9** |  | **-5%** |  | **6%** |  | **56.2** |  | **23%** |  | **236.7** |  | **247.9** |  | **-5%** |  | **2%** |  |

---

Fourth quarter comments

**Market Area Americas** 

Sales decreased by -1%\* YoY. Networks sales declined by -3%\* with North America broadly stable, following a strong Q4 2024, and lower volumes in Latin America, reflecting continued intense competition and reduced customer network investments. Cloud Software and Services sales increased by 8%\*, supported by software growth in North America. Reported sales declined by -11% YoY.

**Market Area Europe, Middle East and Africa** 

Sales grew by 13%\* YoY, supported by project deliverables in mission critical networks in several markets. Network sales in Middle East and Africa grew strongly, driven primarily by ongoing network modernization in Saudi Arabia and Algeria, as well as a new 5G launch in Morocco. Network sales in Europe were stable, with the benefits from recent market share gains in the UK and a new 5G roll out in Turkey offset by the completion of modernization projects elsewhere. Cloud Software and Services sales increased across Europe and Middle East and Africa driven by core networks growth. Reported sales increased by 7%.

In the quarter, significant new agreements were announced with stc, to advance Saudi Arabia's digital infrastructure, and with Telia, to extend the RAN partnership in key markets.

**Market Area South East Asia, Oceania and India** 

Sales increased by 19%\* YoY. Networks sales grew, driven mainly by accelerated 5G deployments in Vietnam, partly offset by reduced network investment levels in India. Cloud Software and Services sales increased, reflecting the timing of project deliveries in India. Reported sales increased by 6% YoY.

**Market Area North East Asia** 

Sales declined by -16%\* YoY. Networks sales declined due to reduced customer investments in some 5G front-runner markets. Cloud Software and Services sales increased as a result of recent core networks contract wins and favorable timing of project deliverables. Reported sales declined by -27% YoY.

In the quarter, it was announced that Ericsson's Massive-MIMO radios had been deployed in DOCOMO's 5G network in Japan.

**Market Area Other** 

Market area Other includes IPR licensing revenues and almost all sales in segment Enterprise. Sales increased by 13%\*, with organic sales growth in Enterprise, a slight decline in IPR licensing revenues and a positive hedge effect. Reported sales decreased by -9% YoY.

In the quarter, a strategic partnership with LotusFlare was announced, to accelerate the adoption of network APIs.

Full-year comments

**Market Area Americas** 

Sales increased by 4%\* YoY. Networks sales increased by 3%\*. Networks sales in North America grew, benefiting from increased market share and selective network investments by some large customers in the US and in Canada. In Latin America, sales declined due to continued intense competition and reduced customer network investments. Cloud Software and Services sales grew by 6%\*, as a result of growth in core networks in North America. Reported sales declined by -3% YoY.

**Market Area Europe, Middle East and Africa** 

Sales grew by 3%\* YoY, supported by growth in mission critical networks. Networks sales in Middle East and Africa grew strongly, primarily driven by ongoing network modernization in Saudi Arabia and Algeria, as well as new 5G launches in Egypt and Morocco. Networks sales in Europe were stable, with the benefit of recent contract wins in the UK and Spain and a new 5G roll out in Turkey, offset by the completion of modernization projects elsewhere. Cloud Software and Services sales increased in Europe, driven by recent market share wins in the UK. Reported sales decreased by -1% YoY.

**Market Area South East Asia, Oceania and India** 

Sales decreased by -4%\* YoY. Networks sales declined, primarily due to reduced network investment levels in India, as well as increased competition in South East Asia. Sales in Cloud Software and Services grew primarily driven by timing of project deliverables. Reported sales decreased by -11% YoY.

**Market Area North East Asia** 

Sales declined by -9%\* YoY. Networks sales declined due to reduced customer investments in some 5G front-runner markets. Cloud Software and Services sales grew reflecting recent core networks contract wins. Reported sales declined by -15% YoY.

**Market Area Other** 

Market area Other includes IPR licensing revenues and almost all sales in segment Enterprise. Sales increased by 5%\* YoY, with sales growth in IPR licensing revenue and a favorable hedge effect. Reported sales decreased by -5% YoY.

 <br> 5 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Market area sales

------

##### [**Table of Contents**](#toc)

## Segment results

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks | Mobile Networks – Segment Networks |  |
| &nbsp;&nbsp; SEK b. | Q4<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | Q4<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | Q4<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | Q4<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | YoY<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change | YoY<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change | Q3<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | Q3<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | QoQ<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change | QoQ<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jan-Dec<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jan-Dec<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jan-Dec<br> 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jan-Dec<br> 2024 | YoY<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change | YoY<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change |  |
| &nbsp;&nbsp; Net sales |  | 44.2 |  | 46.8 |  | -6% |  | 35.4 |  | 25% |  | 151.0 |  | 158.2 |  | -5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which IPR licensing revenues* | | *2.7* | | *2.9* | | *-5%* | | *2.6* | | *6%* | | *11.9* | | *11.4* | | *4%* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth* | | *-* | | *-* | | *4%* | | *-* | | *-* | | *-* | | *-* | | *1%* | |
| &nbsp;&nbsp; Gross income |  | 21.6 |  | 22.3 |  | -3% |  | 17.7 |  | 22% |  | 75.1 |  | 73.6 |  | 2% |  |
| &nbsp;&nbsp; Gross margin |  | 49.0% |  | 47.7% |  | - |  | 50.0% |  | - |  | 49.7% |  | 46.6% |  | - |  |
| &nbsp;&nbsp; EBIT |  | 9.3 |  | 9.3 |  | 1% |  | 7.1 |  | 32% |  | 29.8 |  | 25.7 |  | 16% |  |
| &nbsp;&nbsp; EBIT margin |  | 21.1% |  | 19.8% |  | - |  | 20.0% |  | - |  | 19.7% |  | 16.2% |  | - |  |
| &nbsp;&nbsp; EBITA |  | 9.3 |  | 9.4 |  | 0% |  | 7.1 |  | 32% |  | 30.2 |  | 25.9 |  | 17% |  |
| &nbsp;&nbsp; EBITA margin |  | 21.1% |  | 20.0% |  | - |  | 20.0% |  | - |  | 20.0% |  | 16.3% |  | - |  |
| &nbsp;&nbsp; Restructuring charges |  | -0.7 |  | -0.7 |  | - |  | -0.1 |  | - |  | -1.0 |  | -1.9 |  | - |  |
| &nbsp;&nbsp; Adjusted financial measures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Adjusted gross income |  | 21.9 |  | 23.0 |  | -5% |  | 17.8 |  | 23% |  | 75.5 |  | 74.7 |  | 1% |  |
| &nbsp;&nbsp; Adjusted gross margin |  | 49.6% |  | 49.1% |  | - |  | 50.1% |  | - |  | 50.0% |  | 47.2% |  | - |  |
| &nbsp;&nbsp; Adjusted EBIT |  | 10.0 |  | 10.0 |  | 0% |  | 7.2 |  | 40% |  | 30.8 |  | 27.6 |  | 12% |  |
| &nbsp;&nbsp; Adjusted EBIT margin |  | 22.7% |  | 21.4% |  | - |  | 20.2% |  | - |  | 20.4% |  | 17.4% |  | - |  |
| &nbsp;&nbsp; Adjusted EBITA |  | 10.1 |  | 10.1 |  | -1% |  | 7.2 |  | 40% |  | 31.2 |  | 27.8 |  | 12% |  |
| &nbsp;&nbsp; Adjusted EBITA margin |  | 22.8% |  | 21.6% |  | - |  | 20.3% |  | - |  | 20.7% |  | 17.5% |  | - |  |

---

Breakdown of sales into products, services and IPR licensing is available in the back-end tables.

Fourth quarter comments

**Net sales** 

Sales increased by 4%\* YoY. Sales grew in market area Europe, Middle East and Africa as well as in South East Asia, Oceania and India, while sales declined in the other two market areas. Services sales grew, increasing sales mix share. Reported sales decreased by -6% YoY to SEK 44.2 (46.8) b., including a currency impact of SEK -4.4 b.

Sales growth in market area Europe, Middle East and Africa was driven by strong sales growth in Middle East and Africa, while sales in market area South East Asia, Oceania and India increased primarily due to growth in Vietnam. Sales in market area Americas declined slightly, primarily reflecting lower sales in Latin America. Sales declined across market area North East Asia, due to timing of network investments.

**Gross income and margin** 

Adjusted gross margin increased to 49.6% (49.1%). Prior periods' cost-reduction actions and operational efficiency more than offset a negative impact from product mix. Adjusted gross income decreased to SEK 21.9 (23.0) b., as the benefit of a higher gross margin was offset by lower sales and a negative currency impact of SEK -2.3 b.

**EBITA** 

Adjusted EBITA was stable at SEK 10.1 (10.1) b. Lower gross income was offset by lower operating expenses, benefiting from continued efficiency improvements and positive currency impacts. EBITA was also positively impacted by SEK 0.4 b. from the divestment of a minority interest. R&D investments remained stable, supporting the strategy of building the best high-performing, AI-native, programmable networks, and maintaining technology leadership. Adjusted EBITA included a SEK -1.8 b. currency impact. The adjusted EBITA margin was 22.8% (21.6%).

Full-year comments

**Net sales** 

Sales grew by 1%\* YoY. Sales grew in market area Americas as well as in Europe, Middle East and Africa, while sales declined in the other two market areas. Reported sales decreased by -5% YoY to SEK 151.0 (158.2) b., including a currency impact of SEK -9.2 b.

In market area Americas, growth in North America was partly offset by a decline in Latin America. Sales growth in market area Europe, Middle East and Africa was driven by strong sales growth in Middle East and Africa. Sales declined in market area South East Asia, Oceania and India, primarily in India, and in market area North East Asia.

**Gross income and margin** 

Adjusted gross margin increased to 50.0% (47.2%) as a result of continued cost-reduction actions and operational efficiency. Adjusted gross income increased to SEK 75.5 (74.7) b., despite lower net sales and a negative currency impact of SEK -5.0 b.

**EBITA** 

Adjusted EBITA increased to SEK 31.2 (27.8) b. supported by higher gross income and lower operating expenses. Operating expenses decreased, benefiting from continued efficiency improvements and positive currency impacts. R&D investments remained stable, supporting the strategy of building the best high-performing, AI-native, programmable networks and maintaining technology leadership. Adjusted EBITA included a SEK -3.9 b. currency impact. The adjusted EBITA margin was 20.7% (17.5%).

 <br> 6 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Segment results

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Mobile Networks – Segment Cloud Software and Services | Mobile Networks – Segment Cloud Software and Services | Mobile Networks – Segment Cloud Software and Services | Mobile Networks – Segment Cloud Software and Services | Mobile Networks – Segment Cloud Software and Services | Mobile Networks – Segment Cloud Software and Services | Mobile Networks – Segment Cloud Software and Services | Mobile Networks – Segment Cloud Software and Services | Mobile Networks – Segment Cloud Software and Services |
| &nbsp;&nbsp; SEK b. | Q4<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | Q4<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | YoY<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change | Q3<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | QoQ<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jan-Dec<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jan-Dec<br> 2024 | YoY<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change |
| &nbsp;&nbsp; Net sales | 20.0 | 19.5 | 3% | 15.3 | 31% | 62.7 | 62.6 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which IPR licensing revenues* | *0.6* | *0.6* | *-5%* | *0.6* | *6%* | *2.6* | *2.5* | *4%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth* | *-* | *-* | *12%* | *-* | *-* | *-* | *-* | *6%* |
| &nbsp;&nbsp; Gross income | 8.6 | 7.2 | 19% | 6.5 | 34% | 26.1 | 23.0 | 14% |
| &nbsp;&nbsp; Gross margin | 43.1% | 37.2% | - | 42.1% | - | 41.7% | 36.8% | - |
| &nbsp;&nbsp; EBIT (loss) | 3.4 | 1.1 | - | 1.7 | 95% | 6.0 | -0.4 | - |
| &nbsp;&nbsp; EBIT margin | 16.8% | 5.6% | - | 11.2% | - | 9.6% | -0.7% | - |
| &nbsp;&nbsp; EBITA (loss) | 3.4 | 1.1 | - | 1.7 | 95% | 6.0 | -0.4 | - |
| &nbsp;&nbsp; EBITA margin | 16.8% | 5.7% | - | 11.2% | - | 9.6% | -0.6% | - |
| &nbsp;&nbsp; Restructuring charges | -0.3 | -0.7 | - | -0.2 | - | -1.2 | -2.4 | - |
| &nbsp;&nbsp; Adjusted financial measures |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Adjusted gross income | 8.9 | 7.6 | 17% | 6.7 | 33% | 26.9 | 23.9 | 13% |
| &nbsp;&nbsp; Adjusted gross margin | 44.3% | 39.0% | - | 43.6% | - | 43.0% | 38.2% | - |
| &nbsp;&nbsp; Adjusted EBIT | 3.7 | 1.8 | 107% | 1.9 | 94% | 7.2 | 2.0 | - |
| &nbsp;&nbsp; Adjusted EBIT margin | 18.5% | 9.2% | - | 12.5% | - | 11.4% | 3.2% | - |
| &nbsp;&nbsp; Adjusted EBITA | 3.7 | 1.8 | 106% | 1.9 | 94% | 7.2 | 2.0 | - |
| &nbsp;&nbsp; Adjusted EBITA margin | 18.6% | 9.3% | - | 12.5% | - | 11.4% | 3.2% | - |

---

Breakdown of sales into products, services and IPR licensing is available in the back-end tables.

Fourth quarter comments

**Net sales** 

Sales increased by 12%\* YoY, driven by increased core networks sales across all market areas. Reported sales grew by 3% to SEK 20.0 (19.5) b., despite a currency impact of SEK -1.8 b. Services sales accounted for 58% (60%) of sales.

Sales grew in all market areas. The strongest growth was in market areas North East Asia and South East Asia, Oceania and India, driven by timing of project deliverables. In market area Europe, Middle East and Africa, sales grew in Africa and in Europe. In market area Americas, sales growth in North America was partly offset by lower sales in Latin America.

**Gross income and margin** 

Adjusted gross margin increased to 44.3% (39.0%), supported by a favorable product mix, with a higher share of software sales. In addition, the margin benefited from improved delivery efficiency and enhanced delivery performance in customer projects. Adjusted gross income increased to SEK 8.9 (7.6) b. despite a SEK -0.9 b. currency impact.

**EBITA** 

Adjusted EBITA was SEK 3.7 (1.8) b. supported by higher gross income and lower operating expenses, reflecting strong strategy execution. Operating expenses decreased, benefiting from continued efficiency improvements and positive currency impacts. Adjusted EBITA included a SEK -0.7 b. currency impact. The adjusted EBITA margin was 18.6% (9.3%).

Full-year comments

**Net sales** 

Sales grew by 6%\* YoY, as a result of increased core network sales across all market areas, driven by 5G core solutions. Reported sales were stable at SEK 62.7 (62.6) b. including a currency impact of SEK -3.4 b. Services sales accounted for 62% (64%) of sales.

Sales grew in all market areas. The strongest growth was in market area Americas, driven by good growth in North America, partly offset by lower sales in Latin America. Growth in market area Europe, Middle East and Africa was driven mainly by Europe. Sales growth in market South East Asia, Oceania and India was driven by India. In market area North East Asia, sales growth was driven by growth in Japan.

**Gross income and margin** 

Adjusted gross margin increased to 43.0% (38.2%) benefiting from strong strategy execution with improved delivery efficiency and performance, with higher share of software sales and continued focus on commercial discipline. Adjusted gross income increased to SEK 26.9 (23.9) b. despite a SEK -1.5 b. currency impact.

**EBITA** 

Adjusted EBITA increased to SEK 7.2 (2.0) b. supported by higher gross income and lower operating expenses, reflecting strong strategy execution. Operating expenses decreased, benefiting from continued efficiency improvements and positive currency impacts, more than offsetting the increased investments in technology leadership. Adjusted EBITA included a SEK -0.9 b. currency impact. The adjusted EBITA margin was 11.4% (3.2%).

 <br> 7 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Segment results

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Segment Enterprise | Segment Enterprise | Segment Enterprise | Segment Enterprise | Segment Enterprise | Segment Enterprise | Segment Enterprise | Segment Enterprise | Segment Enterprise |
| &nbsp;&nbsp;&nbsp; SEK b. | Q4<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | Q4<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | YoY<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change | Q3<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | QoQ<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jan-Dec<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jan-Dec<br> 2024 | YoY<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change |
| &nbsp;&nbsp;&nbsp; Net sales | 4.6 | 6.1 | -25% | 5.1 | -9% | 21.1 | 24.9 | -15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Global Comms Platform (Vonage)* | *3.2* | *3.4* | *-7%* | *3.2* | *0%* | *12.9* | *14.8* | *-13%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Enterprise Wireless Solutions* | *1.2* | *1.4* | *-14%* | *1.2* | *2%* | *4.8* | *4.9* | *-2%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth* | - | - | *2%* | - | - | - | - | *-5%* |
| &nbsp;&nbsp;&nbsp; Gross income | 2.4 | 3.3 | -28% | 2.6 | -9% | 11.4 | 12.8 | -11% |
| &nbsp;&nbsp;&nbsp; Gross margin | 52.1% | 54.3% | - | 51.6% | - | 53.9% | 51.4% | - |
| &nbsp;&nbsp;&nbsp; EBIT (loss) | -1.5 | -1.9 | - | 6.6 | - | 3.2 | -22.1 | - |
| &nbsp;&nbsp;&nbsp; EBIT margin | -33.3% | -30.8% | - | 131.5% | - | 15.3% | -88.8% | - |
| &nbsp;&nbsp;&nbsp; EBITA (loss) | -1.1 | -1.3 | - | 7.0 | - | 4.7 | -4.5 | - |
| &nbsp;&nbsp;&nbsp; EBITA margin | -24.5% | -21.8% | - | 138.1% | - | 22.3% | -18.0% | - |
| &nbsp;&nbsp;&nbsp; Restructuring charges | 0.0 | -0.2 | - | 0.0 | - | -0.1 | -0.5 | - |
| &nbsp;&nbsp;&nbsp; Adjusted financial measures |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Adjusted gross income | 2.4 | 3.3 | -28% | 2.6 | -9% | 11.4 | 12.8 | -11% |
| &nbsp;&nbsp;&nbsp; Adjusted gross margin | 52.1% | 54.3% | - | 51.6% | - | 53.9% | 51.5% | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Global Comms Platform (Vonage)* | *46.7%* | *49.6%* | - | *46.2%* | - | *48.0%* | *44.8%* | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Enterprise Wireless Solutions* | *67.4%* | *57.5%* | - | *63.5%* | - | *63.0%* | *58.8%* | - |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT (loss) | -1.5 | -1.7 | - | 6.7 | - | 3.4 | -21.6 | - |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT margin | -33.2% | -28.3% | - | 132.0% | - | 16.0% | -86.8% | - |
| &nbsp;&nbsp;&nbsp; Adjusted EBITA (loss) | -1.1 | -1.2 | - | 7.0 | - | 4.9 | -4.0 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Global Comms Platform (Vonage) ¹* | *-0.6* | *-0.6* | - | *-0.6* | - | *-2.0* | *-2.0* | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Enterprise Wireless Solutions ¹* | *-0.3* | *-0.5* | - | *-0.3* | - | *-1.3* | *-2.2* | - |
| &nbsp;&nbsp;&nbsp; Adjusted EBITA margin | -24.4% | -19.3% | - | 138.7% | - | 23.0% | -16.0% | - |

---

<sup>1</sup> Common costs are included at segment level only (not distributed within the segment).

Fourth quarter comments

**Net sales** 

Sales increased by 2%\* YoY. Higher sales in Global Communications Platform were partly offset by a decline in Enterprise Wireless Solutions. Reported sales decreased by -25% YoY to SEK 4.6 (6.1) b., reflecting the divestment of iconectiv in Q3 2025 and a currency impact of SEK -0.5 b.

Sales in Global Communications Platform increased by 3%\* YoY, benefiting from growth in CPaaS.

Sales in Enterprise Wireless Solutions declined by -3%\* YoY, with growth in WWAN solutions offset by lower sales in Private 5G solutions, reflecting strong deliveries in the prior year period.

**Gross income and margin** 

Adjusted gross margin decreased to 52.1% (54.3%), as the impact of the divestment of iconectiv in Q3 2025 and a change in business mix in Global Communications Platform were partly offset by higher gross margins in Enterprise Wireless Solutions. Adjusted gross income was SEK 2.4 (3.3) b., reflecting the divestment of iconectiv in Q3 2025 and a negative currency impact of SEK -0.3 b.

**EBITA (loss)** 

Adjusted EBITA (loss) was SEK -1.1 (-1.2) b., with the impact of the divestment of iconectiv in Q3 2025 offset by operational improvements in Enterprise Wireless Solutions. The currency impact was SEK 0.0 b. Adjusted EBITA margin was -24.4% (-19.3%).

Full-year comments

**Net sales** 

Sales declined by -5%\* YoY. Growth in Enterprise Wireless Solutions was more than offset by a decline in Global Communications Platform. Reported sales decreased by -15% YoY to SEK 21.1 (24.9) b. reflecting the divestment of iconectiv in Q3 2025 and a currency impact of SEK -1.2 b.

Sales in Global Communications Platform declined by -7%\* YoY, reflecting the 2024 decision to reduce activities in some countries as well as lower sales in legacy solutions.

Sales in Enterprise Wireless Solutions increased by 4%\* YoY, with growth in WWAN solutions partly offset by lower sales in Private 5G solutions.

**Gross income and margin** 

Adjusted gross margin increased to 53.9% (51.5%), benefiting from the decision to focus on more profitable markets in Global Communications Platform and a stronger product mix in Enterprise Wireless Solutions. Adjusted gross income decreased to SEK 11.4 (12.8) b. primarily reflecting the divestment of iconectiv in Q3 2025 and a negative currency impact of SEK -0.6 b.

**EBITA (loss)** 

Adjusted EBITA (loss) was SEK 4.9 (-4.0) b. including the SEK 7.6 b. capital gain from the divestment of iconectiv as well as operational improvements in Enterprise Wireless Solutions. Adjusted EBITA included a SEK 0.0 b. currency impact. Adjusted EBITA margin was 23.0% (-16.0%).

**Divested operations** 

In Q3 2025, iconectiv was divested and Aduna was deconsolidated. The contribution to Enterprise 2025 results from divested and deconsolidated operations was SEK 2.7 b. in net sales, SEK 1.8 b. in adjusted gross income, and SEK 8.8 b. in adjusted EBITA.

 <br> 8 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Segment results

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##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Segment Other | Segment Other | Segment Other | Segment Other | Segment Other | Segment Other | Segment Other | Segment Other | Segment Other |
| &nbsp;&nbsp;&nbsp; SEK b. | Q4<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | Q4<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | YoY<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change | Q3<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | QoQ<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jan-Dec<br> 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jan-Dec<br> 2024 | YoY<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; change |
| &nbsp;&nbsp;&nbsp; Net sales | 0.5 | 0.6 | -16% | 0.4 | 16% | 1.8 | 2.2 | -16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth* | *-* | - | *-10%* | *-* | *-* | *-* | *-* | *-13%* |
| &nbsp;&nbsp;&nbsp; Gross income | 0 | -0.2 | -121% | 0 | - | 0.1 | -0.1 | - |
| &nbsp;&nbsp;&nbsp; Gross margin | 7.4% | -29.5% | - | 0.0% | - | 3.0% | -4.2% | - |
| &nbsp;&nbsp;&nbsp; EBIT (loss) | 0 | -0.5 | - | -0.3 | - | -0.4 | 1.2 | - |
| &nbsp;&nbsp;&nbsp; EBIT margin | 1.1% | -93.5% | - | -71.5% | - | -22.3% | 53.6% | - |
| &nbsp;&nbsp;&nbsp; EBITA (loss) | 0 | -0.5 | - | -0.3 | - | -0.4 | 1.2 | - |
| &nbsp;&nbsp;&nbsp; EBITA margin | 1.1% | -93.5% | - | -71.3% | - | -22.3% | 53.7% | - |
| &nbsp;&nbsp;&nbsp; Restructuring charges | 0 | 0 | - | 0 | - | 0 | -0.2 | - |
| &nbsp;&nbsp;&nbsp; Adjusted financial measures |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Adjusted gross income | 0.1 | -0.1 | -148% | 0 | - | 0.1 | 0 | - |
| &nbsp;&nbsp;&nbsp; Adjusted gross margin | 13.0% | -22.7% | - | 1.0% | - | 4.8% | -1.5% | - |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT (loss) | 0 | -0.5 | - | -0.3 | - | -0.4 | 1.3 | - |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT margin | 8.0% | -85.9% | - | -70.6% | - | -20.2% | 61.3% | - |
| &nbsp;&nbsp;&nbsp; Adjusted EBITA (loss) | 0 | -0.5 | - | -0.3 |  | -0.4 | 1.3 | - |
| &nbsp;&nbsp;&nbsp; Adjusted EBITA margin | 8.0% | -85.9% | - | -70.3% | - | -20.2% | 61.4% | - |

---

Fourth quarter comments

**Net sales** 

Reported sales were SEK 0.5 (0.6) b.

**Gross income and margin** 

Adjusted gross income was SEK 0.1 (-0.1) b. Adjusted gross margin was 13.0% (-22.7%).

**EBITA (loss)** 

Adjusted EBITA (loss) was SEK 0.0 (-0.5) b.

Full-year comments

**Net sales** 

Reported sales decreased to SEK 1.8 (2.2) b., primarily due to the divestment of the IoT business.

**Gross income and margin** 

Adjusted gross income was SEK 0.1 (0.0) b. Adjusted gross margin was 4.8% (-1.5%).

**EBITA (loss)** 

Adjusted EBITA (loss) was SEK -0.4 (1.3) b. 2024 included a one-time gain of SEK 1.9 b. from the resolution of a commercial dispute.

 <br> 9 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Segment results

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##### [**Table of Contents**](#toc)

## Cash flow and financial position

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Free cash flow bridge, SEK b. | Q4<br> 2025 | Q4<br> 2024 | Q3<br> 2025 | Jan-Dec<br> 2025 | Jan-Dec<br> 2024 |
| &nbsp;&nbsp;&nbsp; **Adjusted EBITA** | **12.7** | **10.2** | **15.8** | **42.9** | **27.2** |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization of non-acquired assets | 1.7 | 2.1 | 1.8 | 7.3 | 7.9 |
| &nbsp;&nbsp;&nbsp; Restructuring charges | -1.1 | -1.6 | -0.3 | -2.3 | -5.0 |
| &nbsp;&nbsp;&nbsp; Changes in operating net assets | 6.4 | 7.8 | -0.5 | 0.4 | 22.8 |
| &nbsp;&nbsp;&nbsp; Interest paid/received, taxes paid, and other | -3.2 | -1.1 | -8.9 | -15.3 | -6.6 |
| &nbsp;&nbsp;&nbsp; **Cash flow from operating activities** | **16.5** | **17.5** | **7.9** | **33.0** | **46.3** |
| &nbsp;&nbsp;&nbsp; Net capex and other investing activities | -1.2 | -1.1 | -0.8 | -4.1 | -3.7 |
| &nbsp;&nbsp;&nbsp; Repayment of lease liabilities | -0.5 | -0.6 | -0.5 | -2.1 | -2.5 |
| &nbsp;&nbsp;&nbsp; **Free cash flow before M&A** | **14.9** | **15.8** | **6.6** | **26.8** | **40.0** |
| &nbsp;&nbsp;&nbsp; Cash flow from operating activities | 16.5 | 17.5 | 7.9 | 33.0 | 46.3 |
| &nbsp;&nbsp;&nbsp; Cash flow from investing activities | -5.0 | -8.3 | 3.2 | -11.4 | -16.0 |
| &nbsp;&nbsp;&nbsp; Cash flow from financing activities | -8.8 | -5.4 | -1.2 | -14.2 | -23.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SEK b. | Dec 31<br> 2025 | Dec 31<br> 2024 | Sep 30<br> 2025 |
| &nbsp;&nbsp;&nbsp; **Gross cash** | **93.9** | **75.9** | **88.4** |
| &nbsp;&nbsp;&nbsp; - Borrowings, current | 3.5 | 6.1 | 6.7 |
| &nbsp;&nbsp;&nbsp; - Borrowings, non-current | 29.2 | 31.9 | 29.9 |
| &nbsp;&nbsp;&nbsp; **Net cash** | **61.2** | **37.8** | **51.9** |
| &nbsp;&nbsp;&nbsp; Equity | 110.3 | 93.0 | 102.5 |
| &nbsp;&nbsp;&nbsp; Equity ratio (%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3% |
| &nbsp;&nbsp;&nbsp; Capital turnover (times) | 1.5 | 1.5 | 1.5 |
| &nbsp;&nbsp;&nbsp; Return on capital employed (%) | 24.1% | 2.6% | 22.5% |

---

Non-IFRS financial measures are reconciled at the end of this report to the most directly reconcilable line items in the financial statements.

Fourth quarter comments

**Cash flow** 

Cash flow from operating activities was SEK 16.5 (17.5) b. driven by earnings. Operating net assets decreased, driven by increased provisions and accruals for variable pay, partly offset by a small increase in working capital.

Cash flow from operating activities decreased compared to the prior year period. Taxes paid were higher in 2025, mainly reflecting taxes on the iconectiv divestment gain, and working capital was stable.

Cash flow from investing activities was SEK -5.0 (-8.3) b. driven by net investments in interest-bearing securities.

Cash flow from financing activities was SEK -8.8 (-5.4) b. including the second tranche of dividend payments and the repayment of SEK 2.4 b. of maturing debt.

**Financial position** 

Gross cash increased sequentially by SEK 5.5 b. to SEK 93.9 b. driven by positive free cash flow before M&A, partly offset by dividends paid and net repayment of debt facilities.

The average maturity of parent company borrowings was 3.0 years as of December 31, 2025, compared with 3.6 years as of December 31, 2024.

Net cash increased sequentially by SEK 9.4 b. to SEK 61.2 b.

Full-year comments

**Cash flow** 

Cash flow from operating activities was SEK 33.0 (46.3) b. driven by earnings. Operating net assets remained broadly stable.

Cash flow from operating activities decreased compared to the prior year. While adjusted EBITA improved, prior year operating cash flow benefited from a strong working capital reduction.

Cash flow from investing activities was SEK -11.4 (-16.0) b. driven by net investments in interest-bearing securities, following the increase in gross cash, partly offset by the proceeds from the divestment of iconectiv.

Cash flow from financing activities was SEK -14.2 (-23.9) b. including SEK 9.5 b. of dividends paid. SEK 1.6 b. of commercial paper and SEK 2.4 b. of maturing debt that were repaid during the year were partly offset by the benefit of received collateral on derivatives.

**Financial position** 

Gross cash increased by SEK 18.1 b. to SEK 93.9 b. driven by positive free cash flow before M&A and the proceeds from the iconectiv divestment, partly offset by dividends paid and a negative exchange rate translation effect on cash and cash equivalents. Ericsson had unutilized committed credit facilities of SEK 23.0 b. (USD 2.5 b.) as of December 31, 2025.

Net cash increased by SEK 23.4 b. to SEK 61.2 b.

Liabilities for post-employment benefits decreased in the year to SEK 18.6 b. from SEK 24.4 b. reflecting a higher Swedish discount rate. The Swedish defined benefit obligation (DBO) was calculated using a discount rate based on the yields of Swedish government bonds. If the discount rate had been based on Swedish covered mortgage bonds, the liability for post-employment benefits would have been approximately SEK 10.9 b., which is SEK 7.7 b. lower than current DBO.

 <br> 10 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Cash flow and financial position

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##### [**Table of Contents**](#toc)

## Key data points
Market

Dell'Oro estimates that the global RAN equipment market will remain stable in 2026.

Source: Dell'Oro Mobile RAN Quarterly Report Q325, Nov 2025.

Ericsson

**Net sales** 

Reported average seasonality last 3 years (2023–2025), %.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Q4® Q1 | Q1® Q2 | Q2® Q3 | Q3® Q4 |
| &nbsp;&nbsp;&nbsp;Networks | -25% | +4% | +1% | +17% |
| &nbsp;&nbsp;&nbsp;Cloud Software and Services | -33% | +13% | +3% | +29% |

---

Net sales may show large variations between quarters, including currency changes.

**IPR licensing revenues** 

IPR licensing revenue growth opportunities remain, including from increased penetration of the smartphone market and from new applications.

In Q4 2025, recurring annual IPR licensing revenues were approximately SEK 13 b. On December 31, 2025, a smartphone licensing agreement with a Chinese vendor expired.

Optimizing the terms and value of new agreements and renewals will remain a priority.

**Currency exposure** 

Rule of thumb: A 10% appreciation/depreciation in the USD vs. SEK would have a positive/negative impact of approximately 5% on net sales.

**Amortization of intangible assets** 

Amortization of intangible assets is expected to be around SEK -0.5 b. per quarter, of which approximately SEK -0.4 b. related to segment Enterprise.

**Restructuring charges** 

Restructuring charges for 2026 are expected to be at elevated levels.

Segments

Increased uncertainty remains on the outlook, both in terms of potential for further tariff changes and in the broader macroeconomic environment.

**Networks** 

Sales growth in Q1 2026 is expected to be broadly similar to 3-year average seasonality.

Adjusted gross margin in Q1 2026 is expected to be in the range of 49% to 51%.

**Cloud Software and Services** 

Sales growth in Q1 2026 is expected to be below 3-year average seasonality.

**Enterprise** 

In 2025, the contribution to Enterprise results from divested and deconsolidated operations was SEK 2.7 b. in net sales, SEK 1.8 b. in adjusted gross income, and SEK 8.8 b. in adjusted EBITA.

 <br> 11 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Key data points

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## Parent Company
Income after financial items January – December 2025, was SEK 31.3 (6.6) b.

At the end of the quarter, gross cash (cash, cash equivalents plus interest-bearing securities, current and non-current) amounted to SEK 77.8 (58.7) b.

There was a decrease in intercompany lending of SEK 0.8 b. and an increase in intercompany borrowing of SEK 17.2 b. in the quarter.

At the end of the year, non-restricted equity amounted to SEK 43.1 (22.3) billion, and total equity amounted to SEK 91.4 (70.6) b.

The holding of treasury stock on December 31, 2025, was 38,002,276 Class B shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 12 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Parent Company

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## Dividend, AGM, and Annual Report
The Ericsson Board of Directors has undertaken a review of the capital allocation priorities and balance sheet structure during 2025.

The capital allocation principles are; (1) Maintain technology leadership and ensure strong customer confidence through continued investments in R&D, even during periods of increased market volatility or low visibility; (2) Stable to progressive ordinary dividends; (3) Selective inorganic investments to complement the existing product portfolio and/or market footprint; and (4) Ensure capital discipline through distributing excess cash to shareholders.

Ericsson strives for a solid net cash position over time to secure its top priorities of technology leadership and customer confidence, while remaining committed to an investment grade credit rating.

Based on the review and the full-year 2025 results, and in line with the updated capital allocation principles, the Board has concluded there is excess cash available to distribute to shareholders.

The Board of Directors will propose to the Annual General Meeting (AGM) an ordinary dividend to shareholders of SEK 3.00 (2.85) per share for the financial year 2025. The dividend is proposed to be paid in two installments, SEK 1.50 per share with the record date April 2, 2026, and SEK 1.50 per share with the record date September 29, 2026. Should the Annual General Meeting decide in favor of the proposals, the payment of the dividend is expected to be made on April 9, 2026, and on October 2, 2026. The proposed dividend takes into consideration 2025 earnings, the balance sheet, future business plans, and expected economic developments.

Ericsson's Board of Directors will further propose to the AGM to authorize the Board to initiate a share buyback program to repurchase shares, with purchases expected to begin following the publication of the Q1 2026 report. The proposed program targets to return up to SEK 15 b. of cash to shareholders over the period extending to the 2027 Annual General Meeting at the latest, with a formal mandate to buy back a maximum of 10% of shares outstanding. The share repurchase is proposed to include Class B shares traded on Nasdaq Stockholm. The repurchased shares are expected to be canceled or partially used to fund approved LTV programs.

In total, the proposals amount to a potential distribution to shareholders of up to SEK 25.0 b. for the financial year 2025. Adjusted for the proposed shareholder distributions, the net cash position at year end 2025 remains at a solid level when considering future investments to maintain technology leadership.

**Ericsson Annual General Meeting** 

The Annual General Meeting of shareholders will be held on March 31, 2026. Additional information about the Annual General Meeting of shareholders will be made available on Ericsson's website.

**Annual Report** 

The annual report will be made public and available on the Ericsson website www.ericsson.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 13 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Dividend, AGM and Annual Report

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##### [**Table of Contents**](#toc)

## Other information
**Legal proceedings involving governmental authorities** 

In February 2022, Ericsson publicly disclosed that an internal investigation in 2019 included a review of the conduct of Ericsson employees, vendors and suppliers in Iraq during the period between 2011 to 2019. The investigators could not determine the ultimate recipients of any payments, nor identify that any Ericsson employee was directly involved in financing terrorist organizations. The Company's 2019 internal Iraq investigation did not conclude that Ericsson made or was responsible for any payments to any terrorist organization.

The Company continues to fully cooperate with the DOJ in its investigation into matters discussed in the 2019 internal Iraq investigation report and related topics concerning jurisdictions including Iraq, and the Company is providing additional documents and other information which continue to be requested by the DOJ. As additional information continues to be identified and evaluated in continued cooperation with the DOJ during its ongoing investigation, it is expected that there will not be any conclusive determinations on the outcome until the investigation is completed. The scope and duration of the investigation remains uncertain.

In April 2019, Ericsson was informed by China's State Administration for Market Regulation Anti-monopoly Bureau (SAMR) that SAMR has initiated an investigation into Ericsson's patent licensing practices in China. Ericsson is cooperating with the investigation, which is still in a fact-finding phase. The next steps include continued fact-finding and meetings with SAMR in order to facilitate the authority's assessment and conclusions. In case of adverse findings, SAMR has the power to impose behavioral and financial remedies.

**Legal proceedings not involving governmental authorities** 

In August 2022, a civil lawsuit was filed in the United States District Court for the District of Columbia against Telefonaktiebolaget LM Ericsson and Ericsson Inc. (collectively, the "Ericsson defendants"). The lawsuit was brought by US military service members, employees of US government contractors and other civilians who were killed or injured in terrorist attacks in Iraq, Afghanistan and Syria from 2005 to 2021, as well as by their family members. The lawsuit asserts claims against the Ericsson defendants under the U.S. Anti-Terrorism Act alleging that the Ericsson defendants made payments that ultimately aided the terrorist organizations that committed, planned or authorized the attacks. In November 2022, the Ericsson defendants filed a motion to dismiss the complaint. On December 20, 2022, plaintiffs filed an amended complaint, which added additional plaintiffs, including a plaintiff injured in Turkey, and also named Ericsson AB (collectively with the Ericsson defendants, the "Ericsson corporate defendants"), President and CEO Börje Ekholm and a former employee (who has not been served with process) as additional defendants and also asserted additional allegations and claims. In March 2023, the Ericsson corporate defendants and Mr. Ekholm filed motions to dismiss the amended complaint. Plaintiffs filed their oppositions to defendants' motions to dismiss the amended complaint in June 2023, and defendants filed reply briefs in support of their motions to dismiss in July 2023. All briefing has been submitted, and resolution of the matter is pending with the District Court. All defendants will continue to vigorously defend this matter.

In February 2024, a second civil lawsuit also alleging violations of the U.S. Anti-Terrorism Act was filed in the United States District Court for the District of Columbia. The lawsuit was filed by the same law firm and involves substantially similar factual allegations and claims as those made in the Anti-Terrorism Act lawsuit originally filed in August 2022, and similarly names the same Ericsson

corporate defendants, President and CEO Börje Ekholm and a former employee as defendants. The new lawsuit was brought by additional US military service members, employees of US government contractors and other civilians who were killed or injured in terrorist attacks in Iraq, Afghanistan, Syria, Turkey, Niger, and France from 2005 to 2021, as well as by their family members. The District Court for the District of Columbia has stayed the proceedings in this matter pending its decision on the motions to dismiss in the earlier-filed suit. The defendants will vigorously defend this matter.

In November 2025, a third civil lawsuit also alleging violations of the US Anti-Terrorism Act was filed in the US District Court for the District of Columbia. The lawsuit was filed by a law firm not involved in the August 2022 and February 2024 lawsuits and involves substantially similar factual allegations and claims to those made in the Anti-Terrorism Act lawsuits filed in August 2022 and February 2024, and similarly names the same Ericsson corporate defendants, CEO Börje Ekholm and a former employee as defendants. The new lawsuit was brought by additional US military service members, employees of US government contractors and other civilians who were killed or injured in terrorist attacks in France, Afghanistan, and Belgium from 2012 to 2018, as well as by their family members. The District Court for the District of Columbia has stayed the proceedings in this matter pending its decision on the motions to dismiss in the earlier-filed suit. The defendants will vigorously defend this matter.

Beginning on August 4, 2023, a number of civil lawsuits have been filed against Telefonaktiebolaget LM Ericsson in Solna District Court, Sweden. 93 claimants have filed suit, which are coordinated and financed by a UK-based litigation funder. The claimants consist of a group of non-Swedish funds and financial institutions that allegedly are or have been shareholders of the Company. Their damages claims are primarily based on alleged inadequate disclosure of the contents of the Company's 2019 internal Iraq investigation report. Ericsson filed its statement of defense on March 15, 2024. On February 14, 2025, the District Court ordered Ericsson to produce the 2019 internal Iraq investigation report to the claimants' external counsel. Ericsson appealed the decision and on August 15, 2025, the Court of Appeal overturned the District Court's decision. The claimants have appealed the decision to the Supreme Court. Proceedings on the merits of the case are stayed pending final resolution of the document production issue. Ericsson will continue to vigorously defend this matter.

The Company actively manages its IPR portfolio and its need for third-party licenses and is involved from time to time, in the ordinary course of business, in litigation related thereto, as plaintiff, defendant and other capacities.

In addition to the proceedings discussed above, the Company is, and in the future may be, involved in various other regulatory investigations, enforcement actions, lawsuits, claims (including claims by third-parties the Company has indemnified against infringement liability or provided guarantees to) and proceedings incidental to the ordinary course of business and transactions.

**PRESS RELEASES** 

 <br>   <u>Nov 11, 2025</u>   <u>Ericsson announces change to the Executive Team</u>

**POST-CLOSING EVENT** 

PRESS RELEASE Jan 15, 2026

Ericsson announces proposed headcount reduction in Sweden

 <br> 14 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Other information

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## Risk factors
Ericsson is exposed to a number of risks in its activities. To stimulate identification and support cross-functional treatment within the Ericsson Group, risks are grouped in a number of categories, including, for example, risks relating to technology, IPR, compliance, project execution, operations, products and services, treasury and accounting, the geopolitical environment, M&A, cybersecurity and occupational health and safety. Ericsson's risk management is embedded into strategy development and operational processes, and material Group risks are regularly assessed and reviewed by executives as required by Ericsson's Material Group Risk Protocol to ensure accountability, effectiveness, efficiency, business continuity and compliance. Risks are defined in both a short-term and long-term perspective and are related to long-term objectives and strategic direction as well as to short-term objectives. Risk factors and uncertainties of relevance to Ericsson are described in the Ericsson Annual Report 2024 and in the Annual Report on Form 20-F for the year ended December 31, 2024 (in the following, the "Annual Report 2024"). See also the risks set out in the section titled "Forward-looking statements."

Stockholm, January 23, 2026

Telefonaktiebolaget LM Ericsson

Börje Ekholm, President and CEO

Org. No. 556016-0680

Date for next report: April 17, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> 15 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Risk factors

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## Editor's note
**Media and analyst briefing** 

Ericsson invites media, investors and analysts to a conference call and live video webcast at 09:00 AM CEST on January 23, 2026.

Link to the webcast, dial-in to audio conference, supporting material and replay will be available at:

www.ericsson.com/investors and

www.ericsson.com/newsroom

For further information, please contact:

Lars Sandström, Senior Vice President, Chief Financial Officer

Phone: +46 72 161 20 04

E-mail: investor.relations@ericsson.com

Peter Borsos, Vice President,

Head of Group Communications

Phone: +46 70 317 68 00

E-mail: media.relations@ericsson.com

Telefonaktiebolaget LM Ericsson

Org. number: 556016-0680

Torshamnsgatan 21

SE-164 83 Stockholm

Phone: +46 10 719 00 00

www.ericsson.com

**Investors** 

Daniel Morris, Vice President,

Head of Investor Relations

Phone: +44 7386 657217

E-mail: investor.relations@ericsson.com

Lena Häggblom, Director,

Investor Relations

Phone: +46 72 593 27 78

E-mail: investor.relations@ericsson.com

Alan Ganson, Director,

Investor Relations

Phone: +46 70 267 27 30

E-mail: investor.relations@ericsson.com

**Media** 

Ralf Bagner, Head of Media Relations

Phone: +46 76 128 47 89

E-mail: media.relations@ericsson.com

Corporate Communications

Phone: +46 10 719 69 92

E-mail: media.relations@ericsson.com

 <br> 16 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Editor's note

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## Forward-looking statements
This report includes forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words "believe," "expect," "foresee," "anticipate," "assume," "intend," "likely," "projects," "may," "could," "plan," "estimate," "forecast," "will," "should," "would," "predict," "aim," "ambition," "seek," "potential," "target," "might," "continue," or, in each case, their negative or variations, and similar words or expressions are used to identify forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking statements, including, in particular the following:

– Potential material additional liability resulting from past conduct, including allegations of past conduct that remains unresolved or unknown in multiple jurisdictions including Iraq, which remains the subject of ongoing investigations by Ericsson and US governmental authorities

Risks related to internal controls and governance, including the potential to incur material liability in connection with internal controls surrounding payments made to third parties in connection with past conduct in multiple jurisdictions including Iraq which remains the subject of ongoing investigations by Ericsson and US governmental authorities <br>

The risk that the ongoing investigations by Ericsson and US governmental authorities result in a conclusion by Ericsson or US governmental authorities that the Company's past conduct included making or having responsibility for making payments to a terrorist organization or other improper payments, which could lead to material additional liability <br>

– Risks related to our ongoing compliance with obligations under the National Security Agreement entered into in connection with Ericsson's acquisition of Vonage, which may adversely affect the Vonage business and subject the Company to additional liabilities

– Our goals, strategies, planning assumptions and operational or financial performance expectations

– Macroeconomic conditions, including inflationary pressures and effects on customer investments, market recovery and growth

– Ongoing geopolitical and trade uncertainty, including challenging global economic conditions, market trends and the imposition of tariffs and sanctions

– Continued growth of mobile communications, the success of our existing and targeted customer base, and our ability to maintain technology leadership

– Success in implementing key strategies, including improving profitability, capturing 5G market opportunities, capitalizing on network API and Enterprise opportunities, and expected benefits from restructuring activities

– Risks related to cybersecurity and privacy, security and data localization

– Industry trends, future characteristics and development of the markets in which we operate

– Risks of global operations, including legal and regulatory requirements and uncertainties, and unfavorable lawsuits and legal proceedings

– Our future liquidity, capital resources, capital expenditures, cost savings and profitability, and risks related to financial condition

– The expected demand for our existing and new products and services as well as plans to launch new products and services including research and development expenditures

– Our ability to deliver on future plans and achieve future growth

– The expected operational or financial performance of strategic cooperation activities and joint ventures

– Risks related to acquisitions and divestments that may be disruptive and incur significant expenses, including our ability to successfully consummate such transactions, protect the value of acquisitions during integration, or achieve the value anticipated with an acquisition

– Trends related to our industry, including our regulatory environment, competition and customer structure

– Intense competition from existing competitors, and new entrants, including vendor consolidation

– Limited number of third-party suppliers, large, multi-year agreements with limited number of key customers, and operator consolidation

– Risks related to intellectual property, key employees, and unforeseen risks and disruptions due to natural or man-made events

– Risks related to environmental, social and business conduct

– Extent of impairment impacts on cash flow and dividend capacity in future periods, which is assessed based on full-year performance and is impacted by a variety of factors, including earnings, business outlook and financial position

– Other factors included in our filings with the SEC, including the factors described throughout this report, included in the section Risk Factors, and in "Risk Factors" in the Annual Report 2024, as updated by subsequent reports filed with the SEC.

These forward-looking statements also represent our estimates, assumptions and expectations only as of the date that they were made, and to the extent they represent third-party data, we have not undertaken to independently verify such third-party data and do not intend to do so. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements and are urged to carefully review and consider the various disclosures made in this report and in other documents we file from time to time with our regulators that disclose risks and uncertainties that may affect our business. We expressly disclaim a duty to provide updates to these forward-looking statements, and the estimates and assumptions associated with them, after the date of this report, to reflect events or changes in circumstances or changes in expectations or the occurrence of anticipated events, whether as a result of new information, future events or otherwise, except as required by applicable law or stock exchange regulations.

 <br> 17 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Forward-looking statements

------

##### [**Table of Contents**](#toc)

## Auditors' Review Report
**Introduction** 

We have reviewed the condensed interim financial information (year-end report) of Telefonaktiebolaget LM Ericsson (publ.) as of December 31, 2025, and the twelve months period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the year-end report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this year-end report based on our review.

**Scope of review** 

We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, *Review of Interim Report Performed by the Independent Auditor of the Entity.*

A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that would make

us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

**Conclusion** 

Based on our review, nothing has come to our attention that causes us to believe that the year-end report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.

Stockholm, January 23, 2026

Deloitte AB

Jonas Ståhlberg

Authorized Public Accountant

 <br> 18 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Auditors' Review Report

------

##### [**Table of Contents**](#toc)

## Financial statements and other information
Contents

---

| | |
|:---|:---|
| **[Financial statements (unaudited)](#tx52056_1)** | **20** |
| [Condensed consolidated income statement](#tx52056_2) | 20 |
| [Condensed statement of comprehensive income](#tx52056_3) | 20 |
| [Condensed consolidated balance sheet](#tx52056_4) | 21 |
| [Condensed consolidated statement of cash flows](#tx52056_5) | 22 |
| [Condensed consolidated statement of changes in equity](#tx52056_6) | 23 |
| [Condensed consolidated income statement – isolated quarters](#tx52056_7) | 23 |
| [Condensed consolidated statement of cash flows – isolated quarters](#tx52056_8) | 24 |
| [Condensed Parent Company income statement](#tx52056_9) | 25 |
| [Condensed Parent Company statement of comprehensive income](#tx52056_10) | 25 |
| [Condensed Parent Company balance sheet](#tx52056_11) | 26 |
| **[Accounting policies and Explanatory notes (unaudited)](#tx52056_12)** | **27** |
| [Note 1 – Accounting policies and Other changes](#tx52056_13) | 27 |
| [Note 2 – Segment information](#tx52056_14) | 28 |
| [Note 3 – Financial income and expenses, net](#tx52056_15) | 32 |
| [Note 4 – Provisions](#tx52056_16) | 33 |
| [Note 5 – Financial risk management](#tx52056_17) | 34 |
| [Note 6 – Cash flow](#tx52056_18) | 35 |
| [Note 7 – Contingent liabilities and Assets pledged as collateral](#tx52056_19) | 35 |
| [Note 8 – Share information](#tx52056_20) | 36 |
| [Note 9 – Employee information](#tx52056_21) | 36 |
| [Note 10 – Information on non-adjusting event](#tx52056_22) | 36 |
| **[Alternative performance measures (unaudited)](#tx52056_23)** | **37** |
| [Sales growth adjusted for comparable units and currency](#tx52056_24) | 37 |
| [Items excluding restructuring charges and impairments of goodwill and intangible assets](#tx52056_25) | 38 |
| [EBITA and EBITA margin / Adjusted EBITA and Adjusted EBITA margin](#tx52056_26) | 39 |
| [Rolling four quarters of net sales and adjusted EBITA margin (%)](#tx52056_27) | 39 |
| [Gross cash and net cash, end of period](#tx52056_28) | 40 |
| [Capital employed](#tx52056_29) | 40 |
| [Capital turnover](#tx52056_30) | 40 |
| [Return on capital employed](#tx52056_31) | 41 |
| [Equity ratio](#tx52056_32) | 41 |
| [Return on equity](#tx52056_33) | 41 |
| [Operating working capital](#tx52056_34) | 42 |
| [Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)](#tx52056_35) | 42 |
| [Sales growth by segment adjusted for comparable units and currency](#tx52056_36) | 43 |
| [Sales growth by market area adjusted for comparable units and currency \*](#tx52056_37) | 43 |
| [Rolling four quarters of net sales by segment](#tx52056_38) | 43 |
| [Gross margin by segment by quarter](#tx52056_39) | 44 |
| [EBIT margin by segment by quarter](#tx52056_40) | 44 |
| [EBITA and EBITA margin by segment by quarter](#tx52056_41) | 45 |
| [Restructuring charges by function](#tx52056_42) | 46 |
| [Restructuring charges by segment](#tx52056_43) | 46 |
| [Adjusted gross income and Adjusted gross margin by segment](#tx52056_44) | 47 |
| [Adjusted EBIT (loss) and Adjusted EBIT margin by segment](#tx52056_45) | 48 |
| [Rolling four quarters of adjusted EBITA margin by segment (%)](#tx52056_46) | 48 |
| [Adjusted EBITA and Adjusted EBITA margin by segment](#tx52056_47) | 49 |
| [Operating working capital days](#tx52056_48) | 49 |

---

 <br> 19 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Financial statements and other information

------

##### [**Table of Contents**](#toc)

## Financial statements (unaudited)
**Condensed consolidated income statement** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Q4 | Q4 | Q4 | Jan-Dec | Jan-Dec |
| &nbsp;&nbsp;&nbsp; SEK million | Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| &nbsp;&nbsp;&nbsp; Net sales | 2 | 69285 | 72913 | -5% | 236681 | 247880 |
| &nbsp;&nbsp;&nbsp; Cost of sales |  | -36580 | -40206 | -9% | -124013 | -138515 |
| &nbsp;&nbsp;&nbsp; **Gross income** | 2 | **32705** | **32707** | **0%** | **112668** | **109365** |
| &nbsp;&nbsp;&nbsp; Research and development expenses <sup>1)</sup> |  | -13098 | -13877 | -6% | -48852 | -53514 |
| &nbsp;&nbsp;&nbsp; Selling and administrative expenses <sup>1)</sup> |  | -8971 | -10512 | -15% | -33685 | -51657 |
| &nbsp;&nbsp;&nbsp; Impairment reversals/losses on trade receivables |  | 127 | -2 | - | 239 | -265 |
| &nbsp;&nbsp;&nbsp; **Operating expenses** |  | **-21942** | **-24391** | **-10%** | **-82298** | **-105436** |
| &nbsp;&nbsp;&nbsp; Other operating income and expenses <sup>2)</sup> |  | 420 | -50 | - | 8210 | 630 |
| &nbsp;&nbsp;&nbsp; Share of earnings of associated companies |  | -22 | -308 | -93% | 54 | -246 |
| &nbsp;&nbsp;&nbsp; **Earnings before financial items and income tax (EBIT)** | 2 | **11161** | **7958** | **40%** | **38634** | **4313** |
| &nbsp;&nbsp;&nbsp; Financial income and expenses, net | 3 | -80 | -391 | -80% | -332 | -1724 |
| &nbsp;&nbsp;&nbsp; **Income after financial items** |  | **11081** | **7567** | **46%** | **38302** | **2589** |
| &nbsp;&nbsp;&nbsp; Income tax <sup>1)</sup> |  | -2510 | -2688 | -7% | -9588 | -2215 |
| &nbsp;&nbsp;&nbsp; **Net income** |  | **8571** | **4879** | **76%** | **28714** | **374** |
| &nbsp;&nbsp;&nbsp; Net income attributable to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the Parent Company |  | 8563 | 4779 |  | 28428 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  | 8 | 100 |  | 286 | 354 |
| &nbsp;&nbsp;&nbsp; Other information |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of shares, basic (million) | 8 | 3333 | 3333 |  | 3333 | 3332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings per share, basic (SEK) <sup>3)</sup> | 8 | 2.57 | 1.44 |  | 8.53 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings per share, diluted (SEK) <sup>3)</sup> | 8 | 2.57 | 1.44 |  | 8.51 | 0.01 |

---

<sup>1)</sup> Jan-Dec 2024 includes an impairment of intangible assets reported in the second quarter, of which R&D expenses SEK -1.2 billion, SG&A expenses SEK -12.6 billion and Income tax SEK 3.7 billion.

<sup>2)</sup> Jan-Dec 2025 includes a gain of SEK 7.6 billion due to the divestment of iconectiv, and one divestment of a minority interest in Q4 2025. Jan-Dec 2024 includes a goodwill impairment of SEK -1.3 billion reported in the second quarter, and a one-time gain of SEK 1.9 billion reported in the first quarter from the resolution of a commercial dispute. 

<sup>3)</sup> Based on net income attributable to owners of the Parent Company.

<sup>4)</sup> Potential ordinary shares are not considered when their conversion to ordinary shares would improve earnings per share.

**Condensed statement of comprehensive income** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q4 | Q4 | Jan-Dec | Jan-Dec |
| &nbsp;&nbsp;&nbsp; SEK million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| &nbsp;&nbsp;&nbsp; **Net income** | **8571** | **4879** | **28714** | **374** |
| &nbsp;&nbsp;&nbsp; **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; *Items that will not be reclassified to profit or loss* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Remeasurements of defined benefit pension plans | 1863 | -371 | 6744 | 877 |
| &nbsp;&nbsp;&nbsp; Revaluation of credit risk on borrowings | 32 | -128 | 30 | -567 |
| &nbsp;&nbsp;&nbsp; Tax on items that will not be reclassified to profit or loss | -250 | 141 | -1380 | -28 |
| &nbsp;&nbsp;&nbsp; *Items that have been or may be reclassified to profit or loss* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash flow hedge reserve |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains/losses arising during the period | 363 | -3128 | 5047 | -3892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustments on gains/losses included in profit or loss | -481 | 249 | -218 | 725 |
| &nbsp;&nbsp;&nbsp; Translation reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in translation reserves | -1794 | 5188 | -12721 | 6461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification to profit or loss | 37 | 155 | 1395 | 73 |
| &nbsp;&nbsp;&nbsp; Share of other comprehensive income of associated companies | -29 | 29 | -93 | 40 |
| &nbsp;&nbsp;&nbsp; Tax on items that have been or may be reclassified to profit or loss | 24 | 593 | -995 | 652 |
| &nbsp;&nbsp;&nbsp; **Total other comprehensive income, net of tax** | **-235** | **2728** | **-2191** | **4341** |
| &nbsp;&nbsp;&nbsp; **Total comprehensive income** | **8336** | **7607** | **26523** | **4715** |
| &nbsp;&nbsp;&nbsp; Total comprehensive income attributable to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the Parent Company | 8367 | 7619 | 26125 | 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests | -31 | -12 | 398 | 200 |

---

 <br> 20 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Financial statements

------

##### [**Table of Contents**](#toc)
**Condensed consolidated balance sheet** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dec 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dec 31 |
| &nbsp;&nbsp;&nbsp; SEK million | Note | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp; **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Intangible assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized development expenses |  | 3866 | 4593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill |  | 46882 | 56077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships, IPR and other intangible assets |  | 5631 | 7954 |
| &nbsp;&nbsp;&nbsp; Property, plant and equipment |  | 8789 | 10545 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets |  | 6738 | 6487 |
| &nbsp;&nbsp;&nbsp; Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associated companies |  | 1507 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments in shares and participations | 5 | 1909 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer finance, non-current | 5 | 238 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing securities, non-current | 5 | 37298 | 19440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets, non-current | 5 | 5960 | 5161 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets |  | 16851 | 24412 |
|  |  | **135669** | **138067** |
| &nbsp;&nbsp;&nbsp; **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Inventories |  | 23451 | 27125 |
| &nbsp;&nbsp;&nbsp; Contract assets |  | 7333 | 6924 |
| &nbsp;&nbsp;&nbsp; Trade receivables | 5 | 40327 | 44151 |
| &nbsp;&nbsp;&nbsp; Customer finance, current | 5 | 852 | 4332 |
| &nbsp;&nbsp;&nbsp; Current tax assets |  | 5030 | 6083 |
| &nbsp;&nbsp;&nbsp; Other current receivables |  | 9920 | 9261 |
| &nbsp;&nbsp;&nbsp; Interest-bearing securities, current | 5 | 12715 | 12546 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 5 | 43926 | 43885 |
|  |  | **143554** | **154307** |
| &nbsp;&nbsp;&nbsp; **Total assets** |  | **279223** | **292374** |
| &nbsp;&nbsp;&nbsp; **Equity and liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp; Stockholders' equity |  | 109535 | 94284 |
| &nbsp;&nbsp;&nbsp; Non-controlling interest in equity of subsidiaries |  | 729 | -1301 |
|  |  | **110264** | **92983** |
| &nbsp;&nbsp;&nbsp; **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Post-employment benefits |  | 18648 | 24448 |
| &nbsp;&nbsp;&nbsp; Provisions, non-current | 4 | 2993 | 3511 |
| &nbsp;&nbsp;&nbsp; Deferred tax liabilities |  | 152 | 1295 |
| &nbsp;&nbsp;&nbsp; Borrowings, non-current | 5 | 29165 | 31904 |
| &nbsp;&nbsp;&nbsp; Lease liabilities, non-current |  | 5772 | 5363 |
| &nbsp;&nbsp;&nbsp; Other non-current liabilities |  | 1292 | 996 |
|  |  | **58022** | **67517** |
| &nbsp;&nbsp;&nbsp; **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; Provisions, current | 4 | 5691 | 8204 |
| &nbsp;&nbsp;&nbsp; Borrowings, current | 5 | 3538 | 6137 |
| &nbsp;&nbsp;&nbsp; Lease liabilities, current |  | 1789 | 2132 |
| &nbsp;&nbsp;&nbsp; Contract liabilities |  | 36867 | 41229 |
| &nbsp;&nbsp;&nbsp; Trade payables | 5 | 26335 | 30173 |
| &nbsp;&nbsp;&nbsp; Current tax liabilities |  | 2679 | 3322 |
| &nbsp;&nbsp;&nbsp; Other current liabilities |  | 34038 | 40677 |
|  |  | **110937** | **131874** |
| &nbsp;&nbsp;&nbsp; **Total equity and liabilities** |  | **279223** | **292374** |

---

 <br> 21 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Financial statements

------

##### [**Table of Contents**](#toc)
**Condensed consolidated statement of cash flows** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Q4 | Q4 | Jan-Dec | Jan-Dec |
| &nbsp;&nbsp;&nbsp; SEK million | Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| &nbsp;&nbsp;&nbsp; **Operating activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net income |  | 8571 | 4879 | 28714 | 374 |
| &nbsp;&nbsp;&nbsp; Adjustments for |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes |  | 2724 | 2563 | 10074 | 2540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings/dividends in associated companies |  | 27 | 387 | 57 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and impairment losses | 6 | 2185 | 2815 | 9241 | 25734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | -735 | 528 | -8579 | 1884 |
|  |  | **12772** | **11172** | **39507** | **30991** |
| &nbsp;&nbsp;&nbsp; **Changes in operating net assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Inventories |  | 3667 | 2876 | 929 | 10208 |
| &nbsp;&nbsp;&nbsp; Customer finance, current and non-current |  | 406 | -225 | 3033 | 2755 |
| &nbsp;&nbsp;&nbsp; Trade receivables and contract assets |  | -3288 | -3041 | -4301 | 2576 |
| &nbsp;&nbsp;&nbsp; Trade payables |  | 1568 | 2580 | 462 | 496 |
| &nbsp;&nbsp;&nbsp; Provisions and post-employment benefits |  | 1743 | 958 | -1435 | -53 |
| &nbsp;&nbsp;&nbsp; Contract liabilities |  | -2913 | -407 | 1485 | 4598 |
| &nbsp;&nbsp;&nbsp; Other operating assets and liabilities, net |  | 5175 | 5088 | 205 | 2237 |
|  |  | **6358** | **7829** | **378** | **22817** |
| &nbsp;&nbsp;&nbsp; Interest received |  | 716 | 518 | 2283 | 1800 |
| &nbsp;&nbsp;&nbsp; Interest paid |  | -407 | -543 | -2205 | -3043 |
| &nbsp;&nbsp;&nbsp; Taxes paid |  | -2932 | -1463 | -7009 | -6304 |
| &nbsp;&nbsp;&nbsp; **Cash flow from operating activities** |  | **16507** | **17513** | **32954** | **46261** |
| &nbsp;&nbsp;&nbsp; **Investing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in property, plant and equipment | 6 | -849 | -667 | -2630 | -2340 |
| &nbsp;&nbsp;&nbsp; Sales of property, plant and equipment |  | 56 | 14 | 192 | 116 |
| &nbsp;&nbsp;&nbsp; Acquisitions/divestments of subsidiaries and other operations, net |  | 338 | -95 | 10539 | -311 |
| &nbsp;&nbsp;&nbsp; Product development | 6 | -352 | -323 | -1138 | -1300 |
| &nbsp;&nbsp;&nbsp; Purchase of interest-bearing securities |  | -10310 | -6642 | -38758 | -19622 |
| &nbsp;&nbsp;&nbsp; Sales of interest-bearing securities |  | 4867 | 2605 | 16688 | 11247 |
| &nbsp;&nbsp;&nbsp; Other investing activities |  | 1216 | -3219 | 3670 | -3742 |
| &nbsp;&nbsp;&nbsp; **Cash flow from investing activities** |  | **-5034** | **-8327** | **-11437** | **-15952** |
| &nbsp;&nbsp;&nbsp; **Financing activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of borrowings |  | 200 | 485 | 398 | 3615 |
| &nbsp;&nbsp;&nbsp; Repayment of borrowings |  | -3001 | -373 | -3538 | -15917 |
| &nbsp;&nbsp;&nbsp; Sale of own shares |  | 6 | - | 6 | - |
| &nbsp;&nbsp;&nbsp; Dividends paid |  | -4734 | -4514 | -9545 | -9233 |
| &nbsp;&nbsp;&nbsp; Repayment of lease liabilities |  | -461 | -626 | -2115 | -2492 |
| &nbsp;&nbsp;&nbsp; Other financing activities |  | -853 | -419 | 571 | 162 |
| &nbsp;&nbsp;&nbsp; **Cash flow from financing activities** |  | **-8843** | **-5447** | **-14223** | **-23865** |
| &nbsp;&nbsp;&nbsp; Effect of exchange rate changes on cash |  | -1399 | 2823 | -7253 | 2251 |
| &nbsp;&nbsp;&nbsp; **Net change in cash and cash equivalents** |  | **1231** | **6562** | **41** | **8695** |
| &nbsp;&nbsp;&nbsp; **Cash and cash equivalents, beginning of period** |  | **42695** | **37323** | **43885** | **35190** |
| &nbsp;&nbsp;&nbsp; **Cash and cash equivalents, end of period** |  | **43926** | **43885** | **43926** | **43885** |

---

 <br> 22 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Financial statements

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##### [**Table of Contents**](#toc)
**Condensed consolidated statement of changes in equity** 

---

| | | |
|:---|:---|:---|
|  | Jan-Dec | Jan-Dec |
| &nbsp;&nbsp; SEK million | 2025 | 2024 |
| &nbsp;&nbsp; Opening balance | 92983 | 97408 |
| &nbsp;&nbsp; Total comprehensive income | 26523 | 4715 |
| &nbsp;&nbsp; Sale/repurchase of own shares | -116 | -21 |
| &nbsp;&nbsp; Share issue, net | 116 | 21 |
| &nbsp;&nbsp; Long-term variable compensation plans | 179 | 93 |
| &nbsp;&nbsp; Dividends to shareholders | -9545 | -9233 |
| &nbsp;&nbsp; Transactions with non-controlling interests | 124 | - |
| &nbsp;&nbsp; **Closing balance** | **110264** | **92983** |

---

**Condensed consolidated income statement – isolated quarters** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 |
| &nbsp;&nbsp;&nbsp; Net sales | 69285 | 56239 | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
| &nbsp;&nbsp;&nbsp; Cost of sales | -36580 | -29462 | -29483 | -28488 | -40206 | -33609 | -34033 | -30667 |
| &nbsp;&nbsp;&nbsp; **Gross income** | **32705** | **26777** | **26649** | **26537** | **32707** | **28185** | **25815** | **22658** |
| &nbsp;&nbsp;&nbsp; Research and development expenses <sup>1)</sup> | -13098 | -11510 | -12212 | -12032 | -13877 | -13140 | -14926 | -11571 |
| &nbsp;&nbsp;&nbsp; Selling and administrative expenses <sup>1)</sup> | -8971 | -7913 | -8180 | -8621 | -10512 | -9380 | -23074 | -8691 |
| &nbsp;&nbsp;&nbsp; Impairment reversals/losses on trade receivables | 127 | 46 | 34 | 32 | -2 | 78 | -84 | -257 |
| &nbsp;&nbsp;&nbsp; **Operating expenses** | **-21942** | **-19377** | **-20358** | **-20621** | **-24391** | **-22442** | **-38084** | **-20519** |
| &nbsp;&nbsp;&nbsp; Other operating income and expenses <sup>2)</sup> | 420 | 7715 | 67 | 8 | -50 | 4 | -1299 | 1975 |
| &nbsp;&nbsp;&nbsp; Share of earnings of associated companies | -22 | 36 | 33 | 7 | -308 | 27 | 49 | -14 |
| &nbsp;&nbsp;&nbsp; **Earnings (loss) before financial items and income tax (EBIT)** | **11161** | **15151** | **6391** | **5931** | **7958** | **5774** | **-13519** | **4100** |
| &nbsp;&nbsp;&nbsp; Financial income and expenses, net | -80 | -212 | 34 | -74 | -391 | -501 | -361 | -471 |
| &nbsp;&nbsp;&nbsp; **Income (loss) after financial items** | **11081** | **14939** | **6425** | **5857** | **7567** | **5273** | **-13880** | **3629** |
| &nbsp;&nbsp;&nbsp; Income tax <sup>1)</sup> | -2510 | -3639 | -1799 | -1640 | -2688 | -1392 | 2881 | -1016 |
| &nbsp;&nbsp;&nbsp; **Net income (loss)** | **8571** | **11300** | **4626** | **4217** | **4879** | **3881** | **-10999** | **2613** |
| &nbsp;&nbsp;&nbsp; Net income (loss) attributable to: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the Parent Company | 8563 | 11149 | 4567 | 4149 | 4779 | 3814 | -11132 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests | 8 | 151 | 59 | 68 | 100 | 67 | 133 | 54 |
| &nbsp;&nbsp;&nbsp; Other information |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of shares, basic (million) | 3333 | 3333 | 3333 | 3333 | 3333 | 3333 | 3332 | 3331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings (loss) per share, basic (SEK) <sup>3)</sup> | 2.57 | 3.34 | 1.37 | 1.25 | 1.44 | 1.14 | -3.34 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings (loss) per share, diluted (SEK) <sup>3) 4)</sup> | 2.57 | 3.33 | 1.37 | 1.24 | 1.44 | 1.14 | -3.34 | 0.77 |

---

<sup>1)</sup> Q2 2024 includes an impairment of intangible assets, of which R&D expenses SEK -1.2 billion, SG&A expenses SEK -12.6 billion and income tax SEK 3.7 billion.

<sup>2)</sup> Q4 2025 includes one divestment of a minority interest. Q3 2025 includes a gain of SEK 7.6 billion due to the divestment of iconectiv. Q2 2024 includes a goodwill impairment of SEK -1.3 billion. Q1 2024 includes a one-time gain of SEK 1.9 billion from the resolution of a commercial dispute. 

<sup>3)</sup> Based on net income attributable to owners of the Parent Company.

<sup>4)</sup> Potential ordinary shares are not considered when their conversion to ordinary shares would increase earnings per share.

 <br> 23 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Financial statements

------

##### [**Table of Contents**](#toc)
**Condensed consolidated statement of cash flows – isolated quarters** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | 2025 | | | | 2024 | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operating activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | 8571 | 11300 | 4626 | 4217 | 4879 | 3881 | -10999 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments for |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes | 2724 | 3647 | 1949 | 1754 | 2563 | 1397 | -2693 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings/dividends in associated companies | 27 | 50 | -22 | 2 | 387 | 110 | -41 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and impairment losses | 2185 | 2129 | 2177 | 2750 | 2815 | 2292 | 18015 | 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | -735 | -7549 | -410 | 115 | 528 | 592 | 424 | 340 |
|  | **12772** | **9577** | **8320** | **8838** | **11172** | **8272** | **4706** | **6841** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Changes in operating net assets** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventories | 3667 | -680 | 210 | -2268 | 2876 | 1358 | 3239 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customer finance, current and non-current | 406 | 372 | 391 | 1864 | -225 | 1211 | -365 | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade receivables and contract assets | -3288 | -889 | 188 | -312 | -3041 | 3524 | 1857 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade payables | 1568 | 1102 | -636 | -1572 | 2580 | -3 | 1941 | -4022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provisions and post-employment benefits | 1743 | -565 | -298 | -2315 | 958 | 955 | 304 | -2270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | -2913 | -2869 | -1329 | 8596 | -407 | -117 | -1398 | 6520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other operating assets and liabilities, net | 5175 | 3047 | -1187 | -6830 | 5088 | 859 | 890 | -4600 |
|  | **6358** | **-482** | **-2661** | **-2837** | **7829** | **7787** | **6468** | **733** |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest received | 716 | 433 | 458 | 676 | 518 | 506 | 385 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest paid | -407 | -328 | -699 | -771 | -543 | -526 | -677 | -1297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taxes paid | -2932 | -1261 | -1268 | -1548 | -1463 | -1642 | -1606 | -1593 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash flow from operating activities** | **16507** | **7939** | **4150** | **4358** | **17513** | **14397** | **9276** | **5075** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in property, plant and equipment | -849 | -491 | -561 | -729 | -667 | -540 | -699 | -434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of property, plant and equipment | 56 | 57 | 40 | 39 | 14 | 36 | 42 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisitions/divestments of subs. and other operations, net | 338 | 10064 | 141 | -4 | -95 | -62 | -48 | -106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Product development | -352 | -286 | -193 | -307 | -323 | -264 | -327 | -386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase of interest-bearing securities | -10310 | -9633 | -12295 | -6520 | -6642 | -5517 | -5845 | -1618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of interest-bearing securities | 4867 | 3549 | 2568 | 5704 | 2605 | 4937 | 1501 | 2204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investing activities | 1216 | -106 | -562 | 3122 | -3219 | 1113 | -611 | -1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash flow from investing activities** | **-5034** | **3154** | **-10862** | **1305** | **-8327** | **-297** | **-5987** | **-1341** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financing activities** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of borrowings | 200 | - | 198 | - | 485 | 1161 | 2 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayment of borrowings | -3001 | -26 | -432 | -79 | -373 | -5127 | -16 | -10401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sale of own shares | 6 | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends paid | -4734 | -1 | -4810 | - | -4514 | -8 | -4711 | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayment of lease liabilities | -461 | -507 | -554 | -593 | -626 | -607 | -658 | -601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other financing activities | -853 | -643 | 2127 | -60 | -419 | 356 | -313 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash flow from financing activities** | **-8843** | **-1177** | **-3471** | **-732** | **-5447** | **-4225** | **-5696** | **-8497** |
| &nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate changes on cash | -1399 | -841 | -787 | -4226 | 2823 | -1288 | -705 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net change in cash and cash equivalents** | **1231** | **9075** | **-10970** | **705** | **6562** | **8587** | **-3112** | **-3342** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash and cash equivalents, beginning of period** | **42695** | **33620** | **44590** | **43885** | **37323** | **28736** | **31848** | **35190** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cash and cash equivalents, end of period** | **43926** | **42695** | **33620** | **44590** | **43885** | **37323** | **28736** | **31848** |

---

 <br> 24 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Financial statements

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##### [**Table of Contents**](#toc)
**Condensed Parent Company income statement** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q4 | Q4 | Jan-Dec | Jan-Dec |
| &nbsp;&nbsp;&nbsp; SEK million | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp; Net sales | - | - | - | - |
| &nbsp;&nbsp;&nbsp; Cost of sales | - | - | - | - |
| &nbsp;&nbsp;&nbsp; **Gross income** | **-** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp; Operating expenses | -455 | -337 | -1692 | -1320 |
| &nbsp;&nbsp;&nbsp; Other operating income and expenses | 644 | 582 | 2600 | 4827 |
| &nbsp;&nbsp;&nbsp; **EBIT** | **189** | **245** | **908** | **3507** |
| &nbsp;&nbsp;&nbsp; Financial net | 2259 | 10411 | 30408 | 3138 |
| &nbsp;&nbsp;&nbsp; **Income after financial items** | **2448** | **10656** | **31316** | **6645** |
| &nbsp;&nbsp;&nbsp; Transfers to (-) / from untaxed reserves | -528 | -2415 | -528 | -2415 |
| &nbsp;&nbsp;&nbsp; Income tax | 15 | 180 | -499 | -488 |
| &nbsp;&nbsp;&nbsp; **Net income** | **1935** | **8421** | **30289** | **3742** |

---

**Condensed Parent Company statement of comprehensive income** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q4 | Q4 | Jan-Dec | Jan-Dec |
| &nbsp;&nbsp;&nbsp; SEK million | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp; **Net income** | **1935** | **8421** | **30289** | **3742** |
| &nbsp;&nbsp;&nbsp; **Other comprehensive income, net of tax** | **-** | **-** | **-** | **-** |
| &nbsp;&nbsp;&nbsp; **Total comprehensive income** | **1935** | **8421** | **30289** | **3742** |

---

 <br> 25 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Financial statements

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##### [**Table of Contents**](#toc)
**Condensed Parent Company balance sheet** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; SEK million | Dec 31<br>2025 | Dec 31<br>2025 | Dec 31<br>2024 | Dec 31<br>2024 |  |
| &nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp; **Fixed assets** |  |  |  |  |  |
| &nbsp;&nbsp; Intangible assets |  | 151 |  | 160 |  |
| &nbsp;&nbsp; Tangible assets |  | 300 |  | 295 |  |
| &nbsp;&nbsp;&nbsp; Financial assets <sup>1)</sup> |  | 135029 |  | 121721 |  |
|  |  | **135480** |  | **122176** |  |
| &nbsp;&nbsp; **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp; Receivables |  | 19323 |  | 19876 |  |
| &nbsp;&nbsp; Short-term investments |  | 12651 |  | 12222 |  |
| &nbsp;&nbsp; Cash and cash equivalents |  | 27807 |  | 27073 |  |
|  |  | **59781** |  | **59171** |  |
| &nbsp;&nbsp; **Total assets** |  | **195261** |  | **181347** |  |
| &nbsp;&nbsp; **Stockholders' equity, provisions and liabilities** |  |  |  |  |  |
| &nbsp;&nbsp; **Equity** |  |  |  |  |  |
| &nbsp;&nbsp; Restricted equity |  | 48351 |  | 48235 |  |
| &nbsp;&nbsp;&nbsp; Non-restricted equity |  | 43051 |  | 22335 |  |
|  |  | **91402** |  | **70570** |  |
| &nbsp;&nbsp; Provisions |  | 60 |  | 144 |  |
| &nbsp;&nbsp; Non-current liabilities |  | 29164 |  | 31884 |  |
| &nbsp;&nbsp; Current liabilities |  | 74635 |  | 78749 |  |
| &nbsp;&nbsp; **Total stockholders' equity, provisions and liabilities** |  | **195261** |  | **181347** |  |
| &nbsp;&nbsp; *<sup>1)</sup> Of which interest-bearing securities, non-current* | | *37298* | | *19439* | |

---

 <br> 26 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Financial statements

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##### [**Table of Contents**](#toc)

## Accounting policies and Explanatory notes
(unaudited)

Note 1 – Accounting policies and Other changes

Accounting policies

**The Group** 

This condensed consolidated interim financial report for the reporting period ended December 31, 2025, has been prepared in accordance with International Accounting Standard IAS 34 "Interim Financial Reporting". The term "IFRS Accounting Standards" used in this document refers to IFRS<sup>®</sup> Accounting standards as issued by the International Accounting Standards Board (IASB) as well as interpretations of these standards as issued by IASB's Standards Interpretation Committee (SIC) and IFRS Interpretations Committee (IFRIC). The accounting policies adopted are consistent with those of the annual report for the year ended December 31, 2024, and should be read in conjunction with that annual report. Amendments to IFRS Accounting Standards that became effective during 2025 do not have a material impact on the result and financial position of the Company.

Changes applied from Q1 2025

**New market area structure implemented in Q1 2025** 

On February 25, 2025, it was announced that effective March 15, 2025, two new market areas are created – market area Americas and market area Europe, Middle East and Africa. This is done by merging market area Europe and Latin America, market area North America, and market area Middle East and Africa. From Q1 2025 the following market area structure is presented:

- Americas

- Europe, Middle East and Africa

- South East Asia, Oceania and India

- North East Asia

The financial reporting by market areas is reflecting the new structure and prior quarters have been restated accordingly.

**Updated definitions of Alternative performance measures (APMs)** 

Starting from Q1 2025 the Company has decided to update the definitions of the following APMs. The Company believes the updated definitions better reflect the underlying results of the Company's operations over time.

- Return on capital employed (ROCE)

- Capital turnover (CTO)

- Inventory turnover days (ITO)

- Days sales outstanding (DSO)

- Days payables outstanding (DPO)

- Operating working capital days

The APMs are now based on a rolling average rather than an average of the beginning and the end of the period. Prior periods have been updated accordingly. In addition, Operating working capital has been added as an APM. For more information, see the APM section in this report.

 <br> 27 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Accounting policies and Explanatory notes

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##### [**Table of Contents**](#toc)
Note 2 – Segment information

**Net sales by segment by quarter** 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 |  |
| &nbsp;&nbsp;&nbsp; Networks |  | 44200 |  | 35424 |  | 35747 |  | 35643 |  | 46797 |  | 40016 |  | 37679 |  | 33715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *33275* | | *26531* | | *27622* | | *28060* | | *36592* | | *31242* | | *28583* | | *25397* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *10925* | | *8893* | | *8125* | | *7583* | | *10205* | | *8774* | | *9096* | | *8318* | |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services |  | 20031 |  | 15346 |  | 14363 |  | 12975 |  | 19457 |  | 14953 |  | 15180 |  | 13045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *8459* | | *5431* | | *5407* | | *4719* | | *7826* | | *5240* | | *4814* | | *4529* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *11572* | | *9915* | | *8956* | | *8256* | | *11631* | | *9713* | | *10366* | | *8516* | |
| &nbsp;&nbsp;&nbsp; Enterprise |  | 4578 |  | 5058 |  | 5548 |  | 5933 |  | 6090 |  | 6319 |  | 6484 |  | 5970 |  |
| &nbsp;&nbsp;&nbsp; Other |  | 476 |  | 411 |  | 474 |  | 474 |  | 569 |  | 506 |  | 505 |  | 595 |  |
| &nbsp;&nbsp;&nbsp; **Total** |  | **69285** |  | **56239** |  | **56132** |  | **55025** |  | **72913** |  | **61794** |  | **59848** |  | **53325** |  |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Sequential change, percent | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 |  |
| &nbsp;&nbsp;&nbsp; Networks |  | 25% |  | -1% |  | 0% |  | -24% |  | 17% |  | 6% |  | 12% |  | -25% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *25%* | | *-4%* | | *-2%* | | *-23%* | | *17%* | | *9%* | | *13%* | | *-27%* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *23%* | | *9%* | | *7%* | | *-26%* | | *16%* | | *-4%* | | *9%* | | *-19%* | |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services |  | 31% |  | 7% |  | 11% |  | -33% |  | 30% |  | -1% |  | 16% |  | -33% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *56%* | | *0%* | | *15%* | | *-40%* | | *49%* | | *9%* | | *6%* | | *-36%* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *17%* | | *11%* | | *8%* | | *-29%* | | *20%* | | *-6%* | | *22%* | | *-32%* | |
| &nbsp;&nbsp;&nbsp; Enterprise |  | -9% |  | -9% |  | -6% |  | -3% |  | -4% |  | -3% |  | 9% |  | -11% |  |
| &nbsp;&nbsp;&nbsp; Other |  | 16% |  | -13% |  | 0% |  | -17% |  | 12% |  | 0% |  | -15% |  | -5% |  |
| &nbsp;&nbsp;&nbsp; **Total** |  | **23%** |  | **0%** |  | **2%** |  | **-25%** |  | **18%** |  | **3%** |  | **12%** |  | **-26%** |  |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Year over year change, percent | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 |  |
| &nbsp;&nbsp;&nbsp; Networks |  | -6% |  | -11% |  | -5% |  | 6% |  | 4% |  | -4% |  | -11% |  | -21% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *-9%* | | *-15%* | | *-3%* | | *10%* | | *5%* | | *-2%* | | *-13%* | | *-21%* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *7%* | | *1%* | | *-11%* | | *-9%* | | *-1%* | | *-10%* | | *-6%* | | *-19%* | |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services |  | 3% |  | 3% |  | -5% |  | -1% |  | -1% |  | -4% |  | 0% |  | -3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *8%* | | *4%* | | *12%* | | *4%* | | *11%* | | *5%* | | *-7%* | | *2%* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *-1%* | | *2%* | | *-14%* | | *-3%* | | *-7%* | | *-8%* | | *4%* | | *-5%* | |
| &nbsp;&nbsp;&nbsp; Enterprise |  | -25% |  | -20% |  | -14% |  | -1% |  | -9% |  | -5% |  | 2% |  | 0% |  |
| &nbsp;&nbsp;&nbsp; Other |  | -16% |  | -19% |  | -6% |  | -20% |  | -9% |  | -28% |  | -2% |  | -14% |  |
| &nbsp;&nbsp;&nbsp; **Total** |  | **-5%** |  | **-9%** |  | **-6%** |  | **3%** |  | **1%** |  | **-4%** |  | **-7%** |  | **-15%** |  |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar |  |
| &nbsp;&nbsp;&nbsp; Networks |  | 151014 |  | 106814 |  | 71390 |  | 35643 |  | 158207 |  | 111410 |  | 71394 |  | 33715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *115488* | | *82213* | | *55682* | | *28060* | | *121814* | | *85222* | | *53980* | | *25397* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *35526* | | *24601* | | *15708* | | *7583* | | *36393* | | *26188* | | *17414* | | *8318* | |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services |  | 62715 |  | 42684 |  | 27338 |  | 12975 |  | 62635 |  | 43178 |  | 28225 |  | 13045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *24016* | | *15557* | | *10126* | | *4719* | | *22409* | | *14583* | | *9343* | | *4529* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *38699* | | *27127* | | *17212* | | *8256* | | *40226* | | *28595* | | *18882* | | *8516* | |
| &nbsp;&nbsp;&nbsp; Enterprise |  | 21117 |  | 16539 |  | 11481 |  | 5933 |  | 24863 |  | 18773 |  | 12454 |  | 5970 |  |
| &nbsp;&nbsp;&nbsp; Other |  | 1835 |  | 1359 |  | 948 |  | 474 |  | 2175 |  | 1606 |  | 1100 |  | 595 |  |
| &nbsp;&nbsp;&nbsp; **Total** |  | **236681** |  | **167396** |  | **111157** |  | **55025** |  | **247880** |  | **174967** |  | **113173** |  | **53325** |  |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Year over year change, percent | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar |  |
| &nbsp;&nbsp;&nbsp; Networks |  | -5% |  | -4% |  | 0% |  | 6% |  | -8% |  | -12% |  | -16% |  | -21% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *-5%* | | *-4%* | | *3%* | | *10%* | | *-7%* | | *-12%* | | *-17%* | | *-21%* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *-2%* | | *-6%* | | *-10%* | | *-9%* | | *-9%* | | *-12%* | | *-13%* | | *-19%* | |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services |  | 0% |  | -1% |  | -3% |  | -1% |  | -2% |  | -2% |  | -1% |  | -3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *7%* | | *7%* | | *8%* | | *4%* | | *3%* | | *0%* | | *-3%* | | *2%* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *-4%* | | *-5%* | | *-9%* | | *-3%* | | *-4%* | | *-3%* | | *0%* | | *-5%* | |
| &nbsp;&nbsp;&nbsp; Enterprise |  | -15% |  | -12% |  | -8% |  | -1% |  | -3% |  | -1% |  | 1% |  | 0% |  |
| &nbsp;&nbsp;&nbsp; Other |  | -16% |  | -15% |  | -14% |  | -20% |  | -14% |  | -16% |  | -9% |  | -14% |  |
| &nbsp;&nbsp;&nbsp; **Total** |  | **-5%** |  | **-4%** |  | **-2%** |  | **3%** |  | **-6%** |  | **-9%** |  | **-11%** |  | **-15%** |  |

---

 <br> 28 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Accounting policies and Explanatory notes

------

##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gross income by segment by quarter** | | | | | | | | |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 21648 | 17705 | 17638 | 18112 | 22326 | 19332 | 17139 | 14851 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 8636 | 6463 | 5964 | 5069 | 7243 | 5537 | 5407 | 4834 |
| &nbsp;&nbsp;&nbsp; Enterprise | 2386 | 2609 | 3045 | 3338 | 3306 | 3307 | 3310 | 2865 |
| &nbsp;&nbsp;&nbsp; Other | 35 | 0 | 2 | 18 | -168 | 9 | -41 | 108 |
| &nbsp;&nbsp;&nbsp; **Total** | **32705** | **26777** | **26649** | **26537** | **32707** | **28185** | **25815** | **22658** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Networks | 75103 | 53455 | 35750 | 18112 | 73648 | 51322 | 31990 | 14851 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 26132 | 17496 | 11033 | 5069 | 23021 | 15778 | 10241 | 4834 |
| &nbsp;&nbsp;&nbsp; Enterprise | 11378 | 8992 | 6383 | 3338 | 12788 | 9482 | 6175 | 2865 |
| &nbsp;&nbsp;&nbsp; Other | 55 | 20 | 20 | 18 | -92 | 76 | 67 | 108 |
| &nbsp;&nbsp;&nbsp; **Total** | **112668** | **79963** | **53186** | **26537** | **109365** | **76658** | **48473** | **22658** |
| **EBIT (loss) by segment by quarter** |  |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 9318 | 7075 | 6376 | 7040 | 9267 | 7492 | 4750 | 4156 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 3364 | 1721 | 840 | 71 | 1099 | -443 | -728 | -363 |
| &nbsp;&nbsp;&nbsp; Enterprise | -1526 | 6649 | -870 | -1014 | -1876 | -1201 | -17424 | -1582 |
| &nbsp;&nbsp;&nbsp; Other | 5 | -294 | 45 | -166 | -532 | -74 | -117 | 1889 |
| &nbsp;&nbsp;&nbsp; **Total** | **11161** | **15151** | **6391** | **5931** | **7958** | **5774** | **-13519** | **4100** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Networks | 29809 | 20491 | 13416 | 7040 | 25665 | 16398 | 8906 | 4156 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 5996 | 2632 | 911 | 71 | -435 | -1534 | -1091 | -363 |
| &nbsp;&nbsp;&nbsp; Enterprise | 3239 | 4765 | -1884 | -1014 | -22083 | -20207 | -19006 | -1582 |
| &nbsp;&nbsp;&nbsp; Other | -410 | -415 | -121 | -166 | 1166 | 1698 | 1772 | 1889 |
| &nbsp;&nbsp;&nbsp; **Total** | **38634** | **27473** | **12322** | **5931** | **4313** | **-3645** | **-9419** | **4100** |

---

 <br> 29 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Accounting policies and Explanatory notes

------

##### [**Table of Contents**](#toc)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Net sales by market area by quarter \*** | | | | | | | | | | | | | | | | | |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 |  |
| &nbsp;&nbsp;&nbsp; Americas |  | 22928 |  | 19837 |  | 19809 |  | 20859 |  | 25836 |  | 23484 |  | 19902 |  | 16519 |  |
| &nbsp;&nbsp;&nbsp; Europe, Middle East and Africa <sup>1) 2)</sup> |  | 23350 |  | 16730 |  | 16193 |  | 14475 |  | 21865 |  | 16893 |  | 17265 |  | 15287 |  |
| &nbsp;&nbsp;&nbsp; South East Asia, Oceania and India |  | 8986 |  | 7097 |  | 5505 |  | 7226 |  | 8449 |  | 7702 |  | 7694 |  | 8565 |  |
| &nbsp;&nbsp;&nbsp; North East Asia |  | 5205 |  | 3825 |  | 3766 |  | 3215 |  | 7090 |  | 3686 |  | 4561 |  | 3424 |  |
| &nbsp;&nbsp;&nbsp; Other ¹<sup>)</sup> ²<sup>)</sup> |  | 8816 |  | 8750 |  | 10859 |  | 9250 |  | 9673 |  | 10029 |  | 10426 |  | 9530 |  |
| &nbsp;&nbsp;&nbsp; **Total** |  | **69285** |  | **56239** |  | **56132** |  | **55025** |  | **72913** |  | **61794** |  | **59848** |  | **53325** |  |
| &nbsp;&nbsp;&nbsp; *¹<sup>)</sup> Of which in Sweden* | | *1374* | | *863* | | *686* | | *461* | | *597* | | *432* | | *583* | | *729* | |
| &nbsp;&nbsp;&nbsp; *²<sup>)</sup> Of which in EU* | | *10663* | | *8213* | | *8223* | | *7566* | | *10935* | | *8157* | | *8606* | | *7566* | |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Sequential change, percent | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 |  |
| &nbsp;&nbsp;&nbsp; Americas |  | 16% |  | 0% |  | -5% |  | -19% |  | 10% |  | 18% |  | 20% |  | -11% |  |
| &nbsp;&nbsp;&nbsp; Europe, Middle East and Africa <sup>1) 2)</sup> |  | 40% |  | 3% |  | 12% |  | -34% |  | 29% |  | -2% |  | 13% |  | -33% |  |
| &nbsp;&nbsp;&nbsp; South East Asia, Oceania and India |  | 27% |  | 29% |  | -24% |  | -14% |  | 10% |  | 0% |  | -10% |  | -27% |  |
| &nbsp;&nbsp;&nbsp; North East Asia |  | 36% |  | 2% |  | 17% |  | -55% |  | 92% |  | -19% |  | 33% |  | -62% |  |
| &nbsp;&nbsp;&nbsp; Other <sup>1) 2)</sup> |  | 1% |  | -19% |  | 17% |  | -4% |  | -4% |  | -4% |  | 9% |  | -1% |  |
| &nbsp;&nbsp;&nbsp; **Total** |  | **23%** |  | **0%** |  | **2%** |  | **-25%** |  | **18%** |  | **3%** |  | **12%** |  | **-26%** |  |
| &nbsp;&nbsp;&nbsp; *¹<sup>)</sup> Of which in Sweden* | | *59%* | | *26%* | | *49%* | | *-23%* | | *38%* | | *-26%* | | *-20%* | | *115%* | |
| &nbsp;&nbsp;&nbsp; *²<sup>)</sup> Of which in EU* | | *30%* | | *0%* | | *9%* | | *-31%* | | *34%* | | *-5%* | | *14%* | | *-25%* | |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Year over year change, percent | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 |  |
| &nbsp;&nbsp;&nbsp; Americas |  | -11% |  | -16% |  | 0% |  | 26% |  | 38% |  | 37% |  | 11% |  | -17% |  |
| &nbsp;&nbsp;&nbsp; Europe, Middle East and Africa <sup>1) 2)</sup> |  | 7% |  | -1% |  | -6% |  | -5% |  | -4% |  | -8% |  | -3% |  | -1% |  |
| &nbsp;&nbsp;&nbsp; South East Asia, Oceania and India |  | 6% |  | -8% |  | -28% |  | -16% |  | -28% |  | -44% |  | -44% |  | -38% |  |
| &nbsp;&nbsp;&nbsp; North East Asia |  | -27% |  | 4% |  | -17% |  | -6% |  | -22% |  | -31% |  | -10% |  | -22% |  |
| &nbsp;&nbsp;&nbsp; Other <sup>1) 2)</sup> |  | -9% |  | -13% |  | 4% |  | -3% |  | 1% |  | 1% |  | 7% |  | 6% |  |
| &nbsp;&nbsp;&nbsp; **Total** |  | **-5%** |  | **-9%** |  | **-6%** |  | **3%** |  | **1%** |  | **-4%** |  | **-7%** |  | **-15%** |  |
| &nbsp;&nbsp;&nbsp; *<sup>1)</sup> Of which in Sweden* | | *130%* | | *100%* | | *18%* | | *-37%* | | *76%* | | *-5%* | | *58%* | | *19%* | |
| &nbsp;&nbsp;&nbsp; *<sup>2)</sup> Of which in EU* | | *-2%* | | *1%* | | *-4%* | | *0%* | | *8%* | | *4%* | | *7%* | | *-8%* | |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar |  |
| &nbsp;&nbsp;&nbsp; Americas |  | 83433 |  | 60505 |  | 40668 |  | 20859 |  | 85741 |  | 59905 |  | 36421 |  | 16519 |  |
| &nbsp;&nbsp;&nbsp; Europe, Middle East and Africa <sup>1) 2)</sup> |  | 70748 |  | 47398 |  | 30668 |  | 14475 |  | 71310 |  | 49445 |  | 32552 |  | 15287 |  |
| &nbsp;&nbsp;&nbsp; South East Asia, Oceania and India |  | 28814 |  | 19828 |  | 12731 |  | 7226 |  | 32410 |  | 23961 |  | 16259 |  | 8565 |  |
| &nbsp;&nbsp;&nbsp; North East Asia |  | 16011 |  | 10806 |  | 6981 |  | 3215 |  | 18761 |  | 11671 |  | 7985 |  | 3424 |  |
| &nbsp;&nbsp;&nbsp; Other <sup>1) 2)</sup> |  | 37675 |  | 28859 |  | 20109 |  | 9250 |  | 39658 |  | 29985 |  | 19956 |  | 9530 |  |
| &nbsp;&nbsp;&nbsp; **Total** |  | **236681** |  | **167396** |  | **111157** |  | **55025** |  | **247880** |  | **174967** |  | **113173** |  | **53325** |  |
| &nbsp;&nbsp;&nbsp; *<sup>1)</sup> Of which in Sweden* | | *3384* | | *2010* | | *1147* | | *461* | | *2341* | | *1744* | | *1312* | | *729* | |
| &nbsp;&nbsp;&nbsp; *<sup>2)</sup> Of which in EU* | | *34665* | | *24002* | | *15789* | | *7566* | | *35264* | | *24329* | | *16172* | | *7566* | |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Year to date, year over year change, percent | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar |  |
| &nbsp;&nbsp;&nbsp; Americas |  | -3% |  | 1% |  | 12% |  | 26% |  | 16% |  | 9% |  | -4% |  | -17% |  |
| &nbsp;&nbsp;&nbsp; Europe, Middle East and Africa <sup>1) 2)</sup> |  | -1% |  | -4% |  | -6% |  | -5% |  | -4% |  | -4% |  | -2% |  | -1% |  |
| &nbsp;&nbsp;&nbsp; South East Asia, Oceania and India |  | -11% |  | -17% |  | -22% |  | -16% |  | -39% |  | -42% |  | -41% |  | -38% |  |
| &nbsp;&nbsp;&nbsp; North East Asia |  | -15% |  | -7% |  | -13% |  | -6% |  | -22% |  | -21% |  | -15% |  | -22% |  |
| &nbsp;&nbsp;&nbsp; Other <sup>1) 2)</sup> |  | -5% |  | -4% |  | 1% |  | -3% |  | 4% |  | 4% |  | 6% |  | 6% |  |
| &nbsp;&nbsp;&nbsp; **Total** |  | **-5%** |  | **-4%** |  | **-2%** |  | **3%** |  | **-6%** |  | **-9%** |  | **-11%** |  | **-15%** |  |
| &nbsp;&nbsp;&nbsp; *<sup>1)</sup> Of which in Sweden* | | *45%* | | *15%* | | *-13%* | | *-37%* | | *32%* | | *22%* | | *34%* | | *19%* | |
| &nbsp;&nbsp;&nbsp; *<sup>2)</sup> Of which in EU* | | *-2%* | | *-1%* | | *-2%* | | *0%* | | *3%* | | *1%* | | *-1%* | | *-8%* | |

---

<sup>\*</sup> Q1-Q3 2025 and 2024 have been restated to reflect changes in the market area structure. On February 25, 2025, the new market area structure was announced, and during Q4 2025 one additional country was added to Americas.

 <br> 30 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Accounting policies and Explanatory notes

------

##### [**Table of Contents**](#toc)
**Net sales by market area by segment** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Q4 2025 | Q4 2025 | Q4 2025 | Q4 2025 | Q4 2025 | Jan-Dec 2025 | Jan-Dec 2025 | Jan-Dec 2025 | Jan-Dec 2025 | Jan-Dec 2025 |
| &nbsp;&nbsp;&nbsp; SEK million | Networks | Cloud Software<br>and Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise | Other | Total | Networks | Cloud Software<br>and Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise | Other | Total |
| &nbsp;&nbsp;&nbsp; Americas | 17058 | 5679 | 192 | -1 | 22928 | 64700 | 18248 | 486 | -1 | 83433 |
| &nbsp;&nbsp;&nbsp; Europe, Middle East and Africa | 14486 | 8618 | 246 | 0 | 23350 | 42485 | 27387 | 876 | 0 | 70748 |
| &nbsp;&nbsp;&nbsp; South East Asia, Oceania and India | 5973 | 3003 | 10 | 0 | 8986 | 19269 | 9499 | 46 | 0 | 28814 |
| &nbsp;&nbsp;&nbsp; North East Asia | 3327 | 1876 | 2 | 0 | 5205 | 11691 | 4308 | 12 | 0 | 16011 |
| &nbsp;&nbsp;&nbsp; Other ¹ | 3356 | 855 | 4128 | 477 | 8816 | 12869 | 3273 | 19697 | 1836 | 37675 |
| &nbsp;&nbsp;&nbsp; **Total** | **44200** | **20031** | **4578** | **476** | **69285** | **151014** | **62715** | **21117** | **1835** | **236681** |
| &nbsp;&nbsp;&nbsp; Share of total | 64% | 29% | 7% | 0% | 100% | 64% | 26% | 9% | 1% | 100% |
| <sup>1)</sup> Includes primarily IPR licensing revenues and a major part of segment Enterprise. | <sup>1)</sup> Includes primarily IPR licensing revenues and a major part of segment Enterprise. | <sup>1)</sup> Includes primarily IPR licensing revenues and a major part of segment Enterprise. | <sup>1)</sup> Includes primarily IPR licensing revenues and a major part of segment Enterprise. | <sup>1)</sup> Includes primarily IPR licensing revenues and a major part of segment Enterprise. | <sup>1)</sup> Includes primarily IPR licensing revenues and a major part of segment Enterprise. | <sup>1)</sup> Includes primarily IPR licensing revenues and a major part of segment Enterprise. | <sup>1)</sup> Includes primarily IPR licensing revenues and a major part of segment Enterprise. | <sup>1)</sup> Includes primarily IPR licensing revenues and a major part of segment Enterprise. | <sup>1)</sup> Includes primarily IPR licensing revenues and a major part of segment Enterprise. |  |
|  |  |  |  |  |  | Q4 2025 | Q4 2025 | Q4 2025 | Q4 2025 | Q4 2025 |
| &nbsp;&nbsp;&nbsp; Sequential change, percent |  |  |  |  |  | Networks | Cloud Software<br>and Services | Enterprise | Other | Total |
| &nbsp;&nbsp;&nbsp; Americas |  |  |  |  |  | 12% | 25% | 123% | - | 16% |
| &nbsp;&nbsp;&nbsp; Europe, Middle East and Africa |  |  |  |  |  | 46% | 30% | 45% | - | 40% |
| &nbsp;&nbsp;&nbsp; South East Asia, Oceania and India |  |  |  |  |  | 34% | 14% | 11% | - | 27% |
| &nbsp;&nbsp;&nbsp; North East Asia |  |  |  |  |  | 9% | 140% | 100% | - | 36% |
| &nbsp;&nbsp;&nbsp; Other |  |  |  |  |  | 19% | 16% | -14% | 16% | 1% |
| &nbsp;&nbsp;&nbsp; **Total** |  |  |  |  |  | **25%** | **31%** | **-9%** | **16%** | **23%** |
|  | Q4 2025 | Q4 2025 | Q4 2025 | Q4 2025 | Q4 2025 | Jan-Dec 2025 | Jan-Dec 2025 | Jan-Dec 2025 | Jan-Dec 2025 | Jan-Dec 2025 |
| &nbsp;&nbsp;&nbsp; Year over year change, percent | Networks | Cloud Software<br>and Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise | Other | Total | Networks | Cloud Software<br>and Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise | Other | Total |
| &nbsp;&nbsp;&nbsp; Americas | -13% | -4% | -27% | - | -11% | -3% | -2% | -21% | -101% | -3% |
| &nbsp;&nbsp;&nbsp; Europe, Middle East and Africa | 11% | 0% | -6% | - | 7% | 0% | -1% | -7% | -100% | -1% |
| &nbsp;&nbsp;&nbsp; South East Asia, Oceania and India | 4% | 11% | -38% | - | 6% | -17% | 4% | 24% | - | -11% |
| &nbsp;&nbsp;&nbsp; North East Asia | -40% | 24% | -75% | -100% | -27% | -19% | 4% | -33% | -100% | -15% |
| &nbsp;&nbsp;&nbsp; Other | 19% | 13% | -26% | -13% | -9% | 13% | 8% | -15% | -7% | -5% |
| &nbsp;&nbsp;&nbsp; **Total** | **-6%** | **3%** | **-25%** | **-16%** | **-5%** | **-5%** | **0%** | **-15%** | **-16%** | **-5%** |

---

 <br> 31 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Accounting policies and Explanatory notes

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Top 5 countries in sales**<br>| | | | | | | | |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Country, percentage of net sales<sup>1)</sup> | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; United States | 36% | 40% | 44% | 45% | 39% | 44% | 38% | 37% |
| &nbsp;&nbsp;&nbsp; India | 5% | 5% | 4% | 7% | 4% | 5% | 6% | 10% |
| &nbsp;&nbsp;&nbsp; United Kingdom | 4% | 4% | 4% | 4% | 4% | 4% | 3% | 4% |
| &nbsp;&nbsp;&nbsp; Japan | 4% | 3% | 4% | 3% | 4% | 3% | 6% | 4% |
| &nbsp;&nbsp;&nbsp; China | 3% | 3% | 3% | 3% | 5% | 3% | 3% | 3% |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Country, percentage of net sales<sup>1)</sup> | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; United States | 41% | 43% | 44% | 45% | 40% | 40% | 38% | 37% |
| &nbsp;&nbsp;&nbsp; India | 5% | 5% | 6% | 7% | 6% | 7% | 8% | 10% |
| &nbsp;&nbsp;&nbsp; United Kingdom | 4% | 4% | 4% | 4% | 4% | 3% | 3% | 4% |
| &nbsp;&nbsp;&nbsp; Japan | 4% | 4% | 4% | 3% | 4% | 4% | 5% | 4% |
| &nbsp;&nbsp;&nbsp; China | 3% | 3% | 3% | 3% | 4% | 3% | 3% | 3% |
|  <sup>1)</sup> Based on Jan-Dec 2025. Includes IPR licensing revenues. | <sup>1)</sup> Based on Jan-Dec 2025. Includes IPR licensing revenues. | <sup>1)</sup> Based on Jan-Dec 2025. Includes IPR licensing revenues. | <sup>1)</sup> Based on Jan-Dec 2025. Includes IPR licensing revenues. | <sup>1)</sup> Based on Jan-Dec 2025. Includes IPR licensing revenues. | <sup>1)</sup> Based on Jan-Dec 2025. Includes IPR licensing revenues. | <sup>1)</sup> Based on Jan-Dec 2025. Includes IPR licensing revenues. |  |  |
| **IPR licensing revenues by segment by quarter**<br>|  |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 2733 | 2569 | 3987 | 2606 | 2870 | 2853 | 3187 | 2539 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 600 | 564 | 875 | 572 | 630 | 626 | 700 | 557 |
| &nbsp;&nbsp;&nbsp; **Total** | **3333** | **3133** | **4862** | **3178** | **3500** | **3479** | **3887** | **3096** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Networks | 11895 | 9162 | 6593 | 2606 | 11449 | 8579 | 5726 | 2539 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 2611 | 2011 | 1447 | 572 | 2513 | 1883 | 1257 | 557 |
| &nbsp;&nbsp;&nbsp; **Total** | **14506** | **11173** | **8040** | **3178** | **13962** | **10462** | **6983** | **3096** |
| Note 3 – Financial income and expenses, net | Note 3 – Financial income and expenses, net | Note 3 – Financial income and expenses, net | Note 3 – Financial income and expenses, net | Note 3 – Financial income and expenses, net | Note 3 – Financial income and expenses, net | Note 3 – Financial income and expenses, net |  |  |
| **Financial income and expenses, net**<br>|  |  |  |  |  |  |  |  |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Financial income | 620 | 662 | 579 | 619 | 587 | 724 | 742 | 681 |
| &nbsp;&nbsp;&nbsp; Financial expenses | -580 | -735 | -927 | -805 | -984 | -991 | -1029 | -1099 |
| &nbsp;&nbsp;&nbsp; Net foreign exchange gains/losses | -120 | -139 | 382 | 112 | 6 | -234 | -74 | -53 |
| &nbsp;&nbsp;&nbsp; **Total** | **-80** | **-212** | **34** | **-74** | **-391** | **-501** | **-361** | **-471** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Financial income | 2480 | 1860 | 1198 | 619 | 2734 | 2147 | 1423 | 681 |
| &nbsp;&nbsp;&nbsp; Financial expenses | -3047 | -2467 | -1732 | -805 | -4103 | -3119 | -2128 | -1099 |
| &nbsp;&nbsp;&nbsp; Net foreign exchange gains/losses | 235 | 355 | 494 | 112 | -355 | -361 | -127 | -53 |
| &nbsp;&nbsp;&nbsp; **Total** | **-332** | **-252** | **-40** | **-74** | **-1724** | **-1333** | **-832** | **-471** |

---

 <br> 32 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Accounting policies and Explanatory notes

------

##### [**Table of Contents**](#toc)
Note 4 – Provisions

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Provisions** | | | | | | | | | | | | | | | | | | |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Isolated quarters, SEK million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 |  |
| &nbsp;&nbsp;&nbsp; Opening balance |  | 7823 |  | 8652 |  | 9093 |  | 11715 |  |  | 10544 |  | 10200 |  | 10065 |  | 11706 |  |
| &nbsp;&nbsp;&nbsp; Additions |  | 3005 |  | 847 |  | 1830 |  | 1055 |  |  | 3329 |  | 2761 |  | 2472 |  | 783 |  |
| &nbsp;&nbsp;&nbsp; Utilization |  | -1605 |  | -1311 |  | -1853 |  | -3009 |  |  | -1830 |  | -1872 |  | -1448 |  | -2140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which restructuring* | | *-721* | | *-813* | | *-837* | | *-1201* | | | *-1201* | | *-1286* | | *-755* | | *-932* | |
| &nbsp;&nbsp;&nbsp; Reversal of excess amounts |  | -357 |  | -370 |  | -273 |  | -256 |  |  | -651 |  | -333 |  | -411 |  | -364 |  |
| &nbsp;&nbsp;&nbsp; Reclassification, translation difference and other |  | -182 |  | 5 |  | -145 |  | -412 |  |  | 323 |  | -212 |  | -478 |  | 80 |  |
| &nbsp;&nbsp;&nbsp; **Closing balance** |  | **8684** |  | **7823** |  | **8652** |  | **9093** |  |  | **11715** |  | **10544** |  | **10200** |  | **10065** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which restructuring* | | *1889* | | *1710* | | *2429* | | *2720* | | | *3872* | | *3897* | | *3757* | | *2953* | |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million |  | Jan-Dec |  | Jan-Sep |  | Jan-Jun |  | Jan-Mar |  |  | Jan-Dec |  | Jan-Sep |  | Jan-Jun |  | Jan-Mar |  |
| &nbsp;&nbsp;&nbsp; Opening balance |  | 11715 |  | 11715 |  | 11715 |  | 11715 |  |  | 11706 |  | 11706 |  | 11706 |  | 11706 |  |
| &nbsp;&nbsp;&nbsp; Additions |  | 6737 |  | 3732 |  | 2885 |  | 1055 |  |  | 9345 |  | 6016 |  | 3255 |  | 783 |  |
| &nbsp;&nbsp;&nbsp; Utilization |  | -7778 |  | -6173 |  | -4862 |  | -3009 |  |  | -7290 |  | -5460 |  | -3588 |  | -2140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which restructuring* | | *-3572* | | *-2851* | | *-2038* | | *-1201* | | | *-4174* | | *-2973* | | *-1687* | | *-932* | |
| &nbsp;&nbsp;&nbsp; Reversal of excess amounts |  | -1256 |  | -899 |  | -529 |  | -256 |  |  | -1759 |  | -1108 |  | -775 |  | -364 |  |
| &nbsp;&nbsp;&nbsp; Reclassification, translation difference and other |  | -734 |  | -552 |  | -557 |  | -412 |  |  | -287 |  | -610 |  | -398 |  | 80 |  |
| &nbsp;&nbsp;&nbsp; **Closing balance** |  | **8684** |  | **7823** |  | **8652** |  | **9093** |  |  | **11715** |  | **10544** |  | **10200** |  | **10065** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which restructuring* |  | *1889* |  | *1710* |  | *2429* |  | *2720* |  |  | *3872* |  | *3897* |  | *3757* |  | *2953* |  |

---

 <br> 33 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Accounting policies and Explanatory notes

------

##### [**Table of Contents**](#toc)
Note 5 – Financial risk management

There have been no changes to the fair value hierarchy categorization from that presented in the latest Annual Report. Where Level 2 and Level 3 fair value hierarchies apply, the inputs and valuation methods used remained unchanged. The book values and fair values of financial instruments are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | $— | $— | $— | $— | $— | $— | $— | $— |
|  **Financial instruments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; SEK billion |  | Dec 31<br>2025 |  |  |  | Dec 31<br>2024 |  |  |
|  |  | Fair value hierarchy level | Fair value hierarchy level | Fair value hierarchy level |  | Fair value hierarchy level | Fair value hierarchy level | Fair value hierarchy level |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying<br>value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrying<br>value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
| &nbsp;&nbsp; Assets at fair value through profit or loss |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer finance ¹<sup>)</sup> | 1.1 | - | - | 1.1 | 4.5 | - | - | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing securities | 49.9 | 45.4 | 4.5 | - | 31.7 | 30.4 | 1.3 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash equivalents ²<sup>)</sup> | 25.3 | - | 25.3 | - | 24.3 | 0.3 | 24.0 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets | 1.9 | - | - | 1.9 | 2.7 | 0.8 | - | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 2.9 | - | 2.9 | - | 0.2 | - | 0.2 | - |
| &nbsp;&nbsp; Assets at fair value through OCI |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables | 40.3 | - | - | 40.3 | 44.2 | - | - | 44.2 |
| &nbsp;&nbsp; Assets at amortized costs |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing securities | 0.1 | - | - | - | 0.3 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets | 0.1 | - | - | - | 0.3 | - | - | - |
| &nbsp;&nbsp; **Total financial assets** | **121.6** |  |  |  | **108.2** |  |  |  |
| &nbsp;&nbsp; Financial liabilities at designated FVTPL |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parent company borrowings | -29.6 | -18.8 | -10.8 | - | -35.7 | -19.7 | -16.0 | - |
| &nbsp;&nbsp; Financial liabilities at FVTPL |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | -0.2 | - | -0.2 | - | -3.3 | - | -3.3 | - |
| &nbsp;&nbsp; Liabilities at amortized cost |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade payables | -26.3 | - | - | - | -30.2 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | -3.1 | - | - | - | -2.3 | - | - | - |
| &nbsp;&nbsp; **Total financial liabilities** | **-59.2** |  |  |  | **-71.5** |  |  |  |

---

<sup>1)</sup> Year to date movements of customer finance receivables are as follows: additions of SEK 18.1 billion, disposals and repayments of SEK 21.2 billion and revaluation loss of SEK 0.3 billion.

<sup>2)</sup> Total Cash and cash equivalent is SEK 43.9 (43.9) billion, of which SEK 25.3 (24.3) billion relating to Cash equivalents are presented in the table above.

---

| | | |
|:---|:---|:---|
| | $— | $— |
|  **Exchange rates used in the consolidation** |  |  |
|  | Jan-Dec | Jan-Dec |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| &nbsp;&nbsp; SEK/EUR - closing rate | 10.82 | 11.49 |
| &nbsp;&nbsp; SEK/USD - closing rate | 9.19 | 10.99 |

---

 <br> 34 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Accounting policies and Explanatory notes

------

##### [**Table of Contents**](#toc)
Note 6 – Cash flow

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Information on investments**<br>Investments in assets subject to depreciation, amortization, impairment and write-downs | **Information on investments**<br>Investments in assets subject to depreciation, amortization, impairment and write-downs | **Information on investments**<br>Investments in assets subject to depreciation, amortization, impairment and write-downs | **Information on investments**<br>Investments in assets subject to depreciation, amortization, impairment and write-downs | **Information on investments**<br>Investments in assets subject to depreciation, amortization, impairment and write-downs | **Information on investments**<br>Investments in assets subject to depreciation, amortization, impairment and write-downs | **Information on investments**<br>Investments in assets subject to depreciation, amortization, impairment and write-downs | **Information on investments**<br>Investments in assets subject to depreciation, amortization, impairment and write-downs | **Information on investments**<br>Investments in assets subject to depreciation, amortization, impairment and write-downs |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1 |
| &nbsp;&nbsp;&nbsp; **Additions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 849 | 491 | 561 | 729 | 667 | 540 | 699 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized development expenses | 352 | 286 | 193 | 307 | 323 | 264 | 327 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPR, brands and other intangible assets | 48 | 81 | 301 | 57 | 93 | 78 | 45 | 1 |
| &nbsp;&nbsp;&nbsp; **Total** | **1249** | **858** | **1055** | **1093** | **1083** | **882** | **1071** | **821** |
| &nbsp;&nbsp;&nbsp; **Depreciation, amortization and impairment losses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 814 | 812 | 826 | 1029 | 1117 | 924 | 1161 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized development expenses | 446 | 449 | 451 | 444 | 409 | 410 | 349 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill, IPR, brands and other intangible assets | 439 | 365 | 373 | 721 | 666 | 429 | 15945 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets | 486 | 503 | 527 | 556 | 623 | 529 | 560 | 566 |
| &nbsp;&nbsp;&nbsp; **Total** | **2185** | **2129** | **2177** | **2750** | **2815** | **2292** | **18015** | **2612** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; **Additions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 2630 | 1781 | 1290 | 729 | 2340 | 1673 | 1133 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized development expenses | 1138 | 786 | 500 | 307 | 1300 | 977 | 713 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPR, brands and other intangible assets | 487 | 439 | 358 | 57 | 217 | 124 | 46 | 1 |
| &nbsp;&nbsp;&nbsp; **Total** | **4255** | **3006** | **2148** | **1093** | **3857** | **2774** | **1892** | **821** |
| &nbsp;&nbsp;&nbsp; **Depreciation, amortization and impairment losses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 3481 | 2667 | 1855 | 1029 | 4143 | 3026 | 2102 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized development expenses | 1790 | 1344 | 895 | 444 | 1480 | 1071 | 661 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill, IPR, brands and other intangible assets | 1898 | 1459 | 1094 | 721 | 17833 | 17167 | 16738 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets | 2072 | 1586 | 1083 | 556 | 2278 | 1655 | 1126 | 566 |
| &nbsp;&nbsp;&nbsp; **Total** | **9241** | **7056** | **4927** | **2750** | **25734** | **22919** | **20627** | **2612** |

---

Note 7 – Contingent liabilities and Assets pledged as collateral

---

| | | |
|:---|:---|:---|
|  **Contingent liabilities and Assets pledged as collateral** | | |
|  | Dec 31 | Dec 31 |
| &nbsp;&nbsp;&nbsp; SEK million | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp; Contingent liabilities | 4091 | 3559 |
| &nbsp;&nbsp;&nbsp; Assets pledged as collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9438 |

---

 <br> 35 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Accounting policies and Explanatory notes

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##### [**Table of Contents**](#toc)
Note 8 – Share information

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Number of shares and earnings per share** | | | | |
|  | Q4 | Q4 | Jan-Dec | Jan-Dec |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| &nbsp;&nbsp;&nbsp; Number of shares, end of period (million) | 3371 | 3348 | 3371 | 3348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which class A-shares (million) | 262 | 262 | 262 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Of which class B-shares (million) | 3110 | 3086 | 3110 | 3086 |
| &nbsp;&nbsp;&nbsp; Number of treasury shares, end of period (million) | 38 | 16 | 38 | 16 |
| &nbsp;&nbsp;&nbsp; Number of shares outstanding, basic, end of period (million) | 3333 | 3333 | 3333 | 3333 |
| &nbsp;&nbsp;&nbsp; Numbers of shares outstanding, diluted, end of period (million) | 3342 | 3339 | 3342 | 3339 |
| &nbsp;&nbsp;&nbsp; Average number of treasury shares (million) | 38 | 16 | 31 | 15 |
| &nbsp;&nbsp;&nbsp; Average number of shares outstanding, basic (million) | 3333 | 3333 | 3333 | 3332 |
| &nbsp;&nbsp;&nbsp; Average number of shares outstanding, diluted (million) <sup>1)</sup> | 3342 | 3339 | 3342 | 3339 |
| &nbsp;&nbsp;&nbsp; Earnings per share, basic (SEK) <sup>2)</sup> | 2.57 | 1.44 | 8.53 | 0.01 |
| &nbsp;&nbsp;&nbsp; Earnings per share, diluted (SEK) <sup>1)</sup> | 2.57 | 1.44 | 8.51 | 0.01 |

---

<sup>1)</sup> Potential ordinary shares are not considered when their conversion to ordinary shares would increase earnings per share.

<sup>2)</sup> Based on net income attributable to owners of the Parent Company.

The AGM 2025 resolved to issue 23,100,000 Class C shares for the Long-Term Variable Compensation Programs LTV II 2025 and LTV 2024 for Ericsson's executive team and other executives. In accordance with an authorization from the AGM, the Board of Directors resolved to repurchase the new issued shares, which were subsequently converted into Class B shares. The quotient value of the repurchased shares was SEK 5.00, totalling SEK 115.5 million.

The proposed dividend for 2024 of SEK 2.85 per share was approved by the AGM on March 25, 2025. The dividend was paid in two installments. The first dividend payment of SEK 1.43 per share was made with the record date of March 27, 2025, with a payment date of April 1, 2025. The second dividend payment of SEK 1.42 per share was made with the record date September 29, 2025, with a payment date of October 2, 2025.

Note 9 – Employee information

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Number of employees** | | | | | | | | |
|  | 2025 | 2025 | 2025 | 2025 | 2024 <sup>2)</sup> | 2024 <sup>2)</sup> | 2024 <sup>2)</sup> | 2024 <sup>2)</sup> |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dec 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sep 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mar 31 | Dec 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sep 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jun 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mar 31 |
| &nbsp;&nbsp;&nbsp; Americas | 15050 | 15346 | 15926 | 15857 | 16034 | 16554 | 16791 | 17051 |
| &nbsp;&nbsp;&nbsp; Europe, Middle East and Africa <sup>1)</sup> | 39045 | 39489 | 40413 | 40677 | 41387 | 41993 | 43017 | 42989 |
| &nbsp;&nbsp;&nbsp; South East Asia, Oceania and India | 25189 | 25358 | 25591 | 25991 | 26389 | 26327 | 26558 | 27016 |
| &nbsp;&nbsp;&nbsp; North East Asia | 9542 | 9705 | 10007 | 10341 | 10426 | 11110 | 11619 | 12084 |
| &nbsp;&nbsp;&nbsp; **Total** | **88826** | **89898** | **91937** | **92866** | **94236** | **95984** | **97985** | **99140** |
| &nbsp;&nbsp;&nbsp; *<sup>1)</sup> Of which in Sweden* | *12806* | *12967* | *13476* | *13222* | *13420* | *13633* | *14109* | *13849* |

---

<sup>2)</sup> 2024 has been restated to reflect the changes in the market area structure, see note 1 "Accounting policies and Other changes" for more information.

Note 10 – Information on non-adjusting event

On January 15, 2026, Ericsson announced a proposed headcount reduction in Sweden. Ericsson has submitted a notice to the Swedish Public Employment Service. Approximately 1,600 positions could be impacted in Sweden.

 <br> 36 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Accounting policies and Explanatory notes

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##### [**Table of Contents**](#toc)

## Alternative performance measures (unaudited)
In this section, the Company presents its Alternative Performance Measures (APMs), which are not recognized measures of financial performance under IFRS. The presentation of APMs has limitations as analytical tools and should not be considered in isolation or as a substitute for related financial measures prepared in accordance with IFRS.

APMs are presented to enhance an investor's evaluation of ongoing operating results, to aid in forecasting future periods and to facilitate meaningful comparison of results between periods.

Management uses these APMs to, among other things, evaluate ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of certain performance-based compensation. APMs should not be viewed as substitutes for income statement or cash flow items computed in accordance with IFRS.

This section also includes a reconciliation of the APMs to the most directly reconcilable line items in the financial statements. For more

information about non-IFRS key operating measures, see Ericsson Annual Report 2024.

From Q1 2025, the definition of Return on capital employed (ROCE) and Capital turnover (CTO) have been updated and is based on a rolling average rather than an average of the beginning and the end of the period. Prior periods have been updated accordingly. Operating working capital has been added as an APM.

From Q1 2025, the definitions of Inventory turnover days (ITO), Days sales outstanding (DSO), Days payables outstanding (DPO) and Operating working capital days have been updated and can be found in the end of this report. Prior periods have been updated accordingly.

The Company believes the updated definitions better reflect the underlying results of the Company's operations over time

**Sales growth adjusted for comparable units and currency** 

Sales growth adjusted for the impact of acquisitions and divestments as well as the effects of foreign currency fluctuations. Also named organic sales growth.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, year over year change | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Reported net sales | 69285 | 56239 | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired business | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net FX impact | 6801 | 4213 | 4672 | -1817 | 683 | 1832 | 22 | 740 |
| &nbsp;&nbsp;&nbsp; Comparable net sales, excluding FX impact | 76086 | 60452 | 60804 | 53208 | 73596 | 63626 | 59870 | 54065 |
| &nbsp;&nbsp;&nbsp; Comparable quarter net sales adj. for acq/div business | 71474 | 61794 | 59848 | 53325 | 71881 | 64473 | 64444 | 62553 |
| &nbsp;&nbsp;&nbsp; Organic sales growth (%) | 6% | -2% | 2% | 0% | 2% | -1% | -7% | -14% |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, year over year change | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Reported net sales | 236681 | 167396 | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired business | - | - | - | - | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net FX impact | 13869 | 7068 | 2855 | -1817 | 3277 | 2594 | 762 | 740 |
| &nbsp;&nbsp;&nbsp; Comparable net sales, excluding FX impact | 250550 | 174464 | 114012 | 53208 | 251157 | 177561 | 113935 | 54065 |
| &nbsp;&nbsp;&nbsp; Comparable quarter net sales adj. for acq/div business | 246441 | 174967 | 113173 | 53325 | 263351 | 191470 | 126997 | 62553 |
| &nbsp;&nbsp;&nbsp; Organic sales growth (%) | 2% | 0% | 1% | 0% | -5% | -7% | -10% | -14% |

---

 <br> 37 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

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##### [**Table of Contents**](#toc)
**Items excluding restructuring charges and impairments of goodwill and intangible assets** 

Gross income, operating expenses, and EBIT are presented excluding restructuring charges, and for certain measures, as a percentage of net sales. EBIT is also presented excluding restructuring charges and impairments of goodwill and intangible assets.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Gross income | 32705 | 26777 | 26649 | 26537 | 32707 | 28185 | 25815 | 22658 |
| &nbsp;&nbsp;&nbsp; Net sales | 69285 | 56239 | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
| &nbsp;&nbsp;&nbsp; Gross margin (%) | 47.2% | 47.6% | 47.5% | 48.2% | 44.9% | 45.6% | 43.1% | 42.5% |
| &nbsp;&nbsp;&nbsp; Gross income | 32705 | 26777 | 26649 | 26537 | 32707 | 28185 | 25815 | 22658 |
| &nbsp;&nbsp;&nbsp; Restructuring charges included in cost of sales | 538 | 271 | 310 | 158 | 1034 | 424 | 466 | 122 |
| &nbsp;&nbsp;&nbsp; Adjusted gross income | 33243 | 27048 | 26959 | 26695 | 33741 | 28609 | 26281 | 22780 |
| &nbsp;&nbsp;&nbsp; Net sales | 69285 | 56239 | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
| &nbsp;&nbsp;&nbsp; Adjusted gross margin (%) | 48.0% | 48.1% | 48.0% | 48.5% | 46.3% | 46.3% | 43.9% | 42.7% |
| &nbsp;&nbsp;&nbsp; Operating expenses | -21942 | -19377 | -20358 | -20621 | -24391 | -22442 | -38084 | -20519 |
| &nbsp;&nbsp;&nbsp; Restructuring charges included in R&D expenses | 300 | -41 | 300 | 20 | 358 | 966 | 805 | -10 |
| &nbsp;&nbsp;&nbsp; Restructuring charges included in selling and administrative expenses | 259 | 73 | 46 | 103 | 234 | 163 | 357 | 93 |
| &nbsp;&nbsp;&nbsp; Operating expenses excluding restructuring charges | -21383 | -19345 | -20012 | -20498 | -23799 | -21313 | -36922 | -20436 |
| &nbsp;&nbsp;&nbsp; EBIT (loss) | 11161 | 15151 | 6391 | 5931 | 7958 | 5774 | -13519 | 4100 |
| &nbsp;&nbsp;&nbsp; Net sales | 69285 | 56239 | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
| &nbsp;&nbsp;&nbsp; EBIT margin (%) | 16.1% | 26.9% | 11.4% | 10.8% | 10.9% | 9.3% | -22.6% | 7.7% |
| &nbsp;&nbsp;&nbsp; EBIT (loss) | 11161 | 15151 | 6391 | 5931 | 7958 | 5774 | -13519 | 4100 |
| &nbsp;&nbsp;&nbsp; Total restructuring charges | 1097 | 303 | 656 | 281 | 1626 | 1553 | 1628 | 205 |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT (loss) | 12258 | 15454 | 7047 | 6212 | 9584 | 7327 | -11891 | 4305 |
| &nbsp;&nbsp;&nbsp; Net sales | 69285 | 56239 | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT margin (%) | 17.7% | 27.5% | 12.6% | 11.3% | 13.1% | 11.9% | -19.9% | 8.1% |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT (loss) | 12258 | 15454 | 7047 | 6212 | 9584 | 7327 | -11891 | 4305 |
| &nbsp;&nbsp;&nbsp; Impairment of goodwill and intangible assets | - | - | - | - | 213 | - | 15120 | - |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT excluding impairments of goodwill and intangible assets | 12258 | 15454 | 7047 | 6212 | 9797 | 7327 | 3229 | 4305 |
| &nbsp;&nbsp;&nbsp; Net sales | 69285 | 56239 | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT margin excluding impairments of goodwill and intangible assets (%) | 17.7% | 27.5% | 12.6% | 11.3% | 13.4% | 11.9% | 5.4% | 8.1% |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Gross income | 112668 | 79963 | 53186 | 26537 | 109365 | 76658 | 48473 | 22658 |
| &nbsp;&nbsp;&nbsp; Net sales | 236681 | 167396 | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
| &nbsp;&nbsp;&nbsp; Gross margin (%) | 47.6% | 47.8% | 47.8% | 48.2% | 44.1% | 43.8% | 42.8% | 42.5% |
| &nbsp;&nbsp;&nbsp; Gross income | 112668 | 79963 | 53186 | 26537 | 109365 | 76658 | 48473 | 22658 |
| &nbsp;&nbsp;&nbsp; Restructuring charges included in cost of sales | 1277 | 739 | 468 | 158 | 2046 | 1012 | 588 | 122 |
| &nbsp;&nbsp;&nbsp; Adjusted gross income | 113945 | 80702 | 53654 | 26695 | 111411 | 77670 | 49061 | 22780 |
| &nbsp;&nbsp;&nbsp; Net sales | 236681 | 167396 | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
| &nbsp;&nbsp;&nbsp; Adjusted gross margin (%) | 48.1% | 48.2% | 48.3% | 48.5% | 44.9% | 44.4% | 43.4% | 42.7% |
| &nbsp;&nbsp;&nbsp; Operating expenses | -82298 | -60356 | -40979 | -20621 | -105436 | -81045 | -58603 | -20519 |
| &nbsp;&nbsp;&nbsp; Restructuring charges included in R&D expenses | 579 | 279 | 320 | 20 | 2119 | 1761 | 795 | -10 |
| &nbsp;&nbsp;&nbsp; Restructuring charges included in selling and administrative expenses | 481 | 222 | 149 | 103 | 847 | 613 | 450 | 93 |
| &nbsp;&nbsp;&nbsp; Operating expenses excluding restructuring charges | -81238 | -59855 | -40510 | -20498 | -102470 | -78671 | -57358 | -20436 |
| &nbsp;&nbsp;&nbsp; EBIT (loss) | 38634 | 27473 | 12322 | 5931 | 4313 | -3645 | -9419 | 4100 |
| &nbsp;&nbsp;&nbsp; Net sales | 236681 | 167396 | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
| &nbsp;&nbsp;&nbsp; EBIT margin (%) | 16.3% | 16.4% | 11.1% | 10.8% | 1.7% | -2.1% | -8.3% | 7.7% |
| &nbsp;&nbsp;&nbsp; EBIT (loss) | 38634 | 27473 | 12322 | 5931 | 4313 | -3645 | -9419 | 4100 |
| &nbsp;&nbsp;&nbsp; Total restructuring charges | 2337 | 1240 | 937 | 281 | 5012 | 3386 | 1833 | 205 |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT (loss) | 40971 | 28713 | 13259 | 6212 | 9325 | -259 | -7586 | 4305 |
| &nbsp;&nbsp;&nbsp; Net sales | 236681 | 167396 | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT margin (%) | 17.3% | 17.2% | 11.9% | 11.3% | 3.8% | -0.1% | -6.7% | 8.1% |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT (loss) | 40971 | 28713 | 13259 | 6212 | 9325 | -259 | -7586 | 4305 |
| &nbsp;&nbsp;&nbsp; Impairment of goodwill and intangible assets | - | - | - | - | 15333 | 15120 | 15120 | - |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT excluding impairments of goodwill and intangible assets | 40971 | 28713 | 13259 | 6212 | 24658 | 14861 | 7534 | 4305 |
| &nbsp;&nbsp;&nbsp; Net sales | 236681 | 167396 | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
| &nbsp;&nbsp;&nbsp; Adjusted EBIT margin excluding impairments of goodwill and intangible assets (%) | 17.3% | 17.2% | 11.9% | 11.3% | 9.9% | 8.5% | 6.7% | 8.1% |

---

 <br> 38 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

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##### [**Table of Contents**](#toc)
**EBITA and EBITA margin / Adjusted EBITA and Adjusted EBITA margin** 

Earnings before interest, income tax, amortizations and write-downs of acquired intangibles (including goodwill) also expressed as a percentage of net sales.

Adjusted EBITA also expressed as a percentage of net sales.

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 |  |
| &nbsp;&nbsp;&nbsp; Net income (loss) |  | 8571 |  | 11300 |  | 4626 |  | 4217 |  | 4879 |  | 3881 |  | -10999 |  | 2613 |  |
| &nbsp;&nbsp;&nbsp; Income tax |  | 2510 |  | 3639 |  | 1799 |  | 1640 |  | 2688 |  | 1392 |  | -2881 |  | 1016 |  |
| &nbsp;&nbsp;&nbsp; Financial income and expenses, net |  | 80 |  | 212 |  | -34 |  | 74 |  | 391 |  | 501 |  | 361 |  | 471 |  |
| &nbsp;&nbsp;&nbsp; Amortizations and write-downs of acquired intangibles |  | 440 |  | 365 |  | 372 |  | 721 |  | 665 |  | 429 |  | 15945 |  | 793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which segment Enterprise* | | *406* | | *338* | | *346* | | *389* | | *549* | | *378* | | *15916* | | *762* | |
| &nbsp;&nbsp;&nbsp; EBITA |  | 11601 |  | 15516 |  | 6763 |  | 6652 |  | 8623 |  | 6203 |  | 2426 |  | 4893 |  |
| &nbsp;&nbsp;&nbsp; Net sales |  | 69285 |  | 56239 |  | 56132 |  | 55025 |  | 72913 |  | 61794 |  | 59848 |  | 53325 |  |
| &nbsp;&nbsp;&nbsp; EBITA margin (%) |  | 16.7% |  | 27.6% |  | 12.0% |  | 12.1% |  | 11.8% |  | 10.0% |  | 4.1% |  | 9.2% |  |
| &nbsp;&nbsp;&nbsp; Restructuring charges |  | 1097 |  | 303 |  | 656 |  | 281 |  | 1626 |  | 1553 |  | 1628 |  | 205 |  |
| &nbsp;&nbsp;&nbsp; Adjusted EBITA |  | 12698 |  | 15819 |  | 7419 |  | 6933 |  | 10249 |  | 7756 |  | 4054 |  | 5098 |  |
| &nbsp;&nbsp;&nbsp; Adjusted EBITA margin (%) |  | 18.3% |  | 28.1% |  | 13.2% |  | 12.6% |  | 14.1% |  | 12.6% |  | 6.8% |  | 9.6% |  |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar |  |
| &nbsp;&nbsp;&nbsp; Net income (loss) |  | 28714 |  | 20143 |  | 8843 |  | 4217 |  | 374 |  | -4505 |  | -8386 |  | 2613 |  |
| &nbsp;&nbsp;&nbsp; Income tax |  | 9588 |  | 7078 |  | 3439 |  | 1640 |  | 2215 |  | -473 |  | -1865 |  | 1016 |  |
| &nbsp;&nbsp;&nbsp; Financial income and expenses, net |  | 332 |  | 252 |  | 40 |  | 74 |  | 1724 |  | 1333 |  | 832 |  | 471 |  |
| &nbsp;&nbsp;&nbsp; Amortizations and write-downs of acquired intangibles |  | 1898 |  | 1458 |  | 1093 |  | 721 |  | 17832 |  | 17167 |  | 16738 |  | 793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which segment Enterprise* | | *1479* | | *1073* | | *735* | | *389* | | *17605* | | *17056* | | *16678* | | *762* | |
| &nbsp;&nbsp;&nbsp; EBITA |  | 40532 |  | 28931 |  | 13415 |  | 6652 |  | 22145 |  | 13522 |  | 7319 |  | 4893 |  |
| &nbsp;&nbsp;&nbsp; Net sales |  | 236681 |  | 167396 |  | 111157 |  | 55025 |  | 247880 |  | 174967 |  | 113173 |  | 53325 |  |
| &nbsp;&nbsp;&nbsp; EBITA margin (%) |  | 17.1% |  | 17.3% |  | 12.1% |  | 12.1% |  | 8.9% |  | 7.7% |  | 6.5% |  | 9.2% |  |
| &nbsp;&nbsp;&nbsp; Restructuring charges |  | 2337 |  | 1240 |  | 937 |  | 281 |  | 5012 |  | 3386 |  | 1833 |  | 205 |  |
| &nbsp;&nbsp;&nbsp; Adjusted EBITA |  | 42869 |  | 30171 |  | 14352 |  | 6933 |  | 27157 |  | 16908 |  | 9152 |  | 5098 |  |
| &nbsp;&nbsp;&nbsp; Adjusted EBITA margin (%) |  | 18.1% |  | 18.0% |  | 12.9% |  | 12.6% |  | 11.0% |  | 9.7% |  | 8.1% |  | 9.6% |  |

---

Additionally, Ericsson provides forward-looking targets for adjusted EBITA margin and Free cash flow before M&A as a percentage of net sales, which are non-IFRS financial measures. Ericsson has not provided quantitative reconciliation of these targets to the most directly comparable IFRS measures because certain information needed to reconcile these non-IFRS financial measures to the most comparable IFRS financial measures are dependent on specific items or impacts that are not yet determined, are subject to incarcerating and variability in timing and amount due to their nature, are outside of Ericsson's control or cannot be predicted, including items and impacts such as currency exchange rate changes, acquisitions and disposals, and charges such as impairments or acquisition related charges. Accordingly, reconciliation of these non-IFRS forward-looking financial measures are not available without unreasonable efforts. Such unavailable reconciling items could significantly impact our results of operations and financial condition.

**Rolling four quarters of net sales and adjusted EBITA margin (%)** 

Net sales, EBITA margin and restructuring charges as a sum of last four quarters.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Rolling four quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Net sales | 236681 | 240309 | 245864 | 249580 | 247880 | 246848 | 249527 | 254123 |
| &nbsp;&nbsp;&nbsp; EBITA | 40532 | 37554 | 28241 | 23904 | 22145 | 20216 | 17841 | 15957 |
| &nbsp;&nbsp;&nbsp; Restructuring charges | 2337 | 2866 | 4116 | 5088 | 5012 | 4906 | 4241 | 5746 |
| &nbsp;&nbsp;&nbsp; Adjusted EBITA | 42869 | 40420 | 32357 | 28992 | 27157 | 25122 | 22082 | 21703 |
| &nbsp;&nbsp;&nbsp; Adjusted EBITA margin (%) | 18.1% | 16.8% | 13.2% | 11.6% | 11.0% | 10.2% | 8.8% | 8.5% |

---

 <br> 39 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

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##### [**Table of Contents**](#toc)
**Gross cash and net cash, end of period** 

Gross cash: Cash and cash equivalents plus interest-bearing securities (current and non-current).

Net cash: Cash and cash equivalents plus interest-bearing securities (current and non-current) less borrowings (current and non-current).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents | 43926 | 42695 | 33620 | 44590 | 43885 | 37323 | 28736 | 31848 |
| &nbsp;&nbsp;&nbsp; + Interest-bearing securities, current | 12715 | 8345 | 6790 | 5147 | 12546 | 10063 | 13838 | 8948 |
| &nbsp;&nbsp;&nbsp; + Interest-bearing securities, non-current | 37298 | 37370 | 32859 | 24436 | 19440 | 14806 | 11146 | 11177 |
| &nbsp;&nbsp;&nbsp; Gross cash, end of period | 93939 | 88410 | 73269 | 74173 | 75871 | 62192 | 53720 | 51973 |
| &nbsp;&nbsp;&nbsp; - Borrowings, current | 3538 | 6680 | 7285 | 5597 | 6137 | 3134 | 8067 | 8491 |
| &nbsp;&nbsp;&nbsp; - Borrowings, non-current | 29165 | 29872 | 29944 | 29929 | 31904 | 33524 | 32520 | 32675 |
| &nbsp;&nbsp;&nbsp; Net cash, end of period | 61236 | 51858 | 36040 | 38647 | 37830 | 25534 | 13133 | 10807 |

---

**Capital employed** 

Total assets less non-interest-bearing provisions and liabilities (which includes non-current provisions, deferred tax liabilities, contract liabilities, other non-current liabilities, current provisions, trade payables, current tax liabilities and other current liabilities).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Total assets | 279223 | 282476 | 270555 | 277978 | 292374 | 272450 | 278486 | 299523 |
| &nbsp;&nbsp;&nbsp; Less: Non-interest-bearing provisions and liabilities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions, non-current | 2993 | 2478 | 2365 | 2541 | 3511 | 3036 | 2642 | 3952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | 152 | 1349 | 1390 | 1365 | 1295 | 1255 | 1295 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | 1292 | 899 | 870 | 888 | 996 | 889 | 865 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions, current | 5691 | 5345 | 6287 | 6552 | 8204 | 7508 | 7558 | 6113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | 36867 | 40642 | 44370 | 46757 | 41229 | 39540 | 40704 | 42538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade payables | 26335 | 25352 | 24804 | 26450 | 30173 | 25888 | 26731 | 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax liabilities | 2679 | 6069 | 3609 | 2664 | 3322 | 3821 | 3710 | 3810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 34038 | 34605 | 32521 | 41655 | 40677 | 36903 | 38485 | 35786 |
| &nbsp;&nbsp;&nbsp; Capital employed | 169176 | 165737 | 154339 | 149106 | 162967 | 153610 | 156496 | 177181 |

---

**Capital turnover** 

Rolling four quarters of net sales divided by five-point average for capital employed.

The definition is updated from Q1 2025. Prior periods are updated accordingly. Refer to the clarification provided at the beginning of the APM section.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Net sales, rolling four quarters | 236681 | 240309 | 245864 | 249580 | 247880 | 246848 | 249527 | 254123 |
| &nbsp;&nbsp;&nbsp; Average capital employed, rolling five quarters |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -4 | 162967 | 153610 | 156496 | 177181 | 177965 | 170926 | 197676 | 195403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -3 | 149106 | 162967 | 153610 | 156496 | 177181 | 177965 | 170926 | 197676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -2 | 154339 | 149106 | 162967 | 153610 | 156496 | 177181 | 177965 | 170926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -1 | 165737 | 154339 | 149106 | 162967 | 153610 | 156496 | 177181 | 177965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period | 169176 | 165737 | 154339 | 149106 | 162967 | 153610 | 156496 | 177181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average capital employed, rolling five quarters | 160265 | 157152 | 155304 | 159872 | 165644 | 167236 | 176049 | 183830 |
| &nbsp;&nbsp;&nbsp; Capital turnover (times) | 1.5 | 1.5 | 1.6 | 1.6 | 1.5 | 1.5 | 1.4 | 1.4 |

---

 <br> 40 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

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##### [**Table of Contents**](#toc)
**Return on capital employed** 

Rolling four quarters of EBIT divided by five-point average for capital employed.

The definition is updated from Q1 2025. Prior periods are updated accordingly. Refer to the clarification provided at the beginning of the APM section.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; EBIT (loss), rolling four quarters | 38634 | 35431 | 26054 | 6144 | 4313 | 2203 | -32479 | -19272 |
| &nbsp;&nbsp;&nbsp; Average capital employed, rolling five quarters |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -4 | 162967 | 153610 | 156496 | 177181 | 177965 | 170926 | 197676 | 195403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -3 | 149106 | 162967 | 153610 | 156496 | 177181 | 177965 | 170926 | 197676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -2 | 154339 | 149106 | 162967 | 153610 | 156496 | 177181 | 177965 | 170926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -1 | 165737 | 154339 | 149106 | 162967 | 153610 | 156496 | 177181 | 177965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period | 169176 | 165737 | 154339 | 149106 | 162967 | 153610 | 156496 | 177181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average capital employed, rolling five quarters | 160265 | 157152 | 155304 | 159872 | 165644 | 167236 | 176049 | 183830 |
| &nbsp;&nbsp;&nbsp; Return on capital employed (%) | 24.1% | 22.5% | 16.8% | 3.8% | 2.6% | 1.3% | -18.4% | -10.5% |

---

**Equity ratio** 

Equity expressed as a percentage of total assets.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Total equity | 110264 | 102494 | 85699 | 84858 | 92983 | 85355 | 82467 | 107639 |
| &nbsp;&nbsp;&nbsp; Total assets | 279223 | 282476 | 270555 | 277978 | 292374 | 272450 | 278486 | 299523 |
| &nbsp;&nbsp;&nbsp; Equity ratio (%) | 39.5% | 36.3% | 31.7% | 30.5% | 31.8% | 31.3% | 29.6% | 35.9% |

---

**Return on equity** 

Annualized net income attributable to owners of the Parent Company as a percentage of average stockholders' equity.

Annualization factor of four is used for isolated quarter.

Annualization factor of four is used for Jan-Mar, two is used for Jan-Jun, 4/3 is used for Jan-Sep and one is used for Jan-Dec.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Net income (loss) attributable to owners of the Parent Company | 8563 | 11149 | 4567 | 4149 | 4779 | 3814 | -11132 | 2559 |
| &nbsp;&nbsp;&nbsp; Annualized | 34252 | 44596 | 18268 | 16596 | 19116 | 15256 | -44528 | 10236 |
| &nbsp;&nbsp;&nbsp; Average stockholders' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity, beginning of period | 102658 | 86748 | 86039 | 94284 | 86630 | 83840 | 109137 | 98673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity, end of period | 109535 | 102658 | 86748 | 86039 | 94284 | 86630 | 83840 | 109137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average stockholders' equity | 106097 | 94703 | 86394 | 90162 | 90457 | 85235 | 96489 | 103905 |
| &nbsp;&nbsp;&nbsp; Return on equity (%) | 32.3% | 47.1% | 21.1% | 18.4% | 21.1% | 17.9% | -46.1% | 9.9% |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Net income (loss) attributable to owners of the Parent Company | 28428 | 19865 | 8716 | 4149 | 20 | -4759 | -8573 | 2559 |
| &nbsp;&nbsp;&nbsp; Annualized | 28428 | 26487 | 17432 | 16596 | 20 | -6345 | -17146 | 10236 |
| &nbsp;&nbsp;&nbsp; Average stockholders' equity |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity, beginning of period | 94284 | 94284 | 94284 | 94284 | 98673 | 98673 | 98673 | 98673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity, end of period | 109535 | 102658 | 86748 | 86039 | 94284 | 86630 | 83840 | 109137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average stockholders' equity | 101910 | 98471 | 90516 | 90162 | 96479 | 92652 | 91257 | 103905 |
| &nbsp;&nbsp;&nbsp; Return on equity (%) | 27.9% | 26.9% | 19.3% | 18.4% | 0.0% | -6.8% | -18.8% | 9.9% |

---

 <br> 41 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

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##### [**Table of Contents**](#toc)
**Operating working capital** 

Inventories, contract assets, trade receivables, customer finance (current and non-current), advances to suppliers and prepaid expenses less contract liabilities and trade payables.

Operating working capital is added from Q1 2025. Refer to the clarification provided at the beginning of the APM section.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| SEK million | Dec 31 | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 |
| &nbsp;&nbsp; Inventories | 23451 | 27519 | 27068 | 27649 | 27125 | 29004 | 30897 | 34564 |
| &nbsp;&nbsp; Contract assets | 7333 | 7494 | 6618 | 5735 | 6924 | 7568 | 6851 | 6715 |
| &nbsp;&nbsp; Trade receivables | 40327 | 38136 | 39107 | 41428 | 44151 | 38018 | 43578 | 46246 |
| &nbsp;&nbsp; Customer finance, current | 852 | 1290 | 1879 | 2396 | 4332 | 3843 | 4590 | 3717 |
| &nbsp;&nbsp; Customer finance, non-current | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | 242 | 78 | 27 | 190 | &nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;843 | 1406 |
| &nbsp;&nbsp; Advance payments to suppliers <sup>1)</sup> | 46 | 39 | 41 | 46 | 47 | 108 | 146 | 167 |
| &nbsp;&nbsp; Prepaid expenses <sup>1)</sup> | 2390 | 2443 | 3025 | 3749 | 2659 | 2737 | 3244 | 3501 |
| &nbsp;&nbsp; Less: Contract liabilities | 36867 | 40642 | 44370 | 46757 | 41229 | 39540 | 40704 | 42538 |
| &nbsp;&nbsp; Less: Trade payables | 26335 | 25352 | 24804 | 26450 | 30173 | 25888 | 26731 | 25305 |
| &nbsp;&nbsp; **Operating working capital** | **11435** | **11169** | **8642** | **7823** | **14026** | **16071** | **22714** | **28473** |
|  <sup>1)</sup> Part of Other current receivables in the consolidated balance sheet. | <sup>1)</sup> Part of Other current receivables in the consolidated balance sheet. | <sup>1)</sup> Part of Other current receivables in the consolidated balance sheet. | <sup>1)</sup> Part of Other current receivables in the consolidated balance sheet. | <sup>1)</sup> Part of Other current receivables in the consolidated balance sheet. | <sup>1)</sup> Part of Other current receivables in the consolidated balance sheet. | <sup>1)</sup> Part of Other current receivables in the consolidated balance sheet. | <sup>1)</sup> Part of Other current receivables in the consolidated balance sheet. | <sup>1)</sup> Part of Other current receivables in the consolidated balance sheet. |
| <br> **Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)**<br> Free cash flow before M&A: Cash flow from operating activities less net capital expenditures, other investments (excluding M&A) and repayment of lease liabilities.<br> Free cash flow after M&A: Cash flow from operating activities less net capital expenditures, other investments and repayment of lease liabilities.<br> Free cash flow before M&A (% of net sales): Free cash flow before M&A as a percentage of net sales. | <br> **Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)**<br> Free cash flow before M&A: Cash flow from operating activities less net capital expenditures, other investments (excluding M&A) and repayment of lease liabilities.<br> Free cash flow after M&A: Cash flow from operating activities less net capital expenditures, other investments and repayment of lease liabilities.<br> Free cash flow before M&A (% of net sales): Free cash flow before M&A as a percentage of net sales. | <br> **Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)**<br> Free cash flow before M&A: Cash flow from operating activities less net capital expenditures, other investments (excluding M&A) and repayment of lease liabilities.<br> Free cash flow after M&A: Cash flow from operating activities less net capital expenditures, other investments and repayment of lease liabilities.<br> Free cash flow before M&A (% of net sales): Free cash flow before M&A as a percentage of net sales. | <br> **Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)**<br> Free cash flow before M&A: Cash flow from operating activities less net capital expenditures, other investments (excluding M&A) and repayment of lease liabilities.<br> Free cash flow after M&A: Cash flow from operating activities less net capital expenditures, other investments and repayment of lease liabilities.<br> Free cash flow before M&A (% of net sales): Free cash flow before M&A as a percentage of net sales. | <br> **Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)**<br> Free cash flow before M&A: Cash flow from operating activities less net capital expenditures, other investments (excluding M&A) and repayment of lease liabilities.<br> Free cash flow after M&A: Cash flow from operating activities less net capital expenditures, other investments and repayment of lease liabilities.<br> Free cash flow before M&A (% of net sales): Free cash flow before M&A as a percentage of net sales. | <br> **Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)**<br> Free cash flow before M&A: Cash flow from operating activities less net capital expenditures, other investments (excluding M&A) and repayment of lease liabilities.<br> Free cash flow after M&A: Cash flow from operating activities less net capital expenditures, other investments and repayment of lease liabilities.<br> Free cash flow before M&A (% of net sales): Free cash flow before M&A as a percentage of net sales. | <br> **Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)**<br> Free cash flow before M&A: Cash flow from operating activities less net capital expenditures, other investments (excluding M&A) and repayment of lease liabilities.<br> Free cash flow after M&A: Cash flow from operating activities less net capital expenditures, other investments and repayment of lease liabilities.<br> Free cash flow before M&A (% of net sales): Free cash flow before M&A as a percentage of net sales. | <br> **Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)**<br> Free cash flow before M&A: Cash flow from operating activities less net capital expenditures, other investments (excluding M&A) and repayment of lease liabilities.<br> Free cash flow after M&A: Cash flow from operating activities less net capital expenditures, other investments and repayment of lease liabilities.<br> Free cash flow before M&A (% of net sales): Free cash flow before M&A as a percentage of net sales. | <br> **Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)**<br> Free cash flow before M&A: Cash flow from operating activities less net capital expenditures, other investments (excluding M&A) and repayment of lease liabilities.<br> Free cash flow after M&A: Cash flow from operating activities less net capital expenditures, other investments and repayment of lease liabilities.<br> Free cash flow before M&A (% of net sales): Free cash flow before M&A as a percentage of net sales. |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp; Cash flow from operating activities | 16507 | 7939 | 4150 | 4358 | 17513 | 14397 | 9276 | 5075 |
| &nbsp;&nbsp; Net capital expenditures and other investments (excl. M&A) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in property, plant and equipment | -849 | -491 | -561 | -729 | -667 | -540 | -699 | -434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of property, plant and equipment | 56 | 57 | 40 | 39 | 14 | 36 | 42 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-352 | -286 | -193 | -307 | -323 | &nbsp;&nbsp;&nbsp;&nbsp;-264 | &nbsp;&nbsp;&nbsp;&nbsp;-327 | -386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments <sup>1)</sup> | -47 | -81 | -301 | -64 | -87 | -78 | -39 | -7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of lease liabilities | -462 | -507 | -554 | -593 | -626 | -607 | -658 | -601 |
| &nbsp;&nbsp; Free cash flow before M&A | 14853 | 6631 | 2581 | 2704 | 15824 | 12944 | 7595 | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions/divestments of subs and other operations, net | 338 | 10064 | 141 | -4 | -95 | -62 | -48 | -106 |
| &nbsp;&nbsp; Free cash flow after M&A | 15191 | 16695 | 2722 | 2700 | 15729 | 12882 | 7547 | 3565 |
| &nbsp;&nbsp; Net sales | 69285 | 56239 | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
| &nbsp;&nbsp; Free cash flow before M&A (% of net sales) | 21.4% | 11.8% | 4.6% | 4.9% | 21.7% | 20.9% | 12.7% | 6.9% |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp; Cash flow from operating activities | 32954 | 16447 | 8508 | 4358 | 46261 | 28748 | 14351 | 5075 |
| &nbsp;&nbsp; Net capital expenditures and other investments (excl. M&A) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in property, plant and equipment | -2630 | -1781 | -1290 | -729 | -2340 | -1673 | -1133 | -434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of property, plant and equipment | 192 | 136 | 79 | 39 | 116 | 102 | 66 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development | -1138 | -786 | -500 | -307 | -1300 | -977 | -713 | -386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments <sup>1)</sup> | -493 | -446 | -365 | -64 | -211 | -124 | -46 | -7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of lease liabilities | -2116 | -1654 | -1147 | -593 | -2492 | -1866 | -1259 | -601 |
| &nbsp;&nbsp; Free cash flow before M&A | 26769 | 11916 | 5285 | 2704 | 40034 | 24210 | 11266 | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions/divestments of subs and other operations, net | 10539 | 10201 | 137 | -4 | -311 | -216 | -154 | -106 |
| &nbsp;&nbsp; Free cash flow after M&A | 37308 | 22117 | 5422 | 2700 | 39723 | 23994 | 11112 | 3565 |
| &nbsp;&nbsp; Net sales | 236681 | 167396 | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
| &nbsp;&nbsp; Free cash flow before M&A (% of net sales) | 11.3% | 7.1% | 4.8% | 4.9% | 16.2% | 13.8% | 10.0% | 6.9% |

---

<sup>1)</sup> Other investments is part of the line item Other investing activities in the Consolidated cash flow statement. The differences are movements in other interest-bearing assets, which are not to be part of the definition of Free cash flow.

 <br> 42 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

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##### [**Table of Contents**](#toc)
**Sales growth by segment adjusted for comparable units and currency** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarter, year over year change, percent | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp; Networks | 4% | -5% | 3% | 3% | 5% | -1% | -11% | -19% |
| &nbsp;&nbsp; Cloud Software and Services | 12% | 9% | 1% | -3% | 0% | -1% | 0% | -2% |
| &nbsp;&nbsp; Enterprise | 2% | -7% | -6% | -7% | -7% | -3% | 0% | 1% |
| &nbsp;&nbsp; Other | -10% | -15% | -1% | -23% | -10% | -26% | -5% | -14% |
| &nbsp;&nbsp; **Total** | **6%** | **-2%** | **2%** | **0%** | **2%** | **-1%** | **-7%** | **-14%** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, year over year change, percent | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp; Networks | 1% | 0% | 3% | 3% | -6% | -10% | -15% | -19% |
| &nbsp;&nbsp; Cloud Software and Services | 6% | 2% | -1% | -3% | -1% | -1% | -1% | -2% |
| &nbsp;&nbsp; Enterprise | -5% | -7% | -6% | -7% | -2% | -1% | 1% | 1% |
| &nbsp;&nbsp; Other | -13% | -14% | -13% | -23% | -15% | -16% | -10% | -14% |
| &nbsp;&nbsp; **Total** | **2%** | **0%** | **1%** | **0%** | **-5%** | **-7%** | **-10%** | **-14%** |
| **Sales growth by market area adjusted for comparable units and currency \*** | **Sales growth by market area adjusted for comparable units and currency \*** | **Sales growth by market area adjusted for comparable units and currency \*** | **Sales growth by market area adjusted for comparable units and currency \*** | **Sales growth by market area adjusted for comparable units and currency \*** | **Sales growth by market area adjusted for comparable units and currency \*** | **Sales growth by market area adjusted for comparable units and currency \*** | **Sales growth by market area adjusted for comparable units and currency \*** | **Sales growth by market area adjusted for comparable units and currency \*** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarter, year over year change, percent | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp; Americas | -1% | -8% | &nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | 10% | -16% |
| &nbsp;&nbsp; Europe, Middle East and Africa | 13% | 3% | -1% | -7% | -4% | -6% | -4% | -1% |
| &nbsp;&nbsp; South East Asia, Oceania and India | 19% | 1% | -22% | -17% | -28% | -43% | -44% | -37% |
| &nbsp;&nbsp; North East Asia | -16% | 10% | -15% | -8% | -22% | -29% | -3% | -16% |
| &nbsp;&nbsp; Other | 13% | -2% | 15% | -6% | 3% | 5% | 7% | 8% |
| &nbsp;&nbsp; **Total** | **6%** | **-2%** | **2%** | **0%** | **2%** | **-1%** | **-7%** | **-14%** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, year over year change, percent | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp; Americas | 4% | 6% | 14% | 20% | 18% | 10% | -4% | -16% |
| &nbsp;&nbsp; Europe, Middle East and Africa | 3% | -2% | -4% | -7% | -4% | -4% | -3% | -1% |
| &nbsp;&nbsp; South East Asia, Oceania and India | -4% | -13% | -19% | -17% | -38% | -41% | -41% | -37% |
| &nbsp;&nbsp; North East Asia | -9% | -5% | -12% | -8% | -19% | -16% | -9% | -16% |
| &nbsp;&nbsp; Other | 5% | 3% | 5% | -6% | 6% | 6% | 7% | 8% |
| &nbsp;&nbsp; **Total** | **2%** | **0%** | **1%** | **0%** | **-5%** | **-7%** | **-10%** | **-14%** |
|  <sup>\*</sup> Q1-Q3 2025 and 2024 have been restated to reflect changes in the market area structure. On February 25, 2025, the new market area structure was announced, and during Q4 2025 one additional country was added to Americas. | <sup>\*</sup> Q1-Q3 2025 and 2024 have been restated to reflect changes in the market area structure. On February 25, 2025, the new market area structure was announced, and during Q4 2025 one additional country was added to Americas. | <sup>\*</sup> Q1-Q3 2025 and 2024 have been restated to reflect changes in the market area structure. On February 25, 2025, the new market area structure was announced, and during Q4 2025 one additional country was added to Americas. | <sup>\*</sup> Q1-Q3 2025 and 2024 have been restated to reflect changes in the market area structure. On February 25, 2025, the new market area structure was announced, and during Q4 2025 one additional country was added to Americas. | <sup>\*</sup> Q1-Q3 2025 and 2024 have been restated to reflect changes in the market area structure. On February 25, 2025, the new market area structure was announced, and during Q4 2025 one additional country was added to Americas. | <sup>\*</sup> Q1-Q3 2025 and 2024 have been restated to reflect changes in the market area structure. On February 25, 2025, the new market area structure was announced, and during Q4 2025 one additional country was added to Americas. | <sup>\*</sup> Q1-Q3 2025 and 2024 have been restated to reflect changes in the market area structure. On February 25, 2025, the new market area structure was announced, and during Q4 2025 one additional country was added to Americas. | <sup>\*</sup> Q1-Q3 2025 and 2024 have been restated to reflect changes in the market area structure. On February 25, 2025, the new market area structure was announced, and during Q4 2025 one additional country was added to Americas. | <sup>\*</sup> Q1-Q3 2025 and 2024 have been restated to reflect changes in the market area structure. On February 25, 2025, the new market area structure was announced, and during Q4 2025 one additional country was added to Americas. |
| <br> **Rolling four quarters of net sales by segment** | <br> **Rolling four quarters of net sales by segment** | <br> **Rolling four quarters of net sales by segment** | <br> **Rolling four quarters of net sales by segment** | <br> **Rolling four quarters of net sales by segment** | <br> **Rolling four quarters of net sales by segment** | <br> **Rolling four quarters of net sales by segment** | <br> **Rolling four quarters of net sales by segment** | <br> **Rolling four quarters of net sales by segment** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Rolling four quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp; Networks | 151014 | 153611 | 158203 | 160135 | 158207 | 156408 | 157929 | 162690 |
| &nbsp;&nbsp; Cloud Software and Services | 62715 | 62141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61748 | 62565 | 62635 | 62736 | 63347 | 63275 |
| &nbsp;&nbsp; Enterprise | 21117 | 22629 | 23890 | 24826 | 24863 | 25471 | 25825 | 25720 |
| &nbsp;&nbsp; Other | 1835 | 1928 | 2023 | 2054 | 2175 | 2233 | 2426 | 2438 |
| &nbsp;&nbsp; **Total** | **236681** | **240309** | **245864** | **249580** | **247880** | **246848** | **249527** | **254123** |

---

 <br> 43 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

------

##### [**Table of Contents**](#toc)
**Gross margin by segment by quarter** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Isolated quarters, as percentage of net sales | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp; Networks | 49.0% | 50.0% | 49.3% | 50.8% | 47.7% | 48.3% | 45.5% | 44.0% |
| &nbsp;&nbsp; Cloud Software and Services | 43.1% | 42.1% | 41.5% | 39.1% | 37.2% | 37.0% | 35.6% | 37.1% |
| &nbsp;&nbsp; Enterprise | 52.1% | 51.6% | 54.9% | 56.3% | 54.3% | 52.3% | 51.0% | 48.0% |
| &nbsp;&nbsp; Other | 7.4% | 0.0% | 0.4% | 3.8% | -29.5% | 1.8% | -8.1% | 18.2% |
| &nbsp;&nbsp; **Total** | **47.2%** | **47.6%** | **47.5%** | **48.2%** | **44.9%** | **45.6%** | **43.1%** | **42.5%** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year to date, as percentage of net sales | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp; Networks | 49.7% | 50.0% | 50.1% | 50.8% | 46.6% | 46.1% | 44.8% | 44.0% |
| &nbsp;&nbsp; Cloud Software and Services | 41.7% | 41.0% | 40.4% | 39.1% | 36.8% | 36.5% | 36.3% | 37.1% |
| &nbsp;&nbsp; Enterprise | 53.9% | 54.4% | 55.6% | 56.3% | 51.4% | 50.5% | 49.6% | 48.0% |
| &nbsp;&nbsp; Other | 3.0% | 1.5% | 2.1% | 3.8% | -4.2% | 4.7% | 6.1% | 18.2% |
| &nbsp;&nbsp; **Total** | **47.6%** | **47.8%** | **47.8%** | **48.2%** | **44.1%** | **43.8%** | **42.8%** | **42.5%** |
| **EBIT margin by segment by quarter** | **EBIT margin by segment by quarter** | **EBIT margin by segment by quarter** | **EBIT margin by segment by quarter** | **EBIT margin by segment by quarter** | **EBIT margin by segment by quarter** | **EBIT margin by segment by quarter** | **EBIT margin by segment by quarter** | **EBIT margin by segment by quarter** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Isolated quarters, as percentage of net sales | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp; Networks | 21.1% | 20.0% | 17.8% | 19.8% | 19.8% | 18.7% | 12.6% | 12.3% |
| &nbsp;&nbsp; Cloud Software and Services | 16.8% | 11.2% | 5.8% | 0.5% | 5.6% | -3.0% | -4.8% | -2.8% |
| &nbsp;&nbsp; Enterprise | -33.3% | 131.5% | -15.7% | -17.1% | -30.8% | -19.0% | -268.7% | -26.5% |
| &nbsp;&nbsp; Other | 1.1% | -71.5% | 9.5% | -35.0% | -93.5% | -14.6% | -23.2% | 317.5% |
| &nbsp;&nbsp; **Total** | **16.1%** | **26.9%** | **11.4%** | **10.8%** | **10.9%** | **9.3%** | **-22.6%** | **7.7%** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Year to date, as percentage of net sales | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp; Networks | 19.7% | 19.2% | 18.8% | 19.8% | 16.2% | 14.7% | 12.5% | 12.3% |
| &nbsp;&nbsp; Cloud Software and Services | 9.6% | 6.2% | 3.3% | 0.5% | -0.7% | -3.6% | -3.9% | -2.8% |
| &nbsp;&nbsp; Enterprise | 15.3% | 28.8% | -16.4% | -17.1% | -88.8% | -107.6% | -152.6% | -26.5% |
| &nbsp;&nbsp; Other | -22.3% | -30.5% | -12.8% | -35.0% | 53.6% | 105.7% | 161.1% | 317.5% |
| &nbsp;&nbsp; **Total** | **16.3%** | **16.4%** | **11.1%** | **10.8%** | **1.7%** | **-2.1%** | **-8.3%** | **7.7%** |

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 <br> 44 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

------

##### [**Table of Contents**](#toc)
**EBITA and EBITA margin by segment by quarter** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 9348 | 7096 | 6397 | 7367 | 9375 | 7536 | 4771 | 4179 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 3368 | 1726 | 845 | 76 | 1107 | -436 | -721 | -355 |
| &nbsp;&nbsp;&nbsp; Enterprise | -1120 | 6987 | -524 | -625 | -1327 | -823 | -1508 | -820 |
| &nbsp;&nbsp;&nbsp; Other | 5 | -293 | 45 | -166 | -532 | -74 | -116 | 1889 |
| &nbsp;&nbsp;&nbsp; **Total** | **11601** | **15516** | **6763** | **6652** | **8623** | **6203** | **2426** | **4893** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, as percentage of net sales | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 21.1% | 20.0% | 17.9% | 20.7% | 20.0% | 18.8% | 12.7% | 12.4% |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 16.8% | 11.2% | 5.9% | 0.6% | 5.7% | -2.9% | -4.7% | -2.7% |
| &nbsp;&nbsp;&nbsp; Enterprise | -24.5% | 138.1% | -9.4% | -10.5% | -21.8% | -13.0% | -23.3% | -13.7% |
| &nbsp;&nbsp;&nbsp; Other | 1.1% | -71.3% | 9.5% | -35.0% | -93.5% | -14.6% | -23.0% | 317.5% |
| &nbsp;&nbsp;&nbsp; **Total** | **16.7%** | **27.6%** | **12.0%** | **12.1%** | **11.8%** | **10.0%** | **4.1%** | **9.2%** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Networks | 30208 | 20860 | 13764 | 7367 | 25861 | 16486 | 8950 | 4179 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 6015 | 2647 | 921 | 76 | -405 | -1512 | -1076 | -355 |
| &nbsp;&nbsp;&nbsp; Enterprise | 4718 | 5838 | -1149 | -625 | -4478 | -3151 | -2328 | -820 |
| &nbsp;&nbsp;&nbsp; Other | -409 | -414 | -121 | -166 | 1167 | 1699 | 1773 | 1889 |
| &nbsp;&nbsp;&nbsp; **Total** | **40532** | **28931** | **13415** | **6652** | **22145** | **13522** | **7319** | **4893** |
|  |  | 2025 |  |  |  | 2024 |  |  |
| &nbsp;&nbsp;&nbsp; Year to date, as percentage of net sales | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Networks | 20.0% | 19.5% | 19.3% | 20.7% | 16.3% | 14.8% | 12.5% | 12.4% |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 9.6% | 6.2% | 3.4% | 0.6% | -0.6% | -3.5% | -3.8% | -2.7% |
| &nbsp;&nbsp;&nbsp; Enterprise | 22.3% | 35.3% | -10.0% | -10.5% | -18.0% | -16.8% | -18.7% | -13.7% |
| &nbsp;&nbsp;&nbsp; Other | -22.3% | -30.5% | -12.8% | -35.0% | 53.7% | 105.8% | 161.2% | 317.5% |
| &nbsp;&nbsp;&nbsp; **Total** | **17.1%** | **17.3%** | **12.1%** | **12.1%** | **8.9%** | **7.7%** | **6.5%** | **9.2%** |

---

 <br> 45 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

------

##### [**Table of Contents**](#toc)
**Restructuring charges by function** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Cost of sales | -538 | -271 | -310 | -158 | -1034 | -424 | -466 | -122 |
| &nbsp;&nbsp;&nbsp; Research and development expenses | -300 | 41 | -300 | -20 | -358 | -966 | -805 | 10 |
| &nbsp;&nbsp;&nbsp; Selling and administrative expenses | -259 | -73 | -46 | -103 | -234 | -163 | -357 | -93 |
| &nbsp;&nbsp;&nbsp; **Total** | **-1097** | **-303** | **-656** | **-281** | **-1626** | **-1553** | **-1628** | **-205** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Cost of sales | -1277 | -739 | -468 | -158 | -2046 | -1012 | -588 | -122 |
| &nbsp;&nbsp;&nbsp; Research and development expenses | -579 | -279 | -320 | -20 | -2119 | -1761 | -795 | 10 |
| &nbsp;&nbsp;&nbsp; Selling and administrative expenses | -481 | -222 | -149 | -103 | -847 | -613 | -450 | -93 |
| &nbsp;&nbsp;&nbsp; **Total** | **-2337** | **-1240** | **-937** | **-281** | **-5012** | **-3386** | **-1833** | **-205** |

---

**Restructuring charges by segment** 

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 |  |
| &nbsp;&nbsp;&nbsp; Networks |  | -710 |  | -79 |  | -109 |  | -108 |  | -738 |  | -585 |  | -481 |  | -95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-270* | | *-45* | | *-67* | | *-55* | | *-645* | | *-163* | | *-214* | | *-68* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-440* | | *-34* | | *-42* | | *-53* | | *-93* | | *-422* | | *-267* | | *-27* | |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services |  | -349 |  | -193 |  | -538 |  | -74 |  | -695 |  | -863 |  | -816 |  | -60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-240* | | *-222* | | *-243* | | *-102* | | *-348* | | *-243* | | *-246* | | *-49* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-109* | | *29* | | *-295* | | *28* | | *-347* | | *-620* | | *-570* | | *-11* | |
| &nbsp;&nbsp;&nbsp; Enterprise |  | -5 |  | -27 |  | -9 |  | -97 |  | -150 |  | -38 |  | -285 |  | -38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-1* | | *0* | | *0* | | *1* | | *-2* | | *-1* | | *-3* | | *-5* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-4* | | *-27* | | *-9* | | *-98* | | *-148* | | *-37* | | *-282* | | *-33* | |
| &nbsp;&nbsp;&nbsp; Other |  | -33 |  | -4 |  | 0 |  | -2 |  | -43 |  | -67 |  | -46 |  | -12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-27* | | *-4* | | *0* | | *-2* | | *-39* | | *-17* | | *-3* | | *0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of which operating expenses | | *-6* | | *0* | | *0* | | *0* | | *-4* | | *-50* | | *-43* | | *-12* | |
| &nbsp;&nbsp;&nbsp; **Total** |  | **-1097** |  | **-303** |  | **-656** |  | **-281** |  | **-1626** |  | **-1553** |  | **-1628** |  | **-205** |  |
|  | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar |  |
| &nbsp;&nbsp;&nbsp; Networks |  | -1006 |  | -296 |  | -217 |  | -108 |  | -1899 |  | -1161 |  | -576 |  | -95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-437* | | *-167* | | *-122* | | *-55* | | *-1090* | | *-445* | | *-282* | | *-68* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-569* | | *-129* | | *-95* | | *-53* | | *-809* | | *-716* | | *-294* | | *-27* | |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services |  | -1154 |  | -805 |  | -612 |  | -74 |  | -2434 |  | -1739 |  | -876 |  | -60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-807* | | *-567* | | *-345* | | *-102* | | *-886* | | *-538* | | *-295* | | *-49* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-347* | | *-238* | | *-267* | | *28* | | *-1548* | | *-1201* | | *-581* | | *-11* | |
| &nbsp;&nbsp;&nbsp; Enterprise |  | -138 |  | -133 |  | -106 |  | -97 |  | -511 |  | -361 |  | -323 |  | -38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *0* | | *1* | | *1* | | *1* | | *-11* | | *-9* | | *-8* | | *-5* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-138* | | *-134* | | *-107* | | *-98* | | *-500* | | *-352* | | *-315* | | *-33* | |
| &nbsp;&nbsp;&nbsp; Other |  | -39 |  | -6 |  | -2 |  | -2 |  | -168 |  | -125 |  | -58 |  | -12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-33* | | *-6* | | *-2* | | *-2* | | *-59* | | *-20* | | *-3* | | *0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-6* | | *0* | | *0* | | *0* | | *-109* | | *-105* | | *-55* | | *-12* | |
| &nbsp;&nbsp;&nbsp; **Total** |  | **-2337** |  | **-1240** |  | **-937** |  | **-281** |  | **-5012** |  | **-3386** |  | **-1833** |  | **-205** |  |

---

 <br> 46 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted gross income and Adjusted gross margin by segment** | **Adjusted gross income and Adjusted gross margin by segment** | | | | | | | |
|  | 2025 | 2025 | 2025 |  | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 21918 | 17750 | 17705 | 18167 | 22971 | 19495 | 17353 | 14919 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 8876 | 6685 | 6207 | 5171 | 7591 | 5780 | 5653 | 4883 |
| &nbsp;&nbsp;&nbsp; Enterprise | 2387 | 2609 | 3045 | 3337 | 3308 | 3308 | 3313 | 2870 |
| &nbsp;&nbsp;&nbsp; Other | 62 | 4 | 2 | 20 | -129 | 26 | -38 | 108 |
| &nbsp;&nbsp;&nbsp; **Total** | **33243** | **27048** | **26959** | **26695** | **33741** | **28609** | **26281** | **22780** |
|  | 2025 | 2025 | 2025 |  | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Isolated quarters, as percentage of net sales | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 49.6% | 50.1% | 49.5% | 51.0% | 49.1% | 48.7% | 46.1% | 44.3% |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 44.3% | 43.6% | 43.2% | 39.9% | 39.0% | 38.7% | 37.2% | 37.4% |
| &nbsp;&nbsp;&nbsp; Enterprise | 52.1% | 51.6% | 54.9% | 56.2% | 54.3% | 52.4% | 51.1% | 48.1% |
| &nbsp;&nbsp;&nbsp; Other | 13.0% | 1.0% | 0.4% | 4.2% | -22.7% | 5.1% | -7.5% | 18.2% |
| &nbsp;&nbsp;&nbsp; **Total** | **48.0%** | **48.1%** | **48.0%** | **48.5%** | **46.3%** | **46.3%** | **43.9%** | **42.7%** |
|  | 2025 | 2025 | 2025 |  | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Networks | 75540 | 53622 | 35872 | 18167 | 74738 | 51767 | 32272 | 14919 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 26939 | 18063 | 11378 | 5171 | 23907 | 16316 | 10536 | 4883 |
| &nbsp;&nbsp;&nbsp; Enterprise | 11378 | 8991 | 6382 | 3337 | 12799 | 9491 | 6183 | 2870 |
| &nbsp;&nbsp;&nbsp; Other | 88 | 26 | 22 | 20 | -33 | 96 | 70 | 108 |
| &nbsp;&nbsp;&nbsp; **Total** | **113945** | **80702** | **53654** | **26695** | **111411** | **77670** | **49061** | **22780** |
|  | 2025 | 2025 | 2025 |  | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Year to date, as percentage of net sales | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Networks | 50.0% | 50.2% | 50.2% | 51.0% | 47.2% | 46.5% | 45.2% | 44.3% |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 43.0% | 42.3% | 41.6% | 39.9% | 38.2% | 37.8% | 37.3% | 37.4% |
| &nbsp;&nbsp;&nbsp; Enterprise | 53.9% | 54.4% | 55.6% | 56.2% | 51.5% | 50.6% | 49.6% | 48.1% |
| &nbsp;&nbsp;&nbsp; Other | 4.8% | 1.9% | 2.3% | 4.2% | -1.5% | 6.0% | 6.4% | 18.2% |
| &nbsp;&nbsp;&nbsp; **Total** | **48.1%** | **48.2%** | **48.3%** | **48.5%** | **44.9%** | **44.4%** | **43.4%** | **42.7%** |

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 <br> 47 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

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##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted EBIT (loss) and Adjusted EBIT margin by segment** | **Adjusted EBIT (loss) and Adjusted EBIT margin by segment** | **Adjusted EBIT (loss) and Adjusted EBIT margin by segment** | | | | | | |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 10028 | 7154 | 6485 | 7148 | 10005 | 8077 | 5231 | 4251 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 3713 | 1914 | 1378 | 145 | 1794 | 420 | 88 | -303 |
| &nbsp;&nbsp;&nbsp; Enterprise | -1521 | 6676 | -861 | -917 | -1726 | -1163 | -17139 | -1544 |
| &nbsp;&nbsp;&nbsp; Other | 38 | -290 | 45 | -164 | -489 | -7 | -71 | 1901 |
| &nbsp;&nbsp;&nbsp; **Total** | **12258** | **15454** | **7047** | **6212** | **9584** | **7327** | **-11891** | **4305** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, as percentage of net sales | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 22.7% | 20.2% | 18.1% | 20.1% | 21.4% | 20.2% | 13.9% | 12.6% |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 18.5% | 12.5% | 9.6% | 1.1% | 9.2% | 2.8% | 0.6% | -2.3% |
| &nbsp;&nbsp;&nbsp; Enterprise | -33.2% | 132.0% | -15.5% | -15.5% | -28.3% | -18.4% | -264.3% | -25.9% |
| &nbsp;&nbsp;&nbsp; Other | 8.0% | -70.6% | 9.5% | -34.6% | -85.9% | -1.4% | -14.1% | 319.5% |
| &nbsp;&nbsp;&nbsp; **Total** | **17.7%** | **27.5%** | **12.6%** | **11.3%** | **13.1%** | **11.9%** | **-19.9%** | **8.1%** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Networks | 30815 | 20787 | 13633 | 7148 | 27564 | 17559 | 9482 | 4251 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 7150 | 3437 | 1523 | 145 | 1999 | 205 | -215 | -303 |
| &nbsp;&nbsp;&nbsp; Enterprise | 3377 | 4898 | -1778 | -917 | -21572 | -19846 | -18683 | -1544 |
| &nbsp;&nbsp;&nbsp; Other | -371 | -409 | -119 | -164 | 1334 | 1823 | 1830 | 1901 |
| &nbsp;&nbsp;&nbsp; **Total** | **40971** | **28713** | **13259** | **6212** | **9325** | **-259** | **-7586** | **4305** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, as percentage of net sales | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Networks | 20.4% | 19.5% | 19.1% | 20.1% | 17.4% | 15.8% | 13.3% | 12.6% |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 11.4% | 8.1% | 5.6% | 1.1% | 3.2% | 0.5% | -0.8% | -2.3% |
| &nbsp;&nbsp;&nbsp; Enterprise | 16.0% | 29.6% | -15.5% | -15.5% | -86.8% | -105.7% | -150.0% | -25.9% |
| &nbsp;&nbsp;&nbsp; Other | -20.2% | -30.1% | -12.6% | -34.6% | 61.3% | 113.5% | 166.4% | 319.5% |
| &nbsp;&nbsp;&nbsp; **Total** | **17.3%** | **17.2%** | **11.9%** | **11.3%** | **3.8%** | **-0.1%** | **-6.7%** | **8.1%** |

---

**Rolling four quarters of adjusted EBITA margin by segment (%)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| &nbsp;&nbsp;&nbsp; Rolling four quarters, as percentage of net sales | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 20.7% | 20.4% | 20.4% | 19.3% | 17.5% | 16.0% | 14.0% | 13.4% |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 11.4% | 8.5% | 6.1% | 4.0% | 3.2% | 3.6% | 3.6% | 3.0% |
| &nbsp;&nbsp;&nbsp; Enterprise | 23.0% | 21.2% | -12.6% | -15.0% | -16.0% | -14.1% | -13.2% | -11.7% |
| &nbsp;&nbsp;&nbsp; Other | -20.2% | -46.5% | -30.4% | -35.5% | 61.4% | 62.0% | 43.6% | 43.9% |
| &nbsp;&nbsp;&nbsp; **Total** | **18.1%** | **16.8%** | **13.2%** | **11.6%** | **11.0%** | **10.2%** | **8.8%** | **8.5%** |

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 <br> 48 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted EBITA and Adjusted EBITA margin by segment** | **Adjusted EBITA and Adjusted EBITA margin by segment** | **Adjusted EBITA and Adjusted EBITA margin by segment** | | | | | | |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 10058 | 7175 | 6506 | 7475 | 10113 | 8121 | 5252 | 4274 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 3717 | 1919 | 1383 | 150 | 1802 | 427 | 95 | -295 |
| &nbsp;&nbsp;&nbsp; Enterprise | -1115 | 7014 | -515 | -528 | -1177 | -785 | -1223 | -782 |
| &nbsp;&nbsp;&nbsp; Other | 38 | -289 | 45 | -164 | -489 | -7 | -70 | 1901 |
| &nbsp;&nbsp;&nbsp; **Total** | **12698** | **15819** | **7419** | **6933** | **10249** | **7756** | **4054** | **5098** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, as percentage of net sales | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Networks | 22.8% | 20.3% | 18.2% | 21.0% | 21.6% | 20.3% | 13.9% | 12.7% |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 18.6% | 12.5% | 9.6% | 1.2% | 9.3% | 2.9% | 0.6% | -2.3% |
| &nbsp;&nbsp;&nbsp; Enterprise | -24.4% | 138.7% | -9.3% | -8.9% | -19.3% | -12.4% | -18.9% | -13.1% |
| &nbsp;&nbsp;&nbsp; Other | 8.0% | -70.3% | 9.5% | -34.6% | -85.9% | -1.4% | -13.9% | 319.5% |
| &nbsp;&nbsp;&nbsp; **Total** | **18.3%** | **28.1%** | **13.2%** | **12.6%** | **14.1%** | **12.6%** | **6.8%** | **9.6%** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Networks | 31214 | 21156 | 13981 | 7475 | 27760 | 17647 | 9526 | 4274 |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 7169 | 3452 | 1533 | 150 | 2029 | 227 | -200 | -295 |
| &nbsp;&nbsp;&nbsp; Enterprise | 4856 | 5971 | -1043 | -528 | -3967 | -2790 | -2005 | -782 |
| &nbsp;&nbsp;&nbsp; Other | -370 | -408 | -119 | -164 | 1335 | 1824 | 1831 | 1901 |
| &nbsp;&nbsp;&nbsp; **Total** | **42869** | **30171** | **14352** | **6933** | **27157** | **16908** | **9152** | **5098** |
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, as percentage of net sales | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
| &nbsp;&nbsp;&nbsp; Networks | 20.7% | 19.8% | 19.6% | 21.0% | 17.5% | 15.8% | 13.3% | 12.7% |
| &nbsp;&nbsp;&nbsp; Cloud Software and Services | 11.4% | 8.1% | 5.6% | 1.2% | 3.2% | 0.5% | -0.7% | -2.3% |
| &nbsp;&nbsp;&nbsp; Enterprise | 23.0% | 36.1% | -9.1% | -8.9% | -16.0% | -14.9% | -16.1% | -13.1% |
| &nbsp;&nbsp;&nbsp; Other | -20.2% | -30.0% | -12.6% | -34.6% | 61.4% | 113.6% | 166.5% | 319.5% |
| &nbsp;&nbsp;&nbsp; **Total** | **18.1%** | **18.0%** | **12.9%** | **12.6%** | **11.0%** | **9.7%** | **8.1%** | **9.6%** |

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**Operating working capital days** 

Inventory turnover days (ITO): Five quarter average inventory divided by four quarter rolling absolute value of cost of sales excluding restructuring charges multiplied by 365, expressed as number of days.

Days sales outstanding (DSO): Five quarter average of contract assets, trade receivables and customer finance (current and non-current) less contract liabilities divided by four quarter rolling net sales multiplied by 365, expressed as number of days.

Days payables outstanding (DPO): Five quarter average of advances to suppliers and prepaid expenses less trade payables divided by four quarter rolling absolute value of cost of sales excluding restructuring charges multiplied by 365, expressed as number of days.

Operating working capital days: ITO plus DSO less DPO

The definition is updated from Q1 2025. Prior periods are updated accordingly. Refer to the clarification provided at the beginning of the APM section.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | | 2024 | 2024 | 2024 | 2024 |
| | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| &nbsp;&nbsp;&nbsp; Inventory turnover days (ITO) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp; Days sales outstanding (DSO) | 12 | 11 | 14 | 17 | 23 | 26 | 29 | 30 |
| &nbsp;&nbsp;&nbsp; Less: Days payables outstanding (DPO) | 71 | 68 | 66 | 64 | 64 | 63 | 64 | 65 |
| &nbsp;&nbsp;&nbsp; **Operating working capital days** | **20** | **23** | **28** | **34** | **43** | **55** | **62** | **65** |

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 <br> 49 Ericsson \| Fourth quarter and full-year report 2025. January 23, 2026. Alternative performance measures

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| TELEFONAKTIEBOLAGET LM ERICSSON (publ) | TELEFONAKTIEBOLAGET LM ERICSSON (publ) |
| By: | <u>/s/ CHRIS HOUGHTON</u> |
| **Chris Houghton** | **Chris Houghton** |
| **Senior Vice President, Chief Operating Officer** | **Senior Vice President, Chief Operating Officer** |
| By: | <u>/s/ LARS SANDSTRÖM</u> |
| **Lars Sandström** | **Lars Sandström** |
| **Senior Vice President, Chief Financial Officer** | **Senior Vice President, Chief Financial Officer** |

---

Date: **January 23, 2026**