# EDGAR Filing Document

**Accession Number:** 0000717826
**File Stem:** 0001193125-25-159265
**Filing Date:** 2025-7
**Character Count:** 177094
**Document Hash:** 8b3bc51af498ca4e3d45dfcff6396f59
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-159265.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001193125-25-159265

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250715

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**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:** 251124127

**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** 

**July 15, 2025** 

**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 ☒ 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, July 15, 2025 regarding "Second quarter report 2025"

------

##### [**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.

---

| | |
|:---|:---|
| TELEFONAKTIEBOLAGET LM ERICSSON (publ) | TELEFONAKTIEBOLAGET LM ERICSSON (publ) |
| By: | /s/ STELLA MEDLICOTT |
|  | **Stella Medlicott** |
|  | **Senior Vice President,** |
|  | **Chief Marketing and Communications Officer** |
| By: | /s/ LARS SANDSTRÖM |
|  | **Lars Sandström** |
|  | **Senior Vice President, Chief Financial Officer** |

---

Date: **July 15, 2025**

------

##### [**Table of Contents**](#toc)
![LOGO](g892966dsp3.jpg)

**Second quarter report 2025** 

**Strategic highlights – solid strategic and operational execution** 

• Operational excellence led to a 48% adjusted<sup>1</sup> gross margin
and a three-year high in adjusted<sup>1</sup> EBITA margin.

• Solid strategic execution in Cloud Software and Services delivered strong segment adjusted<sup>1</sup> EBITA.

• Strong progress in IPR licensing; further opportunities to increase IPR revenues remain.

**Financial highlights – improved contribution from all segments** 

• Sales grew by 2%\*, driven by market area Americas and IPR licensing, partly offset by declines in other market
areas, with investments in India on hold. Reported sales were SEK 56.1 (59.8) b., with a SEK -4.7 b. FX impact.

• Adjusted<sup>1</sup> gross income increased to SEK 27.0 (26.3) b.
driven by strong operational execution and higher IPR licensing revenues, benefiting from a settlement. Reported gross income was SEK 26.6 (25.8) b.

• Adjusted<sup>1</sup> gross margin was 48.0% (43.9%) supported by
improvements in all segments, despite currency headwinds. Reported gross margin was 47.5% (43.1%).

• Adjusted<sup>1</sup> EBITA was SEK 7.4 (4.1) b. with a 13.2% (6.8%)
margin, benefiting from higher gross income and lower operating expenses. Reported EBITA was SEK 6.8 (2.4) b. with a 12.0% (4.1%) margin.

• Net income was SEK 4.6 (-11.0) b. EPS diluted was SEK 1.37 (-3.34). Net income in 2024 was impacted by a SEK -11.4 b. impairment charge.

• Free cash flow before M&A was SEK 2.6 (7.6) b. Q2 2024 benefited from strong working capital release.

***Börje Ekholm, President and CEO, said:*** *"Our Q2 results demonstrate solid execution of our strategic and operational priorities. We achieved a three-year high in adjusted EBITA margin, supported by continued efficiency actions. We have structurally lowered our cost base and are strongly focused on delivering further efficiencies.* 

*It is encouraging that Americas' growth continues, and that Europe has stabilized. Global fixed wireless access (FWA) customers have now surpassed 160 million and are driving significant network traffic. Penetration of 5G standalone is still limited but is needed to fully support AI use cases at the edge, requiring ultra-low latency and enhanced uplink performance.* 

*Looking ahead, we are increasing AI investments, including in our Sweden AI factory consortium. AI is key to accelerating innovation, as well as driving internal operational efficiencies. The ecosystem for network APIs continues to grow, and Aduna expanded its Network API reach to all three major service providers in Japan.* 

---

| | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SEK b. | Q2<br>2025 | Q2<br>2025 |  | Q2<br>2024 | Q2<br>2024 |  | YoY<br>change | YoY<br>change | Q1<br>2025 | Q1<br>2025 |  | QoQ<br>change | QoQ<br>change |  | Jan-Jun<br>2025 | Jan-Jun<br>2025 |  | Jan-Jun<br>2024 | Jan-Jun<br>2024 |  | YoY<br>change |
|  Net sales |  | 56.1 |  |  | 59.8 |  |  | -6% |  | 55.0 |  |  | 2 | % |  | 111.2 |  |  | 113.2 |  | -2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth \* ²* | | *—* | | | *—* | | | *2 %* | | *—* | | | *—* | | | *—* | | | *—* | | *1 %* |
|  Gross income |  | 26.6 |  |  | 25.8 |  |  | 3% |  | 26.5 |  |  | 0 | % |  | 53.2 |  |  | 48.5 |  | 10% |
|  Gross margin ² |  | 47.5 | % |  | 43.1 | % |  |  |  | 48.2 | % |  |  |  |  | 47.8 | % |  | 42.8 | % |  |
|  EBIT (loss) |  | 6.4 |  |  | -13.5 |  |  |  |  | 5.9 |  |  | 8 | % |  | 12.3 |  |  | -9.4 |  |  |
|  EBIT margin ² |  | 11.4 | % |  | -22.6 | % |  |  |  | 10.8 | % |  |  |  |  | 11.1 | % |  | -8.3 | % |  |
|  EBITA ² |  | 6.8 |  |  | 2.4 |  |  | 179% |  | 6.7 |  |  | 2 | % |  | 13.4 |  |  | 7.3 |  | 83% |
|  EBITA margin ² |  | 12.0 | % |  | 4.1 | % |  |  |  | 12.1 | % |  |  |  |  | 12.1 | % |  | 6.5 | % |  |
|  Net income (loss) |  | 4.6 |  |  | -11.0 |  |  |  |  | 4.2 |  |  | 10 | % |  | 8.8 |  |  | -8.4 |  |  |
|  EPS diluted, SEK |  | 1.37 |  |  | -3.34 |  |  |  |  | 1.24 |  |  | 10 | % |  | 2.61 |  |  | -2.57 |  |  |
|  Free cash flow before M&A ² |  | 2.6 |  |  | 7.6 |  |  | -66% |  | 2.7 |  |  | -5 | % |  | 5.3 |  |  | 11.3 |  | -53% |
|  Net cash, end of period ² |  | 36.0 |  |  | 13.1 |  |  | 174% |  | 38.6 |  |  | -7 | % |  | 36.0 |  |  | 13.1 |  | 174% |
| Adjusted financial measures ¹ ² |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Adjusted gross income |  | 27.0 |  |  | 26.3 |  |  | 3% |  | 26.7 |  |  | 1 | % |  | 53.7 |  |  | 49.1 |  | 9% |
|  Adjusted gross margin |  | 48.0 | % |  | 43.9 | % |  |  |  | 48.5 | % |  |  |  |  | 48.3 | % |  | 43.4 | % |  |
|  Adjusted EBIT (loss) |  | 7.0 |  |  | -11.9 |  |  |  |  | 6.2 |  |  | 13 | % |  | 13.3 |  |  | -7.6 |  |  |
|  Adjusted EBIT margin |  | 12.6 | % |  | -19.9 | % |  |  |  | 11.3 | % |  |  |  |  | 11.9 | % |  | -6.7 | % |  |
|  Adjusted EBITA |  | 7.4 |  |  | 4.1 |  |  | 83% |  | 6.9 |  |  | 7 | % |  | 14.4 |  |  | 9.2 |  | 57% |
|  Adjusted EBITA margin |  | 13.2 | % |  | 6.8 | % |  |  |  | 12.6 | % |  |  |  |  | 12.9 | % |  | 8.1 | % |  |

---

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

<sup>1</sup> Adjusted metrics are adjusted to exclude restructuring charges.

<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.

 <br> 1 Ericsson \| Second quarter report 2025. July 15, 2025.

------

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

**Group results** 

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SEK b. | Q2<br>2025 | Q2<br>2025 |  | Q2<br>2024 | Q2<br>2024 |  | YoY<br>change | YoY<br>change |  | Q1<br>2025 | Q1<br>2025 |  | QoQ<br>change | QoQ<br>change |  | Jan-Jun<br>2025 | Jan-Jun<br>2025 |  | Jan-Jun<br>2024 | Jan-Jun<br>2024 |  | YoY<br>change | YoY<br>change |  |
|  **Net sales** |  | **56.1** |  |  | **59.8** |  |  | **-6** | **%** |  | **55.0** |  |  | **2** | **%** |  | **111.2** |  |  | **113.2** |  |  | **-2** | **%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth ¹* | | *—* | | | *—* | | | *2* | *%* | | *—* | | | *—* | | | *—* | | | *—* | | | *1* | *%* |
|  **Gross income** |  | **26.6** |  |  | **25.8** |  |  | **3** | **%** |  | **26.5** |  |  | **0** | **%** |  | **53.2** |  |  | **48.5** |  |  | **10** | **%** |
|  Gross margin |  | 47.5 | % |  | 43.1 | % |  |  |  |  | 48.2 | % |  |  |  |  | 47.8 | % |  | 42.8 | % |  |  |  |
|  Research and development (R&D) expenses |  | -12.2 |  |  | -14.9 |  |  |  |  |  | -12.0 |  |  |  |  |  | -24.2 |  |  | -26.5 |  |  |  |  |
|  Selling and administrative expenses |  | -8.2 |  |  | -23.1 |  |  |  |  |  | -8.6 |  |  |  |  |  | -16.8 |  |  | -31.8 |  |  |  |  |
|  Impairment losses on trade receivables |  | 0.0 |  |  | -0.1 |  |  |  |  |  | 0.0 |  |  | 6 | % |  | 0.1 |  |  | -0.3 |  |  |  |  |
|  Other operating income and expenses |  | 0.1 |  |  | -1.3 |  |  |  |  |  | 0.0 |  |  |  |  |  | 0.1 |  |  | 0.7 |  |  | -89 | % |
|  Share in earnings of associated companies |  | 0.0 |  |  | 0.0 |  |  | -33 | % |  | 0.0 |  |  |  |  |  | 0.0 |  |  | 0.0 |  |  | 14 | % |
|  **EBIT (loss)** |  | **6.4** |  |  | **-13.5** |  |  | **—** |  |  | **5.9** |  |  | **8** | **%** |  | **12.3** |  |  | **-9.4** |  |  | **—** |  |
|  EBIT margin ¹ |  | 11.4 | % |  | -22.6 | % |  |  |  |  | 10.8 | % |  |  |  |  | 11.1 | % |  | -8.3 | % |  |  |  |
|  EBITA ¹ |  | 6.8 |  |  | 2.4 |  |  | 179 | % |  | 6.7 |  |  | 2 | % |  | 13.4 |  |  | 7.3 |  |  | 83 | % |
|  EBITA margin ¹ |  | 12.0 | % |  | 4.1 | % |  |  |  |  | 12.1 | % |  |  |  |  | 12.1 | % |  | 6.5 | % |  |  |  |
|  Financial income and expenses, net |  | 0.0 |  |  | -0.4 |  |  |  |  |  | -0.1 |  |  |  |  |  | 0.0 |  |  | -0.8 |  |  |  |  |
|  Income tax |  | -1.8 |  |  | 2.9 |  |  |  |  |  | -1.6 |  |  |  |  |  | -3.4 |  |  | 1.9 |  |  |  |  |
|  **Net income (loss)** |  | **4.6** |  |  | **-11.0** |  |  | **—** |  |  | **4.2** |  |  | **10** | **%** |  | **8.8** |  |  | **-8.4** |  |  | **—** |  |
|  *Restructuring charges* | | *-0.7* | | | *-1.6* | | | *—* | | | *-0.3* | | | *—* | | | *-0.9* | | | *-1.8* | | | *—* | |
| Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ | Adjusted financial measures ¹ |  |
|  Adjusted gross income |  | 27.0 |  |  | 26.3 |  |  | 3 | % |  | 26.7 |  |  | 1 | % |  | 53.7 |  |  | 49.1 |  |  | 9 | % |
|  Adjusted gross margin |  | 48.0 | % |  | 43.9 | % |  |  |  |  | 48.5 | % |  |  |  |  | 48.3 | % |  | 43.4 | % |  |  |  |
|  Adjusted EBIT (loss) |  | 7.0 |  |  | -11.9 |  |  |  |  |  | 6.2 |  |  | 13 | % |  | 13.3 |  |  | -7.6 |  |  |  |  |
|  Adjusted EBIT margin |  | 12.6 | % |  | -19.9 | % |  |  |  |  | 11.3 | % |  |  |  |  | 11.9 | % |  | -6.7 | % |  |  |  |
|  Adjusted EBITA |  | 7.4 |  |  | 4.1 |  |  | 83 | % |  | 6.9 |  |  | 7 | % |  | 14.4 |  |  | 9.2 |  |  | 57 | % |
|  Adjusted EBITA margin |  | 13.2 | % |  | 6.8 | % |  |  |  |  | 12.6 | % |  |  |  |  | 12.9 | % |  | 8.1 | % |  |  |  |

---

<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.

<sup>2</sup> Excluding the non-cash impairment recorded in the second quarter 2024, relating to the impairment of intangible assets mainly attributed to the Vonage acquisition.

**Net sales** 

Reported sales decreased by -6% to SEK 56.1 (59.8) b., as organic sales growth of 2%\* YoY was offset by a SEK -4.7 b. currency impact. Networks sales declined by -5% to SEK 35.7 b. Cloud Software and Services sales declined by -5% to SEK 14.4 b. while Enterprise sales declined by -14% to SEK 5.5 b. Sales in segment Other declined by -6% to SEK 0.5 b.

Sales grew by 2%\* YoY. Networks sales grew by 3%\*, benefiting from sales growth in market area Americas and increased IPR licensing revenues. Sales were broadly stable in market area Europe, Middle East and Africa while sales declined in the other market areas. Sales in India were weak, as operators held back on new network investments. Cloud Software and Services sales grew by 1%\* supported by growth in market area Americas and increased IPR licensing revenues. Sales in segment Enterprise declined by-6%\*, with lower sales in Technologies and New Businesses and in Global Communications Platform, reflecting the 2024 decision to reduce activities in some countries, partly offset by higher sales in Enterprise Wireless Solutions.

IPR licensing revenues increased to SEK 4.9 (3.9) b. mainly driven by higher revenue from previously unlicensed periods, following the partial settlement of a patent licensing dispute. 82% of IPR licensing revenues are reported in segment Networks, with the remainder in Cloud Software and Services. IPR licensing revenue growth opportunities remain.

**Gross income and margin** 

Gross margin increased to 47.5% (43.1%) with improvements in all segments. Networks gross margin increased, reflecting higher IPR licensing revenues and prior years' cost-reduction actions. Gross

margin in Cloud Software and Services increased as a result of a higher share of software sales as well as a benefit from increased IPR licensing revenues. The margin improvement in Enterprise was driven by the prioritization of profitable market segments in Global Communications Platform and a stronger product mix in Enterprise Wireless Solutions.

Gross income increased to SEK 26.6 (25.8) b., mainly driven by increased IPR licensing revenues, prior years' cost-reduction actions which are now flowing through and a favorable sales mix, partly offset by a negative currency impact.

Adjusted gross income increased to SEK 27.0 (26.3) b., with a margin of 48.0% (43.9%), impacted by a currency effect of SEK -2.4 b.

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

R&D expenses decreased to SEK -12.2 (-14.9) b., including a currency benefit of SEK 0.5 b. Q2 2024 included a SEK -1.2 b. impact relating to an impairment of intangible assets. Increased investments in R&D for technology leadership were offset by savings from prior years' cost-reduction actions.

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

SG&A expenses were SEK -8.2 (-23.1) b., including a currency benefit of SEK 0.5 b. Q2 2024 included a SEK -12.6 b. impact from the impairment of intangible assets. SG&A expenses declined in all segments as a result of prior years' cost-reduction actions.

 <br> 2 Ericsson \| Second quarter report 2025. July 15, 2025. Group results

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##### [**Table of Contents**](#toc)
**Other operating income and expenses** 

Other operating income and expenses were SEK 0.1 (-1.3) b. Q2 2024 included a SEK -1.3 b. impact from the impairment charge.

**Restructuring charges** 

Restructuring charges were SEK -0.7 (-1.6) b., with SEK -0.3 (-0.5) b. included in gross income and SEK -0.3 (-1.2) b. in operating expenses.

**EBITA** 

EBITA increased to SEK 6.8 (2.4) b. with a margin of 12.0% (4.1%). The improvement was driven by improved gross income, benefiting from a more favorable sales mix including higher IPR licensing revenues and improved commercial discipline, as well as lower operating expenses as a result of prior years' cost-reduction actions, partly offset by negative currency impacts.

Adjusted EBITA increased to SEK 7.4 (4.1) b. with a margin of 13.2% (6.8%), including a currency impact of SEK -1.4 b.

**EBIT** 

EBIT increased to SEK 6.4 (-13.5) b. with a margin of 11.4% (-22.6%). Q2 2024 included a SEK -15.1 b. impairment charge impact. Amortization impacted EBIT by SEK -0.4 (-0.8) b.

Adjusted EBIT increased to SEK 7.0 (-11.9) b. with a margin of 12.6% (-19.9%).

**Financial income and expenses, net** 

Financial income and expenses were SEK 0.0 (-0.4) b. Financial net improved, primarily as a result of currency revaluation of financial balance sheet items including a currency hedge effect of SEK 0.1 (0.0) b.

**Income tax** 

Taxes were SEK -1.8 (2.9) b. Q2 2024 included a SEK 3.7 b. tax benefit resulting from the impairment of intangible assets. Estimated tax rate for the year is 28%.

**Net income** 

Net income was SEK 4.6 (-11.0) b. Q2 2024 included a SEK -11.4 b. net impact from the impairment. EBIT and financial net increased, partly offset by higher taxes. Diluted EPS was SEK 1.37 (-3.34).

**Employees** 

The number of employees on June 30, 2025, was 91,937 compared with 92,866 on March 31, 2025.

**Financial highlights, year-to-date (Jan-June) development** 

Reported sales decreased by -2% to SEK 111.2 (113.2) b. as organic sales growth was offset by a currency impact of SEK -2.9 b. Sales were stable in Networks at SEK 71.4 (71.4) b., while sales in Cloud Software and Services declined by -3% to SEK 27.3 (28.2) b. and Enterprise sales declined by -8% to SEK 11.5 (12.5) b.

Sales increased by 1%\* mainly driven by a 3%\* increase in Networks. Cloud Software and Services sales declined by -1%\* and Enterprise declined by -6%\*.

Sales increased in market area Americas, benefiting from growth in North America, while sales in Latin America declined. Sales declined in the other market areas, with the largest reduction in market area South East Asia, Oceania and India primarily driven by reduced investment levels in India. Sales were supported by IPR licensing revenues of SEK 8.0 (7.0) b.

Gross income increased to SEK 53.2 (48.5) b. with a gross margin of 47.8% (42.8%). The improved gross margin is a result of cost- reduction actions, a more favorable product and market mix and increased IPR licensing revenues. Gross income increased, reflecting improved gross margins, partly offset by negative currency impacts. Adjusted gross income increased to SEK 53.7 (49.1) b. including a currency impact of SEK -1.5 b. Adjusted gross margin increased to 48.3% (43.4%).

EBITA increased to SEK 13.4 (7.3) b. and the margin was 12.1% (6.5%). Higher gross income and lower operating expenses were partly offset by negative currency impacts.

Adjusted EBITA increased to SEK 14.4 (9.2) b. including a currency impact of SEK -1.1 b. Adjusted EBITA margin was 12.9% (8.1%).

EBIT (loss) increased to SEK 12.3 (-9.4) b., and the margin was 11.1% (-8.3%).

Adjusted EBIT (loss) was SEK 13.3 (-7.6) b. with a margin of 11.9% (-6.7%). 2024 was impacted by a SEK -15.1 b. impairment charge. Amortization of intangible assets was SEK -1.1 (-1.6) b.

Net income (loss) increased to SEK 8.8 (-8.4) b. 2024 included a SEK -11.4 b. net impact from impairment charges. Diluted EPS increased to SEK 2.61 (-2.57).

 <br> 3 Ericsson \| Second quarter report 2025. July 15, 2025. Group results

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##### [**Table of Contents**](#toc)
**Market area sales** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SEK b. | Q2<br>2025 | Q2<br>2025 | Q2<br>2024 | Q2<br>2024 | YoY<br>change | YoY<br>change | YoY<br>organic<br>growth | Q1<br>2025 | Q1<br>2025 | QoQ<br>change | QoQ<br>change | Jan-Jun<br>2025 | Jan-Jun<br>2025 | Jan-Jun<br>2024 | Jan-Jun<br>2024 | YoY<br>change | YoY<br>change | YoY<br>organic<br>growth |
|  Americas |  | 19.8 |  | 19.8 |  | 0% | 10% |  | 20.8 |  | -5% |  | 40.5 |  | 36.3 |  | 12% | 14% |
|  Europe, Middle East and Africa |  | 16.2 |  | 17.3 |  | -6% | -1% |  | 14.5 |  | 12% |  | 30.7 |  | 32.6 |  | -6% | -4% |
|  South East Asia, Oceania and India |  | 5.5 |  | 7.7 |  | -28% | -22% |  | 7.2 |  | -24% |  | 12.7 |  | 16.3 |  | -22% | -19% |
|  North East Asia |  | 3.8 |  | 4.6 |  | -17% | -15% |  | 3.2 |  | 17% |  | 7.0 |  | 8.0 |  | -13% | -12% |
|  Other |  | 10.9 |  | 10.5 |  | 4% | 15% |  | 9.3 |  | 17% |  | 20.3 |  | 20.1 |  | 1% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp; *Of which IPR* | | *4.9* | | *3.9* | | *25 %* |  | | *3.2* | | *53 %* | | *8.0* | | *7.0* | | *15 %* |  |
|  **Total** |  | **56.1** |  | **59.8** |  | **-6%** | **2%** |  | **55.0** |  | **2%** |  | **111.2** |  | **113.2** |  | **-2%** | **1%** |

---

**Market Area Americas** 

Sales increased by 10%\* YoY, with good growth in North America partly offset by significantly lower sales in Latin America. In North America, sales in Networks and Cloud Software and Services increased, benefiting from previous contract wins. In Latin America, sales declined due to continued elevated competition and lower customer network investments. Reported sales were stable YoY.

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

Sales decreased by -1%\* YoY. Sales in Europe increased slightly, supported by network modernization. Sales declined in Middle East & Africa due to timing of project deliveries and managed services contract exits in certain markets. Reported sales decreased by -6% YoY.

In the quarter, an agreement with e& UAE was announced, to expand and evolve the 5G Radio Access Network. An agreement with Orange Group was also announced, to provide 5G network slicing orchestration across its European operations.

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

Sales decreased by -22%\* YoY. Networks sales declined, primarily due to reduced network investment levels in India, as well as increased competition in South East Asia. Cloud Software and Services sales declined, reflecting timing of project deliverables. Reported sales declined by -28% YoY.

In the quarter, a multi-year Network Operations Center Managed Services contract with Bharti Airtel was announced.

**Market Area North East Asia** 

Sales declined by -15%\* YoY. Networks sales declined, reflecting reduced customer investments in some 5G frontrunner markets. Cloud Software and Services sales declined, reflecting timing of project deliverables. Reported sales declined by -17% YoY.

In the quarter, an R&D investment in Japan was announced, which aims to support the strengthened market position in key strategic markets.

**Market Area Other** 

Market area Other includes IPR licensing revenues and almost all sales in segment Enterprise. Sales increased by 15%\*, benefiting from increased IPR licensing revenues from previously unlicensed periods, following the partial settlement of a patent licensing dispute. Reported sales increased by 4% YoY.

 <br> 4 Ericsson \| Second quarter report 2025. July 15, 2025. Market area sales

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

**Mobile Networks – Segment Networks** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SEK b. | Q2<br>2025 | Q2<br>2025 |  | Q2<br>2024 | Q2<br>2024 |  | YoY<br>change | YoY<br>change | Q1<br>2025 | Q1<br>2025 |  |
|  Net sales |  | 35.7 |  |  | 37.7 |  |  | -5% |  | 35.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which IPR licensing revenues* | | *4.0* | | | *3.2* | | | *25 %* | | *2.6* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth* | | *—* | | | *—* | | | *3 %* | | *—* | |
|  Gross income |  | 17.6 |  |  | 17.1 |  |  | 3% |  | 18.1 |  |
|  Gross margin |  | 49.3 | % |  | 45.5 | % |  |  |  | 50.8 | % |
|  EBIT |  | 6.4 |  |  | 4.8 |  |  | 34% |  | 7.0 |  |
|  EBIT margin |  | 17.8 | % |  | 12.6 | % |  |  |  | 19.8 | % |
|  EBITA |  | 6.4 |  |  | 4.8 |  |  | 34% |  | 7.4 |  |
|  EBITA margin |  | 17.9 | % |  | 12.7 | % |  |  |  | 20.7 | % |
|  Restructuring charges |  | -0.1 |  |  | -0.5 |  |  |  |  | -0.1 |  |
|  Adjusted financial measures |  |  |  |  |  |  |  |  |  |  |  |
|  Adjusted gross income |  | 17.7 |  |  | 17.4 |  |  | 2% |  | 18.2 |  |
|  Adjusted gross margin |  | 49.5 | % |  | 46.1 | % |  |  |  | 51.0 | % |
|  Adjusted EBIT |  | 6.5 |  |  | 5.2 |  |  | 24% |  | 7.1 |  |
|  Adjusted EBIT margin |  | 18.1 | % |  | 13.9 | % |  |  |  | 20.1 | % |
|  Adjusted EBITA |  | 6.5 |  |  | 5.3 |  |  | 24% |  | 7.5 |  |
|  Adjusted EBITA margin |  | 18.2 | % |  | 13.9 | % |  |  |  | 21.0 | % |

---

Breakdown of sales into products, services and IPR licensing is available in note 3.

**Net sales** 

Sales increased by 3%\*. Sales grew in market area Americas and IPR licensing revenues increased, benefiting from revenue from previously unlicensed periods. Sales increased slightly in market area Europe, Middle East and Africa while sales declined in the other market areas, where customer investment levels remained low. Reported sales decreased by -5% YoY to SEK 35.7 (37.7) b., including a currency impact of SEK -3.1 b.

Sales in North America grew while sales in Latin America declined. Sales declined significantly in market area South East Asia, Oceania and India, mainly as a result of reduced customer investments in networks in India.

**Gross income and margin** 

Adjusted gross margin increased to 49.5% (46.1%), benefiting from higher IPR licensing revenues, prior years' cost-reduction actions, as well as market mix, partly offset by a negative impact from tariffs. Adjusted gross income increased to SEK 17.7 (17.4) b., including a SEK -1.7 b. currency impact.

**EBITA** 

Adjusted EBITA increased to SEK 6.5 (5.3) b. YoY and the margin was 18.2% (13.9%), supported by increased gross income and lower operating expenses. Adjusted EBITA included a SEK -1.3 b. currency impact. Operating expenses decreased, benefiting from continued efficiency improvements as well as a positive currency impact, partly offset by R&D investments to support the strategy to build high-performing programmable networks and maintain technology leadership.

Net sales rolling four quarters were SEK 158.2 b. and the adjusted EBITA margin rolling four quarters was 20.4%.

**Mobile Networks – Segment Cloud Software and Services** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SEK b. | Q2<br>2025 | Q2<br>2025 |  | Q2<br>2024 | Q2<br>2024 |  | YoY<br>change | YoY<br>change | Q1<br>2025 | Q1<br>2025 |  |
|  Net sales |  | 14.4 |  |  | 15.2 |  |  | -5% |  | 13.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which IPR licensing revenues* | | *0.9* | | | *0.7* | | | *25 %* | | *0.6* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth* | | *—* | | | *—* | | | *1 %* | | *—* | |
|  Gross income |  | 6.0 |  |  | 5.4 |  |  | 10% |  | 5.1 |  |
|  Gross margin |  | 41.5 | % |  | 35.6 | % |  |  |  | 39.1 | % |
|  EBIT (loss) |  | 0.8 |  |  | -0.7 |  |  |  |  | 0.1 |  |
|  EBIT margin |  | 5.8 | % |  | -4.8 | % |  |  |  | 0.5 | % |
|  EBITA (loss) |  | 0.8 |  |  | -0.7 |  |  |  |  | 0.1 |  |
|  EBITA margin |  | 5.9 | % |  | -4.7 | % |  |  |  | 0.6 | % |
|  Restructuring charges |  | -0.5 |  |  | -0.8 |  |  |  |  | -0.1 |  |
|  Adjusted financial measures |  |  |  |  |  |  |  |  |  |  |  |
|  Adjusted gross income |  | 6.2 |  |  | 5.7 |  |  | 10% |  | 5.2 |  |
|  Adjusted gross margin |  | 43.2 | % |  | 37.2 | % |  |  |  | 39.9 | % |
|  Adjusted EBIT |  | 1.4 |  |  | 0.1 |  |  |  |  | 0.1 |  |
|  Adjusted EBIT margin |  | 9.6 | % |  | 0.6 | % |  |  |  | 1.1 | % |
|  Adjusted EBITA |  | 1.4 |  |  | 0.1 |  |  |  |  | 0.2 |  |
|  Adjusted EBITA margin |  | 9.6 | % |  | 0.6 | % |  |  |  | 1.2 | % |

---

Breakdown of sales into products, services and IPR licensing is available in note 3.

**Net sales** 

Sales increased by 1%\*. Sales grew in market area Americas and IPR licensing revenues increased, benefiting from revenue from previously unlicensed periods. Sales declined in the other market areas, mainly reflecting timing of project deliverables. Reported sales decreased by -5% to SEK 14.4 (15.2) b., including a currency impact of SEK -1.0 b. Services sales accounted for 62% (68%) of sales.

**Gross income and margin** 

Adjusted gross margin increased to 43.2% (37.2%), benefiting from favorable sales mix, with a higher share of software sales, as well as higher IPR licensing revenues. The gross margin also benefited from improved delivery performance in customer projects. Adjusted gross income increased to SEK 6.2 (5.7) b. including a SEK -0.4 b. currency impact.

**EBITA** 

Adjusted EBITA was SEK 1.4 (0.1) b. with a margin of 9.6% (0.6%) supported by higher gross income and lower operating expenses. Adjusted EBITA included a SEK -0.1 b. currency impact. Operating expenses decreased, benefiting from prior years' cost-reduction actions and a positive currency impact. EBITA benefited from higher IPR licensing revenues and strong software sales. The improvement in EBITA was also driven by strong strategy execution, with a focus on commercial discipline, acceleration of automation, and scalable software deployments.

Net sales rolling four quarters were SEK 61.7 b. and the adjusted EBITA margin rolling four quarters was 6.1%.

 <br> 5 Ericsson \| Second quarter report 2025. July 15, 2025. Segment results

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##### [**Table of Contents**](#toc)
**Enterprise – Segment Enterprise** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SEK b. | Q2<br>2025 | Q2<br>2025 |  | Q2<br>2024 | Q2<br>2024 |  | YoY<br>change | YoY<br>change |  | Q1<br>2025 | Q1<br>2025 |  |
|  Net sales |  | 5.5 |  |  | 6.5 |  |  | -14 | % |  | 5.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Global Comms Platform (Vonage)* | | *3.2* | | | *3.8* | | | *-17* | *%* | | *3.4* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Enterprise Wireless Solutions* | | *1.2* | | | *1.2* | | | *-4* | *%* | | *1.2* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth* | | *—* | | | *—* | | | *-6* | *%* | | *—* | |
|  Gross income |  | 3.0 |  |  | 3.3 |  |  | -8 | % |  | 3.3 |  |
|  Gross margin |  | 54.9 | % |  | 51.0 | % |  |  |  |  | 56.3 | % |
|  EBIT (loss) |  | -0.9 |  |  | -17.4 |  |  |  |  |  | -1.0 |  |
|  EBIT margin |  | -15.7 | % |  | -268.7 | % |  |  |  |  | -17.1 | % |
|  EBITA (loss) |  | -0.5 |  |  | -1.5 |  |  |  |  |  | -0.6 |  |
|  EBITA margin |  | -9.4 | % |  | -23.3 | % |  |  |  |  | -10.5 | % |
|  Restructuring charges |  | 0.0 |  |  | -0.3 |  |  |  |  |  | -0.1 |  |
|  Adjusted financial measures |  |  |  |  |  |  |  |  |  |  |  |  |
|  Adjusted gross income |  | 3.0 |  |  | 3.3 |  |  | -8 | % |  | 3.3 |  |
|  Adjusted gross margin |  | 54.9 | % |  | 51.1 | % |  |  |  |  | 56.2 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Global Comms Platform (Vonage)* | | *47.8* | *%* | | *43.2* | *%* | | *—* | | | *51.0* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Enterprise Wireless Solutions* | | *62.8* | *%* | | *59.5* | *%* | | *—* | | | *58.5* | *%* |
|  Adjusted EBIT (loss) |  | -0.9 |  |  | -17.1 |  |  |  |  |  | -0.9 |  |
|  Adjusted EBIT margin |  | -15.5 | % |  | -264.3 | % |  |  |  |  | -15.5 | % |
|  Adjusted EBITA (loss) |  | -0.5 |  |  | -1.2 |  |  |  |  |  | -0.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Global Comms Platform (Vonage) ¹* | | *-0.4* | | | *-0.7* | | | *—* | | | *-0.5* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Enterprise Wireless Solutions ¹* | | *-0.4* | | | *-0.7* | | | *—* | | | *-0.3* | |
|  Adjusted EBITA margin |  | -9.3 | % |  | -18.9 | % |  |  |  |  | -8.9 | % |

---

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

**Net sales** 

Sales declined by -6%\* YoY, with lower sales in Global Communications Platform and in Technologies and New Businesses, partly offset by organic sales growth in Enterprise Wireless Solutions. Reported sales decreased by -14% YoY to SEK 5.5 (6.5) b., including a currency impact of SEK -0.5 b.

Sales in Enterprise Wireless Solutions grew by 5%\* YoY, driven by higher product and subscription sales in WWAN. Sales growth slowed in the quarter, reflecting a more cautious customer investment environment.

Sales in Global Communications Platform declined by -9%\* YoY, reflecting the 2024 decision to reduce activities in some countries. The impact from the decision is expected to gradually decrease during the second half of 2025. Execution of the turnaround plan continues, with Q2 2025 marking the first quarter with sequential sales growth and a continued improvement in gross income, excluding currency impacts.

**Gross income and margin** 

Adjusted gross margin increased to 54.9% (51.1%), benefiting from the decision to focus on more profitable market segments in Global Communications Platform and from a stronger product mix in Enterprise Wireless Solutions. Adjusted gross income was SEK 3.0 (3.3) b., including a SEK -0.3 b. currency impact.

**EBITA (loss)** 

Adjusted EBITA (loss) was SEK -0.5 (-1.2) b., benefiting from reduced operational expenses in Enterprise Wireless Solutions and Global Communications Platform, including a positive currency impact. Adjusted EBITA included a SEK 0.0 b. currency impact. Adjusted EBITA margin was -9.3% (-18.9%).

Net sales rolling four quarters were SEK 23.9 b. and the adjusted EBITA margin rolling four quarters was -12.6%.

**Segment Other** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SEK b. | Q2<br>2025 | Q2<br>2025 |  | Q2<br>2024 | Q2<br>2024 |  | YoY<br>change | YoY<br>change | Q1<br>2025 | Q1<br>2025 |  |
|  Net sales |  | 0.5 |  |  | 0.5 |  |  | -6% |  | 0.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Organic sales growth* | | *—* | | | *—* | | | *-1 %* | | *—* | |
|  Gross income |  | 0.0 |  |  | 0.0 |  |  |  |  | 0.0 |  |
|  Gross margin |  | 0.4 | % |  | -8.1 | % |  |  |  | 3.8 | % |
|  EBIT (loss) |  | 0.0 |  |  | -0.1 |  |  |  |  | -0.2 |  |
|  EBIT margin |  | 9.5 | % |  | -23.2 | % |  |  |  | -35.0 | % |
|  EBITA (loss) |  | 0.0 |  |  | -0.1 |  |  |  |  | -0.2 |  |
|  EBITA margin |  | 9.5 | % |  | -23.0 | % |  |  |  | -35.0 | % |
|  Restructuring charges |  | 0.0 |  |  | 0.0 |  |  |  |  | 0.0 |  |
|  Adjusted financial measures |  |  |  |  |  |  |  |  |  |  |  |
|  Adjusted gross income |  | 0.0 |  |  | 0.0 |  |  |  |  | 0.0 |  |
|  Adjusted gross margin |  | 0.4 | % |  | -7.5 | % |  |  |  | 4.2 | % |
|  Adjusted EBIT (loss) |  | 0.0 |  |  | -0.1 |  |  |  |  | -0.2 |  |
|  Adjusted EBIT margin |  | 9.5 | % |  | -14.1 | % |  |  |  | -34.6 | % |
|  Adjusted EBITA (loss) |  | 0.0 |  |  | -0.1 |  |  |  |  | -0.2 |  |
|  Adjusted EBITA margin |  | 9.5 | % |  | -13.9 | % |  |  |  | -34.6 | % |

---

**Net sales** 

Reported sales were stable at SEK 0.5 (0.5) b.

**Gross income and margin** 

Adjusted gross income was SEK 0.0 (0.0) b. Adjusted gross margin was 0.4% (-7.5%).

**EBITA** 

Adjusted EBITA was SEK 0.0 (-0.1) b.

Net sales rolling four quarters were SEK 2.0 b.

 <br> 6 Ericsson \| Second quarter report 2025. July 15, 2025. Segment results

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##### [**Table of Contents**](#toc)
Cash flow and financial position

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Free cash flow bridge, SEK b. | Q2<br>2025 | Q2<br>2024 | Q1<br>2025 | Jan-Jun<br>2025 | Jan-Jun<br>2024 |
|  **Adjusted EBITA** | **7.4** | **4.1** | **6.9** | **14.4** | **9.2** |
|  Depreciation and amortization of non-acquired assets | 1.8 | 2.1 | 2.0 | 3.8 | 3.9 |
|  Restructuring charges | -0.7 | -1.6 | -0.3 | -0.9 | -1.8 |
|  Changes in operating net assets | -2.7 | 6.5 | -2.8 | -5.5 | 7.2 |
|  Interest paid/received, taxes paid, and other | -1.8 | -1.7 | -1.5 | -3.2 | -4.1 |
|  **Cash flow from operating activities** | **4.2** | **9.3** | **4.4** | **8.5** | **14.4** |
|  Net capex and other investing activities | -1.0 | -1.0 | -1.1 | -2.1 | -1.8 |
|  Repayment of lease liabilities | -0.6 | -0.7 | -0.6 | -1.1 | -1.3 |
|  **Free cash flow before M&A** | **2.6** | **7.6** | **2.7** | **5.3** | **11.3** |
|  Cash flow from operating activities | 4.2 | 9.3 | 4.4 | 8.5 | 14.4 |
|  Cash flow from investing activities | -10.9 | -6.0 | 1.3 | -9.6 | -7.3 |
|  Cash flow from financing activities | -3.5 | -5.7 | -0.7 | -4.2 | -14.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| SEK b. | Jun 30<br>2025 | Jun 30<br>2024 | Mar 31<br>2025 |
|  **Gross cash** | **73.3** | **53.7** | **74.2** |
|  - Borrowings, current | 7.3 | 8.1 | 5.6 |
|  - Borrowings, non-current | 29.9 | 32.5 | 29.9 |
|  **Net cash** | **36.0** | **13.1** | **38.6** |
|  Equity | 85.7 | 82.5 | 84.9 |
|  Equity ratio (%) | 31.7% | 29.6% | 30.5% |
|  Capital turnover (times) | 1.6 | 1.4 | 1.6 |
|  Return on capital employed (%) | 16.8% | -18.4% | 3.8% |

---

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

**Cash flow** 

Cash flow from operating activities was SEK 4.2 (9.3) b. Adjusted EBITA was higher YoY, however Q2 2024 cash flow benefited from a significant reduction in operating working capital, reflecting the completion of large-scale roll-out projects and inventory reductions.

In Q2 2025, operating net assets increased, primarily due to lower deferred revenues.

Cash flow from investing activities was SEK -10.9 (-6.0) b., primarily driven by increased investments in interest-bearing securities.

In Q2 2025, net investments in interest-bearing securities amounted to SEK -9.7 b.

In Q2 2025, cash flow from financing activities was SEK -3.5 (-5.7) b., benefiting from collateral received for derivative contracts.

In Q2 2025, the first dividend payment to shareholders of SEK -4.8 b. and repayment of lease liabilities were partly offset by a positive effect from collateral received for derivative contracts. The second dividend payment will be made in October to the shareholders of the parent company.

**Financial position** 

Gross cash decreased sequentially by SEK -0.9 b. to SEK 73.3 b. driven by dividends paid, partly offset by positive free cash flow before M&A and collateral received on derivatives.

During the quarter, Ericsson replaced its USD 1.0 b. liquidity revolving credit facility, maturing in May 2026, with a new USD 0.5 b. facility maturing in May 2027. By the end of Q2, the total unutilized committed credit facilities amounted to SEK 23.7 b. (USD 2.5 b.).

The average maturity of parent company borrowings was 3.2 years as of June 30, 2025, compared with 3.5 years as of June 30, 2024.

Net cash decreased sequentially by SEK -2.6 b. to SEK 36.0 b. driven by dividends paid, partly offset by positive free cash flow before M&A.

Liabilities for post-employment benefits increased to SEK 24.9 b. from SEK 21.8 b. in Q1 2025. 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 11.1 b., which is SEK 9.6 b. lower than current DBO.

 <br> 7 Ericsson \| Second quarter report 2025. July 15, 2025. 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 2025.

Source: Dell'Oro Mobile RAN Quarterly Report 1Q25, May 2025.

**Ericsson** 

**Net sales** 

Reported average seasonality last 3 years (2022–2024), %.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q4→Q1 | Q1→Q2 | Q2→Q3 | Q3→Q4 |
|  Networks | -24% | +8% | +3% | +16% |
|  Cloud Software and Services | -33% | +15% | +1% | +33% |

---

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

**IPR licensing revenues** 

At the end of Q2 2025, recurring annual IPR licensing revenues were approximately SEK 13 b.

**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 2025 are expected to remain at elevated levels.

**Segments** 

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

**Networks** 

Sales growth in Q3 2025 is expected to be below 3-year average seasonality, reflecting higher Q2 IPR revenue from previously unlicensed periods.

Adjusted gross margin in Q3 is expected to be in the range of 48% to 50%.

**Cloud Software and Services** 

Sales growth in Q3 2025 is expected to be broadly similar to 3-year average seasonality.

 <br> 8 Ericsson \| Second quarter report 2025. July 15, 2025. Key data points

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

Income after financial items January – June 2025, was SEK 19.3 (-7.1) b.

At the end of the quarter, gross cash (cash, cash equivalents plus interest-bearing securities, current and non-current) amounted to SEK 60.1 (40.0) b.

There was a decrease in intercompany lending of SEK 1.7 b. and in intercompany borrowing of SEK 2.1 b. in the quarter.

At the end of the quarter, non-restricted equity amounted to SEK 31.9 (10.9) billion, and total equity amounted to SEK 80.2 (59.2) b.

The Parent Company has recognized dividends from subsidiaries of SEK 18.9 (1.7) b. in the quarter.

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, totaling SEK 115.5 million.

In accordance with the conditions of the Long-Term Variable Compensation Program (LTV) for Ericsson employees, 614,487 shares from treasury stock were distributed or sold to employees in the second quarter. The holding of treasury stock on June 30, 2025, was 38,065,074 Class B shares.

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

 <br> 9 Ericsson \| Second quarter report 2025. July 15, 2025. Parent Company

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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.

As part of its defense to a now settled patent infringement lawsuit filed by Ericsson in 2013 in the Delhi High Court against Indian handset company Micromax, Micromax filed a complaint against Ericsson with the Competition Commission of India. The Competition Commission of India decided to refer the case to the Director General's Office for an in-depth investigation. The Competition Commission of India opened similar investigations against Ericsson in January 2014 based on claims made by Intex Technologies (India) Limited and, in 2015, based on a now settled claim from iBall. Ericsson has challenged Competition Commission of India's jurisdiction in these cases before the Delhi High Court. On July 13, 2023, the Division Bench of the Delhi High Court found that in this instance the Competition Commission of India has no power to conduct the pending investigations against Ericsson. The Competition Commission of India has appealed this order to the Supreme Court of India.

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.

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 has appealed the decision. While proceedings on the merits of the case are stayed pending final resolution of the document production issue, the District Court has scheduled a preliminary hearing for October 16, 2025. Ericsson will continue to vigorously defend this matter.

 <br> 10 Ericsson \| Second quarter report 2025. July 15, 2025. Other information

------

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

**PRESS RELEASES** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**April 30, 2025** | **Ericsson's Nomination Committee appointed** |
| &nbsp;&nbsp;&nbsp;**May 05, 2025** | **Ericsson resolves on an acquisition offer for C shares for the Long-Term Variable Compensation Programs LTV 2025 and LTV 2024** |
| &nbsp;&nbsp;&nbsp;**May 19, 2025** | **Ericsson to utilize mandate to transfer shares** |
| &nbsp;&nbsp;&nbsp;**May 30, 2025** | **New number of shares and votes in Telefonaktiebolaget LM Ericsson** |

---

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

 <br> 11 Ericsson \| Second quarter report 2025. July 15, 2025. Other information

------

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

This report has not been reviewed by Telefonaktiebolaget LM Ericsson auditors.

Date for next report: October 14, 2025

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

 <br> 12 Ericsson \| Second quarter report 2025. July 15, 2025. Risk factors

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

The Board of Directors and the President and CEO certify that the financial report for the six months gives a fair view of the performance of the business, position and profit or loss of the Company and the Group and describes the principal risks and uncertainties that the Company and the companies in the Group face.

Stockholm, July 15, 2025

Telefonaktiebolaget LM Ericsson (publ)

Org. Nr. 556016-0680

---

| | | |
|:---|:---|:---|
| Jan Carlson | Jacob Wallenberg | Jon Fredrik Baksaas |
| *Chair* | *Deputy Chair* | *Member of the Board* |
| Christian Cederholm | Börje Ekholm | Eric A. Elzvik |
| *Member of the Board* | *President, CEO*<br> *and member of the Board* | *Member of the Board* |
| Marachel Knight | Kristin S. Rinne | Jonas Synnergren |
| *Member of the Board* | *Member of the Board* | *Member of the Board* |
| Christy Wyatt | Karl Åberg |  |
| *Member of the Board* | *Member of the Board* |  |
| Ulf Rosberg | Annika Salomonsson | Kjell-Åke Soting |
| *Member of the Board* | *Member of the Board* | *Member of the Board* |

---

 <br> 13 Ericsson \| Second quarter report 2025. July 15, 2025. Board assurance

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##### [**Table of Contents**](#toc)
Editor's note

**Media and analyst briefing** 

Ericsson invites media, investors and analysts to a conference call and live video webcast at 9:00 AM CEST on July 15, 2025.

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

Stella Medlicott, Senior Vice President, Chief Marketing and Communications Officer

Phone: +46 73 095 65 39

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: lena.haggblom@ericsson.com

Alan Ganson, Director,

Investor Relations

Phone: +46 70 267 27 30

E-mail: alan.ganson@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> 14 Ericsson \| Second quarter report 2025. July 15, 2025. Editor's note

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

• 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

• 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

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

• 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> 15 Ericsson \| Second quarter report 2025. July 15, 2025. Forward-looking statements

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##### [**Table of Contents**](#toc)
**Financial statements and other information** 

**Contents** 

---

| | |
|:---|:---|
|  **[Financial statements (unaudited)](#tx892966_1)** | **17** |
|  [Condensed consolidated income statement](#tx892966_2) | 17 |
|  [Condensed statement of comprehensive income (loss)](#tx892966_3) | 17 |
|  [Condensed consolidated balance sheet](#tx892966_4) | 18 |
|  [Condensed consolidated statement of cash flows](#tx892966_5) | 19 |
|  [Condensed consolidated statement of changes in equity](#tx892966_6) | 20 |
|  [Condensed consolidated income statement – isolated quarters](#tx892966_7) | 20 |
|  [Condensed consolidated statement of cash flows – isolated quarters](#tx892966_8) | 21 |
|  [Condensed Parent Company income statement](#tx892966_9) | 22 |
|  [Condensed Parent Company statement of comprehensive income (loss)](#tx892966_10) | 22 |
|  [Condensed Parent Company balance sheet](#tx892966_11) | 23 |
|  **[Accounting policies and Explanatory notes (unaudited)](#tx892966_12)** | **24** |
|  [Note 1 – Accounting policies and Other changes](#tx892966_13) | 24 |
|  [Note 2 – Segment information](#tx892966_14) | 25 |
|  [Note 3 – Financial income and expenses, net](#tx892966_15) | 29 |
|  [Note 4 – Provisions](#tx892966_16) | 30 |
|  [Note 5 – Financial risk management](#tx892966_17) | 31 |
|  [Note 6 – Cash flow](#tx892966_18) | 32 |
|  [Note 7 – Contingent liabilities and Assets pledged as collateral](#tx892966_19) | 32 |
|  [Note 8 – Share information](#tx892966_20) | 33 |
|  [Note 9 – Employee information](#tx892966_21) | 33 |
|  [Note 10 – Information on future divestment](#tx892966_22) | 34 |
|  **[Alternative performance measures (unaudited)](#tx892966_23)** | **35** |
|  [Sales growth adjusted for comparable units and currency](#tx892966_24) | 35 |
|  [Items excluding restructuring charges and impairments of goodwill and intangible assets](#tx892966_25) | 36 |
|  [EBITA and EBITA margin / Adjusted EBITA and EBITA margin](#tx892966_26) | 37 |
|  [Rolling four quarters of net sales and adjusted EBITA margin (%)](#tx892966_27) | 37 |
|  [Gross cash and net cash, end of period](#tx892966_28) | 38 |
|  [Capital employed](#tx892966_29) | 38 |
|  [Capital turnover](#tx892966_30) | 38 |
|  [Return on capital employed](#tx892966_31) | 39 |
|  [Equity ratio](#tx892966_32) | 39 |
|  [Return on equity](#tx892966_33) | 39 |
|  [Operating working capital](#tx892966_34) | 40 |
|  [Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)](#tx892966_35) | 40 |
|  [Sales growth by segment adjusted for comparable units and currency](#tx892966_36) | 41 |
|  [Sales growth by market area adjusted for comparable units and currency](#tx892966_37) | 41 |
|  [Rolling four quarters of net sales by segment](#tx892966_38) | 41 |
|  [Gross margin by segment by quarter](#tx892966_39) | 42 |
|  [EBIT margin by segment by quarter](#tx892966_40) | 42 |
|  [EBITA and EBITA margin by segment by quarter](#tx892966_41) | 43 |
|  [Restructuring charges by function](#tx892966_42) | 44 |
|  [Restructuring charges by segment](#tx892966_43) | 44 |
|  [Adjusted gross income and gross margin by segment](#tx892966_44) | 45 |
|  [Adjusted EBIT (loss) and EBIT margin by segment](#tx892966_45) | 46 |
|  [Rolling four quarters of adjusted EBITA margin by segment (%)](#tx892966_46) | 46 |
|  [Adjusted EBITA and EBITA margin by segment](#tx892966_47) | 47 |
|  [Operating working capital days](#tx892966_48) | 47 |

---

 <br> 16 Ericsson \| Second quarter report 2025. July 15, 2025. Financial statements and other information

------

##### [**Table of Contents**](#toc)
**Financial statements (unaudited)** 

**Condensed consolidated income statement** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | Q2 | Q2 | Q2 | Jan-Jun | Jan-Jun |
| SEK million | Note | 2025 | 2024 | Change | 2025 | 2024 |
|  Net sales | 2 | 56132 | 59848 | -6% | 111157 | 113173 |
|  Cost of sales |  | -29483 | -34033 | -13% | -57971 | -64700 |
|  **Gross income** | 2 | **26649** | **25815** | **3%** | **53186** | **48473** |
|  Research and development expenses ¹ |  | -12212 | -14926 | -18% | -24244 | -26497 |
|  Selling and administrative expenses ¹ |  | -8180 | -23074 | -65% | -16801 | -31765 |
|  Impairment losses on trade receivables |  | 34 | -84 | -140% | 66 | -341 |
|  **Operating expenses** |  | **-20358** | **-38084** | **-47%** | **-40979** | **-58603** |
|  Other operating income and expenses ² |  | 67 | -1299 | -105% | 75 | 676 |
|  Share of earnings of associated companies |  | 33 | 49 | -33% | 40 | 35 |
|  **Earnings (loss) before financial items and income tax (EBIT)** | 2 | **6391** | **-13519** | **-147%** | **12322** | **-9419** |
|  Financial income and expenses, net | 3 | 34 | -361 | -109% | -40 | -832 |
|  **Income (loss) after financial items** |  | **6425** | **-13880** | **-146%** | **12282** | **-10251** |
|  Income tax |  | -1799 | 2881 | -162% | -3439 | 1865 |
|  **Net income (loss)** |  | **4626** | **-10999** | **-142%** | **8843** | **-8386** |
|  Net income (loss) attributable to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the Parent Company |  | 4567 | -11132 |  | 8716 | -8573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  | 59 | 133 |  | 127 | 187 |
|  Other information |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of shares, basic (million) | 8 | 3333 | 3332 |  | 3333 | 3332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings (loss) per share, basic (SEK) ³ | 8 | 1.37 | -3.34 |  | 2.62 | -2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings (loss) per share, diluted (SEK) ³ | 8 | 1.37 | -3.34 |  | 2.61 | -2.57 |

---

<sup>1)</sup> Jan-Jun 2024 and Q2 2024 include 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> Jan-Jun 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 (loss)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q2 | Q2 | Jan-Jun | Jan-Jun |
| SEK million | 2025 | 2024 | 2025 | 2024 |
|  **Net income (loss)** | **4626** | **-10999** | **8843** | **-8386** |
|  **Other comprehensive income** |  |  |  |  |
|  ***Items that will not be reclassified to profit or loss*** |  |  |  |  |
|  Remeasurements of defined benefit pension plans | -3528 | -4916 | -817 | 145 |
|  Revaluation of credit risk on borrowings | 63 | -221 | 91 | -548 |
|  Tax on items that will not be reclassified to profit or loss | 489 | 1122 | 13 | 196 |
|  ***Items that have been or may be reclassified to profit or loss*** |  |  |  |  |
|  Cash flow hedge reserve |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains/losses arising during the period | 1726 | 298 | 4655 | -2285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification adjustments on gains/losses included in profit or loss | 29 | 214 | 322 | 254 |
|  Translation reserves |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in translation reserves | -2282 | -1554 | -9898 | 4520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassification to profit or loss | 54 | -1 | 54 | -104 |
|  Share of other comprehensive income of associated companies | -6 | -10 | -56 | 27 |
|  Tax on items that have been or may be reclassified to profit or loss | -361 | -106 | -1025 | 418 |
|  **Total other comprehensive income (loss), net of tax** | **-3816** | **-5174** | **-6661** | **2623** |
|  **Total comprehensive income (loss)** | **810** | **-16173** | **2182** | **-5763** |
|  Total comprehensive income (loss) attributable to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the Parent Company | 671 | -16307 | 1886 | -5868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests | 139 | 134 | 296 | 105 |

---

 <br> 17 Ericsson \| Second quarter report 2025. July 15, 2025. Financial statements

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | | Jun 30 | Dec 31 |
| SEK million | Note | 2025 | 2024 |
|  **Assets** |  |  |  |
|  **Non-current assets** |  |  |  |
|  Intangible assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized development expenses |  | 4129 | 4593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill |  | 49443 | 56077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships, IPR and other intangible assets |  | 6254 | 7954 |
|  Property, plant and equipment |  | 9431 | 10545 |
|  Right-of-use assets |  | 5695 | 6487 |
|  Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in associated companies |  | 1330 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments in shares and participations | 5 | 1807 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer finance, non-current | 5 | 78 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing securities, non-current | 5 | 32859 | 19440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets, non-current | 5 | 5235 | 5161 |
|  Deferred tax assets |  | 22816 | 24412 |
|  |  | **139077** | **138067** |
|  **Current assets** |  |  |  |
|  Inventories |  | 27068 | 27125 |
|  Contract assets |  | 6618 | 6924 |
|  Trade receivables | 5 | 39107 | 44151 |
|  Customer finance, current | 5 | 1879 | 4332 |
|  Current tax assets |  | 5019 | 6083 |
|  Other current receivables |  | 11377 | 9261 |
|  Interest-bearing securities, current | 5 | 6790 | 12546 |
|  Cash and cash equivalents | 5 | 33620 | 43885 |
|  |  | **131478** | **154307** |
|  **Total assets** |  | **270555** | **292374** |
|  **Equity and liabilities** |  |  |  |
|  **Equity** |  |  |  |
|  Stockholders' equity |  | 86748 | 94284 |
|  Non-controlling interest in equity of subsidiaries |  | -1049 | -1301 |
|  |  | **85699** | **92983** |
|  **Non-current liabilities** |  |  |  |
|  Post-employment benefits |  | 24883 | 24448 |
|  Provisions, non-current | 4 | 2365 | 3511 |
|  Deferred tax liabilities |  | 1390 | 1295 |
|  Borrowings, non-current | 5 | 29944 | 31904 |
|  Lease liabilities, non-current |  | 4661 | 5363 |
|  Other non-current liabilities |  | 870 | 996 |
|  |  | **64113** | **67517** |
|  **Current liabilities** |  |  |  |
|  Provisions, current | 4 | 6287 | 8204 |
|  Borrowings, current | 5 | 7285 | 6137 |
|  Lease liabilities, current |  | 1867 | 2132 |
|  Contract liabilities |  | 44370 | 41229 |
|  Trade payables | 5 | 24804 | 30173 |
|  Current tax liabilities |  | 3609 | 3322 |
|  Other current liabilities |  | 32521 | 40677 |
|  |  | **120743** | **131874** |
|  **Total equity and liabilities** |  | **270555** | **292374** |

---

 <br> 18 Ericsson \| Second quarter report 2025. July 15, 2025. Financial statements

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Q2 | Q2 | Jan-Jun | Jan-Jun |
| SEK million | Note | 2025 | 2024 | 2025 | 2024 |
|  **Operating activities** |  |  |  |  |  |
|  Net income (loss) |  | 4626 | -10999 | 8843 | -8386 |
|  Adjustments for |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxes |  | 1949 | -2693 | 3703 | -1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings/dividends in associated companies |  | -22 | -41 | -20 | -38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, amortization and impairment losses | 6 | 2177 | 18015 | 4927 | 20627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | -410 | 424 | -295 | 764 |
|  |  | **8320** | **4706** | **17158** | **11547** |
|  **Changes in operating net assets** |  |  |  |  |  |
|  Inventories |  | 210 | 3239 | -2058 | 5974 |
|  Customer finance, current and non-current |  | 391 | -365 | 2255 | 1769 |
|  Trade receivables and contract assets |  | 188 | 1857 | -124 | 2093 |
|  Trade payables |  | -636 | 1941 | -2208 | -2081 |
|  Provisions and post-employment benefits |  | -298 | 304 | -2613 | -1966 |
|  Contract liabilities |  | -1329 | -1398 | 7267 | 5122 |
|  Other operating assets and liabilities, net |  | -1187 | 890 | -8017 | -3710 |
|  |  | **-2661** | **6468** | **-5498** | **7201** |
|  Interest received |  | 458 | 385 | 1134 | 776 |
|  Interest paid |  | -699 | -677 | -1470 | -1974 |
|  Taxes paid |  | -1268 | -1606 | -2816 | -3199 |
|  **Cash flow from operating activities** |  | **4150** | **9276** | **8508** | **14351** |
|  **Investing activities** |  |  |  |  |  |
|  Investments in property, plant and equipment | 6 | -561 | -699 | -1290 | -1133 |
|  Sales of property, plant and equipment |  | 40 | 42 | 79 | 66 |
|  Acquisitions/divestments of subsidiaries and other operations, net |  | 141 | -48 | 137 | -154 |
|  Product development | 6 | -193 | -327 | -500 | -713 |
|  Purchase of interest-bearing securities |  | -12295 | -5845 | -18815 | -7463 |
|  Sales of interest-bearing securities |  | 2568 | 1501 | 8272 | 3705 |
|  Other investing activities |  | -562 | -611 | 2560 | -1636 |
|  **Cash flow from investing activities** |  | **-10862** | **-5987** | **-9557** | **-7328** |
|  **Financing activities** |  |  |  |  |  |
|  Proceeds from issuance of borrowings |  | 198 | 2 | 198 | 1969 |
|  Repayment of borrowings |  | -432 | -16 | -511 | -10417 |
|  Dividends paid |  | -4810 | -4711 | -4810 | -4711 |
|  Repayment of lease liabilities |  | -554 | -658 | -1147 | -1259 |
|  Other financing activities |  | 2127 | -313 | 2067 | 225 |
|  **Cash flow from financing activities** |  | **-3471** | **-5696** | **-4203** | **-14193** |
|  Effect of exchange rate changes on cash |  | -787 | -705 | -5013 | 716 |
|  **Net change in cash and cash equivalents** |  | **-10970** | **-3112** | **-10265** | **-6454** |
|  **Cash and cash equivalents, beginning of period** |  | **44590** | **31848** | **43885** | **35190** |
|  **Cash and cash equivalents, end of period** |  | **33620** | **28736** | **33620** | **28736** |

---

 <br> 19 Ericsson \| Second quarter report 2025. July 15, 2025. Financial statements

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

---

| | | |
|:---|:---|:---|
|  | Jan-Jun | Jan-Jun |
| SEK million | 2025 | 2024 |
|  Opening balance | 92983 | 97408 |
|  Total comprehensive income (loss) | 2182 | -5763 |
|  Sale/repurchase of own shares | -116 | -21 |
|  Share issue, net | 116 | 21 |
|  Long-term variable compensation plans | 77 | 31 |
|  Dividends to shareholders ¹<sup>)</sup> | -9543 | -9209 |
|  **Closing balance** | **85699** | **82467** |

---

<sup>1)</sup> Jan-Jun includes SEK 4,769 (4,498) million of dividend approved by the Annual General Meeting on March 25, 2025, which will be paid out in October 2025.

**Condensed consolidated income statement – isolated quarters** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Net sales | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
|  Cost of sales | -29483 | -28488 | -40206 | -33609 | -34033 | -30667 |
|  **Gross income** | **26649** | **26537** | **32707** | **28185** | **25815** | **22658** |
|  Research and development expenses ¹<sup>)</sup> | -12212 | -12032 | -13877 | -13140 | -14926 | -11571 |
|  Selling and administrative expenses ¹<sup>)</sup> | -8180 | -8621 | -10512 | -9380 | -23074 | -8691 |
|  Impairment losses on trade receivables | 34 | 32 | -2 | 78 | -84 | -257 |
|  **Operating expenses** | **-20358** | **-20621** | **-24391** | **-22442** | **-38084** | **-20519** |
|  Other operating income and expenses <sup>2</sup><sup>)</sup> | 67 | 8 | -50 | 4 | -1299 | 1975 |
|  Share of earnings of associated companies | 33 | 7 | -308 | 27 | 49 | -14 |
|  **Earnings (loss) before financial items and income tax (EBIT)** | **6391** | **5931** | **7958** | **5774** | **-13519** | **4100** |
|  Financial income and expenses, net | 34 | -74 | -391 | -501 | -361 | -471 |
|  **Income (loss) after financial items** | **6425** | **5857** | **7567** | **5273** | **-13880** | **3629** |
|  Income tax ¹<sup>)</sup> | -1799 | -1640 | -2688 | -1392 | 2881 | -1016 |
|  **Net income (loss)** | **4626** | **4217** | **4879** | **3881** | **-10999** | **2613** |
|  Net income (loss) attributable to: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the Parent Company | 4567 | 4149 | 4779 | 3814 | -11132 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests | 59 | 68 | 100 | 67 | 133 | 54 |
|  Other information |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average number of shares, basic (million) | 3333 | 3333 | 3333 | 3333 | 3332 | 3331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earnings (loss) per share, basic (SEK) ³<sup>)</sup> <sup>4)</sup> | 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) ³<sup>)</sup> | 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> 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> 20 Ericsson \| Second quarter report 2025. July 15, 2025. Financial statements

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

---

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

---

 <br> 21 Ericsson \| Second quarter report 2025. July 15, 2025. Financial statements

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q2 | Q2 | Jan-Jun | Jan-Jun |
| SEK million | 2025 | 2024 | 2025 | 2024 |
|  Net sales |  |  |  |  |
|  Cost of sales |  |  |  |  |
|  **Gross income** | **—** | **—** | **—** | **—** |
|  Operating expenses | -429 | -361 | -866 | -731 |
|  Other operating income and expenses | 659 | 840 | 1316 | 3498 |
|  **EBIT** | **230** | **479** | **450** | **2767** |
|  Financial net | 18792 | -10260 | 18854 | -9903 |
|  **Income (loss) after financial items** | **19022** | **-9781** | **19304** | **-7136** |
|  Transfers to (-) / from untaxed reserves |  |  |  |  |
|  Income tax | -110 | -56 | -179 | -509 |
|  **Net income (loss)** | **18912** | **-9837** | **19125** | **-7645** |

---

**Condensed Parent Company statement of comprehensive income (loss)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q2 | Q2 | Jan-Jun | Jan-Jun |
| SEK million | 2025 | 2024 | 2025 | 2024 |
|  **Net income (loss)** | **18912** | **-9837** | **19125** | **-7645** |
|  **Other comprehensive income (loss), net of tax** | **—** | **—** | **—** | **—** |
|  **Total comprehensive income (loss)** | **18912** | **-9837** | **19125** | **-7645** |

---

 <br> 22 Ericsson \| Second quarter report 2025. July 15, 2025. Financial statements

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| SEK million | Jun 30<br>2025 | Jun 30<br>2025 | Dec 31<br>2024 | Dec 31<br>2024 |  |
|  **Assets** |  |  |  |  |  |
|  **Fixed assets** |  |  |  |  |  |
|  Intangible assets |  | 151 |  | 160 |  |
|  Tangible assets |  | 268 |  | 295 |  |
|  Financial assets ¹<sup>)</sup> |  | 133524 |  | 121721 |  |
|  |  | **133943** |  | **122176** |  |
|  **Current assets** |  |  |  |  |  |
|  Receivables |  | 19466 |  | 19876 |  |
|  Short-term investments |  | 6719 |  | 12222 |  |
|  Cash and cash equivalents |  | 20546 |  | 27073 |  |
|  |  | **46731** |  | **59171** |  |
|  **Total assets** |  | **180674** |  | **181347** |  |
|  **Stockholders' equity, provisions and liabilities** |  |  |  |  |  |
|  **Equity** |  |  |  |  |  |
|  Restricted equity |  | 48351 |  | 48235 |  |
|  Non-restricted equity |  | 31853 |  | 22335 |  |
|  |  | **80204** |  | **70570** |  |
|  Provisions |  | 204 |  | 144 |  |
|  Non-current liabilities |  | 29950 |  | 31884 |  |
|  Current liabilities |  | 70316 |  | 78749 |  |
|  **Total stockholders' equity, provisions and liabilities** |  | **180674** |  | **181347** |  |
|  *¹<sup>)</sup> Of which interest-bearing securities, non-current* | | *38859* | | *19439* | |

---

 <br> 23 Ericsson \| Second quarter report 2025. July 15, 2025. 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 June 30, 2025, has been prepared in accordance with International Accounting Standard IAS 34 "Interim Financial Reporting". The term "IFRS" used in this document refers to the application of IAS and IFRS 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 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> 24 Ericsson \| Second quarter report 2025. July 15, 2025. 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 |  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Isolated quarters, SEK million | Q2 | Q2 |  | Q1 | Q1 |  | Q4 | Q4 |  | Q3 | Q3 |  | Q2 | Q2 |  | Q1 | Q1 |  |
|  Networks |  | 35747 |  |  | 35643 |  |  | 46797 |  |  | 40016 |  |  | 37679 |  |  | 33715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *27622* | | | *28060* | | | *36592* | | | *31242* | | | *28583* | | | *25397* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *8125* | | | *7583* | | | *10205* | | | *8774* | | | *9096* | | | *8318* | |
|  Cloud Software and Services |  | 14363 |  |  | 12975 |  |  | 19457 |  |  | 14953 |  |  | 15180 |  |  | 13045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *5407* | | | *4719* | | | *7826* | | | *5240* | | | *4814* | | | *4529* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *8956* | | | *8256* | | | *11631* | | | *9713* | | | *10366* | | | *8516* | |
|  Enterprise |  | 5548 |  |  | 5933 |  |  | 6090 |  |  | 6319 |  |  | 6484 |  |  | 5970 |  |
|  Other |  | 474 |  |  | 474 |  |  | 569 |  |  | 506 |  |  | 505 |  |  | 595 |  |
|  **Total** |  | **56132** |  |  | **55025** |  |  | **72913** |  |  | **61794** |  |  | **59848** |  |  | **53325** |  |
|  | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Sequential change, percent | Q2 | Q2 |  | Q1 | Q1 |  | Q4 | Q4 |  | Q3 | Q3 |  | Q2 | Q2 |  | Q1 | Q1 |  |
|  Networks |  | 0 | % |  | -24 | % |  | 17 | % |  | 6 | % |  | 12 | % |  | -25 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *-2* | *%* | | *-23* | *%* | | *17* | *%* | | *9* | *%* | | *13* | *%* | | *-27* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *7* | *%* | | *-26* | *%* | | *16* | *%* | | *-4* | *%* | | *9* | *%* | | *-19* | *%* |
|  Cloud Software and Services |  | 11 | % |  | -33 | % |  | 30 | % |  | -1 | % |  | 16 | % |  | -33 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *15* | *%* | | *-40* | *%* | | *49* | *%* | | *9* | *%* | | *6* | *%* | | *-36* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *8* | *%* | | *-29* | *%* | | *20* | *%* | | *-6* | *%* | | *22* | *%* | | *-32* | *%* |
|  Enterprise |  | -6 | % |  | -3 | % |  | -4 | % |  | -3 | % |  | 9 | % |  | -11 | % |
|  Other |  | 0 | % |  | -17 | % |  | 12 | % |  | 0 | % |  | -15 | % |  | -5 | % |
|  **Total** |  | **2** | **%** |  | **-25** | **%** |  | **18** | **%** |  | **3** | **%** |  | **12** | **%** |  | **-26** | **%** |
|  | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Year over year change, percent | Q2 | Q2 |  | Q1 | Q1 |  | Q4 | Q4 |  | Q3 | Q3 |  | Q2 | Q2 |  | Q1 | Q1 |  |
|  Networks |  | -5 | % |  | 6 | % |  | 4 | % |  | -4 | % |  | -11 | % |  | -21 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *-3* | *%* | | *10* | *%* | | *5* | *%* | | *-2* | *%* | | *-13* | *%* | | *-21* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *-11* | *%* | | *-9* | *%* | | *-1* | *%* | | *-10* | *%* | | *-6* | *%* | | *-19* | *%* |
|  Cloud Software and Services |  | -5 | % |  | -1 | % |  | -1 | % |  | -4 | % |  | 0 | % |  | -3 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *12* | *%* | | *4* | *%* | | *11* | *%* | | *5* | *%* | | *-7* | *%* | | *2* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *-14* | *%* | | *-3* | *%* | | *-7* | *%* | | *-8* | *%* | | *4* | *%* | | *-5* | *%* |
|  Enterprise |  | -14 | % |  | -1 | % |  | -9 | % |  | -5 | % |  | 2 | % |  | 0 | % |
|  Other |  | -6 | % |  | -20 | % |  | -9 | % |  | -28 | % |  | -2 | % |  | -14 | % |
|  **Total** |  | **-6** | **%** |  | **3** | **%** |  | **1** | **%** |  | **-4** | **%** |  | **-7** | **%** |  | **-15** | **%** |
|  | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Year to date, SEK million | Jan-Jun | Jan-Jun |  | Jan-Mar | Jan-Mar |  | Jan-Dec | Jan-Dec |  | Jan-Sep | Jan-Sep |  | Jan-Jun | Jan-Jun |  | Jan-Mar | Jan-Mar |  |
|  Networks |  | 71390 |  |  | 35643 |  |  | 158207 |  |  | 111410 |  |  | 71394 |  |  | 33715 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *55682* | | | *28060* | | | *121814* | | | *85222* | | | *53980* | | | *25397* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *15708* | | | *7583* | | | *36393* | | | *26188* | | | *17414* | | | *8318* | |
|  Cloud Software and Services |  | 27338 |  |  | 12975 |  |  | 62635 |  |  | 43178 |  |  | 28225 |  |  | 13045 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *10126* | | | *4719* | | | *22409* | | | *14583* | | | *9343* | | | *4529* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *17212* | | | *8256* | | | *40226* | | | *28595* | | | *18882* | | | *8516* | |
|  Enterprise |  | 11481 |  |  | 5933 |  |  | 24863 |  |  | 18773 |  |  | 12454 |  |  | 5970 |  |
|  Other |  | 948 |  |  | 474 |  |  | 2175 |  |  | 1606 |  |  | 1100 |  |  | 595 |  |
|  **Total** |  | **111157** |  |  | **55025** |  |  | **247880** |  |  | **174967** |  |  | **113173** |  |  | **53325** |  |
|  | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Year over year change, percent | Jan-Jun | Jan-Jun |  | Jan-Mar | Jan-Mar |  | Jan-Dec | Jan-Dec |  | Jan-Sep | Jan-Sep |  | Jan-Jun | Jan-Jun |  | Jan-Mar | Jan-Mar |  |
|  Networks |  | 0 | % |  | 6 | % |  | -8 | % |  | -12 | % |  | -16 | % |  | -21 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *3* | *%* | | *10* | *%* | | *-7* | *%* | | *-12* | *%* | | *-17* | *%* | | *-21* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *-10* | *%* | | *-9* | *%* | | *-9* | *%* | | *-12* | *%* | | *-13* | *%* | | *-19* | *%* |
|  Cloud Software and Services |  | -3 | % |  | -1 | % |  | -2 | % |  | -2 | % |  | -1 | % |  | -3 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Products* | | *8* | *%* | | *4* | *%* | | *3* | *%* | | *0* | *%* | | *-3* | *%* | | *2* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which Services* | | *-9* | *%* | | *-3* | *%* | | *-4* | *%* | | *-3* | *%* | | *0* | *%* | | *-5* | *%* |
|  Enterprise |  | -8 | % |  | -1 | % |  | -3 | % |  | -1 | % |  | 1 | % |  | 0 | % |
|  Other |  | -14 | % |  | -20 | % |  | -14 | % |  | -16 | % |  | -9 | % |  | -14 | % |
|  **Total** |  | **-2** | **%** |  | **3** | **%** |  | **-6** | **%** |  | **-9** | **%** |  | **-11** | **%** |  | **-15** | **%** |

---

 <br> 25 Ericsson \| Second quarter report 2025. July 15, 2025. Accounting policies and Explanatory notes

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 17638 | 18112 | 22326 | 19332 | 17139 | 14851 |
|  Cloud Software and Services | 5964 | 5069 | 7243 | 5537 | 5407 | 4834 |
|  Enterprise | 3045 | 3338 | 3306 | 3307 | 3310 | 2865 |
|  Other | 2 | 18 | -168 | 9 | -41 | 108 |
|  **Total** | **26649** | **26537** | **32707** | **28185** | **25815** | **22658** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 35750 | 18112 | 73648 | 51322 | 31990 | 14851 |
|  Cloud Software and Services | 11033 | 5069 | 23021 | 15778 | 10241 | 4834 |
|  Enterprise | 6383 | 3338 | 12788 | 9482 | 6175 | 2865 |
|  Other | 20 | 18 | -92 | 76 | 67 | 108 |
|  **Total** | **53186** | **26537** | **109365** | **76658** | **48473** | **22658** |

---

**EBIT (loss) by segment by quarter** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 6376 | 7040 | 9267 | 7492 | 4750 | 4156 |
|  Cloud Software and Services | 840 | 71 | 1099 | -443 | -728 | -363 |
|  Enterprise | -870 | -1014 | -1876 | -1201 | -17424 | -1582 |
|  Other | 45 | -166 | -532 | -74 | -117 | 1889 |
|  **Total** | **6391** | **5931** | **7958** | **5774** | **-13519** | **4100** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 13416 | 7040 | 25665 | 16398 | 8906 | 4156 |
|  Cloud Software and Services | 911 | 71 | -435 | -1534 | -1091 | -363 |
|  Enterprise | -1884 | -1014 | -22083 | -20207 | -19006 | -1582 |
|  Other | -121 | -166 | 1166 | 1698 | 1772 | 1889 |
|  **Total** | **12322** | **5931** | **4313** | **-3645** | **-9419** | **4100** |

---

 <br> 26 Ericsson \| Second quarter report 2025. July 15, 2025. Accounting policies and Explanatory notes

------

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

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> |  |
| Isolated quarters, SEK million | Q2 | Q2 |  | Q1 | Q1 |  | Q4 | Q4 |  | Q3 | Q3 |  | Q2 | Q2 |  | Q1 | Q1 |  |
|  Americas |  | 19760 |  |  | 20762 |  |  | 25737 |  |  | 23366 |  |  | 19838 |  |  | 16449 |  |
|  Europe, Middle East and Africa ¹<sup>)</sup> ²<sup>)</sup> |  | 16193 |  |  | 14475 |  |  | 21865 |  |  | 16893 |  |  | 17265 |  |  | 15287 |  |
|  South East Asia, Oceania and India |  | 5505 |  |  | 7226 |  |  | 8449 |  |  | 7702 |  |  | 7694 |  |  | 8565 |  |
|  North East Asia |  | 3766 |  |  | 3215 |  |  | 7090 |  |  | 3686 |  |  | 4561 |  |  | 3424 |  |
|  Other ¹<sup>)</sup> ²<sup>)</sup> |  | 10908 |  |  | 9347 |  |  | 9772 |  |  | 10147 |  |  | 10490 |  |  | 9600 |  |
|  **Total** |  | **56132** |  |  | **55025** |  |  | **72913** |  |  | **61794** |  |  | **59848** |  |  | **53325** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *¹<sup>)</sup> Of which in Sweden* | | *686* | | | *461* | | | *597* | | | *432* | | | *583* | | | *729* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *²<sup>)</sup> Of which in EU* | | *8223* | | | *7566* | | | *10935* | | | *8157* | | | *8606* | | | *7566* | |
|  | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> |  |
| Sequential change, percent | Q2 | Q2 |  | Q1 | Q1 |  | Q4 | Q4 |  | Q3 | Q3 |  | Q2 | Q2 |  | Q1 | Q1 |  |
|  Americas |  | -5 | % |  | -19 | % |  | 10 | % |  | 18 | % |  | 21 | % |  | -12 | % |
|  Europe, Middle East and Africa ¹<sup>)</sup> ²<sup>)</sup> |  | 12 | % |  | -34 | % |  | 29 | % |  | -2 | % |  | 13 | % |  | -33 | % |
|  South East Asia, Oceania and India |  | -24 | % |  | -14 | % |  | 10 | % |  | 0 | % |  | -10 | % |  | -27 | % |
|  North East Asia |  | 17 | % |  | -55 | % |  | 92 | % |  | -19 | % |  | 33 | % |  | -62 | % |
|  Other ¹<sup>)</sup> ²<sup>)</sup> |  | 17 | % |  | -4 | % |  | -4 | % |  | -3 | % |  | 9 | % |  | -1 | % |
|  **Total** |  | **2** | **%** |  | **-25** | **%** |  | **18** | **%** |  | **3** | **%** |  | **12** | **%** |  | **-26** | **%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *¹<sup>)</sup> Of which in Sweden* | | *49* | *%* | | *-23* | *%* | | *38* | *%* | | *-26* | *%* | | *-20* | *%* | | *115* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *²<sup>)</sup> Of which in EU* | | *9* | *%* | | *-31* | *%* | | *34* | *%* | | *-5* | *%* | | *14* | *%* | | *-25* | *%* |
|  | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> |  |
| Year over year change, percent | Q2 | Q2 |  | Q1 | Q1 |  | Q4 | Q4 |  | Q3 | Q3 |  | Q2 | Q2 |  | Q1 | Q1 |  |
|  Americas |  | 0 | % |  | 26 | % |  | 38 | % |  | 37 | % |  | 11 | % |  | -17 | % |
|  Europe, Middle East and Africa ¹<sup>)</sup> ²<sup>)</sup> |  | -6 | % |  | -5 | % |  | -4 | % |  | -8 | % |  | -3 | % |  | -1 | % |
|  South East Asia, Oceania and India |  | -28 | % |  | -16 | % |  | -28 | % |  | -44 | % |  | -44 | % |  | -38 | % |
|  North East Asia |  | -17 | % |  | -6 | % |  | -22 | % |  | -31 | % |  | -10 | % |  | -22 | % |
|  Other ¹<sup>)</sup> ²<sup>)</sup> |  | 4 | % |  | -3 | % |  | 1 | % |  | 1 | % |  | 6 | % |  | 6 | % |
|  **Total** |  | **-6** | **%** |  | **3** | **%** |  | **1** | **%** |  | **-4** | **%** |  | **-7** | **%** |  | **-15** | **%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *¹<sup>)</sup> Of which in Sweden* | | *18* | *%* | | *-37* | *%* | | *76* | *%* | | *-5* | *%* | | *58* | *%* | | *19* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *²<sup>)</sup> Of which in EU* | | *-4* | *%* | | *0* | *%* | | *8* | *%* | | *4* | *%* | | *7* | *%* | | *-8* | *%* |
|  | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> |  |
| Year to date, SEK million | Jan-Jun | Jan-Jun |  | Jan-Mar | Jan-Mar |  | Jan-Dec | Jan-Dec |  | Jan-Sep | Jan-Sep |  | Jan-Jun | Jan-Jun |  | Jan-Mar | Jan-Mar |  |
|  Americas |  | 40522 |  |  | 20762 |  |  | 85390 |  |  | 59653 |  |  | 36287 |  |  | 16449 |  |
|  Europe, Middle East and Africa ¹<sup>)</sup> ²<sup>)</sup> |  | 30668 |  |  | 14475 |  |  | 71310 |  |  | 49445 |  |  | 32552 |  |  | 15287 |  |
|  South East Asia, Oceania and India |  | 12731 |  |  | 7226 |  |  | 32410 |  |  | 23961 |  |  | 16259 |  |  | 8565 |  |
|  North East Asia |  | 6981 |  |  | 3215 |  |  | 18761 |  |  | 11671 |  |  | 7985 |  |  | 3424 |  |
|  Other ¹<sup>)</sup> ²<sup>)</sup> |  | 20255 |  |  | 9347 |  |  | 40009 |  |  | 30237 |  |  | 20090 |  |  | 9600 |  |
|  **Total** |  | **111157** |  |  | **55025** |  |  | **247880** |  |  | **174967** |  |  | **113173** |  |  | **53325** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *¹<sup>)</sup> Of which in Sweden* | | *1147* | | | *461* | | | *2341* | | | *1744* | | | *1312* | | | *729* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *²<sup>)</sup> Of which in EU* | | *15789* | | | *7566* | | | *35264* | | | *24329* | | | *16172* | | | *7566* | |
|  | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> | 2024 ³<sup>)</sup> |  |
| Year to date, year over year change, percent | Jan-Jun | Jan-Jun |  | Jan-Mar | Jan-Mar |  | Jan-Dec | Jan-Dec |  | Jan-Sep | Jan-Sep |  | Jan-Jun | Jan-Jun |  | Jan-Mar | Jan-Mar |  |
|  Americas |  | 12 | % |  | 26 | % |  | 16 | % |  | 9 | % |  | -4 | % |  | -17 | % |
|  Europe, Middle East and Africa ¹<sup>)</sup> ²<sup>)</sup> |  | -6 | % |  | -5 | % |  | -4 | % |  | -4 | % |  | -2 | % |  | -1 | % |
|  South East Asia, Oceania and India |  | -22 | % |  | -16 | % |  | -39 | % |  | -42 | % |  | -41 | % |  | -38 | % |
|  North East Asia |  | -13 | % |  | -6 | % |  | -22 | % |  | -21 | % |  | -15 | % |  | -22 | % |
|  Other ¹<sup>)</sup> ²<sup>)</sup> |  | 1 | % |  | -3 | % |  | 4 | % |  | 4 | % |  | 6 | % |  | 6 | % |
|  **Total** |  | **-2** | **%** |  | **3** | **%** |  | **-6** | **%** |  | **-9** | **%** |  | **-11** | **%** |  | **-15** | **%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *¹<sup>)</sup> Of which in Sweden* | | *-13* | *%* | | *-37* | *%* | | *32* | *%* | | *22* | *%* | | *34* | *%* | | *19* | *%* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *²<sup>)</sup> Of which in EU* | | *-2* | *%* | | *0* | *%* | | *3* | *%* | | *1* | *%* | | *-1* | *%* | | *-8* | *%* |

---

<sup>3)</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.

 <br> 27 Ericsson \| Second quarter report 2025. July 15, 2025. Accounting policies and Explanatory notes

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Q2 2025 | Q2 2025 | Q2 2025 | Q2 2025 | Q2 2025 | Jan-Jun 2025 | Jan-Jun 2025 | Jan-Jun 2025 | Jan-Jun 2025 | Jan-Jun 2025 |
| SEK million | Networks | Cloud Software<br>and Services | Enterprise | Other | Total | Networks | Cloud Software<br>and Services | Enterprise | Other | Total |
|  Americas | 15172 | 4506 | 82 | 0 | 19760 | 32335 | 7979 | 208 | 0 | 40522 |
|  Europe, Middle East and Africa | 9808 | 6164 | 221 | 0 | 16193 | 18092 | 12116 | 460 | 0 | 30668 |
|  South East Asia, Oceania and India | 3641 | 1844 | 20 | 0 | 5505 | 8852 | 3852 | 27 | 0 | 12731 |
|  North East Asia | 2977 | 787 | 2 | 0 | 3766 | 5322 | 1650 | 9 | 0 | 6981 |
|  Other ¹<sup>)</sup> | 4149 | 1062 | 5223 | 474 | 10908 | 6789 | 1741 | 10777 | 948 | 20255 |
|  **Total** | **35747** | **14363** | **5548** | **474** | **56132** | **71390** | **27338** | **11481** | **948** | **111157** |
|  Share of total | 64% | 26% | 10% | 0% | 100% | 64% | 25% | 10% | 1% | 100% |

---

<sup>1)</sup> Includes primarily IPR licensing revenues and a major part of segment Enterprise.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Q2 2025 | Q2 2025 | Q2 2025 | Q2 2025 | Q2 2025 |
| Sequential change, percent | Networks | Cloud Software<br>and Services | Enterprise | Other | Total |
|  Americas | -12% | 30% | -35% |  | -5% |
|  Europe, Middle East and Africa | 18% | 4% | -8% |  | 12% |
|  South East Asia, Oceania and India | -30% | -8% | 186% |  | -24% |
|  North East Asia | 27% | -9% | -71% |  | 17% |
|  Other | 57% | 56% | -6% | 0% | 17% |
|  **Total** | **0%** | **11%** | **-6%** | **0%** | **2%** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Q2 2025 | Q2 2025 | Q2 2025 | Q2 2025 | Q2 2025 | Jan-Jun 2025 | Jan-Jun 2025 | Jan-Jun 2025 | Jan-Jun 2025 | Jan-Jun 2025 |
| Year over year change, percent | Networks | Cloud Software<br>and Services | Enterprise | Other | Total | Networks | Cloud Software<br>and Services | Enterprise | Other | Total |
|  Americas | -1% | 4% | -40% |  | 0% | 16% | -3% | 3% | -100% | 12% |
|  Europe, Middle East and Africa | -5% | -7% | -30% | -100% | -6% | -8% | -3% | 2% | -100% | -6% |
|  South East Asia, Oceania and India | -31% | -24% | 233% | -100% | -28% | -26% | -9% | 69% | -100% | -22% |
|  North East Asia | -17% | -14% | 100% | -100% | -17% | -13% | -9% | 50% | -100% | -13% |
|  Other | 31% | 27% | -13% | 0% | 4% | 16% | 14% | -9% | 1% | 1% |
|  **Total** | **-5%** | **-5%** | **-14%** | **-6%** | **-6%** | **0%** | **-3%** | **-8%** | **-14%** | **-2%** |

---

 <br> 28 Ericsson \| Second quarter report 2025. July 15, 2025. Accounting policies and Explanatory notes

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##### [**Table of Contents**](#toc)
**Top 5 countries in sales** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Country, percentage of net sales<sup>¹)</sup> | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  United States | 44% | 45% | 39% | 44% | 38% | 37% |
|  India | 4% | 7% | 4% | 5% | 6% | 10% |
|  United Kingdom | 4% | 4% | 4% | 4% | 3% | 4% |
|  China | 4% | 3% | 4% | 3% | 6% | 4% |
|  Japan | 3% | 3% | 5% | 3% | 3% | 3% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Country, percentage of net sales<sup>¹)</sup> | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  United States | 44% | 45% | 40% | 40% | 38% | 37% |
|  India | 6% | 7% | 6% | 7% | 8% | 10% |
|  United Kingdom | 4% | 4% | 4% | 3% | 3% | 4% |
|  China | 4% | 3% | 4% | 4% | 5% | 4% |
|  Japan | 3% | 3% | 4% | 3% | 3% | 3% |

---

<sup>1)</sup> Based on Jan-June 2025. Includes IPR licensing revenues.

**IPR licensing revenues by segment by quarter** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 3987 | 2606 | 2870 | 2853 | 3187 | 2539 |
|  Cloud Software and Services | 875 | 572 | 630 | 626 | 700 | 557 |
|  **Total** | **4862** | **3178** | **3500** | **3479** | **3887** | **3096** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 6593 | 2606 | 11449 | 8579 | 5726 | 2539 |
|  Cloud Software and Services | 1447 | 572 | 2513 | 1883 | 1257 | 557 |
|  **Total** | **8040** | **3178** | **13962** | **10462** | **6983** | **3096** |

---

Note 3 – Financial income and expenses, net

**Financial income and expenses, net** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Financial income | 579 | 619 | 587 | 724 | 742 | 681 |
|  Financial expenses | -927 | -805 | -984 | -991 | -1029 | -1099 |
|  Net foreign exchange gains/losses | 382 | 112 | 6 | -234 | -74 | -53 |
|  **Total** | **34** | **-74** | **-391** | **-501** | **-361** | **-471** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Financial income | 1198 | 619 | 2734 | 2147 | 1423 | 681 |
|  Financial expenses | -1732 | -805 | -4103 | -3119 | -2128 | -1099 |
|  Net foreign exchange gains/losses | 494 | 112 | -355 | -361 | -127 | -53 |
|  **Total** | **-40** | **-74** | **-1724** | **-1333** | **-832** | **-471** |

---

 <br> 29 Ericsson \| Second quarter report 2025. July 15, 2025. Accounting policies and Explanatory notes

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

**Provisions** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Isolated quarters, SEK million | Q2 | Q2 | Q1 | Q1 | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 |  |
|  Opening balance |  | 9093 |  | 11715 |  | 10544 |  | 10200 |  | 10065 |  | 11706 |  |
|  Additions |  | 1830 |  | 1055 |  | 3329 |  | 2761 |  | 2472 |  | 783 |  |
|  Utilization |  | -1853 |  | -3009 |  | -1830 |  | -1872 |  | -1448 |  | -2140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which restructuring* | | *-837* | | *-1201* | | *-1201* | | *-1286* | | *-755* | | *-932* | |
|  Reversal of excess amounts |  | -273 |  | -256 |  | -651 |  | -333 |  | -411 |  | -364 |  |
|  Reclassification, translation difference and other |  | -145 |  | -412 |  | 323 |  | -212 |  | -478 |  | 80 |  |
|  **Closing balance** |  | **8652** |  | **9093** |  | **11715** |  | **10544** |  | **10200** |  | **10065** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which restructuring* | | *2429* | | *2720* | | *3872* | | *3897* | | *3757* | | *2953* | |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Year to date, SEK million | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar |  |
|  Opening balance |  | 11715 |  | 11715 |  | 11706 |  | 11706 |  | 11706 |  | 11706 |  |
|  Additions |  | 2885 |  | 1055 |  | 9345 |  | 6016 |  | 3255 |  | 783 |  |
|  Utilization |  | -4862 |  | -3009 |  | -7290 |  | -5460 |  | -3588 |  | -2140 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which restructuring* | | *-2038* | | *-1201* | | *-4174* | | *-2973* | | *-1687* | | *-932* | |
|  Reversal of excess amounts |  | -529 |  | -256 |  | -1759 |  | -1108 |  | -775 |  | -364 |  |
|  Reclassification, translation difference and other |  | -557 |  | -412 |  | -287 |  | -610 |  | -398 |  | 80 |  |
|  **Closing balance** |  | **8652** |  | **9093** |  | **11715** |  | **10544** |  | **10200** |  | **10065** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which restructuring* | | *2429* | | *2720* | | *3872* | | *3897* | | *3757* | | *2953* | |

---

 <br> 30 Ericsson \| Second quarter report 2025. July 15, 2025. Accounting policies and Explanatory notes

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##### [**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** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SEK billion | Jun 30 2025 | Jun 30 2025 | Jun 30 2025 | Jun 30 2025 | Dec 31 2024 | Dec 31 2024 | Dec 31 2024 | Dec 31 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 | Fair value hierarchy level | Fair value hierarchy level |
|  | Carrying<br>value | Level 1 | Level 2 | Level 3 | Carrying<br>value | Level 1 | Level 2 | Level 3 |
|  Assets at fair value through profit or loss |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer finance ¹<sup>)</sup> | 2.0 |  |  | 2.0 | 4.5 |  |  | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing securities | 39.6 | 37.0 | 2.6 |  | 31.7 | 30.4 | 1.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash equivalents ²<sup>)</sup> | 19.2 | 0.2 | 19.0 |  | 24.3 | 0.3 | 24.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets | 1.8 |  |  | 1.8 | 2.7 | 0.8 |  | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 3.6 |  | 3.6 |  | 0.2 |  | 0.2 |  |
|  Assets at fair value through OCI |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables | 39.1 |  |  | 39.1 | 44.2 |  |  | 44.2 |
|  Assets at amortized costs |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing securities | 0.1 |  |  |  | 0.3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets | 0.1 |  |  |  | 0.3 |  |  |  |
|  **Total financial assets** | **105.5** |  |  |  | **108.2** |  |  |  |
|  Financial liabilities at designated FVTPL |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parent company borrowings | -33.2 | -19.3 | -13.9 |  | -35.7 | -19.7 | -16.0 |  |
|  Financial liabilities at FVTPL |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | -0.1 |  | -0.1 |  | -3.3 |  | -3.3 |  |
|  Liabilities at amortized cost |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade payables | -24.8 |  |  |  | -30.2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowings | -4.0 |  |  |  | -2.3 |  |  |  |
|  **Total financial liabilities** | **-62.1** |  |  |  | **-71.5** |  |  |  |

---

<sup>1)</sup> Year to date movements of customer finance receivables are as follows: additions of SEK 6.5 billion, disposals and repayments of SEK 8.7 billion and revaluation loss of SEK 0.3 billion.

<sup>2)</sup> Total Cash and cash equivalent is SEK 33.6 (43.9 on Dec 31, 2024) billion, of which SEK 19.2 (24.3 on Dec 31, 2024) billion relating to Cash equivalents are presented in the table above. 

**Exchange rates used in the consolidation** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Jun | Jan-Dec | Jan-Dec |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
|  SEK/EUR - closing rate |  | 11.14 |  | 11.37 |  | 11.49 |
|  SEK/USD - closing rate |  | 9.50 |  | 10.61 |  | 10.99 |

---

 <br> 31 Ericsson \| Second quarter report 2025. July 15, 2025. Accounting policies and Explanatory notes

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

**Information on investments** 

Investments in assets subject to depreciation, amortization, impairment and write-downs

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  **Additions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 561 | 729 | 667 | 540 | 699 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized development expenses | 193 | 307 | 323 | 264 | 327 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPR, brands and other intangible assets | 301 | 57 | 93 | 78 | 45 | 1 |
|  **Total** | **1055** | **1093** | **1083** | **882** | **1071** | **821** |
|  **Depreciation, amortization and impairment losses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 826 | 1029 | 1117 | 924 | 1161 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized development expenses | 451 | 444 | 409 | 410 | 349 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill, IPR, brands and other intangible assets | 373 | 721 | 666 | 429 | 15945 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets | 527 | 556 | 623 | 529 | 560 | 566 |
|  **Total** | **2177** | **2750** | **2815** | **2292** | **18015** | **2612** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  **Additions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 1290 | 729 | 2340 | 1673 | 1133 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized development expenses | 500 | 307 | 1300 | 977 | 713 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IPR, brands and other intangible assets | 358 | 57 | 217 | 124 | 46 | 1 |
|  **Total** | **2148** | **1093** | **3857** | **2774** | **1892** | **821** |
|  **Depreciation, amortization and impairment losses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment | 1855 | 1029 | 4143 | 3026 | 2102 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized development expenses | 895 | 444 | 1480 | 1071 | 661 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill, IPR, brands and other intangible assets | 1094 | 721 | 17833 | 17167 | 16738 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets | 1083 | 556 | 2278 | 1655 | 1126 | 566 |
|  **Total** | **4927** | **2750** | **25734** | **22919** | **20627** | **2612** |

---

Note 7 – Contingent liabilities and Assets pledged as collateral

**Contingent liabilities and Assets pledged as collateral** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| SEK million | Jun 30<br>2025 | Jun 30<br>2025 | Dec 31<br>2024 | Dec 31<br>2024 |
|  Contingent liabilities |  | 3412 |  | 3559 |
|  Assets pledged as collateral |  | 9209 |  | 9438 |

---

 <br> 32 Ericsson \| Second quarter report 2025. July 15, 2025. Accounting policies and Explanatory notes

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

**Number of shares and earnings per share** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Q2 | Q2 | Jan-Jun | Jan-Jun |
|  | 2025 | 2024 | 2025 | 2024 |
|  Number of shares, end of period (million) | 3371 | 3348 | 3371 | 3348 |
| &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; Of which class B-shares (million) | 3110 | 3086 | 3110 | 3086 |
|  Number of treasury shares, end of period (million) | 38 | 16 | 38 | 16 |
|  Number of shares outstanding, basic, end of period (million) | 3333 | 3333 | 3333 | 3333 |
|  Numbers of shares outstanding, diluted, end of period (million) | 3343 | 3340 | 3343 | 3340 |
|  Average number of treasury shares (million) | 31 | 14 | 23 | 14 |
|  Average number of shares outstanding, basic (million) | 3333 | 3332 | 3333 | 3332 |
|  Average number of shares outstanding, diluted (million) <sup>¹)</sup> | 3343 | 3339 | 3342 | 3339 |
|  Earnings (loss) per share, basic (SEK) <sup>²)</sup> | 1.37 | -3.34 | 2.62 | -2.57 |
|  Earnings (loss) per share, diluted (SEK) <sup>¹)</sup> | 1.37 | -3.34 | 2.61 | -2.57 |

---

<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 will be 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 will be made with the record date September 29, 2025, with an expected payment date of October 2, 2025.

Note 9 – Employee information

**Number of employees** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 ²<sup>)</sup> | 2024 ²<sup>)</sup> | 2024 ²<sup>)</sup> | 2024 ²<sup>)</sup> | 2024 ²<sup>)</sup> | 2024 ²<sup>)</sup> | 2024 ²<sup>)</sup> | 2024 ²<sup>)</sup> |  |
| End of period | Jun 30 | Jun 30 | Mar 31 | Mar 31 | Dec 31 | Dec 31 | Sep 30 | Sep 30 | Jun 30 | Jun 30 | Mar 31 | Mar 31 |  |
|  Americas |  | 15926 |  | 15857 |  | 16034 |  | 16554 |  | 16791 |  | 17051 |  |
|  Europe, Middle East and Africa ¹<sup>)</sup> |  | 40413 |  | 40677 |  | 41387 |  | 41993 |  | 43017 |  | 42989 |  |
|  South East Asia, Oceania and India |  | 25591 |  | 25991 |  | 26389 |  | 26327 |  | 26558 |  | 27016 |  |
|  North East Asia |  | 10007 |  | 10341 |  | 10426 |  | 11110 |  | 11619 |  | 12084 |  |
|  **Total** |  | **91937** |  | **92866** |  | **94236** |  | **95984** |  | **97985** |  | **99140** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<sup>¹)</sup> Of which in Sweden* | | *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.

 <br> 33 Ericsson \| Second quarter report 2025. July 15, 2025. Accounting policies and Explanatory notes

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##### [**Table of Contents**](#toc)
Note 10 – Information on future divestment

In 2024 the Company entered into a binding agreement in relation to the sale of iconectiv, which is an acquired US subsidiary (83.3% ownership) forming part of Segment Enterprise and is a provider of network number portability solutions and data exchange services. The sale, which is subject to the customary closing conditions including regulatory approvals, is expected to be completed during Q3 2025. The assets and liabilities for iconectiv, which are included in the consolidated balance sheet, are shown in the table below.

---

| | |
|:---|:---|
|  | Jun 2025 |
|  Goodwill | 1042 |
|  Customer relationships, IPR and other intangible assets | 71 |
|  Property, plant and equipment | 154 |
|  Right-of-use assets | 130 |
|  Trade receivables | 316 |
|  Cash and cash equivalents | 496 |
|  Other assets | 188 |
|  **Total assets** | **2397** |
|  Lease liabilities | 143 |
|  Contract liabilities | 387 |
|  Current tax liabilities | 208 |
|  Other liabilities | 248 |
|  **Total liabilities** | **986** |

---

 <br> 34 Ericsson \| Second quarter report 2025. July 15, 2025. 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 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, year over year change | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Reported net sales | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired business |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net FX impact | 4672 | -1817 | 683 | 1832 | 22 | 740 |
|  Comparable net sales, excluding FX impact | 60804 | 53208 | 73596 | 63626 | 59870 | 54065 |
|  Comparable quarter net sales adj. for acq/div business | 59848 | 53325 | 71881 | 64473 | 64444 | 62553 |
|  Organic sales growth (%) | 2% | 0% | 2% | -1% | -7% | -14% |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, year over year change | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Reported net sales | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquired business |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net FX impact | 2855 | -1817 | 3277 | 2594 | 762 | 740 |
|  Comparable net sales, excluding FX impact | 114012 | 53208 | 251157 | 177561 | 113935 | 54065 |
|  Comparable quarter net sales adj. for acq/div business | 113173 | 53325 | 263351 | 191470 | 126997 | 62553 |
|  Organic sales growth (%) | 1% | 0% | -5% | -7% | -10% | -14% |

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 <br> 35 Ericsson \| Second quarter report 2025. July 15, 2025. 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 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Gross income | 26649 | 26537 | 32707 | 28185 | 25815 | 22658 |
|  Net sales | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
|  Gross margin (%) | 47.5% | 48.2% | 44.9% | 45.6% | 43.1% | 42.5% |
|  Gross income | 26649 | 26537 | 32707 | 28185 | 25815 | 22658 |
|  Restructuring charges included in cost of sales | 310 | 158 | 1034 | 424 | 466 | 122 |
|  Adjusted gross income | 26959 | 26695 | 33741 | 28609 | 26281 | 22780 |
|  Net sales | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
|  Adjusted gross margin (%) | 48.0% | 48.5% | 46.3% | 46.3% | 43.9% | 42.7% |
|  Operating expenses | -20358 | -20621 | -24391 | -22442 | -38084 | -20519 |
|  Restructuring charges included in R&D expenses | 300 | 20 | 358 | 966 | 805 | -10 |
|  Restructuring charges included in selling and administrative expenses | 46 | 103 | 234 | 163 | 357 | 93 |
|  Operating expenses excluding restructuring charges | -20012 | -20498 | -23799 | -21313 | -36922 | -20436 |
|  EBIT (loss) | 6391 | 5931 | 7958 | 5774 | -13519 | 4100 |
|  Net sales | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
|  EBIT margin (%) | 11.4% | 10.8% | 10.9% | 9.3% | -22.6% | 7.7% |
|  EBIT (loss) | 6391 | 5931 | 7958 | 5774 | -13519 | 4100 |
|  Total restructuring charges | 656 | 281 | 1626 | 1553 | 1628 | 205 |
|  Adjusted EBIT (loss) | 7047 | 6212 | 9584 | 7327 | -11891 | 4305 |
|  Net sales | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
|  Adjusted EBIT margin (%) | 12.6% | 11.3% | 13.1% | 11.9% | -19.9% | 8.1% |
|  Adjusted EBIT (loss) | 7047 | 6212 | 9584 | 7327 | -11891 | 4305 |
|  Impairment of goodwill and intangible assets |  |  | 213 |  | 15120 |  |
|  Adjusted EBIT excluding impairments of goodwill and intangible assets | 7047 | 6212 | 9797 | 7327 | 3229 | 4305 |
|  Net sales | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
|  Adjusted EBIT margin excluding impairments of goodwill and intangible assets (%) | 12.6% | 11.3% | 13.4% | 11.9% | 5.4% | 8.1% |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Gross income | 53186 | 26537 | 109365 | 76658 | 48473 | 22658 |
|  Net sales | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
|  Gross margin (%) | 47.8% | 48.2% | 44.1% | 43.8% | 42.8% | 42.5% |
|  Gross income | 53186 | 26537 | 109365 | 76658 | 48473 | 22658 |
|  Restructuring charges included in cost of sales | 468 | 158 | 2046 | 1012 | 588 | 122 |
|  Adjusted gross income | 53654 | 26695 | 111411 | 77670 | 49061 | 22780 |
|  Net sales | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
|  Adjusted gross margin (%) | 48.3% | 48.5% | 44.9% | 44.4% | 43.4% | 42.7% |
|  Operating expenses | -40979 | -20621 | -105436 | -81045 | -58603 | -20519 |
|  Restructuring charges included in R&D expenses | 320 | 20 | 2119 | 1761 | 795 | -10 |
|  Restructuring charges included in selling and administrative expenses | 149 | 103 | 847 | 613 | 450 | 93 |
|  Operating expenses excluding restructuring charges | -40510 | -20498 | -102470 | -78671 | -57358 | -20436 |
|  EBIT (loss) | 12322 | 5931 | 4313 | -3645 | -9419 | 4100 |
|  Net sales | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
|  EBIT margin (%) | 11.1% | 10.8% | 1.7% | -2.1% | -8.3% | 7.7% |
|  EBIT (loss) | 12322 | 5931 | 4313 | -3645 | -9419 | 4100 |
|  Total restructuring charges | 937 | 281 | 5012 | 3386 | 1833 | 205 |
|  Adjusted EBIT (loss) | 13259 | 6212 | 9325 | -259 | -7586 | 4305 |
|  Net sales | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
|  Adjusted EBIT margin (%) | 11.9% | 11.3% | 3.8% | -0.1% | -6.7% | 8.1% |
|  Adjusted EBIT (loss) | 13259 | 6212 | 9325 | -259 | -7586 | 4305 |
|  Impairment of goodwill and intangible assets |  |  | 15333 | 15120 | 15120 |  |
|  Adjusted EBIT excluding impairments of goodwill and intangible assets | 13259 | 6212 | 24658 | 14861 | 7534 | 4305 |
|  Net sales | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
|  Adjusted EBIT margin excluding impairments of goodwill and intangible assets (%) | 11.9% | 11.3% | 9.9% | 8.5% | 6.7% | 8.1% |

---

 <br> 36 Ericsson \| Second quarter report 2025. July 15, 2025. Alternative performance measures

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##### [**Table of Contents**](#toc)
**EBITA and EBITA margin / Adjusted EBITA and 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 |  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Isolated quarters, SEK million | Q2 | Q2 |  | Q1 | Q1 |  | Q4 | Q4 |  | Q3 | Q3 |  | Q2 | Q2 |  | Q1 | Q1 |  |
|  Net income (loss) |  | 4626 |  |  | 4217 |  |  | 4879 |  |  | 3881 |  |  | -10999 |  |  | 2613 |  |
|  Income tax |  | 1799 |  |  | 1640 |  |  | 2688 |  |  | 1392 |  |  | -2881 |  |  | 1016 |  |
|  Financial income and expenses, net |  | -34 |  |  | 74 |  |  | 391 |  |  | 501 |  |  | 361 |  |  | 471 |  |
|  Amortizations and write-downs of acquired intangibles |  | 372 |  |  | 721 |  |  | 665 |  |  | 429 |  |  | 15945 |  |  | 793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which segment Enterprise* | | *346* | | | *389* | | | *549* | | | *378* | | | *15916* | | | *762* | |
|  EBITA |  | 6763 |  |  | 6652 |  |  | 8623 |  |  | 6203 |  |  | 2426 |  |  | 4893 |  |
|  Net sales |  | 56132 |  |  | 55025 |  |  | 72913 |  |  | 61794 |  |  | 59848 |  |  | 53325 |  |
|  EBITA margin (%) |  | 12.0 | % |  | 12.1 | % |  | 11.8 | % |  | 10.0 | % |  | 4.1 | % |  | 9.2 | % |
|  Restructuring charges |  | 656 |  |  | 281 |  |  | 1626 |  |  | 1553 |  |  | 1628 |  |  | 205 |  |
|  Adjusted EBITA |  | 7419 |  |  | 6933 |  |  | 10249 |  |  | 7756 |  |  | 4054 |  |  | 5098 |  |
|  Adjusted EBITA margin (%) |  | 13.2 | % |  | 12.6 | % |  | 14.1 | % |  | 12.6 | % |  | 6.8 | % |  | 9.6 | % |

---

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2025 |  | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Year to date, SEK million | Jan-Jun | Jan-Jun |  | Jan-Mar | Jan-Mar |  | Jan-Dec | Jan-Dec |  | Jan-Sep | Jan-Sep |  | Jan-Jun | Jan-Jun |  | Jan-Mar | Jan-Mar |  |
|  Net income (loss) |  | 8843 |  |  | 4217 |  |  | 374 |  |  | -4505 |  |  | -8386 |  |  | 2613 |  |
|  Income tax |  | 3439 |  |  | 1640 |  |  | 2215 |  |  | -473 |  |  | -1865 |  |  | 1016 |  |
|  Financial income and expenses, net |  | 40 |  |  | 74 |  |  | 1724 |  |  | 1333 |  |  | 832 |  |  | 471 |  |
|  Amortizations and write-downs of acquired intangibles |  | 1093 |  |  | 721 |  |  | 17832 |  |  | 17167 |  |  | 16738 |  |  | 793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Of which segment Enterprise* | | *735* | | | *389* | | | *17605* | | | *17056* | | | *16678* | | | *762* | |
|  EBITA |  | 13415 |  |  | 6652 |  |  | 22145 |  |  | 13522 |  |  | 7319 |  |  | 4893 |  |
|  Net sales |  | 111157 |  |  | 55025 |  |  | 247880 |  |  | 174967 |  |  | 113173 |  |  | 53325 |  |
|  EBITA margin (%) |  | 12.1 | % |  | 12.1 | % |  | 8.9 | % |  | 7.7 | % |  | 6.5 | % |  | 9.2 | % |
|  Restructuring charges |  | 937 |  |  | 281 |  |  | 5012 |  |  | 3386 |  |  | 1833 |  |  | 205 |  |
|  Adjusted EBITA |  | 14352 |  |  | 6933 |  |  | 27157 |  |  | 16908 |  |  | 9152 |  |  | 5098 |  |
|  Adjusted EBITA margin (%) |  | 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 | 2024 | 2024 | 2024 | 2024 |
| Rolling four quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Net sales | 245864 | 249580 | 247880 | 246848 | 249527 | 254123 |
|  EBITA | 28241 | 23904 | 22145 | 20216 | 17841 | 15957 |
|  Restructuring charges | 4116 | 5088 | 5012 | 4906 | 4241 | 5746 |
|  Adjusted EBITA | 32357 | 28992 | 27157 | 25122 | 22082 | 21703 |
|  Adjusted EBITA margin (%) | 13.2% | 11.6% | 11.0% | 10.2% | 8.8% | 8.5% |

---

 <br> 37 Ericsson \| Second quarter report 2025. July 15, 2025. 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 | 2024 | 2024 | 2024 | 2024 |
| SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Cash and cash equivalents | 33620 | 44590 | 43885 | 37323 | 28736 | 31848 |
|  + Interest-bearing securities, current | 6790 | 5147 | 12546 | 10063 | 13838 | 8948 |
|  + Interest-bearing securities, non-current | 32859 | 24436 | 19440 | 14806 | 11146 | 11177 |
|  Gross cash, end of period | 73269 | 74173 | 75871 | 62192 | 53720 | 51973 |
|  - Borrowings, current | 7285 | 5597 | 6137 | 3134 | 8067 | 8491 |
|  - Borrowings, non-current | 29944 | 29929 | 31904 | 33524 | 32520 | 32675 |
|  Net cash, end of period | 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 | 2024 | 2024 | 2024 | 2024 |
| SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Total assets | 270555 | 277978 | 292374 | 272450 | 278486 | 299523 |
|  Less: Non-interest-bearing provisions and liabilities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions, non-current | 2365 | 2541 | 3511 | 3036 | 2642 | 3952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | 1390 | 1365 | 1295 | 1255 | 1295 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | 870 | 888 | 996 | 889 | 865 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions, current | 6287 | 6552 | 8204 | 7508 | 7558 | 6113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | 44370 | 46757 | 41229 | 39540 | 40704 | 42538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade payables | 24804 | 26450 | 30173 | 25888 | 26731 | 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current tax liabilities | 3609 | 2664 | 3322 | 3821 | 3710 | 3810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 32521 | 41655 | 40677 | 36903 | 38485 | 35786 |
|  Capital employed | 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 | 2024 | 2024 | 2024 | 2024 |
| SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Net sales, rolling four quarters | 245864 | 249580 | 247880 | 246848 | 249527 | 254123 |
|  Average capital employed, rolling five quarters |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -4 | 156496 | 177181 | 177965 | 170926 | 197676 | 195403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -3 | 153610 | 156496 | 177181 | 177965 | 170926 | 197676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -2 | 162967 | 153610 | 156496 | 177181 | 177965 | 170926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -1 | 149106 | 162967 | 153610 | 156496 | 177181 | 177965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period | 154339 | 149106 | 162967 | 153610 | 156496 | 177181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average capital employed, rolling five quarters | 155304 | 159872 | 165644 | 167236 | 176049 | 183830 |
|  Capital turnover (times) | 1.6 | 1.6 | 1.5 | 1.5 | 1.4 | 1.4 |

---

 <br> 38 Ericsson \| Second quarter report 2025. July 15, 2025. 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 | 2024 | 2024 | 2024 | 2024 |
| SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  EBIT (loss), rolling four quarters | 26054 | 6144 | 4313 | 2203 | -32479 | -19272 |
|  Average capital employed, rolling five quarters |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -4 | 156496 | 177181 | 177965 | 170926 | 197676 | 195403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -3 | 153610 | 156496 | 177181 | 177965 | 170926 | 197676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -2 | 162967 | 153610 | 156496 | 177181 | 177965 | 170926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period -1 | 149106 | 162967 | 153610 | 156496 | 177181 | 177965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital employed at end of period | 154339 | 149106 | 162967 | 153610 | 156496 | 177181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average capital employed, rolling five quarters | 155304 | 159872 | 165644 | 167236 | 176049 | 183830 |
|  Return on capital employed (%) | 16.8% | 3.8% | 2.6% | 1.3% | -18.4% | -10.5% |

---

**Equity ratio** 

Equity expressed as a percentage of total assets.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Total equity | 85699 | 84858 | 92983 | 85355 | 82467 | 107639 |
|  Total assets | 270555 | 277978 | 292374 | 272450 | 278486 | 299523 |
|  Equity ratio (%) | 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 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Net income (loss) attributable to owners of the Parent Company | 4567 | 4149 | 4779 | 3814 | -11132 | 2559 |
|  Annualized | 18268 | 16596 | 19116 | 15256 | -44528 | 10236 |
|  Average stockholders' equity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity, beginning of period | 86039 | 94284 | 86630 | 83840 | 109137 | 98673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity, end of period | 86748 | 86039 | 94284 | 86630 | 83840 | 109137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average stockholders' equity | 86394 | 90162 | 90457 | 85235 | 96489 | 103905 |
|  Return on equity (%) | 21.1% | 18.4% | 21.1% | 17.9% | -46.1% | 9.9% |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Net income (loss) attributable to owners of the Parent Company | 8716 | 4149 | 20 | -4759 | -8573 | 2559 |
|  Annualized | 17432 | 16596 | 20 | -6345 | -17146 | 10236 |
|  Average stockholders' equity |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity, beginning of period | 94284 | 94284 | 98673 | 98673 | 98673 | 98673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stockholders' equity, end of period | 86748 | 86039 | 94284 | 86630 | 83840 | 109137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average stockholders' equity | 90516 | 90162 | 96479 | 92652 | 91257 | 103905 |
|  Return on equity (%) | 19.3% | 18.4% | 0.0% | -6.8% | -18.8% | 9.9% |

---

 <br> 39 Ericsson \| Second quarter report 2025. July 15, 2025. 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 | 2024 | 2024 | 2024 | 2024 |
| SEK million | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 |
|  Inventories | 27068 | 27649 | 27125 | 29004 | 30897 | 34564 |
|  Contract assets | 6618 | 5735 | 6924 | 7568 | 6851 | 6715 |
|  Trade receivables | 39107 | 41428 | 44151 | 38018 | 43578 | 46246 |
|  Customer finance, current | 1879 | 2396 | 4332 | 3843 | 4590 | 3717 |
|  Customer finance, non-current | 78 | 27 | 190 | 221 | 843 | 1406 |
|  Advance payments to suppliers ¹<sup>)</sup> | 41 | 46 | 47 | 108 | 146 | 167 |
|  Prepaid expenses ¹<sup>)</sup> | 3025 | 3749 | 2659 | 2737 | 3244 | 3501 |
|  Less: Contract liabilities | 44370 | 46757 | 41229 | 39540 | 40704 | 42538 |
|  Less: Trade payables | 24804 | 26450 | 30173 | 25888 | 26731 | 25305 |
|  **Operating working capital** | **8642** | **7823** | **14026** | **16071** | **22714** | **28473** |

---

<sup>1)</sup> Part of Other current receivables in the consolidated balance sheet.

**Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)** 

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.

Free cash flow after M&A: Cash flow from operating activities less net capital expenditures, other investments and repayment of lease liabilities.

Free cash flow before M&A (% of net sales): Free cash flow before M&A as a percentage of net sales.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Cash flow from operating activities | 4150 | 4358 | 17513 | 14397 | 9276 | 5075 |
|  Net capital expenditures and other investments (excl. M&A) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in property, plant and equipment | -561 | -729 | -667 | -540 | -699 | -434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of property, plant and equipment | 40 | 39 | 14 | 36 | 42 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development | -193 | -307 | -323 | -264 | -327 | -386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments ¹<sup>)</sup> | -301 | -64 | -87 | -78 | -39 | -7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of lease liabilities | -554 | -593 | -626 | -607 | -658 | -601 |
|  Free cash flow before M&A | 2581 | 2704 | 15824 | 12944 | 7595 | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions/divestments of subs and other operations, net | 141 | -4 | -95 | -62 | -48 | -106 |
|  Free cash flow after M&A | 2722 | 2700 | 15729 | 12882 | 7547 | 3565 |
|  Net sales | 56132 | 55025 | 72913 | 61794 | 59848 | 53325 |
|  Free cash flow before M&A (% of net sales) | 4.6% | 4.9% | 21.7% | 20.9% | 12.7% | 6.9% |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Cash flow from operating activities | 8508 | 4358 | 46261 | 28748 | 14351 | 5075 |
|  Net capital expenditures and other investments (excl. M&A) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in property, plant and equipment | -1290 | -729 | -2340 | -1673 | -1133 | -434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of property, plant and equipment | 79 | 39 | 116 | 102 | 66 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product development | -500 | -307 | -1300 | -977 | -713 | -386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments ¹<sup>)</sup> | -365 | -64 | -211 | -124 | -46 | -7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of lease liabilities | -1147 | -593 | -2492 | -1866 | -1259 | -601 |
|  Free cash flow before M&A | 5285 | 2704 | 40034 | 24210 | 11266 | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions/divestments of subs and other operations, net | 137 | -4 | -311 | -216 | -154 | -106 |
|  Free cash flow after M&A | 5422 | 2700 | 39723 | 23994 | 11112 | 3565 |
|  Net sales | 111157 | 55025 | 247880 | 174967 | 113173 | 53325 |
|  Free cash flow before M&A (% of net sales) | 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> 40 Ericsson \| Second quarter report 2025. July 15, 2025. Alternative performance measures

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarter, year over year change, percent | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 3% | 3% | 5% | -1% | -11% | -19% |
|  Cloud Software and Services | 1% | -3% | 0% | -1% | 0% | -2% |
|  Enterprise | -6% | -7% | -7% | -3% | 0% | 1% |
|  Other | -1% | -23% | -10% | -26% | -5% | -14% |
|  **Total** | **2%** | **0%** | **2%** | **-1%** | **-7%** | **-14%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, year over year change, percent | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 3% | 3% | -6% | -10% | -15% | -19% |
|  Cloud Software and Services | -1% | -3% | -1% | -1% | -1% | -2% |
|  Enterprise | -6% | -7% | -2% | -1% | 1% | 1% |
|  Other | -13% | -23% | -15% | -16% | -10% | -14% |
|  **Total** | **1%** | **0%** | **-5%** | **-7%** | **-10%** | **-14%** |

---

**Sales growth by market area adjusted for comparable units and currency** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 ¹<sup>)</sup> | 2024 ¹<sup>)</sup> | 2024 ¹<sup>)</sup> | 2024 ¹<sup>)</sup> |
| Isolated quarter, year over year change, percent | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Americas | 10% | 20% | 40% | 42% | 10% | -16% |
|  Europe, Middle East and Africa | -1% | -7% | -4% | -6% | -4% | -1% |
|  South East Asia, Oceania and India | -22% | -17% | -28% | -43% | -44% | -37% |
|  North East Asia | -15% | -8% | -22% | -29% | -3% | -16% |
|  Other | 15% | -6% | 3% | 5% | 7% | 8% |
|  **Total** | **2%** | **0%** | **2%** | **-1%** | **-7%** | **-14%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 ¹<sup>)</sup> | 2024 ¹<sup>)</sup> | 2024 ¹<sup>)</sup> | 2024 ¹<sup>)</sup> |
| Year to date, year over year change, percent | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Americas | 14% | 20% | 18% | 10% | -4% | -16% |
|  Europe, Middle East and Africa | -4% | -7% | -4% | -4% | -3% | -1% |
|  South East Asia, Oceania and India | -19% | -17% | -38% | -41% | -41% | -37% |
|  North East Asia | -12% | -8% | -19% | -16% | -9% | -16% |
|  Other | 5% | -6% | 6% | 6% | 7% | 8% |
|  **Total** | **1%** | **0%** | **-5%** | **-7%** | **-10%** | **-14%** |

---

<sup>1)</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.

**Rolling four quarters of net sales by segment** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Rolling four quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 158203 | 160135 | 158207 | 156408 | 157929 | 162690 |
|  Cloud Software and Services | 61748 | 62565 | 62635 | 62736 | 63347 | 63275 |
|  Enterprise | 23890 | 24826 | 24863 | 25471 | 25825 | 25720 |
|  Other | 2023 | 2054 | 2175 | 2233 | 2426 | 2438 |
|  **Total** | **245864** | **249580** | **247880** | **246848** | **249527** | **254123** |

---

 <br> 41 Ericsson \| Second quarter report 2025. July 15, 2025. Alternative performance measures

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, as percentage of net sales | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 49.3% | 50.8% | 47.7% | 48.3% | 45.5% | 44.0% |
|  Cloud Software and Services | 41.5% | 39.1% | 37.2% | 37.0% | 35.6% | 37.1% |
|  Enterprise | 54.9% | 56.3% | 54.3% | 52.3% | 51.0% | 48.0% |
|  Other | 0.4% | 3.8% | -29.5% | 1.8% | -8.1% | 18.2% |
|  **Total** | **47.5%** | **48.2%** | **44.9%** | **45.6%** | **43.1%** | **42.5%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, as percentage of net sales | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 50.1% | 50.8% | 46.6% | 46.1% | 44.8% | 44.0% |
|  Cloud Software and Services | 40.4% | 39.1% | 36.8% | 36.5% | 36.3% | 37.1% |
|  Enterprise | 55.6% | 56.3% | 51.4% | 50.5% | 49.6% | 48.0% |
|  Other | 2.1% | 3.8% | -4.2% | 4.7% | 6.1% | 18.2% |
|  **Total** | **47.8%** | **48.2%** | **44.1%** | **43.8%** | **42.8%** | **42.5%** |

---

**EBIT margin by segment by quarter** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, as percentage of net sales | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 17.8% | 19.8% | 19.8% | 18.7% | 12.6% | 12.3% |
|  Cloud Software and Services | 5.8% | 0.5% | 5.6% | -3.0% | -4.8% | -2.8% |
|  Enterprise | -15.7% | -17.1% | -30.8% | -19.0% | -268.7% | -26.5% |
|  Other | 9.5% | -35.0% | -93.5% | -14.6% | -23.2% | 317.5% |
|  **Total** | **11.4%** | **10.8%** | **10.9%** | **9.3%** | **-22.6%** | **7.7%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, as percentage of net sales | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 18.8% | 19.8% | 16.2% | 14.7% | 12.5% | 12.3% |
|  Cloud Software and Services | 3.3% | 0.5% | -0.7% | -3.6% | -3.9% | -2.8% |
|  Enterprise | -16.4% | -17.1% | -88.8% | -107.6% | -152.6% | -26.5% |
|  Other | -12.8% | -35.0% | 53.6% | 105.7% | 161.1% | 317.5% |
|  **Total** | **11.1%** | **10.8%** | **1.7%** | **-2.1%** | **-8.3%** | **7.7%** |

---

 <br> 42 Ericsson \| Second quarter report 2025. July 15, 2025. Alternative performance measures

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 6397 | 7367 | 9375 | 7536 | 4771 | 4179 |
|  Cloud Software and Services | 845 | 76 | 1107 | -436 | -721 | -355 |
|  Enterprise | -524 | -625 | -1327 | -823 | -1508 | -820 |
|  Other | 45 | -166 | -532 | -74 | -116 | 1889 |
|  **Total** | **6763** | **6652** | **8623** | **6203** | **2426** | **4893** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, as percentage of net sales | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 17.9% | 20.7% | 20.0% | 18.8% | 12.7% | 12.4% |
|  Cloud Software and Services | 5.9% | 0.6% | 5.7% | -2.9% | -4.7% | -2.7% |
|  Enterprise | -9.4% | -10.5% | -21.8% | -13.0% | -23.3% | -13.7% |
|  Other | 9.5% | -35.0% | -93.5% | -14.6% | -23.0% | 317.5% |
|  **Total** | **12.0%** | **12.1%** | **11.8%** | **10.0%** | **4.1%** | **9.2%** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 13764 | 7367 | 25861 | 16486 | 8950 | 4179 |
|  Cloud Software and Services | 921 | 76 | -405 | -1512 | -1076 | -355 |
|  Enterprise | -1149 | -625 | -4478 | -3151 | -2328 | -820 |
|  Other | -121 | -166 | 1167 | 1699 | 1773 | 1889 |
|  **Total** | **13415** | **6652** | **22145** | **13522** | **7319** | **4893** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, as percentage of net sales | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 19.3% | 20.7% | 16.3% | 14.8% | 12.5% | 12.4% |
|  Cloud Software and Services | 3.4% | 0.6% | -0.6% | -3.5% | -3.8% | -2.7% |
|  Enterprise | -10.0% | -10.5% | -18.0% | -16.8% | -18.7% | -13.7% |
|  Other | -12.8% | -35.0% | 53.7% | 105.8% | 161.2% | 317.5% |
|  **Total** | **12.1%** | **12.1%** | **8.9%** | **7.7%** | **6.5%** | **9.2%** |

---

 <br> 43 Ericsson \| Second quarter report 2025. July 15, 2025. Alternative performance measures

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Cost of sales | -310 | -158 | -1034 | -424 | -466 | -122 |
|  Research and development expenses | -300 | -20 | -358 | -966 | -805 | 10 |
|  Selling and administrative expenses | -46 | -103 | -234 | -163 | -357 | -93 |
|  **Total** | **-656** | **-281** | **-1626** | **-1553** | **-1628** | **-205** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Cost of sales | -468 | -158 | -2046 | -1012 | -588 | -122 |
|  Research and development expenses | -320 | -20 | -2119 | -1761 | -795 | 10 |
|  Selling and administrative expenses | -149 | -103 | -847 | -613 | -450 | -93 |
|  **Total** | **-937** | **-281** | **-5012** | **-3386** | **-1833** | **-205** |

---

**Restructuring charges by segment** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Isolated quarters, SEK million | Q2 | Q2 | Q1 | Q1 | Q4 | Q4 | Q3 | Q3 | Q2 | Q2 | Q1 | Q1 |  |
|  Networks |  | -109 |  | -108 |  | -738 |  | -585 |  | -481 |  | -95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-67* | | *-55* | | *-645* | | *-163* | | *-214* | | *-68* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-42* | | *-53* | | *-93* | | *-422* | | *-267* | | *-27* | |
|  Cloud Software and Services |  | -538 |  | -74 |  | -695 |  | -863 |  | -816 |  | -60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-243* | | *-102* | | *-348* | | *-243* | | *-246* | | *-49* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-295* | | *28* | | *-347* | | *-620* | | *-570* | | *-11* | |
|  Enterprise |  | -9 |  | -97 |  | -150 |  | -38 |  | -285 |  | -38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *0* | | *1* | | *-2* | | *-1* | | *-3* | | *-5* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-9* | | *-98* | | *-148* | | *-37* | | *-282* | | *-33* | |
|  Other |  | 0 |  | -2 |  | -43 |  | -67 |  | -46 |  | -12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *0* | | *-2* | | *-39* | | *-17* | | *-3* | | *0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *0* | | *0* | | *-4* | | *-50* | | *-43* | | *-12* | |
|  **Total** |  | **-656** |  | **-281** |  | **-1626** |  | **-1553** |  | **-1628** |  | **-205** |  |

---

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 | 2024 |  |
| Year to date, SEK million | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | Jan-Sep | Jan-Sep | Jan-Jun | Jan-Jun | Jan-Mar | Jan-Mar |  |
|  Networks |  | -217 |  | -108 |  | -1899 |  | -1161 |  | -576 |  | -95 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-122* | | *-55* | | *-1090* | | *-445* | | *-282* | | *-68* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-95* | | *-53* | | *-809* | | *-716* | | *-294* | | *-27* | |
|  Cloud Software and Services |  | -612 |  | -74 |  | -2434 |  | -1739 |  | -876 |  | -60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-345* | | *-102* | | *-886* | | *-538* | | *-295* | | *-49* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-267* | | *28* | | *-1548* | | *-1201* | | *-581* | | *-11* | |
|  Enterprise |  | -106 |  | -97 |  | -511 |  | -361 |  | -323 |  | -38 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *1* | | *1* | | *-11* | | *-9* | | *-8* | | *-5* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *-107* | | *-98* | | *-500* | | *-352* | | *-315* | | *-33* | |
|  Other |  | -2 |  | -2 |  | -168 |  | -125 |  | -58 |  | -12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which cost of sales* | | *-2* | | *-2* | | *-59* | | *-20* | | *-3* | | *0* | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which operating expenses* | | *0* | | *0* | | *-109* | | *-105* | | *-55* | | *-12* | |
|  **Total** |  | **-937** |  | **-281** |  | **-5012** |  | **-3386** |  | **-1833** |  | **-205** |  |

---

 <br> 44 Ericsson \| Second quarter report 2025. July 15, 2025. Alternative performance measures

------

##### [**Table of Contents**](#toc)
**Adjusted gross income and gross margin by segment** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 17705 | 18167 | 22971 | 19495 | 17353 | 14919 |
|  Cloud Software and Services | 6207 | 5171 | 7591 | 5780 | 5653 | 4883 |
|  Enterprise | 3045 | 3337 | 3308 | 3308 | 3313 | 2870 |
|  Other | 2 | 20 | -129 | 26 | -38 | 108 |
|  **Total** | **26959** | **26695** | **33741** | **28609** | **26281** | **22780** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, as percentage of net sales | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 49.5% | 51.0% | 49.1% | 48.7% | 46.1% | 44.3% |
|  Cloud Software and Services | 43.2% | 39.9% | 39.0% | 38.7% | 37.2% | 37.4% |
|  Enterprise | 54.9% | 56.2% | 54.3% | 52.4% | 51.1% | 48.1% |
|  Other | 0.4% | 4.2% | -22.7% | 5.1% | -7.5% | 18.2% |
|  **Total** | **48.0%** | **48.5%** | **46.3%** | **46.3%** | **43.9%** | **42.7%** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 35872 | 18167 | 74738 | 51767 | 32272 | 14919 |
|  Cloud Software and Services | 11378 | 5171 | 23907 | 16316 | 10536 | 4883 |
|  Enterprise | 6382 | 3337 | 12799 | 9491 | 6183 | 2870 |
|  Other | 22 | 20 | -33 | 96 | 70 | 108 |
|  **Total** | **53654** | **26695** | **111411** | **77670** | **49061** | **22780** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, as percentage of net sales | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 50.2% | 51.0% | 47.2% | 46.5% | 45.2% | 44.3% |
|  Cloud Software and Services | 41.6% | 39.9% | 38.2% | 37.8% | 37.3% | 37.4% |
|  Enterprise | 55.6% | 56.2% | 51.5% | 50.6% | 49.6% | 48.1% |
|  Other | 2.3% | 4.2% | -1.5% | 6.0% | 6.4% | 18.2% |
|  **Total** | **48.3%** | **48.5%** | **44.9%** | **44.4%** | **43.4%** | **42.7%** |

---

 <br> 45 Ericsson \| Second quarter report 2025. July 15, 2025. Alternative performance measures

------

##### [**Table of Contents**](#toc)
**Adjusted EBIT (loss) and EBIT margin by segment** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 6485 | 7148 | 10005 | 8077 | 5231 | 4251 |
|  Cloud Software and Services | 1378 | 145 | 1794 | 420 | 88 | -303 |
|  Enterprise | -861 | -917 | -1726 | -1163 | -17139 | -1544 |
|  Other | 45 | -164 | -489 | -7 | -71 | 1901 |
|  **Total** | **7047** | **6212** | **9584** | **7327** | **-11891** | **4305** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, as percentage of net sales | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 18.1% | 20.1% | 21.4% | 20.2% | 13.9% | 12.6% |
|  Cloud Software and Services | 9.6% | 1.1% | 9.2% | 2.8% | 0.6% | -2.3% |
|  Enterprise | -15.5% | -15.5% | -28.3% | -18.4% | -264.3% | -25.9% |
|  Other | 9.5% | -34.6% | -85.9% | -1.4% | -14.1% | 319.5% |
|  **Total** | **12.6%** | **11.3%** | **13.1%** | **11.9%** | **-19.9%** | **8.1%** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 13633 | 7148 | 27564 | 17559 | 9482 | 4251 |
|  Cloud Software and Services | 1523 | 145 | 1999 | 205 | -215 | -303 |
|  Enterprise | -1778 | -917 | -21572 | -19846 | -18683 | -1544 |
|  Other | -119 | -164 | 1334 | 1823 | 1830 | 1901 |
|  **Total** | **13259** | **6212** | **9325** | **-259** | **-7586** | **4305** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, as percentage of net sales | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 19.1% | 20.1% | 17.4% | 15.8% | 13.3% | 12.6% |
|  Cloud Software and Services | 5.6% | 1.1% | 3.2% | 0.5% | -0.8% | -2.3% |
|  Enterprise | -15.5% | -15.5% | -86.8% | -105.7% | -150.0% | -25.9% |
|  Other | -12.6% | -34.6% | 61.3% | 113.5% | 166.4% | 319.5% |
|  **Total** | **11.9%** | **11.3%** | **3.8%** | **-0.1%** | **-6.7%** | **8.1%** |

---

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

---

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

---

 <br> 46 Ericsson \| Second quarter report 2025. July 15, 2025. Alternative performance measures

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, SEK million | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 6506 | 7475 | 10113 | 8121 | 5252 | 4274 |
|  Cloud Software and Services | 1383 | 150 | 1802 | 427 | 95 | -295 |
|  Enterprise | -515 | -528 | -1177 | -785 | -1223 | -782 |
|  Other | 45 | -164 | -489 | -7 | -70 | 1901 |
|  **Total** | **7419** | **6933** | **10249** | **7756** | **4054** | **5098** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Isolated quarters, as percentage of net sales | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Networks | 18.2% | 21.0% | 21.6% | 20.3% | 13.9% | 12.7% |
|  Cloud Software and Services | 9.6% | 1.2% | 9.3% | 2.9% | 0.6% | -2.3% |
|  Enterprise | -9.3% | -8.9% | -19.3% | -12.4% | -18.9% | -13.1% |
|  Other | 9.5% | -34.6% | -85.9% | -1.4% | -13.9% | 319.5% |
|  **Total** | **13.2%** | **12.6%** | **14.1%** | **12.6%** | **6.8%** | **9.6%** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, SEK million | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 13981 | 7475 | 27760 | 17647 | 9526 | 4274 |
|  Cloud Software and Services | 1533 | 150 | 2029 | 227 | -200 | -295 |
|  Enterprise | -1043 | -528 | -3967 | -2790 | -2005 | -782 |
|  Other | -119 | -164 | 1335 | 1824 | 1831 | 1901 |
|  **Total** | **14352** | **6933** | **27157** | **16908** | **9152** | **5098** |
|  | 2025 | 2025 | 2024 | 2024 | 2024 | 2024 |
| Year to date, as percentage of net sales | Jan-Jun | Jan-Mar | Jan-Dec | Jan-Sep | Jan-Jun | Jan-Mar |
|  Networks | 19.6% | 21.0% | 17.5% | 15.8% | 13.3% | 12.7% |
|  Cloud Software and Services | 5.6% | 1.2% | 3.2% | 0.5% | -0.7% | -2.3% |
|  Enterprise | -9.1% | -8.9% | -16.0% | -14.9% | -16.1% | -13.1% |
|  Other | -12.6% | -34.6% | 61.4% | 113.6% | 166.5% | 319.5% |
|  **Total** | **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 | 2024 | 2024 | 2024 | 2024 |
|  | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
|  Inventory turnover days (ITO) | 80 | 81 | 84 | 92 | 97 | 100 |
|  Days sales outstanding (DSO) | 14 | 17 | 23 | 26 | 29 | 30 |
|  Less: Days payables outstanding (DPO) | 66 | 64 | 64 | 63 | 64 | 65 |
|  Operating working capital days | 28 | 34 | 43 | 55 | 62 | 65 |

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 <br> 47 Ericsson \| Second quarter report 2025. July 15, 2025. Alternative performance measures