SECURITIESTable ANDof EXCHANGE COMMISSION Contents

~~Washington,~~SECURITIES ~~D.C.~~AND ~~20549~~EXCHANGE COMMISSION

~~FORM~~Washington, ~~6-K~~D.C. 20549

~~REPORT~~FORM OF6-K ~~FOREIGN ISSUER~~

~~Pursuant~~REPORT toOF ~~Rule~~FOREIGN ~~13a-16~~ISSUER ~~or 15d-16~~

ofPursuant ~~the~~to ~~Securities~~Rule ~~Exchange~~13a-16 ~~Act~~or 15d-16 of ~~1934~~

~~November 12,~~the ~~2025~~Securities Exchange Act of 1934

~~Commission~~January 23, ~~File~~2026 ~~Number 000-12033~~

LMCommission ~~ERICSSON~~File ~~TELEPHONE~~Number ~~COMPANY~~

~~(Translation~~000-12033 ~~of registrant’s name into English)~~

~~Torshamnsgatan~~LM ~~21,~~ERICSSON ~~Kista~~TELEPHONE COMPANY

~~SE-164~~(Translation ~~83,~~of ~~Stockholm,~~registrant’s ~~Sweden~~name into English)

~~(Address~~Torshamnsgatan of21, ~~principal~~Kista ~~executive offices)~~

~~Indicate by check mark whether the registrant files or will file annual reports under cover Form 20~~SE-~~F or~~164 ~~Form~~83, ~~40-F.~~Stockholm, Sweden

~~Form 20-F ☒ Form~~(Address ~~40-F ☐~~of principal executive offices)

Indicate by check mark ifwhether the registrant isfiles ~~submitting~~or ~~the~~will file annual reports under cover Form 620-KF or inForm ~~paper~~40-F. asForm ~~permitted~~20-F ~~by Regulation~~[x] SForm 40-TF ~~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)(71): ☐__

~~Announcement~~Indicate ofby LMcheck ~~Ericsson~~mark ~~Telephone~~if ~~Company,~~the ~~November 11,~~registrant ~~2025~~is ~~regarding~~submitting ~~“Ericsson~~the ~~announces~~Form ~~change~~6-K toin ~~the~~paper ~~Executive~~as ~~Team”~~permitted by Regulation S-T Rule 101(b)(7):__

~~PRESS~~Announcement ~~RELEASE~~of ~~November~~LM 11Ericsson Telephone Company, January 23, 2026 regarding “Fourth quarter and full-year report 2025”

EricssonTable announcesof change to the Executive Team Contents

LOGO

~~Ericsson~~Fourth ~~(NASDAQ:~~quarter ~~ERIC) today announces that Moti Gyamlani will step down from his role as Senior Vice President~~ and ~~Head~~full-year ofreport ~~Group~~2025 ~~Function Global Operations as of January 12, 2026, and remain at Ericsson for a transition period.~~

~~Moti~~Strategic ~~Gyamlani~~highlights ~~has~~– ~~been~~solid ~~with~~commercial ~~the~~momentum ~~company since 2019~~ and ~~has~~operational ~~served~~execution ~~on Ericsson’s Executive Team since 2022. A transition plan is underway where the Group structure is simplified and where functions are moved closer to the business.~~

~~Börje~~● ~~Ekholm,~~Organic ~~President~~sales ~~and~~growth ~~CEO, says: “Moti has done major work~~ in ~~digitally~~all ~~transforming~~three ~~the~~segments ~~Company. He has played an important role~~ in ~~simplifying~~ ~~and~~Q4, ~~streamlining~~with ~~our~~12%* ~~processes~~growth ~~and built world class functions, including~~ in ~~shared~~segment ~~services~~Cloud ~~and~~Software ~~sourcing. I’m grateful for his contributions~~ and ~~wish him all the best in his future endeavor~~Services.”

~~Moti~~● ~~Gyamlani~~Operational ~~says:~~improvements ~~“After~~in ~~almost~~recent ~~seven incredible~~ years atdriving ~~Ericsson,~~strong Imargins ~~will now pursue entrepreneurship. It’s been an exceptional learning experience to run core operating functions~~ and ~~drive~~solid ~~digital~~free ~~and~~cash ~~AI transformation for an iconic company like Ericsson~~flow. ~~I will be following Ericsson as it continues to execute on the strategy to strengthen its product, market, and operational leadership.”~~

~~NOTES~~Fourth TOquarter ~~EDITORS:~~highlights – good organic growth with all segments contributing

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

~~Subscribe~~● toAdjusted1 ~~Ericsson~~gross ~~press~~income ~~releases~~was SEK 33.2 (33.7) b. with currency headwinds offsetting strong operational execution. Reported gross income was SEK 32.7 (32.7) b.

~~Subscribe~~● ~~to Ericsson~~Adjusted1 ~~blog~~gross ~~posts~~margin was 48.0% (46.3%) driven mainly by improvements in Cloud Software and Services. Reported gross margin was 47.2% (44.9%).

~~https://x~~● Adjusted1 EBITA was SEK 12.~~com/ericsson~~7 (10.2) b. with an 18.3% (14.1%) margin, benefiting from improved segment margins in Mobile Networks. Reported EBITA was SEK 11.6 (8.6) b. with a 16.7% (11.8%) margin.

~~https://www~~● Net income was SEK 8.~~facebook~~6 (4.~~com/ericsson~~9) b. EPS diluted was SEK 2.57 (1.44).

~~https://www~~● Free cash flow before M&A was SEK 14.~~linkedin~~9 (15.~~com/company/ericsson~~8) b.

~~MORE INFORMATION~~Full-year ~~AT:~~highlights – margins stabilized at good levels and solid free cash flow

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

~~media~~● Adjusted1 gross income increased to SEK 113.~~relations@ericsson.com~~9 (~~+46~~111.4) ~~10 719~~b. 69driven ~~92)~~by improvements in Mobile Networks, and despite a SEK -7.2 b. currency headwind. Adjusted gross margin increased to 48.1% (44.9%).

~~investor~~● Adjusted1 EBITA was SEK 42.~~relations@ericsson.com~~9 (~~+46~~27.2) ~~10 719~~b. 00with 00an adjusted1 EBITA margin of 18.1% (11.0%), including the gain from the divestment of iconectiv.

1● Net income was SEK 28.7 (20.4) b. EPS diluted was SEK 8.51 (0.01).

~~PRESS~~● ~~RELEASE~~Free ~~November~~cash 11flow before M&A was SEK 26.8 (40.0) b., ~~2025~~delivering a cash flow to net sales of 11.3%.

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

~~Ericsson’s~~● ~~high-performing~~Return ~~networks~~on ~~provide~~capital ~~connectivity~~employed ~~for~~was ~~billions of people every day~~24.1% ~~For nearly 150 years, we’ve been pioneers in creating technology for communication~~(2. ~~We offer mobile communication and connectivity solutions for service providers and enterprises. Together with our customers and partners~~6%), weincluding ~~make~~ the ~~digital~~benefit ~~world~~ of ~~tomorrow~~the aiconectiv ~~reality~~divestment. ~~www.ericsson.com~~

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

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

~~Pursuant~~R&D investments to ~~the~~extend ~~requirements~~technology ofleadership ~~the~~continued, ~~Securities~~with ~~Exchange~~a ~~Act~~focus ofon ~~1934~~AI-native, ~~the~~secure, ~~registrant~~and ~~has~~autonomous ~~duly~~mobile ~~caused~~networks. ~~this~~We ~~report~~generated tostrong befree cash ~~signed~~flow onand ~~its~~have ~~behalf~~a ~~by the~~strong ~~undersigned~~cash position today. The Board will propose an increased dividend of SEK 3.00 per share, ~~thereunto~~and ~~duly~~will ~~authorized~~also seek a mandate for a share buyback of SEK 15 b.

~~TELEFONAKTIEBOLAGET~~For LM2026, ~~ERICSSON~~we ~~(publ)~~expect ~~By:~~the ~~/s/~~RAN ~~CHRIS~~market ~~HOUGHTON~~to ~~Chris~~be ~~Houghton~~flat. ~~Senior~~Mission ~~Vice~~critical ~~President~~and enterprise markets, ~~Chief~~where ~~Operating~~we ~~Officer~~are well positioned, are expected to grow. In this environment, we plan to increase investments in defense during 2026 while continuing to optimize our cost base to support margins and cash flow generation.”

~~By:~~* ~~/s/~~Sales ~~LARS~~adjusted ~~SANDSTRÖM~~for ~~Lars~~the ~~Sandström~~impact ~~Senior~~of ~~Vice~~acquisitions ~~President,~~and ~~Chief~~divestments ~~Financial~~and ~~Officer~~effects of foreign currency fluctuations.

~~Date:~~1 ~~November 12,~~Adjusted ~~2025~~metrics exclude restructuring charges.



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



SEK b.	Q4 2025		Q4 2024		YoY change		Q3 2025		QoQ change		Jan-Dec 2025		Jan-Dec 2024		YoY change

Net sales		69.3		72.9		-5%		56.2		23%		236.7		247.9		-5%

Organic sales growth ¹ ²		-		-		6%		-		-		-		-		2%

Gross income		32.7		32.7		0%		26.8		22%		112.7		109.4		3%

Gross margin ²		47.2%		44.9%		-		47.6%		-		47.6%		44.1%		-

EBIT		11.2		8.0		40%		15.2		-26%		38.6		4.3		-

EBIT margin ²		16.1%		10.9%		-		26.9%		-		16.3%		1.7%		-

EBITA ²		11.6		8.6		35%		15.5		-25%		40.5		22.1		83%

EBITA margin ²		16.7%		11.8%		-		27.6%		-		17.1%		8.9%		-

Net income		8.6		4.9		76%		11.3		-24%		28.7		0.4		-

EPS diluted, SEK		2.57		1.44		78%		3.33		-23%		8.51		0.01		-

Free cash flow before M&A ²		14.9		15.8		-6%		6.6		124%		26.8		40.0		-33%

Net cash, end of period ²		61.2		37.8		62%		51.9		18%		61.2		37.8		62%

Adjusted financial measures ² ³

Adjusted gross income		33.2		33.7		-1%		27.0		23%		113.9		111.4		2%

Adjusted gross margin		48.0%		46.3%		-		48.1%		-		48.1%		44.9%		-

Adjusted EBIT		12.3		9.6		28%		15.5		-21%		41.0		9.3		-

Adjusted EBIT margin		17.7%		13.1%		-		27.5%		-		17.3%		3.8%		-

Adjusted EBITA		12.7		10.2		24%		15.8		-20%		42.9		27.2		58%

Adjusted EBITA margin		18.3%		14.1%		-		28.1%		-		18.1%		11.0%		-

¹	Sales adjusted for the impact of acquisitions and divestments and effects of foreign currency fluctuations.

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

³	Adjusted metrics exclude restructuring charges.

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

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

See ‘Financial statements and other information’ for Alternative performance measures.



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

Group results



SEK b.	Q4 2025		Q4 2024		YoY change		Q3 2025		QoQ change		Jan-Dec 2025		Jan-Dec 2024		YoY change

Net sales		69.3		72.9		-5%		56.2		23%		236.7		247.9		-5%

Organic sales growth ¹		-		-		6%		-		-		-		-		2%

Gross income		32.7		32.7		0%		26.8		22%		112.7		109.4		3%

Gross margin		47.2%		44.9%		-		47.6%		-		47.6%		44.1%		-

Research and development (R&D) expenses		-13.1		-13.9		-		-11.5		-		-48.9		-53.5		-

Selling and administrative expenses		-9.0		-10.5		-		-7.9		-		-33.7		-51.7		-

Impairment losses on trade receivables		0.1		0.0		-		0.0		-		0.2		-0.3		-

Other operating income and expenses		0.4		-0.1		-		7.7		-95%		8.2		0.6		-

Share of earnings of associated companies		0.0		-0.3		-		0.0		-		0.1		-0.2		-

EBIT		11.2		8.0		40%		15.2		-26%		38.6		4.3		-

EBIT margin ¹		16.1%		10.9%		-		26.9%		-		16.3%		1.7%		-

EBITA ¹		11.6		8.6		35%		15.5		-25%		40.5		22.1		83%

EBITA margin ¹		16.7%		11.8%		-		27.6%		-		17.1%		8.9%		-

Financial income and expenses, net		-0.1		-0.4		-		-0.2		-		-0.3		-1.7		-

Income tax		-2.5		-2.7		-		-3.6		-		-9.6		-2.2		-

Net income		8.6		4.9		76%		11.3		-24%		28.7		0.4		-

Restructuring charges		-1.1		-1.6		-		-0.3		-		-2.3		-5.0		-

Adjusted financial measures ¹

Adjusted gross income		33.2		33.7		-1%		27.0		23%		113.9		111.4		2%

Adjusted gross margin		48.0%		46.3%		-		48.1%		-		48.1%		44.9%		-

Adjusted EBIT		12.3		9.6		28%		15.5		-21%		41.0		9.3		-

Adjusted EBIT margin		17.7%		13.1%		-		27.5%		-		17.3%		3.8%		-

Adjusted EBITA		12.7		10.2		24%		15.8		-20%		42.9		27.2		58%

Adjusted EBITA margin		18.3%		14.1%		-		28.1%		-		18.1%		11.0%		-

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

Fourth quarter comments

Net sales

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

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

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

Gross income and margin

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

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

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

Research and development (R&D) expenses

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

Selling and administrative (SG&A) expenses

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

Other operating income and expenses

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

Restructuring charges

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

EBITA

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

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

EBIT

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

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

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



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

Financial income and expenses, net

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

Income tax

Taxes were SEK -2.5 (-2.7) b.

Net income

Net income increased to SEK 8.6 (4.9) b.

Diluted EPS was SEK 2.57 (1.44).

Employees

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

Full-year comments

Net sales

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

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

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

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

Gross income and margin

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

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

Research and development (R&D) expenses

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

Selling and administrative (SG&A) expenses

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

Other operating income and expenses

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

Restructuring charges

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

EBITA

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

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

EBIT

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

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

Financial income and expenses, net

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

Income tax

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

Net income

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



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

Market area sales



SEK b.	Q4 2025		Q4 2024		YoY change		YoY organic growth		Q3 2025		QoQ change		Jan-Dec 2025		Jan-Dec 2024		YoY change		YoY organic growth

Americas		22.9		25.8		-11%		-1%		19.8		16%		83.4		85.7		-3%		4%

Europe, Middle East and Africa		23.4		21.9		7%		13%		16.7		40%		70.7		71.3		-1%		3%

South East Asia, Oceania and India		9.0		8.4		6%		19%		7.1		27%		28.8		32.4		-11%		-4%

North East Asia		5.2		7.1		-27%		-16%		3.8		36%		16.0		18.8		-15%		-9%

Other		8.8		9.7		-9%		13%		8.8		1%		37.7		39.7		-5%		5%

Of which IPR		3.3		3.5		-5%		-		3.1		6%		14.5		14.0		4%		-

Total		69.3		72.9		-5%		6%		56.2		23%		236.7		247.9		-5%		2%

Fourth quarter comments

Market Area Americas

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

Market Area Europe, Middle East and Africa

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

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

Market Area South East Asia, Oceania and India

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

Market Area North East Asia

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

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

Market Area Other

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

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

Full-year comments

Market Area Americas

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

Market Area Europe, Middle East and Africa

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

Market Area South East Asia, Oceania and India

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

Market Area North East Asia

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

Market Area Other

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



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

Segment results



Mobile Networks – Segment Networks

SEK b.	Q4 2025		Q4 2024		YoY change		Q3 2025		QoQ change		Jan-Dec 2025		Jan-Dec 2024		YoY change

Net sales		44.2		46.8		-6%		35.4		25%		151.0		158.2		-5%

Of which IPR licensing revenues		2.7		2.9		-5%		2.6		6%		11.9		11.4		4%

Organic sales growth		-		-		4%		-		-		-		-		1%

Gross income		21.6		22.3		-3%		17.7		22%		75.1		73.6		2%

Gross margin		49.0%		47.7%		-		50.0%		-		49.7%		46.6%		-

EBIT		9.3		9.3		1%		7.1		32%		29.8		25.7		16%

EBIT margin		21.1%		19.8%		-		20.0%		-		19.7%		16.2%		-

EBITA		9.3		9.4		0%		7.1		32%		30.2		25.9		17%

EBITA margin		21.1%		20.0%		-		20.0%		-		20.0%		16.3%		-

Restructuring charges		-0.7		-0.7		-		-0.1		-		-1.0		-1.9		-



Adjusted financial measures

Adjusted gross income		21.9		23.0		-5%		17.8		23%		75.5		74.7		1%

Adjusted gross margin		49.6%		49.1%		-		50.1%		-		50.0%		47.2%		-

Adjusted EBIT		10.0		10.0		0%		7.2		40%		30.8		27.6		12%

Adjusted EBIT margin		22.7%		21.4%		-		20.2%		-		20.4%		17.4%		-

Adjusted EBITA		10.1		10.1		-1%		7.2		40%		31.2		27.8		12%

Adjusted EBITA margin		22.8%		21.6%		-		20.3%		-		20.7%		17.5%		-

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

Fourth quarter comments

Net sales

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

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

Gross income and margin

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

EBITA

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

Full-year comments

Net sales

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

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

Gross income and margin

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

EBITA

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



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



Mobile Networks – Segment Cloud Software and Services

SEK b.	Q4 2025		Q4 2024		YoY change		Q3 2025		QoQ change		Jan-Dec 2025		Jan-Dec 2024		YoY change

Net sales		20.0		19.5		3%		15.3		31%		62.7		62.6		0%

Of which IPR licensing revenues		0.6		0.6		-5%		0.6		6%		2.6		2.5		4%

Organic sales growth		-		-		12%		-		-		-		-		6%

Gross income		8.6		7.2		19%		6.5		34%		26.1		23.0		14%

Gross margin		43.1%		37.2%		-		42.1%		-		41.7%		36.8%		-

EBIT (loss)		3.4		1.1		-		1.7		95%		6.0		-0.4		-

EBIT margin		16.8%		5.6%		-		11.2%		-		9.6%		-0.7%		-

EBITA (loss)		3.4		1.1		-		1.7		95%		6.0		-0.4		-

EBITA margin		16.8%		5.7%		-		11.2%		-		9.6%		-0.6%		-

Restructuring charges		-0.3		-0.7		-		-0.2		-		-1.2		-2.4		-



Adjusted financial measures

Adjusted gross income		8.9		7.6		17%		6.7		33%		26.9		23.9		13%

Adjusted gross margin		44.3%		39.0%		-		43.6%		-		43.0%		38.2%		-

Adjusted EBIT		3.7		1.8		107%		1.9		94%		7.2		2.0		-

Adjusted EBIT margin		18.5%		9.2%		-		12.5%		-		11.4%		3.2%		-

Adjusted EBITA		3.7		1.8		106%		1.9		94%		7.2		2.0		-

Adjusted EBITA margin		18.6%		9.3%		-		12.5%		-		11.4%		3.2%		-

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

Fourth quarter comments

Net sales

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

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

Gross income and margin

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

EBITA

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

Full-year comments

Net sales

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

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

Gross income and margin

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

EBITA

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



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



Segment Enterprise

SEK b.	Q4 2025		Q4 2024		YoY change		Q3 2025		QoQ change		Jan-Dec 2025		Jan-Dec 2024		YoY change

Net sales		4.6		6.1		-25%		5.1		-9%		21.1		24.9		-15%

Of which Global Comms Platform (Vonage)		3.2		3.4		-7%		3.2		0%		12.9		14.8		-13%

Of which Enterprise Wireless Solutions		1.2		1.4		-14%		1.2		2%		4.8		4.9		-2%

Organic sales growth		-		-		2%		-		-		-		-		-5%

Gross income		2.4		3.3		-28%		2.6		-9%		11.4		12.8		-11%

Gross margin		52.1%		54.3%		-		51.6%		-		53.9%		51.4%		-

EBIT (loss)		-1.5		-1.9		-		6.6		-		3.2		-22.1		-

EBIT margin		-33.3%		-30.8%		-		131.5%		-		15.3%		-88.8%		-

EBITA (loss)		-1.1		-1.3		-		7.0		-		4.7		-4.5		-

EBITA margin		-24.5%		-21.8%		-		138.1%		-		22.3%		-18.0%		-

Restructuring charges		0.0		-0.2		-		0.0		-		-0.1		-0.5		-



Adjusted financial measures

Adjusted gross income		2.4		3.3		-28%		2.6		-9%		11.4		12.8		-11%

Adjusted gross margin		52.1%		54.3%		-		51.6%		-		53.9%		51.5%		-

Global Comms Platform (Vonage)		46.7%		49.6%		-		46.2%		-		48.0%		44.8%		-

Enterprise Wireless Solutions		67.4%		57.5%		-		63.5%		-		63.0%		58.8%		-

Adjusted EBIT (loss)		-1.5		-1.7		-		6.7		-		3.4		-21.6		-

Adjusted EBIT margin		-33.2%		-28.3%		-		132.0%		-		16.0%		-86.8%		-

Adjusted EBITA (loss)		-1.1		-1.2		-		7.0		-		4.9		-4.0		-

Of which Global Comms Platform (Vonage) ¹		-0.6		-0.6		-		-0.6		-		-2.0		-2.0		-

Of which Enterprise Wireless Solutions ¹		-0.3		-0.5		-		-0.3		-		-1.3		-2.2		-

Adjusted EBITA margin		-24.4%		-19.3%		-		138.7%		-		23.0%		-16.0%		-

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

Fourth quarter comments

Net sales

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

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

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

Gross income and margin

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

EBITA (loss)

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

Full-year comments

Net sales

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

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

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

Gross income and margin

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

EBITA (loss)

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

Divested operations

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



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



Segment Other

SEK b.	Q4 2025		Q4 2024		YoY change		Q3 2025		QoQ change		Jan-Dec 2025		Jan-Dec 2024		YoY change

Net sales		0.5		0.6		-16%		0.4		16%		1.8		2.2		-16%

Organic sales growth		-		-		-10%		-		-		-		-		-13%

Gross income		0.0		-0.2		-121%		0.0		-		0.1		-0.1		-

Gross margin		7.4%		-29.5%		-		0.0%		-		3.0%		-4.2%		-

EBIT (loss)		0.0		-0.5		-		-0.3		-		-0.4		1.2		-

EBIT margin		1.1%		-93.5%		-		-71.5%		-		-22.3%		53.6%		-

EBITA (loss)		0.0		-0.5		-		-0.3		-		-0.4		1.2		-

EBITA margin		1.1%		-93.5%		-		-71.3%		-		-22.3%		53.7%		-

Restructuring charges		0.0		0.0		-		0.0		-		0.0		-0.2		-



Adjusted financial measures

Adjusted gross income		0.1		-0.1		-148%		0.0		-		0.1		0.0		-

Adjusted gross margin		13.0%		-22.7%		-		1.0%		-		4.8%		-1.5%		-

Adjusted EBIT (loss)		0.0		-0.5		-		-0.3		-		-0.4		1.3		-

Adjusted EBIT margin		8.0%		-85.9%		-		-70.6%		-		-20.2%		61.3%		-

Adjusted EBITA (loss)		0.0		-0.5		-		-0.3				-0.4		1.3		-

Adjusted EBITA margin		8.0%		-85.9%		-		-70.3%		-		-20.2%		61.4%		-

Fourth quarter comments

Net sales

Reported sales were SEK 0.5 (0.6) b.

Gross income and margin

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

EBITA (loss)

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

Full-year comments

Net sales

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

Gross income and margin

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

EBITA (loss)

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



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

Cash flow and financial position



Free cash flow bridge, SEK b.	Q4 2025		Q4 2024		Q3 2025		Jan-Dec 2025		Jan-Dec 2024

Adjusted EBITA		12.7		10.2		15.8		42.9		27.2

Depreciation and amortization of non-acquired assets		1.7		2.1		1.8		7.3		7.9

Restructuring charges		-1.1		-1.6		-0.3		-2.3		-5.0

Changes in operating net assets		6.4		7.8		-0.5		0.4		22.8

Interest paid/received, taxes paid, and other		-3.2		-1.1		-8.9		-15.3		-6.6

Cash flow from operating activities		16.5		17.5		7.9		33.0		46.3

Net capex and other investing activities		-1.2		-1.1		-0.8		-4.1		-3.7

Repayment of lease liabilities		-0.5		-0.6		-0.5		-2.1		-2.5

Free cash flow before M&A		14.9		15.8		6.6		26.8		40.0



Cash flow from operating activities		16.5		17.5		7.9		33.0		46.3

Cash flow from investing activities		-5.0		-8.3		3.2		-11.4		-16.0

Cash flow from financing activities		-8.8		-5.4		-1.2		-14.2		-23.9



SEK b.	Dec 31 2025		Dec 31 2024		Sep 30 2025

Gross cash		93.9		75.9		88.4

- Borrowings, current		3.5		6.1		6.7

- Borrowings, non-current		29.2		31.9		29.9

Net cash		61.2		37.8		51.9

Equity		110.3		93.0		102.5

Equity ratio (%)		39.5%		31.8%		36.3%

Capital turnover (times)		1.5		1.5		1.5

Return on capital employed (%)		24.1%		2.6%		22.5%

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

Fourth quarter comments

Cash flow

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

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

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

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

Financial position

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

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

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

Full-year comments

Cash flow

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

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

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

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

Financial position

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

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

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



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

Key data points

Market

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

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

Ericsson

Net sales

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



	Q4 ® Q1	Q1 ® Q2	Q2 ® Q3	Q3 ® Q4

Networks	-25%	+4%	+1%	+17%

Cloud Software and Services	-33%	+13%	+3%	+29%

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

IPR licensing revenues

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

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

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

Currency exposure

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

Amortization of intangible assets

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

Restructuring charges

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

Segments

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

Networks

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

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

Cloud Software and Services

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

Enterprise

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



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

Parent Company

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

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

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

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

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



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

Dividend, AGM, and Annual Report

The Ericsson Board of Directors has undertaken a review of the capital allocation priorities and balance sheet structure during 2025.

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

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

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

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

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

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

Ericsson Annual General Meeting

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

Annual Report

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



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

Other information

Legal proceedings involving governmental authorities

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

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

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

Legal proceedings not involving governmental authorities

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

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

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

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

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

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

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

PRESS RELEASES



		Nov 11, 2025		Ericsson announces change to the Executive Team

POST-CLOSING EVENT

PRESS RELEASE Jan 15, 2026

Ericsson announces proposed headcount reduction in Sweden



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

Risk factors

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

Stockholm, January 23, 2026

Telefonaktiebolaget LM Ericsson

Börje Ekholm, President and CEO

Org. No. 556016-0680

Date for next report: April 17, 2026



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

Editor’s note

Media and analyst briefing

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

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

www.ericsson.com/investors and

www.ericsson.com/newsroom

For further information, please contact:

Lars Sandström, Senior Vice President, Chief Financial Officer

Phone: +46 72 161 20 04

E-mail: investor.relations@ericsson.com

Peter Borsos, Vice President,

Head of Group Communications

Phone: +46 70 317 68 00

E-mail: media.relations@ericsson.com

Telefonaktiebolaget LM Ericsson

Org. number: 556016-0680

Torshamnsgatan 21

SE-164 83 Stockholm

Phone: +46 10 719 00 00

www.ericsson.com

Investors

Daniel Morris, Vice President,

Head of Investor Relations

Phone: +44 7386 657217

E-mail: investor.relations@ericsson.com

Lena Häggblom, Director,

Investor Relations

Phone: +46 72 593 27 78

E-mail: investor.relations@ericsson.com

Alan Ganson, Director,

Investor Relations

Phone: +46 70 267 27 30

E-mail: investor.relations@ericsson.com

Media

Ralf Bagner, Head of Media Relations

Phone: +46 76 128 47 89

E-mail: media.relations@ericsson.com

Corporate Communications

Phone: +46 10 719 69 92

E-mail: media.relations@ericsson.com



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

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

–

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.



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

Auditors’ Review Report

Introduction

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

Scope of review

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

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

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

Conclusion

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

Stockholm, January 23, 2026

Deloitte AB

Jonas Ståhlberg

Authorized Public Accountant



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

Financial statements and other information

Contents


Financial statements (unaudited)			20

Condensed consolidated income statement			20

Condensed statement of comprehensive income			20

Condensed consolidated balance sheet			21

Condensed consolidated statement of cash flows			22

Condensed consolidated statement of changes in equity			23

Condensed consolidated income statement – isolated quarters			23

Condensed consolidated statement of cash flows – isolated quarters			24

Condensed Parent Company income statement			25

Condensed Parent Company statement of comprehensive income			25

Condensed Parent Company balance sheet			26

Accounting policies and Explanatory notes (unaudited)			27

Note 1 – Accounting policies and Other changes			27

Note 2 – Segment information			28

Note 3 – Financial income and expenses, net			32

Note 4 – Provisions			33

Note 5 – Financial risk management			34

Note 6 – Cash flow			35

Note 7 – Contingent liabilities and Assets pledged as collateral			35

Note 8 – Share information			36

Note 9 – Employee information			36

Note 10 – Information on non-adjusting event			36

Alternative performance measures (unaudited)			37

Sales growth adjusted for comparable units and currency			37

Items excluding restructuring charges and impairments of goodwill and intangible assets			38

EBITA and EBITA margin / Adjusted EBITA and Adjusted EBITA margin			39

Rolling four quarters of net sales and adjusted EBITA margin (%)			39

Gross cash and net cash, end of period			40

Capital employed			40

Capital turnover			40

Return on capital employed			41

Equity ratio			41

Return on equity			41

Operating working capital			42

Free cash flow before M&A / Free cash flow after M&A / Free cash flow before M&A (% of net sales)			42

Sales growth by segment adjusted for comparable units and currency			43

Sales growth by market area adjusted for comparable units and currency *			43

Rolling four quarters of net sales by segment			43

Gross margin by segment by quarter			44

EBIT margin by segment by quarter			44

EBITA and EBITA margin by segment by quarter			45

Restructuring charges by function			46

Restructuring charges by segment			46

Adjusted gross income and Adjusted gross margin by segment			47

Adjusted EBIT (loss) and Adjusted EBIT margin by segment			48

Rolling four quarters of adjusted EBITA margin by segment (%)			48

Adjusted EBITA and Adjusted EBITA margin by segment			49

Operating working capital days			49



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

Financial statements (unaudited)

Condensed consolidated income statement



		Q4						Jan-Dec

SEK million	Note	2025		2024		Change		2025		2024

Net sales	2		69,285		72,913		-5%		236,681		247,880

Cost of sales			-36,580		-40,206		-9%		-124,013		-138,515

Gross income	2		32,705		32,707		0%		112,668		109,365

Research and development expenses ¹⁾			-13,098		-13,877		-6%		-48,852		-53,514

Selling and administrative expenses ¹⁾			-8,971		-10,512		-15%		-33,685		-51,657

Impairment reversals/losses on trade receivables			127		-2		-		239		-265

Operating expenses			-21,942		-24,391		-10%		-82,298		-105,436

Other operating income and expenses ²⁾			420		-50		-		8,210		630

Share of earnings of associated companies			-22		-308		-93%		54		-246

Earnings before financial items and income tax (EBIT)	2		11,161		7,958		40%		38,634		4,313

Financial income and expenses, net	3		-80		-391		-80%		-332		-1,724

Income after financial items			11,081		7,567		46%		38,302		2,589

Income tax ¹⁾			-2,510		-2,688		-7%		-9,588		-2,215

Net income			8,571		4,879		76%		28,714		374



Net income attributable to:

Owners of the Parent Company			8,563		4,779				28,428		20

Non-controlling interests			8		100				286		354

Other information

Average number of shares, basic (million)	8		3,333		3,333				3,333		3,332

Earnings per share, basic (SEK) ³⁾	8		2.57		1.44				8.53		0.01

Earnings per share, diluted (SEK) ³⁾	8		2.57		1.44				8.51		0.01

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

²⁾

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

³⁾	Based on net income attributable to owners of the Parent Company.

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

Condensed statement of comprehensive income



	Q4				Jan-Dec

SEK million	2025		2024		2025		2024

Net income		8,571		4,879		28,714		374

Other comprehensive income

Items that will not be reclassified to profit or loss

Remeasurements of defined benefit pension plans		1,863		-371		6,744		877

Revaluation of credit risk on borrowings		32		-128		30		-567

Tax on items that will not be reclassified to profit or loss		-250		141		-1,380		-28

Items that have been or may be reclassified to profit or loss

Cash flow hedge reserve

Gains/losses arising during the period		363		-3,128		5,047		-3,892

Reclassification adjustments on gains/losses included in profit or loss		-481		249		-218		725

Translation reserves

Changes in translation reserves		-1,794		5,188		-12,721		6,461

Reclassification to profit or loss		37		155		1,395		73

Share of other comprehensive income of associated companies		-29		29		-93		40

Tax on items that have been or may be reclassified to profit or loss		24		593		-995		652

Total other comprehensive income, net of tax		-235		2,728		-2,191		4,341

Total comprehensive income		8,336		7,607		26,523		4,715



Total comprehensive income attributable to:

Owners of the Parent Company		8,367		7,619		26,125		4,515

Non-controlling interests		-31		-12		398		200



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

Condensed consolidated balance sheet



		Dec 31		Dec 31
SEK million	Note	2025		2024



Assets

Non-current assets

Intangible assets

Capitalized development expenses			3,866		4,593

Goodwill			46,882		56,077

Customer relationships, IPR and other intangible assets			5,631		7,954

Property, plant and equipment			8,789		10,545

Right-of-use assets			6,738		6,487

Financial assets

Investments in associated companies			1,507		1,179

Other investments in shares and participations	5		1,909		2,029

Customer finance, non-current	5		238		190

Interest-bearing securities, non-current	5		37,298		19,440

Other financial assets, non-current	5		5,960		5,161

Deferred tax assets			16,851		24,412

			135,669		138,067

Current assets

Inventories			23,451		27,125

Contract assets			7,333		6,924

Trade receivables	5		40,327		44,151

Customer finance, current	5		852		4,332

Current tax assets			5,030		6,083

Other current receivables			9,920		9,261

Interest-bearing securities, current	5		12,715		12,546

Cash and cash equivalents	5		43,926		43,885

			143,554		154,307



Total assets			279,223		292,374



Equity and liabilities

Equity

Stockholders’ equity			109,535		94,284

Non-controlling interest in equity of subsidiaries			729		-1,301

			110,264		92,983

Non-current liabilities

Post-employment benefits			18,648		24,448

Provisions, non-current	4		2,993		3,511

Deferred tax liabilities			152		1,295

Borrowings, non-current	5		29,165		31,904

Lease liabilities, non-current			5,772		5,363

Other non-current liabilities			1,292		996

			58,022		67,517

Current liabilities

Provisions, current	4		5,691		8,204

Borrowings, current	5		3,538		6,137

Lease liabilities, current			1,789		2,132

Contract liabilities			36,867		41,229

Trade payables	5		26,335		30,173

Current tax liabilities			2,679		3,322

Other current liabilities			34,038		40,677

			110,937		131,874



Total equity and liabilities			279,223		292,374



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

Condensed consolidated statement of cash flows



		Q4				Jan-Dec

SEK million	Note	2025		2024		2025		2024

Operating activities

Net income			8,571		4,879		28,714		374

Adjustments for

Taxes			2,724		2,563		10,074		2,540

Earnings/dividends in associated companies			27		387		57		459

Depreciation, amortization and impairment losses	6		2,185		2,815		9,241		25,734

Other			-735		528		-8,579		1,884

			12,772		11,172		39,507		30,991



Changes in operating net assets

Inventories			3,667		2,876		929		10,208

Customer finance, current and non-current			406		-225		3,033		2,755

Trade receivables and contract assets			-3,288		-3,041		-4,301		2,576

Trade payables			1,568		2,580		462		496

Provisions and post-employment benefits			1,743		958		-1,435		-53

Contract liabilities			-2,913		-407		1,485		4,598

Other operating assets and liabilities, net			5,175		5,088		205		2,237

			6,358		7,829		378		22,817



Interest received			716		518		2,283		1,800

Interest paid			-407		-543		-2,205		-3,043

Taxes paid			-2,932		-1,463		-7,009		-6,304



Cash flow from operating activities			16,507		17,513		32,954		46,261



Investing activities

Investments in property, plant and equipment	6		-849		-667		-2,630		-2,340

Sales of property, plant and equipment			56		14		192		116

Acquisitions/divestments of subsidiaries and other operations, net			338		-95		10,539		-311

Product development	6		-352		-323		-1,138		-1,300

Purchase of interest-bearing securities			-10,310		-6,642		-38,758		-19,622

Sales of interest-bearing securities			4,867		2,605		16,688		11,247

Other investing activities			1,216		-3,219		3,670		-3,742

Cash flow from investing activities			-5,034		-8,327		-11,437		-15,952



Financing activities

Proceeds from issuance of borrowings			200		485		398		3,615

Repayment of borrowings			-3,001		-373		-3,538		-15,917

Sale of own shares			6		-		6		-

Dividends paid			-4,734		-4,514		-9,545		-9,233

Repayment of lease liabilities			-461		-626		-2,115		-2,492

Other financing activities			-853		-419		571		162

Cash flow from financing activities			-8,843		-5,447		-14,223		-23,865



Effect of exchange rate changes on cash			-1,399		2,823		-7,253		2,251



Net change in cash and cash equivalents			1,231		6,562		41		8,695



Cash and cash equivalents, beginning of period			42,695		37,323		43,885		35,190



Cash and cash equivalents, end of period			43,926		43,885		43,926		43,885



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

Condensed consolidated statement of changes in equity



	Jan-Dec

SEK million	2025		2024

Opening balance		92,983		97,408

Total comprehensive income		26,523		4,715

Sale/repurchase of own shares		-116		-21

Share issue, net		116		21

Long-term variable compensation plans		179		93

Dividends to shareholders		-9,545		-9,233

Transactions with non-controlling interests		124		-

Closing balance		110,264		92,983

Condensed consolidated income statement – isolated quarters



	2025								2024

Isolated quarters, SEK million	Q4		Q3		Q2		Q1		Q4		Q3		Q2		Q1

Net sales		69,285		56,239		56,132		55,025		72,913		61,794		59,848		53,325

Cost of sales		-36,580		-29,462		-29,483		-28,488		-40,206		-33,609		-34,033		-30,667

Gross income		32,705		26,777		26,649		26,537		32,707		28,185		25,815		22,658

Research and development expenses ¹⁾		-13,098		-11,510		-12,212		-12,032		-13,877		-13,140		-14,926		-11,571

Selling and administrative expenses ¹⁾		-8,971		-7,913		-8,180		-8,621		-10,512		-9,380		-23,074		-8,691

Impairment reversals/losses on trade receivables		127		46		34		32		-2		78		-84		-257

Operating expenses		-21,942		-19,377		-20,358		-20,621		-24,391		-22,442		-38,084		-20,519

Other operating income and expenses ²⁾		420		7,715		67		8		-50		4		-1,299		1,975

Share of earnings of associated companies		-22		36		33		7		-308		27		49		-14

Earnings (loss) before financial items and income tax (EBIT)		11,161		15,151		6,391		5,931		7,958		5,774		-13,519		4,100

Financial income and expenses, net		-80		-212		34		-74		-391		-501		-361		-471

Income (loss) after financial items		11,081		14,939		6,425		5,857		7,567		5,273		-13,880		3,629

Income tax ¹⁾		-2,510		-3,639		-1,799		-1,640		-2,688		-1,392		2,881		-1,016

Net income (loss)		8,571		11,300		4,626		4,217		4,879		3,881		-10,999		2,613



Net income (loss) attributable to:

Owners of the Parent Company		8,563		11,149		4,567		4,149		4,779		3,814		-11,132		2,559

Non-controlling interests		8		151		59		68		100		67		133		54

Other information

Average number of shares, basic (million)		3,333		3,333		3,333		3,333		3,333		3,333		3,332		3,331

Earnings (loss) per share, basic (SEK) ³⁾		2.57		3.34		1.37		1.25		1.44		1.14		-3.34		0.77

Earnings (loss) per share, diluted (SEK) ^{3) 4)}		2.57		3.33		1.37		1.24		1.44		1.14		-3.34		0.77

¹⁾	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.

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

³⁾	Based on net income attributable to owners of the Parent Company.

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



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

Condensed consolidated statement of cash flows – isolated quarters



			2025								2024

Isolated quarters, SEK million	Q4		Q3		Q2		Q1		Q4		Q3		Q2		Q1

Operating activities

Net income (loss)		8,571		11,300		4,626		4,217		4,879		3,881		-10,999		2,613

Adjustments for

Taxes		2,724		3,647		1,949		1,754		2,563		1,397		-2,693		1,273

Earnings/dividends in associated companies		27		50		-22		2		387		110		-41		3

Depreciation, amortization and impairment losses		2,185		2,129		2,177		2,750		2,815		2,292		18,015		2,612

Other		-735		-7,549		-410		115		528		592		424		340

		12,772		9,577		8,320		8,838		11,172		8,272		4,706		6,841



Changes in operating net assets

Inventories		3,667		-680		210		-2,268		2,876		1,358		3,239		2,735

Customer finance, current and non-current		406		372		391		1,864		-225		1,211		-365		2,134

Trade receivables and contract assets		-3,288		-889		188		-312		-3,041		3,524		1,857		236

Trade payables		1,568		1,102		-636		-1,572		2,580		-3		1,941		-4,022

Provisions and post-employment benefits		1,743		-565		-298		-2,315		958		955		304		-2,270

Contract liabilities		-2,913		-2,869		-1,329		8,596		-407		-117		-1,398		6,520

Other operating assets and liabilities, net		5,175		3,047		-1,187		-6,830

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