Ericsson: 2Q26 - Under pressure

研报英文原文证据摘录

Ericsson: 2Q26 - Under pressure

Equity Research

European Technology Hardware

14 July 2026

Ericsson

2Q26 - Under pressure

Ericsson delivered another quarter of resilient margins for the

group but is calling out increasing headwinds in 2H. Network

GMs for 3Q are light, networks revenues missed in 2Q with the ERICb.ST/ERICB SS UNDERWEIGHT European Technology

Hardware3Q guide arguably below as well. We estimate 3Q implied NEUTRAL

Price Target SEK 90.00

EBITA is as much as MSD below consensus. We are UW. Price (13-Jul-26) SEK 112.75

Potential Upside/Downside -20.2%

Source: Bloomberg, Barclays Research

Ericsson has missed on revenues by 2% but margins this quarter showed further resilience with

network GMs of 50.4%. The strong EBITA margin is driven by another quarter of opex discipline.

The guidance for next quarter is mixed though. The company is calling out component cost European Technology Hardware

headwinds (not new) but says this is exacerbated by higher volume network projects. However Simon Coles, CFA

networks revenue guidance suggests a low to mid single digit miss to consensus 3Q networks +44 (0)20 3555 4519

revenues despite above seasonal growth guided (2Q was light, some shifted to 3Q). We estimate simon.coles@barclays.com

Barclays, UKthat guidance for 3Q implies up to a MSD miss on group EBITA at the bottom of the networks GM

margin guide and LSD beat at the high end (all else equal). We understand that 3Q doesn't Thomas Wu

benefit from any meaningful one-off IPR catch up payments and the impact on lower network +44 (0)20 7773 4104

gross margins is primarily driven by accelerated rollouts. Component cost headwinds will ramp thomas.wu@barclays.com

Barclays, UKthrough 2H26. North America networks declined for another quarter but remains at a healthy