Ericsson: 2Q26 First Take: Though 2Q earnings beat, gross margin guidance will likely weigh on stock

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Ericsson: 2Q26 First Take: Though 2Q earnings beat, gross margin guidance will likely weigh on stock

J P M O R G A N Europe Equity Research

14 July 2026

Ericsson Neutral

ERICb.ST, ERICB SS

2Q26 First Take: Though 2Q earnings beat, gross Price (13 Jul 26):Skr112.75

margin guidance will likely weigh on stock Price Target (Jun-27):Skr102.00

Our Take: Ericsson beat consensus EBITDA expectations for 2Q (by 3.1%) European Tech Hardware &

despite sales missing (by 2%) Infront consensus expectations, on the back of better Payments

gross margins in both the key Networks and Cloud Software & Services divisions. Sandeep Deshpande AC

The co. is guiding for Networks sales to be better than normal seasonal trends of (44-20) 7134-5276

1% QoQ growth in 3Q - most likely due to timing of deals pushed from 2Q to 3Q sandeep.s.deshpande@jpmorgan.com

(below normal seasonal growth in Networks in 2Q). Co. is guiding for a gross Craig A McDowell

margin of 49% at the midpoint in Networks, which is below consensus (44-20) 7742-4576

expectations of 49.7%. Assuming the normal seasonal growth is delayed from Q2 craig.mcdowell@jpmorgan.com

to Q3, that would mean that using the gross margin guidance, Q3 earnings are likely Anthony Girard

(44-20) 3493-6469

to be mid single digit or so below consensus. The co. has clarified that the Transsion anthony.girard@jpmorgan.com

deal does not have any one-off payments so the gross margin guidance is ongoing J.P. Morgan Securities plc

gross margin without any known one-offs. Overall, the gross margin guidance is

likely to mean FY estimates come down slightly. Overall, we expect investors will Specialist Sales contact details:

worry about the component cost impact on margins along with the mix impact i.e. Scott Silver - Specialist Sales -