Ericsson (ERICb.ST): 2Q26 First Take: Below cons topline in 2Q, with risks to GMs due to component cost inflation; remain Sell

研报英文原文证据摘录

Ericsson (ERICb.ST): 2Q26 First Take: Below cons topline in 2Q, with risks to GMs due to component cost inflation; remain Sell

Equity Research

14 July 2026 | 7:38AM BST

Ericsson (ERICb.ST): 2Q26 First Take: Below cons topline in 2Q, with risks

to GMs due to component cost inflation; remain Sell

Alexander Duval

+44(20)7552-2995 |

alexander.duval@gs.com

Goldman Sachs International

Anant Jakhar

+1(332)245-7829 |

anant.x.jakhar@gs.com

Goldman Sachs India SPL

Ericsson’s 2Q26 revenue was 2% below Infront consensus expectations, but the

Ayo Odunaiyacompany delivered a group EBITA 3% above cons, as a lower gross profit was offset +44(20)7051-5995 |

by lower operating expenses. Group topline decreased 1% yoy (in cc) due to lower ayo.x.odunaiya@gs.comGoldman Sachs International

IPR licensing revenues reflecting a non-recurring benefit in the prior year. Networks

sales declined 4% yoy (in cc) in the quarter, mainly due to lower IPR revenues

following a non-recurring benefit in the previous year. While organic sales grew in

North East Asia and in SEA, Oceania and India, we highlight that sales declined in

Americas and Europe, Middle East and Africa. Additionally, the company reiterated

ongoing uncertainty in its outlook due to prevailing macroeconomic and geopolitical

conditions. Furthermore, we highlight that ERIC took actions to mitigate cost

inflation in 2Q26, and the company aims to continue internal measures and pricing

actions to offset the impact of higher costs in the coming quarters. While we don’t

expect a significant impact in 3Q26 from these higher costs, we see scope for

potential margin risk in 4Q26. Separately, Ericsson guided that its Network sales will

have qoq seasonality above the normal 3Y average trend in 3Q26 of +1% vs