Ericsson (ERICb.ST): Near-term margin pressure from component inflation, while cost initiatives may take time to materialise; remain Sell

研报英文原文证据摘录

Ericsson (ERICb.ST): Near-term margin pressure from component inflation, while cost initiatives may take time to materialise; remain Sell

Equity Research

14 July 2026 | 5:42PM BST

Ericsson (ERICb.ST): Near-term margin pressure from component

inflation, while cost initiatives may take time to materialise; 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. Key takeaways include 1)

Component cost inflation weighs near term, with mitigation benefits building only

gradually, 2) Flat RAN outlook, with inventory timing supporting near-term

deliveries, 3) Enterprise recovery progressing steadily though execution remains key,

and 4) Product mix stands as the principal driver of quarterly profitability, while

timing of cost benefits remains uncertain.

n Component cost inflation weighs near term, with mitigation benefits

building only gradually: Management reiterated that macro and geopolitical

uncertainty continues to weigh on the outlook, with AI-driven component cost

inflation remaining the principal near-term headwind. While Ericsson continues

to mitigate these pressures through supplier negotiations, customer price