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Ericsson (ERIC) investor relations material
Ericsson Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 delivered strong operational and strategic execution, with major customer agreements in Japan, Europe, India, and the UK, and technology leadership in 5G Open RAN.
Organic sales declined 2% year-over-year, with growth in three of four market areas; Americas saw reduced sales after strong Q3 2024.
Adjusted EBITA margin reached a three-year high at 14.7% (excluding iconectiv gain), reflecting cost efficiency and operational excellence.
Iconectiv divestment contributed a SEK 7.6 billion capital gain, boosting profitability and cash position.
Recurring cash flow and divestments support potential for increased shareholder returns.
Financial highlights
Net sales in Q3 were SEK 56.2 billion, down 9% year-over-year; organic sales declined 2% year-over-year.
Adjusted gross margin improved to 48.1% (from 46.3%); EBITDA/EBITA margin reached 14.7% (excluding iconectiv gain), a three-year high.
Net income rose to SEK 11.3 billion, up from SEK 3.9 billion in Q3 2024, driven by the iconectiv divestment.
Free cash flow before M&A was SEK 6.6 billion, down from SEK 12.9 billion in Q3 2024; net cash at SEK 51.9 billion.
Return on capital employed (ROCE) at 22.5% (rolling four quarters); equity ratio at 36.3%.
Outlook and guidance
Q4 sales growth for Networks and Cloud Software and Services expected to follow three-year average seasonality.
Networks adjusted gross margin guidance for Q4 is 49% to 51%.
Enterprise sales expected to stabilize year-over-year on an organic basis.
Restructuring charges for 2025 to remain elevated; ongoing cost management and flat R&D spending planned.
Board to propose increased shareholder distributions, with final decision at the 2026 AGM.
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