Here are a few brief analogies for Telefonaktiebolaget L M Ericsson (ERIC):

1. Amazon Web Services (AWS) for mobile networks: Ericsson builds the foundational, scalable infrastructure and services that telecom carriers use to run their mobile networks, much like AWS provides cloud infrastructure for many businesses.
2. Cisco for mobile network operators: Ericsson provides the specialized networking hardware and software that powers mobile communication for carriers, similar to how Cisco provides networking solutions for enterprises and data centers.
3. General Electric (GE) for telecom infrastructure: Ericsson is a provider of large-scale, complex, and essential industrial equipment and systems, specifically for the telecommunications industry, akin to GE's historical role in building critical infrastructure for various sectors.

• Radio Access Networks (RAN): Provides the hardware and software infrastructure for wireless communication between mobile devices and the core network.
• Core Networks: Offers software-defined solutions that manage network traffic, subscriber data, and service delivery across mobile and fixed communication networks.
• Managed Services: **Service**: Operates, optimizes, and maintains communication service providers' networks to enhance performance and reduce operational costs. (Category: Telecommunication Network Operations)
• Operations & Business Support Systems (OSS/BSS): Supplies software platforms to automate network operations, customer management, billing, and other critical business processes for communication service providers.
• Transport Solutions: Delivers microwave, optical, and IP networking products to build the backhaul and fronthaul infrastructure that carries data traffic across communication networks.
• Enterprise Wireless Solutions: Provides private network solutions and dedicated connectivity tailored for industrial applications and various enterprise sectors.

Telefonaktiebolaget L M Ericsson (symbol: ERIC) primarily sells its products, software, and services to other companies, specifically telecommunications service providers globally. This business-to-business (B2B) model means its major customers are typically large mobile network operators, fixed-line operators, and internet service providers.

While Ericsson does not typically disclose specific customer names in its public financial reports due to confidentiality and the competitive nature of the industry, its equipment and services are fundamental to many of the world's leading telecommunications companies. Based on general industry knowledge, market presence, and public announcements of contracts, its major customers include, but are not limited to, the following types of companies and examples:

• Verizon Communications (NYSE: VZ)
• AT&T Inc. (NYSE: T)
• T-Mobile US, Inc. (NASDAQ: TMUS)
• Vodafone Group Plc (LSE: VOD)
• Telefónica S.A. (BME: TEF)
• Orange S.A. (EPA: ORA)
• BT Group Plc (LSE: BT-A)
• NTT Group (TYO: 9432) - including its subsidiary NTT Docomo
• SoftBank Corp. (TYO: 9434)
• Telstra Corporation Limited (ASX: TLS)

• QUALCOMM Incorporated (QCOM)
• Flex Ltd. (FLEX)
• Jabil Inc. (JBL)

Börje Ekholm, President and Chief Executive Officer

Börje Ekholm became President and CEO of Ericsson on January 16, 2017, after serving as a board member for nearly ten years. Prior to his role at Ericsson, he was the CEO of Patricia Industries, a division of Investor AB, from 2015 to 2017, and served as President and CEO of Investor AB from 2005 to 2015. He also led Investor Growth Capital Inc. and was involved in building the venture capital business Novare Kapital within Investor AB. Ekholm chaired the board of WM-data until its acquisition by LogicaCMG and initiated the sale of Swedish Orphan to Biovitrum while at Investor AB. His career at Investor AB, a prominent investment company, involved managing unlisted holdings and engaging in parallel investment programs, indicating a background in managing companies with investment firm backing.

Lars Sandström, Senior Vice President, Chief Financial Officer

Lars Sandström assumed the role of Senior Vice President and Chief Financial Officer at Ericsson in April 2024. Before joining Ericsson, he served as the CFO of Getinge from 2017 to 2024 and as Senior Vice President Group Reporting, Tax & Control at AB Volvo from 2015 to 2017. His extensive financial career also includes various senior positions at Scania, such as Vice President of Financial Services, and a previous role as CFO of Swedish Orphan Biovitrum AB from 2010 to 2012.

Erik Ekudden, Senior Vice President, Chief Technology Officer

Erik Ekudden has served as Ericsson's Senior Vice President and Chief Technology Officer since 2018. He is responsible for the company's technology strategy and innovation, particularly guiding advancements in 5G technology and network solutions. His prior roles within Ericsson include Chief Technology Officer and Head of Technology and Architecture, as well as Head of Technology Strategy and Head of Standardization and Industry.

Chris Houghton, Senior Vice President, Chief Operating Officer

Chris Houghton became Senior Vice President and Chief Operating Officer of Ericsson in November 2023. He has held numerous management positions within Ericsson, including Head of India and Head of Customer Unit UK and Ireland.

Scott Dresser, Senior Vice President, Chief Legal Officer and Secretary of the Board of Directors

Scott Dresser has been Ericsson's Senior Vice President, Chief Legal Officer, and Secretary of the Board of Directors since March 2022. Before this, he was General Counsel at Veon. His professional background also includes various roles at Virgin Media, BirdLife International, White Mountains Capital, and Conservation International, and earlier experience in private practice at law firms such as Lord Day & Lord and Morgan Lewis.

Emerging Threat: Open Radio Access Networks (Open RAN)

Open RAN is a global industry movement and set of standards that aim to disaggregate the hardware and software components of Radio Access Networks (RAN), allowing for greater interoperability between different vendors' equipment and the use of general-purpose, virtualized infrastructure. Traditionally, companies like Ericsson have provided vertically integrated, proprietary RAN solutions where the hardware and software are tightly coupled and sourced from a single vendor.

This paradigm shift poses a clear threat to Ericsson by:

• Commoditizing hardware: Open RAN enables operators to mix and match radio units, baseband software, and other components from different suppliers. This can lead to increased competition on hardware components and shift the value proposition towards software and system integration, potentially eroding Ericsson's margins on its integrated solutions.
• Lowering barriers to entry: The disaggregated architecture allows new, software-focused vendors (e.g., Mavenir, Rakuten Symphony) and even hyperscale cloud providers to enter the RAN market, increasing competition in a segment historically dominated by a few large players.
• Reducing vendor lock-in: Operators adopting Open RAN gain greater flexibility to diversify their supply chain and avoid reliance on a single vendor, which could lead to reduced market share for dominant players like Ericsson and increased pricing pressure.
• Shifting value to software and cloud: As RAN functions become more software-defined and virtualized, often running on cloud infrastructure, the strategic importance and revenue share could increasingly shift towards software providers and cloud platform vendors, impacting the traditional business model of hardware-centric RAN vendors.

This trend is clear, actively supported by major operators worldwide (e.g., Vodafone, NTT Docomo, Deutsche Telekom) and governments pushing for supply chain diversification, and is moving beyond trials into commercial deployments, thus representing a significant emerging threat to Ericsson's core business model and market position.

Telefonaktiebolaget L M Ericsson (ERIC) operates in several significant addressable markets for its main products and services. These include 5G infrastructure, telecom managed services, Digital Services (OSS/BSS solutions), and enterprise wireless solutions/private networks.

Addressable Market Sizes for Ericsson's Main Products and Services:

1. 5G Infrastructure

• The global 5G infrastructure market is a rapidly expanding market. It was valued at approximately USD 34.23 billion in 2024 and is projected to reach around USD 47.44 billion in 2025. Other estimations for 2025 range from USD 20.55 billion to USD 43.50 billion. The market is anticipated to grow significantly, potentially reaching USD 540.34 billion by 2032 with a CAGR of 41.6%, or USD 131.77 billion by 2034 at a CAGR of 22.93%.
• In terms of regional dominance, Asia Pacific held a significant share of 54.02% in the global 5G infrastructure market in 2024, while North America also dominated the global market in 2023, accounting for over 30%.

2. Telecom Managed Services

• The global telecom managed services market was estimated at USD 32.23 billion in 2024. Projections for 2025 range from USD 29.73 billion to USD 46.93 billion. This market is expected to grow to approximately USD 83.29 billion by 2032, exhibiting a CAGR of 12.6% from 2025 to 2032, or USD 92.66 billion by 2035 with a CAGR of 7.04% from 2025 to 2035.
• North America was the largest region in the telecom managed services market in 2024 and is expected to capture approximately 25% of the revenue share in 2025.

3. Digital Services (OSS/BSS Solutions)

• The global OSS (Operations Support Systems) and BSS (Business Support Systems) market is substantial, with estimates for 2025 around USD 24.70 billion to USD 44.20 billion for the Cloud OSS BSS market. The broader Next Generation OSS and BSS Market was estimated at USD 57.45 billion in 2023. The OSS BSS market is forecast to reach USD 47.98 billion by 2030 with a CAGR of 14.2%, and the global OSS and BSS market is projected to reach USD 66.2 billion by 2033 at a CAGR of 13.5% from 2024 to 2033. The Cloud OSS BSS market is expected to reach USD 56.848.3 million by 2030.
• North America accounted for the largest revenue share of 39.7% in the global Next Generation OSS and BSS market in 2023, while Asia-Pacific also dominated the overall OSS & BSS market in 2023 and is expected to maintain its position.

4. Enterprise Wireless Solutions / Private Networks

• The global private LTE and private 5G network market was valued at USD 8.4 billion in 2023 and is projected to reach USD 64.3 billion by 2033, growing at a CAGR of 22.9% from 2024 to 2033. Global spending on private LTE and 5G network infrastructure is estimated to exceed USD 6 billion by the end of 2027.
• The broader enterprise wireless LAN solutions market was approximately USD 17.6 billion in 2024 and is projected to touch USD 24.9 billion in 2025, potentially reaching USD 154.1 billion by 2035, growing at a robust CAGR of 20.0% during the forecast period. Another report estimates the Enterprise Wireless Solution Market to grow from USD 42.1 billion in 2025 to USD 79.3 billion by 2035 at a CAGR of 6.6%.
• North America is projected to dominate the enterprise wireless solution market.

Telefonaktiebolaget L M Ericsson (ERIC) is expected to drive future revenue growth over the next 2-3 years through several key areas:

1. Expansion of 5G Networks and Evolution to 6G, underpinned by AI integration: Ericsson anticipates that the increasing adoption of AI applications and AI workloads moving to the network edge will drive significant future network investments. The company emphasizes its leadership in AI-ready networks and 5G technology, with expectations for continued growth through 5G Standalone (SA) deployments and a focus on future 6G transitions, which may see commercial sales earlier than 2030.
2. Growth in Cloud Software and Services: This segment has demonstrated strong performance, with organic sales increasing by 9% year-over-year in Q3 2025, driven by higher core sales across all market areas. Ericsson is targeting double-digit margins within its Cloud and Software Services segments, indicating a focus on profitable expansion.
3. Strategic Customer Agreements and Market Expansion: Ericsson continues to secure significant strategic partnerships and new customer agreements in key regions. Notable examples include an 8-year partnership with Vodafone-3 in the UK and a 5-year agreement with Vodafone in Europe. The company is also seeing substantial activity in Japan with new agreements enhancing SoftBank's 5G SA network and is exploring new use cases for mobile networks, such as fixed wireless access, supported by contracts like the one with Bharti Airtel. Ericsson is strategically prioritizing core markets including the U.S., India, Japan, and the UK.
4. Increased Intellectual Property Rights (IPR) Revenue: Ericsson has a long-term strategic objective to significantly grow its Intellectual Property Rights (IPR) revenue, aiming for it to represent 20% of its total sales by 2026. This focus on leveraging its patent portfolio is a distinct driver for future revenue.

Share Repurchases

• In May 2025, Ericsson resolved to acquire 23.1 million C shares at approximately SEK 5 per share to provide for its Long-Term Variable Compensation Programs LTV 2025 and LTV 2024.
• In May 2024, Ericsson repurchased 4.1 million C shares for SEK 20.5 million, which had been issued and then converted into B shares, as part of the Long-Term Variable Compensation Program LTV I 2023.
• As of September 2025, Ericsson's board was reportedly considering initiating a historic share buyback program due to the company being overcapitalized.

Share Issuance

• In May 2025, Ericsson issued 23.1 million C shares to Skandinaviska Enskilda Banken AB (SEB) as part of the financing for its Long-Term Variable Compensation Programs LTV 2025 and LTV 2024.
• In May 2024, the company issued 4.1 million C shares to expand its treasury stock for the Long-Term Variable Compensation Program LTV I 2023.
• The total number of shares in Telefonaktiebolaget LM Ericsson as of May 30, 2025, amounted to 3,371,351,735, comprising 261,755,983 A shares and 3,109,595,752 B shares.

Outbound Investments

• Ericsson completed the acquisition of Vonage for $6.2 billion in July 2022, initially announced in November 2021, to expand its enterprise offerings and develop a market for global network Application Program Interfaces (APIs).
• In September 2020, Ericsson acquired US-based carrier equipment manufacturer Cradlepoint for $1.1 billion.
• The company prioritizes organic and inorganic investments to support its strategy, with M&A activity focused on bolt-on acquisitions that offer attractive returns and a clear strategic fit, following the significant Vonage and Cradlepoint acquisitions.

Capital Expenditures

• Ericsson's capital expenditures were SEK 3,548 million in 2021, SEK 4,228 million in 2022, and SEK 3,297 million in 2023.
• Estimated capital expenditures for 2024 are SEK 2,340 million and for 2025 are SEK 3,272 million.
• The primary focus of these expenditures is on strengthening leadership in mobile networks, investing in 5G and programmable networks, and developing technology to support the digitalization of enterprise and society.