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Telefonaktiebolaget LM爱立信报告第三季度业绩喜忧参半;启动第四季度展望
2025-10-14 13:24
- Telefonaktiebolaget LM Ericsson press release (NASDAQ:ERIC): Q3 GAAP EPS of SEK 3.33 beats by SEK 1.00.
- Revenue of SEK 56.2B (-9.1% Y/Y) misses by SEK 330M.
- Organic sales declined by -2%, with growth in three out of four market areas.
- Adjusted gross margin was 48.1% (46.3%) driven by improvements in Networks and Cloud Software and Services.
- Adjusted1 EBITA was SEK 15.8 (vs. 7.8B). With a 28.1% (12.6%) margin, including a SEK 7.6B. Capital gain benefit from the divestment of iconectiv.
- Free cash flow before M&A was SEK 6.6B (vs. 12.9B). Net cash increased to SEK 51.9B.
- "Looking ahead, we expect Enterprise organic sales to stabilize in Q4 and the RAN market to remain broadly stable. Solid recurring cash flow and the iconectiv sale contributed to a strong Q3 cash position, offering scope for increased shareholder distributions. The Board’s recommendation on the scale and mechanism for the distribution will be included in the Q4 report for decision at the AGM."
- Outlook: Segments: "Increased uncertainty remains on the outlook, both in terms of potential for further tariff changes and in the broader macroeconomic environment."
- Networks Sales growth in Q4, 2025 is expected to be broadly similar to 3-year average seasonality. Adjusted gross margin in Q4 2025 is expected to be in the range of 49% to 51%.
- Cloud Software and Services Sales growth in Q4 2025 is expected to be broadly similar to 3-year average seasonality.
- Enterprise In Q3 2025, the contribution to Enterprise results from divested operations was SEK 0.6 b. in net sales, SEK 0.4 b. in adjusted gross income, and SEK 8.1 b. in adjusted EBITA. The financial impact of the 2024 decision to reduce Global Communications Platform activities in some countries largely concluded in Q3 2025.
- Enterprise organic sales are expected to stabilize YoY in Q4 2025.
- Amortization of intangible assets is expected to be around SEK -0.5 b. per quarter, of which approximately SEK -0.4 b. related to segment Enterprise.
- Restructuring charges for 2025 are expected to remain at elevated levels.
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