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    Joachim Gunell • DNB ASA

    Joachim Gunell's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership

    Joachim Gunell's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q1 2025

    Question

    Joachim Gunell asked for a breakdown of the Q1 strength in North America, questioning how much was due to pre-buy effects and whether a shift to more service-heavy rollouts in H2 2025 could become a drag on gross margins.

    Answer

    CFO Lars Sandstrom stated that while a gradual product mix shift is expected in H2, the Q1 margin strength was not isolated to North America but was a broad-based improvement across all segments and regions. He credited this to sustained cost and productivity initiatives. CEO Börje Ekholm reinforced that the underlying operational improvements are more critical to margin performance than geographic mix.

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    Joachim Gunell's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q3 2024

    Question

    Joachim Gunell from DNB asked about Ericsson's pattern of conservative gross margin guidance and whether it stems from a visibility issue. He also inquired about the company's capital allocation preference (dividends, buybacks, or M&A) following the iconectiv sale.

    Answer

    CFO Lars Sandstrom attributed the better-than-guided margin performance to cost-out and supply chain improvements materializing faster than forecasted. On capital allocation, CEO Börje Ekholm stated it is a decision for the Board and shareholders, but acknowledged the company's strong financial position provides options.

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    Joachim Gunell's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q2 2024

    Question

    Joachim Gunell of DNB inquired about the current sales levels in India and the U.S. relative to what Ericsson considers 'normalized,' and also asked for an opinion on the component availability for its Chinese competitors.

    Answer

    CEO Börje Ekholm assessed that India's sales have now returned to a more normalized level, while the U.S. market remains at the lower end of a normal investment cycle. Regarding competitors, he deferred on specifics but noted their aggressive market behavior suggests they are not constrained by component availability.

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    Joachim Gunell's questions to Nokia Oyj (NOK) leadership

    Joachim Gunell's questions to Nokia Oyj (NOK) leadership • Q4 2024

    Question

    Joachim Gunell inquired about Nokia's 2025 guidance, questioning the visibility for the year and asking for specifics on the Mobile Networks gross margin outlook, noting it appeared to be the main driver of deviation from consensus.

    Answer

    CEO Pekka Lundmark responded that visibility for 2025 is significantly better than the previous year, supported by a growing order backlog. While not providing explicit sales figures, he reiterated expectations for strong growth in Network Infrastructure, growth in Cloud and Network Services, and stable sales in Mobile Networks despite a known customer headwind. He noted the underlying Mobile Networks gross margin was 38-39% in 2024 and that the 2025 figure would depend on regional dynamics.

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