Year-to-year comparisons between 2024 and 2023 have been omitted from this 2025 Form 20-F but may be found in “Item 5. Operating and Financial Review and Prospects” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024. A. Operating Results The information set forth under the following headings of the 2025 Swedish Annual Report (adjusted version) is incorporated herein by reference: • Financial Report • This is Ericsson • Strategy • Leading mobile networks to drive an AI-powered world • Leadership in mobile networks • Scaling the mobile platform • Strategic foundation • Board of Directors’ Report • Financial highlights • Business results – Segments • Business results – Market areas • Corporate Governance – Risk management • Notes to the consolidated financial statements • Note A1 – Material accounting policies • Note F1 – Financial risk management • Risk Factors • Alternative performance measures • Corporate Governance Report • Regulation B. Liquidity and Capital Resources The information set forth under the following headings of the 2025 Swedish Annual Report (adjusted version) is incorporated herein by reference: • Financial Report • Board of Directors’ Report • Financial highlights – Cash flow 5 Table of Contents • Financial highlights – Financial position • Financial highlights – Seasonality • Financial highlights – Capital expenditure • Notes to the consolidated financial statements • Note B9 – Other current liabilities • Note D1 – Provisions • Note D2 – Contingent liabilities • Note D4 – Contractual obligations • Note F1 – Financial risk management • Note F4 – Interest-bearing liabilities • Note H3 – Statement of cash flows • Shareholder information • Capital allocation C. Research and Development, Patents and Licenses, etc. The information set forth under the following headings of the 2025 Swedish Annual Report (adjusted version) is incorporated herein by reference: • Financial Report • Strategy • Leading mobile networks to drive an AI-powered world • Leadership in mobile networks • Scaling the mobile platform • Strategic foundation • Risk factors – Risks related to business activities and industry • Board of Directors’ Report • Financial highlights – Research and Development (R&D) expenses Ericsson has a policy of strong commitment to research and development (“R&D”) with substantial contributions to cutting-edge open standards and technologies, leading the development of cellular technology – from 2G to 5G and beyond. Our strong R&D investments position us to further extend our technology leadership for cost performance and sustainability. It is Ericsson’s policy to protect and capitalize on our R&D investments by creating, securing, protecting, and licensing a portfolio of patents in support of our overall business goals. Our patent portfolio comprises more than 60,000 granted patents, which are licensed globally on fair, reasonable and nondiscriminatory terms to the users of our technology. With high-performing programmable networks, enabled by open ecosystems, development tools, interfaces and technologies and cloud, Ericsson collaborates with our partners and customers to drive the future of connectivity, enabling programmability and delivering unparalleled user experiences. Our technology leadership is critical in enabling these networks, and today around 50% of the world’s mobile 5G traffic excluding China is carried over Ericsson’s radio networks. Within Enterprise, Ericsson is increasing investments in developing network APIs. Other areas of focus in R&D include the capability of networks to handle gigabytes per second more efficiently, using more automation, using Artificial Intelligence to improve network performance and reducing energy consumption, while securing sustainability leadership to support customers to lower the total cost of ownership and meet net zero requirements. Research and Development and Patent Information 2025 2024 2023 R&D expenses SEK bn 48.9 53.5 50.7 Patents over 60,000 over 60,000 over 60,000 D. Trend Information The information set forth under the following headings of the 2025 Swedish Annual Report (adjusted version) is incorporated herein by reference: • Financial Report • CEO Comment – Positioned for growth • Board of Directors’ Report • Financial highlights – Seasonality • Business results – Segments • Business results – Market areas E. Critical accounting estimates • Financial Report • Notes to the consolidated financial statements • Note A2 – Judgments and critical accounting estimates