ERIC

A. Quantitative Information about Market Risk The information set forth under the following heading of the 2025 Swedish Annual Report (adjusted version) is incorporated herein by reference: • Financial Report • Board of Directors’ Report • Corporate Governance -– Risk management • Notes to the consolidated financial statements • Note F1 – Financial risk management B. Qualitative Information about Market Risk 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 • Corporate Governance -– Risk management • Notes to the consolidated financial statements • Note F1 – Financial risk management 11 Table of Contents • Corporate Governance Report • Risk management C. Interim Periods Not applicable. D. Safe Harbor Not applicable. E. Smaller Reporting Companies Not applicable.

B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors The information set forth under the heading “Financial Report – Risk factors” of the 2025 Swedish Annual Report (adjusted version) is incorporated herein by reference.

A. History and Development of the Company General facts on the company Legal and commercial name of the Parent Company: Telefonaktiebolaget LM Ericsson (publ). Organization number: 556016-0680 Legal form of the Parent Company: A Swedish limited liability company, organized under the Swedish Companies Act. Country of incorporation: Sweden. Date of incorporation: The Parent Company was incorporated on August 18, 1918, as a result of a merger between AB LM Ericsson & Co. and Stockholms Allmänna Telefon AB. Domicile: Our registered office is Telefonaktiebolaget LM Ericsson, SE–164 83 Stockholm, Sweden. Our headquarters are located at Torshamnsgatan 21, Kista, Sweden. Telephone number: +46 10 719 0000 Website: www.ericsson.com. The information included on our website is not incorporated herein by reference. In addition, the SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC: http://www.sec.gov. Agent in the US: Ericsson Inc., 6300 Legacy Drive, Plano, Texas 75024. Telephone number: +1 972 583 0000. Shares: Ericsson’s Class A and Class B shares are traded on Nasdaq Stockholm. In the US, our American Depository Shares (“ADS”), each representing one underlying Class B share, are traded on NASDAQ New York. Parent Company operations: The business of the Parent Company, Telefonaktiebolaget LM Ericsson, consists mainly of corporate management, holding company functions internal banking activities and customer credit management. Subsidiaries and associated companies: For a list of our significant subsidiaries, please see “Shares owned directly by the Parent Company” in Item 4.C. below. We are engaged in a number of minor joint ventures and cooperative arrangements. For more information regarding risks associated with joint ventures, strategic alliances and third-party agreements, please see “Item 3.D. Risk Factors.” Company history and development Innovating to empower people, business and society Our origins date back to 1876 when Alexander Graham Bell filed a patent application in the United States for the telephone. The same year, Lars Magnus Ericsson opened a small workshop in Stockholm to repair telegraph instruments and other electrical and mechanical equipment. Shortly thereafter, the Company began manufacturing its first telephones. Ericsson is a leading provider of mobile connectivity solutions to communications service providers, enterprises and the public sector. The Company’s portfolio spans the following segments: Networks, Cloud Software and Services and Enterprise (which includes Global Communications Platform, Wireless Wide Area Networks and private 5G networks). In addition, segment Other consists of media businesses and other non-allocated businesses. Ericsson delivers high-performing, programmable and energy-efficient networks that enable greater service differentiation. Ericsson’s enterprise solutions provide superior connectivity to businesses and advanced network capabilities to application developers. 2 Table of Contents 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 • 150 years of connectivity • Board of Directors’ Report • Financial highlights – Capital expenditure For capital expenditures, we typically use available cash from operations. • Notes to the consolidated financial statements • Note E2 – Business combinations • Note H6 – Events after the reporting period B. Business Overview 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 • 150 years of connectivity • Board of Directors’ Report • Financial highlights – Research and Development (R&D) expenses • Financial highlights – Seasonality • Business results – Segments • Business results – Market areas Ericsson’s value chain spans the extraction and processing of raw materials used in electronic components to the delivery of communication services for end users. It comprises five main stages: global electronics manufacturing, direct suppliers, own operations, direct customers, and consumers and end users. As is typical for large multinational companies, Ericsson’s value chain is complex and interconnected, which creates challenges for visibility and traceability beyond the first tier of suppliers and customers. In 2025, the Company had approximately 15,000 active direct suppliers, of which approximately 200 provided materials and components used in Ericsson’s hardware. The global electronics manufacturing value chain begins with the extraction of natural resources used in electronic hardware. These materials are refined, traded and manufactured into parts and components that are assembled into finished products. Ericsson’s regional supply hubs consolidate material from component suppliers and distribute it to production sites. Ericsson’s supply and component hubs are located in Sweden, Belgium, Germany, The Netherlands, the United States, Mexico, the United Arab Emirates, India, Malaysia, Singapore and China. • Notes to the consolidated financial statements • Note B1 – Segment information • Risk factors • Risks related to business activities and industry • Risks related to Ericsson’s financial condition • Risks related to legal and regulatory matters • Risks related to cybersecurity matters • Risks related to environmental, social and business conduct matters • Corporate Governance Report • Regulation Disclosure pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (“ITRA”) In 2018, Ericsson initiated its wind down in Iran, and, in 2025, had no business engagements in Iran. Ericsson is continuing its efforts to liquidate its local legal entity, in accordance with applicable sanctions and local law requirements. Ericsson does not normally allocate gross revenue or net income on a country-by-country or activity-by-activity basis, other than as set forth in Ericsson’s consolidated financial statements prepared in accordance with IFRS as issued by the IASB. However, in 2025, Ericsson has estimated that its gross revenue and net profits attributable to Iran were negligible. 3 Table of Contents Before 2018, Ericsson had arranged performance bonds or similar financial guarantees to secure Ericsson’s performance of obligations under the commercial agreements Ericsson had entered into relating to the business in Iran. In such instances, Ericsson usually engaged its banks outside Iran, who in turn engaged local banks in the country. These local banks include Tejarat Bank, Melli Bank, Parsian Bank and Saderat Bank. Although some bonds and guarantees are still in place, the performance bonds have been frozen by the EU banks. One local performance bond for the local legal entity has been renewed with Saman Bank. Existing bank guarantees issued to Ericsson by Maskan Bank, Parsian Bank, Post Bank of Iran, Bank Mellat and Tejarat Bank (local banks in Iran) to secure Iranian customer payment obligations related to earlier business engagements were renewed. C. Organizational Structure The following list shows certain shareholdings owned directly and indirectly by our Parent Company as of December 31, 2025. A complete list of shareholdings, prepared in accordance with the Swedish Annual Accounts Act and filed with the Swedish Companies Registration Office (Bolagsverket), may be obtained upon request to: Telefonaktiebolaget LM Ericsson, External Reporting, SE-164 83 Stockholm, Sweden. Shares owned directly by the Parent Company Company Reg. No. Domicile Percentage of ownership Par value in local currency, million Carrying value, SEK million Subsidiary companies Ericsson AB 556056-6258 Sweden 100 50 20,731 Ericsson Shared Services AB 556251-3266 Sweden 100 361 2,216 Red Bee Media Holding AB 559113-9729 Sweden 100 — 773 Ericsson Insurance (Försäkring) AB 516406-0534 Sweden 100 50 469 Datacenter i Rosersberg AB 556895-3748 Sweden 100 — 74 Datacenter i Mjärdevi Aktiebolag 556366-2302 Sweden 100 10 69 Ericsson Mobile Financial Services AB 559335-5059 Sweden 100 — 15 Ericsson Software Technology Holding AB 559094-8963 Sweden 100 — 7 Aktiebolaget Aulis 556030-9899 Sweden 100 14 6 Other (Sweden) — — 374 Ericsson S.A/N.V. Belgium 100 5 119 Ericsson Danmark A/S Denmark 100 90 216 Oy LM Ericsson Ab Finland 100 13 196 Ericsson France SAS France 100 21 524 Ericsson Germany GmbH Germany 100 1 1,816 Ericsson Hungary Ltd. Hungary 100 1,301 120 Ericsson Telecomunicazioni S.p.A. Italy 100 44 2,429 Ericsson Holding International B.V. Netherlands 100 222 2,983 Ericsson A/S Norway 100 75 257 Ericsson Sp. z o.o. Poland 100 4 412 Ericsson Telecomunicacoes LDA. Portugal 100 1 23 Ericsson Antenna Technology Romania S.R.L. Romania 100 98 206 Ericsson Telecommunications Romania S.R.L. Romania 100 49 103 Ericsson España S.A.U Spain 100 28 14 Ericsson Ltd. United Kingdom 100 53 1,663 Other (Europe, excluding Sweden) — — 255 Ericsson Canada Inc. Canada 100 — 221 Ericsson Holding II Inc. United States 100 — 34,295 Ericsson Smart Factory Inc. United States 100 — 424 Ericsson Global Network Platform Holding Inc. United States 100 — 18,701 Ericsson de Colombia S.A.S Colombia 100 701 178 Ericsson Antenna Technology Mexico S.A. de C.V. Mexico 100 589 239 Ericsson Telecom S.A. de C.V. Mexico 100 1,439 576 Other (Americas) — — 232 Teleric Pty Ltd. Australia 100 20 100 Ericsson (China) Company Ltd. China 100 65 475 P.T. Ericsson Indonesia Indonesia 95 9,531 614 Ericsson India Private Limited India 100 291 51 Ericsson Korea Partners Co., Ltd. Korea, Republic of 75 285 2,087 Ericsson (Malaysia) Sdn. Bhd. Malaysia 100 3 131 Ericsson South Africa (Pty.) Ltd South Africa 70 — 94 Ericsson Taiwan Ltd. Taiwan 90 270 36 Ericsson (Thailand) Ltd. Thailand 49 (1) 90 17 Ericsson Telekomünikasyon A.Ş. Turkey 100 5 150 Other (the rest of the world) — — 463 Total 95,154 Associated companies Leone Media Inc. United States 46 134 — Ericsson Nikola Tesla d.d. Croatia 49 65 330 Total 330 1) Through subsidiary holdings, total holdings amount to 74% of Ericsson (Thailand) Ltd. Shares owned by subsidiary companies Company Reg. No. Domicile Percentage of ownership Subsidiary companies Ericsson Facilities GmbH Germany 100 Ericsson GmbH Germany 100 Ericsson Telecommunicatie B.V. Netherlands 100 Red Bee Media Limited United Kingdom 100 Ericsson Inc. United States 100 Vonage Holdings Corp. United States 100 Ericsson Enterprise Wireless Solutions Inc. United States 100 Ericsson Telecomunicações LTDA. Brazil 100 Ericsson Australia Pty. Ltd. Australia 100 Ericsson (China) Communications Co. Ltd. China 100 Nanjing Ericsson Panda Communication Co. Ltd. China 100 Ericsson Japan K.K. Japan 100 4 Table of Contents D. Property, Plants and Equipment Primary manufacturing and assembly facilities We continuously adjust our production capacity to meet expected customer demand. We consider the production capacity of our manufacturing network to be sufficient to meet the requirements of our business. The extent of utilization of our manufacturing facilities varies from plant to plant and from time to time during the year. None of these facilities is subject to a material encumbrance. The table below summarizes where we have major sites and the total floor space at year-end. All facilities are leased, other than Nanjing (China). The majority of the floor space within our production facilities is used for assembly and test. 2025 2024 2023 Sites Thousands of sq meters* Sites Thousands of sq meters* Sites Thousands of sq meters* Sweden 1 3.7 1 5 1 5 China 1 10.4 1 10.4 1 13.9 Estonia 1 9 1 9 1 9 Brazil 1 8.3 1 8.3 1 7 United States 1 10.3 1 10.1 1 9 Romania 1 9 1 9 1 10 Mexico 1 7.5 1 7.5 1 7.5 Total 7 58.20 7 59.0 7 61.0 * Floor space in square meters does not include any warehouses or transportation areas. 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 – Capital expenditure • Notes to the consolidated financial statements • Note C2 – Property, plant and equipment • Note C3 – Leases • Risk factors • Risks related to legal and regulatory matters • Risks related to environmental, social and business conduct matters

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