Current quarter data points
Q3 2026 outlook - references from Q2 reporting
Published at 17:30 CET on 11 September 2026
The material below is based on Ericsson’s Q2 20261 report, particularly the “Key Data Points” section on page 8, with selected additional references where noted.
Net sales seasonality and outlook
Reported average seasonality over the last 3 years (2023–2025), %.
| Q4→Q1 | Q1→Q2 | Q2→Q3 | Q3→Q4 | |
| Networks | -25% | +4% | +1% | +17% |
| Cloud Software and Services | -33% | +13% | +3% | +29% |
Sales growth in Segment Networks for Q3 is expected to be above 3-year average seasonality. The 3-year average seasonality is +1%. Current consensus estimate is +6%2.
Sales growth in Segment Cloud Software and Services is expected to be broadly similar to 3-year average seasonality. The 3-year average seasonality is +3%. Current consensus estimate is +3%2.
Segment Networks
Adjusted gross margin in Q3 2026 is expected to be in the range of 48% to 50%.
IPR
Following agreements reached in July 2026 with a top-10 smartphone vendor and a payment terminal vendor, annualized recurring IPR licensing revenues were approximately SEK 13.5 b.
Restructuring charges
Restructuring charges for 2026 are expected to be at elevated levels. Current consensus for FY26 is SEK -5.5 b.2 Restructuring charges were SEK -5.0 b in 2024 and SEK -6.5 b in 2023.
Currency
Ericsson’s historic currency exposure is available in the Annual Report and is also summarized on the Investor Relations website3. Currency exposure can vary significantly from quarter to quarter. In 2025, approximately half of net sales were USD denominated, over 15% were EUR, and five other currencies (INR, JPY, GBP, CNY, AUD) accounted for around 15%. Additional currencies made up the remainder of net sales.
The Q3 2026 outlook assumed currency rates of USD/SEK 9.7, EUR/SEK 11.0. Actual Q3 2026 exchange rates3 were as follows:
· USD/SEK: 9.61 (+3.0% QoQ, +0.6% YoY)
· EUR/SEK: 11.07 (+2.2% QoQ, -0.2% YoY)
The estimated currency impact3 in Q3 2026, assuming the published currency basket applied to prior period net sales, is approximately 0% YoY and 2% QoQ.
The estimated currency impact4 that occurred since the Q2 2026 reporting date is approximately 0%.
RAN market
Dell’Oro comments that the RAN market’s “broader narrative remains unchanged. The market continues to stabilize” and “has entered a more balanced phase”.
Source: Dell’Oro Mobile RAN Quarterly Report Q2 2026, Aug. 2026.
Buybacks
As of September 4, 2026, Ericsson’s holding of treasury stock amounts to 105,668,676 Class B shares. There are in total 3,371,351,735 shares in Ericsson, of which 261,755,983 shares of Class A and 3,109,595,752 shares of Class B.5
The holding of treasury stock before the start of the buyback program amounted to 38,002,276 Class B shares.5
Footnotes
2 Consensus compiled by Infront
3 Information on foreign exchange rates and currency basket
4 Assuming the published currency basket, evaluated using the spot rate at the Q2 reporting date and actual Q3 foreign exchange rates.
5 Information on the share buyback program