爱立信 2026年年度报告和过渡报告

FORM 20-F ☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)OF THE SECURITIES EXCHANGE ACT OF1934☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Fiscal Year Ended December 31, 2025☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 TELEFONAKTIEBOLAGET LM ERICSSON (Exact name of registrant as specified in its charter) LM ERICSSON TELEPHONE COMPANY (Translation of Registrant’s name into English) Kingdom of Sweden(Jurisdiction of incorporation or organization) B shares (SEK 5.00 nominal value)A shares (SEK 5.00 nominal value)C shares (SEK 5.00 nominal value) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☐No☒If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section13 or 15(d)of theSecurities Exchange Act of 1934.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90 days.Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. Seedefinitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not touse the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section13 (a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☒ Table of Contents TABLE OF CONTENTS PART I INTRODUCTION ITEM1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERSITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE ITEM 4. INFORMATION ON THE COMPANY AHistory and Development of the CompanyBBusiness OverviewCOrganizational StructureDProperty, Plants and Equipment ITEM4A.UNRESOLVED STAFF COMMENTS ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS AOperating ResultsBLiquidity and Capital ResourcesCResearch and Development, Patents and Licenses, etc.DTrend InformationECritical Accounting Estimates DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES ADirectors and Senior ManagementBCompensationCBoard PracticesDEmployees EShare OwnershipFDisclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS AMajor ShareholdersBRelated Party TransactionsCInterests of Experts and Counsel FINANCIAL INFORMATION AConsolidated Statements and Other Financial InformationBSignificant Changes THE OFFER AND LISTING AOffer and Listing DetailsBPlan of DistributionCMarkets DSelling ShareholdersEDilutionFExpenses of the Issue ADDITIONAL INFORMATION AShare CapitalBMemorandum and Articles of AssociationCMaterial ContractsDExchange ControlsETaxationFDividends and Paying AgentsGStatement by ExpertsHDocuments on Display Table of Contents PART II Table of Contents PART I INTRODUCTION Unless otherwise indicated, all references herein to “Ericsson,” the “Company,” the “Group,” “we,” “us,” “our” or “our company” are references to TelefonaktiebolagetLM Ericsson and its consolidated subsidiaries. This document is our Annual Report on Form 20-F for the year ended December31, 2025 (the “2025 Form 20-F”). Reference is made to the English version of ourSwedish Annual Report for 2025, with certain adjustments made to comply with U.S. requirements, which is attached hereto as Exhibit 15.1 (the “2025 Swedish AnnualReport (adjusted version)”). Only (i)the information included in this 2025 Form 20-F, (ii)the information in the 2025 Swedish Annual Report (adjusted version) that isincorporated by reference in this 2025 Form 20-F, and (iii)the exhibits to the 2025 Form 20-F that are required to be filed pursuant to the Form 20-F shall be deemed tobe filed with the Securities and Exchange Commission (the “SEC”) for any purpose, including incorporation by reference into any document filed by us pursuant to the Market data and certain industry forecasts used herein were obtained from internal surveys, market research, publicly available information and industry publications.While we believe that the market research, publicly available information and in