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Europe Equity Research22 May 2025JPMORGANwww.jpmorganmarkets.comEricssonTakeaways from our European TMT conferenceEuropean Tech Hardware & PaymentsSandeep Deshpande AC(44-20) 7134-5276sandeep.s.deshpande@jpmorgan.comCraig A McDowell(44-20) 7742-4576craig.mcdowell@jpmorgan.comJ.P. Morgan Securities plcSpecialist Sales contact details:Scott Silver - Specialist Sales - European TMT(44-20) 7134-0412scott.silver@jpmorgan.comCFO Lars Sandström was present at our conference. Ericsson indicated that the strong US demand seen in the last few quarters will fade but other markets will be stronger. The company expects margin to stablize in 2H though the exact mechanics of the margin development are fuzzy given that the company does not know the product/geography mix at this time. They indicated that the board is looking at the capital structure of the co. Currently, the plan remains to grow the dividend gradually, maintaining flexibility to invest in R&D; M&A if any will be small. Overall, market