Commentary & Deal Flow

Reoffer: Long 6yr: MS+105bp / 99.367 / 4.495%
Benchmark: Long 6yr: DBR 2.3% 15-Feb-33 @ 94.18% / 3.324% / B+117.1bps (HR: 99%)

Tranche 1 (Long 6yr): Final Books €2.75bn. Peak book above €3bn (pre-rec, good at guidance)

Launched: Long 6yr: €500m @ MS+105bp - Books above €3bn (pre-rec, good at guidance)
Spread set at: Long 6yr: MS+105bp
Guidance: Long 6yr: MS+110a - Books above €2.85bn (pre-rec)
IPTs: Long 6yr: MS+140a

• Issuer: Telefonaktiebolaget LM Ericsson (publ)
• LEI Code: 549300W9JLPW15XIFM52
• Issuer Rating: BBB- positive (S&P), BBB- stable (Fitch)
• Expected Rating of the Notes: BBB- (S&P)
• Format: Senior Unsecured, Bearer, New Global Note, Green
• Pricing Date: 22-Sep-26
• Settlement Date: 29-Sep-26 (T+5)
• Maturity Date: 28-Feb-33 (long 6-year)
• Issue Size: €500m
• Reoffer: MS+105bps / 99.367% / 4.495%
• Coupon: 4.375% Fixed, Ann, Act/Act (ICMA), short first
• Benchmark: DBR 2.3% 15-Feb-33 @ 94.18% / 3.324% / B+117.1bps (HR: 99%)
• MWC: B+20bps
• ISIN: XS3519606985
• Docs: The Issuer’s U.S.$5,000,000,000 Euro Medium Term Note Programme dated 27-Mar-26 and supplemented on 18-Sep-26
• Use of Proceeds: The Issuer intends to apply an amount equal to the net proceeds specifically to finance or refinance, in whole or in part, Eligible Green Assets and Projects, as such term is defined and used in the Issuer’s Green Financing Framework, which is available for viewing on the Issuer’s website at https://www.ericsson.com/en/investors/debt-information/green-financing
• Listing / Law / Denoms: Euronext Dublin (Regulated Market) / English Law / €100k + €1k
• Business Days: London, T2
• Clearing: Euroclear and Clearstream, Luxembourg
• Opt. Redemption: Make-whole Redemption, 3 month issuer call (at par), tax call (at par), Issuer Residual Call (at par; 75%); as stipulated in the Issuer's EMTN Offering Circular
• CoC: Yes, at par; as stipulated in the Issuer's EMTN Offering Circular
• Negative Pledge: Yes, in relation to Relevant Indebtedness. As stipulated in the Issuer’s EMTN Offering Circular
• Selling Restrictions: Reg S, Compliance Category 2, TEFRA D; as stipulated in the Issuer's EMTN Offering Circular
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared as not deemed within scope / not available to retail in the EEA or the UK.
• Joint Bookrunners: BNP Paribas, Danske Bank, J.P. Morgan (B&D), SEB
• Schedule: Books open, today’s business
• Books Subject: 13:00 CET
• Hedge Deadline: 15:20 UKT / 16:20 CET
• Advertisement: The EMTN Offering Circular, supplement and the Final Terms, when published, will be available on the website of the Euronext Dublin at https://live.euronext.com
• Marketing: https://www.netroadshow.com/nrs/home/#!/?show=22bd4411 or visit www.netroadshow.com and enter the deal entry code: wave26
• Timing: TOE: 16:29 CET / 15:29 UKT; FTT: 16:50 CET / 15:50 UKT