Thank you very much. Hello everyone, and welcome to this Q4 call or year-end call. With me here today, I have our CEO, Börje Ekholm, and our CFO, Carl Mellander. Before we start the call, I would like to make this statement. During the call today, we will be making forward-looking statements. These statements are based on our current expectations and certain planning assumptions, which are subject to risk and uncertainties. The actual results may differ materially due to factors mentioned in today's press release and discussed in this conference. We encourage you all to read about these risks and uncertainties in our earnings report as well as in our annual report. With those words, I would like to start this call by handing over the word to our CEO, Börje Ekholm. Please, Börje. Thank you, Peter. Good morning, everyone, and thank you all for joining us today. Before I go into the year-end performance in greater detail, I would like to recognize our people. A company is always about the people, and I think 2020 more than ever. We, as a company, migrated to work remotely in March last year, and our people really stepped up and delivered to all our customers with minimal to actually no disruptions. We have also seen some good progress in our business for quite some time. With the financial performance for 2020, we can now say that we're through the turnaround phase. Of course, this turnaround is also contributable to the engagement and commitment from all of our people. We have now reached a return on capital employed at 17%, which is above the cost of capital. We can now focus our attention on growth as a key value driver, of course, while maintaining a financial discipline. Let me now go through some overall conclusions of our performance during 2020. The increased R&D has made our portfolio very competitive and cost-efficient, and this has allowed us to gain market share in many markets. We actually see market share gains from all competitors today. We exceeded our year-end financial targets for 2020, as well as our targets for 2022 about two years early. We have delivered a strong free cash flow before M&A. Actually, if we look at our history, we see that this is the strongest free cash flow we have ever had as a company. We also completed the acquisition of Cradlepoint during Q4, and that's an important step, as you all know, for establishing our enterprise offering, especially targeting the rapidly growing demand for wireless WANs. In addition, we started to invest in increasing our resiliency and flexibility of our supply chain, and we really started that several years ago. We did that for other reasons, so no crystal ball on predicting a pandemic, but that have been critical in managing our customer commitments during 2020. We've been able to do that despite working from home and in the middle of a pandemic. The health and wellbeing of our people has been at the front and center in how we have made decisions during 2020. One example is that we decided very early on to migrate to remote working. Across the year, about 80% of our workforce have operated virtually. Of course, the impact and the toll on our people cannot be ignored from working remotely, but we are doing as a company what we can to support those of us who are most affected by the pandemic. In addition, we took a decision in early March not to apply for any government pandemic-related support programs, as we wanted to make sure that we drive the business out of its fundamentals and take the right decisions for the long-term future of the business, not impacted by any government support programs. With our performance and solid long-term outlook, the board of Ericsson has decided to recommend the shareholders to increase the dividend to SEK 2 per share, and that's an increase of SEK 0.50, I should say in, I guess, English. Before going into each market area, just wanted to make some overall comments about the market. It's now clear that 5G is increasingly gaining momentum around the world, and we're seeing front-runner countries to rapidly build out the 5G networks as it is a platform to digitalize their economies. I think it's even more encouraging to see that operators who have built out a good coverage are seeing an increasing ARPU and thus a reversal of the decline over the last few years. For front runners, 5G can be a source of additional revenues, as well as to establish the operator as a market leader. This is actually not surprising, as it was very similar to what happened when 4G was rolled out, where front runners saw higher ARPU, greater market share, and lower churn. We have also seen many wins across the market areas for our private networks for enterprises, which actually start to strengthen our enterprise presence. Some comments on each market area. We saw strong growth for the Northeast Asia market area. This was naturally driven by China. That is now the largest 5G market in the world, with clearly more than 100 million subscribers. We also saw gains in many of the other markets in the market area. Continued strong momentum in 5G drove a good performance in North America. This was partly offset by downward pressure of the loss of a managed services contract due to the operator consolidation earlier in 2020. We have seen market share gains in the U.S., but we have also seen break-in deals in Canada that will support long-term growth for us. In Southeast Asia, Oceania, and India, we saw growth driven by several countries, but most noticeable Australia and India. Europe and Latin America had a bit of a mixed picture. We saw overall a positive growth in the market area, and that was driven by the growth in Europe, which was partly offset by a decline in Latin America. The growth in Europe was driven by market share gains. Latin America, the decline really caused by the macroeconomic uncertainty due to the pandemic. We also see that we so far have had limited 5G rollouts in Europe, and we are a bit concerned that Europe is falling behind the frontrunners in China, Australia, North America, and the Middle East. Finally, in Africa we saw a—in the market area, Africa and Middle East, we saw sales declines. That was really in Africa, related to effects of the COVID-19 and the macroeconomic uncertainties, and in the Middle East, due to timing of customer investment decisions actually in 2019, that ended 2019 on a strong note. However, we see increasing traction from our efforts to increase market share in the market area, and we expect that to be visible in the next few years. Moving on to the business segments. For Networks, sales grew organically by 20%, driven by 5G rollouts and market share gains. Gross margin was 43.5% in Q4, up from 41.1% year before. For the whole 2020, operating margin was 19%, which is well ahead of our targets of 15%-17%. I would say Networks' performance reflect our increasing technology leadership and strong 5G portfolio. Grew to 41% from 38.1% from a year before. From 2017, at the start of our turnaround to today, if you do a like-for-like comparison, our gross margin has increased from 29% - 42%. The turnaround, we continue to execute on the turnaround plan, and our operating income for Q4 was positive, and that actually is the best result we've seen to date, which we view as an indication that our turnaround is on track. Our cloud-native 5G core portfolio has a very high win ratio and will start to generate revenues in the next 12 - 8 months ahead. Far, we've only seen R&D costs with this new portfolio, so we are encouraged by the traction we have and expect to see revenues coming here gradually during the year. Sales in Managed Services continue to decline, which is this year a result of the consolidation in the U.S. market, but also some contract exits in Europe. However, gross margin grew to 17.7% from 15.8% a year earlier, and full year operating margin ended at 8.1%, ahead of our range of 5%-8%. We continue to invest in R&D in Managed Services to drive automation and AI that will help our portfolio to grow in the future. Emerging Business and Other, sales grew in enterprise offerings such as the IoT platforms, complemented by the acquisition of Cradlepoint that was announced in Q3 and closed in Q4. Gross margin improved to 33.8%, driven by operational leverage from growth and lower costs. Cradlepoint's underlying business develops in line with plans, and we continue to be encouraged by the customer reception and see good long-term growth opportunities. However, reported sales and costs for Cradlepoint are impacted by purchase price allocations. We have also said that that will have a negative effect on operating income at about 1% in 2021. Mostly coming from amortizations, but also from investment in growing the business until we start to see earnings improve. With that, I give the word over to Carl. Thank you, Börje. Good morning, good afternoon, everyone here from Stockholm. Let's then start to look at the P&L for the full year 2020. Here you see that with an organic FX-adjusted growth of 5% year-over-year, net sales reached SEK 232.4 billion, which is then within the target range of between SEK 230 billion and SEK 240 billion. Mainly driven by continued high demand for our 5G portfolio in the Networks business, that grew by 10%. Especially, the hardware revenue grew strongly, and this is a welcome result of the growing footprint that we see currently. Northeast Asia grew by 30%, FX-adjusted, and North America as well as Southeast Asia, Oceania, and India also contributed to the growth in the year. Gross margin, as you see, improved 310 basis points year-over-year to 40.6%. Good to see that we have improvements in all segments, thereby also clearly beating the gross margin ambition range we set up in 2017. Operating income SEK 29.1 billion, as you see, excluding restructuring, an improvement of SEK 7 billion or 32% over last year. This is if we adjust for the SEK 10.7 billion charge related to SEC/DOJ in 2019. This operating income then leads to an operating margin of 12.5%. This means we reached and exceeded the 2020 target of operating margin over 10%, as Börje said. Again, the main contributor to the improvement here we see is, again, the Networks side of the business with a 19% operating margin for the fiscal year. An absolute key metric, obviously for me, but for all of us in the company, is the free cash flow before M&A. This came out at SEK 22.3 billion. Earnings per share, we also listed this here, diluted, came out at SEK 5.26. That's a level that we haven't seen, at least during the last 10 years, perhaps longer. Return on capital employed for the full year was 17%. That's an increase from 6.7%. Both these numbers include the cash position. If we, and this might be more appropriate, actually, if we exclude the cash, the return on capital employed would even have been at 32% in the full year. Let's have a closer look at Q4. Next slide, please, here. In the fourth quarter, net sales reached to SEK 69.6 billion. This is an organic growth of 13%. Again, driven by Networks that grew 20%, based on this continued high demand for the 5G portfolio. The largest growth, as Börje saw before in Northeast Asia, also North America, contributing with double-digit growth and as did Southeast Asia, Oceania, and India. Gross margin here, 350 basis points improvement to 40.6% also for the quarter. Again, also looking at the quarter, encouraging to see that all segments improved year-over-year with the main contribution from Networks. Operating income, SEK 11 billion, excluding restructuring, an operating margin 15.8%. Again, repeating myself, Networks also here the main driver with the 21.5% operating margin that Networks segment delivered. I also want a special mention here again of Digital Services that actually deliver the best operating income to date, a profit of SEK 500 million. Cash flow SEK 12.8 billion. We'll come back to that a bit later. Let's have a look at the trend on gross margin if we take this slide here. You can really see the result of execution of the focused strategy here in this graph. You see here the gross margin development over the years, in distinct quarters but also rolling. We have said this many times, but of course it is really the increased R&D investments that has been the main driver here for technology and cost leadership and also competitive advantage and gross margin improvement. Here, if we break this down a little bit, Networks gross margin improved 200 basis points following even better operational leverage. Digital Services improved during the year 420 basis points to 42% with more software share as sales. Managed Services, improved efficiency achievements, improvement of 310 basis points here. Lastly, Emerging Business and Other with a gross margin that improved actually 840 basis points to 28%. Cradlepoint contributes here. Maybe just a side note, being somewhat personally involved in Cradlepoint as well, I must say I'm quite impressed by the Cradlepoint leadership, and now we are full speed there with excellent collaborations with other parts of Ericsson also to create value. Okay, let's look at SG&A and R&D. R&D came out to SEK 10.5 billion. It's a slight decrease year-over-year, mainly following positive FX. Here, of course, we have added now Cradlepoint since November, so two months of Cradlepoint, both in R&D and also in SG&A, which is next here. That came out SEK 7.4 billion. As you see, that's a reduction of SEK 0.8 billion year-over-year. This reduction is mainly explained by less traveling, less trials cost, and other external spend. Also some provision release here. We have a provision release for customer financing and also some FX support that support this number. All of this more than offset than the added SG&A from the acquired Cradlepoint. We also show impairment losses on trade receivables here, just to illustrate that that can really swing between quarters. In Q4, we had a positive impact, SEK 0.3 billion, and this follows collection of high-risk receivables from customers. As you see, last quarter, this number was a SEK -0.2 billion, and this is really to illustrate that this item will fluctuate over quarters based on our updated risk assessments and changes in exposure collection from high-risk receivables and so on. Let's move over to cash flow and the financial position. I've mentioned then free cash flow before M&A in the quarter was SEK 12.8 billion, and it's really a result of a combination here, of course, increased profit levels, but also then in combination with working capital efficiency. Working capital days now is down to 65 from 75 days a year ago. I must say, I believe we have rather impressive focus now among the colleagues across market areas, business areas on cash flow generation. This brought full-year cash flow before M&A to SEK 22.3 [billion], and as I think we mentioned several times already on this call, although free cash flow definitions may have changed over time, this seems to be the strongest or is the strongest cash flow in the history of the company. This led to a net cash at the end of the year SEK 41.9 billion up from SEK 34.5 billion, gross cash landed rather flat at SEK 72 billion in spite of acquisitions, dividends, pension trust contributions, and loan repayments during the year. We continue to execute here on our capital structure strategy for flexibility and resilience, as we described before. In that context also, I'd like to highlight that we were, of course, very pleased with the rating upgrade we got in November from Standard & Poor's to investment grade, BBB-, stable outlook. The key trigger for the upgrade there on rating was really free cash flow. In turn, a result of growth reduced cost and improved capital efficiency. Now we have investment grade ratings both from Standard & Poor's and Fitch. We mentioned the board's dividend proposal already. Just to add that this means SEK 6.7 billion to be paid out then in two equal installments, just like 2020 in April and October, respectively. Okay, I will round off now. Just a few words on planning assumptions. I'm just going to highlight a few of them, but as usual, please refer to the report for the full set. First of all, on the market we operate in then we usually cite Dell'Oro. We will do that now as well. Dell'Oro expects the RAN market to grow by 3% in 2021, up from 2% previously, all with China up 4%, North America 2%, Europe up 3%. Regarding top line then historically, Q1 is our weakest sales quarter. If we look at the last three years, normal seasonality or average seasonality has been -24% from Q4 to Q1. This Q1, we expect that this seasonal effect might be somewhat less pronounced due to the 5G investments and rollouts that are ongoing. IPR importantly, as you know from the press release in December with ongoing renewal negotiations and other factors that we mentioned there in the release, we may see an impact on operating income by between SEK 1 billion and SEK 1.5 billion per quarter. For Q1 specifically, we expect that impact to be at the higher end of this range. Networks segment, we expect a similar mix Q1 to Q4. OpEx typically decrease from Q4 to Q1 due to seasonality. I want to point out again with large variations between the years. Want to remind about the FX rule of thumb, and then finally, a reminder that we expect Cradlepoint, as Börje mentioned, to negatively impact group operating margin in 2021 and 2022 by around 1 percentage point. With that, thank you so much, and back to you, our CEO, Mr. Börje Ekholm. Thank you, Mr. Carl Mellander. We are proud of our performance during 2020, but I will also say we're not happy at all as we see a lot of improvement areas in the business. We run the business focusing on driving the long-term margin improvements and growth, and we really see the target for 2022 as a milestone simply on the way to reaching the long-term targets of 15%-18% EBITDA margin. 2021 will, however, be an investment year with investments that will underpin our long-term growth as well as our long-term margins. This includes such areas as IPR, Cradlepoint, but also continued investments in the business. As we have gone through already, in December, we announced that we have important IPR negotiations and renewals ongoing that will impact or that will defer revenues for a period of time. We see that through focusing on maximizing the long-term value of our portfolio, can actually significantly improve our IPR revenues. We will also continue to invest in R&D to broaden the product portfolio and maintaining a strong customer offering, but also driving a further improved cost position. We do note that Cradlepoint will have a negative effect in 2021, primarily due to amortizations, but also investments in growth. We also see that in order to further strengthen our platform, we continue to increase our investments in compliance, but also security. What we have also seen during the last few years, that the value of increased footprint is clearly paying off in expanded gross margin. That's something we intend to do to capitalize on our very competitive portfolio and the current market conditions. The effects from COVID and continued geopolitical uncertainty, they of course remain. We believe we're well-positioned to manage any potential effects with the improved flexibility and resiliency in our operation, and we continue to invest for further improving the flexibility and resiliency. 5G is now a reality. We are a global leader with 127 contracts as well as 79 live networks. Our continued presence in the largest, as fastest-growing markets around the world are critical to support technology leadership and thus supporting our long-term financial targets. I want to also say that from an industry point of view, it's critical that we hold together the global standard and not fragment that, because the global standard has actually allowed the world to connect 8 billion subscribers onto one uniform standard. We are increasingly seeing that many countries are accelerating the investments in the 5G network, as they see the innovation on top of the network can easily create value that's 5x-10 x the network investments and allow them to transform and digitalize their companies to leverage this new platform. We hope that Europe will see this value as well before we fall too far behind the more aggressive countries and front-runner countries. We are committed to the targets for 2022. As we have said, we see 2021 as an investment year that creates a very strong platform for future growth and for reaching the long-term targets of 15%-18% EBITDA margin. We're confident in our ability to do so based on a strong underlying performance and resilience in the business built during the turnaround and visible in the financial performance for 2020. Thank you again for listening in. With that, I hand back to Peter for all your questions. Thank you, Börje. Operator, we can now open for the Q&A session, and we will continue that to around 10:00 A.M. Central European Time. Please, operator. Ladies and gentlemen, at this time, we will begin the question and answer session. If you would like to ask a question, please press zero one on your push button phone. If you would like to decline from the polling process, please press zero two. As always, please limit yourself to one question at a time, and please keep your questions at a broad level. Detailed information is provided in a report, and Ericsson's investor relations and media relations team will be happy to take additional questions and discuss further details with you after the call. Thank you, operator. The first question we will have here from Alexander Peterc from Société Générale. Alexander, please. Yes, good morning. I hope you can hear me well. Yes, you're perfect. Great, thank you. I just have one question on your 2022 targets and then a very quick follow-up, if I may. The first question is, given the strong Networks margins that you have now, can you explain why we should more cautiously model 2022? Obviously, at midpoint of your targeted margin, that's 200 basis points below what you achieved in 2020. If you could tell us what will drag these margins down. Do you have strong market share ambitions, and if you could quantify them, or are you enjoying particular tailwinds now that will disappear? If you'd quantify that as well. Then the quick follow-up would be just on IPR. I see a lot of disparity in how we model this. Maybe a good kind of a guidance on how many quarters we should take the missing IPR out of your bottom line, and that would achieve a more consistent consensus for 2021 in particular. Maybe you would like to give us a bit firmer guidance, understanding that that can change as and when litigation's resolved. Thanks very much. If we comment on target for 2022, we run the company not focused on 2022, but much rather on the long term. We have a clean result for Q4. There's not really any specific tailwinds in any way. It's not that we think that is going to change. It's just that we see that we will continue to invest in the business in order to drive the long-term margin target of 15%-18%. That's what we are focused on. 2022 is merely a milestone on that journey. We have not spent a lot of time looking through the details of 2022. View that only as a stepping stone to a much higher margin target. On the IPR, I appreciate your question, and I understand the difficulty, but I would encourage you to think how long is a rope. It's very unclear when you look at just that pile. It's very hard for us to say how many quarters this will go on. We have given you the guidance that it's about SEK 1 billion to SEK 1.5 billion per quarter, and we will update you as we move along on that journey. Rest assured, our focus is, again, not on closing a deal a specific quarter, but much rather on maximizing the net present value of our patent portfolio. That's what we will focus on, not on an individual quarter. Thank you very much. Thank you, Alexander. We will move to the next question, Daniel Djurberg from Handelsbanken. Please, Daniel. Thank you very much. A big congratulations on this very strong report. I have a question on your near-term planning assumptions. You expect less visible seasonality quarter-on-quarter on back of the strong 5G momentum. I was wondering if you should expect this when it comes also to the North American market. If you can comment on that would be great. Thank you. North America. Thanks, Daniel. The momentum continues in North America. It's been strong throughout this year. Now, of course, we also see maybe for a bit more long term that the C-band auctions have been completed, as you know, and that will lead to investments in that spectrum band as well. That's more towards the end of the year. Short term, we see that the momentum will continue in North America, and we are a big part of the rollout for all the Tier 1s there, so that will continue. Perfect. Thank you so much. I will go back to the queue. Okay. You got on it. Thank you. We will move to the next question, which is from Alex Duval from Goldman Sachs. Hi, Alex. Yes, good morning, everyone, and congrats on the robust results. I had a couple of quick questions. Firstly, you've talked about market share gains from all competitors. I wondered to what extent can that continue this year, and what are the key functions or attributes of your product that are allowing this? In the past, you've talked about ease of rollout and things like dynamic spectrum sharing. I wondered if you could talk about what will be the key factors and the extent to which you can maintain or extend your lead, as presumably others will want to catch up. Also, t looks like North America and China have been key drivers of growth this year. As we go into 2021, it seems like you're talking about market growth for the European market. I wondered what you're seeing in Europe that gives you that confidence, given your comment just now that there could be a risk that Europe could be lagging behind others. What are telcos saying to you, and to what extent do you see 5G helping to underpin the digital economy in Europe? Many thanks. If we start with the market share gains, I would say what we see now is our deployments in the field. When we can make comparisons, we clearly have a very strong performance, which I think is the key driver why we see this attractiveness for our customers. The other things we have invested over the past few years in improving our TCO cost, so the total cost of ownership for our customers. That, of course, is an important aspect when they look at our product compared to competitors. Of course, we have over the last few years shown that we deliver on the roadmap commitments we have made, which made the customers also appreciate the roadmap we show, but also, of course, our ability to execute on that. I would say we're seeing all these gains now happening in several markets around the world. I think it shows the investments we've made for a long time in R&D, and we increased in 2017. You look at Europe, you hear us be a bit more upbeat, it's really that we see the market share gains. It's more driven by the market share gains than the general market growth for our outlook in Europe. We're hoping for is, of course, that we will start to see some more 5G rollouts on a bigger scale in Europe during 2021, but that would further underpin growth in Europe. It is really important that we start to see the market come back to an underlying growth for the long term. We think the migration to 5G is inevitable. It's attractive for the consumer, kind of generates value for the end user, but it also addresses the cost position from growing data traffic in the networks. This is a migration that will happen. It's more, and we see that in all other markets, so we believe it's likely to happen in Europe as well. Okay, Alex. No, thanks. Thank you. We'll move to the next question, which comes from Sébastien Sztabowicz from Kepler Cheuvreux. Hi, Sébastien. Hello, thanks for taking the question. One question in China, could you please make an update on this market? Do you have any 5G tender ongoing there? If yes, when do you expect the results from those 5G tenders? A quick one on the component shortage that is affecting the semiconductor industry. Have you seen any impact so far, and how do you see the situation evolving for your specific supply chain and sourcing? Thank you. Your second question was about the supply chain development on the current environment. The component shortage, yeah. Component shortage that is affecting the industry. Yeah. Component shortage. Yeah. If we start in China, there are continuous ongoing tenders there. So far, we read the press like everyone else, so we see what goes on there. In addition, we've possibly seen some hesitation and uncertainties among our customers, but so far, no significant impact at all. We continue to drive the business forward. We believe our customers would like us in the network, and we see that kind of overall, moving along in a quite good way. As I said before, China is aggressively rolling out 5G, so it's an important market for us to be present in for more from a technology leadership point of view than possibly the volume. We are continuing to invest and see no reason to not do that. If we look at the supply chain, you're right, the semiconductor market is rather tight. You may also remember that we took decisions already in 2018 to, in a way, deconstrict our, whatever you want to call it, remove as much restrictions in our supply chain and actually create more supply chain flexibility. We are not seeing any effects now. We can continue to supply our customers with what they demand. If the current conditions continue for years, of course, we're going to have issues as well. Right now, we feel very comfortable about our delivery capabilities. Okay, Sébastien. Thank you. We will move to the next question, which comes from Peter Rawet at Sveriges Television. Please, Peter, can you hear me? Yes. Thank you very much. Mr. Börje Ekholm, I would like to ask you about China. You are gaining market share there. You are widening the scope there on the full year. What happened after 20th of October last year when the Swedish authorities decided to close out on Huawei? Yeah, as we said, we continue to see a demand in China. We read the press like you do. We continue to invest in the business, and we have so far not seen any material effects on the business. Okay, Peter? Yeah. Yeah. Can I do another question? Sure. Yeah. Go ahead. Have you taken any other steps there in China because of what happened in Sweden? What we have done, and we just went through that, is that we have invested in flexibility and resiliency in our business. That's something we have continued to do during 2020. That allows us to be flexible to manage different type of implications that we can see in the business, being this question, being other questions. That is something we are continuously doing, but otherwise, our business continues, and we'll continue to invest in the business like we always have. Okay, Peter. Okay, thank you. Thank you. We move to the next question. The next question is from Achal Sultania at Credit Suisse. Hello, Achal, can you hear us? Hi, good morning, everyone. Morning For the question. Morning. A couple of questions. First, on the competitive landscape. When we think about Huawei getting restricted from a number of countries, ZTE still falling behind on 5G. What is the situation when it comes to telco operators trying to find alternative suppliers, be it Samsung? When you go for these 5G bids in Europe, are you seeing Samsung coming up as a credible competitor in the long term? Secondly, on the Open RAN situation, obviously there has been a lot of talk about Open RAN, especially in Europe. A number of telcos have come together and formed an alliance. How well-positioned Ericsson is in that Open RAN environment in the future, and how should we think about the change in your business model, if and when Open RAN starts to get massively adopted? Thank you. On your first question, I think it's clear from our point of view, we're focusing on Ericsson, we're focusing on that business. How the market looks and our customer looks at different vendors, I think that's a question better asked to them than to us. That is, I think, a little bit hard for me to address. What I can say is that it continues to be a competitive market around the world. We've seen some vendors be aggressive on price, driving price discussions, et cetera. I think overall, it's no change compared to how it's been in 2018, 2019, and 2020. That is a general, call it, background to the whole industry. I think you can rest assured that the market will continue to be competitive going forward. I know the discussion on Open RAN, and you all know that we have also championed and pioneered increased openness and cross-industry collaboration as a way to speed up innovation. For us, we're involved in Open RAN. We're one of the key contributors in the work in that forum. At the same time, we see right now that speed to market as well as price performance reasons, the integrated solutions will continue to be a majority of the network deployments for the coming years. This is in reality driven by the two large areas in North America as well as in China, where they are pushing ahead on deploying 5G now. The discussion when Open RAN is, and that architecture is going to be truly competitive, I think it's a bit hard to address right now, but it's not a near-term question. We don't see it really ready for prime time except for some low-performance applications or segments in the market. I think instead here, the discussion ought to be, especially here in Europe, should we drive forward on 5G networks now? Otherwise, if we don't do that, we expose the whole industry in Europe to fall behind due to the disruption that actually happened in the consumer market on 4G that will now happen in the enterprise market with 5G. I think that's a more healthy debate to be had in Europe. What can we do to speed up that deployment? Thanks, Börje. Okay. Thanks, Achal. We'll move to the next question, and the next question is from Johanna Ahlqvist from SEB. Good morning, Johanna. Good morning. Two questions, if I may. The first one tag along on previous questions on competition. Two of your competitors are struggling a bit on the product side. Do you see any irrational pricing behavior in the market as of now due to that? The second question relates to OpEx, which was quite low in the quarter, as you say, partly related to less traveling due to the pandemic. When you plan for 2021 on your OpEx, do you assume some sort of traveling resuming and things going back to normal that OpEx will come up a bit, leaving all patent disputes and FX aside? How should we look upon OpEx in 2021? Thank you. Thanks, Johanna. When it comes to OpEx going forward, what we can say in general, and you know we don't really guide specifically on individual lines and so on in the P&L. If you look at 2021 OpEx, we don't expect any massive moves compared with 2020. Of course, we have talked about a certain number of items. The Cradlepoint, of course, is added. We only have two months of Cradlepoint in 2020, and of course, the full year 2021. We have talked about litigation costs as well in relation to the IPR negotiations or renewals, and so on. There are certain items like that. Overall, I would say 2020 is probably a fairly good guide for 2021 as well. When traveling will resume and to what extent, very hard to say. I guess that's something everyone in the world thinks about. I suppose a reasonable estimate is that we will not go back to pre-COVID travel levels, but it's likely to increase a bit from 2020 whenever we can say that we are out of the pandemic. Börje, you have the first question. We can even say on travel that some parts of the world have traveled as normal also this past quarter. Don't think travel has gone to zero. No, it's not. Of course, we are still rolling out networks in the world, and some countries definitely have come out of lockdown situations and so on. There has been travel, but of course, on a very different level than pre-COVID. If you look at the question on competition, I would say the pricing environment is not that different. It's been the same pretty much throughout 2020. We've been able to work in that environment and still, as you have seen, increase gross margins. There are some, what I would label aggressive and possibly irrational pricing behaviors in the market, but that's been throughout the year. It's nothing that has really changed in the end of the year. It's been there. I don't know what to say. We've been able to work in that environment, thanks to a competitive product portfolio, but also a very good cost position that we achieved by investing in R&D again to drive down the cost of the products. I don't expect any dramatic changes in the market behavior going forward. It, of course, has elements of aggressiveness, but that it always has. Okay, Johanna. Thank you. Thank you, Johanna. We move to the next one. The next question is from Predrag Savinovic at Carnegie. Predrag, can you hear us? I can hear you. Morning. Good morning to all, and thank you for taking my questions. Again, on the market share gains here, you mentioned you take some from all competitors. Could you elaborate a bit on the regions where you see the highest share gains? Also, if you can mention something on order inquiries overall which has not yet led to an order win, so to speak as of the beginning of this year as well. A follow-up on another discussion on the software part. I see it's 22% in 2020, up 1% from last year and has risen steadily. Can you talk about what you expect here in the coming five years? Is 30% realistic here? Thank you. If we start with the latter part, one of our strategies have been to increase the software content. That is actually one of our focus areas. We continue to do that. Where that is going to take us at the end of the day, except that it's going to be an increasing portion, as you have seen in the past, and that will continue to increase. We're consistently working on that, and that is one of the key parts which allows us to say that our target for a long-term margin is going to be 15%-18%. That will be underpinned by growing software content. The first question. Market share gains. Yeah, market share gains. It's clear that we see market share gains in Europe. That is what has allowed us to get back to growth in Europe. The underlying market, we don't see really growing. Europe is a clear market share gain. We've also seen strong gains in North America. It is a part of the strong growth profile we've seen in the U.S., and we have share gains there with a couple of operators in both the U.S. as well as Canada. We also, and it's well publicized, we have a market share gain in China as well. We have a larger share of 5G than we had of 4G. That is also driving our growth. We're seeing increased market share as well in Australia. We're seeing it in other parts of Asia as well. The market share gains, it's not that it's really isolated to one market or one segment. It's actually across the board. What makes us comfortable with believing at least that we can strengthen our business, is what we see on the, what I would say would be pre-order, i.e. discussions with customers on deployment plans, chances to win additional market share. We see actually a very robust development there. That makes us believe that we have a very strong position right now, and we want to capitalize on that. Don't leave the question thinking that it's an isolated market share gain that drove all of this. No, it's actually much more widespread. Okay, Predrag. We move to Fredrik Lithell at Handelsbanken. Fredrik, can you hear me? Hi, Fredrik. You disappeared there. We'll move to the next one, Frank Maaø at DNB. Hello, Frank. Good morning. Good morning. I think most of my questions have been partially answered, at least. If you could help me a little bit about how to think about gross margins for 2021. I think you indicated that you are comfortable in general with your ability to meet price pressure, for instance, in North America and elsewhere, due to your investments in R&D that allows you to continue to reduce hardware costs and so on. Do you expect that to continue this year? The second point or question relating to this is whether or not you expect a similar commodity mix and business mix this year as you had in 2020. Thank you. Good. Okay. Yeah. Thanks, Frank. Yeah. On the gross margin side, of course, there are, as usual, puts and takes, and you mentioned some of them yourself, including constantly taking out costs out of the portfolio, and that will continue. That's a relentless effort, of course, in R&D to accomplish that. You have seen the historical development of gross margin. It's really supported to a very large extent by that, the fact that we have a cost structure that is more and more competitive. That will continue, of course. We have flagged, as you know, for certain things that will impact next year, including the IPR, of course, which is also impacting gross margin, so we have to take that into account. Otherwise, I think we're proud of the gross margin development so far, and we will certainly fight to continue in this direction as well in 2021 and beyond. Thanks, Frank. We'll move to the last question. Yeah, thank you, Frank. Sorry, there was a second. Commodity mix for the full year 2021. That was the question, right? I think what we saw in the fourth quarter when it comes to commodity mix is also that the hardware portion was large, and as I think I said before, that's actually a very good sign because it's an evidence or a result of gaining footprint. That we expect to continue now as 5G deployment continues. At least in the beginning of the first half or so of 2021, we will see large hardware volumes being delivered, and that's a good thing. Coming back perhaps to the last question there on software, of course, that's the overall ambition to continue to increase the software share in our offering, and that goes both for Networks and Digital Services business as well as Emerging Business and Other, of course. Okay. Thank you, Frank. We will move to the last question for this session. That is we have Fredrik Lithell back here, Handelsbanken. Fredrik, can you hear us now? Yeah, I can hear you clearly. I hope you can hear me as well. Perfect. Yeah. Just to follow up on the market share gains. Sorry for pushing one more of those questions, but outside of Europe and North America, where it is probably so that some operators are also leaning more towards you and maybe Nokia instead of the Chinese. Can you see market share gains in more neutral aspects? Are you on technology aspects and total cost of ownership in other regions? Would be interesting to hear where you stand towards maybe your toughest competitor. Thank you. Thank you. As I said, we see market share gains across the board. It's not isolated to individual countries where there have been restrictions. I would say when you look, there are a number of countries around the world where we have strengthened our position, that makes us see that we gain that footprint based on the technology we can offer, it's still a competitive market, so it's no way granted that everything will go to us. We can see that we are having a disproportionate win ratio. That's why I feel very comfortable about our competitiveness of the portfolio, not only from a product feature and roadmap point of view, but also from a cost point of view. That's equally important in a competitive market. You see our market share gains that may not be visible in numbers yet, but it is in Africa, it's in Asia, it's in Latin America as well. Okay. That's very clear. Thank you very much for that. Thank you, Fredrik. Thank you for all good questions today. Before we close the call, I know that Börje wants to have some final remarks. Please, Börje. Well, wanting, Peter, is different from you telling me that I have to. I just want to end by saying we're proud of the delivery over solid 2020. We're not happy. That's because we see a lot of improvement areas, and we are continuing to invest in those improvement areas. We are committed on the target for 2022 as a milestone to reaching the long-term EBITDA margin target of 15%-18%, where we're really investing and spending the effort to make sure that we deliver. With that, thank you all for listening in, and I wish you a great rest of the Friday and a happy weekend. Thank you.