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Q4 and full year 2025 January 26, 2026 Helena Hedblom, President and CEO Håkan Folin, CFO Karin Larsson, VP IR & Media
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Highlights 2025 • Strong mining demand, 79% of orders received (78) • Gold, copper and zinc strong, nickel weak • Majority brownfield • High exploration demand • Mixed infrastructure, 21% of orders received (22) • Rigs and equipment used in larger civil engineering projects stable • Attachments for construction remained weak, but destocking among distributors largely complete • Currency headwind impacting orders, revenues and profit negatively • Orders received +7% organically to BSEK 63.0 (62.2) • Revenues +2% organically to BSEK 62.0 (63.6) • Adj. operating profit BSEK 12.1 (12.6), 19.6% (19.8) • Efficiency actions Q4 2025 2Q4 2025
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Automation highlights The world’s largest OEM-agnostic autonomous mine • Epiroc has successfully converted Roy Hill’s surface mixed fleet to driverless operation in Australia • All 78 autonomous haul trucks and around 250 ancillary vehicles running 24/7 3 900+ driverless machines +13% vs 2024 Fully mixed-fleet automated underground production level • The 1 200 meter production level at Newmont’s Cadia block cave mine in Australia is fully run from the surface • 6-8 Scooptram ST18 loaders working seamlessly with other OEM machines such as rock breakers and water cannons Q4 2025 3
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Electrification highlights Electrification 3.8% (4.2) of Group revenues Impressive results for battery-trolley solution • Five-kilometer trolley solution in the Boliden Rävliden mine in Sweden in operation • Productivity +23%, ramp speed +50% and diesel consumption -80% Largest contract ever, for autonomous and electric- powered mining equipment • Around 50 fully autonomous and electric surface blasthole rigs to Fortescue in Australia during five years • Cable-electric Pit Viper 271 E and battery-electric SmartROC D65 BE Q4 2025 4
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Digitalization highlights Safety and productivity leadership Collision avoidance system to all Hindustan Zinc’s mines • Increased safety through advanced sensor technology, real-time positioning, and intelligent alerts to ensure operators have full situational awareness • Seamless integration with Epiroc’s existing automation and digital platforms Real-time insights into equipment location, usage, maintenance status • Fleet management and asset tracking for attachments • 5 500+ attachments connected Q4 2025 5
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Highlights Q4 2025 • Strong quarter with +11% organic order growth • High customer activity within mining, especially in gold • Organic equipment growth +22% • Organic service growth +6% • Large mining equipment orders MSEK 670 (820) indicating a strong widespread underlying demand • High demand for exploration, driven by a combination of a stronger exploration market and a leading offering • Infrastructure and construction demand remained stable • Healthy activity in larger civil engineering projects and stable, seasonally low, demand for attachments • Revenues +4% organically • Adjusted operating margin, EBIT, at 19.6% (19.7) • Positive contribution from organic revenue growth compensating for tariffs and currency Q4 2025 6
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• Orders received -1% • MSEK 15 970 (16 182) Group orders received: High mining demand Q424 +11% Organic -12% Currency +-0% Structure/other Q425 16 182 15 970 -1% 14 388 14 162 16 349 15 520 16 182 16 586 15 276 15 142 15 970 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 +7% organic • Strong mining demand • Gold and copper strong • Nickel weak • MSEK 670 (820) in large orders 7 -3 1 6 5 10 2 7 11 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Organic growth, %, y-o-y (reported)Orders received, MSEK • -12% currency • +11% organic Orders received Organic growth Orders received bridge Q4 2025 7
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Aftermarket Aftermarket revenues 63% (63) • Mining driving growth for rock drilling tools and service • Attachments seasonally weak, but destocking largely complete • Potential for profitable growth 37% (37) Equipment 41% (41) Service 22% (22) T&A Revenue split Aftermarket 63% (63) Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 9 612 9 453 10 960 10 506 10 909 10 443 10 088 9 992 10 157 Tools & Attachments revenues, MSEK Service revenues, MSEK Recurring aftermarket revenues Q4 2025 8
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Operational excellence • Tariffs and mitigating actions • Optimizing logistics and distribution flows • Leveraging global manufacturing footprint • Changing suppliers, e.g. steel • Price increases • Efficiency measures for profitable growth • Consolidating customer centers and production sites • Investing in Nashik, India, creating global production hub for equipment Q4 2025 9
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Sustainability: People & Planet • Increased safety • Total recordable injury frequency rate decreased to 3.9 (4.3) • 19 055 (18 874) employees • Women employees 20.5% (19.8) • Women managers 24.4% (24.4) • CO2e emissions from operations* -8% to 19 953 (21 707) • Renewable energy and energy efficiency activities • CO2e emissions from transport* +6% to 107 948 (102 174) • Air freight and new transport routes due to tariffs and global transportation constraints * Comparable units Q4 2025 10
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Group revenues and operating profit Revenues -7%, MSEK 16 090, +4% organic • 63% aftermarket (63) EBIT -7%, MSEK 3 204 (3 427) • IAC* +58 (+22), relating to an insurance settlement gain and costs for efficiency measures Operating margin 19.9% (19.9) 3 349 2 760 2 921 3 277 3 427 3 088 2 831 2 802 3 204 19.7 Q224 20.9 19.7 Q324 19.9 19.7 Q424 19.9 19.920.4 Q125 18.7 19.7 21.5 Q225 18.4 20.7 19.0 Q423 Q325 19.919.5 Q124 17.7 Q425 15 568 14 143 16 511 19.6 17 251 15 536 15 130 15 242 16 09015 699 Operating margin, EBIT, % Revenues, MSEK Operating profit, EBIT, MSEK Adj. operating margin, EBIT, % Revenues and EBIT Adjusted EBIT -8%, MSEK 3 146 (3 405) • Organic: Increased efficiency more than offset tariff impact • Currency: Negative Adjusted margin 19.6% (19.7) Adjusted operating profit bridge Adj. Closing EBIT +58 IAC Reported EBIT +241 +0.6pp Adj. opening EBIT -477 -0.7pp Currency -23 -0.1pp Organic Structure/other 3 405 3 146 3 204 -8% 19.7% 19.6% 19.9% Margin *IAC = Items affecting comparability Q4 2025 11
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• Orders received +1% • MSEK 12 313 (12 180) Equipment & Service: Orders received +-0% Structure/ other Q425Organic -12% CurrencyQ424 12 180 12 313 +13% +1% 11 551 11 025 12 388 11 830 12 180 12 377 11 506 11 439 12 313 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 +8% organic • Strong mining • Large orders MSEK 670 (820) 8 -2 3 9 5 12 2 6 13 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Organic growth, %, y-o-y (reported)Orders received, MSEK • -12% currency • +13% organic growth • +22% for equipment • +6% for service Orders received, MSEK and contribution in % Orders received Organic growth Orders received bridge Q4 2025 12
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Equipment & Service: Revenues and operating profit Revenues -6%, MSEK 12 469, +4% organic • 47% equipment (47), +4% organic • 53% service (53), +4% organic EBIT -12%, MSEK 2 731 (3 121) • IAC* of MSEK -30 (-15) Operating margin 21.9% (23.4) Revenues and EBIT Adjusted EBIT -12%, MSEK 2 761 (3 136) • Organic: Negative tariff impact • Currency: Negative Adjusted margin 22.1% (23.6) Adjusted operating profit bridge 3 211 2 503 2 763 2 923 3 121 2 724 2 577 2 426 2 731 23.2 Q224 24.6 22.9 Q324 23.4 23.6 Q424 23.3 23.322.3 Q125 22.525.6 23.023.3 Q225 21.1 21.9 Q423 Q325 21.922.3 Q124 22.1 Q425 12 558 11 212 12 516 22.1 13 311 11 704 11 435 11 513 12 46911 875 Operating margin, EBIT, % Revenues, MSEK Operating profit, EBIT, MSEK Adj. operating margin, EBIT, % Adj. Closing EBIT 30 IAC Reported EBIT Organic -410 -0.7pp CurrencyAdj. opening EBIT +49 -0.6pp -14 0.0pp Structure/other 3 136 2 761 2 731 -12% 23.6% 22.1% 21.9% Margin *IAC = Items affecting comparability Q4 2025 13
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• Orders received -7% • MSEK 3 645 (3 938) Tools & Attachments: Orders received Q424 +4% Organic -11% Currency +-0% Q425 3 938 3 645 Structure/other -7% 2 827 3 122 3 947 3 656 3 938 4 187 3 743 3 677 3 645 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 +1% organic • High mining demand • Low and seasonally weak attachments -6 -1 -6 3 2 2 8 4 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 0 Organic growth, %, y-o-y (reported)Orders received, MSEK • +4% organic growth • -11% currency Orders received, MSEK and contribution in % Orders received Organic growth Orders received bridge Q4 2025 14
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Tools & Attachments: Revenues and operating profit Revenues -7%, MSEK 3 608, +4% organic • Currency -11% EBIT +65%, MSEK 537 (326) • IAC* of MSEK +92 (0) Operating margin 14.9% (8.4) Revenues and EBIT Adjusted EBIT +37%, MSEK 445 (326) • Organic: Improvement driven by efficiency measures • Currency: Negative Adjusted margin, 12.3% (8.4) Adjusted operating profit bridge 335 429 326 461 376 436 537 Q124 7.1 283 11.2 Q224 11.3 11.3 Q324 8.4 8.4 Q424 12.1 12.1 Q125 10.3 12.9 8.1 Q225 11.8 243 11.613.4 Q325 14.9 Q423 12.3 11.4 15.6 2 985 2 949 3 991 3 809 Q425 3 811 3 665 3 704 3 608 3 891 Operating margin, EBIT, % Revenues, MSEK Operating profit, EBIT, MSEK Adj. operating margin, EBIT, % 326 445 537 92 Adj. opening EBIT Organic Currency Structure/other Adj. Closing EBIT IAC Reported EBIT -7 -0.2pp+202 +5.2pp -76 -1.1% +37% 8.4% 12.3% 14.9% Margin *IAC = Items affecting comparability Q4 2025 15
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Costs, net financials and tax • Costs somewhat lower • Marketing costs lower • Net financial items MSEK -115 (-301) • Net interest MSEK -199 (-248) • Exchange rate differences • Tax expense MSEK -742 (-747) • Effective tax rate 24.0% (23.9) Administration, marketing and R&D expenses 2 557 2 411 2 746 2 552 2 742 2 714 2 565 2 447 2 648 16.4 Q423 17.0 Q124 16.6 Q224 16.3 Q324 15.9 Q424 17.5 Q125 17.0 Q225 16.1 Q325 Q425 16.5 -3% Expenses in % of revenues Admin, Marketing and R&D expenses, adj. for items affecting comparability, MSEK Q4 2025 16
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• Operating cash flow MSEK 2 577 (3 956) • Strong previous year • Lower profit • Higher taxes paid • Cash conversion rate 90% (104) Operating cash flow Operating cash flow and cash conversion rate, % 1 778 1 609 1 789 3 956 1 569 1 104 2 476 2 577 66 83 90 88 104 100 94 105 90 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 2 435 Cash conversion rate, %, 12 months (Operating cash flow / Net profit) Operating cash flow, MSEK Q4 2025 17
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Net working capital • Net working capital -9% to MSEK 22 026 (24 322) • Excluding currency, net working capital increased somewhat, due to increased inventories slightly off-set by increased payables • 36.9% (37.4) of revenues Net working capital 21 736 24 322 22 026 35.2 Q423 37.4 Q424 36.9 Q425 Net working capital, % of revenues, 12 months Net working capital, period end 10 455 12 424 11 155 18 747 19 191 18 100 -7 466 -7 293 -7 229 Q423 Q424 Q425 21 736 24 322 22 026 Working capital Inventories Receivables Payables (trade and advanced) Inventories -1 091 Receivables - 1 269 Payables +64 Q4 2025 18
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Capital efficiency • Net debt MSEK 11 004 (14 778) • Net debt/EBITDA 0.73 (0.93) • Good cash generation • ROCE 18.9% (20.6) • Higher intangible assets, such as goodwill Net debt and Net debt/EBITDA 7 824 14 778 11 004 0.49 Q423 0.93 Q424 0.73 Q425 Net debt/EBITDA ratio Net cash (-) / net debt (+), end of period, MSEK Capital employed and ROCE 27.0 Q423 20.6 Q424 18.9 Q425 51 437 65 398 63 473 Return on capital employed, %, 12 months Capital employed, cash, MSEK, period end Capital employed, ex cash and goodwill, MSEK, period end Q4 2025 19
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Dividend* • Proposed ordinary dividend to shareholders of SEK 3.80 (3.80) per share • MSEK 4 594 (4 594) • Two equal installments with record dates May 8 and October 19, 2026 3.00 3.40 3.80 3.80 3.80 51 49 49 53 53 20 25 30 35 40 45 50 55 0 1 2 3 4 5 6 2021 2022 2023 2024 2025* Payout ratio, % Dividend per share, SEK Dividend and payout ratio * Proposed by the Board to the AGM. The dividend for the fiscal year 2025 is to be paid out in 2026. Q4 2025 20
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Summary • Strong last quarter, +11% organic order growth, Equipment +22% and Service +6% • High demand for exploration • Healthy activity in larger civil engineering projects and stable, but seasonally low, demand for attachments • Organic margin improvement more than compensating tariffs and currency Q4 2025 21
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Looking ahead As we enter 2026, we are well positioned to capture growth • Mineral prices are high for our main commodities copper and gold • We are exposed to attractive, performance-critical niches where our equipment and aftermarket makes a positive difference for productivity • Our customers show great interest in our solutions for automation, mixed fleet automation, digital safety solutions as well as for electrification • We have a comprehensive and market leading offering within exploration • We have committed employees who make a positive difference In the near term… • We expect mining demand to remain high, while demand from construction customers is expected to increase somewhat from a low level Q4 2025 22
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Q4 2025 23 Registration open! Capital Markets Day 2026 June 8-9 Örebro, Sweden https://www.epirocgroup.com/en/cmd2026 FYI: Volvo AB hosts its CMD on June 10 in Eskilstuna, Sweden.
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Q&A ir@epiroc.com Q1 2025 24
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Eager to know more about Epiroc? Karin Larsson VP IR & Media +46 10 755 0106 ir@epiroc.com Useful links • Financial publications incl. Key figures and pre-results mail • Calendar • Annual and Sustainability Report • CMD Alexander Apell IRO +46 10 755 0719 ir@epiroc.com Gustaf Bratt IR Coordinator +46 76 163 8700 ir@epiroc.com Q4 2025 25
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Appendix Q1 2025 26
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Leading productivity and sustainability partner with roots from 1873 North America 29% South America 13% Europe 14% Africa/ Middle East 16% Asia / Australia 28% Orders received*Orders received 2018 2019 2020 2021 2022 2023 2024 2025 39 400 39 492 36 579 45 648 53 222 58 899 62 213 62 974 Equipment Aftermarket Revenues in ~150 countries ~ 19 000 employees Adj. EBIT margin* 19.6% Equipment* 34% Aftermarket* 66% Aftermarket consists of ”Service” and ”Tools & Attachments” * 12 months Q4 2025 27
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Attractive niches OutperformanceOperational excellence Our strategy is our investment case Attractive niches Innovation Our success is based on sustainability and a strong corporate culture AftermarketAftermarket Operational excellence We focus on attractive niches with structural growth We accelerate the productivity and sustainability transformation in our industry We have a well-proven business model We create value for our stakeholders We have a high proportion of recurring business Q4 2025 28
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Commitment to long-term delivery 39 400 62 974 Q418 Q425 +60% History of translating orders into EPS and cash growth Orders +60% Revenues +62% Adj. EBIT +56% Basic EPS +58% Operating cash flow +99% EBIT +61% Orders received MSEK, 12M 38 285 61 998 Q418 Q425 +62% Revenues MSEK, 12M 7 385 11 925 Q418 Q425 +61% Operating profit (EBIT) MSEK, 12M 7 779 12 125 Q418 Q425 +56% Adj. operating profit (EBIT) MSEK, 12M Q418 Q425 4.51 7.12 +58% Basic EPS, SEK 12M 3 884 7 726 Q425Q418 +99% Operating cash flow MSEK, 12M 7% CAGR 7% CAGR 7% CAGR 7% CAGR 7% CAGR 10% CAGR Q4 2025 29
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Financial goals at a glance Goals Description Q4 2025 2025 2016-2025 Growth Annual revenue growth of 8% over a business cycle. -7% -3% 8% p.a. Profitability (EBIT) Industry-best operating margin, with strong resilience over the cycle. 19.9% Adj. 19.6% 19.2% Adj. 19.6% 20.% Adj. 20.8% Capital efficiency (ROCE) Improve capital efficiency and resilience. Investments and acquisitions shall create value. 18.9% 18.9% 24.1% Capital structure Have an efficient capital structure and have the flexibility to make selective acquisitions. The goal is to maintain an investment grade rating. Rating BBB+ Dividend policy Provide long-term stable and rising dividends to its shareholders. The dividend should correspond to 50% of net profit over the cycle. Proposed dividend for 2025, paid in 2026: SEK 3.80 in two installments. 53% payout ratio. 51% pay out (2018-2025) Q4 2025 30
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2030 goals for people and planet • No work-related injuries • Balanced workforce and double the number of women in operational roles • Have all employees and business partners comply with our Code of Conduct and Responsible Sales Assessment Process implemented • Halve CO2e emissions in operations* • 90% renewable energy in own operations • Halve transport CO2e emissions • Offer a full range of emissions-free products • Halve CO2e emissions from machines sold* • Require 50% reduction of CO2e emissions from relevant suppliers Base Year 2019 * Q4 2025 31
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Debt information and maturity profile • Net debt/EBITDA: 0.73x • S&P rating: BBB+ Stable outlook • External financing: BSEK 17.1 • 85% long term financing • 48% green or sustainability linked • 3.7 years average tenor (long-term) • Average interest duration: 15 months • Average interest rate: 3.75% • 61% SEK financing 2 000 1 000 1 500 500 3 000 5 398 1 231 282 2 000 1 082 2026 2027 2028 2029 4 000 2030 2031 2032 2033 2034 3 000 7 000 3 364 Loans in Group subs. Com papers, SEK Bonds, SEK RCF, unutilized * Green Bonds, SEK Bonds, EUR Bilateral loans sustainability linked, SEK Bilateral loans, SEK Bilateral loans sustainability linked, AUD Maturity profile (MSEK) * RCF not included in calculations (unutilized) Q4 2025 32
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The profit bridge currency effect Total operating profit currency effect in the bridge 1. Translation 2. Transaction 1a. Translation 1b. Internal profit Income statement effect converting subsidiaries to SEK Income statement effect from balance sheet from internal profit revaluation 2b. Revaluation Income statement effect from balance sheet accounts receivables and accounts payables revaluation 2a. Payment flows Income statement effect sales or purchases in foreign currencies What you see in our report What you get in our key figures The details you cannot see… Impact Q425 MSEK -190 MSEK -287 MSEK -477 Q4 2025 33
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United. Inspired. Performance unites us, innovation inspires us, and commitment drives us to keep moving forward. Count on Epiroc to deliver the solutions you need to succeed today and the technology to lead tomorrow. epiroc.com
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Disclaimer - Some statements in this presentation, or in conclusion to it, are forward-looking and the actual outcome may be different. In addition to the factors explicitly commented upon, the actual outcome may be affected by other factors such as macroeconomic conditions, movements in foreign exchange- and interest-rates, political risks, competitor behavior, supply- and IT-disturbances.