Slides
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Q3 2026 October 28, 2026 Helena Hedblom, President and CEO Håkan Folin, CFO Karin Larsson, VP IR & Media
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Safety first 2 From digital innovation to real-world safety impact 350 people evacuated safely in only 35 minutes During a fire at a mining operation in the Fresnillo district in Mexico, Epiroc Situational Awareness supported a safe, effective and successful evacuation
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Highlights Q3 2026 Strong mining demand • Group orders +12% organic to BSEK 17.5 (15.1), driven by mining • Large equipment orders MSEK 790 (470), including the second largest order ever, MSEK 610 for an underground mine in Botswana • Organic service growth +13% Financial performance • Revenues +7% organic to BSEK 16.8 (15.2) • Adjusted EBIT margin, increased to 20.4% (19.0), driven by higher volumes and efficiency Investments to secure long-term profitable growth • Site investments in Sweden, India and Mexico Q3 2026 3
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Orders received +15% • MSEK 17 467 (15 142) • Strong mining and stable infrastructure Group orders received: High mining demand +-0% Structure/other Q326 +12% Organic +3% Q325 15 142 17 467 Currency +15% Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 15 520 16 182 16 586 15 276 15 142 15 970 18 340 17 305 17 467 -3% organic Strong mining demand • E&S growth +15% organic • MSEK 790 (470) in large orders* • Strong exploration, underground and digital demand 6 5 10 2 7 11 23 13 12 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Organic growth, %, y-o-y (reported)Orders received, MSEK Order growth • +12% organic • +3% currency Orders received Organic growth Orders received bridge Q3 2026 4 * As of Q1 2026, large orders are those above MSEK 150. Previously, large orders were above MSEK 100. Comparable figure has been restated.
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Leading productivity and sustainability partner Acquisition • Eventspec strengthens service presence in South Africa • ~125 employees and ~MSEK 160 in annual revenues Innovation for both the past and the future • YieldPoint technology monitors micrometer-scale rock movements at a 3 000-year-old archaeological site in Egypt • Seamless autonomous underground to surface haulage through 3D LiDAR technology 5Q3 2026
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1m44s FILM: Reaching surface 6
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Aftermarket 67% of revenues Aftermarket demand driven by mining • Service orders +13% organic, with strong demand for mid-life rebuilds and digital solutions for use in automation and safety applications • Tools & Attachments orders +4% organic, driven by mining Aftermarket revenues 67% (66) • Service revenues +10% organic • Tools & Attachments revenues +6% organic 7Q3 2026 33% (34) Equipment 43% (41) Service 24% (25) T&A Revenue split Aftermarket 67% (66)
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Group revenues and operating profit Revenues +10%, MSEK 16 775, +7% organic • 33% equipment (34) and 67% aftermarket (66) EBIT +22%, MSEK 3 411 (2 802) • IAC* MSEK -15 (-94), fully explained by the change in provision for LTIP Operating margin 20.3% (18.4) 20.9 19.9 19.9 18.7 18.4 19.9 19.8 19.9 20.3 19.7 19.7 19.9 19.7 19.0 19.6 20.0 20.1 20.4 2 831 Q225 2 802 3 204 Q425Q325 2 8463 277 Q126Q324 3 3163 427 Q226Q424 3 4113 088 Q125 15 699 17 251 15 536 15 130 Q326 16 090 14 351 16 702 16 775 15 242 Operating margin, EBIT, % Revenues, MSEK Operating profit, EBIT, MSEK Adj. operating margin, EBIT, % Revenues and EBIT Adjusted EBIT +18%, MSEK 3 426 (2 896) • Organic MSEK +475 supported by high invoicing and efficiency measures taken in previous quarters Adjusted operating margin 20.4% (19.0) Adjusted operating profit bridge Adj. opening EBIT +475 +1.5pp2 896 3 426 3 411 Structure/other +11 +0.1pp Currency +44 -0.2pp Reported EBIT Organic -15 IACAdj. Closing EBIT +18% 19.0% 20.4% 20.3% Margin *IAC = Items affecting comparability Q3 2026 8
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Equipment & Service: Orders received Orders received +19% • MSEK 13 570 (11 439) Q3 2026 9 +-0% Structure/ other Q326 +15% Organic +4% Currency 11 439 13 570 Q325 +19% Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 11 830 12 180 12 377 11 506 11 439 12 313 14 230 13 432 13 570 -3% organic Strong mining • Strong exploration, underground and digital demand • Large orders of MSEK 790 (470) 9 5 12 2 6 13 27 17 15 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Organic growth, %, y-o-y (reported)Orders received, MSEK Order growth • +15% organic growth • +16% for equipment • +13% for service Orders received, MSEK and contribution in % Orders received Organic growth Orders received bridge
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Equipment & Service: Revenues and operating profit Revenues +11%, MSEK 12 753, +8% organic • 44% equipment (45), +5% organic • 56% service (55), +10% organic EBIT +25%, MSEK 3 035 (2 426) Operating margin 23.8% (21.1) 76% of Group revenues and 85% of adj. EBIT in the quarter Q3 2026 10 Revenues and EBIT Adjusted EBIT +20%, MSEK 3 035 (2 527) • Organic: higher invoicing and increased efficiency Adjusted operating margin 23.8% (21.9) Adjusted operating profit bridge 24.6 23.4 23.3 22.5 21.1 21.9 24.0 23.1 23.8 22.9 23.6 23.3 23.0 21.9 22.1 24.0 23.1 23.8 Q125 2 577 Q225 2 426 Q325 2 731 Q425 2 923 2 584 Q324 Q126 2 9673 121 Q226 3 035 Q424 2 724 11 875 13 311 11 704 11 435 Q326 12 469 10 776 12 839 12 753 11 513 Operating margin, EBIT, % Revenues, MSEK Operating profit, EBIT, MSEK Adj. operating margin, EBIT, % Adj. opening EBIT +447 +2.0pp Organic +52 -0.2pp Reported EBIT IAC 0 Adj. Closing EBIT +9 0.0pp2 527 3 035 3 035 Currency Structure/other +20% 21.9% 23.8% 23.8% Margin
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Orders received +6% • MSEK 3 886 (3 677) Tools & Attachments: Orders received +-0% Structure/other Q326Q325 +2% Currency +4%3 677 3 886 Organic +6% Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 3 656 3 938 4 187 3 743 3 677 3 645 4 099 3 864 3 886 -4% organic Strong mining • High customer activity within mining • Demand for attachments stable 3 2 2 8 4 9 4 4 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 0 Organic growth, %, y-o-y (reported)Orders received, MSEK Order growth • +4% organic growth • +2% currency Orders received, MSEK and contribution in % Orders received Organic growth Orders received bridge Q3 2026 11
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Tools & Attachments: Revenues and operating profit Revenues +8%, MSEK 4 013, +6% organic • Currency +2% EBIT +22%, MSEK 531 (436) Operating margin 13.2% (11.8) 24% of Group revenues and 15% of adj. EBIT in the quarter Q3 2026 12 Revenues and EBIT Adjusted EBIT +23%, MSEK 531 (430) • Organic: Increased efficiency Adjusted operating margin, 13.2% (11.6) Adjusted operating profit bridge 429 461 376 436 537 404 488 531 11.3 8.4 12.1 10.3 11.8 11.3 12.7 13.2 11.3 8.4 12.1 12.9 11.6 11.3 12.7 13.2 Q324 326 Q424 Q125 Q225 Q325 14.9 12.3 Q425 Q126 Q226 Q326 3 809 3 891 3 811 3 665 3 704 3 608 3 564 3 854 4 013 Operating margin, EBIT, % Revenues, MSEK Operating profit, EBIT, MSEK Adj. operating margin, EBIT, % 531+2 +0.1pp Structure/other Adj. Closing EBIT 0 IAC Reported EBIT Organic 430 Adj. opening EBIT +83 +1.3pp +16 +0.2% Currency 531 +23% 11.6% 13.2% 13.2% Margin
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Costs, net financials and tax Employees • Employees, incl. additional workforce, increased 5% to 21 769 (20 635) to support growth • Production, service and logistics Administration, marketing and R&D expenses increased to MSEK 2 702 (2 447) • Volume driven Net financial items MSEK -225 (-236) • Net interest MSEK -172 (-181) Tax expense MSEK -766 (-613) • Effective tax rate 24.0% (23.9) Administration, marketing and R&D expenses 16.3 15.9 17.5 17.0 16.1 16.5 17.4 16.4 16.1 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 2 552 2 742 2 714 2 565 2 447 2 648 2 496 2 745 2 702 +10% Expenses in % of revenues Admin, Marketing and R&D expenses, adj. for items affecting comparability, MSEK Q3 2026 13
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Operating cash flow MSEK 1 438 (2 476) • Higher operating profit • More inventory tied up following a period of high equipment demand • Higher taxes paid Cash conversion rate 78% (105) Operating cash flow Operating cash flow and cash conversion rate, % 88 104 100 94 105 90 88 93 78 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 1 789 3 956 1 569 1 104 2 476 2 577 1 300 1 902 1 438 Cash conversion rate, %, 12 months (Operating cash flow / Net profit) Operating cash flow, MSEK Q3 2026 14
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Net working capital Net working capital MSEK 27 504 (22 598) • Higher inventories • Increased payables • +12% excl. currency • 37.7% (37.0) of revenues Net working capital 38.0 37.0 37.7 Q324 Q325 Q326 24 395 22 598 27 504 Net working capital, % of revenues, 12 months Net working capital, period end Q324 Q325 Q326 24 395 22 598 27 504 20 202 10 883 -6 690 18 262 11 343 -7 007 24 480 12 763 -9 739 Working capital Inventories Receivables Payables (trade and advanced) Inventories +6 218 Receivables +1 420 Payables +2 732 Q3 2026 15
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Capital efficiency • Net debt MSEK 11 222 (11 088) • Net debt/EBITDA 0.70 (0.73) • Improved ROCE to 19.8% (19.3) • Higher operating profit • Investments to secure long-term profitable growth ongoing in Sweden, India and Mexico • Capex guidance 2-3% Net debt and Net debt/EBITDA 0.97 0.73 0.70 Q324 Q325 Q326 15 152 11 088 11 222 Net debt/EBITDA ratio Net cash (-) / net debt (+), end of period, MSEK Capital employed and ROCE 21.5 19.3 19.8 Q324 Q325 Q326 62 285 62 124 67 319 Return on capital employed, %, 12 months Capital employed, cash, MSEK, period end Capital employed, ex cash and goodwill, MSEK, period end Q3 2026 16
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Summary Demand in Q3 • Our safety solutions make a real positive difference • Strong mining demand • Orders +12% organically to BSEK 17.5 • Improved margins due to increased volumes and efficiency Looking ahead • In the near term, we expect mining demand to remain high and demand from infrastructure customers to remain stable. Q3 2026 17
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Q&A ir@epiroc.com Q1 2025 18
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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 Project Manager +46 10 755 0114 ir@epiroc.com Q3 2026 19
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Appendix Q1 2025 20
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Leading productivity and sustainability partner with roots from 1873 North America 30% South America 12% Europe 12% Africa/ Middle East 17% Asia / Australia 29% Orders received*Orders received 2019 2020 2021 2022 2023 2024 2025 2025 Q3 2026 LTM 39 400 39 492 36 579 45 648 53 222 58 899 62 213 62 974 69 082 Equipment Aftermarket Revenues in ~150 countries ~ 19 900 employees Adj. EBIT margin* 20.0% Equipment* 37% Aftermarket* 63% Aftermarket consists of ”Service” and ”Tools & Attachments” * 12 months Q3 2026 21
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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 Q3 2026 22
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Financial goals at a glance Goals Description Q3 2026 2025 2016-2025 Growth Annual revenue growth of 8% over a business cycle. 10% -3% 10% p.a. Profitability (EBIT) Industry-best operating margin, with strong resilience over the cycle. 20.3% Adj. 20.4% 19.2% Adj. 19.6% 20.3% Adj. 20.8% Capital efficiency (ROCE) Improve capital efficiency and resilience. Investments and acquisitions shall create value. 19.8% 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. Dividend for 2025, paid in 2026: SEK 3.80 in two installments. 53% payout ratio. 51% pay out (2018-2025) Q3 2026 23
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Commitment to long-term delivery Q318 Q326 37 990 69 082 +82% History of translating orders into EPS and cash growth Orders +82% Revenues +77% Adj. EBIT +78% Basic EPS +89% Operating cash flow +179% EBIT +89% Orders received MSEK, 12M Q318 Q326 36 191 63 918 +77% Revenues MSEK, 12M Q318 Q326 6 751 12 777 +89% Operating profit (EBIT) MSEK, 12M Q318 Q326 7 203 12 789 +78% Adj. operating profit (EBIT) MSEK, 12M 4.07 7.69 Q318 Q326 +89% Basic EPS, SEK 12M Q318 Q326 2 586 7 217 +179% Operating cash flow MSEK, 12M 8% CAGR 7% CAGR 8% CAGR 7% CAGR 8% CAGR 14% CAGR Q3 2026 24
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Exposure of orders received 25Q3 2026 40% 28% 13% 19% Tunneling Major civil engineering Deconstruction and recycling General construction 83% 17% Mining Infrastructure 36% 29% 14% 21% Copper Gold Iron ore Other 79% 21% Brownfield and expansion Greenfield and exploration Hard rock exposure Quarterly, Q3 2026 Mining exposure Annual, presented at 2026 CMD Mineral exposure Annual, presented at 2026 CMD Infrastructure exposure Annual, presented at 2026 CMD
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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 * 26
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Sustainability: People & Planet • Increased safety • Total recordable injury frequency rate decreased to 4.0 (4.1) • 19 902 (19 067) employees • Women employees 20.7% (20.3) • Women managers 24.2% (24.9) • CO2e emissions from operations and company vehicles* -14% to 43 822 (50 722) tonnes • Renewable energy and energy efficiency activities • CO2e emissions from transport* 17% to 135 440 (116 094) tonnes • Higher sales volumes, higher share of air freight, and new transport routes due to tariffs and global trading constraints * Comparable units are production companies, distribution centers, and our largest customer centers. Q3 2026 27
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Debt information and maturity profile • Net debt/EBITDA: 0.70x • S&P rating: BBB+ Stable outlook • External financing: BSEK 15.6 • 77% long term financing • 54% green or sustainability linked • 3.5 years average tenor (long-term) • Average interest duration: 14 months • Average interest rate: 4.20% • 55% SEK financing 522 500464 2026 2 000 1 000 2027 2028 2029 2030 4 000 5 637 2031 2032 2033 2034 986 3 000 1 500 3 000 9 637 1 392 Loans in Group subs. Com papers, 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) Q3 2026 28
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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 Q326 MSEK -91 MSEK +135 MSEK +44 Q3 2026 29
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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.