Interim report
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Q3 2026 Epiroc AB Interim Report January – September 2026 1 (28) Interim report Q3 2026 October 28, 2026
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Q3 2026 Epiroc AB Interim Report January – September 2026 2 (28) Table of Contents Epiroc interim report Q3 ................................ ................................ ................................ ................................ .............................. 3 Financial overview ................................ ................................ ................................ ................................ ............................. 3 CEO comments ................................ ................................ ................................ ................................ ................................ . 4 Orders and revenues ................................ ................................ ................................ ................................ ......................... 5 Profits and returns ................................ ................................ ................................ ................................ ............................. 6 Balance sheet ................................ ................................ ................................ ................................ ................................ .... 7 Cash flow ................................ ................................ ................................ ................................ ................................ ........... 7 Leading productivity and sustainability partner ................................ ................................ ................................ ................... 8 Equipment & Service ................................ ................................ ................................ ................................ ......................... 9 Tools & Attachments ................................ ................................ ................................ ................................ ........................ 11 Sustainability: People & Planet ................................ ................................ ................................ ................................ ........ 13 January – September in summary ................................ ................................ ................................ ................................ ............. 14 Other information ................................ ................................ ................................ ................................ ................................ ...... 15 Key risks ................................ ................................ ................................ ................................ ................................ ................... 15 Signature of the President and CEO ................................ ................................ ................................ ................................ ......... 15 Financial Statements ................................ ................................ ................................ ................................ ................................ . 16 Condensed consolidated income statement ................................ ................................ ................................ ..................... 16 Condensed consolidated statement of comprehensive income ................................ ................................ ........................ 16 Condensed consolidated balance sheet ................................ ................................ ................................ ........................... 17 Condensed consolidated statement of changes in equity ................................ ................................ ................................ . 18 Condensed consolidated statement of cash flows ................................ ................................ ................................ ............ 19 Condensed parent company income statement ................................ ................................ ................................ ............... 20 Condensed parent company balance sheet ................................ ................................ ................................ ..................... 20 Condensed Business Areas quarterly ................................ ................................ ................................ .............................. 21 Geographical distribution of orders received ................................ ................................ ................................ .................... 22 Geographical distribution of revenues ................................ ................................ ................................ .............................. 22 Group notes ................................ ................................ ................................ ................................ ................................ .............. 23 Note 1: Accounting principles ................................ ................................ ................................ ................................ ........... 23 Note 2: Acquisitions and divestments ................................ ................................ ................................ ............................... 23 Note 3: Fair value of derivatives, earn-out and borrowings ................................ ................................ ............................... 24 Note 4: Share buybacks and divestments ................................ ................................ ................................ ........................ 24 Note 5: Transactions with related parties ................................ ................................ ................................ ......................... 24 Key figures ................................ ................................ ................................ ................................ ................................ ................ 25 Financial definitions and alternative performance measures ................................ ................................ ................................ ...... 26 Epiroc in brief ................................ ................................ ................................ ................................ ................................ ............ 27 About this report ................................ ................................ ................................ ................................ ................................ ........ 27 Further information ................................ ................................ ................................ ................................ ................................ .... 28 Financial calendar ................................ ................................ ................................ ................................ ................................ ..... 28
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Q3 2026 Epiroc AB Interim Report January – September 2026 3 (28) Epiroc interim report Q3 • Orders received increased 15% to MSEK 17 467 (15 142), with an organic increase of 12%. Large orders amounted to MSEK 790 (470). Currency impacted positively by 3%. • Revenues increased 10% to MSEK 16 775 (15 242), with an organic increase of 7%. Currency impacted positively by 3%. • Operating profit increased 22% to MSEK 3 411 (2 802), including items affecting comparability of MSEK -15 (-94)*. The operating margin improved to 20.3% (18.4). • The adjusted operating profit increased 18% to MSEK 3 426 (2 896), corresponding to an adjusted operating margin of 20.4% (19.0). • Basic earnings per share increased to SEK 2.00 (1.62). • Operating cash flow was MSEK 1 438 (2 476). • Net debt/EBITDA ratio was 0.70 (0.73). Financial overview * For further information, see pages 6 and 21. 2026 2025 2026 2025 MSEK Q3 Q3 Δ,% Jan-Sep Jan-Sep Δ,% Orders received 17 467 15 142 15 53 112 47 004 13 Revenues 16 775 15 242 10 47 828 45 908 4 EBITA 3 686 3 047 21 10 374 9 483 9 EBITA margin, % 22.0 20.0 21.7 20.7 Operating profit, EBIT 3 411 2 802 22 9 573 8 721 10 Operating margin, EBIT, % 20.3 18.4 20.0 19.0 Profit before tax 3 186 2 566 24 9 134 8 147 12 Profit margin, % 19.0 16.8 19.1 17.7 Profit for the period 2 420 1 953 24 6 951 6 252 11 Operating cash flow 1 438 2 476 -42 4 640 5 149 -10 Basic earnings per share, SEK 2.00 1.62 24 5.75 5.17 11 Diluted earnings per share, SEK 2.00 1.62 24 5.75 5.17 11 Return on capital employed, %, 12 months 19.8 19.3 19.8 19.3 Net debt/EBITDA, ratio 0.70 0.73 0 0.70 0.73
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Q3 2026 Epiroc AB Interim Report January – September 2026 4 (28) CEO comments High mining demand Mining demand was strong in the quarter and mining customers now represent 83% (78) of Group orders received. The demand from infrastructure customers remained stable. In total, orders received increased organically by 12% to MSEK 17 467 (15 142). Equipment orders increased 16% organically, supported by strong demand for underground equipment. Interest in our new diesel-electric solutions continued to strengthen following successful product launches. Large equipment orders amounted to MSEK 790 (470). They include our second-largest order ever, MSEK 610, from MMG for the expansion of the Khoemacau Copper Mine in Botswana. Our broad exploration offering continued to deliver strong growth. The organic growth in service was strong, up 13%, driven by mid-life upgrades. We also saw strong momentum in digital, with solutions for automation and safety among the strongest-growing parts of our service offering. Sequentially, organic orders declined by -3%, reflecting a normal seasonal pattern. In the near term, we expect mining demand to remain high and demand from infrastructure customers to remain stable. Strong EBIT growth Revenues increased to MSEK 16 775 (15 242), corresponding to 7% organic growth. The ramp up of production has progressed according to plan and delivery times are normal. Our operating profit, EBIT, increased 22% to MSEK 3 411 (2 802), supported by increased volumes and actions to increase efficiency. The operating profit includes items affecting comparability of MSEK -15 (-94), fully explained by the change in provision for the share-based long-term incentive programs. The operating margin improved to 20.3% (18.4). I am proud of the strong organic margin contributions in both our business areas. This reflects the strength of our organization and our ability to execute. Operating cash flow The operating cash flow amounted to MSEK 1 438 (2 476). Following a period of strong equipment orders, more inventory has been tied up. The cash conversion rate, rolling 12 months, was 78% (105). Leading innovations Innovation is a key driver of customer value creation, and our solutions make a meaningful difference for customers. During the quarter, a fire in the Fresnillo mining district in Mexico required the evacuation of around 350 people in an underground mine. Supported by Epiroc’s situational awareness technology, the evacuation was completed in just 35 minutes, reducing the evacuation time by more than half. Automation is another area where we continue to make good progress. During the quarter, we launched a technology that enables autonomous mine trucks to operate seamlessly between underground and surface environments, supporting end-to-end autonomous haulage. Investing to become an even stronger company We continue to invest in initiatives that strengthen our long-term competitiveness and support future growth. During the quarter, we inaugurated our modernized Kalmar facility in Sweden, a world- leading manufacturing site for hydraulic attachments. We are making good progress with the expansion of our manufacturing capabilities in Nashik, India, and our new distribution center in Örebro, Sweden. The transfer of tools production from Langley, Canada, to Matehuala, Mexico, is proceeding according to plan. These footprint investments strengthen our ability to create value for our customers and shareholders. Helena Hedblom President and CEO
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Q3 2026 Epiroc AB Interim Report January – September 2026 5 (28) Orders and revenues Orders received Orders received increased 15% to MSEK 17 467 (15 142). The organic increase was 12%, driven by strong demand from mining customers. Compared to the previous year, orders received in local currency increased in Asia/Australia, Africa/Middle East and North America while they decreased in South America and Europe. The strongest growth was achieved in Asia/Australia. Mining customers represented 83% (78) of orders received in the quarter and infrastructure customers 17% (22). Sequentially, organic orders declined by -3%, reflecting a normal seasonal pattern. Revenues Revenues increased 10% to MSEK 16 775 (15 242), with an organic growth of 7%. Currency impacted positively by 3%. The book-to-bill ratio (orders received in relation to revenues) was 104% (99). The aftermarket represented 67% (66) of revenues in the quarter. Financial overview 2026 2025 MSEK Q3 Q3 Δ,% Orders received 17 467 15 142 15 Revenues 16 775 15 242 10 EBITA 3 686 3 047 21 EBITA margin, % 22.0 20.0 Adj. operating profit, EBIT 3 426 2 896 18 Adj. operating margin, EBIT, % 20.4 19.0 Operating profit, EBIT 3 411 2 802 22 Operating margin, EBIT, % 20.3 18.4 Sales Bridge Orders received Revenues MSEK,Δ,% MSEK,Δ,% Q3 2025 15 142 15 242 Organic 12 7 Currency 3 3 Structure/other 0 0 Total 15 10 Q3 2026 17 467 16 775 15 142 15 970 18 340 17 305 17 467 Q325 Q425 Q126 Q226 Q326 Orders received Orders received, MSEK 15 242 16 090 14 351 16 702 16 775 99 99 128 104 104 Q325 Q425 Q126 Q226 Q326 Revenues and book-to-bill Revenues, MSEK Book-to-bill, % Revenues by business type 33% (34) 43% (41) 24% (25) Equipment Service Tools & Attachments Aftermarket Aftermarket 67% (66)
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Q3 2026 Epiroc AB Interim Report January – September 2026 6 (28) Profits and returns * Includes operating profit/loss from acquisitions and divestments and items affecting comparability (incl. change in provision for share-based long-term incentive programs). Operating profit, EBIT, increased 22% to MSEK 3 411 (2 802). It includes items affecting comparability of MSEK -15 (-94), fully explained by the change in provision for the share-based long-term incentive programs. See page 21. The operating margin, EBIT, was 20.3% (18.4) and the adjusted operating margin, excluding items affecting comparability, was 20.4% (19.0). The positive organic contribution was mainly explained by increased revenues and efficiency. Currency impacted the margin negatively with -0.2 percentage points. Net financial items amounted to MSEK -225 (-236) and net interest to MSEK -172 (-181). Profit before tax increased to MSEK 3 186 (2 566). Income tax expense amounted to MSEK -766 (-613) and the effective tax rate increased to 24.0% (23.9). Profit for the period totaled MSEK 2 420 (1 953). Basic earnings per share increased to SEK 2.00 (1.62). Return on capital employed improved to 19.8% (19.3), mainly explained by higher operating profit level during the last 12 months. The return on equity was 21.0% (21.2). Profit bridge MSEK,Δ Margin,Δ,pp Q3 2025 2 802 18.4 Organic 475 1.5 Currency 44 -0.2 Structure/other* 90 0.6 Total 609 1.9 Q3 2026 3 411 20.3 Operating profit 2 802 3 204 2 846 3 316 3 411 18.4 19.9 19.8 19.9 20.3 Q325 Q425 Q126 Q226 Q326 Operating profit and margin Operating profit, MSEK Operating margin, % 2 896 3 146 2 868 3 349 3 426 19.0 19.6 20.0 20.1 20.4 Q325 Q425 Q126 Q226 Q326 Adjusted operating profit and margin Adj. operating profit, MSEK Adj. operating margin, % 62 124 63 473 65 947 63 563 67 319 19.3 18.9 18.5 19.3 19.8 - 10 000 20 000 30 000 40 000 50 000 60 000 70 000 Q325 Q425 Q126 Q226 Q326 - 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 Capital employed and return on capital employed Capital employed, MSEK, period end Return on capital employed, %, 12 months
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Q3 2026 Epiroc AB Interim Report January – September 2026 7 (28) Balance sheet Net working capital Compared to the previous year, net working capital increased 22% to MSEK 27 504 (22 598). Following a period of strong equipment orders, more inventory has been tied up. Excluding the effect of currency, the net working capital increased 12%. The average net working capital in relation to revenues in the last 12 months was 37.7% (37.0). Net debt Epiroc ended the quarter with a cash and cash equivalents position of MSEK 7 480 (10 050). The net debt was MSEK 11 222 (11 088). The net debt/EBITDA ratio was 0.70 (0.73). The average tenor of Epiroc’s long-term debt was 3.5 years (4.0). The average interest duration was 14 months (17) and the average interest rate at the end of the quarter was 4.2% (3.9). Cash flow Operating cash flow Operating cash flow was MSEK 1 438 (2 476) and the cash conversion rate, rolling 12 months, was 78% (105). The operating cash flow was supported by higher operating profit, while the increased level of working capital as well as higher taxes paid impacted negatively. Acquisitions and divestments The net cash flow from acquisitions and divestments was MSEK -285 (0). 22 598 22 026 23 484 24 901 27 504 37.0 36.9 37.4 37.1 37.7 Q325 Q425 Q126 Q226 Q326 Net working capital Net working capital, MSEK, period end Average net working capital/revenues, %, 12 months 11 088 11 004 10 496 11 430 11 222 0.73 0.73 0.71 0.75 0.70 Q325 Q425 Q126 Q226 Q326 Net debt Net debt (+) / net cash (-), MSEK, period end Net debt, period end/EBITDA, 12 months 2 476 2 577 1 300 1 902 1 438 9 105 7 726 7 457 8 255 7 217 Q325 Q425 Q126 Q226 Q326 Operating cash flow Operating cash flow, MSEK Operating cash flow, MSEK, 12 months
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Q3 2026 Epiroc AB Interim Report January – September 2026 8 (28) Leading productivity and sustainability partner Innovations, acquisitions, and partnerships strengthen Epiroc’s position as a leading global productivity and sustainability partner. Below are some highlights from the quarter. Acquisitions – Creating options for the future In the third quarter, Epiroc completed the acquisition of Eventspec Proprietary Limited, a South African provider of parts and related services to the mining industry. See more details on page 23. Seamless underground-to-surface truck automation By using 3D LiDAR technology, Epiroc enables seamless operation across underground and surface environments. This allows mines to further reduce manual interventions and capture greater value from end-to-end automation. While productivity benefits vary by mine, autonomous haulage systems have demonstrated productivity improvements of roughly 10-30% versus conventional operations. Large copper order in Botswana In the quarter, Epiroc won a MSEK 610 order from MMG for the expansion of the Khoemacau Copper Mine in Botswana. It is the second-largest equipment order ever and demonstrates the competitiveness of Epiroc’s underground mining offering. Sensing the future to protect the past Epiroc’s geotechnical monitoring solution YieldPoint has been deployed at the 3 000-year-old Theban Tomb (TT95) in Egypt. The solution detects rock movement at micrometer scale and provides insights into rock stability. This project highlights how Epiroc's rock monitoring technologies also can help protect valuable assets beyond mining and infrastructure applications.
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Q3 2026 Epiroc AB Interim Report January – September 2026 9 (28) Equipment & Service The Equipment & Service Business Area provides market-leading rock drilling equipment, equipment for rock excavation, rock reinforcement, loading and haulage, ventilation systems, drilling equipment for exploration, water and energy, exploration tools and solutions, as well as related spare parts and services for the mining and infrastructure industries. The major innovation and production sites are in Sweden, USA, India, China and Australia. To further accelerate the transformation for customers, the Business Area provides OEM-agnostic digital solutions such as connectivity, collision prevention systems, automation, and mine planning, as well as electrification, thereby enhancing safety, productivity, and sustainability across operations. Orders received Orders received increased 19%, of which 15% organic, to MSEK 13 570 (11 439). Large orders, i.e. orders above MSEK 150, totaled MSEK 790 (470). Compared to the previous year, orders received in local currency increased in Asia/Australia, Africa/Middle East and North America while they decreased in South America and Europe. The strongest growth was achieved in Asia/Australia. In the quarter, a large order, MSEK 610 was won in Botswana for underground equipment for a copper mine. For equipment, orders received increased 19% to MSEK 6 224 (5 217), corresponding to an organic increase of 16%. The share of equipment orders was 46% (46). For service, orders received were MSEK 7 346 (6 222), corresponding to an organic increase of 13%. The strongest growth was achieved within mid-life rebuilds and digital solutions for use in automation and safety applications. The share of service orders was 54% (54). Sequentially, organic orders declined by -3% for the Business Area. Revenues Revenues increased 11% to MSEK 12 753 (11 513), corresponding to an organic growth of 8%. Currency impacted positively by 3%. Equipment revenues increased 5% organically and service revenues increased 10% organically. The share of revenues from service was 56% (55). The book-to- bill ratio was 106% (99). Financial overview 2026 2025 MSEK Q3 Q3 Δ,% Orders received 13 570 11 439 19 Revenues 12 753 11 513 11 EBITA 3 230 2 596 24 EBITA margin, % 25.3 22.5 Adj. operating profit, EBIT 3 035 2 527 20 Adj. operating margin, EBIT, % 23.8 21.9 Operating profit, EBIT 3 035 2 426 25 Operating margin, EBIT, % 23.8 21.1 11 439 12 313 14 230 13 432 13 570 Q325 Q425 Q126 Q226 Q326 Orders received Orders received, MSEK 11 513 12 469 10 776 12 839 12 753 99 99 132 105 106 Q325 Q425 Q126 Q226 Q326 Revenues and book-to-bill Revenues, MSEK Book-to-bill, % 45 47 42 46 44 55 53 58 54 56 Q325 Q425 Q126 Q226 Q326 Revenue split Equipment, % Service, %
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Q3 2026 Epiroc AB Interim Report January – September 2026 10 (28) Equipment & Service Operating profit and margin Operating profit, EBIT, increased 25% to MSEK 3 035 (2 426). The operating margin, EBIT, was 23.8% (21.1) and the adjusted operating margin was 23.8% (21.9). The organic contribution was positive and contributed with +2.0 percentage points to the margin. It was mainly driven by increased revenue volumes and efficiency measures taken. Acquisition In the third quarter, Epiroc completed the acquisition of Eventspec Proprietary Limited, a South African provider of parts and related services to the mining industry. See more details on page 23. Sales Bridge Orders received Revenues Orders received Revenues Orders received Revenues MSEK,Δ,% MSEK,Δ,% MSEK,Δ,% MSEK,Δ,% MSEK,Δ,% MSEK,Δ,% Q3 2025 11 439 11 513 5 217 5 225 6 222 6 288 Organic 15 8 16 5 13 10 Currency 4 3 4 3 3 3 Structure/other 0 0 -1 -1 2 1 Total 19 11 19 7 18 14 Q3 2026 13 570 12 753 6 224 5 594 7 346 7 159 Equipment & Service Equipment Service Profit bridge MSEK,Δ Margin,Δ,pp Q3 2025 2 426 21.1 Organic 447 2.0 Currency 52 -0.2 Structure/other 110 0.9 Total 609 2.7 Q3 2026 3 035 23.8 Operating profit 2 426 2 731 2 584 2 967 3 035 21.1 21.9 24.0 23.1 23.8 Q325 Q425 Q126 Q226 Q326 Operating profit and margin Operating profit, MSEK Operating margin, % 2 527 2 761 2 584 2 967 3 035 21.9 22.1 24.0 23.1 23.8 Q325 Q425 Q126 Q226 Q326 Adjusted operating profit and margin Adj. operating profit, MSEK Adj. operating margin, %
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Q3 2026 Epiroc AB Interim Report January – September 2026 11 (28) Tools & Attachments The Tools & Attachments Business Area offers leading and specialized products and solutions that support efficient operations across mining, infrastructure, and recycling. The offering includes rock drilling tools, ground support products, excavator attachments, ground engaging tools and digital technologies that improve safety and productivity. The major innovation and production sites are in Sweden, USA, India and South Africa. The Business Area also manages the global supply chain for spare parts and drilling tools. Orders received Orders received increased 6% to MSEK 3 886 (3 677), with an organic growth of 4%. Currency impacted positively by 2%. The organic growth was primarily driven by the high customer activity within mining. The demand for attachments remained stable. Compared to the previous year, orders received in local currency increased in South America, North America and Africa/Middle East while they declined in Asia/Australia and Europe. The strongest growth was achieved in South America. Sequentially, orders received decreased -4% organically for the Business Area, reflecting a weaker seasonality for attachments. Revenues Revenues increased 8% to MSEK 4 013 (3 704), corresponding to an organic increase of 6%. Currency impacted positively by 2%. The book-to-bill ratio was 97% (99). Financial overview 2026 2025 MSEK Q3 Q3 Δ,% Orders received 3 886 3 677 6 Revenues 4 013 3 704 8 EBITA 611 511 20 EBITA margin, % 15.2 13.8 Adj. operating profit, EBIT 531 430 23 Adj. operating margin, EBIT, % 13.2 11.6 Operating profit, EBIT 531 436 22 Operating margin, EBIT, % 13.2 11.8 Sales Bridge Orders received Revenues MSEK,Δ,% MSEK,Δ,% Q3 2025 3 677 3 704 Organic 4 6 Currency 2 2 Structure/other 0 0 Total 6 8 Q3 2026 3 886 4 013 3 677 3 645 4 099 3 864 3 886 Q325 Q425 Q126 Q226 Q326 Orders received Orders received, MSEK 3 704 3 608 3 564 3 854 4 013 99 101 115 100 97 Q325 Q425 Q126 Q226 Q326 Revenues and book-to-bill Revenues, MSEK Book-to-bill, %
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Q3 2026 Epiroc AB Interim Report January – September 2026 12 (28) Tools & Attachments Operating profit and margin Operating profit, EBIT, increased 22% to MSEK 531 (436). The operating margin, EBIT, increased to 13.2% (11.8). The improvement is explained by increased efficiency. The adjusted operating margin was 13.2% (11.6). The currency impacted the margin with +0.2 percentage points. Kalmar facility modernization completed In September, Epiroc celebrated the modernization of its Kalmar facility in Sweden, strengthening its capabilities for the development and manufacturing of hydraulic attachments and supporting future growth. Profit bridge MSEK,Δ Margin,Δ,pp Q3 2025 436 11.8 Organic 83 1.3 Currency 16 0.2 Structure/other -4 -0.1 Total 95 1.4 Q3 2026 531 13.2 Operating profit 436 537 404 488 531 11.8 14.9 11.3 12.7 13.2 Q325 Q425 Q126 Q226 Q326 Operating profit and margin Operating profit, MSEK Operating margin, % 430 445 404 488 531 11.6 12.3 11.3 12.7 13.2 Q325 Q425 Q126 Q226 Q326 Adjusted operating profit and margin Adj. operating profit, MSEK Adj. operating margin, %
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Q3 2026 Epiroc AB Interim Report January – September 2026 13 (28) Sustainability: People & Planet Employees The number of employees increased to 19 902 (19 067) and the external workforce increased to 1 988 (1 568). The increase is mainly explained by more employees in production and service. The proportion of women employees increased to 20.7% (20.3) while the proportion of women managers decreased to 24.2% (24.9). Safety and health The total recordable injury frequency rate (TRIFR) per one million working hours the last 12 months decreased to 4.0 (4.1). Actions are continuously taken to reduce injuries. The sick leave ratio was unchanged at 2.1% (2.1). CO2e emissions from operations The CO2e emissions from operations (emissions from on-site operations and company vehicles) for comparable units* the last 12 months decreased -14% to 43 822 (50 722) tonnes. The improvement is primarily driven by the purchase of renewable energy and the implementation of energy efficiency measures across facilities and processes. * Comparable units are production companies, distribution centers, and our largest customer centers. CO2e emissions from transport The CO2e emissions from transport for comparable units* the last 12 months increased 17% to 135 440 (116 094) tonnes. The increase is primarily driven by higher sales volumes, increased use of air freight, and new transport routes. * Comparable units are production companies and distribution centers . 19 067 19 055 19 086 19 398 19 902 20.3 20.5 20.5 20.6 20.7 24.9 24.4 25.2 25.2 24.2 Q325 Q425 Q126 Q226 Q326 Employees and proportion of women Employees, number, period end Women employees, % Women managers, % 2.1 2.1 2.1 2.0 2.1 4.1 3.9 3.9 3.8 4.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 Q325 Q425 Q126 Q226 Q326 Sick leave and TRIFR Sick leave %, 12 months TRIFR, 12 months 50.7 48.0 46.2 45.4 43.8 116.1 115.6 125.0 126.6 135.4 Q325 Q425 Q126 Q226 Q326 CO₂e emissions Total emissions in operations, incl company vehicles, '000 tonnes, 12 months Emissions from transport, '000 tonnes, 12 months
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Q3 2026 Epiroc AB Interim Report January – September 2026 14 (28) January – September in summary Orders received the first nine months increased 13% to MSEK 53 112 (47 004), corresponding to an organic increase of 16%. Revenues amounted to MSEK 47 828 (45 908), corresponding to an organic growth of 7%. Operating profit, EBIT, increased to MSEK 9 573 (8 721). Items affecting comparability were MSEK -70 (-258), fully explained by a change in provision for the share-based long-term incentive programs. The previous year also included costs taken to increase efficiency throughout the company. See page 21. The operating margin, EBIT, improved to 20.0% (19.0) and the adjusted operating margin to 20.2% (19.6). The organic contribution was positive, supported by efficiency measures taken in previous quarters and increased revenues. Profit before tax was MSEK 9 134 (8 147) and profit for the period totaled MSEK 6 951 (6 252). Basic earnings per share increased to SEK 5.75 (5.17). Operating cash flow was MSEK 4 640 (5 149). Sales Bridge Orders received Revenues MSEK,Δ,% MSEK,Δ,% Jan-Sep 2025 47 004 45 908 Organic 16 7 Currency -3 -3 Structure/other 0 0 Total 13 4 Jan-Sep 2026 53 112 47 828 Profit bridge MSEK,Δ Margin,Δ,pp Jan-Sep 2025 8 721 19.0 Organic 1 183 1.1 Currency -545 -0.6 Structure/other 214 0.5 Total 852 1.0 Jan-Sep 2026 9 573 20.0 Operating profit 39 519 44 511 46 031 47 004 53 112 2022 2023 2024 2025 2026 Orders received, Jan-Sep Orders received, MSEK, Jan-Sep 35 758 44 775 46 353 45 908 47 828 111 99 99 102 111 2022 2023 2024 2025 2026 Revenues and book-to-bill, Jan-Sep Revenues, MSEK, Jan-Sep Book-to-bill, %, Jan-Sep 7 912 9 834 8 958 8 721 9 573 22.1 22.0 19.3 19.0 20.0 23.6 22.1 19.9 19.6 20.2 2022 2023 2024 2025 2026 Operating profit and margin, Jan-Sep Operating profit, MSEK, Jan-Sep Operating margin, %, Jan-Sep Adj. operating margin, %, Jan-Sep
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Q3 2026 Epiroc AB Interim Report January – September 2026 15 (28) Other information In the quarter • 2026-08-04 - Epiroc completed the acquisition of Eventspec Proprietary Limited, a South African provider of parts and related services to the mining industry. • 2026-09-01 - Large equipment order for copper mine in Botswana of MSEK 610 (reported in Q3). • 2026-09-02 - Epiroc’s sustainability work earns Gold Medal again from EcoVadis. • 2026-09-09 - Epiroc inaugurates expanded manufacturing facility for hydraulic attachments in Sweden. • 2026-09-30 - Large equipment order for platinum mine in South Africa (reported in Q3). After the period end • 2026-10-16 - Epiroc AB announces Nomination Committee for the Annual General Meeting 2027. Key risks Epiroc's business is exposed to risks associated with global economic and geopolitical developments, changes in customer demand, cybersecurity threats, supply chain disruptions, technological shifts, sustainability and climate- related requirements, talent availability, regulatory compliance, and financial market fluctuations. The Group actively manages these risks through established governance processes, internal controls and risk mitigation programs. Further information on risks, opportunities and risk management can be found in Epiroc’s Annual and Sustainability Report 2025. Signature of the President and CEO The President and CEO of Epiroc AB declares that the interim report gives a fair view of the business development, financial position and result of operation of the Parent Company and the consolidated Group, and describes significant risks and uncertainties that the Parent Company and its subsidiaries are facing. Nacka, Sweden, October 28, 2026 Helena Hedblom President and CEO, Epiroc AB The company’s auditors have not reviewed this report.
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Q3 2026 Epiroc AB Interim Report January – September 2026 16 (28) Financial Statements Condensed consolidated income statement Condensed consolidated statement of comprehensive income 2026 2025 2026 2025 MSEK Q3 Q3 Jan-Sep Jan-Sep Revenues 16 775 15 242 47 828 45 908 Cost of sales -10 781 -9 908 -30 721 -28 763 Gross profit 5 994 5 334 17 107 17 145 Administrative expenses -1 150 -1 062 -3 404 -3 355 Marketing expenses -1 076 -1 010 -3 050 -3 044 Research and development expenses -491 -407 -1 526 -1 412 Other operating income and expenses 134 -53 446 -613 Operating profit 3 411 2 802 9 573 8 721 Net financial items -225 -236 -439 -574 Profit before tax 3 186 2 566 9 134 8 147 Income tax expense -766 -613 -2 183 -1 895 Profit for the period 2 420 1 953 6 951 6 252 Profit attributable to - owners of the parent 2 417 1 955 6 952 6 253 - non-controlling interests 3 -2 -1 -1 Basic earnings per share, SEK 2.00 1.62 5.75 5.17 Diluted earnings per share, SEK 2.00 1.62 5.75 5.17 2026 2025 2026 2025 MSEK Q3 Q3 Jan-Sep Jan-Sep Profit for the period 2 420 1 953 6 951 6 252 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurements of defined benefit pension plans 176 74 302 98 Income tax relating to items that will not be reclassified -37 -15 -64 -19 Total items that will not be reclassified to profit or loss 139 59 238 79 Items that may be reclassified subsequently to profit or loss Translation differences on foreign operations 992 -192 3 083 -4 216 Hedge of net investments in foreign operations 2 -38 56 -308 Cash flow hedges 11 6 1 257 Income tax relating to items that may be reclassified -3 6 -12 10 Total items that may be reclassified subsequently to profit or loss 1 002 -218 3 128 -4 257 Other comprehensive income for the period, net of tax 1 141 -159 3 366 -4 178 Total comprehensive income for the period 3 561 1 794 10 317 2 074 Total comprehensive income attributable to - owners of the parent 3 556 1 794 10 316 2 113 - non-controlling interests 5 - 1 -39
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Q3 2026 Epiroc AB Interim Report January – September 2026 17 (28) Condensed consolidated balance sheet 2026 2025 2025 Assets, MSEK Sep 30 Sep 30 Dec 31 Intangible assets 23 690 22 274 21 923 Rental equipment 1 494 1 396 1 300 Other property, plant and equipment 8 064 7 434 7 449 Investments in associated companies 22 29 29 Other financial assets and other receivables 2 558 2 472 2 638 Deferred tax assets 1 826 1 430 1 505 Total non-current assets 37 654 35 035 34 844 Inventories 24 480 18 262 18 100 Trade receivables 12 763 11 343 11 155 Other receivables 4 735 4 163 3 952 Current tax receivables 1 471 1 239 1 386 Financial assets 1 885 1 283 1 366 Cash and cash equivalents 7 480 10 050 9 574 Total current assets 52 814 46 340 45 533 Total assets 90 468 81 375 80 377 Equity and liabilities, MSEK Share capital 500 500 500 Retained earnings 47 586 39 878 41 761 Total equity attributable to owners of the parent 48 086 40 378 42 261 Non-controlling interest 9 16 11 Total equity 48 095 40 394 42 272 Interest-bearing liabilities 14 189 17 023 16 776 Post-employment benefits 196 169 178 Other liabilities and provisions 584 492 443 Deferred tax liabilities 1 530 1 488 1 552 Total non-current liabilities 16 499 19 172 18 949 Interest-bearing liabilities 4 838 4 538 4 247 Trade payables 7 807 5 616 5 683 Current tax liabilities 834 394 627 Other liabilities and provisions 12 395 11 261 8 599 Total current liabilities 25 874 21 809 19 156 Total equity and liabilities 90 468 81 375 80 377
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Q3 2026 Epiroc AB Interim Report January – September 2026 18 (28) Condensed consolidated statement of changes in equity MSEK owners of the parent non-controlling interests Total equity Opening balance, Jan 1, 2026 42 261 11 42 272 Total comprehensive income for the period 10 316 1 10 317 Dividend -4 597 -3 -4 600 Acquisition and divestment of own shares 164 - 164 Share-based payments, equity settled -58 - -58 Closing balance, Sep 30, 2026 48 086 9 48 095 Opening balance, Jan 1, 2025 42 757 423 43 180 Total comprehensive income for the period 2 113 -39 2 074 Dividend -4 593 -15 -4 608 Transactions with non-controlling interests -3 -353 -356 Acquisition and divestment of own shares 132 - 132 Share-based payments, equity settled -28 - -28 Closing balance, Sep 30, 2025 40 378 16 40 394 Opening balance, Jan 1, 2025 42 757 423 43 180 Total comprehensive income for the period 3 990 -43 3 947 Dividend -4 594 -16 -4 609 Transactions with non-controlling interests -2 -353 -356 Acquisition and divestment of own shares 142 - 142 Share-based payments, equity settled -32 - -32 Closing balance, Dec 31, 2025 42 261 11 42 272 Equity attributable to
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Q3 2026 Epiroc AB Interim Report January – September 2026 19 (28) Condensed consolidated statement of cash flows * Operating cash flow is not defined according to IFRS. 2026 2025 2026 2025 MSEK Q3 Q3 Jan-Sep Jan-Sep Cash flow from operating activities Operating profit 3 411 2 802 9 573 8 721 Adjustments for depreciation, amortization and impairment 832 765 2 391 2 312 Adjustments for capital gain/loss and other non-cash items -42 18 -410 150 Net financial items received/paid -437 -121 -1 093 147 Taxes paid -966 -500 -2 443 -2 180 Pension funding and payment of pension to employees -22 -23 -32 -42 Change in working capital -1 184 6 -2 559 -1 213 Increase in rental equipment -326 -202 -818 -709 Sale of rental equipment 126 139 411 408 Net cash flow from operating activities 1 392 2 884 5 020 7 594 Cash flow from investing activities Investments in other property, plant and equipment -259 -199 -808 -768 Sale of other property, plant and equipment 63 10 81 24 Investments in intangible assets -130 -213 -447 -660 Sale of intangible assets - - - 9 Acquisition of subsidiaries and associated companies -285 - -438 -88 Divestment of subsidiaries and associated companies - - - 1 Proceeds to/from other financial assets, net -16 -125 -238 -18 Net cash flow from investing activities -627 -527 -1 850 -1 500 Cash flow from financing activities Dividend - - -2 299 -2 296 Dividend to non-controlling interest -1 -1 -2 -15 Acquisition of non-controlling interest - - - -355 Divestment/Repurchase of own shares -65 1 163 132 Change in interest-bearing liabilities -174 66 -3 361 -283 Net cash flow from financing activities -240 66 -5 499 -2 817 Net cash flow for the period 525 2 423 -2 329 3 277 Cash and cash equivalents, beginning of the period 6 928 7 659 9 574 7 179 Exchange differences in cash and cash equivalents 27 -32 235 -406 Cash and cash equivalents, end of the period 7 480 10 050 7 480 10 050 2026 2025 2026 2025 Operating cash flow* Q3 Q3 Jan-Sep Jan-Sep Net cash flow from operating activities 1 392 2 884 5 020 7 594 Net cash flow from investing activities -627 -527 -1 850 -1 500 Acquisitions and divestments, net 285 - 438 87 Other adjustments 388 119 1 032 -1 032 Operating cash flow 1 438 2 476 4 640 5 149
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Q3 2026 Epiroc AB Interim Report January – September 2026 20 (28) Condensed parent company income statement Condensed parent company balance sheet 2026 2025 2026 2025 MSEK Q3 Q3 Jan-Sep Jan-Sep Administrative expenses -66 -62 -226 -205 Marketing expenses -7 -6 -22 -20 Other operating income and expenses 41 40 134 127 Operating profit/loss -32 -28 -114 -98 Financial income and expenses -16 -7 -44 -26 Profit/loss before tax -48 -35 -158 -124 Income tax 11 8 46 33 Profit/loss for the period -37 -27 -112 -91 2026 2025 2025 MSEK Sep 30 Sep 30 Dec 31 Total non-current assets 60 493 59 398 61 404 Total current assets 1 569 5 564 4 593 Total assets 62 062 64 962 65 997 Total restricted equity 503 503 503 Total non-restricted equity 43 221 44 561 47 825 Total equity 43 724 45 064 48 328 Total provisions 163 118 123 Total non-current liabilities 12 089 14 706 14 574 Total current liabilities 6 086 5 074 2 972 Total equity and liabilities 62 062 64 962 65 997
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Q3 2026 Epiroc AB Interim Report January – September 2026 21 (28) Condensed Business Areas quarterly Epiroc has two Business Areas; Equipment & Service and Tools & Attachments. In addition, Epiroc reports common Group functions, including Financial Solutions, Group Management, support functions and eliminations. * Items affecting comparability in the table are shown with reverse sign. I.e. a positive number indicates a cost and vice versa. ** In Q3, items affecting comparability amounted to MSEK -15 (-94), relating entirely to change in provision for the share -based long-term incentive programs. ** In Q2, items affecting comparability amounted to MSEK -33 (-153), relating entirely to change in provision for the share-based long-term incentive programs. ** In Q1, items affecting comparability amounted to MSEK -22 (-11), relating entirely to change in provision for the share-based long-term incentive programs. 2025 2025 2026 Orders received, MSEK Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Equipment & Service 12 377 11 506 11 439 12 313 47 635 14 230 13 432 13 570 Equipment 5 722 5 009 5 217 5 605 21 553 7 410 6 467 6 224 Service 6 655 6 497 6 222 6 708 26 082 6 820 6 965 7 346 Tools & Attachments 4 187 3 743 3 677 3 645 15 252 4 099 3 864 3 886 Common group functions 22 27 26 12 87 11 9 11 Epiroc Group 16 586 15 276 15 142 15 970 62 974 18 340 17 305 17 467 Revenues, MSEK Equipment & Service 11 704 11 435 11 513 12 469 47 121 10 776 12 839 12 753 Equipment 5 072 5 012 5 225 5 920 21 229 4 512 5 938 5 594 Service 6 632 6 423 6 288 6 549 25 892 6 264 6 901 7 159 Tools & Attachments 3 811 3 665 3 704 3 608 14 788 3 564 3 854 4 013 Common group functions 21 30 25 13 89 11 9 9 Epiroc Group 15 536 15 130 15 242 16 090 61 998 14 351 16 702 16 775 Operating profit, EBIT, and profit before tax, MSEK Equipment & Service 2 724 2 577 2 426 2 731 10 458 2 584 2 967 3 035 Tools & Attachments 461 376 436 537 1 810 404 488 531 Common group functions -97 -122 -60 -64 -343 -142 -139 -155 Epiroc Group 3 088 2 831 2 802 3 204 11 925 2 846 3 316 3 411 Net financial items -207 -131 -236 -115 -689 -84 -130 -225 Profit before tax 2 881 2 700 2 566 3 089 11 236 2 762 3 186 3 186 Operating margin, EBIT, % Equipment & Service 23.3 22.5 21.1 21.9 22.2 24.0 23.1 23.8 Tools & Attachments 12.1 10.3 11.8 14.9 12.2 11.3 12.7 13.2 Epiroc Group 19.9 18.7 18.4 19.9 19.2 19.8 19.9 20.3 Change in provision for LTIP** 11 6 -1 4 20 22 33 15 Items in Equipment & Service - 49 101 30 180 - - - Items in Tools & Attachments - 98 -6 -92 - - - - Epiroc Group 11 153 94 -58 200 22 33 15 Adjusted operating margin, E&S, % 23.3 23.0 21.9 22.1 22.6 24.0 23.1 23.8 Adjusted operating margin, T&A, % 12.1 12.9 11.6 12.3 12.2 11.3 12.7 13.2 Adjusted operating margin, % 19.9 19.7 19.0 19.6 19.6 20.0 20.1 20.4 Items affecting comparability, MSEK* Adj. margin for items affecting comparability, EBIT, %
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Q3 2026 Epiroc AB Interim Report January – September 2026 22 (28) Geographical distribution of orders received In Q3 2026, a large order, MSEK 610, was won in Botswana for underground equipment for a copper mine. The customer is Chinese, and half of the order value was booked in China and the other half in Botswana. Geographical distribution of revenues MSEK 2025 2025 2026 Δ,% % currency adjusted Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Y-o-Y Epiroc Group 16 586 15 276 15 142 15 970 62 974 18 340 17 305 17 467 12% North America 5 180 4 432 4 122 4 815 18 549 5 830 4 981 4 893 17% South America 2 020 2 042 2 133 2 010 8 205 2 154 2 130 1 973 -11% Europe 2 460 2 108 2 053 1 962 8 583 2 259 2 430 1 923 -4% Africa/Middle East 2 345 2 430 2 858 2 226 9 859 3 436 2 733 3 097 3% Asia/Australia 4 581 4 264 3 976 4 957 17 778 4 661 5 031 5 581 35% Equipment & Service 12 377 11 506 11 439 12 313 47 635 14 230 13 432 13 570 15% North America 3 317 2 758 2 483 3 248 11 806 3 931 3 266 3 127 23% South America 1 726 1 821 1 944 1 801 7 292 1 913 1 918 1 707 -16% Europe 1 620 1 377 1 355 1 228 5 580 1 512 1 688 1 276 -4% Africa/Middle East 1 825 1 898 2 324 1 679 7 726 2 880 2 151 2 507 2% Asia/Australia 3 889 3 652 3 333 4 357 15 231 3 994 4 409 4 953 43% Tools & Attachments 4 187 3 743 3 677 3 645 15 252 4 099 3 864 3 886 4% North America 1 852 1 652 1 619 1 563 6 686 1 893 1 710 1 762 8% South America 294 221 190 209 914 241 212 266 35% Europe 830 726 691 729 2 976 742 739 641 -5% Africa/Middle East 520 532 534 546 2 132 556 582 589 6% Asia/Australia 691 612 643 598 2 544 667 621 628 -7% MSEK 2025 2025 2026 Δ,% % currency adjusted Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Y-o-Y Epiroc Group 15 536 15 130 15 242 16 090 61 998 14 351 16 702 16 775 7% North America 4 719 4 470 4 279 4 340 17 808 4 344 4 790 5 061 18% South America 1 919 1 932 2 043 1 914 7 808 1 839 2 056 2 157 3% Europe 1 930 2 034 1 970 2 336 8 270 1 707 2 245 1 939 -0% Africa/Middle East 2 528 2 248 2 445 2 740 9 961 2 259 2 612 2 749 8% Asia/Australia 4 440 4 446 4 505 4 760 18 151 4 202 4 999 4 869 2% Equipment & Service 11 704 11 435 11 513 12 469 47 121 10 776 12 839 12 753 8% North America 2 955 2 810 2 629 2 823 11 217 2 734 3 025 3 210 21% South America 1 705 1 724 1 805 1 716 6 950 1 641 1 857 1 933 4% Europe 1 255 1 340 1 278 1 630 5 503 1 033 1 513 1 232 -2% Africa/Middle East 2 012 1 749 1 906 2 191 7 858 1 750 2 094 2 158 9% Asia/Australia 3 777 3 812 3 895 4 109 15 593 3 618 4 350 4 220 2% Tools & Attachments 3 811 3 665 3 704 3 608 14 788 3 564 3 854 4 013 7% North America 1 754 1 636 1 631 1 512 6 533 1 604 1 760 1 848 13% South America 214 208 238 198 858 198 199 224 -8% Europe 666 688 685 700 2 739 669 729 702 3% Africa/Middle East 515 499 541 548 2 103 509 518 591 4% Asia/Australia 662 634 609 650 2 555 584 648 648 2%
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Q3 2026 Epiroc AB Interim Report January – September 2026 23 (28) Group notes Note 1: Accounting principles The interim report is prepared in accordance with IAS 34 Interim financial reporting. The accounting principles applied in the preparation of this interim report apply to all periods and comply with the accounting principles presented in the Annual and Sustainability Report 2025. No new and revised standards and interpretations effective from January 1, 2026, are considered to have any material impact on the financial statements. IFRS 18 Epiroc is currently evaluating how the issued IFRS 18 Presentation and Disclosures in Financial Statements standard will impact the financial report. The standard will be applicable for reporting periods starting from January 1, 2027, and onwards. Accounting principles of the Parent Company The interim financial statements of Epiroc AB have been prepared in accordance with the Swedish Annual Accounts Act and the recommendation RFR 2, Accounting for Legal Entities, issued by the Swedish Financial Reporting Board. The accounting principles applied in the preparation of this interim report apply to all periods and comply with the accounting principles presented in the Annual and Sustainability Report 2025, note A1 in the Parent Company accounts. No new and revised standards and interpretations effective from January 1, 2026, are considered to have any material impact on the Parent Company´s financial statements. Note 2: Acquisitions and divestments Acquisitions completed in 2026 • Eventspec Proprietary Limited is a South African mining aftermarket solutions provider. The company manufactures parts for drill rigs, mine trucks and loaders, and provides related rebuilds, repairs and services. The company has around 125 employees and had revenues in 2025 of around MZAR 280 (MSEK 160). Eventspec’s customers are mainly mining companies in South Africa. Revenues are booked in the Equipment & Service Business Area under the service revenue stream. Acquisitions completed in 2025 • Radlink provides mines with wireless data and voice communication networks and supporting infrastructure to surface and underground mines, vital to support mining automation. The company had approximately MSEK 1 330 in annual revenues and 415 employees at the time for the acquisition. On April 2, 2025, Epiroc acquired the remaining share of Radlink. Epiroc acquired a majority shareholding of Radlink, 53%, already in 2022, and now owns 100%. The business has been consolidated and reported within “Service” since 2022. The transaction of MSEK -355 is reported as acquisition of non-controlling interest included in financing activities.
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Q3 2026 Epiroc AB Interim Report January – September 2026 24 (28) Note 3: Fair value of derivatives, earn-out and borrowings The carrying value and fair value of the Group’s outstanding derivatives, earn-out and borrowings are shown in the tables below. The fair values of bonds are based on level 1, the fair values of derivatives and other loans are based on level 2 and the fair values of earn-out are based on level 3 in the fair value hierarchy. Compared to 2025, no transfers have been made between different levels in the fair value hierarchy and no significant changes have been made to valuation techniques, inputs or assumptions. Note 4: Share buybacks and divestments The Board of Directors has been authorized to purchase, transfer and sell Epiroc shares in relation to Epiroc’s share-based long-term incentive programs. Note 5: Transactions with related parties In the quarter, no material changes have taken place, and no significant related-party transactions were made. Outstanding derivatives recorded to fair value 2026 2025 MSEK Sep 30 Dec 31 Non-current assets and liabilities Assets 237 591 Liabilities 2 4 Current assets and liabilities Assets 74 97 Liabilities 245 149 Carrying value and fair value 2026 2026 2025 2025 MSEK Sep 30 Sep 30 Dec 31 Dec 31 Carrying value Fair value Carrying value Fair value Earn-out 98 98 331 331 Bonds 9 624 9 827 11 350 11 821 Other loans 9 403 9 629 9 672 9 957 Total 19 125 19 554 21 353 22 109 A share B share Total Total number of shares 823 765 854 389 972 849 1 213 738 703 Whereof shares held by Epiroc 4 045 560 Change in the quarter Purchased (+) / divested (-) shares, number 246 369 Value of purchased (+) / divested (-) shares, SEK 63 950 177
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Q3 2026 Epiroc AB Interim Report January – September 2026 25 (28) Key figures Several key figures in this report are not defined according to IFRS. The alternative performance measures are marked with a *. They provide complementary information aiming to help readers to analyze the company’s operations and facilitate an evaluation of the performance. Since not all companies calculate financial perfor- mance measures in the same manner, these are not always comparable with measures used by other compa- nies. These financial performance measures should therefore not be regarded as a replacement for measures as defined according to IFRS. 2026 2025 2026 2025 2025 Q3 Q3 Jan-Sep Jan-Sep FY Growth *Orders received, MSEK 17 467 15 142 53 112 47 004 62 974 Revenues, MSEK 16 775 15 242 47 828 45 908 61 998 *Total revenue growth, % 10 -3 4 -1 -3 *Organic revenue growth, % 7 5 7 3 2 Profitability *Gross margin, % 35.7 35.0 35.8 37.3 37.1 *EBITDA margin, % 25.3 23.4 25.0 24.0 24.2 *EBITA margin, % 22.0 20.0 21.7 20.7 20.9 *Adjusted operating margin, EBIT, % 20.4 19.0 20.2 19.6 19.6 *Operating margin, EBIT, % 20.3 18.4 20.0 19.0 19.2 *Profit margin, % 19.0 16.8 19.1 17.7 18.1 Capital efficiency *Return on capital employed, % 19.8 19.3 19.8 19.3 18.9 *Net debt / EBITDA, ratio 0.70 0.73 0.70 0.73 0.73 *Net debt / equity, %, period end 23.3 27.4 23.3 27.4 26.0 *Average net working capital / revenues, % 37.7 37.0 37.7 37.0 36.9 Cash generation *Operating cash flow, MSEK 1 438 2 476 4 640 5 149 7 726 *Cash conversion rate, %, 12 months 78 105 77.6 105 90 Equity information Basic number of shares outstanding, millions 1 210 1 209 1 210 1 209 1 209 Diluted number of shares outstanding, millions 1 210 1 209 1 210 1 209 1 209 *Equity per share, SEK, period end 39.8 33.4 39.8 33.4 35.0 Basic earnings per share, SEK 2.00 1.62 5.75 5.17 7.12 *Return on equity, % 21.0 21.2 21.0 21.2 20.9 *Operating cash flow per share, SEK 1.19 2.05 3.84 4.26 6.39 Dividend per share, SEK 3.80* 3.80 3.80 Payout ratio, % 53* 53 53 People & Planet Employees, period end 19 902 19 067 19 902 19 067 19 055 Women employees, %, period end 20.7 20.3 20.7 20.3 20.5 Women managers, %, period end 24.2 24.9 24.2 24.9 24.4 Total recordable injury frequency rate, TRIFR, 12 months 4.0 4.1 4.0 4.1 3.9 Sick leave, %, 12 months 2.1 2.1 2.1 2.1 2.1 CO2e emissions from operations, incl company vehicles, tonnes, 12 months 43 822 50 722 43 822 50 722 48 048 CO2e emissions from transport, tonnes, 12 months 135 440 116 094 135 440 116 094 115 580
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Q3 2026 Epiroc AB Interim Report January – September 2026 26 (28) Financial definitions and alternative performance measures 1) Calculated as an average of five quarters. 2) 12 months’ value. Key figure Description Reason for use Adjusted operating margin Adjusted operating profit in % of revenues. A measurement of the operational profit which enables comparisons over time by excluding items that are irregular in frequency or size. Adjusted operating profit Operating profit adjusted for items affecting comparability. Enables comparisons over time - and between companies - by excluding items that are irregular in frequency or size. Book-to-bill Orders received divided by revenues An indicator of demand trends. Cash conversion, % Operating cash flow divided by net profit, rolling 12 months The cash conversion rate measures how efficiently a company converts its net income into operating cash flow. Capital employed (average) Average total assets 1) less average non-interest-bearing liabilities/provisions. Capital employed for the segments excludes cash, tax liabilities and tax receivables. Shows how much of total capital is tied to operations. Capital employed turnover ratio Revenues 2) divided by the average capital employed 1). Shows how efficiently Epiroc generates revenues from the capital utilized to run operations. Capital turnover ratio Revenues 2) divided by average total assets 1) Shows how effectively total assets are used. EBITA Earnings before interest, taxes, and amortization and impairment of intangible assets. Alternatively; the operating profit plus amortization and impairment. An indicator of cash generating ability. EBITDA Earnings before interest, taxes, depreciation and amortization. Alternatively; the operating profit plus depreciation, impairment and amortization. An indicator of cash generating ability. EBITDA margin EBITDA as % of revenues. An indicator of cash generating ability. Equity ratio Equity including non-controlling interests, as % of total assets. A measure of financial risk showing how much of Epiroc's total assets that have been financed with equity. Gross margin Gross profit as % of revenues. Measures how much of Epiroc’s revenues are left after paying the costs of goods sold. Items affecting comparability Items such as operating profit/loss from acquisitions and divestments, one-time items (restructuring) and change in provision for share-based long-term incentive programs. Shows how non-recurring items have affected the result. Large orders Orders above MSEK 150. Shows orders impacting comparability. Net debt Interest-bearing liabilities and post-employment benefits, adjusted for the fair value of interest rate swaps, less cash and cash equivalents and certain other financial receivables. A measurement of the financial position. Net debt/EBITDA ratio Net debt in relation to EBITDA.2) A measurement of financial risk. Net debt/equity ratio Net debt in relation to equity, including non-controlling interests. A measurement of financial risk. Net working capital Working capital net of inventories, trade receivables, trade payables, other operating assets and liabilities. Measures Epiroc's liquidity and capital efficiency. Operating cash flow Cash flow from operations and cash flow from investing activities, excluding company acquisitions/divestments, as well as other adjustments. Indicates Epiroc’s ability to generate sufficient positive cash flow to maintain and grow operations. Operating cash flow per share Operating cash flow divided by basic number of shares outstanding. Improves the ability to make comparisons over time. Operating margin Operating profit as % of revenues. Helps monitor Epiroc's fulfillment of the financial goal of having market leading profitability. Orders on hand Orders on hand are orders that have been placed but not yet completed and recognized as revenues. As from 2024, Epiroc does not include orders on hand (order book) in orders received when acquiring companies. The reported orders received in 2023 of MSEK 59 332 included orders on hand from acquired companies of MSEK 433 for the group, of which MSEK 30 for Equipment & Service and MSEK 402 for Tools & Attachments. Figures in the Admin report have been restated. Order contracts Order contracts refer to the value of ordered equipment, tools, solutions and services for which production and/or delivery is planned in the mid/long term, normally between 2-7 years. A good indicator of demand for Epiroc’s equipment and aftermarket in the mid term. Orders received Orders received refers to the value of ordered equipment, tools, solutions, and services for which there is a specific delivery date and quantity specified, and production and/or delivery is planned in the near or midterm, normally within a year. A good indicator of demand for Epiroc’s equipment and aftermarket in the long term. Orders received growth The total order growth includes the contribution from organic growth, currency and structure. A good indicator of demand for Epiroc’s equipment and aftermarket. Organic growth Organic growth is total growth excluding the contribution from currency and structure. Alternatively, the growth that is based on volume and price. Explains how volume, price and product/service mix changes drive the growth. Pay-out ratio Dividend per share as % of basic earnings per share. Facilitates monitoring of Epiroc’s financial target of a payout ratio of 50%. Profit margin Profit before tax as % of revenues. An indicator of profitability. Return on capital employed Operating profit 2) as % of average capital employed 1). Measures how efficiently Epiroc generates profits from the capital utilized to run operations. Return on equity Profit for the period 2) divided by average equity, excluding non- controlling interest 1). Shows Epiroc's ability to generate a return on the investments made by shareholders.
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Q3 2026 Epiroc AB Interim Report January – September 2026 27 (28) Epiroc in brief Epiroc is a global productivity partner for mining and construction customers, and accelerates the transformation toward a sustainable society. With ground-breaking technology, Epiroc develops and provides innovative and safe equipment, such as drill rigs, rock excavation and construction equipment and tools for surface and underground applications. The company also offers world-class service and other aftermarket support as well as solutions for automation, digitalization and electrification. Epiroc is based in Stockholm, Sweden, had revenues of around SEK 62 billion in 2025, and has more than 19 000 passionate employees supporting and collaborating with customers in around 150 countries. Financial goals • To achieve annual revenue growth of 8% over a business cycle and to grow faster than the market. Growth will be organic and supported by selective acquisitions. • To have an industry-best operating margin, with strong resilience over the cycle. • To improve capital efficiency and resilience. Investments and acquisitions shall create value. • To have an efficient capital structure and the flexibility to make selective acquisitions. The goal is to maintain an investment grade rating. • To provide long-term stable and rising dividends to its shareholders. The dividend should correspond to 50% of net profit over the cycle. Sustainability ambition and KPIs Access to metals and minerals is a prerequisite for modern society to function and our customers are crucial for providing society with what is needed for a transition to a low-carbon economy. In 2020, we set ambitious sustainability goals for People and Planet for 2030, aligning with the UN SDGs and the Paris Agreement. We measure our progress through short- term (1-year) targets and long-term (2030) goals. See Epiroc’s Annual and Sustainability report for more information. Our vision Dare to think new. Our mission Drive the productivity and sustainability transformation in our industry. Our core values Innovation, Commitment and Collaboration. Strategy By being in attractive niches and prioritizing inno- vation, aftermarket and operational excellence, we strive to achieve outperformance. Our success is reinforced by our strong company culture and our integrated approach to sustainability. Our investment case • We focus on attractive niches with structural growth. • We drive the productivity and sustainability transformation in our industry. • We have a high proportion of recurring business. • We have a well-proven business model. • We create value for our stakeholders. • Our success is based on sustainability and a strong corporate culture. About this report Forward-looking statements Some statements in this report are forward-looking, and the actual outcomes could be materially different. In addition to the factors explicitly discussed, other factors could have a material effect on the actual outcomes. Language In the event of inconsistency or discrepancy between the English and the Swedish version of this publication, the Swedish version shall prevail. Totals and roundings Totals quoted in tables and statements may not always be the exact sum of the individual items because of rounding differences. The aim is that each line item should correspond to its source, and rounding differences may therefore arise. This information is information that Epiroc AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons on the next page, at 11:30 CET on October 28, 2026.
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Further information Analysts and investors Karin Larsson Vice President Investor Relations & Media E-mail: ir@epiroc.com Tel: +46 10 755 0106 Alexander Apell Investor Relations Officer E-mail: ir@epiroc.com Tel: +46 10 755 0719 Gustaf Bratt Investor Relations Project Manager E-mail: ir@epiroc.com Tel: +46 10 755 0114 Journalists and media Ola Kinnander Media Relations Manager E-mail: media@epiroc.com Tel: +46 70 347 2455 Epiroc AB (publ) Reg. No. 556041-2149 Box 4015 SE-131 04 Nacka, Sweden Tel: +46 10 755 0000 www.epirocgroup.com/en/investors Financial calendar Webcast & conference call At 13:00 CET on October 28, Epiroc will host a report presentation and Q&A session for investors, analysts and media. The report will be presented by President and CEO Helena Hedblom and CFO Håkan Folin. Presentation material can be found here: www.epirocgroup.com/en/investors/financial- publications Upcoming investor events • January 26, 2027: Q4 2026 results. • April 28, 2027: Q1 2027 results. • May 5, 2027: Annual General Meeting in Nacka at 16:00. • July 16, 2027: Q2 2027 results. • October 26, 2027: Q3 2027 results.