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Atlas Copco
Earnings Release • Jul 18, 2025
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Earnings Release
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July 18, 2025
Atlas Copco Group
Second-quarter report 2025
Mixed demand, currency headwind, and healthy cash flow
The comparison figures presented in this report refer to previous year unless otherwise stated.
Second quarter
- Orders received decreased 8% to MSEK 40 087 (43 654), organic decline of 1%
- Revenues decreased 8% to MSEK 41 210 (44 803), organic decline of 2%
- Operating profit reached MSEK 8 493 (9 466), corresponding to a margin of 20.6% (21.1)
- Adjusted operating profit, excluding items affecting comparability, was MSEK 8 411 (9 785), corresponding to a margin of 20.4% (21.8)
- Profit before tax amounted to MSEK 8 407 (9 274)
- Basic earnings per share were SEK 1.34 (1.57)
- Operating cash flow at MSEK 6 114 (6 861)
- Return on capital employed was 26% (29)
| April-June | January-June | |||||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | ||||
| Orders received | 40 087 | 43 654 | -8% | 86 691 | 89 310 | -3% | ||
| Revenues | 41 210 | 44 803 | -8% | 83 940 | 87 678 | -4% | ||
| EBITA* | 9 067 | 10 055 | -10% | 18 269 | 19 960 | -8% | ||
| – as a percentage of revenues | 22.0 | 22.4 | 21.8 | 22.8 | ||||
| Operating profit | 8 493 | 9 466 | -10% | 17 098 | 18 811 | -9% | ||
| – as a percentage of revenues | 20.6 | 21.1 | 20.4 | 21.5 | ||||
| Profit before tax | 8 407 | 9 274 | -9% | 16 877 | 18 635 | -9% | ||
| – as a percentage of revenues | 20.4 | 20.7 | 20.1 | 21.3 | ||||
| Profit for the period | 6 525 | 7 645 | -15% | 13 123 | 14 820 | -11% | ||
| Basic earnings per share, SEK | 1.34 | 1.57 | 2.69 | 3.04 | ||||
| Diluted earnings per share, SEK | 1.34 | 1.57 | 2.69 | 3.04 | ||||
| Return on capital employed, % | 26 | 29 |
* Operating profit excluding amortization of intangibles related to acquisitions.
Near-term outlook
While the outlook for the global economy continues to be uncertain, Atlas Copco Group expects that the customer activity will remain at the current level.
Previous near-term outlook (published April 29, 2025): While the world's economic development makes the outlook uncertain, Atlas Copco Group expects the customer activity level to weaken somewhat.
Quarterly and annual financial data in Excel format can be found on our Reports and presentations page.
Atlas Copco Group
SE-105 23 Stockholm Sweden
Sickla Industriväg 19 Nacka
Atlas Copco AB Visitors address: Telephone: +46 8 743 8000 A Public Company (publ) www.atlascopcogroup.com Reg. No. 556014-2720
Reg. Office Nacka
Summary of half-year results
Orders received in the first six months of 2025 decreased by 3% to MSEK 86 691 (89 310), corresponding to an organic decline of 1%. Currency had a negative effect of 4%, while acquisitions contributed with 2%. Revenues decreased by 4% to MSEK 83 940 (87 678), corresponding to an organic decline of 2%.
Operating profit decreased by 9% to MSEK 17 098 (18 811). The operating margin was 20.4% (21.5). Adjusted for items affecting comparability, the margin was 20.6% (22.0). Changes in exchange
Review of the second quarter
Market development
The overall demand for Atlas Copco Group's products and services remained relatively stable compared to the previous year, but due mainly to a negative currency effect, the order intake decreased.
The demand for equipment was mixed. Order volumes for industrial compressors decreased, and the order intake for gas and process compressors was significantly lower compared to the previous year's high level. Order volumes for vacuum equipment to the semiconductor and flat panel industry decreased somewhat, while orders to industrial and scientific vacuum equipment increased. The demand for industrial assembly equipment and vision solutions remained basically unchanged. Solid order growth was achieved for all types of power equipment with increased order intake for products such as portable compressors, generators, and industrial pumps.
The overall demand for service, including the specialty rental business, grew with increased order volumes in all regions.
Sequentially, orders decreased organically, with an additional adverse currency effect contributing to the Group's lower order intake compared to the previous quarter.
Geographic distribution of orders received
| Atlas Copco Group | ||||||
|---|---|---|---|---|---|---|
| April-June 2025 | Orders received, % | Change*, % | ||||
| North America | 25 | +0 | ||||
| South America | 5 | +12 | ||||
| Europe | 28 | -2 | ||||
| Africa/Middle East | 7 | +8 | ||||
| Asia/Oceania | 35 | -0 | ||||
| Atlas Copco Group | 100 | +1 |
* Change in orders received compared to the previous year in local currency.
rates compared with the previous year had a negative effect of MSEK 1 230.
Profit before tax was MSEK 16 877 (18 635), corresponding to a margin of 20.1% (21.3). Profit for the period totaled MSEK 13 123 (14 820). Basic and diluted earnings per share were SEK 2.69 (3.04) and 2.69 (3.04) respectively.
Operating cash flow before acquisitions, divestments and dividends totaled MSEK 12 689 (13 521).
Sales bridge
| April-June | |||||
|---|---|---|---|---|---|
| MSEK | Orders received | Revenues | |||
| 2024 | 43 654 | 44 803 | |||
| Structural change, % | +2 | +2 | |||
| Currency, % | -9 | -8 | |||
| Organic*, % | -1 | -2 | |||
| Total, % | -8 | -8 | |||
| 2025 | 40 087 | 41 210 | |||
* Volume, price and mix.
Orders, revenues, and operating profit margin
Geographic distribution of orders received and revenues
| Compressor Technique, % | Vacuum Technique, % | Industrial Technique, % | Power Technique, % | Atlas Copco Group, % | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Orders | Orders | Orders | Orders | Orders | ||||||
| April-June 2025 | received | Revenues | received | Revenues | received | Revenues | received | Revenues | received | Revenues |
| North America | 25 | 26 | 19 | 20 | 34 | 33 | 24 | 25 | 25 | 26 |
| South America | 6 | 6 | 1 | 0 | 4 | 3 | 7 | 7 | 5 | 5 |
| Europe | 31 | 29 | 14 | 15 | 33 | 36 | 35 | 32 | 28 | 27 |
| Africa/Middle East | 10 | 7 | 1 | 1 | 2 | 1 | 11 | 10 | 7 | 5 |
| Asia/Oceania | 28 | 32 | 65 | 64 | 27 | 27 | 23 | 26 | 35 | 37 |
| 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
Revenues, profits and returns
Revenues reached MSEK 41 210 (44 803), an organic decline of 2%. Currency had a negative effect of 8%, while acquisitions added 2%.
The operating profit was MSEK 8 493 (9 466) and includes a change in provision for share-related long-term incentive programs, reported in Common Group Items of MSEK 82 (-176). Previous year's items affecting comparability also included a restructuring cost of MSEK -143 in the business area Vacuum Technique.
Adjusted operating profit decreased 14% to MSEK 8 411 (9 785), corresponding to a margin of 20.4% (21.8). The margin was notably affected by a negative currency effect, while the combination of volume, price and sales mix had a positive effect on the margin.
Net financial items amounted to MSEK -86 (-192) whereof interest net at MSEK -103 (-92). Other financial items, including financial exchange differences, were MSEK 17 (-100). The main reason for the difference compared to the previous year is exchange differences and a gain related to a bond buyback. Profit before tax amounted to MSEK 8 407 (9 274), corresponding to a margin of 20.4% (20.7). Corporate income tax amounted to MSEK -1 882 (-1 629), corresponding to an effective tax rate of 22.4% (17.6). Previous year included a release of a provision related to an R&D tax incentive of MSEK 510.
Profit for the period was MSEK 6 525 (7 645). Basic and diluted earnings per share were SEK 1.34 (1.57) and SEK 1.34 (1.57), respectively.
The return on capital employed during the last 12 months was 26% (29). Return on equity was 27% (31). The Group uses a weighted average cost of capital (WACC) of 8.0% as an investment and overall performance benchmark.
Operating cash flow and investments
Operating cash surplus decreased to MSEK 10 975 (11 652). Net financial items and taxes paid amounted to MSEK -2 774 (-2 374). Working capital increased by MSEK 275 (decrease of 54). The main reason for the difference compared to the previous year was increased inventories, partly offset by increased trade payables. Net investments in rental equipment were MSEK -476 (-722), and in property, plant, and equipment, MSEK -929 (-895).
Operating cash flow (an important internal KPI, but not a measurement defined in IFRS Accounting Standards, and hence defined on page 13) reached MSEK 6 114 (6 861).
Net indebtedness
The Group's net indebtedness amounted to MSEK 16 480 (21 622), of which MSEK 2 373 (2 476) was attributable to post-employment benefits. The Group's interest-bearing liabilities have an average maturity of 5.1 years. The net debt/EBITDA ratio was 0.4 (0.5) and the net debt/equity ratio was 16% (22).
Acquisition and divestment of own shares
During the quarter, 368 789 series A shares, net, were sold for a net value of MSEK 59. These transactions are in accordance with mandates granted by the Annual General Meeting and relate to the Group's long-term incentive programs. See page 17.
Employees
On June 30, 2025, the number of employees was 55 073 (54 153). The number of consultants/external workforce was 3 096 (3 116). For comparable units, the total workforce decreased by 462 from June 30, 2024.
| Volume, price, | Items affecting | Share-based LTI* | |||||
|---|---|---|---|---|---|---|---|
| MSEK | Q2 2025 | mix and other | Currency | Acquisitions | comparability | programs | Q2 2024 |
| Atlas Copco Group | |||||||
| Revenues | 41 210 | -843 | -3 490 | 740 | 0 | - | 44 803 |
| Operating profit | 8 493 | 91 | -1 475 | 10 | 143 | 258 | 9 466 |
| 20.6% | 21.1% | ||||||
Revenues and operating profit – bridge
* LTI= Long term incentive
Compressor Technique
| April-June | January-June | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | ||
| Orders received | 18 275 | 21 224 | -14% | 40 178 | 42 368 | -5% |
| Revenues | 19 119 | 20 136 | -5% | 38 449 | 38 846 | -1% |
| EBITA* | 4 925 | 5 146 | -4% | 9 784 | 9 941 | -2% |
| – as a percentage of revenues | 25.8 | 25.6 | 25.4 | 25.6 | ||
| Operating profit | 4 776 | 4 990 | -4% | 9 487 | 9 632 | -2% |
| – as a percentage of revenues | 25.0 | 24.8 | 24.7 | 24.8 | ||
| Return on capital employed, % | 82 | 84 |
* Operating profit excluding amortization of intangibles related to acquisitions.
• Weaker equipment orders, particularly for gas and process compressors
- Continued growth for service
- Operating profit margin at 25.0%
Sales bridge
| April-June | |||
|---|---|---|---|
| MSEK | Orders received | Revenues | |
| 2024 | 21 224 | 20 136 | |
| Structural change*, % | +1 | +1 | |
| Currency, % | -8 | -8 | |
| Organic**, % | -7 | +2 | |
| Total, % | -14 | -5 | |
| 2025 | 18 275 | 19 119 |
* Includes an internal transfer to Power Technique.
** Volume, price and mix.
Industrial compressors
The order intake for industrial compressors decreased organically due to weaker demand in some geographical regions. The year-onyear order decline was more noticeable for large-sized compressors than for small to medium-sized units. Sequentially, order volumes decreased somewhat.
Geographically, and compared to the previous year, the order intake decreased in Asia, remained essentially unchanged in Europe, but increased in the Americas.
Gas and process compressors
Orders for gas and process compressors decreased significantly compared to the previous year's high level. This was a result of lower demand from several customer segments. Sequentially, the order intake also decreased compared to the very high levels seen in the first quarter.
Year-on-year, orders decreased in Asia, Europe, and North America, but increased in Africa/Middle East.
Compressor service
The demand for service continued to increase, with the strongest growth in Europe.
Innovation
A new membrane filter, targeting the chemical and food and beverage markets was introduced in the quarter, the SME+ . Securing high-quality liquids through filtration is key to ensuring customer process quality, and the new filter effectively retains particles and microorganisms in applications such as particle retention in liquids, bioburden control, and sterilization, as well as in the production of edible liquids.
Acquisitions
The following acquisitions were closed in the quarter:
- Powered Compressors and Supplies, a US based compressed air distributor with 12 employees.
- The compressed air business of Air Mac Inc., a US based company with 40 employees and revenues of approximately MSEK 184 during 2024.
- Kyungwon Machinery Industry Co., Ltd., a compressor manufacturer based in South Korea with 126 employees and revenues of approximately MSEK 465 in 2024.
Revenues and profitability
Revenues decreased 5% to MSEK 19 119 (20 136), corresponding to an organic increase of 2%.
The operating profit decreased 4% to MSEK 4 776 (4 990), corresponding to a margin of 25.0% (24.8). Increased organic revenue volumes affected the margin positively, while currency and dilution from recent acquisitions had a negative effect on the operating margin. Return on capital employed (last 12 months) was 82% (84).
Orders, revenues, and operating profit margin
Vacuum Technique
| April-June | January-June | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | ||
| Orders received | 9 008 | 9 403 | -4% | 18 439 | 18 507 | -0% |
| Revenues | 8 982 | 10 089 | -11% | 18 509 | 19 808 | -7% |
| EBITA* | 1 884 | 2 224 | -15% | 3 725 | 4 521 | -18% |
| – as a percentage of revenues | 21.0 | 22.0 | 20.1 | 22.8 | ||
| Operating profit | 1 700 | 2 027 | -16% | 3 338 | 4 146 | -19% |
| – as a percentage of revenues | 18.9 | 20.1 | 18.0 | 20.9 | ||
| Return on capital employed, % | 18 | 21 |
* Operating profit excluding amortization of intangibles related to acquisitions.
- Equipment demand flat
- Solid growth for service
- Operating profit margin at 18.9%
Sales bridge
| April-June | |||
|---|---|---|---|
| MSEK | Orders received | Revenues | |
| 2024 | 9 403 | 10 089 | |
| Structural change, % | +1 | +1 | |
| Currency, % | -8 | -7 | |
| Organic*, % | +3 | -5 | |
| Total, % | -4 | -11 | |
| 2025 | 9 008 | 8 982 |
* Volume, price and mix.
Semiconductor and flat panel display equipment
Order volumes for vacuum equipment to the semiconductor and flat panel display industry decreased somewhat, mainly due to lower demand in North America. Sequentially, however, the orders increased, driven by increased order intake in Asia.
Compared to the previous year, the order intake increased in Asia but decreased in Europe and North America.
Industrial and scientific vacuum equipment
Order volumes for industrial and scientific vacuum equipment increased, supported by increased demand from both general industrial customers and for equipment to scientific vacuum applications. Sequentially, orders were flat.
Year-on-year, the order intake increased in most regions.
Vacuum service
Service orders continued to develop favorably with increased order volumes. The order growth was driven by increased demand from both semiconductor and industrial customers in all major regions.
Innovation
A new oil-sealed screw vacuum pump designed for electronic and general industrial vacuum applications was introduced, the GHS 2700-3400 VSD+ . This latest, very compact, product offers high efficiency, low noise levels, and intelligent connectivity and control to support the customers' production processes.
Revenues and profitability
Revenues decreased 11% to MSEK 8 982 (10 089), corresponding to an organic decline of 5%.
The operating profit decreased 16% to MSEK 1 700 (2 027). Previous year included restructuring costs of MSEK -143. The operating margin reached 18.9% (20.1, adjusted 21.5), and was heavily affected by a negative currency effect. Decreased revenue volumes also had a negative effect on the margin, while cost reductions from sourcing initiatives and restructuring affected the margin positively. Return on capital employed (last 12 months) was 18% (21).
Orders, revenues, and operating profit margin
Industrial Technique
| April-June | January-June | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | ||
| Orders received | 6 366 | 6 928 | -8% | 13 826 | 14 724 | -6% |
| Revenues | 6 118 | 7 471 | -18% | 13 061 | 14 985 | -13% |
| EBITA* | 1 161 | 1 691 | -31% | 2 665 | 3 472 | -23% |
| – as a percentage of revenues | 19.0 | 22.6 | 20.4 | 23.2 | ||
| Operating profit | 1 047 | 1 557 | -33% | 2 435 | 3 206 | -24% |
| – as a percentage of revenues | 17.1 | 20.8 | 18.6 | 21.4 | ||
| Return on capital employed, % | 18 | 22 |
* Operating profit excluding amortization of intangibles related to acquisitions.
• Equipment demand basically unchanged
- Stable service demand
- Operating profit margin at 17.1%
Sales bridge
| April-June | |||
|---|---|---|---|
| MSEK | Orders received | Revenues | |
| 2024 | 6 928 | 7 471 | |
| Structural change, % | +1 | +1 | |
| Currency, % | -8 | -7 | |
| Organic*, % | -1 | -12 | |
| Total, % | -8 | -18 | |
| 2025 | 6 366 | 6 118 |
* Volume, price and mix.
Automotive industry
The overall demand for industrial assembly and vision solutions to the automotive industry remained relatively stable, at a level comparable to the previous year. However, due to a negative currency effect, the order intake decreased markedly. Sequentially, organic order volumes decreased.
Year-on-year, orders increased in the Americas but decreased in Europe and Asia.
General industry
The general industry demand for industrial power tools, assembly equipment and vision solutions remained basically at the same level as the previous year. The relatively stable demand was a result of increased activity level, primarily from the electronics industry. At the same time, several other customer segments showed decreased demand compared to the previous year. A negative currency effect, however, resulted in an overall lower order intake. Sequentially, order volumes were basically unchanged.
Year-on-year, orders increased in Asia and South America but decreased in Europe and North America.
Service
The demand for service remained at basically the same level as the previous year.
Innovation
The business area introduced a new manual torque wrench, the MTRwrench. The new product offers a robust design and traceability with fast data transfer and high torque control. The MTRwrench is designed for assembly applications in the automotive and general industry and can be easily integrated with other Atlas Copco products.
Revenues and profitability
Revenues decreased 18% to MSEK 6 118 (7 471), corresponding to an organic decline of 12%.
The operating profit decreased 33% to MSEK 1 047 (1 557), corresponding to a margin of 17.1% (20.8). Currency had a significant negative effect and was the main explanation for the lower margin. The combination of volume, price and mix affected the margin positively. Return on capital employed (last 12 months) was 18% (22).
Orders, revenues, and operating profit margin
Power Technique
| April-June | January-June | |||||
|---|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | ||
| Orders received | 6 634 | 6 307 | 5% | 14 697 | 14 326 | 3% |
| Revenues | 7 196 | 7 391 | -3% | 14 365 | 14 593 | -2% |
| EBITA* | 1 354 | 1 509 | -10% | 2 689 | 2 998 | -10% |
| – as a percentage of revenues | 18.8 | 20.4 | 18.7 | 20.5 | ||
| Operating profit | 1 227 | 1 406 | -13% | 2 432 | 2 799 | -13% |
| – as a percentage of revenues | 17.1 | 19.0 | 16.9 | 19.2 | ||
| Return on capital employed, % | 16 | 20 |
* Operating profit excluding amortization of intangibles related to acquisitions.
- Solid growth for equipment
- Growth for the specialty rental business
- Operating profit margin at 17.1%
Sales bridge
| April-June | |||
|---|---|---|---|
| MSEK | Orders received | Revenues | |
| 2024 | 6 307 | 7 391 | |
| Structural change*, % | +6 | +6 | |
| Currency, % | -11 | -8 | |
| Organic**, % | +10 | -1 | |
| Total, % | +5 | -3 | |
| 2025 | 6 634 | 7 196 |
* Includes an internal transfer from Compressor Technique.
** Volume, price and mix.
Equipment
The demand for power equipment increased, and solid order growth was achieved for all main product types such as portable compressors, generators, and industrial pumps. The increased order volumes were primarily driven by higher demand in North America and Europe. Sequentially, the order intake decreased markedly compared to the previous quarter's high level.
Year-on-year, orders increased in North America and Europe but decreased in Asia and South America.
Specialty rental
The demand for specialty rental solutions increased, and order volumes increased both compared to the previous year and sequentially.
Geographically, and compared to the previous year, orders increased in North America and Europe and remained unchanged in Asia.
Service
Order volumes for service remained basically unchanged compared to the previous year but increased sequentially.
Innovation
A new line of portable desiccant dryers was introduced, the CDR and CDR+ . This range is designed for remote applications, such as pipeline services and rental services, as well as for demanding industrial environments. These new products efficiently remove excess moisture from compressed air systems, helping customers to prevent corrosion and equipment failures.
Acquisitions
The following acquisitions were closed in the quarter:
- Heide Pumpen GmbH, a German distributor and service provider of portable pumps. The company has 42 employees.
- Clearpro Construction Water Solutions Pty Ltd., an Australian specialty water treatment rental company. The company has 12 employees and had revenues of approximately MSEK 42 in 2024.
Revenues and profitability
Revenues reached MSEK 7 196 (7 391), corresponding to an organic decline of 1%.
The operating profit decreased 13% to MSEK 1 227 (1 406), corresponding to a margin of 17.1% (19.0). The lower margin can mainly be explained by a negative currency effect, an unfavorable sales mix, and higher functional costs in relation to sales. Return on capital employed (last 12 months) was 16% (20).
Orders, revenues, and operating profit margin
Orders received, MSEK Revenues, MSEK Operating margin, %
Accounting principles
The interim condensed consolidated financial statements presented in this interim report have been prepared in accordance with IAS 34 Interim Financial Reporting. The description of the accounting principles and definitions applied in this report are found in the Annual Report 2024. Other financial measures than the ones defined in IFRS Accounting Standards are also presented in the report since they are considered to be important supplemental measures of the company´s performance. For further information about these measures and how they have been calculated, please visit our Key financials page.
Risks, risk management and factors of uncertainty
Atlas Copco Group's global and diversified business is active within many customer segments and results in a variety of risks and opportunities geographically and operationally. Thus, the ability to identify, analyze and manage risks is crucial for effective governance and control of the business. The aim is to meet the Group's goals with a high awareness of risks and well-managed risk taking. Atlas Copco Group sees the benefits of an efficient risk management both from risk reduction and business opportunity perspectives, which can lead to good business growth.
Risks in Atlas Copco Group are identified in a 360-degree spectrum, meaning that both internal, and external exposures are assessed, including today's circumstances and future changes. The Group's risk management approach follows the decentralized structure of Atlas Copco Group. Risks are analyzed and addressed in an integrated way. Local companies are responsible for their own risk management, which is monitored and followed up regularly at for example local business board meetings. Group functions responsible for legal, insurance, human resources, compliance, sustainability, treasury, tax, controlling and accounting provide policies, guidelines and instructions regarding risk management.
Risk areas include compliance risks, external exposure risks, including pandemics, operational risks and strategic risks. These risk areas can impact the business negatively both in the long and short term, but often also create business opportunities if managed well. Examples of risks and how they are handled is described below.
Market risks
The demand for Atlas Copco Group's equipment and services is affected by changes in the customers' investment and production levels. A general economic downturn, geopolitical tensions, pandemics, changes in trade agreements, trade sanctions, tariffs, a widespread financial crisis and other macroeconomic disturbances may, directly or indirectly, affect the Group negatively both in terms of revenues and profitability. However, the Group's sales are well diversified with customers in many industries and countries around the world, which mitigates the risk.
Financial risks
Atlas Copco Group is subject to currency risks, funding risks, interest rate risks, tax risks, and other financial risks. In line with the overall goals with respect to growth, return on capital, and protecting creditors, Atlas Copco Group has adopted a policy to control the financial risks to which the Group is exposed. A financial risk management committee meets regularly to manage and follow up financial risks, in line with the policy.
Production risks
A large part of the components used in production are sourced from subsuppliers. The availability is dependent on the sub-suppliers and if they have interruptions or lack capacity, this may adversely affect production. To minimize these risks, Atlas Copco Group has established a global network of sub-suppliers, which means that in most cases there are more than one sub-supplier that can provide a certain component. Atlas Copco Group is also directly and indirectly exposed to raw material prices. Cost increases for raw materials and components often coincide with strong end-customer demand and can partly be compensated for by increased sales prices.
Acquisitions
Atlas Copco Group has the ambition to grow all its business areas, primarily through organic growth, supplemented by selected acquisitions. The integration of acquired businesses is a difficult process and it is not certain that every integration will be successful. Therefore, costs related to acquisitions can be higher and/or synergies can take longer to materialize than anticipated.
For more information on Atlas Copco Group's risk management process and further descriptions of risks and how they are handled, see the Annual Report 2024.
Forward-looking statements
Some statements in this report are forward-looking, and the actual outcome could be materially different. In addition to the factors explicitly discussed, other factors could have a material effect on the actual outcome. Such factors include, but are not limited to, general business conditions, fluctuations in exchange rates and interest rates, political developments, the impact of competing products and their pricing, product development, commercialization and technological difficulties, interruptions in supply, and major customer credit losses.
Atlas Copco AB
Atlas Copco AB is a public company. Atlas Copco AB and its subsidiaries are often referred to as Atlas Copco Group, the Group or the company. Any mentioning of the Board of Directors or the Board refers to the Board of Directors of Atlas Copco AB.
Consolidated income statement (condensed)
| April-June | January-June | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Revenues | 41 210 | 44 803 | 83 940 | 87 678 |
| Cost of sales | -23 064 | -25 643 | -47 304 | -49 734 |
| Gross profit | 18 146 | 19 160 | 36 636 | 37 944 |
| Marketing expenses | -4 906 | -5 190 | -9 979 | -10 090 |
| Administrative expenses | -2 459 | -2 787 | -5 183 | -5 480 |
| Research and development costs | -1 696 | -1 846 | -3 546 | -3 630 |
| Other operating income and expenses | -592 | 129 | -830 | 67 |
| Operating profit | 8 493 | 9 466 | 17 098 | 18 811 |
| - as a percentage of revenues | 20.6% | 21.1% | 20.4% | 21.5% |
| Net financial items | -86 | -192 | -221 | -176 |
| Profit before tax | 8 407 | 9 274 | 16 877 | 18 635 |
| - as a percentage of revenues | 20.4% | 20.7% | 20.1% | 21.3% |
| Income tax expense | -1 882 | -1 629 | -3 754 | -3 815 |
| Profit for the period | 6 525 | 7 645 | 13 123 | 14 820 |
| Profit attributable to | ||||
| - owners of the parent | 6 523 | 7 642 | 13 120 | 14 814 |
| - non-controlling interests | 2 | 3 | 3 | 6 |
| Basic earnings per share, SEK | 1.34 | 1.57 | 2.69 | 3.04 |
| Diluted earnings per share, SEK | 1.34 | 1.57 | 2.69 | 3.04 |
| Basic weighted average number of shares outstanding, millions | 4 868.2 | 4 873.8 | 4 868.5 | 4 872.5 |
| Diluted weighted average number of shares outstanding, millions | 4 871.5 | 4 882.5 | 4 873.6 | 4 881.0 |
| Key ratios | ||||
| Equity per share, period end, SEK | 21 | 20 | ||
| Return on capital employed, 12 month values, % | 26 | 29 | ||
| Return on equity, 12 month values, % | 27 | 31 | ||
| Debt/equity ratio, period end, % | 16 | 22 | ||
| Equity/assets ratio, period end, % | 51 | 50 | ||
| Number of employees, period end | 55 073 | 54 153 |
Consolidated statement of comprehensive income (condensed)
| April-June | January-June | ||||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | |
| Profit for the period | 6 525 | 7 645 | 13 123 | 14 820 | |
| Other comprehensive income | |||||
| Items that will not be reclassified to profit or loss | |||||
| Remeasurements of defined benefit pension plans | -134 | 361 | 247 | 400 | |
| Income tax relating to items that will not be reclassified | 38 | -107 | -63 | -121 | |
| -96 | 254 | 184 | 279 | ||
| Items that may be reclassified subsequently to profit or loss | |||||
| Translation differences on foreign operations | -1 665 | -1 176 | -11 527 | 4 853 | |
| Hedge of net investments in foreign operations | -328 | 190 | 592 | -488 | |
| Income tax relating to items that may be reclassified | 129 | -64 | -180 | 164 | |
| -1 864 | -1 050 | -11 115 | 4 529 | ||
| Other comprehensive income for the period, net of tax | -1 960 | -796 | -10 931 | 4 808 | |
| Total comprehensive income for the period | 4 565 | 6 849 | 2 192 | 19 628 | |
| Total comprehensive income attributable to | |||||
| - owners of the parent | 4 566 | 6 847 | 2 197 | 19 619 | |
| - non-controlling interests | -1 | 2 | -5 | 9 |
Consolidated balance sheet (condensed)
| MSEK | Jun. 30 2025 | Jun. 30 2024 | Dec. 31 2024 |
|---|---|---|---|
| Intangible assets | 72 219 | 72 455 | 77 107 |
| Rental equipment | 5 808 | 5 265 | 5 947 |
| Other property, plant and equipment | 17 964 | 16 163 | 17 745 |
| Right-of-use assets | 6 742 | 6 330 | 7 133 |
| Financial assets and other receivables | 2 542 | 2 393 | 2 520 |
| Deferred tax assets | 2 314 | 2 275 | 2 575 |
| Total non-current assets | 107 589 | 104 881 | 113 027 |
| Inventories | 26 936 | 30 234 | 29 012 |
| Trade and other receivables | 43 416 | 47 714 | 47 097 |
| Other financial assets | 486 | 632 | 434 |
| Cash and cash equivalents | 20 479 | 14 495 | 18 968 |
| Total current assets | 91 317 | 93 075 | 95 511 |
| TOTAL ASSETS | 198 906 | 197 956 | 208 538 |
| Equity attributable to owners of the parent | 100 648 | 97 986 | 113 700 |
| Non-controlling interests | 55 | 70 | 60 |
| TOTAL EQUITY | 100 703 | 98 056 | 113 760 |
| Borrowings | 31 989 | 31 159 | 31 688 |
| Post-employment benefits | 2 373 | 2 476 | 2 740 |
| Other liabilities and provisions | 2 139 | 2 285 | 2 319 |
| Deferred tax liabilities | 2 680 | 2 220 | 2 616 |
| Total non-current liabilities | 39 181 | 38 140 | 39 363 |
| Borrowings | 3 093 | 3 114 | 3 076 |
| Trade payables and other liabilities | 53 716 | 55 985 | 49 590 |
| Provisions | 2 213 | 2 661 | 2 749 |
| Total current liabilities | 59 022 | 61 760 | 55 415 |
| TOTAL EQUITY AND LIABILITIES | 198 906 | 197 956 | 208 538 |
Fair value of derivatives, cash equivalents and borrowings
The carrying value and fair value of the Group's outstanding derivatives, liquidity funds, and borrowings are shown in the tables below. The fair values of bonds are based on Level 1, the fair values of derivatives, liquidity funds, and other loans are based on Level 2, and contingent considerations are based on Level 3 in the fair value hierarchy. Compared to 2024, no transfers have been made between different levels in the fair value hierarchy for derivatives and borrowings, and no significant changes have been made to valuation techniques, inputs, or assumptions. For further information, see Note 26 in the Annual Report 2024, available on our Investors page.
Financial instruments recorded at fair value
| MSEK | Jun. 30 2025 | Dec. 31 2024 |
|---|---|---|
| Non-current assets and liabilities | ||
| Assets | 128 | 68 |
| Liabilities | 52 | - |
| Current assets and liabilities | ||
| Assets | 495 | 437 |
| Liabilities | 71 | 94 |
Carrying value and fair value of borrowings
| MSEK | Jun. 30 2025 | Jun. 30 2025 | Dec. 31 2024 | Dec. 31 2024 |
|---|---|---|---|---|
| Carrying value | Fair value | Carrying value | Fair value | |
| Bonds | 15 682 | 14 569 | 14 840 | 13 520 |
| Other loans | 12 603 | 12 620 | 12 770 | 12 738 |
| Lease liability | 6 797 | 6 797 | 7 154 | 7 154 |
| 35 082 | 33 986 | 34 764 | 33 412 |
Consolidated statement of changes in equity (condensed)
| Equity attributable to | ||||
|---|---|---|---|---|
| MSEK | owners of the parent |
non-controlling interests |
Total equity | |
| Opening balance, January 1, 2025 | 113 700 | 60 | 113 760 | |
| Changes in equity for the period | ||||
| Total comprehensive income for the period | 2 197 | -5 | 2 192 | |
| Dividend | -14 604 | -4 | -14 608 | |
| Change of non-controlling interests | 4 | 4 | ||
| Acquisition and divestment of own shares | -447 | - | -447 | |
| Share-based payments, equity settled | -198 | - | -198 | |
| Closing balance, June 30, 2025 | 100 648 | 55 | 100 703 |
| MSEK | owners of the parent |
non-controlling interests |
Total equity |
|---|---|---|---|
| Opening balance, January 1, 2024 | 91 450 | 50 | 91 500 |
| Changes in equity for the period | |||
| Total comprehensive income for the period | 19 619 | 9 | 19 628 |
| Dividend | -13 647 | - | -13 647 |
| Change of non-controlling interests | -2 | 11 | 9 |
| Acquisition and divestment of own shares | 793 | - | 793 |
| Share-based payments, equity settled | -227 | - | -227 |
| Closing balance, June 30, 2024 | 97 986 | 70 | 98 056 |
Equity attributable to
| April-June | January-June | ||||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | |
| Cash flows from operating activities | |||||
| Operating profit | 8 493 | 9 466 | 17 098 | 18 811 | |
| Depreciation, amortization and impairment (see below) | 2 253 | 2 160 | 4 525 | 4 234 | |
| Capital gain/loss and other non-cash items | 229 | 26 | -161 | 292 | |
| Operating cash surplus | 10 975 | 11 652 | 21 462 | 23 337 | |
| Net financial items received/paid | -298 | 512 | -557 | 158 | |
| Taxes paid | -2 476 | -2 886 | -4 795 | -4 667 | |
| Pension funding and payment of pension to employees | -98 | -119 | -244 | -223 | |
| Change in working capital | -275 | 54 | 646 | -1 280 | |
| Investments in rental equipment | -499 | -741 | -1 020 | -1 298 | |
| Sale of rental equipment | 23 | 19 | 55 | 30 | |
| Net cash from operating activities | 7 352 | 8 491 | 15 547 | 16 057 | |
| Cash flows from investing activities | |||||
| Investments in property, plant and equipment | -944 | -915 | -2 261 | -1 794 | |
| Sale of property, plant and equipment | 15 | 20 | 31 | 41 | |
| Investments in intangible assets | -455 | -402 | -964 | -758 | |
| Acquisition of subsidiaries and associated companies | -811 | -1 111 | -2 136 | -3 307 | |
| Other investments, net | -45 | 8 | -52 | 15 | |
| Net cash from investing activities | -2 240 | -2 400 | -5 382 | -5 803 | |
| Cash flows from financing activities | |||||
| Annual dividends paid | -7 302 | -6 822 | -7 302 | -6 822 | |
| Dividends paid to non-controlling interest | -4 | - | -4 | - | |
| Acquisition of non-controlling interest | - | - | 4 | - | |
| Repurchase and sales of own shares | 59 | 383 | -447 | 793 | |
| Change in interest-bearing liabilities, net | 1 202 | -956 | 508 | -881 | |
| Net cash from financing activities | -6 045 | -7 395 | -7 241 | -6 910 | |
| Net cash flow for the period | -933 | -1 304 | 2 924 | 3 344 | |
| Cash and cash equivalents, beginning of the period | 21 400 | 16 014 | 18 968 | 10 887 | |
| Exchange differences in cash and cash equivalents | 12 | -215 | -1 413 | 264 | |
| Cash and cash equivalents, end of the period | 20 479 | 14 495 | 20 479 | 14 495 |
Depreciation, amortization and impairment
| April-June | January-June | ||||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | |
| Rental equipment | 303 | 264 | 613 | 513 | |
| Other property, plant and equipment | 568 | 566 | 1 135 | 1 084 | |
| Right-of-use assets | 493 | 454 | 992 | 882 | |
| Intangible assets | 889 | 876 | 1 785 | 1 755 | |
| Total | 2 253 | 2 160 | 4 525 | 4 234 |
Calculation of operating cash flow
| April-June | January-June | ||||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 | |
| Net cash flow for the period | -933 | -1 304 | 2 924 | 3 344 | |
| Add back: | |||||
| Change in interest-bearing liabilities, net | -1 202 | 956 | -508 | 881 | |
| Repurchase and sales of own shares | -59 | -383 | 447 | -793 | |
| Annual dividends paid | 7 302 | 6 822 | 7 302 | 6 822 | |
| Dividends paid to non-controlling interest | 4 | - | 4 | - | |
| Acquisition of non-controlling interest | - | - | -4 | - | |
| Acquisitions and divestments | 811 | 1 111 | 2 136 | 3 307 | |
| Currency hedges | 191 | -341 | 388 | -40 | |
| Operating cash flow | 6 114 | 6 861 | 12 689 | 13 521 |
Revenues by business area
| 2023 | 2024 | 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK (by quarter) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
| Compressor Technique | 17 632 | 18 600 | 19 493 | 19 827 | 18 710 | 20 136 | 19 031 | 20 382 | 19 330 | 19 119 |
| - of which external | 17 466 | 18 407 | 19 300 | 19 614 | 18 507 | 19 905 | 18 819 | 20 202 | 19 151 | 18 973 |
| - of which internal | 166 | 193 | 193 | 213 | 203 | 231 | 212 | 180 | 179 | 146 |
| Vacuum Technique | 9 989 | 10 911 | 10 802 | 11 110 | 9 719 | 10 089 | 10 444 | 10 189 | 9 527 | 8 982 |
| - of which external | 9 979 | 10 906 | 10 795 | 11 101 | 9 711 | 10 089 | 10 439 | 10 180 | 9 521 | 8 975 |
| - of which internal | 10 | 5 | 7 | 9 | 8 | - | 5 | 9 | 6 | 7 |
| Industrial Technique | 6 492 | 7 280 | 7 306 | 7 375 | 7 514 | 7 471 | 6 832 | 7 705 | 6 943 | 6 118 |
| - of which external | 6 469 | 7 260 | 7 290 | 7 356 | 7 492 | 7 460 | 6 821 | 7 683 | 6 926 | 6 101 |
| - of which internal | 23 | 20 | 16 | 19 | 22 | 11 | 11 | 22 | 17 | 17 |
| Power Technique | 5 996 | 6 828 | 7 142 | 6 933 | 7 202 | 7 391 | 7 072 | 7 957 | 7 169 | 7 196 |
| - of which external | 5 947 | 6 791 | 7 100 | 6 883 | 7 165 | 7 349 | 7 026 | 7 923 | 7 132 | 7 161 |
| - of which internal | 49 | 37 | 42 | 50 | 37 | 42 | 46 | 34 | 37 | 35 |
| Common Group Items / Eliminations | -248 | -255 | -258 | -291 | -270 | -284 | -274 | -245 | -239 | -205 |
| Atlas Copco Group | 39 861 | 43 364 | 44 485 | 44 954 | 42 875 | 44 803 | 43 105 | 45 988 | 42 730 | 41 210 |
Equipment and service revenues
| 2023 | 2024 | 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| % of total revenues (by quarter) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
| Compressor Technique - Equipment | 57 | 58 | 59 | 60 | 56 | 58 | 57 | 58 | 56 | 57 |
| Compressor Technique - Service | 43 | 42 | 41 | 40 | 44 | 42 | 43 | 42 | 44 | 43 |
| Vacuum Technique - Equipment | 77 | 77 | 77 | 78 | 75 | 74 | 74 | 73 | 71 | 70 |
| Vacuum Technique - Service | 23 | 23 | 23 | 22 | 25 | 26 | 26 | 27 | 29 | 30 |
| Industrial Technique - Equipment | 71 | 74 | 73 | 76 | 73 | 73 | 71 | 74 | 71 | 71 |
| Industrial Technique - Service | 29 | 26 | 27 | 24 | 27 | 27 | 29 | 26 | 29 | 29 |
| Power Technique - Equipment | 58 | 60 | 56 | 54 | 58 | 57 | 53 | 56 | 55 | 56 |
| Power Technique - Service | 42 | 40 | 44 | 46 | 42 | 43 | 47 | 44 | 45 | 44 |
Operating profit by business area
| 2023 | 2024 | 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MSEK (by quarter) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
| Compressor Technique | 4 245 | 4 472 | 4 856 | 4 915 | 4 642 | 4 990 | 4 974 | 5 110 | 4 711 | 4 776 |
| - as a percentage of revenues | 24.1 | 24.0 | 24.9 | 24.8 | 24.8 | 24.8 | 26.1 | 25.1 | 24.4 | 25.0 |
| Vacuum Technique | 2 268 | 2 504 | 2 465 | 2 370 | 2 119 | 2 027 | 2 014 | 2 381 | 1 638 | 1 700 |
| - as a percentage of revenues | 22.7 | 22.9 | 22.8 | 21.3 | 21.8 | 20.1 | 19.3 | 23.4 | 17.2 | 18.9 |
| Industrial Technique | 1 371 | 1 585 | 1 647 | 1 580 | 1 649 | 1 557 | 1 364 | 1 496 | 1 388 | 1 047 |
| - as a percentage of revenues | 21.1 | 21.8 | 22.5 | 21.4 | 21.9 | 20.8 | 20.0 | 19.4 | 20.0 | 17.1 |
| Power Technique | 1 145 | 1 294 | 1 429 | 1 323 | 1 393 | 1 406 | 1 274 | 1 415 | 1 205 | 1 227 |
| - as a percentage of revenues | 19.1 | 19.0 | 20.0 | 19.1 | 19.3 | 19.0 | 18.0 | 17.8 | 16.8 | 17.1 |
| Common Group Items / Eliminations | -330 | -666 | -280 | -1 102 | -458 | -514 | -289 | -384 | -337 | -257 |
| Operating profit | 8 699 | 9 189 | 10 117 | 9 086 | 9 345 | 9 466 | 9 337 | 10 018 | 8 605 | 8 493 |
| - as a percentage of revenues | 21.8 | 21.2 | 22.7 | 20.2 | 21.8 | 21.1 | 21.7 | 21.8 | 20.1 | 20.6 |
| Net financial items | -44 | -163 | -189 | -253 | 16 | -192 | -153 | -37 | -135 | -86 |
| Profit before tax | 8 655 | 9 026 | 9 928 | 8 833 | 9 361 | 9 274 | 9 184 | 9 981 | 8 470 | 8 407 |
| - as a percentage of revenues | 21.7 | 20.8 | 22.3 | 19.6 | 21.8 | 20.7 | 21.3 | 21.7 | 19.8 | 20.4 |
Return on capital employed by business area
| 2023 | 2024 | 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| % (by quarter) | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
| Compressor Technique | 82 | 83 | 82 | 85 | 84 | 84 | 85 | 85 | 83 | 82 |
| Vacuum Technique | 24 | 23 | 22 | 22 | 22 | 21 | 20 | 20 | 19 | 18 |
| Industrial Technique | 18 | 20 | 20 | 21 | 22 | 22 | 21 | 21 | 20 | 18 |
| Power Technique | 24 | 23 | 22 | 22 | 21 | 20 | 18 | 18 | 16 | 16 |
| Atlas Copco Group | 29 | 30 | 30 | 30 | 30 | 29 | 28 | 28 | 27 | 26 |
Acquisitions and divestments
| Revenues | Number of | ||||
|---|---|---|---|---|---|
| Date | Acquisitions | Divestments | Business area | MSEK* | employees* |
| 2025 Jun. 18 | Kyungwon Machinery Industry Co., Ltd. ("Kyungwon") | Compressor Technique | 465 | 126 | |
| 2025 Jun. 13 | Air Mac Inc. ("Air Mac") | Compressor Technique | 184 | 40 | |
| 2025 May. 2 | Clearpro Construction Water Solutions Pty Ltd. ("Clearpro") | Power Technique | 42 | 12 | |
| 2025 Apr. 9 | Powered Compressors and Supplies ("PCS") | Compressor Technique | 12 | ||
| 2025 Apr. 1 | Heide Pumpen GmbH ("Heide Pumpen") | Power Technique | 42 | ||
| 2025 Mar. 21 | MSS Nitrogen Ltd. ("MSS Nitrogen") | Compressor Technique | 238 | 44 | |
| 2025 Mar. 11 | Neadvance Machine Vision, S.A. ("Neadvance") | Industrial Technique | 29 | 41 | |
| 2025 Mar. 4 | Masterfilter NV ("Masterfilter") | Compressor Technique | 30 | 3 | |
| 2025 Feb. 5 | IMOCOM S.A. | Compressor Technique | 47 | 36 | |
| 2025 Feb. 5 | Maquinarias y Tecnologías S.A.S. ("Maq&Tec") | Compressor Technique | 14 | 13 | |
| 2025 Jan. 29 | Dr. Weigel Anlagenbau GmbH | Compressor Technique | 45 | ||
| 2025 Jan. 10 | Medi-teknique Ltd. ("Medi-teknique") | Compressor Technique | 42 | 13 | |
| 2025 Jan. 9 | JetCan Engineering Sdn Bhd ("JetCan") | Compressor Technique | 24 | ||
| 2025 Jan. 7 | V.O.L. Industries | Compressor Technique | 35 | 2 | |
| 2025 Jan. 7 | Trident Pneumatics Pvt. Ltd. ("Trident") | Compressor Technique | 134 | 113 | |
| 2024 Dec. 3 | Metalplan Equipamentos LTDA, ("Metalplan") | Compressor Technique | 120 | 90 | |
| 2024 Nov. 18 | VisionTools Bildanalyse Systeme GmbH ("VisionTools") | Industrial Technique | 160 | 80 | |
| 2024 Nov. 8 | ESA Service S.r.l. ("ESA Service") | Vacuum Technique | 118 | 40 | |
| 2024 Nov. 6 | SCS Makina A.Ş. ("SCS") | Compressor Technique | 40 | 11 | |
| 2024 Nov. 5 | Pennine Pneumatic Services Ltd. ("PPS") | Compressor Technique | 84 | ||
| 2024 Nov. 4 | Air Way Automation Ltd. ("Air Way") | Industrial Technique | 370 | 98 | |
| 2024 Okt. 3 | Perslucht Wilda B.V. ("Perslucht Wilda") | Power Technique | 9 | ||
| 2024 Okt. 2 | Kinder-Janes Engineers Ltd. ("Kinder-Janes") | Power Technique | 164 | 20 | |
| 2024 Okt. 2 | Pomac B.V. ("Pomac") | Power Technique | 95 | 23 | |
| 2024 Okt. 2 | Arlógica Máquinas e Equipamentos, Lda ("Arlógica") | Compressor Technique | 9 | ||
| 2024 Oct. 2 | Easy Filtration S.r.l. ("Easy Filtration") | Compressor Technique | 9 | ||
| 2024 Sep. 3 | Integrated Pump Rental ("IPR") | Power Technique | 57 | 18 | |
| 2024 Sep. 3 | Anhui NOY Technologies Co. Ltd., ("NOY") | Vacuum Technique | 178 | 78 | |
| 2024 Sep. 3 | Generator Rental Services ("GRS") | Power Technique | 263 | 58 | |
| 2024 Aug. 2 | AVT Services Pty Ltd., ("AVT Services") | Vacuum Technique | 15 | ||
| 2024 Aug. 2 | Danmil A/S ("Danmil") | Compressor Technique | 126 | 26 | |
| 2024 Jul. 29 | Compressed Air Technologies, Inc. | Compressor Technique | 53 | ||
| 2024 Jul. 23 | Kingsdown Compressed Air Systems Ltd. ("Kingsdown") | Compressor Technique | 31 | 13 | |
| 2024 Jul. 4 | Mont-Tech Ltd. ("Mont-Tech") | Industrial Technique | 40 | 27 | |
| 2024 Jul. 2 | Swed-Weld AB ("Swed-Weld") | Industrial Technique | 30 | 10 | |
| 2024 Jul. 2 | Emcovele S.A. | Compressor Technique | 49 | ||
| 2024 Jun. 14 | AE Industrial Ltd. ("AE Industrial") | Compressor Technique | 40 | ||
| 2024 Jun. 5 | Baraghini Compressori Srl ("Baraghini") | Compressor Technique | 31 | 14 | |
| 2024 May 7 | Montajes Electromecánicos e Ingeniería, S.A. de C.V. ("MEISA") | Vacuum Technique | 52 | ||
| 2024 May 3 | Tecturbo | Compressor Technique | 60 | 51 | |
| 2024 Apr. 4 | Delta Temp | Power Technique | 100 | 20 | |
| 2024 Apr. 2 | Presys Co., Ltd. | Vacuum Technique | 275 | 134 | |
| 2024 Mar. 5 | Zahroof Valves Inc. | Compressor Technique | 130 | 44 | |
| 2024 Mar. 4 | Pacific Sales & Service, Inc. ("Pacific Air Compressors") | Compressor Technique | 15 | ||
| 2024 Mar. 4 | Druckluft-Technik-Nord GmbH | Compressor Technique | 18 | ||
| 2024 Feb. 7 | Ace Air (NI) Ltd. | Compressor Technique | 8 | ||
| 2024 Jan. 9 | Hycomp Inc. | Compressor Technique | 85 | 37 | |
| 2024 Jan. 3 | KRACHT GmbH ("Kracht") | Power Technique | 766 | 440 | |
* Annual revenues and number of employees at time of acquisition/divestment. No revenues are disclosed for former Atlas Copco distributors. Due to the relatively small size of most of the acquisitions made in 2025, full disclosure as per IFRS 3 is not given in this interim report.
Disclosure on an aggregated level will be given in the Annual Report 2025. See the Annual Report 2024 for disclosure of acquisitions made in 2024.
Parent company
Income statement (condensed)
| April-June | January-June | |||
|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2025 | 2024 |
| Administrative expenses | -207 | -292 | -427 | -522 |
| Other operating income and expenses | 173 | 244 | 195 | 288 |
| Operating profit/loss | -34 | -48 | -232 | -234 |
| Financial income and expenses | 8 967 | 14 599 | 11 306 | 14 553 |
| Profit/loss before tax | 8 933 | 14 551 | 11 074 | 14 319 |
| Income tax | 36 | 48 | 100 | 138 |
| Profit/loss for the period | 8 969 | 14 599 | 11 174 | 14 457 |
Balance sheet (condensed)
| MSEK | Jun. 30 2025 | Jun. 30 2024 | Dec. 31 2024 |
|---|---|---|---|
| Total non-current assets | 199 267 | 193 286 | 198 845 |
| Total current assets | 8 549 | 13 027 | 5 829 |
| TOTAL ASSETS | 207 816 | 206 313 | 204 674 |
| Total restricted equity | 5 785 | 5 785 | 5 785 |
| Total non-restricted equity | 158 747 | 157 796 | 162 807 |
| TOTAL EQUITY | 164 532 | 163 581 | 168 592 |
| Total provisions | 546 | 939 | 737 |
| Total non-current liabilities | 35 128 | 34 605 | 35 002 |
| Total current liabilities | 7 610 | 7 188 | 343 |
| TOTAL EQUITY AND LIABILITIES | 207 816 | 206 313 | 204 674 |
Assets pledged and contingent liabilities
| MSEK | Jun. 30 2025 | Jun. 30 2024 | Dec. 31 2024 |
|---|---|---|---|
| Assets pledged | 217 | 222 | 209 |
| Contingent liabilities | 14 319 | 11 167 | 11 515 |
Accounting principles
Atlas Copco AB is the ultimate Parent Company of the Atlas Copco Group. The financial statements of Atlas Copco AB have been prepared in accordance with the Swedish Annual Accounts Act and the accounting standard RFR 2, Accounting for Legal Entities. The same accounting principles and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statements. See also accounting principles, page 8.
Parent Company
Distribution of shares
Share capital equaled MSEK 786 (786) at the end of the period, distributed as follows:
| Class of share | Shares |
|---|---|
| A shares | 3 357 576 384 |
| B shares | 1 560 876 032 |
| Total | 4 918 452 416 |
| - of which A shares held by Atlas Copco AB | 50 116 283 |
| - of which B shares held by Atlas Copco AB | 0 |
| Total shares outstanding, net of shares held by | |
| Atlas Copco AB | 4 868 336 133 |
Performance-based personnel option plan
The Annual General Meeting 2025 approved a performance-based long-term incentive program. For Group Management and division presidents, the plan requires management's own investment in Atlas Copco shares. For further information, see: General meeting page
Transactions in own shares
Atlas Copco AB has mandates to acquire and sell own shares as per below:
- The acquisition of not more than 9 500 000 series A shares related to personnel option plan for 2025.
- The acquisition of not more than 60 000 series A shares, later to be sold on the market in connection with payment to Board members who have opted to receive synthetic shares as part of their remuneration.
- The sale of not more than 60 000 series A shares to cover costs, primarily social charges, related to previously issued synthetic shares to Board members.
- The sale of a maximum of 29 300 000 series A shares currently held by the company, for the purpose of covering costs of fulfilling obligations related to the performancebased personnel option plans 2018, 2019, 2020, 2021 and 2022.
- The shares may only be acquired or sold on NASDAQ Stockholm at a price within the registered price interval at any given time.
During the first six months of 2025, 2 277 849 series A shares, net, were acquired. These transactions are in accordance with mandates granted. The company's holding of own shares at the end of the period appears in the table to the left.
Risks and factors of uncertainty
Financial risks
Atlas Copco AB is subject to currency risks, funding risks, interest rate risks, tax risks, and other financial risks. In line with the overall goals with respect to growth, return on capital, and protecting creditors, Atlas Copco AB has adopted a policy to control the financial risks to which Atlas Copco AB and the Group is exposed. A financial risk management committee meets regularly to manage and follow up financial risks, in line with the policy.
For further information, see the Annual Report 2024.
Related parties
There have been no significant changes in the relationships or transactions with related parties for the Group or Parent Company compared with the information given in the Annual Report 2024.
This is Atlas Copco Group
Atlas Copco Group enables technology that transforms the future. We innovate to develop products, services, and solutions that are key to our customers' success. Our four business areas offer compressed air and gas solutions, vacuum solutions, energy solutions, dewatering and industrial pumps, industrial power tools, and assembly and machine vision solutions. In 2024, the Group had revenues of BSEK 177 and about 55 000 employees at year-end.
Business areas
Atlas Copco Group has four business areas. The business areas are responsible for developing their respective operations by implementing and following up on strategies and objectives to achieve sustainable, profitable growth.
The Compressor Technique business area provides compressed air and gas solutions such as industrial compressors, gas and process compressors and expanders, air and gas treatment equipment, and air management systems. The business area has a global service network and innovates technology that transforms the future of the manufacturing and process industries. Principal product development and manufacturing units are located in Belgium, the United States, China, India, Germany, and Italy.
The Vacuum Technique business area provides vacuum products, exhaust management systems, valves, and related products. The main markets served are semiconductor and scientific instruments, as well as a wide range of industrial segments, including chemical process industries, food packaging, and paper handling. The business area has a global service network and innovates technology that transforms the future and improves customer performance. Principal product development and manufacturing units are located in the United States, Mexico, United Kingdom, Czech Republic, Germany, South Korea, China, and Japan.
The Industrial Technique business area provides industrial power tools, assembly and machine vision solutions, quality assurance products, and services through a global network. The business area innovates technology that transforms the future for customers in the automotive and general industries. Principal product development and manufacturing units are located in Sweden, Germany, Hungary, United Kingdom, France, the United States, China, and Japan.
The Power Technique business area provides portable air and power, industrial and portable flow solutions through products such as mobile compressors, generators, energy storage systems, dewatering and industrial pumps, along with a number of complementary products. It also offers specialty rental and provides service through a global network. The business area innovates technology that transforms the future for multiple industries, including infrastructure construction, manufacturing, oil and gas, and exploration drilling. Principal product development and manufacturing units are located in Belgium, Spain, Germany, the United States, China, and India.
Vision, mission and strategy
The Atlas Copco Group's vision is to become and remain First in Mind— First in Choice of its customers and other stakeholders. The mission is to achieve sustainable, profitable growth. This means that we should continuously deliver profitable growth with an increased positive impact on society and the environment and by promoting diversity and inclusion. Inclusion is about providing everyone within our organization with support and inspiration to learn and grow. It also means that we include the perspective of different stakeholders, like customers and society, when we create value. An integrated sustainability strategy, backed by ambitious goals, helps the company deliver greater value to all its stakeholders in a way that is economically, environmentally, and socially responsible.
For further information
Analysts and investors
Daniel Althoff, Vice President Investor Relations Mobile: +46 768 99 95 97 [email protected]
Media
Christina Malmberg Hägerstrand, Media Relations Manager Mobile: +46 728 55 93 29 [email protected]
Conference call
A presentation for investors, analysts and media will be held on July 18, 2025, at 14:00 CEST.
To follow the presentation via webcast: https://atlas-copco-group.events.inderes.com/q2-report-2025
To participate via teleconference: https://events.inderes.com/atlas-copco-group/q2-report-2025/dial-in
Please visit our Investors page for presentation material.
Third-quarter report 2025
The Q3 2025 report will be published on October 23, 2025, around 12:00 CEST and the conference call will be at 14:00 CEST. Silent period starts on September 23, 2025.
Capital Markets Day 2025
Atlas Copco Group will host its Capital Markets Day on November 26, 2025, in Stuttgart and Bretten, Germany.
Fourth-quarter report 2025
The Q4 2025 report will be published on January 27, 2026. Silent period starts on December 28, 2025.
This information is information that Atlas Copco AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact person set out above, at 13:00 CEST on July 18, 2025.
The Board of Directors and President declare 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.
The content of this interim report was decided on July 18, 2025
Nacka, the date as evidenced by our electronic signature
Atlas Copco AB
| Hans Stråberg Chair |
Jumana Al-Sibai Board member |
Johan Forssell Board member |
Anna Ohlsson-Leijon Board member |
|---|---|---|---|
| Heléne Mellquist Board member |
Vagner Rego Board member President and CEO |
Gordon Riske Board member |
Peter Wallenberg Jr Board member |
| Karin Rådström Board member |
Helena Hemström Board member Union representative |
Benny Larsson Board member Union representative |
Auditors' Review Report (translation of the Swedish original) Atlas Copco AB (publ), Corp. Reg. No. 556014-2720
Introduction
We have reviewed the condensed interim report for Atlas Copco AB as at June 30, 2025 and for the six month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
Scope of the review
We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden.
The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.
Stockholm, the date as evidenced by our electronic signature Ernst & Young AB
Erik Sandström Authorized Public Accountant