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Epiroc Interim / Quarterly Report 2026
2908_10-q_2026-04-29_f0b47951-0087-4073-ab1c-8ce775e31537.pdf
Interim / Quarterly Report
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Interim report Q1 2026
April 29, 2026
Epiroc
Epiroc
Q1 2026
Table of Contents
Epiroc interim report Q1 ... 3
Financial overview ... 3
CEO comments ... 4
Orders and revenues ... 5
Profits and returns ... 6
Balance sheet ... 7
Cash flow ... 7
Dividend ... 7
Leading productivity and sustainability partner ... 8
Equipment & Service ... 9
Tools & Attachments ... 11
Sustainability: People & Planet ... 13
Other information ... 14
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
On the cover: The Epiroc PCD drill bit, a new level in productivity and safety. With our first generation PCD (polycrystalline diamond) drill bits, the Powerbit X, we broke new ground. With the second generation Epiroc PCD drill bits, we are crushing it.
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Epiroc interim report Q1
- Orders received increased 11% to MSEK 18 340 (16 586), with currency impacting negatively by -12%. The organic increase was 23%. Large orders amounted to MSEK 1 280 (280).
- Revenues decreased -8% to MSEK 14 351 (15 536), with currency impacting negatively by -10%. The organic increase was 2%.
- Operating profit amounted to MSEK 2 846 (3 088), including items affecting comparability of MSEK -22 (-11)*. The operating margin was 19.8% (19.9).
- The adjusted operating profit was MSEK 2 868 (3 099), corresponding to an adjusted operating margin of 20.0% (19.9).
- Basic earnings per share was SEK 1.74 (1.82).
- Operating cash flow was MSEK 1 300 (1 569).
- Net debt/EBITDA ratio was 0.71 (0.76).
- Agreement to acquire Eventspec Proprietary Limited, a South African provider of parts and related services to the mining industry.**
Financial overview
| MSEK | 2026 Q1 | 2025 Q1 | Δ,% |
|---|---|---|---|
| Orders received | 18 340 | 16 586 | 11 |
| Revenues | 14 351 | 15 536 | -8 |
| EBITA | 3 103 | 3 353 | -7 |
| EBITA margin, % | 21.6 | 21.6 | |
| Operating profit, EBIT | 2 846 | 3 088 | -8 |
| Operating margin, EBIT, % | 19.8 | 19.9 | |
| Profit before tax | 2 762 | 2 881 | -4 |
| Profit margin, % | 19.2 | 18.5 | |
| Profit for the period | 2 105 | 2 196 | -4 |
| Operating cash flow | 1 300 | 1 569 | -17 |
| Basic earnings per share, SEK | 1.74 | 1.82 | -4 |
| Diluted earnings per share, SEK | 1.74 | 1.82 | -4 |
| Return on capital employed, %, 12 months | 18.5 | 20.3 | |
| Net debt/EBITDA, ratio | 0.71 | 0.76 |
- For further information, see pages 6 and 21.
** For further information, see page 23.
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
CEO comments
Strong start to the year
The customer demand was strong in the first quarter of 2026. Orders received increased 23% organically to MSEK 18 340 (16 586). Within mining, customer activity remained at a high level, supported by historically high mineral prices in segments to which we have a large exposure, such as copper and gold. The strong demand was seen in all regions and was mainly related to replacement and expansion in brownfield mines. The equipment orders increased 44% organically and our large orders, i.e. orders above MSEK 150, amounted to MSEK 1 280 (280). The demand for exploration equipment and tools continued to increase, with double-digit organic growth. The order intake for service increased by 12% organically, with especially strong demand for circular solutions, such as mid-life upgrades.
The infrastructure demand improved somewhat, although geopolitical instability creates uncertainty.
Sequentially, compared to the previous quarter, orders increased 17% organically.
In the near term, we expect mining demand to remain high, while demand from construction customers is expected to increase somewhat from a low level.
Revenues and profitability
Our revenues amounted to MSEK 14 351 (15 536), corresponding to 2% organic growth. Our lead times are at normal levels, but following a period of strong order intake, we are ramping up production and will see increased output and deliveries in the coming quarters.
Our operating profit, EBIT, was MSEK 2 846 (3 088), and the operating margin was 19.8% (19.9). The operating profit includes items affecting comparability of MSEK -22, fully explained by the change in provision for the long-term incentive program.
The adjusted operating margin, EBIT, was 20.0% (19.9). Despite tariffs and increased input costs for tungsten, we achieved a positive organic contribution in the quarter.
Cash flow
Our operating cash flow was MSEK 1 300 (1 569) and our cash conversion rate, rolling 12 months, was 88% (100).
Customer centricity more important than ever
Our strong order intake in the quarter confirms that customers view Epiroc as a reliable and long-term partner. In this geopolitically uncertain environment, mining customers are valuing our dependable services, high parts availability, and delivery of high-quality equipment. Many of the orders include automation features, which help customers strengthening their competitiveness and sustainability. The demand was especially high for autonomous surface drilling equipment, which reinforces our strong position in the segment.
Positive sentiment at CONEXPO
At the recent CONEXPO 2026 in Las Vegas, one of the world's largest construction trade shows, more than 140 000 industry professionals took part. We showcased innovation across remote and autonomous drilling, advanced tools, and digital fleet and asset management. While the construction market remains soft, customer engagement was high.
I am proud of how our teams continue to deliver tangible customer value through close collaboration and strong execution. We enter 2026 with a solid foundation and a clear focus, and I look forward to the opportunities ahead.
Helena Hedblom, President and CEO
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Orders and revenues
Revenues and book-to-bill
Revenues by business type
■ Aftermarket
■ Equipment ■ Service ■ Tools & Attachments
Financial overview
| 2026 | 2025 | ||
|---|---|---|---|
| MSEK | Q1 | Q1 | Δ,% |
| Orders received | 18 340 | 16 586 | 11 |
| Revenues | 14 351 | 15 536 | -8 |
| EBITA | 3 103 | 3 353 | -7 |
| EBITA margin, % | 21.6 | 21.6 | |
| Adj. operating profit, EBIT | 2 868 | 3 099 | -7 |
| Adj. operating margin, EBIT, % | 20.0 | 19.9 | |
| Operating profit, EBIT | 2 846 | 3 088 | -8 |
| Operating margin, EBIT, % | 19.8 | 19.9 |
Orders received
Orders received increased 11% to MSEK 18 340 (16 586). The organic increase was 23%, driven by strong demand from mining customers. Currency impacted negatively by -12%.
In all regions except Europe, high double-digit growth was achieved. The strongest growth was achieved in Africa/Middle East, supported by a few large mining equipment orders.
Mining customers represented 79% (78) of orders received in the quarter and infrastructure customers 21% (22).
Sequentially, compared to the previous quarter, orders received increased 17% organically, driven by high mining activity.
Revenues
Revenues decreased -8% to MSEK 14 351 (15 536), with currency impacting negatively by -10%. The organic growth was 2%.
The book-to-bill ratio (orders received in relation to revenues) was 128% (107).
The aftermarket represented 69% (67) of revenues in the quarter.
| Sales Bridge | Orders received | Revenues |
|---|---|---|
| MSEK,Δ,% | MSEK,Δ,% | |
| Q1 2025 | 16 586 | 15 536 |
| Organic | 23 | 2 |
| Currency | -12 | -10 |
| Structure/other | 0 | 0 |
| Total | 11 | -8 |
| Q1 2026 | 18 340 | 14 351 |
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Profits and returns
Operating profit and margin
Adjusted operating profit and margin
Capital employed and return on capital employed
| Profit bridge | Operating profit | |
|---|---|---|
| MSEK,Δ | Margin,Δ,pp | |
| Q1 2025 | 3 088 | 19.9 |
| Organic | 138 | 0.5 |
| Currency | -387 | -0.6 |
| Structure/other* | 7 | 0.0 |
| Total | -242 | -0.1 |
| Q1 2026 | 2 846 | 19.8 |
- 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, amounted to MSEK 2 846 (3 088). It includes items affecting comparability of MSEK -22 (-11), fully explained by the change in provision for the share-based long-term incentive programs. See page 21.
The operating margin, EBIT, was $19.8\%$ (19.9) and the adjusted operating margin, excluding items affecting comparability, was $20.0\%$ (19.9). The organic contribution was positive, explained by efficiency measures taken in previous quarters as well as positive revenue mix. The net impact from tariffs amounted to just below -0.5 percentage points. Currency impacted the margin with -0.6 percentage points.
Net financial items improved to MSEK -84 (-207) and net interest to MSEK -151 (-187).
Profit before tax decreased to MSEK 2 762 (2 881). Income tax expense amounted to MSEK -657 (-685) and the effective tax rate was unchanged at $23.8\%$ (23.8). Profit for the period totaled MSEK 2 105 (2 196). Basic earnings per share was SEK 1.74 (1.82).
Return on capital employed, rolling 12 months, was $18.5\%$ (20.3), mainly explained by a lower operating profit level. The return on equity was $20.3\%$ (22.1).
Epiroc AB Interim Report January - March 2026
Epiroc
Q1 2026
Balance sheet
Net working capital
Net working capital
Compared to the previous year, net working capital increased 3% to MSEK 23 484 (22 729), relating to increased inventories partly offset by increased payables. The average net working capital in relation to revenues in the last 12 months was 37.4% (36.9).
Net debt
Net debt
Epiroc ended the quarter with a cash and cash equivalents position of MSEK 9 214 (9 107). The net debt was MSEK 10 496 (12 317). The net debt/EBITDA ratio was 0.71 (0.76).
The average tenor of Epiroc's long-term debt was 3.7 years (4.5). The average interest duration was 15 months (19) and the average interest rate at the end of the quarter was 3.9% (4.1).
Cash flow
Operating cash flow
Operating cash flow
Operating cash flow was MSEK 1 300 (1 569) and the cash conversion rate, rolling 12 months, was 88% (100).
Acquisitions and divestments
The net cash flow from acquisitions and divestments was MSEK -145 (-74). The cash effect in the quarter relates to earn-out of the acquisition of ASI Mining.
Dividend
Dividend and payout ratio
* Proposal by the Board.
The Board of Directors proposes to the Annual General Meeting on May 5, 2026, an ordinary dividend to shareholders of SEK 3.80 (3.80) per share, equal to MSEK 4 594 (4 594). The dividend is proposed to be paid in two equal installments with record dates May 7 and October 19.
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
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 quarter, Epiroc announced 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.
300 million tonnes moved driverless
Epiroc and Hancock Iron Ore have created the world's largest fully OEM-agnostic autonomous mine. More than 300 million tonnes of material have been moved driverless at the Roy Hill mine using Epiroc's LinkOA solution. The solution was also named Engineering Product of the Year at the 2026 Digital Engineering Awards, recognizing its impact on advancing automation in the mining industry.
Innovation supporting exploration growth: Uphole Brake
Epiroc has introduced the Uphole Brake, a safety-focused innovation for exploration drilling that automatically stops free-falling inner tube assemblies in steep uphole applications. As exploration projects become deeper and more technically demanding, solutions that enable safe and efficient drilling further strengthen Epiroc's position in the fast-growing exploration segment.
Upgraded surface drill rig for superior efficiency
Epiroc has launched the new generation PowerROC T25 surface drill rig. The upgraded version includes major improvements such as the latest PowerROC control system, delivering optimal fuel efficiency and simplified operation. The control system automatically adjusts engine speed to the most efficient level, ensuring that power output consistently matches real-time drilling demands.
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
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.
Financial overview
| MSEK | 2026 Q1 | 2025 Q1 | Δ,% |
|---|---|---|---|
| Orders received | 14 230 | 12 377 | 15 |
| Revenues | 10 776 | 11 704 | -8 |
| EBITA | 2 770 | 2 912 | -5 |
| EBITA margin, % | 25.7 | 24.9 | |
| Adj. operating profit, EBIT | 2 584 | 2 724 | -5 |
| Adj. operating margin, EBIT, % | 24.0 | 23.3 | |
| Operating profit, EBIT | 2 584 | 2 724 | -5 |
| Operating margin, EBIT, % | 24.0 | 23.3 |
Orders received
Orders received increased 15% to MSEK 14 230 (12 377), corresponding to 27% organic increase. Large orders, i.e. orders above MSEK 150, totaled MSEK 1 280 (280). Currency impacted negatively by -12%.
Compared to the previous year, orders received in local currency, including acquisitions, increased with double digits in all regions except Europe, which was unchanged. The strongest growth was achieved in Africa/Middle East, supported by a few large mining equipment orders.
For equipment, orders received increased 29% to MSEK 7 410 (5 722), corresponding to an organic increase of 44%. The share of equipment orders was 52% (46).
For service, orders received were MSEK 6 820 (6 655), corresponding to an organic increase of 12%. The demand was especially strong within circular solutions, including midlife upgrades. The share of service orders was 48% (54).
Sequentially, orders received increased 17% organically for the Business Area, driven by strong mining demand.
Revenues
Revenues amounted to MSEK 10 776 (11 704), corresponding to an organic growth of 2%. Currency impacted negatively by -10%. Service revenues increased 3% organically while equipment revenues decreased -1% organically. The share of revenues from service was 58% (57). The book-to-bill ratio was 132% (106).
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Equipment & Service
| Sales Bridge | Equipment & Service | Equipment | Service | |||
|---|---|---|---|---|---|---|
| Orders received | Revenues | Orders received | Revenues | Orders received | Revenues | |
| MSEK,Δ,% | MSEK,Δ,% | MSEK,Δ,% | MSEK,Δ,% | MSEK,Δ,% | MSEK,Δ,% | |
| Q1 2025 | 12 377 | 11 704 | 5 722 | 5 072 | 6 655 | 6 632 |
| Organic | 27 | 2 | 44 | -1 | 12 | 3 |
| Currency | -12 | -10 | -14 | -9 | -11 | -10 |
| Structure/other | 0 | 0 | -1 | -1 | 1 | 1 |
| Total | 15 | -8 | 29 | -11 | 2 | -6 |
| Q1 2026 | 14 230 | 10 776 | 7 410 | 4 512 | 6 820 | 6 264 |
Operating profit and margin
Adjusted operating profit and margin
Operating profit and margin
Operating profit, EBIT, was MSEK 2 584 (2 724). The operating margin, EBIT, as well as the adjusted operating margin was 24.0% (23.3).
The organic contribution was positive, explained by disciplined execution in measures taken. The currency impacted the margin negatively with -0.4 percentage points.
| Profit bridge | Operating profit | |
|---|---|---|
| MSEK,Δ | Margin,Δ,pp | |
| Q1 2025 | 2 724 | 23.3 |
| Organic | 155 | 1.0 |
| Currency | -309 | -0.4 |
| Structure/other | 14 | 0.1 |
| Total | -140 | 0.7 |
| Q1 2026 | 2 584 | 24.0 |
Acquisitions
On March 9, 2026, Epiroc announced the agreement to acquire Eventspec Proprietary Limited. See page 23.
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
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.
Financial overview
| MSEK | 2026 Q1 | 2025 Q1 | Δ,% |
|---|---|---|---|
| Orders received | 4 099 | 4 187 | -2 |
| Revenues | 3 564 | 3 811 | -6 |
| EBITA | 476 | 539 | -12 |
| EBITA margin, % | 13.4 | 14.1 | |
| Adj. operating profit, EBIT | 404 | 461 | -12 |
| Adj. operating margin, EBIT, % | 11.3 | 12.1 | |
| Operating profit, EBIT | 404 | 461 | -12 |
| Operating margin, EBIT, % | 11.3 | 12.1 |
Orders received
Orders received decreased -2% to MSEK 4 099 (4 187), with currency impacting negatively by -11%. The organic growth was 9%, driven by a high activity in mining, as well as an initial recovery in the demand for attachments used in construction.
Compared to the previous year, orders received in local currency increased in North America, Africa/Middle East and Asia/Australia, while South America and Europe declined. The strongest growth, double digits, was achieved in North America.
Sequentially, orders received increased 16% organically for the Business Area, with seasonally better demand from infrastructure customers.
Revenues
Revenues decreased -6% to MSEK 3 564 (3 811), corresponding to an organic increase of 5%. Currency impacted negatively by -11%. The book-to-bill ratio was 115% (110).
| Sales Bridge | Orders received | Revenues |
|---|---|---|
| MSEK,Δ,% | MSEK,Δ,% | |
| Q1 2025 | 4 187 | 3 811 |
| Organic | 9 | 5 |
| Currency | -11 | -11 |
| Structure/other | 0 | 0 |
| Total | -2 | -6 |
| Q1 2026 | 4 099 | 3 564 |
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Tools & Attachments
Operating profit and margin
Adjusted operating profit and margin
Operating profit and margin
Operating profit, EBIT, was MSEK 404 (461). The operating margin, EBIT, as well as the adjusted operating margin decreased to 11.3% (12.1). Measures taken to increase efficiency yielded results, although currency and increased input costs for tungsten impacted the margin negatively. The currency impacted with -0.7 percentage points.
| Profit bridge | Operating profit | |
|---|---|---|
| MSEK,Δ | Margin,Δ,pp | |
| Q1 2025 | 461 | 12.1 |
| Organic | 13 | -0.2 |
| Currency | -75 | -0.7 |
| Structure/other | 5 | 0.1 |
| Total | -57 | -0.8 |
| Q1 2026 | 404 | 11.3 |
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Sustainability: People & Planet
Employees and proportion of women
Sick leave and TRIFR
CO₂e emissions
Employees
The number of employees increased to 19 086 (19 042) and the external workforce increased to 1 745 (1 516), mainly in production. The proportion of women employees and women managers increased to 20.5% (20.0) and 25.2% (24.5) respectively.
Safety and health
The total recordable injury frequency rate (TRIFR) per one million working hours the last 12 months decreased to 3.9 (4.3). Actions are continuously taken to reduce injuries. The sick leave 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 -9% to 46 197 (50 759) 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 15% to 123 165 (107 506) tonnes. The increase is mainly explained by acquisitions, higher share of air freight, and new transport routes.
- Comparable units are production companies and distribution centers.
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Other information
In the quarter
- 2026-03-09 - Epiroc announced the agreement to acquire Eventspec, a South African aftermarket solutions provider.
- 2026-03-19 - Annual and Sustainability Report for 2025 published.
- 2026-03-20 - Large order for autonomous and electric mining equipment in Africa of MSEK 380.
After the period end
- 2026-04-10 - Large mining equipment order in Zambia of MSEK 180 (reported in Q1).
Epiroc AB Interim Report January – March 2026
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Epiroc
Q1 2026
Key risks
Epiroc is exposed to strategic, operational, legal and compliance as well as financial risks. The key risks include climate transition, industry and market developments, acquisitions and divestments, competition, geopolitical, compliance risks: data privacy, trade compliance, fraud and corruption, cyber security and information, intellectual property risks, recruit and retain personnel, product development and quality, production, reputation, safety and health, and supply chain, inclusion and diversity, currency, credit risk on accounts receivables, insurance, product quality and product liability. 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, April 29, 2026
Helena Hedblom
President and CEO, Epiroc AB
The company's auditors have not reviewed this report.
Epiroc AB Interim Report January – March 2026
15 (28)
Epiroc
Q1 2026
Financial Statements
Condensed consolidated income statement
| MSEK | 2026 Q1 | 2025 Q1 | 2025 FY |
|---|---|---|---|
| Revenues | 14 351 | 15 536 | 61 998 |
| Cost of sales | -9 254 | -9 396 | -39 024 |
| Gross profit | 5 097 | 6 140 | 22 974 |
| Administrative expenses | -1 087 | -1 200 | -4 498 |
| Marketing expenses | -930 | -1 025 | -4 021 |
| Research and development expenses | -501 | -500 | -1 966 |
| Other operating income and expenses | 267 | -327 | -564 |
| Operating profit | 2 846 | 3 088 | 11 925 |
| Net financial items | -84 | -207 | -689 |
| Profit before tax | 2 762 | 2 881 | 11 236 |
| Income tax expense | -657 | -685 | -2 637 |
| Profit for the period | 2 105 | 2 196 | 8 599 |
| Profit attributable to | |||
| - owners of the parent | 2 104 | 2 200 | 8 602 |
| - non-controlling interests | 1 | -4 | -3 |
| Basic earnings per share, SEK | 1.74 | 1.82 | 7.12 |
| Diluted earnings per share, SEK | 1.74 | 1.82 | 7.11 |
Condensed consolidated statement of comprehensive income
| MSEK | 2026 Q1 | 2025 Q1 | 2025 FY |
|---|---|---|---|
| Profit for the period | 2 105 | 2 196 | 8 599 |
| Other comprehensive income | |||
| Items that will not be reclassified to profit or loss | |||
| Remeasurements of defined benefit pension plans | 67 | 145 | 135 |
| Income tax relating to items that will not be reclassified | -15 | -30 | -30 |
| Total items that will not be reclassified to profit or loss | 52 | 115 | 105 |
| Items that may be reclassified subsequently to profit or loss | |||
| Translation differences on foreign operations | 1 351 | -3 053 | -4 689 |
| - realized and reclassified to profit and loss | - | - | 1 |
| Hedge of net investments in foreign operations | -20 | -340 | -327 |
| Cash flow hedges | 11 | 302 | 240 |
| Income tax relating to items that may be reclassified | 2 | 8 | 18 |
| Total items that may be reclassified subsequently to profit or loss | 1 344 | -3 083 | -4 757 |
| Other comprehensive income for the period, net of tax | 1 396 | -2 968 | -4 652 |
| Total comprehensive income for the period | 3 501 | -772 | 3 947 |
| Total comprehensive income attributable to | |||
| - owners of the parent | 3 500 | -731 | 3 990 |
| - non-controlling interests | 1 | -41 | -43 |
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Condensed consolidated balance sheet
| Assets, MSEK | 2026
Mar 31 | 2025
Mar 31 | 2025
Dec 31 |
| --- | --- | --- | --- |
| Intangible assets | 22 729 | 22 962 | 21 923 |
| Rental equipment | 1 327 | 1 396 | 1 300 |
| Other property, plant and equipment | 7 624 | 7 485 | 7 449 |
| Investments in associated companies | 30 | 31 | 29 |
| Other financial assets and other receivables | 2 424 | 1 918 | 2 638 |
| Deferred tax assets | 1 517 | 1 363 | 1 505 |
| Total non-current assets | 35 651 | 35 155 | 34 844 |
| Inventories | 20 576 | 18 273 | 18 100 |
| Trade receivables | 11 099 | 11 382 | 11 155 |
| Other receivables | 4 141 | 3 833 | 3 952 |
| Current tax receivables | 1 327 | 1 430 | 1 386 |
| Financial assets | 1 496 | 1 670 | 1 366 |
| Cash and cash equivalents | 9 214 | 9 107 | 9 574 |
| Total current assets | 47 853 | 45 695 | 45 533 |
| Total assets | 83 504 | 80 850 | 80 377 |
Equity and liabilities, MSEK
| Share capital | 500 | 500 | 500 |
|---|---|---|---|
| Retained earnings | 45 403 | 41 602 | 41 761 |
| Total equity attributable to owners of the parent | 45 903 | 42 102 | 42 261 |
| Non-controlling interest | 11 | 368 | 11 |
| Total equity | 45 914 | 42 470 | 42 272 |
| Interest-bearing liabilities | 15 894 | 18 992 | 16 776 |
| Post-employment benefits | 189 | 169 | 178 |
| Other liabilities and provisions | 458 | 547 | 443 |
| Deferred tax liabilities | 1 374 | 1 496 | 1 552 |
| Total non-current liabilities | 17 915 | 21 204 | 18 949 |
| Interest-bearing liabilities | 3 950 | 2 378 | 4 247 |
| Trade payables | 6 588 | 5 564 | 5 683 |
| Current tax liabilities | 712 | 829 | 627 |
| Other liabilities and provisions | 8 425 | 8 405 | 8 599 |
| Total current liabilities | 19 675 | 17 176 | 19 156 |
| Total equity and liabilities | 83 504 | 80 850 | 80 377 |
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Condensed consolidated statement of changes in equity
| MSEK | Equity attributable to | ||
|---|---|---|---|
| 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 | 3 500 | 1 | 3 501 |
| Dividend | - | -1 | -1 |
| Acquisition and divestment of own shares | 196 | - | 196 |
| Share-based payments, equity settled | -54 | - | -54 |
| Closing balance, Mar 31, 2026 | 45 903 | 11 | 45 914 |
| Opening balance, Jan 1, 2025 | 42 757 | 423 | 43 180 |
| Total comprehensive income for the period | -730 | -41 | -771 |
| Dividend | - | -14 | -14 |
| Acquisition and divestment of own shares | 104 | - | 104 |
| Share-based payments, equity settled | -29 | - | -29 |
| Closing balance, Mar 31, 2025 | 42 102 | 368 | 42 470 |
| 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 |
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Condensed consolidated statement of cash flows
| MSEK | 2026 Q1 | 2025 Q1 | 2025 FY |
|---|---|---|---|
| Cash flow from operating activities | |||
| Operating profit | 2 846 | 3 088 | 11 925 |
| Adjustments for depreciation, amortization and impairment | 756 | 779 | 3 088 |
| Adjustments for capital gain/loss and other non-cash items | -258 | 167 | -7 |
| Net financial items received/paid | -220 | -2 | -1 |
| Taxes paid | -677 | -655 | -2 824 |
| Pension funding and payment of pension to employees | 11 | -3 | -75 |
| Change in working capital | -712 | -773 | -1 078 |
| Increase in rental equipment | -203 | -178 | -917 |
| Sale of rental equipment | 113 | 165 | 564 |
| Net cash flow from operating activities | 1 656 | 2 588 | 10 675 |
| Cash flow from investing activities | |||
| Investments in other property, plant and equipment | -267 | -269 | -1 120 |
| Sale of other property, plant and equipment | 16 | 6 | 18 |
| Investments in intangible assets | -156 | -207 | -875 |
| Sale of intangible assets | - | - | 7 |
| Acquisition of subsidiaries and associated companies | -145 | -75 | -88 |
| Divestment of subsidiaries and associated companies | - | 1 | 1 |
| Proceeds to/from other financial assets, net | -155 | 263 | -182 |
| Net cash flow from investing activities | -707 | -281 | -2 239 |
| Cash flow from financing activities | |||
| Dividend | - | - | -4 594 |
| Dividend to non-controlling interest | -1 | -14 | -16 |
| Acquisition of non-controlling interest | - | - | -355 |
| Divestment/Repurchase of own shares | 196 | 104 | 142 |
| Change in interest-bearing liabilities | -1 602 | -181 | -795 |
| Net cash flow from financing activities | -1 407 | -91 | -5 618 |
| Net cash flow for the period | -458 | 2 216 | 2 818 |
| Cash and cash equivalents, beginning of the period | 9 574 | 7 179 | 7 179 |
| Exchange differences in cash and cash equivalents | 98 | -288 | -423 |
| Cash and cash equivalents, end of the period | 9 214 | 9 107 | 9 574 |
| Operating cash flow* | 2026 Q1 | 2025 Q1 | 2025 FY |
| --- | --- | --- | --- |
| Net cash flow from operating activities | 1 656 | 2 588 | 10 675 |
| Net cash flow from investing activities | -707 | -281 | -2 239 |
| Acquisitions and divestments, net | 145 | 74 | 87 |
| Other adjustments | 206 | -812 | -797 |
| Operating cash flow | 1 300 | 1 569 | 7 726 |
- Operating cash flow is not defined according to IFRS.
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Condensed parent company income statement
| 2026 | 2025 | 2025 | |
|---|---|---|---|
| MSEK | Q1 | Q1 | FY |
| Administrative expenses | -78 | -70 | -280 |
| Marketing expenses | -7 | -7 | -25 |
| Other operating income and expenses | 48 | 43 | 159 |
| Operating profit/loss | -37 | -34 | -146 |
| Financial income and expenses | -18 | -16 | -48 |
| Appropriations | - | - | 4 179 |
| Profit/loss before tax | -55 | -50 | 3 985 |
| Income tax | 22 | 16 | -817 |
| Profit/loss for the period | -33 | -34 | 3 168 |
Condensed parent company balance sheet
| 2026 | 2025 | 2025 | |
|---|---|---|---|
| MSEK | Mar 31 | Mar 31 | Dec 31 |
| Total non-current assets | 61 431 | 61 377 | 61 404 |
| Total current assets | 3 606 | 6 067 | 4 593 |
| Total assets | 65 037 | 67 444 | 65 997 |
| Total restricted equity | 503 | 503 | 503 |
| Total non-restricted equity | 47 935 | 49 182 | 47 825 |
| Total equity | 48 438 | 49 685 | 48 328 |
| Total provisions | 119 | 119 | 123 |
| Total non-current liabilities | 13 746 | 16 605 | 14 574 |
| Total current liabilities | 2 734 | 1 035 | 2 972 |
| Total equity and liabilities | 65 037 | 67 444 | 65 997 |
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
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.
| Orders received, MSEK | 2025 | 2025 | 2026 | |||
|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | FY | Q1 | |
| Equipment & Service | 12 377 | 11 506 | 11 439 | 12 313 | 47 635 | 14 230 |
| Equipment | 5 722 | 5 009 | 5 217 | 5 605 | 21 553 | 7 410 |
| Service | 6 655 | 6 497 | 6 222 | 6 708 | 26 082 | 6 820 |
| Tools & Attachments | 4 187 | 3 743 | 3 677 | 3 645 | 15 252 | 4 099 |
| Common group functions | 22 | 27 | 26 | 12 | 87 | 11 |
| Epiroc Group | 16 586 | 15 276 | 15 142 | 15 970 | 62 974 | 18 340 |
| Revenues, MSEK | ||||||
| Equipment & Service | 11 704 | 11 435 | 11 513 | 12 469 | 47 121 | 10 776 |
| Equipment | 5 072 | 5 012 | 5 225 | 5 920 | 21 229 | 4 512 |
| Service | 6 632 | 6 423 | 6 288 | 6 549 | 25 892 | 6 264 |
| Tools & Attachments | 3 811 | 3 665 | 3 704 | 3 608 | 14 788 | 3 564 |
| Common group functions | 21 | 30 | 25 | 13 | 89 | 11 |
| Epiroc Group | 15 536 | 15 130 | 15 242 | 16 090 | 61 998 | 14 351 |
| Operating profit, EBIT, and profit before tax, MSEK | ||||||
| Equipment & Service | 2 724 | 2 577 | 2 426 | 2 731 | 10 458 | 2 584 |
| Tools & Attachments | 461 | 376 | 436 | 537 | 1 810 | 404 |
| Common group functions | -97 | -122 | -60 | -64 | -343 | -142 |
| Epiroc Group | 3 088 | 2 831 | 2 802 | 3 204 | 11 925 | 2 846 |
| Net financial items | -207 | -131 | -236 | -115 | -689 | -84 |
| Profit before tax | 2 881 | 2 700 | 2 566 | 3 089 | 11 236 | 2 762 |
| Operating margin, EBIT, % | ||||||
| Equipment & Service | 23.3 | 22.5 | 21.1 | 21.9 | 22.2 | 24.0 |
| Tools & Attachments | 12.1 | 10.3 | 11.8 | 14.9 | 12.2 | 11.3 |
| Epiroc Group | 19.9 | 18.7 | 18.4 | 19.9 | 19.2 | 19.8 |
| Items affecting comparability, MSEK* | ||||||
| Change in provision for LTIP** | 11 | 6 | -1 | 4 | 20 | 22 |
| Items in Equipment & Service | - | 49 | 101 | 30 | 180 | - |
| Items in Tools & Attachments | - | 98 | -6 | -92 | - | - |
| Epiroc Group | 11 | 153 | 94 | -58 | 200 | 22 |
| Adj. margin for items affecting comparability, EBIT, % | ||||||
| Adjusted operating margin, E&S, % | 23.3 | 23.0 | 21.9 | 22.1 | 22.6 | 24.0 |
| Adjusted operating margin, T&A, % | 12.1 | 12.9 | 11.6 | 12.3 | 12.2 | 11.3 |
| Adjusted operating margin, % | 19.9 | 19.7 | 19.0 | 19.6 | 19.6 | 20.0 |
- Items affecting comparability in the table are shown with reverse sign. I.e. a positive number indicates a cost and vice versa.
** In Q1, items affecting comparability amounted to MSEK -22 (-11), relating entirely to change in provision for the share-based long-term incentive programs.
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Geographical distribution of orders received
| MSEK % currency adjusted | 2025 | 2025 FY | 2026 Q1 | Δ,% Y-o-Y | |||
|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | ||||
| Epiroc Group | 16 586 | 15 276 | 15 142 | 15 970 | 62 974 | 18 340 | 22% |
| North America | 5 180 | 4 432 | 4 122 | 4 815 | 18 549 | 5 830 | 26% |
| South America | 2 020 | 2 042 | 2 133 | 2 010 | 8 205 | 2 154 | 17% |
| Europe | 2 460 | 2 108 | 2 053 | 1 962 | 8 583 | 2 259 | -1% |
| Africa/Middle East | 2 345 | 2 430 | 2 858 | 2 226 | 9 859 | 3 436 | 58% |
| Asia/Australia | 4 581 | 4 264 | 3 976 | 4 957 | 17 778 | 4 661 | 12% |
| Equipment & Service | 12 377 | 11 506 | 11 439 | 12 313 | 47 635 | 14 230 | 26% |
| North America | 3 317 | 2 758 | 2 483 | 3 248 | 11 806 | 3 931 | 32% |
| South America | 1 726 | 1 821 | 1 944 | 1 801 | 7 292 | 1 913 | 22% |
| Europe | 1 620 | 1 377 | 1 355 | 1 228 | 5 580 | 1 512 | 0% |
| Africa/Middle East | 1 825 | 1 898 | 2 324 | 1 679 | 7 726 | 2 880 | 71% |
| Asia/Australia | 3 889 | 3 652 | 3 333 | 4 357 | 15 231 | 3 994 | 12% |
| Tools & Attachments | 4 187 | 3 743 | 3 677 | 3 645 | 15 252 | 4 099 | 9% |
| North America | 1 852 | 1 652 | 1 619 | 1 563 | 6 686 | 1 893 | 17% |
| South America | 294 | 221 | 190 | 209 | 914 | 241 | -11% |
| Europe | 830 | 726 | 691 | 729 | 2 976 | 742 | -5% |
| Africa/Middle East | 520 | 532 | 534 | 546 | 2 132 | 556 | 13% |
| Asia/Australia | 691 | 612 | 643 | 598 | 2 544 | 667 | 8% |
Geographical distribution of revenues
| MSEK % currency adjusted | 2025 | 2025 FY | 2026 Q1 | Δ,% Y-o-Y | |||
|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | ||||
| Epiroc Group | 15 536 | 15 130 | 15 242 | 16 090 | 61 998 | 14 351 | 1% |
| North America | 4 719 | 4 470 | 4 279 | 4 340 | 17 808 | 4 344 | 3% |
| South America | 1 919 | 1 932 | 2 043 | 1 914 | 7 808 | 1 839 | 5% |
| Europe | 1 930 | 2 034 | 1 970 | 2 336 | 8 270 | 1 707 | -5% |
| Africa/Middle East | 2 528 | 2 248 | 2 445 | 2 740 | 9 961 | 2 259 | -5% |
| Asia/Australia | 4 440 | 4 446 | 4 505 | 4 760 | 18 151 | 4 202 | 4% |
| Equipment & Service | 11 704 | 11 435 | 11 513 | 12 469 | 47 121 | 10 776 | 1% |
| North America | 2 955 | 2 810 | 2 629 | 2 823 | 11 217 | 2 734 | 3% |
| South America | 1 705 | 1 724 | 1 805 | 1 716 | 6 950 | 1 641 | 5% |
| Europe | 1 255 | 1 340 | 1 278 | 1 630 | 5 503 | 1 033 | -11% |
| Africa/Middle East | 2 012 | 1 749 | 1 906 | 2 191 | 7 858 | 1 750 | -7% |
| Asia/Australia | 3 777 | 3 812 | 3 895 | 4 109 | 15 593 | 3 618 | 5% |
| Tools & Attachments | 3 811 | 3 665 | 3 704 | 3 608 | 14 788 | 3 564 | 4% |
| North America | 1 754 | 1 636 | 1 631 | 1 512 | 6 533 | 1 604 | 5% |
| South America | 214 | 208 | 238 | 198 | 858 | 198 | 1% |
| Europe | 666 | 688 | 685 | 700 | 2 739 | 669 | 7% |
| Africa/Middle East | 515 | 499 | 541 | 548 | 2 103 | 509 | 4% |
| Asia/Australia | 662 | 634 | 609 | 650 | 2 555 | 584 | -1% |
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
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
Announced, but not yet completed acquisitions
- 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 120 employees and had revenues in 2025 of around MZAR 280 (MSEK 160). Eventspec's customers are mainly mining companies in South Africa. The acquisition is expected to close in the third quarter 2026. Revenues will be 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.
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
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.
| Outstanding derivatives recorded to fair value | 2026 | 2025 | ||
|---|---|---|---|---|
| MSEK | Mar 31 | Dec 31 | ||
| Non-current assets and liabilities | ||||
| Assets | 239 | 591 | ||
| Liabilities | 6 | 4 | ||
| Current assets and liabilities | ||||
| Assets | 52 | 97 | ||
| Liabilities | 336 | 149 | ||
| Carrying value and fair value | 2026 | 2026 | 2025 | 2025 |
| MSEK | Mar 31 | Mar 31 | Dec 31 | Dec 31 |
| Carrying value | Fair value | Carrying value | Fair value | |
| Earn-out | 195 | 195 | 331 | 331 |
| Bonds | 10 444 | 10 624 | 11 350 | 11 821 |
| Other loans | 9 399 | 9 666 | 9 672 | 9 957 |
| Total | 20 038 | 20 485 | 21 353 | 22 109 |
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.
| A share | B share | Total | |
|---|---|---|---|
| Total number of shares | 823 765 854 | 389 972 849 | 1 213 738 703 |
| Whereof shares held by Epiroc | 3 914 948 | ||
| Change in the quarter | |||
| Purchased (+) / divested (-) shares, number | -780 243 | ||
| Value of purchased (+) / divested (-) shares, SEK | -196 458 937 |
Note 5: Transactions with related parties
In the quarter, no material changes have taken place, and no significant related-party transactions were made.
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Key figures
| 2026 | 2025 | 2025 | |
|---|---|---|---|
| Q1 | Q1 | FY | |
| Growth | |||
| *Orders received, MSEK | 18 340 | 16 586 | 62 974 |
| Revenues, MSEK | 14 351 | 15 536 | 61 998 |
| *Total revenue growth, % | -8 | 10 | -3 |
| *Organic revenue growth, % | 2 | 3 | 2 |
| Profitability | |||
| *Gross margin, % | 35.5 | 39.5 | 37.1 |
| *EBITDA margin, % | 25.1 | 24.9 | 24.2 |
| *EBITA margin, % | 21.6 | 21.6 | 20.9 |
| *Adjusted operating margin, EBIT, % | 20.0 | 19.9 | 19.6 |
| *Operating margin, EBIT, % | 19.8 | 19.9 | 19.2 |
| *Profit margin, % | 19.2 | 18.5 | 18.1 |
| Capital efficiency | |||
| *Return on capital employed, % | 18.5 | 20.3 | 18.9 |
| *Net debt / EBITDA, ratio | 0.71 | 0.76 | 0.73 |
| *Net debt / equity, %, period end | 22.9 | 29.0 | 26.0 |
| *Average net working capital / revenues, % | 37.4 | 36.9 | 36.9 |
| Cash generation | |||
| *Operating cash flow, MSEK | 1 300 | 1 569 | 7 726 |
| *Cash conversion rate, %, 12 months | 88 | 100 | 90 |
| Equity information | |||
| Basic number of shares outstanding, millions | 1 210 | 1 209 | 1 209 |
| Diluted number of shares outstanding, millions | 1 210 | 1 209 | 1 209 |
| *Equity per share, SEK, period end | 38.0 | 35.2 | 35.0 |
| Basic earnings per share, SEK | 1.74 | 1.82 | 7.12 |
| *Return on equity, % | 20.3 | 22.1 | 20.9 |
| *Operating cash flow per share, SEK | 1.08 | 1.30 | 6.39 |
| Dividend per share, SEK | 3.80** | ||
| Payout ratio, % | 53** | ||
| People & Planet | |||
| Employees, period end | 19 086 | 19 042 | 19 055 |
| Women employees, %, period end | 20.5 | 20.0 | 20.5 |
| Women managers, %, period end | 25.2 | 24.5 | 24.4 |
| Total recordable injury frequency rate, TRIFR, 12 months | 3.9 | 4.3 | 3.9 |
| Sick leave, %, 12 months | 2.1 | 2.1 | 2.1 |
| CO2e emissions from operations, incl company vehicles, tonnes, 12 months | 46 197 | 50 759 | 48 048 |
| CO2e emissions from transport, tonnes, 12 months | 123 165 | 107 506 | 119 714 |
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 performance measures in the same manner, these are not always comparable with measures used by other companies. These financial performance measures should therefore not be regarded as a replacement for measures as defined according to IFRS.
** Proposal by the Board.
Epiroc AB Interim Report January – March 2026
Epiroc
Q1 2026
Financial definitions and alternative performance measures
| 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 assets1) 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 | Revenues2) divided by the average capital employed1). | Shows how efficiently Epiroc generates revenues from the capital utilized to run operations. |
| Capital turnover ratio | Revenues2) divided by average total assets1) | 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 profit2) as % of average capital employed1). | Measures how efficiently Epiroc generates profits from the capital utilized to run operations. |
| Return on equity | Profit for the period2) divided by average equity, excluding non-controlling interest1). | Shows Epiroc's ability to generate a return on the investments made by shareholders. |
1) Calculated as an average of five quarters. 2) 12 months' value.
Epiroc AB Interim Report January - March 2026
Epiroc
Q1 2026
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 around 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 innovation, 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 CEST on April 29, 2026.
Epiroc AB Interim Report January – March 2026
Further information
Financial calendar
Analysts and investors
Karin Larsson
Vice President Investor Relations & Media
E-mail: [email protected]
Tel: +46 10 755 0106
Alexander Apell
Investor Relations Officer
E-mail: [email protected]
Tel: +46 10 755 0719
Journalists and media
Ola Kinnander
Media Relations Manager
E-mail: [email protected]
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
Webcast & conference call
At 14:00 CEST on April 29, 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 2026
- May 5: Annual General Meeting in Nacka at 16:00 CEST.
- May 7: Record date for dividend*.
- May 12: Payment date for dividend*.
- June 8-9: Capital Markets Day in Örebro, Sweden.
- July 17: Q2 2026 results.
- October 19: Record date for dividend*.
- October 22: Payment date for dividend*.
- October 28: Q3 2026 results.
*Proposed by the Board.
United in performance. Inspired by innovation.
Performance unites us, innovation inspires us, and commitment drives us to keep moving forward.
Count on Epiroc to deliver the solutions you need to succeed today and the technology to lead tomorrow.
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