Epiroc

Quarterly Report • Oct 29, 2025

Table of Contents

Epiroc interim report Q3	3
Financial overview	3
CEO comments
Orders and revenues
Profits and returns	6
Balance sheet
Cash flow
Leading productivity and sustainability partner
Equipment & Service
Tools & Attachments	11
Sustainability: People & Planet	13
January – September in summary	14
Other information
Key risks
Signature of the President and CEO
Financial Statements	17
Condensed consolidated income statement	17
Condensed consolidated statement of comprehensive income	17
Condensed consolidated balance sheet	18
Condensed consolidated statement of changes in equity	19
Condensed consolidated statement of cash flows
Condensed parent company income statement	21
Condensed parent company balance sheet	21
Condensed Business Areas quarterly	22
Geographical distribution of orders received	23
Geographical distribution of revenues	23
Group notes	24
Note 1: Accounting principles	24
Note 2: Acquisitions and divestments	24
Note 3: Fair value of derivatives, earn-out and borrowings
Note 4: Share buybacks and divestments
Note 5: Transactions with related parties
Key figures	27
Financial definitions and alternative performance measures	28
Epiroc in brief	29
About this report	29
Further information	30
Financial calendar	30

On the cover: The Pit Viper 231 rotary blasthole drill rig is extremely fuel-efficient while maintaining the highest levels of productivity and reliability. Its single-pass capability can improve drilling efficiency by up to 25% when drilling by eliminating rod change time and allowing for more time for drilling.

Epiroc interim report Q3

• Orders received decreased -2% to MSEK 15 142 (15 520), with currency impacting negatively by -9%. The organic increase was 7%.
• Revenues decreased -3% to MSEK 15 242 (15 699), with currency impacting negatively by -8%. The organic increase was 5%.
• Operating profit amounted to MSEK 2 802 (3 277), including items affecting comparability of MSEK -94 (191)*, mainly relating to efficiency measures. The change in provision for the share-based long-term incentive program was MSEK 1 (-17). The operating margin was 18.4% (20.9).
• The adjusted operating profit was MSEK 2 896 (3 086), corresponding to an adjusted operating margin of 19.0% (19.7).
• Basic earnings per share was SEK 1.62 (1.92).
• Operating cash flow increased 38% to MSEK 2 476 (1 789).
• Net debt/EBITDA ratio was 0.73 (0.97).
• Epiroc implemented two Business Areas effective September 1, 2025.
• Epiroc's ground-breaking drill rig Pit Viper celebrates 25 years including a decade with autonomous operations.

Financial overview

	2025	2024		2025	2024
MSEK	Q3	Q3	Δ,%	Jan-Sep	Jan-Sep	Δ,%
Orders received	15 142	15 520	-2	47 004	46 031	2
Revenues	15 242	15 699	-3	45 908	46 353	-1
EBITA	3 047	3 896	-22	9 483	10 064	-6
EBITA margin, %	20.0	24.8		20.7	21.7
Operating profit, EBIT	2 802	3 277	-14	8 721	8 958	-3
Operating margin, EBIT, %	18.4	20.9		19.0	19.3
Profit before tax	2 566	3 013	-15	8 147	8 313	-2
Profit margin, %	16.8	19.2		17.7	17.9
Profit for the period	1 953	2 323	-16	6 252	6 377	-2
Operating cash flow	2 476	1 789	38	5 149	5 176	-1
Basic earnings per share, SEK	1.62	1.92	-16	5.17	5.27	-2
Diluted earnings per share, SEK	1.62	1.92	-16	5.17	5.27	-2
Return on capital employed, %, 12 months	19.3	21.5		19.3	21.5
Net debt/EBITDA, ratio	0.73	0.97	0	0.73	0.97

^* For further information, see pages 6 and 22.

CEO comments

High mining demand

Orders received in the third quarter increased 7% organically and amounted to MSEK 15 142 (15 520). Within mining, customer activity was high, which led to strong order growth both in equipment and rock drilling tools, and continued growth in service. We also noted high demand within exploration. Large mining equipment orders, which are lumpy in nature, amounted to MSEK 600 (1 400). It is encouraging to see that many of the equipment orders include our latest technologies in both automation and electrification, leading to higher productivity, increased safety, reduced energy consumption and a lower total cost of ownership for our customers.

Following a prolonged period of low demand for attachments used in construction work, we are now seeing that the inventory destocking phase among distributors is largely complete.

Sequentially, compared to the previous quarter, Group orders were unchanged organically.

In the near term, we expect mining demand to remain high, while demand from construction customers is expected to be stable at a low level.

Revenues and profitability

Our revenues amounted to MSEK 15 242 (15 699), corresponding to 5% organic growth. Operating profit, EBIT, was MSEK 2 802 (3 277), corresponding to a margin of 18.4% (20.9). Tariffs impacted profit and margin negatively. The operating profit includes items affecting comparability of MSEK -94, mainly relating to efficiency measures.

The adjusted operating margin, EBIT, decreased to 19.0% (19.7). The Equipment & Service adjusted EBIT margin, 21.9% (22.9) was negatively affected by product mix and reduced customer activity in the nickel segment, while the Tools & Attachments adjusted margin improved to 11.6% (11.3). We are determined to return to profitable growth, and I am glad to see that the actions taken, especially within Tools & Attachments, have started yielding results.

Cash flow

Our operating cash flow increased 38% to MSEK 2 476 (1 789), positively impacted by an improvement in working capital. The cash conversion rate, rolling 12 months, was 105% (88).

Safety first, always

Epiroc prioritizes safety and we have many solutions to help customers strengthen safety. Autonomous operations (driverless vehicles) is the safest option, but adding Collision Avoidance Systems (CAS) to existing fleets is a cost-efficient way to make a meaningful positive difference. In the quarter, we entered a strategic partnership with Hindustan Zinc Limited in India, the world's largest integrated zinc producer, to provide all its mines with Epiroc's CAS. As with most of our solutions, our CAS is OEMagnostic, meaning it works on any vehicle regardless of manufacturer.

Milestone achieved at the Roy Hill mine

In the quarter, an important milestone in Hancock Iron Ore's Roy Hill mine in Australia was achieved. All 78 mining trucks (non-Epiroc trucks) have been converted from manual to fully driverless using Epiroc's LinkOA autonomous solution, and MSEK 300 was recognized in revenues from the project.

The iconic Pit Viper rig celebrates 25 years

This year, our Pit Viper rig marks 25 successful years, with a full decade of autonomous drilling. The rig has revolutionized surface drilling by combining power, safety, and energy efficiency. With over 90 million meters drilled autonomously and significant emission reductions, the Pit Viper has set a new benchmark for sustainable and productive mining operations worldwide.

Well positioned to capture growth

Epiroc, with its wide portfolio, stands strong to capture growth onwards. With more than 60% of our mining orders deriving from gold and copper mines, and with an increased willingness by the industry to invest in both existing and new mines, exploration demand has increased. We have a unique and comprehensive exploration offering, including advanced digital technologies.

Making our customers' operations safer and more productive are our main priorities, and we have never had a stronger offering than we have today. Together, we accelerate the transformation.

Helena Hedblom

President and CEO

Orders and revenues

Revenues and book-to-bill

Revenues by business type

Equipment Service Tools & Attachments Aftermarket

	Financial overview

	2025	2024
MSEK	Q3	Q3	Δ,%
Orders received	15 142	15 520	-2
Revenues	15 242	15 699	-3
EBITA	3 047	3 896	-22
EBITA margin, %	20.0	24.8
Adj. operating profit, EBIT	2 896	3 086	-6
Adj. operating margin, EBIT, %	19.0	19.7
Operating profit, EBIT	2 802	3 277	-14
Operating margin, EBIT, %	18.4	20.9

Orders received

Orders received decreased -2% to MSEK 15 142 (15 520). The organic increase was 7%, driven by strong demand from mining customers. Currency impacted negatively by -9%.

Compared to the previous year, orders received in local currency, including acquisitions, increased in Europe, Africa/Middle East, South America and North America, while they decreased in Asia/Australia.

Mining customers represented 78% (78) of orders received in the quarter and infrastructure customers 22% (22).

Sequentially, compared to the previous quarter, orders received were unchanged organically.

Revenues

Revenues decreased -3% to MSEK 15 242 (15 699), corresponding to an organic increase of 5%. Currency impacted negatively by -8%. The book-to-bill ratio (orders received in relation to revenues) was 99% (99).

The aftermarket represented 66% (67) of revenues in the quarter.

Sales Bridge	Orders received	Revenues
	MSEK,Δ,%	MSEK,Δ,%
Q3 2024	15 520	15 699
Organic	7	5
Currency	-9	-8
Structure/other	0	0
Total	-2	-3
Q3 2025	15 142	15 242

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
Q3 2024	3 277	20.9
Organic	42	-0.8
Currency	-230	0.2
Structure/other*	-287	-1.9
Total	-475	-2.5
Q3 2025	2 802	18.4

^* 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 2 802 (3 277). This includes items affecting comparability of MSEK -94 (191), mainly related to efficiency measures. The change in provision for the share-based longterm incentive programs was MSEK 1 (-17). The previous year included positive revaluation effect of the shares held prior to the acquisition of ASI Mining and impairments of intangible assets, net MSEK +208. See page 22.

The operating margin, EBIT, decreased to 18.4% (20.9). The adjusted operating margin, excluding items affecting comparability, decreased to 19.0% (19.7). The margin was negatively impacted by tariffs, as well as product mix and reduced customer activity in the nickel segment.

Net financial items amounted to MSEK -236 (-264). Net interest improved to MSEK -181 (-250).

Profit before tax decreased to MSEK 2 566 (3 013). Income tax expense amounted to MSEK -613 (-690) and the effective tax rate was 23.9% (22.9). Profit for the period totaled MSEK 1 953 (2 323). Basic earnings per share was SEK 1.62 (1.92).

Return on capital employed was 19.3% (21.5), negatively impacted mainly by increased intangible assets, such as goodwill from acquisitions. The return on equity was 21.2% (22.6).

Balance sheet

Net working capital

Compared to the previous year, net working capital decreased -7% to MSEK 22 598 (24 395). Excluding the effect of acquisitions and currency, the net working capital increased slightly, mainly due to increased receivables. The average net working capital in relation to revenues in the last 12 months decreased to 37.0% (38.0).

Net debt

Epiroc ended the quarter with a cash and cash equivalents position of MSEK 10 050 (7 129). The net debt was MSEK 11 088 (15 152). The net debt/EBITDA ratio was 0.73 (0.97), with the reduction being driven by good cash generation.

The average tenor of Epiroc's long-term debt was 3.9 years (4.3). The average interest duration was 17 months (20) and the average interest rate at the end of the quarter was 3.9% (4.4).

Cash flow

Operating cash flow

Operating cash flow increased 38% to MSEK 2 476 (1 789), positively impacted by lower working capital tied up and lower taxes paid. The cash conversion rate, rolling 12 months, was 105% (88).

Acquisitions and divestments

The net cash flow from acquisitions and divestments was MSEK 0 (-1 080).

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.

Workers rescued after 60 hours in collapsed mine

In July, a serious ground fall struck the Red Chris Mine in British Columbia, trapping three workers 284 meters below the surface. Within 24 hours, Epiroc's RCT mixed fleet automation kit was ordered and installed on a non-Epiroc vehicle, whereafter the driverless loader began digging toward the refuge station. After more than 60 hours underground, the miners were safely brought to the surface.

World's largest fully agnostic autonomous mine

Epiroc has converted all 78 haul trucks (non-Epiroc) at the Roy Hill mine in Western Australia to full autonomy, creating the world's largest agnostic autonomous mine. The fleet operates safely with support from a Remote Operations Centre 1 100 km away in Perth. The connectivity is provided by Radlink, a fully owned subsidiary of Epiroc. Epiroc recognized MSEK 300 in revenues from the project in Q3 2025.

Protected by Diamonds

At a remote gold mine in Nunavut, Canada, Machines Roger International and Epiroc have tested the diamond-coated Powerbit X drill bit. The results were impressive with productivity increasing by 125%. With no regrinding needed, bit life increased from 5–10 meters to over 700, and reduced carbon emissions by 90% per drilled meter. In addition, the monthly bit usage dropped from 70 to 12. As autonomous drilling grows, high-performance bits like Powerbit X are key to unlock productivity.

Collision Avoidance System to strengthen safety

Epiroc has entered a strategic partnership with Hindustan Zinc Limited, India's largest integrated zinc producer, to deploy our OEM-agnostic Collision Avoidance System across all its underground mines. This collaboration underscores both companies' commitment to digital innovation and mining safety.

Epiroc awarded Gold Medal by sustainability rating firm EcoVadis

Epiroc has been awarded a Gold Medal by EcoVadis. Epiroc is in the top 2% globally among over 150 000 companies assessed for sustainability performance.

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 2025 2024 MSEK Q3 Q3 Δ,% Orders received 11 439 11 830 -3 Revenues 11 513 11 875 -3 EBITA 2 596 3 468 -25 EBITA margin, % 22.5 29.2 Adj. operating profit, EBIT 2 527 2 715 -7 Adj. operating margin, EBIT, % 21.9 22.9 Operating profit, EBIT 2 426 2 923 -17 Operating margin, EBIT, % 21.1 24.6

11 875 13 311 11 704 11 435 11 513 100 92 106 101 99 Q324 Q424 Q125 Q225 Q325 Revenues and book-to-bill Revenues, MSEK

Book-to-bill, %

Orders received

Orders received amounted to MSEK 11 439 (11 830), corresponding to 6% organic increase. Large orders, i.e. orders above MSEK 100, totaled MSEK 600 (1 400). Currency impacted negatively by -9%.

Compared to the previous year, orders received in local currency, including acquisitions, increased in Africa/Middle East, Europe, South America and North America, while they decreased in Asia/Australia.

For equipment, orders received were MSEK 5 217 (5 170), corresponding to an organic increase of 10%. The share of equipment orders was 46% (44).

For service, orders received were MSEK 6 222 (6 660), corresponding to an organic increase of 2%. The strongest growth was achieved in traditional service. The share of service orders was 54% (56).

Sequentially, orders received were unchanged, organically, for the Business Area.

44 47 43 44 45 56 53 57 56 55 Q324 Q424 Q125 Q225 Q325 Revenue split Equipment, % Service, %

Revenues

Revenues amounted to MSEK 11 513 (11 875), corresponding to an organic growth of 6%. Currency impacted negatively by -9%. Equipment revenues increased 10% organically, and the service revenues increased 3% organically. The share of revenues from service was 55% (56). The book-tobill ratio was 99% (100).

Equipment & Service

	Equipment & Service		Equipment		Service
Sales Bridge	Orders received	Revenues	Orders received	Revenues	Orders received	Revenues
	MSEK,Δ,%	MSEK,Δ,%	MSEK,Δ,%	MSEK,Δ,%	MSEK,Δ,%	MSEK,Δ,%
Q3 2024	11 830	11 875	5 170	5 178	6 660	6 697
Organic	6	6	10	10	2	3
Currency	-9	-9	-9	-9	-9	-9
Structure/other	0	0	-0	0	0	0
Total	-3	-3	1	1	-7	-6
Q3 2025	11 439	11 513	5 217	5 225	6 222	6 288

Operating profit and margin

Adjusted operating profit and margin

Operating profit and margin

Operating profit, EBIT, decreased to MSEK 2 426 (2 923), including items affecting comparability of MSEK -101 (208), mainly costs relating to efficiency measures. The operating margin, EBIT, was 21.1% (24.6). The previous year included positive revaluation effect of the shares held prior to the acquisition of ASI Mining and impairments of intangible assets, net MSEK +208. See page 22.

The adjusted operating margin, excluding items affecting comparability, was 21.9% (22.9). The organic contribution was negatively impacted by tariffs, as well as product mix and reduced customer activity in the nickel segment.

Profit bridge	Operating profit
	MSEK,Δ	Margin,Δ,pp
Q3 2024	2 923	24.6
Organic	18	-1.1
Currency	-209	0.2
Structure/other	-306	-2.6
Total	-497	-3.5
Q3 2025	2 426	21.1

Organizational changes

Epiroc implemented two Business Areas effective September 1, 2025. For the Business Area Equipment & Service, Jess Kindler was appointed President. Jess has worked for more than 20 years in the Group and has a strong track record of driving profitable growth in various global locations, within both service and equipment.

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

	2025	2024
MSEK	Q3	Q3	Δ,%
Orders received	3 677	3 656	1
Revenues	3 704	3 809	-3
EBITA	511	505	1
EBITA margin, %	13.8	13.3
Adj. operating profit, EBIT	430	429	0
Adj. operating margin, EBIT, %	11.6	11.3
Operating profit, EBIT	436	429	2
Operating margin, EBIT, %	11.8	11.3

Orders received

Orders received increased 1% to MSEK 3 677 (3 656), corresponding to an organic growth of 8%. Currency impacted negatively by -8%, whereas acquisitions impacted positively by 1%.

Compared to the previous year, orders received in local currency, including acquisitions, increased in Europe and North America while all other regions decreased.

Sequentially, orders received were unchanged organically for the Business Area, with seasonally weak attachments.

Revenues

Revenues decreased -3% to MSEK 3 704 (3 809), corresponding to an organic increase of 4%. Currency impacted negatively by -8%. The book-to-bill ratio was 99% (96).

Sales Bridge	Orders received	Revenues
	MSEK,Δ,%	MSEK,Δ,%
Q3 2024	3 656	3 809
Organic	8	4
Currency	-8	-8
Structure/other	1	1
Total	1	-3
Q3 2025	3 677	3 704

Revenues and book-to-bill

Tools & Attachments

Operating profit and margin

Adjusted operating profit and margin

Operating profit and margin

Operating profit, EBIT, increased 2% to MSEK 436 (429) and the operating margin, EBIT, increased to 11.8% (11.3). This includes items affecting comparability of MSEK +6 (0). See page 22.

The adjusted operating margin increased to 11.6% (11.3), negatively impacted by tariffs, while supported by efficiency measures taken.

Profit bridge	Operating profit
	MSEK,Δ	Margin,Δ,pp
Q3 2024	429	11.3
Organic	59	1.0
Currency	-53	-0.5
Structure/other	1	0.0
Total	7	0.5
Q3 2025	436	11.8

Organizational changes

Epiroc implemented two Business Areas effective September 1, 2025. For the Business Area Tools & Attachments, José Manuel Sánchez was appointed President. José Manuel has spent his whole career within the Group and is an appreciated leader. He has a strong track record driving profitable growth, most recently within surface drilling and exploration.

Sustainability: People & Planet

18 908 18 874 19 042 19 080 19 067 19.6 19.8 20.0 20.1 20.3 24.0 24.4 24.5 25.5 24.9 Q324 Q424 Q125 Q225 Q325 Employees and proportion of women Employees, number, period end Women employees, % Women managers, %

Employees

The number of employees was 19 067 (18 908) and the external workforce was 1 568 (1 592). The proportion of women employees and women managers increased to 20.3% (19.6) and 24.9% (24.0), respectively.

Sick leave and TRIFR

Safety and health

The total recordable injury frequency rate (TRIFR) per one million working hours the last 12 months decreased to 4.1 (4.4). Actions are continuously taken to reduce injuries. The sick leave was 2.1% (2.2).

CO₂e emissions

CO2e emissions from operations

The CO2e emissions from operations for comparable units* the last 12 months increased 7% to 22 687 (21 190) tonnes. The increase is mainly explained by the expansion of operations and reduced availability of renewable energy.

* Comparable units are production companies, distribution centers and our largest customer centers in 2023.

CO2e emissions from transport

The CO2e emissions from transport for comparable units* the last 12 months increased 2% to 104 683 (102 663) tonnes. The increase is mainly explained by higher volumes delivered.

^* Comparable units are production companies and distribution centers in 2023.

January – September in summary

39 519 44 511 46 031 47 004

Orders received, Jan-Sep

Revenues and book-to-bill, Jan-Sep

Operating profit and margin, Jan-Sep

Orders received the first nine months increased 2% to MSEK 47 004 (46 031), corresponding to an organic increase of 5%. Currency impacted negatively with -6%.

Revenues amounted to MSEK 45 908 (46 353), corresponding to an organic growth of 3%.

Sales Bridge	Orders received	Revenues
	MSEK,Δ,%	MSEK,Δ,%
Jan-Sep 2024	46 031	46 353
Organic	5	3
Currency	-6	-6
Structure/other	3	2
Total	2	-1
Jan-Sep 2025	47 004	45 908

Operating profit, EBIT, was MSEK 8 721 (8 958). Items affecting comparability was MSEK -258 (-261), mainly relating to efficiency measures throughout the year, and a change in provision for the share-based long-term incentive programs of MSEK -16 (-37). See page 22.

The operating margin, EBIT, was 19.0% (19.3). The adjusted operating margin was 19.6% (19.9). The adjusted margin was supported by currency, while the organic contribution was negative.

Profit bridge	Operating profit
	MSEK,Δ	Margin,Δ,pp
Jan-Sep 2024	8 958	19.3
Organic	-60	-0.7
Currency	-208	0.8
Structure/other	31	-0.4
Total	-237	-0.3
Jan-Sep 2025	8 721	19.0

Profit before tax was MSEK 8 147 (8 313) and profit for the period totaled MSEK 6 252 (6 377).

Basic earnings per share decreased to SEK 5.17 (5.27).

Operating cash flow was MSEK 5 149 (5 176).

Other information

In the quarter

• 2025-08-06 Epiroc announces changes to Group Management and implements Business Areas.
• 2025-08-26 Epiroc breaks ground on new production and R&D facility in India.
• 2025-08-29 Epiroc partners with Hindustan Zinc on digital Collision Avoidance System to strengthen safety in Indian mines.
• 2025-09-02 Epiroc awarded Gold Medal by sustainability ratings firm EcoVadis.
• 2025-09-18 Epiroc breaks ground on new global distribution center in Sweden.

After period end

• 2025-10-08 Epiroc wins large order for mining equipment and digital solutions in Ghana of MSEK 115 (booked in Q3).
• 2025-10-21 Epiroc AB announces Nomination Committee for the Annual General Meeting 2026.
• 2025-10-22 Epiroc's ground-breaking drill rig Pit Viper celebrates 25 years including a decade with autonomous operations.
• 2025-10-24 Epiroc and Hancock Iron Ore reach milestone as Roy Hill becomes world's largest fully agnostic autonomous mine.

Key risks

Epiroc is exposed to strategic, operational, legal and compliance as well as financial risks. The key risks include climate change and environment, competition, geopolitical and regulatory, market, corruption and fraud, cyber security and information risk, employees, product development, production, reputation, safety and health, and supply chain. Further information on risks, opportunities and risk management can be found in Epiroc's Annual and Sustainability Report 2024.

Signature of the President and CEO

The President and CEO of Epiroc AB declares that the interim report gives a fair view of the business development, financial position and result of operation of the Parent Company and the consolidated Group, and describes significant risks and uncertainties that the Parent Company and its subsidiaries are facing.

Nacka, Sweden, October 29, 2025

Helena Hedblom President and CEO, Epiroc AB

The company's auditors have not reviewed this report.

Financial Statements

Condensed consolidated income statement

	2025	2024	2025	2024
MSEK	Q3	Q3	Jan-Sep	Jan-Sep
Revenues	15 242	15 699	45 908	46 353
Cost of sales	-9 908	-9 874	-28 763	-29 397
Gross profit	5 334	5 825	17 145	16 956
Administrative expenses	-1 062	-1 069	-3 355	-3 430
Marketing expenses	-1 010	-1 075	-3 044	-3 159
Research and development expenses	-407	-771	-1 412	-1 769
Other operating income and expenses	-53	367	-613	360
Operating profit	2 802	3 277	8 721	8 958
Net financial items	-236	-264	-574	-645
Profit before tax	2 566	3 013	8 147	8 313
Income tax expense	-613	-690	-1 895	-1 936
Profit for the period	1 953	2 323	6 252	6 377
Profit attributable to
- owners of the parent	1 955	2 318	6 253	6 368
- non-controlling interests	-2	5	-1	9
Basic earnings per share, SEK	1.62	1.92	5.17	5.27
Diluted earnings per share, SEK	1.62	1.92	5.17	5.27

Condensed consolidated statement of comprehensive income

MSEK	2025 Q3	2024 Q3	2025 Jan-Sep	2024 Jan-Sep
Profit for the period	1 953	2 323	6 252	6 377
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit pension plans	74	105	98	104
Income tax relating to items that will not be reclassified	-15	-22	-19	-25
Total items that will not be reclassified to profit or loss	59	83	79	79
Items that may be reclassified subsequently to profit or loss
Translation differences on foreign operations	-192	-890	-4 216	459
Hedge of net investments in foreign operations	-38	94	-308	178
Cash flow hedges	6	-106	257	-293
Income tax relating to items that may be reclassified	6	3	10	24
Total items that may be reclassified subsequently to profit or loss	-218	-899	-4 257	368
Other comprehensive income for the period, net of tax	-159	-816	-4 178	447
Total comprehensive income for the period	1 794	1 507	2 074	6 824
Total comprehensive income attributable to
- owners of the parent	1 794	1 506	2 113	6 804
- non-controlling interests	-	1	-39	20

Condensed consolidated balance sheet

	2025	2024	2024
Assets, MSEK	Sep 30	Sep 30	Dec 31
Intangible assets	22 274	24 131	25 075
Rental equipment	1 396	1 602	1 543
Other property, plant and equipment	7 434	7 546	7 932
Investments in associated companies	29	27	34
Other financial assets and other receivables	2 472	2 226	2 225
Deferred tax assets	1 430	1 553	1 576
Total non-current assets	35 035	37 085	38 385
Inventories	18 262	20 202	19 191
Trade receivables	11 343	10 883	12 424
Other receivables	4 163	3 764	3 868
Current tax receivables	1 239	1 187	1 059
Financial assets	1 283	1 315	1 483
Cash and cash equivalents	10 050	7 129	7 179
Total current assets	46 340	44 480	45 204
Total assets	81 375	81 565	83 589
Equity and liabilities, MSEK
Share capital	500	500
Retained earnings	39 878	38 725
Total equity attributable to owners of the parent	40 378	39 225
Non-controlling interest	16	405
	40 394	39 630
Interest-bearing liabilities	17 023	18 051
Post-employment benefits	169 492	134 635
	1 488	1 500
Deferred tax liabilities	19 172	20 320
Interest-bearing liabilities	4 538	4 470
	5 616	5 314
	394	378
Total equity Other liabilities and provisions Total non-current liabilities Trade payables Current tax liabilities Other liabilities and provisions	11 261	11 453
Total current liabilities	21 809	21 615	500 42 257 42 757 423 43 180 19 612 201 607 1 737 22 157 2 405 5 756 444 9 647 18 252

Condensed consolidated statement of changes in equity

		Equity attributable to
MSEK	owners of the parent	non-controlling interests	Total equity
Opening balance, Jan 1, 2025	42 757	423	43 180
Total comprehensive income for the period	2 113	-39	2 074
Dividend	-4 593	-15	-4 608
Transactions with non-controlling interests	-3	-353	-356
Acquisition and divestment of own shares	132	-	132
Share-based payments, equity settled	-28	-	-28
Closing balance, Sep 30, 2025	40 378	16	40 394
Opening balance, Jan 1, 2024	36 822	388	37 210
Total comprehensive income for the period	6 804	20	6 824
Dividend	-4 590	-2	-4 592
Transactions with non-controlling interests	-	-1	-1
Acquisition and divestment of own shares	257	-	257
Share-based payments, equity settled	-68	-	-68
Closing balance, Sep 30, 2024	39 225	405	39 630
Opening balance, Jan 1, 2024	36 822	388	37 210
Total comprehensive income for the period	10 317	28	10 345
Dividend	-4 591	-2	-4 593
Transactions with non-controlling interests	0	9	9
Acquisition and divestment of own shares	290	-	290
Share-based payments, equity settled	-81	-	-81
Closing balance, Dec 31, 2024	42 757	423	43 180

Condensed consolidated statement of cash flows

	2025	2024	2025	2024
MSEK	Q3	Q3	Jan-Sep	Jan-Sep
Cash flow from operating activities
Operating profit	2 802	3 277	8 721	8 958
Adjustments for depreciation, amortization and impairment	765	1 168	2 312	2 629
Adjustments for capital gain/loss and other non-cash items	18	-480	150	-674
Net financial items received/paid	-121	-109	147	-10
Taxes paid	-500	-773	-2 180	-2 527
Pension funding and payment of pension to employees	-23	-19	-42	-53
Change in working capital	6	-573	-1 213	-1 501
Increase in rental equipment	-202	-131	-709	-674
Sale of rental equipment	139	141	408	368
Net cash flow from operating activities	2 884	2 501	7 594	6 516
Cash flow from investing activities
Investments in other property, plant and equipment	-199	-201	-768	-616
Sale of other property, plant and equipment	10	-	24	15
Investments in intangible assets	-213	-343	-660	-709
Sale of intangible assets	-	-	9	-
Acquisition of subsidiaries and associated companies	-	-1 080	-88	-9 374
Divestment of subsidiaries and associated companies	-	-	1	-
Proceeds to/from other financial assets, net	-125	-106	-18	-260
Net cash flow from investing activities	-527	-1 730	-1 500	-10 944
Cash flow from financing activities
Dividend	-	-	-2 296	-2 295
Dividend to non-controlling interest	-1	-1	-15	-2
Acquisition of non-controlling interest	-	-	-355	-
Divestment/Repurchase of own shares	1	26	132	257
Change in interest-bearing liabilities	66	-141	-283	7 190
Net cash flow from financing activities	66	-116	-2 817	5 150
Net cash flow for the period	2 423	655	3 277	722
Cash and cash equivalents, beginning of the period	7 659	6 598	7 179	6 401
Exchange differences in cash and cash equivalents	-32	-124	-406	6
Cash and cash equivalents, end of the period	10 050	7 129	10 050	7 129
	2025	2024	2025	2024
Operating cash flow*	Q3	Q3	Jan-Sep	Jan-Sep
Net cash flow from operating activities	2 884	2 501	7 594	6 516

Net cash flow from investing activities -527 -1 730 -1 500 -10 944 Acquisitions and divestments, net - 1 080 87 9 374 Other adjustments 119 -62 -1 032 230 Operating cash flow 2 476 1 789 5 149 5 176

^* Operating cash flow is not defined according to IFRS.

Condensed parent company income statement

	2025	2024	2025	2024
MSEK	Q3	Q3	Jan-Sep	Jan-Sep
Administrative expenses	-62	-52	-205	-203
Marketing expenses	-6	-7	-20	-23
Other operating income and expenses	40	42	127	138
Operating profit/loss	-28	-17	-98	-88
Financial income and expenses	-7	-10	-26	-46
Profit/loss before tax	-35	-27	-124	-134
Income tax	8	8	33	38
Profit/loss for the period	-27	-19	-91	-96

Condensed parent company balance sheet

	2025	2024	2024
MSEK	Sep 30	Sep 30	Dec 31
Total non-current assets	59 398	56 872	61 358
Total current assets	5 564	9 858	6 941
Total assets	64 962	66 730	68 299
Total restricted equity	503	503	503
Total non-restricted equity	44 561	44 928	49 141
Total equity	45 064	45 431	49 644
Total provisions	118	171	129
Total non-current liabilities	14 706	15 569	17 036
Total current liabilities	5 074	5 559	1 490
Total equity and liabilities	64 962	66 730	68 299

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.

	2024				2024	2025
Orders received, MSEK	Q1	Q2	Q3		Q4 Full-year	Q1	Q2	Q3
Equipment & Service	11 025	12 388	11 830	12 180	47 423	12 377	11 506	11 439
Equipment	4 404	5 406	5 170	5 122	20 102	5 722	5 009	5 217
Service	6 621	6 982	6 660	7 058	27 321	6 655	6 497	6 222
Tools & Attachments	3 122	3 947	3 656	3 938	14 663	4 187	3 743	3 677
Common group functions	15	14	34	64	127	22	27	26
Epiroc Group	14 162	16 349	15 520	16 182	62 213	16 586	15 276	15 142
Revenues, MSEK
Equipment & Service	11 212	12 516	11 875	13 311	48 914	11 704	11 435	11 513
Equipment	4 708	5 547	5 178	6 293	21 726	5 072	5 012	5 225
Service	6 504	6 969	6 697	7 018	27 188	6 632	6 423	6 288
Tools & Attachments	2 949	3 991	3 809	3 891	14 640	3 811	3 665	3 704
Common group functions	-18	4	15	49	50	21	30	25
Epiroc Group	14 143	16 511	15 699	17 251	63 604	15 536	15 130	15 242
Operating profit, EBIT, and profit before tax, MSEK
Equipment & Service	2 503	2 763	2 923	3 121	11 310	2 724	2 577	2 426
Tools & Attachments	335	283	429	326	1 373	461	376	436
Common group functions	-78	-125	-75	-20	-298	-97	-122	-60
Epiroc Group	2 760	2 921	3 277	3 427	12 385	3 088	2 831	2 802
Net financial items	-116	-265	-264	-301	-946	-207	-131	-236
Profit before tax	2 644	2 656	3 013	3 126	11 439	2 881	2 700	2 566
Operating margin, EBIT, %
Equipment & Service	22.3	22.1	24.6	23.4	23.1	23.3	22.5	21.1
Tools & Attachments	11.4	7.1	11.3	8.4	9.4	12.1	10.3	11.8
Epiroc Group	19.5	17.7	20.9	19.9	19.5	19.9	18.7	18.4
Items affecting comparability, MSEK*
Change in provision for LTIP**	2	18	17	-37	-	11	6	-1
Items in Equipment & Service	-	142	-208	15	-51	-	49	101
Items in Tools & Attachments	125	165	-	-	290	-	98	-6
Epiroc Group	127	325	-191	-22	239	11	153	94
Adj. margin for items affecting comparability, EBIT, %
Adjusted operating margin, E&S, %	22.3	23.2	22.9	23.6	23.0	23.3	23.0	21.9
Adjusted operating margin, T&A, %	15.6	11.2	11.3	8.4	11.4	12.1	12.9	11.6
Adjusted operating margin, %	20.4	19.7	19.7	19.7	19.8	19.9	19.7	19.0

^* Items affecting comparability are shown with reverse sign. I.e. a positive number indicates a cost and vice versa.

^** In Q3 2025, items affecting comparability amounted to MSEK -94 (+191), relating to efficiency actions and a change in provision for the sharebased long-term incentive programs of MSEK +1 (-17). Equipment & Service included items affecting comparability of MSEK -101 (+208) relating to efficiency measures. Tools & Attachments included items affecting comparability of MSEK +6 (0), relating to reversed costs for previous restructuring measures.

^** In Q2 2025, items affecting comparability amounted to MSEK -153 (-325), relating to efficiency actions and a change in provision for the sharebased long-term incentive programs of MSEK -6 (-18). Equipment & Service included items affecting comparability of MSEK -49 (-142) relating to efficiency actions. Tools & Attachments included items affecting comparability of MSEK -98 (-165), relating to efficiency actions of which MSEK -70 relates to the closure of the tools manufacturing site in Langley, Canada.

^** In Q1 2025, items affecting comparability was MSEK -11 (-127). These include a change in provision for the share-based long-term incentive programs of MSEK -11 (-2).

Geographical distribution of orders received

MSEK	2024				2024	2025			Δ,%
% currency adjusted	Q1	Q2	Q3	Q4	Full-year	Q1	Q2	Q3	Y-o-Y
Epiroc Group	14 162	16 349	15 520	16 182	62 213	16 586	15 276	15 142	6%
North America	3 611	4 734	4 087	4 538	16 970	5 180	4 432	4 122	9%
South America	2 023	1 690	2 147	1 966	7 826	2 020	2 042	2 133	9%
Europe	2 191	2 327	1 836	1 914	8 268	2 460	2 108	2 053	19%
Africa/Middle East	2 094	2 635	2 597	2 936	10 262	2 345	2 430	2 858	16%
Asia/Australia	4 243	4 963	4 853	4 828	18 887	4 581	4 264	3 976	-8%
Equipment & Service	11 025	12 388	11 830	12 180	47 423	12 377	11 506	11 439	5%
North America	2 608	2 943	2 506	2 805	10 862	3 317	2 758	2 483	7%
South America	1 747	1 494	1 914	1 774	6 929	1 726	1 821	1 944	11%
Europe	1 525	1 619	1 249	1 174	5 567	1 620	1 377	1 355	17%
Africa/Middle East	1 532	2 100	2 028	2 314	7 974	1 825	1 898	2 324	21%
Asia/Australia	3 613	4 232	4 133	4 113	16 091	3 889	3 652	3 333	-10%
Tools & Attachments	3 122	3 947	3 656	3 938	14 663	4 187	3 743	3 677	9%
North America	1 002	1 788	1 558	1 675	6 023	1 852	1 652	1 619	12%
South America	276	196	233	192	897	294	221	190	-11%
Europe	650	699	575	731	2 655	830	726	691	26%
Africa/Middle East	561	536	569	622	2 288	520	532	534	-1%
Asia/Australia	633	728	721	718	2 800	691	612	643	-0%

Geographical distribution of revenues

MSEK	2024				2024	2025			Δ,%
% currency adjusted	Q1	Q2	Q3	Q4	Full-year	Q1	Q2	Q3	Y-o-Y
Epiroc Group	14 143	16 511	15 699	17 251	63 604	15 536	15 130	15 242	5%
North America	3 927	4 860	4 348	4 660	17 795	4 719	4 470	4 279	6%
South America	1 737	2 122	1 809	2 092	7 760	1 919	1 932	2 043	23%
Europe	2 022	2 249	2 086	2 362	8 719	1 930	2 034	1 970	-0%
Africa/Middle East	2 254	2 725	2 759	3 094	10 832	2 528	2 248	2 445	-6%
Asia/Australia	4 203	4 555	4 697	5 043	18 498	4 440	4 446	4 505	7%
Equipment & Service	11 212	12 516	11 875	13 311	48 914	11 704	11 435	11 513	5%
North America	2 995	3 006	2 694	2 984	11 679	2 955	2 810	2 629	5%
South America	1 473	1 898	1 588	1 879	6 838	1 705	1 724	1 805	24%
Europe	1 489	1 550	1 482	1 630	6 151	1 255	1 340	1 278	-9%
Africa/Middle East	1 718	2 199	2 146	2 529	8 592	2 012	1 749	1 906	-7%
Asia/Australia	3 537	3 863	3 965	4 289	15 654	3 777	3 812	3 895	9%
Tools & Attachments	2 949	3 991	3 809	3 891	14 640	3 811	3 665	3 704	5%
North America	924	1 847	1 650	1 619	6 040	1 754	1 636	1 631	7%
South America	264	223	221	214	922	214	208	238	17%
Europe	557	702	593	740	2 592	666	688	685	20%
Africa/Middle East	536	526	613	565	2 240	515	499	541	-6%
Asia/Australia	668	693	732	753	2 846	662	634	609	-7%

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 2024. No new and revised standards and interpretations effective from January 1, 2025, are considered to have any material impact on the financial statements.

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 2024, note A1 in the Parent Company accounts. No new and revised standards and interpretations effective from January 1, 2025, are considered to have any material impact on the Parent Company´s financial statements.

Note 2: Acquisitions and divestments

Date	Completed acquisitions	Divestments	Segment	Revenues	Employees
2025 Apr 2	Radlink		E&S	1 330	415
2024 Sep 4	ACB+		T&A	325	140
2024 Jul 3	ASI Mining		E&S	300	49
2024 Jun 17	Yieldpoint Inc.		T&A	-	10
2024 May 3	Weco Proprietary Limited		E&S	90	80
2024 Apr 1	Stanley Infrastructure		T&A	4 725	1 380

The table presents annual revenues in MSEK and employees at the time of the acquisition.

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 has approximately MSEK 1 330 in annual revenues and 415 employees. 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.

Acquisitions completed in 2024

• Stanley Infrastructure designs, manufactures, and sells attachments, typically used on excavators, and handheld hydraulic and battery-powered tools for applications in infrastructure, construction, scrap recycling, deconstruction, and railroad infrastructure. Its strong and innovative brands include LaBounty, Paladin, Pengo and Dubuis. The acquisition strengthens Epiroc's presence especially in the United States. Stanley Infrastructure had revenues in 2023 of MUSD 447 (MSEK 4 725), an adjusted EBITA margin of 16% and 1 380 employees. The acquisition was announced on December 15, 2023, and was completed on April 1, 2024. Revenues from the acquisition are reported in "Tools & Attachments". The purchase price (Enterprise Value) amounted to MUSD 760 (MSEK 8 200) and is mainly allocated to intangible assets and goodwill. The acquisition was an all-cash transaction. The acquisition has diluted the Group's and the Tools & Attachments' full year 2024 adjusted EBITA margins with approximately -1.1 and -3.0 percentage points respectively. Integration and transaction costs amounted to MSEK -255 in 2024.

• Weco Proprietary Limited manufactures precision-engineered rock drilling parts and provides related repairs and services in the Southern African region. The company has approximately MSEK 90 in annual revenues and 80 employees. The acquisition was announced on December 12, 2023, and was completed on May 3, 2024. Revenues from the acquisition are reported in "Service".
• Yieldpoint designs, manufactures and sells advanced digital geotechnical instruments, and has customers worldwide. The products, which include ground movement sensors and telemetry solutions, are primarily used for underground mining, tunnelling, and civil construction applications. The company has 10 employees. The acquisition was announced on May 28 and was completed on June 17. Revenues from the acquisition are reported in "Tools & Attachments".
• ASI Mining (new product name: LinkOA) provides mining automation systems, such as remote control, teleoperation, and fully autonomous solutions. Its solutions are OEM agnostic, meaning they work regardless of machine brand and fit well for mixed fleets. The company has approximately MSEK 300 in annual revenues. Epiroc already owned 34% of ASI Mining, which it acquired in 2018. The acquisition of the remaining 66% of the company was completed on July 3. Revenues from the acquisition are reported in "Equipment". The transaction has led to a positive revaluation effect of the ownership held prior to the acquisition in the Business Area Equipment & Service. The gain has been reported as an item affecting comparability of MSEK +554 in the third quarter of 2024.
• ACB+ manufactures attachments and quick couplers used on excavators for construction as well as related areas such as scrap recycling and deconstruction. Quick couplers are used with carriers, typically excavators, to enable safe and efficient change of attachments, such as buckets and hydraulic tools. The company is market leading in France and has customers throughout Europe. The company has approximately MSEK 325 in annual revenues and 140 employees. The acquisition was announced on May 24 and was completed on September 4. Revenues from the acquisition are reported in "Tools & Attachments".

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 2024, 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			2025	2024
MSEK			Sep 30	Dec 31
Non-current assets and liabilities
Assets			593	198
Liabilities			4	5
Current assets and liabilities
Assets			94	231
Liabilities			173	348
Carrying value and fair value	2025	2025	2024	2024
MSEK	Sep 30	Sep 30	Dec 31	Dec 31
	Carrying value	Fair value	Carrying value	Fair value
Earn-out	337	337	423	423
Bonds	11 474	11 922	11 676	12 196
Other loans	10 087	10 385	10 341	10 671
Total	21 898	22 644	22 440	23 290

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	4 745 007
Change in the quarter
Purchased (+) / divested (-) shares, number	-6 371
Value of purchased (+) / divested (-) shares, SEK	-1 271 988

Note 5: Transactions with related parties

In the quarter, no material changes have taken place, and no significant related-party transactions were made.

Key figures

	2025	2024	2025	2024	2024
	Q3	Q3	Jan-Sep	Jan-Sep	FY
Growth
*Orders received, MSEK	15 142	15 520	47 004	46 031	62 213
Revenues, MSEK	15 242	15 699	45 908	46 353	63 604
*Total revenue growth, %	-3	5	-1	4	5
*Organic revenue growth, %	5	3	3	2	2
Profitability
*Gross margin, %	35.0	37.1	37.3	36.6	36.1
*EBITDA margin, %	23.4	28.3	24.0	25.0	24.9
*EBITA margin, %	20.0	24.8	20.7	21.7	21.6
*Adjusted operating margin, EBIT, %	19.0	19.7	19.6	19.9	19.8
*Operating margin, EBIT, %	18.4	20.9	19.0	19.3	19.5
*Profit margin, %	16.8	19.2	17.7	17.9	18.0
Capital efficiency
*Return on capital employed, %	19.3	21.5		21.5	20.6
*Net debt / EBITDA, ratio	0.73	0.97		1.0	0.93
*Net debt / equity, %, period end	27.4	38.2		38.2	34.2
*Average net working capital / revenues, %	37.0	38.0		38.0	37.4
Cash generation
*Operating cash flow, MSEK	2 476	1 789	5 149	5 176	9 132
*Cash conversion rate, %, 12 months	105	88		88	104
Equity information
Basic number of shares outstanding, millions	1 209	1 208	1 209	1 208	1 208
Diluted number of shares outstanding, millions	1 209	1 209	1 209	1 208	1 208
*Equity per share, SEK, period end	33.4	32.8	33.4	32.8	35.7
Basic earnings per share, SEK	1.62	1.92	5.17	5.27	7.23
*Return on equity, %	21.2	22.6	21.2	22.6	22.2
*Operating cash flow per share, SEK	2.05	1.48	4.26	4.29	7.56
Dividend per share, SEK					3.80
Payout ratio, %					53
People & Planet
Employees, period end	19 067	18 908	19 067	18 908.1	18 874
Women employees, %, period end	20.3	19.6	20.3	19.6	19.8
Women managers, %, period end	24.9	24.0	24.9	24.0	24.4
Total recordable injury frequency rate, TRIFR, 12 months	4.1	4.4	4.1	4.4	4.3
Sick leave, %, 12 months	2.1	2.2	2.1	2.2	2.2
CO2e emissions from operations, tonnes, 12 months	22 687	21 190	22 687	21 190	21 707
CO2e emissions from transport, tonnes, 12 months	104 683	102 663	104 683	102 663	102 174

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.

Financial definitions and alternative performance measures

Key figure	Description
Adjusted operating margin, EBIT	Adjusted operating profit in % of revenues.
Adjusted operating profit, EBIT	Operating profit adjusted for items affecting comparability.
Book-to-bill	Orders received divided by revenues
Cash conversion, %	Operating cash flow divided by net profit, rolling 12 months
Capital employed (average)	Average total assets 1) less average non-interest-bearing liabilities/provisions. Capital employed for the business areas excludes cash, tax liabilities and tax receivables.
Capital employed turnover ratio	Revenues 2) divided by the average capital employed 1)
EBITA	Earnings before interest, taxes, and amortization and impairment of intangible assets. Alternatively; the operating profit plus amortization and impairment.
EBITDA	Earnings before interest, taxes, depreciation and amortization. Alternatively; the operating profit plus depreciation, impairment and amortization.
Gross margin	Gross profit as % of revenues.
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.
Large orders	Orders above MSEK 100.
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.
Net debt/EBITDA ratio	Net debt in relation to EBITDA.2)
Net working capital	Working capital net of inventories, trade receivables, trade payables, other operating assets and liabilities.
Operating cash flow	Cash flow from operations and cash flow from investing activities, excluding company acquisitions/divestments, as well as other adjustments.
Operating margin	Operating profit as % of revenues.
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.
Orders received growth	The total order growth includes the contribution from organic growth, currency and structure.
Organic growth	Organic growth is total growth excluding the contribution from currency and structure. Alternatively, the growth that is based on volume and price.
Profit margin	Profit before tax as % of revenues.
Return on capital employed	Operating profit 2) as % of average capital employed 1)
Return on equity	Profit for the period 2) divided by average equity, excluding non controlling interest 1)

¹⁾ Calculated as an average of five quarters. 2) 12 months' value.

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 64 billion in 2024, 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 shortterm (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 08:30 CET on October 29, 2025.

Further information

Analysts and investors

Karin Larsson Vice President Investor Relations & Media E-mail: ir@epiroc.com Tel: +46 10 755 0106

Alexander Apell Investor Relations Officer E-mail: ir@epiroc.com Tel: +46 10 755 0719

Journalists and media

Ola Kinnander Media Relations Manager E-mail: media@epiroc.com Tel: +46 70 347 2455

Epiroc AB (publ)

Reg. No. 556041-2149 Box 4015 SE-131 04 Nacka, Sweden Tel: +46 10 755 0000

www.epirocgroup.com/en/investors

Financial calendar

Webcast & conference call

At 10:00 CET on October 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.

Webcast link and presentation material can be found here:

www.epirocgroup.com/en/investors/financialpublications

Upcoming investor events

• January 26, 2026: Q4 2025 results.
• April 29, 2026: Q1 2026 results.
• May 5, 2026: Annual General Meeting in Nacka at 16:00 CEST.
• June 8-9, 2026: Capital Markets Day in Örebro, Sweden
• July 17, 2026: Q2 2026 results.
• October 28, 2026: Q3 2026 results.