Slide 1: Q2 2025
Q2 2025 July 18, 2025 Helena Hedblom, President and CEO Håkan Folin, CFO
Slide 2: Highlights Q2 2025
Highlights Q2 2025 High underlying mining demand, weak attachments • Largest contract ever for Epiroc, BSEK 2.2 over five years to deliver a fleet of fully autonomous and electric surface mining equipment to Fortescue in Australia • Solid growth for service and tools Focus on profitable growth, stab
Slide 3: Group orders received: High mining demand
Group orders received: High mining demand • Orders received -7% • High mining demand • -9% currency • MSEK 15 276 (16 349) • MSEK 500 (950) in large orders, • +2% organic incl. MSEK 100 from Fortescue • Weak construction Orders received Organic growth Orders received bridge +1% organic 17 250 10 18
Slide 4: Innovation
Innovation Success for BEV trolley truck for Great proof-points from BEV fleet in Automated rod magazine for our Boliden’s Kristineberg mine full production at Assmang Black popular exploration rigs Diamec, in Sweden Rock Mine in South Africa keeping the operator away from danger while boosting prod
Slide 5: Film: Diamec ARM – taking exploration automation to the next level
Film: Diamec ARM – taking exploration automation to the next level 1m34s Q2 2025 5
Slide 6: Aftermarket
Aftermarket • High mining activity with solid demand for tools and service • Weak construction market impacting attachments Revenue split Recurring aftermarket revenues 14 000 12 000 10 960 10 439 10 054 10 506 10 909 10 443 10 088 24% (24) 10 000 9 612 9 453 T&A 33% (34) Equipment 8 000 6 000 After
Slide 7: Operational excellence
Operational excellence Focus: Profitable growth, agility and efficient global reach • Optimizing operations to achieve economies of scale, while minimizing mid-term effect of political decisions, such as tariffs • Consolidating sites • E.g. move a tools manufacturing site from Canada to Mexico • Dis
Slide 8: Commitment to stability and long-term delivery
Commitment to stability and long-term delivery History of translating orders into EPS and cash growth Orders +71% Revenues +86% EBIT +98% Adj. EBIT +87% Basic EPS +97% Operating cash flow +176% since listing since listing since listing since listing since listing since listing +71% +86% +98% +87% +9
Slide 9: Sustainability: People
Sustainability: People Improved safety • Focus on a strong safety culture • Total recordable injury frequency rate decreased to 4.2 (4.7) Increased number and proportion of women • Women employees 20.1% (19.2) • Women managers 25.5% (23.6) Epiroc among the world’s most sustainable companies accordin
Slide 10: Sustainability: Planet
Sustainability: Planet CO2e emissions from operations* -7% to 21 539 (23 269) • Higher share of renewable energy purchased • Installation of solar panels on own facilities • Energy efficiency activities in facilities and processes CO2e emissions from transport* -2% to 100 271 (102 339) State-of-the-
Slide 11: Group revenues and operating profit
Group revenues and operating profit Revenues -8%, MSEK 15 130, +1% organic Adj. EBIT -8%, MSEK 2 984, 19.7% (19.7) • 67% aftermarket (66), of which 43% service (42) • Organic: Mix within service EBIT -3%, MSEK 2 831, 18.7% (17.7) • Currency: Positive currency impact on internal profit • IAC* -153 (-
Slide 12: Equipment & Service: Orders received
Equipment & Service: Orders received • Orders received -7% • High mining activity • -9% currency • MSEK 11 506 (12 388) • Large orders MSEK 500 (950) • +2% organic growth • +2% for equipment • +3% for service Orders received Organic growth Orders received bridge +2% organic 14 000 12 12 800 -7% 12 2
Slide 13: Equipment & Service: Revenues and operating profit
Equipment & Service: Revenues and operating profit Revenues -9%, MSEK 11 435, +1% organic Adj. EBIT -10%, MSEK 2 626, 23.0% (23.2) • 44% equipment (44), -1% organic • Organic: Lower volumes and mix within service • 56% service (56), +2% organic • Currency: Positive currency impact on EBIT -7%, MSEK
Slide 14: Tools & Attachments: Orders received
Tools & Attachments: Orders received • Orders received -5% • Mining activity high • -9% currency • MSEK 3 743 (3 947) • Demand for construction • +2% organic growth attachments weak • +2% acquisition growth, ACB+ Orders received Organic growth Orders received bridge -1% organic 5 000 4 3 4 600 4 187
Slide 15: Tools & Attachments: Revenues and operating profit
Tools & Attachments: Revenues and operating profit Revenues -8%, MSEK 3 665, -2% organic Adj. EBIT +6%, MSEK 474, 12.9% (11.2) • Currency -8% • Organic: Increased efficiency EBIT +33%, MSEK 376, 10.3% (7.1) • IAC* of MSEK -98 (-165) of which MSEK -70 relates to the move of the tools manufacturing si
Slide 16: Costs, net financials and tax
Costs, net financials and tax • Administration, marketing and R&D lower Administration, marketing and R&D expenses • Administration and marketing costs lower -7% both y-o-y and sequentially 3 000 30 2 746 2 742 2 714 • R&D costs 3.3% (3.3) of revenues 2 500 2 564 2 410 2 557 2 411 2 552 2 565 25 • N
Slide 17: Operating cash flow
Operating cash flow Operating cash flow and cash conversion rate, % • Operating cash flow at MSEK 1 104 (1 609) 4 500 130 • Build-up in working capital and lower operating 4 000 3 956 120 110 profit impacted negatively 3 500 104 100 100 • Cash conversion rate 94% (90) 3 000 90 94 90 88 80 83 2 500 2
Slide 18: Net working capital
Net working capital • Net working capital -9% Net working capital Working capital to MSEK 22 739 (25 045) • Excluding currency and 22 420 25 045 22 739 acquisitions, net working 35 000 37.8 37.5 40 capital increased slightly 30 000 33.5 35 20 157 21 373 25 045 18 018 • 37.5% (37.8) of revenues 25 00
Slide 19: Capital efficiency
Capital efficiency Net debt and Net debt/EBITDA Capital employed and ROCE • Net debt MSEK 13 284 (15 801) 2.00 25 000 80 000 60 • Cash generation 1.75 55 20 000 70 000 1.50 15 801 50 60 750 • Net debt/EBITDA 0.82 (1.04) 1.25 1.04 13 284 15 000 60 000 60 113 45 1.00 9 099 0.82 40 49 523 • ROCE 20.2%
Slide 20: Summary
Summary • High mining demand • Largest contract ever for Epiroc • Solid growth for service and tools • Weak attachments • Focus on profitable growth • Innovation that drives value • Committed to stability and long-term delivery Q2 2025 20
Slide 21: Looking ahead
Looking ahead In the near term, we expect mining demand to remain at a high level, while demand from construction customers is expected to remain weak. Q2 2025 21
Slide 22: Q&A
Q&A ir@epiroc.com Q1 2025 22
Slide 23: Eager to know more about Epiroc?
Eager to know more about Epiroc? Useful links • Financial publications incl. Key figures and pre- results mail • Calendar • Annual and Sustainability Karin Larsson Alexander Apell Gustaf Bratt Report VP IR & Media IRO IR Coordinator • CMD +46 10 755 0106 +46 10 755 0719 +46 76 163 8700 ir@epiroc.com
Slide 24: Appendix
Appendix Q1 2025 24
Slide 25: Leading productivity and sustainability partner with roots from 1873
Leading productivity and sustainability partner with roots from 1873 Orders received Orders received Revenues in 63 564 ~150 countries 62 213 58 899 Europe 53 222 ~ 19 000 North America 13% employees 29% 45 648 39 400 39 492 Adj. EBIT margin* 36 579 19.8% Africa/ Asia / Australia Middle East 29% Sou
Slide 26: Our strategy is our investment case
Our strategy is our investment case We accelerate the productivity We have a high proportion We have a well-proven and sustainability transformation of recurring business business model in our industry Operational Operational Attractive niches Innovation Aftermarket Outperformance excellence excelle
Slide 27: Financial goals at a glance
Financial goals at a glance Goals Description Q2 2025 2024 2015-2024 Growth Annual revenue growth of 8% over a business cycle. -8% 5% 9% Industry-best operating margin, with strong 18.7% 19.5% 20.3% Profitability (EBIT) resilience over the cycle. Adj. 19.7% Adj. 19.8% Adj. 20.8% Improve capital effi
Slide 28: 2030 goals for people and planet
2030 goals for people and planet • No work-related injuries • Balanced workforce and double the number of women in operational roles • Have all employees and business partners comply with our Code of Conduct and Responsible Sales Assessment Process implemented • Halve CO2e emissions in operations* •
Slide 29: Debt information and maturity profile
Debt information and maturity profile Maturity profile (MSEK) 6 000 5 519 • Net debt/EBITDA: 0.82x • S&P rating: BBB+ Stable outlook • External financing: BSEK 17.4 4 000 • 85% long term financing ** 3 000 • 48% green or sustainability linked 2 000 • 4.2 years average tenor (long-term) 2 000 1 579 1
Slide 30: BEV’s are just one part of reducing the operation’s footprint
BEV’s are just one part of reducing the operation’s footprint CO2 emissions and energy consumption • South Africa relies heavily on coal fired power plant, with high CO2e emissions (83%) • 725 g CO2e / kWh for South Africa • 23 g CO2e / kWh for Sweden • BEVs move emissions from Scope 1 to Scope 2 fo
Slide 31: Net CO2e savings
CO2e balance since introduction of BEV fleet in South Africa Q3 2022 until Q1 2025 4000 BEVs have consumed 3 178 MWh + 2 240 tCO2e in Scope 2 2000 ICE would have consumed 1 127m³ - 3 653 tCO2e in Scope 1 0 of diesel Net CO2e savings -2000 Reduced vent rates from 575 m³/s to - 6 803 tCO2e in Scope 2
Slide 32: The profit bridge currency effect
The profit bridge currency effect What you see in What you get in Impact The details you our report our key figures Q225 cannot see… Income statement effect 1a. Translation converting subsidiaries to SEK 1. Translation MSEK -92 Income statement effect from balance sheet Total 1b. Internal profit ope
Slide 33: United. Inspired.
United. Inspired. Performance unites us, innovation inspires us, and commitment drives us to keep moving forward. Count on Epiroc to deliver the solutions you need to succeed today and the technology to lead tomorrow. epiroc.com
Slide 34: Disclaimer
Disclaimer - Some statements in this presentation, or in conclusion to it, are forward-looking and the actual outcome may be different. In addition to the factors explicitly commented upon, the actual outcome may be affected by other factors such as macroeconomic conditions, movements in foreign exc