Epiroc Ab Class A · OMXSTO:EPI_A
Epiroc Ab Class A — Q3 2025 Earnings Presentation
33 slides from Epiroc Ab Class A's earnings presentation, Oct 29, 2025
Slide 1: Q3 2025
Q3 2025 October 29, 2025 Helena Hedblom, President and CEO Håkan Folin, CFO
Slide 2: Safety first – Workers rescued after 60 hours in collapsed mine
Safety first – Workers rescued after 60 hours in collapsed mine • Major ground fall incident at Red Chris Mine in British Columbia, Canada, in July. • Three miners trapped 284 meters underground in a refuge station. • Within 24 hours, Epiroc deployed its mixed-fleet automation kit (RCT teleremote) o
Slide 3: Highlights Q3 2025
Highlights Q3 2025 • Milestone achieved in Hancock Iron Ore’s Roy Hill mine in Australia with all 78 mining trucks (other OEMs) converted to fully driverless • All Hindustan Zinc Limited’s mines to be equipped with Epiroc’s Collision Avoidance System • The iconic Pit Viper rig celebrates 25 years •
Slide 4: Group orders received: High mining demand
Group orders received: High mining demand • Orders received -2% • High mining demand • -9% currency • MSEK 15 142 (15 520) • Equipment, rock drilling tools and • +7% organic exploration strong • MSEK 600 (1 400) in large orders Orders received Organic growth Orders received bridge 0% organic 10 9 16
Slide 5: Innovation
Innovation Oustanding performance with diamond-coated World’s largest fully agnostic autonomous mine Powerbit X • All 78 haul trucks (non Epiroc) converted at Hancock Iron Ore’s • Nunavut Gold mine in Canada has tested Powerbit X Roy Hill mine in Australia to fully autonomous operation • Bit life in
Slide 6: Film: LinkOA for Haulage
Film: LinkOA for Haulage 1min 54s Q3 2025 6
Slide 7: Aftermarket
Aftermarket Aftermarket revenues 66% (67) • Mining driving growth for rock drilling tools and service • Attachments weak, but destocking coming to an end Revenue split Recurring aftermarket revenues 10 960 10 506 10 909 10 443 10 054 10 088 9 992 25% (24) 9 612 9 453 T&A 34% (33) Equipment Aftermark
Slide 8: Operational excellence
Operational excellence • Tariff mitigation • Optimizing logistics and distribution flows • Leveraging global manufacturing footprint • Changing suppliers, e.g. steel • Efficiency measures for profitable growth • Consolidating production sites, with positive results within Attachments • Investing in
Slide 9: Sustainability: People & Planet
Sustainability: People & Planet Improved safety • Total recordable injury frequency rate decreased to 4.1 (4.4) 19 067 (18 908) employees with increased proportion of women • Women employees 20.3% (19.6) and women managers 24.9% (24.0) CO2e emissions from operations* +7% to 22 687 (21 190) • Expansi
Slide 10: Group revenues and operating profit
Group revenues and operating profit Revenues -3%, MSEK 15 242, +5% organic Adjusted EBIT -6%, MSEK 2 896 (3 086) • 66% aftermarket (67), of which 41% service (43) • Organic: Tariffs and product mix EBIT -14%, MSEK 2 802 (3 277) • Currency: Negative currency • IAC* -94 (+191), relating to efficiency
Slide 11: Equipment & Service: Orders received
Equipment & Service: Orders received • Orders received -3% • High mining activity • -9% currency • MSEK 11 439 (11 830) • Large orders MSEK 600 (1 400) • +6% organic growth • +10% for equipment • +2% for service Orders received Organic growth Orders received bridge 0% organic 12 12 388 12 377 -3% 11
Slide 12: Equipment & Service: Revenues and operating profit
Equipment & Service: Revenues and operating profit Revenues -3%, MSEK 11 513, +6% organic Adjusted EBIT -7%, MSEK 2 527 (2 715) • 45% equipment (44), +10% organic • Organic: Tariffs, product mix and reduced customer • 55% service (56), +3% organic activity in the nickel segment • Currency: Negative
Slide 13: Tools & Attachments: Orders received
Tools & Attachments: Orders received • Orders received +1% • High demand for rock drilling tools • +8% organic growth • MSEK 3 677 (3 656) • Destocking phase for construction • -8% currency attachments largely complete Orders received Organic growth Orders received bridge 0% organic 8 4 187 3 947 3
Slide 14: Tools & Attachments: Revenues and operating profit
Tools & Attachments: Revenues and operating profit Revenues -3%, MSEK 3 704, +4% organic Adjusted EBIT 0%, MSEK 430 (429) • Currency -8% • Efficiency measures more than offset tariff costs EBIT +2%, MSEK 436 (429) • Negative currency • IAC* of MSEK +6 (0) Adjusted margin, 11.6% (11.3) Operating marg
Slide 15: 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 both -4% y-o-y and sequentially 2 746 2 742 2 714 2 557 2 565 • Net financial items MSEK -236 (-264) 2 410 2 411 2 552 2 447 • Net interest MS
Slide 16: Operating cash flow
Operating cash flow Operating cash flow and cash conversion rate, % • Operating cash flow increased 38% to MSEK 2 476 (1 789) 3 956 • Lower working capital tied up 104 105 • Lower taxes paid 100 94 90 88 • Cash conversion rate 105% (88) 83 2 435 2 476 1 889 66 1 778 1 789 55 1 609 1 569 1 104 Q323 Q
Slide 17: Net working capital
Net working capital • Net working capital -7% Net working capital Working capital to MSEK 22 598 (24 395) • Excluding currency and 24 395 22 978 22 598 acquisitions, net working capital 38.0 increased slightly 34.8 37.0 Inventories -1 940 • 37.0% (38.0) of revenues 24 395 20 031 20 202 18 262 22 978
Slide 18: Capital efficiency
Capital efficiency Net debt and Net debt/EBITDA Capital employed and ROCE • Net debt MSEK 11 088 (15 152) • Cash generation 62 285 62 124 • Net debt/EBITDA 0.73 (0.97) 51 181 • ROCE 19.3% (21.5) 0.97 • Higher intangible assets, such as 0.73 0.49 goodwill 15 152 27.8 11 088 21.5 19.3 7 643 Q323 Q324
Slide 19: Summary
Summary • Safety and automation leader • Workers rescued after 60 hours in collapsed mine • CAS to all Hindustan Zinc’s mines • Milestone achieved in Roy Hill project • Pit Viper rig celebrates 25 years • Strong mining demand • Destocking phase within attachments largely complete • Actions taken in
Slide 20: Looking ahead
Looking ahead 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. Q3 2025 20
Slide 21: Capital Markets Day 2026 June 8-9 Örebro, Sweden
Save the date Capital Markets Day 2026 June 8-9 Örebro, Sweden FYI: Volvo AB hosts its CMD on June 10 in Eskilstuna, Sweden. Q3 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 Report • CMD Karin Larsson Alexander Apell Gustaf Bratt VP IR & Media IRO IR Coordinator +46 10 755 0106 +46 10 755 0719 +46 76 163 8700 ir@epiroc.com
Slide 24: Appendix
Appendix Q1 2025 24
Slide 25: Commitment to stability and long-term delivery
Commitment to stability and long-term delivery History of translating orders into EPS and cash growth Orders +66% Revenues +75% EBIT +80% Adj. EBIT +72% Basic EPS +75% Operating cash flow +252% +66% +75% +80% +72% +75% +252% 63 186 63 159 12 148 12 384 7.13 9 105 37 990 36 191 7 203 4.07 6 751 2 586
Slide 26: Leading productivity and sustainability partner with roots from 1873
Leading productivity and sustainability partner with roots from 1873 Orders received Orders received* Revenues in ~150 countries 62 340 63 186 59 057 Europe 53 083 ~ 19 000 North America 14% employees 28% 45 758 39 494 39 707 Adj. EBIT margin* 36 721 19.6% Africa/ Asia / Australia Middle East 28% So
Slide 27: 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 28: Financial goals at a glance
Financial goals at a glance Goals Description Q3 2025 2024 2015-2024 Growth Annual revenue growth of 8% over a business cycle. -3% 5% 9% Industry-best operating margin, with strong 18.4% 19.5% 20.3% Profitability (EBIT) resilience over the cycle. Adj. 19.0% Adj. 19.8% Adj. 20.8% Improve capital effi
Slide 29: 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 30: Debt information and maturity profile
Debt information and maturity profile Maturity profile (MSEK) 6 000 5 523 • Net debt/EBITDA: 0.73x • S&P rating: BBB+ Stable outlook • External financing: BSEK 17.2 4 000 • 85% long term financing 3 000 • 48% green or sustainability linked 2 000 • 4.0 years average tenor (long-term) 1 866 2 000 1 50
Slide 31: 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 Q325 cannot see… Income statement effect 1a. Translation converting subsidiaries to SEK 1. Translation MSEK -268 Income statement effect from balance sheet Total 1b. Internal profit op
Slide 32: 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 33: 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