Slide 1: Q4 and full year 2025
Q4 and full year 2025 January 26, 2026 Helena Hedblom, President and CEO Håkan Folin, CFO Karin Larsson, VP IR & Media
Slide 2: Highlights 2025
Highlights 2025 • Strong mining demand, 79% of orders received (78) • Gold, copper and zinc strong, nickel weak • Majority brownfield • High exploration demand • Mixed infrastructure, 21% of orders received (22) • Rigs and equipment used in larger civil engineering projects stable • Attachments for
Slide 3: Automation highlights
Automation highlights 3 900+ driverless machines +13% vs 2024 The world’s largest OEM-agnostic autonomous mine Fully mixed-fleet automated underground production level • Epiroc has successfully converted Roy Hill’s surface • The 1 200 meter production level at Newmont’s Cadia block mixed fleet to dr
Slide 4: Electrification highlights
Electrification highlights Electrification 3.8% (4.2) of Group revenues Largest contract ever, for autonomous and electric- Impressive results for battery-trolley solution powered mining equipment • Five-kilometer trolley solution in the Boliden Rävliden • Around 50 fully autonomous and electric sur
Slide 5: Digitalization highlights
Digitalization highlights Safety and productivity leadership Collision avoidance system to all Hindustan Zinc’s Real-time insights into equipment location, usage, mines maintenance status • Increased safety through advanced sensor technology, • Fleet management and asset tracking for attachments rea
Slide 6: Highlights Q4 2025
Highlights Q4 2025 • Strong quarter with +11% organic order growth • High customer activity within mining, especially in gold • Organic equipment growth +22% • Organic service growth +6% • Large mining equipment orders MSEK 670 (820) indicating a strong widespread underlying demand • High demand for
Slide 7: Group orders received: High mining demand
Group orders received: High mining demand • Orders received -1% • Strong mining demand • -12% currency • MSEK 15 970 (16 182) • Gold and copper strong • +11% organic • Nickel weak • MSEK 670 (820) in large orders Orders received Organic growth Orders received bridge -1% +7% organic 11 16 349 16 182
Slide 8: Aftermarket
Aftermarket Aftermarket revenues 63% (63) • Mining driving growth for rock drilling tools and service • Attachments seasonally weak, but destocking largely complete • Potential for profitable growth Revenue split Recurring aftermarket revenues 10 960 10 506 10 909 10 443 22% (22) 10 088 9 992 10 157
Slide 9: Operational excellence
Operational excellence • Tariffs and mitigating actions • Optimizing logistics and distribution flows • Leveraging global manufacturing footprint • Changing suppliers, e.g. steel • Price increases • Efficiency measures for profitable growth • Consolidating customer centers and production sites • Inv
Slide 10: Sustainability: People & Planet
Sustainability: People & Planet • Increased safety • Total recordable injury frequency rate decreased to 3.9 (4.3) • 19 055 (18 874) employees • Women employees 20.5% (19.8) • Women managers 24.4% (24.4) • CO2e emissions from operations* -8% to 19 953 (21 707) • Renewable energy and energy efficienc
Slide 11: Group revenues and operating profit
Group revenues and operating profit Revenues -7%, MSEK 16 090, +4% organic Adjusted EBIT -8%, MSEK 3 146 (3 405) • 63% aftermarket (63) • Organic: Increased efficiency more than offset tariff impact EBIT -7%, MSEK 3 204 (3 427) • Currency: Negative • IAC* +58 (+22), relating to an insurance settleme
Slide 12: Equipment & Service: Orders received
Equipment & Service: Orders received • Orders received +1% • Strong mining • -12% currency • MSEK 12 313 (12 180) • Large orders MSEK 670 (820) • +13% organic growth • +22% for equipment • +6% for service Orders received Organic growth Orders received bridge +8% organic +1% 12 388 12 377 12 313 13 1
Slide 13: Equipment & Service: Revenues and operating profit
Equipment & Service: Revenues and operating profit Revenues -6%, MSEK 12 469, +4% organic Adjusted EBIT -12%, MSEK 2 761 (3 136) • 47% equipment (47), +4% organic • Organic: Negative tariff impact • 53% service (53), +4% organic • Currency: Negative EBIT -12%, MSEK 2 731 (3 121) Adjusted margin 22.1
Slide 14: Tools & Attachments: Orders received
Tools & Attachments: Orders received • Orders received -7% • High mining demand • +4% organic growth • MSEK 3 645 (3 938) • Low and seasonally weak • -11% currency attachments Orders received Organic growth Orders received bridge 8 +1% organic 4 187 3 947 3 938 4 3 656 3 743 3 677 3 645 -7% 3 3 122
Slide 15: Tools & Attachments: Revenues and operating profit
Tools & Attachments: Revenues and operating profit Revenues -7%, MSEK 3 608, +4% organic Adjusted EBIT +37%, MSEK 445 (326) • Currency -11% • Organic: Improvement driven by efficiency measures EBIT +65%, MSEK 537 (326) • Currency: Negative • IAC* of MSEK +92 (0) Adjusted margin, 12.3% (8.4) Operatin
Slide 16: Costs, net financials and tax
Costs, net financials and tax • Costs somewhat lower Administration, marketing and R&D expenses • Marketing costs lower -3% • Net financial items MSEK -115 (-301) 2 746 2 742 2 714 2 648 2 557 2 552 2 565 • Net interest MSEK -199 (-248) 2 411 2 447 17.0 17.5 17.0 • Exchange rate differences 16.4 16.
Slide 17: Operating cash flow
Operating cash flow Operating cash flow and cash conversion rate, % • Operating cash flow MSEK 2 577 (3 956) • Strong previous year • Lower profit 3 956 104 105 • Higher taxes paid 100 94 90 88 90 • Cash conversion rate 90% (104) 83 2 577 2 435 2 476 66 1 778 1 789 1 609 1 569 1 104 Q423 Q124 Q224 Q
Slide 18: Net working capital
Net working capital • Net working capital -9% Net working capital Working capital to MSEK 22 026 (24 322) • Excluding currency, net working 24 322 capital increased somewhat, 21 736 22 026 due to increased inventories 37.4 36.9 Inventories 35.2 -1 091 slightly off-set by increased 19 191 24 322 18 7
Slide 19: Capital efficiency
Capital efficiency • Net debt MSEK 11 004 (14 778) Net debt and Net debt/EBITDA Capital employed and ROCE • Net debt/EBITDA 0.73 (0.93) 65 398 63 473 • Good cash generation 51 437 • ROCE 18.9% (20.6) 0.93 • Higher intangible assets, such as 0.73 0.49 goodwill 14 778 27.0 11 004 20.6 18.9 7 824 Q423
Slide 20: Dividend
Dividend* • Proposed ordinary dividend to Dividend and payout ratio shareholders of SEK 3.80 (3.80) per share 6 53 53 55 51 • MSEK 4 594 (4 594) 5 49 49 50 • Two equal installments with 45 4 3.80 3.80 3.80 record dates May 7 and 3.40 40 October 19, 2026 3.00 3 35 2 30 1 25 0 20 2021 2022 2023 2024 2
Slide 21: Summary
Summary • Strong last quarter, +11% organic order growth, Equipment +22% and Service +6% • High demand for exploration • Healthy activity in larger civil engineering projects and stable, but seasonally low, demand for attachments • Organic margin improvement more than compensating tariffs and curren
Slide 22: Looking ahead
Looking ahead As we enter 2026, we are well positioned to capture growth • Mineral prices are high for our main commodities copper and gold • We are exposed to attractive, performance-critical niches where our equipment and aftermarket makes a positive difference for productivity • Our customers sho
Slide 23: Capital Markets Day 2026
Registration open! Capital Markets Day 2026 June 8-9 Örebro, Sweden https://www.epirocgroup.com/en/cmd2026 FYI: Volvo AB hosts its CMD on June 10 in Eskilstuna, Sweden. Q4 2025 23
Slide 24: Q&A
Q&A ir@epiroc.com Q1 2025 24
Slide 25: 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 26: Appendix
Appendix Q1 2025 26
Slide 27: 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 62 213 62 974 58 899 Europe 53 222 ~ 19 000 North America 14% employees 29% 45 648 39 400 39 492 Adj. EBIT margin* 36 579 19.6% Africa/ Asia / Australia Middle East 28% So
Slide 28: 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 29: Commitment to long-term delivery
Commitment to long-term delivery History of translating orders into EPS and cash growth Orders +60% Revenues +62% EBIT +61% Adj. EBIT +56% Basic EPS +58% Operating cash flow +99% +60% +62% +61% +56% +58% +99% 62 974 61 998 11 925 12 125 7.12 7 726 39 400 38 285 7 385 7 779 4.51 3 884 7% 7% 7% 7% 7%
Slide 30: Financial goals at a glance
Financial goals at a glance Goals Description Q4 2025 2025 2016-2025 Growth Annual revenue growth of 8% over a business cycle. -7% -3% 8% p.a. Industry-best operating margin, with strong 19.9% 19.2% 20.% Profitability (EBIT) resilience over the cycle. Adj. 19.6% Adj. 19.6% Adj. 20.8% Improve capital
Slide 31: 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 32: Debt information and maturity profile
Debt information and maturity profile Maturity profile (MSEK) • Net debt/EBITDA: 0.73x 7 000 • S&P rating: BBB+ Stable outlook • External financing: BSEK 17.1 5 398 • 85% long term financing 4 000 • 48% green or sustainability linked • 3.7 years average tenor (long-term) 3 364 3 000 • Average intere
Slide 33: The profit bridge currency effect
The profit bridge currency effect What you see in What you get in our Impact The details you our report key figures Q425 cannot see… Income statement effect 1a. Translation converting subsidiaries to SEK 1. Translation MSEK -190 Income statement effect from balance sheet 1b. Internal profit Total op
Slide 34: 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 35: 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