Epiroc AB (publ) (EPI_A) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and a warm welcome to the Epiroc Q4 and full year 2025 results presentation. My name is Karin Larsson, head of IR and media here at Epiroc and by my side I have our CEO Helena Hedblom and our CFO Håkan Folin. As always, they will briefly present the results before we do a Q&A session. You know the drill. Helena, please go ahead. Thank you Karin and hello everyone. So I will start with the highlights for the year. So with 79% of our orders deriving from mining, I'm glad to say that the mining demand remained robust in 2025. The customer activity was strongest in gold, copper and zinc, while nickel was softer. Over mining exposure, gold and copper now together represents 65% of orders. In the year, our customers continue to prioritize brownfield expansions and productivity upgrades, as well as exploration, especially in gold and copper. Infrastructure, which is 21% of our orders received, was more mixed. Drilling rigs and equipment for larger civil engineering projects showed stable demand, whereas attachments for use in construction work remained weak. On a positive note, the destocking among distributors for attachments came to an end towards the end of the year, and now we are positioning us for growth. Despite currency headwinds weighing on orders, revenues as well as profit, we managed to grow our orders organically in 2025 by 7% to 63 billion and revenues by 2% to 62 billion. And the adjusted operating margin for the year was 19.6%, somewhat lower than in the previous year, 19.8%. And it's explained by tariffs, product mix, and some inefficiencies. So let me, however, be clear. In 2025, we had a strong focus on cost savings and increased efficiency. And in some areas, such as in attachments, we have done well. But in others, we are still working on improvin...