- Orders received decreased -7% to MSEK 15 276 (16 349), with currency impacting negatively with -9%. The organic increase was 2%.
- Revenues decreased -8% to MSEK 15 130 (16 511), with currency impacting negatively with -9%. The organic increase was 1%.
- Operating profit amounted to MSEK 2 831 (2 921), including items affecting comparability of MSEK -153 (-325)*, mainly relating to efficiency measures. The operating margin was 18.7% (17.7).
- The adjusted operating profit was MSEK 2 984 (3 246), corresponding to an adjusted operating margin of 19.7% (19.7).
- Basic earnings per share increased 3% to SEK 1.74 (1.69).
- Operating cash flow amounted to MSEK 1 104 (1 609).
- Net debt/EBITDA ratio was 0.82 (1.04).
- Epiroc won a significant contract, MAUD 350 (SEK 2.2 billion) over five years, to deliver a fleet of fully autonomous and electric surface mining equipment to Fortescue in Australia. The first portion of the contract, valued at approximately MSEK 100, was booked as orders received in the quarter.
CEO comments
High mining demand
Orders received in the second quarter increased 2% organically and amounted to MSEK 15 276 (16 349). Currency impacted with -9%. The customer activity within mining was high and large mining equipment orders, which are lumpy in nature, amounted to MSEK 500 (950). These include MSEK 100 from Fortescue in Australia, which in April awarded Epiroc our largest contract ever, SEK 2.2 billion over five years. We will deliver a fleet of fully autonomous and electric surface mining equipment to Fortescue. Mining customers' willingness to invest has increased lately, also within exploration, and we continue to see a growing interest for our automation and electrification solutions. The demand for attachments from the construction industry, however, remained weak.
Sequentially, compared to the previous quarter, Group orders increased 1% organically.
In the near term, we expect mining demand to remain at a high level, while demand from construction customers is expected to remain weak.
Revenues and profitability
Our revenues amounted to MSEK 15 130 (16 511), corresponding to 1% organic growth. The currency effect was negative at -9%. The operating profit, EBIT, was MSEK 2 831 (2 921), corresponding to a margin of 18.7% (17.7). The operating result includes items affecting comparability of MSEK -153, of which the change in provision for the share-based long-term incentive programs was MSEK -6 (-18). The other MSEK -147 are relating to efficiency measures, such as the MSEK -70 for the closure of the tools manufacturing site in Langley, Canada. Adjusted, the operating margin, EBIT, was unchanged at 19.7% (19.7), supported mainly by increased efficiency within Tools & Attachments.
Profitable growth
We remain focused on delivering profitable growth and are continuously taking actions, such as consolidating sites and discontinuing non-strategic product lines. Also, given the current uncertainties around tariffs, we are emphasizing agility and global reach by optimizing logistics and distribution, leveraging global manufacturing, exploring alternative suppliers, and implementing mitigating actions together with customers and suppliers.
Cash flow
Our operating cash flow was MSEK 1 104 (1 609), negatively impacted by lower operating profit and more working capital tied up. The cash conversion rate, rolling 12 months, was 94% (90).
Innovation that drives value
With a background in R&D, I feel especially proud to represent Epiroc when we bring leading solutions to the market. In the quarter, we launched several innovations, including an automated rod magazine for the Diamec exploration rig, keeping the operator away from danger while boosting productivity. Another example that makes a real positive difference is the electrified ramp haulage solution in Boliden's Kristineberg mine in Sweden, the result of our collaboration with Boliden and ABB. Compared to a diesel-driven equivalent, the trolley solution has increased productivity by 23%. The truck speed up ramp is 50% higher, the maintenance cost is reduced by 25% and the energy regeneration to the battery when the truck goes downhill and/or is connected to the pantograph is unlimited.
Stability and long-term delivery
In an ever-changing and volatile world, with an increasing level of uncertainty, our commitment to stability and long-term delivery towards customers and investors remains firm. Our goal is to create financial outperformance by being active in attractive niches where we offer our customers the most innovative and productive solutions. We will safeguard our customers' operations through precision in our service and aftermarket offering, and consistently strive to deliver excellence in everything we do. We will adapt quicker, innovate more and always try to find a better way to do things.
Helena Hedblom
President and CEO
Please find the full report in the attached pdf. Additional financial documents are found on Epiroc's Financial publications page.
The Diamec exploration rig, with Automated Rod Magazine.
For more information please contact:
Karin Larsson, Vice President Investor Relations and Media
+46 10 755 0106
ir@epiroc.com
Alexander Apell, Investor Relations Officer
+46 72 083 9519
ir@epiroc.com
Ola Kinnander, Media Relations Manager
+46 70 347 2455
media@epiroc.com
This information is information that Epiroc AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons above, at 11.00 CEST on July 18, 2025.
Epiroc is a global productivity partner for mining and infrastructure 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. Learn more at www.epirocgroup.com.
