• Orders received decreased -2% to MSEK 15 142 (15 520), with currency impacting negatively by -9%. The organic increase was 7%.
• Revenues decreased -3% to MSEK 15 242 (15 699), with currency impacting negatively by -8%. The organic increase was 5%.
• Operating profit amounted to MSEK 2 802 (3 277), including items affecting comparability of MSEK -94 (191)*, mainly relating to efficiency measures. The change in provision for the share-based long-term incentive program was MSEK 1 (-17). The operating margin was 18.4% (20.9).
• The adjusted operating profit was MSEK 2 896 (3 086), corresponding to an adjusted operating margin of 19.0% (19.7).
• Basic earnings per share was SEK 1.62 (1.92).
• Operating cash flow increased 38% to MSEK 2 476 (1 789).
• Net debt/EBITDA ratio was 0.73 (0.97).
• Epiroc implemented two Business Areas effective September 1, 2025.
• Epiroc's ground-breaking drill rig Pit Viper celebrates 25 years including a decade with autonomous operations.
CEO comments
High mining demand
Orders received in the third quarter increased 7% organically and amounted to MSEK 15 142 (15 520). Within mining, customer activity was high, which led to strong order growth both in equipment and rock drilling tools, and continued growth in service. We also noted high demand within exploration. Large mining equipment orders, which are lumpy in nature, amounted to MSEK 600 (1 400). It is encouraging to see that many of the equipment orders include our latest technologies in both automation and electrification, leading to higher productivity, increased safety, reduced energy consumption and a lower total cost of ownership for our customers.
Following a prolonged period of low demand for attachments used in construction work, we are now seeing that the inventory destocking phase among distributors is largely complete.
Sequentially, compared to the previous quarter, Group orders were unchanged organically.
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.
Revenues and profitability
Our revenues amounted to MSEK 15 242 (15 699), corresponding to 5% organic growth. Operating profit, EBIT, was MSEK 2 802 (3 277), corresponding to a margin of 18.4% (20.9). Tariffs impacted profit and margin negatively. The operating profit includes items affecting comparability of MSEK -94, mainly relating to efficiency measures.
The adjusted operating margin, EBIT, decreased to 19.0% (19.7). The Equipment & Service adjusted EBIT margin, 21.9% (22.9) was negatively affected by product mix and reduced customer activity in the nickel segment, while the Tools & Attachments adjusted margin improved to 11.6% (11.3). We are determined to return to profitable growth, and I am glad to see that the actions taken, especially within Tools & Attachments, have started yielding results.
Cash flow
Our operating cash flow increased 38% to MSEK 2 476 (1 789), positively impacted by an improvement in working capital. The cash conversion rate, rolling 12 months, was 105% (88).
Safety first, always
Epiroc prioritizes safety and we have many solutions to help customers strengthen safety. Autonomous operations (driverless vehicles) is the safest option, but adding Collision Avoidance Systems (CAS) to existing fleets is a cost-efficient way to make a meaningful positive difference. In the quarter, we entered a strategic partnership with Hindustan Zinc Limited in India, the world's largest integrated zinc producer, to provide all its mines with Epiroc's CAS. As with most of our solutions, our CAS is OEM-agnostic, meaning it works on any vehicle regardless of manufacturer.
Milestone achieved at the Roy Hill mine
In the quarter, an important milestone in Hancock Iron Ore's Roy Hill mine in Australia was achieved. All 78 mining trucks (non-Epiroc trucks) have been converted from manual to fully driverless using Epiroc's LinkOA autonomous solution, and MSEK 300 was recognized in revenues from the project.
The iconic Pit Viper rig celebrates 25 years
This year, our Pit Viper rig marks 25 successful years, with a full decade of autonomous drilling. The rig has revolutionized surface drilling by combining power, safety, and energy efficiency. With over 90 million meters drilled autonomously and significant emission reductions, the Pit Viper has set a new benchmark for sustainable and productive mining operations worldwide.
Well positioned to capture growth
Epiroc, with its wide portfolio, stands strong to capture growth onwards. With more than 60% of our mining orders deriving from gold and copper mines, and with an increased willingness by the industry to invest in both existing and new mines, exploration demand has increased. We have a unique and comprehensive exploration offering, including advanced digital technologies.
Making our customers' operations safer and more productive are our main priorities, and we have never had a stronger offering than we have today. Together, we accelerate the transformation.
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.
Epiroc's Pit Viper 231 blasthole drill rig.
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. The information was submitted for publication, through the agency of the contact persons above, at 08.30 CET on October 29, 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.