1) Strategy & Leadership
- Epiroc's CEO, Helena Hedblom, highlighted a strong focus on automation, electrification, and digitalization to enhance safety and productivity.
- The company completed significant projects, including the conversion of the Roy Hill mine to driverless operations, marking a milestone in autonomous mining.
- Epiroc aims to capture growth in mining, particularly in gold and copper, with 79% of orders coming from mining sectors.
- The company is positioning for growth in attachments after a period of destocking among distributors.
2) Financial & Segment Results
- Orders grew organically by 7% to SEK 63 billion in 2025, while revenues increased by 2% to SEK 62 billion.
- In Q4, orders received grew organically by 11%, with equipment orders up 22%, but total orders declined 1% due to currency effects.
- The adjusted operating margin for 2025 was 19.6%, slightly down from 19.8% in 2024, impacted by tariffs and product mix.
- The Tools & Attachment segment saw a 65% increase in operating profit to SEK 537 million, with a margin of 14.9%.
| Metric |
Q4 2025 |
Q4 2024 |
Change |
| Orders Received (SEK bn) |
16.1 |
16.3 |
-1% |
| Revenues (SEK bn) |
16.1 |
17.3 |
-7% |
| Adjusted Operating Margin |
19.6% |
19.7% |
-0.1 pp |
| EBIT (SEK bn) |
3.2 |
3.1 |
+3% |
3) Problems / Headwinds
- Currency fluctuations negatively impacted orders and revenues, with an estimated 11% decline in revenue due to currency effects.
- Tariffs continued to exert pressure on margins, contributing nearly 0.5 percentage points to the decline in operating margin.
- The nickel market remains a challenge, with many customers still operating under care and maintenance due to depressed prices.
4) Operational or Product Plans
- Epiroc is investing in efficiency improvements and consolidating customer centers and production sites to enhance operational resilience.
- The company aims to increase its customer share, which currently sits above 50%, by optimizing pricing and service offerings.
- Innovations in electrification, such as the SEK 2.2 billion contract for autonomous electric rigs, are expected to drive future growth.
5) Guidance & Outlook / Investor Angle
- Epiroc anticipates continued high demand in mining, particularly for gold and copper, while construction demand is expected to improve from low levels.
- The company plans to increase M&A activity in 2026, focusing on bolt-on acquisitions close to its core business.
- The Board proposed a stable dividend of SEK 3.80 per share, aligning with its policy of maintaining or increasing dividends.
Bottom line: Epiroc's robust order growth and strategic focus on automation and electrification position it well for future growth, despite facing currency and tariff headwinds. Investors can expect continued demand in mining and a stable dividend, making Epiroc a solid investment in the sector.
