Atlas Copco AB

Latest Results (12.12.2025):

Atlas Copco AB — Q3 2025: The Group reported mixed demand but stable overall orders and strong cash generation in the third quarter of 2025. Orders received were MSEK 40,517 (42,080) — organically unchanged — while revenues decreased 3% to MSEK 41,621 (43,105) (organic +1%). Operating profit was MSEK 8,546 (9,337) with a margin of 20.5% (21.7); adjusted operating profit was MSEK 8,862 (9,441) with a 21.3% margin (21.9). Profit before tax was MSEK 8,456 (9,184) and basic EPS was SEK 1.37 (1.47). Operating cash flow was strong at MSEK 7,330 (7,545).

Orders and revenue

Orders received: MSEK 40,517 (42,080), organically unchanged. Revenues: MSEK 41,621 (43,105), reported -3% but organic +1% (currency -7%, acquisitions +3%). Demand was mixed by product and region; service order intake increased across regions.

Profitability

Operating profit MSEK 8,546 (9,337) — operating margin 20.5% (21.7). Adjusted operating profit (excl. items affecting comparability) MSEK 8,862 (9,441) — margin 21.3% (21.9). Profit before tax MSEK 8,456 (9,184). Key margin drivers: currency effects, acquisition dilution, trade-tariff related cost increases and some restructuring costs in Vacuum and Industrial areas.

Earnings per share

Basic and diluted EPS were SEK 1.37 (1.47) for Q3 2025.

Cash flow and balance sheet

Operating cash flow MSEK 7,330 (7,545) for the quarter; operating cash surplus MSEK 10,936 (11,657). Net indebtedness improved to MSEK 11,149 (16,713) and net debt/EBITDA was 0.2 (0.4). Return on capital employed (last 12 months) was 25% (28).

Workforce and other KPIs

Employees at September 30, 2025: 55,840 (54,697). Consultants/external workforce: 3,088 (3,143). Return on equity (12 months) 26% (29%).

Compressor Technique (Q3 2025)

Revenues MSEK 19,151 (19,031) up 1% (organic +4). Operating profit MSEK 4,844 (4,974) — margin 25.3% (26.1). Orders: industrial compressors stable; gas & process compressors down year‑on‑year but up sequentially in some regions. Notable acquisitions: ABC Compressors, Talleres Haizea, Itsab, Casa dei Compressori. New product: E Basic 7.5 kW variable speed oil‑injected screw for China.

Vacuum Technique (Q3 2025)

Revenues MSEK 9,193 (10,444) -12% (organic -6). Operating profit MSEK 1,697 (2,014) — reported margin 18.5%; adjusted margin 20.1% (20.1). Semiconductor-related equipment orders weakened (North America) and vacuum demand for industrial/scientific was stronger. Acquisitions in China (Shareway, New Star). New product: Axentis Compact abatement system (smaller footprint for semiconductor customers).

Industrial Technique (Q3 2025)

Revenues MSEK 6,515 (6,832) -5% (organic -1). Operating profit MSEK 1,173 (1,364) — margin 18.0% (adjusted 18.8% vs 20.6). Weaker equipment demand from automotive customers; service orders essentially unchanged. New high‑speed dispensing solution introduced for electronics customers.

Power Technique (Q3 2025)

Revenues MSEK 6,979 (7,072) — organic +3. Operating profit MSEK 1,187 (1,274) — margin 17.0% (18.0). Equipment and specialty rental grew (portable compressors, pumps, generators); service also grew. New product: Wangen Twin 180 twin‑screw pump upgrade for hygienic/high‑viscosity processes.

Acquisitions and capital actions

Several bolt‑on acquisitions closed in Q3 2025 (notably Shareway, New Star, Casa dei Compressori, Itsab, Talleres Haizea) as part of ongoing M&A activity. During the quarter the company sold 959,381 series A shares (net) for MSEK 150 under AGM mandates related to long‑term incentive programs.

Near‑term outlook

Atlas Copco AB expects customer activity to remain at the current level in the near term, while noting continued global economic uncertainty. Management highlights stable order intake, cost pressures from tariffs and acquisition dilution, but continued strength in service and specialty rental and solid cash flow generation.