Epiroc AB

Latest Results (13.05.2026):

Epiroc AB — Q4 2025: In Q4 2025 Epiroc reported a mixed quarter driven by strong mining demand but headwinds from currency and tariffs. Orders were largely stable, revenues grew organically, profitability held up (EBIT margin unchanged) and cash generation and net leverage improved. The Board proposes an unchanged dividend of SEK 3.80 per share.

Orders & revenues

Q4 2025 orders received: MSEK 15,970 (-1% vs Q4 2024; organic +11%, currency -12%). Q4 revenues: MSEK 16,090 (-7% vs Q4 2024; organic +4%, currency -11%). Book-to-bill ~99%.

Profitability

Q4 operating profit (EBIT): MSEK 3,204 (3,427) with an unchanged EBIT margin of 19.9%. Adjusted EBIT: MSEK 3,146 (3,405) and adjusted margin 19.6% (19.7). Reported EBIT included items affecting comparability of MSEK +58 (mainly an insurance settlement); tariffs reduced organic margin (≈0.5 pp).

Earnings per share & full‑year snapshot

Q4 basic EPS: SEK 1.94 (1.96). Full year 2025: orders MSEK 62,974 (+1%; organic +7), revenues MSEK 61,998 (-3%; organic +2), EBIT MSEK 11,925 (12,385) with a 19.2% margin, profit for the year MSEK 8,599 and basic EPS SEK 7.12 (7.23).

Cash flow, working capital & leverage

Q4 operating cash flow: MSEK 2,577 (3,956). FY operating cash flow: MSEK 7,726 (9,132); rolling 12‑month cash conversion ~90% (prev. 104%). Cash & equivalents at quarter end: MSEK 9,574. Net debt: MSEK 11,004 (14,778), net debt/EBITDA 0.73 (0.93). Net working capital: MSEK 22,026 (24,322); average NWC/revenues (12m) ~36.9%.

Dividend

The Board proposes an ordinary dividend of SEK 3.80 per share (unchanged), to be paid in two equal instalments (record dates proposed May 7 and Oct 19, 2026).

Business area highlights

Equipment & Service — Q4 orders MSEK 12,313 (organic +13), revenues MSEK 12,469 (organic +4). EBIT MSEK 2,731 (3,121); EBIT margin 21.9% (23.4), adjusted margin 22.1%. Tools & Attachments — Q4 orders MSEK 3,645 (organic +4), revenues MSEK 3,608 (organic +4). EBIT MSEK 537 (326); margin 14.9% (8.4), with MSEK 92 of items affecting comparability (insurance settlement related to an acquired business).

Sustainability & safety

TRIFR (12m) improved to 3.9 (from 4.3). CO2e emissions from operations (comparable units, 12m) down 8% to 19,953 tonnes; transport CO2e up 6% to 107,948 tonnes (higher air freight and changed routes).

CEO commentary & outlook

Management cited a strong close to 2025 driven by mining (notably gold and exploration activity) while infrastructure/attachments remained weak. Near term they expect continued high mining demand and some improvement in construction demand. The company is pursuing product and digital innovations (e.g., Minetruck MT33, COPROD 89, Epiroc InSite, new PCD bit) and is taking efficiency actions to safeguard profitable growth.