• Orders received decreased -1% to MSEK 15 970 (16 182), with currency impacting negatively by -12%. The organic increase was 11%.
• Revenues decreased -7% to MSEK 16 090 (17 251), with currency impacting negatively by -11%. The organic increase was 4%.
• Operating profit amounted to MSEK 3 204 (3 427), including items affecting comparability of MSEK 58 (22)*, mainly relating to an insurance settlement gain. The change in provision for the share-based long-term incentive programs was MSEK -4 (37). The operating margin was unchanged at 19.9% (19.9).
• The adjusted operating profit was MSEK 3 146 (3 405), corresponding to an adjusted operating margin of 19.6% (19.7).
• Basic earnings per share was SEK 1.94 (1.96).
• Operating cash flow was MSEK 2 577 (3 956).
• Net debt/EBITDA ratio was 0.73 (0.93).
• The Board proposes a dividend of SEK 3.80 (3.80) per share to be paid in two equal installments.

CEO comments

Strong last quarter in 2025  

The demand for Epiroc’s equipment and aftermarket was strong in the last quarter of 2025. Orders received increased 11% organically and amounted to MSEK 15 970 (16 182). Within mining, customer activity remained high, especially for customers active in gold. The equipment orders increased 22% organically and our large orders amounted to MSEK 670 (820). Exploration was, yet again, one of the strongest growing business lines, driven by a combination of a stronger exploration market and a leading offering of advanced exploration drill rigs and exploration drilling tools.

Infrastructure and construction demand remained stable, with healthy activity in larger civil engineering projects and stable, albeit seasonally low, demand for attachments.

Sequentially, compared to the previous quarter, orders increased 7% organically, driven by mining.

In the near term, we expect mining demand to remain high, while demand from construction customers is expected to increase somewhat from a low level.

Revenues and profitability 

Our revenues amounted to MSEK 16 090 (17 251), corresponding to 4% organic growth. Our operating profit, EBIT, amounted to MSEK 3 204 (3 427), corresponding to an unchanged margin of 19.9% (19.9). The operating profit includes items affecting comparability of MSEK +58, mainly relating to an insurance settlement gain, as well as costs for efficiency measures. The adjusted operating margin, EBIT, was 19.6% (19.7), with a positive organic contribution of 0.6 percentage points, despite tariffs and currency headwinds. We have, and we are taking actions to safeguard profitable growth, and I am glad to see our progress in the quarter. 

Cash flow and working capital

Our operating cash flow was MSEK 2 577 (3 956), lower than previous year’s record level when cash released from working capital was higher. The cash conversion rate, rolling 12 months, was 90% (104).

The net working capital decreased -9% to MSEK 22 026 (24 322), explained by currency, and the average net working capital in relation to revenues in the last 12 months decreased to 36.9% (37.4).

Full year 2025

For the full year, 2025, we saw strong demand from our mining customers, whereas the demand from infrastructure customers remained at a low level, mainly explained by a weak market for attachments. In total, our orders received in 2025 grew organically by 7% to MSEK 62 974 (62 213), our revenues grew organically by 2% to MSEK 61 998 (63 604), and our adjusted operating margin was 19.6% (19.8).

Technology leadership

During the year, Epiroc delivered numerous innovations that enhanced safety, productivity, and sustainability for customers worldwide, while reinforcing our leadership in automation, electrification, and digitalization. Many of these are built on proven solutions, while others were truly groundbreaking.

Milestones were for example, at the Roy Hill mine in Australia, Epiroc and Hancock Iron Ore converted all haul trucks to fully driverless operation, creating the world’s largest fully agnostic autonomous mine. Also in Australia, Fortescue awarded Epiroc its largest-ever order contract, valued at BSEK 2.2, for a fleet of autonomous and electric surface drill rigs to be deployed across several mines over five years. In India, Hindustan Zinc decided to implement our collision avoidance system across all its mines, strengthening safety and operational resilience.

Foundation of success: Our people

Our achievements are made possible by our passionate and talented employees. Their dedication, combined with Epiroc’s strong corporate culture, our position in attractive market niches, and our ability to create value for customers, provides a solid foundation for profitable growth in the years ahead.

Please find the full report in the here. Additional financial documents are found on Epiroc’s Financial publications page.