EPI-ANasdaq StockholmIndustrialsIFRS · SEK

Epiroc B

Epiroc is a Sweden-based industrial company that designs and supplies equipment, tools, and aftermarket services for mining and infrastructure customers. Its business is organized around two reporting segments, Equipment & Service and Tools & Attachments, and it operates globally through direct sales and local service networks.

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Revenue62.0bn SEK
−2.5 %y/y
Operating profit (EBIT)11.9bn SEK
−3.7 %y/y
EBIT margin19.2%
−0.2 ppy/y
Net income8,599m SEK
−1.8 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

020406080bn SEK2021: 39.6 bn SEK2021: EBIT 9.0 bn SEK20212022: 49.7 bn SEK2022: EBIT 11.1 bn SEK20222023: 60.3 bn SEK2023: EBIT 13.2 bn SEK20232024: 63.6 bn SEK2024: EBIT 12.4 bn SEK20242025: 62.0 bn SEK2025: EBIT 11.9 bn SEK2025TTM 2026: EBIT 12.2 bn SEKTTM12.2
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Equipment & Service76 %

Mining and infrastructure equipment plus related service and support offerings.

Tools & Attachments24 %

Drilling tools, rock excavation tools, and hydraulic attachments for customer fleets.

Aftermarket Services35 %

Spare parts, maintenance, repairs, and local service that support installed equipment.

Automation and Digital Solutions8 %

Technology solutions that improve safety, productivity, and equipment utilization.

Electrification Solutions5 %

Battery-electric and related solutions for lower-emission mining operations.

Customers

Epiroc sells primarily to mining companies and, to a lesser extent, infrastructure and construction customers that use drilling, hauling, and rock excavation equipment. The customer base includes large global miners as well as thousands of smaller customers, with direct sales and local service used to support long equipment lifecycles and recurring aftermarket demand.

Large global mining companies

Buy drill rigs, loaders, haulage equipment, tools, and service to run large mine fleets.

Mid-sized and smaller mining operators

Buy equipment and aftermarket support for specific sites and replacement cycles.

Infrastructure and construction contractors

Buy rock excavation equipment, hydraulic attachments, and related tools.

Aftermarket and installed-base customers

Buy spare parts, repairs, and service to maximize uptime and equipment life.

Customers adopting automation and electrification

Buy digital, autonomous, and battery-electric solutions to improve safety and efficiency.

Strategy

Epiroc’s strategy centers on combining cyclical equipment sales with a resilient aftermarket base, using direct sales and local service to stay close to customers. It also emphasizes technology leadership in automation, digitalization, and electrification, while maintaining a global footprint and disciplined capital use.

Grow the aftermarket businessMedium term

Service, parts, and repairs create recurring revenue and strengthen customer retention over equipment life cycles.

Advance automation and electrificationMedium term

These solutions improve safety, productivity, and emissions performance for mining customers.

Preserve close customer proximityShort term

Direct sales and local service help win complex fleet and service contracts in global mining markets.

Maintain flexibility across cyclesLong term

Mining equipment demand moves with commodity prices and customer investment plans.

Geography

Epiroc operates globally, with revenues spread across Europe, North America, Africa/Middle East, Asia/Australia, and South America. The business is geographically diversified, and its local service footprint matters because mining customers need fast support, parts availability, and close technical collaboration near operating sites.

Risks

Epiroc is exposed to cyclical mining investment, commodity-price swings, and geopolitical disruption because a large share of demand depends on customer capex and site activity. It also faces execution and safety risks tied to complex equipment, global supply chains, and operations in countries with higher corruption, sanctions, and human-rights exposure.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cyclical demand for mining equipment1Geopolitical and trade disruption2Product safety and liability3Compliance, sanctions, and corruption exposure4Aftermarket dependence on installed base activity5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cyclical demand for mining equipmentImpact: HighLikelihood: Medium

    Customer purchases depend on commodity prices, production levels, and investment budgets.

    Exposure: Equipment sales and project timing

  2. Geopolitical and trade disruptionImpact: HighLikelihood: Medium

    The company sells in around 150 countries and relies on global sourcing and logistics.

    ExposureSupply chainMarket accessDeliveries
  3. Product safety and liabilityImpact: HighLikelihood: Low

    Defective or misused equipment can harm end users and trigger claims or recalls.

    Exposure: Mining and infrastructure equipment users

  4. Compliance, sanctions, and corruption exposureImpact: MediumLikelihood: Medium

    Operating across many jurisdictions increases exposure to local regulatory and ethical risks.

    ExposureSalesAcquisitionsThird-party channels
  5. Aftermarket dependence on installed base activityImpact: MediumLikelihood: Low

    Service and parts demand can weaken if mine utilization or operating hours fall.

    Exposure: Recurring service revenue

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Accounting

Judgemental items
Goodwill impairment testing

Goodwill is allocated to operating segments and tested at least annually, so assumptions can affect carrying values.

Impact: Could create non-cash impairment charges if expected cash flows weaken

Capitalized development and acquired intangibles

Development costs are expensed unless capitalization criteria are met, affecting operating profit and amortization.

Impact: Changes reported earnings and asset balances

Derivatives and hedge accounting

The company uses derivatives for risk management, which can create fair value volatility in financial items.

Impact: Affects net financial items and equity reserves

Contingent liabilities and guarantees

Sureties, customer claims, legal matters, and commercial guarantees require judgment on probability and measurement.

Impact: Can affect provisions and off-balance-sheet exposure

Expected credit losses and finance lease receivables

Receivables and finance leases are subject to impairment estimates and collateral valuation.

Impact: Affects asset values and bad-debt expense

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Last updated: 24/09/2026