Equipment & Service
The Equipment & Service Business Area provides market-leading rock drilling equipment, equipment for rock excavation, rock reinforcement, loading and haulage, ventilation systems, drilling equipment for exploration, water and energy, exploration tools and solutions, as well as related spare parts and services for the mining and infrastructure industries. The major innovation and production sites are in Sweden, USA, India, China and Australia. The Business Area provides OEM-agnostic digital solutions such as connectivity, collision avoidance systems, automation, and mine planning, as well as electrification, thereby enhancing safety, productivity, and sustainability across operations.
Innovations
Strong mining demand
Equipment & Service delivered strong performance throughout 2025, supported mainly by robust mining demand. Orders received grew organically in all quarters, with equipment seeing particularly strong development. Demand was especially strong from customers in gold and copper mining, while the nickel segment weakened. Most orders came from brownfield replacement or expansion projects. In the second half of the year, exploration became one of the fastest‑growing business lines, supported by a strengthening exploration market and Epiroc’s leading offering of advanced drill rigs and tools.
Large equipment orders above MSEK 100 amounted to MSEK 2 370 (3 570). Among major orders was one from Hindustan Zinc, in India, for underground trucks and a BEV fleet valued at MSEK 280, and an order from Sociedad Punta del Cobre SA (Pucobre) in Chile for a fleet of underground mine trucks, including digital solutions, valued at MSEK 235. A large share of equipment orders included automation and electrification technologies. In April, Epiroc secured its largest equipment order contract to date, BSEK 2.2, to deliver fully autonomous and electric surface mining equipment to Fortescue in Australia over five years. Only MSEK 100 of this contract was booked as orders received in 2025.
Equipment for infrastructure applications, such as drill rigs for tunneling and civil engineering, experienced stable demand throughout the year.
Orders received
Orders received were flat and amounted to MSEK 47 635 (47 423), corresponding to organic growth of 8%. Currency impacted negatively with -8%. For equipment, orders received increased 7% to MSEK 21 553 (20 102), corresponding to an organic increase of 15%. The share of orders from equipment was 45% (42) in the business area. For service, orders received decreased -5% to MSEK 26 082 (27 321), corresponding to 3% organic growth. The growth was supported by a combination of high customer activity and an enhanced service offering. The share of orders from service was 55% (58) in the Business Area.
Development by region, currency adjusted
- North America (25% of orders received): +9%
- South America (15% of orders received): +5%
- Europe (12% of orders received): 0%
- Africa/Middle East (16% of orders received): -3%
- Asia/Australia (32% of orders received): -5%
Revenues
Revenues decreased -4% to MSEK 47 121 (48 914), corresponding to an organic growth of 4%. Currency impacted negatively with -8%. Revenues for equipment increased 5% and service increased 3% organically. The share of revenues from service was 55% (56). The book-to-bill ratio was 101% (97).
| Equipment & Service | Equipment | Service | ||||
|---|---|---|---|---|---|---|
| Sales bridge | Orders received | Revenues | Orders received | Revenues | Orders received | Revenues |
| MSEK, Δ,% | MSEK, Δ,% | MSEK, Δ,% | MSEK, Δ,% | MSEK, Δ,% | MSEK, Δ,% | |
| 2024 | 47 423 | 48 914 | 20 102 | 21 726 | 27 321 | 27 188 |
| Organic | 8 | 4 | 15 | 5 | 3 | 3 |
| Currency | -8 | -8 | -8 | -7 | -8 | -8 |
| Structure/other | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0 | -4 | 7 | -2 | -5 | -5 |
| 2025 | 47 635 | 47 121 | 21 553 | 21 229 | 26 082 | 25 892 |
Operating profit and margin
Operating profit decreased -8% to MSEK 10 458 (11 310). Items affecting comparability were MSEK -180 (51), relating to efficiency measures. The previous year included a revaluation effect of the shares held prior to the acquisition of ASI Mining of MSEK +554 and an impairment of acquisition-related intangible assets of MSEK -346 and earn-outs. The operating margin was 22.2% (23.1) and the adjusted operating margin was 22.6% (23.0). The negative organic impact is mainly explained by the higher proportion of equipment invoiced, tariffs, as well as negative mix effects within service. Cost measures initiated yielded positive results, but not enough to compensate for the mix effects. Currency contributed positively to the margin. There was no dilution from acquisitions.
| Profit bridge | Operating profit | |
|---|---|---|
| MSEK, Δ | Margin, Δ, pp | |
| 2024 | 11 310 | 23.1 |
| Organic | 28 | -0.8 |
| Currency | -627 | 0.4 |
| Structure/other | -253 | -0.5 |
| Total | -852 | -0.9 |
| 2025 | 10 458 | 22.2 |
Acquisitions
Equipment & Service completed no (two) acquisitions in 2025. In April 2025, Epiroc acquired the remaining shares of Radlink, a leading provider of mine connectivity solutions, thereby taking full ownership. Since Epiroc already held a majority stake, this transaction is considered a step to consolidate and strengthen its digital offering rather than a new acquisition for reporting purposes. See note 3.
Equipment & Service Business Area management
Business Area President: Jess Kindler
Jess Kindler has more than 20 years of experience within the Group and has a proven track record of driving profitable growth across global markets in both service and equipment. He is a U.S. citizen, born in 1975, and holds a B.Sc. in Mining Engineering from Colorado School of Mines and an MBA from the Wharton School of Business. Previously, Jess served as Senior Consulting Advisor, specializing in growth and operational excellence for global companies. Jess is based in the USA.
Divisions within the Equipment & Service Business Area
Epiroc operates in a decentralized way through divisions, all with global responsibility for their respective businesses. As per
January 31, 2026, the Equipment & Service had the following divisions/functions:
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