Corporate governance report

Corporate governance refers to the decision-making system through which the shareholders, directly or indirectly, control the company. Epiroc's corporate governance is designed to support the Group's long-term strategy for profitable growth by good internal control and a healthy corporate culture.

Comment from Ronnie Leten, Chair of the Board

Dear shareholders,

2025 was a year that both tested our resilience and reinforced our belief in the direction we have chosen. Across our businesses, we continued to help customers transform their operations, making them safer, more productive, and less emission-intensive. Our advances in automation, digitalization, and electrification moved from ambition to execution, and our leadership in mixed-fleet automation demonstrated the power of OEM-agnostic solutions to unlock value across diverse fleets and operating environments. By solving real challenges for customers today, we are shaping durable value creation for tomorrow.

The long-term fundamentals of the mining sector remain strong. While commodity prices fluctuate, demand for critical materials, particularly copper, continues to be driven by electrification, urbanization, and the global energy transition. These trends position us well and provide a strong foundation for sustainable growth in the years ahead.

We also navigated a more complex external environment. Tariffs, geopolitical uncertainty, and persistent weakness in parts of the construction market added pressure to costs and demand. We responded with clarity and discipline. We are reshaping our footprint, simplifying our operations, strengthening our supply base, and sharpening our portfolio to focus on strategic, high-value solutions. These actions are decisive and ongoing, guided by our ambition to deliver industry-leading operating margins and long-term resilience.

Crucially, transformation and innovation go hand in hand. Our focus on efficiency strengthens our ability to invest in what matters most. By directing capital toward technologies and solutions that drive customer performance, we reinforce our competitive position while enhancing returns. With more than a century of experience, we know that lasting success comes from consistency, courage, and a willingness to evolve while staying true to our core values.

This vision is underpinned by strong governance. Operating in around 150 countries, we hold ourselves to the highest standards of transparency, accountability, and ethical conduct. Equally important is our commitment to our people. Attracting, developing, and empowering talented employees is essential to bringing our strategy to life and ensuring the company continues to thrive for generations to come.

Thank you for your continued trust and confidence as we build the future together.

We are reshaping our footprint, simplifying our operations, strengthening our supply base, and sharpening our portfolio to focus on strategic, high-value solutions. These actions are decisive and ongoing, guided by our ambition to deliver industry-leading operating margins and long-term resilience.

Ronnie Leten, Chair of the Board