Group notes
Note 1 Accounting policies
The consolidated financial statements comprise Epiroc AB, the Parent Company (“the Company”), and its subsidiaries (together “the Group” or Epiroc) and the Group’s interest in associated companies. Epiroc AB is headquartered in Nacka, Sweden. The financial year for Epiroc is Jan 1 - December 31.
The Annual Report for the Group and for Epiroc AB, including financial statements, was approved for issuance on March 19, 2026. The balance sheets and income statements are subject to approval by the Annual General Meeting of the shareholders on May 5, 2026.
Basis of preparation
The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as endorsed by the EU, the Swedish recommendation RFR 1 “Supplementary Accounting Rules for Groups” and applicable statements issued by the Swedish Financial Reporting Board.
The Group describes the most material accounting policies in conjunction with each note with the aim of providing enhanced understanding of each accounting area.
Functional currency and foreign currency translation
The financial statements are presented in Swedish krona (SEK), which is the functional reporting currency for Epiroc AB and the presentation currency for the Group. Unless otherwise stated, the amounts presented are in millions Swedish krona (MSEK).
Exchange rates for major currencies that have been used for the Group’s financial statements are disclosed below.
| Year-end rate | Average rate | |||||
|---|---|---|---|---|---|---|
| Value | Code | 2025 | 2024 | 2025 | 2024 | |
| Australia | 1 | AUD | 6.15 | 6.86 | 6.34 | 6.96 |
| Canada | 1 | CAD | 6.70 | 7.64 | 7.03 | 7.71 |
| Chile | 1 000 | CLP | 10.02 | 11.07 | 10.33 | 11.17 |
| EU | 1 | EUR | 10.80 | 11.47 | 11.07 | 11.42 |
| South Africa | 1 | ZAR | 0.55 | 0.59 | 0.55 | 0.57 |
| USA | 1 | USD | 9.17 | 11.00 | 9.86 | 10.56 |
New and revised accounting policies 2025
The revised accounting standards effective from January 1, 2025, have not materially affected the Group’s financial statements.
New and revised accounting policies 2026 and later
An evaluation of the impact of IFRS 18 Presentation and Disclosure in Financial Statements has been performed. Implementation of IFRS 18 will have impact on presentation and classifications in the income statement and cash flow. No other new accounting standards and interpretations are considered to have a material impact on the Group’s financial statements.
| Accounting policies | Note | IFRS standard |
|---|---|---|
| Acquisitions and divestments | 3. Acquisitions and divestments | IFRS 3, IFRS 10 |
| Operating segments | 4. Segment information and revenues | IFRS 8 |
| Revenue recognition | 4. Segment information and revenues | IFRS 15 |
| Incentive programs | 5. Employees and personnel expenses | IAS 19, IFRS 2 |
| Hyperinflation | 8. Remeasurement for hyperinflation | IAS 29 |
| Income taxes | 10. Income taxes | IAS 12 |
| Earnings per share | 12. Earnings per share | IAS 33 |
| Intangible assets | 13. Intangible assets | IFRS 3, IAS 36, IAS 38 |
| Property, plant and equipment | 14. Property, plant and equipment | IAS 36 |
| Inventories | 17. Inventories | IAS 2 |
| Leasing | 23. Leases | IFRS 16 |
| Pensions and other obligations | 24. Post-employment benefits | IFRS 2, IAS 19 |
| Share-based payments | 25. Share-based payments | IFRS 2 |
| Financial instruments | 29. Financial instruments | IFRS 7, IFRS 9, IFRS 13, IAS 32 |