Group notes
Note 22 Borrowings
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Maturity | Carrying amount | Fair value | Carrying amount | Fair value | |
| Non-current | |||||
| Medium Term Note Program MSEK 1 000, Fixed | 2026 | 1 000 | 1 001 | 999 | 981 |
| Medium Term Note ProgramMSEK 1 000, Floating | 2026 | 998 | 1 004 | 999 | 1 009 |
| Medium Term Note Program MSEK 1 500, Fixed | 2027 | 1 499 | 1 554 | 1 499 | 1 561 |
| Medium Term Note Program MSEK 500, Floating | 2027 | 499 | 506 | 500 | 508 |
| Medium Term Note Program MSEK 1 000, Fixed | 2028 | 999 | 1 054 | 999 | 1 056 |
| Medium Term Note Program MSEK 500, Floating | 2028 | 499 | 509 | 499 | 509 |
| Medium Term Note Program MSEK 500, Fixed | 2029 | 500 | 540 | 500 | 541 |
| Medium Term Note Program MEUR 500, Fixed | 2031 | 5 356 | 5 653 | 5 681 | 6 032 |
| Bilateral borrowings MSEK 1 000, Floating | 2027 | 1 000 | 1 027 | 999 | 1 043 |
| Bilateral borrowings MSEK 2 000, Floating | 2030 | 1 996 | 2 058 | 1 996 | 2 042 |
| Bilateral borrowings MSEK 1 000, Floating | 2030 | 998 | 1 036 | 997 | 1 042 |
| Bilateral borrowings MAUD 200, Floating | 2034 | 1 228 | 1 385 | 1 368 | 1 563 |
| Other bank loans | 74 | 74 | 105 | 105 | |
| Less current portion of long-term borrowings | -2 000 | -2 000 | -4 | -4 | |
| Total non-current bonds and loans | 14 645 | 15 399 | 17 137 | 17 988 | |
| Lease liabilities | 2 015 | 2 015 | 2 336 | 2 336 | |
| Other financial liabilities | 116 | 116 | 139 | 139 | |
| Total non-current borrowings | 16 776 | 17 531 | 19 612 | 20 463 | |
| Current | |||||
| Current portion of long-term borrowings | 2 000 | 2 000 | 4 | 4 | |
| Loans | 314 | 314 | 186 | 186 | |
| Lease liabilities | 754 | 754 | 792 | 792 | |
| Commercial papers | 482 | 482 | 1 111 | 1 111 | |
| Other financial liabilities | 697 | 697 | 312 | 312 | |
| Total current borrowings | 4 247 | 4 247 | 2 405 | 2 405 | |
| Closing balance Dec. 31 | 21 023 | 21 778 | 22 017 | 22 868 | |
The difference between carrying amount and fair value of borrowings relates to the measurement method as certain liabilities are reported at amortized cost and not at fair value. See additional information about the Group’s exposure to interest rate risk and foreign currency risk in note 30.
Debt in the Group is primarily raised by the Parent Company and transferred to subsidiaries as internal loans or capital injections. Financing is also undertaken locally in countries in which there are legal restrictions preventing financing through Group companies. The bilateral sustainability-linked credit facility of MSEK 2 000 has been prolonged two years and is maturing in 2030. The bilateral sustainability-linked credit facility of MSEK 1 000 has been prolonged one year and is maturing in 2030.
In May 2025, S&P Global Ratings affirmed Epiroc’s BBB+ credit rating with a stable outlook. The Euro Medium Term note (EMTN) program has a program limit of MEUR 2 000 and the commercial paper program has a framework amount of MSEK 2 000. The table below shows the Group’s back-up facility.
| 2025 | 2024 | |||
|---|---|---|---|---|
| Facility size | Utilized | Facility size | Utilized | |
| Revolving credit facility 1) | 4 000 | - | 4 000 | - |
| Commercial paper program | 2 000 | 482 | 2 000 | 1 111 |
| Total back-up facilities | 6 000 | 482 | 6 000 | 1 111 |
| 1) The revolving credit facility matures in 2030. | ||||
| 2025 | Opening balance | Financing cash flows | New Leases | Other changes in lease liabilities | Acquired/divested companies | Fair Value change through P/L | Foreign exchange movement | Reclassification | Closing Balance |
|---|---|---|---|---|---|---|---|---|---|
| Non-current | |||||||||
| Loans and bonds | 17 137 | -1 | - | - | - | -16 | -474 | -2 001 | 14 645 |
| Lease liabilities | 2 336 | -72 | 322 | 3 | - | - | -166 | -408 | 2 015 |
| Other financial liabilities | 139 | 1 | - | - | - | - | -24 | - | 116 |
| Total non-current borrowings | 19 612 | -72 | 322 | 3 | 0 | -16 | -664 | -2 409 | 16 776 |
| Current | |||||||||
| Loans | 190 | 157 | - | - | - | - | -34 | 2 001 | 2 314 |
| Lease liabilities | 792 | -703 | 417 | -90 | - | - | -70 | 408 | 754 |
| Other financial liabilities | 1 423 | -202 | - | - | - | -42 | - | 1 179 | |
| Total current borrowings | 2 405 | -748 | 417 | -90 | 0 | 0 | -146 | 2 409 | 4 247 |
| Total | 22 017 | -820 | 739 | -87 | 0 | -16 | -810 | 0 | 21 023 |
| 2024 | Opening balance | Financing cash flows | New Leases | Other changes in lease liabilities | Acquired/divested companies | Fair Value change through P/L | Foreign exchange movement | Reclassification | Closing Balance |
| Non-current | |||||||||
| Loans and bonds | 10 012 | 7 017 | - | - | 2 | 11 | 99 | -4 | 17 137 |
| Lease liabilities | 1 808 | -54 | 781 | -27 | 150 | - | 52 | -374 | 2 336 |
| Other financial liabilities | 2 | 133 | - | - | 0 | - | - | 4 | 139 |
| Total non-current borrowings | 11 822 | 7 096 | 781 | -27 | 152 | 11 | 151 | -374 | 19 612 |
| Current | |||||||||
| Loans | 117 | 48 | - | - | 20 | - | 6 | 0 | 190 |
| Lease liabilities | 596 | -629 | 408 | -22 | 47 | - | 17 | 374 | 792 |
| Other financial liabilities | 1 440 | -255 | - | - | 231 | - | 7 | 0 | 1 423 |
| Total current borrowings | 2 153 | -836 | 408 | -22 | 298 | 0 | 30 | 374 | 2 405 |
| Total | 13 975 | 6 260 | 1 189 | -49 | 450 | 11 | 181 | -0 | 22 017 |