CEO comments
2025 was a year when the future of mining and construction moved decisively from ambition to reality. In a world marked by geopolitical uncertainty, currency headwinds and mixed market conditions, Epiroc again demonstrated that our focus on safety, productivity and sustainability is not only strategically right, but also commercially strong and resilient. For the year, we delivered 7% organic order growth, stable profitability and strong cash flow, a clear evidence that our business model remains robust despite a volatile external environment.
We have invested heavily in automation and autonomous solutions for decades, both underground and at surface. Beyond improving productivity, these technologies save lives. At the end of the day, the most valuable thing to come out of a mine is the miner.
Safety first
A large part of our work is centered around safety. It is about how we at Epiroc operate in the safest possible way, and how we develop products and solutions that enhance safety for our customers. We have much to be proud of. We continued to improve our internal safety metrics, and we reinforced our position as a leader in digital safety solutions for the mining industry.
One event during the year made me especially proud. A dramatic rescue at the Red Chris mine in Canada provided one of the strongest demonstrations of the value of our technology. Following an underground collapse, our teleremote solution was both installed and deployed within 24 hours to remotely operate a competitor’s machine during the rescue efforts, contributing to the safe recovery of three miners. After 60 hours below ground, they were saved and taken to the surface. It is a powerful reminder of why we do what we do. At the end of the day, the most valuable thing to come out of a mine is the miner.
Strong demand from mining customers
Demand for Epiroc’s products and solutions remained strong in 2025. The strongest driver was demand from our mining customers, who account for 79% of total orders. Higher mineral prices, mainly for gold and copper, supported continued high activity levels in the mining sector.
Customer demand for productivity‑ and efficiency‑enhancing solutions remained robust, resulting in several large orders for autonomous and electric equipment, as well as multi‑year agreements for connectivity and digital platforms. Our exploration business grew especially strongly in the second half of the year, a positive indicator for long‑term mining activity and future equipment demand. Demand for service and aftermarket solutions also remained high throughout the year.
From customers active within infrastructure, around 21% of total orders, demand remained weak due to the continued subdued construction market, particularly for specialty attachments. However, distributor destocking of attachments came to an end towards year‑end.
Our Group order intake increased 1% to MSEK 62 974 (62 213), negatively impacted by currency -8%. Organically, however, order intake grew 7%. In our Equipment & Service business area, order intake grew organically by 8% to MSEK 47 635 (47 423), with particularly strong development in equipment, which increased organically by 15%. Large equipment orders amounted to MSEK 2 370 (3 570). In our Tools & Attachments business area, order intake increased organically by 3% to MSEK 15 252 (14 663).
Leading productivity and sustainability partner
Overall, Epiroc strengthened its position during the year as a leading productivity and sustainability partner. Sustainability is a competitive advantage for us. By making the mining and infrastructure industries safer, more efficient, and less emission‑intensive, we create value for our customers and society as well as for Epiroc. There are three powerful trends that are reshaping our industry: Automation, electrification, and digitalization. Let me share some of our achievements in these areas.
Our largest contract ever: autonomous and electric mining
The most significant event of the year was our largest order contract to date: a five‑year contract worth approximately SEK 2.2 billion with Fortescue in Australia. We will deliver a fleet of around 50 fully autonomous and electric surface drill rigs, including cable‑electric Pit Viper 271 E rigs and battery‑electric SmartROC D65 BE rigs. These driverless machines will be operated from Fortescue’s Integrated Operations Centre in Perth, more than 1 500 kilometers away from the mines.
When fully deployed, the fleet will enhance safety and productivity while also reducing CO₂ emissions. The order is a clear signal that automation and electrification have moved from pilot projects to implementation at full industrial scale. MSEK 100 of this contract was booked as orders received in 2025, and it will increase from 2026 onwards.
The world’s largest fully autonomous mixed‑fleet mine
At Hancock Iron Ore’s Roy Hill mine in Australia, we have created the world’s largest fully autonomous, OEM agnostic mine. All 78 non-Epiroc haul trucks have been converted from manual to autonomous operation using Epiroc’s Link OA system. We also installed communications capabilities on the mine's around 250 ancillary vehicles so they and the driverless haul trucks can interact safely with each other. The result is significant productivity gains and much more efficient utilization of existing assets.
By year‑end, more than 3 900 machines globally were running with Epiroc automation, up 13% year-on-year, including both Epiroc and non‑Epiroc equipment. To the best of my knowledge, this makes us the world’s largest enabler of autonomous mining machines.
Electrification delivering measurable value
Electrification also made strong progress. At Boliden’s Rävliden mine in Sweden, we successfully implemented a five‑kilometer battery trolley line using our Minetruck MT42 SG Trolley solution. The development was done together with ABB and Boliden. This Minetruck is now in operation and the results are impressive: Productivity has increased by 23%, ramp speed by 50%, maintenance costs have decreased by 25%, and diesel consumption has dropped by 80%. Regenerative energy during downhill hauls further boosts efficiency.
Another example from BEVs (Battery Electric Vehicle) in operation is at the Assmang Black Rock mine in South Africa. Our battery‑electric fleet has delivered 11% more tonnes per hour and reduced ventilation and energy costs by 18% compared to diesel equipment.
In total, our electrification revenues amounted to 3.8% (4.2) of Group revenues. 40 mines worldwide have ordered our BEVs, with most 2025 orders coming from existing customers, a strong vote of confidence.
Leading in digital safety
According to research published by the European Commission, an estimated 40 million people are involved in large-scale mining. Most mines have no system in place to indicate where people or machines (assets) are located. Epiroc offers solutions that provide drivers and operators with real-time situational awareness of all mobile machines and personnel at a site. We offer the highest level of safety systems in the market, and at year end, we had more than 3 000 collision avoidance systems level 8 and more than 100 collision avoidance systems level 9 in various mines around the globe.
In 2025, we partnered with Hindustan Zinc to implement a digital collision‑avoidance system across all their mines in India. The solution integrates advanced sensors, real‑time positioning and intelligent alerts into a seamless digital automated ecosystem that enhances both safety and productivity.
Long‑term potential for specialty attachments
In April 2024, we completed the acquisition of Stanley Infrastructure, the largest acquisition in Epiroc’s history. At closing, the company had revenues of approximately BSEK 4.7. The acquisition strengthened our position in specialty attachments, expanded our presence in North America, and increased our exposure to long term structural growth in deconstruction. The integration has progressed well. Despite softer market conditions and the consolidation of several sites, the cultural fit is strong, and the teams are highly engaged. Stanley Infrastructure is strategically important for us, and we remain fully confident in its long term potential. With a solid platform in place, the business is well positioned to contribute to profitable growth in the years ahead.
The strongest driver for the organic growth was the demand from our mining customers, who account for 79% of total orders. Higher mineral prices, particularly for gold and copper, supported continued high activity levels in the mining sector. By year‑end, we delivered 7% organic order growth, stable profitability and strong cash flow, a clear evidence that our business model remains robust despite a volatile external environment.
Value creation, revenues and profitability
It is clear that our equipment and solutions are highly appreciated by our customers. We work actively to help customers achieve lower total cost of ownership, increased uptime, and safer working environments. When we create value for our customers, Epiroc is rewarded for the value we deliver. However, our ability to create value for our shareholders depends on more than innovation and customer success. It also depends on how well we navigate a changing external environment. In 2025, our result was negatively affected by currency and increased trade barriers, including tariffs.
Total revenues decreased 3% in 2025, amounting to MSEK 61 998 (63 604). Currency had a negative impact of –7%, while organic growth and structure contributed 2% each. Operating profit, EBIT, declined to MSEK 11 925 (12 385).
The EBIT margin amounted to 19.2% (19.5%) and the adjusted EBIT margin was 19.6% (19.8). The decrease is explained by tariffs, a weak construction market, mix effects, and inefficiencies. We implemented several efficiency measures to protect the margin. For example, we consolidated factories and customer centers, discontinued non‑strategic product lines, and worked actively to simply do more with less. By year‑end we delivered a sequential improvement in margins compared to the previous quarter.
Strong financial position and dividend
We ended the year with a solid operating cash flow of MSEK 7 726 (9 132) and a net debt/EBITDA ratio at 0.73 (0.93). We will use this financial strength to continue investing in organic growth. We will also look for bolt‑on acquisitions close to our core, in areas we know well. Finally, we will pay dividend, our shareholders, through our regular dividend. The Board has proposed a dividend of
SEK 3.80 (3.80) per share for the Annual General Meeting on May 5. The dividend corresponds to 53% of net profit and is in accordance with our dividend policy of stable or increasing dividend of half the net profit over the cycle.
Among the world’s most sustainable companies
2025 was a strong year for Epiroc’s sustainability work. We continued to make progress toward our 2030 goals, improving both safety and emissions. Epiroc received a gold medal from EcoVadis, placing us in the top 2% of more than 150 000 evaluated companies. This reflects our long‑term commitment to cutting emissions and improving resource efficiency.
We also earned an A- score from CDP for climate action, confirming our strong environmental performance and clear, measurable progress. In addition, TIME Magazine and Statista recognized Epiroc as one of the world’s most sustainable companies for the second consecutive year, ranking us 355th out of more than 5 700 companies reviewed.
Success powered by our employees
Our success is built on our employees, and to create lasting results we must ensure that we attract and develop the most competent people. This means drawing talent from all parts of society, regardless of gender, geographic or ethnic background, or age, and continuing to invest in developing our workforce.
We also maintain high expectations on everyone who works with us. Epiroc has signed the UN Global Compact and supports its 10 principles on human rights, labor, environment, and anti‑corruption. All employees are required to sign and adhere to our Code of Conduct, and our suppliers must comply with our Business Partner Code of Conduct.
During the year, we continued to invest in competence development, leadership, and an inclusive culture. In September we implemented a new business‑area structure with two clearly defined Business Areas. The purpose is to strengthen customer focus, clarify accountability, and accelerate the execution of our strategy.
Well positioned as we enter 2026
As we enter 2026, we are well positioned to capture growth. Mineral prices remain high for our key commodities copper and gold. We operate in attractive, performance‑critical niches where our equipment and aftermarket offering make a meaningful difference to customer productivity. Customer interest is strong in automation, mixed‑fleet automation, digital safety solutions, and electrification. We also have a comprehensive and market‑leading exploration portfolio, and, most importantly, we have dedicated employees who make a real difference every day.
To our shareholders, thank you for your continued trust. We view your confidence not as something we are entitled to, but as something we must earn, every day, in every decision. We will continue to focus on profitable growth and building a stronger Epiroc. I am grateful to be on this journey with you.
Helena Hedblom, President and CEO
January 2026
