The Epiroc share

Epiroc's shares were listed on Nasdaq Stockholm on June 18, 2018 at an opening price of SEK 88.0 for the A share and SEK 84.0 for the B share. Epiroc has dual share classes and A shares entitle the owner to one vote while B shares entitle the owner to one tenth of a vote. A shares and B shares carry equal rights to a part of the company’s assets and profit.

Ownership structure

At year end, Epiroc had 69 659 (68 396) shareholders. The ten largest shareholders, by voting rights, accounted for 48% (48) of the voting rights and 42% (42) of the number of shares. Swedish investors held 47% (46) of the voting rights and 48% (47) of the capital. Shareholder data has been obtained from Monitor Holdings. 

Chart: Shareholders by country, December 31, 2025, % of votes

Return and market capitalization

In 2025, the price of the A share increased 9.0% (-4.8) to SEK 209.90 and the price of the B share increased 8.3% (-2.3) to SEK 186,70. The corresponding development for OMXSPI, i.e., all shares, and OMX Stockholm Industrials (SX50PI) was 9.5% (6.0) and 9.4% (8.0) respectively. The total shareholder return of the A share was 11.0% (-2.9). Epiroc's market capitalization at the end of 2025 was MSEK 245 716 (225 847). The total shareholder return since listing has been 165% for the A share and 153% for the B share.

Trading

Epiroc was the 20th (24th) most traded name on Nasdaq Stockholm during the year. The total turnover in Epiroc shares was SEK 78.5 (62.9) billion, corresponding to average daily turnover of MSEK 315 (251). Nasdaq Stockholm accounted for 24% (45) of the trading in the A-share. Around 36% (60) of the trading was conducted in the open market, while the remainder was outside the public market, e.g., through over-the-counter trading and dark pools.

Dividend, redemption and dividend policy

Epiroc's goal is to provide long-term stable and rising dividends to its shareholders. The dividend should correspond to 50% of net profit over the cycle. The Board proposes a dividend of SEK 3.80 (3.80) per share for the fiscal year 2025 to be paid in two equal installments during 2026. The proposed dividend corresponds to 53% (53) of earnings per share. 

Personnel stock option program

The Board of Directors (the Board) will propose to the 2026 AGM a performance‑based long‑term incentive program similar to previous years, except that matching options for Group Management will be removed. Participation will still require a personal investment in Epiroc AB shares. Full details will be provided in the AGM Notice.

Dual share classes

Dual share classes are common in Sweden and make up most of the market capitalization of main‑listed companies. They support stable, long‑term ownership while maintaining high share liquidity. According to the Confederation of Swedish Enterprise, holders of non‑voting multiple shares are well protected under Swedish law, which ensures equal treatment of shareholders and requires qualified majorities for key decisions.

MSCI market classification

Epiroc’s global reach is reflected in the diversified revenue base across developed, emerging, and frontier markets. In 2025, approximately 51% of our revenues were generated in developed markets, including countries such as Australia, USA, Canada and Sweden. Emerging markets accounted for around 35% of revenues, with significant contributions from South Africa, Chile, Mexico, China and India. Frontier markets represented 8% of our total revenues, highlighting Epiroc’s presence in fast-growing regions such as Kazakhstan, Mongolia, Zambia, and Ghana. The remaining 6% of revenues were derived from countries not currently classified within the MSCI developed, emerging, or frontier market indices.