Investment case part 3 -
We accelerate the productivity and sustainability transformation in our industry

We set the bar high for performance. Every innovation we deliver is designed to maximize productivity, enhance safety, and minimize environmental impact. 

Innovating for the mining and infrastructure of the future

Innovation is in our DNA and we are investing heavily in R&D to accelerate progress. By fostering a culture of creativity and working closely with customers, suppliers, and partners, we strive to develop innovations that create meaningful value. Since becoming an independent company in 2018, we have pioneered mixed-fleet automation at scale, introduced a complete electrification offering that goes beyond machines to include charging stations, electrical infrastructure, and service components, and developed a full suite of digital solutions to enable the mine of the future. Our leadership in safety further strengthens our position as a trusted partner.

Internal R&D

Innovation is at the core of Epiroc’s profitable growth strategy. With more than 2 000 R&D engineers worldwide, representing 11% of our workforce, we dedicate significant expertise to developing solutions that enhance productivity, safety, and sustainability for our customers. Our approach is deliberate: we manufacture critical core components in-house to ensure quality and reliability, while leveraging suppliers for specialized parts. This balance gives us efficiency, agility, and the ability to scale innovation quickly. Epiroc is a trusted choice for mining and infrastructure applications. We lead in the three transformative trends shaping the industry: 

• Digitalization: Delivering real-time asset visibility, data-driven insights, collision-avoidance systems and operational optimization.
• Automation: Enabling OEM-agnostic automation at scale, including mixed-fleet solutions and wireless control systems.
• Electrification: Supporting the shift to electric-powered operations with electric vehicles in all forms and charging infrastructure.

Epiroc applies modularization principles early in the R&D phase to create products and solutions that are efficient to produce, easy to service, and ready for future technological shifts. By designing equipment around standardized, interchangeable modules, we ensure that complex systems can be assembled, upgraded, and maintained with speed and precision across our global operations. In the aftermarket, standardized modules simplify troubleshooting, shorten service interventions, and improve spare parts availability, ultimately increasing uptime and reducing total cost of ownership for our customers.

Artificial Intelligence is reshaping how we innovate and at Epiroc, AI is treated as a company-wide transformation, integrated in our ambition to deliver safer, more efficient, and sustainable solutions. Across engineering and R&D, AI tools are improving design work, diagnostics, documentation, and decision support. The tools are boosting efficiency and quality, AI enables our teams to focus on higher-value tasks and accelerates development cycles. We are investing in upskilling engineers through structured training in AI-assisted workflows. In the coming years, new role profiles will emerge in areas such as data fluency, automation oversight, digital product development, and human–machine collaboration, reinforcing our innovation leadership.  

Chart: Research and development expenses

Supplier innovation

We leverage a global network of more than 3 000 significant suppliers, ensuring access to the best components while maintaining flexibility and resilience. Approximately 75% of our product cost is derived from purchased materials and components. Our core components are developed and manufactured in-house to guarantee quality and reliability.

Our suppliers are innovation partners, which means that a part of our supplier spending includes technological advancement. This collaborative approach accelerates innovation while optimizing cost efficiency.

Importantly, our broad supplier base across multiple countries reduces dependency on any single region, helping us mitigate geopolitical risks such as tariffs, trade restrictions, and supply chain disruptions. By diversifying sourcing and maintaining strong relationships globally, we safeguard continuity and competitiveness.

Collaborations for success

We believe in partnerships and shape the future of mining and infrastructure through collaborations that drive automation, electrification, and digitalization. In 2025, we made significant progress in these areas.

Automation: We are creating the world’s largest OEM‑agnostic autonomous mine with Hancock Iron Ore’s Roy Hill in Australia, a unique achievement that improves safety and productivity at scale and proves open autonomy works across mixed fleets. Beyond Roy Hill, which is a surface mine, we also work with mixed-fleet automation underground. For example, at Newmont Cadia, demonstrating OEM‑agnostic control of loaders and auxiliary equipment.

Digitalization: We are leading one of the largest Collision Avoidance System (CAS) deployments in global mining. Hindustan Zinc is rolling out our advanced CAS across all underground mines in India, reducing accident risk in high‑traffic environments.

Electrification: Together with ABB and Boliden, we are implementing the first large‑scale underground trolley integration on a 5-km ramp in the Kristineberg mine, Sweden, enabling zero‑emission ramp haulage and lowering ventilation costs. We also partnered with Capital Limited to demonstrate battery‑electric surface drilling with SmartROC D65 BE, proving BEV viability beyond underground mining. Charging is critical for BEVs, and through our CharIN membership we promote OEM‑agnostic standards (CCS/MCS) to ensure interoperability and scalability. 

Collaborations including automation, digitalization and/or electrification: We are especially proud of our collaboration with Fortescue to deploy an autonomous and electric fleet of around 50 surface rigs, thereby setting a new standard for electrified autonomy in large‑scale mining and delivering major CO₂ reductions.

Acquisitions to gain speed

Acquisitions allow us to accelerate growth and secure leadership positions in niches where organic development would take too long. 

Key criteria:

1. The target must be attractive on its own merits. It has to be well-run, with valuable products, strong culture, and supported by long-term favorable trends in attractive niches.
2. There must be a clear strategic fit and synergies with Epiroc, including cultural alignment.
3. The acquisition should give Epiroc a leading market position or a clear strategy to achieve it.

Many recent acquisitions strengthen our capabilities in automation, digitalization, and electrification, extending our offering and advancing R&D. We also pursue complementary acquisitions in niches or geographies where we seek exposure.

Acquisitions in 2025 

In April 2025, Epiroc acquired the remaining share, 47%, of Radlink, an Australian leader in mine connectivity solutions, bringing ownership to 100%. With approximately 415 employees and annual revenues of about MSEK 1 330, Radlink provides wireless communication networks and LTE/5G infrastructure essential for automation and digitalization. This acquisition strengthens Epiroc’s position in mission-critical connectivity, a key enabler for autonomous fleets and electrified operations, and accelerates our strategy to deliver safer, more productive, and sustainable mining solutions.

Chart: Acquisitions, annual revenues