Epiroc (EPI) CMD 2026 summary

Strategic direction, growth outlook, and financial targets

• Targets 8% annual revenue growth over the cycle, aiming for SEK 100 billion revenue by 2031, with two-thirds organic and one-third acquired growth, and industry-leading margins.

• Focuses on mining (about 80% of revenue), especially copper, gold, and iron, with strong positions in automation, electrification, and digitalization.

• Aftermarket (service, tools, attachments) is 66% of revenue, providing resilience, high margins, and recurring cash flow.

• Expanding in key growth markets (China, India, Africa, South America, Saudi Arabia, Latin America), leveraging multi-brand, local production, and partnerships.

• Sustainability and safety are core, with 2030 goals to halve CO₂ emissions and double women in operational roles, and strong progress in emission-free products and diversity.

Business area performance, innovation, and operational excellence

• Equipment and Service has grown 11% per year since 2015, with a diversified portfolio and increasing automation and electrification orders.

• Tools and Attachments, though impacted by construction slowdown, is positioned for structural growth via innovation, portfolio optimization, and multi-brand expansion.

• Service agreements now cover 33% of the fleet, up 26% since last Capital Markets Day, with ambitions to reach 40% and drive loyalty and revenue.

• Digitalization and AI tools (e.g., technician co-pilot, Epiroc Uptime) are improving service efficiency, uptime, and customer satisfaction.

• Asset-light, flexible manufacturing model with 75% of equipment cost externally sourced, and R&D spend at 3.2% of revenues, focusing on software-defined equipment and digital solutions.

Market outlook and business profile

• Revenues reached SEK 62 billion in 2025, with an adjusted EBIT margin of 19.6%, and global operations in around 150 countries with approximately 19,000 employees.

• Mining accounts for 79% of orders, with copper and gold representing 36% and 29% of mining orders, respectively; infrastructure is 21% of orders with 4-6% estimated long-term growth.

• High mining demand and exploration growth are expected, with annual exploration orders at SEK 3.1 billion as of March 2026, about 4.7% of group orders.

• Portfolio includes equipment, aftermarket support, and solutions for automation, digitalization, and electrification, with a multi-brand strategy and global reach.

• Customer-centric approach with deep on-site presence, rapid service response, and strong partnerships driving loyalty and recurring revenues.