Epiroc AB (publ)

Strong Q3 demand + mining-led broad-based pipeline - Group orders: +12% organically to SEK 17.5bn (reported +15%). Mining drove growth; infrastructure stable. - Mining demand was broad: exploration + underground equipment + digital solutions (not just a few mega-projects). - Service (organic) growth: +13%, indicating healthy underlying aftermarket activity (with some expected lumpiness from upgrades). - Management sees the pipeline as strong and expects mining demand to remain high; infrastructure demand stable.

Earnings improved materially despite revenues still catching up - Revenues: SEK 16.8bn, +7% organically (10% reported). - Adjusted operating margin: 20.4%, up from 19.0% last year; adjusted EBIT +18% to SEK 3.4bn. - Key message: profitability improved on higher volumes + prior efficiency actions, even though revenue conversion lags order timing (equipment invoicing/lead-time effects).

Equipment & Service profitability strong; Tools & Attachments margin recovery - Equipment & Service orders: +15% organically (+19% total); automation & safety and underground particularly strong. - E&S revenues: +8% organically; adjusted EBIT +20% to just above SEK 3bn; margin 23.8% (vs 21.9%). - Tools & Attachments: orders +4% organically to SEK 3.9bn; revenues +6% organically to SEK 4.0bn. - T&A adjusted margin: 13.2% (vs 11.6% last year) — best since beginning of 2024, helped by efficiency; tungsten pricing handled via surcharges (not top-line).