Atlas Copco AB (publ)

Strong Q3 demand + record scale (good): - Orders: SEK 52.3bn (record), +25% organic (currency + acquisitions + structural effects bringing total growth to 29% YoY). - Revenues: SEK 47.9bn, +11% organic (record revenues). - Organic growth breadth: all 4 business areas grew organically; 3 of 4 achieved double-digit organic growth. - Activity level: described as strong across most segments.

Vacuum Technique stands out; margins supported but still pressured by ramp (surprising/good + some downside): - Vacuum Technique: +82% organic orders and record revenue performance; service in VT revenue +28% organic. - Profit/margin: group operating margin 20.8% (impacted by comparability items); VT margin benefited from volume, but management emphasized ongoing ramp-up costs still weigh on margin and delivery/capacity ramp remains a key lever. - CFO/management commentary implies some margin expansion possible, but not necessarily at the same pace as the prior few quarters due to ramp and competitive/pricing dynamics.

Industrial Technique and Compressor Technique show different challenges (bad/mixed): - Industrial Technique: +12% organic growth; profitability improved, but Q3 margin affected by a one-off restructuring adjustment (restructuring cost noted in comparability). - Compressor Technique: +6% organic growth but sequential margin softness and cost pressure were highlighted. - Key headwinds: supply chain inflation (notably electronics/electronic components, aluminum castings, etc.), plus pricing pass-through lag due to longer project lead times (some up to ~1 year). - FX: negative impact cited, with Korean won strengthening during the quarter flagged as a significant detractor.