Epiroc Aktiebolag

Strong demand led by mining; orders up double digits (but revenue still lagging): - Group orders: +12% organically to SEK 17.5bn; +15% reported. - Mining breadth was strong: exploration & underground equipment plus digital solutions (automation & safety); organic service growth +13%. - Large orders: ~SEK 790m (incl. SEK 610m underground mine in Botswana, Epiroc’s second-largest order ever). - Reassuring pipeline/activity: management said the underlying activity/pipeline looks healthy, and order timing is a key driver of quarter-to-quarter swings.

Profitability improved despite revenue conversion lag: - Revenues: SEK 16.8bn (+7% organic, +10% reported). - Adjusted EBIT: SEK 3.4bn (+18%). - Adjusted operating margin: 20.4%, up from 19.0% last year; organic EBIT contribution +1.5pp supported by higher invoicing and efficiency measures. - Equipment & Service margin strength: adjusted EBIT ~SEK 3.0bn; margin 23.8% (from 21.9%) with exceptionally strong flow-through (>50%) (also noted that there were no major negative one-offs; Q3 last year was weaker for the segment).

Segment highlights (what’s driving growth): - Equipment & Service orders: +15% organically (+19% total); revenues +8% organic. - Digital solutions momentum: strongest growth in automation and safety (cited in the call’s opening customer example). - Tools & Attachments: orders +4% organic to SEK 3.9bn; revenues +6% organic to SEK 4.0bn. - Tools profitability improved meaningfully: adjusted EBIT +23% to SEK 531m; margin 13.2% (best since early 2024), reflecting efficiency gains. - Aftermarket: 67% of revenues; service orders +13% organic. Management emphasized recurring value as installed base becomes more “advanced”.