Epiroc (EPI) CMD 2026 summary

Strategic direction and growth outlook

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

• Focuses on mining (80% of revenue), especially copper, gold, and iron, with strong positions in automation, electrification, and digitalization, and a shift toward being a productivity and technology partner.

• 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) and leveraging multi-brand, multi-channel strategies for broader market reach.

• Sustainability and safety are core, with ambitious 2030 goals, including zero work-related injuries, doubling women in operational roles, halving CO₂ emissions, and strong progress in emission-free products and diversity.

Business area performance and innovation

• 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 (e.g., PCD bits, COPROD) 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.

• Automation and electrification drive higher equipment value and aftermarket potential, with BEVs and automated solutions expected to be a major revenue share by 2035.

Market positioning and business model

• Strong global presence with operations in around 150 countries and approximately 19,000 employees, with direct sales accounting for 80% of revenues.

• Focus on attractive mining and infrastructure niches, with 79% of orders from mining and 21% from infrastructure.

• Asset-light, flexible manufacturing model enables rapid adaptation to market changes.

• Leadership in automation, electrification, and digitalization, offering OEM-agnostic and mixed-fleet solutions.

• Multi-brand strategy and differentiated value propositions expand market reach, exemplified by the GIA brand in China.