Epiroc (EPI) Q2 2026 earnings summary

Executive summary

• Orders received increased 13% organically to SEK 17.3 billion (MSEK 17,305), driven by strong mining demand and high invoicing, with large orders totaling MSEK 720.

• Revenues rose 10% to SEK 16.7 billion (MSEK 16,702), with 11% organic growth, supported by mining demand and successful production ramp-up.

• Profitability improved, with adjusted EBIT margin rising to 20.1% from 19.7% year-over-year; EBIT increased 17% to SEK 3.3 billion (MSEK 3,316).

• Aftermarket accounted for 64% of revenues, with service and Tools & Attachments contributing 41% and 23% respectively, and showing organic growth.

• Innovation focus highlighted through electrification, automation, and digital solutions, showcased at the Epiroc World Expo and Capital Markets Day.

Financial highlights

• Adjusted EBIT increased 12% to SEK 3.3 billion (MSEK 3,349); adjusted margin at 20.1%.

• Operating cash flow reached SEK 1.9 billion (MSEK 1,902), up from SEK 1.1 billion last year; cash conversion rate at 93%.

• Net debt decreased to SEK 11.4 billion (MSEK 11,430); net debt/EBITDA at 0.75.

• Basic EPS increased 16% to SEK 2.01.

• Effective tax rate at 23.9%, within guidance of 22%-24%.

Outlook and guidance

• Mining demand expected to remain high; infrastructure demand anticipated to increase somewhat in the near term.

• High single-digit aftermarket growth targeted, with opportunities for further expansion due to an aging fleet and increased technology adoption.

• Equipment revenues expected to stay strong into the second half of 2026, supported by ramped-up production.

• Continued focus on innovation, aftermarket expansion, and operational excellence for long-term growth.