Epiroc (EPI) Q3 2025 earnings summary

Executive summary

• Achieved major automation milestones, including converting 78 trucks at Roy Hill mine to full autonomy and equipping all Hindustan Zinc mines with Collision Avoidance Systems.

• Celebrated 25 years of the Pit Viper drill rig, with over 90 million meters drilled autonomously and significant emission reductions.

• Major safety achievements, including a successful rescue at Red Chris Mine using automation technology.

• High mining demand and strong order growth, with destocking in attachments nearly complete.

• Two new Business Areas implemented effective September 1, 2025.

Financial highlights

• Revenues decreased 3% to SEK 15.2 billion (MSEK 15,242), with organic growth of 5% and negative currency impact of 8%.

• Orders received decreased 2% to SEK 15.1 billion (MSEK 15,142), but organic order growth was 7%.

• Operating profit (EBIT) was SEK 2.8 billion (MSEK 2,802), including SEK 94 million in items affecting comparability; adjusted EBIT was MSEK 2,896.

• Adjusted operating margin declined to 19.0% from 19.7% year-over-year, mainly due to tariffs and currency effects.

• Operating cash flow increased by 38% to SEK 2.5 billion (MSEK 2,476), driven by improved working capital.

Outlook and guidance

• Mining demand expected to remain high, with exploration activity increasing and strong industry willingness to invest.

• Construction demand anticipated to be stable at a low level.

• Tariff impacts expected to decrease in Q4 due to mitigation actions and price adjustments.

• Company is well positioned to capture growth, especially in gold and copper mining and exploration.