Epiroc (EPI) Q3 2026 earnings summary

Executive summary

• Orders rose 12% organically to MSEK 17,467; revenue rose 7% organically to MSEK 16,775; adjusted EBIT margin reached 20.4%.

• Mining demand was broad, with mining customers representing 83% of orders; infrastructure demand remained stable.

• Higher volumes and efficiency supported profitability, while increased inventories and tax payments weighed on operating cash flow.

Financial highlights

• Revenue was MSEK 16,775, up 10% reported and 7% organically; adjusted EBIT rose 18% to MSEK 3,426, with margin at 20.4% versus 19.0%.

• Reported EBIT increased 22% to MSEK 3,411; operating margin was 20.3% versus 18.4%.

• Net profit rose 24% to MSEK 2,420; basic EPS was SEK 2.00 versus SEK 1.62.

• Jan–Sep orders increased 13% to MSEK 53,112; revenue rose 4% to MSEK 47,828, with organic growth of 16% and 7%, respectively.

• Jan–Sep EBIT increased 10% to MSEK 9,573; profit for the period rose 11% to MSEK 6,951, and basic EPS was SEK 5.75 versus SEK 5.17.

Outlook and guidance

• Near-term mining demand is expected to remain high; infrastructure customer demand is expected to remain stable.

• The mining order pipeline remained strong, including copper projects; firm orders may follow project decisions only after negotiations that can take months.

• Equipment lead times ranged from 6–7 months for underground equipment to up to 12 months for large surface rigs; production ramp-up was on plan.

• Capex guidance remained 2%–3%; effective tax rate guidance was 22%–24%.