Beneath the Surface: A Conversation with Epiroc CEO Helena Hedblom

Epiroc CEO Helena Hedblom leads one of Sweden's great industrial legacies into the future. In this exclusive interview, she reflects on how a company once part of Atlas Copco became a global technology leader. She speaks candidly about customer obsession, radical decentralization, and a culture of persistence – and how Epiroc is reshaping how the world mines.

History and transformation 

Epiroc spent decades under the Atlas Copco umbrella and has always had the Wallenberg family with Investor AB as its anchor shareholder. Today, it's Sweden's 12th largest company by market cap. What does it mean to you personally to lead a business with such heritage and influence?

It's an honor to be honest. I've spent 25 years of my career in Atlas Copco and now Epiroc, so to be given the opportunity to lead a company like this and to represent what is really part of the foundation of industrial Sweden, means a lot.

I'm a metallurgist by background and worked in steelmaking before joining Atlas Copco. These kinds of industries, the traditional, heavy industries, have been my world for several decades now. To be part of them and at the same time see how they transform into the future is something I value deeply.

Above all, I feel proud to represent all our people across the globe. That feeling comes back to me every time I'm visiting colleagues somewhere in the world.

What are some lesser-known but pivotal stories from Epiroc's past that you believe more people should know – stories that shaped the company's culture or direction?

I think the split from Atlas Copco was a critical moment in our history. It gave us the chance to improve something that was already very strong. We were proud to be part of Atlas, but when creating Epiroc, we suddenly had the opportunity to take 145 years of legacy and shape it almost like a startup.

That meant avoiding the mindset of "doing what we've always done" and instead daring to be visionary about the future. It was about being bold in our statements, changing our language, how we communicate the brand, and how we position ourselves. We wanted to be clearly recognized as both a technology leader and a sustainability partner.

The split allowed us to do these things more openly and with greater clarity than before. And I think we really embraced that, which unlocked a lot of energy in the organization. The people, products, processes, and foundation were the same, but the creativity and drive were unleashed, and you can see that reflected in our results. We've become faster and more clear in our direction.

Can you speak about the complexity of such a massive spinoff?

It's a massive project to take on, and there are many things you don't think about at first. Even though Atlas Copco and Epiroc were already run as separate organizations in many ways, we still shared a lot of service centers and internal functions like finance and HR. On top of that came all the organizational work. Setting up new legal entities, making sure contracts and structures worked smoothly across the globe, et cetera.

Branding was another big challenge. Even a year after the spinoff, we were still finding Atlas Copco stickers in offices, workshops, clothes, and brochures. Building a new global brand is a huge workload. But we managed to complete almost everything in 8–9 months. The only area that took longer than expected was splitting the IT landscape, which was probably the toughest part.

For us as an organization though, it was also a fantastic experience. You really learn how to perform under pressure.

Since the 2018 spinoff from Atlas, Epiroc has made about 30 acquisitions while maintaining organic growth and improving profitability. How have you managed to succeed with this pace of expansion, and what role has decentralization played?

We are very decentralized in our operating model, which means the divisions themselves drive the pipeline, handle acquisitions, plan and execute them, and make sure integration works well. We spread the workload across divisions rather than centralizing it.

Our M&A strategy is tightly connected to our organic strategy. It's not separate, but a complement. From an organic standpoint, our priorities have been to win in automation, win the electrification race, position ourselves as a digital solutions leader, strengthen the aftermarket business, and close product gaps. That is our organic strategy.

Acquisitions are then used to fast-track and reinforce these same areas. If you look at the acquisitions we've made, they fit into the same buckets where we are already reinvesting organically.

Epiroc went into the pandemic with a fortress balance sheet which enabled you to increase acquisitions spending when the market recovered. Is this counter-cyclical capital allocation something you strive for?

It's less about timing peaks or bottoms in the market and more about following the natural pace of the process. Most of the acquisitions we look at involve privately owned companies, and building trust with the owners is essential. That doesn't happen overnight, it can take years. Several of the deals we've closed in the past three years started from relationships we began six years earlier.

In many ways, it's like a long courtship: starting with smaller partnerships, proving we can create value together, and gradually earning the confidence that leads to a transaction. So the timing of deals reflects when that trust matures, not where the market happens to be.

This patient, relationship-driven approach is something we carried over from Atlas, and we continue to apply it in the same way today.

If you were to describe the ideal company for Epiroc to acquire, what qualities or characteristics would it have?

They should bring a capability that is unique in some way. Ideally, it's in a niche where we can differentiate ourselves, either from a technology or sustainability standpoint. It also needs to add something we believe in long term with strong underlying trends supporting growth.

Several of the acquisitions we've done have been about technology opportunities where we see major scaling potential. In those cases, we already have the reach and customer base to take that valuable technology and scale it globally.

Our preference is to acquire the leading technology in a niche field. But even if it isn't the leader when we buy it, we often have the ability to make it the leading technology eventually.

Industry revolution

During the seven years as an independent company, Epiroc has gone from zero to more than 3,450 driverless machines using your technology and 600+ battery-electric vehicles in operation. When did you first realize automation was the future?

We set our ambition around automation almost ten years ago, when we saw it would be central to the future of mining. The same was true for electrification. We tend to be early with our vision and investments, which often means we step in before the technology is fully ready. But those early moves let us learn, experiment, and prepare. So when the technology matures, we're ready to lead.

Take batteries as an example. The energy density was too low in the beginning of this chapter, and even our smallest machines couldn't run on them. But innovation is never a straight path. It's about persistence, pushing through setbacks, iterating, and keeping the long-term vision. I've seen this myself: when I joined Atlas 25 years ago, I worked on diamond insert bits that took decades before they were ready for mining, even though the technology was proven in oil and gas. That persistence is part of our DNA.

The results are clear. We have about 3,500 autonomous machines in the field today, made by different manufacturers but all using our technology, built on the groundwork we laid ten years ago. It shows the value of patience and long-term investment. Many of these products are co-developed with our customers which speeds up adoption and builds stronger relationships. That's partly why we rarely lose a mine as a customer.

And our support goes beyond technology. We help partners with broader organizational challenges such as management changes, diversity, safety. With more than 7,000 service technicians working on mine sites, we have deep insight into industry challenges and can share solutions across our global network. We've built the largest sort of expert network in this field.

That combination of early vision, persistence, and close customer collaboration has positioned us strongly for the future. The foundation we built years ago is exactly what enables us to lead today.

The recent SEK 2.2 billion Australian contract for autonomous and electric equipment is your largest ever. Walk us through why you won this deal and what it means for the industry.

I think for the mining industry this is everything coming together. All the solutions we've been developing over the past five to six years matched with a customer that has the highest sustainability ambitions. For us, it's a real prestige order. They trust us not only on fossil-free products but also on autonomous solutions. It's a very large deal, SEK 2.2 billion over five years, and it will require a lot of close work between our companies to integrate machines, technologies, and operations.

The business case for underground mining has always been easier to calculate, which is why demand has been stronger there. This deal shows that fossil-free products for surface mining are now gaining traction too, which is very encouraging. The industry often works this way: one customer takes the lead, proves the benefits, and then adoption accelerates. In many ways, this order is the result of everything we've been working toward over the past five to six years coming together in one deal.

Financials and strategy

Your aftermarket business represents 66% of total sales – a resilient high-margin recurring revenue stream. What drives such customer loyalty?

Our global presence is a big driver. We've worked hard to have people, workshops, and organizations close to the mines, and often directly on site. Add to that the processes and supply chain needed to ensure the right part is in the right place at the right time. Keeping customers productive is extremely difficult to do, and that's a major reason for the loyalty we see in our aftermarket business.

The equipment and aftermarket sides of the business are tightly linked. On the equipment side, we focus on the best technology and the most robust machines, designed to run for as many hours as possible before maintenance. But it's really in the maintenance where you prove productivity and reliability for the customer. If we succeed there, our customers succeed too. If we fail, it opens the door for them to consider other suppliers when the next tender comes. That's why aftermarket excellence, alongside innovation, is such a core strength for Epiroc.

It's not rocket science, but it's very tough operations. Day and night, all year round, you need to have technicians available who can solve problems quickly and effectively. Our machines are mission critical. If they stop, there's no production, and the cost of downtime can quickly become huge.

That's why we've invested heavily in our footprint since Epiroc was created. We've opened new workshops, expanded service agreements, and continuously invested in our technicians, both in numbers and in skills. We even have internal certification levels now so they can grow step by step. And as our machines become more advanced, it's crucial that our technicians keep advancing too. The stronger they are in the field, the more robust our entire business becomes.

Epiroc is often described as a technology leader in mining equipment. What do you see as your biggest competitive advantage?

I think our biggest strength is the customer-centric approach that runs through the entire organization. Yes, we're strong in technology, but what really matters is being able to demonstrate that technology 24/7, often in the middle of nowhere.

Our people are passionate about solving problems and keeping customer operations running. Many of us have spent our whole careers in this company, and there's a strong pride in both the products we make and the role we play in society. If I describe our culture, I'd say our employees are humble, down to earth, and deeply committed to doing the right thing. I hear that feedback often from customers around the world, they value the local Epiroc teams on or near their sites. To me, that is a true testament to our strength.

Technology itself can always be copied. What really sets us apart is the execution and operations behind it.

Leadership

How would you describe your leadership approach in a few words?

I think I'm curious, honest, fact-oriented, performance-oriented, and a good listener.

You had a long journey at Atlas Copco, rising through the ranks for almost two decades before becoming CEO of Epiroc. What were the most formative experiences from that time, and how have they influenced your leadership at Epiroc?

As I mentioned earlier, the year we prepared the split was when I really learned how to work under immense pressure, to take decisions with very little information and to trust many layers in the organization to do the right thing. Those experiences were defining for me both during the split and later through the pandemic.

We operate in 150 countries, and those years were very challenging to manage. But they were also an important learning experience in leadership, seeing the strength of our decentralized model, learning how critical it is to be clear on priorities, and realizing how much can be achieved even in very difficult circumstances.

I stepped in as CEO just two weeks before the pandemic began so it was really crisis management from the start. That shaped my leadership in a very direct way.

You're one of very few women leading a major global industrial company. How has that perspective shaped your leadership?

I see it more as a journey, working on diversity from many dimensions. This is still a male-dominated industry, but over the years both we and our customers have gradually moved more women up the ranks.

I was one of few female leaders in the Atlas Copco system when I started. My hope is that I can inspire and be a role model for younger women to join this industry, because it's really extremely fun. I want young women to see me and think: "If she can do it, maybe I can as well."

Have there been any role models or influences that have shaped your leadership journey, or has it been more about carving your own way?

It's been more about carving my own way, but I've also had mentors over many years who gave me straight and honest feedback. That has been very important. Feedback is a gift. If you want to grow, you need to be prepared to take tough feedback sometimes. I've been fortunate to have mentors who guided me that way.

The future 

Looking ahead to the next decade, what are the priorities or transformations you're most focused on to ensure the group's long-term competitiveness and relevance?

I've been in this industry for 25 years, but I believe the next 10 will be the most exciting. We already have many solutions ready, and several are just starting to roll out across the world. I'm really looking forward to seeing the full response and impact. Today, we have 3,500 automated machines in operation, and in 10 years I expect automation will be a much larger part of fleets, including mixed fleets.

Another priority is how the world sees Epiroc. I believe we will increasingly be viewed as a sustainability partner, delivering the best fossil-free and safety solutions to the industry. From a technology perspective, it's exciting because mining is going through three major transformations, automation, digitalization and electrification. We're ready for it, we've made the investments, and we're prepared to drive that change together with our customers.

Of course, there are always threats. Competitors and new players are looking to take a share, and even with a strong position you can never lean back. That's why we keep pushing, innovation and operations go hand in hand. For me, it's mainly about staying close to customers, listening carefully, and constantly picking up what they need and what will be useful in the future.