Q4 2025 Epiroc AB Earnings Call Transcript
Key Points
- Epiroc AB (EPIAF) achieved an 11% organic order growth in Q4 2025, driven by strong customer activity within mining, particularly in gold.
- The company reported a 22% organic growth in equipment orders, indicating strong momentum in the mining sector.
- Epiroc AB (EPIAF) completed significant automation projects, including the world's largest OEM-agnostic autonomous mine at Roy Hill in Australia, enhancing safety and productivity.
- The company saw a 13% increase in driverless machines in operation, reflecting its leadership in automation and digitalization.
- Epiroc AB (EPIAF) reported a strong cash position with SEK9.6 billion at year-end, supporting future investments in organic growth and bolt-on acquisitions.
- The adjusted operating margin for 2025 was slightly lower at 19.6% compared to 19.8% in the previous year, impacted by tariffs and product mix inefficiencies.
- Currency headwinds negatively affected orders, revenues, and profits, with a 1% decline in total orders due to currency impacts.
- The Tools and Attachments segment faced a 7% decrease in orders, with a negative 11% impact from currency fluctuations.
- The company anticipates a margin headwind in 2026 due to rising tungsten carbide prices, which have more than doubled in 2025.
- Despite efforts to mitigate, tariffs continued to burden the operating margin, with a negative impact of almost 0.5 percentage points in Q4 2025.
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Hello, and a warm welcome to the Epiroc Q4 and full year 2025 results presentation. My name is Karin Larsson, Head of IR and media here at Epiroc. And by my side, I have our CEO, Helena Hedblom; and our CFO, Hakan Folin. As always, they will briefly present the results before we do a Q&A session. You know the drill. Helena, please go ahead.
Thank you, Karin, and hello, everyone. So I will start with the highlights for the year. So with 79% of our orders deriving from mining, I'm glad to say that the mining demand remained robust in 2025. The customer activity was strongest in gold, copper, and zinc, while nickel was softer. Of our mining exposure, gold and copper now together represent 65% of orders. In the year, our customers continue to prioritize brownfield expansions and productivity upgrades, as well as exploration especially in gold and copper.
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