CEO comments
Strong start to the year
The customer demand was strong in the first quarter of 2026. Orders received increased 23% organically to MSEK 18 340 (16 586). Within mining, customer activity remained at a high level, supported by historically high mineral prices in segments to which we have a large exposure, such as copper and gold. The strong demand was seen in all regions and was mainly related to replacement and expansion in brownfield mines. The equipment orders increased 44% organically and our large orders, i.e. orders above MSEK 150, amounted to MSEK 1 280 (280). The demand for exploration equipment and tools continued to increase, with double-digit organic growth. The order intake for service increased by 12% organically, with especially strong demand for circular solutions, such as mid-life upgrades.
The infrastructure demand improved somewhat, although geopolitical instability creates uncertainty.
Sequentially, compared to the previous quarter, orders increased 17% organically.
In the near term, we expect mining demand to remain high, while demand from construction customers is expected to increase somewhat from
a low level.
Revenues and profitability
Our revenues amounted to MSEK 14 351 (15 536), corresponding to 2% organic growth. Our lead times are at normal levels, but following a period of strong order intake, we are ramping up production and will see increased output and deliveries in the coming quarters.
Our operating profit, EBIT, was MSEK 2 846 (3 088), and the operating margin was 19.8% (19.9). The operating profit includes items affecting comparability of MSEK -22, fully explained by the change in provision for the long-term incentive program.
The adjusted operating margin, EBIT, was 20.0% (19.9). Despite tariffs and increased input costs for tungsten, we achieved a positive organic contribution in the quarter.
Cash flow
Our operating cash flow was MSEK 1 300 (1 569) and our cash conversion rate, rolling 12 months, was 88% (100).
Customer centricity more important than ever
Our strong order intake in the quarter confirms that customers view Epiroc as a reliable and long?term partner. In this geopolitically uncertain environment, mining customers are valuing our dependable services, high parts availability, and delivery of high?quality equipment. Many of the orders include automation features, which help customers strengthening their competitiveness and sustainability. The demand was especially high for autonomous surface drilling equipment, which reinforces our strong position in the segment.
Positive sentiment at CONEXPO
At the recent CONEXPO 2026 in Las Vegas, one of the world’s largest construction trade shows, more than 140 000 industry professionals took part. We showcased innovation across remote and autonomous drilling, advanced tools, and digital fleet and asset management. While the construction market remains soft, customer engagement was high.
I am proud of how our teams continue to deliver tangible customer value through close collaboration and strong execution. We enter 2026 with a solid foundation and a clear focus, and I look forward to the opportunities ahead.
Helena Hedblom
President and CEO
Please find the full report here. Additional financial documents are found on Epiroc’s Financial publications page.
