Epiroc AB (publ) (0YSU.L) Bundle
From a legacy that began in 1873 with Atlas Copco to its 2018 spin-off and current global footprint headquartered in Nacka, Epiroc AB has transformed into a specialized force in mining and infrastructure equipment, reporting revenues of about SEK 64 billion in 2024 and employing roughly 19,000 people across 150 countries; led by CEO Helena Hedblom and included in the OMX Stockholm 30 in 2025, the company combines drill rigs, rock excavation machines, tools for surface and underground use, and world-class aftermarket services with heavy investments in future tech-spending over SEK 2 billion on R&D in 2024 to advance automation, digitalization and electrification-while its business model balances Equipment & Service sales, Tools & Attachments, and recurring aftermarket revenue (with digital solution orders up 30% in 2024 and five acquisitions completed that year), positioning Epiroc to capture growth from mining demand (more than 60% of orders from gold and copper) and major sustainability endorsements such as an EcoVadis Gold Medal in 2025; dive into the full breakdown of history, ownership, mission, operations and revenue drivers to see how these facts connect.
Epiroc AB (0YSU.L): Intro
Epiroc AB (0YSU.L) is a global provider of equipment, tools and services for the mining, infrastructure and natural resources industries. The company emerged from a long industrial lineage and has rapidly positioned itself as a leader in electrification, automation and digitalized productivity solutions for both surface and underground operations.- Founded from Atlas Copco roots: Atlas Copco began in 1873 in Stockholm; Epiroc was created as an independent company when Atlas Copco spun off its mining and infrastructure division in 2018.
- Headquarters: Nacka, Sweden.
- Global footprint: manufacturing and operations across the United States, Canada, Australia, China, India, Japan, Germany and multiple other countries.
- Workforce and reach (2024): ~19,000 employees across ~150 countries.
- 1873: Atlas Copco founded - established capabilities in compressors, mining and construction equipment that underpin Epiroc's heritage.
- 2018: Spin-off - Atlas Copco's mining and infrastructure division launched as Epiroc AB (publ), enabling focused investments in mining technology and services.
- 2018-2024: Rapid expansion of aftermarket services, digital platforms and electrified machine portfolios; continued global manufacturing presence.
- Core equipment: drill rigs (surface and underground), rock excavation machines, loaders, trucks, and hydraulic attachments.
- Tools & consumables: rock and mineral drilling tools, bits, hammers and associated wear parts.
- Services & aftermarket: maintenance contracts, spare parts, technical service, fleet management, refurbishment and training.
- Advanced solutions: automation systems, remote operation, digital monitoring platforms and battery-electric equipment for zero-emission operations.
- Product sales: new equipment for mining and construction customers (one-time sales with high unit values).
- Aftermarket & consumables: recurring revenue from parts, wear components, repair and maintenance-high margin and long-term customer engagement.
- Service contracts & digital subscriptions: fleet monitoring, predictive maintenance and automation services sold as recurring offers.
- Electrification & automation packages: premium solutions combining hardware, software and services to improve productivity and reduce operational emissions.
- Geographic diversification: local manufacturing and service centers reduce delivery times and tailor solutions to regional mining and construction needs.
| Metric | Value (2024) |
|---|---|
| Reported revenue | ≈ SEK 64 billion |
| Employees | ≈ 19,000 |
| Countries of operation | ≈ 150 |
| Primary product lines | Drill rigs, rock excavation & construction equipment, tools, automation and electrification solutions |
- Drive aftermarket growth and recurring revenue through service contracts, parts and digital offerings.
- Accelerate electrification of fleets and expand battery-electric machine adoption in underground and surface mining.
- Scale automation and digital solutions to improve customer productivity and safety while increasing lifetime customer value.
- Maintain a global manufacturing- and service-network to support local markets and reduce customer downtime.
Epiroc AB (0YSU.L): History
Epiroc AB (0YSU.L) was created as a focused mining and infrastructure equipment group when it was spun off from Atlas Copco in 2018 and listed on Nasdaq Stockholm under the ticker EPI A. Since the separation, Epiroc has operated as an independent, public company serving mining, quarrying and infrastructure customers worldwide. The company emphasizes electrification, automation and productivity solutions for underground and surface mining, as well as rock excavation and construction industries.- Founded (spin-off): 2018 from Atlas Copco
- Stock listing: Nasdaq Stockholm (ticker EPI A)
- President & CEO: Helena Hedblom
- Included in OMX Stockholm 30 index: 2025
- Public company with free float: ownership split among institutional investors, retail shareholders and insiders.
- Major shareholder types: pension funds, asset managers, mutual funds and family-owned investment companies.
- Governance: Board of Directors overseeing strategy and risk; Executive Management Team responsible for operations and execution.
- Institutional investors (largest stake groups): pension funds and large asset managers holding the top positions in register-based tables.
- Insiders and management: modest direct holdings, with long-term incentive programs aligning executive pay to shareholder returns.
- Retail/shareholder base: international retail investors via ADRs and Swedish retail trading.
- Product sales: sale of mining and rock excavation equipment (drills, loaders, trucks, breakers).
- Service and aftermarket: parts, service contracts, repairs and upgrades (high margin, recurring revenue).
- Digital & automation solutions: software, automation and electric systems sold as products and subscriptions.
- Leasing & financing: customer finance solutions in select markets to enable equipment purchases.
| Metric | Value / Detail |
|---|---|
| Spin-off / Listing | 2018 - Nasdaq Stockholm (EPI A) |
| Inclusion in OMX S30 | 2025 |
| CEO | Helena Hedblom |
| Employees (approx.) | ~16,000 worldwide |
| Annual revenue (approx., latest reported year) | ~54.0 billion SEK |
| Net income (approx., latest reported year) | ~7.6 billion SEK |
| Market capitalization (indicative, 2025) | ~260 billion SEK |
Epiroc AB (0YSU.L): Ownership Structure
Epiroc AB (0YSU.L) is a Stockholm-listed industrial technology company focused on equipment, tools, and service solutions for mining, infrastructure, and natural resources. Its stated mission is to drive the productivity and sustainability transformation in the mining and infrastructure industries, with a vision to 'Dare to think new.' Core values - Innovation, Commitment, and Collaboration - permeate strategy, product development and customer engagement. See Mission Statement, Vision, & Core Values (2026) of Epiroc AB (publ).- Mission: Drive productivity and sustainability transformation in mining and infrastructure.
- Vision: 'Dare to think new' - emphasizing innovation and future-focused solutions.
- Values: Innovation, Commitment, Collaboration.
- 2030 sustainability targets: advanced safety performance, near-term emissions reductions, increased circularity and responsible business practices (supplier audits, ethics and governance).
- External recognition: EcoVadis Gold Medal (2025), placing Epiroc in the top 5% of assessed companies for sustainability performance.
- Partnerships for safety/productivity: e.g., collision-avoidance systems deployed with Hindustan Zinc Limited in India to reduce underground accidents and improve fleet utilization.
- Business model: sale of capital equipment (drilling rigs, loaders, haulers, rock excavation tools), aftermarket parts & services, and digital/automation solutions (including battery-electric vehicles, remote operation systems, and fleet management software).
- Revenue mix: a substantial portion from aftermarket services and consumables, which provide recurring, higher-margin income alongside cyclical equipment sales.
- Value drivers: product innovation (battery-electric machines, automation), long-term service contracts, digitalization (telemetry and fleet optimization), and strong dealer/service network.
| Metric | Value |
|---|---|
| Fiscal year (latest) | 2024 (reported period) |
| Revenue | ~SEK 58.0 billion |
| Operating margin (EBIT) | ~14-16% |
| Net income | ~SEK 8-9 billion |
| R&D spend | ~SEK 2.0-2.5 billion (~3-4% of revenue) |
| Employees | ~17,000 |
| Market listing / Ticker | Nasdaq Stockholm - 0YSU.L |
- Free float majority: publicly traded with a broad institutional investor base (pension funds, asset managers) and retail participation through Nasdaq Stockholm.
- Largest shareholders typically include Scandinavian institutional investors and global funds (annual reports disclose top 10 holders; stakes fluctuate with market moves).
- Capital allocation: mix of reinvestment into R&D and electrification, bolt-on M&A for technology, and shareholder returns via ordinary and occasional special dividends/share buybacks depending on cash generation.
Epiroc AB (0YSU.L): Mission and Values
Epiroc AB (0YSU.L) is a specialist supplier of productivity, safety and sustainability solutions for the mining, infrastructure and natural resources industries. Founded as a spin-off from Atlas Copco in 2018, Epiroc has focused on delivering capital equipment, consumables and aftermarket services while accelerating electrification, automation and digitalization across its customer base. The company emphasizes customer proximity through a global footprint of manufacturing sites, service centres and sales offices, and invests heavily in innovation to drive long-term margin expansion and recurring revenue. How it works- Two primary business areas: Equipment and Service; Tools and Attachments.
- Equipment and Service: supplies rigs, loaders, trucks, compressors, and full system solutions for mining, rock excavation, exploration and infrastructure projects, combined with installation, maintenance and technical services.
- Tools and Attachments: produces drill bits, cutting tools, hydraulic breakers, and other wearable components and attachments mounted on larger machines for drilling, demolition and recycling.
- Aftermarket and service revenue: spare parts, consumables, maintenance contracts, remanufacturing and digital service subscriptions provide high-margin, recurring income and customer lock-in.
- Technology focus: leadership in automation (remote and autonomous equipment), digital fleet management and battery-electric machines; investments aim to lower total cost of ownership and improve safety and sustainability on-site.
- Global operations: manufacturing plants, test facilities and service centres positioned near major mining regions and infrastructure markets to reduce lead times and support customers locally.
- Equipment sales: one-time capital sales of machines and systems (cyclical, tied to commodity cycles and capex budgets).
- Services and aftermarket: spare parts, workshops, rebuilds, service agreements and fleet management, typically higher margin and recurring.
- Tools and attachments: high-volume consumables and wear parts sold through distribution networks and direct channels.
- Digital and electrification solutions: software, telematics subscriptions and battery systems that create serviceable software/maintenance revenue streams.
| Metric | Value (latest reported) |
|---|---|
| Net sales (annual) | SEK 52.3 billion (2023) |
| Operating income | SEK 7.8 billion (2023) |
| R&D investment | Over SEK 2.0 billion (2024) |
| Employees | Approximately 16,500 (2024) |
| Global sites (manufacturing & service) | ~50 manufacturing sites and >130 service centres worldwide |
| Market listing | Nasdaq Stockholm (Ticker: 0YSU.L) |
- Capital equipment sales generate large-ticket revenue but are subject to mining sector cycles; these sales often include optional service contracts and attachments.
- Service and aftermarket sales (parts, maintenance, rebuilds) provide higher and more stable margins and represented an increasing share of revenues as customers extend equipment lifecycles.
- Tools and attachments are high-volume, repeat-purchase items with steady demand tied to machine utilization.
- Digital offerings and connected services (fleet management, predictive maintenance) create subscription-style income and improve customer retention.
- Electrification and automation products (battery-electric loaders, autonomous rigs) open new service and lifecycle revenue opportunities while aligning with customer sustainability goals.
- R&D: sustained spend above SEK 2 billion in 2024 to advance automation, digitalization and electrification technologies.
- CapEx: investments in manufacturing scale and test facilities to support new electric and digital products and to shorten lead times.
- M&A and partnerships: selective acquisitions and alliances to broaden aftermarket capabilities, digital platforms and geographic presence.
- Dividend and shareholder returns: disciplined payout policy linked to cash generation and long-term growth investments.
- Customer-centric service network that reduces downtime and optimizes fleet productivity.
- Integrated product-service offerings that shift revenue toward recurring, higher-margin streams.
- Leadership investments in automation, telematics and battery technology to meet tightening environmental and safety regulations.
Epiroc AB (0YSU.L): How It Works
Epiroc AB (0YSU.L) generates revenue primarily by designing, manufacturing, selling and servicing equipment, tools and digital solutions for the mining, infrastructure and natural resources industries. The company's operating model combines high-value capital equipment sales with recurring aftermarket service revenues and growing digital/automation offerings.- Core revenue streams: equipment sales (capital goods), tools & attachments, aftermarket services (maintenance, spare parts), and digital/automation solutions.
- Customer base: miners, quarry operators, civil contractors and industrial customers globally (significant exposure to North America, Latin America, Australia and Africa).
- Go-to-market: direct sales, dealer networks and service centres; long-term service agreements and spare-parts distribution create recurring income.
- Equipment & Services: sale of drilling rigs, loaders, trucks, hydraulic attachments and related service packages; typically large one-time orders plus integrated service contracts.
- Tools & Attachments: consumable and wear parts, drill bits, cutting tools and attachments that increase operational efficiency and require frequent replacement.
- Aftermarket & Services: scheduled maintenance, repair, spare parts and performance contracts that deliver high-margin, recurring revenue.
- Digital, Automation & Electrification: software, sensors, automation kits, battery-electric retrofit solutions and fleet-management services sold as products and recurring subscriptions.
- M&A and partnerships: acquisitions and partnerships broaden product lines and add regional aftermarket capabilities to accelerate revenue growth.
| Metric | Approximate/FY recent |
|---|---|
| Annual revenue (recent FY) | ~SEK 60-65 billion |
| Aftermarket & services share of revenue | ~40-45% |
| Tools & attachments share | ~20-25% |
| Equipment & systems share | ~30-35% |
| Operating margin (adjusted EBITA) | ~20% (company target range historically 17-22%) |
| Orders for digital solutions growth (2024) | +30% |
| Acquisitions completed (2024) | 5 |
- Equipment sales: large-ticket sales generate immediate cash and OEM margins; financed purchases via customer financing partners can extend sales cycles but increase market access.
- Tools & attachments: high-volume, lower-ticket margin products that create steady turnover and repeat purchasing.
- Aftermarket services: recurring revenue from spare parts, service contracts and maintenance-drives gross-margin stability and predictable service cash flows.
- Digital & electrification: subscription and license-based revenues plus project sales; faster growth and higher lifetime-value as customers adopt fleet automation and battery-electric solutions.
| Product/Service | Revenue role | Business impact |
|---|---|---|
| Surface & underground rigs | Capital equipment sales | Large orders, project-driven revenue spikes |
| Hydraulic attachments & concrete breakers | Tools & attachments | Frequent replacement, cross-sell to equipment customers |
| Spare parts & maintenance contracts | Aftermarket recurring revenue | High margin, customer lock-in, predictable cash |
| Fleet management software & automation kits | Digital subscriptions & project sales | Growing recurring revenue, higher customer lifetime value |
- Aftermarket focus: deliberately expanding service centres and spare-parts inventories to boost recurring sales and shorten service response times.
- Electrification & automation: developing battery-electric vehicles and automated fleets to sell hardware + software packages; digital orders rose ~30% in 2024, opening new recurring streams.
- M&A: targeted acquisitions (five closed in 2024) to acquire niche tooling, service networks and digital capabilities, accelerating cross-sell and geographic reach.
- Product modularity: tools & attachments designed to fit multiple OEM platforms increase addressable market and spare-parts penetration.
- Order intake and backlog - signals near-term equipment revenue.
- Aftermarket revenue growth and spare-parts share - measures recurring income strength.
- Installed base and attach-rate - gauges future aftermarket potential.
- Recurring digital subscription ARR and automation adoption rates - tracks new high-margin revenue streams.
Epiroc AB (0YSU.L): How It Makes Money
Epiroc is a leading provider of equipment, technologies and services for the mining and infrastructure industries. Its revenue model combines sales of capital equipment, aftermarket services, consumables, and increasingly software and electrification solutions.- Primary revenue streams: sale of drilling rigs, rock excavation and construction equipment, underground and surface mining equipment, and attachments.
- Aftermarket and services (maintenance, parts, contracts) provide recurring, higher-margin income that stabilizes cyclicality.
- Digital solutions, automation, and electrification (battery-electric vehicles, remote operation systems, fleet management software) are fast-growing revenue adjacencies.
- Strategic acquisitions and targeted R&D accelerate product portfolio and service penetration in key metal markets (notably gold and copper).
- Global footprint: operations in approximately 150 countries with a broad distributor and service network, enabling diverse geographic revenue exposure.
- Customer base concentration: more than 60% of mining orders derive from gold and copper mines, aligning Epiroc with secular demand drivers for electrification and productivity.
| Metric | Approx. Value / Note |
|---|---|
| Geographic reach | ~150 countries |
| Employees | ~16,000-17,000 worldwide |
| Mining order mix | >60% from gold & copper mines |
| R&D investment (annual) | ~SEK 2 billion (ongoing multi-year investment) |
| Revenue split (product vs services) | Significant services & aftermarket contribution (recurring high-margin component) |
| Market index inclusion | Included in OMX Stockholm 30 (2025) |
- Epiroc occupies a strong position in global mining and infrastructure equipment markets, leveraged by deep customer relationships and extensive service networks.
- Its emphasis on automation, digitalization and electrification positions it as an industry leader-generating new high-margin offerings (software, autonomous solutions, battery-electric fleets).
- Ongoing investment in R&D and selective acquisitions aim to grow software-as-a-service and long-term service contracts, improving recurring revenue share and margin resilience.
- Inclusion in the OMX Stockholm 30 index in 2025 signals elevated market presence and investor confidence, likely improving liquidity and access to capital for further growth.
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