1) Strategy & Leadership - Epiroc's CEO, Helena Hedblom, highlighted a strong focus on automation, electrification, and digitalization to enhance safety and productivity. - The company completed significant projects, including the conversion of the Roy Hill mine to driverless operations, marking a milestone in autonomous mining. - Epiroc aims to capture growth in mining, particularly in gold and copper, with 79% of orders coming from mining sectors. - The company is positioning for growth in attachments after a period of destocking among distributors.

2) Financial & Segment Results - Orders grew organically by 7% to SEK 63 billion in 2025, while revenues increased by 2% to SEK 62 billion. - In Q4, orders received grew organically by 11%, with equipment orders up 22%, but total orders declined 1% due to currency effects. - The adjusted operating margin for 2025 was 19.6%, slightly down from 19.8% in 2024, impacted by tariffs and product mix. - The Tools & Attachment segment saw a 65% increase in operating profit to SEK 537 million, with a margin of 14.9%.

3) Problems / Headwinds - Currency fluctuations negatively impacted orders and revenues, with an estimated 11% decline in revenue due to currency effects. - Tariffs continued to exert pressure on margins, contributing nearly 0.5 percentage points to the decline in operating margin. - The nickel market remains a challenge, with many customers still operating under care and maintenance due to depressed prices.

4) Operational or Product Plans - Epiroc is investing in efficiency improvements and consolidating customer centers and production sites to enhance operational resilience. - The company aims to increase its customer share, which currently sits above 50%, by optimizing pricing and service offerings. - Innovations in electrification, such as the SEK 2.2 billion contract for autonomous electric rigs, are expected to drive future growth.

5) Guidance & Outlook / Investor Angle - Epiroc anticipates continued high demand in mining, particularly for gold and copper, while construction demand is expected to improve from low levels. - The company plans to increase M&A activity in 2026, focusing on bolt-on acquisitions close to its core business. - The Board proposed a stable dividend of SEK 3.80 per share, aligning with its policy of maintaining or increasing dividends.

Bottom line: Epiroc's robust order growth and strategic focus on automation and electrification position it well for future growth, despite facing currency and tariff headwinds. Investors can expect continued demand in mining and a stable dividend, making Epiroc a solid investment in the sector.