Epiroc interim report Q4 2023

January 24, 2024 11:30 CET

•    Orders received increased 5% to MSEK 14 388 (13 705). The organic increase was 7%. 
•    Revenues increased 12% to MSEK 15 568 (13 936), organic increase of 8%.
•    Operating profit increased 4% to MSEK 3 349 (3 235). Items affecting comparability amounted to MSEK 120 (-67), including a capital gain, restructuring costs and acquisition earn-outs.*
•    Operating margin was 21.5% (23.2), and the adjusted operating margin was 20.7% (23.7).
•    Basic earnings per share were SEK 1.87 (1.98).
•    Operating cash flow was MSEK 2 435 (1 519).
•    Two acquisitions were announced in the quarter, including the acquisition of STANLEY Infrastructure with annual revenues of approximately SEK 4.7 billion. 
•    The Board proposes a dividend of SEK 3.80 (3.40) per share to be paid in two equal installments.

Epiroc Minetruck MT54 S

CEO comments

Mixed demand in the fourth quarter
In the fourth quarter, the order intake increased to MSEK 14 388 (13 705), corresponding to an organic growth of 7%. Within mining, the activity levels were high, and we won several large orders. One of them is a multi-year order for digital solutions, which will strengthen safety and productivity at Codelco's El Teniente copper mine in Chile. The total order value is MSEK 250, whereof MSEK 50 was booked in the quarter. It is encouraging to see that the demand for our automation and digitalization offering is strong.

The demand from construction customers, on the other hand, was weak, impacting mainly the hydraulic attachments business negatively.

In the near term, we expect that the underlying mining demand, both for equipment and aftermarket, will remain at a high level. Demand from construction customers is expected to remain soft.

Strong revenues

We ended the year with strong invoicing and our revenues increased to MSEK 15 568 (13 936), corresponding to an organic growth of 8%.

The operating profit increased 4% to MSEK 3 349 (3 235), including items affecting comparability of MSEK 120 (-67).

The adjusted operating margin was 20.7% (23.7). The margin was positively impacted by currency, while we had a negative organic contribution. This is mainly explained by weaker development within Tools & Attachments and dilution from acquisitions. The strong growth of acquired companies impacted the margin negatively. In structure, the dilution from acquisitions was -0.7 percentage points.

Improved cash flow
The net working capital remained at a high level, but decreased sequentially, thanks to strong equipment invoicing. This in turn led to a strong cash flow, which increased by 60% to MSEK 2 435 (1 519).

Investing for long-term growth
We have a solid cash generating business, which enables us to seize opportunities and invest for profitable growth in the long term. We invest both in organic and inorganic growth.

Our announced acquisition of STANLEY Infrastructure - with annual revenues of around SEK 4.7 billion – is an example of how we seize opportunities in challenging market environments to build our position for the future. Together, we will be a stronger supplier of hydraulic and infrastructure attachments, especially in the large and important US market, and can capitalize on a long-term global growth trend in deconstruction and recycling.

Major achievements in 2023
2023 was a year defined by major achievements .Overall, the order intake increased 11% to MSEK 59 332 (53 222), supported by a strong mining business, while demand from construction customers was weak.

We achieved record-high revenues at MSEK 60 343 (49 694), corresponding to a growth rate of 21% and a record-high operating profit at MSEK 13 183 (11 147).

Looking ahead
To conclude 2023, I would like to express my gratitude to everyone at Epiroc. Your skills and hard work have led to another successful year. Onwards, we will continue to deliver on our strategy to provide our customers with the best solutions to strengthen their safety and productivity, reduce their emissions, and ultimately improve their results. On that note, I want to say thank you to all customers and investors who have placed their trust in Epiroc. We will do our utmost to make 2024 an even better year. Finally, as always, stay safe!

Helena Hedblom
President and CEO

Please find the full report in the attached pdf. Additional financial documents are found on Epiroc’s Financial publications page.

For more information please contact:
Karin Larsson, Vice President Investor Relations and Media
+46 10 755 0106
Alexander Apell, IR Controller 
+46 72 083 9519
Ola Kinnander, Media Relations Manager
+46 70 347 2455

This information is information that Epiroc AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was sub­mitted for publication, through the agency of the contact persons above, at 11:30 CET on January 24, 2024.

 is a global productivity partner for mining and infrastructure customers, and accelerates the transformation toward a sustainable society. With ground-breaking technology, Epiroc develops and provides innovative and safe equipment, such as drill rigs, rock excavation and construction equipment and tools for surface and underground applications. The company also offers world-class service and other aftermarket support as well as solutions for automation, digitalization and electrification. Epiroc is based in Stockholm, Sweden, had revenues of more than SEK 60 billion in 2023, and has around 18 200 passionate employees supporting and collaborating with customers in around 150 countries. Learn more at

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