Epiroc AB: Strong cycle + evolving business priorities = upside to market expectations

Research evidence excerpt

Epiroc AB: Strong cycle + evolving business priorities = upside to market expectations

Equity Research

European Capital Goods

9 June 2026

Epiroc AB

Strong cycle + evolving business

priorities = upside to market

EPIRa.ST/EPIA SS OVERWEIGHTexpectations

European Capital Goods NEUTRAL

Epiroc CMD takeaways: very favourable cyclical backdrop Price Target SEK 280.00

across key verticals (gold, exploration, replacement) + proven Price (08-Jun-26) SEK 270.00

business model refocusing on incremental gains (AM PotentialSource: Bloomberg,Upside/DownsideBarclays Research +3.7%

penetration, equipment utilisation, rationalisation of 'new'

European Capital Goodsofferings) = upside risk to consensus growth and margins;

OW. Vlad+44 (0)20Sergievskii7116 1117

vlad.sergievskii@barclays.com

Barclays, UKMining cycle: Growth across all key verticals

George Featherstone, CFA

We see MSD upside to consensus New Equipment orders in 2026/27, as EPIA delivered the fastest +44 (0)20 3555 8585

organic order growth across peers george.featherstone@barclays.com

Barclays, UK

•• Epiroc expects growth across all key verticals: brownfields, greenfields and replacement

Timothy Lee, CFA

•• Gold exposure is c30% of total orders, we believe materially higher for new equipment right +44 (0)20 7773 6879

timothy.lee@barclays.com

now

•• Strong growth in exploration (50%+ driven by gold), 75% of spending is focused on existing Rajesh Patki

assets (which is key). Exploration is c5% of sales for EPIA, but market-leading positions and +44 (0)20 3555 5193

potential to grow solid DDs rajesh.patki@barclays.com

•• Replacement cycle ahead. Average fleet age 8.7 years (+20% since 2019), 37% of Machines Madalena Azevedo

over 10 years. Clear replacement cycle for Iron Ore installed base +44 (0)20 7773 3616