JPM | European Industrials Conference: Epiroc CFO - Spec Quick Notes

Research evidence excerpt

JPM | European Industrials Conference: Epiroc CFO - Spec Quick Notes

Specialist Sales J P M O R G A N

16 June 2026

Sam Edmunds

+44 207 742 8733

sam.edmunds@jpmorgan.com

CFO Hakan Folin hosted by Chit Sinha

QUICK CONCLUSIONS: A helpful run through the business. Limited new information though - with a marginally more

cautious outlook on Infrastructure.

• Mining demand remains very strong. Exploration capex has been low for a number of years and is finally recovering. So see

scope for brownfield expansion. There are issues with permitting almost everywhere but they are most acute in the Western

World so greenfield will be slow. See a lot of demand for exploration in Latam (Chile, Peru) which could lead to more

expansion.

• Mining companies have spent more money on doing M&A than on mine expansion - and not sure what changes that with the

permitting issues. Some geographies are easier - Africa - and there are ‘new’ mining economies emerging like Saudi Arabia

which is now starting to explore its mineral deposits.

• CMD showed higher infrastructure growth than mining - why? They were numbers from an external consultancy - and don;t

really expect mining to undergrow infrastructure - but comfortable that Infrastructure should grow at 6% and Epiroc should

outgrow this.

• Underground vs Surface mining? Very happy woith the product line up. There’s not a significant divergence between the

aftermarket for surface vs underground. It’s a little bit more challenging to mine underground - but surfance machines are very

sophisticated too.

• Electrification - why is penetration slow? Mine managers are generally conservative. They understand what they get out with

diesel powered equipment and have less confidence in electric. See good repeat orders from customers using electric vehicles.