Epiroc (EPIRa.ST) Model Update

Research evidence excerpt

Epiroc (EPIRa.ST) Model Update

preceding 12-month period can be accessed via Citi Velocity

(https://www.citivelocity.com/cv2) or your standard distribution portal. Historical disclosures (for up to the past three years)

will be provided upon request.

Citi Research Equity Ratings Distribution

12 Month Rating Catalyst Watch

Data current as of 01 Jul 2026 Buy Hold Sell Buy Hold Sell

Citi Research Global Fundamental Coverage (Neutral=Hold) 61% 32% 7% 36% 48% 16%

% of companies in each rating category that are investment banking

38% 42% 27% 42% 37% 36%

clients

Guide to Citi Research Fundamental Research Investment Ratings:

Citi Research stock recommendations include an investment rating and an optional risk rating to highlight high risk stocks.

Risk rating takes into account both price volatility and fundamental criteria. Stocks will either have no risk rating or a High risk

rating assigned.

Investment Ratings: Citi Research investment ratings are Buy, Neutral and Sell. Our ratings are a function of analyst

expectations of expected total return ("ETR") and risk. ETR is the sum of the forecast price appreciation (or depreciation) plus

the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment

rating definitions are: Buy (1) ETR of 15% or more or 25% or more for High risk stocks; and Sell (3) for negative ETR. Any covered

stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if an analyst believes that there are insufficient

valuation drivers and/or investment catalysts to derive a positive or negative investment view, they may elect with the approval

of Citi Research management not to assign a target price and, thus, not derive an ETR. Citi Research may suspend its rating