Epiroc: Postcard from Orebro: 2026 CMD

研报英文原文证据摘录

Epiroc: Postcard from Orebro: 2026 CMD

Deutsche Bank

Research

Rating Company Date

Hold Epiroc 10 June 2026

Company Update

Europe

Sweden

Reuters Bloomberg Exchange Ticker Price at 8 Jun 2026 (SEK) 270.00

EPIRa.ST EPIA SS STO EPIRa

Price Target (SEK) 264.00

Capital Goods

278.20 -

Engineering 52-week range (SEK) 189.00

Postcard from Orebro: 2026 CMD

Valuation & Risks

John Kim

Epiroc held its 2026 Capital Markets Day in Orebro, Sweden over the last two days.

Research Analyst

Management reiterated an 8% revenue CAGR target over the cycle, supported by +44-20-754-18699

mining growth, replacement demand, exploration activity, and selective M&A,

while maintaining the ambition for industry-leading margins, strong cash Gael de-Bray, CFA

conversion, and a dividend payout of c50%+ of net profit. Overall positioning

+33-1-4495-6562

remains focused on structural growth in mining and key hard-rock exposures

with growth tailwinds from automation, electrification, digitalization, and service

agreements. Mining fundamentals remain supportive with newer technologies

creating both growth and stickiness with customer adoption of automation,

electrification and digital solutions motivated by lower TCO and better uptime/

utilisation with electrification a more nascent opportunity for EPI.

Corporate messaging

Management’s 8% through-the-cycle revenue CAGR implies a path toward c100bn

SEK in revenue by 2031. The company continues to target industry-best margins,

strong returns on capital, cash conversion, investment-grade credit rating, and a

dividend payout of 50%+ of net profits. While Epiroc continues to provide no formal

margin target, operating leverage should improve as Q1 flow-through margin has

improved as mining strength persists, infrastructure recovers, and recent