Epiroc (EPIRa.ST): 2Q26 First Take: Strong momentum but margins and orders miss expectations

研报英文原文证据摘录

Epiroc (EPIRa.ST): 2Q26 First Take: Strong momentum but margins and orders miss expectations

Equity Research

17 July 2026 | 11:16AM BST

Epiroc (EPIRa.ST): 2Q26 First Take: Strong momentum but margins and

orders miss expectations

Christian Hinderaker, CFA

+44(20)7774-7366 |

christian.hinderaker@gs.com

Goldman Sachs International

Hollie Cooper

+44(20)7051-0956 |

hollie.cooper@gs.com

With a 20.1% 2Q26 margin and moderately better-than-expected sales (c.0.9%

beat), Epiroc’s adj. EBIT came in c.1% below company-compiled consensus.

Group orders were 3.6% below consensus (and 1.3% below GSe), with orders

coming in below consensus in all segments. Today’s results mechanically imply

LSD downgrades to consensus FY26 adj. EBIT forecasts. Equipment orders grew

+30% organically (+18% Ex-large orders), resulting in a third straight quarter of DD

OOG at the group level. It was the second consecutive quarter of YoY margin

expansion, both signs of positive momentum. The group has also reiterated its

outlook for mining demand to remain high and demand from infrastructure

customers to increase somewhat. However, the results have disappointed against a

high consensus bar. On a relative basis, its orders were 16% below Sandvik Mining’s

in SEK terms, but growth was encouraging, with Epiroc’s +13% OOG (+17% ex-large

orders) exceeding Sandvik Mining’s +11% OOG (+13% ex-large orders). Our first

take: The group is clearly showing good momentum but has fallen short of a high

consensus bar, particularly on Equipment orders (where GSe was c.9% below

consensus for the quarter and c.5% for FY26). Epiroc will host a conference call at

14.00CEST (13.00UKT), where we expect questions to focus on the group’s outlook

for large orders in 2H26 and the source of the margin miss within E&S. We note that