Epiroc (EPIRa.ST): LSD downgrades post 2Q26, but order growth remains strong

研报英文原文证据摘录

Epiroc (EPIRa.ST): LSD downgrades post 2Q26, but order growth remains strong

Equity Research

21 July 2026 | 9:21PM BST

Epiroc (EPIRa.ST): LSD downgrades post 2Q26, but order growth

remains strong

We maintain our Buy rating on Epiroc, lowering our 12m TP to SEK295 (from Christian Hinderaker, CFA

+44(20)7774-7366 |

SEK319) following a mixed 2Q26 print that saw adj. EBIT miss by just -1% as christian.hinderaker@gs.com

Goldman Sachs International

strong OSG (+11% vs. +9.4% company-compiled consensus) was offset by

Hollie Cooper

weaker-than-expected margins in E&S. Though we lower our near-term forecasts +44(20)7051-0956 |

for Service OOG, increased FX tailwinds limit the impact, and we were already below hollie.cooper@gs.comGoldman Sachs International

consensus on Equipment OOG, where the +30% growth at 2Q26 remains consistent

with our outlook for an OE up-cycle. Accordingly, our FY26 order/sales forecasts go

unchanged at the group level, with FX supporting a c.1% uplift for FY27. The

combination of an increased Equipment mix and higher logistics costs do result in a

c.-50/-70bps reduction in our FY26/27e group margin forecasts to 20.2%/21.3%.

Though this drives a c.2% reduction in our earnings forecasts, we still expect

structural cost initiatives and an +8.6% OSG CAGR to drive >300bps of margin

expansion over FY25-30E.

Epiroc’s 2Q26 orders missed consensus, but momentum remains consistent with

our outlook for an OE up-cycle. While the group’s +13% OOG fell short of the

+17.6% consensus, it was just 50bps below our +13.5% forecast and a third straight

quarter of DD OOG. Equipment demand (+30% OOG) remains strong, supported by

exploration activity, brownfield growth, and replacement of the ageing fleet. We

therefore leave our Equipment OOG forecasts unchanged.