1) Strong Demand and Orders Growth - Group orders increased 12% organically to SEK 17.5 billion, with mining demand driving this growth. - Large equipment orders reached SEK 790 million, including a significant SEK 610 million order for an underground mine in Botswana. - Organic service growth was robust at 13%, reflecting a healthy demand across various segments, particularly for exploration and underground equipment.

2) Financial Performance Highlights - Revenues rose 7% organically to SEK 16.8 billion, with adjusted EBIT increasing 18% to SEK 3.4 billion. - The adjusted operating margin improved to 20.4%, up from 19.0% YoY, supported by high volumes and efficiency measures. - Equipment & Service revenues grew 8% organically, with service revenues increasing by 10% and equipment revenues by 5%.

3) Operational Efficiency and Investments - The company is actively investing in its manufacturing capabilities, including a modernized facility in Kalmar, Sweden, and expansions in Nashik, India, and Orebro, Sweden. - The transfer of tools production from Canada to Mexico is progressing as planned, aimed at enhancing operational efficiency. - The workforce increased by 5%, adding 1,100 employees primarily in production and service to support growth.

4) Challenges and Market Conditions - Operating cash flow decreased to SEK 1.4 billion from SEK 2.5 billion YoY, primarily due to higher working capital and taxes. - Inventory levels increased significantly, reflecting the need to support customer deliveries and aftermarket availability. - The company noted some lumpiness in service orders, particularly related to midlife upgrades, which could affect future growth rates.

5) Outlook and Guidance - Epiroc expects mining demand to remain high, while infrastructure demand is anticipated to stabilize. - The company remains committed to profitable growth, with a strong pipeline of orders, particularly in copper and underground equipment. - There is a focus on improving revenue conversion from the strong order book, with lead times for equipment ranging from 6 to 12 months depending on the type.

Bottom line: Epiroc's strong order growth and improved profitability in Q3 2026 reflect robust mining demand and effective operational efficiencies. While challenges in cash flow and inventory management persist, the company's strategic investments and healthy order pipeline position it well for continued growth and shareholder value enhancement.