Is Epiroc profitable in 2026?

Yes. Epiroc reported Q2 2026 revenue of SEK 16,702 million, up 10% year on year, with adjusted EBIT of SEK 3.35 billion and an adjusted operating margin of 20.1%, up from 19.7% a year earlier, as of July 17, 2026.

Epiroc is publicly traded on Nasdaq Stockholm under EPI A and EPI B, spun off from Atlas Copco in 2018. Its largest shareholder as of June 30, 2026 is Investor AB, holding 17.11% of capital and 22.73% of votes.

Could AI replace Epiroc?

No. Epiroc embeds AI into its own hardware, such as collision avoidance and LinkOA autonomous haulage shown at its June 2026 World Expo, rather than being displaced by it. Its moat is a global service network generating 66% of 2025 revenue from aftermarket.

Who is Epiroc's biggest competitor?

Sandvik AB is Epiroc's closest head to head rival in underground mining automation, both Swedish. Caterpillar leads the broader mining equipment market with about 8.8% underground share in 2024, but outside Epiroc's specialized autonomous niche.

Is Epiroc laying off employees?

No layoffs reported. Headcount has grown steadily, from about 17,965 employees in 2023 to roughly 19,000 as of the July 17, 2026 Q2 report, consistent with organic and acquisition-driven expansion.

Is Epiroc partnering with Chinese competitor SANY?

Yes. Epiroc signed a global partnership agreement with China's SANY Group on May 26, 2026 to explore broader collaboration, effectively co-opting a potential low-cost rival rather than losing ground to it.

Manufacturing companies · Sweden

Epiroc AB

epiroc.com ↗

Swedish maker of mining and construction machines, autonomous drills, trucks, and long-term service contracts.

Hard to displace

Assessed 24 July 2026 · Evidence as of 24 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 24 July 2026 · Checkable from Q3 2026 · Every call on the record Checkpoint: Q3 2026 earnings plus expected close of the Eventspec acquisition

The call

Epiroc's business rests on service contracts and certified automation on machines already underground, with Sandvik as the one rival playing in the same specialized space.

Epiroc makes underground mining equipment and sells a lot of replacement parts and service contracts to keep those machines running, which brings in steady money year after year. It is hard to replace because mining companies are locked into using Epiroc equipment for decades, the company has service centers all over the world, and new competitors would need to build those same networks from scratch while meeting strict safety rules. The one thing that could change this is if mining companies suddenly stop buying new equipment (which happens when mining budgets tighten), or if Epiroc's new partnership with SANY, a cheaper Chinese rival, ends up teaching that rival how to build competing equipment.

Why

AI pressure: None apparent. AI shows up as autonomy software (LinkOA, Deep Automation) Epiroc sells and services, not as an outside product replacing it. Could AI do the core job? Unlikely.

Bigger players: Sandvik. Sandvik runs its own live autonomous mining platform (AutoMine), competing head to head for the same underground fleet conversions. Could a giant copy it? No, they are blocked.

What protects it. Most revenue comes from service and parts on machines already installed underground, tied to safety certifications that take years to requalify elsewhere.

What would change this call

Q3 2026 order-intake growth rate versus Q2 2026's deceleration. Would show whether mining capex slowdown is denting Epiroc's demand.
Details emerging from the May 2026 SANY partnership evolution. Would reveal if it's tech-transfer risk or a co-opted low-cost entrant.
Any mine operator publicly switching from Epiroc's LinkOA to Sandvik AutoMine for new autonomous conversions. Would confirm Sandvik taking share in high-end automation niche.

Key numbers

66% of 2025 revenue came from aftermarket and service (2025)
SEK 62B full-year 2025 revenue (2025)
Q2 2026 adjusted operating margin 20.1%, up from 19.7% (2026-07-17)

Named risks

Mining capex cyclicality causing order-intake deceleration, as seen in Q2 2026. Severity: high
Chinese low-cost entrants like SANY and XCMG expanding into autonomous mining equipment. Severity: medium
Currency and market-cap reporting inconsistencies across sources in mid-2026. Severity: low
Sweden's Foreign Direct Investments Act could trigger regulatory review of large stake purchases. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Sandvik AB	contesting	Direct rival in underground mining automation niche, both Swedish, as of 2026
Caterpillar	contesting	Market leader in broader mining equipment, but not in Epiroc's underground automation niche
Komatsu Ltd.	contesting	World's second largest construction and mining equipment maker, competing globally
SANY Group	gaining on	Epiroc signed global partnership with SANY on 2026-05-26 rather than losing share to it

Questions people ask

Is Epiroc profitable in 2026?: Yes. Epiroc reported Q2 2026 revenue of SEK 16,702 million, up 10% year on year, with adjusted EBIT of SEK 3.35 billion and an adjusted operating margin of 20.1%, up from 19.7% a year earlier, as of July 17, 2026.
Who owns Epiroc?: Epiroc is publicly traded on Nasdaq Stockholm under EPI A and EPI B, spun off from Atlas Copco in 2018. Its largest shareholder as of June 30, 2026 is Investor AB, holding 17.11% of capital and 22.73% of votes.
Could AI replace Epiroc?: No. Epiroc embeds AI into its own hardware, such as collision avoidance and LinkOA autonomous haulage shown at its June 2026 World Expo, rather than being displaced by it. Its moat is a global service network generating 66% of 2025 revenue from aftermarket.
Who is Epiroc's biggest competitor?: Sandvik AB is Epiroc's closest head to head rival in underground mining automation, both Swedish. Caterpillar leads the broader mining equipment market with about 8.8% underground share in 2024, but outside Epiroc's specialized autonomous niche.
Is Epiroc laying off employees?: No layoffs reported. Headcount has grown steadily, from about 17,965 employees in 2023 to roughly 19,000 as of the July 17, 2026 Q2 report, consistent with organic and acquisition-driven expansion.
Is Epiroc partnering with Chinese competitor SANY?: Yes. Epiroc signed a global partnership agreement with China's SANY Group on May 26, 2026 to explore broader collaboration, effectively co-opting a potential low-cost rival rather than losing ground to it.

Timeline

2026-07-17Q2 2026 revenue up 10% YoY to SEK 16,702M, margin 20.1%, shares fall 7.9%
2026-06Epiroc World Expo in Orebro showcases AI collision avoidance and MT66 S eDrive
2026-06Expanded alliance with Ericsson to accelerate mining automation
2026-05-26Signed global partnership agreement with China's SANY Group
2026-05-05AGM renews mandate to repurchase and sell shares
2026-03-09Agreed to acquire South African aftermarket provider Eventspec
2025-10-24Roy Hill mine completes 78 truck fully autonomous LinkOA conversion
2025-09-18Broke ground on new global distribution center in Orebro, Sweden
2018-06-18Listed on Nasdaq Stockholm after spinoff from Atlas Copco

Revision history

24 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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