Epiroc Overview
Epiroc AB was established as an independent public company in 2018 following its spin-off from Atlas Copco, listing on Nasdaq Stockholm under the tickers EPI A and EPI B. Headquartered in Orebro, Sweden, Epiroc operates across more than 150 countries through a network of manufacturing facilities, service centers, and regional offices. The company's global footprint is directly oriented toward the mining, infrastructure, and construction sectors, where it supplies heavy drilling rigs, rock excavation equipment, and specialized utility vehicles designed for demanding underground and surface environments. This structure positions Epiroc as a dedicated heavy equipment manufacturer rather than a diversified industrial conglomerate, giving it focused exposure to the high equipment and utility vehicles segment.
Epiroc's core portfolio within the heavy Equipment and Utility Vehicles Market encompasses surface and underground drilling rigs, rock reinforcement and rock support equipment, tunneling jumbos, longhole drill rigs, and a range of battery-electric and diesel-powered utility vehicles for underground mining operations. The company's Minetruck, Scooptram, and Boomer product lines are widely deployed in hard-rock mining environments globally. Epiroc competes directly with Sandvik Mining and Rock Solutions, Komatsu Mining, and Caterpillar in this segment, differentiating through its emphasis on automation, battery-electric drivetrains, and integrated fleet management systems. Its aftermarket service and parts business — which generates a substantial share of group revenues — reinforces customer retention and provides recurring revenue streams tied to the installed base of heavy equipment.
Epiroc has pursued a disciplined acquisition strategy to expand its technology capabilities and geographic reach within the heavy Equipment and Utility Vehicles Market. Key acquisitions include the purchase of Mining Software provider RPMGlobal's automation assets, Mobilaris (underground positioning and situational awareness), and ASI Mining (autonomous haulage systems), all of which extend the intelligence layer of its physical equipment offerings. The company has also invested in battery-electric vehicle technology through its partnership with Northvolt and internal development programs, targeting a full battery-electric product range for underground mining vehicles. In 2023 and 2024, Epiroc continued to expand its service network in Africa, Latin America, and Asia-Pacific to capture aftermarket revenue growth in regions with accelerating mining capital expenditure.
Epiroc reported full-year 2024 revenues of approximately SEK 63.0 billion (roughly USD 5.8 billion), with the Tools & Attachments and Equipment & Service divisions both contributing to growth driven by sustained demand from copper, gold, and lithium mining customers. Major customer segments include large diversified miners such as BHP, Rio Tinto, Glencore, Freeport-McMoRan, and Newmont, as well as national mining companies across Africa and Latin America. The company held a leading market position in underground hard-rock drilling and loading equipment, with its battery-electric Scooptram and Minetruck models gaining traction as miners accelerate decarbonization of underground fleets.
Strategy
Epiroc has positioned itself as a technology-led productivity partner within the heavy mining and construction equipment segment, differentiating from peers such as Sandvik and Caterpillar through an accelerated electrification and automation agenda embedded across its entire drilling and rock-excavation portfolio. The company's overarching strategic intent is to transition customers from diesel-dependent fleets toward battery-electric and autonomous equipment systems, leveraging its proprietary 6th Sense digital platform as the connective tissue across surface and underground operations. Epiroc's primary growth lever is the systematic expansion of its aftermarket and service revenue base—anchored by long-term customer agreements—which provides recurring income that insulates the business from cyclical capital-expenditure swings characteristic of the mining and heavy equipment industry. Targeted bolt-on acquisitions in automation software and electrification technology further reinforce Epiroc's competitive moat against rivals investing in similar transitions.
Strategic Pillars
1. Electrify underground drill fleet commercially
Epiroc launched the Boomer E2 Battery, its first battery-electric face drilling rig, and began commercial deliveries to mining customers in 2022–2023, directly competing with Sandvik's battery-electric DD422iE in the underground hard-rock segment.
2. Acquire automation software to scale autonomy
Epiroc acquired ASI Mining, a U.S.-based autonomous haulage and fleet management software company, completing the transaction in 2022 to integrate autonomous truck solutions into its heavy equipment offering for surface mining customers.
3. Deploy 6th Sense digital platform fleet-wide
Epiroc's 6th Sense connectivity platform, commercially active across its drilling and rock-support equipment lines, was highlighted by CEO Helena Hedblom in the 2023 Annual Report as central to delivering remote monitoring and predictive maintenance to customers globally.
4. Expand surface mining equipment in North America
Epiroc secured a contract with a major North American copper producer in 2023 for a fleet of Pit Viper 351 rotary blasthole drills, reinforcing its surface drilling market share against Caterpillar's MD6310 in the Americas region.
5. Grow aftermarket service agreements for recurring revenue
Epiroc reported in its Q4 2023 results that service and aftermarket revenues represented approximately 60% of total revenues, with CEO Helena Hedblom stating the company targets continued growth in long-term service contracts to stabilise earnings through equipment market cycles.
6. Partner to advance hydrogen-ready equipment pipeline
Epiroc joined the GHG Protocol-aligned Zero Emission Mining consortium and announced collaboration with fuel-cell technology partners in 2023 to develop hydrogen-compatible powertrains for large surface drilling and utility vehicles, targeting post-2025 commercial readiness.
7. Reduce Scope 3 emissions across equipment lifecycle
Epiroc's 2023 Sustainability Report committed to a Science Based Target of net-zero across the value chain by 2050, with an interim 2030 target requiring a 50% reduction in Scope 3 emissions from sold products, directly influencing equipment design specifications for its heavy machinery lines.
8. Penetrate Asia-Pacific mining equipment demand surge
Epiroc expanded its service and distribution network in Australia and Southeast Asia in 2022–2023, opening a new customer centre in Perth, Australia, to support growing demand for underground battery-electric equipment from lithium and gold mining operators in the region.
