Strong mining sector demand in 2024 enabled Epiroc, the Sweden-headquartered global market manufacturer of drill rigs and hydraulic breakers for the mining, quarrying and construction industries, to achieve new “record highs” in annual revenues and orders.
Helena Hedblom, Epiroc CEO and president, said: “In 2024, the orders received and revenues for Epiroc reached record highs, supported by acquisitions and strong demand from mining customers with a particularly strong demand for automation solutions. The demand from construction customers, was weak, which impacted profitability negatively. The largest acquisition was Stanley Infrastructure, which provides specialty attachments. Despite the current weak market environment, we are confident that this acquisition positions us well in attractive infrastructure niches long term.”
Epiroc’s revenues increased organically by 4% in Q4 2024 to SEK 17,251 million (SEK 15,568mn), while orders received increased organically by 5% to SEK 16,182 million (SEK 14,388mn). Adjusted operating profit was SEK 3,405 million (SEK 3,229mn).
Hedblom continued: “Innovation is one of our core values, and the 10% of our employees working in R&D made 2024 a true testament to what we can achieve. Successful product launches within electrification included our Minetruck MT66 S eDrive (hybrid), which combines the cost level of a diesel truck with the productivity of an electric one.
“At year-end, we had an automated fleet of more than 3 450 driverless machines of mixed brands, up 21% compared to the previous year. Another success was the order growth for our digital solutions, which grew by 30%. Within electrification, we saw good results, where the use of our battery-electric machines in operations more than doubled. Our circular service offering also grew strongly, up 19%. Our equipment, our aftermarket support, and our automation, digitalisation and electrification solutions have created more value than ever for our customers in 2024. We are committed to do even more in the future.
“To all colleagues, thank you for making innovation and operational improvement parts of your daily work, ensuring that Epiroc stays ahead and creates value for all stakeholders.”
