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Presentation CMD 2020 Epiroc Capital Markets Day Fika 2020 Video: World of Epiroc Purpose Provide an update on Epiroc’s strategy for profitable growth Topics: • Epiroc Group • Strategy and foundations for success – Sustainability and a strong company culture are our foundation – Focus on attractive niches and outperformance – Innovation – Aftermarket – Operational excellence Capital Markets Day Fika (CMDF) • Fika is the Swedish practice of taking a break to enjoy coffee or tea together, often with something sweet such as a cinnamon bun. Speakers in order of appearance Helena Karin Larsson Sami Niiranen Jose Sanchez Jess Kindler Anders Lindén Mattias Olsson Hedblom Vice President President President President CFO SVP Corporate Investor Relations President and CEO Underground Surface Parts & Services Communications Q&A Start Break 4 2020: President and CEO 2017: Senior Executive Vice President Mining and Infrastructure, Epiroc, Sweden 2013: President, Rock Drilling Tools Division, Atlas Copco, Sweden 2011: General Manager Rock Drilling Tools Division, Helena Hedblom Atlas Copco, Sweden 2008: Vice President R&D, Atlas Copco Rock Drilling Tools Division, Sweden President & CEO 2002: Manager Material Development, Atlas Copco Rock Drilling Tools Division, Sweden 1997: Product Manager, Flux Cored Wire, Avesta Welding AB, Sweden M.Sc. in Material Technology from the Royal Institute of Technology, Stockholm, Sweden Epiroc Group We put safety first, always Safety by choice, not by chance • Covid-19 pandemic – Ensure health and well-being • SafeStart® – Safety awareness and safety skills – change behavior • Live Work Elimination – Identify and remove exposure to potentially hazardous energy sources that could cause serious injury • Positive trend on lost-time injuries – Fewer injuries and lower injury rate A leading productivity and sustainability partner We provide customers in selected global mining and infrastructure niches with • innovative, safe and sustainable drill rigs, rock excavation and construction equipment, and tools • world-class service to enhance productivity • solutions for automation and interoperability We are a 147-year old start-up with 14 000 employees collaborating with customers in 150+ countries We have a strong, proven and value-creating business model Strategy and foundations for success . Operational Innovation Aftermarket Focus on attractive niches excellence Outperformance Sustainability and a strong company culture being our foundation Strategy and foundations for success . Operational Innovation Aftermarket Focus on attractive niches excellence Outperformance Sustainability and a strong company culture being our foundation Sustainability and a strong company culture are our foundation Strong company culture • Employer of choice We want to be a vital part of the ”sustainable society. • Innovative and efficient people processes We want to foster an innovation culture with employees who • High-performing organization flourish and deliver sustainable • Best-in-class talent business results. acquisition, retention and cultivation • Decentralized governance model that leverages functional excellence 10 Sustainability and a strong company culture are our foundation • Sustainability embedded in everything we do We want to enable the We live by the We invest in • Our innovation agenda goes ”transformation of the mining highest ethical safety and standards well-being hand in hand with our and infrastructure industries to customers’ sustainability become sustainable. We grow agenda We use together with resources passionate responsibly people and • Competitive advantage and efficiently courageous leaders • Driver of long-term growth 11 Long-term sustainability goals 2030 goals Safety and Health Operations • No work-related injuries • Halve CO2 emissions in operations Balanced workforce • 90% renewable energy in own • Double the number of women in operations operational roles Transport Walk the talk • Halve CO2 emissions from transport • Have all employees and business partners Products comply with our Code of Conduct • Offer a full range of emission-free products • Responsible Sales Assessment Process • Halve CO2 emissions from machines sold (in implemented 2030 compared to machines sold in 2019) Suppliers • Require 50% reduction of CO2 emissions from relevant suppliers 12 Strategy and foundations for success . Operational Innovation Aftermarket Focus on attractive niches excellence Outperformance Sustainability and a strong company culture being our foundation Attractive hard-rock niches Mining Infrastructure 77% of order intake* 23% of order intake* Surface civil Underground civil Deconstruction and Underground mining Surface mining Exploration engineering and engineering recycling urban development Customer characteristics Customer characteristics • Large customers • Large number of customers • High expenditure per customer, while limited share of customers’ total • Lower expenditure per customer capex and opex • Equipment moving from worksite to worksite • Equipment remains in the mine, only moving within the site • More project-based business • Continuous operations *January - September 2020 14 Performance Revenues and operating margin Return on capital employed 22 70 000 40 50 000 20.3 21.0 20.6 19.4 19.9 19.6 20 18.9 19.3 45 000 18.1 35 17.1 60 000 32.0 18 16.8 40 000 30 16 27.4 27.6 50 000 33 313 35 000 14 25 29 518 +9% 40 849 30 000 38 285 40 000 21.6 12 36 596 31 364 20 23 086 25 000 10 21 674 28 663 30 000 27 102 20 000 8 15 15 000 6 20 000 10 4 10 000 10 000 5 2 5 000 0 0 0 0 2015 2016 2017 2018 2019 2020 12m Sep. 2017 2018 2019 2020 Q3 Revenues 12 months, MSEK Adjusted operating margin, %* ROCE, 12m, % Operating margin 12 months, % Avg. capital employed, MSEK *Adjusted for items affecting comparability. Items affecting comparability include change in provision for long-term 15 incentive plans and restructuring costs. Costs related to the split from Atlas Copco were classified as items affecting comparability in 2018. Mining and infrastructure trends Near term Long term • Demand stable but fragile in the near term • A growing world… • Covid-19 – Increases the underlying need for infrastructure and minerals – Restrictions vary among countries – All distribution centers and manufacturing facilities • … with increasing challenges to meet the are operational demand… – Capacity is being adapted to the demand – Driving cost of hard rock excavation • Mineral prices at good levels • …and strong focus on safety and sustainability • Average fleet age increasing 16 Key highlights Q3 2020 Recovery in orders and solid results Demand improved, +10% organic • Moderate impact from Covid-19 restrictions • Strong development in our resilient service, +9% organic • Customers taking investment decisions Strong interest for automation, digitalization and electrification • Several orders won • Successfully deployed unique solutions for mixed-fleet automation Solid results and cash flow • Efficiency actions executed according to plan • Margin improved to 20.9% (19.0), adjusted margin 21.7% (21.3) • Operating cash flow at MSEK 1 355 (1 883) Second dividend proposed 17 We expect that the demand, both for equipment and aftermarket, will remain stable in the near term. That said, there are uncertainties regarding the Covid-19 development and related restrictions, which can have an adverse effect on the demand. 18 Demand stable but fragile Mineral production impacted by disruptions 120 Covid-19-related disruptions 115 impact production output (of 110 total production capacity 2020 estimate): 105 100 • Gold: -5% 95 90 • Copper: -5% 85 2018 2019 2021f 2022f 80 2020f Copper production, kt, index Gold production, tonnes, index Source: Citi 3Q 2020 Commodities Market Outlook Source: McKinsey, October 2020, preliminary estimates 19 (BMI, MineSpans, USGS, Press Search) Favorable hard rock exposure Gold Infrastructure 20% 23% 17% Copper 14% Other 2% Zinc 3% 9% Coal 5% 7% Nickel, Lead Platinum Iron Estimated order exposure YTD 2020 “Other” includes silver, tin, manganese, cobalt, uranium, other gemstones than diamonds, granite, 20 limestone, dimension stone, potash, phosphorate and chemical & fertilizer minerals etc. 21 Sep. 20 Jun. 20 Mar. 20 Dec. 19 Sep. 19 Jun. 19 Mar. 19 Dec. 18 Sep. 18 Jun. 18 Mar. 18 Dec. 17 Sep. 17 Jun. 17 Mar. 17 Dec. 16 Sep. 16 Jun. 16 Mar. 16 Dec. 15 Mineral prices at good levels 60 80 70 90 100 110 130 120 150 140 170 160 180 The Epiroc average fleet age increasing Equipment fleet, by year of commissioning Aging profile of the fleet • 27% of the equipment is older than 10 years • The average age is about 7.2 years • Utilization/running hours, maintenance, midlife services, etc. impact the condition of the machines 2016 or later 2011-2015 2006-2010 2005 or earlier Data based on orginal commissioning date 22 Long term: Market dynamics attractive! A growing world… Increases the underlying need for infrastructure and minerals We have a strong position and the right solutions to … with increasing challenges to meet customers’ challenges meet the demand… Driving cost of hard rock excavation Safe and sustainable solutions, increased productivity and lower total cost of ownership …and strong focus on safety and sustainability 23 A growing world… Increases the underlying need for infrastructure and minerals • Population growth • The global construction market • Total global mining capital expected to grow by expenditure (drill-to-mill) • Strong urbanization trend low-mid single digit expected to grow by mid-high – By 2050, 2 in 3 people
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