Epiroc diversifies its financing with sustainability-linked NIB loan

Stockholm, Sweden: Epiroc, a leading productivity and sustainability partner for the mining and construction industries, and the Nordic Investment Bank (NIB) have signed a 10-year sustainability-linked loan agreement. The MUSD 150 (MSEK 1 555) loan, which diversifies Epiroc’s financing, is connected to Epiroc’s climate targets, which support the decarbonization of the mining and construction industries. 

Epiroc’s ambitious sustainability goals for 2030 include halving its emissions. The company’s climate targets, validated by the Science Based Targets initiative (SBTi) in 2021, are in line with limiting global warming to 1.5° C. Epiroc also aims to offer its full product range in emission-free alternatives by 2030. 

The NIB loan agreement includes three key performance indicators (KPIs) for Epiroc’s climate goals, which will be followed-up annually for progress tracking and interest rate margin adjustments:

• KPI 1: Reduce absolute Scope 1 and 2 CO₂e emissions by 50% from the baseline year 2019 to 2030.
• KPI 2: Reduce absolute Scope 3 CO₂e emissions from the use of sold products by 50% from the baseline year 2019 to 2030.
• KPI 3: Achieve a product offering that includes emission-free alternatives for the full product range by 2030.

Epiroc will use the proceeds for general corporate purposes. 

“Epiroc puts a strong focus on providing equipment and solutions that lower emissions significantly,” says Håkan Folin, Epiroc’s Chief Financial Officer. “This financing, which is linked to how we progress on our ambitious 2030 sustainability goals, will support our continuous development of innovative products and solutions that lower emissions and strengthen safety and productivity for our customers and in our own operations.”

“NIB’s financing is linked to Epiroc’s highly ambitious, industry-leading sustainability targets. Our cooperation showcases how decisive business actions and timely financial instruments can help decarbonize hard-to-abate sectors such as mining,” says André Küüsvek, NIB President and CEO.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For more information please contact:
Anna Westerlund, VP Group Treasury
+46 73 392 81 16 
anna.westerlund@epiroc.com
Karin Larsson, VP Investor Relations and Media
+46 10 755 0106
ir@epiroc.com
Ola Kinnander, Media Relations Manager
+46 70 347 2455
media@epiroc.com

Epiroc is a global productivity partner for mining and construction customers, and accelerates the transformation toward a sustainable society. With ground-breaking technology, Epiroc develops and provides innovative and safe equipment, such as drill rigs, rock excavation and construction equipment and tools for surface and underground applications. The company also offers world-class service and other aftermarket support as well as solutions for automation, digitalization and electrification. Epiroc is based in Stockholm, Sweden, had revenues of more than SEK 60 billion in 2023, and has around 19 000 passionate employees supporting and collaborating with customers in around 150 countries. Learn more at www.epirocgroup.com.

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