===== SIDA 1 ===== Press release from Atlas Copco AB Atlas Copco Group Atlas Copco AB Visitors address: Telephone: +46 8 743 8000 A Public Company (publ) SE-105 23 Stockholm Sweden Sickla Industriväg 19 Nacka www.atlascopcogroup.com Reg. No. 556014-2720 Reg. Office Nacka April 24, 2024 Atlas Copco Group First-quarter report 2024 Solid orders, revenues and operating profit The comparison figures presented in this report refer to previous year unless otherwise stated. First quarter • Orders received decreased 4% to MSEK 45 656 (47 707), organic decline of 4% • Revenues increased 8% to MSEK 42 875 (39 861), organic growth of 7% • Operating profit reached MSEK 9 345 (8 699), corresponding to a margin of 21.8% (21.8) - Adjusted operating profit, excluding items affecting comparability, was MSEK 9 486 (8 663), corresponding to a margin of 22.1% (21.7) • Profit before tax amounted to MSEK 9 361 (8 655) • Basic earnings per share were SEK 1.47 (1.34) • Operating cash flow at MSEK 6 660 (4 948) • Return on capital employed was 30% (29) * Operating profit excluding amortization of intangibles related to acquisitions . Near-term demand outlook Atlas Copco Group expects that the customer activity level will remain at the current level. Previous near-term demand outlook (published January 25, 2024): Atlas Copco Group expects that the customer activity level will remain at the current level. Quarterly and annual financial data in Excel format can be found at: https://www.atlascopcogroup.com/en/investor-relations/financial-reports-presentations/latest-results MSEK 2024 2023 Orders received 45 656 47 707 -4% Revenues 42 875 39 861 8% EBITA* 9 905 9 211 8% – as a percentage of revenues 23.1 23.1 Operating profit 9 345 8 699 7% – as a percentage of revenues 21.8 21.8 Profit before tax 9 361 8 655 8% – as a percentage of revenues 21.8 21.7 Profit for the period 7 175 6 528 10% Basic earnings per share, SEK 1.47 1.34 Diluted earnings per share, SEK 1.47 1.34 Return on capital employed, % 30 29 January-March ===== SIDA 2 ===== Atlas Copco AB – Q1 2024 2 (18) Review of the first quarter Market development The overall demand for the Atlas Copco Group’s equipment and services was solid, although the order intake didn’t reach the high level of the comparison quarter in the previous year. Order volumes for industrial compressors remained basically unchanged, while orders for gas and process compressors did not reach the previous year’s exceptional level. The order intake for vacuum equipment for the semiconductor industry increased somewhat, whereas the order intake for industrial and scientific vacuum equipment decreased. Orders for industrial assembly equipment and vision solutions for the automotive industry were basically unchanged, while orders for the general industry increased. The order intake for power and flow equipment decreased markedly compared to the previous year’s high level, primarily due to lower demand from equipment rental companies in North America. The service business, including specialty rental, continued to grow with increased order intake in all business areas and in most regions. In total, the Group’s order intake increased in Europe, South America, and Africa/Middle East but decreased in North America and Asia. Geographic distribution of orders received * Change in orders received compared to the previous year in local currency. Sales bridge * Volume, price and mix. Orders, revenues, and operating profit margin Geographic distribution of orders received and revenues January-March 2024 Orders received, % Change*, % North America 26 -12 South America 4 +8 Europe 28 +4 Africa/Middle East 6 +23 Asia/Oceania 36 -2 Atlas Copco Group 100 -2 Atlas Copco Group MSEK Orders received Revenues 2023 47 707 39 861 Structural change, % +2 +3 Currency, % -2 -2 Organic*, % -4 +7 Total, % -4 +8 2024 45 656 42 875 January-March 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 5 000 10 000 15 000 20 000 25 000 30 000 35 000 40 000 45 000 50 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 Orders received, MSEK Revenues, MSEK Operat ing margin, % Adjusted operating margin, % January-March 2024 Orders received Revenues Orders received Revenues Orders received Revenues Orders received Revenues Orders received Revenues North America 25 27 23 26 33 33 30 27 26 28 South America 6 6 0 0 2 3 6 7 4 4 Europe 29 32 16 16 34 34 32 32 28 29 Africa/Middle East 7 6 1 1 1 1 9 7 6 4 Asia/Oceania 33 29 60 57 30 29 23 27 36 35 100 100 100 100 100 100 100 100 100 100 Compressor Technique, % Vacuum Technique, % Industrial Technique, % Power Technique, % Atlas Copco Group, % ===== SIDA 3 ===== Atlas Copco AB – Q1 2024 3 (18) Revenues, profits and returns Revenues increased 8% to MSEK 42 875 (39 861), corresponding to an organic growth of 7%. Currency had a negative effect of 2%, and acquisitions added 3%. The operating profit increased 7% to MSEK 9 345 (8 699) and includes a change in provision for share related long-term incentive programs, reported in Common Group Items of MSEK -141 (+36). Adjusted operating profit increased 10% to MSEK 9 486 (8 663), corresponding to a margin of 22.1% (21.7). The margin was positively affected by increased organic revenues while dilution from acquisitions affected the margin negatively. Currency had no material effect on the margin. Net financial items amounted to MSEK 16 (-44) whereof interest net at MSEK -61 (-91). Other financial items, including financial exchange differences, were MSEK 77 (47). Profit before tax amounted to MSEK 9 361 (8 655), corresponding to a margin of 21.8% (21.7). Corporate income tax amounted to MSEK -2 186 (-2 127), corresponding to an effective tax rate of 23.4% (24.6). Profit for the period was MSEK 7 175 (6 528). Basic and diluted earnings per share were SEK 1.47 (1.34) and SEK 1.47 (1.34), respectively. The return on capital employed during the last 12 months was 30% (29). Return on equity was 31% (32). The Group uses a weighted average cost of capital (WACC) of 8.0% as an investment and overall performance benchmark. Operating cash flow and investments Operating cash surplus increased to MSEK 11 685 (10 690). Net financial items and taxes paid amounted to MSEK -2 135 (-1 976). Working capital increased by MSEK 1 334 (increase of 2 212), mainly due to lower operating liabilities. Net investments in rental equipment were MSEK -546 (-298). Net investments in property, plant, and equipment, were MSEK -858 (-983). Operating cash flow (an important internal KPI, but not an IFRS measurement, and hence defined on page 13) reached MSEK 6 660 (4 948). Net indebtedness The Group’s net indebtedness amounted to MSEK 20 810 (24 124), of which MSEK 2 715 (2 419) was attributable to post- employment benefits. The Group’s interest-bearing liabilities have an average maturity of 5.4 years. The net debt/EBITDA ratio was 0.5 (0.6) and the net debt/equity ratio was 20% (28). Acquisition and divestment of own shares During the quarter, 2 309 741 series A shares, net, were sold for a net value of MSEK 410. These transactions are in accordance with mandates granted by the Annual General Meeting and relate to the Group’s long-term incentive programs. See page 17. Employees On March 31, 2024, the number of employees was 53 728 (50 056). The number of consultants/external workforce was 3 126 (3 576). For comparable units, the total workforce increased by 1 726 from March 31, 2023. Important events – before and after period end On November 24, 2023, it was announced that Mats Rahmström, the President and CEO of the Atlas Copco Group, will leave the Group. After 35 years with the Group and almost seven years as CEO, Mats Rahmström informed the Board of Directors of Atlas Copco AB that he wishes to step down. Mats Rahmström will continue to be fully operational up until April 30, 2024. On January 11, 2024, it was announced that the Board of Directors has appointed Vagner Rego (currently Business Area President for the business area Compressor Technique) as the new President and CEO of Atlas Copco Group, effective May 1, 2024. Revenues and operating profit – bridge * LTI= Long term incentive MSEK Q1 2024 Volume, price, mix and other Currency Acquisitions Items affecting comparability Share-based LTI* programs Q1 2023 Atlas Copco Group Revenues 42 875 2 799 -755 970 - - 39 861 Operating profit 9 345 888 -120 55 0 -177 8 699 21.8% 21.8% ===== SIDA 4 ===== Atlas Copco AB – Q1 2024 4 (18) Compressor Technique * Operating profit excluding amortization of intangibles related to acquisitions. • Orders for industrial compressors flat, gas and process compressors down • Solid growth for service • Strong operating profit, margin at 24.8% Sales bridge * Volume, price and mix. Industrial compressors The demand for both large-sized and smaller-sized compressors was basically unchanged, and the overall order volumes for industrial compressors remained at the same level as the previous year. Sequentially, the order intake increased for all compressor sizes. Geographically, compared to the previous year, the order intake increased in South America and Africa/Middle East, was flat in North America, but decreased in Europe and Asia. Gas and process compressors The order intake for gas and process compressors was strong, although it did not reach the extraordinarily high level of the previous year. Sequentially, however, the order intake increased strongly. Year-on-year order volumes decreased in most regions, most significantly in North America and Asia, because several larger orders placed in the previous year were not repeated. Compressor service The demand for service remained strong, and solid order growth was achieved year-on-year and sequentially. Order volumes increased in all regions compared to the previous year. Innovation A new dual-speed oil-injected rotary screw compressor, the GA 11-30 FLX, was introduced to the market. The dual-speed concept can provide up to 20% energy savings compared to a fixed-speed compressor. In addition, and thanks to connectivity, the new product can also be upgraded over the air for total variable speed capabilities and additional energy efficiency. Acquisitions The following acquisitions were completed in the quarter: - Hycomp Inc.’s technology for high-pressure oil-free compression. The US-based company has 37 employees and had revenues of MSEK 85 in 2023. - Ace Air (NI) Ltd, a compressed air distributor and service provider in Ireland with 8 employees. - Druckluft-Technik-Nord GmbH, a compressor distributor in Germany with 18 employees. - Pacific Sales & Service, Inc. (Pacific Air Compressors), a compressed air distributor in the US with 15 employees. - Zahroof Valves Inc., a US-based company that designs, services, and assembles reciprocating compression valve technology. The company has 44 employees and had revenues of approximately MSEK 130 in 2023. Revenues and profitability Revenues increased 6% to MSEK 18 710 (17 632), corresponding to an organic increase of 8%. The operating profit increased 9% to MSEK 4 642 (4 245), corresponding to a margin of 24.8% (24.1). The higher margin was mainly due to increased organic revenues. Currency affected the margin negatively, and dilution from acquisitions had a small negative effect on the margin. Return on capital employed (last 12 months) was 84% (82). Orders, revenues, and operating profit margin MSEK 2024 2023 Orders received 21 144 21 819 -3% Revenues 18 710 17 632 6% EBITA* 4 795 4 386 9% – as a percentage of revenues 25.6 24.9 Operating profit 4 642 4 245 9% – as a percentage of revenues 24.8 24.1 Return on capital employed, % 84 82 January-March MSEK Orders received Revenues 2023 21 819 17 632 Structural change, % +1 +0 Currency, % -3 -2 Organic*, % -1 +8 Total, % -3 +6 2024 21 144 18 710 January-March 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 2 500 5 000 7 500 10  000 12  500 15  000 17  500 20  000 22  500 25  000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 Orders received, MSEK Revenues, MSEK Operat ing margin, % ===== SIDA 5 ===== Atlas Copco AB – Q1 2024 5 (18) Vacuum Technique * Operating profit excluding amortization of intangibles related to acquisitions . • Decreased equipment orders driven by industrial and scientific vacuum • Solid growth for service • Operating profit margin at 21.8% Sales bridge * Volume, price and mix. Semiconductor and flat panel display equipment Order volumes for equipment to the semiconductor and flat panel industry increased somewhat compared to the previous year, and order growth was also achieved sequentially. Geographically and compared to the previous year, order volumes increase in North America, were flat in Asia, but decreased in Europe. Industrial and scientific vacuum equipment Order volumes for industrial and scientific vacuum equipment decreased markedly due to generally lower demand from several industrial and scientific application segments. Compared to the previous quarter though, order intake increased. Year-on-year, order volumes decreased in Asia and North America, while orders were unchanged in Europe. Vacuum service The service business continued to grow with increased order intake from semiconductor and industrial customers. Order volumes increased in all major regions. Innovation The business area introduced a new chiller, Polycold MC2200, for a broad range of industrial applications. The new chiller offers high productivity, fast cooldown cycles, and up to 20% improved power efficiency compared to previous models. Revenues and profitability Revenues reached MSEK 9 719 (9 989), corresponding to an organic decrease of 3%. The operating profit reached MSEK 2 119 (2 268), corresponding to a margin of 21.8% (22.7). The margin was negatively affected by lower revenue volumes, an unfavorable sales mix, and dilution from acquisitions. Currency had a positive effect on the operating margin. Return on capital employed (last 12 months) was 22% (24). Orders, revenues, and operating profit margin MSEK 2024 2023 Orders received 9 104 9 524 -4% Revenues 9 719 9 989 -3% EBITA* 2 297 2 441 -6% – as a percentage of revenues 23.6 24.4 Operating profit 2 119 2 268 -7% – as a percentage of revenues 21.8 22.7 Return on capital employed, % 22 24 January-March MSEK Orders received Revenues 2023 9 524 9 989 Structural change, % +2 +2 Currency, % -2 -2 Organic*, % -4 -3 Total, % -4 -3 2024 9 104 9 719 January-March 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 11 000 12 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 Orders received, MSEK Revenues, MSEK Operating margin, % ===== SIDA 6 ===== Atlas Copco AB – Q1 2024 6 (18) Industrial Technique * Operating profit excluding amortization of intangibles related to acquisitions . • Slight order growth for equipment driven by general industry • Continued solid growth for service • Record revenues, operating profit margin at 21.9% Sales bridge * Volume, price and mix. Automotive industry The overall order intake for industrial assembly and vision solutions to the automotive industry was basically unchanged compared to the previous year. Orders were largely flat in all major regions. Compared to the previous quarter, the order intake increased, supported by increased order volumes in all major regions. General industry Orders for industrial assembly and vision solutions for the general industry increased compared to the previous year and sequentially. The year-on-year order growth was supported by increased demand from several customer segments, such as aerospace, general assembly, electronics, and energy. Geographically, order volumes increased in Europe and the Americas and remained essentially unchanged in Asia. Service Order volumes for service remained strong, and solid order growth was achieved in all major regions. Innovation The Atlas Copco Avantguard was introduced as a new error- proofing solution for assembly processes, targeting automotive, off-highway, and energy customers. The solution is based on new software that integrates into the Atlas Copco ecosystem of industrial tools, positioning solutions, and software. It controls and manages factory workflows, reduces errors, and increases quality at customers' production. Revenues and profitability Revenues increased 16% to record MSEK 7 514 (6 492), corresponding to an organic increase of 19%. The operating profit increased 20% to MSEK 1 649 (1 371), corresponding to a margin of 21.9% (21.1). The higher margin was supported by increased revenue volumes. Currency and acquisitions had no material effect on the operating margin. Return on capital employed (last 12 months) was 22% (18). Orders, revenues, and operating profit margin MSEK 2024 2023 Orders received 7 796 7 729 1% Revenues 7 514 6 492 16% EBITA* 1 781 1 507 18% – as a percentage of revenues 23.7 23.2 Operating profit 1 649 1 371 20% – as a percentage of revenues 21.9 21.1 Return on capital employed, % 22 18 January-March MSEK Orders received Revenues 2023 7 729 6 492 Structural change, % +0 -1 Currency, % -2 -2 Organic*, % +3 +19 Total, % +1 +16 2024 7 796 7 514 January-March 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 Orders received, MSEK Revenues, MSEK Operating margin, % ===== SIDA 7 ===== Atlas Copco AB – Q1 2024 7 (18) Power Technique * Operating profit excluding amortization of intangibles related to acquisitions. • Equipment orders down compared to previous year’s very high level • Growth for specialty rental and service • Operating profit margin at 19.3% Sales bridge * Volume, price and mix. Equipment Order volumes for equipment such as portable compressors, generators, and pumps decreased significantly compared to the previous year. The lower order intake was mainly due to lower demand from North American equipment rental companies compared to last year's very high level. Sequentially, order volumes increased, partly supported by a normal seasonal effect. Compared to the previous year, the order intake decreased in North America and Asia but increased in Europe. Specialty rental The demand for the specialty rental business increased and order volumes grew compared to the previous year. The increased order intake was further supported by the contribution from recent acquisitions. Sequentially, order volumes decreased. Year-on-year, the order volumes increased in all larger regions. Service Orders for service continued to develop positively, with solid order growth in almost all regions. Innovation During the quarter, the CPS 1600-150, a new portable compressor primarily for the North American market, was introduced. The new compressor is compact and lightweight, has a robust design, and offers high fuel efficiency compared to similar products. Acquisitions In the quarter, KRACHT GmbH (Kracht), a German manufacturer of external gear pumps, fluid measurement, valves, hydraulic drives, and dosing systems was acquired. The company has 440 employees and had revenues of MSEK 766 in 2022. Revenues and profitability Revenues increased 20% to MSEK 7 202 (5 996), corresponding to an organic increase of 9%. The operating profit increased 22% to MSEK 1 393 (1 145), corresponding to a margin of 19.3% (19.1). The margin was primarily supported by increased organic revenues, even if currency also had a small positive effect. Dilution from acquisitions affected the margin negatively. Return on capital employed (last 12 months) was 21% (24). Orders, revenues, and operating profit margin MSEK 2024 2023 Orders received 8 019 8 929 -10% Revenues 7 202 5 996 20% EBITA* 1 489 1 206 23% – as a percentage of revenues 20.7 20.1 Operating profit 1 393 1 145 22% – as a percentage of revenues 19.3 19.1 Return on capital employed, % 21 24 January-March MSEK Orders received Revenues 2023 8 929 5 996 Structural change, % +8 +12 Currency, % -1 -1 Organic*, % -17 +9 Total, % -10 +20 2024 8 019 7 202 January-March 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 Orders received, MSEK Revenues, MSEK Operating margin, % ===== SIDA 8 ===== Atlas Copco AB – Q1 2024 8 (18) Accounting principles The consolidated accounts of Atlas Copco Group are prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU. The description of the accounting principles and definitions applied in this report are found in the Annual Report 2023. The interim report is prepared in accordance with IAS 34 Interim Financial Reporting. Non-IFRS measures are also presented in the report since they are considered to be important supplemental measures of the company´s performance. For further information about these measures and how they have been calculated, please visit: https://www.atlascopcogroup.com/en/investor-relations/key-figures Risks, risk management and factors of uncertainty Atlas Copco Group’s global and diversified business is active within many customer segments and results in a variety of risks and opportunities geographically and operationally. Thus, the ability to identify, analyze and manage risks is crucial for effective governance and control of the business. The aim is to meet the Group’s goals with a high awareness of risks and well-managed risk taking. Atlas Copco Group sees the benefits of an efficient risk management both from risk reduction and business opportunity perspectives, which can lead to good business growth. Risks in Atlas Copco Group are identified in a 360-degree spectrum, meaning that both internal, and external exposures are assessed, including today’s circumstances and future changes. The Group’s risk management approach follows the decentralized structure of Atlas Copco Group. Risks are analyzed and addressed in an integrated way. Local companies are responsible for their own risk management, which is monitored and followed up regularly at for example local business board meetings. Group functions responsible for legal, insurance, human resources, compliance, sustainability, treasury, tax, controlling and accounting provide policies, guidelines and instructions regarding risk management. Risk areas include compliance risks, external exposure risks, including pandemics, operational risks and strategic risks. These risk areas can impact the business negatively both in the long and short term, but often also create business opportunities if managed well. Examples of risks and how they are handled is described below. Market risks The demand for Atlas Copco Group’s equipment and services is affected by changes in the customers’ investment and production levels. A general economic downturn, geopolitical tensions, pandemics, changes in trade agreements, trade sanctions, a widespread financial crisis and other macroeconomic disturbances may, directly or indirectly, affect the Group negatively both in terms of revenues and profitability. However, the Group’s sales are well diversified with customers in many industries and countries around the world, which mitigates the risk. Financial risks Atlas Copco Group is subject to currency risks, funding risks, interest rate risks, tax risks, and other financial risks. In line with the overall goals with respect to growth, return on capital, and protecting creditors, Atlas Copco Group has adopted a policy to control the financial risks to which the Group is exposed. A financial risk management committee meets regularly to manage and follow up financial risks, in line with the policy. Production risks A large part of the components used in production are sourced from sub- suppliers. The availability is dependent on the sub-suppliers and if they have interruptions or lack capacity, this may adversely affect production. To minimize these risks, Atlas Copco Group has established a global network of sub-suppliers, which means that in most cases there are more than one sub-supplier that can provide a certain component. Atlas Copco Group is also directly and indirectly exposed to raw material prices. Cost increases for raw materials and components often coincide with strong end-customer demand and can partly be compensated for by increased sales prices. Acquisitions Atlas Copco Group has the ambition to grow all its business areas, primarily through organic growth, supplemented by selected acquisitions. The integration of acquired businesses is a difficult process and it is not certain that every integration will be successful. Therefore, costs related to acquisitions can be higher and/or synergies can take longer to materialize than anticipated. For more information on Atlas Copco Group’s risk management process and further descriptions of risks and how they are handled, see the Annual Report 2023. Forward-looking statements Some statements in this report are forward-looking, and the actual outcome could be materially different. In addition to the factors explicitly discussed, other factors could have a material effect on the actual outcome. Such factors include, but are not limited to, general business conditions, fluctuations in exchange rates and interest rates, political developments, the impact of competing products and their pricing, product development, commercialization and technological difficulties, interruptions in supply, and major customer credit losses. Atlas Copco AB Atlas Copco AB is a public company. Atlas Copco AB and its subsidiaries are often referred to as Atlas Copco Group, the Group or the company. Any mentioning of the Board of Directors or the Board refers to the Board of Directors of Atlas Copco AB. ===== SIDA 9 ===== Atlas Copco AB – Q1 2024 9 (18) Consolidated income statement (condensed) MSEK 2024 2023 Revenues 42 875 39 861 Cost of sales -24 091 -22 411 Gross profit 18 784 17 450 Marketing expenses -4 900 -4 561 Administrative expenses -2 693 -2 414 Research and development costs -1 784 -1 554 Other operating income and expenses -62 -222 Operating profit 9 345 8 699 - as a percentage of revenues 21.8% 21.8% Net financial items 16 -44 Profit before tax 9 361 8 655 - as a percentage of revenues 21.8% 21.7% Income tax expense -2 186 -2 127 Profit for the period 7 175 6 528 Profit attributable to - owners of the parent 7 172 6 523 - non-controlling interests 3 5 Basic earnings per share, SEK 1.47 1.34 Diluted earnings per share, SEK 1.47 1.34 Basic weighted average number of shares outstanding, millions 4 871.4 4 868.2 Diluted weighted average number of shares outstanding, millions 4 878.3 4 875.8 Key ratios Equity per share, period end, SEK 21 18 Return on capital employed, 12 month values, % 30 29 Return on equity, 12 month values, % 31 32 Debt/equity ratio, period end, % 20 28 Equity/assets ratio, period end, % 53 49 Number of employees, period end 53 728 50 056 January-March ===== SIDA 10 ===== Atlas Copco AB – Q1 2024 10 (18) Consolidated statement of comprehensive income MSEK 2024 2023 Profit for the period 7 175 6 528 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurements of defined benefit pension plans 39 -164 Income tax relating to items that will not be reclassified -14 51 25 -113 Items that may be reclassified subsequently to profit or loss Translation differences on foreign operations 6 029 -270 Hedge of net investments in foreign operations -678 -202 Cash flow hedges - 27 Income tax relating to items that may be reclassified 228 61 5 579 -384 Other comprehensive income for the period, net of tax 5 604 -497 Total comprehensive income for the period 12 779 6 031 Total comprehensive income attributable to - owners of the parent 12 772 6 026 - non-controlling interests 7 5 January-March ===== SIDA 11 ===== Atlas Copco AB – Q1 2024 11 (18) Consolidated balance sheet (condensed) Fair value of derivatives, cash equivalents and borrowings The carrying value and fair value of the Group’s outstanding derivatives, liquidity funds and borrowings are shown in the tables below. The fair values of bonds are based on level 1 and the fair values of derivatives, liquidity funds and other loans are based on level 2 in the fair value hierarchy. Compared to 2023, no transfers have been made between different levels in the fair value hierarchy for derivatives and borrowings and no significant changes have been made to valuation techniques, inputs, or assumptions. For further information, see note 26 in the Annual Report 2023. http://www.atlascopco.com/ir Financial instruments recorded at fair value Carrying value and fair value of borrowings MSEK Mar. 31 2024 Mar. 31 2023 Dec. 31 2023 Intangible assets 72 487 67 283 67 501 Rental equipment 4 829 2 805 4 345 Other property, plant and equipment 15 869 13 319 14 358 Right-of-use assets 6 156 5 490 5 763 Financial assets and other receivables 2 312 2 578 2 276 Deferred tax assets 2 432 2 065 2 234 Total non-current assets 104 085 93 540 96 477 Inventories 31 065 29 819 29 283 Trade and other receivables 47 411 41 925 45 072 Other financial assets 394 763 965 Cash and cash equivalents 16 014 9 882 10 887 Assets classified as held for sale - 1 - Total current assets 94 884 82 390 86 207 TOTAL ASSETS 198 969 175 930 182 684 Equity attributable to owners of the parent 104 487 85 913 91 450 Non-controlling interests 57 55 50 TOTAL EQUITY 104 544 85 968 91 500 Borrowings 31 445 29 375 29 967 Post-employment benefits 2 715 2 419 2 584 Other liabilities and provisions 2 279 1 842 2 154 Deferred tax liabilities 2 405 2 575 2 267 Total non-current liabilities 38 844 36 211 36 972 Borrowings 3 058 2 975 2 742 Trade payables and other liabilities 49 803 48 978 48 871 Provisions 2 720 1 798 2 599 Total current liabilities 55 581 53 751 54 212 TOTAL EQUITY AND LIABILITIES 198 969 175 930 182 684 MSEK Mar. 31 2024 Dec. 31 2023 Non-current assets and liabilities Assets 112 96 Liabilities - - Current assets and liabilities Assets 677 437 Liabilities 10 721 MSEK Mar. 31 2024 Mar. 31 2024 Dec. 31 2023 Dec. 31 2023 Carrying value Fair value Carrying value Fair value Bonds 14 897 13 203 14 294 12 633 Other loans 13 452 13 318 12 673 12 648 Lease liability 6 154 6 154 5 742 5 742 34 503 32 675 32 709 31 023 ===== SIDA 12 ===== Atlas Copco AB – Q1 2024 12 (18) Consolidated statement of changes in equity (condensed) MSEK owners of the parent non-controlling interests Total equity Opening balance, January 1, 2024 91 450 50 91 500 Changes in equity for the period Total comprehensive income for the period 12 772 7 12 779 Acquisition and divestment of own shares 410 - 410 Share-based payments, equity settled -145 - -145 Closing balance, March 31, 2024 104 487 57 104 544 MSEK owners of the parent non-controlling interests Total equity Opening balance, January 1, 2023 79 976 50 80 026 Changes in equity for the period Total comprehensive income for the period 6 026 5 6 031 Acquisition and divestment of own shares -1 - -1 Share-based payments, equity settled -88 - -88 Closing balance, March 31, 2023 85 913 55 85 968 Equity attributable to Equity attributable to ===== SIDA 13 ===== Atlas Copco AB – Q1 2024 13 (18) Consolidated statement of cash flows (condensed) Depreciation, amortization and impairment Calculation of operating cash flow MSEK 2024 2023 Cash flows from operating activities Operating profit 9 345 8 699 Depreciation, amortization and impairment (see below) 2 074 1 778 Capital gain/loss and other non-cash items 266 213 Operating cash surplus 11 685 10 690 Net financial items received/paid -354 -351 Taxes paid -1 781 -1 625 Pension funding and payment of pension to employees -104 -142 Change in working capital -1 334 -2 212 Investments in rental equipment -557 -308 Sale of rental equipment 11 10 Net cash from operating activities 7 566 6 062 Cash flows from investing activities Investments in property, plant and equipment -879 -1 001 Sale of property, plant and equipment 21 18 Investments in intangible assets -356 -373 Acquisition of subsidiaries and associated companies -2 196 -564 Other investments, net 7 3 Net cash from investing activities -3 403 -1 917 Cash flows from financing activities Repurchase and sales of own shares 410 -1 Change in interest-bearing liabilities, net 75 -5 378 Net cash from financing activities 485 -5 379 Net cash flow for the period 4 648 -1 234 Cash and cash equivalents, beginning of the period 10 887 11 254 Exchange differences in cash and cash equivalents 479 -138 Cash and cash equivalents, end of the period 16 014 9 882 January-March Depreciation, amortization and impairment 2024 2023 Rental equipment 249 196 Other property, plant and equipment 518 443 Right-of-use assets 428 377 Intangible assets 879 762 Total 2 074 1 778 January-March MSEK 2024 2023 Net cash flow for the period 4 648 -1 234 Add back: Change in interest-bearing liabilities, net -75 5 378 Repurchase and sales of own shares -410 1 Acquisitions and divestments 2 196 564 Currency hedges 301 239 Operating cash flow 6 660 4 948 January-March ===== SIDA 14 ===== Atlas Copco AB – Q1 2024 14 (18) Revenues by business area Equipment and service revenues Operating profit by business area Return on capital employed by business area 2022 2023 2024 MSEK (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Compressor Technique 13 305 14 291 16 377 17 085 17 632 18 600 19 493 19 827 18 710 - of which external 13 169 14 174 16 244 16 957 17 466 18 407 19 300 19 614 18 507 - of which internal 136 117 133 128 166 193 193 213 203 Vacuum Technique 8 179 9 335 10 781 10 646 9 989 10 911 10 802 11 110 9 719 - of which external 8 173 9 332 10 773 10 639 9 979 10 906 10 795 11 101 9 711 - of which internal 6 3 8 7 10 5 7 9 8 Industrial Technique 5 083 5 405 5 911 6 608 6 492 7 280 7 306 7 375 7 514 - of which external 5 072 5 396 5 900 6 595 6 469 7 260 7 290 7 356 7 492 - of which internal 11 9 11 13 23 20 16 19 22 Power Technique 3 702 4 247 5 207 5 897 5 996 6 828 7 142 6 933 7 202 - of which external 3 672 4 209 5 157 5 863 5 947 6 791 7 100 6 883 7 165 - of which internal 30 38 50 34 49 37 42 50 37 Common Group Items / Eliminations -183 -167 -202 -182 -248 -255 -258 -291 -270 Atlas Copco Group 30 086 33 111 38 074 40 054 39 861 43 364 44 485 44 954 42 875 2022 2023 2024 % of total revenues (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Compressor Technique - Equipment 55 57 58 59 57 58 59 60 56 Compressor Technique - Service 45 43 42 41 43 42 41 40 44 Vacuum Technique - Equipment 76 77 78 78 77 77 77 78 75 Vacuum Technique - Service 24 23 22 22 23 23 23 22 25 Industrial Technique - Equipment 72 72 72 74 71 74 73 76 73 Industrial Technique - Service 28 28 28 26 29 26 27 24 27 Power Technique - Equipment 55 54 56 58 58 60 56 54 58 Power Technique - Service 45 46 44 42 42 40 44 46 42 2022 2023 2024 MSEK (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Compressor Technique 3 170 3 266 3 963 4 026 4 245 4 472 4 856 4 915 4 642 - as a percentage of revenues 23.8 22.9 24.2 23.6 24.1 24.0 24.9 24.8 24.8 Vacuum Technique 1 859 2 123 2 484 1 941 2 268 2 504 2 465 2 370 2 119 - as a percentage of revenues 22.7 22.7 23.0 18.2 22.7 22.9 22.8 21.3 21.8 Industrial Technique 1 065 1 077 1 267 1 188 1 371 1 585 1 647 1 580 1 649 - as a percentage of revenues 21.0 19.9 21.4 18.0 21.1 21.8 22.5 21.4 21.9 Power Technique 664 807 983 1 071 1 145 1 294 1 429 1 323 1 393 - as a percentage of revenues 17.9 19.0 18.9 18.2 19.1 19.0 20.0 19.1 19.3 Common Group Items / Eliminations -9 6 -319 -416 -330 -666 -280 -1 102 -458 Operating profit 6 749 7 279 8 378 7 810 8 699 9 189 10 117 9 086 9 345 - as a percentage of revenues 22.4 22.0 22.0 19.5 21.8 21.2 22.7 20.2 21.8 Net financial items -78 26 70 -190 -44 -163 -189 -253 16 Profit before tax 6 671 7 305 8 448 7 620 8 655 9 026 9 928 8 833 9 361 - as a percentage of revenues 22.2 22.1 22.2 19.0 21.7 20.8 22.3 19.6 21.8 2022 2023 2024 % (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Compressor Technique 90 86 83 82 82 83 82 85 84 Vacuum Technique 25 25 25 24 24 23 22 22 22 Industrial Technique 17 17 18 17 18 20 20 21 22 Power Technique 29 29 27 25 24 23 22 22 21 Atlas Copco Group 27 28 29 29 29 30 30 30 30 ===== SIDA 15 ===== Atlas Copco AB – Q1 2024 15 (18) Acquisitions and divestments * Annual revenues and number of employees at time of acquisition/divestment. No revenues are disclosed for former Atlas Copco d istributors. Due to the relatively small size of most of the acquisitions made in 202 4, full disclosure as per IFRS 3 is not given in this interim report. Disclosure on an aggregated level will be given in the Annual Report 202 4. See the Annual Report for 2023 for disclosure of acquisitions made in 2023. Date Acquisitions Divestments Business area Revenues MSEK* Number of employees* 2024 Mar. 5 Zahroof Valves Inc.  Compressor Technique 130 44 2024 Mar. 4 Pacific Sales & Service, Inc. (Pacific Air Compressors)  Compressor Technique 15 2024 Mar. 4 Druckluft-Technik-Nord GmbH Compressor Technique 18 2024 Feb. 7 Ace Air (NI) Ltd. Compressor Technique 8 2024 Jan. 9 Hycomp Inc. Compressor Technique 85 37 2024 Jan. 3 KRACHT GmbH (Kracht) Power Technique 766 440 2023 Dec. 5 Sykes Group Pty Ltd. (Sykes) Power Technique 455 123 2023 Nov. 14 Hamamcıoğlu Makina (HAMAK) Compressor Technique 75 23 2023 Oct. 16 ACJ, s.r.o. Compressor Technique 14 2023 Oct. 11 William G Frank Medical Gas Testing and Consulting, LLC & Medical Gas Credentialing LLC Compressor Technique 20 8 2023 Aug. 3 Climorent Power Technique 21 15 2023 Jul. 17 ZEUS Co., Ltd. Vacuum Technique 59 2023 Jul. 4 Extend3D GmbH Industrial Technique 32 16 2023 Jun. 1 National Pump & Energy Power Technique 1 400 420 2023 May 23 Maziak Compressor Services Ltd. Compressor Technique 87 40 2023 May 4 C.P. Service SRL Compressor Technique 60 13 2023 May 2 James E. Watson & Co. Vacuum Technique 7 2023 Apr. 5 Shandong Bozhong Vacuum Technology Co., Ltd. Vacuum Technique 120 116 2023 Apr. 4 Asven S.R.L. Compressor Technique 10 2023 Apr. 4 Trillium US Inc. Vacuum Technique 270 140 2023 Mar. 7 FS Medical Technology Business Compressor Technique 71 32 2023 Feb. 2 CVS Engineering GmbH Vacuum Technique 200 76 2023 Jan. 17 MedCore Services Inc. Compressor Technique 10 7 ===== SIDA 16 ===== Atlas Copco AB – Q1 2024 16 (18) Parent company Income statement (condensed) Balance sheet (condensed) Assets pledged and contingent liabilities Accounting principles Atlas Copco AB is the ultimate Parent Company of the Atlas Copco Group. The financial statements of Atlas Copco AB have been prepared in accordance with the Swedish Annual Accounts Act and the accounting standard RFR 2, Accounting for Legal Entities. The same accounting principles and methods of computation are followed in the interim financial statements as compared with the most recent annual financial statements. See also accounting principles, page 8. MSEK 2024 2023 Administrative expenses -230 -179 Other operating income and expenses 44 22 Operating profit/loss -186 -157 Financial income and expenses -46 -75 Profit/loss before tax -232 -232 Income tax 90 175 Profit/loss for the period -142 -57 January-March MSEK Mar. 31 2024 Mar. 31 2023 Dec. 31 2023 Total non-current assets 193 091 180 881 192 885 Total current assets 5 123 5 282 5 165 TOTAL ASSETS 198 214 186 163 198 050 Total restricted equity 5 785 5 785 5 785 Total non-restricted equity 156 552 156 372 156 444 TOTAL EQUITY 162 337 162 157 162 229 Total provisions 898 575 860 Total non-current liabilities 34 605 23 109 34 605 Total current liabilities 374 322 356 TOTAL EQUITY AND LIABILITIES 198 214 186 163 198 050 MSEK Mar. 31 2024 Mar. 31 2023 Dec. 31 2023 Assets pledged 224 194 205 Contingent liabilities 11 283 10 313 10 846 ===== SIDA 17 ===== Atlas Copco AB – Q1 2024 17 (18) Parent Company Distribution of shares Share capital equaled MSEK 786 (786) at the end of the period, distributed as follows: Performance-based personnel option plan The Annual General Meeting 2023 approved a performance-based long-term incentive program. For Group Management and division presidents, the plan requires management’s own investment in Atlas Copco shares. The intention was to cover Atlas Copco’s obligation under the plan through the repurchase of the company’s own shares. For further information, see www.atlascopcogroup.com/agm Transactions in own shares Atlas Copco AB has mandates to acquire and sell own shares as per below: • Acquisition of not more than 14 810 000 series A shares, whereof a maximum of 10 450 000 may be transferred to personnel stock option holders under the performance-based stock option plan for 2023. • Acquisition of not more than 60 000 series A shares to hedge the obligation of the company to pay remuneration to board members who have chosen to receive 50% of the remuneration in synthetic shares. • The sale of not more than 60 000 series A shares to cover costs related to previously issued synthetic shares to board members. • The sale of a maximum 33 000 000 series A shares currently held by the company, for the purpose of covering costs of fulfilling obligations related to the option plans 2017, 2018, 2019 and 2020. • The shares may only be acquired or sold on NASDAQ Stockholm at a price within the registered price interval at any given time. During the first quarter 2024, 2 309 741 series A shares, net, were sold. These transactions are in accordance with mandates granted. The company’s holding of own shares at the end of the period appears in the table to the left. Risks and factors of uncertainty Financial risks Atlas Copco AB is subject to currency risks, funding risks, interest rate risks, tax risks, and other financial risks. In line with the overall goals with respect to growth, return on capital, and protecting creditors, Atlas Copco AB has adopted a policy to control the financial risks to which Atlas Copco AB and the Group is exposed. A financial risk management committee meets regularly to manage and follow up financial risks, in line with the policy. For further information, see the Annual Report 2023. Related parties There have been no significant changes in the relationships or transactions with related parties for the Group or Parent Company compared with the information given in the Annual Report 2023. Nacka, Sweden April 24, 2024 Atlas Copco AB (publ) Mats Rahmström President and CEO The company’s auditors have not reviewed this report. Class of share Shares A shares 3 357 576 384 B shares 1 560 876 032 Total 4 918 452 416 - of which A shares held by Atlas Copco AB 45 583 392 - of which B shares held by Atlas Copco AB 0 Total shares outstanding, net of shares held by Atlas Copco AB 4 872 869 024 ===== SIDA 18 ===== Atlas Copco AB – Q1 2024 18 (18) This is Atlas Copco Group Atlas Copco Group enables technology that transforms the future. We innovate to develop products, services, and solutions that are key to our customers’ success. Our four business areas offer compressed air and gas solutions, vacuum solutions, energy solutions, dewatering and industrial pumps, industrial power tools, and assembly and machine vision solutions. In 2023, the Group had revenues of BSEK 173 and about 53 000 employees at year-end. Business areas Atlas Copco Group has four business areas. The business areas are responsible for developing their respective operations by implementing and following up on strategies and objectives to achieve sustainable, profitable growth. The Compressor Technique business area provides compressed air and gas solutions such as industrial compressors, gas and process compressors and expanders, air and gas treatment equipment, and air management systems. The business area has a global service network and innovates technology that transforms the future of the manufacturing and process industries. Principal product development and manufacturing units are located in Belgium, the United States, China, India, Germany, and Italy. The Vacuum Technique business area provides vacuum products, exhaust management systems, valves, and related products. The main markets served are semiconductor and scientific instruments, as well as a wide range of industrial segments, including chemical process industries, food packaging, and paper handling. The business area has a global service network and innovates technology that transforms the future and improves customer performance. Principal product development and manufacturing units are located in the United States, Mexico, United Kingdom, Czech Republic, Germany, South Korea, China, and Japan. The Industrial Technique business area provides industrial power tools, assembly and machine vision solutions, quality assurance products, and services through a global network. The business area innovates technology that transforms the future for customers in the automotive and general industries. Principal product development and manufacturing units are located in Sweden, Germany, Hungary, United Kingdom, France, the United States, China, and Japan. The Power Technique business area provides portable air and power, industrial and portable flow solutions through products such as mobile compressors, generators, energy storage systems, dewatering and industrial pumps, along with a number of complementary products. It also offers specialty rental and provides service through a global network. The business area innovates technology that transforms the future for multiple industries, including infrastructure construction, manufacturing, oil and gas, and exploration drilling. Principal product development and manufacturing units are located in Belgium, Spain, Germany, the United States, China, and India. Vision, mission and strategy The Atlas Copco Group’s vision is to become and remain First in Mind— First in Choice of its customers and other stakeholders. The mission is to achieve sustainable, profitable inclusive growth. This means that we should continuously deliver profitable growth with an increased positive impact on society and the environment and by promoting diversity and inclusion. Inclusion is about providing everyone within our organization with support and inspiration to learn and grow. It also means that we include the perspective of different stakeholders, like customers and society, when we create value. An integrated sustainability strategy, backed by ambitious goals, helps the company deliver greater value to all its stakeholders in a way that is economically, environmentally, and socially responsible. For further information Analysts and investors Daniel Althoff, Vice President Investor Relations Mobile: +46 768 99 95 97 ir@atlascopco.com Media Christina Malmberg Hägerstrand, Media Relations Manager Mobile: +46 728 55 93 29 media@atlascopco.com Conference call A presentation for investors, analysts and media will be held on April 24, 2024, at 14:00 CEST. To follow the presentation via webcast: https://ir.financialhearings.com/atlas-copco-group-q1-report-2024 To participate via teleconference: https://conference.financialhearings.com/teleconference/?id=50048434 Please visit our website: http://www.atlascopcogroup.com/investor-relations for the webcast link and presentation material. Annual General Meeting 2024 The Annual General Meeting for Atlas Copco AB will be held on April 24, 2024. Capital Markets Day 2024 Atlas Copco Group will host its Capital Markets Day on May 16, 2024, in Antwerp, Belgium. Second-quarter report 2024 The Q2 2024 report will be published on July 18, 2024, around 12:00 CEST and the conference call will be at 13:00 CEST. Silent period starts June 18, 2024. Third-quarter report 2024 The Q3 2024 report will be published on October 24, 2024. Silent period starts September 24, 2024. Fourth-quarter report 2024 The Q4 2024 report will be published on January 28, 2025. Silent period starts December 29, 2024. This information is information that Atlas Copco AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 11:00 CEST on April 24, 2024.