FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
===== 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 29, 2025
Atlas Copco Group
First-quarter report 2025
Strong orders and solid cash flow
The comparison figures presented in this report refer to previous year unless otherwise stated.
First quarter
• Orders received increased 2% to MSEK 46 604 (45 656), unchanged organically
• Revenues reached MSEK 42 730 (42 875), organic decline of 2%
• Operating profit reached MSEK 8 605 (9 345), corresponding to a margin of 20.1% (21.8)
- Adjusted operating profit, excluding items affecting comparability, was MSEK 8 869 (9 486),
corresponding to a margin of 20.8% (22.1)
• Profit before tax amounted to MSEK 8 470 (9 361)
• Basic earnings per share were SEK 1.35 (1.47)
• Operating cash flow at MSEK 6 575 (6 660)
• Return on capital employed was 27% (30)
* Operating profit excluding amortization of intangibles related to acquisitions .
Near-term outlook
While the world’s economic development makes the outlook uncertain, Atlas Copco Group expects the customer activity level to weaken somewhat.
Previous near-term outlook (published January 28, 2025):
Atlas Copco Group expects that the customer activity will remain at the current level.
Quarterly and annual financial data in Excel format can be found on our Reports and presentations page
MSEK 2025 2024
Orders received 46 604 45 656 2%
Revenues 42 730 42 875 0%
EBITA* 9 202 9 905 -7%
– as a percentage of revenues 21.5 23.1
Operating profit 8 605 9 345 -8%
– as a percentage of revenues 20.1 21.8
Profit before tax 8 470 9 361 -10%
– as a percentage of revenues 19.8 21.8
Profit for the period 6 598 7 175 -8%
Basic earnings per share, SEK 1.35 1.47
Diluted earnings per share, SEK 1.35 1.47
Return on capital employed, % 27 30
January-March
===== SIDA 2 =====
Atlas Copco AB – Q1 2025 2 (18)
Review of the first quarter
Market development
The overall demand for Atlas Copco Group’s equipment and
services remained at the same level as the previous year. Orders
for the service business, including specialty rental, increased while
the order intake for equipment was mixed.
The order intake for industrial compressors decreased
somewhat, whereas order volumes for gas and process
compressors increased significantly. The order intake for vacuum
equipment to the semiconductor industry, and vacuum equipment
to industrial and scientific vacuum applications was basically
unchanged. Orders for industrial assembly and vision solutions
decreased due to weaker demand from the general industry and
automotive customers. The order intake for power equipment
decreased, primarily due to weaker demand for portable
compressors. In total, the Group’s orders increased in Asia but
decreased in Europe and North America.
Sequentially, and compared to the previous quarter, orders
increased for both equipment and services.
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 2025 Orders received, % Change*, %
North America 25 -2
South America 5 +22
Europe 26 -5
Africa/Middle East 6 +18
Asia/Oceania 38 +7
Atlas Copco Group 100 +2
Atlas Copco Group
MSEK Orders received Revenues
2024 45 656 42 875
Structural change, % +2 +2
Currency, % +0 +0
Organic*, % +0 -2
Total, % +2 +0
2025 46 604 42 730
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
2022 2023 2024 2025
Orders received, MSEK Revenues, MSEK
Operating margin, % Adjusted operating margin, %
January-March 2025
Orders
received Revenues
Orders
received Revenues
Orders
received Revenues
Orders
received Revenues
Orders
received Revenues
North America 23 25 21 22 38 32 25 28 25 26
South America 6 6 0 0 3 3 7 7 5 5
Europe 28 31 15 14 31 34 29 30 26 27
Africa/Middle East 9 7 1 1 1 1 10 9 6 5
Asia/Oceania 34 31 63 63 27 30 29 26 38 37
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 2025 3 (18)
Revenues, profits and returns
Revenues reached MSEK 42 730 (42 875), an organic decline of
2%. Acquisitions added 2%, while currency had no material effect.
The operating profit was MSEK 8 605 (9 345), corresponding to a
margin of 20.1% (21.8). Items affecting comparability amounted to
MSEK -264 (-141), whereof the change in provision for share-
related long-term incentive programs, reported in Common Group
Items was MSEK -32 (-141). Other items affecting comparability
includes an MSEK -232 restructuring cost in the Vacuum
Technique business area.
Adjusted operating profit decreased 7% to MSEK 8 869
(9 486), corresponding to a margin of 20.8% (22.1). The margin
was negatively affected by volume, sales mix, increased R&D and
functional costs, as well as dilution from recent acquisitions.
Currency had a positive effect on the margin.
Net financial items amounted to MSEK -135 (16) whereof
interest net at MSEK -21 (-61). Other financial items, including
financial exchange differences, were MSEK -114 (77). Profit before
tax amounted to MSEK 8 470 (9 361), corresponding to a margin of
19.8% (21.8). Corporate income tax amounted to MSEK -1 872
(-2 186), corresponding to an effective tax rate of 22.1% (23.4).
The lower effective tax rate compared to the previous year was
mainly due to the realization of R&D-related tax credits.
Profit for the period was MSEK 6 598 (7 175). Basic and diluted
earnings per share were SEK 1.35 (1.47) and SEK 1.35 (1.47),
respectively.
The return on capital employed during the last 12 months was
27% (30). Return on equity was 28% (31). 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 decreased to MSEK 10 487 (11 685). Net
financial items and taxes paid amounted to MSEK -2 578 (-2 135).
Working capital decreased by MSEK 921 (increase of 1 334). The
main reason for the difference compared to the previous year was
decreased inventories and receivables. Net investments in rental
equipment were MSEK -489 (-546), and in property, plant, and
equipment, MSEK -1 301 (-858).
Operating cash flow (an important internal KPI, but not a
measurement defined in IFRS Accounting Standards, and hence
defined on page 13) reached MSEK 6 575 (6 660).
Net indebtedness
The Group’s net indebtedness amounted to MSEK 13 396 (20 810),
of which MSEK 2 328 (2 715) was attributable to post-employment
benefits. The Group’s interest-bearing liabilities have an average
maturity of 4.3 years. The net debt/EBITDA ratio was 0.3 (0.5) and
the net debt/equity ratio was 12% (20).
Acquisition and divestment of own shares
During the quarter, 2 646 638 series A shares, net, were acquired
for a net value of MSEK 506. 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, 2025, the number of employees was 55 248
(53 728). The number of consultants/external workforce was
3 004 (3 126). For comparable units, the total workforce
decreased by 57 from March 31, 2024.
Revenues and operating profit – bridge
* LTI= Long term incentive
MSEK Q1 2025
Volume, price,
mix and other Currency Acquisitions
Items affecting
comparability
Share-based LTI*
programs Q1 2024
Atlas Copco Group
Revenues 42 730 -935 15 775 0 - 42 875
Operating profit 8 605 -892 245 30 -232 109 9 345
20.1% 21.8%
===== SIDA 4 =====
Atlas Copco AB – Q1 2025 4 (18)
Compressor Technique
* Operating profit excluding amortization of intangibles related to acquisitions .
• Orders for industrial compressors decreased somewhat, significant growth for gas and process compressors
• Continued growth for service
• Operating profit margin at 24.4%
Sales bridge
* Includes an internal transfer to Power Technique.
** Volume, price and mix.
Industrial compressors
The demand for industrial compressors was lower than previous
year and the order intake decreased somewhat. The order decline
was more noticeable for large-sized compressors than for small to
medium-sized units. Sequentially, order volumes increased.
Geographically, and compared to the previous year, orders
decreased in North America and Europe, were unchanged in Asia,
but increased in Africa/Middle East.
Gas and process compressors
The order intake for gas and process compressors was strong, and
order volumes increased significantly. The strong order growth
was primarily driven by several larger orders related to marine
LNG applications as well as increased demand for products used in
air separation and natural gas power plant applications.
Geographically, order volumes increased in all regions except
Europe, where orders decreased.
Compressor service
The service business continued to develop favorably, with
increased order intake in all regions.
Innovation
A new oil-free rotary screw compressor, the ZT200-355 VSD+, was
introduced. The new compressor is designed for industries
demanding high air quality, such as food and beverage, pharma,
and electronics. The new product is also available with an optional
integrated dryer, and thanks to a more efficient motor and screw
elements as well as an inverter, the product offers higher energy
efficiency than comparable products.
Acquisitions
The following acquisitions were closed in the quarter:
- Trident Pneumatics Pvt. Ltd. in India with 113 employees and
revenues of MSEK 134 during the last fiscal year ending March 2024.
- V.O.L. Industries in Canada with two employees and revenues of MSEK
35 in 2023.
- JetCan Engineering Sdn Bhd in Malaysia with 24 employees.
- Medi-teknique Ltd. in the UK with 13 employees and revenues of
MSEK 42 in 2023.
- Dr. Weigel Anlagenbau GmbH in Germany with 45 employees.
- Maquinarias y Tecnologías S.A.S., in Colombia with 13 employees and
revenues of MSEK 14 in 2023.
- IMOCOM S.A. in Colombia with 36 employees and revenues of MSEK
47 in 2023.
- Masterfilter NV in Belgium with three employees and revenues of
MSEK 30 in 2024.
- MSS Nitrogen Ltd, in UK with 44 employees and revenues of MSEK 238
in 2024.
Revenues and profitability
Revenues increased 3% to MSEK 19 330 (18 710), corresponding to
an organic increase of 3%.
The operating profit increased 1% to MSEK 4 711 (4 642),
corresponding to a margin of 24.4% (24.8). Increased revenue
volumes and currency affected the margin positively, while mix,
acquisitions, and increased R&D and functional costs diluted the
margin. Return on capital employed (last 12 months) was 83%
(84).
Orders, revenues, and operating profit margin
MSEK 2025 2024
Orders received 21 903 21 144 4%
Revenues 19 330 18 710 3%
EBITA* 4 859 4 795 1%
– as a percentage of revenues 25.1 25.6
Operating profit 4 711 4 642 1%
– as a percentage of revenues 24.4 24.8
Return on capital employed, % 83 84
January-March
MSEK Orders received Revenues
2024 21 144 18 710
Structural change*, % +1 +0
Currency, % +0 +0
Organic**, % +3 +3
Total, % +4 +3
2025 21 903 19 330
January-March
0%
5%
10%
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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
2022 2023 2024 2025
Orders received, MSEK Revenues, MSEK Operating margin, %
===== SIDA 5 =====
Atlas Copco AB – Q1 2025 5 (18)
Vacuum Technique
* Operating profit excluding amortization of intangibles related to acquisitions .
• Equipment orders unchanged
• Solid growth for service
• Reported operating profit margin at 17.2%, adjusted margin at 19.6%
Sales bridge
* Volume, price and mix.
Semiconductor and flat panel display equipment
The order intake for vacuum equipment to the semiconductor and
flat panel display industry remained basically unchanged
compared to the previous year. Sequentially, however, order
volumes increased, driven by increased demand in Asia.
Geographically, and compared to the previous year, order
volumes increased in Asia but decreased in North America and
Europe.
Industrial and scientific vacuum equipment
Order volumes for industrial and scientific vacuum equipment
remained essentially at the same level as in the previous year.
Orders from general industrial customers decreased but were
offset by increased demand for equipment to scientific vacuum
applications. Sequentially, the overall order intake increased.
Year-on-year, the order intake increased in North America,
remained basically unchanged in Asia, but decreased somewhat in
Europe.
Vacuum service
The service business achieved solid order growth, primarily driven
by increased demand from the semiconductor industry. Growth
was achieved in all major regions.
Innovation
A new plasma-wet abatement system targeting the flat panel
market was introduced, the Protron FPD. The new product safely
abates deposition process gases and offers customers high
performance thanks to its advanced design. In addition, it provides
a pathway to transition from current fuel-based legacy systems to
an all-electric platform.
Revenues and profitability
Revenues decreased 2% to MSEK 9 527 (9 719), corresponding to
an organic decline of 5%.
The operating profit was MSEK 1 638 (2 119), corresponding to
a margin of 17.2% (21.8), and includes restructuring costs of
MSEK -232. The adjusted operating margin was 19.6% (21.8). The
main reasons for the lower margin were decreased revenue
volumes and a negative currency effect. Return on capital
employed (last 12 months) was 19% (22).
Orders, revenues, and operating profit margin
MSEK 2025 2024
Orders received 9 431 9 104 4%
Revenues 9 527 9 719 -2%
EBITA* 1 841 2 297 -20%
– as a percentage of revenues 19.3 23.6
Operating profit 1 638 2 119 -23%
– as a percentage of revenues 17.2 21.8
Return on capital employed, % 19 22
January-March
MSEK Orders received Revenues
2024 9 104 9 719
Structural change, % +2 +2
Currency, % +1 +1
Organic*, % +1 -5
Total, % +4 -2
2025 9 431 9 527
January-March
0%
5%
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15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
0
1 000
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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
2022 2023 2024 2025
Orders received, MSEK Revenues, MSEK
Operating margin, % Adjusted operating margin, %
===== SIDA 6 =====
Atlas Copco AB – Q1 2025 6 (18)
Industrial Technique
* Operating profit excluding amortization of intangibles related to acquisitions .
• Equipment orders decreased
• Growth for service
• Operating profit margin at 20.0%
Sales bridge
* Volume, price and mix.
Automotive industry
The overall demand for industrial assembly and vision solutions to
the automotive industry was weaker than the previous year,
resulting in a decrease in order intake. The lower order intake was
primarily due to notably weaker demand in Europe and Asia.
Sequentially, the order intake increased.
Year-on-year, orders decreased in Europe and Asia but increased
in North America, the latter largely attributable to an acquisition
in the US.
General industry
The order intake for industrial assembly and vision solutions to the
general industry decreased due to weaker demand from a wide
range of customer segments. Sequentially, order volumes
increased.
Geographically, and compared to the previous year, order
volumes decreased in Asia and Europe but increased somewhat in
the Americas.
Service
The service business achieved growth with increased order intake
in most regions.
Innovation
The MicroTorque Offset Gear was introduced in the quarter as a
new assembly solution for tightening low torque applications in
the electronic industry. The new product is specially designed for
cramped spaces, can be attached to handheld tools or fixtured
tools for automation, and offers high accuracy and cycle rates to
customers.
Acquisitions
The following acquisition was closed in the quarter:
- Neadvance Machine Vision, S.A., a software company for automation
solutions in Portugal with 41 employees and revenues of MSEK 29 in
2023.
Revenues and profitability
Revenues decreased 8% to MSEK 6 943 (7 514), corresponding to
an organic decline of 9%.
The operating profit decreased 16% to MSEK 1 388 (1 649),
corresponding to a margin of 20.0% (21.9). The main explanation
for the lower margin was decreased revenue volumes. The
currency also had a negative effect on the operating margin.
Return on capital employed (last 12 months) was 20% (22).
Orders, revenues, and operating profit margin
MSEK 2025 2024
Orders received 7 460 7 796 -4%
Revenues 6 943 7 514 -8%
EBITA* 1 504 1 781 -16%
– as a percentage of revenues 21.7 23.7
Operating profit 1 388 1 649 -16%
– as a percentage of revenues 20.0 21.9
Return on capital employed, % 20 22
January-March
MSEK Orders received Revenues
2024 7 796 7 514
Structural change, % +4 +2
Currency, % +0 -1
Organic*, % -8 -9
Total, % -4 -8
2025 7 460 6 943
January-March
0%
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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
2022 2023 2024 2025
Orders received, MSEK Revenues, MSEK
Operating margin, % Adjusted operating margin, %
===== SIDA 7 =====
Atlas Copco AB – Q1 2025 7 (18)
Power Technique
* Operating profit excluding amortization of intangibles related to acquisitions .
• Equipment orders decreased
• Increased order intake for specialty rental
• Operating profit margin at 16.8%
Sales bridge
* Includes an internal transfer from Compressor Technique.
** Volume, price and mix.
Equipment
The demand for equipment weakened, and the order intake
decreased compared to the previous year. The lower order intake
was driven by decreased demand for portable compressors,
offsetting growth for other product groups, such as industrial
pumps. Sequentially, the order intake increased, partly supported
by a normal seasonal effect.
Year-on-year, the order intake increased in Asia but decreased
in North America and Europe.
Specialty rental
The order intake for the specialty rental business increased
compared to the previous year, supported by contributions from
recent acquisitions. Sequentially however, the order intake
decreased.
Geographically, and compared to the previous year, the order
intake increased in North America and Asia but remained
unchanged in Europe.
Service
Order volumes for service decreased somewhat, primarily due to
lower activity levels in North America.
Innovation
In the quarter, the business area introduced a new mobile fast
charger, the FCP 240. The new product will support the
establishment of microgrids at construction sites and enable
customers to charge electric industrial vehicles.
Revenues and profitability
Revenues reached MSEK 7 169 (7 202), corresponding to an
organic decline of 5%.
The operating profit decreased 13% to MSEK 1 205 (1 393),
corresponding to a margin of 16.8% (19.3). The main explanations
for the lower margin were decreased revenue volumes, increased
capital costs from the rental fleet, and higher functional costs.
Return on capital employed (last 12 months) was 16% (21).
Orders, revenues, and operating profit margin
MSEK 2025 2024
Orders received 8 063 8 019 1%
Revenues 7 169 7 202 0%
EBITA* 1 335 1 489 -10%
– as a percentage of revenues 18.6 20.7
Operating profit 1 205 1 393 -13%
– as a percentage of revenues 16.8 19.3
Return on capital employed, % 16 21
January-March
MSEK Orders received Revenues
2024 8 019 7 202
Structural change*, % +5 +5
Currency, % +0 +0
Organic**, % -4 -5
Total, % +1 +0
2025 8 063 7 169
January-March
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
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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
2022 2023 2024 2025
Orders received, MSEK Revenues, MSEK Operating margin, %
===== SIDA 8 =====
Atlas Copco AB – Q1 2025 8 (18)
Accounting principles
The interim condensed consolidated financial statements presented in this
interim report have been prepared in accordance with IAS 34 Interim
Financial Reporting. The description of the accounting principles and
definitions applied in this report are found in the Annual Report 2024.
Other financial measures than the ones defined in IFRS Accounting
Standards 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 our Key financials page
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, tariffs, 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 2024.
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 2025 9 (18)
Consolidated income statement (condensed)
MSEK 2025 2024
Revenues 42 730 42 875
Cost of sales -24 240 -24 091
Gross profit 18 490 18 784
Marketing expenses -5 073 -4 900
Administrative expenses -2 724 -2 693
Research and development costs -1 850 -1 784
Other operating income and expenses -238 -62
Operating profit 8 605 9 345
- as a percentage of revenues 20.1% 21.8%
Net financial items -135 16
Profit before tax 8 470 9 361
- as a percentage of revenues 19.8% 21.8%
Income tax expense -1 872 -2 186
Profit for the period 6 598 7 175
Profit attributable to
- owners of the parent 6 597 7 172
- non-controlling interests 1 3
Basic earnings per share, SEK 1.35 1.47
Diluted earnings per share, SEK 1.35 1.47
Basic weighted average number of shares outstanding, millions 4 868.8 4 871.4
Diluted weighted average number of shares outstanding, millions 4 875.4 4 878.3
Key ratios
Equity per share, period end, SEK 23 21
Return on capital employed, 12 month values, % 27 30
Return on equity, 12 month values, % 28 31
Debt/equity ratio, period end, % 12 20
Equity/assets ratio, period end, % 56 53
Number of employees, period end 55 248 53 728
January-March
===== SIDA 10 =====
Atlas Copco AB – Q1 2025 10 (18)
Consolidated statement of comprehensive income (condensed)
MSEK 2025 2024
Profit for the period 6 598 7 175
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit pension plans 381 39
Income tax relating to items that will not be reclassified -101 -14
280 25
Items that may be reclassified subsequently to profit or loss
Translation differences on foreign operations -9 862 6 029
Hedge of net investments in foreign operations 920 -678
Income tax relating to items that may be reclassified -309 228
-9 251 5 579
Other comprehensive income for the period, net of tax -8 971 5 604
Total comprehensive income for the period -2 373 12 779
Total comprehensive income attributable to
- owners of the parent -2 369 12 772
- non-controlling interests -4 7
January-March
===== SIDA 11 =====
Atlas Copco AB – Q1 2025 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, the fair values of derivatives, liquidity funds, and other loans are based on Level 2, and contingent
considerations are based on Level 3 in the fair value hierarchy. Compared to 2024, 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 2024, available on our Investors page
Financial instruments recorded at fair value
Carrying value and fair value of borrowings
MSEK Mar. 31 2025 Mar. 31 2024 Dec. 31 2024
Intangible assets 72 602 72 487 77 107
Rental equipment 5 725 4 829 5 947
Other property, plant and equipment 17 240 15 869 17 745
Right-of-use assets 6 919 6 156 7 133
Financial assets and other receivables 2 595 2 312 2 520
Deferred tax assets 2 228 2 432 2 575
Total non-current assets 107 309 104 085 113 027
Inventories 26 488 31 065 29 012
Trade and other receivables 43 282 47 411 47 097
Other financial assets 570 394 434
Cash and cash equivalents 21 400 16 014 18 968
Total current assets 91 740 94 884 95 511
TOTAL ASSETS 199 049 198 969 208 538
Equity attributable to owners of the parent 110 631 104 487 113 700
Non-controlling interests 60 57 60
TOTAL EQUITY 110 691 104 544 113 760
Borrowings 28 210 31 445 31 688
Post-employment benefits 2 328 2 715 2 740
Other liabilities and provisions 2 238 2 279 2 319
Deferred tax liabilities 2 723 2 405 2 616
Total non-current liabilities 35 499 38 844 39 363
Borrowings 4 828 3 058 3 076
Trade payables and other liabilities 45 744 49 803 49 590
Provisions 2 287 2 720 2 749
Total current liabilities 52 859 55 581 55 415
TOTAL EQUITY AND LIABILITIES 199 049 198 969 208 538
MSEK Mar. 31 2025 Dec. 31 2024
Non-current assets and liabilities
Assets 66 68
Liabilities - -
Current assets and liabilities
Assets 359 437
Liabilities 102 94
MSEK Mar. 31 2025 Mar. 31 2025 Dec. 31 2024 Dec. 31 2024
Carrying value Fair value Carrying value Fair value
Bonds 14 025 12 799 14 840 13 520
Other loans 12 052 12 033 12 770 12 738
Lease liability 6 961 6 961 7 154 7 154
33 038 31 793 34 764 33 412
===== SIDA 12 =====
Atlas Copco AB – Q1 2025 12 (18)
Consolidated statement of changes in equity (condensed)
MSEK
owners of
the parent
non-controlling
interests Total equity
Opening balance, January 1, 2025 113 700 60 113 760
Changes in equity for the period
Total comprehensive income for the period -2 369 -4 -2 373
Change of non-controlling interests 4 4
Acquisition and divestment of own shares -506 - -506
Share-based payments, equity settled -194 - -194
Closing balance, March 31, 2025 110 631 60 110 691
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
Equity attributable to
Equity attributable to
===== SIDA 13 =====
Atlas Copco AB – Q1 2025 13 (18)
Consolidated statement of cash flows (condensed)
Depreciation, amortization and impairment
Calculation of operating cash flow
MSEK 2025 2024
Cash flows from operating activities
Operating profit 8 605 9 345
Depreciation, amortization and impairment (see below) 2 272 2 074
Capital gain/loss and other non-cash items -390 266
Operating cash surplus 10 487 11 685
Net financial items received/paid -259 -354
Taxes paid -2 319 -1 781
Pension funding and payment of pension to employees -146 -104
Change in working capital 921 -1 334
Investments in rental equipment -521 -557
Sale of rental equipment 32 11
Net cash from operating activities 8 195 7 566
Cash flows from investing activities
Investments in property, plant and equipment -1 317 -879
Sale of property, plant and equipment 16 21
Investments in intangible assets -509 -356
Acquisition of subsidiaries and associated companies -1 325 -2 196
Other investments, net -7 7
Net cash from investing activities -3 142 -3 403
Cash flows from financing activities
Acquisition of non-controlling interest 4 -
Repurchase and sales of own shares -506 410
Change in interest-bearing liabilities, net -694 75
Net cash from financing activities -1 196 485
Net cash flow for the period 3 857 4 648
Cash and cash equivalents, beginning of the period 18 968 10 887
Exchange differences in cash and cash equivalents -1 425 479
Cash and cash equivalents, end of the period 21 400 16 014
January-March
Depreciation, amortization and impairment 2025 2024
Rental equipment 310 249
Other property, plant and equipment 567 518
Right-of-use assets 499 428
Intangible assets 896 879
Total 2 272 2 074
January-March
MSEK 2025 2024
Net cash flow for the period 3 857 4 648
Add back:
Change in interest-bearing liabilities, net 694 -75
Repurchase and sales of own shares 506 -410
Acquisition of non-controlling interest -4 -
Acquisitions and divestments 1 325 2 196
Currency hedges 197 301
Operating cash flow 6 575 6 660
January-March
===== SIDA 14 =====
Atlas Copco AB – Q1 2025 14 (18)
Revenues by business area
Equipment and service revenues
Operating profit by business area
Return on capital employed by business area
2023 2024 2025
MSEK (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Compressor Technique 17 632 18 600 19 493 19 827 18 710 20 136 19 031 20 382 19 330
- of which external 17 466 18 407 19 300 19 614 18 507 19 905 18 819 20 202 19 151
- of which internal 166 193 193 213 203 231 212 180 179
Vacuum Technique 9 989 10 911 10 802 11 110 9 719 10 089 10 444 10 189 9 527
- of which external 9 979 10 906 10 795 11 101 9 711 10 089 10 439 10 180 9 521
- of which internal 10 5 7 9 8 - 5 9 6
Industrial Technique 6 492 7 280 7 306 7 375 7 514 7 471 6 832 7 705 6 943
- of which external 6 469 7 260 7 290 7 356 7 492 7 460 6 821 7 683 6 926
- of which internal 23 20 16 19 22 11 11 22 17
Power Technique 5 996 6 828 7 142 6 933 7 202 7 391 7 072 7 957 7 169
- of which external 5 947 6 791 7 100 6 883 7 165 7 349 7 026 7 923 7 132
- of which internal 49 37 42 50 37 42 46 34 37
Common Group Items / Eliminations -248 -255 -258 -291 -270 -284 -274 -245 -239
Atlas Copco Group 39 861 43 364 44 485 44 954 42 875 44 803 43 105 45 988 42 730
2023 2024 2025
% of total revenues (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Compressor Technique - Equipment 57 58 59 60 56 58 57 58 56
Compressor Technique - Service 43 42 41 40 44 42 43 42 44
Vacuum Technique - Equipment 77 77 77 78 75 74 74 73 71
Vacuum Technique - Service 23 23 23 22 25 26 26 27 29
Industrial Technique - Equipment 71 74 73 76 73 73 71 74 71
Industrial Technique - Service 29 26 27 24 27 27 29 26 29
Power Technique - Equipment 58 60 56 54 58 57 53 56 55
Power Technique - Service 42 40 44 46 42 43 47 44 45
2023 2024 2025
MSEK (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Compressor Technique 4 245 4 472 4 856 4 915 4 642 4 990 4 974 5 110 4 711
- as a percentage of revenues 24.1 24.0 24.9 24.8 24.8 24.8 26.1 25.1 24.4
Vacuum Technique 2 268 2 504 2 465 2 370 2 119 2 027 2 014 2 381 1 638
- as a percentage of revenues 22.7 22.9 22.8 21.3 21.8 20.1 19.3 23.4 17.2
Industrial Technique 1 371 1 585 1 647 1 580 1 649 1 557 1 364 1 496 1 388
- as a percentage of revenues 21.1 21.8 22.5 21.4 21.9 20.8 20.0 19.4 20.0
Power Technique 1 145 1 294 1 429 1 323 1 393 1 406 1 274 1 415 1 205
- as a percentage of revenues 19.1 19.0 20.0 19.1 19.3 19.0 18.0 17.8 16.8
Common Group Items / Eliminations -330 -666 -280 -1 102 -458 -514 -289 -384 -337
Operating profit 8 699 9 189 10 117 9 086 9 345 9 466 9 337 10 018 8 605
- as a percentage of revenues 21.8 21.2 22.7 20.2 21.8 21.1 21.7 21.8 20.1
Net financial items -44 -163 -189 -253 16 -192 -153 -37 -135
Profit before tax 8 655 9 026 9 928 8 833 9 361 9 274 9 184 9 981 8 470
- as a percentage of revenues 21.7 20.8 22.3 19.6 21.8 20.7 21.3 21.7 19.8
2023 2024 2025
% (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Compressor Technique 82 83 82 85 84 84 85 85 83
Vacuum Technique 24 23 22 22 22 21 20 20 19
Industrial Technique 18 20 20 21 22 22 21 21 20
Power Technique 24 23 22 22 21 20 18 18 16
Atlas Copco Group 29 30 30 30 30 29 28 28 27
===== SIDA 15 =====
Atlas Copco AB – Q1 2025 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 5, 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 5. See the Annual Report for 2024 for disclosure of acquisitions made in 2024.
Date Acquisitions Divestments Business area
Revenues
MSEK*
Number of
employees*
2025 Mar. 21 MSS Nitrogen Ltd. (“MSS Nitrogen”) Compressor Technique 238 44
2025 Mar. 11 Neadvance Machine Vision, S.A. (“Neadvance”) Industrial Technique 29 41
2025 Mar. 4 Masterfilter NV (“Masterfilter”) Compressor Technique 30 3
2025 Feb. 5 IMOCOM S.A. Compressor Technique 47 36
2025 Feb. 5 Maquinarias y Tecnologías S.A.S. ("Maq&Tec") Compressor Technique 14 13
2025 Jan. 29 Dr. Weigel Anlagenbau GmbH Compressor Technique 45
2025 Jan. 10 Medi-teknique Ltd. ("Medi-teknique") Compressor Technique 42 13
2025 Jan. 9 JetCan Engineering Sdn Bhd ("JetCan") Compressor Technique 24
2025 Jan. 7 V.O.L. Industries Compressor Technique 35 2
2025 Jan. 7 Trident Pneumatics Pvt. Ltd. ("Trident") Compressor Technique 134 113
2024 Dec. 3 Metalplan Equipamentos LTDA, (“Metalplan”) Compressor Technique 120 90
2024 Nov. 18 VisionTools Bildanalyse Systeme GmbH ("VisionTools") Industrial Technique 160 80
2024 Nov. 8 ESA Service S.r.l. (“ESA Service”) Vacuum Technique 118 40
2024 Nov. 6 SCS Makina A.Ş. (“SCS”) Compressor Technique 40 11
2024 Nov. 5 Pennine Pneumatic Services Ltd. (“PPS”) Compressor Technique 84
2024 Nov. 4 Air Way Automation Ltd. (“Air Way”) Industrial Technique 370 98
2024 Okt. 3 Perslucht Wilda B.V. (“Perslucht Wilda”) Power Technique 9
2024 Okt. 2 Kinder-Janes Engineers Ltd. ("Kinder-Janes") Power Technique 164 20
2024 Okt. 2 Pomac B.V. (“Pomac”) Power Technique 95 23
2024 Okt. 2 Arlógica Máquinas e Equipamentos, Lda (“Arlógica”) Compressor Technique 9
2024 Oct. 2 Easy Filtration S.r.l. (“Easy Filtration”) Compressor Technique 9
2024 Sep. 3 Integrated Pump Rental (“IPR”) Power Technique 57 18
2024 Sep. 3 Anhui NOY Technologies Co. Ltd., (“NOY”) Vacuum Technique 178 78
2024 Sep. 3 Generator Rental Services ("GRS”) Power Technique 263 58
2024 Aug. 2 AVT Services Pty Ltd., (“AVT Services”) Vacuum Technique 15
2024 Aug. 2 Danmil A/S (“Danmil”) Compressor Technique 126 26
2024 Jul. 29 Compressed Air Technologies, Inc. Compressor Technique 53
2024 Jul. 23 Kingsdown Compressed Air Systems Ltd. (“Kingsdown”) Compressor Technique 31 13
2024 Jul. 4 Mont-Tech Ltd. ("Mont-Tech") Industrial Technique 40 27
2024 Jul. 2 Swed-Weld AB ("Swed-Weld") Industrial Technique 30 10
2024 Jul. 2 Emcovele S.A. Compressor Technique 49
2024 Jun. 14 AE Industrial Ltd. ("AE Industrial") Compressor Technique 40
2024 Jun. 5 Baraghini Compressori Srl ("Baraghini") Compressor Technique 31 14
2024 May 7 Montajes Electromecánicos e Ingeniería, S.A. de C.V. (“MEISA”) Vacuum Technique 52
2024 May 3 Tecturbo Compressor Technique 60 51
2024 Apr. 4 Delta Temp Power Technique 100 20
2024 Apr. 2 Presys Co., Ltd. Vacuum Technique 275 134
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
===== SIDA 16 =====
Atlas Copco AB – Q1 2025 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 2025 2024
Administrative expenses -220 -230
Other operating income and expenses 22 44
Operating profit/loss -198 -186
Financial income and expenses 2 339 -46
Profit/loss before tax 2 141 -232
Income tax 64 90
Profit/loss for the period 2 205 -142
January-March
MSEK Mar. 31 2025 Mar. 31 2024 Dec. 31 2024
Total non-current assets 199 032 193 091 198 845
Total current assets 7 074 5 123 5 829
TOTAL ASSETS 206 106 198 214 204 674
Total restricted equity 5 785 5 785 5 785
Total non-restricted equity 164 318 156 552 162 807
TOTAL EQUITY 170 103 162 337 168 592
Total provisions 680 898 737
Total non-current liabilities 33 164 34 605 35 002
Total current liabilities 2 159 374 343
TOTAL EQUITY AND LIABILITIES 206 106 198 214 204 674
MSEK Mar. 31 2025 Mar. 31 2024 Dec. 31 2024
Assets pledged 206 224 209
Contingent liabilities 10 868 11 283 11 515
===== SIDA 17 =====
Atlas Copco AB – Q1 2025 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 2024 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 our page:
General meeting page
Transactions in own shares
Atlas Copco AB has mandates to acquire and sell own shares as
per below:
• Acquisition of not more than 10 000 000 series A shares,
whereof a maximum of 8 000 000 may be transferred to
personnel stock option holders under the performance-based
stock option plan for 2024.
• 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 26 000 000 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, 2020 and 2021.
• 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 three months of 2025, 2 646 638 series A shares,
net, were acquired. 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 2024.
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 2024.
Nacka, Sweden April 29, 2025
Atlas Copco AB (publ)
Vagner Rego
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 50 485 072
- of which B shares held by Atlas Copco AB 0
Total shares outstanding, net of shares held by
Atlas Copco AB 4 867 967 344
===== SIDA 18 =====
Atlas Copco AB – Q1 2025 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 2024, the Group had revenues of BSEK 177 and about 55 000 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 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 29, 2025, at 13:00 CEST.
To follow the presentation via webcast:
https://atlas-copco-group.events.inderes.com/q1-report-2025
To participate via teleconference:
https://events.inderes.com/atlas-copco-group/q1-report-2025/dial-in
Please visit our Investors page for presentation material.
Annual General Meeting 2025
The Annual General Meeting for Atlas Copco AB will be held on
April 29, 2025, in Stockholm.
Second-quarter report 2025
The Q2 2025 report will be published on July 18, 2025, around
13:00 CEST and the conference call will be at 14:00 CEST.
Silent period starts June 18, 2025.
Third-quarter report 2025
The Q3 2025 report will be published on October 23, 2025.
Silent period starts September 23, 2025.
Fourth-quarter report 2025
The Q4 2025 report will be published on January 27, 2026.
Silent period starts December 28, 2025.
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 29, 2025.