Annual Report 2025
In Atlas Copco Group, we enable our customers
to grow and drive society forward.
We develop technology that transforms the future,
and our innovative products, solutions and services
are a key part of most industries. Electronics, medical
research, renewable energy, food production, and
infrastructure are just a few examples.
This annual report reflects the Group’s mission of
creating sustainable, profitable growth. It integrates
financial, sustainability, and governance information
to describe Atlas Copco Group in a comprehensive
and cohesive manner.
Introduction 1 Summary of 2025
2 A decentralized group with four business areas
3 President and CEO
This is
Atlas Copco
Group
5 This is Atlas Copco Group
6 Our targets
7 This is how we do business
The year in
review
11 The year in review
19 Business area: Compressor Technique
22 Business area: Vacuum Technique
25 Business area: Industrial Technique
28 Business area: Power Technique
31 Sustainability statement: General information
44 Environmental information
57 EU taxonomy regulation disclosures
61 Social information
74 Governance information
85 Risks, risk management and opportunities
91 The Atlas Copco AB share
Governance 93 Corporate governance
97 Board of Directors
99 Group Management
101 Internal control over reporting
Financials 103 Financial statements (Atlas Copco Group)
108 Notes (Atlas Copco Group)
149 Financial statements (Parent)
151 Notes (Parent)
Other
information
162 Signatures of the Board of Directors
163 Auditor’s report
167
Auditor’s limited assurance report on
Atlas Copco AB’s sustainability report
169 Financial definitions
170 Four years in summary
171 Contact information
Statutory sustainability report and external review
Atlas Copco Group reports on its sustainability work in 2025 in accordance
with the European Sustainability Reporting Standards (ESRS), which
together with the EU Taxonomy regulation disclosures, on pages 57–60,
constitutes the Group’s statutory sustainability report. More information
can be found at: www.atlascopcogroup.com.
Notice
The amounts in the report are presented in MSEK unless otherwise
indicated and numbers in parentheses represent comparative figures
for the preceding year. The figures presented in this report refer to
continuing operations unless otherwise stated.
Atlas Copco AB is a public company. Atlas Copco AB and its sub sidiaries
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.
The annual report for the Group and the parent company can be found on pages 5–90 and 93–162, excluding the
quarterly data on page 120. The corporate governance report examined by the auditors can be found on pages 93–102.
Sustainability information that has been reviewed by the auditors can be found on pages 31–48 and 52–84.
This information constitutes the Group’s statutory sustainability report.
In the Group, there are many strong brands driving the success of our
business. When describing the Group, and not specific brands or entities,
we refer to Atlas Copco Group.
Forward-looking statements
Some statements in this report are forward-looking, and the actual out-
comes could be materially different. In addition to the factors explicitly
discussed, others could have a mate rial effect on the actual outcomes.
Such factors include, but are not limited to, general business conditions,
fluctuations in exchange rates and interest rates, political and geopoli tical
developments, the impact and pricing of competing products, product
development, commercial ization and technological difficulties, supply-
chain interruptions, and major customer credit losses.
At the heart of every centrifugal compressor, impellers are ‘aerodynamics
in action’. Custom-engineered for high efficiency, impellers help deliver
precise pressure, flow, and power for Atlas Copco Group customer
applications across traditional and emerging energy industries.
Atlas Copco Group 2025
Atlas Copco Group 2025
Orders received, revenues
and operating margin
0
50 000
100 000
150 000
200 000
20252024202320222021
0
10
20
30
40
MSEK %
Operating cash flow and return
on capital employed
0
7
14
21
28
35
2020201920182017*
%
0
7
14
21
28
35
0
7 000
14 000
21 000
28 000
35 000
20252024202320222021
0
10
20
30
40
50
Operating cash flow and return on capital employed
2023 är operating cash flow: 23192
Return on cap empl. är 30%
26796
24%
MSEK %
Orders received, MSEK
Revenues, MSEK
Operating margin, %
Adjusted operating margin, %
Operating cash flow, MSEK
Return on capital employed, %
Key financial data
MSEK 2025 2024 2023 2022 2021
Orders received 165 814 171 115 170 627 158 092 129 545
Revenues 168 343 176 771 172 664 141 325 110 912
EBITDA 43 643 46 951 44 852 36 549 29 025
– in % of revenues 25.9 26.6 26.0 25.9 26.2
EBITA ¹ 36 548 40 489 39 242 31 956 25 015
– in % of revenues 21.7 22.9 22.7 22.6 22.6
Operating profit 34 114 38 166 37 091 30 216 23 559
– in % of revenues 20.3 21.6 21.5 21.4 21.2
Adjusted operating profit 34 914 38 741 38 217 30 065 24 246
– in % of revenues 20.7 21.9 22.1 21.3 21.9
Profit before tax 33 671 37 800 36 442 30 044 23 410
– in % of revenues 20.0 21.4 21.1 21.3 21.1
Profit for the year 26 425 29 794 28 052 23 482 18 134
Basic earnings per share, SEK 5.43 6.11 5.76 4.82 3.72 ²
Diluted earnings per share, SEK 5.42 6.10 5.75 4.81 3.71 ²
¹ Operating profit excluding amortization and impairment of intangibles related to acquisitions.
² Adjusted for share split.
Dividend/earnings per share, average ³
including discontinued operations
0
10
20
30
40
50
60
2 years5 years10 years
Goal
%
Dividend policy history
–2003 30–40% of earnings
2003–2011 40–50% of earnings
2011– about 50% of earnings
³ Dividend for the fiscal year 2025
is based on the proposal from
the Board of Directors.
Operating
margin:
20.3% (21.6)
Operating cash flow:
MSEK 26 796
(30 981)
Revenues:
MSEK 168 343
(–5%)
Return on
capital employed:
24% (28)
Atlas Copco Group 2025 1
INTRODUCTION
Introduction
• Summary of 2025
A decentralized group with
four business areas
President and CEO
This is Atlas Copco Group
The year in review
Financials
Other information
A decentralized group with four business areas
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 tech-
nologies for air and gas compression, vacuum and abatement,
automated assembly and quality control, mobile energy manage-
ment and power generation as well as portable and industrial flow
technologies. In 2025, the Group had revenues of BSEK 168 and
about 56 000 employees at year end.
Revenues by region
Revenues by region
Orders received by customer category
Orders received by customer category
Asia/Oceania, 31%
North
America, 25%
Africa/
Middle East, 8%
Europe, 30%
South
America, 6%
Asia/Oceania, 27% North
America, 34%
Africa/
Middle East, 2%
Europe, 34%
South
America, 3%
Asia/Oceania, 64%
North
America, 20%
Africa/
Middle East, 1% Europe, 14%
South
America, 1%
Asia/Oceania, 24% North
America, 28%
Africa/
Middle East, 9%
Europe, 32%
South
America, 7%
Other, 16%
General manu-
facturing, 25%
Construction, 14%
Service, 15%
Process industry, 25% Automotive, 1%
Electronics, 4%
Other, 9% General manu-
facturing, 25%
Construction, 2%
Service, 9%
Electronics, 4%
Automotive, 49%
Process industry, 2%
Process
industry, 31%
General manu-
facturing, 7%
Electronics, 60%
Other, 2%
Other, 20% General manu-
facturing, 21%
Service, 6%
Electronics, 1%
Process industry, 26%
Construction, 25%
Automotive, 1%
Compressor
Technique
Page 19
Compressor Technique’s innovative technologies for air and gas com-
pression, expansion, energy management and conversion, filtration,
and treatment are designed to improve performance and efficiency
across industrial applications.
Orders received: MSEK 77 100
Revenues: MSEK 77 140
Operating margin: 24.7%
Vacuum
Technique
Page 22
Vacuum Technique’s sophisticated technologies for vacuum, exhaust
management, cryogenic, maintenance and diagnostics are essential
for a wide range of industries, such as semiconductor, scientific
research, food packaging and renewable energy.
Orders received: MSEK 36 156
Revenues: MSEK 36 727
Operating margin: 18.4%
Revenues by region
Revenues by region
Orders received by customer category
Orders received by customer category
Power
Technique
Page 28
Power Technique’s advanced mobile technologies for air compres-
sion, power generation, light and energy management as well as
pump technologies for dewatering and industrial use ensure flexibility
and efficiency in industrial and onsite applications.
Orders received: MSEK 27 846
Revenues: MSEK 28 972
Operating margin: 16.7%
Revenues by region, Group
Asia/Oceania, 36%
North
America, 26%
Africa/
Middle East, 6%
Europe, 28%
South
America, 4%
Share of revenues, Group
Equipment, 62%Service, 38%
Orders received by customer category, Group
Other, 12%
General manu-
facturing, 21%
Construction, 11%
Service, 9%
Process industry, 23%
Electronics, 16%
Automotive, 8%
Share of revenues
Service, 43% Equipment, 57%
Share of revenues
Equipment, 71%Service, 29%
Share of revenues
Equipment, 72%Service, 28%
Share of revenues
Equipment, 53%Service, 16%
Service
(Specialty
Rental), 31%
Industrial
Technique
Page 25
Industrial Technique’s automated assembly and quality control
systems include tightening robotics, automatic feeding and machine
vision, and ensure optimal performance and data collection in
industries like automotive, electronics, aerospace, energy, and
general manufacturing.
Orders received: MSEK 25 587
Revenues: MSEK 26 384
Operating margin: 17.8%
Introduction
Summary of 2025
• A decentralized group with
four business areas
President and CEO
This is Atlas Copco Group
The year in review
Financials
Other information
Atlas Copco Group 2025 2
INTRODUCTION
Turning global challenges into local opportunities
As we look back at 2025, I am proud to share how Atlas Copco Group continues to
build on our foundation to deliver on our mission of sustainable, profitable growth.
While the macroeconomic environment remains uncertain, our response is clear:
we thrive by focusing on what we can control.
Our success is driven by innovation in key technologies, a relentless customer focus, and a resilient
business model supported by an agile and curious organization. To reach our full potential, we
continuously invest in long-term growth while staying flexible to adapt to short-term changes.
Our technologies power industries that shape the global economy – from manufacturing and
construction to electronics and energy. In 2025, orders received reached MSEK 165 814 (171 115),
and revenues were MSEK 168 343 (176 771). The operating profit reached MSEK 34 114 (38 166),
corresponding to a margin of 20.3% (21.6). The return on capital employed was 24% (28).
Leveraging our global presence
Geopolitical tensions, rising protectionism, and shifting government priorities continue to impact
investment decisions around the world. Tariffs, for example, increase costs and complexity, ultimately
affecting consumers. While some market effects can be mitigated, rules and regulations that block
cross-border trade are more concerning.
To manage this uncertainty, we focus on actions that are certain to bring near-term positive impact,
while planning and preparing for what the future brings.
With operations in about 70 countries and presence in 180, our “local for local” strategy enables
tailored solutions for local markets. Another key enabler is our strong service business, which keeps
us close to customers and strengthens both competitiveness and loyalty. Our ambition is to produce
where we sell and source where we produce. However, decisions to invest in new or extended manu-
facturing capabilities are always based on sound and long-term business cases for growth.
Balancing speed and efficiency
Our decentralized structure and asset-light operations allow us to adapt quickly to changing market
conditions. Coupled with a culture of delegated authority, this empowers fast decision-making in close
collaboration with each customer.
This agility is a strength, but speed must be balanced with efficiency. We cannot afford duplication or
settle for incremental progress, and we continuously challenge ourselves by asking tough questions
like: Are we using the right processes? Do we have the skills needed for tomorrow? Are we pushing the
limits of what’s possible? Through cross-functional collaboration, strategic improvements, and continu-
ous operational development, we overcome many obstacles.
Beyond agility, decentralization builds a healthy internal talent pool. Many of our leaders, including
myself, began their careers as trainees. This is a testament to the opportunities this Group offers to
those who are committed to making a difference.
Another opportunity to increase efficiency in R&D and enhance the customer experience, particularly
in service, is AI. In Atlas Copco Group, we do not have a separate AI strategy; instead we actively seek
new opportunities to leverage AI for growth and optimize processes to improve speed and execution
across all areas.
Investing in expertise
In 2025, we completed 29 acquisitions, strengthening both our capabilities and reach. These strategic
investments complement our organic growth and allow us to deliver greater value through increased
presence and adjacent technologies.
We continuously invest in R&D to develop technologies that support our customers in transitioning
to more sustainable operations. Our products are designed with a life-cycle perspective, from sourcing
Atlas Copco Group 2025 3
Introduction
Summary of 2025
A decentralized group with
four business areas
• President and CEO
This is Atlas Copco Group
The year in review
Financials
Other information
INTRODUCTION
2021 2022 2023 2024 2025
and manufacturing to usage and end-of-life, ensuring efficiency and reduced carbon footprint.
In 2025, we invested 4% of revenues in R&D.
However, growth is not linear. Increased resources and investments must go hand in hand with
efficiency and measurable outcomes. One example is our initiative to integrate newly acquired
companies faster and more effectively, a challenge that also creates opportunities to deliver even
greater value.
Next step in our climate transition journey
We will continue to explore new opportunities, develop more energy-efficient products, and support
our customers in increasing their productivity. By using more energy-efficient products, customers
can reduce their environmental footprint, and through our technologies we help enable a low-carbon
society. The availability of low-carbon electricity remains the main limitation to a rapid decarbonization
of the use phase of our products (scope 3 emissions). Most of our products already run on electricity,
and we provide alternatives where possible to the ones that are not yet electrified. We continuously
improve productivity in close partnership with our customers through increased efficiency and optimi-
zation. We support our customers in minimizing energy consumption, cost and emissions. We are
doing our part. What is still needed is broader global engagement and the development of energy
sources that support both us and our customers in fully achieving our shared ambitions.
Committed to safety
This year we are deeply saddened to report we have had two work-related fatalities among our
employees following serious incidents. Safety is a top priority for the Group and following any incident,
thorough investigations are conducted to understand the circumstances and assess whether addi-
tional preventive measures can be identified. Where applicable, insights from such investigations are
used to further strengthen safety measures and reinforce our safety culture. Our thoughts remain with
the two employees’ families, friends and colleagues.
Looking ahead
Creating long-term value is at the heart of everything we do. We will continue to invest in innovation,
customer partnerships, and strategic growth opportunities. Our focus remains on delivering technolo-
gies that improve productivity, competitiveness, and sustainability for our customers. All while main-
taining the agility and resilience that define Atlas Copco Group. In doing so, we create long-term value
for all stakeholders.
Vagner Rego
President and CEO of Atlas Copco Group
Turning global challenges into local opportunities, continued
Between 2021 and 2025, we closed 126 acquisi-
tions in total, strengthening both our capabilities
and reach. Acquisitions were carried out across
all four business areas, to support the divisional
growth strategies.
For the
full list of
acquisitions,
please see
page 113.
Number of acquisitions
Acquired revenues, MSEK
17
30
17
33
29
652 MSEK
5 094 MSEK
2 940 MSEK
3 239 MSEK
6 009 MSEK
Atlas Copco Group 2025 4
Introduction
Summary of 2025
A decentralized group with
four business areas
• President and CEO
This is Atlas Copco Group
The year in review
Financials
Other information
INTRODUCTION
This is Atlas Copco Group – technology that
transforms the future
Atlas Copco Group identifies profitable niches and
operates in selected market segments. We create
lasting growth by leveraging our global market
presence and diverse customer base. We increase
our market presence through innovation and by
expanding into segments and technologies close
to our core. Depending on the customer, prod-
ucts, and market, we sell our products directly or
indirectly. We have a portfolio of several strong
brands, each with a unique value proposition and
an aim for a leading position.
To secure a leading market position, we invest
in research and development. Through leading
technologies, we aim to develop new products
and solutions that are critical to our customers’
operations, improve their productivity, and sup-
port success. Energy efficiency, connectivity, and
data-driven insights are often key to creating
tangible customer value.
To ensure profitable growth over a business
cycle, the Group focuses on service and aims
Strategy and fundamentals for growth
to maintain an asset-light balance sheet and a
flexible cost base.
In our resilient service business, we seek to
perform more service on a higher share of the
installed base of equipment and extend our
service offering by providing customers with new
insights supported by connected products.
In order to create the right conditions for
speed and agility, we use a decentralized model
with clear accountability, an outsourced produc-
tion model, a flexible workforce, continuous
scenario planning, and a transparent organiza-
tion with comprehensive financial follow-up.
We believe in staying close to our customers
and have production units in Europe, Asia, and
the Americas. We continuously strive for improved
operational efficiency with a responsible use of
resources. This includes constantly improving
production processes and developing top-quality,
highly efficient products and services for our
customers.
Leading
position in
selected end
markets
Leading
differentiated
technology
Products
critical
to customers’
operations
Global market
presence
Diverse customer
base
Different
value propositions
with multiple
brands
Passionate
and committed
people
Decentralized
business
model
Resilient
and asset
light
Operational
excellence
An organization
focused on speed
and agility
Leading
service offer
Defined
profitable
niches
Our vision is to become and remain First in Mind—First in Choice for our customers
and other stakeholders. Our 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. We provide everyone within our organi-
zation with support and inspiration to learn and grow. We also include the perspectives
of different stakeholders, such as customers and society, when we create value.
To ensure Atlas Copco Group’s strategic direction and execution, we rely on highly
competent people who are passionate about their jobs and committed to delivering
customer value. We focus on attracting people with the right mindset and skills, and
enable them to grow with freedom and accountability. This is crucial to our success.
Atlas Copco Group 2025 5
Introduction
This is Atlas Copco Group
• Technology that transforms
the future
Our targets
This is how we do business
The year in review
Financials
Other information
THIS IS ATLAS COPCO GROUP
Sustainable
profitable
growth
Our targets
Environ ment 2025 2024 2023 Target Target year
Reduce CO2e emissions (tonnes) from scopes 1 and 2, compared to the base year 20191
–46% –42% –37% –46% 2030
Reduce CO2e emissions (tonnes) from scope 3, compared to the base year 20191 +9% +15% +28% –28% 2030
Develop a climate transition plan and set long-term climate targets beyond 2030
for scope 1, 2 and 3 In place by end of 2026 2026
Projects for new and redesigned products with targets for reduced carbon impact 98% 96% 95% 100% Annually
Projects for new and redesigned products with applied circularity principles
according to internal guidelines 38% 100% 2027
Reuse, recycle or recover waste from internal operations 93% 91% 91% 100% 2030
Increase share of significant direct suppliers with an approved environmental
management system 37% 31% 31% Continuous increase Annually
1 The targets were approved by the Science Based Targets initiative (SBTi) in 2021. The target for scopes 1 and 2 is in line
with the 1.5 °C warming trajectory, and the target for scope 3 is in line with the well below 2°C warming trajectory.
Social
Increase share of women employees2 22.7% 22.6% 22.2% 30% 2030
Increase share of women in leadership positions2 21.8% 21.4% 20.9% 25% 2030
Employees agree that they feel a sense of belonging in the company 76 77
Above the global
benchmark (73, 76, 72)
and a continuous
increase
Biennially
Employees agree we have a work culture of respect, fairness and openness 77 76
Biennially
Employees agree there is opportunity to learn and grow in the company
73 75
Biennially
Employees agree that the company takes a genuine interest in their well-being 71 74 Continuous increase Biennially
Decrease number of recordable injuries per million working hours 4.2 4.0 4.5 Continuous decrease Annually
Enable the continued successful implementation of our employee-driven community
engagement initiative Water for All and continue to double-match employee donations Achieved Achieved Achieved Continuously
2 As of 2025, the US is excluded from the target, and the figures for 2023 and 2024 have been restated for comparability.
Governance
Employees who have signed the Group’s Code of Conduct compliance statement
99% 99% 99% 100% Annually
Employees who have participated in the Group’s Code of Conduct leader-led training
99% 99% 100% Biennially
Employees in selected target groups who have participated in training in trade
compliance
99% 100%
Alternating
years as
of 2025
Employees in selected target groups who have participated in training in
fair competition 100%
Significant suppliers who have confirmed compliance with the Group’s Code of
Conduct by signing our Business partner criteria
94% 91% 90% 100% Annually
Significant distributors who have confirmed compliance with the Group’s Code
of Conduct by signing our Business partner criteria
95% 94% 94% 100% Annually
Strategic significant suppliers3 engaged in assessments on environmental,
social and governance aspects
50% 2027
3 The target ambition level was defined in 2025 and the definition was adjusted to prioritize strategic suppliers. Measurement was initiated in 2025 and reporting against this target will begin in 2026.
New target as of 2025
Atlas Copco Group sets ambitious targets to deliver sustainable, profitable growth. The targets have different
time horizons: annual, three-year, over a business cycle, and by 2030 for the more long-term ambitions.
0
30 000
60 000
90 000
120 000
150 000
20252024202320222021
0
10
20
30
40
50
60
2 years5 years10 years
Goal
MSEK %
%
0
10
20
30
40
50
0
5
10
15
3 years5 years10 years
Goal
%
Annual revenue growth rate, average ¹
1 Figures for the years 2016
and 2017 are best estimated
numbers, as the effects of
the distribution of Epiroc and
restatements for IFRS 15
are not fully reconciled.
0
30 000
60 000
90 000
120 000
150 000
20252024202320222021
0
10
20
30
40
50
60
2 years5 years10 years
Goal
MSEK %
%
0
10
20
30
40
50
0
5
10
15
3 years5 years10 years
Goal
%
Capital employed and return
Capital employed,
MSEK
Return on capital
employed, %
Dividend/earnings per share, average ²
including discontinued operations
0
30 000
60 000
90 000
120 000
150 000
20252024202320222021
0
10
20
30
40
50
60
2 years5 years10 years
Goal
MSEK %
%
0
10
20
30
40
50
0
5
10
15
3 years5 years10 years
Goal
%
Dividend policy history
–2003: 30–40% of earnings
2003–2011: 40–50% of
earnings
2011– about 50% of earnings
2 Dividend for the fiscal
year 2025 is based on the
proposal from the Board
of Directors.
Financial
Revenue growth measured over a business cycle Target: 8% per annum
Sustained high return on capital employed by
constantly striving for operational excellence
and generating growth
Earnings as dividends to shareholders Target: about 50%
Atlas Copco Group 2025 6
THIS IS ATLAS COPCO GROUP
Introduction
This is Atlas Copco Group
Technology that transforms
the future
• Our targets
This is how we do business
The year in review
Financials
Other information
This is how we do business
Atlas Copco Group is characterized by focused businesses in selected market
segments, a strong customer focus through a decentralized organization, global
presence, a stable service business, professional people, and an asset-light and
flexible manufacturing setup. By providing professional service, technical
competence, application knowledge, and digital capabilities, the Group builds
close customer relationships through direct and indirect channels.
75%
Global reach with
local presence
Atlas Copco Group has a global reach
with sales in approximately 180 coun-
tries. Sales and service are performed
by employees with strong application
and process knowledge.
About 75% of the production
cost of equipment represents
purchased components.
Share of revenues by business area
Orders received by customer category
Share of revenues
Stable service business
Service (spare parts, maintenance, repairs, con-
sumables, accessories, and specialty rental)
accounts for 38% of the Group’s revenues, often
generated from service contracts. An increased
amount of connected equipment, data analytics,
and the use of AI (Artificial Intelligence) create
additional opportunities to support the service
business in delivering value to our customers.
The service business provides a strong founda-
tion as revenues from service are generally more
stable than revenues from equipment sales.
Increasing customer value
Customer focus is a guiding principle for Atlas
Copco Group. Surveys are conducted regularly to
learn from customers’ experiences and opinions
on interactions with the Group. Customers are
also frequently engaged in feedback discussions
to improve our products and services. A number
of key performance indicators on customer satis-
faction have been established, which are continu-
ously followed up to ensure improved satis-
faction.
Manufacturing and logistics
We strive to keep manufacturing close to our
customers. As a result, our production facilities
are located in Europe, Asia, and the Americas.
Local manufacturing also brings resilience and
the ability to adapt to changing conditions.
Our philosophy is to manufacture in-house the
components that are critical to the equipment’s
performance. For other components, we lever-
age the capacity and expertise of business part-
ners. Flexible purchasing and logistics are of
great importance.
Purchased components account for approxi-
mately 75% of the production cost of equipment,
while the remaining 25% are internally manufac-
tured core components, assembly costs and
overhead. Equipment sales generate about 62%
of revenues, and manufacturing and logistics
are organized to respond quickly to changes in
demand. Equipment manufacturing is based
primarily on customer orders, while only some
standard, high-volume equipment is manufac-
tured based on projected demand.
Sales and service
Atlas Copco Group’s ambition is to build close
relationships with customers and enable them to
increase their productivity and quality in a sus-
tainable way. Customer engagement, sales, and
service take place through direct and indirect
channels (mainly distributors) to maximize mar-
ket presence. Digital capabilities and interaction
are essential to support customers and create
business opportunities. Consequently, we contin-
uously develop our teams to ensure they are
equipped in these areas and have the right com-
petencies. We always aim to be available when
our customers need us, wherever we can support
them best. The Group has a global reach with
sales in approximately 180 countries.
Equipment sales are performed by engineers
with strong application knowledge and the ambi-
tion to offer the best solution for specific applica-
tions. Service and maintenance performed by
skilled technicians are an integral part of our
offering. Service is the responsibility of dedicated
divisions within each business area. This includes
the development of service products, sales and
marketing, technical support, and service deliv-
ery, all supported by data analysis from con-
nected equipment.
Power Technique, 17%
Compressor
Technique, 46%
Vacuum
Technique, 22%
Industrial
Technique, 15%
Equipment, 62%Service, 38%
Other, 12%
General manu-
facturing, 21%
Construction, 11%
Service, 9%
Process industry, 23%
Electronics, 16%
Automotive, 8%
Atlas Copco Group 2025 7
THIS IS HOW WE DO BUSINESS
Introduction
This is Atlas Copco Group
Technology that transforms
the future
Our targets
• This is how we do business
The year in review
Financials
Other information
The assembly of equipment is generally carried
out in the Group’s own facilities, and we take
responsibility for product functionality and qual-
ity. To optimize production flows, the assembly is
typically lean, and the final product is generally
shipped directly to the end user. The organiza-
tion continuously strives to efficiently use human,
natural, and capital resources while ensuring the
highest quality.
Innovation
At Atlas Copco Group we believe there is always a
better way of doing things. By developing the
right technologies, we will contribute to a better
tomorrow. Hence, innovation and product devel-
opment are of the greatest importance. Innova-
tion will improve customer value and strengthen
customer relationships, our brands, and financial
performance. Products are designed internally,
with research and development expenditures
corresponding to about 4% of total revenues.
The fundamental objective is to design and effi-
ciently produce new and improved products that
provide sustainable and tangible benefits to cus-
tomers in terms of productivity, energy efficiency,
and lower life-cycle costs. New hardware and
software are developed by skilled engineers
within the divisions. Atlas Copco Group protects
its technical innovations with patents. Innovation
also includes improved processes that optimize
the flow and utilization of assets and information.
Overcapacities and inefficiencies must always
be challenged.
Investments in fixed assets and working
capital
Our manufacturing philosophy results in a mod-
erate need for investments in property, plant,
and equipment, which can be adapted to short-
and medium-term changes in demand. Most
investments relate to machining equipment for
core manufacturing activities and to production
facilities, primarily for core component manufac-
turing and assembly operations.
The working capital requirements are influenced
by the relatively high share of sales through own
customer centers, which affects the levels of
inventory and receivables. In an improving busi-
ness climate with higher volumes, more working
capital will be tied up, whereas a deteriorating
business climate will release working capital.
Acquisitions
Acquisitions are primarily made within, or very
close to, existing core businesses, with the aim to
grow existing businesses or create new platforms
for growth. All divisions are required to map and
evaluate businesses that are adjacent to their
existing businesses and that may offer tangible
synergies. All acquired businesses are expected
to contribute positively to economic value added.
Research and develop ment
expenditures correspond
to about
Agile and resilient operational setup
RESILIENCE
DETERIORATING BUSINESS
CLIMATE
Atlas Copco Group can:
– reduce variable costs
– reduce working capital
IMPROVING BUSINESS CLIMATE
Atlas Copco Group can:
– add needed resources
– add working capital
– add small incremental
investments
Time
Volume/
Profits
Asset-light operations
Profitable aftermarket business
AGILITY
Atlas Copco Group has organized its
manufacturing and logistics to be able to
quickly adapt to changes in the business climate.
4%
This is how we do business, continued
of total revenues
Atlas Copco Group 2025 8
THIS IS HOW WE DO BUSINESS
Introduction
This is Atlas Copco Group
Technology that transforms
the future
Our targets
• This is how we do business
The year in review
Financials
Other information
Atlas Copco Group’s organization is based on the principle of
decentralized responsibilities and authorities
Structure and governance
Atlas Copco Group’s organization is based on the principle of
decentralized responsibilities and authorities (see organization
chart to the right). The organization comprises both operating
and legal units. Each opera ting unit has a business board reflect-
ing the Group’s operational structure. The business board serves
in an advisory and decision-making capacity on strategic and
operative matters. It also ensures the implementation of controls
and assessments. Each legal company has a legal board that
focuses on compliance and reflects the Group's legal structure.
The Board of Directors is responsible for the organization and
management of the Group, regularly assessing the Group’s finan-
cial situation, sustainability reporting, and financial, legal, social
and environmental risks, and ensuring that the organization is
designed for satisfactory control. The Board of Directors is also
responsible for recruiting and appointing the President and CEO.
The President and CEO is responsible for the daily manage-
ment of the Group, in accordance with the Board’s guidelines and
instructions. The President and CEO is also responsible for ensur-
ing that the organization works towards achieving the targets for
sustainable, profitable growth. The President and CEO leads the
Group Management, which includes the business area presidents
and five functional heads.
The business areas are responsible for developing their
respective operations by implementing and following up on strat-
egies and objectives to achieve sustainable, profitable growth.
The divisions are separate operational units, responsible for
delivering results in line with the strategies and objectives set by
the business area. Each division has global responsibility for a
specific product or service offering. A division may include one or
more product companies (units responsible for product develop-
ment, manufac turing, and marketing), distribution centers, and
several customer centers (units responsible for customer con-
tacts, sales and service) which may be dedicated to the division or
shared with other divisions.
Regional holding functions are established worldwide to
support the divisional structure of the Group and to represent
Group Management.
As of January 1, 2026
The sharing of resources
and infrastructure/
service providers
Common processes and shared best
practices gathered in the handbook of
policies and guidelines The Way We Do Things
A common
leadership
model
An internal job
market
One Group Treasury
A shared purpose
and vision
Shared goals and
strategic fundamentals
The corporate culture and the
core values: interaction, commitment,
and innovation
One common Group
identity and a common
brand governance model
Atlas Copco Group is unified and strengthened through:
GROUP MANAGEMENT
BOARD OF DIRECTORS
PRESIDENT AND CEO
Divisions generally conduct business through product companies, distribution centers, and customer centers.
COMPRESSOR TECHNIQUE
Divisions
Compressor Technique Service
Industrial Air
Oil-free Air
Air and Gas Applications
Medical Gas Solutions
Gas and Process
Airtec
Divisions
Vacuum Technique Service
Semiconductor Service
Semiconductor
Semiconductor Chamber
Solutions
Scientific Vacuum
Industrial Vacuum
VACUUM TECHNIQUE
Divisions
Industrial Technique Service
Motor Vehicle Industry Tools and
Assembly Systems
General Industry Tools and
Assembly Systems
Chicago Pneumatic Tools
Industrial Assembly Solutions
Machine Vision Solutions
INDUSTRIAL TECHNIQUE
Divisions
Power Technique Service
Specialty Rental
Portable Air
Portable Power and Flow
Industrial Flow
POWER TECHNIQUE
The Group’s Code of Conduct
This is how we do business, continued
Atlas Copco Group 2025 9
THIS IS HOW WE DO BUSINESS
Introduction
This is Atlas Copco Group
Technology that transforms
the future
Our targets
• This is how we do business
The year in review
Financials
Other information
INTERACTION
We engage and develop close relationships
with customers, internally and externally,
as well as with other stakeholders. This inter-
action takes place in many ways: in person,
online or in directly through business part-
ners. We always look for what is best for a
specific target group.
INNOVATION
Our innovative spirit is reflected in
everything we do. Our customers expect
the best from Atlas Copco Group and our
objective is to consistently deliver high-quality
products and service that increase custom-
ers’ productivity and competitiveness.
COMMITMENT
We operate worldwide with a long-term
commitment to our customers in each
country and market served. We keep
our promises and always strive to
exceed high expectations.
Culture, leadership and people
Atlas Copco Group’s culture is characterized by
high-performing teams and a strong commit-
ment to people, customers, products, innovation,
and sustainability. We believe there is always a
better way of doing things and promote freedom
with accountability. Several activities are con-
ducted regularly to maintain and strengthen our
corporate culture, including recurring workshops
for employees on company values, strategy, and
guidelines.
At Atlas Copco Group, leadership is about
achieving sustainable results by nurturing our
people’s growth and enabling them to reach their
full potential. We believe that competent and
committed leaders are essential to achieving sus-
tainable, profitable growth. Freedom to act, com-
bined with accountability, is a guiding principle.
All leaders receive a mission statement from
their manager, outlining long-term expectations
and goals in both quantitative and qualitative
terms. The mission typically spans three to five
OUR CORE VALUES
Our values reflect how we behave internally
and in relation to external stakeholders.
Atlas Copco Group’s Code of Conduct
The Code of Conduct is the Group’s central
policy document and sets out the funda-
mental values and principles that all employ-
ees, the Group’s business partners, and the
Board of Directors are expected to follow.
The principles are based on international
frameworks such as the United Nations Inter-
national Bill of Human Rights, the United
Nations Global Compact, and the OECD
Guidelines for Multinational Enterprises.
years. Based on this mission statement, the
leader is expected to develop a vision and clarify
how the mission will be achieved, including the
strategies, organization, and people required to
make it happen.
Atlas Copco Group’s performance is closely
linked to its success in being a good employer
and in attracting and developing resourceful,
motivated people. With a global business con-
ducted through numerous companies, we focus
on continuous competence development and
knowledge sharing, while embedding our core
values: interaction, commitment, and innovation,
across all people processes.
Atlas Copco Group has a strong culture of
growing talent by encouraging employees to
take accountability for their own career and
competence development. The Group supports
and encourages internal mobility and growth
by offering continuous learning activities and
an internal job market. With the ambition to
develop individuals and teams to reach their
INTERACTION
INNOVATION
COMMITMENT
This is how we do business, continued
full potential, the Group provides accessible tools
and targeted learning content, including both
digital and leader-led courses and programs, to
all employees.
If the Group needs to adapt capacity in a dete-
riorating business climate, the first step is to
pause recruitment, while layoffs are considered
only as a last resort.
Processes
Group-wide strategies, processes, principles,
guide lines, and shared best practices are com-
piled in the handbook of policies and guidelines
The Way We Do Things, which is accessible to all
employees. While most processes are self-
explanatory, managers receive regular training
on their implementation. Wherever they are
located, Atlas Copco Group’s employees are
expected to work in accordance with the estab-
lished processes, principles and guidelines.
The handbook covers governance; safety,
health, environment and quality; accounting and
business control; treasury; tax; audit and internal
control; Information technology (IT); people and
culture; legal; communications and branding; risk
and crisis management; administrative services;
insurance; standardization; and acquisitions.
Atlas Copco Group 2025 10
THIS IS HOW WE DO BUSINESS
Introduction
This is Atlas Copco Group
Technology that transforms
the future
Our targets
• This is how we do business
The year in review
Financials
Other information
The year in review
Market review and demand
The overall demand for Atlas Copco Group’s
equipment and services remained relatively
stable in 2025. Orders received were negatively
affected by currency; however, adjusted for
currency, order intake increased by 3%. The
demand for service, including specialty rental
solutions, remained good, and the order intake
increased in all regions. In comparable curren-
cies, the order intake for service increased by 7%,
with positive contributions from all business
areas and all regions.
The demand for equipment remained basically
unchanged, and order intake increased by 2% in
comparable currencies.
Order volumes for industrial compressors,
small-sized as well as larger ones, decreased
somewhat, primarily driven by weaker demand
in the first half of the year. Demand for gas and
process compressors remained robust in most
regions, but due to weaker demand in Africa/
Middle East, which was very strong last year, the
overall order intake decreased. Order intake for
vacuum equipment was mixed, with increased
orders for industrial and scientific vacuum equip-
ment, while orders for vacuum equipment to the
semiconductor industry remained basically
unchanged. Overall demand for industrial power
tools, assembly, and vision solutions decreased
due to lower investment activity in the automo-
tive industry. The order intake to the general
industry, on the other hand, increased. The
demand for power equipment was mixed, with
decreased order volumes for portable compres-
sors, while orders for portable power and flow
equipment, such as generators and portable
pumps, increased notably. Order intake for
industrial pumps also increased.
In total, the Group’s order intake decreased
by 3% to MSEK 165 814 (171 115). Currency had a
negative effect of 6%, while acquisitions contrib-
uted 2%, resulting in an organic order growth of
1%. See further information in the business area
sections on pages 18–30.
North America
The order intake in North America increased by
4% in local currencies. Orders for compressors
increased, particularly for gas and process com-
pressors and application-focused air and gas
products, while the order development for indus-
trial compressors used in more general applica-
tions was less favorable. The order intake for
vacuum equipment decreased, driven by lower
demand from the semiconductor industry. In
contrast, order intake for industrial assembly and
vision solutions increased, supported by automo-
tive customers’ growing demand for automation
and flexibility, as well as by higher demand from
specific customer segments in the general indus-
try, such as aerospace. The order intake was also
supported by contributions from acquisitions.
Demand for power equipment was mixed, with
decreased order volumes for portable compres-
sors, while orders for portable generators and
pumps increased. The order intake for the
Group’s service business also grew. In total,
North America accounted for 26% (26) of orders
received.
South America
Orders received in South America increased 11%
in local currencies. The order intake increased
in all business areas, most notably in Industrial
Technique, supported by higher demand
from both general industrial customers and
the automotive industry. Orders for service
increased, driven by increased demand for
compressor service. In total, South America
accounted for 5% (4) of orders received.
Europe
The order intake in Europe increased 3% in local
currencies. Orders for industrial compressors as
well as for gas and process compressors
increased, primarily in the latter half of the year.
However, the order intake for vacuum equipment
decreased due to weaker demand from the semi-
conductor industry. The order intake for indus-
trial assembly and vision solutions decreased
notably, primarily driven by significantly lower
demand from the automotive industry. In con-
trast, orders for power equipment increased due
to solid order growth for generators and pumps,
while orders for portable compressors remained
basically unchanged. Solid order growth for ser-
vice was achieved with order growth in all busi-
ness areas. In total, Europe accounted for 27%
(27) of orders received.
Africa/Middle East
Orders received decreased by 4% in Africa/
Middle East in local currencies. The lower order
intake was mainly due to weaker demand for
industrial compressors, and gas and process
compressors. In total, Africa/Middle East
accounted for 6% (7) of orders received.
Asia/Oceania
The order intake in local currencies in Asia/
Oceania increased by 5%. The demand for com-
pressors weakened, and order intake for indus-
trial, as well as gas and process compressors
decreased. Orders for vacuum equipment, in
contrast, increased, both from the semiconduc-
tor and general industries. The order intake for
industrial assembly and vision solutions also
decreased, driven by weaker demand from the
automotive industry, while orders from general
industrial customers developed more positively,
supported by increased demand from the elec-
tronics industry. Solid order growth was achieved
for power equipment, such as portable compres-
sors, generators, and pumps. The order intake
for service increased in all business areas, except
for the specialty rental business, which remained
essentially unchanged. Asia/Oceania accounted
for 36% (36) of orders received.
Market presence
Atlas Copco Group had own customer centers
in 72 (73) countries and production facilities in
28 (28) countries. Revenues were reported in
180 (179) countries.
Important events – before and after period end
Acquisitions and divestments
The Group completed 29 acquisitions during
the year. In total, the acquisitions added net
revenues of approximately MSEK 4 370 com-
pared to the previous year. See further informa-
tion in note 2 and in the business area sections
on pages 18–30.
Changes in Group Management
As of January 1, 2025, Koen Lauwers became a
member of Group Management, after being
appointed President of the Vacuum Technique
business area. He was previously President of
the Semiconductor division within the Vacuum
Technique business area.
Atlas Copco Group 2025 11
Introduction
This is Atlas Copco Group
• The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW
Financial targets – growth
and return development
Annual revenue growth rate, average (FX adjusted) ¹
The Group’s target for annual revenue
growth is 8%, measured over a business
cycle. At the same time, the ambition is to
grow faster than the most important compe-
titors. Growth should primarily be organic,
supported by selective acquisitions.
The Group aims to have a strong and cost-
efficient financing of the business. The priority
for the use of capital is to develop and grow the
business. The strong profitability and cash
generation allow the Group to do that while
at the same time maintaining the ambition to
distribute about 50% of earnings as dividends
to shareholders.
Dividend/earnings per share, average ²
including discontinued operations
Capital employed and return
The Group’s target is to deliver sustained
high return on capital employed, by
constantly striving for operational
excellence and generating growth.
¹ Figures for the years between 2016 and 2017 are best
estimated numbers, as the effects of the distribution of
Epiroc and restatements for IFRS 15 are not fully reconciled.
0
30 000
60 000
90 000
120 000
150 000
20252024202320222021
0
10
20
30
40
50
60
2 years5 years10 years
Goal
MSEK %
%
0
10
20
30
40
50
0
5
10
15
3 years5 years10 years
Goal
%
0
30 000
60 000
90 000
120 000
150 000
20252024202320222021
0
10
20
30
40
50
60
2 years5 years10 years
Goal
MSEK %
%
0
10
20
30
40
50
0
5
10
15
3 years5 years10 years
Goal
%
0
30 000
60 000
90 000
120 000
150 000
20252024202320222021
0
10
20
30
40
50
60
2 years5 years10 years
Goal
MSEK %
%
0
10
20
30
40
50
0
5
10
15
3 years5 years10 years
Goal
%
Dividend policy history
–2003 30–40% of earnings
2003–2011 40–50% of earnings
2011– about 50% of earnings
²
Dividend for the fiscal year 2025
is based on the proposal from
the Board of Directors.
Orders received by region and order
development in local currency
Capital employed, MSEK
Return on capital employed, %
Share: 26%
Change: +4%
Share:
5%
Change: +11%
Share:
27%
Change: +3%
Share:
6%
Change: –4%
Share:
36%
Change: +5%
North America South America Europe Africa/Middle East Asia/Oceania
Atlas Copco Group 2025 12
Introduction
This is Atlas Copco Group
• The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW
Revenues
The Group’s revenues decreased 5% to MSEK 168 343 (176 771),
corresponding to a 1% organic decrease. Currency had a negative
effect of 6%, while acquisitions contributed 2% during the year.
The Group’s target is to achieve an annual revenue growth of 8%
over a business cycle. For the period 2016–2025, the average
annual revenue growth has been 9%*.
Operating profit
The operating profit reached MSEK 34 114 (38 166), correspond-
ing to a margin of 20.3% (21.6). Items affecting comparability
amounted to MSEK –800 (–575) of which the change in provision for
share-related long-term incentive programs, reported in Common
Group Items, was MSEK –102 (–268). Other items affecting com-
parability include restructuring costs of MSEK –698 in total, in the
business areas Vacuum Technique and Industrial Technique. The
adjusted operating profit decreased 10% to MSEK 34 914 (38 741),
corresponding to a margin of 20.7% (21.9). See the sales and profit
bridge below.
The operating profit for the Compressor Technique business area
decreased by 3% to MSEK 19 083 (19 716), corresponding to
a margin of 24.7% (25.2). Currency had a small positive effect on the
margin, while dilution from acquisitions, sales mix, and increased
costs related to trade tariffs had a negative effect.
The operating profit for the Vacuum Technique business area
decreased 21% to MSEK 6 765 (8 541) and includes restructuring
costs of MSEK –384. The adjusted operating profit reached MSEK
7 149 (8 545). The previous year included items affecting compara-
bility of MSEK –4 in total. The adjusted operating margin was 19.5%
(21.1), primarily affected negatively by currency and lower revenue
volumes, although dilution from acquisitions and increased costs
related to trade tariffs also affected the margin negatively.
The operating profit for the Industrial Technique business area
decreased 23% to MSEK 4 692 (6 066) and includes restructuring
costs of MSEK –314. The adjusted operating margin was 19.0%
(21.1). The main reasons for the lower margin were lower revenue
volumes and a negative currency effect, although dilutions from
acquisitions and increased costs related to trade tariffs also
affected the margin negatively.
Revenues and return
* Currency adjusted. Figures for the years 2016–2017 are best estimated numbers, as the
effects of the distribution of Epiroc and restatements for IFRS 15 are not fully reconciled.
Bridge – revenues
and operating profit, MSEK
2025
Volume, price,
mix and other Currency Acquisitions
Items affecting
comparability
Share-based long-term
incentive programs 2024
Revenues 168 343 –1 553 –11 245 4 370 – 176 771
Operating profit 34 114 –627 –3 400 200 –391 166 38 166
Margin, % 20.3% 21.6%
Sales bridge,
Atlas Copco Group
Orders received Revenues
2024, MSEK
171 115 176 771
Structural change, % +2 +2
Currency, % –6 –6
Organic*, % +1 –1
Total, % –3 –5
2025, MSEK 165 814 168 343
* Volume, price and mix.
Sales bridge
Compressor Technique Vacuum Technique Industrial Technique Power Technique
Orders received Revenues Orders received Revenues Orders received Revenues Orders received Revenues
2024, MSEK
79 976 78 259 36 629 40 441 27 656 29 522 27 866 29 622
Structural change, % +2 +2 +1 +2 +2 +1 +6 +5
Currency, % –6 –7 –6 –6 –6 –6 –7 –6
Organic*, % +0 +4 +4 –5 –3 –6 +1 –1
Total, % –4 –1 –1 –9 –7 –11 +0 –2
2025, MSEK 77 100 77 140 36 156 36 727 25 587 26 384 27 846 28 972
* Volume, price and mix.
The operating profit for the Power Technique business area
decreased 12% to MSEK 4 842 (5 488), corresponding to a margin
of 16.7% (18.5). The lower margin was mainly driven by lower reve-
nue volumes, a negative currency effect, higher functional costs
in relation to sales, and lower utilization of the rental fleet.
Acquisitions had only a marginal dilutive effect on the margin.
Net costs for common Group items and eliminations were
MSEK –1 268 (–1 645). The decrease was partly due to the
provisions for share-related long-term incentive programs of
MSEK –102 (–268).
0
50 000
100 000
150 000
200 000
20252024202320222021
0
10
20
30
40
MSEK %
Orders received, revenues and operating margin
Orders received,
MSEK
Revenues, MSEK
Operating
margin, %
Adjusted operating
margin, %
Atlas Copco Group 2025 13
Introduction
This is Atlas Copco Group
• The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW
Revenues and operating profit, Revenues Operating profit Operating margin, % Return on capital employed, % Investments in tangible fixed assets ¹
MSEK 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Compressor Technique 77 140 78 259 19 083 19 716 24.7 25.2 78 85 1 605 1 760
Vacuum Technique 36 727 40 441 6 765 8 541 18.4 21.1 17 20 1 501 1 358
Industrial Technique 26 384 29 522 4 692 6 066 17.8 20.5 17 21 543 604
Power Technique 28 972 29 622 4 842 5 488 16.7 18.5 14 18 2 423 2 940
Common Group functions/eliminations –880 –1 073 –1 268 –1 645 247 102
Total Group 168 343 176 771 34 114 38 166 20.3 21.6 24 28 6 319 6 764
¹ Excluding right-of-use assets.
Depreciation and EBITDA
Depreciation, amortization and impairment costs were MSEK
9 557 (8 813), and earnings before depreciation and amortization,
EBITDA, reached MSEK 43 643 (46 951), corresponding to a margin
of 25.9% (26.6).
Net financial items
The Group’s net financial items totaled MSEK –443 (–366) whereof
interest net was MSEK –282 (–258). Other financial items were
MSEK –161 (–108). See notes 7 and 26.
Profit before tax
Profit before tax decreased 11% to MSEK 33 671 (37 800). Exclud-
ing items affecting comparability, profit before tax was MSEK
34 471 (38 375), corresponding to a margin of 20.5% (21.7).
Taxes
Taxes for the year amounted to MSEK –7 246 (–8 006), correspond-
ing to an effective tax rate of 21.5% (21.2) in relation to profit before
tax. For more information, see note 8.
Profit and earnings per share
Profit for the year decreased 11% to MSEK 26 425 (29 794).
This corresponds to basic and diluted earnings per share of
SEK 5.43 (6.11) and SEK 5.42 (6.10) respectively.
Depreciation, amortization
and impairment, MSEK
2025 2024
Rental equipment 1 344 1 098
Other property, plant and equipment 2 363 2 244
Right-of-use assets 2 018 1 855
Intangible assets 3 832 3 616
Total 9 557 8 813
Key financial data, MSEK 2025 2024 Change, %
Orders received 165 814 171 115 –3%
Revenues 168 343 176 771 –5%
EBITDA 43 643 46 951
– in % of revenues 25.9 26.6
EBITA ¹ 36 548 40 489
– in % of revenues 21.7 22.9%
Operating profit 34 114 38 166 –11%
– in % of revenues 20.3 21.6
Adjusted operating profit 34 914 38 741 –10%
– in % of revenues 20.7 21.9
Profit before tax 33 671 37 800 –11%
– in % of revenues 20.0 21.4
Profit for the year 26 425 29 794 –11%
Basic earnings per share, SEK 5.43 6.11
Diluted earnings per share, SEK 5.42 6.10
¹ Operating profit excluding amortization of intangibles related to acquisitions.
Revenues and return, continued
Atlas Copco Group 2025 14
Introduction
This is Atlas Copco Group
• The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW
Balance sheet
The Group’s total assets decreased 3% to MSEK 202 454 (208 538).
Cash, cash equivalents and other current financial assets decreased
to MSEK 16 129 (19 402), as a net effect of operational cash genera-
tion (see next page), dividend to shareholders of MSEK –14 606
(–13 647), and acquisitions of MSEK –11 560 (–7 424).
Working capital ratios
The ratio of inventories to revenues at year end decreased to
15.8 % (16.4), and trade receivables was 17.8% (19.1). Trade
payables were 9.7% (9.5).
Capital turnover
The capital turnover ratio was 0.83 (0.89) and the capital employed
turnover ratio was 1.16 (1.28).
Equity
At year end, Group equity including non-controlling interests
was MSEK 110 383 (113 760), corresponding to 55% (55) of total
assets. Equity per share was SEK 23 (23). Atlas Copco AB’s market
capitalization at year end was BSEK 790 (800), a decrease of 1%.
The information related to public takeover bids is the same as
for the Parent Company and described on page 17.
Total comprehensive income for the year was MSEK 11 441
(36 113). See page 104 and note 20. Shareholders’ transactions
include dividends totaling MSEK –14 610 (–13 652), sales and
repurchases of own shares of net MSEK –84 (45), and share-based
payments of net MSEK –250 (–238). See page 106 and note 20.
Return on capital employed and return on equity
Return on capital employed reached 24% (28) and the return on
equity was 24% (29). The Group uses a weighted average cost of
capital (WACC) of 8% (8) after tax as an investment and overall
performance benchmark.
Revenues and return, continued
Balance sheet in summary, MSEK Dec 31, 2025 Dec 31, 2024
Intangible assets 77 078 77 107
Rental equipment 7 811 5 947
Other property, plant and equipment 18 349 17 745
Right-of-use assets 7 345 7 133
Other fixed assets 4 853 5 095
Inventories 26 659 29 012
Receivables 44 042 47 097
Current financial assets 606 434
Cash and cash equivalents 15 523 18 968
Assets classified as held for sale 188 –
Total assets 202 454 208 538
Total equity 110 383 113 760
Interest-bearing liabilities 36 782 37 504
Non-interest-bearing liabilities 55 289 57 274
Total equity and liabilities 202 454 208 538
Equity, MSEK 2025 2024
Opening balance 113 760 91 500
Profit for the year 26 425 29 794
Other comprehensive income for the year –14 984 6 319
Shareholders’ transactions –14 606 –13 647
Change of non-controlling interests – –8
Acquisition and divestment of own shares –84 45
Share-based payments, equity settled –250 –238
Closing balance 110 383 113 760
Equity attributable to
– owners of the parent 110 206 113 700
– non-controlling interests 177 60
Atlas Copco Group 2025 15
Introduction
This is Atlas Copco Group
• The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW
Interest-bearing debt and net indebtedness
Total interest-bearing debt was MSEK 36 782 (37 504), whereof
MSEK 1 883 (2 740) in post-employment benefits. The Group has
an average maturity of 4.6 years on interest-bearing liabilities.
See notes 21 and 23 for additional information. The Group’s net
indebtedness amounted to MSEK 20 665 (18 102) at year end.
The net debt/EBITDA ratio was 0.5 (0.4) and the debt/equity
ratio was 19% (16).
Credit rating
Atlas Copco AB’s long-term and short-term debt is rated by Fitch
and Moody's with the long-/short-term rating A+/F1+ and A1/P1,
respectively.
Operating cash flow and investments
Operating cash surplus was MSEK 43 349 (47 099). Cash flows from
financial items were MSEK –527 (151). Net pension funding and
payments were MSEK –517 (–517). The working capital decreased
by MSEK 1 618 (decrease of 2 068), primarily due to lower trade
receivables. Net investments in rental equipment were MSEK 1 949
(2 444).
Gross investments in property, plant and equipment increased
to MSEK 4 284 (4 236). In 2025, Compressor Technique made
notable investments in a production facility for gas and process
compressors in the USA, an extension of a production site for
expanders in the USA, and the production and R&D facility in China.
Vacuum Technique invested in a production facility for dry
vacuum pumps in the USA, new machinery for a production facility
for high vacuum pumps in India, and a production facility for turbo
pumps in Japan. Industrial Technique invested in new machinery
Revenues and return, continued
for a production facility in Sweden, and in automation of rivet pro-
duction in a facility in the USA. Power Technique made investments
in a production facility for portable compressors in China, a new
production hall for electric portable compressors in Belgium, an
extension of a production facility for portable compressors in India,
and two new industrial pump factories in India. Cash received from
sale of property, plant and equipment equaled MSEK 165 (74).
Net investments in intangible assets, mainly related to capitali-
zation of product development expenditures, were MSEK 1 903
(1 788). Net investments in other assets were MSEK –38 (52).
In total, the operating cash flow reached MSEK 26 796 (30 981).
Cash flow from structural changes
The net cash flow from structural changes, i.e. acquisitions and
divestments, amounted to MSEK –11 560 (–7 424). See also note 2.
Cash flow from financing
Dividends paid amounted to MSEK –14 606 (–13 647). Sales and
repurchases of own shares resulted in a net of MSEK –84 (45),
all related to hedging or deliveries of shares for the long-term
incentive plans described on page 132. Change in interest-bearing
liabilities was MSEK –1 677 (–2 238).
Employees
In 2025, the average number of employees in the Group increased
by 1 343 to 55 549. At year end, the number of employees was
56 413 (55 146), and the number of consultants/external work-
force was 3 077 (3 001). For comparable units, the total workforce
decreased by 642. See also note 4.
Calculation of operating cash flow, MSEK 2025 2024
Operating cash surplus 43 349 47 099
Net financial items –527 151
Taxes paid –9 408 –9 470
Pension funding –517 –517
Change in working capital 1 618 2 068
Increase in rental equipment, net –1 949 –2 444
Cash flows from operating activities 32 566 36 887
Investments of property, plant and
equipment, net –4 119 –4 162
Other investments, net –1 941 –1 736
Cash flow from investments –6 060 –5 898
Adjustment for currency hedges of loans 290 –8
Operating cash flow 26 796 30 981
Average number of employees (FTE) 2025 2024
Atlas Copco Group 55 549 54 206
– Sweden 1 721 1 680
– Outside Sweden 53 828 52 526
Business areas
– Compressor Technique 24 203 22 956
– Vacuum Technique 12 571 12 801
– Industrial Technique 10 173 10 196
– Power Technique 7 635 7 338
– Common Group functions 967 915
Atlas Copco Group 2025 16
Introduction
This is Atlas Copco Group
• The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW
Atlas Copco AB is the ultimate Parent Company of the
Atlas Copco Group and is headquartered in Nacka, Sweden.
Earnings
Profit before tax amounted to MSEK 12 853 (20 599) and profit
for the year amounted to MSEK 12 549 (20 191). The difference
between the years is mainly due to decreased dividends from
Group Companies.
Financing
The total assets of the Parent Company were MSEK 203 454
(204 674). At year end 2025, cash and cash equivalents amounted
to MSEK 0 (0) and interest-bearing liabilities amounted to MSEK
35 269 (35 002). Equity represented 82% (82) of total assets and
non-restricted equity totaled MSEK 160 430 (162 807).
Employees
The average number of employees in the Parent Company was
135 (126).
Remuneration
Principles for remuneration, fees and other remuneration paid to
the Board of Directors, the President and CEO, and other members
of Group Management, other statistics, and the guidelines regard-
ing remuneration and benefits to Group Management as approved
by the Annual General Meeting, are specified in note 4.
Financial risks, risks and factors of uncertainty
Atlas Copco Group is subject to currency risks, interest rate risks
and other financial risks. Atlas Copco Group has adopted a policy to
control the financial risks to which Atlas Copco AB and other Group
companies are exposed. A financial risk management committee
meets regularly to make decisions about how to manage these
risks. See also Risks, risk management and opportunities on
pages 85–90.
Appropriation of profit
The Board of Directors proposes to the Annual General Meeting
2026 an ordinary dividend of SEK 3.00 (3.00) per share for the
2025 fiscal year, and an additional distribution of SEK 2.00 per
share resulting in a total combined dividend of SEK 5.00 per share.
This corresponds to a total capital distribution of MSEK 24 353
(14 606) to the shareholders, and excludes shares currently held by
the company.
To facilitate a more efficient cash management, the total com-
bined dividend is proposed to be paid in two equal installments of
SEK 2.50 each, the first with record date April 30, 2026, and the
second with record date October 20, 2026.
SEK
Retained earnings including reserve for fair value 147 880 754 770
Profit for the year 12 549 489 923
160 430 244 693
The Board of Directors proposes that these earnings
be appropriated as follows:
To the shareholders, a dividend of SEK 5.00 per share 24 352 937 625
To be retained in the business 136 077 307 068
Total 160 430 244 693
Parent Company
Shares and share capital
At year end, Atlas Copco AB’s share capital totaled MSEK 786 (786)
and a total number of 4 918 452 416 shares divided into
3 357 576 384 class A shares and 1 560 876 032 class B shares were
issued. Net of 47 864 891 class A shares and 0 class B shares held
by the Group, 4 870 587 525 shares were outstanding. Class A
shares entitle the owner to one vote while class B shares entitle the
owner to one tenth of a vote. Class A shares and class B shares
carry equal rights to a part of the Company’s assets and profit.
Investor AB is the single largest shareholder in Atlas Copco AB.
At year end 2025, Investor AB held a total of 840 053 755 shares,
representing 22.4% of the votes and 17.1% of the capital.
There are no restrictions prohibiting the right to transfer shares
of the Company, nor is the Company aware of any such agreements.
In addition, the Company is not party to any material agreement
that enters into force, is changed, or ceases to be valid if the control
of the Company is changed as a result of a public takeover bid.
There is no limitation to the number of votes that can be cast at a
General Meeting of shareholders.
As prescribed by the Articles of Association, the General Meeting
has sole authority for the election of Board members and there are
no other rules relating to the election or dismissal of Board mem-
bers or changes in the Articles of Association. Correspondingly,
there are no agreements with Board members or employees
regarding compensation in case of changes of current position
reflecting a public takeover bid.
Atlas Copco Group 2025 17
Introduction
This is Atlas Copco Group
• The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW
Atlas Copco Group 2025 18
Introduction
This is Atlas Copco Group
The year in review
• Business areas
Compressor Technique
Vacuum Technique
Industrial Technique
Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – BUSINESS AREAS
Business areas
Key figures, MSEK 2025 2024 Change, %
Orders received 77 100 79 976 –4%
Revenues 77 140 78 259 –1%
EBITA* 19 696 20 302
– as a percentage of revenues 25.5 25.9
Operating profit 19 083 19 716 –3%
Operating margin, % 24.7 25.2
Return on capital employed, % 78 85
Investments 1 605 1 760
Average number of employees 24 203 22 956
* Operating profit excluding amortization of intangibles related to acquisitions.
Key figures, MSEK 2025 2024 Change, %
Orders received 36 156 36 629 –1%
Revenues 36 727 40 441 –9%
EBITA* 7 551 9 316
– as a percentage of revenues 20.6 23.0
Operating profit 6 765 8 541 –21%
Operating margin, % 18.4 21.1
Return on capital employed, % 17 20
Investments 1 501 1 358
Average number of employees 12 571 12 801
* Operating profit excluding amortization of intangibles related to acquisitions.
Key figures, MSEK 2025 2024 Change, %
Orders received 25 587 27 656 –7%
Revenues 26 384 29 522 –11%
EBITA* 5 149 6 574
– as a percentage of revenues 19.5 22.3
Operating profit 4 692 6 066 –23%
Operating margin, % 17.8 20.5
Return on capital employed, % 17 21
Investments 543 604
Average number of employees 10 173 10 196
* Operating profit excluding amortization of intangibles related to acquisitions.
Key figures, MSEK 2025 2024 Change, %
Orders received 27 846 27 866 0%
Revenues 28 972 29 622 –2%
EBITA* 5 420 5 943
– as a percentage of revenues 18.7 20.1
Operating profit 4 842 5 488 –12%
Operating margin, % 16.7 18.5
Return on capital employed, % 14 18
Investments 2 423 2 940
Average number of employees 7 635 7 338
* Operating profit excluding amortization of intangibles related to acquisitions.
Compressor Technique’s innovative technologies for air and gas compression, expansion, energy
management and conversion, filtration, and treatment are designed to improve performance and
efficiency across industrial applications.
Compressor Technique, page 19
Vacuum Technique, page 22
Vacuum Technique’s sophisticated technologies for vacuum, exhaust management, cryogenic,
maintenance and diagnostics are essential for a wide range of industries, such as semiconductor,
scientific research, food packaging and renewable energy.
Industrial Technique, page 25
Power Technique, page 28
Industrial Technique’s automated assembly and quality control systems include tightening robotics,
automatic feeding and machine vision, and ensure optimal performance and data collection in
industries like automotive, electronics, aerospace, energy, and general manufacturing.
Power Technique’s advanced mobile technologies for air compression, power generation, light and energy
management as well as pump technologies for dewatering and industrial use ensure flexibility and efficiency
in industrial and onsite applications.
Compressor Technique
Order volumes for equipment decreased somewhat, while the order intake for service increased, with solid
order growth in most regions. In total, order intake increased in all regions except Africa/Middle East. The
business area continued to invest in product development, its operational footprint, and digital capabilities,
and completed 22 acquisitions during the year.
Market development
The overall demand for equipment and service
remained basically unchanged, with a slightly
better order development in the latter half of the
year compared to the first six months. In total,
the order intake was flat organically compared to
the previous year.
The demand for service increased, with solid
order growth in most regions. The higher organic
order intake was driven by increased demand for
spare parts, maintenance, repair services, and ser-
vice contracts. The growth was further supported
by a higher number of connected products and a
larger installed base.
The demand for equipment weakened, and the
order intake decreased somewhat organically,
primarily driven by lower order levels in Asia and
Africa/Middle East, while the order intake
increased in North and South America and
Europe. Affected by global economic uncertain-
ties, demand for industrial compressors
decreased somewhat, particularly in the first half
of the year, and the order intake declined for
small- and medium-sized compressors as well as
for larger industrial compressors. Demand for gas
and process compressors remained robust in
most regions, but due to weaker demand in Africa/
Middle East, which was very strong last year, the
overall order intake decreased.
Market presence and organizational
development
The business area continued to invest in innova-
tion and market presence. Several innovative
products featuring the latest technology were
introduced, aiming to support customers across
various customer segments. The focus on gas
Sales bridge Orders received Revenues
2024, MSEK 79 976 78 259
Structural change, % +2 +2
Currency, % –6 –7
Organic*, % 0 +4
Total, % –4 –1
2025, MSEK 77 100 77 140
* Volume, price and mix
Revenues, MSEK
2024: 78 259
77 140
Operating profit margin
2024: 25.2%
24.7%
Return on capital employed
2024: 85%
78%
and advanced applications for air compression
was intensified with the new Air and Gas Applica-
tion division, effective from January 1, 2025. More
people were added to unlock the potential for a
broader range of application segments, support-
ing future growth. The business area’s digital
presence was strengthened through various
sales and marketing initiatives to improve lead
generation and customer support.
The focus on connectivity and digitalization
remained. To support the divisional strategies
within the business area, numerous activities
related to digitalization, connectivity, and AI were
initiated. Among other things, AI was used more
extensively than before in research and develop-
ment, resulting in performance and process
improvements. Connectivity algorithms were also
focused on further improving the preventive
service offer for customers.
In addition to developing and delivering new
energy-efficient products, focused initiatives
to help customers optimize the energy efficiency
of their existing compressor rooms were success-
fully implemented.
The operational footprint strengthened in 2025
with the relocation of the existing production plant
in Wuxi, China, to a new, larger plant combined
with an R&D facility in the same city, as well as the
construction of a new production facility for air-
and gas-application compressors in Pune, India, to
mention two examples. Major investments were
made in a production facility for gas and process
compressors in Albany, USA, an extension of a pro-
duction site for expanders in Santa Maria, USA,
and further investments in the production and
R&D facility in Wuxi, China.
The business area closed in total
22 acquisitions in 2025:
• Trident Pneumatics Pvt. Ltd.
• V.O.L. Industries
• JetCan Engineering Sdn Bhd
• Medi-teknique Ltd.
• Dr. Weigel Anlagenbau GmbH
• Maquinarias y Tecnologías S.A.S
• IMOCOM S.A.
• Masterfilter NV
• MSS Nitrogen Ltd.
• Powered Compressors and Supplies
• The compressed air business of Air Mac Inc.
• Kyungwon Machinery Industry Co., Ltd.
• Arizaga Bastarrica y Compañia S.A.
• Talleres Haizea
• Itsab (jointly with Power Technique)
• Casa dei Compressori S.r.l.
• SUTO iTEC
• RM Boggs Inc.
• Northern Compressed Air Ltd.
• MKG Equipamentos Ltda.
• Engineering Automation Systems GmbH
• Anglian Compressors and Equipment Ltd.
For more information see page 113 or
www.atlascopcogroup.com.
Revenues, profits and returns
Revenues reached MSEK 77 140 (78 259), an
organic increase of 4%. The operating profit
decreased by 3% to MSEK 19 083 (19 716), cor-
responding to a margin of 24.7% (25.2). Cur-
rency had a small positive effect on the margin,
while dilution from acquisitions, sales mix, and
increased costs related to trade tariffs had a
negative effect. Return on capital employed
was 78% (85).
0
20 000
40 000
60 000
80 000
100 000
20252024202320222021
0
10
20
30
40
50
MSEK %
Orders received, revenues and operating margin
Orders
received, MSEK
Revenues, MSEK
Operating
margin, %
Atlas Copco Group 2025 19
Introduction
This is Atlas Copco Group
The year in review
Business areas
• Compressor Technique
Vacuum Technique
Industrial Technique
Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – COMPRESSOR TECHNIQUE
The market
The global market for equipment for the com-
pression of air and gases, gas treatment equip-
ment, and related services is characterized by a
diversified customer base. Customers demand
solutions that are reliable, productive, efficient,
and tailored to specific applications. Customers
are increasingly looking for partners that support
them in reducing their environmental footprint.
Compressors are used in a broad spectrum of
applications. Clean, dry, and oil-free air is needed
in industrial processes, such as in the food, phar-
maceutical, electronics, and textile industries.
Compressors are also used in wastewater treat-
ment, and increasingly in applications contributing
to the transition to a low-carbon society, such as
hydrogen produced with renewable energy, LNG,
carbon capture, and batteries for electric vehicles.
Compressed air is further used in oil and gas appli-
cations, gas fire plants, automation, and in sectors
as diverse as hospitals and high-speed trains.
Blowers are used in applications where there is a
need for a consistent flow of low-pressure air, for
example in waste water treatment and conveying.
Gas and process compressors and expanders
are supplied to various process industries, such as
carbon capture, hydrogen, air separation plants,
power utilities, chemical and petro chemical plants,
and LNG applications.
Stationary industrial air compressors and asso-
ciated air-treatment products, spare parts and
service represent about 90% of revenues. Large
gas and process compressors, including related
service, represent about 10%.
Market trends
• Increased focus on energy efficiency, optimiza-
tion, energy recovery, and the reduction of CO2
emissions
• Customers´ requirement of full utility room
optimization
• Increased investments in market segments
contributing to a low-carbon society in some
regions
• Focus on total solution and total life- cycle cost
• The combination of cloud technology, big data
and AI/machine learning increases the
demand for data-driven service solutions
• New applications for compressed air and gases
Demand drivers
• Industrial production
• Demographics and consumer spending
• The transition to a low-carbon society
• Energy costs and availability
• The need for decreased CO2 emissions drives
demand for more energy-efficient machinery
Vision and strategy
The vision is to be First in Mind—First in Choice
as a supplier of compressed air and gas solutions
by being interactive, committed and innovative,
and by offering the best value to customers. The
strategy is to further develop a leading position
in selected niches and grow the business in a way
that is economically, environmentally and socially
responsible. This should be done by capitalizing
on the strong global market presence, improving
market penetration in mature and developing
markets, and continuously developing improved
products and solutions to satisfy customer
demands. The presence is enhanced by utilizing
several commercial brands. Key strategies
include growing the service business as well as
developing businesses within focused areas such
as air-treatment equipment, blowers, and com-
pressor solutions for green energy segments,
trains, ships, and hospitals.
By offering the most energy-efficient products,
the business area aims to contribute to a better
tomorrow and to support customers in meeting
their sustainability ambitions.
The business area is actively looking at
acquiring complementary businesses.
Strategic activities
• Intensify focus on research and development
• Increased focus on developing product offer
value proposition to support local markets
• Increase focus on digitalization and connected
products
• Increase market coverage, through digital and
physical presence, and improve presence in
targeted markets/segments
• Develop new sustainable products and
solutions offering better value and improved
energy efficiency to customers
• Extend the product and service offering to
current customers and adjacent segments
and applications
• Perform more service on a higher share of
the installed base of equipment
• Increase operational efficiency
• Invest in people and competence development
• Acquire complementary businesses
Competition
Compressor Technique’s principal competitors
in the market for industrial compressors and air
treatment equipment are Ingersoll Rand, Kaeser,
and Hitachi. There are also numerous regional
and local competitors, for example, in China. In
the market for gas and process compressors and
expanders, the main competitors are Siemens
and Everllence.
Market position
A leading market position globally in most of
its operations.
Revenues by region
Asia/Oceania, 31%
North
America, 25%
Africa/
Middle East, 8%
Europe, 30%
South
America, 6%
Other, 16%
General manu-
facturing, 25%
Construction, 14%
Service, 15%
Process industry, 25% Automotive, 1%
Electronics, 4%
Share of revenues
Service, 43% Equipment, 57%
Orders received by customer category
Atlas Copco Group 2025 20
Introduction
This is Atlas Copco Group
The year in review
Business areas
• Compressor Technique
Vacuum Technique
Industrial Technique
Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – COMPRESSOR TECHNIQUE
Products and applications
Piston compressors
Piston compressors are available as oil-injected
and oil-free. They are used in general industrial
applications as well as specialized applications.
Oil-free tooth and scroll compressors
Oil-free tooth and scroll compressors are used
in industrial and medical applications with a
demand for high-quality oil-free air. Some
models are available as WorkPlace AirSystem
with integrated dryers, as well as with energy-
efficient variable speed drive (VSD).
Rotary screw compressors
Rotary screw compressors are available as oil-
injected and oil-free. They are used in numerous
industrial applications and can feature the Work-
Place AirSystem with integrated dryers, as well as
the energy-efficient variable speed drive (VSD)
technology and energy recovery kits.
Oil-free blowers
Oil-free blowers are available with different tech-
nologies: rotary lobe blowers, rotary screw blow-
ers and centrifugal blowers. Blowers are used in
process industry applications with a demand for
a consistent flow of low-pressure air, for example
in wastewater treatment and conveying.
Oil-injected screw compressor
with variable speed
CO2 piston compressor
Oil-free gas screw compressor
The Compressor Technique business area offers all major air compression technologies, gas treatment equipment, and
air management systems. The business area aims to provide customers with the best solution for every application.
INNOVATIONS DURING 2025
Several new products were introduced during
the year, including:
A new oil-free rotary screw compressor, the ZT200-
355 VSD+, designed for industries demanding high
air quality and offers higher energy efficiency than
comparable products.
A new membrane filter for chemical and food
and beverage applications, the SME+, securing
high-quality liquids through filtration and customer
process quality control.
A new variable oil-injected screw compressor for
the Chinese market, the E Basic 7.5 kW, offering a
reduced footprint and reliable performance without
compromising energy efficiency.
LCN2, a new nitrogen generator ensuring the
right nitrogen purity, quality, flow, and pressure
for various specific laser cutting applications.
Gas and Process
division, President
Robert Radimeczky
MANAGEMENT
Compressor Technique, January 1, 2026
Business Area
President
Philippe Ernens
Compressor
Technique Service
division, President
Dirk Beyts
Industrial Air division,
President Bert Derom
Air and Gas
Applications division,
President Joeri Ooms
Medical Gas Solutions
division, President
Melody Miller
Airtec division,
President Wouter
Ceulemans
Oil-free centrifugal compressors
Oil-free centrifugal compressors are used in
industrial applications that require constant,
large volumes of oil-free air. They are also called
turbo compressors.
Gas and process compressors, expanders
and pumps
Gas and process compressors, expanders and
pumps are primarily supplied to the energy
industries (including oil and gas, conventional
and renewable power generation, hydrogen etc.),
as well as industrial gases. The main equipment
solutions are single- and multi-stage centrifugal
compressors, expanders and pumps, comple-
mented by oil-free gas screw compressors used
by the marine and LNG carrier industry.
Air and gas treatment equipment and
medical air solutions
Dryers, coolers, gas purifiers and filters are sup-
plied to produce the right quality of compressed
air or gas. In addition, the offering includes solu-
tions for medical air, oxygen and nitrogen gener-
ation as well as systems for biogas upgrading.
Principal product development and manu facturing
units are located in: Belgium, the United States, China,
South Korea, India, Brazil, Germany and Italy.
Oil-free Air division,
President
Leonardo Serrano
Atlas Copco Group 2025 21
Introduction
This is Atlas Copco Group
The year in review
Business areas
• Compressor Technique
Vacuum Technique
Industrial Technique
Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – COMPRESSOR TECHNIQUE
Vacuum Technique
The overall demand for vacuum equipment and related services increased, driven by customers’
increased need for service, while investment in equipment was mixed. The business area continued to
focus on innovation and technology development, while several initiatives to adapt the organization
to the current business climate were implemented.
Market development
The overall demand for vacuum equipment and
related services increased, primarily driven by
higher customer investments in industrial and
scientific vacuum equipment and continued solid
demand for vacuum service. Organically, the
order intake increased by 4%.
Order volumes for the service business
increased in all major regions and were sup-
ported by increased demand from the semicon-
ductor industry as well as industrial and scientific
vacuum customers.
The demand for vacuum equipment was mixed.
Orders for equipment to the semiconductor and
flat panel industry remained basically unchanged,
with increased order intake in Asia, while the
order intake in North America and Europe
decreased. In contrast, the order intake from
industrial and scientific vacuum customers
increased, driven by solid growth in Asia, while
the order intake in Europe and North America
remained unchanged.
Market presence and organizational
development
The business area maintained its focus on inno-
vation to increase customer value and secure
future growth. Several new products targeting
the semiconductor industry and industrial and
scientific vacuum customers were introduced
Sales bridge Orders received Revenues
2024, MSEK 36 629 40 441
Structural change, % +1 +2
Currency, % –6 –6
Organic*, % +4 –5
Total, % –1 –9
2025, MSEK 36 156 36 727
* Volume, price and mix
Revenues, MSEK
2024: 40 441
36 727
Operating profit margin
2024: 21.1%
18.4%
Return on capital employed
2024: 20%
17%
during the year. One example and a milestone
in 2025 was the delivery of a hydrogen recovery
system for semiconductor production, support-
ing customers in their transition toward greater
circularity.
To adjust and optimize the organization for the
changing business climate, several organiza-
tional changes were implemented, including the
merger of multiple local sales organizations for
the industrial and scientific vacuum market in
Europe, the merger of two sales organizations in
North America, and a reduction in the number of
warehouses. In 2025, the business area closed
down a production unit for abatement systems in
Hillsboro, USA, and relocated production to an
established facility in New York. At the same time,
the market presence was strengthened in Asia
through a local brand organization and acquisi-
tions. Several digital initiatives were also
launched to strengthen the business area’s
digital presence, aiming to support customer
interaction, as well as AI-related initiatives to
improve the service offer and accelerate research
and development.
The business area made major investments in
a production facility for dry vacuum pumps in
Genesee (NY), USA, new machinery for a produc-
tion facility for high vacuum pumps in Bangalore,
India, and a production facility for turbo pumps in
Ina, Japan.
The business area closed in total
two acquisitions in 2025:
• New Star Technology, a Chinese producer
of abatement equipment and replacement
absorber material.
• Shareway Environmental Technology, an
abatement equipment company based in
China.
For more information see page 113 or at
www.atlascopcogroup.com.
Revenues, profits and returns
Revenues decreased 9% to MSEK 36 727 (40 441),
corresponding to a 5% organic decline. The oper-
ating profit decreased 21% to MSEK 6 765 (8 541)
and includes items affecting comparability of
MSEK –384, related to restructuring costs in the
first and third quarters.
The adjusted operating profit reached
MSEK 7 149 (8 545). The previous year included
items affecting comparability of MSEK –4 in total.
The adjusted operating margin was 19.5% (21.1),
primarily negatively affected by currency effects
and lower revenue volumes, although dilution
from acquisitions and increased costs related to
trade tariffs also affected the margin negatively.
Return on capital employed was 17% (20).
0
10 000
20 000
30 000
40 000
50 000
20252024202320222021
0
10
20
30
40
50
MSEK %
Orders received, revenues and operating margin
Orders
received, MSEK
Revenues, MSEK
Operating
margin, %
Adjusted operating
margin, %
Atlas Copco Group 2025 22
Introduction
This is Atlas Copco Group
The year in review
Business areas
Compressor Technique
• Vacuum Technique
Industrial Technique
Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – VACUUM TECHNIQUE
The market
Vacuum, cryogenics, instrumentation, abatement
solutions and systems are required in several
applications where the pressure needs to be
below atmospheric pressure and/or the environ-
ment needs to be clean.
The Vacuum Technique business area sells
products, systems, and services across several
targeted market sectors.
The market can be categorized into semicon-
ductor, industrial vacuum and scientific vacuum.
However, each of these sectors contains several
sub-sectors and specific applications.
Vacuum products include a broad range of
dry pumps, turbomolecular pumps and other
vacuum pumps. These are used to create highly
controlled, low-pressure, particle-free environ-
ments in a diverse set of manufacturing pro-
cesses. Such processes include semiconductor,
flat panel display, LED and solar, glass and optical
coating, scientific instruments used in life
science, research institutes focused on renew-
able energy, high-energy lasers, nano technology,
pharma ceuticals, heat treatment, lithium-ion
batteries, and food processing and packaging.
Abatement systems include stand-alone and
customized solutions which integrate vacuum
and exhaust management technologies. Abate-
ment is required both to prevent adverse chemi-
cal re actions within production processes and to
comply with strict regulatory emission controls.
The business area also provides value-added
services including equipment monitoring, field
and on-site servicing, remanufacturing, service
upgrades and provision of spare parts and oils.
Market trends
• Increased use of demanding materials and
extreme working temperatures in processes
for semiconductor and industrial production
• Focus on energy efficiency
• Stricter regulatory emission standards
• Increased demand for digitally supported
service offers to increase process uptime
• Focus on total solutions and total
life-cycle cost
• Focus on circularity
Demand drivers
• Industrial production
• Investments in the manufacturing of semicon-
ductors, research and development equip-
ment, lithium-ion batteries, flat panel displays
and solar energy products
• Increase in vacuum requirements to support
new production processes
• Demand for energy-efficient vacuum pumps
• Customers’ equipment utilization
Vision and strategy
The vision is to be First in Mind—First in Choice
for vacuum and abatement solutions. The strat-
egy focuses on technology leadership, market
leadership and agility, to support growth. This
is done by focusing on product research and
development programs together with deploy-
ment of highly innovative products and services.
Continued market leadership will be ensured by
an organization focused on global presence with
infrastructure as well as leadership, agility, grow-
ing market share in our traditional heartlands,
new applications as well as further expansion of
the geographical footprint.
Additionally, the business area has a strong
focus on developing the service business and an
efficient and flexible global operations footprint.
Strategic activities
• Increase market coverage and improve
presence in targeted markets and segments
• Fast introduction of highly innovative products
and services offering better value and
improved energy efficiency
• Increase market penetration and coverage
through brand portfolio management
• Perform more service on a higher share of the
installed base of equipment
• Increase organizational agility and operational
efficiency
• Invest in people and competence development
• Grow through strategically attractive
acquisitions
Competition
Vacuum Technique’s principal competitors are:
Semiconductor market:
Ebara, Kashiyama, Busch Group and Shimadzu
Corporation.
Industrial and scientific market:
Ingersoll Rand and Busch Group.
Market position
A global market leader for vacuum and
abatement solutions.
Revenues by region
Asia/Oceania, 64%
North
America, 20%
Africa/
Middle East, 1% Europe, 14%
South
America, 1%
Process
industry, 31%
General manu-
facturing, 7%
Electronics, 60%
Other, 2%
Share of revenues
Equipment, 71%Service, 29%
Orders received by customer category
Atlas Copco Group 2025 23
Introduction
This is Atlas Copco Group
The year in review
Business areas
Compressor Technique
• Vacuum Technique
Industrial Technique
Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – VACUUM TECHNIQUE
Oil-sealed rotary vane vacuum pumps
The latest generation of oil-sealed rotary vane
pumps has been refined to produce a better
quality of vacuum while extending the pressure
range over which the pump can operate. They
are used in a wide variety of industrial and
research and development applications.
Dry vacuum pumps
Dry pumps are oil-free pumping mechanisms
to create vacuum environments. They use no
lubricants within the pumping mechanism and
have a series of available monitoring and control
options. Dry pumps are used extensively in many
semiconductor applications, as well as in indus-
trial processes such as metallurgy, coating, dry-
ing, mobile applications and solar. They are also
used in scientific instruments such as scanning
electron microscopes.
Turbomolecular pumps
In turbomolecular pumps, or turbo pumps, a
turbine rotor spins rapidly to create vacuum. The
defining feature of a turbo pump is the high rota-
tional speed. These pumps are typically used in
conjunction with primary wet or dry pumps.
They are commonly used in semiconductor appli-
cations, research and development, industrial
applications, and high energy physics.
Vacuum system
for industrial
applications
Dry vacuum
pump for the
semi conductor
industry
Turbomolecular
pump for the
semiconductor
and flat panel
industry
The Vacuum Technique business area offers an extensive range of vacuum
and abatement solutions to the market.
MANAGEMENT
Vacuum Technique, January 1, 2026
Liquid ring vacuum pumps
Liquid ring pumps are equipped with a fixed
blade impeller. As the impeller rotates, the liquid
forms a ring around the circumference of the
casing. Standard liquid ring vacuum solutions are
perfect for use in humid, dusty, and dirty environ-
ments commonly found in industrial processes,
including food and beverage, mining, chemicals,
oil, steel, cement, plastics and textiles.
Abatement and integrated systems
Abatement systems are used to manage gases
and other process by-products from dry pump
exhaust. Abatement is required to prevent
adverse chemical reactions within production
processes and to comply with strict regulatory
emission controls. Abatement and integrated
systems are primarily used in semiconductor,
flat panel display, solar and LED applications.
Cryogenic pumps
Cryogenic pumps create vacuum by condensing
(freezing) gas onto special arrays of cryogenically
cooled surfaces within the pump envelope. The
temperature of the surfaces can be below
20K/–250°C to enable the capture of most gas
species. Cryogenic pumps are used in a spectrum
of high-technology research applications as well
as in manufacturing of semiconductor, flat panel,
and optical devices.
Business Area
President
Koen Lauwers
Vacuum Technique
Service division,
President Eckart Roettger
Semiconductor
Service division,
President Paul Neller
Semiconductor
division, President
Martin Tollner
Semiconductor
Chamber Solutions
division, President
Tim Heger
Scientific Vacuum
division, President
Michael Eichhorn
Industrial Vacuum
division, President
Andries Desiron
Principal product development and manu facturing
units are located in: The United States, the United
Kingdom, Czech Republic, Germany, South Korea,
China and Japan.
INNOVATIONS DURING 2025
Several new products were introduced during
the year, including:
A new plasma-wet abatement system, the Protron
FPD, an all-electric abatement platform with high
performance targeting the flat panel industry.
A new oil-sealed screw vacuum pump for industrial
applications, the GHS 2700-3400 VSD+, offering
high efficiency, low noise levels, and intelligent
connectivity and control.
A new integrated abatement system for the semicon-
ductor industry, the Axentis Compact, provides 35%
reduced footprint compared to alternative products
and offers high flexibility.
Vertical Mechanical Booster, a new compact prod-
uct for semiconductor production processes requir-
ing an extra high vacuum, offering high performance
in the vacuum chamber.
Products and applications
Atlas Copco Group 2025 24
Introduction
This is Atlas Copco Group
The year in review
Business areas
Compressor Technique
• Vacuum Technique
Industrial Technique
Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – VACUUM TECHNIQUE
Industrial Technique
The overall market for equipment weakened, driven by lower demand from the automotive industry, while
the service business grew. To adapt to weaker demand, some restructuring measures were implemented
during the year. Despite the more challenging business climate, the business area maintained a strong
focus on R&D to support customers and drive future growth.
Market development
The overall demand for the business area’s
equipment and services weakened somewhat,
primarily due to lower investment activity in the
automotive industry, and the order intake
decreased by 3% organically.
Order intake for service increased, with growth
in all major regions, supported by increased
demand for data-driven service.
The overall demand for industrial assembly
and vision solutions to the automotive industry
decreased, primarily due to lower investment
activity by customers in Asia and Europe. While
the overall business climate weakened, demand
for the business area’s integrated product offer-
ing and solutions that support customers’ pro-
duction with automation and greater flexibility,
remained solid.
Orders for industrial power tools, assembly,
and vision solutions for the general industry
increased. The higher order intake was sup-
ported by increased demand from the electronics
and aerospace industries, while the demand
from other customer segments was mixed.
In total, orders for equipment increased in
North and South America but decreased in
Europe and Asia.
Sales bridge Orders received Revenues
2024, MSEK 27 656 29 522
Structural change, % +2 +1
Currency, % –6 –6
Organic*, % –3 –6
Total, % –7 –11
2025, MSEK 25 587 26 384
* Volume, price and mix
Revenues, MSEK
2024: 29 522
26 384
Operating profit margin
2024: 20.5%
17.8%
Return on capital employed
2024: 21%
17%
Market presence and organizational
development
The business area maintained its technology
focus, and continued to innovate to support cus-
tomers’ operations despite the weaker business
climate. The product offering was further
strengthened, particularly to support customers’
growing need for automation, flexibility, and
quality control, with the introduction of several
new products.
The online market presence was strengthened
through continued development of digital solu-
tions to enhance customer interaction and lead
generation. Other digital initiatives during the
year included AI agents to further improve the
efficiency of the business area’s software devel-
opment and the use of AI to provide technical
support for customers within the service division.
To adapt to the somewhat challenging busi-
ness climate, particularly in the automotive
industry, the business area implemented reorga-
nizations, primarily within its European opera-
tions. The sales organization was also adjusted
following the merger of two customer centers in
South America and two in Europe.
Major investments were made in new machin-
ery for a production facility for industrial tools in
Tierp, Sweden, and in automation of rivet produc-
tion in a facility in New Hudson, USA.
In total, the business area closed one
acquisition in 2025:
• Neadvance Machine Vision, S.A., a Portuguese
software company for automation solutions
with 41 employees and revenues of MSEK 29
in 2023.
For more information see page 113 or at
www.atlascopcogroup.com.
Revenues, profits and returns
Revenues decreased 11% to MSEK 26 384
(29 522), corresponding to a 6% organic
decrease. The operating profit decreased 23%
to MSEK 4 692 (6 066) and includes items
affecting comparability of MSEK –314, related
to restructuring costs in the third and fourth
quarters.
The adjusted operating profit reached MSEK
5 006 (6 240). The previous year included items
affecting comparability of MSEK –174 in total.
The adjusted operating margin was 19.0% (21.1),
primarily affected by lower revenue volumes and
negative currency effects, although dilution from
acquisitions and increased costs related to trade
tariffs also affected the margin negatively. Return
on capital employed was 17% (21).
0
10 000
20 000
30 000
40 000
20252024202320222021
0
10
20
30
40
MSEK %
Orders received, revenues and operating margin
Orders
received, MSEK
Revenues, MSEK
Operating
margin, %
Adjusted operating
margin, %
Atlas Copco Group 2025 25
Introduction
This is Atlas Copco Group
The year in review
Business areas
Compressor Technique
Vacuum Technique
• Industrial Technique
Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – INDUSTRIAL TECHNIQUE
The market
The global market for industrial power tools and
assembly systems with related services has a
large number of participants with a wide range of
products in different applications such as assem-
bly of parts, drilling and material removal. Cus-
tomers are found in industries such as the auto-
motive industry, off-highway vehicle producers,
the electronics industry, aerospace, appliances,
the energy sector, and general industrial manu-
facturing. In particular, the business area has
been successful in developing advanced electric
industrial tools and systems that assist custom-
ers in achieving fastening according to their
specifications, enable automation and minimize
errors and interruptions in production.
With an increasing demand for electric vehi-
cles, battery production, and a growing use of
lighter materials, the automotive industry turns
to innovative assembly solutions. The market
demands new assembly technologies such as
dispensing of adhesives and sealants, self-pierce
riveting, and flow drill fastening.
The market for machine vision is becoming
increasingly important, driven by a growing
demand for automation, quality control and pro-
ductivity in industrial production. Machine vision
solutions are used in discrete production, such as
the automotive and electronics industry, and in
continuous production processes, such as metal
and paper production, advanced material manu-
facturing, and solar panels.
Market trends
• Automation in customers’ production
• Digitalization, artificial intelligence, and
demand for connectivity in production
• Increased customer focus on reducing CO2
emissions
• Customers’ electrification of their end products
• Higher requirements for productivity, flexi bility
and ergonomics, and increased demand for
in-line quality control
• Increased need for electricity in production
• Use of light-weight material in
transportation-related industries
Demand drivers
• Capital expenditure for automotive and
general industrial production
• Customer investments in new production
lines for new products
• Customer investments in more efficient pro-
duction, e.g. quality assurance and flexible
automation
• Increased production volumes at customers
drive the need for service
Vision and strategy
The vision is to be First in Mind—First in Choice as
a supplier of industrial power tools, joining and
dispensing solutions, machine vision, and related
services. The strategy is to continue to grow the
business profitably by building on technological
leadership and continuously offering products
and services that improve customers’ productiv-
ity, flexibility, quality, energy efficiency, safety, and
ergonomics. Key strategic initiatives include
adjusting the product offer to meet increased
automation in customers’ production processes,
and providing additional service, know-how and
training.
The business area is also increasing its pres-
ence in targeted customer segments and in tar-
geted geographical markets. The presence is
enhanced by a brand portfolio strategy. The busi-
ness area is actively looking at acquiring comple-
mentary businesses. Growth should be achieved
in a way that is economically, environmentally,
and socially responsible.
Strategic activities
• Increase market coverage and operational
footprint in targeted markets and segments
• Increase customer share by offering a broader
assembly solution offering and inline quality
solutions
• Develop new innovative connected products
and solutions, offering increased quality and
productivity, and improved ergonomics
• Transform the industry by offering more
advanced, integrated, and automated
workstations
• Increase the share of proactive and data-
driven services and the share of service on
the installed base
• Increase operational efficiency
• Invest in people and competence development
• Acquire complementary businesses and
integrate them successfully
Competition
Industrial Technique’s principal competitors are:
Industrial tools business:
Apex Tool Group, Ingersoll Rand, ESTIC, and
Bosch
Adhesive and sealant equipment:
Nordson, Graco, Viscotec, BD Tronic, and Dürr.
Self-pierce riveting:
Stanley Black & Decker, and Böllhoff.
Machine vision:
Zeiss, ISV, Coherix, Ametek, and Dr. Schenk.
Market position
A leading market position globally in most
of its operations.
Revenues by region
Asia/Oceania, 27% North
America, 34%
Africa/
Middle East, 2%
Europe, 34%
South
America, 3%
Other, 9% General manu-
facturing, 25%
Construction, 2%
Service, 9%
Electronics, 4%
Automotive, 49%
Process industry, 2%
Share of revenues
Equipment, 72%Service, 28%
Orders received by customer category
Atlas Copco Group 2025 26
Introduction
This is Atlas Copco Group
The year in review
Business areas
Compressor Technique
Vacuum Technique
• Industrial Technique
Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – INDUSTRIAL TECHNIQUE
Industrial assembly tools and solutions
Advanced assembly tools and systems are used
in the automotive industry and general industrial
production such as aerospace, off-highway, and
electronics. The business area provides a broad
range of pneumatic, hydraulic and electric
assembly tools, control systems, and associated
software for safety-critical tightening. These sys-
tems generally allow customers to collect, record,
and process assembly data in their production.
Self-pierce riveting, adhesive dispensing and
flow drill fastening solutions
Self-pierce rivets, adhesives, and flow-drill fasten-
ers are used in the automotive industry, driven by
the increased use of light materials and batteries
in car manufacturing. Adhesives are also used in
the electronics industry. The business area offers
self-pierce rivets and equipment, dispensing
equipment for adhesives and sealants, and
flow-drill fastening equipment.
Self-pierce
riveting system
The Industrial Technique business area offers the most extensive range of industrial
power tools, assembly systems, and machine vision solutions on the market.
MANAGEMENT
Industrial Technique, January 1, 2026
Material removal tools, drills and other
pneumatic products
Pneumatic and electric drills, industrial grinders,
and percussive tools are used in several indus-
trial applications, for example in metal fabrication
and aerospace production. The business area
also offers air infrastructure for optimization of
pneumatic tools, and air motors that are used as
drive units in various industries and applications.
Machine vision solutions
Machine vision is a key technology for industrial
automation and digital manufacturing. The offer
is focused on quality control of surfaces, inline
metrology and quality control, and 3D robot guid-
ance. The combination of high-performance cam-
eras, illumination, vision and analytics software,
and AI, allows customers in a broad range of
industries to improve quality and automate
production.
Business Area
President
Henrik Elmin
Industrial Technique
Service division,
President Oskar
Sörensson
Motor Vehicle
Industry Tools and
Assembly Systems
division, President
Lars Eklöf
General Industry
Tools and Assembly
Systems division,
President Håkan
Andersson
Chicago Pneumatic
Tools division,
President Ivo Maltir
Industrial Assembly
Solutions division,
President Olaf Leonhardt
Machine Vision
Solutions division,
President Berthold Peters
Principal product development and manu facturing
units are located in: Sweden, Germany, Hungary,
the United Kingdom, France, China, Japan, and
the United States.
Battery tool for
tightening
INNOVATIONS DURING 2025
Several new products were introduced during
the year, including:
The MicroTorque Offset Gear is a new assembly
solution for tightening low-torque applications in
the electronic industry, offering high accuracy and
cycle rates.
A new manual torque wrench, the MTRwrench,
that offers a robust design and traceability with fast
data transfer and accurate torque control. Red Dot
Award winner 2025.
A new high-speed dispensing solution, combining
the Scheugenflug PM8000 and the DP8000,
offers approximately 50% reduced cycle time and a
70% reduction in material compared to alternative
systems.
A new robot guidance solution, the Desoutter ARG,
offering improved repeatability and increased
flexibility for tightening and drilling automation in
customers’ production.
Products and applications
Adhesive
dispensing unit
with integrated
vision
Atlas Copco Group 2025 27
Introduction
This is Atlas Copco Group
The year in review
Business areas
Compressor Technique
Vacuum Technique
• Industrial Technique
Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – INDUSTRIAL TECHNIQUE
Power Technique
The overall underlying demand for equipment, service, and specialty rental solutions remained
essentially unchanged, as demand for specialty rental and service increased, while demand for
equipment was mixed. The business area maintained its focus on innovation, strengthened its
market presence both online and offline, and closed several acquisitions during the year.
Market development
The overall underlying demand for equipment,
service and specialty rental solutions remained
essentially unchanged; however, thanks to contri-
butions from acquisitions, the currency-adjusted
order intake increased. The organic order growth
was 1%.
Although demand for specialty rental solutions
increased only slightly, solid order growth was
achieved thanks to acquisitions, with orders
increasing in all regions except Asia, where they
decreased. The demand for service remained
relatively good with increased order intake in
most regions.
The demand for equipment was mixed, with
lower order volumes for portable compressors,
particularly in North America and Europe. In con-
trast, orders for portable power and flow equip-
ment, such as generators and portable pumps,
grew notably, supported by solid demand in most
regions. Demand for industrial pumps remained
largely stable, but order intake was supported by
contributions from acquisitions, resulting in an
overall increase. In total, equipment orders
increased in Asia, Europe, and South America,
but decreased in North America and Africa/
Middle East.
Sales bridge Orders received Revenues
2024, MSEK 27 866 29 622
Structural change, % +6 +5
Currency, % –7 –6
Organic*, % +1 –1
Total, % 0 –2
2025, MSEK 27 846 28 972
* Volume, price and mix
Revenues, MSEK
2024: 29 622
28 972
Operating profit margin
2024: 18.5%
16.7%
Return on capital employed
2024: 18%
14%
Market presence and organizational
development
The business area continued to invest in innova-
tion and new technologies, leading to the intro-
duction of several new products across its divi-
sions. R&D capabilities were also strengthened
locally in different regions through new teams
focused on addressing local customer needs.
In addition to the two new divisions, Portable
Power and Flow, and Industrial Flow, which have
been operational since January 1, 2025, several
initiatives were launched to further strengthen
focus on selected markets and applications.
Some examples are additional salespeople in
the Portable Power and Flow division, intensified
digital presence for several products, and a new
uptime center for the specialty rental business.
The business area continued to develop its
offering to support customers in reducing their
environmental impact, for example by launching
new products with significantly lower fuel con-
sumption than previous models, and by increasing
focus on electrification and the use of biofuels.
During the year, the business area invested in
a production facility for portable compressors in
Wuxi, China, a new production hall for electric
portable compressors in Antwerp, Belgium, an
extension of a production facility for portable
compressors in Pune, India, and two new facto-
ries for industrial pumps, one in Pune, India, and
one in Dalian, China.
The business area also increased its presence
in targeted markets and customer segments
through acquisitions, see the following section.
In total, the business area closed five
acquisitions in 2025:
• Heide Pumpen GmbH, a German distributor
and service provider of portable pumps. The
company has 42 employees.
• Clearpro Construction Water Solutions Pty Ltd.,
an Australian specialty water treatment rental
company. The company has 12 employees and
revenues of approximately MSEK 42 in 2024.
• Itsab, a compressor and power equipment
distributor based in Sweden with 21 employ-
ees (jointly with Compressor Technique).
• CRI-MAN S.p.A., an Italian industrial pump
manufacturer with 85 employees and reve-
nues of approximately MSEK 342 in 2024.
• National Tank & Equipment, LLC, an American
specialty rental company with 349 employees
and revenues of approximately BSEK 2.1 in
2024.
For more information see page 113 or
www.atlascopcogroup.com.
Revenues, profits and returns
Revenues decreased 2% to MSEK 28 972 (29 622),
corresponding to an organic decline of 1%. The
operating profit decreased 12% to MSEK 4 842
(5 488), corresponding to a margin of 16.7%
(18.5). The lower margin was mainly driven by
lower volumes, a negative currency effect, higher
functional costs in relation to sales, and lower
utilization of the rental fleet. Acquisitions had only
a marginal dilutive effect on the margin. Return
on capital employed reached 14% (18).
Orders received, revenues and operating margin
Orders
received, MSEK
Revenues, MSEK
Operating
margin, %
0
10 000
20 000
30 000
40 000
20252024202320222021
0
10
20
30
40
MSEK %
Atlas Copco Group 2025 28
Introduction
This is Atlas Copco Group
The year in review
Business areas
Compressor Technique
Vacuum Technique
Industrial Technique
• Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – POWER TECHNIQUE
The market
The market for portable air, power and flow, and
industrial flow solutions includes a large number
of participants offering a comprehensive product
range for different applications. The Power
Technique business area focuses on a selected
number of applications.
Multiple segments are served by the business
area’s offerings. General and civil engineering
contractors, often involved in infrastructure pro-
jects, demand light construction tools. Mobile
compressors, generators, energy storage sys-
tems, light towers, and pumps provide reliable
power for tools and applications in the construc-
tion sector. In addition, the business area focuses
on several industrial flow applications through its
metering and dosing pump product offer, while
temporary air, power, flow, steam, and nitrogen
are offered to the specialty rental market.
Market trends
• Higher requirements regarding productivity,
flexibility, and ergonomics
• Increased customer focus on reducing
CO2 emissions
• Electrification of portable equipment
• Continued increased customer focus on safety
• Equipment connectivity
• Increased demand for service
support/contracts
Demand drivers
• Infrastructure investments
• Investment in products that contribute to
the transformation to a low-carbon society
• Industrial production
• Investment in industrial production facilities
• Emergency relief efforts
• Environmental regulations
Vision and strategy
The vision is to be the First in Mind—First in
Choice provider of power and flow solutions
for sustainable productivity.
The strategy is to grow by developing the
market position and presence as a global sup-
plier within portable compressors, pumps,
generators, and industrial pumps, as well as light
towers, along with a range of complementary,
market-specific, niche products, such as
high-pressure boosters. The strategy also
includes further development of specialty-rental
services and the service business; aiming to
increase revenues by offering more services to
more customers. Growth should be achieved in a
manner that is economically, environmentally,
and socially responsible.
Strategic activities
• Increase market coverage and improve
presence in targeted markets/segments
• Develop new sustainable products and solu-
tions offering enhanced productivity, safety
and reduced environmental impact
• Invest in design, development and production
capacity in growth markets
• Develop more competitive offerings with
different value propositions
• Perform more service on a higher share of
the installed base of machines
• Develop the service business
• Increase operational efficiency
• Increase local production and R&D for
local markets
• Invest in employees and competence
development
• Acquire complementary businesses and
integrate them successfully
Competition
Power Technique’s principal competitors include:
The portable power market:
Doosan, Generac, Kaeser, and Sullair. In addition,
there are a large number of local and regional
competitors.
The industrial pump market:
Milton Roy and Bran+Luebbe
Market position
A leading market position globally in most of
its operations.
Revenues by region
Asia/Oceania, 24% North
America, 28%
Africa/
Middle East, 9%
Europe, 32%
South
America, 7%
Other, 20% General manu-
facturing, 21%
Service, 6%
Electronics, 1%
Process industry, 26%
Construction, 25%
Automotive, 1%
Share of revenues
Equipment, 53%Service, 16%
Service
(Specialty
Rental), 31%
Orders received by customer category
Atlas Copco Group 2025 29
Introduction
This is Atlas Copco Group
The year in review
Business areas
Compressor Technique
Vacuum Technique
Industrial Technique
• Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – POWER TECHNIQUE
Industrial flow
Positive displacement electric pumps are used
in a broad range of different industries.
Portable power
Portable generators fulfill a temporary need for
electricity, primarily in construction applications.
Other common applications are power supply for
events, emergency power and power in remote
locations. Lighting towers provide light for safe
operations 24/7.
Portable flow
Portable electric and diesel-driven pumps as
well as sub mersible electric pumps, primarily
for water.
The Power Technique business area offers a range of products across
multiple industries including industrial manufacturing, civil engineering,
demolition, and exploration drilling.
MANAGEMENT
Power Technique, January 1, 2026
Portable air
Portable oil-injected compressors are primarily
used in construction applications where com-
pressed air is used as a power source for equip-
ment, such as pneumatic breakers and rock drills.
Portable oil-free compressors are rented by cus-
tomers to meet a temporary need for oil-free air,
primarily in industrial applications. Electric porta-
ble air compressors generate less noise than
compressors with combustion engines and are
ideal for low-noise and emission zones or indoor
applications.
Construction and demolition tools
Hydraulic, pneumatic, and gasoline-powered
breakers and drills used in construction,
demolition and mining businesses.
Business Area
President
Andrew Walker
Power Technique
Service division,
President
Stefaan Vertriest
Specialty Rental
division, President
Tim Last
Portable Power
and Flow division,
President Marco Gravina
Principal product development and manu facturing
units are located in: Belgium, Germany, Spain,
the United States, China, and India.
Products and applications
INNOVATIONS DURING 2025
Several new products were introduced during
the year, including:
A new mobile fast charger, the FCP 240, supports
the establishment of microgrids at construction sites
and enables customers to charge electric industrial
vehicles.
A new line of portable dryers for remote applications
and demanding industrial environments, the CDR
and CDR+, offering efficient removal of excess
moisture from compressed air systems.
The Wangen Twin 180, a new twin screw pump
for applications pumping highly viscous media
which require high flow rates in hygienic product
processes.
A new range of portable chopper pumps, the
PAX F44 & PAX F66, that withstand demanding
applications and deliver high pumping efficiency.
Industrial Flow division,
President
Mikael Andersson
Portable Air division,
President Hendrik
Timmermans
Portable compressor
Diaphragm process
pump for industrial use
Portable pump
Atlas Copco Group 2025 30
Introduction
This is Atlas Copco Group
The year in review
Business areas
Compressor Technique
Vacuum Technique
Industrial Technique
• Power Technique
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – POWER TECHNIQUE
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Sustainability statement
Our approach to creating
lasting value
Sustainability is at the core of Atlas Copco
Group’s mission and strategy. Our technologies
enable a low-carbon society and contribute to
transforming the future.
By managing our environmental and social impacts
and acting with integrity in all our business relationships,
we aim to create value for our stakeholders and society
at large.
We concentrate our efforts on the areas where we have
identified our largest actual and potential impact, and
where we see significant risks or opportunities. By allocat-
ing resources and working systematically in these areas,
we support our mission of achieving sustainable,
profitable growth.
General information 32
Environmental information 44
EU Taxonomy regulation disclosure 57
Social information 61
Governance information 74
Atlas Copco Group 2025 31
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
STRATEGY, BUSINESS MODEL AND VALUE CHAIN
SBM-1
Sustainable, profitable growth
Atlas Copco Group aims to continuously deliver profitable growth
with an increased positive impact on society, while contributing to a
reduction in environmental impact throughout our value chain. We
provide everyone within our organization with the support and
inspiration to learn and grow. In our value creation, we also take
into account the perspectives of our various stakeholders. Our pur-
pose is to develop ideas and technologies that enable our custom-
ers to grow and to drive society forward.
The Group’s four business areas offer a wide range of products
and services for different end markets, and applications. This
includes compressed air and gas solutions, vacuum solutions,
energy solutions, dewatering and industrial pumps, industrial
power tools, and assembly and machine vision solutions. For more
information about our products, markets, and customer segments,
see page 2 and the business area sections on pages 18–30.
Being at the forefront of technology and developing solutions
that create value for our customers and society has always been
the foundation of Atlas Copco Group’s operations, and continues to
be so. In recent years we have directed increased resources into
developing technologies and solutions that enable the transition to
a low-carbon society.
Our strategy is to offer the most energy-efficient products and
technology for each application. We strive to meet our customers’
requirements and support their ambitions to reduce environmen-
tal impact and total cost of ownership. This is reflected through our
group target, which states that all projects for new and redesigned
products should have targets for reduced carbon impact. In 2027,
all such projects should also apply circularity principles according
to our internal guidelines.
We have also identified significant business opportunities in new
segments linked to society’s need for new energy sources, new
modes of transportation, and automation. By partnering with our
customers, we contribute to the development of energy storage
solutions and products used in the production of renewable
energy, such as solar panels, wind turbines, carbon capture, and
hydrogen handling. At the same time, we remain committed to
reducing the climate impact of our own operations and products.
Business model
At Atlas Copco Group, innovation is fundamental to continually
delivering value to our customers and society, and thus to our
business success. Products are designed internally with a life-cycle
approach, and research and development expenditures corre-
spond to about 4% of the Group’s revenues. Through leading tech-
nologies, we aim to develop new products and solutions that are
critical to our customers’ operations and improve productivity to
support their success.
To uphold and strengthen our innovation capabilities, the com-
petence of our people is critical. We therefore focus on attracting
talented people with a growth mindset and fostering a strong
learning culture that offers opportunities for continuous training
and development. We also continuously gather inputs through
close collaboration with business partners and customers. This
ensures that our product development is guided by both techno-
logical advances and customer needs, while maintaining a high
level of technical expertise within the Group.
Outsourced production and operational excellence
The manufacturing of components that are critical to the perfor-
mance of the equipment is typically carried out in the Group’s own
facilities, while other components are produced with the support of
our business partners. Purchased components account for a
majority of the product cost and these inputs are sourced through
long-term relationships with qualified suppliers who meet our tech-
nical, quality, and sustainability standards. We place strong empha-
sis on responsible business conduct and expect our partners to
uphold our Code of Conduct, ensuring fair working conditions,
respect for human rights, and high ethical standards throughout
the supply chain.
We continuously strive for improved operational efficiency. To
optimize production flows, the assembly is typically lean, and the
final product is generally shipped directly to the end user. Through
the responsible use of human capital, natural resources, and finan-
cial capital, we create value for our customers, employees, business
partners, shareholders, and society at large.
Sales and service
Equipment sales generate about 62% of Group revenues, and
manufacturing and logistics are organized in a flexible way so that
we can adapt quickly to changes in demand.
Service represents 38% of our revenues and is the responsibility
of dedicated divisions in each business area. Our service offering
includes the development of service products, technical support,
and maintenance, in many cases supported by data analysis from
connected equipment. We seek to perform more service on a
higher share of the installed base of equipment, and through our
strong service offering we support customers in getting the most
value out of their investments. This helps us build close customer
relationships, while increasing resource efficiency through extend-
ing the durability of our products and solutions.
For more information on how we do business and create value
for different stakeholders, see pages 5–10.
General information
Atlas Copco Group 2025 32
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Our value chain
We work actively to maximize positive and minimize negative
impacts along the value chain, as well as to reduce risks and take
advantage of opportunities. Collaboration with business partners
and other stakeholders is essential in this work.
Upstream value chain
Atlas Copco Group has a large supplier base and purchased com-
ponents account for a majority of the product cost. A significant
part of our impact from the processing of raw materials for our
products therefore originates from the upstream value chain. Our
choice of suppliers is therefore of great importance to our social
and environmental impact.
Our suppliers are globally distributed, with the largest shares
located in Asia and Europe, followed by North America. The risks in
these geographic markets vary greatly, in terms of human rights,
including working conditions and freedom of association, as well as
environmental protection. Through responsible purchasing pro-
cesses and collaboration with suppliers, we strive to have a positive
impact on workers in the value chain and to promote higher stan-
dards in society. Climate change can pose risks for suppliers in
some regions and cause supply chain disruptions. Read more in
the topical sections Climate change on page 44, Workers in the value
chain on page 71, and Relationships with suppliers on page 76.
Own operations
The Group has an outsourced production model. This means that
we mainly manufacture key components and assemble equipment
in our own production facilities, which are located in Europe, Asia/
Oceania, and the Americas, close to our customers. However, some
raw materials are purchased and processed in our own operations.
Our products are designed in-house with a life-cycle perspective
aiming at reducing the environmental impact while offering other
tangible customer values and benefits from a sustainability per-
spective. We have assessed that the environmental impact of these
activities is relatively low compared to those that take place down-
stream and upstream in the value chain.
In 2025, we had more than 56 000* employees in 73 countries at
year end. Almost half of our employees work in marketing, sales, or
service. As an employer, we have a significant impact on our work-
force, for example in terms of occupational health and safety, and
opportunities for growth and development, see pages 61–70.
Downstream value chain
Atlas Copco Group has a global reach with sales in 180 countries
and a highly diverse customer base. Sales and service are primarily
conducted directly, but also indirectly through distributors. More
than 95% of the greenhouse gas emissions across our value chain
occur during customers’ use of our products. This highlights the
significant opportunity to reduce emissions through the continu-
ous development of more energy-efficient products, as well as
through the electrification of certain products. To further reduce
the environmental impact and increase circularity, our products are
designed with a life-cycle perspective, including end of life. Through
our service offering, we also support product repair, maintenance,
and reuse, extending their useful lifetimes and minimizing waste.
* Measured in FTE (full-time equivalents). For number of employees per
geographic area, see page 69.
Suppliers of components
and materials
Atlas Copco Group
End
of life
Customers
OUR VALUE CHAIN
UPSTREAM OWN OPERATIONS DOWNSTREAM
Indirect sales
General information, continued
Atlas Copco Group 2025 33
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
GROUP
TARGETS
F
I
N
A
N
C
E
G
O
V
E
R
N
A
N
C
E
S
O
C
I
A
L
E
N
V
I
R
O
N
M
E
N
T
Financial value
creation
Climate
Circularity
Diversity and
inclusion
Learning and
development
Safety, health
and well-being
Community
engagement
Resource
efficiency
in sourcing
Business partner
commitment to
business ethics
Employee
commitment to
business ethics
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
General information, continued
¹ As of 2025, the US is excluded from the target.
² Strategic significant supplier: all external significant direct material suppliers to production and distribution units
with a purchasing value above a set threshold (higher than for significant suppliers) based on 12-month values from
October previous year to September current year. For suppliers in countries with heightened risk for human rights
violations, environmental risks or corruption etc., the purchasing threshold is lower (approximately 20% of set value).
We regularly review the Group’s sustain-
ability targets to ensure that our priori-
ties remain aligned with our key mate-
rial sustainability matters and with
stakeholders’ expectations. In 2024, we
presented updated targets for the years
2025–2027.
The review of the sustainability targets carried
out in 2024 was based on insights from the dou-
ble materiality assessment in 2023. As a result,
some of our targets were reformulated or discon-
tinued.
Inclusive target-setting process
Understanding our stakeholders’ expectations
regarding how the Group should manage
impacts, risks, and opportunities linked to our
material sustainability matters was the starting
point for the sustainability target review.
Internally, we conducted a survey with subject
matter experts and representatives from relevant
functions, and gathered employee perspectives
through interviews conducted during the DMA.
The perspectives of external stakeholders,
such as suppliers, customers, and distributors,
were collected through internal workshops with
functional representatives, councils, and boards,
such as the purchasing council and market coun-
cils. The Investor Relations department also pro-
vided important input.
The above-mentioned methods were comple-
mented by desktop studies of relevant industry
reports and country analyses, as well as a review
of the regulatory landscape.
The updated targets were subsequently
approved by the business area management
teams, Group Management, and finally the Board
of Directors.
SUSTAINABILITY TARGETS FROM 2025
Circularity principles in product development
Our target to develop a Group-wide methodology
for assessing circularity by 2024 has been
achieved and replaced with a new commitment:
systematically applying circularity principles in all
new and redesigned products by 2027.
Climate targets beyond 2030
Since 2021, we have had science-based targets,
and supporting plans, to reduce greenhouse gas
emissions across the value chain by 2030, in line
with the Paris Agreement. We have now commit-
ted to developing a climate transition plan by the
end of 2026, including long-term targets beyond
2030 for scope 1, 2 and 3 emissions.
Women in leadership positions
Atlas Copco Group is committed to diversity and
inclusion, with gender balance as a key aspect.
We have therefore added a target of 25% women
in leadership positions by 2030, complementing
our existing target of 30% female employees
the same year.¹
Supplier engagement in ESG assessment
Since 2024, we have strengthened our due
diligence by implementing a new Group-wide
third-party tool to assess suppliers. During 2025,
we aligned our approach to measuring and
reporting the share of strategic significant
suppliers² engaged in environmental, social,
and governance (ESG) assessments.
Trade compliance and fair competition training
Atlas Copco Group supports fair competition to
ensure equal conditions for business. Awareness
of trade compliance rules and regulations is key
to navigating a constantly changing geopolitical
landscape. Accordingly, we have adopted a
target for employees in selected target groups
to complete training on trade compliance and
fair competition.
For a complete overview of the Group’s
sustainability targets, see page 6. For more
details, see Targets and metrics in the
respective topical chapter.
Atlas Copco Group 2025 34
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Stakeholder group How engagement is organized
Customers – Customer visits
– Customer events
– Customer satisfaction surveys and
interviews
Employees – Yearly performance and development
dialogues
– Regular training and coaching
– Employee surveys
– Work councils
– Employee representation on the Board
Shareholders and
financial market
participants
– Capital market days
– Roadshows, conferences, meetings,
and calls
– Annual general meeting
Society
Governments,
affected communities,
non-governmental
organizations, industry
partners, and academia
– Participation in inter national collabora-
tions and industry initiatives
– Local engagement through companies
and regional Holding companies
– Career fairs and events for students
– Interviews, meetings, and calls with media
Business partners
Suppliers and indirect
sales channels
– Strategic collaborations
– Regular on-site meetings
– On-site evaluations and supplier audits
– Surveys and interviews
SBM-2
Interests and views of stakeholders
Atlas Copco Group conducts systematic and regular engagement
with key stakeholders to identify and manage sustainability-related
impacts, risks, and opportunities associated with our organization
and our business relationships along the value chain. Our key
stakeholders include those who are either impacted by our opera-
tions or those who influence our strategy and the achievement of
our goals. This ongoing engagement is essential for building trust
and enables us to proactively identify and address our stakehold-
ers’ perspectives, concerns, and expectations.
The outcomes of the stakeholder engagement inform our
decision-making processes, support strategy development, and
improve our response. For example, insights from the engagement
process form the basis of our double materiality assessment, see
pages 36–37, which served as an important starting point for devel-
oping the Group’s updated sustainability targets for 2025–2027,
see page 34. These targets reflect, among other things, stake-
holder expectations in areas such as circularity, diversity, compli-
ance, and responsible business practices throughout the value
chain, all of which are aligned with our strategy and business
model. Stakeholder input may also inform updates to the Group’s
policies and guidelines, new employee trainings, product develop-
ment, and risk mitigation measures, such as due diligence, thereby
supporting long-term business resilience.
Atlas Copco Group engages regularly with stakeholders through
the methods outlined in the table. This typically involves Group
functions such as Sustainability, Investor Relations, and Media Rela-
tions, as well as representatives from business areas and divisions.
Stakeholder engagement at the local and regional level, carried out
through our operating units and holding companies, is also a cen-
tral component. Additional insights are gained through our griev-
ance mechanisms and our whistleblowing function, SpeakUp.
General information, continued
The Group Management team and the Board of Directors receive
annual updates on the DMA, which reflects stakeholder perspec-
tives and expectations on sustainability matters. Group Manage-
ment also receives a presentation of the results of the Group’s
employee survey, Insight.
For further details on stakeholder engagement, see sections
Own workforce, Workers in the value chain and Consumers and
end-users.
Atlas Copco Group 2025 35
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
IRO-1
IMPACTS, RISKS, AND OPPORTUNITIES
About the double materiality assessment
In 2023, Atlas Copco Group initiated a double materiality assess-
ment (DMA) to identify the Group’s material impacts, risks, and
opportunities in relation to sustainability matters. The initial assess-
ment was conducted with the support of an independent consul-
tancy and in accordance with ESRS requirements. The work contin-
ued through 2024 and 2025, including reviews of the results and
further calibration and validation with internal stakeholders.
Double materiality approach
The initial assessment followed the ESRS principles of double mate-
riality, under which a sustainability matter is considered material
from one or both of the following perspectives:
Impact materiality – the Group’s actual or potential impact on
people and/or the environment through our own operations and
business relationships; and/or
Financial materiality – sustainability-related risks and opportunities
that may affect the Group’s cash flows, development, business
performance, position, cost of capital, or access to finance.
Double materiality assessment process
The initial DMA was conducted in six steps:
1. Identification of a gross list of ESG topics
Based on the gross list of sustainability matters and topics, pro-
vided in the draft ESRS 1 General Requirements, an initial assess-
ment was conducted of each topic in relation to Atlas Copco Group.
This included the Group’s business activities, locations, sector, and
value chain. Other sustainability issues, not covered by the ESRS
but potentially material for the Group, were also addressed.
2. Stakeholder dialogues and review of processes
To ensure alignment with existing processes and stakeholder dia-
logues, relevant documentation was reviewed and interviews con-
ducted with a broad range of internal subject-matter experts and
functions. These included Investor Relations, Group Risk Manage-
ment and Insurance, the Group Purchasing Council, and business
area sustainability representatives. Employee perspectives were
gathered through employee representatives, the HR function, and
the Group’s employee survey, Insight. Customer perspectives and
market insights were provided by the business areas.
Environmental impacts, risks and opportunities – Environmental
impacts, including climate-related risks such as GHG emissions,
pollution, and water, were mapped using business area documen-
tation and insights, ongoing climate work, and stakeholder dia-
logue through established channels. Other environmental impacts
were mapped using the same processes and methodologies, sup-
plemented by an initial internal biodiversity impact assessment.
Impacts from resource use and circular economy were mapped
through the environmental management system for the Group’s
business activities, and existing circularity initiatives, including
internal interviews.
Climate-related physical and transition risks and opportunities
were mapped through the ERM and a global warming scenario
analysis, following the TCFD recommendations. Other environmen-
tal risks and opportunities, such as those related to pollution,
resource use, and circular economy, were mapped using the ERM
process, business area insights and documentation, ongoing
stakeholder dialogues through established channels, and existing
circularity initiatives.
The identified impacts, risks and opportunities were then
mapped against the correlating sustainability topics in the ESRS list
of topics and sub-topics.
The existing assessment methods were integrated with the meth-
ods outlined in the adopted ESRS and applied in the impact and
financial materiality assessments. The mapped impacts, risks and
opportunities were assessed over short-, medium- and long-term
time horizons in line with ESRS, in relation to where they are con-
centrated in the value chain and the stakeholders affected.
Social impacts, risks and opportunities related to human rights or
other social aspects affecting our own workforce, workers in the
value chain, or end users at our customers were mapped through
the enterprise risk management (ERM) process, subject matter
expert discussions, internal documentation and processes, as well
as ongoing stakeholder dialogues through established channels.
Business conduct-related impacts, risks and opportunities were
mapped based on conclusions from the Group’s stakeholder dia-
logues, internal documentation, and desktop reviews. The process
also included a mapping of geographic areas with elevated poten-
tial impacts or risks related to corruption and bribery.
3. Impact materiality assessment
After mapping the Group’s positive and negative, actual and poten-
tial impacts on people and the environment, impacts were scored
and prioritized. Negative impacts were scored based on severity,
a combination of scale, scope and remediability, and likelihood.
Severity was prioritized over likelihood for negative human rights
impacts. Positive impacts were scored based on scale, scope, and
likelihood.
Thresholds were set based on the quantitative assessment and
existing processes. We applied the same categorization and grad-
ing as in the ERM process (low, medium, high, and extreme) and
deemed impacts rated high or extreme as material.
DOUBLE MATERIALITY ASSESSMENT PROCESS
General information, continued
1. Identification of gross
list of ESG topics
2. Stakeholder dialogues
and review of processes
3. Impact materiality
assessment
4. Financial materiality
assessment
5. Review and pre -
limi nary approval
6. Validation and
final approval
Atlas Copco Group 2025 36
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
4. Financial materiality assessment
After mapping sustainability risks and opportunities, their potential
financial effects were assessed based on size and likelihood. Scor-
ing was aligned with the existing ERM process (low, medium, high
and extreme). Appropriate thresholds were set based on the quan-
titative assessment and existing processes. Risks and opportunities
rated high or extreme were deemed material.
5. Review and preliminary approval
The preliminary DMA results were reviewed and validated by repre-
sentatives from the Group’s SHEQ council (safety, health, environ-
ment and quality) and the DMA project Steering committee. They
were also approved by the business area management teams and
Group Management.
6. Validation and final approval
A comprehensive understanding of Atlas Copco Group’s impacts,
risks, and opportunities related to sustainability topics is a complex
process. Therefore, in 2025, we continued the work initiated in
2023 and reviewed the results of the 2024 assessment. Dedicated
workstreams calibrated and validated the IROs based on input
from internal subject-matter experts and stakeholders, as well as
relevant sources, such as the 2024 ERM outcome, the 2024 Biodi-
versity Impact Assessment, and the 2025 employer engagement
survey Insight. Peer benchmarks also provided valuable input. The
workstream leads presented and discussed their findings in an
internal workshop together with Group Sustainability.
In 2025, we maintained the same cautious approach as in the
previous year to ensure that measures to mitigate negative
impacts are not categorized as positive impacts. We remain cau-
tious about disclosing the financial effects of opportunities, which
are primarily identified at the divisional level as part of strategy
development. Opportunities are difficult to quantify accurately, and
such information is often business sensitive.
The materiality assessment process and the results are pre-
sented to, and approved annually by, the Board.
We will continue to gather information and monitor topics near
the materiality threshold. The DMA will be reviewed annually and
updated as needed.
Outcome of the double materiality assessment
The outcome of the DMA review in 2025 reconfirmed the material
topics identified in 2024, presented in the table on page 38. There-
fore, no changes in terms of materiality have been made.
A summary of the identified material impacts, risks and opportu-
nities, and where they occur in the value chain, is presented in the
respective topical chapter, together with corresponding disclo-
sures on our commitments, policies, actions and targets.
The identified IROs are handled within dedicated workstreams, and
the Sustainability Reporting and Disclosure Steering Committee
determines which topics and information to disclose in the report,
before review and approval by Group Management.
In line with ESRS 1 principles on Material matters and materiality,
information is selected based on the significance of actual or
potential impacts, the scale and likelihood of financial effects, and
stakeholder concerns. This ensures that disclosures focus on the
most relevant and decision-useful information for report users.
SBM-3
Interaction with strategy and business model
To assess the Group’s resilience, sustainability aspects are inte-
grated into ongoing business planning, business reviews and risk
management at the divisional level (the highest operational level).
Sustainability is also embedded in relevant functional strategies.
Group Management and the Board of Directors discuss strategic
risks and opportunities, including sustainability, to ensure that we
continue to meet the needs of customers and society. These dis-
cussions draw on input from across the organization and focus on
issues most likely to affect our strategy in the short, medium or
long term, and may result in strategic adjustments when needed.
The results of the DMA align with Atlas Copco Group’s strategy
and business model. No changes have been made to the business
model in response to the material IROs identified through the
process, but the DMA outcome has provided an important basis
for our updated sustainability targets, effective from 2025, see
page 34.
To our current knowledge, the risks related to the material topics
are not expected to have a significant financial impact, nor to
require substantial adjustments in the foreseeable future. Actions
to address material IROs are embedded in divisional strategies,
which means that the related costs cannot always be separately
identified. More information on how IROs interact with the strategy
and business model, as well as topic-specific resilience analyses, is
provided in our topical sections.
General information, continued
Atlas Copco Group 2025 37
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Our material topics
The table provides an overview of our material topics from a value chain perspective. Materiality is determined based on multiple actual and/or potential impacts, as well as financial risks and/or
opportunities (IROs). The table summarizes the main aspects. For further details on each IRO and how these are addressed, please refer to the respective topical chapter.
Environment Sub-topic Summary of main aspects Materiality Upstream Own operations Downstream
Climate
change
Climate change mitigation
GHG emissions are generated across the value chain, with
the vast majority occurring in scope 3 downstream.
Through energy efficiency improvements and low-carbon
technologies, we help our customers to reduce emissions.
Impact and
financial
Energy
A majority of our products consume significant amounts of
energy during use. Through energy efficiency, we support
our customers in optimizing their energy consumption.
Impact and
financial
Resource use
and circular
economy
Resource inflows, including resource use
We source and use materials, such as metals, that have
significant environmental impacts.
Impact
Resource outflows related to products and services
We aim to develop technologies based on circular design
principles to meet stakeholder expectations.
Financial
Waste Our operations generate waste throughout the value chain.
Impact
Social Sub-topic Summary of main aspects Materiality Upstream Own operations Downstream
Own
workforce
Working conditions
We provide good working conditions and employment
opportunities. Poor health and safety performance could
harm people and negatively affect our reputation.
Impact and
financial
Equal treatment and opportunities for all
We provide learning and development opportunities for
employees and promote equality and inclusion. Failure to do
so could result in discrimination and gender gaps.
Impact
Workers
in the
value chain
Working conditions Poor working conditions at business partners may pose
social and labor risks, including health and safety issues.
Impact
Equal treatment and opportunities for all
Discrimination remains a widespread global issue and
represents a potential risk within our value chain.
Impact
Other work-related rights
The non-responsible sourcing of minerals may give rise to
human rights violations.
Impact
Consumers
and end-users
Personal safety of consumers and/or end-users
Customers rely on us to provide solutions that are safe and
ergonomically designed. Product malfunctions could harm
users and negatively affect our reputation.
Impact and
financial
Governance Sub-topic Summary of main aspects Materiality Upstream Own operations Downstream
Business
conduct
Corporate culture
We uphold an ethical corporate culture guided by our
Code of Conduct.
Impact and
financial
Management of relationships with
suppliers
Non-responsible supplier management may increase
negative environmental, social, and governance impacts.
Impact
Corruption and bribery
As a global company, we and our business partners are
present on markets where corruption is prominent.
Impact
General information, continued
Atlas Copco Group 2025 38
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
General information, continued
SUSTAINABILITY GOVERNANCE
Sustainability governance structure and responsibilities
GOV-1
GOV-2
The Board of Directors
The Board of Directors has the overarching responsibility for over-
seeing Atlas Copco Group’s strategy, including plans and targets
to ensure that we reach our mission of achieving sustainable, prof-
itable growth. The Board oversees major capital expenditures,
acquisitions, and divestments, and considers sustainability-related
impacts, risks, and opportunities in these processes. The Board of
Directors is responsible for approving and overseeing the Code of
Conduct, which is the foundation of the Group’s culture and the
governing document for how all employees, including the Board
itself, should act in relation to all stakeholders.
The Board of Directors is regularly informed of and addresses sus-
tainability matters that are material to the Group. Progress in rela-
tion to selected targets, such as diversity and science-based climate
targets, is reported to the Board on a quarterly basis. The SVP Chief
Legal Officer informs the Board about critical compliance-related
concerns and annually about trends and statistics related to the
Group’s whistleblowing function, SpeakUp. Additional relevant topics
are scheduled as needed on request by the Board or the company.
Target-setting related to the Group’s material impacts, risks and
opportunities is coordinated by the Group Sustainability team.
Following stakeholder input and internal assessment of identified
IROs with relevant internal stakeholders, the team develops recom-
mendations, which are reviewed and approved by Group Manage-
ment and the Board. The Board is also, together with Group Man-
agement, responsible for the preparation, review and approval of
the Group’s annual sustainability statement, which covers material
impacts, risks, and opportunities, related actions and resources,
and performance. The outcome of the annual double materiality
assessment is also presented annually and approved by the Board.
The Nomination Committee aims to propose a Board with mem-
bers representing broad and complementary experience, from a
number of industries and geographical markets relevant to Atlas
Copco Group. Experience from the manufacturing industry with
international coverage is viewed as especially valuable.
• The Board of Directors comprises nine members, including
eight non-executive members and one executive member
– the Group’s President and CEO.
• The Board has two employee representatives, each with one
personal deputy.
• Of the nine Board members four are women and five are men.
• Eight out of nine Board members (88 percent) are considered
independent in relation to the Group and its management.
The mandates outlined are addressed in the relevant governance
documents for each of the governance bodies. For further details
about the Board of Directors, its committees and responsibilities,
composition, and Board members’ experience, see the Corporate
governance report on pages 93–98.
Group Management
Each member of Group Management is responsible for the imple-
mentation and follow-up of the Group’s strategy and targets,
although the President and CEO has the ultimate responsibility.
Progress in relation to selected sustainability targets is part of the
variable compensation for members of Group Management, as
well as other employees, see page 40. The Group Sustainability
team, headed by the Vice President Sustainability, is responsible for
coordinating the Group’s sustainability work. The Vice President
Sustainability reports to the SVP Chief Communications Officer,
who is a member of Group Management. The Management team
reviews performance against relevant Group sustainability targets
on a quarterly basis. The result of the annual DMA review is pre-
sented at least annually to the Group Management, ahead of pre-
sentation to the Board. Additional topics are scheduled as relevant
during the year.
Group functions, councils and boards
At Group level, a sustainability team provides strategic direction,
coordination and alignment across the entire organization, in close
collaboration with other Group functions and sustainability repre-
sentatives from our four business areas. To coordinate and align
efforts and activities across our decentralized organization, the
Group has established several councils and boards with members
from Group functions and business area representatives. They
come together frequently to discuss policies, guidelines, and
actions to support the organization in reaching established ambi-
tions. The councils are supported by reference groups that build
competence and provide guidance in specific areas such as circu-
larity, climate and biodiversity.
The Sustainability council is chaired by a division president and
consists of the Group Vice President Sustainability, the business
area VP Sustainability/Sustainability managers, and representatives
for HR, Holding and Controlling.
The Human Resources board consists of the Group HR team and
the VP Human Resources from the Group’s four business areas.
Atlas Copco Group 2025 39
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
General information, continued
The SHEQ council consists of SHEQ managers and representatives
from HR and controlling.
The Sustainability Reporting and Disclosure council is responsible
for overseeing the development in the sustainability reporting
landscape and ensuring that the Group’s reporting is in compliance
with applicable directives, standards and regulations. The council is
chaired by the Vice President Sustainability and includes represen-
tatives from relevant Group functions, as well as business area sus-
tainability representatives and sustainability controllers. The coun-
cil reports regularly to a steering committee consisting of the SVP
Chief Financial Officer, SVP Chief Communications Officer, SVP
Chief Legal Officer, SVP Chief Human Resources Officer and Vice
President Investor Relations.
The Diversity and Inclusion council is chaired by the Group’s
President and CEO, and includes representatives from all business
areas, as well as from the functions Group communications, human
resources, and accounting and controlling.
Business areas and divisions
Following the Group’s decentralized organizational structure,
implementation and execution of strategies takes place in the divi-
sions, which are separate operational units. The business areas,
divisions, and entities set quantified targets for delivering on the
Group targets. The divisional presidents and general managers are
responsible for ensuring that targets are set as part of the three-
year planning process, and that progress is followed up and
reported to the Group.
Sustainability managers coordinate the efforts at business area
level, while Safety, Health, Environment and Quality (SHEQ) manag-
ers support the work in the operational entities and divisions.
Sustainability-related skills and expertise
To ensure access to relevant sustainability-related expertise and
stay informed about developments affecting both the company
and the wider industry, the Board and Group Management regu-
larly engage with external specialists. Internal subject matter
experts also play a key role by providing regular updates on key
sustainability matters related to the Group’s material impacts,
risks and opportunities, including climate change and resource
efficiency, workforce-related matters, and responsible business
conduct. This ensures that sustainability considerations are effec-
tively integrated into strategic decision-making.
Enterprise risk management (ERM)
Sustainability-related risks are included in the Group’s ERM frame-
work as well as in the overall risk assessment process which is con-
ducted annually at divisional level. The results are aggregated at
business area and Group level. Results from risk assessments
performed by the Group’s holding companies and by corporate
functions are provided as insights to the divisions when they
evaluate their key risks. Workshops have for instance been con-
ducted in respect of climate change, human rights and compliance
risks. An overview of the Group’s key risks, including sustainabili-
ty-related risks, is described in the section Risks, risk management
and opportunities on pages 85–90.
GOV-3
Sustainability-related performance
in incentive schemes
Reward structures at Atlas Copco Group are designed to support
our strategy and motivate our leaders to deliver sustainable, profit-
able growth.
The variable compensation is limited to a maximum of 80% of the
base salary for the President and CEO, 60% for Business Area Presi-
dents, and 50% for other members of Group Management.
Variable compensation is linked to predetermined and measur-
able criteria which can be financial or non-financial. Non-financial
criteria are part of the variable compensation for all members of
Group Management. For 2025, the criteria has been to reduce the
Group’s CO2 emission in line with the Group’s science-based tar-
gets, with a relative weighting of 10% of the maximum opportunity.
The Group’s guidelines for executive remuneration are reviewed
annually by the Board of Directors and presented to the annual
general meeting for approval at least every four years. For more
information on the remuneration guidelines, see pages 121–123
and the Group’s remuneration report.
GOV-5
Sustainability reporting risks and internal controls
Atlas Copco Group’s sustainability reporting is subject to the same
internal control processes as our financial reporting. The control
framework is designed to reduce and mitigate risks associated with
sustainability disclosures. The Board of Directors is ultimately
responsible for establishing an efficient internal control system and
oversees the work through the Audit Committee and CEO.
Sustainability controllers and business controllers regularly carry
out risk assessments to identify potential risks in the sustainability
reporting process, ensuring that internal control is adequate. Inter-
nal audit is carried out to verify the organizations’ adherence to rel-
evant policies and procedures related to sustainability reporting.
The main risks identified relate to data accuracy, for example
errors and inconsistency in estimations. Another risk is the avail-
ability of value chain data and completeness of reporting.
To manage these risks, we continuously review and develop our
sustainability reporting policies. We provide regular training for rel-
evant employees on reporting guidelines, processes, and updates
on identified risks and weaknesses. We work to improve data qual-
ity and accuracy with a focus on standardized calculations, key vari-
ables such as standard emission factors, assumptions and estima-
tions. Controls are built into our reporting and consolidation sys-
tem to ensure that the entered data is logical. We also perform reg-
ular quality checks to identify unusual variations. Environmental
data, for example, is cross-checked against cost data to detect
inconsistencies.
In 2023, we established the Sustainability Reporting and Disclo-
sure Council to further strengthen governance in this area. In 2025,
the Internal Audit function conducted a thematic audit focusing on
sustainability governance and reporting processes. Corrective
actions have been implemented to address the identified gaps.
Several additional initiatives were also undertaken to enhance the
quality and consistency of climate-related reporting and to further
align methodologies across the organization.
The effectiveness of the process for assessing risks and execut-
ing control activities is monitored continuously. Findings from
internal audits are regularly communicated to the Audit Committee
and Group Management.
The Group’s external auditors provide a limited review of the sus-
tainability statement. Their process is risk-based and includes feed-
back, as described in the assurance report on page 167.
The audit and control processes and procedures are described
in more detail in the section Internal control over financial and
sustainability reporting, see pages 101–102.
Atlas Copco Group 2025 40
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Operating units¹ with management system standards, % ISO 9001 ISO 14001 ISO 45001 Triple certification
Units required to be certified
Certified units 86 78 75 73
Total workforce covered by certification 93 90 87 86
All production and distribution units
Certified units 76 64 61 59
Total workforce covered by certification 91 86 81 80
All units
Certified units 66 59 57 56
Total workforce covered by certification 87 84 82 81
Employees covered by certification 87 84 81 80
Additional workforce covered by certification 89 84 84 82
¹ Including acquisitions.
Management system standards
Atlas Copco Group strives for all major operating units to be triple-
certified according to the management system standards ISO 9001
(quality), ISO 14001 (environment) and ISO 45001 (occupational
health and safety). All business areas operate under triple certifi-
cates supported by common management systems covering a
majority of the entities belonging to the business area.
All production units with more than 20 employees, and customer
centers and rental companies with more than 70 employees, are to
be triple certified according to these standards. See the table for
the ISO management system certifications held by units that are
required to be certified and by all Group units. Some of the
non-certified units are acquisitions within the two-year timeframe
to comply, or newly restructured units. Some units which are not
yet triple-certified are in the process of becoming so, and a smaller
portion has so far not had the resources required to commit to a
triple certification.
General information, continued
Sustainability policies, guidelines and standards
Code of Conduct
The Code of Conduct is the Group’s central guiding policy which
sets clear requirements for ethical business conduct that incorpo-
rate integrity, fairness and respect in all operations. All employees,
business partners, and the Board of Directors are expected to
adhere to the principles in the Code. In cases where the Code of
Conduct is stricter than local laws and regulations, the Code
applies. As stated in the Code of Conduct, we endorse the following
international frameworks:
• United Nations Global Compact
• United Nations International Bill of Human Rights
• UN Guiding Principles for Business and Human Rights
• ILO Declaration on Fundamental Principles
and Rights at Work
• OECD’s Guidelines for Multinational Enterprises
The Board of Directors is responsible for the Code of Conduct and
reviews it regularly. In 2025, the structure and content of the Code
of Conduct were updated, with topics including responsible use of
technology and AI, and safeguarding cybersecurity. The new edi-
tion of the Code of Conduct will be released in early 2026.
To ensure that everyone within the Group knows about the Code
and how to apply it, we have made implementation part of our
Group targets. All employees are required to complete a leader-led
ethics training every two years, in which ethical dilemmas are dis-
cussed. They also need to annually sign a Code of Conduct compli-
ance statement, a process which includes a shorter online version
of the leader-led ethics training. Our significant business partners
are also required to commit to our Code of Conduct by signing our
Business Partner Criteria.
The Code of Conduct has been translated into more than 30 lan-
guages and is available on the Group’s website.
Complementing policies and guidelines
The Code of Conduct is supported and complemented by other
Group policies and guidelines, such as:
• SHEQ policy: the global Safety, Health, Environment and Quality
policy ensures robust standards for the safety and well-being of
our employees and others affected by our operations, as well as
an environmental and quality perspective on techno logies, prod-
ucts and services. The policy applies to all employees in the
Group and is available through the internal handbook The Way
We Do Things and on our website. The President and CEO has the
overall responsibility of the policy, while divisional presidents are
responsible for its implementation. The policy is reviewed regu-
larly by the SHEQ Council, which consists of one representative
from each business area, HR, and sustainability controlling. As
needed, specific updates are discussed with relevant stakehold-
ers, including workstreams with representation from both the
business areas and Group functions. The policy signed by the
President and CEO.
Atlas Copco Group 2025 41
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
• Human Rights Statement: expands on the Group’s commitment to
respect and support human rights and defines the procedures
to ensure compliance across all operations. It applies to all
employees, including consultants, as well as to all business part-
ners throughout our upstream and downstream value chain.
• Business Partner Criteria: significant business partners must
commit to following the Group’s Code of Conduct by signing
the Business Partner Criteria document which states the Group’s
expectations regarding business ethics, social, safety, health and
environmental performance.
General information, continued
GOV-4
Statement on due diligence
Sustainability due diligence is the process through which we identify, prevent, mitigate, and account for actual and
potential negative impacts on the environment and people resulting from the Group’s operations. Requirements for
sustainability due diligence and risk management are embedded in our processes through the Group’s policies and
guidelines, including our Code of Conduct, human rights statement, and SHEQ policy.
Our due diligence practices are guided by internationally recognized frameworks, such as the OECD Guidelines for
Multinational Enterprises and the UN Guiding Principles on Business and Human Rights. Such due diligence is con-
ducted through a combination of desktop assessments, and direct or indirect dialogue with our stakeholders.
The sections on each material sustainability topic provide an overview of our risk assessment and due diligence
processes in relation to the specific topic, our identified adverse impacts, actions taken to address them, and the
outcomes of those efforts.
The table below indicates where in this sustainability statement our due diligence processes are described, including
how the key steps and components are applied.
Core elements of due diligence Paragraphs in the sustainability statement
Embedding due diligence in governance,
strategy and business model
In this section under Governance and Strategy and business model.
Climate disclosures page 44, and Social disclosures page 61.
Engaging with affected stakeholders in
all key steps of the due diligence
In this section under Interests and views of stakeholders and Double
materiality.
Own workforce engagement page 61, Value chain workers engagement page
71, and Consumer and end-users engagement page 73.
Identifying and assessing adverse impacts In this section under double materiality.
Environmental IROs page 44, Social IROs page 61, 71 and 73,
Governance IROs page 74.
Further details are included in each topical standard.
For page references, see Index page 78.
Taking actions to address those adverse impacts Actions sections from each topical standard.
For page references, see Index page 78.
Tracking the effectiveness of these efforts
and communicating
Targets and metrics sections from each topical standards.
For page references, see Index page 78.
Atlas Copco Group 2025 42
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
• General information
Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
The environmental data covers all operations unless otherwise
stated. Supplier data covers production units and distribution cen-
ters, while distributor data covers all applicable units. Employee-
related data covers all operations.
We have not omitted any disclosures due to ongoing negotia-
tions, or due to reasons of intellectual property. However, we have
opted to use the phase-in provisions listed in ESRS 1 Appendix C
applicable to the Atlas Copco Group.
Some disclosures assessed as below the materiality threshold in
the DMA have been included under the heading Additional informa-
tion on page 77, as they are requested by certain stakeholders or
ESG rating institutes. These include disclosures related to water,
biodiversity, and substances of concern.
Data collection and verification
Most sustainability data is integrated in the Group reporting and
consolidation systems and is collected on a monthly or quarterly
basis. Some data has been obtained from the Group’s learning
management systems, employee engagement survey and other
sources. Reported facts and figures in the sustainability statement
are verified in accordance with the Group’s procedures for internal
control, see more details on pages 101–102.
Most sustainability data is monitored and reported at local oper-
ating unit level and aggregated to divisional, business area and
Group level. Certain science-based target categories, taxonomy
revenue and project data are reported at divisional level. Data veri-
fication is performed at each level before being submitted to exter-
nal auditors.
BP-2
Disclosures in relation to specific circumstances
Time horizons
The time horizons considered for the preparation of the sustain-
ability statement are in line with those specified in ESRS 1, unless
otherwise stated. Specifically, these time horizons are up to one
year as short-term, from one to five years as medium-term, and
more than five years for long-term.
Restatements and corrections
Reported values are normally not corrected retroactively. When a
restatement of historically reported numbers is made, this can be
due to a change of calculation methodology or scope, or improved
data quality. If corrections have been made that are deemed mate-
rial, this is clearly indicated alongside the respective disclosure.
Uncertainties and estimates
We make estimates and assumptions regarding certain informa-
tion and data, for example greenhouse gas (GHG) emissions in
the value chain. Where metrics are based on estimations, sec-
ond-hand sources, or are subject to measurement uncertainty,
such information is disclosed in connection with the respective
data. Any forward-looking information, such as targets or action
plans, are uncertain in nature and the outcomes could be materi-
ally different.
Documentation supporting data reporting, such as invoices, is
often received with a time delay. As a result, certain data may be
based on estimation methods, including the use of a one-month
reporting lag, to ensure that a full 12-month value is reported. This
applies in particular to data related to energy, GHG emissions,
waste and water.
Changes in preparation and presentation
Reporting according to the requirements of the ESRS has impacted
some metrics in the sustainability statement, and the information in
the 2025 report can therefore in some cases not be compared to
previous reports.
External assurance
As required by the CSRD, the sustainability statement has under-
gone a limited review by Atlas Copco AB’s external auditors, Ernst &
Young. For more details see the auditor’s limited review report on
page 167.
BASIS FOR PREPARATION
Sustainability is integrated in Atlas Copco Group’s way of operating
and we publish both financial and sustainability data in our annual
integrated report. Our ambition is to provide a clear and transpar-
ent overview of the Group’s actual and potential impacts, risks, and
opportunities, and how we manage them. This sustainability state-
ment has been approved by the Board of Directors.
BP-1
BP-2
General basis for preparation
Atlas Copco Group is subject to the EU Corporate Sustainability
Reporting Directive (CSRD) and has, in accordance with the Swedish
Annual Accounts Act, reported in accordance with the European
Sustainability Reporting Standards (ESRS) for the 2025 financial
year. Information derived from other EU legislation is listed in
the table on page 80.
Scope of consolidation
The sustainability statement covers Atlas Copco Group, including
all entities that are consolidated in the Group’s financial state-
ments, see pages 159–161. Operations divested during the year
are excluded, while acquired entities are gradually included in
accordance with the Group’s internal reporting guidelines. This
may result in a delay of up to two years in the inclusion of data from
acquisitions, primarily related to scope 3 emissions. For significant
acquisitions, emission data for previous years is restated when it is
included in the current year’s reporting, to ensure comparability
over time. Data collection and assessment of the impact of recent
acquisitions is conducted continually. Due to the size and timing of
acquisitions in 2025, we do not deem the impact of not yet included
data to be material in relation to the total result of the Group.
The sustainability statement addresses the material impacts,
risks and opportunities (IROs) of both our own operations and our
upstream and downstream value chain, as identified through our
double materiality assessment (DMA), see more details on pages
36–37. The extent to which policies, actions, targets and metrics
apply to Atlas Copco Group’s value chain is detailed in the relevant
topical sections.
General information, continued
Atlas Copco Group 2025 43
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Environmental information
CLIMATE CHANGE
SBM-3
Impacts, risks, and opportunities
Atlas Copco Group generates greenhouse gas (GHG) emissions
that contribute to climate change. The impact occurs throughout
the value chain, including upstream, with the extraction and pro-
cessing of raw materials, and suppliers’ production of components.
Emissions also occur in our own operations, through energy used
in manufacturing and assembly processes, office buildings, and
company cars. However, the vast majority of emissions come from
our downstream value chain, during the use phase of our products,
causing a negative impact over the short, medium, and long term.
Since a majority of our products consume significant energy during
the use-phase, improving energy efficiency is a key priority. This
helps lower customer costs while also meeting their growing
demand for low-carbon solutions. In addition, we see strong busi-
ness opportunities in enabling technologies that support the tran-
sition to a low-carbon society. Our technologies play a key role in
sectors such as electric vehicle manufacturing, renewable energy,
energy storage, and carbon capture.
Climate change resilience analysis
Our climate change resilience analysis comprises both a physical
risk assessment and a transition risk assessment. Climate-related
risks, such as physical risks affecting operational entities and transi-
tion risks related to markets or products, are assessed annually at
divisional level as part of the Enterprise Risk Management (ERM)
process. This includes an assessment of the resilience of our busi-
ness model and strategy to such risks, and their potential financial
implications. The assessment indicates that currently identified
climate-related risks can be managed without substantial changes
to our existing business model and strategic direction. An aggre-
gated analysis of the risks, including the resilience, is presented
annually to Group Management. The findings from the analysis of
climate- related risks and opportunities were also integrated into our
double materiality assessment. Details on the scope, time horizons,
scenarios, and results are provided in the sections below on Physi-
cal risks and Transition risks. Read more about the risk management
process on page 85.
As climate-related risks and opportunities are closely linked, oppor-
tunities for our divisions may also be identified through the ERM
process. However, opportunities related to climate change, the
transition to a low-carbon society, and to the development of
renewable energy segments, are primarily identified as part of the
divisions' strategy development processes and on an ongoing basis
within our operations. Climate scenarios and assumptions used in
the ERM process also inform the climate-related assumptions
made in the financial statements.
Physical risks
A changing climate implies greater acute physical risks due to more
frequent and/or more severe weather conditions that could impact
suppliers, operations, and transport in our industry. Greater
chronic physical risks from changing climate conditions, such as
droughts and rising sea levels, could also affect the value chain,
including potential disruptions in production or logistics.
Both acute and chronic natural hazards may pose a risk to plants
and equipment, resulting in losses. The Group’s loss prevention
program supports the decision-making process for highly exposed
sites, including the prioritization of major investments and risk-
mitigation measures.
The Group has a global network of suppliers that provides resil-
ience against local or regional disruptions. We regularly review the
logistics systems we rely on for the transportation of goods to
ensure they are resilient to physical risks and to assess available
alternatives.
In 2024, we conducted an assessment of the exposure of the main
sites in our own operations to physical climate risks, both chronic
and acute (such as heatwaves, floods, droughts and precipitation).
The analysis was based on internal data, as well as climate projection
data and models provided by a third party. It covered three different
climate scenarios: rapid transition (RCP* 2.6); medium transition
(RCP 4.5); and business as usual (RCP 8.5), and three time horizons:
short term (0–3 years); medium term (until 2030); and long term
(2030–2050). The RCP 4.5 scenario was selected as the baseline
for evaluations, as it is currently considered the most likely path-
way. In 2025, additional aspects, such as rainfall-triggered land-
slides, were incorporated into the assessments.
The results indicate that the greatest potential exposure for the
assessed sites relates to precipitation, flooding and hail – exposure
that exists already today but is expected to intensify in the medium
and long term. While some regions may experience stabilization of
certain hazards over time, the overall risk levels for the Group are
expected to rise toward 2050.
Exposure to wildfire and extreme cold is relatively limited in the
short term. Cold-related risks are expected to decline further over
time, while areas already exposed to very low temperatures are
generally well adapted to such conditions.
A few sites have been identified as being potentially exposed to
rainfall-triggered landslides and are undergoing individual review.
However, these exposures do not currently present material risks
for the Group, as proper mitigation actions are in place, such as
risk-prevention measures or group insurance coverage.
In addition, a pilot study was conducted involving a select num-
ber of suppliers from each business area to evaluate their current
and future exposure. The objective was to assess how this data can
support purchasing teams in their decision-making processes.
Transition risks and opportunities
A transition towards a low-carbon economy is associated with
policy and regulatory risks, technology risks, market risks, and rep-
utational risks. Among the risks are increased energy prices and
taxes, and regulations related to greenhouse gas emissions. As a
provider of products and technologies that improve performance
and energy efficiency for customers in a variety of segments, Atlas
Copco Group is well positioned to manage such risks. This market
shift may also give rise to new businesses and business models,
thus representing an opportunity for the Group.
In 2023, we conducted a scenario analysis, including transition
events, in line with the recommendations of the Task Force on
Climate-related Financial Disclosures (TCFD), identifying and
assessing climate-related transition risks and opportunities with
actual or potential impacts on the Group. Two scenarios were ana-
lyzed: a rapid transition (RCP 2.6) and a business as usual (RCP 8.5)
pathway. In 2025, internal subject matter experts reviewed the
scenario analysis and reassessed potential transition risks and
* A Representative Concentration Pathway (RCP) is a greenhouse gas concentration trajectory adopted by
the Intergovernmental Panel on Climate Change (IPCC) that describes a possible climate change scenario.
Atlas Copco Group 2025 44
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
opportunities across five time horizons, ranging from the immediate
(< 3 months) to the strategic (>7 years).
A variety of risks and opportunities were identified throughout
our value chain and the insights from the assessment were inte-
grated into the overall ERM framework. One of the identified chal-
lenges concerns the electrification of a few diesel-fueled products,
which depends on both customer acceptance of new technologies
and the development of supporting infrastructure. This and other
aspects are already being addressed, see page 46 for more infor-
mation on the levers to reach our scope 3 targets. We intend to
further develop the identification, assessment and quantification
of transition risks and opportunities in close collaboration with the
divisions as part of an even deeper integration of ESG risks in our
ERM framework.
E1-1
Transition plan for climate change mitigation
We believe we are well positioned for a transition to a low-carbon
society through our strategy and business model, and by actively
managing greenhouse gas emissions throughout our value chain.
We have adopted targets to reduce absolute GHG emissions from
our operations (Scope 1 and 2) and from our value chain (Scope 3),
as described on page 47. Our targets have been validated by the
Science Based Targets initiative (SBTi) as aligned with the Paris
Agreement. The Board of Directors approved these targets, which
have guided our climate-related work since 2022.
We are actively working to further develop our climate transition
plan, including roadmaps and targets beyond 2030. Our target is
for the long-term transition plan to be fully developed by the end
of 2026.
E1-2
Climate-related policies
Atlas Copco Group’s Code of Conduct is the central guiding policy
underscoring our commitment to reduce the environmental
impact from our own operations and along the value chain. It is
complemented by our SHEQ policy, which is the overall policy for
the environmental area. It addresses climate change mitigation
and our commitment to reduce emissions in line with the goals
of the Paris Agreement, throughout our own operations, and our
upstream and downstream value chain. Renewable and fossil-free
energy deployment is an important lever to reach our targets
related to our own operations, as well as in our upstream and
downstream value chain. Our policy addresses climate change-
related physical risks in our operations to limit potential negative
impact. The policy also addresses climate- related opportunities to
our business, such as the Group's development of technologies,
products and services that increase energy efficiency, and that
enable the transformation to a low-carbon society. See more infor-
mation on the scope and implementation of the Group's Code of
Conduct and SHEQ policy on page 41.
E1-3
Actions and resources
Atlas Copco Group is committed to continuously improving our
environmental performance and we address emissions in our
own operations and across our value chain through the levers and
key actions outlined below. The effectiveness of these actions is
evaluated using the targets and metrics described on page 47.
The Group’s operational emissions, scope 1 and 2
To reduce emissions from our own operations, we focus on energy-
saving measures and increasing our use of renewable energy.
Energy efficiency – A majority of our sites are certified according to
ISO 14001. In addition, many of our sites are also certified against
ISO 50001 for energy management. These certifications ensure
focus on continuous improvements in terms of energy efficiency.
Low-carbon energy – Over the past few years, we have made signifi-
cant progress in reducing emissions from our own operations,
largely driven by a higher share of renewable electricity and lower
carbon intensity of the grid in certain markets. However, access to
renewable energy remains a challenge in certain markets. To
address this, we actively seek alternative solutions and continue
to explore options for on-site renewable electricity generation.
In addition to renewable electricity contracts and power pur-
chase agreements, we have installed solar panels in multiple loca-
tions. In 2025, the number of entities reporting direct solar energy
increased significantly compared to the previous year. Although
direct solar energy still represents a small share of total energy
consumption, its contribution doubled compared with 2024.
We are also continuously exploring alternatives to heating fueled
by natural gas. We have, for example, invested in heat recovery
technology to capture waste heat from compressors to heat build-
ings, significantly reducing the need for natural gas. In many cases,
this is achieved using Atlas Copco compressors and heat recovery
systems. Sites also continue to transition from natural gas boilers
to biogas or to heat pumps. Since early 2025, one of our sites in
Hungary has significantly reduced its consumption of natural gas
by replacing most gas heating with electric AC units that also pro-
vide cooling in the summer. Powered by purchased renewable
electricity, these units also lower both energy costs and Scope 1
and 2 emissions.
Some of our fuel-driven products require on-site testing. For the
past few years, we have been using biofuels such as HVO (Hydro-
treated Vegetable Oil) for testing on at least half of our sites. At
some sites where fully renewable fuels are not yet in use, a blend of
biodiesel is used.
Environmental information, continued
Environment Target 2025 2024 2023
Reduce CO2e emissions (tonnes) from scopes 1 and 2, compared to the base year 2019* –46% by 2030 –46% –42% –37%
Reduce CO2e emissions (tonnes) from scope 3, compared to the base year 2019* –28% by 2030 +9% +15% +28%
Develop a climate transition plan and set long-term climate targets beyond 2030 for
scope 1, 2 and 3
In place by end of
2026 – – –
Projects for new and redesigned products with targets for reduced carbon impact 100% annually 98% 96% 95%
* The targets were approved by the Science Based Targets initiative (SBTi) in 2021. The target for scopes 1 and 2 are in line with
the 1.5°C warming trajectory, and the target for scope 3 is in line with the well below 2°C warming trajectory.
Atlas Copco Group 2025 45
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Company vehicles – Addressing emissions from our company vehi-
cles, including the service fleet, will enable further reductions of
emissions and will be in focus going forward. Our Group policy for
company vehicles is aimed at continuously ensuring the use of fuel-
and energy-efficient vehicles with a low carbon footprint. While
progress is being made in some markets, poor infrastructure for
electric vehicles in other areas delays improvements. As an alterna-
tive, HVO100 diesel is used for service vans in the Nordics.
Emissions in our value chain, scope 3
More than 95% of the CO₂ emissions from our value chain are gen-
erated during the use phase of our products. Since electricity is the
primary energy source, the emissions during use largely depend
on the source of electricity used by our customers.
Product energy efficiency and optimization – Since the main impact
comes from the product use phase, we focus on developing highly
energy-efficient products and solutions to optimize the carbon
footprint across their entire lifecycle. All projects for new or rede-
signed products are required to include targets for reducing car-
bon impact. Additional emissions reductions can be achieved
through the guidance we provide on product use, as well as
through our service and optimization offerings. See the table on
this page for a description of our business areas’ methods for
reducing product-related carbon impact, and examples of solu-
tions with lower carbon impact on pages 50–51.
Electrification and alternative fuels – We continue to electrify the
remaining share of the Group’s products that are not yet electrified.
Where combustion engines are still in use, alternative fuels are
encouraged. For example, Specialty Rental, a division within the
Group, promotes the use of non-fossil diesel by installing HVO
pumps at its rental center in Belgium. Customers receive an initial
fill of HVO for pumps, generators, or compressors, with refills avail-
able during the rental period.
Business partner collaboration – Working with suppliers as well as
logistics and transport partners is also part of our efforts to reduce
scope 3 emissions. Our ambition is to continuously increase the
share of suppliers that have an environmental management sys-
tem. This ensures focus on resource efficiency and continuous
improvement related to environmental performance, which helps
reduce the impact of purchased goods. We also actively engage
with suppliers to find lower impact alternatives to different materi-
als. This includes increasing the content of recycled materials and
material from renewable sources.
Efforts with forwarders and logistics partners include shifting
towards more sustainable transport modes such as sea and rail,
while limiting the use of air freight where possible, and consolidat-
ing shipments to optimize load efficiency. As an example, the Power
Tools Distribution Center (PTD) has reduced emissions by switching
to reusable carton pallets and modifying packaging to allow pallets
to be stacked in containers, resulting in fewer containers needed
per shipment. Using more sustainable fuel alternatives and electric
trucks are other measures that are being explored. Sustainability in
transport is maintained as a shared focus across the Group’s busi-
ness areas through the Global Transport Sustainability Council.
Environmental management systems
To minimize the Group’s environmental impact and to secure that
the precautionary approach is applied, our ambition is to imple-
ment environmental management systems (EMS). All production
units with more than 20 employees, and customer centers and
rental companies with more than 70 employees, should be certi fied
according to ISO 14001. Acquired product companies are normally
certified within a two-year period following acquisition, where appli-
cable. See page 41.
Environmental trainings
Several Group-wide trainings and initiatives have been rolled out
over the last few years. In 2022, we held a climate event to increase
employees’ awareness of our newly launched science-based tar-
gets, followed by climate awareness training for all employees. In
2024, we also introduced training on circular economy.
Actions to address the levers are embedded in our divisions’ strate-
gies, and the associated costs cannot be identified separately. While
investments in R&D support improved product efficiency, they are
not categorized specifically as related to climate mitigation.
Most of the disclosed actions are ongoing and contribute to
achieving our climate targets by 2030, therefore, specific
completion dates for individual actions cannot be provided.
Environmental information, continued
Business area’s levers for reaching scope 3 targets
Considering the varying characteristics of our products, each business area has
developed their own approach to reducing product-related climate impact. However,
all share the common goal of increasing the sales mix ratio of the most efficient and
favorable products in terms of carbon footprint. The development and availability of
low-carbon energy in customers’ markets is also crucial to the ability of all business
areas to meet the Group’s climate targets.
Business area Focus
Compressor
Technique
• Continuously improving product efficiency
• Optimizing compressor rooms by more intelligent central
controls
• Promoting energy-efficient product variants with low total
lifetime energy use (e.g. Variable Speed Drive, centrifugal
technology, high-performance filtration)
• Integrating design-for-life and design-for-service
in product development
• Investments in IoT solutions to facilitate aftermarket
activities in maintenance, repairing, upgrading and
lifetime extensions
Vacuum
Technique
• Improving product performance
• Integrating smart technology to optimize the
energy required
• Leveraging our service teams to deploy product upgrades,
and extending product lifecycles
Industrial
Technique
• Developing and providing electric alternatives
for the pneumatic product ranges
• Improving energy efficiency in the current product range
• Supporting customers in optimizing use of the products
Power
Technique
• Providing electrified product alternatives, supported by
energy storage systems and mobile solar power plants
• Improving fuel efficiency of the internal combustion engines
• Stimulating customers’ use of renewable diesel by providing
solutions to supply HVO (hydrogenated vegetable oil) on
construction sites
• Application knowledge, assuring to sell the right product
with the smallest footprint
Atlas Copco Group 2025 46
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Levers and dependencies related to reducing scope 3 emissions
in line with the Group target.
Scope 3 emissions 2019–2030, ktCO2
0
50 000
100 000
150 000
200 000
250 000
300 000
Year
2030
OtherGrid
decarbonization
Product
efficiency
and mix
Year
2019
Growth
The main levers illustrated above indicate the potential impact of specific measures and
the dependency of external factors that are part of our plan and affect our ability to
achieve our targets for 2030. These levers were identified in 2021 during our transition
planning, and our identification of risks and opportunities for decarbonizing our value
chain. While the relative importance of these factors may shift over time, they are ex-
pected to remain largely relevant well beyond 2030. Given the continuous development
of our business and improvements in reporting methodology over time, the figures
should be considered indicative rather than exact.
E1-4
Targets related to climate change
We have committed to reducing the greenhouse gas emissions
across our value chain in line with the goals of the Paris Agreement.
For the Group’s own operations (scope 1 and 2), this means that we
aim to reduce emissions in line with keeping the global tempera-
ture rise below 1.5°C. We will also reduce the emissions from our
value chain (scope 3) in line with keeping the temperature rise well
below 2°C (WB2DS), including those emissions that occur when our
products are in use. Our targets up to year 2030, and underlying
methodology, have been validated by the Science Based Targets
initiative and were implemented in 2022.
The targets for scope 1 and 2 follow a 1.5°C cross-sector decar-
bonization pathway. The scope 3 target follows a WB2DS pathway.
Both targets are based on conclusive scientific evidence. The
underlying methodology follows SBTi’s guidance for target setting,
including conducting GHG inventory and category-level hotspot
analysis. Read more about our carbon emissions on page 52–53.
The base year 2019 was selected when submitting our targets to
the SBTi, representing the most recent full calendar year with com-
plete and reliable data, and reflecting a normal level of production
activity for the Group. The base year data is restated when neces-
sary, as described on page 53, to allow consistent and meaningful
comparability of emissions over time.
Since the targets are set for absolute emission reductions,
possible future developments, such as changes in sales volumes
or shifts in customer demand, will not affect them. GHG removals,
carbon credits, or avoided emissions are not considered as means
toward achieving these targets.
The Group’s operational emissions, scope 1 and 2
In 2025, CO2 emissions from our own operations were 46% lower
compared to the baseline year of 2019. This reduction was driven
by a higher share of renewable electricity and decreased carbon
intensity in certain markets. The share of renewable electricity and
district heating in our facilities reached 89% (85). However, limited
availability of renewable energy in certain markets remains a
challenge, requiring us to actively pursue alternative solutions.
Emissions in our value chain, scope 3
All projects for new or redesigned products must have targets
for reduced carbon impact. In 2025, 98% of the projects had set
such targets.
In 2025, the absolute emissions in scope 3 were 9% higher than
in the baseline year. This is mainly due to increased sales. Our
efforts to drive the product mix in favor of lower emissions and
improvements in carbon intensity on some important customer
markets are not yet balancing the increase in sales. The develop-
ment and availability of low carbon energy sources in our custom-
ers' markets is critical to achieving further reductions.
Environmental information, continued
Contribution by scope to the total carbon emissions footprint
Scope 3, other categories,
2.1%
Scope 1 and 2, energy
in own operations, < 0.1%
Scope 3, use of sold
products, 97.8%
See the GHG emissions table on page 53 for amounts in tonnes.
Scope 1
Company vehicles, natural gas and other fuels used on site.
Scope 2
Electricity and district heating used on site, electric company vehicles.
Scope 3, use of sold products
Emissions generated mainly from electricity consumption and other energy sources
consumed throughout the use of our products during their estimated lifetime.
Scope 3, other categories
Purchased goods and services, leased assets downstream, capital goods, fuel and
energy- related activities, transportation and distribution, waste generated in own
operations, business travel, employee commuting, end-of life treatment of used
products, and investments.
E1-8
Internal carbon pricing
As a Group, we aim to reduce our environmental impacts, lower
our carbon emissions, and reduce potential impact from external
carbon taxes. Incorporating a financial cost of carbon into invest-
ment decisions helps ensure that these aspects are considered.
In 2021, we introduced a guideline for incorporating carbon pric-
ing into capital investment (CapEx) decisions to ensure that climate
impacts are taken into account, for example in connection with
energy-related infrastructure investments. The guideline was
updated in 2024, including a carbon price of 1 500 SEK/tonnes
CO2e. The shadow price was selected based on the Swedish carbon
tax rate and global carbon-pricing benchmarks, such as the World
Bank Carbon Pricing Dashboard, which reflect the chosen carbon
price.
Atlas Copco Group 2025 47
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Energy consumption and mix
While energy consumption in our own operations is not assessed
as material, the data provides context for our GHG emissions and is
requested by certain stakeholders.
The increase in total energy consumption in 2025 compared to
2024 is largely related to the relocation of a site in China.
Energy consumption, MWh 2025 2024 2023
Own facilities
564 094 533 859 531 414
Direct energy 171 548 156 474 153 441
Indirect energy 392 546 377 385 377 973
Company vehicles 241 526 1 248 877 225 452
Direct energy 238 848 246 986 222 097
Indirect energy 2 678 1 891 3 355
Total energy 805 620 782 736 756 866
Direct energy 410 396 403 460 375 538
Indirect energy 395 224 379 276 381 328
Energy /revenue
Total energy / revenue (MSEK) 4.8 4.4 4.4
1 Around half of the decrease in MWh related to energy consumed by company vehicles
compared with 2024 is due to an updated calculation methodology, taking into account
an average biofuel blend.
The Group does not report cooling or steam separately. Direct energy, i.e. energy
generated by the company for its own production or operation (on site or by com-
pany vehicles) includes diesel, oil, biofuel, gasoline, solar, geothermal, propane
and natural gas. Indirect energy, i.e. energy purchased externally by the company,
includes electricity (98%) and district heating (2%) used at the sites or by company
vehicles.
Environmental information, continued
Environmental Award
Our Environmental Award was established in 2004 to honor outstand-
ing performance in preserving the environment for future genera-
tions. In 2025, the award was presented to the site Airpower's power
purchase agreement (PPA) project for securing long-term renewable
electricity from an offshore wind farm in Belgium. It is the Group's first
long-term corporate PPA and a good example of a solution with both
environmental and economic benefits. The winner is selected by the
Group’s Sustainability Council.
Renewable energy sources, % 2025 2024 2023
Own facilities 68 64 61
– Direct energy 20 13 8
– Indirect energy 89 85 82
Company vehicles 5 5 4
Total 49 45 44
The share of renewable energy does not include “renewable of mix” for indirect
energy, only fully renewable indirect energy supported by renewable energy
certificates or contractual agreements.
Atlas Copco Group 2025 48
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Environmental information, continued
Enabling customers to avoid emissions
Standard greenhouse gas reporting does not fully reflect the climate impact that a company can
have through its products and services. While Scope 3 data includes the emissions from customers’
use of a product, it does not capture the emissions that customers may avoid by using more energy-
efficient solutions or alternative technologies.
To complement our Scope 3 data and provide a more
comprehensive picture of our climate impact, we have
initiated a complementary reporting effort to quantify
the CO₂e emissions that our products and solutions help
customers avoid, compared to a reference scenario in a
customer application.
As part of a pilot assessment, we have calculated the
avoided emissions for a limited selection of products and
technologies sold in 2025, focusing on the use phase, as
this represents the vast majority of the life-cycle climate
impact. The aim is to evaluate the decarbonization effect of
our portfolio, related to energy efficiency, energy optimiza-
tion and recovery, and electrification. These effects may
arise at either the product level or the system level.
While there is currently no universally accepted standard
for calculating avoided emissions, we apply the same meth-
odology used in our Scope 3 reporting to compare products
and solutions against a reference scenario. The calculations
follow the principles and logic defined in our internal Product
Carbon Footprint tool (PCF tool). Inputs from R&D, market-
ing, and sales include typical use cases for selected products
in specific applications, sales volumes, and expected life-
times. The expected lifetime of products and technologies
may vary significantly depending on the application.
Based on sales in 2025, the selected pilot products and
technologies are estimated to enable our customers to
avoid more than 6 500 000 tonnes of CO₂e over their opera-
tional lifetime. These include selected premium-efficiency
compressors, central controllers, energy recovery solu-
tions, on-site gas generation, low-pressure blowers for
marine applications, high- efficiency filtration, portable
compressors, generators combined with battery packs,
diaphragm triplex pumps, booster pumps, and cryogenic
compressors.
As this is an early-stage pilot, the analysis covers a small
portion of our portfolio, and the results should be viewed
as indicative rather than comprehensive. Other products
and technologies also contribute to the transition to a
low-carbon society, while some of the Group’s older portfo-
lio does not have the same decarbonization potential. As
the potential of a product or technology to contribute to
avoided emissions is only relevant until a better solution is
found, the selection of products and technologies will
change over time. We will continue to refine and further
develop our internal processes and guidance to deepen
our understanding in this area.
Read more about selected products that support
customers in avoiding emissions on pages 50–51. Here,
sales are not limited to 2025. For some of these stories,
forecasted sales volumes are also included to estimate the
potential impact of products or technologies sold over a
longer period than one year.
The Atlas Copco NGP20+ generates high-purity
on-site nitrogen for customers, while enabling
significant carbon emissions avoidance.
tonnes of CO2e avoided over
the lifetime of selected products
and technologies sold in 2025.
6 500 000
More than
Atlas Copco Group 2025 49
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Environmental information, continued
metric tonnes of CO2e
emissions over their lifetime
60 000
Savings of around
Global shipping carries nearly 90% of international trade cargo and accounts for 3% of global greenhouse gas
emissions. To align with carbon emission reduction ambitions, the industry is accelerating the use of alterna-
tive fuels. Ammonia offers a carbon-free solution, but its toxicity and reactivity pose operational challenges.
Robust, efficient pumping technology is essential for safe integration into fuel gas supply systems (FGSS).
The hermetically tight, fail-safe LEWA triplex diaphragm pumps have proven reliable in handling liquefied
petroleum gas (LPG) and ammonia under demanding conditions, combining operational reliability with
low pulsation. With a compact footprint, these pumps deliver significantly higher efficiency than centrifugal
alternatives, reducing the annual CO₂ footprint by 75 tonnes. These features make them particularly suited for
future-ready FGSS solutions.
The G3E is the latest and smallest addition to the triplex pump portfolio. Delivering up to 10 kW of hydraulic
power, the innovative pump features a vertical motor arrangement that reduces the installation footprint by
30% while allowing stroke frequencies of up to 350 per minute. The result is exceptionally broad operating
flexibility combined with efficiency levels of 80–90%.
As early as 2022, early adopters of ammonia fuel gas injection systems selected the LEWA triplex diaphragm
pump as their preferred technology. The G3E sets a new benchmark for marine FGSS by combining compact
design, high efficiency, and extended service intervals.
Based on the number of pumps sold for marine applications in 2025, these pumps are together estimated
to avoid the release of approximately 60 000 metric tonnes of CO₂e over their lifetime.
Advancing alternative fuels adoption in marine applications
Ion implant and plasma vapor deposition processes are integral to semiconductor chip manufacturing
processes to create small and intricate patterns on silicon wafers. Edwards CTI On-Board® IS cryopumps
and cryo compressors are used to achieve the low vacuum pressure in those applications.
The Edwards IS-1800V compressor is the latest generation model of On-Board® IS compressor series.
It has a smaller, space-saving footprint than the previous generation and variable speed operation
enables energy and cooling-water savings as the compressor runs at lower speed settings whenever
the application permits.
The IS-1800V was launched in 2022 and has been successfully qualified at original equipment
manu facturers (OEMs) and semiconductor fab end users.
For typical ion implant applications with three On-Board® IS 320FX cryopumps, upgrading from
the IS-2000V to the IS-1800V compressor will reduce energy consumption and carbon emission by
approximately 20% and cooling water by approximately 40%. We estimate that, over the potential
total 2030 installed base, the solution could avoid emissions of around 95 000 metric tonnes CO₂e
and deliver over 100 million m
3
water savings over its lifetime.
Advancing efficiency in semiconductor chip manufacturing
metric tonnes of CO2e
emissions over its lifetime
95 000
Savings of around
Atlas Copco Group 2025 50
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
metric tonnes of CO2e
emissions over its lifetime
1 000
Savings of approximately
The AXON controller is an innovative platform designed to support the full range of Desoutter’s corded
tightening tools. By combining a powerful tightening drive with a smart removable user module into a
single system, AXON enables seamless control and data integration for both handheld and fixtured tools
with torque capabilities ranging from 0.5 Nm to more than 2 000 Nm. This all-in-one approach simplifies
operations, reduces hardware complexity, and ensures consistent performance across a wide variety
of customer applications.
Choosing AXON not only increases assembly line efficiency, but also improves environmental perfor-
mance. Its advanced design brings significant CO₂ reductions. Compared with the previous generation,
the platform achieves an average of 46% CO₂ savings through efficient architecture and optimized
operational use.
Beyond the CO₂ savings, consolidating to a single versatile platform provides additional environmental
and operational benefits: it facilitates equipment reuse as production lines evolve, reduces the need for
multiple backups, and simplifies maintenance and inventory management.
With support across demanding sectors, including automotive, aerospace, data centers, batteries and
general manufacturing, AXON empowers our customers to improve productivity, ensure consistent tight-
ening quality, and align their operations with corporate sustainability goals. Based on sales in 2025 and
expected sales over the next two years, the AXON controller has the potential to avoid the release
of approximately 1 000 metric tonnes CO₂e over its lifetime.
When corded solutions become flexible
metric tonnes of CO2e emissions
over the systems’ lifetime
1 040 000
Savings of about
Customers worldwide are looking for ways to optimize their compressed air and gas systems, to lower
energy use, reduce CO₂ emissions, and achieve the lowest total cost of ownership. Atlas Copco’s premium
central controller, the Optimizer 4.0 (S), is designed to help our customers take control of their energy-
intensive compressed air installation, facilitating ISO50001 certification. The latest in-house-developed
hardware features an advanced control algorithm, enhanced with Artificial Intelligence.
The Optimizer 4.0 (S) manages a multiple compressor room to ensure stable, energy-efficient operation.
It continuously ensures that the mix of compressors running simultaneously is optimized, while maintain-
ing the required airflow and pressure. It avoids inefficient unloaded hours on fixed-speed units by keeping
variable speed drive compressors running close to their optimal efficiency point and by preventing turbo
blow-off through efficiently sharing the load.
The newly launched “S” package brings AI-based features that predict future air demand and machine
behavior, further improving energy savings and pressure stability. This package is offered via subscription,
so customers can choose to benefit from updates and ongoing improvements to the AI model.
Since connectivity is essential in today's industry, each Optimizer 4.0 (S) includes a Smartbox PRO, enabling
SMARTLINK AI logic to monitor system performance and make recommendations. Together with yearly service
visits and software updates, customers can rely on sustained optimization and consistent energy savings.
Based on the number of Optimizer 4.0 (S) sold globally in 2025, we estimate that our customers will
avoid approximately 1 040 000 metric tonnes CO₂e over the lifetime of the solution.
AI-powered optimization of compressor rooms
Environmental information, continued
Atlas Copco Group 2025 51
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Environmental information, continued
In 2021, we conducted a greenhouse gas inventory
analysis across our value chain, which formed the
baseline for our science-based targets. A common
Group methodology was used, with 2019 as the
baseline year.
During 2025, we conducted a review of the inven-
tory. The purpose of the review was to validate
Scope 1 and 2 reporting, and to update and improve
the previous impact assessment for selected Scope
3 categories, ensuring alignment with the Group’s
current carbon footprint. Scope 3 category 11 (prod-
uct use-phase) was not included, as data accuracy
for this category is already reviewed regularly within
the business areas and managed through the estab-
lished restatement process.
Scope 1 and 2
The direct climate impact from energy used by our
entities was initially calculated by using actual data
from the reporting entities that were then within the
scope and estimating the impact from the remaining
entities. Since 2022, all entities report their actual
carbon dioxide equivalent emissions from energy
used in companies and from company vehicles. The
performance on scope 1 and 2 is monitored and re-
ported at unit level and consolidated to Group level.
Scope 3
To calculate the product-related value chain impact,
as part of scope 3 emissions, a Group- common tool
has been developed – the Product Carbon Footprint
tool (PCF). This third-party certified tool (ISO 14064)
is used to assess the carbon impact during the prod-
uct’s entire lifecycle, from choice of materials to
manufacturing, energy used during the use-phase,
estimated service required, and recycling and dis-
posal. Divisions complete the calculations and moni-
tor the development of emissions. Scope 3 catego-
ries 1 (product-related), 4, 6, 9, 11 and 13 are calcu-
lated quarterly, while fixed values are used for cate-
gories 1 (non-product-related), 2, 3, 5, 7, 12 and 15.
Results are consolidated and monitored at business
area and Group level.
Our ambition is that the reported data should be
as realistic as possible and reflect products’ actual
emissions. However, due to the complexity of the
area and the number of assumptions and estimates
underlying the calculations, the data is associated
with uncertainties. To increase data reliability and re-
duce uncertainties, we continuously develop and im-
prove our processes and tools. As part of this effort,
a GHG restatement process was introduced in 2023,
see page 53.
Energy consumed in the use phase is calculated
using the current CO2 intensity of the relevant mar-
ket over the products’ lifetime. No forecast of in-
creased availability and use of renewable energy
sources is taken into consideration. This, most likely,
results in emissions being overestimated.
Business area Calculation method
Compressor Technique Scope 3 emissions are calculated by having application specialists apply our
PCF tool methodology. We use country-specific carbon intensity factors for the
indirect emissions from electricity throughout the use-phase of our products
and apply material-specific emission and circularity factors to the product
materials, for a large set of reference products. Real operational data, ingested
via our connected installed base is used to make the best possible estimation
of the lifetime use variation of the products.
Vacuum Technique Scope 3 emissions from the product use phase and purchased goods and
services are calculated using the PCF tool methodology, applied by product
specialists to products sold in global markets. This method incorporates
country-specific carbon intensity factors for direct electricity-related emissions
during the product use phase, as well as estimates of typical fuel and
refrigerant impact, load profiles, operating cycles, and typical average product
lifetimes, depending on the product type. Material-specific emission factors
are also applied to the embodied product construction materials used in
purchased goods and services. The PCF tool is utilized to generate example
cases for a large number of different mechanism reference products, which
are then scaled up to apply to product families with similar mechanisms.
Industrial Technique Scope 3 emissions from the material and use phase of our products have
been calculated using the PCF tool methodology, applied to a set of reference
products selected by the business area.
Power Technique Scope 3 emissions for the years 2019–2021 have been calculated manually
based on a set of reference products selected by the business area. In 2022,
more granularity was added to the manual calculations, based on sales and
product carbon footprint data. As of 2023, calculations of emissions from two
of four divisions from 2022 and onwards are automated, based on the PCF
tool methodology.
Greenhouse gas emissions in the value chain
– calculation methods
Atlas Copco Group 2025 52
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
E1-6
GHG emissions (restated values)
(CO2e) ‘000 tonnes 2025 2024 2023
Retrospective
base year 2019
% change
2025 vs. 2024
% change
vs. base year
1
Milestones and
target years 2030
Scope 1
Gross Scope 1 83 86 87 97 –3 –14
Scope 2
Gross location-based
2
Scope 2 144 145 146 – –1 –
Gross market-based Scope 2 18 24 31 92 –25 –80
Scope 1 + 2
Scope 1 + 2 (market based) 101 110 118 189 –8 –46 –46%
Scope 3
Total gross indirect Scope 3 216 640 228 683 254 012 199 220 –5 +9 –28%
Purchased goods and services 2 459 2 573 3 070 2 538 –4 –3
Use of sold products 211 992 223 768 248 596 195 054 –5 +9
Leased assets downstream 1 749 1 883 1 859 1 126 –7 +55
Other categories 440 459 487 502 –4 –12
Total
Total GHG emissions (location based)
2
216 867 228 914 254 245 – –5 –
Total GHG emissions (market based) 216 741 228 793 254 130 199 409 –5 +9
GHG emissions
3
/revenue
4
(CO2e) tonnes / MSEK 2025 2024 2023
Retrospective
base year 2019
% change
2025 vs. 2024
% change
vs. base year
Milestones and
target years 2030
Scope 1+2 (market based) GHG emissions / revenue 0.60 0.62 0.63 1.61 –3 –63
Scope 3 GHG emissions / revenue 1 287 1 292 1 468 1 887 0 –32
Total GHG emissions (market based) / revenue 1 287 1 293 1 469 1 888 0 –32
Total GHG emissions (location based)
2
/ revenue 1 288 1 294 1 469 – 0 –
¹ The Scope 1 and 2 GHG emissions “% change vs. base year” is based on non-rounded data not shown in the table.
² Not all entities included in the current scope reported the data needed to calculate location-based emissions in 2019.
³ Historic data has not been restated for acquisitions.
⁴ GHG emissions are divided by net revenue as disclosed in the financial statements on page 117.
Environmental information, continued
GHG emissions restatement specification
(CO2e) ‘000 tonnes 2024 2023 Base year 2019
Scope 1+2 GHG emissions
Initial reported Scope 1+2 114 113 162
Adjustment to Scope 1+2 –4 5 27
Restated Scope 1+2 110 118 189
Scope 3 GHG emissions¹
Initial reported Scope 3 224 212 250 528 170 634
Adjustment to Scope 3 4 471 3 484 28 586
Restated Scope 3 228 683 254 012 199 220
1 Restatements in 2025 resulted in an increase in total Scope 3 emissions from the
baseline to actuals, primarily due to further alignment across business areas on
reporting methodology as well as longer assumed lifetimes for certain products.
Restatements
Atlas Copco Group has developed guidelines for restatements that apply to our GHG re-
porting related to the company’s science-based targets and the corresponding baseline.
Base year emissions shall be retroactively recalculated to reflect changes in the compa-
ny that would otherwise compromise the consistency and relevance of the reported
GHG emissions and targets. The need for restatements is reviewed, by the divisions, on
an annual basis. The restatement guideline is based on the GHG protocol corporate
standards. Factors that trigger restatements: 1) structural changes in the reporting or-
ganization that have a significant impact on the company’s base year emissions, includ-
ing: mergers, acquisitions, divestments, outsourcing and insourcing of emitting activi-
ties affecting the Group emissions, 2) changes in calculation methodology or improve-
ments in the accuracy of emission factors or any other operational data that result in a
significant impact on the base year emissions data, 3) discovery of significant errors, or a
number of cumulative errors, that are collectively significant. Scope 1, 2 and 3 emissions
data were recalculated in conjunction with our value chain impact assessment in 2021.
Methodology
The reporting of greenhouse gas emissions is done in accordance with the
GHG Protocol (ghgprotocol.org). Country factors used for energy come from the
International Energy Agency. Scope 2 is presented both as market-based and
location-based according to the GHG Protocol. A market-based approach has been
applied unless otherwise stated. Factors from NTM (transportmeasures.org) are
used for transport of goods when emission data is not provided by the transport
company. Scope 1 includes direct energy in own operations and fuel used in compa-
ny vehicles. Scope 2 includes indirect energy from own operations and electricity
from company vehicles. Scope 3 includes GHG emissions upstream and downstream
in the value chain. Categories 8 (Upstream leased assets), 10 (Processing of sold
products), and 14 (Franchises) are not applicable to our operations and business
model. All other relevant categories are included under "Other categories". Out-of-
scopes data for biogenic CO₂ emissions from the combustion or bio-degradation of
biomass are associated with certain activities in Scopes 1 and 3 and amounted to
10 003 tonnes in 2025 (4 388). The main difference from the previous year is due to
an updated calculation methodology, taking into account an average bioblend of
fuels used for company vehicles, calculated by applying DEFRA factors to the fuel
volumes by type. CO₂e stands for carbon dioxide equivalents.
Atlas Copco Group 2025 53
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Circularity
principles
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RESOURCE USE AND CIRCULAR ECONOMY
SBM-3
Impacts, risks, and opportunities
The majority of the resources used in the Group’s production and
assembly processes are purchased components, while only some
core components are manufactured internally. Our suppliers and
our own operations rely on natural resources as input materials,
with the most common ones being iron and steel, aluminum, cop-
per and brass. Waste is generated in our suppliers' production pro-
cess, in our own operations and at the products’ end-of-life. Some
entities generate and handle hazardous waste in accordance with
established procedures. The maturity of waste management varies
across the countries where we source, operate and in our main
customer markets. This affects the degree to which waste is recy-
cled and reused and thus the extent of our impact.
To mitigate our environmental impact, we apply circularity princi-
ples in product design, including measures to extend product life-
time. This also contributes to reducing waste generated in our own
operations and at the end-of-life of our products. Resource effi-
ciency and circularity practices in product design, production and
use are growing in importance for customers and other stakehold-
ers. This is reflected in upcoming regulatory frameworks. Adopting
a circular approach thus represents both a business opportunity and
a potential competitive advantage in the short- and medium-term.
Environmental impacts related to resource use and circularity
were mapped based on known impacts across the value chain and
the Group’s business activities, as well as insights from ongoing
circularity initiatives within the divisions. This included assessing
where natural resources are required as input materials and where
waste is generated – by suppliers, in our own operations and at
the end of life of our products. While no formal consultations with
affected communities have been conducted via Group functions,
the assessment reflects available insights from the value chain and
ongoing initiatives.
E5-1
Policies related to resource use and circular economy
Atlas Copco Group’s Code of Conduct is the central guiding policy
underscoring our commitment to reduce the environmental
impact from our own operations and along the value chain. It is
complemented by our SHEQ policy, which states that we apply
circularity principles throughout the product lifecycle and focus on
a responsible use of resources. This includes further exploration of
opportunities to transition away from the use of virgin resources,
towards resources with higher recycled content, where possible.
We are also committed to monitor and avoid any environmental
harm caused by our operations, including waste generation.
Further information on the scope and implementation of the SHEQ
policy is described on page 41.
E5-2
Actions and resources
Circular principles in product development
Atlas Copco Group applies a life cycle approach to innovation, design-
ing products with their entire lifecycle in mind – from sourcing and
production, to energy consumption and disposal. Since 2024, we
have a Group-wide methodology in place to assess the circularity of
all new or redesigned products. It provides a consistent structure
for evaluating circularity metrics and applying circular design prin-
ciples across the organization.
We focus on three main circularity strategies – narrow, slow and
close – each supported by specific circularity principles. The narrow
strategy aims to reduce the resources needed per product and/or
function and includes the circularity principles refuse, rethink and
reduce. The slow strategy refers to slowing resource loops by
slowing down resource consumption, and includes the circularity
principles reuse, repair, refurbish, remanufacture and repurpose.
The close strategy refers to closing resource loops by recycling and
recovery.
Durability, repairability and recyclability
We focus on extending the lifespan of our products through inno-
vation, optimization and service offerings. Our Group-common cir-
cularity principles are being implemented in the R&D processes
reinforcing the development of products that are durable, repair-
able, and easy to disassemble for recycling.
Service is a key part of our business, and we offer a wide range of
service agreements and products tailored to different customer
needs. These include various service offerings, preventive mainte-
nance programs, and refurbishment. Some preventive mainte-
nance programs are supported by product data analytics, such as
SmartLink, which enables improved planning and more efficient
service, as well as improved product uptime and energy efficiency.
Many of our products are also designed so that they can be
returned, refurbished and resold as used equipment. This contrib-
utes to increased circularity and such used equipment meet the
same high standards as new equipment in terms of performance
and energy efficiency. Some of the Group’s units also take back
Environmental information, continued
Environment Target 2025 2024 2023
Projects for new and redesigned products with applied circularity principles according
to internal guidelines 100% by 2027 38% – –
Reuse, recycle or recover waste from internal operations 100% by 2030 93% 91% 91%
Increase share of significant direct suppliers with an approved environmental
management system Continuous increase 37% 31% 31%
Atlas Copco Group 2025 54
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
contaminated products from customers, which otherwise would be
disposed of as hazardous waste, and return them to full operation.
Circularity training
In 2024, a new training focusing on circular economy was launched
and made available to all employees, Group management and the
Board of Directors. We also launched a training supporting the
implementation and use of our new group-common circularity
principles.
Environmental impact in the supply chain
We recognize the importance of managing environmental risks
throughout our value chain. By committing to the Group’s business
partner criteria, our suppliers assume responsibility for minimizing
the environmental impact of their products and services during
manufacturing, distribution, and usage, as well as after disposal.
Screening and audits are part of the Group’s supplier due diligence.
See page 72 for further information.
Product material and packaging
Our products are largely made of steel, which requires a consider-
able amount of raw material, water and energy to produce. By
applying circularity principles in the product development process,
the choice of material as well as size of the product can be reas-
sessed, where possible. We are also exploring opportunities to
collaborate with suppliers to increase the use of materials with
recycled content.
The majority of our products are shipped to customers in safe
containers and the need for packaging is therefore limited. Most
often, wooden pallets are used. For smaller products, cardboard
boxes and plastic packaging are also used for safe transport.
Our ambition is to reduce our environmental impact by avoiding
or reducing the amount of packaging used. We also collaborate
with suppliers that provide packaging with lower impact, such
as recycled cardboard, where possible. Some divisions also use
reusable packaging for transportation of components between
suppliers and our sites.
Waste management
Reducing waste is important to decrease the total environmental
impact from our production and increase resource efficiency. The
most relevant waste stream is metal waste and most of the scrap
metal is reused or recycled. Other materials present in the waste
are for example plastics and cardboard from incoming packaging.
Electrically powered Group products sold into the EU fall under
the EU Waste Electrical and Electronic Equipment (WEEE) Directive.
This includes compressors, vacuum pumps, handheld electric tools
and monitoring control instruments. The Group is responsible for,
and arranges with customers, the correct disposal of products that
fall under the directive.
E5-3
Targets and metrics
The Group’s new target, effective from 2025, requires all projects
for new or redesigned products to apply circularity principles in line
with the Group’s internal guidelines. The target builds on the divi-
sions’ efforts to develop a common tool to integrate circularity into
product development. The tool provides a structured approach to
assessing relevant circularity principles in product development
projects. In 2025, the first year the tool was applied, good progress
was made, with 38% of new projects applying the common circular-
ity principles.
Regarding waste management, our target focuses on the upper
levels of the waste hierarchy. By 2030 we aim to reuse, recycle, or
recover 100% of the waste generated in our own operations. In
2025, this share increased to 93% (91), supported by measures
taken at some production facilities to divert waste from disposal.
Environmental information, continued
The above-mentioned targets have been adopted with consider-
ation to current and future legislation.
We also have a target for the share of significant direct suppliers
with an approved environmental management system to increase
continuously. In 2025, our efforts resulted in an increase in this
share to 37% (31). As achieving certification requires a long-term
commitment from suppliers, we continue to actively encourage this
development.
For more information on our progress toward the targets, see
page 54.
At present, there are no Group-common targets regarding circu-
lar material use rate, minimization of virgin raw material, sustain-
able material sourcing, or use of renewable resources. However,
these aspects are on our agenda as they are also means to reduce
our emissions from materials and reaching our target for scope 3.
Going forward, we continue to explore ways to optimize resource
efficiency and waste management. This includes further develop-
ment of relevant performance indicators, such as the share of recy-
cled content in our products and packaging.
E5-4
Resource inflows
Weight and share of recycled content
Increasing the share of recycled materials in our products is a way
to contribute to increased circularity. While some metals already
contain a high proportion of recycled content, recycled alternatives
for other materials remain limited.
We have taken steps to gather information about the total
weight of product and packaging materials and the share of recy-
cled content of main categories of material. A majority of the
Group’s business areas and divisions use an internal tool to identify
and quantify the materials of a set of reference products. To pres-
ent meaningful data, we continue to gather information to estab-
lish an accurate baseline. Gathering information about recycled
content in purchased materials is also a challenge. While actual
data from suppliers on recycled content is the ultimate ambition,
other data sources, such as regional averages, will have to be used
in the meantime.
Towards more sustainable
packaging
At our Power Tools Distribution center in Belgium, a shift is un-
derway towards packaging materials with a lower environmental
impact. The aim is to optimize packaging to reduce the amount of
material used, and to move away from plastic by replacing plastic
filling bags with recycled paper. When plastic is necessary, we
prioritize foils and straps with higher recycled content. We also
work to maximize the re-use of inbound packaging for outbound
shipments. In addition, small wooden pallets are being replaced
with carton pallets, reducing transport weight and making recycling
easier for customers.
Atlas Copco Group 2025 55
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
• Environmental information
EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
E5-5
Resource outflows
Industry standards for measuring and comparing durability,
repairability, and recyclability remain limited. In the absence of
broadly accepted frameworks, we take a pragmatic approach
and recyclable content can be calculated with the help of the
Group-common tool. While our current method offers insight into
recyclability potential, we continue to improve data quality and
availability to better reflect reality. At the same time, progress is
being made at the industry level to define comparable metrics.
We welcome these developments and will continue to align our
approach with emerging standards as the field evolves.
Durability
Extending the lifespan of products is a key concept of circularity,
and has long been a focus in the Group. This includes preventative
maintenance and service that contributes to the durability of our
products.
We have a broad product range, with lifetimes that vary signifi-
cantly between product groups. As a result, presenting an average
lifetime or other quantitative information would be of limited
relevance.
Repairability
Our products are designed to facilitate repairability, and service
is a significant part of our business. We focus on preventive
maintenance to ensure timely repairs and minimize unplanned
downtime for our customers.
Recyclability
Many of our products consist of iron and steel, materials that are
recyclable. Our Group-wide circularity tool allows us to calculate
an estimate of a product’s recyclability; however, data on actual
recyclability is currently unavailable.
Waste from own operations (tonnes) 2025 2024 2023
Total waste 64 304 60 796 57 598
Waste diverted from disposal 59 617 55 576 52 560
Preparation for reuse 2 047 2 317 1 699
Recycling 50 769 45 216 41 117
Other recovery operations 6 801 8 043 9 744
Specification:
Hazardous waste diverted from
disposal 12 552 12 445 –
Non-hazardous waste diverted
from disposal 47 065 43 131 –
Waste directed to disposal 4 687 5 220 5 038
Incineration 264 351 –
Landfill 3 993 4 465 –
Other disposal operations 430 404 –
Specification:
Hazardous waste directed to
disposal 1 480 1 530 –
Non-hazardous waste directed
to disposal 3 207 3 690 –
Environmental information, continued
Waste from own operations specifications 2025 2024 2023
Non-recycled/non-reused waste
(tonnes) 11 4 88 13 263 14 782
Non-recycled/non-reused waste (%) 18 22 26
Reused, recycled, recovered (%) 93 91 91
Total hazardous waste (tonnes) 14 032 13 975 12 251
Methodology
Waste data refers to materials generated from internal operations that are either
collected for on-site or off-site reuse, recycling, or recovery (diverted from dispos-
al), or waste sent for incineration, landfill, or other disposal methods (directed to
disposal). Waste is classified as hazardous or non-hazardous in line with ESRS'
categorization. The data is reported by local entities and consolidated at Group
level. It covers a 12-month period and is presented in tonnes. The data is based
on direct measurement, typically reported by the waste management company
after collection.
Atlas Copco Group 2025 56
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
• EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
EU taxonomy regulation disclosures
The European Union’s taxonomy regulation (EU taxonomy) aims to provide guidance and over time act as a comprehensive
classification system of environmentally sustainable economic activities that companies can perform. We have assessed
which of our business activities that are covered by the EU taxonomy and how they correspond to reporting requirements.
of products and solutions are eligible as they actively strive to lower
customers’ energy consumption. This is predominately done
through energy efficient variable speed drive compressors, but
also fixed speed compressors are manufactured with the aim of
offering energy efficiencies. Additional eligible products and solu-
tions include e.g. onsite industrial gas generators, energy recovery
modules, air blowers, boosters, and dryers as well as optimizing
service solutions such as installations for optimal air compression
and distribution.
Within the Vacuum Technique business area, products are
specifically developed to enable the manufacture of low carbon
technology and products across several market sectors. Technol-
ogy such as abatement eliminates greenhouse gas emissions
arising from complex manufacturing processes and is deemed
eligible when demonstrating market leading energy efficiency.
Also included as eligible is core vacuum pump technology that
can accelerate energy efficiency through its high level of vacuum
performance.
Within the Industrial Technique business area, a majority of
products and solutions are developed with the intention to reduce
customers’ energy consumption through energy efficiency and are
therefore deemed eligible. This includes all products and solutions
that support the transition from pneumatic to electric power, as
well as optimization of both types of products, pneumatic and
electric, making them as energy efficient as possible.
Within the Power Technique business area, all electric and
battery-driven products are deemed eligible, supporting the shift
from fossil fuel to electric or battery power. This includes the elec-
tric rental fleet. Also diesel-driven products are considered eligible
because when infrastructure for electric solutions is lacking, diesel-
driven machinery is required in the market for which Atlas Copco
Group offers energy efficient solutions. Still, the aim is to replace
diesel-driven products with electric alternatives whenever practi-
cally possible. Industrial pumps are considered eligible if electric
with high efficiency. As a whole, a majority of the business area’s
products and solutions are deemed eligible.
For the financial year 2025, reporting is required on both the
Climate Delegated Act and the Environmental Delegated Act. The
only business area that qualifies for reporting under both acts is
Industrial Technique as a manufacturer of power-driven hand tools
relating to the circular economy objective. There is nothing signifi-
cant to report. Therefore, we report solely under the Climate
Delegated Act for all three KPIs.
Revenue KPI
Based on the EU taxonomy’s Climate Delegated Act, Atlas Copco
Group is eligible for climate change mitigation (CCM) under activity
CCM 3.6 with the eligibility description “Manufacture of technologies
aimed at substantial greenhouse gas emission reductions in other
sectors of the economy”.
Atlas Copco Group defines eligibility in accordance with CCM 3.6
as technologies which aim to enable substantial energy savings
and/or other means to avoid, reduce, remove, or store green-
house gas emissions compared to alternative technologies com-
monly used on the market. This includes products and services
that: 1) prevent the venting of environmentally hazardous gases
directly into the atmosphere, or 2) enable substantial energy sav-
ings compared to available technologies commonly used on the
market by either use optimization, in and of themselves, by
enabling the shift to electric/battery power, or by introducing new
solutions on the market. As of 2022, eligible technologies include:
• Energy efficient products and services which now or over time
are expected to meet the alignment criteria.
• Products and services which are aimed at being phased out and
replaced by aligned products.
Eligible technologies
The mapping of eligible technologies is an ongoing process and
may result in revisions in future reports as reporting practice devel-
ops. For the 2025 reporting the following have been included:
Within the Compressor Technique business area, the majority
Atlas Copco Group develops and offers a wide range of technolo-
gies and services for different end markets and applications. We
strive to provide the most energy efficient products for each spe-
cific application to support our customers in minimizing their
energy consumption and reducing their climate impact.
The EU taxonomy consists of six environmental objectives and
several delegated acts. The Climate Delegated Act addresses two of
the objectives (climate change mitigation and climate change adap-
tation) and the Environmental Delegated Act addresses the remain-
ing four objectives (water, transition to a circular economy, pollu-
tion prevention, and biodiversity).
We have assessed our operations against the EU taxonomy list
of available economic activities and concluded that we are eligible.
To also be considered environmentally sustainable, aligned, we
have evaluated our compliance against three sets of criteria: the
technical screening criteria, the do no significant harm criteria, and
the minimum safeguards.
In December 2022 the European Securities and Markets Author-
ity (ESMA) indicated a restrictive compliance interpretation when it
comes to the minimum safeguards, which refer to the social
aspects of doing business, signaling that referencing existing com-
pany policies was not sufficient for compliance. We have continu-
ously taken steps to strengthen our due diligence processes relat-
ing to human rights (see ‘Meeting the minimum safeguards’ below),
viewing the EU taxonomy requirements as overlapping with those
of the EU Corporate Sustainability Due Diligence Directive (CSDDD).
For this reason, our approach has been conservative and we have
reported 0% alignment on all three KPIs since the introduction of
the EU taxonomy. Following the omnibus simplification package of
2025 we have chosen to await the outcome of the ongoing EU
review of all taxonomy requirements before reconsidering our tax-
onomy approach. Consequently we continue to report 0% align-
ment on all three KPIs. Owing to this, no detailed review of the
other criteria is shared at this stage. For the CapEx KPI we are utiliz-
ing the opportunity to omit economic activities that account for less
than 10% of total CapEx (find details under ‘CapEx’ below).
Atlas Copco Group 2025 57
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
• EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
The revenue denominator used for the EU taxonomy KPI calcula-
tion includes all revenues derived from the sale of equipment and
services as stated in the consolidated financial statements (revenue
recognition in the material accounting principles).
The revenue numerator includes revenues generated by both
equipment and services including rental income based on EU taxon-
omy section CCM 3.6. Both Compressor Technique and Power
Technique have included revenues related to refurbishment.
Technical screening criteria assessment
The CCM 3.6 section requires that emission savings are calculated
using an EU taxonomy compliant method and that these calcula-
tions are verified by a third party. In 2022, our product carbon foot-
print (PCF) tool was externally certified against ISO 14067:2018. It
was re-certified in 2024 and continues to qualify as EU taxonomy
compliant.
Result
Revenue eligibility is 67% (64).
CapEx KPI
The CapEx numerator used for the EU taxonomy consists of
R&D and our own hire fleet. Following the introduction of a 10%
materiality threshold the majority of our previously reported
economic activities have been omitted as most of them amount to
less than 1% of total CapEx. These activities relate to installations
of charging stations, energy efficiency equipment, renewable
technologies, or energy performance measuring devices, as well
as our company car fleet (CCM 7.4, CCM 7.3, CCM 7.6, CCM 7.5 and
CCM 6.5).
The CapEx denominator used for the EU taxonomy KPI calcula-
tion consists of additions to tangible and intangible assets (includ-
ing right of use assets) during the financial year, considered before
depreciation, amortization, and any re-measurements, including
those resulting from revaluations and impairments, and excluding
fair value changes. The denominator also includes additions to tan-
gible and intangible assets resulting from business combinations.
No significant climate change adaptation investments have been
made during the year. See more information on page 112.
Result
CapEx eligibility is 13% (22). It should be noted that the majority of
R&D expenditure is reported as OpEx within Atlas Copco Group and
that the CapEx denominator includes a relatively low proportion of
EU taxonomy relevant expenditure which impacts the KPI result.
OpEx KPI
The OpEx numerator only includes expenditure that is material
to the company business model, i.e. R&D and our own hire fleet
(relating to EU taxonomy section CCM 3.6). The denominator how-
ever includes expenditures for R&D and hire fleet as well as mainte-
nance costs for buildings, equipment, and own vehicle fleet. The
data is reported by local entities and consolidated at Group level.
Result
OpEx eligibility is 37% (34).
Doing no significant harm
EU taxonomy alignment requires substantial contribution to at
least one of the EU taxonomy’s environmental objectives while
doing no significant harm to any of the other objectives. The EU
taxonomy identifies specific criteria as to what constitutes doing
harm and what type of assessment a company should perform to
evaluate such potential harm.
In 2022, we assessed our operations against the EU taxonomy’s
appendixes A, B, C, and D (addressing climate change adaptation,
water, pollution prevention, and biodiversity) as well as the require-
ments for not harming the transition to a circular economy. The
conclusion was that no significant harm is done although it was
deemed difficult to assess compliance with the pollution prevention
criteria. During 2025, the EU has addressed this complexity by
introducing revised requirements for pollution prevention which
we welcome.
Meeting the minimum safeguards
The EU taxonomy references adherence to the OECD Guidelines
for Multinational Enterprises and the UN Guiding Principles on
Business and Human Rights, including the principles and
rights set out in the eight fundamental conventions identified
in the Declaration of the International Labor Organization on
Fundamental Principles and Rights at Work and the International
Bill of Human Rights.
The upcoming EU due diligence directive references the same
international frameworks as the EU taxonomy, and we have there-
fore chosen to see its requirements as guiding also in the EU taxon-
omy reporting in wait for best practice to develop. The EU Commis-
sion’s FAQ from November 2024 supports this approach. During
2025, we have further strengthened our processes relating to due
diligence in the value chain. Read more on page 71.
Concluding comments
A similar revenue eligibility is reported in 2025 as previous years.
Focus has been on strengthening processes relating to the
minimum safeguards in particular.
In principle, our company policies and procedures correspond
with the EU taxonomy requirements, however, we have chosen to
maintain our conservative approach and await the ongoing EU
review of all taxonomy requirements before reconsidering our
approach. We therefore report 0% alignment on all three KPIs.
We monitor the developments around the EU taxonomy closely.
As reporting practice and guidelines develop, we may reevaluate
our current approach. Clarification in how to perform alignment
assessment of so called enabling activities is also likely to impact
our EU taxonomy reporting as many of our technologies and solu-
tions contribute to a more low-carbon society and are essential in
several manu facturing processes included in the EU taxonomy.
EU taxonomy regulation disclosures, continued
Atlas Copco Group 2025 58
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
• EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
EU taxonomy regulation disclosures, continued
Summary 2025 Breakdown by environmental objectives of taxonomy-aligned activities
KPI
Total (MSEK)
Proportion of
taxonomy-eligible
activities
Taxonomy-aligned
activities (MSEK)
Proportion of
taxonomy-aligned
activities
Climate change
mitigation
Climate change
adaptation
Water
Circular economy
Pollution
Biodiversity
Proportion of
enabling activities
Proportion of
transitional activities
Not assessed
activities (considered
non-material)
Taxonomy-aligned
activities in previous
financial year (MSEK)
Proportion of
taxonomy-aligned
activities in previous
financial year
Revenue ¹ 168 343 67% 0.00 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0.00 0%
CapEx ² 19 421 13% 0.00 0% 0% 0% 0% 0% 0% 0% 0% 0% 3.5% 0.00 0%
OpEx 7 602 37% 0.00 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0.00 0%
Revenue KPI, 2025 Environmental objectives of taxonomy-aligned activities
Economic activities
Code
Taxonomy-eligible
KPI
Taxonomy-aligned
KPI (MSEK)
Taxonomy-aligned
KPI
Climate change
mitigation
Climate change
adaptation
Water
Circular economy
Pollution
Biodiversity
Enabling activity
Transitional activity
Proportion of
taxonomy-aligned in
taxonomy-eligible
Manufacture of other low-carbon technologies CCM 3.6 67% 0.00 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Sum of alignment per objective 0% 0% 0% 0% 0% 0%
Total Revenue KPI CCM 3.6 67% 0.00 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
¹ See page 117
² See page 117, the Total CapEx difference is explained in ’CapEx KPI’ above
Atlas Copco Group 2025 59
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
• EU taxonomy regulation
disclosures
Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
EU Taxonomy regulation disclosures, continued
CapEx KPI, 2025 Environmental objectives of taxonomy-aligned activities
Economic activities
Code
Taxonomy-eligible
KPI
Taxonomy-aligned
KPI (MSEK)
Taxonomy-aligned
KPI
Climate change
mitigation
Climate change
adaptation
Water
Circular economy
Pollution
Biodiversity
Enabling activity
Transitional activity
Proportion of
taxonomy-aligned in
taxonomy-eligible
Manufacture of other low-carbon technologies CCM 3.6 13% 0.00 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Sum of alignment per objective 0% 0% 0% 0% 0% 0%
Total CapEx KPI CCM 3.6 13% 0.00 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
OpEx KPI, 2025 Environmental objectives of taxonomy-aligned activities
Economic activities
Code
Taxonomy-eligible
KPI
Taxonomy-aligned
KPI (MSEK)
Taxonomy-aligned
KPI
Climate change
mitigation
Climate change
adaptation
Water
Circular economy
Pollution
Biodiversity
Enabling activity
Transitional activity
Proportion of
taxonomy-aligned in
taxonomy-eligible
Manufacture of other low-carbon technologies CCM 3.6 37% 0.00 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Sum of alignment per objective 0% 0% 0% 0% 0% 0%
Total OpEx KPI CCM 3.6 37% 0.00 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Atlas Copco Group 2025 60
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Social information
As a global provider of industrial technologies and solutions, our value chain connects us
with a large number of individuals. This brings a significant responsibility to make sure our
business has a positive impact, and to promote the rights and interests of our stakeholders.
OUR OWN WORKFORCE
SBM-3
Impacts, risks, and opportunities
To secure the execution of Atlas Copco Group’s strategy, we rely on
competent people who are passionate about their work and com-
mitted to creating customer value. Our priority is therefore to
attract, retain and develop a diverse workforce with the right mind-
set and capabilities, and empowering them to grow in an environ-
ment characterized by freedom and accountability. We believe that
diversity and inclusion have a positive impact on our workforce,
driving employee engagement, fostering innovation, and support-
ing better decision-making. In parallel, we actively address occupa-
tional health and safety risks and remain committed to maintaining
a safe and sound working environment across our operations.
At year end 2025, the Atlas Copco Group workforce consisted
of more than 57 000 employees and 3 000 additional workforce,
located in 73 countries. The additional workforce includes both
self-employed individuals and employees in third-party companies
working for Atlas Copco Group. Through our materiality assess-
ment, we have identified workforce-related impacts, risks and
opportunities, related to training and skills development, diversity
and equal treatment, occupational health and safety, and working
conditions, as described throughout this chapter.
All our employees and additional workforce are potentially sub-
ject to the identified workforce-related impacts, risks and opportu-
nities and are included in the scope of our disclosure. Certain
groups, such as employees in production and service technician
roles, are more exposed to physical health and safety risks. We
sometimes also see impact on our people-related KPIs from the
integration of newly acquired companies. These risks are not con-
sidered systemic across the Group but are linked to specific work
environments or regional conditions. Positive impacts, such as
access to training and development opportunities, are Group-wide.
S1-1
Policies related to our own workforce
Atlas Copco Group’s Code of Conduct is the central guiding policy
underscoring our commitment to upholding human rights and
labor rights, including fair wages and working conditions, freedom
of association, and zero-tolerance for modern slavery or child labor.
The Code of Conduct also includes our commitment to maintaining
a safe and inclusive working environment, with equal opportunities,
where all our employees have the opportunity to thrive and grow.
See page 41 for further information on the scope and implementa-
tion of the Code of Conduct and SHEQ policy.
In addition to the Code of Conduct and SHEQ policy, there are a
number of Group-wide policies and guidelines to support our work,
as described throughout this chapter.
All Group policies are regularly reviewed by the responsible func-
tions to ensure they remain current and effective. Implementation
is the responsibility of the divisions. The policies are accessible to all
employees via our management system, The Way We Do Things. For
policies related to workers in the value chain, see the correspond-
ing chapter on page 71.
S1-2
Engaging with own workforce and employee
representatives
We value the opinions of our employees and are committed to fos-
tering an inclusive environment where everyone can feel a sense of
purpose and belonging, and are motivated to contribute to the
Group’s success. We engage with employees regularly and continu-
ously through both formal and informal channels, as outlined
below. Insights from this engagement inform the identification
and assessment of salient human rights impacts. It is also a valued
input to the Group’s double materiality assessment and target-
setting process. In this process, employees were indirectly repre-
sented through members of internal councils, including HR and
SHEQ functions, who participated in workshops that reviewed exist-
ing targets to assess strengths and areas for improvement.
Ongoing feedback and coaching
Our leaders are responsible for developing their teams through
continuous feedback and coaching. The Group’s performance and
development dialogue process is designed to improve both the
quality and frequency of feedback. It includes setting clear perfor-
Social Target 2025 2024 2023 Comment
Increase share of women employees
1
30% by 2030 22.7% 22.6% 22.2%
Increase share of women in leadership positions
1
25% in 2030 21.8% 21.4% 20.9%
Employees agree that they feel a sense of belonging in the company
2
Above global
benchmark
and continuous
increase.
76 77 Benchmark: 73
Employees agree we have a work culture of respect, fairness and openness
2
77 76 Benchmark: 76
Employees agree there is opportunity to learn and grow in the company
2
73 75 Benchmark: 72
1
Data reported by entities and consolidated on Group level. The target is measured at year end in FTE. As of 2025, the US is excluded from the target, and
the figures for 2023 and 2024 have been restated for comparability.
2
The KPI is measured every two years. Scores are based on scale 0–100 where 0 is “strongly disagree” and 100 is “strongly agree”. The survey provider’s
proprietary benchmark for global companies is based on anonymized data from the survey provider’s customer base with tens of millions of respondents
in more than 150 countries, together with input from industry panel studies to produce robust and unbiased normative data.
Atlas Copco Group 2025 61
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
mance and development goals at the beginning of each year, and a
follow-up evaluation by managers at year end. To ensure timely
and constructive feedback, managers are also encouraged to hold
regular check-ins with employees throughout the year.
Regular engagement surveys
Every two years, we measure employee engagement, motivation,
and well-being through Insight, the Group’s global engagement
survey. The survey, which is managed by the Group HR function,
provides valuable insights into key areas such as employee engage-
ment, Group culture, safety and leadership, and diversity and inclu-
sion. See the targets and results from the 2025 engagement survey
in the tables on page 61 and 67.
To ensure the results of the survey lead to meaningful improve-
ments, they are followed up at every level of the organization. At
Group level, aggregated results are used to identify broader trends
and inform strategic initiatives across the Group. At operational
level, managers lead follow-up workshops with their teams to dis-
cuss the results and develop concrete actions to address identified
weaknesses and strengthen our culture and processes.
In addition to the Group global engagement survey, local
engagement or pulse surveys may be used to address specific
issues or local matters. To gather additional feedback at key stages
during an individual’s employment, this is complemented by global
onboarding, internal mobility, and offboarding surveys.
Engaging with employee representatives
Atlas Copco Group views labor unions and employee representa-
tives as a valuable support for our employees, and bases the rela-
tionships with these parties on mutual respect and constructive
dialogue. As stipulated by the Group’s SHEQ policy, we consult
employee representatives, and representatives of additional work-
force, in decision-making processes on issues that affect them, par-
ticularly regarding health, safety and well-being issues. The Board
of Directors includes two elected employee representatives, who
ensure that our employees are being heard and that their perspec-
tives are considered in decisions.
As a decentralized organization, the Group’s engagement and
dialogue with labor unions takes place locally. In EU countries, the
cooperation is strengthened through European Work Councils,
allowing union representatives to discuss focus areas and interact
directly with Group Management through meetings once a year.
We are also a member of the International Council of Swedish
Industry (NIR) and participate in the Swedish Workplace Pro-
gramme (SWP), which uses social dialogue to improve and
strengthen relationships between management and employees.
In countries where no independent labor unions exist, measures
are taken to establish forums for employer/employee relations,
through environment and safety committees. Labor relations are
followed up regularly at operational level and reviewed by internal
audits.
S1-3
Processes to remediate negative impacts and channels
for own workforce to raise concerns
Establishing processes and channels for employees to raise con-
cerns is fundamental to our culture and to our ability to mitigate
negative impacts. We strongly encourage our employees to raise
issues and to report non-compliance matters to their manager,
their manager’s manager, or human resources representatives.
The Group’s global whistleblowing system, SpeakUp, is available
for reporters who wish to remain anonymous. Read more about
SpeakUp and whistleblowing on page 75 in our Governance
section. See page 66 for the number of reported incidents.
Insight 2025: engagement
remains strong
In 2025, Atlas Copco Group carried out its biennial global employee
engagement survey, Insight. While the overall scores showed a slight
decline compared to previous years, this reflects a broader global
trend—our survey provider reported an average 2% drop in engage-
ment levels worldwide. Despite this decrease, we are encouraged that
our KPI scores remain above global benchmarks.
In the 2025 survey, three priorities were identified from a Group
perspective. The first is to further strengthen innovation and collabo-
ration across the organization. The second is to maintain a strong cus-
tomer focus, continuing to keep pace with evolving customer trends
and expectations. The third priority is to reinforce the Group’s mindset
that There is always a better way, by more clearly communicating the
actions taken as a result of survey feedback. Through our ongoing sur-
vey workshop process, we remain confident in our ability to implement
targeted actions that will drive meaningful improvements.
The high level of engagement was reflected by the 57 000 com-
ments received, with 34% of employees contributing at least one com-
ment. The response rate of 90% also exceeded the global benchmark.
Social information, continued
Atlas Copco Group 2025 62
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Training and skills development
S1-1
Our approach and policies
Atlas Copco Group’s success relies on our ability to attract and
develop individuals with a commitment to lifelong learning and a
growth mindset. Without sufficient training and access to develop-
ment opportunities, employees are less equipped to perform effec-
tively. Therefore, we foster a strong learning culture and actively
encourage our employees to take ownership of their own profes-
sional development, while striving to ensure equal access to train-
ing and growth opportunities.
Promoting both internal and international mobility is a key part
of our approach. Our Global Mobility Policies outline the terms and
conditions for cross-border employee transfers, while our Internal
Job Market Policy sets out the principles and guidelines that ensure
a transparent and fair market for recruitment across the Group.
S1-4
Actions and resources
We support our employees by offering a variety of opportunities
and tools for continuous development. The importance of learning
from colleagues is also emphasized, and we promote internal
mobility through the Group’s internal job market, which is accessi-
ble to all employees.
Leadership development – We define leadership as the ability to cre-
ate lasting results through people, and we strive to develop leaders
who can coach and empower teams and individuals to reach their
full potential. Our leaders play a key role in capturing opportunities,
driving innovation, and enhancing our positive impact across the
organization. To support our leaders, the Group Leadership Portfo-
lio offers personalized learning through a combination of virtual
and face-to-face modules. In 2025, new modules were introduced,
covering topics such as digital transformation, human centric lead-
ership and effective change leadership.
Learning management system – Our group-wide learning manage-
ment system, Learning Link, provides access to an extensive library
of interactive learning content that enables upskilling and reskill-
ing. The content is personalized and packaged to address specific
skills, functions or roles. In addition to the Group’s own courses,
users can also access more than 24 000 LinkedIn courses in
46 languages, covering everything from automation and artificial
intelligence to business or creative topics.
Internal Job Market – The Internal job market is a global platform for
internal recruitment within the Atlas Copco Group, available to all
employees. Built on the belief that employees are in charge of their
own professional development, the job market promotes internal
mobility and provides a transparent and fair market for recruitment
within the Group. All open positions and vacancies are posted here.
Talent acquisition – In 2025, we reviewed and updated the Group’s
employer branding strategy, including the employee value proposi-
tion (EVP). A clear and consistent employer brand supports talent
attraction and retention, and contributes to employee engage-
ment. A unified employer brand also helps reinforce the Group’s
values, mission, and culture and provides a consistent description
of what it means to work at the Group. Over time, this supports the
Group’s competitiveness in the labor market and contributes to a
sense of belonging among our employees globally.
Actions related to our own workforce are embedded in the overall
strategy of our divisions, and therefore the costs cannot be sepa-
rately identified.
Social information, continued
Never Stop Learning Festival
– a part of our learning culture
The Group’s annual Never Stop Learning Festival is a week dedicated to
continuous learning, encouraging employees to take ownership of their
development and explore their full potential. Launched in 2021 as a
Group-wide learning week, it has evolved into a broader festival with
lunch sessions, online activities, webinars, and panel discussions. While
learning is part of our daily work, the festival provides an opportunity to
step away from routine and focus on building new skills.
S1-5
Training targets and metrics
We have adopted a group-wide target related to training, with the
ambition that the share of employees who agree that there is
opportunity to learn and grow within the Group should be above
the international benchmark and increase over time. This is mea-
sured every two years, see table on page 61. The result remains
above the global benchmark, however, after surveys showing
continuous improvement since 2019, the 2025 survey indicated a
decline compared with 2023. For information on how we address
the survey findings, see page 62.
Atlas Copco Group 2025 63
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Employees with a yearly performance and development discussion, %
2025 2024
Female 89 85
Male 87 84
Other 78 83
Not disclosed 50 50
Total 87 84
Number of employees, at year end, in headcount, who have had an individual
per formance and development discussion during the past year. Introduction and
follow-up meetings are included for new employees in their first year. Exit inter views
and termination discussions are included for employees that are still employed
at year end.
Social information, continued
Strengthening post-merger
integration capabilities
In 2025, we launched the Excellence in Post-Merger Integration Pro-
gram to strengthen our ability to lead successful acquisitions across
the Atlas Copco Group. While acquisitions remain key to our growth
strategy, effective integration is essential to realizing their full potential,
from both a business and people perspective. The program equips
current and future integration managers with tools, frameworks,
and leadership skills, with a strong focus on embedding our culture
and “The Way We Do Things” from the start. The promotion of several
participants to integration manager roles underscores the program’s
effectiveness and relevance.
We support our employees
with a variety of opportunities
and tools for continuous
development.
Average training hours per employee
2025 2024
Female 42.5 42.2
Male 43.8 45.2
Other 26.4 48.8
Not disclosed 26.9 4.6
Total 43.5 44.5
The sum of registered individual training hours during a 12-month period, presented
as average hours per employee (headcount) by gender. For 2024, the year-end head-
count is used for the calculation, due to data availability. For 2025, average headcount
during the year is used for the calculation. Training hours are recorded in the Group’s
Learning Link platform and reflect time spent, during working hours, on internal or
external learning activities that enhance skills and performance.
We also track the number of training hours, with the ambition of
reaching 40 training hours per employee per year. Here, we focus
on balancing mandatory training with on-demand training
requested by the employees themselves. The number of training
hours has increased steadily over the last three years and is well
above the ambition of 40 hours.
Atlas Copco Group 2025 64
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Strengthened D&I governance – In 2025, all four business areas have
in place targeted Diversity and Inclusion plans aligned with our
Group D&I framework. Guided by the Group D&I Council, these
plans enable a globally aligned approach to inclusion, while allow-
ing each business area to tailor initiatives to their specific regional
and operational contexts. Each business area has now established
clear governance structures to support their D&I efforts, and all
have appointed D&I resources – marking a significant step forward
in building internal capability and accelerating progress.
Inclusive leadership development – Previously launched trainings
and learning packages have been complemented by introducing
psychological safety and human-centered leadership training,
supporting the development of more inclusive teams.
Bias-free talent processes – Recruitment, development, and
succession practices have been updated to promote fair and equal
opportunities for all employees.
Advancing digital accessibility – Efforts are underway to ensure that
everyone, regardless of physical or cognitive abilities, can access
and use our digital platforms by removing barriers and building
internal awareness and competence.
To measure the effectiveness of the actions, we track the outcomes
of the Group’s biennial employee survey, Insight, and the progress
in relation to our diversity targets.
S1-5
Diversity targets and metrics
Improving gender balance is a key priority in advancing employee
diversity. We address this by working toward our targets of 30%
women employees, and 25% women in leadership positions in the
Group by 2030, with the US excluded from 2025 onwards. In 2025,
progress was made towards a better gender balance, reaching
22.7% (22.6) women employees and 21.8% (21.4) women in leader-
ship positions by year end.
Social information, continued
We have also adopted two group-wide targets with the ambition
that the share of employees who feel a sense of belonging within
the company, as well as those who agree that we have a work cul-
ture characterized by respect, fairness and openness, remains
above the international benchmark and increases over time. This
is measured every two years, see table on page 61.
The score related to respect, fairness and openness has contin-
ued to improve and remains above the global benchmark. The
score related to employees’ sense of belonging also remains
above the global benchmark, however, after showing continuous
improvement since 2019, the 2025 survey indicated a slight
decline. For information on how we address the survey findings,
see page 62.
Since 2023, the Group’s employee survey, Insight, has included
a Diversity & Inclusion Index with six key inclusion indicators that
are measured and reported.
See Workforce characteristics on page 69 for additional information.
Atlas Copco Group is committed to providing
equal opportunities for all our employees.
Diversity and equal treatment
S1-1
Our approach and policies
With more than 57 000 employees at year-end (headcount), repre-
senting around 140 nationalities, we are committed to fostering an
inclusive work environment where everyone is treated with respect,
feels seen and heard, and has the opportunity to realize their full
professional potential. We operate in regions where workplace dis-
crimination and inequity remain a challenge. Without preventive
efforts, we risk exposing employees to bias in areas such as recruit-
ment, development, and advancement. That is why we continue to
invest in inclusive practices, leadership accountability, and cultural
awareness, to promote fairness and belonging across our global
workforce.
The Group’s Diversity and Inclusion (D&I) framework covers all
employees, including additional workforce, and states that we
strive for diversity and inclusion in every aspect of our operations.
We should provide equal opportunities to all applicants and
employees, and no one should be discriminated based on ethnicity,
religion, gender/gender identity, age, nationality, disability, sexual
orientation or political opinion. The Group companies establish
local diversity guidelines that are aligned with the Group’s policies,
local laws and regulations, and local conditions. Anti-harassment
and non-discrimination issues are addressed in the Group’s man-
datory ethics training.
S1-4
Actions and resources
The Group has established a Diversity & Inclusion Council, chaired
by the President and CEO, and with representatives from all busi-
ness areas, as well as Group functions, including communications,
human resources, and accounting and controlling. The council
meets regularly to follow up on action plans and results across the
organization. The work is mainly driven by business area task forces
and D&I ambassadors within operational entities.
Key actions to promote equal treatment and opportunities for all,
in line with the objectives of the Diversity & Inclusion framework are
outlined below:
Atlas Copco Group 2025 65
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
S1-16
Remuneration metrics
Atlas Copco Group’s commitment to providing equal opportunities
for all our employees includes ensuring equal pay for work of equal
value. As stated in our Code of Conduct and our total rewards
philosophy, the Group is committed to reward performance in a
fair way, and to provide total rewards that are determined in an
objective manner and that drive performance.
In order to ensure compliance with current and future legislation
we are continually developing and improving our policies and pro-
cedures. We are also performing readiness assessment.
Remuneration metrics
2025 2024 2023
Gender pay gap, % 9 – –
Total remuneration ratio 54 – –
The global unadjusted gender pay gap is calculated using contractual base and
variable pay, expressed as an hourly rate. Data for this metric was extracted from
the HR system on November 30, 2025, and the currency rates applicable on the
extraction date were used in the calculation. This is our first year of reporting,
and we aim to continuously improve the quality of the data. It is important to dis-
tinguish the global unadjusted gender pay gap from equal pay. The metric does
not consider factors that may influence compensation, such as job role, position
weight, performance, experience, country, or other objective factors.
The total remuneration ratio represents the ratio of the President and CEO’s an-
nual total remuneration to the median annual total remuneration of other em-
ployees. The President and CEO’s total remuneration is detailed in the 2025 annu-
al remuneration report. The median annual total remuneration was calculated us-
ing a two-step process: first, base salaries were extracted from the HR system on
November 30, 2025, to identify the median employee; second, the total remuner-
ation for that employee was provided by the local company and converted using
the applicable currency rate on November 30, 2025.
S1-17
Incidents of discrimination and working
conditions complaints
Incidents of discrimination and working
conditions complaints 2025
Number of substantiated work-related discrimination incidents
reported through the Group’s whistleblower system Speakup 7
Number of working-conditions complaints reported through
SpeakUp 13
National Contact Point reports 0
Fines, penalties and compensation for damages relating to
discrimination incidents and working-conditions complaints 1 0
1 Includes fines, penalties, and compensation for damages imposed on any Atlas Copco
Group company, as finally determined by a court or other competent authority during
2025, resulting from any discrimination incidents or working conditions complaints
listed in the table.
Social information, continued
Atlas Copco Group 2025 66
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Social information, continued
Occupational health and safety
S1-4
Our approach and policies
Providing a safe and sound working environment is critical to our
employees’ health, well-being and motivation, as well as to the
Group’s productivity, competitiveness and value creation. This
commitment is reinforced in our Safety, Health, Environment and
Quality policy (SHEQ), which applies to all our employees, additional
workforce and others affected by our operations. The SHEQ policy
requires robust standards for safety and well-being in the work-
place. This includes risk assessments and safety procedures, train-
ing, appropriate follow-up procedures, and transparent reporting.
The Group Travel Policy is designed to support and guide all
employees to a sustainable and safe way of travel. All employees
are covered by a program provided by International SOS to ensure
proactive and reactive care during all business travel. The Travel
Security Policy includes instructions regarding restrictions and
precautions to be followed based on the country risk forecast
information provided by an external partner.
Most prevalent health and safety risks
Our employees encounter various risks in their daily work. While
our operations are carried out in strictly controlled environments
and many tasks are automated, manual procedures remain and
can pose health and safety risks. Additional risks may arise during
internal travel, visits to customers or business partners, and when
performing service or maintenance on equipment at customer
sites. Employees may also face psychosocial risks, such as those
related to workload or challenges in maintaining work-life balance.
S1-4
Actions and resources
We address and manage the risks related to occupational health
and safety through a range of actions and directed resources, while
also reinforcing a culture of awareness, as described below.
Robust safety standards – Each division sets targets and develops
action plans to increase awareness and improve behavior and pro-
cesses. The Group’s SHEQ council oversees the work and supports
the organization in strengthening local competencies, including
the development of Group-common policies, guidelines and
processes for local implementation, sharing of best practices and
lessons learned.
All companies in the Group must have a Safety, Health, Environ-
ment and Quality management system which is documented,
implemented and maintained on an ongoing basis. Customer
centers and rental companies with more than 70 employees, and
product companies with more than 20 employees shall be certified
according to ISO 45001. The system involves regular risk assess-
ments and review of safety-related processes relevant to the activi-
ties of our own employees and of contractors in our operations.
See the table on page 41 for the percentage of employees covered
by a health and safety management system.
Creating a culture of awareness – We seek to reinforce a culture and
behaviors that contribute to the safety and well-being of our
employees and contractors in the workplace. We engage everyone
in improving safety practices and reducing health and safety risks.
An online SHEQ awareness training is available to all employees.
The training is part of our work to create strong awareness and a
culture that supports an incident- free workplace.
We also encourage the immediate reporting of near-misses, inci-
dents and risk observations. This is critical to raising the awareness
of risks and behaviors that could lead to actual incidents. The
insights also provide a strong foundation for developing an
effective preventive work.
Employee well-being framework – A Group-wide framework for
well-being has been developed to help leaders understand employ-
ees’ needs and how to support them. The framework is made up of
four connected areas; a sense of purpose, social connectedness,
physical well-being, and mental well-being. A supplementary guide
is available which includes reference material and examples of ini-
tiatives at the individual, team and/or operational level, such as
time management training, or mental health training and webinars.
Safety, health and well-being day – Since 2015, Atlas Copco Group
has held an annual Safety, Health and Well-being Day across all
operations. The objective is to highlight the importance of work-
place safety and to reinforce our safety and health culture by
encouraging open dialogue about current working conditions and
how they can be improved – for both employees and customers
using Atlas Copco Group products. Each entity determines the scope
and focus of their activities based on local needs and priorities.
Safety and Health Award
Atlas Copco Group’s Safety and Health Award was established in 2012
to honor outstanding performance and inspire operational entities
within the Group to improve the safety and health for employees and
other stakeholders. In 2025, the award was presented to the ‘SHE starts
with Me’ program, for emphasizing the personal responsibility involved
in workplace safety and for significantly reducing the number of record-
able injuries. The program includes many training and communication
packages, each delivered to employees in their local language. It was
developed for the Service Technology Centers in the Vacuum Technique
business area’s Semiconductor Service division (VSS).
Social Target 2025 2024 2023 Comment
Employees agree that the company takes a genuine interest
in their well-being
1
Biennially 71 – 74 Continuous increase
Decrease number of recordable injuries per million working hours
2
Annually 4.2 4.0 4.5 Continuous decrease
1
Scores based on scale 0–100 where 0 is “strongly disagree” and 100 is “strongly agree.
2
See more about the calculation methodology on page 68.
Atlas Copco Group 2025 67
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
S1-5
Health and safety targets and metrics
Key performance indicators for safety and well-being are continu-
ously monitored by local management and reviewed by Group
Management, as well as by divisional and business area manage-
ment, in connection with the quarterly reporting of sustainability
data. Our primary safety-related target is to continuously reduce
the number of recordable injuries relative to working hours, see
table to the right.
In 2025, we regrettably experienced two work-related fatalities:
one in a traffic-related accident and one during installation work at
a customer site. Each incident is subject to a thorough investigation
to clarify the circumstances and determine whether additional
preventive actions are needed. Where relevant, insights are used
to further strengthen safety measures and reinforce our safety
culture. Road safety continues to be a key focus area in our sales
and service organizations.
Progress is also monitored every two years through the global
employee engagement survey, where the target is for the share of
employees who agree that the Group takes a genuine interest in
their well-being to increase continuously. After surveys showing a
continuous improvement since 2019, the 2025 survey showed a
decline, see page 67. For information on how we address findings
from the survey, see page 62.
We also monitor our performance using a safety pyramid, with
the ambition of keeping the pyramid in balance. This means we aim
to have more reports of risk observations than near misses, more
near-miss reports than minor injuries, and an equal or greater
number of minor injury reports relative to recordable injuries.
By identifying and reporting risk observations and incidents, we
support and promote proactive management of safety risks.
Social information, continued
Work-related health and safety Per million working hours Number
2025 2024 2023 2025 2024 2023
Work-related fatalities
Fatalities (work-related injuries) 0 0 0 2 0 0
Work-related injuries
Total high-consequence injuries, total workforce 0.0 0.0 0.0 4 5 4
High-consequence injuries (employees) 0.0 0.0 0.0 4 5 4
High-consequence injuries (additional workforce) 0.0 0.0 0.0 0 0 0
Total recordable injuries, total workforce 4.2 4.0 4.5 469 442 469
Recordable injuries (employees) 4.1 4.0 4.4 434 421 429
Recordable injuries (additional workforce) 6.0 3.5 6.1 35 21 40
Total minor injuries, total workforce 12.4 12.3 14.1 1 390 1 351 1 479
Lost days 1
Lost days due to recordable injuries, employees – – – 5 990 6 176 –
1 Lost days is calculated based on working days, not calendar days.
Sick-leave, employees (%)
2025 2024 2023
Sick-leave due to diseases and recordable injuries 2.4 2.3 2.3
Methodology
Data is reported at the local entity level and consolidated at Group level, covering
a 12-month reporting period. It is presented in absolute numbers and, where
applicable, per million work hours. The number of working hours is estimated us-
ing an assumption of eight hours per day and 20 working days per month, based
on the monthly average number of FTEs. No additional estimates or assumptions
have been applied for the number of working hours. Work-related fatalities are
reported separately from work-related injuries.
Atlas Copco Group 2025 68
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Social information, continued
Additional information on working conditions
SBM-3
S1-8
Freedom of association and collective bargaining
We operate in countries where unionization and collective bargain-
ing are restricted, suppressed, or not guaranteed. Without appro-
priate policies and processes in place, this could negatively impact
our employees.
Labor practices and employee rights, such as collective bargain-
ing, are covered by the Group’s Code of Conduct. In 2025, 29% (29)
of our employees were covered by collective bargaining agree-
ments. Employees not covered by collective agreements are pro-
tected by standards based on local and international benchmarks.
Collective bargaining and social
dialogue (headcount), at year end, %
2025 2024
Employees covered by collective bargaining
agreement 29 29
Employees covered by workersʹ representatives 32 33
Collective bargaining and social dialogue per geography (headcount), at year end 1
Collective bargaining coverage Social dialogue
Coverage rate Employees, EEA Employees, Non EEA
Workplace
repre sentation EEA
0–19% North America,
Asia/Oceania
20–39% Germany
40–59%
60–79%
80–100% Germany
1 Only EEA countries and non-EEA regions representing more than 10% of the Group’s
total employee headcount are presented.
In the event of operational changes that may significantly impact
employees or lead to redundancies, the Group complies with local
laws, regulations and collective bargaining agreements. The need
for transition assistance is assessed locally and the support pro-
vided through such programs is adapted to the specific circum-
stances and local market conditions. The Group’s internal job
market, accessible to all employees, also supports internal mobility
and new opportunities within the Group.
S1-10
Adequate wages
As stated in our Code of Conduct, our employees’ performance
should be fairly rewarded. Legislative minimum wages should
always be regarded as a minimum threshold, not a recommended
level, and internal audits are conducted to ensure compliance. We
are planning to conduct an analysis of adequate wages and are tak-
ing steps to secure access to internal compensation data to enable
this work.
Within the Group, total rewards consist of both monetary and
non-monetary components. According to our total rewards philos-
ophy, compensation and related practices and processes must fol-
low local legislation and be guided by the following principles: they
should be performance-based, attractive, transparent, differenti-
ated, and inclusive. Salaries are reviewed annually through the
Group’s salary review process. Variable compensation is based on
objective and measurable targets that reflect both Group and indi-
vidual performance. To support financial security after retirement,
we offer pension solutions tailored to local requirements and
regulations.
S1-6
Workforce characteristics
Geographical spread and nationality
Geographical spread of employees
at year end (FTE), %
2025 2024
North America 15 15
South America 5 5
Europe 43 44
Africa/Middle East 3 3
Asia/Oceania 34 33
Total 100 100
Number of employees by country (headcount),
at year end 1
2025 2024
China 7 984 7 577
Usa 7 346 7 237
Germany 5 953 6 217
1 Only countries representing at least 10% of the Group’s total employee
headcount are presented.
Geographical spread of nationality of senior
managers at year end (FTE), %
2025 2024
North America 9 10
South America 6 5
Europe 67 67
Africa/Middle East 3 3
Asia/Oceania 15 15
Total 100 100
The Group has managers on international assignments coming
from 42 countries and working in 44. In 2025, a total of 78% (77)
of all senior managers were locally employed. 45 (43) nationalities
were represented among the most senior managers in the Group.
Geographical spread of additional workforce
at year end (FTE), %
2025 2024
North America 13 15
South America 1 1
Europe 40 42
Africa/Middle East 1 1
Asia/Oceania 45 41
Total 100 100
Atlas Copco Group 2025 69
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Professional categories
Employees by professional category
at year end (FTE), %
2025 2024
Production 25 25
Marketing 8 8
Sales and support 13 13
Service 28 28
Administration 16 16
Research & development 10 10
Total 100 100
Additional workforce by professional category,
at year end (FTE), %
2025 2024
Production 41 37
Marketing 3 3
Service 15 18
Administration 19 18
Research & development 22 24
Total 100 100
Employees by contract type
Number of employees by contract type and gender (headcount), at year end
Female Male Other
Not
disclosed Total
Number of permanent
employees 12 808 43 537 9 2 56 356
Number of temporary
employees 168 500 0 0 668
New employee hires and employee turnover
Recruitment (FTE)
2025 2024
Total number of external recruitments 5 382 6 940
External recruitments of employees, % 10 13
External recruitments of female employees, % 27 26
Turnover (headcount)
2025 2024
Total number of employees that have left the
company 6 175 6 453
Total turnover, % 11 12
Voluntary leave, % 5 6
The total turnover data (headcount) includes all employees who left the company, while
voluntary leave includes employees who left voluntarily, excluding retirements. Head-
count per year end has been used for the calculations. For 2024, the data points total
turnover (%) and voluntary leave (%) use headcount per year end as the denominator
due to data availability. For 2025, the denominator for these two data points is based on
average headcount during the year.
Methodology
Employee data is reported by local entities, based on the assumption that em-
ployees work in the country of the reporting unit. The number of employees by
gender, country and contract type is presented as headcount per year-end. The
FTE (full-time equivalent) methodology applied defines one FTE as the normal full
working hours in the local unit. Overtime hours are not considered as additional
FTE. The FTE calculation is based on the contractual terms in place at the end of
the period.
Social information, continued
Characteristics of non-employees
Non-employees in own workforce (headcount),
at year end
2025 2024
Additional workforce 3 142 3 080
S1-9
Diversity metrics
Senior management 1 by gender
(headcount), at year end
2025 2024
Number % Number %
Female 106 17 88 15
Male 514 83 506 85
Other 0 0 0 0
Not disclosed 0 0 0 0
Total 620 100 594 100
1 Senior management refers to employees at the level of general manager and above.
Employees by age group, FTE,
at year end (%) 1
2025 2024 2023
<30 years 20 21 21
30–50 years 61 60 60
>50 19 19 19
1 Based on employees in countries allowing age disclosure. Age is not disclosed for
12% of employees.
Number of employees by gender (headcount),
at year end
2025 2024
Male 44 030 43 035
Female 12 983 12 726
Other 9 12
Not disclosed 2 2
Total 57 024 55 775
Atlas Copco Group 2025 70
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
WORKERS IN THE VALUE CHAIN
SBM-3
Impacts, risks, and opportunities
A large part of the Group’s manufacturing is outsourced, and we
rely on a global network of distributors to reach local markets. With
several thousand significant suppliers and distributors worldwide,
Atlas Copco Group has an indirect impact, affecting workers at our
business partners. By endorsing internationally recognized frame-
works on business and human rights, we promote and support
positive working conditions throughout our value chain.
Some of our business partners operate in countries with an
elevated risk of workers’ rights violations, including exposure to
forced labor, child labor and human trafficking. Such risks are
particularly relevant in the sourcing of materials and components
containing so-called conflict minerals, where such concerns are
well-documented. By setting high standards for our business part-
ners, we actively work to uphold labor and human rights and
reduce the likelihood of violations across our value chain.
For information about customer-related impacts, risks and
opportunities, and how we manage these, see the section Safety
of end users on page 73.
S2-1
Policies related to value chain workers
We are committed to upholding ethical conduct in all business
interactions and expect all our business partners to follow our
Code of Conduct, which is aligned with international human and
labor rights standards, such as the United Nations International Bill
of Human Rights, the UN Global Compact, the ILO Declaration on
Fundamental Principles and Rights at Work, the OECD Guidelines
for Multinational Enterprises on Responsible Business Conduct,
and the UN Guiding Principles for Business and Human Rights.
All significant business partners, especially those operating in
risk countries, are required to commit to the Code of Conduct by
signing our Business Partner Criteria document. Together, these
documents outline our expectations regarding human rights and
working conditions. This includes providing a safe and healthy work
environment free from discrimination, with full respect for freedom
of association, and a zero tolerance of modern slavery, forced
labor, and child labor. If business partners engage subcontractors
in the production of Atlas Copco Group products or services, they
are responsible for applying the same principles when evaluating
and selecting those subcontractors.
The Code of Conduct is supported by the Group’s Human Rights
Statement, last updated in 2024, which expands on our commit-
ment to respect and promote human rights. The statement reflects
our corporate responsibility as outlined in the UN Guiding Princi-
ples on Business and Human Rights.
S2-2
Engagement with value chain workers
We build and maintain close relationships with our business part-
ners, actively promoting human and labor rights through the sign-
ing and follow-up of our Business Partner Criteria. We also gain
insight into business partners’ operations and working conditions
through site visits and during the onboarding of new business part-
ners. All Group employees participate in leader-led training on the
Code of Conduct, which includes human and labor rights topics.
The training equips them to better navigate and address challeng-
ing situations they may encounter. Local entities are responsible
for the operational management of supplier relationships, while
the divisions hold overall responsibility.
We engage directly with strategic significant suppliers and invite
high-risk suppliers to undergo desktop audits by a third party to
verify responsible business conduct. Using a risk-based approach,
such follow-up typically focuses on markets where the likelihood of
adverse impacts is higher and workers may be more exposed or
vulnerable.
For distributors, the divisions define overarching management
strategies, while actual engagement is carried out through our
customer centers.
S2-3
Processes for remediation and channels to raise concerns
We take concerns regarding the treatment of workers in our value
chain seriously and are committed to addressing and remediating
negative impacts, identified either through audits or other means.
If potential adverse impacts on workers are identified, the responsi-
ble sourcing unit collaborates with the business partner through
conditional action plans and monitors the implementation and
effectiveness of remedial measures.
Our whistleblowing system, SpeakUp, is accessible via our Group
website to anyone who wishes to raise a concern relating to our
operations, including workers in the value chain. The system is
operated by an independent third party and ensures full anonymity
for reporters. Each case is handled and followed up by impartial
internal investigators, and where applicable we work closely with
our business partners to address and remediate any verified alle-
gations of misconduct. One way to assess the effectiveness of our
system is by reviewing where in the value chain concerns are
raised. Read more in the Governance section on page 75.
S2-4
Actions and resources
Atlas Copco Group is committed to identifying, preventing and miti-
gating risks related to adverse human rights impacts and poor
working conditions, both within our own operations and across our
value chain. By signing our Business Partner Criteria document,
significant business partners confirm that their practices align with
our standards and internationally recognized frameworks. Signifi-
cant business partners are identified based on their geographic
location combined with spend thresholds. The process is sup-
ported by externally provided country risk scores from an environ-
mental, social and governance perspective.
Since 2024, information about our significant direct material sup-
pliers has been uploaded to an external platform that enables fur-
ther assessment of their sustainability performance and the extent
to which their business practices align with our Code of Conduct.
The platform offers additional risk mapping that considers both
country and industry risk. Strategic significant suppliers are invited
and encouraged to undergo a third-party desktop audit. Where
needed, corrective actions are agreed upon together with the sup-
plier, after which they are re-assessed. Should a business partner
fail to meet our standards or demonstrate necessary improve-
ments, we may ultimately terminate the relationship.
For suppliers who are not willing to undergo a desktop audit, we
provide our local entities with an onsite audit template based on
recommendations from the UN Global Compact. The template
includes questions aimed at identifying risks related to human
rights and labor rights.
As of 2024, a dedicated responsible sourcing workstream with
representatives from all business areas has been established to
strengthen processes related to supplier due diligence. The busi-
ness areas closely monitor supplier engagement and track supplier
performance. This information is visualized in dashboards as well
as included in regular reports to the purchasing organization.
Significant distributors are also required to sign our Business
Partner Criteria document. For distributors in risk markets, this
Social information, continued
Atlas Copco Group 2025 71
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Responsible sourcing of minerals
To uphold the Group’s commitment to responsible sourcing,
we have implemented a comprehensive program to detect and
prevent the use of conflict minerals in our supply chain.
We are not in the scope of the Dodd-Frank Act or the EU Conflict
Minerals Regulation (2017/821), but based on concerns of human
rights abuse, including forced labor, human trafficking and child
labor, and to support our customers in fulfilling their obligations
according to these Acts, we take measures to detect and prevent
the use of conflict minerals in our supply chain. Our responsible
minerals program covers tin, tantalum, tungsten, gold, and cobalt,
and includes regular data collection and due diligence, following
the guidelines and reporting templates of the Responsible Minerals
Initiative (RMI).
We require direct suppliers to commit to the responsible sourc-
ing of all minerals used in the parts and products they supply to
us. In addition, all significant suppliers are required to sign our
Business Partner Criteria document, which includes a specific arti-
cle on responsible sourcing of minerals. More details about the
process are available on our website, www.atlascopcogroup.com.
Atlas Copco Group is a member of the RMI and adheres to its
guidelines by encouraging suppliers to source from smelters veri-
fied by a third party such as RMI’s Responsible Minerals Assurance
Process (RMAP). We also commit to transparency by disclosing
information about smelters in our supply chain at the request of
stakeholders.
S2-5
Targets and metrics
Our target is that 100% of significant business partners commit to
our Code of Conduct, by signing our Business Partner Criteria doc-
ument. This applies to both suppliers and distributors. Their com-
mitment needs to be reconfirmed at least once every five years.
At the end of 2025, 94% (91) of our significant suppliers and 95%
(94) of our significant distributors had signed the compliance state-
ment. We also annually measure and follow up on the number of
suppliers audited on social or environmental issues, including
those that are approved, conditionally approved, or rejected, see
table below.
From 2025 onwards, as part of our updated sustainability tar-
gets, we also measure and report the share of strategic significant
material suppliers engaged in the assessment on environmental,
requirement applies regardless of turnover. Interaction with signifi-
cant distributors is typically frequent, often involving several interac-
tions each year.
In 2025, we launched a new project, in collaboration with repre-
sentatives from our business areas, to develop a due diligence pro-
cess for the continuous evaluation of distributors from an environ-
mental, social and governance (ESG) perspective and to verify their
compliance with the Code of Conduct.
Group Internal Audit supports the monitoring of our business-
partner management processes by following up on key aspects
of the local entities’ responsibilities, such as the signing of the
Business Partner Criteria document and the implementation of sup-
plier audits. In 2025, we adapted our internal audit questionnaires
to strengthen the follow-up of Group process implementation.
During 2025, no instances of severe human rights issues or inci-
dents connected to the Group’s value chain were reported through
the Group’s whistleblower system, SpeakUp.
Geographical distribution of suppliers
Asia/Oceania, 46%
North America, 11%
Europe, 39%
South America, 3%
Africa/Middle East, 1%
Geographical distribution of distributors
Asia/Oceania, 53% North America, 10%
South America, 8%
Africa/Middle East, 7% Europe, 22%
social and governance aspects. The ambition level was set to
achieve 50% by 2027.
These targets and metrics support our policy commitment to
ensure that value chain workers are protected through responsible
business partner practices. While value chain workers were not
directly involved in setting these targets, input from the Group
Purchasing Council, as a proxy for supplier perspectives, was
considered in the process.
Audits of significant suppliers, %
2025 2024 2023
Suppliers audited on safety, health,
and environmental aspects 1 12 15 14
Approved suppliers (no follow-up
needed) 95 92 87
Conditionally approved suppliers
(monitored) 5 8 13
Rejected suppliers (relationship
discontinued)
2 0 0 0
1 Audits are conducted by local entity representatives at the supplier’s site.
Complementary to quality audits, some audits focus specifically on safety, health,
and environmental aspects.
2 Reasons for rejection may relate to workplace safety, labor conditions, environmental
issues, or non-compliance with laws. Suppliers are rejected if they fail to meet the
Group’s requirements and are not willing to make the necessary improvements.
Definitions
Significant business partners are identified by local entities based on country
and 12-month spend values from October of the previous year to September of
the current year, in relation to set thresholds. The threshold is lower in countries
with heightened risks related to human rights violations, environmental impacts,
or corruption. Entities report in Q3 and Q4, and the data is consolidated at
Group level.
Significant supplier: All external (both direct and indirect) suppliers of goods
and services to production and distribution units, with a purchasing value above
a set threshold. In high-risk countries the threshold is approximately 13% of set
value.
Strategic significant supplier: All external significant direct material suppliers
to production and distribution units, with a purchasing value above a set threshold
(higher than for significant suppliers). In high-risk markets the threshold is
approximately 20% of set value.
Significant distributor: All external distributors, including agents and resellers,
with sales of goods and services above a set threshold. For distributors in high-
risk countries, all distributors are in scope.
Social information, continued
Atlas Copco Group 2025 72
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
• Social information
Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
CONSUMERS AND END USERS
SBM-3
Impacts, risks, and opportunities
We provide a broad range of technologies, products and services
used across a great variety of industries and applications around
the world. Our customers rely on us to deliver solutions that
improve the efficiency and productivity of their operations, while
being safe and ergonomic to handle. Customer satisfaction and
value creation are central to our business strategy, and only by
meeting the requirements of safety and ergonomics can we build
the value of our brand and business, and mitigate legal and regula-
tory risks. Working systematically to ensure product safety is there-
fore a key focus in our product development process and through-
out our operations, and essential for maintaining long-term cus-
tomer relationships.
Our end users include workers at our customers who operate
our technologies, products and services in manufacturing and
other applications. As such, we contribute to our end users’ work-
ing conditions related to health, safety and ergonomics.
S4-1
Policies related to safety of end users
We strive to live up to our customers’ expectations, and in line with
the product safety principles in our Code of Conduct and SHEQ pol-
icy, described on page 41, our products and services are developed
to meet the productivity, quality, functionality, safety, and environ-
mental needs of our customers and end users. Our products must
also comply with relevant laws and regulations, including those
regarding the health and safety of end users. When required, our
products are also properly tested for safety prior to introduction, and
are delivered with required product, service and safety information.
S4-2
Engaging with end users about impacts
As stated in our SHEQ policy, customer focus is a guiding principle
for Atlas Copco Group and our ambition is to build close relation-
ships with our customers. In our decentralized business model, the
customer centers hold overall responsibility for customer relation-
ship management, while our sales and service teams play a central
role as the primary point of contact with customers in the field.
Surveys are conducted regularly to learn from customers’ experi-
ence and opinions about their interaction with us and about our
products and services. Customers are also often engaged directly
in feedback discussions to help us identify areas of improvement,
including safety aspects. Here, we monitor several customer satis-
faction KPIs, which help us track feedback systematically and guide
further improvements.
S4-3
Processes and channels for end-users to raise concerns
Questions or concerns related to our products and their handling
are typically managed by the responsible customer centers, which
maintain direct contact with our customers. Our whistleblowing
system, SpeakUp, is also accessible via our global website to cus-
tomers who wish to raise a concern related to our products or
services. Read more in the Governance section on page 75.
We ensure that potential product-related safety incidents or con-
cerns are reported and thoroughly followed up until resolved. Inci-
dents are carefully investigated by internal experts to identify the root
cause and determine appropriate corrective actions. These may
include product modifications, retrofit campaigns, recalls, or field
service activities. When necessary, performance is monitored, and
outcomes are reported to responsible managers.
S4-4
Actions to manage impacts, risks and opportunities
Operator safety and experience is fully integrated into the product
development process, including risk assessments and testing to
identify potential areas for improvement. Product safety is a shared
responsibility across functions, involving engineering, product
compliance and our customer centers and service organization.
Safety aspects are important for each phase of the product’s life
cycle, from its design to disposal. By developing solutions that
leverage automation and digitalization of products and services, we
continuously enhance both efficiency and safety for our customers
and end users.
Product safety training
Product safety training is offered to all relevant employees, includ-
ing field service engineers, as part of their onboarding and continu-
ous competency development. Customer training is available when
relevant to secure the safe handling of our products. We also
ensure that our products include operating instructions, safety
warnings, proper labels and markings to help our customers use
our products safely.
Social information, continued
External certifications
To align with ISO 9001 Quality Management, many of the Group’s
products hold external certifications and markings, such as CSA,
SEMI, ETL, ATEX among others. Obtaining and maintaining these
certifications include routine external audits by independent third
parties.
S4-5
Targets and metrics
We do not have any measurable, outcome-related or time-bound
targets related to product safety. Instead, our overarching goal is
to provide our customers with safe and effective products that help
build their trust in us and support long-lasting relationships. We
also track and follow up all safety-related incidents related to our
products. In 2025, no personal safety incidents involving end-users
were reported through the Group’s whistleblower system, SpeakUp.
In addition, our operational entities monitor warranty and quality
issues through structured follow-up processes.
Certifications
Atlas Copco Group strives for all major operating units to be triple-
certified according to the management system standards ISO 9001
(quality), ISO 14001 (environment) and ISO 45001 (occupational
health and safety). See page 41 for the number of operating units
certified according to the respective standard.
Customer satisfaction
At divisional level, a number of key performance indicators on
customer satisfaction have been established, which are continu-
ously followed up. That the Group’s products and services meet
customer expectations in terms of safety and health aspects is a
central part of customer satisfaction.
Atlas Copco Group 2025 73
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
Social information
• Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Atlas Copco Group promotes a culture of integrity through mutual respect,
trust and ethical conduct in all business interactions.
Governance information
BUSINESS CONDUCT
SBM-3
Impacts, risks, and opportunities
As a global company with operations in 180 countries and with
several thousand suppliers and distributors around the world,
Atlas Copco Group is committed to ethical business conduct and
compliance throughout our own operations and our value chain.
Atlas Copco Group operates and works with business partners in
some countries that are associated with high risks of corruption.
Upholding ethical business conduct not only reinforces our reputa-
tion and maintains stakeholder trust, but can also help create busi-
ness opportunities. A strong commitment to complying with laws,
regulations, and the Group’s Code of Conduct is essential to
mitigate the risk of financial losses from fines, sanctions, or other
penalties.
G1-1
Business conduct policies and corporate culture
Atlas Copco Group builds trust by fostering relationships grounded
in integrity, fairness, and respect with all those affected by our
operations. These principles are a fundamental part of our corpo-
rate culture, and we expect our business partners to uphold the
same standards of ethical conduct.
The Code of Conduct is the Group’s central policy document and
sets out the fundamental values and principles that apply to all
employees, the Board of Directors, and to our business partners.
It is based on international frameworks such as the United Nations
International Bill of Human Rights, the United Nations Global Com-
pact, and the OECD Guidelines for Multinational Enterprises. Topics
covered include anti-bribery and corruption, insider trading, con-
flicts of interest, fair competition, and trade compliance. See page
41 for further details on its scope and implementation.
Division Presidents are accountable for compliance with laws, regu-
lations and the Code of Conduct within their divisions, while Busi-
ness Area Presidents and Group Management are responsible for
promoting and upholding our values and principles across the
organization. All managers are expected to lead by example and
ensure their teams understand the Code of Conduct and other
mandatory policies and how to apply them in their daily work.
Group anti-bribery and corruption policy
The Group’s anti-bribery and corruption policy reinforces our zero
tolerance stance on all forms of corruption, and our commitment
to transparency, integrity, and accountability in all business deal-
ings. The policy complements the Code of Conduct and aligns with
the principles of the United Nations Convention against Corruption
(UNCAC). It outlines the responsibilities of management and
employees and provides guidance to support compliance with
anti-bribery and corruption laws. All Atlas Copco Group employees
are expected to adhere to the policy. The latest version of the
policy, updated in 2025, is available to all employees in The Way We
Do Things. Rather than identifying functions most at risk for corrup-
tion, we train all employees annually on anti-corruption. For
anti-corruption training provided to employees, see Prevention
and detection of corruption and bribery, page 75.
Communication and training
To ensure all Group employees are aware of our expectations, and
to reinforce our commitment to integrity and compliance, we
strongly emphasize communication, training, and monitoring. Our
commitment is reflected in our Group targets, see the table below.
All employees are required to complete a leader-led ethics train-
ing every two years, with new employees participating within their
first 12 months. The training includes real-life scenarios and ethical
dilemmas based on the Code of Conduct, encouraging group
discussion. In addition, all employees must complete annual Code
of Conduct e-learning and sign a compliance statement.
In 2025, a new trade compliance training was launched. It is
mandatory for employees in relevant roles and available to all
Governance Target 2025 2024 2023 Comment
Employees who have signed the Group’s Code of Conduct
compliance statement 1 100% 99% 99% 99%
Employees who have participated in the Group’s Code of Conduct
leader-led training 1 100% 99% – 99% Biennially
Employees in selected target groups who have participated in
training in trade compliance 1 100% 99% – – Biennially starting 2025
Employees in selected target groups who have participated in
training in fair competition 100% – – – Biennially starting 2026
Significant suppliers who have confirmed compliance with the
Group’s Code of Conduct by signing our Business partner criteria 100% 94% 91% 90%
Significant distributors who have confirmed compliance with the
Group’s Code of Conduct by signing our Business partner criteria 100% 95% 94% 94%
Share of strategic significant suppliers engaged in assessment on
environmental, social and governance aspects 50% by 2027 – – –
1 Employees who joined the Group through acquisitions after September 30, 2025 are excluded from this KPI.
Atlas Copco Group 2025 74
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
Social information
• Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Governance information, continued
employees in the Group’s learning management system. The
e-learning is designed to enhance participants’ understanding
of economic sanctions and export controls, and related internal
policies and procedures.
A fair competition training will follow in 2026, also mandatory for
employees in relevant target groups and available to all employees.
Whistleblowing and misconduct reporting
To uphold our commitment to ethical business conduct, it is essen-
tial that we are informed of any actual or suspected breaches of law
or unethical business conduct. Employees are strongly encouraged
to report any non-compliance concerns, in the first instance to their
managers, Human Resources Department or Holding Vice Presi-
dents or as a last resort, or if the employee wishes to report anony-
mously, via the Group’s whistleblowing system SpeakUp.
Managers, Human Resources and Holding Vice Presidents are
expected to promptly and professionally address concerns raised
within their area of responsibility, and escalate actual or suspected
violations of the law or severe misconduct for investigation via the
SpeakUp process.
Our whistleblowing system SpeakUp is hosted by an independent
external provider and is accessible to anyone wishing to report
actual or suspected legal or ethical misconduct. Employees and
other stakeholders, including workers in the value chain and custom-
ers, are encouraged to raise concerns through the system. The sys-
tem is available 24 hours a day, 7 days a week, allowing voice or text
messages to be left in more than 70 languages.
All reports are screened and those in scope are assigned to
impartial internal investigators supported by Group Legal. Investi-
gations are handled promptly and objectively, with safeguards
against conflicts of interest. Through the SpeakUp system, the
investigation team can communicate directly with the reporter, and
ask for additional information or provide updates on the status and
outcome of the investigation. The SVP Chief Legal Officer informs
the Board about any critical concerns and provides annual reports
on trends and statistics.
The Code of Conduct includes a non-retaliation commitment to
all concerns raised in good faith, ensuring that reporting individu-
als will never face adverse consequences, even if the report leads to
a loss of business. Anyone who retaliates against an employee or
other stakeholder for speaking up will face disciplinary action, up to
and including termination of employment.
Employee awareness of SpeakUp is reinforced through various
means, for example by referring to it in the mandatory annual Code
of Conduct e-learning. The fact that reports are received from all
regions where the Group operates, and the fairly large volume of
reports, indicate strong awareness and trust in the system. We also
receive reports from business partners indicating that they are
aware of the possibility to report concerns through SpeakUp.
G1-3
Prevention and detection of corruption and bribery
Atlas Copco Group enforces a zero-tolerance policy toward all
forms of corruption and bribery, including facilitation payments.
This policy applies to all employees and members of the Board of
Directors, and covers all business dealings and transactions in
every country where we operate. It reinforces our corporate cul-
ture and supports fair market competition. Employees who offer or
accept bribes will face disciplinary action, up to and including termi-
nation of employment. Corruption risks are part of the Enterprise
Risk Management process, see page 40 in the sustainability gover-
nance section.
All employees undergo annual anti-corruption training. Anti-
corruption dilemmas are included in the mandatory annual Code of
Conduct e-learning, as well as in the biennial leader-led ethics train-
ing. In addition, the UN Global Compact anti-corruption e-learning,
Doing Business with Integrity, is available to all employees. The
reporting channels described under ‘Whistleblowing and miscon-
duct reporting’ are also used to detect actual or suspected inci-
dents of corruption and bribery, and the investigation of such
incidents follows the same principles outlined in that section.
The Group conducts internal audits of all operational entities
using a risk-based approach, with each entity typically audited at
least once every five years. These audits include an ethical review as
well as an assessment of corruption-related risks. In 2025, 20% of
all entities were audited and no significant risks related to corrup-
tion were identified during these audits.
G1-4
Incidents of corruption and bribery
In 2025, Atlas Copco Group recorded no convictions or fines for
violation of anti-corruption or anti-bribery laws¹. In the event of any
violations, the Group is committed to taking appropriate action,
including adjustment of policies or procedures and taking disci-
plinary measures up to and including termination of employment.
Relationships with business partners
Collaborating with business partners who share Atlas Copco
Group’s commitment to human rights, environmental standards,
safety, quality, and ethical conduct is key to managing risk and
promoting sustainability across our value chain.
The Code of Conduct is the backbone of our efforts to maintain
a responsible value chain. This is reinforced through a signed
¹ The data include convictions, penalties and fines resulting from corruption incidents through Speakup in 2025. We acknowledge that there may be convictions,
penalties and fines resulting from corruption incidents not reported through Speakup. We will continue to strengthen and harmonize our reporting processes to
support a more complete and reliable data collection over time.
Atlas Copco Group 2025 75
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
Social information
• Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
commitment to the Code of Conduct by significant suppliers and
distributors, as well as through screenings, audits, and targeted
training initiatives.
Our target is for 100% of significant business partners to commit
to our Code of Conduct by signing the Business Partner Criteria
document, see table on page 74. This commitment must be
renewed every five years. The document has been translated into
over 30 languages and is available on the Group’s website.
G1-2
Relationships with suppliers
Atlas Copco Group has a large international supplier base, which
presents challenges and risks that can vary greatly between coun-
tries. Through a risk-based approach, we prioritize the evaluation
of significant suppliers, who represent the majority of our purchase
value, as well as suppliers operating in high-risk markets related to
corruption, environmental practices, or human rights.
The Group’s purchasing strategies are decentralized to ensure
flexibility and access to the right expertise. Strategic purchasing is
coordinated through the business area purchasing councils, which
also collaborate within the Group’s central purchasing council to
develop shared policies and tools. Local purchasing creates value
in the communities where the Group operates, such as job oppor-
tunities and direct and indirect income. These purchases are mainly
carried out by local companies, which helps reduce lead times and
environmental impact from transportation.
Significant suppliers are evaluated both during the selection pro-
cess and throughout the business relationship, based on criteria
aligned with international frameworks such as the UN Global Com-
pact and the ILO Declaration on Fundamental Principles and Rights
at Work. The evaluations are carried out by the product companies,
primarily by personnel in the purchasing function. Suppliers are
evaluated using an ESG assessment tool, complemented by audits
when necessary. These audits result in a report that may include
corrective actions to be followed up within an agreed timeframe.
Atlas Copco Group can provide expertise and guidance to suppliers
who need support in order to comply with the minimum standards
outlined in the Business Partner Criteria. If a supplier fails to meet
the criteria and shows no willingness to improve, the relationship
may be discontinued. Read more about the process and audits
conducted in 2025 on pages 71–72.
Relationships with distributors and agents
Atlas Copco Group requires all significant distributors to commit
to our Code of Conduct by signing the Business Partner Criteria
document. Priority is given to distributors that account for the
majority of sales value or operate in high-risk markets.
Atlas Copco Group has a large international distributor base.
The Group’s sales strategies are established globally by the divi-
sions and adapted to local market needs by the customer centers.
These strategies include the selection of sales channels and distrib-
utor management. Marketing councils facilitate cross-divisional
alignment and develop centralized policies and tools, including
programs for distributor certification. In 2025, we launched a
new project in collaboration with business area representatives to
develop a process for evaluating distributors from an ESG perspec-
tive and verifying their compliance with the Code of Conduct.
Read more on page 72.
Sales compliance process
General managers, and ultimately the divisional presidents, are
responsible for the implementation of the Group’s policies and
guidelines and for making sales-related decisions. The business
area trade compliance teams, along with the Group’s legal depart-
ment, provide support on trade compliance matters, including
issues of sanctions and export controls.
A Group customer sustainability assessment tool is provided to
support proactive identification and evaluation of potential envi-
ronmental, labor, human rights, and corruption risks. In 2025, a
pilot was conducted at selected customer centers in high-risk
markets to identify relevant process improvements. This included
identifying industries with perceived heightened risk, as a means
to prioritize efforts.
Governance information, continued
Atlas Copco Group 2025 76
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
Social information
• Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
ADDITIONAL INFORMATION
Although the following topics did not meet the threshold for materi-
ality in our double materiality assessment, they are presented here
given their relevance to some stakeholders and ESG rating agencies.
Environmental information
In addition to tracking performance against the Group’s environ-
mental targets, we report on several other environmental metrics,
many of which support the achievement of our Group targets
through improved resource efficiency and operational excellence.
The environmental impact of our facilities varies depending on local
operations, and each site is responsible for identifying, mitigating,
and setting targets to reduce its environmental impact. These
efforts are guided by ISO 14001-certified environmental manage-
ment systems. The targets typically relate to areas such as water
withdrawal and reuse, energy consumption and optimization, and
the share of renewable energy used.
Substances of concern
Atlas Copco Group’s own operations are mainly focused on assem-
bly, rather than manufacturing, and our actual and potential pollu-
tion-related impact is therefore limited. However, the Group’s oper-
ations may have a negative impact on the environment due to the
potential use of substances of concern.
The Group maintains lists of substances which are either prohib-
ited or that must be declared due to their potential harmful effects
on humans or the environment. Prohibited substances are not
allowed in the Group’s products or processes. Items containing
declarable substances are avoided or replaced whenever possible.
Via a dedicated communication platform, we inform the Group’s
suppliers about upcoming legislative changes. A team of experts
follow up with our suppliers to ensure that they understand and
acknowledge the importance of adhering to the Group’s policy.
We closely monitor regulatory initiatives and legislation on chem-
icals and hazardous substances. These include REACH, RoHS, U.S.
State of California Safe Drinking Water and Toxic Enforcement Act
of 1986 (Proposition 65) and Japanese Chemical Substance Control
Law (CSCL). The Group’s lists of prohibited and declarable sub-
stances are under continuous revision and are published on the
Group’s website www.atlascopcogroup.com.
Biodiversity
The severity of the ongoing decline in nature and biodiversity
should not be underestimated, and as a global company we have
a responsibility to understand and limit our negative impact. This
is why biodiversity is addressed in our SHEQ policy.
During 2025, we continued work within our internal biodiversity
workstream, involving representatives from the Group and all
four business areas. The workstream builds internal competence,
monitors developments, and guides the organization on
biodiversity- related matters, including through an internal
guidebook developed to raise awareness and support impact
management.
In 2025, we further analyzed the results of the biodiversity
impact assessment conducted in 2024, focusing on impacts related
to production sites and significant suppliers to identify risk loca-
tions and proximity to sensitive areas. We will continue to assess
and address our impacts as appropriate.
Climate change and pollution are key drivers of biodiversity loss.
From this perspective, our impact on nature is currently addressed
through our climate targets and efforts to reduce greenhouse gas
emissions across the value chain. Pollution prevention is addressed
through the implementation of our Prohibited and Declarable list
of substances of concern in our own operations and for our suppli-
ers. Impact is also managed through our environmental manage-
ment systems that support responsible management of emissions,
waste, and chemicals where relevant at our sites.
In addition, our circularity target for product development and
supplier requirements for environmental management systems
help reduce pressure on nature. When constructing or recon-
structing buildings and premises, we aim to follow sustainable
building standards such as LEED, BREEAM, or comparable criteria,
and take measures to avoid impacts on nature.
Water management
Atlas Copco Group’s overall water consumption is relatively low
due to our focus on assembly rather than water-intensive produc-
tion processes. Nevertheless, we seek to decrease our use of water,
and increase its reuse and circulation. Our target to continuously
increase the share of significant suppliers with an environmental
management system puts focus on resource efficiency and
responsible environmental management in our upstream value
chain. Innovative product design and improved processes also
contribute to reducing our customers’ water consumption.
Water withdrawal 2025 2024 2023
Water withdrawal in ´000 m
3
722 687 671
Water withdrawal m
3
/revenue (MSEK) 4.3 3.9 3.9
Governance information
Lobbying
We do not use Group funds or assets to support political parties,
campaigns or candidates, or similar activities. We primarily conduct
advocacy through the representation by or in trade organizations
and industry trade associations, see page 82.
Tax policy
Atlas Copco Group recognizes the important role tax plays in
economic development and considers it essential to combat
corruption and support sound business practices to create value
for society. The Group applies good corporate practice in tax
management, balancing the interests of stakeholders, including
governments and communities in the countries where it operates.
Atlas Copco Group does not engage in aggressive tax planning
and strives to pay the correct taxes in each country. The Group’s
tax policy is available on www.atlascopcogroup.com. For details of
taxes paid, see note 8 of the consolidated financial statements,
reported in accordance with International Financial Reporting
Standards (IFRS).
Disclosing tax by country
Atlas Copco Group openly discloses the corporate income tax
cost including the effective corporate tax rate in the annual report.
Revenues, corporate tax costs and other key figures are reported
to tax authorities globally through country-by-country reporting.
Key figures for 2025 will become public under the EU Directive on
public country-by-country reporting.
Governance information, continued
Atlas Copco Group 2025 77
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
Social information
• Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
ESRS Disclosure requirement Page
ESRS 2 General disclosures
BP-1 General basis for preparation of the sustainability statement 43
BP-2 Disclosures in relation to specific circumstances 43
GOV-1 The role of the administrative, management and supervisory bodies 39
GOV-2
Information provided to and sustainability matters addressed by the undertaking’s
administrative, management and supervisory bodies 39
GOV-3 Integration of sustainability-related performance in incentive schemes 40
GOV-4 Statement on due diligence 42
GOV-5 Risk management and internal controls over sustainability reporting 40
SBM-1 Strategy, business model and value chain 32
SBM-2 Interests and views of stakeholders 35
SBM-3
Material impacts, risks and opportunities and their interaction
with strategy and business model 37
IRO-1 Description of the process to identify and assess material impacts, risks and opportunities 36
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement 78
E1 Climate change
SBM-3 Material impacts, risks and opportunities and their interaction with strategy
and business model 44
IRO-1 Description of the processes to identify and assess material climate-related impacts,
risks and opportunities 36, 44
E1-1 Transition plan for climate change mitigation 45
E1-2 Policies related to climate change mitigation and adaptation 45
E1-3 Actions and resources in relation to climate change policies 45
E1-4 Targets related to climate change mitigation and adaptation 47
E1-5 Energy consumption and mix 48
E1-6 Gross Scopes 1, 2, 3 and total GHG emissions 53
E1-8 Internal carbon pricing 47
E1-9 Anticipated financial effects from material physical and transition risks
and potential climate-related opportunities Phase-in
ESRS Disclosure requirement Page
E5 Resource use and circular economy
SBM-3
Material impacts, risks and opportunities and their interaction with strategy
and business model 54
IRO-1
Description of the processes to identify and assess material resource use and
circular economy-related impacts, risks and opportunities 36
E5-1 Policies related to resource use and circular economy 54
E5-2 Actions and resources related to resource use and circular economy 54
E5-3 Targets related to resource use and circular economy 55
E5-4 Resource inflows 55
E5-5 Resource outflows 56
E5-6
Anticipated financial effects from resource use and circular economy-related
risks and opportunities Phase-in
S1 Own workforce
SBM-2 Interests and views of stakeholders 61
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and
business model 61
S1-1 Policies related to own workforce 61
S1-2 Processes for engaging with own workers and workers’ representatives about impacts 61
S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns 62
S1-4 Actions and resources related to our own workforce 63, 65, 67
S1-5 Targets related to our own workforce
61, 63, 65,
67–68
S1-6 Characteristics of the undertaking’s employees 69
S1-7 Characteristics of non-employees in the undertaking’s own workforce Phase-in
S1-8 Collective bargaining coverage and social dialogue 69
S1-9 Diversity metrics 70
S1-10 Adequate wages 69
S1-11 Social protection Phase-in
S1-12 Persons with disabilities Phase-in
S1-13 Training and skills development metrics 64
S1-14 Health and safety metrics 68
S1-15 Work-life balance metrics Phase-in
S1-16 Remuneration metrics 66
S1-17 Incidents, complaints and severe human rights impacts 66
IRO-2
Disclosure requirements in ESRS covered by the sustainability statement
Atlas Copco Group 2025 78
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
Social information
• Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
ESRS Disclosure requirement Page
ESRS S2 Workers in value chain
SBM-3
Material impacts, risks and opportunities and their interaction with
strategy and business model 71
S2-1 Policies related to value chain workers 71
S2-2 Processes for engaging with value chain workers about impacts 71
S2-3
Processes to remediate negative impacts and channels for value chain
workers to raise concerns 71
S2-4 Actions and resources related to value chain workers 71
S2-5 Targets and metrics related to value chain workers 72
S4 Consumers and end-users
SBM-3
Material impacts, risks and opportunities and their interaction with strategy and
business model 73
S4-1 Policies related to consumers and end-users 73
S4-2 Processes for engaging with consumers and end-users about impacts 73
S4-3
Processes to remediate negative impacts and channels for consumers and
end-users to raise concerns 73
S4-4 Actions and resources related to consumers and end-users 73
S4-5 Targets and metrics related to consumers and end users 73
ESRS Disclosure requirement Page
G1 Business conduct
IRO-1
Description of the processes to identify and assess material impacts,
risks and opportunities 36
SBM-3
Material impacts, risks and opportunities and their interaction with
strategy and business model 74
G1-1 Business conduct policies and corporate culture 74
G1-2 Management of relationships with suppliers 76
G1-3 Prevention and detection of corruption and bribery 75
G1-4 Incidents of corruption or bribery 75
IRO-2
Disclosure requirements in ESRS covered by the sustainability statement, continued
Atlas Copco Group 2025 79
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
Social information
• Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
This table provides an overview of ESRS data points that
derive from other EU legislation, as listed in ESRS 2,
appendix B, and where the information can be found in
the sustainability statements if deemed material.
Legislation
SFDR Sustainable Finance Disclosure Regulation
P3 EBA Pillar 3 disclosure requirements
BRR Climate Benchmark Standards Regulation
EUCL EU Climate Law
Other short forms
NR Not relevant
NS Not stated due to applicable phase-in provisions under ESRS
NM Not material
Disclosure
requirement Data point Legislation Page
ESRS 2, GOV-1 21 (d) Board’s gender diversity SFDR/BRR 39
21 (e) Percentage of board members who are independent BRR 39
ESRS 2, GOV-4 30 Statement on due diligence SFDR 42
ESRS 2, SBM-1 40 (d) (i) Involvement in activities related to fossil fuel activities SFDR/P3/BRR NM
40 (d) (ii) Involvement in activities related to chemical production SFDR/BRR NR NM
40 (d) (iii) Involvement in activities related to controversial weapons SFDR/BRR NR NM
40 (d) (iv) Involvement in activities related to cultivation and production of tobacco BRR NM
ESRS E1-1 14 Transition plan to reach climate neutrality by 2050 EUCL 45
16 (g) Undertakings excluded from Paris-aligned benchmarks P3/BRR NR
ESRS E1-4 34 GHG emission reduction targets SFDR/P3/BRR 47
ESRS E1-5 38 Energy consumption from fossil sources disaggregated by sources SFDR NM
37 Energy consumption and mix SFDR NM
40–43 Energy intensity associated with activities in high climate impact sectors SFDR NM
ESRS E1-6 44 Gross scope 1, 2, 3, and total GHG emissions SFDR/P3/BRR 53
53–55 Gross GHG emissions intensity SFDR/P3/BRR 53
ESRS E1-7 56 GHG removals and carbon credits EUCL NM
ESRS E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks BRR NS
66 (a);
66 (c)
Disaggregation of monetary amounts by acute and chronic physical risk;
location of significant assets at material physical risk P3 NS
67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency classes P3 NS NS
69 Degree of exposure of the portfolio to climate-related opportunities BRR NS
ESRS E2-4 28
Amount of each pollutant listed in annex II of the E-PRTR regulation emitted
to air, water, and soil SFDR NM
ESRS E3-1 9 Water and marine resources SFDR NM
13 Dedicated policy SFDR NM
14 Sustainable oceans and seas SFDR NM
ESRS E3-4 28 (c) Total water recycled and reused SFDR NM
29 Total water consumption in m3 per net revenue on own operations SFDR NM
ESRS E4, SBM-3 (ESRS 2) 16 (a) (i) Activities negatively affecting biodiversity-sensitive areas SFDR NM
16 (b) Land degradation, desertification, or soil sealing SFDR NM
16 (c) Threatened species SFDR NM
ESRS E4-2 24 (b) Sustainable land/agriculture practices or policies SFDR NM
24 (c) Sustainable oceans/seas practices or policies SFDR NM
24 (d) Policies to address deforestation SFDR NM
ESRS E5-5 37 (d) Non-recycled waste SFDR 56
39 Hazardous waste and radioactive waste SFDR 56
ESRS S1, SBM-3 (ESRS 2) 14 (f) Risk of incidents of forced labour SFDR NM
IRO-2
Disclosure requirements that derive from other EU legislation
Atlas Copco Group 2025 80
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
Social information
• Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Disclosure
requirement Data point Legislation Page
14 (g) Risk of incidents of child labour SFDR NM
ESRS S1-1 20 Human rights policy commitments SFDR 61
21
Due diligence policies on issues addressed by the fundamental International Labor
Organisation Conventions 1 to 8 BRR 41, 61
22 Processes and measures for preventing trafficking in human beings SFDR NM
23 Workplace accident prevention policy or management system SFDR 41, 67
ESRS S1-3 32 (c) Grievance/complaints-handling mechanisms SFDR 75
ESRS S1-14
88 (b)
and (c) Number of fatalities and number and rate of work-related accidents SFDR/BRR 68
88 (e) Number of days lost to injuries, accidents, fatalities, or illness SFDR 68
ESRS S1-16 97 (a) Unadjusted gender pay gap SFDR/BRR 66
97 (b) Excessive CEO pay ratio SFDR 66
ESRS S1-17 103 (a) Incidents of discrimination SFDR 66
104 (a)
Non-respect of UNGPs on Business & Human Rights, ILO principles, or
OECD guidelines SFDR/BRR NM
ESRS S2, SBM-3 (ESRS 2) 11 (b) Significant risk of child labour or forced labour in the value chain SFDR 71
ESRS S2-1 17 Human rights policy commitments SFDR 41, 71
18 Policies related to value chain workers SFDR 41, 71
19 Non-respect of UNGPs on Business & Human Rights, ILO principles, or OECD guidelines SFDR/BRR 72
19
Due diligence policies on issues addressed by the fundamental International Labor
Organisation Conventions 1 to 8 BRR 41, 71
ESRS S2-4 36
Human rights issues and incidents connected to its upstream and downstream
value chain SFDR 72
ESRS S3-1 16 Human rights policy commitments SFDR NM
17 Non-respect of UNGPs on Business & Human Rights, ILO principles, or OECD guidelines SFDR/BRR NM
ESRS S3-4 36 Human rights issues and incidents SFDR NM
ESRS S4-1 16 Policies related to consumers and end-users SFDR 41, 73
17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines SFDR/BRR NR
ESRS S4-4 35 Human rights issues and incidents SFDR NR
ESRS G1-1 10 (b) United Nations Convention against Corruption SFDR NR
10 (d) Protection of whistleblowers SFDR NR
ESRS G1-4 24 (a) Fines for violation of anti-corruption and anti-bribery laws SFDR/BRR 75
24 (b) Standards of anti-corruption and anti-bribery SFDR 74–75
This table provides an overview of ESRS data points that
derive from other EU legislation, as listed in ESRS 2,
appendix B, and where this information can be found in
the sustainability statements if deemed material.
Legislation
SFDR Sustainable Finance Disclosure Regulation
P3 EBA Pillar 3 disclosure requirements
BRR Climate Benchmark Standards Regulation
EUCL EU Climate Law
Other short forms
NR Not relevant
NS Not stated due to applicable phase-in provisions under ESRS
NM Not material
IRO-2
Disclosure requirements that derive from other EU legislation, continued
Atlas Copco Group 2025 81
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
Social information
• Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
External initiatives and memberships
of associations
Atlas Copco Group is a signatory to the UN Global
Compact, a strategic policy initiative for businesses that
are committed to ten universally accepted principles in
the areas of human rights, labor, environment and
anti-corruption. The Group is also active in a number of
international organizations and industry collaborations
and initiatives, such as:
• The Stockholm Chamber of Commerce
• The International Council of Swedish Industry
• The Association of Swedish Engineering Industries
• Transparency International Sweden
• Pneurop – European Association of Manufacturers
of Compressors, Vacuum Pumps, Pneumatic Tools
and Air & Condensate Treatment Equipment
• The Responsible Minerals Initiative
While the general objectives of these organizations are in
line with the Group’s interests, there may be differences of
opinion regarding specific issues. The memberships do
not indicate that the Group endorses all actions or policy
statements made by the respective organization.
ESG recognitions
In 2025, Atlas Copco Group received an AA rating in the
MSCI ESG Ratings assessment and Prime status from ISS ESG
rating. We remain a constituent of the FTSE4Good Index Series.
Atlas Copco Group scored a B by CDP for the climate-related
disclosure and a B for the water-related disclosure.
Atlas Copco Group 2025 82
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
Social information
• Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Water for All is Atlas Copco Group’s main community engagement
initiative. This is reinforced in the Code of Conduct and our Group
target to enable continued successful implementation of the initia-
tive. Through the dedicated and passionate work of volunteering
employees, Water for All funds projects that empower local com-
munities worldwide by providing access to clean drinking water,
sanitation, and hygiene. In this way, the initiative contributes to
healthier societies and supports vulnerable people’s human rights.
Women and young girls are particularly affected by the lack of
water and sanitation, and all projects supported by Water for All
aim to positively impact the lives of women and girls in particular.
In 2025, Water for All supported nearly 90 projects across 49
countries, reaching more than 170 000 people. Key projects during
the year included the completion of the Ntarabana Water Supply
System in Rwanda, clean water solutions for more than 4 000 resi-
dents in Wiang Wai Village, Thailand, and the installation of
solar-powered water pumps and sanitation facilities for indigenous
communities in Malaysia and Singapore. Through these and other
initiatives, Water for All strengthened its role as a cornerstone of
the Group’s long-term commitment to improving lives and foster-
ing community resilience.
Employee engagement is a central pillar of Water for All.
Atlas Copco Group actively encourages employees to contribute
through voluntary donations or by getting involved in local Water
for All organizations, with all employee donations matched at twice
the donated amount by the company. This approach reinforces the
belief that access to clean water is a fundamental human right,
while also offering employees the opportunity to engage in
meaningful community work that fosters personal growth and
a sense of belonging.
A central coordinator supports the global network of local
ambassadors. Progress is tracked through mandatory annual
reports, focusing on both actual achievements and sharing of
best practices.
Water for All: Employee community engagement
In 2025, Water for All supported
nearly 90 projects across 49 countries,
reaching more than 170 000 people.
Water for All is the main community engagement initiative
of both Atlas Copco Group and Epiroc. The numbers reflect
Water for All’s global achievements in 2025 including both
companies.
Atlas Copco Group 2025 83
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is the Atlas Copco Group
The year in review
Business areas
Sustainability statement
General information
Environmental information
EU taxonomy regulation
disclosures
Social information
• Governance information
Risks, risk management
and opportunities
Atlas Copco AB shares
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Contributing to the United Nations’ Sustainable Development Goals
Atlas Copco Group supports all of the UN’s 17 Sustainable Development Goals, and have
identified that we can contribute positively mainly to the following:
Gender equality
– Active promotion of diversity and inclusion
– Working to improve gender balance at
all levels, including Group-common goals
for 2030
– Dedicated taskforces established by the
business area presidents and the CEO
Clean water and sanitation
– Local targets and activities addressing
water consumption
– Water treatment solutions
– Providing access to clean water and
improved sanitation through the
employee-driven initiative Water for All
Affordable and clean energy
– Local activities to reduce CO2 emissions
– Installment of solar panels
– Switching to renewable electricity
– Improved logistics planning to avoid
air freight
Decent work and economic growth
– Business partners must comply with
our Code of Conduct
– Child labor or modern slavery is not
tolerated
– Compliance is assessed and audited
– The right to collective bargaining is ensured
Industry, innovation and infrastructure
– Development of energy-efficient
products and service
– All projects for new and redesigned
products must assess the product’s
environmental impact
– Products are developed with a
life-cycle perspective
Responsible consumption and production
– Local activities targeted at reducing total
waste and increasing recycling
– Group-common goal for 2030
– Chemical handling follows strict protocols
– Conflict minerals are not accepted in
components
– Screening and monitoring of our
supply chain
Climate action
– Science-based targets for scope 1, 2
and 3 emissions
– Solutions to reduce customers’ energy
consumption and carbon emissions
– Local initiatives to lower our energy
consumption
– Switching to renewable energy
– Selecting transportation methods to
minimize climate impact
Peace, justice and strong institutions
– All employees must sign compliance with
our Code of Conduct
– Training for employees in handling ethical
dilemmas
– Business partners must confirm compliance
with our Code of Conduct
Atlas Copco Group 2025 84
THE YEAR IN REVIEW – SUSTAINABILITY STATEMENT
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
• Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Risks, risk management and opportunities
All business activities involve risks, therefore there is a need for a structured and proactive approach to manage the
company’s risks, both locally and centrally within the organization. Well-managed risks can turn into opportunities
and add business value, while risks that are not well-managed can cause incidents and losses.
Atlas Copco Group’s global and diversified business in relation to
many customer segments results in a variety of risks and opportu-
nities, geographically, operationally and strategically. The ability to
identify, analyze and manage risks is crucial for effective gover-
nance and control of the business. The aim is to achieve the Group
targets based on risk-informed decisions, in line with the strategy
and within the frame of the handbook of policies and guidelines The
Way We Do Things. The Group sees the benefits of efficient risk
management both from risk reduction and business opportunity
perspective, which can lead to good business growth.
The Group’s risk management approach follows the Group’s
decentralized structure. Group functions for legal, insurance, sus-
tainability, treasury, tax, controlling and accounting support the
organization by providing policies, guidelines and instructions
regarding risk management. Local companies are responsible for
their own risk management, which is monitored and followed up
regularly, e.g. at local board meetings. The work is regularly audited
by internal and external audits. The main risks identified through
the Group’s enterprise risk management process and how they are
handled are shown in the table in this section.
Enterprise risk management
Atlas Copco Group has developed an ERM process to map internal,
strategic and external risks. The methodology is applied to divi-
sions, which is the highest operational level in the Group. Annual
workshops are held by each divisional management team where
risks are identified, analyzed, assessed and managed to ensure a
structured and proactive approach to the risks the Group is
exposed to. The ownership of managing the risks lies within each
division, while the Insurance and Risk Management department
manages the overall process, moderates the sessions and consoli-
dates the results on business area and Group levels. This hands-on
approach is also in line with the Group’s decentralized structure.
The ERM framework is regularly adapted to better identify and
manage the Group’s and the divisions’ key risks. Results from risk
assessments performed by the Group’s holding companies and by
corporate functions are provided as insights to the divisions when
they evaluate their key risks. Specific deep dives are also performed
as the risk landscape changes. A few workshops have, for instance,
been conducted in respect of climate change, human rights and
compliance risks. ESG-related risks have been further incorporated
into the framework as well as the overall risk assessment process.
All material sustainability topics identified have also been fully inte-
grated in the risk assessment process.
As the risk landscape is changing, the process is now including
scenarios planning to focus on large impacts instead of high likeli-
hood and improve business resilience and preparedness in case of
catastrophic single or successive events.
Loss prevention
The main purpose of the Group’s loss prevention program is to
prevent property losses and business interruptions by establishing
best practices and creating awareness across the Group. The Loss
Prevention Standard stipulates Group requirements for loss pre-
vention at product companies and distribution centers, including
areas like: construction, safety systems, preventive measures and
organizational plans. To ensure alignment with the standard and to
support sites’ understanding of how the standard applies to each
site, around 40 risk surveys are performed annually, in addition to
follow-up on the implementation of previous recommendations.
The results are regularly consolidated and reported to Group
Management.
This process includes recommendations related to natural haz-
ards. Focus is put on identifying high exposed sites due to climate
change, supporting prioritization of future investments.
The loss prevention program is consulted at early stage of con-
struction projects for advice on potential new risks and to avoid any
unforeseen future loss prevention costs.
Insurance
The Group Insurance Program is provided centrally to cover insur-
able risks common to all entities. The in-house insurance company
Industria Insurance Company Ltd. retains part of the risk exposure
for the following insurance lines; property damage, business inter-
Risk management process
In Atlas Copco Group, Enterprise Risk Management is not
seen as a project but as a continuous process. The risk
environment changes over time and it is therefore necessary
to continuously identify, assess and manage new risks. The
defined framework is described in the picture above.
ATLAS COPCO
GROUP
Enterprise Risk
Management
process
Monitor
and
re-evaluate
Risk
identification
Risk
management
Risk
evaluation
Risk
analysis
ruption, transport, and general and product liability. Financial lines
insurance and business travel insurance are managed by the
Group’s Insurance and Risk Management department. However,
Industria is not the insurer for these two lines. Insurance capacity is
purchased from leading insurers and reinsurers by using interna-
tional insurance brokers. Claims management services are partly
purchased on a global basis from leading providers. Insurance
policies are issued on a local basis to ensure compliance with local
insurance laws as required.
In 2025, Employee Benefits insurable risks have been integrated
in the Group Insurance Program to improve visibility on these risks
as well as improve costs efficiency.
Atlas Copco Group 2025 85
THE YEAR IN REVIEW – RISKS, RISK MANAGEMENT AND OPPORTUNITIES
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
• Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
Key risks and how they are handled by Atlas Copco Group
RISK CONTEXT MITIGATING ACTIVITIES OPPORTUNITIES
Legal and
Compliance
Atlas Copco Group’s business operations are affected by
numerous laws, regulations and trade sanctions as well as
commercial and financial agreements with customers,
suppliers and other counterparties, and by licenses,
patents and other intangible property rights.
Increased speed of regulatory changes could affect the
way our processes are designed and how products or
services are manufactured or delivered.
• Inhouse lawyers on five continents support Group companies with advice on laws and
regulations, including compliance, as well as support with contract reviews. Proactive
training is also done.
• A yearly legal risk survey of all companies in the Group is performed in addition to
continuous follow-up of the legal risk exposure. The result of the survey is compiled,
analyzed and reported to the Board and the auditors.
• Group Legal is responsible for aligning and coordinating the compliance organization
which, in line with the Group’s decentralized structure, is hosted in the business areas
and divisions.
• Compulsory trade compliance trainings are regularly performed to create awareness
around sanctions. Our Group Targets currently alternate trade compliance trainings
(2025) and competition law training (2026).
– Complying with legal norms and laws minimizes costs and
increases opportunities to strengthen the Group’s reputation.
It also develops reliable partnerships and improves business
stability.
– The ability to trade on all markets, in compliance with
applicable trade sanctions, increases revenue and lowers risk.
Financial
Changes in exchange rates can adversely affect Group earn-
ings when revenues from sales and costs for production and
sourcing are denominated in different currencies (transaction
risks). An adverse effect on Group earnings can also occur
when earnings of foreign subsidiaries are translated into SEK
and on the value of the Group equity when the net assets of
foreign subsidiaries are translated into SEK (translation risks).
The Group’s net interest cost is affected by changes in market
interest rates.
Funding risk refers to the risk that the Group and its subsidiaries
do not have access to financing on acceptable terms.
As in any business, there can be a credit risk linked to our
customers’ abilities to pay.
• A Financial Risk Management Committee meets regularly to manage financial risks.
• Atlas Copco Financial Solutions is responsible for these risks and supports Group
companies to implement financial policies and guidelines.
• The Group’s operations continuously monitor relevant exchange rates and try to
offset negative changes by adjusting sales prices and costs.
• Translation risks may be partially hedged by borrowings in foreign currency and
financial derivatives.
• The Group’s Financial Risk Policy stipulates that a minimum amount of standby credit
facilities should exist and that a minimum average time to maturity for the external
debt is set.
• Stringent credit policies are applied and there is no major concentration of credit risk.
The provision for bad debt is based on historical loss levels and up-to-date information
and is deemed sufficient.
– Working proactively with financial risks protects and
may improve the profit margin and creates possibilities for
more stable cash flow. Overall, financial risk mitigation can
improve business resilience for the Atlas Copco Group.
Reporting
(including tax)
There is a risk related to the communication of financial infor-
mation to the capital market in case the reports do not give a
fair view of the Group’s true financial position and results of
operations.
Reporting errors could result in management drawing the
wrong conclusions. However, with many small entities, the risk
of material impact is low.
Taxes is an area with increased focus, especially transfer
pricing risks but also new tax rules and regulations.
The main risks related to sustainability data relate to incom-
plete or inconsistent reporting, and risks regarding the accu-
racy of data, due to for example reporting errors or estima-
tions, and the availability of upstream and/or downstream
value chain data. In addition, several of the reporting pro-
cesses are new with little or limited information about how
to interpret the reporting requirements.
• Group subsidiaries report their financial statements regularly in accordance with
International Financial Reporting Standards (IFRS). The Group’s consolidated financial
statements, based on those reports, are prepared in accordance with IFRS and appli-
cable parts of the Annual Accounts Act as stated in RFR 1 “Supplementary Rules for
Groups”.
• The Group’s operational and legal consolidated results are based on the same num-
bers and system. These are analyzed by divisional, business area, Group Management
and corporate functions before being published externally.
• The Group has procedures in place to ensure compliance with Group instructions,
standards, laws and regulations, for example internal and external audits.
• A Tax Committee meets regularly to manage tax risks.
• Group Tax monitors and ensures compliance with tax rules, regulations and guide-
lines. Transfer pricing policies and agreements are implemented in operations and
regularly updated. Quarterly updates on tax are presented to the Board and Group
Management.
• The Group is subject to the Corporate Sustainability Reporting Directive (CSRD) and
is reporting in accordance with the European Sustainability Reporting Standards
(ESRS). One example of measures taken to prepare for CSRD is the formation of a
new Sustainability Reporting and Disclosure Council.
– Integrated reporting provides a better understanding of
business risks and opportunities which in turn allows for
improved decision making. It also allows the company to
identify opportunities for business synergies.
– Addressing reporting risks increases trans parency and
improves the potential to represent the business fairly and
accurately.
– Good reporting also leads to improved business insights
and risk management, especially when the data has been
integrated to highlight interdependencies.
Atlas Copco Group 2025 86
THE YEAR IN REVIEW – RISKS, RISK MANAGEMENT AND OPPORTUNITIES
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
• Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
RISK CONTEXT MITIGATING ACTIVITIES OPPORTUNITIES
Market
A widespread financial crisis and economic downturn would
not only affect the Group negatively but could also impact
customers’ ability to finance their investments. Changes in
customers’ production levels also influence the Group’s sales
of spare parts, service and consumables.
New competitors continuously appear in most markets. Some
could affect the Group negatively.
• Well-diversified sales to customers in multiple countries and industries. Sales of
spare parts and service are relatively stable in comparison to sales of equipment.
• Monthly follow-up of market, technology and sales development enables quick
actions.
• Agile manufacturing set-up makes it possible to quickly adapt to changes in the
demand for equipment.
• Continuous investments in R&D allow the divisions to be ahead of competition.
• Leading position in most market segments provides economies of scale.
• Focus on cost efficiencies allows divisions to remain competitive.
– A significant competitive advantage as a result of a strong
global presence, including growth markets.
– Opportunities to positively impact both society and environ-
ment, through the Group’s high-quality, energy-efficient
products and our Code of Conduct.
– Continue to develop close, long-term and strategic relation-
ships with customers and suppliers.
Reputation
The Group’s reputation is an asset which may be affected in
part through the Group’s operations or actions and in part
through the actions of external stakeholders. Products must
deliver on the brand promise and be of high quality, safe and
have a low negative impact on the environment when used by
the customer. There is potential for reputational risk from
non-compliance to product labeling standards or if there are
cases of false advertising.
Unsatisfied employees may potentially detract the Atlas Copco
Group brand.
Misinformation on products driven by artificial intelligence
could negatively impact a Group’s brand.
• All Atlas Copco Group products are tested and quality assured. Product labeling is
monitored and there are regular communications trainings.
• The Group actively engages in stakeholder dialogue.
• Compulsory training in the Code of Conduct includes the yearly signing of a
compliance statement.
• A clear and well-known Group identity and brand management.
• An employee survey is carried out every two years and followed up actively.
• A robust crisis management process is in place and regularly tested.
• Awareness trainings on Artificial Intelligence are regularly performed in the Group.
– Brand positioning.
– Stakeholder engagement not only mitigates reputational risks
in certain cases but it also presents opportunities to increase
awareness and credibility of Atlas Copco Group’s brand
through improvements and innovations.
– Delivering tested and quality-assured products improves
customer satisfaction and promotes repeat business.
– Attract and develop employees who adhere to the Code of
Conduct.
Production
An interruption or lack of capacity in a core manufacturing
location may have an effect on deliveries or on the quality of
products.
Production facilities could also have a risk of damaging the
environment through their operations, e.g. through hazardous
waste and emissions.
The Group is directly and indirectly exposed to raw material
prices.
The Group primarily distributes products and services directly
to the end customer. If the distribution is not efficient, it may
impact customer satisfaction, sales and profits. Damages and
losses during distribution can be costly.
Some sales are made indirectly through distributors and rental
companies, and any underperformance by these entities may
have a negative effect on sales.
The distribution of products results in CO2 emissions from
transport.
• Manufacturing entities continuously monitor the production process, test the
safety and quality of products, make risk assessments, and train employees.
• Atlas Copco Group has an internal Loss Prevention Standard to ensure high
level of protection.
• Production entities have business continuity plans in place, which are regularly
reviewed.
• Ambition to certify all manufacturing entities in accordance with the ISO 14001
standard.
• Physical distribution of products is concentrated to several distribution centers and
their delivery efficiency is continuously monitored.
• Resources are allocated to training and development of the service organization.
• As indirect sales are local/regional, the negative impact of poor performance is limited.
• Increased focus on safer and more effective transports to reduce losses, costs and
total emissions per transport.
• Investments in existing or new production facilities are regularly performed to
decrease dependency on critical sites.
– Continued opportunities to extensively promote operational
excellence to streamline production, minimize inefficiencies
and maintain a high flexibility in the production process.
– Continue to strengthen the relationship with customers
through timely deliveries of products and services.
– Transport efficiencies and safe transports can save the
customers time and cost while reducing the environ mental
impact of their own operations.
– Local production and services improve business agility for
the Group.
– Reduction of fuel costs and resource requirements which
decrease the Group’s carbon footprint.
Key risks and how they are handled by Atlas Copco Group, continued
Atlas Copco Group 2025 87
THE YEAR IN REVIEW – RISKS, RISK MANAGEMENT AND OPPORTUNITIES
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
• Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
RISK CONTEXT MITIGATING ACTIVITIES OPPORTUNITIES
Supply chain
Atlas Copco Group and its business partners, such as suppli-
ers, subcontractors and joint venture partners, must share the
same values as expressed in the Group’s Code of Conduct
regarding issues such as human rights standards and princi-
ples of ethical conduct.
The availability of many components is dependent on suppli-
ers, and efficient supply chains, and if they have interruptions
or lack capacity, this may affect deliveries.
Using many suppliers gives rise to the risk that products con-
tain components which are not sustainably produced, e.g.
hazardous substances or electronic components containing
conflict minerals, or components with a large carbon footprint.
Large disruptions at a single-source supplier could negatively
affect the delivery of components or spare parts to customers.
The lack of visibility of the full supply chain beyond Tier 1 could
lead to disruptions or sanctions.
• Business partners are selected and evaluated based on objective factors including
quality, delivery, price, and reliability, as well as on social/environmental responsibility.
• The onboarding process of new suppliers is regularly updated to capture new and
increased supply chain risks.
• Significant direct suppliers are encouraged to have an approved environmental
management system.
• The presence of conflict minerals in the Group’s value chain is investigated and
eradicated.
• Establishment of a global network of sub-suppliers, to prevent supplier dependency.
• E-learning for business partners (suppliers and distributors) to raise awareness of the
Code of Conduct, including the requirement for significant business partners to sign
and follow the Code of Conduct. Action plans developed together with suppliers to
deal with shortcomings and deviations.
• The Group maintains lists of substances that are prohibited or restricted due to their
potential negative impact on health or the environment. Compliance with these lists is
part of the business partner criteria.
– Further increase business agility and reduce costs by improv-
ing supplier inventory management in response to changes
in demand and external shocks.
– Continue to be a preferred business partner and promote
efficiency, sustainability and safety. Good supplier relations
help to improve the Group’s competitive position.
– Strengthen customer relationships by supporting customers
impacted by the Dodd Frank legislation on conflict minerals.
– Promote human rights and work towards improving labor
conditions, reducing corruption and conflicts in the entire
value chain.
– Business continuity plans to respond to supply chain disrup-
tions will increase the Group’s overall operational resilience.
Geopolitical
The Group is present in most parts of the world and geo-
graphical crisis might lead to trade restrictions.
Protectionist measures could include high tariffs, which could
impact the Group’s financial performance.
The Group might inadvertently sell to sanctioned customers,
directly or indirectly.
Regional geopolitical conflicts or social unrests could have a
direct or indirect impact on operations and on the safety of
the Group’s employees.
• The Group regularly performs geopolitical assessments and builds scenarios to
prepare for different possible futures.
• The potential effects of tariffs are regularly assessed by the divisions.
• Crisis management guidelines are updated to better prepare for unexpected conflicts.
The Holdings regularly perform crisis exercises.
• Production, supply chain and customer centers are located close to customers to
reduce any disruption. Business continuity plans also prepare for disruptions.
• Constant checks are performed in the divisions to comply with sanction lists.
• Collaboration with international health and security partners allows the Group
to be better prepared, to inform its employees, and to have local support where
and when needed.
– With a decentralized organization and a strategy to remain
close to the customers, the Group can quickly identify and
respond to market shifts and changes in legislation.
– De-risking some regions can lead to new market
opportunities.
Information
technology
(IT)
Atlas Copco Group relies on IT systems in its day-to-day
operations. Disruptions or faults in critical systems have a
direct impact on production.
Errors in the handling of financial systems can affect the
company’s reporting of results.
Theft or modification of intellectual property constitutes a
risk to our products and future business success.
Cyber security risks are increasing in importance and can
have a major impact on the Group’s operations.
The General Data Protection Regulation (GDPR), and other
comparable legislation, impacts the handling of personal data.
Failure to comply with GDPR or other IT-related regulations
may result in substantial fines and reputational damage.
Artificial intelligence could increase existing threats like more
sophisticated cyberattacks or fraud.
The lack of understanding of generative AI (GenAI) could result
in losing intellectual property. It could also lead to negative
legal consequences if unproperly used.
• The Group has a global IT Security policy, including quality-assurance procedures that
govern IT operations. Information security is monitored through IT Security audits and
cyber-risk assessments. Standardized processes are in place for the implementation
of new systems, changes to existing systems and daily operations. The system land-
scape is based on well-proven technologies.
• IT Security tracks globally major downloads of files. Screening of business partners/
consultants working in our systems.
• Cyber security is regularly discussed, addressed and invested in by the IT Security
function. By performing cyber-risk assessments, awareness of cyber security risks
increases the readiness to quickly detect and respond to any attacks.
• Compulsory training for all employees are regularly performed.
• A privacy and data compliance council tracks the essential activities to ensure
compliance with data privacy regulations.
• Increased focus on secure development process for our product software.
• Special focus is put on the integration of acquired companies from an IT security
perspective to ensure they meet Atlas Copco Group’s security standards as quickly
as possible.
• Group IT launched GenAI Lighthouse to improve awareness around GenAI by
providing guidance on its principles, solutions, risks and possibilities
– Stable IT systems, secure IT environment and standardized
processes increase efficiencies and reduce costs.
– Quick action on major download of product development files
minimizes the potential damage.
– Quick action to address a cyberattack gives opportunity to
stable work environment and business continuity.
– A global approach to GDPR has made the Group well pre-
pared to face future data privacy regulations in other regions
and continents.
– A controlled use of GenAI will allow efficiencies, innovations
and new possibilities.
Key risks and how they are handled by Atlas Copco Group, continued
Atlas Copco Group 2025 88
THE YEAR IN REVIEW – RISKS, RISK MANAGEMENT AND OPPORTUNITIES
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
• Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
RISK CONTEXT MITIGATING ACTIVITIES OPPORTUNITIES
Acquisitions and
divestments
When making acquisitions, there are risks related to the
selection and valuation of the potential targets as well as the
process of acquiring them.
Integrating acquired businesses in a timely manner may also
be a complex and demanding process. There is no guarantee
for an acquisition to be successful even if all steps are done
properly.
Annual impairment tests are made on acquired goodwill. If the
carrying values are not deemed justified in such tests, it can
result in a write-down, affecting the Group’s result.
• The Group’s Acquisitions Process Council has established a process for acquisitions.
The process is continually updated and improved to address and mitigate risks. The
Council also provides training and supports business units prior to, during and after
acquisition. Before any acquisition is completed, detailed due diligence will be per-
formed to evaluate the risks involved.
• Atlas Copco Group guidelines and policies are applied to assess and manage the
environmental and social impact of operations, as well as business conduct, in the
affected communities after an acquisition is completed.
– Acquisitions bring possibilities to enter new markets, seg-
ments, new technologies, new clients, increase revenues, etc.
– Identifying the obstacles to integration can allow the Group
to improve the process through methods such as job rotation,
training or teambuilding exercises. This would not only result
in a smoother process but also lower operational costs by
decreasing downtime and allowing newly acquired companies
to become even more productive and efficient.
– An established process for integrating newly acquired
companies enables the faster realization of synergies.
Product
development
One of the challenges to the Group’s long-term growth and
profitability is to continuously develop innovative, sustainable,
and recyclable products that consume less resources over the
entire life cycle. The Group’s product offering is also affected by
national and regional legislation on issues such as emissions,
noise, vibrations, recycling, etc. However, there may be
increased risk of competition in emerging markets where
low-cost products are not affected to the same extent by
such rules.
Artificial intelligence might enable disruptive technologies
which could have a negative impact.
• Continuous investments in research and development to develop products in line with
Group targets, including science-based targets, customer demand and expectations,
even during economic downturns.
• Designing products with a life-cycle perspective and measurable efficiency targets
for the main product categories in each division.
• Designing products with reduced emissions, vibrations or noise, and increased
recycling potential to meet legal requirements.
• Awareness training aimed at improving the understanding of artificial intelligence
is conducted regularly.
– Substantial opportunities to strengthen the competitive
edge by innovating high-quality, energy-efficient products
and creating an integrated value proposition for customers.
– Support internal and external stakeholders in reducing
carbon emissions.
Climate and
environment
The primary drivers for external environmental risk are
physical changes in climate and natural resources, changes
in regulations, taxes and resource prices.
Natural disasters resulting from climate change may
disrupt own operations or impact the supply chain.
Increased fuel/energy taxes increase operational costs.
Regulations and requirements related to carbon-dioxide
emissions from products and industrial processes are
gradually increasing.
Climate-related and environmental events can affect all
of Atlas Copco Group’s operations and negatively affect
operations either directly or by disrupting the supply chain.
Market shifts toward a low-carbon economy may impact
the viability of certain sectors.
Biodiversity-related requirements on companies are
increasing.
• The loss prevention process prevents potential property losses and business
interruptions due to climate events and increased natural disasters.
• A mapping of the climate change exposures for the Group´s main sites allows
the divisions to take appropriate decisions regarding potential additional mitigation
measures.
• Atlas Copco Group, in close relationship with its customers, continuously develops
products with improved energy efficiency, reduced emissions and lower environ
-
mental footprint.
• The Group has several key performance indicators (KPIs) that address resource and
energy usage in order to reduce carbon-dioxide emissions.
• Strict processes for handling hazardous waste and chemicals are implemented in
all operational units. Compliance is audited regularly and awareness is reinforced
by training.
• All cooling agents in the Group’s products have a zero-ozone depleting impact during
the product’s lifecycle, and the aim is to continue to introduce cooling agents with
lower Global Warming Potential (GWP).
• The Group’s SHEQ Policy covers biodiversity-related aspects. ISO 14001 certifications
in major subsidiaries will support addressing relevant environmental focus areas.
– Working proactively with environmental risks can provide
significant opportunities to drive innovation at Atlas Copco
Group.
– A better understanding of the consequences of climate
change will support right investment decisions and support
evaluate future global footprint.
– Given that many customers are operating in areas of extreme
water stress/scarcity, water-efficient or water-recycling prod-
ucts can have a strong customer appeal and may present a
business opportunity.
– Climate change impacts and predictions can induce changes
in consumers’ habits and behavior. As a result of climate
events, the Group’s customers can become more risk averse
and demand products with a lower impact on the environ-
ment. In parallel, new businesses and business models rele-
vant to the Group are emerging. For instance, increased
renewable energy generation and the surge in production of
electrical vehicles present opportunities to provide products
to these industries.
– Raised awareness of the subsidiaries’ impact on biodiversity
in their near surroundings can support activities to restore
flora and fauna.
Key risks and how they are handled by Atlas Copco Group, continued
Atlas Copco Group 2025 89
THE YEAR IN REVIEW – RISKS, RISK MANAGEMENT AND OPPORTUNITIES
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
• Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
RISK CONTEXT MITIGATING ACTIVITIES OPPORTUNITIES
Talent
attraction
and
retention
Atlas Copco Group must have access to and attract skilled
and motivated employees and safeguard the availability of
competent managers to achieve established strategic and
operational objectives.
• Competency mapping and planning secure access to people with the right expertise
at the right time. Recruitment can be both external and internal. Internal recruitment
and job rotation are facilitated by the Internal job market.
• Salaries and other conditions are adapted to the market and linked to business
priorities. The Group strives to maintain good relationships with labor unions.
• Continuous contacts with universities and schools help recruit new skills and talents,
and understand the expectations of young generations.
• Atlas Copco created the Atlas Copco Group identity to enable brand management in
our decentralized organization. The Group Identity Council supports, anchor and
establish brand governance in the Group.
– Motivated and skilled employees and managers are
crucial to achieve or exceed business goals and objectives.
Safety and
health
Poor physical and mental health and too much stress among
employees affect the individual and can cause sick leave and
disturbances in the production.
Accidents or incidents in the workplace, due to the lack of
proper safety measures, harm employees and can negatively
affect the Group’s productivity and brand.
Atlas Copco Group recognizes the risk that serious diseases
and pandemics can interrupt business operations and harm
employees.
• The Group regularly assesses and manages safety and health risks in operations.
• Training is held regularly.
• The ambition is to certify all major units in accordance with the ISO 45001 standard.
• Workplace wellness programs.
• Atlas Copco Group’s business partners are trained in Group policies including the
approach to health and safety.
• A global Insight survey is conducted regularly to measure employees’ engagement
and implement improvement actions.
– Improved safety and well-being among employees increase
employee satisfaction and engagement, productivity and
strengthens the brand.
– Improved working conditions for customers and business
partners benefit their employees and local communities
and may contribute to long-term relationships that support
repeat business.
– A healthy work environment increases employee productivity.
Human
rights
Atlas Copco Group operates in countries/areas with high risk
of human rights violations, including child labor, forced or
compulsory labor, modern slavery, poor working conditions,
limitations of the freedom of association and discrimination.
The Group encounters customers who are exposed to human
rights issues.
The Group’s reputation may be adversely affected by relation-
ships with business partners that do not comply with interna-
tionally accepted ethical, social, and environmental standards.
• Guidance by interaction with well-established non-governmental organizations to
identify and mitigate risks.
• Policies and procedures correspond to the UN Guiding Principles on Business and
Human Rights, which Atlas Copco Group has committed to since 2011.
• Due diligence process and integration of internal controls for human rights violations
in relevant processes, including regular supplier evaluations in accordance with the
UN Global Compact.
– Following the UN Guiding Principles on Business and Human
Rights to respect human rights reduces risks and costs.
– Strong business ethics help promote societal prosperity
and a more stable marketplace.
– Working with human rights positively impacts both the
Atlas Copco brand and stakeholder relations.
– New regulations enable the entire value chain to take
responsibility and protect human rights.
Corruption
and fraud
Corruption and bribery exist in many markets where Atlas
Copco Group conducts business.
Fraud or criminal deception intended to result in financial or
personal gain, is always present in global operations.
• Zero-tolerance policy on bribery and corruption, including facilitation payments.
• Internal control routines aimed at preventing and detecting deviations. The Internal
Audit function is established to ensure compliance with the Group’s corporate
governance, internal control and risk management policies.
• Control self-assessment tool to analyze internal control processes.
• Training in the Code of Conduct and signing compliance with the Code for all
employees and significant business partners.
• SpeakUp: the global Group misconduct reporting system to report violations
anonymously.
• The Group supports fair competition and forbids discussions or agreements with
competitors concerning pricing or market sharing. A Group target 2026 includes a
competition law training for relevant employees.
– By fighting corruption and fraud, Atlas Copco Group can
work with industry peers to influence international market
practices. Refusing to pay bribes may cause temporary delays
and setbacks; however, it reduces costs in both the long and
short run, creates opportunities to improve operational effi-
ciencies and contributes to greater stability in society and in
the markets where the Group operates.
– Working against corruption and fraud improves the Group’s
credibility and transparency and creates more ways to
improve stakeholder relations.
Key risks and how they are handled by Atlas Copco Group, continued
Atlas Copco Group 2025 90
THE YEAR IN REVIEW – RISKS, RISK MANAGEMENT AND OPPORTUNITIES
Atlas Copco Group 2025 91
Share price development and returns
In 2025, the price of the A share decreased 1.7% to SEK 166.1
(168.9) and the B share decreased 0.3% to SEK 149.0 (149.5).
The annual total return on the Atlas Copco A share, equal to
dividend, redemption, and the change in the share price,
including the distribution of Epiroc AB, was on average
18% for the past ten years and 13% for the past five years.
The corresponding total return for Nasdaq Stockholm was
11% and 9%, respectively.
Trading and market capitalization
The Atlas Copco shares are listed on Nasdaq Stockholm,
which accounted for 21.2% of the total trading of the A share
(25.7% of the B share) in 2025. Other markets, so-called
Multilateral Trading Facilities (MTF), such as CBOE, accounted
for 54.5% (51.2% of the B share), and the remaining 24.3%
(23.1% of the B share) were traded outside public markets,
for example through over-the-counter trading.
The Atlas Copco AB share
Share information 2025-12-31 A share B share
Nasdaq Stockholm ATCO A ATCO B
ISIN code SE0017486889 SE0017486897
ADR ATLKY.OTC ATLCY.OTC
Total number of shares 3 357 576 384 1 560 876 032
% of votes 95.6 4.4
% of capital 68.3 31.7
Whereof shares held by Atlas Copco AB 47 864 891 0
% of votes 1.4 0.0
% of capital 1.0 0.0
0
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200
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300
350
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20192018201720162015
SEK
Highest–lowest share
price, A share
General index
(OMXS)
Industrials index
(OMXSI)
0
200000
400000
500000
Total average daily volume
traded A shares, thousands
0
2 500
5 000
7 500
10 000
0
20
40
60
80
100
120
140
160
180
200
20252024202320222021
Distribution of Epiroc AB
on June 18, 2018
Highest–lowest share
price, A share
General index
(OMXS)
Industrials index
(OMXSI)
Total average daily volume
traded A shares, thousands
202320222021
20192018 2020
0
10 000
20 000
30 000
SEK
¹ Adjusted to the share split in 2022
² Proposed by the Board of Directors
0
1
2
3
4
5
6
7
2025
2
202420232022202120202019201820172016
0
1
2
3
4
5
6
7
2025202420232022202120202019201820172016
3.75
3.90
5.00
Dividend and redemption/
extra distribution
per share, SEK
Add back extra ordinary
items, SEK
Earnings per share, SEK
Ordinary dividend per
share, SEK
Distribution of Epiroc AB
on June 18, 2018
Earnings and distribution per share ¹
Share price development ¹
Dividend
The Board of Directors proposes to the Annual General Meeting 2026 an
ordinary dividend of SEK 3.00 (3.00) per share, together with an extra distri-
bution of SEK 2.00 per share, to be paid for the 2025 fiscal year. In order to
facilitate more efficient cash management, the dividend is proposed to be
paid in two equal installments of SEK 2.50 each. If approved, the ordinary
dividend has averaged 50% of basic earnings per share during the last five
years. The ambition is to distribute about 50% of earnings as dividends to
shareholders. See more information on page 17.
Market capitalization at year end 2025 amounted to MSEK
790 096 (800 200) and the company represented 6.4% (7.3) of
the total market value of Nasdaq Stockholm. The Atlas Copco
share was the second most traded share in 2025 (most traded
in 2024) measured by total turnover.
A program for American Depositary Receipts (ADRs) was
established in the United States in 1990. One ADR corre-
sponds to one share. The depositary bank is Citibank N.A.
At year end 2025, there were 79 234 408 ADRs outstanding,
of which 68 681 351 represented A shares and 10 553 057
represented B shares.
Personnel stock option program
The Board of Directors will propose to the Annual General
Meeting 2026 a similar performance-based long-term
incentive program as in previous years. The company’s
holding of own shares on December 31, 2025 is presented in
the table to the right.
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
• The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – THE ATLAS COPCO AB SHARE
Atlas Copco Group 2025 92
Ten largest shareholders *
December 31, 2025 % of votes % of capital
Investor AB 22.4 17.1
Swedbank Robur fonder 3.5 3.6
Handelsbanken fonder 2.5 2.1
Nordea Investment Funds 1.9 1.6
SEB Investment Management 1.6 1.4
Folksam 1.1 1.1
Alecta Pensionsförsäkring 1.0 2.6
Avanza Fonder 1.0 1.0
SPP Fonder 0.8 0.7
Länsförsäkringar 0.6 0.9
Others 63.6 67.9
Total 100.0 100.0
– of which shares held by Atlas Copco AB 1.4 1.0
* Shareholders registered directly or as a group with Euroclear Sweden,
the Swedish Central Securities Depository.
Ownership structure
Number of shares, December 31, 2025 % of shareholders % of capital
1–500 68.4 0.3
501–2 000 17.5 0.7
2 001–10 000 10.6 1.8
10 001–50 000 2.7 2.0
50 001–100 000 0.3 0.7
>100 000 0.5 94.5
Total 100.0 100.0
Share issues ¹ Change of share capital, MSEK Amount distributed, MSEK
2015
Split 2:1
Share redemption ² 1 229 613 104 shares at SEK 6 –393.0 –7 304.7
Bonus issue No new shares issued 393.0
2018 Split 2:1
Share redemption ³ 1 229 613 104 shares at SEK 8 –393.0 –9 704.6
Bonus issue No new shares issued 393.0
2022 Split 4 ordinary shares and 1 redemption share
Share redemption ⁴ 1 229 613 104 shares at SEK 8 –157.0 –9 731.8
Bonus issue No new shares issued 157.0
Important dates
2026 April 28 First quarter results
April 28 Annual General Meeting
April 29 * Shares trade excluding right to dividend of SEK 2.50
May 6 * Dividend payment date (preliminary)
July 16 Second quarter results
October 19 * Shares trade excluding right to dividend of SEK 2.50
October 22 Third quarter results
October 23 * Dividend payment date (preliminary)
2027 January 28 Fourth quarter results 2026
More information
• More data per share can be found on page 170 in the
four-year summary.
• For more information on distribution of shares, option pro-
grams, and repurchase of own shares, see notes 4, 20 and 23.
• Detailed information on the share and debt can be found on
www.atlascopcogroup.com/en/investors
Ownership category
December 31, 2025 % of capital
Shareholders domiciled abroad (legal entities and individuals) 49.7
Swedish financial companies 39.3
Swedish individuals 5.0
Other Swedish legal entities 2.1
Swedish social insurance funds 2.7
Swedish trade organizations 0.9
Swedish government and municipals 0.3
Total 100.0
¹ For more information please visit www.atlascopcogroup.com/en/investors.
² 1 217 444 513 shares net of shares held by Atlas Copco AB.
³ 1 213 080 695 shares net of shares held by Atlas Copco AB.
⁴ 4 865 921 644 shares net of shares held by Atlas Copco AB as of May 13, 2022.
Shareholders by country
December 31, 2025, percentage of capital
* Board of Directors proposal to the Annual General Meeting. The record date is the first trading
day after shares trade excluding the right to dividend.
The Atlas Copco AB share, continued
Ownership structure
At the end of 2025, Atlas Copco AB had 181 775 (141 964) share-
holders. The ten largest shareholders, registered directly or as a
group with Euroclear Sweden, the Swedish Central Securities
Depository, by voting rights, accounted for 36% (34) of the voting
rights and 32% (33) of the capital. Swedish investors held 50% (48)
of the capital and represented 47% (45) of the voting rights.
Other, 13% Sweden, 50%
The United Kingdom, 5%
The United States, 26%
Luxembourg, 6%
Other, 13%
Sweden, 50%
The United States, 26%Luxembourg, 6%
The United
Kingdom, 5%
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
• The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – THE ATLAS COPCO AB SHARE
Atlas Copco Group 2025 93
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
• Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – CORPORATE GOVERNANCE
Atlas Copco AB is governed by Swedish legislation and regulations,
primarily the Swedish Companies Act, but also the rules of
Nasdaq Stockholm, the Swedish Corporate Governance Code
(the Code), the Articles of Association and other relevant rules.
Atlas Copco Group does not report any deviations from the
Code for the financial year 2025. The corporate governance
report has been examined by the auditors, see page 166.
Corporate governance
In the corporate governance report, Atlas Copco Group presents how applicable rules are implemented
in efficient control systems to achieve long-term growth. Good corporate governance is not only about
following applicable rules; it is also about doing what is right. The objective is to find the right balance
between risk and control in a decentralized management model. The goal is sustainability in pro ductivity
and profitability, as well as in governance.
Atlas Copco Group is a truly global industrial company, cre-
ating lasting value and enabling customers to drive society
forward. Through energy-efficient products that reduce
carbon emissions, and by implementing a culture and
processes with respect for people and the environment,
Atlas Copco Group can contribute to a better tomorrow.
As a leading industrial innovator and global supplier, with
a commitment to reduce greenhouse gas emissions in
line with the goals of the Paris Agreement, and by setting
science-based targets, the Group
shows its ambition to be part of
the transition to a low-carbon
society. Atlas Copco Group’s Code
of Conduct is the most important
instrument to make sure the com-
pany always acts with integrity.
The main international ethical
standards supported by the Group
are the International Bill of Human
Meetings of the Board and the
Nomination Committee during 2025
Preliminary full-year 2024
results, the annual audit and
review of Power Technique
Meeting per
capsulam
Half-year report meeting
Board of Directors’ meetings
and activities
Nomination
Committee meetings
First-quarter results
meeting and review of
Vacuum Technique
Q1
Q2
Q3
Q4
JAN.
FEB.
MAR.
APR.
MAY
JUN.
JUL.
AUG.
SEP.
OCT.
NOV.
DEC.
Nomination
Committee
meeting
Nomination
Committee
meeting
Statutory meeting
Review of management,
succession planning,
Industrial Technique and
strategy discussion
The following information is available at
www.atlascopcogroup.com
• Atlas Copco AB Articles of Association
• The Code of Conduct
• Corporate governance reports since 2004
(as a part of the annual report)
• Information on Atlas Copco AB Annual
General Meeting
Rights, the International Labour Organization’s (ILO)
Declaration on Fundamental Principles and Rights at Work,
the OECD Guidelines for Multinational Companies and
the UN Global Compact. Atlas Copco Group has been a
member of the UN Global Compact since 2008. All employ-
ees’ annual signing of the Code of Conduct, together with
training, sets the foundation for handling ethical dilemmas
and strengthening awareness of the Group’s culture and
guidelines. Atlas Copco Group also requests that signifi-
cant business partners commit to comply with the Code
of Conduct. This is further supported by the global third
party operated system, SpeakUp, providing a channel for
anonymous reporting of suspected ethical misconduct. To
safeguard the Group’s reputation, the company relies on
solid governance, including internal and external controls
and audits, and the leaders’ ability to defend values.
Hans Stråberg
Chair since 2014
Comment from the Chair
Third-quarter results meeting
and review of Compressor
Technique and Group
Treasury Report
Meeting per
capsulam
Atlas Copco Group 2025 94
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
• Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – CORPORATE GOVERNANCE
1. Shareholders
At the end of 2025, Atlas Copco AB had 181 775 (141 964) share-
holders. The ten largest shareholders registered directly or as a
group with Euroclear Sweden, the Swedish Central Securities
Depository, by voting rights, accounted for 36% (34) of the voting
rights and 32% (33) of the capital. Swedish investors held 50% (48)
of the capital and represented 47% (45) of the voting rights. The
largest shareholder is Investor AB, holding 17.1% of capital and
22.4% of votes. More information on Atlas Copco AB shareholders
can be found on pages 91–92.
2. General Meeting
In accordance with the Articles of Association, the Annual General
Meeting has sole authority for the election or dismissal of Board
members. However, employee representative Board members are,
by law, not appointed by the AGM. The General Meeting is Atlas
Copco Group’s supreme decision- making body in which all share-
holders are entitled to take part. Anyone registered in the share-
holders’ register who has given due notification to the Company of
their intention to attend, may join the meeting and vote for their
total shareholding. Atlas Copco Group encourages all shareholders
to vote at the General Meeting and share holders who cannot par-
ticipate in person may be represented by a proxy holder or vote by
mail. A shareholder or a proxy holder may be accompanied by two
assistants and a proxy form can be found prior to the General
Meeting at www.atlascopco group.com/agm.
The Annual General Meeting (AGM) 2025 was held on April 29,
2025, in Stockholm, Sweden. The Company also offered share-
holders the possibility to exercise their voting rights by mail voting.
66% of the total number of votes in the Company and 66% of the
shares were represented.
Decisions at the AGM 2025 included:
• Adoption of the income statements and balance sheets of
Atlas Copco AB and Group for 2024.
• Discharge of liability of the Company’s affairs during the
2024 financial year for the President and CEO and the Board of
Directors.
• Adoption of the Board’s proposal for profit distribution with a
dividend of SEK 3.00 per share to be paid in two installments.
The first installment amount was SEK 1.50 per share and the
second installment amount was SEK 1.50 per share.
• That the number of directors elected by the AGM for a term end-
ing at the next AGM would be nine directors and no alternates.
• Election of the Board of Directors.
• A resolution of the Board of Directors’ fee.
• Approval of the remuneration report for 2024.
• Adoption of the Board’s proposal on guidelines for executive
remuneration.
• Approval of the reported scope and principles for a perfor-
mance-based employee stock option plan, including hedging
measures with a third-party swap for the 2025 plan. Mandate for
the Board to decide on repurchase and sales of Atlas Copco AB
shares to hedge previous similar plans.
• Election of Ernst & Young AB as auditor firm up to and
including the Annual General Meeting 2026.
Business areas and divisions
2. General Meeting
4. Board of Directors
1. Shareholders
9. Group Management
3. Nomination Committee
6. Remuneration Committee 5. Audit Committee
8. Internal Audit and Assurance
7. Auditor
Corporate governance, continued
0
20
40
60
80
2025
1
2024
2
2023
3
2022
4
2021
5
0
150
300
450
600
AGM, votes, %
EGM, votes, %
Shareholders and proxy holders, number
% Number
General Meeting Attendance
¹
-
⁴ AGM 2022–2025, mail voting was
available.
⁵ AGM 2021, due to Covid-19 only mail
voting, no physical attendance.
AGM, votes, %
Shareholders and proxy holders,
number
Annual General Meeting 2026
The Annual General Meeting will be held on April 28, 2026.
Shareholders who wish to contact the Nomination Committee
or have a matter addressed by the Board of Directors at the AGM
may submit their proposals by ordinary mail or e-mail to:
Atlas Copco AB, Attn: Chief Legal Officer,
SE-105 23 Stockholm, Sweden,
nominations@atlascopco.com or
board@se.atlascopco.com
Proposals must be received by the Board of Directors or the
Nomination Committee, respectively, no later than seven weeks
prior to the AGM in order to be included in the notice to the AGM
and the agenda.
Atlas Copco Group 2025 95
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
• Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – CORPORATE GOVERNANCE
3. Nomination Committee
The Nomination Committee aims to propose a Board with a broad
and complementary experience from a number of important indus-
tries and markets. Experience from the manufacturing industry
with international coverage is viewed as especially valuable. The
committee also considers factors such as diversity, gender balance,
potential conflicts of interest etc. The Nomination Committee’s
diversity policy is based on section 4.1 in the Corporate Governance
Code. The nine board members elected by the shareholders have
backgrounds from various industries. As proposed to the AGM
2025, four of the eight non-executive members are women. Three
members are born in the 1950’s, two in the 1960’s, and three in the
1970’s. The board members represent three nationalities: German,
Brazilian, and Swedish, with a majority coming from Sweden.
A balanced gender distribution within the Board is a priority for
the Nomination Committee.
Based on the findings of the Chair of the Board, the Nomination
Committee annually evaluates the work of the Board. In addition,
the Nomination Committee proposes the Chair to the Annual Gen-
eral Meeting, prepares a proposal regarding number and names of
Board members, including Chair and a proposal for remuneration
to the Chair and other Board members not employed by the Com-
pany, as well as a proposal for remuneration for Board committee
work. Finally, the Nomination Committee proposes an audit firm
including remuneration for the audit.
The proposals and the Nomination Committee’s statement will
be published at the latest with the notice to the AGM 2026. In view
of the Nomination Committee’s efforts to reach gender balance, for
example in cases of equal competence, the candidate that will lead
to improved gender balance should be proposed.
In compliance with the Swedish Corporate Governance Code and
the procedures adopted by the AGM 2016, the representatives of
the four largest shareholders, directly registered or ownership
grouped as listed in the shareholders’ register as of August 31,
2025, together with the Chair of the Board, shall form the Nomina-
tion Committee. The members of the Nomination Committee for
the AGM 2026 were announced on September 16, 2025, and repre-
sented approximately 30% of all votes in the Company. The mem-
bers of the Nomination Committee receive no compensation for
their work on the Committee.
Nomination Committee members for the AGM 2026:
Petra Hedengran, Investor AB, Chair of the Nomination Committee;
Joachim Spetz, Swedbank Robur Fonder AB; Helen Fasth Gillstedt,
Handelsbanken Fonder AB; Filippa Gerstädt, Nordea Funds AB; and
Hans Stråberg, Atlas Copco AB, Chair of the Board.
4. Board of Directors
The Board of Directors is responsible for the overall organization,
administration, and management of Atlas Copco Group in the best
interests of the Company and its shareholders. The Board is
responsible for following applicable rules and implementing effi-
cient control systems in the decentralized organization. An efficient
control system offers the correct balance between risk and control.
The long-term goals are regularly evaluated by the Board based on
the Group’s financial situation and financial, legal, social and envi-
ronmental risks. The mission is to achieve a sustainable and profit-
able development of the Group.
Board of Directors’ members
At the end of 2025, the Board of Directors consisted of nine elected
members, including the President and CEO. The Board also included
two employee representatives, each with one personal deputy. Atlas
Copco Group fulfilled the 2025 requirements of Nasdaq Stockholm
and the rules of the Swedish Corporate Governance Code regarding
independence of board members. The Swedish Corporate Gover-
nance Code states that a majority of the members of the board shall
be independent of the company and its management. Further,
according to the Code, at least two members must also be indepen-
dent of the company’s major shareholders. In line with the prepara-
tory documents to the Swedish Companies Act, which expresses a
positive view of active and responsible ownership, major sharehold-
ers of Swedish companies may appoint a majority of members with
whom they have close ties. The Code also stipulates that no more
than one of the directors elected by the shareholders’ meeting may
be on the executive management team of the company or one of its
subsidiaries. Normally, this position is held by the CEO.
The Board of Directors’ work
The Board continuously addresses the Group’s strategic direction,
financial performance, and methods to maintain sustainable profit-
ability. It also continuously ensures that efficient control systems
are in place. The Board is regularly updated, informed, and edu-
cated on topics related to sustainability, such as opportunities
related to new segments and technologies, new regulations and
the Group’s non-financial targets. The Board also follows up on the
compliance with the Code of Conduct as well as on the Group’s
whistle blowing solution, SpeakUp. In addition to the general distri-
bution of responsibilities that apply, in accordance with the Swed-
ish Companies Act and the Code, the Board and its committees
(Audit Committee, Remuneration Committee and others) annually
review and adopt “The Rules of Procedure” and “The Written
Instructions”, the documents that govern the Board’s work and the
distribution of tasks between the Board, the committees and the
President, as well as the Company’s reporting processes.
The Board held seven meetings in 2025. Six were physical meet-
ings held at Atlas Copco AB in Nacka and virtually. One meeting was
held per capsulam. Attendance at Board meetings is presented on
page 97–98.
The Board continuously evaluates the performance of the President
and CEO, Vagner Rego. For the Annual Audit, the Company’s
principal auditor, Erik Sandström, Ernst & Young AB, reported his
observations to the Board. The Board also had a separate session
with the auditor where members of Group Management were not
present.
Evaluation of the Board of Directors’ work
The annual evaluation of the Board of Directors’ work, including the
Board’s committees (Audit Committee, Remuneration Committee
and others) was conducted by the Chair of the Board, Hans Stråberg.
He evaluated the Board’s working procedures, competence and
composition, including the background, experience and diversity
of Board members. His findings were presented to the Nomination
Committee.
Remuneration to the Board of Directors
Remuneration and fees are based on the work performed by
the Board. The AGM 2025 decided to adopt the Nomination
Committee’s proposal for remuneration to the Chair and other
Board members not employed by the Company, and the proposed
remuneration for committee work. See also note 4.
• The Chair was granted an amount of SEK 3 900 000.
• Each of the other Board members not employed by the
Company was granted SEK 1 265 000.
• An amount of SEK 465 000 was granted to the Chair of the Audit
Committee and SEK 290 000 to each of the other members of
this committee.
• An amount of SEK 182 000 was granted to the Chair of the
Remuneration Committee and SEK 135 000 to each of the other
members of this committee.
• An amount of SEK 135 000 was granted to each non-executive
director who, in addition, participates in committee work decided
upon by the Board.
• The meeting further resolved that 50% of the director’s Board
fee could be received in the form of synthetic shares.
Atlas Copco Group 2025 96
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
• Corporate governance
Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – CORPORATE GOVERNANCE
5. Audit Committee
The Audit Committee is elected by the Board at the statutory Board
meeting following the Annual General Meeting and until the statu-
tory Board meeting the following year. The work of the Audit
Committee is directed by the Audit Committee Charter, which is
reviewed and approved annually by the Board. The Chair of the
committee has the accounting competence required by the Swed-
ish Companies Act and at least one of the members is independent
from the Company and its main shareholders. The Audit Commit-
tee’s primary task is to support the Board of Directors in fulfilling its
responsibilities in the areas of audit and internal control, account-
ing, financial and sustainability reporting, and risk management as
well as to supervise the financial structure and operations of the
Group and approve financial guarantees and capital contributions
delegated by the Board. The Audit Committee work further
includes reviewing internal audit procedures, monitoring the exter-
nal auditor, considering any inspection findings, reviewing and
monitoring the independence of the external auditor, and assist
the Nomination Committee in the selection of the auditor.
During the year, the committee convened five times. All mem-
bers were present at these meetings. All meetings of the Audit
Committee have been reported to the Board of Directors and the
correspon ding Minutes have been distributed to the Board.
The Audit Committee members during 2025 were Anna Ohlsson-
Leijon, Chair, Johan Forssell, Hans Stråberg and Heléne Mellquist.
6. Remuneration Committee
The Remuneration Committee is elected by the Board at the statu-
tory Board meeting following the AGM and until the statutory
Board meeting the following year. The work of the Remuneration
Committee is directed by the Remuneration Committee Charter,
which is reviewed and approved annually by the Board. The Remu-
neration Committee’s primary task is to propose to the Board the
remuneration to the President and CEO and a long-term incentive
plan for key employees. The purpose of a long-term incentive plan
is to align the interests of key personnel with those of the share-
holders. The guidelines for executive remuneration in Atlas Copco
Group aim to establish principles for fair and consistent remunera-
tion with respect to compensation, benefits, and termination. The
base salary is based on competence, area of responsibility, experi-
ence, and performance, while the variable compensation is linked
to predetermined and measurable criteria, which can be financial
or non-financial. The guidelines for executive remuneration are
reviewed annually by the Board and presented to the AGM for
approval at least every four years. In 2024, the AGM decided to
adopt the Board’s proposal. See also note 4.
The Remuneration Committee held three meetings in 2025. All mem-
bers were present. During the year, the Remuneration Committee also
supported the President and CEO in determining remuneration for
the other members of Group Management. All meetings of the
Remuneration Committee have been reported to the Board and
the corresponding Minutes have been distributed to the Board.
The Remuneration Committee members during 2025 were
Hans Stråberg, Chair, Gordon Riske and Peter Wallenberg Jr.
7. Auditor
The task of the external auditor is to audit Atlas Copco Group’s con-
solidated accounts and annual report, as well as to review the
Board and the CEO’s management of the Company. At the AGM
2025, the audit firm Ernst & Young AB, Sweden, was elected external
auditor up to and including the AGM 2026 in compliance with a pro-
posal from the Nomination Committee. The principal auditor is Erik
Sandström, Authorized Public Accountant at Ernst & Young AB. At
the AGM 2025, Erik Sandström referred to the auditor’s report for
the Company and the Group in the annual report and explained the
process applied when performing the audit. He also recommended
adoption of the presented income statements and balance sheets,
discharge of liability for the President and CEO and the Board of
Directors, and adoption of the proposed distribution of profits.
8. Internal Audit and Assurance
Internal Audit and Assurance aims to provide independent and
objective assurance on internal control by conducting internal
audits. It reports five times per year to the Audit Committee.
Read more on pages 101–102.
9. Group Management
Besides the President and CEO, the Group Management during 2025
consisted of four business area presidents and five senior vice presi-
dents responsible for the main Group functions; Communications and
Sustainability, Human Resources, Controlling and Finance, Informa-
tion Technology (IT), and Legal. The President and CEO is responsible
for the ongoing management of the Group following the Board’s
guidelines and instructions.
Remuneration to Group Management
The guidelines for executive remuneration in Atlas Copco Group are
reviewed annually by the Board of Directors and presented to the
AGM for approval at least every four years. In 2024, the AGM
adopted the Board’s proposal, and a new proposal will be presented
at the AGM in 2028. No material comments warranting additional
changes to the guidelines have been provided since the guidelines
were adopted in 2024. The remuneration shall consist of base salary,
variable compensation, possible long-term incentives (employee
stock options), pension benefits, and other benefits. The variable
compensation is limited to a maximum percentage of the base salary
and is linked to predetermined and measurable criteria, which can
be financial or non-financial. Non-financial criteria for 2025 has been
to reduce the Group’s CO2 emission in line with the Group’s science-
based targets. No fees are paid for board memberships in Group
companies. Based on the guidelines for executive remuneration the
Board of Directors annually proposes a Remuneration Report to
the AGM for approval. In 2025, the AGM decided to approve the
Remuneration Report for 2024.
Statement of materiality and significant audiences
Atlas Copco AB is registered in Sweden and is legally governed by the Swedish
Companies Act (2005:551). This act requires that the Board of Directors governs
the Company to be profitable and create value for its shareholders. For Atlas
Copco Group, creating value for its shareholders includes the integration of
sustainability aspects into its strategy creating long-term value for all stakeholders,
which is ultimately in the best interest of the Company, the shareholders, and
society. The significant stakeholder audience includes representatives of society,
employees, customers, business partners and shareholders.
The Code of Conduct is the central guiding policy for Atlas Copco Group and
is approved by the Board of Directors. Its commitment goes beyond the
requirements of legal compliance, to supporting voluntary international ethical
guidelines. These include the United Nations International Bill of Human Rights,
International Labour Organization’s Declaration on Fundamental Principles and
Rights at Work, the ten principles of the United Nations Global Compact, and OECD
Guidelines for Multinational Enterprises. Atlas Copco Group has employed a
stakeholder-driven approach to identify the most material environmental, human
rights, labor, and ethical aspects of its business in accordance with the
requirements of the double materiality assessment as defined by ESRS (European
Sustainability Reporting Standards). Identified material topics guide how the
Group develops and drives its business strategy. Consideration is also given to
the UN Sustainable Development Goals.
The strategy and fundamentals for growth together with the Group targets
presented on page 6 aim at continuously delivering sustainable, profitable growth
for the Group. Atlas Copco Group monitors and discloses the progress on these
material financial and nonfinancial aspects, through an externally assured,
integrated annual report. In addition to the Annual General Meeting, Atlas Copco
Group also creates engagement opportunities allowing non-shareholders to
address the Group in various stakeholder dialogues.
Atlas Copco Group 2025 97
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
• Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – CORPORATE GOVERNANCE
Name
Position, year of birth
Hans Stråberg
Chair since 2014, born 1957
Vagner Rego
Board member, President and CEO, born 1972
Jumana Al-Sibai
Board member, born 1972
Heléne Mellquist
Board member, born 1964
Education M.Sc. in Mechanical Engineering, Chalmers
University of Technology, Gothenburg.
Mechanical engineering from Mackenzie
University, and an MBA from Ibmec Business
School, both in Brazil.
University of Karlsruhe (TH), Karlsruhe
Institute of Technology, Germany and HEC
Lausanne, Switzerland, Diploma in Industrial
Engineering.
Bachelor in International Business studies,
University of Gothenburg. Executive Manage-
ment, Stockholm School of Economics.
Nationality / Elected Swedish / 2013 Brazilian / 2024 German / 2023 Swedish / 2022
External memberships Chair of AB SKF, Roxtec AB and Anocca AB.
Board member of Investor AB. Member
of The Royal Swedish Academy of
Engineering Sciences.
Member of the advisory board of Frankfurt
School of Finance & Management, Germany.
Chair of Hultafors Group, Innovalift, Caljan and
Latour Industries. Board member of Alimak
Group and Fagerhult Group.
Principal work experience President and CEO for AB Electrolux. Various
executive positions in the Electrolux Group
based in Sweden and the U.S. EU Co-Chair
TABD, Trans-Atlantic Business Dialogue.
President and CEO of Atlas Copco AB*.
Business Area President for Compressor
Technique. President of the Compressor
Technique Service division.
Member of the Management Board of
Mahle GmbH, with responsibility for Thermal
and Fluid Systems. CEO of Mahle Beh GmbH
& Co. KG, EVP/SVP positions at Robert Bosch
GmbH with focus on general management,
sales, and strategy. Director at Simon Kucher
& Partners Strategy & Marketing Consultants.
Executive Vice President and Chief Operating
Officer of Latour Group*. President of Volvo
Penta. Senior Vice President of Volvo Trucks
Europe, Senior Vice President of Volvo Trucks
International and CEO of Trans Atlantic AB.
Attendance
Board meetings 7 of 7 7 of 7 6 of 7 6 of 7
Annual General Meeting Yes Yes Yes Yes
Independence
To Atlas Copco AB and
its management Yes No
⁴ Yes Yes
To major shareholders No
³ Yes Yes Yes
Fees and holdings
Total fees 2025, KSEK ¹ 4 440 1 245 1 533
Holdings in
Atlas Copco AB ²
166 380 class A shares
132 000 class B shares
58 539 synthetic shares
35 977 class A shares
54 909 class B shares
691 000 employee stock options 10 570 synthetic shares 15 401 synthetic shares
Board of Directors
Board members
appointed
by the labor unions
Benny Larsson
Position: Board member
Year of birth: 1972
Nationality: Swedish
Elected: 2018
Board meetings: 7 of 7
Helena Hemström
Position: Board member
Year of birth: 1969
Nationality: Swedish
Elected: 2021
Board meetings: 7 of 7
REFERENCES:
All educational institutions and companies are based in Sweden, unless otherwise stated.
¹ See more information on the calculation of fees in note 4.
² Holdings as per year end 2025, including those of close relatives or legal entities and grant for 2025.
³ Board member of Investor AB, which is a larger owner in Atlas Copco AB.
⁴ President and CEO of Atlas Copco AB.
⁵ Consultant to an indirect major shareholder.
⁶ Board member of an indirect owner of Atlas Copco AB.
⁷ Full attendance since June meeting.
* Current position.
Atlas Copco Group 2025 98
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
• Board of Directors
Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – CORPORATE GOVERNANCE
Name
Position, year of birth
Johan Forssell
Board member, born 1971
Anna Ohlsson-Leijon
Board member, born 1968
Gordon Riske
Board member, born 1957
Peter Wallenberg Jr
Board member, born 1959
Karin Rådström
Board member, born 1979
Education M.Sc. in Economics and Business
Administration, Stockholm School
of Economics.
B.Sc. in Business Administration and
Economics from Linköping University.
MBA programme at GSBA, Zurich, Switzer-
land, in collaboration with the State Univer-
sity of New York, United States, and BBA,
Oekreal School of Business, Zurich,
Switzerland.
BSBA Hotel Administration, University of
Denver, United States, and International
Bachaloria, American School, Leysin,
Switzerland.
Master of Engineering in Industrial
Management, Royal Institute of
Technology, Stockholm
Nationality / Elected Swedish / 2008 Swedish / 2020 American / German / 2020 Swedish / 2012 Swedish / 2024
External memberships Board member of ABB Ltd., Wärtsilä
Oyj Abp, Finland and Epiroc AB.
Member of The Royal Swedish Academy
of Engineering Sciences.
Board member of Schneider Electric. Chair of the MTU Aero Engines, AG Munich,
Germany.
Chair of Knut and Alice Wallenberg Foun-
dation, Wallenberg Foundations AB and
FAM Förvaltning AB (The Grand Group).
Board member of Scania.
Principal work experience Senior Advisor, Investor AB and
Wallenberg Investments AB*.
President and CEO of Investor AB.
Managing Director, Head of Core
Investments, Investor AB.
Group Executive Vice President and head of
Business Area Europe & APACMEA at AB
Electrolux. Senior positions within Electrolux
Group, including Head of Commercial &
Consumer Journey, CFO of AB Electrolux,
CFO of Major Appliances EMEA and Head of
Electrolux Corporate Control & Services.
Chief Financial Officer of Kimoda. Various
positions within PricewaterhouseCoopers.
CEO of KION Group AG, Germany. Chair-
man of the Management Board of Linde
Material Handling GmbH, Germany, Chair-
man of the Management Board of Deutz
AG, Germany, Managing Director of KUKA
Roboter GmbH, Germany, and manage-
ment positions at KUKA Schweiß anlagen &
Roboter GmbH, Germany, and KUKA Weld-
ing Systems & Robot Corporation, U.S.
President and CEO of The Grand Hotel
Holdings, General Manager, The
Grand Hotel, President Hotel Division
Stockholm-Saltsjön.
CEO of Daimler Truck Holding AG and mem-
ber of the Board of Management*. CEO of
Mercedes-Benz Trucks and member of the
Board of Management at Daimler Truck Hold-
ing AG. Member of the Executive Board at
Scania, responsible for Sales and Marketing.
Head of Buses & Coaches, Director of Pre
Sales & Marketing Communication (Kenya)
and several managing positions all within
Scania.
Attendance
Board meetings 7 of 7 7 of 7 7 of 7 7 of 7 6 of 7
Annual General Meeting Yes Yes Yes Yes Yes
Independence
To Atlas Copco AB and
its management Yes Yes Yes Yes Yes
To major shareholders No ⁵ Yes Yes No ⁶ Yes
Fees and holdings
Total fees 2025, KSEK ¹ 1 670 1 840 1 379 1 379 1 245
Holdings in Atlas Copco AB ² 44 000 class B shares, 16 010 synthetic shares 1 400 class B shares, 18 867 synthetic shares 18 867 synthetic shares 666 668 class A shares, 18 867 synthetic shares 6 953 synthetic shares
Board of Directors, continued
REFERENCES:
All educational institutions and companies are based in Sweden, unless otherwise stated.
¹ See more information on the calculation of fees in note 4.
² Holdings as per year end 2025, including those of close relatives or legal entities and grant for 2025.
³ Board member of Investor AB, which is a larger owner in Atlas Copco AB.
⁴ President and CEO of Atlas Copco AB.
⁵ Consultant to an indirect major shareholder.
⁶ Board member of an indirect owner of Atlas Copco AB.
⁷ Full attendance since June meeting.
* Current position.
Board members
appointed
by the labor unions
Thomas Nilsson
Position: Deputy
Year of birth: 1972
Nationality: Swedish
Elected: 2021
Board meetings: 7 of 7
Emina Alic
Position: Deputy
Year of birth: 1977
Nationality: Swedish
Elected: 2025
Board meetings: 3 of 7 7
Atlas Copco Group 2025 99
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
• Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – CORPORATE GOVERNANCE
Group Management
Besides the President and CEO, Group Management consists of four business area presidents and five senior vice
presidents responsible for the main Group functions: Communications and Sustainability, Human Resources,
Controlling and Finance, Information Technology (IT), and Legal.
Vagner Rego
Vagner Rego joined Atlas Copco Group as a
trainee engineer in São Paulo State, Brazil, and
was later appointed Business Line Manager for
Compressor Technique Service. He later became
Vice President Marketing and Sales for the
Compressor Technique Service division, in
Belgium. He has also served as General Manag-
er for Construction Technique’s customer center
in Brazil and as President of the Compressor
Technique Service division. Before he was
appointed President and CEO he was Business
Area President for Compressor Technique.
Position: President and CEO
Year of birth: 1972
Education: Mechanical engineering from
Mackenzie University and an MBA from
Ibmec Business School, both in Brazil.
Nationality: Brazilian
Employed/In current position since:
1996/2024
Holdings in Atlas Copco AB 1
35 977 class A shares
54 909 class B shares
691 000 employee stock options
Philippe Ernens
Philippe Ernens started as a product engineer
in the Airtec division within the Compressor
Technique business area in 1995. After several
positions as engineering manager, he became
General Manager and later took on a role as Vice
President Operations High Pressure. In 2012, he
became President of the Airtec division and in
2016 he took up the position as president of the
Oil-free Air division.
Position: Senior Executive Vice President
and Business Area President Compressor
Technique
Year of birth: 1971
Education: Degree in Electromechanical
Engineering from the University of Liege,
Belgium.
Nationality: Belgian
Employed/In current position since:
1995/2024
Holdings in Atlas Copco AB 1
11 348 class A shares
273 704 employee stock options
Koen Lauwers
Koen Lauwers’ career in the Group includes
international assignments in the United States
and Germany. In 2023, he was appointed Presi-
dent of the Semiconductor division and, prior to
this, he held the same position in the Industrial
Vacuum division, both within the Vacuum
Technique business area.
Position: Senior Executive Vice President and
Business Area President Vacuum Technique
Year of birth: 1974
Education: M.Sc. in Electromechanical
Engineering from the University of Leuven,
and an MBA from the Antwerp Management
School, both in Belgium.
Nationality: Belgian
Employed/In current position since:
1997/2025
Holdings in Atlas Copco AB 1
10 248 class A shares
208 607 employee stock options
Henrik Elmin
Henrik Elmin joined Atlas Copco Group as
General Manager for Atlas Copco Tools Custom-
er Center Nordic in the Industrial Technique
business area. He was later appointed President
of the General Industry Tools and Assembly
Systems division. Before his current position,
he was President of the Industrial Technique
Service division.
Position: Senior Executive Vice President and
Business Area President Industrial Technique
Year of birth: 1970
Education: M.Sc. in Mechanical Engineering
from Lund Institute of Technology and an
MBA from INSEAD, France.
External memberships: Board member of
HEXPOL
Nationality: Swedish
Employed/In current position since:
2007/2017
Holdings in Atlas Copco AB 1
16 240 class A shares
346 724 employee stock options
1 Holdings as per year end 2025, including those held by related natural or legal persons. See note 23 for more information on the option
programs and matching shares. All educational institutions and companies are based in Sweden, unless otherwise indicated.
Andrew Walker
Andrew Walker has held several management
positions in markets including the United King-
dom, Ireland, Belgium and the United States.
Before his current position, he was President
of the Service division within the Compressor
Technique business area.
Position: Senior Executive Vice President and
Business Area President Power Technique
Year of birth: 1961
Education: M.Sc. in Industrial Engineering
and an MBA, both from University College
Dublin, Ireland.
Nationality: Irish
Employed/In current position since:
1986/2014
Holdings in Atlas Copco AB 1
16 952 class A shares
16 688 class B shares
346 904 employee stock options
Atlas Copco Group 2025 100
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
• Group Management
Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – CORPORATE GOVERNANCE
Eva Klasén
Eva Klasén joined Atlas Copco Group in 2000 as
Assistant Corporate Counsel and has since held
several positions in the legal functions in both
Sweden and China. She has supported several
M&A projects, setting up the legal department in
China and also served as General Counsel for
EMEA, leading the team of lawyers in the area.
Before her current position, she was Vice Presi-
dent, Deputy Chief Legal Officer.
Position: Senior Vice President,
Chief Legal Officer
Year of birth: 1975
Education: Master of Law from Lund University.
Nationality: Swedish
Employed/In current position since:
2000/2022
Holdings in Atlas Copco AB 1
5 655 class A shares
884 class B shares
149 341 employee stock options
Peter Kinnart
Peter Kinnart started his career at Atlas Copco
Group as a business controller at Airpower in
Antwerp. He has held several management posi-
tions within different areas at Atlas Copco Group
in Belgium, Germany, Spain, and Switzerland.
Prior to his current position, he was Vice Presi-
dent Business Control for the Group’s Compres-
sor Technique business area.
Position: Senior Vice President,
Chief Financial Officer
Year of birth: 1969
Education: Master in Applied Economic Science
and a Master in Commercial Engineering from
the University of Antwerp (UFSIA), Belgium.
Nationality: Belgian
Employed/In current position since:
1993/2021
Holdings in Atlas Copco AB 1
7 800 class A shares
4 000 class B shares
227 892 employee stock options
Sara Hägg Liljedal
Sara Hägg Liljedal began her career as a
journalist, working for different Swedish media.
Between 2007 and 2013, she worked as Press
Secretary to the Speaker of the Swedish
Parliament. She has also held roles as a Press
and PR Manager for Swedish investment ser-
vices companies Swedbank Robur and Skandia.
Before being appointed Senior Vice President,
Chief Communications Officer, she was Media
Relations Manager for the Atlas Copco Group.
Position: Senior Vice President,
Chief Communications Officer
Year of birth: 1980
Education: BA in Journalism from
Stockholm University.
Nationality: Swedish
Employed/In current position since:
2018/2022
Holdings in Atlas Copco AB 1
4 601 class A shares
240 class B shares
148 813 employee stock options
Cecilia Sandberg
Cecilia Sandberg began her career as a Human
Resources consultant for a travel agency.
From 1999 to 2007, she held various Human
Resources roles at Scandinavian Airlines and
AstraZeneca. Between 2007 and 2015, she was
Vice President Human Resources for Atlas Copco
Group’s Industrial Technique business area.
Before starting in her current position she
was Senior Vice President Human Resources
at Permobil.
Position: Senior Vice President,
Chief Human Resources Officer
Year of birth: 1968
Education: B.Sc. in Human Resources and a
M.Sc. in Sociology from Stockholm University.
Nationality: Swedish
Employed/In current position since:
2017/2017
Holdings in Atlas Copco AB 1
12 752 class A shares
1 730 class B shares
270 550 employee stock options
Group Management, continued
Marcus Hvied
Marcus Hvied was IT Director Global IT Shared
Services at Assa Abloy before joining Atlas Copco
Group as General Manager IT Services and Head
of Group IT.
Position: Senior Vice President,
Chief Information Officer
Year of birth: 1978
Education: Master of Science in Applied
Information technology from Chalmers
University of Technology, and the IT-University
in Gothenburg.
Nationality: Swedish
Employed/In current position since:
2018/2024
Holdings in Atlas Copco AB 1
4 800 class A shares
132 664 employee stock options
1 Holdings as per year end 2025, including those held by related natural or legal persons. See note 23 for more information on the option
programs and matching shares. All educational institutions and companies are based in Sweden, unless otherwise indicated.
Atlas Copco Group 2025 101
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
• Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – CORPORATE GOVERNANCE
Internal control over financial and
sustainability reporting
This section includes a description of Atlas Copco Group’s system of internal controls over financial reporting in accordance
with the requirements set forth in the Swedish Code of Corporate Governance and as stipulated by the Swedish Companies Act.
The purpose of well-developed internal controls over financial
and sustainability reporting is to ensure correct and reliable
statements and disclosures.
The basis for the internal control is defined by the overall
control environment. The Board of Directors is responsible for
establishing an efficient internal control system and governs the
work through the Audit Committee and CEO. Group Manage-
ment sets the tone for the organization, influencing the control
awareness of employees. One key success factor for a strong
control environment lies in ensuring that the organizational
structure, decision hierarchy, corporate values in terms of ethics
and integrity as well as authority to act, are clearly defined and
communicated through guiding documents such as internal
policies, guidelines, manuals, and codes.
The financial and sustainability reporting accounting policies
and guidelines are issued by Group Management to all subsid-
iaries, and followed up with newsletters and conference calls.
Trainings are also held for complex accounting areas and new
accounting policies. The policies and guide lines detail the appro-
priate accounting for key risk areas, such as revenues, trade
receivables, including bad debt provisions, inventory costing
and obsolescence, accounting for income taxes (current and
deferred) and business acquisitions.
The internal control process is based on a control framework
that creates structure for the other four components of the
process – risk assessment, control activities, information and
communication as well as monitoring. The starting point of the
process is the framework for internal control issued by the
Committee of Sponsoring Organizations of the Treadway
Commission (COSO), www.coso.org.
1
Risk assessment
The company applies different processes to assess and identify
the main risks relating to financial reporting misstatements.
The risk assessments are regularly performed to identify new risks
and follow up that internal control is adequate to address the iden-
tified risks. The key risk areas for the financial reporting and control
activities that are in place to manage the risks are presented in the
table on the next page. Risks related to sustainability reporting are
described in the Sustainability Statement, page 40, and in the Risk
Management section, page 86.
ATLAS COPCO GROUP’S INTERNAL
CONTROL SYSTEM
Control environment
Risk
assessment
Control activities
(see next page)
1 2
4 3
Monitoring
(see next page)
Information and
commu ni cation
(see next page)
Atlas Copco Group 2025 102
Introduction
This is Atlas Copco Group
The year in review
Business areas
Sustainability statement
Risks, risk management
and opportunities
The Atlas Copco AB share
Corporate governance
Board of Directors
Group Management
• Internal control over
reporting
Financials
Other information
THE YEAR IN REVIEW – CORPORATE GOVERNANCE
Internal control over financial and sustainability reporting, continued
Key financial
reporting risks
Revenues are not
recognized in the
appropriate accounting
period
Trade receivables
are not appropriately
valued
Inventory is not
appropriately valued
at the lower of cost or
net realizable value
Income taxes are not
accounted for in
accordance with
applicable tax
legislation
Business acquisitions and
associated goodwill as
well as intangible assets
are not appropriately
accounted for
2
Control
activities
to manage
key financial
reporting
risks
Customer contracts
are signed at appropriate
level within the Group.
Trade receivables and
provisions for bad
debt are appropriately
reconciled at each
reporting date.
Inventory counts are
performed on a
regular basis.
Tax calculations are
prepared and
reviewed at each
reporting date.
All business acquisitions
are approved by the Board,
CEO or Divisional
President.
Revenues are disaggre-
gated and analyzed by
type (e.g. goods, services
and rental) and by period
at local, divisional, busi-
ness area and Group level.
Credit assessments
are performed, and
credit limits are
reviewed on a regular
basis.
Inventories are
appropriately
reconciled at each
reporting date.
The effective tax rate
for each country is
analyzed at each
reporting date by
Group Tax.
Purchase price allocations
are prepared at divisional
level and reviewed at
Group level.
Revenues for goods
shipped are scrutinized at
period end against
shipping terms and the
percentage of completion
for services and projects
are assessed at each
reporting date.
Provisions for bad
debts are made
according to
Group policy.
Inventory costs are
reviewed and
approved by the
divisions.
Compliance with
transfer pricing
policies is monitored
regularly.
Goodwill impairment tests
are prepared at business
area level and reviewed at
Group level.
Days of sales are
analyzed at local, divi-
sional, business area
and Group level.
Inventory levels and
the saleability
of inventory are
assessed at each
reporting date
together with
obsolescence.
Ongoing tax audits
and disputes are
monitored by Group
tax specialists.
3
Information and communication
The company has information and communication channels
designed to ensure that information is identified, captured and
communicated in a form and timeframe that enable managers
and other employees to carry out their responsibilities. Reporting
instructions and accounting guidelines are communicated to
personnel concerned through the financial and sustainability
reporting accounting policies and guidelines, which are included
in the handbook The Way We Do Things, and supported by, for
example, training programs for different categories of employees.
A common Group reporting system is used to report and consoli-
date all financial information.
4
Monitoring
Examples of monitoring activities for the financial and
sustainability reporting include:
• Management at divisional, business area and Group level
regularly reviews the financial and sustainability information
and assesses compliance to Group policies.
• The Audit Committee and the Board of Directors regularly
review reports on financial and sustainability performance
of the Group, by business area and geography.
• The internal audit process aims to provide independent and
objective assurance on internal control. The internal audit pro-
cess serves the purpose to identify improvements of the internal
controls but also to identify and recommend leading practices
within the Group. Furthermore, the process aims to serve as a
tool for employee professional development and competence
developments within the area of internal control. Internal audits
are annually planned or initiated by the Group internal audit func-
tion with a risk-based approach. Internal audits are conducted
under leadership of Group internal audit staff with audit team
members having diverse functional competencies but always with
expertise in accounting and controlling. The results of the internal
audits undertaken are regularly reported to the Audit Committee
and to Group Management.
• A control self-assessment (CSA) is performed primarily to sup-
port local unit managers to evaluate the status of their control
routines and to address areas for improvement. One of the areas
in the CSA is internal control, which includes internal control
over financial and sustainability reporting. Other areas include
legal matters, communication and branding, and the Code of
Conduct.
• The Group has an independent whistleblowing system where
employees and other stakeholders can anonymously report on
behavior or actions that are possible violations of laws or of
Group policies, including violations of accounting and financial
reporting guidelines and policies. The reporting system also
includes perceived cases of human rights violation, discrimina-
tion or corruption. The reports are treated confidentially and the
person reporting is guaranteed anonymity via an independent
third-party service provider. More information about the system
can be found on page 75.
• In the compliance process, all managers and all employees are
requested to sign a statement confirming understanding and
compliance to financial policies, the Code of Conduct and appli-
cable laws and regulations.
Financial statements and notes
MSEK unless otherwise stated
ATLAS COPCO GROUP Page
Consolidated income statement 104
Consolidated statement of comprehensive income 104
Consolidated balance sheet 105
Consolidated statement of changes in equity 106
Consolidated statement of cash flows 107
Note
1
Information of material accounting principles, key sources of uncertainty
in estimates and judgements 108
2 Acquisitions 113
3 Segment information 117
4 Employees and personnel expenses 120
5 Remuneration to auditors 124
6 Other operating income and expenses 124
7 Financial income and expenses 124
8 Taxes 124
9 Other comprehensive income 126
10 Earnings per share 126
11 Intangible assets 127
12 Property, plant and equipment 129
13 Investments in associated companies and joint ventures 130
14 Other financial assets 130
15 Inventories 131
16 Trade receivables 131
17 Other receivables 131
18 Cash and cash equivalents 131
19 Asset held for sale 131
20 Equity 132
21 Borrowings and trade payables 133
22 Leases 135
23 Employee benefits 137
24 Other liabilities 143
25 Provisions 143
26 Assets pledged and contingent liabilities 143
27 Financial exposure and principles for control of financial risks 144
28 Related parties 148
PARENT COMPANY Page
Income statement 149
Statement of comprehensive income 149
Balance sheet 149
Statement of changes in equity 150
Statement of cash flows 150
Note
A1 Material accounting principles 151
A2 Employees and personnel expenses and remuneration to auditors 152
A3 Other operating income and expenses 152
A4 Financial income and expenses 153
A5 Appropriations 153
A6 Income tax 153
A7 Intangible assets 153
A8 Property, plant and equipment 153
A9 Deferred tax assets and liabilities 154
A10 Shares in Group companies 154
A11 Other financial assets 154
A12 Other receivables 154
A13 Cash and cash equivalents 154
A14 Equity 154
A15 Post-employment benefits 155
A16 Other provisions 156
A17 Borrowings 156
A18 Other liabilities 157
A19 Financial exposure and principles for control of financial risks 157
A20 Assets pledged and contingent liabilities 157
A21 Directly owned subsidiaries 158
A22 Related parties 159
Atlas Copco Group 2025 103
Introduction
This is Atlas Copco Group
The year in review
• Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
Parent company
Other information
FINANCIAL STATEMENTS
Consolidated income statement
| For the year ended December 31 | |||
Amounts in MSEK | Note | 2025 | 2024 |
Revenues | 3 | ||
Cost of sales | – | – | |
Gross profit | |||
Marketing expenses | – | – | |
Administrative expenses | – | – | |
Research and development expenses | – | – | |
Other operating income | 6 | ||
Other operating expenses | 6 | – | – |
Share of profit in associated companies and joint ventures | 13 | ||
Operating profit | 3, 4, 5, 15 | ||
Financial income | 7 | ||
Financial expenses | 7 | – | – |
Net financial items | – | – | |
Profit before tax | |||
Income tax expense | 8 | – | – |
Profit for the year | |||
| Profit attributable to: | |||
– owners of the parent | |||
– non-controlling interests | |||
Basic earnings per share, SEK | 10 | ||
Diluted earnings per share, SEK | 10 |
Consolidated statement of comprehensive income
| For the year ended December 31 | |||
Amounts in MSEK | Note | 2025 | 2024 |
Profit for the year | |||
| Other comprehensive income | |||
| Items that will not be reclassified to profit or loss | |||
Remeasurements of defined benefit plans | |||
Income tax relating to items that will not be reclassified | – | – | |
| Items that may be reclassified subsequently to profit or loss | |||
| Translation differences: | |||
– on foreign operations | – | ||
Hedge of net investments in foreign operations | – | ||
Income tax relating to items that may be reclassified | – | ||
– | |||
Other comprehensive income for the year, net of tax | 9 | – | |
Total comprehensive income for the year | |||
| Total comprehensive income attributable to: | |||
– owners of the parent | |||
– non-controlling interests | – |
Atlas Copco Group 2025 104
FINANCIAL STATEMENTS
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
• Consolidated income
statement
• Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
Parent company
Other information
Consolidated balance sheet
Amounts in MSEK | Note | Dec. 31, 2025 | Dec. 31, 2024 |
| ASSETS | |||
| Non-current assets | |||
Intangible assets | 11 | ||
Rental equipment | 12 | ||
Other property, plant and equipment | 12 | ||
Right-of-use assets | 22 | ||
Investments in associated companies and joint ventures | 13 | ||
Other financial assets | 14 | ||
Other receivables | |||
Deferred tax assets | 8 | ||
Total non-current assets | |||
| Current assets | |||
Inventories | 15 | ||
Trade receivables | 16 | ||
Income tax receivables | |||
Other receivables | 17 | ||
Other financial assets | 14 | ||
Cash and cash equivalents | 18 | ||
Assets classified as held for sale | 19 | ||
Total current assets | |||
TOTAL ASSETS |
Amounts in MSEK | Note | Dec. 31, 2025 | Dec. 31, 2024 |
EQUITY | Page 106 | ||
Share capital | |||
Other paid-in capital | |||
Reserves | |||
Retained earnings | |||
Total equity attributable to owners of the parent | |||
Non-controlling interests | |||
TOTAL EQUITY | |||
| LIABILITIES | |||
| Non-current liabilities | |||
Borrowings | 21 | ||
Post-employment benefits | 23 | ||
Other liabilities | |||
Provisions | 25 | ||
Deferred tax liabilities | 8 | ||
Total non-current liabilities | |||
| Current liabilities | |||
Borrowings | 21 | ||
Trade payables | 21 | ||
Income tax liabilities | |||
Other liabilities | 24 | ||
Provisions | 25 | ||
Total current liabilities | |||
TOTAL EQUITY AND LIABILITIES |
Information concerning assets pledged and contingent liabilities is disclosed in note 26.
Atlas Copco Group 2025 105
FINANCIAL STATEMENTS
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
• Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
Parent company
Other information
Consolidated statement of changes in equity
2025 | Equity attributable to owners of the parent | |||||||
Amounts in MSEK | Share capital | Other paid-in capital | Hedging reserve | Trans lation reserve | Retained earnings | Total | Non-controlling interests | Total equity |
Opening balance, Jan. 1 | ||||||||
Profit for the year | ||||||||
Other comprehensive income for the year | – | – | – | – | ||||
Total comprehensive income for the year | – | – | ||||||
Dividend | – | – | – | – | ||||
Acquisition of series A shares | – | – | – | |||||
Divestment of series A shares | ||||||||
Change of non-controlling interests | ||||||||
| Share-based payment, equity settled: | ||||||||
– expense during the year | ||||||||
– exercise option | – | – | – | |||||
– related tax | – | – | – | |||||
Closing balance, Dec. 31 | ||||||||
2024 | Equity attributable to owners of the parent | |||||||
Amounts in MSEK | Share capital | Other paid-in capital | Hedging reserve | Trans lation reserve | Retained earnings | Total | Non-controlling interests | Total equity |
Opening balance, Jan. 1 | ||||||||
Profit for the year | ||||||||
Other comprehensive income for the year | ||||||||
Total comprehensive income for the year | ||||||||
Dividend | – | – | – | – | ||||
Acquisition of series A shares | – | – | – | |||||
Divestment of series A shares | ||||||||
Change of non-controlling interests | – | – | – | |||||
| Share-based payment, equity settled: | ||||||||
– expense during the year | ||||||||
– exercise option | – | – | – | |||||
– related tax | – | – | – | |||||
Closing balance, Dec. 31 | ||||||||
Additional information concerning equity is disclosed in note 20.
Atlas Copco Group 2025 106
FINANCIAL STATEMENTS
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
• Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
Parent company
Other information
Consolidated statement of cash flows
| For the year ended December 31 | |||
Amounts in MSEK | Note | 2025 | 2024 |
| Cash flows from operating activities | |||
Operating profit | |||
| Adjustments for: | |||
Depreciation, amortization and impairment | 11, 12, 22 | ||
Capital gain/loss and other non-cash items | – | ||
Operating cash surplus | |||
Net financial items received/paid | – | ||
Taxes paid | – | – | |
Pension funding and payment of pension to employees | – | – | |
Cash flow before change in working capital | |||
| Change in: | |||
Inventories | – | ||
Operating receivables | |||
Operating liabilities | – | ||
Change in working capital | |||
Increase in rental equipment | – | – | |
Sale of rental equipment | |||
Net cash from operating activities |
| For the year ended December 31 | |||
Amounts in MSEK | Note | 2025 | 2024 |
| Cash flows from investing activities | |||
Investments in other property, plant and equipment | 12 | – | – |
Sale of other property, plant and equipment | |||
Investments in intangible assets | 11 | – | – |
Acquisition of subsidiaries | 2 | – | – |
Investment in other financial assets, net | – | ||
Net cash from investing activities | – | – | |
| Cash flows from financing activities | |||
Ordinary dividend | – | – | |
Dividend paid to non-controlling interest | – | – | |
| Acquisition of non-controlling interest | – | ||
Repurchase of own shares | – | – | |
Divestment of own shares | |||
Borrowings | |||
Repayment of borrowings | – | – | |
Settlement of CSA ¹ | – | ||
Payment of lease liabilities | 22 | – | – |
Net cash from financing activities | – | – | |
Net cash flow for the year | – | ||
Cash and cash equivalents, Jan. 1 | |||
Net cash flow for the year | – | ||
Exchange-rate difference in cash and cash equivalents | – | ||
Cash and cash equivalents, Dec. 31 | 18 |
¹ Credit Support Annex, see note 27.
Atlas Copco Group 2025 107
FINANCIAL STATEMENTS
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
• Consolidated statement of
cash flows
Notes
Parent company
Other information
Atlas Copco Group 2025 108
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 109
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
1. Information of material accounting principles, key sources of uncertainty in estimates and judgements, continued
Technology-based intangible assets | 3–15 years |
Trademarks with finite lives | 5–15 years |
Marketing and customer related intangible assets | 5–15 years |
Buildings | 25–50 years |
Machinery and equipment | 3–10 years |
Vehicles | 4–5 years |
Computer hardware and software | 3–10 years |
Rental equipment | 3–8 years |
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 110
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
1. Information of material accounting principles, key sources of uncertainty in estimates and judgements, continued
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 111
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
1. Information of material accounting principles, key sources of uncertainty in estimates and judgements, continued
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 112
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
1. Information of material accounting principles, key sources of uncertainty in estimates and judgements, continued
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
| The following summarizes the acquisitions during 2025 and 2024: | ||||||
| Number of | ||||||
| Acquisition date | Country/Area | Business area | Revenues ¹ | employees ¹ | ||
2025 | Nov. 10 | Anglian Compressors and Equipment Limited (“Anglian”) | United Kingdom | Compressor Technique | ² | 28 |
2025 | Nov. 5 | Engineering Automation Systems GmbH (“EAS”) | Germany | Compressor Technique | 30 | 18 |
2025 | Nov. 4 | MKG Equipamentos Ltda. (“MKG”) | Brazil | Compressor Technique | 90 | 30 |
2025 | Oct. 14 | Northern Compressed Air Ltd., (“Northern Compressed Air”) | United Kingdom | Compressor Technique | ² | 15 |
2025 | Oct. 8 | RM Boggs Inc. (“RM Boggs”) | U.S.A. | Compressor Technique | ² | 3 |
2025 | Oct. 2 | National Tank & Equipment, LLC (“NTE”) | U.S.A. | Power Technique | 2 100 | 349 |
2025 | Oct. 2 | CRI-MAN S.p.A., (“CRI-MAN”) | Italy | Power Technique | 342 | 85 |
2025 | Oct. 1 | SUTO iTEC (“SUTO”) | Hong Kong | Compressor Technique | 176 | 136 |
2025 | Sep. 8 | Casa dei Compressori S.r.l. (“Casa dei Compressori”) | Italy | Compressor Technique | ² | 17 |
| Shanghai Shareway Environment Technology Co., Ltd. | ||||||
2025 | Sep. 2 | (“Shareway Environmental Technology”) | China | Vacuum Technique | 926 | 320 |
| Compressor Technique and | ||||||
2025 | Aug. 5 | Itsab AB (“Itsab”) | Sweden | Power Technique | ² | 21 |
2025 | Aug. 4 | New Star Technology (Suzhou) Co. Ltd. (“New Star Technology”) | China | Vacuum Technique | 73 | 38 |
2025 | Jul. 9 | Talleres Haizea S.L. (“Haizea”) | Spain | Compressor Technique | 51 | 16 |
2025 | Jul. 4 | Arizaga Bastarrica y Compañia S.A. (“ABC Compressors”) | Spain | Compressor Technique | 961 | 319 |
2025 | Jun. 18 | Kyungwon Machinery Industry Co., Ltd. (“Kyungwon”) | South Korea | Compressor Technique | 465 | 126 |
2025 | Jun. 13 | Air Mac Inc. (“Air Mac”) | U.S.A. | Compressor Technique | 184 | 40 |
2025 | May 2 | Clearpro Construction Water Solutions Pty Ltd (“Clearpro”) | Australia | Power Technique | 42 | 12 |
2025 | Apr. 9 | Powered Compressors and Supplies (“PCS”) | U.S.A. | Compressor Technique | ² | 12 |
2025 | Apr. 1 | Heide Pumpen GmbH (“Heide Pumpen”) | Germany | Power Technique | ² | 42 |
2025 | Mar. 21 | MSS Nitrogen Ltd. (“MSS Nitrogen”) | United Kingdom | Compressor Technique | 238 | 44 |
2025 | Mar. 11 | Neadvance Machine Vision, S.A. (“Neadvance”) | Portugal | Industrial Technique | 29 | 41 |
2025 | Mar. 4 | Masterfilter NV (“Masterfilter”) | Belgium | Compressor Technique | 30 | 3 |
2025 | Feb. 5 | IMOCOM S.A. | Colombia | Compressor Technique | 47 | 36 |
2025 | Feb. 5 | Maquinarias y Tecnologías S.A.S. (“Maq&Tec”) | Colombia | Compressor Technique | 14 | 13 |
2025 | Jan. 29 | Dr. Weigel Anlagenbau GmbH | Germany | Compressor Technique | ² | 45 |
2025 | Jan. 10 | Medi-teknique Ltd. (“Medi-teknique”) | United Kingdom | Compressor Technique | 42 | 13 |
2025 | Jan. 9 | JetCan Engineering Sdn Bhd (“JetCan”) | Malaysia | Compressor Technique | ² | 24 |
2025 | Jan. 7 | V.O.L. Industries | Canada | Compressor Technique | 35 | 2 |
2025 | Jan. 7 | Trident Pneumatics Pvt. Ltd. (“Trident”) | India | Compressor Technique | 134 | 113 |
2024 | Dec. 3 | Metalplan Equipamentos LTDA, (“Metalplan“) | Brazil | Compressor Technique | 120 | 90 |
2024 | Nov. 18 | VisionTools Bildanalyse Systeme GmbH (“VisionTools“) | Germany | Industrial Technique | 160 | 80 |
2024 | Nov. 8 | ESA Service S.r.l, (“ESA Service“) | Italy | Vacuum Technique | 118 | 40 |
Atlas Copco Group 2025 113
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
2. Acquisitions, continued
| The following summarizes the acquisitions during 2025 and 2024, continued | ||||||
| Number of | ||||||
Acquisition date | Country/Area | Business area | Revenues ¹ | employees ¹ | ||
2024 | Nov. 6 | SCS Makina A.Ş. (“SCS“) | Türkiye | Compressor Technique | 40 | 11 |
2024 | Nov. 5 | Pennine Pneumatic Services Limited (“PPS“) | United Kingdom | Compressor Technique | ² | 84 |
2024 | Nov. 4 | Air Way Automation Ltd (“Air Way“) | U.S.A. | Industrial Technique | 370 | 98 |
2024 | Oct. 3 | Perslucht Wilda B.V. (“Perslucht Wilda“) | Netherlands | Power Technique | ² | 9 |
2024 | Oct. 2 | Kinder-Janes Engineers Ltd (“Kinder-Janes“) | United Kingdom | Power Technique | 164 | 20 |
2024 | Oct. 2 | Pomac BV (“Pomac“) | Netherlands | Power Technique | 95 | 23 |
2024 | Oct. 2 | Arlógica Máquinas e Equipamentos, Lda (“Arlógica“) | Portugal | Compressor Technique | ² | 9 |
2024 | Oct. 2 | Easy Filtration SRL (“Easy Filtration“) | Italy | Compressor Technique | ² | 9 |
2024 | Sep. 3 | Integrated Pump Rental (“IPR“) | South Africa | Power Technique | 57 | 18 |
2024 | Sep. 3 | Anhui Nuoyi Technologies Co. Ltd., (“NOY“) | China | Vacuum Technique | 178 | 78 |
2024 | Sep. 3 | Generator Rental Services Limited (“GRS“) | New Zealand | Power Technique | 263 | 58 |
2024 | Aug. 2 | AVT Services Pty Limited, (“AVT Services“) | Australia | Vacuum Technique | ² | 15 |
2024 | Aug. 2 | Danmil A/S (“Danmil“) | Denmark | Compressor Technique | 126 | 26 |
2024 | Jul. 29 | Compressed Air Technologies, Inc. | U.S.A. | Compressor Technique | ² | 53 |
| Kingsdown Compressed Air Systems Limited | ||||||
2024 | Jul. 23 | (“Kingsdown“) | United Kingdom | Compressor Technique | 31 | 13 |
2024 | Jul. 4 | Mont-Tech Ltd. (“Mont-Tech”) | Czech republic | Industrial Technique | 40 | 27 |
2024 | Jul. 2 | Swed-Weld AB (”Swed-Weld”) | Sweden | Industrial Technique | 30 | 10 |
| Empresa Comercial Vele Leiva EMCOVELE, S.A. | ||||||
2024 | Jul .2 | (”Emcovele S.A.”) | Ecuador | Compressor Technique | ² | 49 |
2024 | Jun. 14 | AE Industrial Ltd. (”AE Industrial”) | United Kingdom | Compressor Technique | ² | 40 |
2024 | Jun. 5 | Baraghini Compressori Srl (”Baraghini”) | Italy | Compressor Technique | 31 | 14 |
| Montajes Electromecánicos e Ingeniería, S.A. | ||||||
2024 | May 7 | de C.V. (”MEISA”) | Mexico | Vacuum Technique | ² | 52 |
2024 | May 3 | Tecturbo | Brazil | Compressor Technique | 60 | 51 |
2024 | Apr. 4 | Delta Temp | Belgium etc. | Power Technique | 100 | 20 |
2024 | Apr. 2 | Presys Co., Ltd. | South Korea | Vacuum Technique | 275 | 134 |
2024 | Mar. 5 | Zahroof Valves Inc. | U.S.A. | Compressor Technique | 130 | 44 |
2024 | Mar. 4 | Pacific Sales & Service, Inc. (Pacific Air Compressors) | U.S.A. | Compressor Technique | ² | 15 |
2024 | Mar. 4 | Druckluft-Technik-Nord GmbH | Germany | Compressor Technique | ² | 18 |
2024 | Feb. 7 | Ace Air (NI) Ltd. | United Kingdom | Compressor Technique | ² | 8 |
2024 | Jan. 9 | Hycomp Inc. | U.S.A. | Compressor Technique | 85 | 37 |
2024 | Jan. 3 | KRACHT GmbH (Kracht) | Germany | Power Technique | 766 | 440 |
Compressor Technique | Recognized values | |
2025 | 2024 | |
Intangible assets | 1 667 | 739 |
Property, plant and equipment ¹ | 638 | 119 |
Other assets | 1 263 | 436 |
Cash and cash equivalents | 662 | 90 |
Interest-bearing liabilities and borrowings | –261 | –110 |
Other liabilities and provisions | –1 010 | –410 |
Net identifiable assets | 2 959 | 864 |
Non-controlling interests | –4 | – |
Goodwill | 1 455 | 664 |
Total consideration | 4 410 | 1 528 |
Deferred consideration | –385 | 10 |
Cash and cash equivalents acquired | –662 | –90 |
Net cash outflow | 3 363 | 1 448 |
Atlas Copco Group 2025 114
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
2. Acquisitions, continued
Vacuum Technique | Recognized values | |
2025 | 2024 | |
Intangible assets | 727 | 511 |
Property, plant and equipment ¹ | 310 | 212 |
Other assets | 569 | 328 |
Cash and cash equivalents | 142 | 386 |
Interest-bearing liabilities and borrowings | –263 | –207 |
Other liabilities and provisions | –978 | –226 |
Net identifiable assets | 507 | 1 004 |
Non-controlling interests | –118 | –11 |
Goodwill | 456 | 605 |
Total consideration | 845 | 1 598 |
Deferred consideration | –269 | –206 |
Cash and cash equivalents acquired | –142 | –386 |
Net cash outflow | 434 | 1 006 |
Industrial Technique | Recognized values | |
2025 | 2024 | |
Intangible assets | 24 | 459 |
Property, plant and equipment ¹ | 17 | 163 |
Other assets | 12 | 386 |
Cash and cash equivalents | 2 | 160 |
Interest-bearing liabilities and borrowings | –29 | –108 |
Other liabilities and provisions | 7 | –212 |
Net identifiable assets | 33 | 848 |
Goodwill | 23 | 518 |
Total consideration | 56 | 1 366 |
Deferred consideration | 102 | –184 |
Cash and cash equivalents acquired | –2 | –160 |
Net cash outflow | 156 | 1 022 |
Atlas Copco Group 2025 115
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
2. Acquisitions, continued
Power Technique | Recognized values | |
2025 | 2024 | |
Intangible assets | 2 661 | 2 014 |
Property, plant and equipment ¹ | 2 517 | 829 |
Other assets | 909 | 574 |
Cash and cash equivalents | 242 | 185 |
Interest-bearing liabilities and borrowings | –1 330 | –475 |
Other liabilities and provisions | –351 | –864 |
Net identifiable assets | 4 648 | 2 263 |
Goodwill | 3 140 | 1 875 |
Total consideration | 7 788 | 4 138 |
Deferred consideration | 61 | –5 |
Cash and cash equivalents acquired | –242 | –185 |
Net cash outflow | 7 607 | 3 948 |
| Total fair value of | Group recognized values | |
| acquired assets and liabilities | ||
2025 | 2024 | |
Intangible assets | 5 079 | 3 723 |
Property, plant and equipment ¹ | 3 482 | 1 323 |
Other non-current assets | 86 | 4 |
Inventories | 1 136 | 751 |
Trade receivables ² | 1 264 | 760 |
Other current assets | 267 | 209 |
Cash and cash equivalents | 1 048 | 821 |
Interest-bearing liabilities and borrowings | –1 883 | –900 |
Other liabilities and provisions | –1 775 | –805 |
Deferred tax assets/liabilities, net | –557 | –907 |
Net identifiable assets | 8 147 | 4 979 |
Non-controlling interests | –122 | –11 |
Goodwill | 5 074 | 3 662 |
Total consideration | 13 099 | 8 630 |
Deferred consideration | –491 | –385 |
Cash and cash equivalents acquired | –1 048 | –821 |
Net cash outflow | 11 560 | 7 424 |
| Contribution from businesses | Compressor Technique | Vacuum Technique | Industrial Technique | Power Technique | Group | |||||
| acquired in 2025 and 2024 by | ||||||||||
| business area | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Contribution from date of control | ||||||||||
Revenues | 1 408 | 552 | 358 | 323 | 7 | 52 | 794 | 998 | 2 567 | 1 925 |
Operating profit | 60 | –37 | 5 | 14 | –17 | –38 | 113 | 22 | 161 | –39 |
Profit for the year | 128 | –40 | ||||||||
| Contribution if the acquisition | ||||||||||
| had occurred on Jan. 1 | ||||||||||
Revenues | 2 667 | 1 193 | 796 | 610 | 8 | 523 | 2 842 | 1 558 | 6 313 | 3 884 |
Operating profit | 169 | –20 | –25 | 56 | –18 | 87 | 355 | 194 | 481 | 317 |
Profit for the year | 368 | 219 |
Atlas Copco Group 2025 116
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
2025 | Compressor Technique | Vacuum Technique | Industrial Technique | Power Technique | Common Group functions | Eliminations | Group |
Revenues from external customers | 76 513 | 36 700 | 26 313 | 28 817 | – | – | 168 343 |
Inter-segment revenues | 627 | 27 | 71 | 155 | – | –880 | – |
Total revenues | 77 140 | 36 727 | 26 384 | 28 972 | – | –880 | 168 343 |
– of which equipment | 57% | 71% | 72% | 53% | – | – | 62% |
– of which service ¹ | 43% | 29% | 28% | 47% | – | – | 38% |
Operating profit | 19 083 | 6 765 | 4 692 | 4 842 | –1 256 | –12 | 34 114 |
– of which share of profit in associated companies and joint ventures | – | 27 | 1 | – | – | – | 28 |
Net financial items | –443 | ||||||
Income tax expense | –7 246 | ||||||
Profit for the year | 26 425 | ||||||
| Non-cash expenses | |||||||
Depreciation/amortization | 2 466 | 2 254 | 1 604 | 2 726 | 297 | –41 | 9 306 |
Impairment | 14 | 153 | 82 | 2 | – | – | 251 |
Other non-cash expenses | 6 | –25 | 51 | 98 | –591 | – | –461 |
Segment assets | 50 866 | 47 020 | 33 404 | 45 725 | 3 538 | –1 257 | 179 296 |
– of which goodwill | 8 568 | 14 452 | 14 685 | 13 535 | – | – | 51 240 |
Investments in associated companies and joint ventures | 2 | 582 | 111 | – | – | – | 695 |
Unallocated assets | 22 463 | ||||||
Total assets | 50 868 | 47 602 | 33 515 | 45 725 | 3 538 | –1 257 | 202 454 |
Segment liabilities | 26 353 | 9 087 | 6 745 | 6 151 | 2 972 | –1 153 | 50 155 |
Unallocated liabilities | 41 916 | ||||||
Total liabilities | 26 353 | 9 087 | 6 745 | 6 151 | 2 972 | –1 153 | 92 071 |
| Capital expenditures | |||||||
Property, plant and equipment | 2 723 | 1 962 | 866 | 2 799 | 650 | –38 | 8 962 |
– of which right-of-use assets | 1 118 | 461 | 323 | 376 | 365 | – | 2 643 |
Intangible assets | 247 | 734 | 493 | 315 | 114 | – | 1 903 |
Total capital expenditures | 2 970 | 2 696 | 1 359 | 3 114 | 764 | –38 | 10 865 |
Goodwill acquired | 1 455 | 456 | 23 | 3 140 | – | – | 5 074 |
2025 | Compressor Technique | Vacuum Technique | Industrial Technique | Power Technique | Common Group functions | Eliminations | Group |
Items affecting comparability in Operating profit | – | –384 ¹ | –314 ² | – | –102 ³ | – | –800 |
Atlas Copco Group 2025 117
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
3. Segment information, continued
2024 | Compressor Technique | Vacuum Technique | Industrial Technique | Power Technique | Common Group functions | Eliminations | Group |
Revenues from external customers | 77 433 | 40 419 | 29 456 | 29 463 | – | – | 176 771 |
Inter-segment revenues | 826 | 22 | 66 | 159 | – | –1 073 | – |
Total revenues | 78 259 | 40 441 | 29 522 | 29 622 | – | –1 073 | 176 771 |
– of which equipment | 57% | 74% | 73% | 56% | – | – | 63% |
– of which service ¹ | 43% | 26% | 27% | 44% | – | – | 37% |
Operating profit | 19 716 | 8 541 | 6 066 | 5 488 | –1 596 | –49 | 38 166 |
– of which share of profit in associated companies and joint ventures | – | 49 | –4 | – | – | – | 45 |
Net financial items | –366 | ||||||
Income tax expense | –8 006 | ||||||
Profit for the year | 29 794 | ||||||
| Non-cash expenses | |||||||
Depreciation/amortization | 2 352 | 2 210 | 1 583 | 2 272 | 308 | –35 | 8 690 |
Impairment | 3 | 77 | 31 | 4 | 8 | – | 123 |
Other non-cash expenses | –70 | 57 | 160 | 215 | –326 | – | 36 |
Segment assets | 51 461 | 52 614 | 37 109 | 39 866 | 3 545 | –1 410 | 183 185 |
– of which goodwill | 8 149 | 16 380 | 15 990 | 11 287 | – | – | 51 806 |
Investments in associated companies and joint ventures | – | 706 | 134 | – | – | – | 840 |
Unallocated assets | 24 513 | ||||||
Total assets | 51 461 | 53 320 | 37 243 | 39 866 | 3 545 | –1 410 | 208 538 |
Segment liabilities | 27 317 | 9 067 | 7 063 | 6 200 | 3 687 | –1 197 | 52 137 |
Unallocated liabilities | 42 641 | ||||||
Total liabilities | 27 317 | 9 067 | 7 063 | 6 200 | 3 687 | –1 197 | 94 778 |
| Capital expenditures | |||||||
Property, plant and equipment | 2 865 | 1 673 | 1 210 | 3 467 | 496 | –95 | 9 616 |
– of which right-of-use assets | 1 105 | 315 | 606 | 527 | 299 | – | 2 852 |
Intangible assets | 214 | 587 | 522 | 309 | 156 | – | 1 788 |
Total capital expenditures | 3 079 | 2 260 | 1 732 | 3 776 | 652 | –95 | 11 404 |
Goodwill acquired | 664 | 605 | 518 | 1 875 | – | – | 3 662 |
2024 | Compressor Technique | Vacuum Technique | Industrial Technique | Power Technique | Common Group functions | Eliminations | Group |
Items affecting comparability in Operating profit | – | –4 ¹ | –174 ² | – | –397 ³ | – | –575 |
Atlas Copco Group 2025 118
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
3. Segment information, continued
By geographic area/country | Revenues | Non-current assets | |||
2025 | 2024 | 2025 | 2024 | ||
North America | U.S.A. | 36 960 | 41 036 | 23 873 | 19 673 |
Other countries | 6 472 | 6 924 | 2 305 | 2 476 | |
43 432 | 47 960 | 26 178 | 22 149 | ||
South America | Brazil | 4 977 | 4 944 | 1 297 | 1 143 |
Other countries | 2 752 | 2 656 | 358 | 331 | |
7 729 | 7 600 | 1 655 | 1 474 | ||
Europe | Belgium | 1 699 | 1 636 | 5 708 | 5 119 |
France | 4 888 | 5 373 | 667 | 756 | |
Germany | 9 723 | 9 957 | 32 624 | 34 933 | |
Italy | 4 325 | 4 247 | 3 479 | 2 602 | |
Sweden | 2 363 | 2 356 | 1 930 | 1 855 | |
United Kingdom | 4 468 | 4 675 | 14 500 | 16 309 | |
Other countries | 19 231 | 20 726 | 6 472 | 5 962 | |
46 697 | 48 970 | 65 380 | 67 536 | ||
Africa/Middle East | South Africa | 855 | 908 | 338 | 375 |
Other countries | 8 586 | 7 838 | 649 | 660 | |
9 441 | 8 746 | 987 | 1 035 | ||
Asia/Oceania | Australia | 3 100 | 3 676 | 3 286 | 3 768 |
Greater China | 31 917 | 33 430 | 6 712 | 5 412 | |
India | 6 963 | 6 874 | 914 | 697 | |
Japan | 3 000 | 3 173 | 636 | 701 | |
South Korea | 8 027 | 8 268 | 3 443 | 3 591 | |
Other countries | 8 037 | 8 074 | 1 392 | 1 569 | |
61 044 | 63 495 | 16 383 | 15 738 | ||
Total | 168 343 | 176 771 | 110 583 | 107 932 |
| Geographic distribution | Compressor Technique, % | Vacuum Technique, % | Industrial Technique, % | Power Technique, % | Group, % | |||||
| 2025 | Orders received | Revenues | Orders received | Revenues | Orders received | Revenues | Orders received | Revenues | Orders received | Revenues |
North America | 25 | 25 | 21 | 20 | 35 | 34 | 26 | 28 | 26 | 26 |
South America | 6 | 6 | – | 1 | 3 | 3 | 7 | 7 | 5 | 4 |
Europe | 30 | 30 | 15 | 14 | 33 | 34 | 33 | 32 | 27 | 28 |
Africa/Middle East | 9 | 8 | 1 | 1 | 2 | 2 | 9 | 9 | 6 | 6 |
Asia/Oceania | 30 | 31 | 63 | 64 | 27 | 27 | 25 | 24 | 36 | 36 |
| 2024 | ||||||||||
North America | 25 | 26 | 23 | 26 | 34 | 34 | 25 | 27 | 26 | 27 |
South America | 6 | 6 | – | – | 3 | 3 | 7 | 7 | 4 | 4 |
Europe | 28 | 30 | 15 | 15 | 34 | 35 | 32 | 31 | 27 | 28 |
Africa/Middle East | 10 | 7 | 1 | 1 | 2 | 1 | 10 | 8 | 7 | 5 |
Asia/Oceania | 31 | 31 | 61 | 58 | 27 | 27 | 26 | 27 | 36 | 36 |
Atlas Copco Group 2025 119
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
3. Segment information, continued
| Revenues | 2025 | 2024 | ||||||
1 | 2 | 3 | 4 | 1 | 2 | 3 | 4 | |
Compressor Technique | 19 330 | 19 119 | 19 151 | 19 540 | 18 710 | 20 136 | 19 031 | 20 382 |
– of which external | 19 151 | 18 973 | 19 007 | 19 382 | 18 507 | 19 905 | 18 819 | 20 202 |
– of which internal | 179 | 146 | 144 | 158 | 203 | 231 | 212 | 180 |
Vacuum Technique | 9 527 | 8 982 | 9 193 | 9 025 | 9 719 | 10 089 | 10 444 | 10 189 |
– of which external | 9 521 | 8 975 | 9 186 | 9 018 | 9 711 | 10 089 | 10 439 | 10 180 |
– of which internal | 6 | 7 | 7 | 7 | 8 | – | 5 | 9 |
Industrial Technique | 6 943 | 6 118 | 6 515 | 6 808 | 7 514 | 7 471 | 6 832 | 7 705 |
– of which external | 6 926 | 6 101 | 6 494 | 6 792 | 7 492 | 7 460 | 6 821 | 7 683 |
– of which internal | 17 | 17 | 21 | 16 | 22 | 11 | 11 | 22 |
Power Technique | 7 169 | 7 196 | 6 979 | 7 628 | 7 202 | 7 391 | 7 072 | 7 957 |
– of which external | 7 132 | 7 161 | 6 934 | 7 590 | 7 165 | 7 349 | 7 026 | 7 923 |
– of which internal | 37 | 35 | 45 | 38 | 37 | 42 | 46 | 34 |
| Common Group | ||||||||
| functions/eliminations | –239 | –205 | –217 | –219 | –270 | –284 | –274 | –245 |
Total | 42 730 | 41 210 | 41 621 | 42 782 | 42 875 | 44 803 | 43 105 | 45 988 |
| Operating profit | 2025 | 2024 | ||||||
1 | 2 | 3 | 4 | 1 | 2 | 3 | 4 | |
Compressor Technique | 4 711 | 4 776 | 4 844 | 4 752 | 4 642 | 4 990 | 4 974 | 5 110 |
in % of revenues | 24.4% | 25.0% | 25.3% | 24.3% | 24.8% | 24.8% | 26.1% | 25.1% |
Vacuum Technique | 1 638 | 1 700 | 1 697 | 1 730 | 2 119 | 2 027 | 2 014 | 2 381 |
in % of revenues | 17.2% | 18.9% | 18.5% | 19.2% | 21.8% | 20.1% | 19.3% | 23.4% |
Industrial Technique | 1 388 | 1 047 | 1 173 | 1 084 | 1 649 | 1 557 | 1 364 | 1 496 |
in % of revenues | 20.0% | 17.1% | 18.0% | 15.9% | 21.9% | 20.8% | 20.0% | 19.4% |
Power Technique | 1 205 | 1 227 | 1 187 | 1 223 | 1 393 | 1 406 | 1 274 | 1 415 |
in % of revenues | 16.8% | 17.1% | 17.0% | 16.0% | 19.3% | 19.0% | 18.0% | 17.8% |
| Common Group | ||||||||
| functions/eliminations | –337 | –257 | –355 | –319 | –458 | –514 | –289 | –384 |
Operating profit | 8 605 | 8 493 | 8 546 | 8 470 | 9 345 | 9 466 | 9 337 | 10 018 |
in % of revenues | 20.1% | 20.6% | 20.5% | 19.8% | 21.8% | 21.1% | 21.7% | 21.8% |
Net financial items | –135 | –86 | –90 | –132 | 16 | –192 | –153 | –37 |
Profit before tax | 8 470 | 8 407 | 8 456 | 8 338 | 9 361 | 9 274 | 9 184 | 9 981 |
in % of revenues | 19.8% | 20.4% | 20.3% | 19.5% | 21.8% | 20.7% | 21.3% | 21.7% |
| Average number of employees | 2025 | 2024 | ||||
Women | Men | Total | Women | Men | Total | |
| Parent Company | ||||||
Sweden | 88 | 47 | 135 | 85 | 41 | 126 |
| Subsidiaries | ||||||
North America | 1 867 | 6 695 | 8 562 | 1 871 | 6 696 | 8 567 |
South America | 681 | 2 023 | 2 704 | 610 | 1 813 | 2 423 |
Europe | 5 456 | 18 486 | 23 942 | 5 371 | 18 386 | 23 757 |
– of which Sweden | 393 | 1 193 | 1 586 | 386 | 1 168 | 1 554 |
Africa/Middle East | 320 | 1 204 | 1 524 | 291 | 1 163 | 1 454 |
Asia/Oceania | 4 078 | 14 604 | 18 682 | 3 841 | 14 038 | 17 879 |
Total in subsidiaries | 12 402 | 43 012 | 55 414 | 11 984 | 42 096 | 54 080 |
Total | 12 490 | 43 059 | 55 549 | 12 069 | 42 137 | 54 206 |
For additional information regarding workforce profile, see the Sustainability report, pages 69–70.
Females in the Board of Directors and Group Management, % | Dec. 31, 2025 | Dec. 31, 2024 |
| Parent Company | ||
Board of Directors ¹ | 50 | 50 |
Group Management | 30 | 30 |
Remuneration and other benefits | Group | |
2025 | 2024 | |
Salaries and other remuneration | 36 563 | 37 626 |
Contractual pension benefits | 1 806 | 1 939 |
Other social costs | 6 610 | 6 696 |
Total | 44 979 | 46 261 |
Pension obligations to Board members and Group Management ¹ | 4 | 4 |
Atlas Copco Group 2025 120
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
4. Employees and personnel expenses, continued
| 2025 | Value of synthetic | Number of synthetic | Total fees incl. value of | Effect of vesting and | Total expense | ||
Remuneration and other benefits to the Board, KSEK | Fee | shares at grant date | shares at grant date | Other fees ¹ | synthetic shares at grant date | change in stock price ² | recognized ³ |
| Chair: | |||||||
Hans Stråberg | 1 888 | 1 950 | 12 627 | 602 | 4 440 | 3 | 4 443 |
| Other members of the Board: | |||||||
Jumana Al-Sibai | 612 | 633 | 4 096 | – | 1 245 | –2 | 1 243 |
Johan Forssell | 749 | 633 | 4 096 | 288 | 1 670 | –119 | 1 551 |
Heléne Mellquist | 612 | 633 | 4 096 | 288 | 1 533 | –1 | 1 532 |
Anna Ohlsson-Leijon | 612 | 633 | 4 096 | 595 | 1 840 | – | 1 840 |
Gordon Riske | 612 | 633 | 4 096 | 134 | 1 379 | – | 1 379 |
Karin Rådström | 612 | 633 | 4 096 | – | 1 245 | –3 | 1 242 |
| Peter Wallenberg Jr | 612 | 633 | 4 096 | 134 | 1 379 | – | 1 379 |
| Other members of the Board previous year | – | – | – | – | – | 2 | 2 |
Employee representatives (4) ⁴ | 84 | – | – | – | 84 | – | 84 |
Total | 6 393 | 6 381 | 41 299 | 2 041 | 14 815 | –120 | 14 695 |
| 2024 | Value of synthetic | Number of synthetic | Total fees incl. value of | Effect of vesting and | Total expense | ||
Remuneration and other benefits to the Board, KSEK | Fee | shares at grant date | shares at grant date | Other fees ¹ | synthetic shares at grant date | change in stock price ² | recognized ³ |
| Chair: | |||||||
Hans Stråberg | 1 675 | 1 700 | 8 666 | 655 | 4 030 | –243 | 3 787 |
| Other members of the Board: | |||||||
Jumana Al-Sibai | 542 | 550 | 2 804 | – | 1 092 | –195 | 897 |
Johan Forssell | 954 | – | – | 366 | 1 320 | 117 | 1 437 |
Heléne Mellquist | 542 | 550 | 2 804 | 210 | 1 302 | –61 | 1 241 |
Anna Ohlsson-Leijon | 542 | 550 | 2 804 | 550 | 1 642 | –68 | 1 574 |
Gordon Riske | 542 | 550 | 2 804 | 224 | 1 316 | –78 | 1 238 |
Karin Rådström ⁴ | 413 | 550 | 2 804 | – | 963 | –195 | 768 |
Peter Wallenberg Jr | 542 | 550 | 2 804 | 224 | 1 316 | –78 | 1 238 |
Other members of the Board previous year | – | – | – | – | – | 134 | 134 |
Employee representatives (4) ⁵ | 116 | – | – | – | 116 | – | 116 |
Total | 5 868 | 5 000 | 25 490 | 2 229 | 13 097 | –667 | 12 430 |
Atlas Copco Group 2025 121
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
4. Employees and personnel expenses, continued
| 2025 | Total, excl. recognized costs | Recognized costs for | Total expense | ||||
Remuneration and other benefits to Group Management, KSEK | Base salary 2 | Variable compensation ³ | Other benefits ⁴ | Pension fees | for share based payments | share based payments ⁵ | recognized |
| President and CEO | |||||||
Vagner Rego ¹ | 17 024 | 2 419 | 179 | 5 880 | 25 502 | 2 834 | 28 336 |
Other members of Group Management (9 positions) | 38 696 | 5 239 | 3 770 | 10 652 | 58 357 | 10 625 | 68 982 |
Total | 55 720 | 7 658 | 3 949 | 16 532 | 83 859 | 13 459 | 97 318 |
Total remuneration and other benefits to the Board and Group Management | 112 013 |
| 2024 | Total, excl. recognized costs | Recognized costs for | Total expense | ||||
Remuneration and other benefits to Group Management, KSEK | Base salary 2 | Variable compensation ³ | Other benefits ⁴ | Pension fees | for share based payments | share based payments ⁵ | recognized |
| President and CEO | |||||||
Vagner Rego, from May 1, 2024 ¹ | 10 667 | 7 680 | 169 | 3 733 | 22 249 | 4 362 | 26 611 |
Mats Rahmström, until April 30, 2024 ¹ | 11 538 | 5 040 | 44 | 2 450 | 19 072 | 22 899 | 41 971 |
Other members of Group Management (9 positions) | 42 115 | 16 198 | 6 975 | 10 611 | 75 899 | 17 275 | 93 174 |
Total | 64 320 | 28 918 | 7 188 | 16 794 | 117 220 | 44 536 | 161 756 |
Total remuneration and other benefits to the Board and Group Management | 174 186 |
Atlas Copco Group 2025 122
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
4. Employees and personnel expenses, continued
| Stock options/matchning options as at Dec. 31, 2025 ¹ | ||
| Other members of | ||
Grant Year | President and CEO | Group Management |
2019 | 142 242 | 244 030 |
2020 | – | 16 683 |
2021 | 91 877 | 446 466 |
2022 | 82 872 | 448 600 |
2023 | 95 105 | 502 991 |
2024 | 278 904 | 446 429 |
2025 ² | 30 553 | 53 163 |
Total | 721 553 | 2 158 362 |
Atlas Copco Group 2025 123
FINANCIAL STATEMENTS – NOTES
| Introduction |
| This is Atlas Copco Group |
| The year in review |
| Financials |
| Atlas Copco Group |
| Consolidated income |
| statement |
Consolidated statement of comprehensive income |
| Consolidated balance sheet |
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
Audit fees and other services | 2025 | 2024 |
| Ernst & Young | ||
Audit fee | 125 | 119 |
Audit activities other than the audit assignment | 1 | – |
Other services, tax | 3 | 4 |
Other services, other Other audit firms | 2 | 4 |
Audit fee | 15 | 13 |
Total | 146 | 140 |
Other operating income | 2025 | 2024 |
Commissions received | 33 | 27 |
Income from insurance operations | 166 | 128 |
| Capital gain on sale of property, plant | ||
| and equipment | 113 | 59 |
Exchange-rate differences, net | – | 47 |
Other operating income | 349 | 817 ¹ |
Total | 661 | 1 078 |
Other operating expenses | 2025 | 2024 |
| Capital loss on sale of property, plant | ||
| and equipment | –45 | –64 |
Exchange-rate differences, net | –959 | – |
Other operating expenses | –311 | –470 ¹ |
Total | –1 315 | –534 |
6. Other operating income and expenses, continued
Financial income and expenses | 2025 | 2024 |
| Interest income: | ||
– cash and cash equivalents | 600 | 660 |
| Capital gain: | ||
– other assets | 54 | 3 |
Change in fair value – other assets | 11 | 44 |
Financial income | 665 | 707 |
| Interest expenses: | ||
– borrowings | –802 | –838 |
– derivatives | –9 | –8 |
– pension provisions, net | –49 | –63 |
– deferred considerations | –22 | –9 |
Change in fair value – other liabilities and borrowings | –10 | –3 |
Foreign exchange loss, net | –206 | –151 |
Impairment loss | –10 | –1 |
Financial expenses | –1 108 | –1 073 |
Financial expenses, net | –443 | –366 |
Income tax expense | 2025 | 2024 |
Current taxes | –7 602 | –8 880 |
Deferred taxes | 356 | 874 |
Total | –7 246 | –8 006 |
2025 | 2024 | |
Profit before tax | 33 671 | 37 800 |
Weighted average tax based on national rates | –7 504 | –8 071 |
in % | 22.3 | 21.4 |
| Tax effect of: | ||
– non-deductible expenses | –263 | –346 |
– withholding and other taxes on dividends | –260 | –610 |
– tax-exempt income | 1 024 | 1 179 |
| Adjustments from prior years: | ||
– current taxes | –61 | 56 |
– deferred taxes | –18 | –7 |
Effects of tax losses/credits utilized | –9 | 6 |
Change in tax rate, deferred tax | 210 | –53 |
Tax losses not recognized | –167 | –31 |
Other items | –198 | –129 |
Income tax expense | –7 246 | –8 006 |
Effective tax in % | 21.5 | 21.2 |
Atlas Copco Group 2025 124
FINANCIAL STATEMENTS – NOTES
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
8. Taxes, continued
Change in deferred taxes | 2025 | 2024 |
Opening balance net, Jan. 1 | –41 | –33 |
Business acquisitions | –557 | –907 |
Charges to profit for the year | 356 | 874 |
Tax on amounts recorded to other comprehensive income | –450 | 142 |
| Tax related to equity settled share-based | ||
| payment | –26 | –21 |
Translation differences | 35 | –96 |
Closing balance net, Dec. 31 | –683 | –41 |
Deferred tax assets and liabilities | 2025 | 2024 | ||||
Assets | Liabilities | Net balance | Assets | Liabilities | Net balance | |
Intangible assets | 1 173 | 5 610 | –4 437 | 973 | 6 044 | –5 071 |
Property, plant and equipment 1 | 373 | 1 722 | –1 349 | 380 | 1 683 | –1 303 |
Other financial assets | 4 | 194 | –190 | 19 | 189 | –170 |
Inventories | 2 474 | 47 | 2 427 | 3 072 | 55 | 3 017 |
Current receivables | 296 | 200 | 96 | 295 | 320 | –25 |
Operating liabilities | 1 024 | 84 | 940 | 1 113 | 70 | 1 043 |
Provisions | 578 | 11 | 567 | 531 | 12 | 519 |
Post-employment benefits | 284 | 14 | 270 | 542 | 37 | 505 |
Borrowings ¹ | 1 113 | 17 | 1 096 | 1 355 | 16 | 1 339 |
Loss/credit carry-forwards | 492 | – | 492 | 673 | – | 673 |
Other items ² | 29 | 624 | –595 | 3 | 571 | –568 |
Deferred tax assets/liabilities | 7 840 | 8 523 | –683 | 8 956 | 8 997 | –41 |
Netting of assets/liabilities | –5 583 | –5 583 | – | –6 381 | –6 381 | – |
Net deferred tax balances | 2 257 | 2 940 | –683 | 2 575 | 2 616 | –41 |
2025 | 2024 | |
Expires after 1–2 years | 6 | 2 |
Expires after 3–4 years | 20 | 1 |
Expires after 5–6 years | 76 | 22 |
No expiry date | 1 817 | 1 716 |
Total | 1 919 | 1 741 |
2025 | 2024 | |
Intangible assets | 791 | 533 |
Property, plant and equipment | –28 | –94 |
Other financial assets | –25 | 1 |
Inventories | –398 | 78 |
Current receivables | 84 | 23 |
Operating liabilities | –18 | 89 |
Provisions | 114 | –31 |
Post-employment benefits | –106 | –44 |
Borrowings | 126 | 133 |
Other items | –29 | 40 |
Changes due to temporary differences | 511 | 728 |
Loss/credit carry-forwards | –155 | 146 |
Charges to profit for the year | 356 | 874 |
Atlas Copco Group 2025 125
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 126
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
9. Other comprehensive income
Other comprehensive income for the year: | 2025 | 2024 | ||||
Before tax | Tax | After tax | Before tax | Tax | After tax | |
| Attributable to owners of the parent | ||||||
| Items that will not be reclassified to profit or loss | ||||||
| Remeasurements of defined benefit plans | 333 | –99 | 234 | 218 | –57 | 161 |
| Items that may be reclassified subsequently to profit or loss | ||||||
| Translation differences: | ||||||
– on foreign operations | –15 855 | –126 | –15 981 | 6 555 | 79 | 6 634 |
Hedge of net investments in foreign operations | 974 | –201 | 773 | –603 | 124 | –479 |
Total other comprehensive income | –14 548 | –426 | –14 974 | 6 170 | 146 | 6 316 |
| Attributable to non-controlling interests | ||||||
Translation differences on foreign operations | –10 | – | –10 | 3 | – | 3 |
Total other comprehensive income | –14 558 | –426 | –14 984 | 6 173 | 146 | 6 319 |
10. Earnings per share
Amounts in SEK | Basic earnings per share | Diluted earnings per share | ||
2025 | 2024 | 2025 | 2024 | |
Earnings per share | 5.43 | 6.11 | 5.42 | 6.10 |
The calculation of earnings per share presented above is based on profits and number of shares as detailed below.
Profit for the year attributable to owners of the parent | 2025 | 2024 |
Profit for the year | 26 420 | 29 782 |
| Average number of shares outstanding | 2025 | 2024 |
Basic weighted average number of shares outstanding | 4 868 825 033 | 4 873 635 218 |
Effect of employee stock options | 4 186 021 | 8 018 677 |
Diluted weighted average number of shares outstanding | 4 873 011 054 | 4 881 653 895 |
Potentially dilutive instruments
As of December 31, 2025, Atlas Copco Group had seven outstanding
employee stock option programs. For the 2020 program, no options were
issued as the EVA target for the Group was not met. The exercise price
including adjustment for remaining vesting costs for the 2023, 2024 and
2025 programs exceeded the average share price for series A shares,
SEK 162.54 per share. These programs are therefore considered anti-dilutive
and are not included in the calculation of diluted earnings per share. If the
average share price after adjustment with above, exceeds the strike price in
the future, these options will be dilutive, which is the case for the 2019, 2021
and 2022 programs.
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 127
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
2025 | 2024 | |||
Trademarks | Goodwill | Trademarks | Goodwill | |
Compressor Technique | – | 8 568 | – | 8 149 |
Vacuum Technique | 2 704 | 14 452 | 3 146 | 16 380 |
Industrial Technique | – | 14 685 | – | 15 990 |
Power Technique | – | 13 535 | – | 11 287 |
Total | 2 704 | 51 240 | 3 146 | 51 806 |
2025 | 2024 | |||||
Internally generated | Acquired | Total | Internally generated | Acquired | Total | |
Cost of sales | 15 | 28 | 43 | 20 | 24 | 44 |
Marketing expenses | 21 | 1 693 | 1 714 | 26 | 1 596 | 1 622 |
Administrative expenses | 95 | 94 | 189 | 108 | 72 | 180 |
Research and development expenses | 1 095 | 791 | 1 886 | 994 | 776 | 1 770 |
Total | 1 226 | 2 606 | 3 832 | 1 148 | 2 468 | 3 616 |
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 128
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
11. Intangible assets, continued
Internally generated intangible assets | Acquired intangible assets | |||||||
| Product | Other technology | Product | Marketing and | Other technology | ||||
| 2025 | development | and contract based | development | Trademarks | customer related | and contract based | Goodwill | Total |
| Cost | ||||||||
Opening balance, Jan. 1 | 10 375 | 2 429 | 59 | 6 810 | 19 037 | 12 895 | 51 849 | 103 454 |
Investments | 1 322 | 312 | – | – | – | 269 | – | 1 903 |
Business acquisitions | – | – | – | 588 | 3 452 | 1 039 | 5 074 | 10 153 |
Disposals | –501 | –39 | –19 | –1 | –146 | –100 | – | –806 |
Reclassifications | –1 | 1 | – | – | – | –38 | – | –38 |
| Translation differences | –725 | –164 | –3 | –796 | –2 140 | –1 487 | –5 644 | –10 959 |
Closing balance, Dec. 31 | 10 470 | 2 539 | 37 | 6 601 | 20 203 | 12 578 | 51 279 | 103 707 |
| Amortization and impairment losses | ||||||||
Opening balance, Jan. 1 | 6 035 | 1 352 | 44 | 2 199 | 9 821 | 6 853 | 43 | 26 347 |
Amortization for the period | 937 | 131 | 2 | 214 | 1 463 | 913 | – | 3 660 |
Impairment charge for the period | 158 | – | – | – | – | 14 | – | 172 |
Disposals | –499 | –38 | –19 | –1 | –146 | –100 | – | –803 |
Reclassifications | – | –1 | – | – | – | –13 | – | –14 |
Translation differences | –394 | –94 | –3 | –217 | –1 228 | –793 | –4 | –2 733 |
Closing balance, Dec. 31 | 6 237 | 1 350 | 24 | 2 195 | 9 910 | 6 874 | 39 | 26 629 |
Carrying amounts at Jan. 1 | 4 340 | 1 077 | 15 | 4 611 | 9 216 | 6 042 | 51 806 | 77 107 |
Carrying amounts at Dec. 31 | 4 233 | 1 189 | 13 | 4 406 | 10 293 | 5 704 | 51 240 | 77 078 |
Internally generated intangible assets | Acquired intangible assets | |||||||
| Product | Other technology | Product | Marketing and | Other technology | ||||
| 2024 | development | and contract based | development | Trademarks | customer related | and contract based | Goodwill | Total |
| Cost | ||||||||
Opening balance, Jan. 1 | 8 852 | 2 003 | 672 | 6 156 | 15 292 | 10 872 | 45 400 | 89 247 |
Investments | 1 264 | 370 | – | – | – | 154 | – | 1 788 |
Business acquisitions | – | – | 6 | 251 | 2 765 | 701 | 3 662 | 7 385 |
Disposals | –241 | –40 | – | – | –10 | –42 | – | –335 |
Reclassifications | 210 | 15 | –655 | – | – | 463 | – | 33 |
Translation differences | 290 | 81 | 36 | 403 | 990 | 747 | 2 787 | 5 336 |
Closing balance, Dec. 31 | 10 375 | 2 429 | 59 | 6 810 | 19 037 | 12 895 | 51 849 | 103 454 |
| Amortization and impairment losses | ||||||||
Opening balance, Jan. 1 | 5 031 | 1 186 | 115 | 1 870 | 7 893 | 5 612 | 39 | 21 746 |
Amortization for the period | 889 | 145 | 1 | 227 | 1 357 | 879 | – | 3 498 |
Impairment charge for the period | 105 | 9 | 4 | – | – | – | – | 118 |
Disposals | –241 | –40 | – | – | –10 | –42 | – | –333 |
Reclassifications | 86 | – | –83 | – | – | 6 | – | 9 |
Translation differences | 165 | 52 | 7 | 102 | 581 | 398 | 4 | 1 309 |
Closing balance, Dec. 31 | 6 035 | 1 352 | 44 | 2 199 | 9 821 | 6 853 | 43 | 26 347 |
Carrying amounts at Jan. 1 | 3 821 | 817 | 557 | 4 286 | 7 399 | 5 260 | 45 361 | 67 501 |
Carrying amounts at Dec. 31 | 4 340 | 1 077 | 15 | 4 611 | 9 216 | 6 042 | 51 806 | 77 107 |
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 129
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
2025 | Buildings and land | Machinery and equipment | Construction in progress and advances | Total | Rental equipment |
| Cost | |||||
Opening balance, Jan. 1 | 11 237 | 20 727 | 3 229 | 35 193 | 11 288 |
Investments | 250 | 886 | 3 150 | 4 286 | 2 033 |
Business acquisitions | 498 | 369 | 6 | 873 | 2 021 |
Disposals | –176 | –990 | –2 | –1 168 | –881 |
Reclassifications ¹ | 787 | 1 414 | –2 839 | –638 | –124 |
Translation differences | –1 173 | –2 038 | –419 | –3 630 | –1 344 |
Closing balance, Dec. 31 | 11 423 | 20 368 | 3 125 | 34 916 | 12 993 |
| Depreciation and impairment losses | |||||
Opening balance, Jan. 1 | 4 021 | 13 427 | – | 17 448 | 5 341 |
Depreciation for the period | 422 | 1 862 | – | 2 284 | 1 344 |
Impairment charge for the period | 32 | 18 | 29 | 79 | – |
Disposals | –133 | –933 | – | –1 066 | –799 |
Reclassifications ¹ | –194 | –309 | – | –503 | –86 |
Translation differences | –381 | –1 292 | –2 | –1 675 | –618 |
Closing balance, Dec. 31 | 3 767 | 12 773 | 27 | 16 567 | 5 182 |
Carrying amounts at Jan. 1 | 7 216 | 7 300 | 3 229 | 17 745 | 5 947 |
Carrying amounts at Dec. 31 | 7 656 | 7 595 | 3 098 | 18 349 | 7 811 |
2024 | Buildings and land | Machinery and equipment | Construction in progress and advances | Total | Rental equipment |
| Cost | |||||
Opening balance, Jan. 1 | 8 964 | 17 864 | 2 796 | 29 624 | 9 229 |
Investments | 94 | 1 074 | 3 071 | 4 239 | 2 525 |
Business acquisitions | 355 | 554 | 37 | 946 | 106 |
Disposals | –145 | –728 | –2 | –875 | –833 |
Reclassifications | 1 568 | 1 248 | –2 796 | 20 | –91 |
Translation differences | 401 | 715 | 123 | 1 239 | 352 |
Closing balance, Dec. 31 | 11 237 | 20 727 | 3 229 | 35 193 | 11 288 |
| Depreciation and impairment losses | |||||
Opening balance, Jan. 1 | 3 529 | 11 732 | 5 | 15 266 | 4 884 |
Depreciation for the period | 399 | 1 840 | – | 2 239 | 1 098 |
Impairment charge for the period | 2 | 8 | –5 | 5 | – |
Disposals | –91 | –673 | – | –764 | –765 |
Reclassifications | 4 | 32 | – | 36 | –79 |
Translation differences | 178 | 488 | – | 666 | 203 |
Closing balance, Dec. 31 | 4 021 | 13 427 | – | 17 448 | 5 341 |
Carrying amounts at Jan. 1 | 5 435 | 6 132 | 2 791 | 14 358 | 4 345 |
Carrying amounts at Dec. 31 | 7 216 | 7 300 | 3 229 | 17 745 | 5 947 |
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 130
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
Accumulated capital participation | 2025 | 2024 |
Opening balance, Jan. 1 | 840 | 854 |
Acquisitions of associated companies | 2 | – |
Dividends | –50 | –44 |
Profit for the year after income tax | 28 | 45 |
Translation differences | –125 | –15 |
Closing balance, Dec. 31 | 695 | 840 |
| 2025 | ||||||||
| Summary of financial information for associated | Profit for | Group’s | Carrying | |||||
companies and joint ventures | Country | Assets ¹ | Liabilities ¹ | Equity ¹ | Revenues ¹ | the year ¹ | share, % ² | value Dec. 31 |
| Associated companies | ||||||||
Qingdao Qianshao Pneumatic Tool Manufacturing Tech Ltd. | China | 58 | 30 | 28 | 55 | 1 | 25 | 0 |
Reintube S.L. | Spain | 12 | 8 | 4 | 17 | 0 | 47 | 0 |
SUTO iTEC (Thailand) Co. Ltd. | Thailand | 4 | 1 | 3 | 1³ | 1³ | 49 | 2 |
| Joint ventures | ||||||||
Toku-Hanbai Group | Japan | 359 | 136 | 223 | 755 | 22 | 50 | 111 |
Ulvac Cryogenics Inc. | Japan | 879 | 293 | 586 | 589 | 53 | 50 | 582 |
Total | 695 |
| 2024 | ||||||||
| Summary of financial information for associated | Profit for | Group’s | Carrying | |||||
companies and joint ventures | Country | Assets ¹ | Liabilities ¹ | Equity ¹ | Revenues ¹ | the year ¹ | share, % ² | value Dec. 31 |
| Associated companies | ||||||||
Qingdao Qianshao Pneumatic Tool Manufacturing Tech Ltd. | China | 81 | 35 | 46 | 60 | 2 | 25 | 12 |
Reintube S.L. | Spain | 10 | 5 | 5 | 14 | 0 | 47 | 0 |
| Joint ventures | ||||||||
Toku-Hanbai Group | Japan | 392 | 149 | 243 | 723 | –9 | 50 | 122 |
Ulvac Cryogenics Inc. | Japan | 1 097 | 368 | 729 | 792 | 98 | 50 | 706 |
Total | 840 |
2025 | 2024 | |
| Non-current | ||
Pension and other similar benefit assets (note 23) | 1 491 | 1 432 |
Derivatives at fair value through profit or loss | 85 | 2 |
Financial assets at fair value through OCI | 1 | 1 |
Financial assets at fair value through profit or loss | 33 | 66 |
| Financial assets measured at amortized cost: | ||
– lease receivables | 34 | 56 |
– other financial receivables | 241 | 106 |
Closing balance, Dec. 31 | 1 885 | 1 663 |
| Current | ||
Financial assets at fair value through profit or loss | 400 | 360 |
| Financial assets measured at amortized cost: | ||
– lease receivables | 13 | 17 |
– other financial receivables | 193 | 57 |
Closing balance, Dec. 31 | 606 | 434 |
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 131
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
2025 | 2024 | |
Raw materials | 4 412 | 4 896 |
Work in progress | 5 909 | 7 464 |
Semi-finished goods | 7 138 | 7 342 |
Finished goods | 9 200 | 9 310 |
Closing balance, Dec. 31 | 26 659 | 29 012 |
Expected credit losses | 2025 | 2024 |
Opening balance, Jan. 1 | 1 296 | 1 078 |
Business acquisitions and divestments | 195 | 26 |
Provisions recognized for potential losses | 464 | 547 |
Amounts used for established losses | –198 | –174 |
Release of unnecessary provisions | –313 | –240 |
Translation differences | –151 | 59 |
Closing balance, Dec. 31 | 1 293 | 1 296 |
2025 | 2024 | |
| Derivatives: | ||
– at fair value through profit or loss | 33 | 76 |
| Financial assets measured at amortized cost: | ||
– other receivables | 3 867 | 4 514 |
– contract assets | 6 061 | 6 218 |
Prepaid expenses | 1 693 | 1 514 |
Closing balance, Dec. 31 | 11 654 | 12 322 |
2025 | 2024 | |
Cash | 6 506 | 7 100 |
Cash equivalents | 9 017 | 11 868 |
Closing balance, Dec. 31 | 15 523 | 18 968 |
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 132
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
2025 | 2024 | |||||
Shares outstanding | A shares | B shares | Total | A shares | B shares | Total |
Opening balance, Jan. 1 | 3 357 576 384 | 1 560 876 032 | 4 918 452 416 | 3 357 576 384 | 1 560 876 032 | 4 918 452 416 |
Total number of shares, Dec. 31 | 3 357 576 384 | 1 560 876 032 | 4 918 452 416 | 3 357 576 384 | 1 560 876 032 | 4 918 452 416 |
– of which held by Atlas Copco | –47 864 891 | – | –47 864 891 | –47 838 434 | – | –47 838 434 |
Total shares outstanding, Dec. 31 | 3 309 711 493 | 1 560 876 032 | 4 870 587 525 | 3 309 737 950 | 1 560 876 032 | 4 870 613 982 |
Number of shares held by Atlas Copco | Cost value affecting equity | |||||||
Repurchases/Divestment of shares | 2025 | AGM mandate 2025, Apr.–Dec. | AGM mandate 2024, Jan.–Mar. | 2024 | AGM mandate 2024, Apr.–Dec. | AGM mandate 2023, Jan.–Mar. | 2025 | 2024 |
Opening balance, Jan. 1 | 47 838 434 | 47 893 133 | 4 855 | 4 427 | ||||
Repurchase of A shares | 5 030 000 | – | 5 030 000 | 5 030 000 | 5 030 000 | – | 938 | 898 |
Divestment of A shares | –5 003 543 | –2 620 181 | –2 383 362 | –5 084 699 | –2 774 958 | –2 309 741 | –543 | –470 |
Closing balance, Dec. 31 | 47 864 891 | 47 838 434 | 5 250 | 4 855 | ||||
Percentage of shares outstanding | 1% | 1% |
Retained earnings including reserve for fair value | 147 880 754 770 |
Profit for the year | 12 549 489 923 |
| 160 430 244 693 | |
| The Board of Directors proposes that these earnings | |
| be appropriated as follows: | |
To the shareholders, a dividend of SEK | 24 352 937 625 |
To be retained in the business | 136 077 307 068 |
Total | 160 430 244 693 |
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 133
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
2025 | 2024 | |||||
| Repurchased | Carrying | Fair | Carrying | Fair | ||
| Maturity | nominal amount | amount | value | amount | value | |
| Non-current | ||||||
Medium Term Note Program MEUR 500 | 2026 | MEUR 182 | 3 432 | 3 396 | 5 731 | 5 550 |
Medium Term Note Program MEUR 300 | 2029 | 3 229 | 2 948 | 3 425 | 3 052 | |
Medium Term Note Program MEUR 500 | 2032 | 5 360 | 4 689 | 5 685 | 4 917 | |
Medium Term Note Program MEUR 300 | 2035 | 3 143 | 3 227 | – | – | |
Bilateral borrowings EIB MEUR 200 | 2027 | 2 160 | 2 099 | 2 293 | 2 185 | |
Bilateral borrowings EIB MEUR 100 | 2028 | 1 080 | 1 032 | 1 146 | 1 076 | |
Bilateral borrowings EIB MEUR 415 | 2030 | 4 481 | 4 576 | 4 758 | 4 869 | |
Bilateral borrowings EIB MEUR 60 | 2030 | 648 | 662 | 688 | 704 | |
Bilateral borrowings NIB MEUR 183 | 2031 | 1 976 | 2 001 | 2 098 | 2 117 | |
Other bank loans | 918 | 847 | 696 | 703 | ||
| Less current portion of long-term | ||||||
| borrowings | –3 675 | –3 640 | –280 | –280 | ||
Total non-current bonds and loans | 22 752 | 21 837 | 26 240 | 24 893 | ||
Lease liabilities | 5 607 | 5 607 | 5 392 | 5 392 | ||
Other financial liabilities | 69 | 69 | 56 | 56 | ||
Total non-current borrowings | 28 428 | 27 513 | 31 688 | 30 341 | ||
| Current | ||||||
Current portion of long-term borrowings | 3 675 | 3 640 | 280 | 280 | ||
Short-term loans | 1 028 | 1 028 | 1 034 | 1 034 | ||
Lease liabilities | 1 768 | 1768 | 1 762 | 1 762 | ||
Total current borrowings | 6 471 | 6 436 | 3 076 | 3 076 | ||
Closing balance, Dec. 31 | 34 899 | 33 949 | 34 764 | 33 417 |
Credit facilities | Nominal amount | Maturity | Utilized | |
| Commercial papers ¹ | ² | MSEK 10 000 | – | – |
Credit-line | MEUR 640 | 2032 | – | |
Credit-line | MEUR 1 000 | 2030 | – | |
Equivalent in MSEK | 27 709 |
2025 | 2024 | |||||
Currency | Local currency (millions) | MSEK | % | Local currency (millions) | MSEK | % |
EUR | 2 628 | 28 377 | 81 | 2 498 | 28 643 | 82 |
SEK | 588 | 588 | 2 | 607 | 607 | 2 |
USD | 218 | 1 999 | 6 | 202 | 2 222 | 6 |
Others | 3 935 | 11 | – | 3 292 | 10 | |
Total | 34 899 | 100 | 34 764 | 100 |
Maturity | Fixed | Floating ¹ | Carrying amount | Fair value |
2026 | 6 337 | 134 | 6 471 | 6 436 |
2027 | 3 953 | 2 | 3 955 | 3 894 |
2028 | 2 356 | 1 | 2 357 | 2 314 |
2029 | 4 033 | – | 4 033 | 3 752 |
2030 | 551 | 5 129 | 5 680 | 5 789 |
2031 | 426 | 1 976 | 2 402 | 2 427 |
2032 | 5 696 | – | 5 696 | 5 025 |
2033 | 260 | – | 260 | 260 |
2034 and after | 4 045 | – | 4 045 | 4 052 |
Total | 27 657 | 7 242 | 34 899 | 33 949 |
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 134
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
21. Borrowings and trade payables, continued
2025 | Cash changes | Non cash changes | ||||||||
| Reconciliation of liabilities from | Opening | Financing | Lease | Lease | Business acquisitions | Change in fair value | Change in fair value | Closing balance, | ||
| financing activities | balance, Jan. 1 | cash flows | additions | deductions | and divestments | through P/L | through equity | FX change | Reclassi fica tion | Dec. 31 |
| Non-current | ||||||||||
Non-current bonds and loans | 26 240 | 2 373 | – | – | 1 177 | –64 | –850 | –596 | –5 528 | 22 752 |
Lease liabilities | 5 392 | – | 1 548 | –93 | 495 | 76 | – | –605 | –1 206 | 5 607 |
Other financial liabilities | 56 | –1 | – | – | 22 | 1 | – | –4 | –5 | 69 |
Total non-current liabilities | 31 668 | 2 372 | 1 548 | –93 | 1 694 | 13 | –850 | –1205 | – 6 739 | 28 428 |
| Current | ||||||||||
Current portion of long-term borrowings | 280 | –1 960 | – | – | 13 | –41 | –123 | –22 | 5 528 | 3 675 |
Short-term loans | 1 025 | 2 | – | – | 112 | 1 | – | –117 | 5 | 1 028 |
Lease liabilities | 1 762 | –2 213 ¹ | 1 089 | –107 | 43 | 185 | – | –197 | 1 206 | 1 768 |
Total current liabilities | 3 067 | –4 171 | 1 089 | –107 | 168 | 145 | –123 | –336 | 6 739 | 6 471 |
Total | 34 775 | –1 799 | 2 637 | –200 | 1 862 | 158 | –973 | –1 541 | – | 34 899 |
2024 | Cash changes | Non cash changes | ||||||||
| Reconciliation of liabilities from | Opening | Financing | Lease | Lease | Business acquisitions | Change in fair value | Change in fair value | Closing balance, | ||
| financing activities | balance, Jan. 1 | cash flows | additions | deductions | and divestments | through P/L | through equity | FX change | Reclassi fica tion | Dec. 31 |
| Non-current | ||||||||||
Non-current bonds and loans | 25 598 | –242 | – | – | 175 | 11 | 603 | 353 | –258 | 26 240 |
Lease liabilities | 4 251 | – | 1 801 | –98 | 219 | 69 | – | 219 | –1 069 | 5 392 |
Other financial liabilities | 118 | –21 | – | – | 2 | 2 | – | 3 | –48 | 56 |
Total non-current liabilities | 29 967 | –263 | 1 801 | –98 | 396 | 82 | 603 | 575 | –1 375 | 31 688 |
| Current | ||||||||||
Current portion of long-term borrowings | 164 | –404 | – | – | 253 | – | – | 9 | 258 | 280 |
Short-term loans | 1 055 | –253 | – | – | 119 | 5 | – | 51 | 48 | 1 025 |
Lease liabilities | 1 491 | –2 030 ¹ | 1 040 | –93 | 52 | 162 | – | 71 | 1 069 | 1 762 |
Total current liabilities | 2 710 | –2 687 | 1 040 | –93 | 424 | 167 | – | 131 | 1 375 | 3 067 |
Total | 32 677 | –2 950 | 2 841 | –191 | 820 | 249 | 603 | 706 | – | 34 755 |
| Total outstanding supply chain | ||
financing at the end of the year: | 2025 | 2024 |
| Presented within short-term | ||
| borrowings | 383 | 445 |
| – of which suppliers have received | ||
| payment | 325 | 416 |
Presented within trade payables | 3 111 | 3 235 |
| – of which suppliers have received | ||
| payment | 2 509 | 2 840 |
| Average range of payment due | ||
dates in days | 2025 | 2024 |
Short-term borrowings that are part of the arrangement | 240–300 | 240–300 |
| Comparable short-term | ||
borrowings that are not part of an arrangement | 1–60 | 1–60 |
Trade payables that are part of the arrangement | 60–120 | 60–120 |
Comparable trade payables that are not part of an arrangement | 1–60 | 1–60 |
| Changes in supply chain financing | ||
during the year: | 2025 | 2024 |
Opening balance, Jan. 1 | 3 680 | 4 925 |
Cash changes during the year | –3 907 | –2 517 |
Non cash changes during the year ¹ | 3 965 | 1 112 |
Translation differences | –245 | 160 |
Closing balance, Dec. 31 | 3 493 | 3 680 |
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 135
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
Right-of-use assets, 2025 | Buildings and land | Machinery and equipment | Rental equipment | Total |
| Cost | ||||
Opening balance, Jan. 1 | 9 353 | 3 302 | 4 | 12 659 |
Additions | 1 594 | 1 049 | – | 2 643 |
Business acquisitions | 581 | 7 | – | 588 |
Deductions | –590 | –615 | – | –1 205 |
Reclassifications | 1 | –21 | – | –20 |
Translation differences | –1 065 | –334 | – | –1 399 |
Closing balance, Dec. 31 | 9 874 | 3 388 | 4 | 13 266 |
| Depreciation and impairment losses | ||||
Opening balance, Jan. 1 | 4 039 | 1 484 | 3 | 5 526 |
Depreciation and impairment for the period | 1 183 | 835 | – | 2 018 |
Deductions | –461 | –550 | – | –1 011 |
Reclassifications | 1 | –6 | – | –5 |
Translation differences | –458 | –150 | 1 | –607 |
Closing balance, Dec. 31 | 4 304 | 1 613 | 4 | 5 921 |
Carrying amounts, Jan. 1 | 5 314 | 1 818 | 1 | 7 133 |
Carrying amounts, Dec. 31 | 5 570 | 1 775 | – | 7 345 |
Right-of-use assets, 2024 | Buildings and land | Machinery and equipment | Rental equipment | Total |
| Cost | ||||
Opening balance, Jan. 1 | 7 563 | 2 496 | 10 | 10 069 |
Additions | 1 644 | 1 208 | – | 2 852 |
Business acquisitions | 249 | 22 | – | 271 |
Deductions | –447 | –543 | –11 | –1 001 |
Reclassifications | –34 | –6 | 5 | –35 |
Translation differences | 378 | 125 | – | 503 |
Closing balance, Dec. 31 | 9 353 | 3 302 | 4 | 12 659 |
| Depreciation and impairment losses | ||||
Opening balance, Jan. 1 | 3 102 | 1 197 | 7 | 4 306 |
Depreciation and impairment for the period | 1 133 | 720 | 2 | 1 855 |
Deductions | –315 | –486 | –11 | –812 |
Reclassifications | –31 | –6 | 5 | –32 |
Translation differences | 150 | 59 | – | 209 |
Closing balance, Dec. 31 | 4 039 | 1 484 | 3 | 5 526 |
Carrying amounts, Jan. 1 | 4 461 | 1 299 | 3 | 5 763 |
Carrying amounts, Dec. 31 | 5 314 | 1 818 | 1 | 7 133 |
Leasing in income statement | 2025 | 2024 |
| Depreciation and impairment expense on | ||
| right-of-use assets | –2 018 | –1 855 |
Interest expense on lease liabilities | –263 | –233 |
Expense relating to leases of low value assets | –87 | –92 |
Expense relating to short-term leases | –155 | –164 |
Expense relating to variable lease payments | –17 | –18 |
Income from subleasing right-of-use assets | 3 | 2 |
Total amount recognized in profit or loss | –2 537 | –2 360 |
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 136
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
22. Leases, continued
Group as a lessor
As a lessor, the Group has finance and operating lease contracts, see note 1 for further information.
Finance leases – lessor
Atlas Copco Group has equipment which is leased to customers under finance leases. Future payments to be received fall due as follows:
2025 | 2024 | |||
| Present value of | Present value of | |||
| Gross investment | minimum lease payments | Gross investment | minimum lease payments | |
Less than one year | 14 | 13 | 20 | 17 |
Between one and five years | 34 | 29 | 50 | 41 |
More than five years | 2 | 2 | 10 | 8 |
Total | 50 | 44 | 80 | 66 |
Unearned finance income | – | 3 | – | 7 |
Unguaranteed residual value | – | 3 | – | 7 |
Total | 50 | 50 | 80 | 80 |
Operating leases – lessor
Atlas Copco Group has equipment which is leased to customers under operating leases. Future payments for non-cancellable operating
leasing contracts fall due as follows:
2025 | 2024 | |
Less than one year | 80 | 115 |
Between one and five years | 118 | 177 |
More than five years | 8 | 18 |
Total | 206 | 310 |
No contingent rent have been recognized as income in 2025 or 2024.
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 137
2025 | 2024 | |
Financial assets (note 14) | –1 491 | –1 432 |
Post-employment benefits | 1 883 | 2 740 |
Other provisions (note 25) | 408 | 151 |
Closing balance, net | 800 | 1 459 |
| Post-employment benefits | |||||
2025 | Funded pension plans | Unfunded pension plans | Other funded plans | Other unfunded plans | Total |
Present value of defined benefit obligations | 7 986 | 976 | 88 | 553 | 9 603 |
Fair value of plan assets | –8 884 | – | –107 | – | –8 991 |
Present value of net obligations | –898 | 976 | –19 | 553 | 612 |
Effect of asset ceiling | 147 | – | – | – | 147 |
Other long-term service obligations | – | – | 41 | – | 41 |
Net amount recognized in the balance sheet | –751 | 976 | 22 | 553 | 800 |
| Post-employment benefits | |||||
2024 | Funded pension plans | Unfunded pension plans | Other funded plans | Other unfunded plans | Total |
Present value of defined benefit obligations | 8 996 | 1 463 | 93 | 331 | 10 883 |
Fair value of plan assets | –9 507 | – | –119 | – | –9 626 |
Present value of net obligations | –511 | 1 463 | –26 | 331 | 1 257 |
Effect of asset ceiling | 164 | – | – | – | 164 |
Other long-term service obligations | – | – | 38 | – | 38 |
Net amount recognized in the balance sheet | –347 | 1 463 | 12 | 331 | 1 459 |
| Plan assets consist of | 2025 | |||
| the following: | ||||
Quoted market price | Unquoted market price | Total | 2024 | |
Debt instruments | 1 330 | 304 | 1 634 | 1 634 |
Equity instruments | 926 | 327 | 1 253 | 1 224 |
Property | 1 173 | 373 | 1 546 | 1 726 |
Assets held by insurance companies | 113 | 1 403 | 1 516 | 1 907 |
Cash | 719 | – | 719 | 696 |
Investment funds | 667 | 907 | 1 574 | 1 493 |
Derivatives | 415 | –3 | 412 | 513 |
Others | 32 | 305 | 337 | 433 |
Closing balance, Dec. 31 | 5 375 | 3 616 | 8 991 | 9 626 |
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 138
23. Employee benefits, continued
Movements in plan assets | 2025 | 2024 |
Fair value of plan assets at Jan. 1 | 9 626 | 8 675 |
Business acquisitions | 46 | 4 |
Interest income | 330 | 327 |
Remeasurement – return on plan assets | –127 | 398 |
Settlements | –27 | –9 |
Employer contributions | 229 | 213 |
Plan members contributions | 20 | 21 |
| Administrative expenses | –9 | –18 |
Benefit paid by the plan | –394 | –366 |
Translation differences | –703 | 381 |
Fair value of plan assets, Dec. 31 | 8 991 | 9 626 |
| The plan assets are allocated among the | ||
following geographic areas: | 2025 | 2024 |
Europe | 7 907 | 8 356 |
North America | 536 | 668 |
Asia | 548 | 602 |
Total | 8 991 | 9 626 |
Asset ceiling | 2025 | 2024 |
Asset ceiling at Jan. 1 | 164 | 101 |
Interests | 1 | 2 |
Remeasurements – asset ceiling | –11 | 58 |
Translation differences | –7 | 3 |
Asset ceiling, Dec. 31 | 147 | 164 |
| Movements in present value of the obligations | ||
for defined benefits | 2025 | 2024 |
Defined benefit obligations at Jan. 1 | 10 883 | 10 119 |
Current service cost | 375 | 359 |
Past service cost | –76 | 25 |
Interest expense (+) | 379 | 388 |
Actuarial gains (–) / losses (+) arising from experience adjustments | 73 | 274 |
Actuarial gains (–) / losses (+) arising from financial assumptions | –536 | –116 |
Actuarial gains (–) / losses (+) arising from demographic assumptions | 14 | –21 |
Business acquisitions | 64 | 102 |
| Settlements | –26 | –9 |
Benefits paid from plan or company assets | –716 | –690 |
Reclassifications | 12 | – |
Translation differences | –843 | 452 |
Defined benefit obligations, Dec. 31 | 9 603 | 10 883 |
Remeasurements recognized in other comprehensive income amounted to
333 (218) and –4 (15) in profit and loss. The Group expects to pay 512 (542) in
contributions to defined benefit plans in 2026.
| The defined benefit obligations are allocated among | ||
the following geographic areas: | 2025 | 2024 |
Europe | 8 007 | 9 036 |
North America | 599 | 748 |
Asia | 841 | 944 |
Rest of the world | 156 | 155 |
Total | 9 603 | 10 883 |
Expenses recognized in the income statement | 2025 | 2024 |
Current service cost | 375 | 359 |
Past service cost | –76 | 25 |
Net interest cost | 49 | 61 |
Employee contribution/ participant contribution | –20 | –21 |
Remeasurement of other long-term benefits | –4 | 14 |
Administrative expenses | 11 | 18 |
Total | 335 | 456 |
The total benefit expense for defined benefit plans amounted to 335 (456),
whereof 286 (395) have been charged to operating expenses and 49 (61) to
financial expenses. Expenses related to defined contribution plans
amounted to 1 520 (1 544).
| Principal actuarial assumptions at the balance sheet | ||
date (expressed as weighted averages in %) | 2025 | 2024 |
| Discount rate | ||
Europe | 4.02 | 3.52 |
North America | 5.29 | 5.41 |
Asia | 4.73 | 4.60 |
| Future salary increases | ||
Europe | 2.59 | 2.66 |
North America | 5.00 | 5.00 |
Asia | 5.86 | 5.91 |
| Medical cost trend rate | ||
North America | 4.50 | 4.50 |
Sensitivity analysis | Europe | North America | Asia |
Change in discount rate +0.5% | –472 | –19 | –37 |
Change in discount rate –0.5% | 517 | 21 | 40 |
Increase in life expectancy, +1 year | 239 | 13 | – |
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 139
23. Employee benefits, continued
Share value based incentive programs
The purpose of the share value based incentive programs is to strengthen
the alignment of interest of the Group’s key employees with those of the
shareholders and thus create an interest in a good value development of the
shares of the Company and to align performance in a manner that enhances
such development. The purpose is also to facilitate recruitment and reten-
tion of key employees with the right mindset and competences.
As described more in detail below, in 2025 the Group has implemented a
performance-based employee stock option plan which is directed at a maxi-
mum 500 key employees. Participation in the plan is based on position, quali-
fication and individual performance and the nominated employees are
divided into four categories, with different amounts of maximum allotment
of options. The allotment of options will take place in March 2026 and varies
linear from zero to 100% depending on the value creation in the Group
during 2025. The exercise price will be determined in February 2026 and
since the exercise price of stock options is set with a premium, there is no
economic value for the key employee unless the shareholder value increases
during the vesting period. Subject to continued employment, the options are
exercisable earliest three years from granting and exercise is only possible
when the market price is higher than the exercise price thus promoting a
focus on the Group’s sustained growth.
Since the Board believes that it is of particular importance to the sharehold-
ers that Group Management and division president have a long-term inter-
est in the good value development of the share of the company, there is a
prerequisite for this group to invest in Atlas Copco AB shares to participate in
the performance-based employee stock option plan. The participation in the
plan corresponds proportionally to the investment made, and is reduced
accordingly in the event of a possible sale before the first possible exercise.
Consequently, and subject to continued employment, there is a prerequisite
for Group Management and division president that decide to participate in
the offered plan to always hold invested shares under three consecutive
plans.
Performance-based employee stock option plan 2018–2024
In 2018–2024, the Annual General Meeting decided on performance-based
employee stock option plans based on a proposal from the Board for the
respective years. The terms and conditions of these plans are similar to the
terms and conditions of the performance-based employee stock option plan
for 2025 in the Group, as described below, but with the addition of matching
options to members of Group Management and division presidents. Group
Management and division presidents who have chosen to invest in Atlas
Copco AB series A shares will get, in addition to the proportional participation
in respective plan, allocation of matching options, corresponding to the
number of shares acquired under each plan. The matching options can be
redeemed no earlier than three years after granting, at an exercise price that
corresponds to 75% of the average of the closing rates on Nasdaq Stockholm
of Atlas Copco AB series A shares during a period of ten business days follow-
ing the date of the publishing of the full year summary respective year, sub-
ject to continued employment and continued ownership of the shares.
The performance criteria of the performance-based employee stock
option plan which expired in 2025 was met at the level of 100%.
Performance-based employee stock option plan 2025
At the Annual General Meeting 2025, it was decided to implement a
performance-based employee stock option plan for 2025, in which matching
options to members of Group management and division presidents were
removed, but otherwise substantially corresponding to the previous stock
option plans approved by the Annual General Meeting. The plan is directed
at a maximum 500 key employees in Atlas Copco Group who will have the
possibility to acquire a maximum of 7 596 360 series A shares in Atlas Copco
AB. The allotment of options is dependent on the value increase of the
Group, measured as Economic Value Added (EVA, defined as the sum of
adjusted operating profit and interest income less tax expenses and cost of
Own investment for Group Management and division presidents
2022 2023 2024 2025 2026 2027 2028
Stock option plan 2025:
Own investment required Exercisable
Stock option plan 2024:
Own investment required Exercisable
Stock option plan 2023:
Own investment required Exercisable
Stock option plan 2022:
Own investment required Exercisable
0
50
100
150
200
250
0
20
40
60
80
100
120
140
160
180
200
Dec. 2023Jan 2016
Jan. 2018 Dec. 2025
Share price development 2018–2025
Performance-based employee stock option plan 2025
Participation in the plan is based on position, qualification and individual performance
Annual General Meeting Information of grant
Group Management´s and division
presidents’ own investments Exercise price set Allotment of options Plan expires
Vesting period Performance stock options and matching options exercisable
January 2025 April 2025 May 2025 June 2025 December 2025 February 2026 March 2026 May 1, 2028 April 30, 2032
Value creation in the Group, measured as Economic Value Added (EVA) Stock options are allotted at a premium after the performance
period. There is no economic value for the employee unless the
shareholder value increases during the vesting period.
Exercise is only possible when market price of series A share is
higher than the exercise price thus promoting a focus on the
Group´s sustained growth.
The performance period is in reality extended
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 140
2025 | Program | 2024 | Program | ||
| Key assumptions | (Dec. 31, 2025) | (at date of allotment) | |||
Expected exercise price | SEK 183 | SEK 203/138 ¹ ² | |||
Expected volatility | 30% | 30% | |||
Expected options life (years) | 4.3 | 4.1 | |||
Expected share price | SEK 166.05 | SEK 138.91 | |||
Expected dividend (growth) | SEK 3.18 | (6%) | SEK 3.0 | (6%) | |
Risk free interest rate | 2.3% | 1.9% | |||
Expected average grant value | SEK 32.49 | SEK 18.69/36.66 | |||
Maximum number of options | 7 596 360 | 7 909 235 | |||
– of which forfeited ³ | –6 849 739 | –90 335 | |||
Number of matching options | – | 79 888 | |||
23. Employee benefits, continued
For the stock options in the 2019–2025 programs, the fair value is recognized
as an expense over the following vesting periods:
Program | Vesting period | Exercise period | ||
Stock options | From | To | From | To |
2019 | May 2019 | April 2022 | May 2022 | April 2026 |
2020 ¹ | N/A | N/A | N/A | N/A |
2021 | May 2021 | April 2024 | May 2024 | April 2028 |
2022 | May 2022 | April 2025 | May 2025 | April 2029 |
2023 | May 2023 | April 2026 | May 2026 | April 2030 |
2024 | May 2024 | April 2027 | May 2027 | April 2031 |
2025 | May 2025 | April 2028 | May 2028 | April 2032 |
¹ No allotment of stock options as the EVA target for the Group was not met.
For the 2025 program, a new valuation of the fair value has been made and
will be made at each reporting date until the date of allotment.
For share appreciation rights and stock options classified as cash-settled,
the fair value is recognized as an expense over the same vesting period; the
fair value is, however, remeasured at each reporting date and changes in the
fair value after the end of the vesting period continue to be recognized as a
personnel expense.
In accordance with IFRS 2, the expense in 2025 for all share-based incen-
tive programs, excluding social costs, amounted to 153 (304) of which 156
(253) refer to equity-settled options. The related costs for social security con-
tributions are accounted for in accordance with the statement from the
Swedish Financial Reporting Board (UFR 7) and are classified as personnel
expenses.
In the balance sheet, the provision for share appreciation rights and stock
options classified as cash-settled as of December 31 amounted to 132 (200).
Atlas Copco Group shares are held by the Parent Company in order to cover
commitments under the programs 2019–2024, see also note 20.
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 141
23. Employee benefits, continued
| Summary of share value based incentive programs | |||||||
| Fair value | |||||||
| Initial number | Initial number | Expiration | Exercise | Type of | at date of | Intrinsic value | |
| Program | of employees | of options | date | price, SEK | share | allotment | for vested SARs |
| Stock options | |||||||
2018 | 269 | 9 786 066 | Apr. 30. 25 | 64.77 | A | 14.40 | – |
2019 | 267 | 13 628 104 | Apr. 30. 26 | 96.42 | A | 13.86 | – |
2021 | 289 | 6 904 551 | Apr. 30. 28 | 144.76 | A | 15.80 | – |
2022 | 414 | 7 965 604 | Apr. 30. 29 | 139.00 | A | 25.29 | – |
2023 | 408 | 8 586 457 | Apr. 30. 30 | 184.00 | A | 41.69 | – |
2024 | 400 | 6 509 065 | Apr. 30. 31 | 203.00 | A | 18.69 | – |
| Matching options | |||||||
2018 | 29 | 169 599 | Apr. 30. 25 | 44.16 | A | 22.77 | – |
2019 | 30 | 112 564 | Apr. 30. 26 | 65.76 | A | 24.09 | – |
2020 | 31 | 117 829 | Apr. 30. 27 | 87.59 | A | 43.29 | – |
2021 | 32 | 94 951 | Apr. 30. 28 | 98.63 | A | 29.93 | – |
2022 | 32 | 86 840 | Apr. 30. 29 | 95.00 | A | 42.09 | – |
2023 | 31 | 96 829 | Apr. 30. 30 | 126.00 | A | 65.95 | – |
2024 | 33 | 79 888 | Apr. 30. 31 | 138.00 | A | 36.66 | – |
| Share appreciation rights | |||||||
2018 | 57 | 1 769 052 | Apr. 30. 25 | 64.77 | A | – | 101.28 |
2019 | 62 | 2 659 552 | Apr. 30. 26 | 96.42 | A | – | 69.63 |
2021 | 44 | 855 181 | Apr. 30. 28 | 144.76 | A | – | 21.29 |
2022 | 77 | 1 285 040 | Apr. 30. 29 | 139.00 | A | – | 27.05 |
2023 | 87 | 1 549 905 | Apr. 30. 30 | 184.00 | A | – | – |
2024 | 95 | 1 309 835 | Apr. 30. 31 | 203.00 | A | – | – |
| Number of options/rights 2025 ¹ | Average stock | |||||||
| Conversion | Time to | price for | ||||||
| Outstanding | options/ | Expired/ | Outstanding | –of which | expiration, | exercised | ||
| Program | Jan. 1 | rights ² | Exercised | forfeited | Dec. 31 | exercisable | in months | options, SEK |
| Stock options | ||||||||
2018 | 1 709 786 | – | 1 709 786 | – | – | – | – | 178 |
2019 | 6 276 453 | – | 2 449 787 | – | 3 826 666 | 3 826 666 | 4 | 167 |
2021 | 5 643 308 | – | 349 197 | 22 384 | 5 271 727 | 5 271 727 | 28 | 173 |
2022 | 7 555 084 | 16 000 | 431 620 | 64 000 | 7 075 464 | 7 075 464 | 40 | 157 |
2023 | 8 551 507 | 17 475 | – | 291 705 | 8 277 277 | – | 52 | – |
2024 | 6 509 065 | – | – | 212 285 | 6 296 780 | – | 64 | – |
| Matching options | ||||||||
2018 | 39 187 | – | 39 187 | – | – | – | – | 181 |
2019 | 49 435 | – | 21 016 | – | 28 419 | 28 419 | 4 | 168 |
2020 | 83 070 | – | 2 950 | – | 80 120 | 80 120 | 16 | 187 |
2021 | 84 644 | – | – | – | 84 644 | 84 644 | 28 | – |
2022 | 84 644 | – | 2 096 | – | 82 548 | 82 548 | 40 | 167 |
2023 | 96 829 | – | – | 2 064 | 94 765 | – | 52 | – |
2024 | 79 888 | – | – | 1 764 | 78 124 | – | 64 | – |
| Share appreciation rights | ||||||||
2018 | 256 333 | – | 256 333 | – | – | – | – | 169 |
2019 | 879 149 | – | 483 160 | – | 395 989 | 395 989 | 4 | 168 |
2021 | 732 217 | – | 67 003 | – | 665 214 | 665 214 | 28 | 168 |
2022 | 1 333 040 | –16 000 | 146 000 | 16 000 | 1 155 040 | 1 155 040 | 40 | 158 |
2023 | 1 480 005 | –17 475 | – | 52 425 | 1 410 105 | – | 52 | – |
2024 | 1 309 835 | – | – | 54 200 | 1 255 635 | – | 64 | – |
¹ All numbers have been adjusted for the effect of the distribution of Epiroc and the redemption in 2018 and the share split and
redemption in 2022 in line with the method used by NASDAQ Stockholm to adjust exchange-traded options contracts.
² Change in Saudi Arabia with reference to the terms and conditions.
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 142
23. Employee benefits, continued
| Number of options/rights 2024 ¹ | ||||||||
| Time to | Average stock | |||||||
| Outstanding | Expired/ | Outstanding | –of which | expiration, | price for exercised | |||
| Program | Jan. 1 | Allotted | Exercised | forfeited | Dec. 31 | exercisable | in months | options, SEK |
| Stock options | ||||||||
2017 | 660 331 | – | 660 331 | – | – | – | – | 170 |
2018 | 3 299 499 | – | 1 589 713 | – | 1 709 786 | 1 709 786 | 4 | 186 |
2019 | 8 286 432 | – | 2 009 979 | – | 6 276 453 | 6 276 453 | 16 | 186 |
2021 | 6 468 781 | – | 787 985 | 37 488 | 5 643 308 | 5 643 308 | 40 | 194 |
2022 | 7 715 084 | – | – | 160 000 | 7 555 084 | – | 52 | – |
2023 | 8 586 457 | – | – | 34 950 | 8 551 507 | – | 64 | – |
2024 | – | 6 509 065 | – | – | 6 509 065 | – | 76 | – |
| Matching options | ||||||||
2017 | 7 001 | – | 7 001 | – | – | – | – | 175 |
2018 | 54 167 | – | 14 980 | – | 39 187 | 39 187 | 4 | 186 |
2019 | 60 107 | – | 10 672 | – | 49 435 | 49 435 | 16 | 193 |
2020 | 86 652 | – | 3 582 | – | 83 070 | 83 070 | 28 | 195 |
2021 | 90 461 | – | 5 817 | – | 84 644 | 84 644 | 40 | 195 |
2022 | 84 644 | – | – | – | 84 644 | – | 52 | – |
2023 | 96 829 | – | – | – | 96 829 | – | 64 | – |
2024 | – | 79 888 | – | – | 79 888 | – | 76 | – |
| Share appreciation rights | ||||||||
2017 | 409 659 | – | 409 659 | – | – | – | – | 176 |
2018 | 562 248 | – | 305 915 | – | 256 333 | 256 333 | 4 | 181 |
2019 | 1 182 102 | – | 302 953 | – | 879 149 | 879 149 | 16 | 183 |
2021 | 948 901 | – | 179 196 | 37 488 | 732 217 | 732 217 | 40 | 194 |
2022 | 1 413 040 | – | – | 80 000 | 1 333 040 | – | 52 | – |
2023 | 1 549 905 | – | – | 69 900 | 1 480 005 | – | 64 | – |
2024 | – | 1 309 835 | – | – | 1 309 835 | – | 76 | – |
¹ All numbers have been adjusted for the effect of the distribution of Epiroc and the redemption in 2018 and the share split and
redemption in 2022 in line with the method used by NASDAQ Stockholm to adjust exchange-traded options contracts.
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 143
Other current liabilities | 2025 | 2024 |
| Derivatives: | ||
– at fair value through profit and loss | 191 | 94 |
| Other financial liabilities: | ||
– other liabilities | 3 474 | 3 399 |
– accrued expenses | 12 517 | 12 632 |
Prepaid income other Contract liabilities: | 168 | 309 |
– advances from customers | 8 643 | 9 780 |
– deferred revenues construction contracts | 992 | 1 135 |
– deferred revenues service contracts | 2 901 | 2 990 |
Closing balance, Dec. 31 | 28 886 | 30 339 |
| Product | ||||
| 2025 | warranty | Restruc turing | Other | Total |
Opening balance, Jan. 1 | 1 939 | 336 | 2 117 | 4 392 |
| During the year: | ||||
– provisions made | 1 445 | 522 | 753 | 2 720 |
– provisions used | –1 164 | –372 | –707 | –2 243 |
| – provisions reversed | –319 | –50 | –190 | –559 |
Business acquisitions | 106 | – | 9 | 115 |
Reclassifications | – | – | 90 | 90 |
Translation differences | –213 | –28 | –128 | –369 |
| Closing balance, Dec. 31 | 1 794 | 408 | 1 944 | 4 146 |
Non-current | 289 | 27 | 1 478 | 1 794 |
Current | 1 505 | 381 | 466 | 2 352 |
Total | 1 794 | 408 | 1 944 | 4 146 |
| Product | ||||
| 2024 | warranty | Restruc turing | Other | Total |
Opening balance, Jan. 1 | 1 700 | 139 | 2 452 | 4 291 |
| During the year: | ||||
– provisions made | 1 586 | 323 | 346 | 2 255 |
– provisions used | –1 182 | –124 | –508 | –1 814 |
– provisions reversed | –275 | –8 | –249 | –532 |
Business acquisitions | 22 | – | 27 | 49 |
Translation differences | 88 | 6 | 49 | 143 |
Closing balance, Dec. 31 | 1 939 | 336 | 2 117 | 4 392 |
Non-current | 297 | 32 | 1 314 | 1 643 |
Current | 1 642 | 304 | 803 | 2 749 |
Total | 1 939 | 336 | 2 117 | 4 392 |
| Maturity | Product | |||
| 2025 | warranty | Restruc turing | Other | Total |
Less than one year | 1 505 | 381 | 466 | 2 352 |
Between one and five years | 284 | 21 | 811 | 1 116 |
More than five years | 5 | 6 | 667 | 678 |
Total | 1 794 | 408 | 1 944 | 4 146 |
| Assets pledged for debts to credit | ||
institutions and other commitments | 2025 | 2024 |
Property, plant and equipment | 8 | 62 |
Endowment insurances | 227 | 209 |
Total | 235 | 271 |
Contingent liabilities | 2025 | 2024 |
Notes discounted | 12 | 18 |
Sureties and other contingent liabilities | 123 | 221 |
Total | 135 | 239 |
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 144
Financial Solutions
Financial Risk Management Committee (FRMC)
BOARD OF DIRECTORS ATLAS COPCO AB
Policies
Decisions
Financial Solutions Asia
and Pacific
Financial Solutions Europe,
Middle East and Africa
Financial Solutions North America
and South America
Execution and monitoring
Funding and liquidity risk | 2025 | 2024 |
Committed credit facilities | 17 709 | 18 802 |
Cash and cash equivalents | 15 523 | 18 968 |
Average tenor, years | 4.6 | 4.7 |
Current external debt | 3 675 | 280 |
Financial instruments | Up to 1 year: | 1–3 years | 4–5 years | Over 5 years |
Bonds and loans | – | 4 337 | 9 082 | 11 317 |
Lease liabilities | – | 2 842 | 1 381 | 1 840 |
Other financial liabilities | – | 59 | 8 | 6 |
Derivatives | – | – | – | 97 |
Other liabilities | – | 276 | 12 | 6 |
Non-current financial liabilities | – | 7 514 | 10 483 | 13 266 |
Bonds and loans | 1 430 | – | – | – |
Lease liabilities | 2 004 | – | – | – |
Current portion of interest-bearing liabilities | 3 675 | – | – | – |
Derivatives | 191 | – | – | – |
Other accrued expenses | 12 517 | – | – | – |
Trade payables | 16 389 | – | – | – |
Other liabilities | 3 474 | – | – | – |
Current financial liabilities | 39 680 | – | – | – |
Financial liabilities | 39 680 | 7 514 | 10 483 | 13 266 |
0
1
2
3
4
5
6
7
2025
2
202420232022202120202019201820172016
0
1
2
3
4
5
6
7
2025202420232022202120202019201820172016
3.75
3.90
5.00
Earnings and distribution per share ¹
Dividend and redemption/extra distribution
per share, SEK
Add back extra ordinary items, SEK
Earnings per share, SEK
Ordinary dividend per share, SEK
Distribution of Epiroc AB on June 18, 2018
¹ Years 2016–2021 are adjusted to share split in 2022
² Proposed by the Board of Directors
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 145
GRAPH 1 Estimated operational transaction exposure in the Group’s most important currencies*
–25 000
–20 000
–15 000
–10 000
–5 000
0
5 000
10 000
15 000
20 000
25 000
OtherUSDSEKMXNKRWINRIDRHKDGBPEURCNYBRLAUDAED
MSEK
2025
–25 000
–20 000
–15 000
–10 000
–5 000
0
5 000
10 000
15 000
20 000
25 000
OtherUSDSEKMXNKRWINRIDRGBPEURCZKCNYBRLAUDAED
MSEK
2024
–25 000
–20 000
–15 000
–10 000
–5 000
0
5 000
10 000
15 000
20 000
25 000
OtherUSDSEKMXNKRWINRIDRHKDGBPEURCNYBRLAUDAED
MSEK
2025
–25 000
–20 000
–15 000
–10 000
–5 000
0
5 000
10 000
15 000
20 000
25 000
OtherUSDSEKMXNKRWINRIDRGBPEURCZKCNYBRLAUDAED
MSEK
2024
* Without adjustments for onetime effects.
Transaction exposure
27. Financial exposure and principles for control of financial risks, continued
Interest risk | 2025 | 2024 |
Effective interest rate on bonds and loans | 1.4% | 1.4% |
Effective interest rate on lease liabilities | 3.6% | 3.3% |
Duration (months) | 26 | 37 |
Transaction exposure sensitivity | 2025 | 2024 |
SEK exchange rate + 5% | –265 | –314 |
USD exchange rate + 5% | 1 120 | 1 269 |
EUR exchange rate + 5% | –857 | –993 |
| Outstanding derivative instruments related to | ||
transaction exposure | 2025 | 2024 |
| Foreign exchange forwards | ||
GBP | 54 | – |
USD | –72 – |
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 146
27. Financial exposure and principles for control of financial risks, continued
–5
–4
–3
–2
–1
0
1
2
3
4
5
–1 620
–1 296
–972
–648
–324
0
324
648
972
1 296
1 620
Change in exchange rate SEK, %
–5
–4
–3
–2
–1
0
1
2
3
4
5
–1 710
–1 368
–1 026
–684
–342
0
342
684
1 026
1 368
1 710
Change in exchange rate SEK, %
GRAPH 2
Translation effect on
profit before tax
| Outstanding | 2025 | 2024 | ||
| financial | ||||
| instru ments | ||||
| related | ||||
| to trans lation | Nominal | Nominal | ||
| exposure | Effect in OCI | amount | Effect in OCI | amount |
Loans in EUR ¹ | MSEK –149 | MEUR 1 276 | MSEK –1 013 | MEUR 1 458 |
Credit risk | 2025 | 2024 |
| Receivables at amortized cost: | ||
– trade receivables | 29 907 | 33 834 |
– lease receivables | 47 | 73 |
– other financial receivables | 434 | 163 |
– other receivables | 2 821 | 3 508 |
– contract assets | 6 061 | 6 218 |
– cash and cash equivalents | 15 523 | 18 968 |
Financial assets at fair value through OCI | 1 | 1 |
Financial assets at fair value through profit or loss | 433 | 426 |
Derivatives | 118 | 78 |
Total | 55 345 | 63 269 |
2025 | 2024 | |||
| Trade receivables | Gross | Impairment | Gross | Impairment |
Not past due | 23 152 | 18 | 26 264 | 4 |
Past due but not individually impaired | ||||
0–30 days | 3 188 | – | 3 774 | – |
31–60 days | 1 377 | – | 1 507 | – |
61–90 days | 779 | – | 740 | – |
More than 90 days | 2 300 | – | 2 320 | – |
Past due and individually impaired | ||||
0–30 days | 17 | 8 | 13 | 5 |
31–60 days | 15 | 8 | 3 | 3 |
61–90 days | 11 | 6 | 63 | 7 |
More than 90 days | 361 | 321 | 446 | 398 |
Collective impairment | – | 932 | – | 879 |
Total | 31 200 | 1 293 | 35 130 | 1 296 |
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 147
27. Financial exposure and principles for control of financial risks, continued
Outstanding derivative instruments | 2025 | 2024 |
Assets | 118 | 78 |
Liabilities | 288 | 94 |
| Outstanding net position for derivative instruments | ||||||
| Offset in | Net in | Master | ||||
| balance | balance | netting | Cash | Net | ||
| Gross | sheet | sheet | agreement | collateral | position | |
| Assets | ||||||
Derivatives | 118 | – | 118 | –288 | 94 | –76 |
| Liabilities | ||||||
Derivatives | 288 | – | 288 | –288 |
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 148
27. Financial exposure and principles for control of financial risks, continued
2025 | 2024 | |||||||||
| Financial instruments by | Fair value hierarchy level | Fair value hierarchy level | ||||||||
| fair value hierarchy | Amortized cost | Fair value | Level 1 | Level 2 | Level 3 | Amortized cost | Fair value | Level 1 | Level 2 | Level 3 |
Financial assets | 275 | 34 | 34 | – | – | 162 | 67 | 67 | – | – |
Other receivables | 16 | – | – | – | – | 17 | – | – | – | – |
Derivatives | – | 85 | – | 85 | – | – | 2 | – | 2 | – |
Non-current financial assets | 291 | 119 | 34 | 85 | – | 179 | 69 | 67 | 2 | – |
Trade receivables | 29 891 | – | – | – | – | 33 817 | – | – | – | – |
Financial assets | 206 | 400 | 400 | – | – | 74 | 360 | 360 | – | – |
Other receivables | 2 822 | – | – | – | – | 3 508 | – | – | – | – |
Derivatives | – | 33 | – | 33 | – | – | 76 | – | 76 | – |
Contract assets | 6 061 | – | – | – | – | 6 218 | – | – | – | – |
Current financial assets | 38 980 | 433 | 400 | 33 | – | 43 617 | 436 | 360 | 76 | – |
Financial assets | 39 271 | 552 | 434 | 118 | – | 43 796 | 505 | 427 | 78 | – |
Bonds and loans | – | 21 804 | 11 033 | 10 771 | – | – | 24 893 | 13 519 | 11 374 | – |
Other financial liabilities | – | 69 | – | 69 | – | – | 56 | – | 56 | – |
Derivatives | – | 98 | – | 98 | – | – | – | – | – | – |
Other liabilities | – | 294 | – | 35 | 259 | – | 258 | – | 168 | 90 |
Non-current financial liabilities | – | 22 265 | 11 033 | 10 973 | 259 | – | 25 207 | 13 519 | 11 598 | 90 |
Current portion of long-term loans | – | 3 675 | – | 3 675 | – | – | 280 | – | 280 | – |
Short-term loans | – | 1 028 | – | 1 028 | – | – | 1 034 | – | 1 034 | – |
Derivatives | – | 191 | – | 191 | – | – | 94 | – | 94 | – |
Other accrued expenses | 12 517 | – | – | – | – | 12 632 | – | – | – | – |
Trade payables | 16 389 | – | – | – | – | 16 788 | – | – | – | – |
Other liabilities | – | 3 474 | – | 3 292 | 182 | – | 3 399 | – | 3 235 | 164 |
Current financial liabilities | 28 906 | 8 368 | – | 8 186 | 182 | 29 420 | 4 807 | – | 4 643 | 164 |
Financial liabilities | 28 906 | 30 633 | 11 033 | 19 159 | 441 | 29 420 | 30 014 | 13 519 | 16 241 | 254 |
| Reconciliation of financial liabilities | Business | Translation | ||||||
in Level 3 | Opening balance | acquisitions | Settlement | Discounting effect | Remeasurement | differences | Closing balance | Result related to liabilities, net |
Contingent considerations 2025 | 254 | 347 | –24 | 21 | –123 | –34 | 441 | 102 |
Year-end rate | Average rate | |||||
Currency rates used in the financial statements | Value | Code | 2025 | 2024 | 2025 | 2024 |
Canada | 1 | CAD | 6.70 | 7.64 | 7.03 | 7.70 |
China | 1 | CNY | 1.31 | 1.51 | 1.37 | 1.47 |
EU | 1 | EUR | 10.80 | 11.46 | 11.07 | 11.41 |
India | 1 | INR | 0.10 | 0.13 | 0.11 | 0.13 |
South Korea | 1 000 | KRW | 6.34 | 7.46 | 6.92 | 7.75 |
United Kingdom | 1 | GBP | 12.39 | 13.83 | 12.97 | 13.49 |
U.S.A. | 1 | USD | 9.17 | 10.99 | 9.86 | 10.55 |
2025 | 2024 | |
Revenues | 26 | 36 |
Goods purchased | 18 | 21 |
Service purchased | 155 | 151 |
| At Dec. 31: | ||
Trade receivables | 12 | 20 |
Trade payables | 8 | 17 |
Lease liabilities | 518 | 534 |
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
• Notes
Parent company
Other information
FINANCIAL STATEMENTS – NOTES
Atlas Copco Group 2025 149
FINANCIAL STATEMENTS
Financial statements, Parent Company
Income statement
For the year ended December 31
Amounts in MSEK Note 2025 2024
Administrative expenses A2 –827 –915
Other operating income A3 531 537
Other operating expenses A3 –61 –
Operating loss –357 –378
Financial income A4 11 804 19 115
Financial expenses A4 –934 –1 048
Profit after financial items 10 513 17 689
Appropriations A5 2 340 2 910
Profit before tax 12 853 20 599
Income tax A6 –304 –408
Profit for the year 12 549 20 191
Statement of comprehensive income
For the year ended December 31
Amounts in MSEK Note 2025 2024
Profit for the year 12 549 20 191
Other comprehensive income
for the year
– –
Total comprehensive income
for the year
12 549 20 191
Balance sheet
As at December 31
Amounts in MSEK Note 2025 2024
ASSETS
Non-current assets
Intangible assets A7 – 2
Tangible assets A8 29 37
Financial assets:
Deferred tax assets A9 118 112
Shares in Group companies A10, A21 199 685 198 415
Other financial assets A11 312 279
Total non-current assets 200 144 198 845
Current assets
Income tax receivables 510 442
Other receivables A12 2 800 5 387
Cash and cash equivalents A13 – –
Total current assets 3 310 5 829
TOTAL ASSETS 203 454 204 674
As at December 31
Amounts in MSEK Note 2025 2024
EQUITY
Restricted equity
Share capital 786 786
Legal reserve 4 999 4 999
Total restricted equity 5 785 5 785
Non-restricted equity
Reserve for fair value –1 180 –1 180
Retained earnings 149 061 143 796
Profit for the year 12 549 20 191
Total non-restricted equity 160 430 162 807
TOTAL EQUITY 166 215 168 592
PROVISIONS
Post-employment benefits A15 231 213
Other provisions A16 386 524
Total provisions 617 737
LIABILITIES
Non-current liabilities
Borrowings A17 22 415 35 002
Total non-current liabilities 22 415 35 002
Current liabilities
Borrowings A17 12 854 –
Other liabilities A18 1 353 343
Total current liabilities 14 207 343
TOTAL EQUITY AND LIABILITIES 203 454 204 674
Information concerning assets pledged and contingent liabilities is disclosed
in note A20.
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 150
FINANCIAL STATEMENTS
Statement of changes in equity
MSEK unless otherwise stated Number of shares outstanding Share capital Legal reserve Reserve for fair value – translation reserve Retained earnings Total
Opening balance, Jan. 1, 2025 4 870 613 982 786 4 999 –1 180 163 987 168 592
Total comprehensive income for the year – – – – 12 549 12 549
Ordinary dividend – – – – –14 606 –14 606
Acquisition series A shares –5 030 000 – – – –938 –938
Divestment series A shares
5 003 543 –
– –
854
854
Share-based payment, equity settled:
– expense during the year – – – – 142 142
– exercise of options – – – – –378 –378
Closing balance, Dec. 31, 2025
4 870 587 525 786 4 999 –1 180 161 610 166 215
Opening balance, Jan. 1, 2024 4 870 559 283 786 4 999 –1 180 157 624 162 229
Total comprehensive income for the year – – – – 20 191 20 191
Ordinary dividend – – – – –13 647 –13 647
Acquisition series A shares –5 030 000 – – – –898 –898
Divestment series A shares 5 084 699 – – – 943 943
Share-based payment, equity settled:
– expense during the year – – – – 245 245
– exercise of options – – – – –471 –471
Closing balance, Dec. 31, 2024 4 870 613 982 786 4 999 –1 180 163 987 168 592
See note A14 for additional information.
Statement of cash flows
For the year ended December 31, MSEK 2025 2024
Cash flows from operating activities
Operating loss –357 –378
Adjustments for:
– Depreciation 8 8
– Capital gain/loss and other non-cash items –396 –481
Operating cash deficit –745 –851
Net financial items received 10 715 18 056
Group contributions received 2 910 3 383
Taxes paid –385 –294
Cash flow before change in working capital 12 495 20 294
Change in
– Operating receivables 2 027 –1 238
– Operating liabilities 1 012 –12
Change in working capital 3 039 –1 250
Net cash from operating activities 15 534 19 044
For the year ended December 31, MSEK 2025 2024
Cash flow from investing activities
Investments in tangible assets –3 –14
Investments in subsidiaries –1 234 –5 824
Net cash from investing activities –1 237 –5 838
Cash flow from financing activities
Dividends paid –14 606 –13 647
Repurchase and divestment of own shares –84 45
Change in interest-bearing liabilities 393 396
Net cash from financing activities –14 297 –13 206
Net cash flow for the year – –
Cash and cash equivalents, Jan. 1 – –
Net cash flow for the year – –
Cash and cash equivalents, Dec. 31 – –
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 151
FINANCIAL STATEMENTS – NOTES
Notes to the Parent Company financial statements
MSEK unless otherwise stated
A1. Material accounting principles
Atlas Copco AB is the ultimate Parent Company of the Atlas Copco Group
and is headquartered in Nacka, Sweden. Its operations include administra-
tive functions, holding company functions as well as parts of Atlas Copco
Financial Solutions (Treasury).
The financial statements of Atlas Copco AB have been prepared in accor-
dance with the Swedish Annual Accounts Act and the recommendation RFR
2, “Accounting for Legal Entities”, hereafter referred to as “RFR 2”, issued by
the Swedish Corporate Reporting Board. In accordance with RFR 2, parent
companies that issue consolidated financial statements according to Inter-
national Financial Reporting Standards (IFRS Accounting Standards), as
endorsed by the European Union, shall present their financial statements in
accordance with IFRS Accounting Standards, to the extent these accounting
principles comply with the Swedish Annual Accounts Act and may use exemp-
tions from IFRS Accounting Standards provided by RFR 2 due to Swedish
accounting or tax legislation.
The financial statements are presented in Swedish krona (SEK), rounded to
the nearest million. The parent company’s accounting principles have been
consistently applied to all periods presented unless otherwise stated. The
financial statements are prepared using the same accounting principles as
described in note 1 in the Group’s consolidated financial statements, except
for those disclosed in the following sections.
For discussion regarding accounting estimates and judgments, see
pages 111–112.
Subsidiaries
Participations in subsidiaries are accounted for by the Parent Company at histor-
ical cost. See the Group’s accounting policies, Impairment of financial assets, for
further details.
Transaction costs incurred in connection with a business combination are
accounted for by the Parent Company as part of the acquisition costs and are
not expensed.
Lease contracts
All lease contracts entered into by the Parent Company are expensed
continuously on a straight-line basis over the lease term. RFR 2 include an
exception to IFRS 16, allowing all lease contracts to be accounted for as
operational leases.
Employee benefits
Defined benefit plans
Defined benefit plans are not accounted for in accordance with IAS 19. In
the Parent Company defined benefit plans are accounted for according to
the Swedish law regarding pensions, ”Tryggandelagen” and regulations
issued by the Swedish Financial Supervisory Board. The primary differences
as compared to IAS 19 are the way discount rates are fixed, that the calcula-
tion of defined benefit obligations is based on current salary levels, without
consideration of future salary increases and that all actuarial gains and losses
are included in profit or loss as they occur.
Share-based payments
The share-based payments that the Parent Company has granted to employ-
ees in the Parent Company are accounted for using the same principle as
described in note 1 in the Group’s consolidated financial statements.
The share-based payments that the Parent Company has granted to
employees in subsidiaries are not accounted for as an employee expense in
the Parent Company, but are recognized against Shares in Group compa-
nies. This vesting cost is accrued over the same period as in the Group and
with a corresponding increase in equity for equity-settled programs and as a
change in liabilities for cash-settled programs.
Financial guarantees
Financial guarantees issued by the Parent Company for the benefit of subsid-
iaries are not valued according to IFRS 9. They are reported as contingent
liabilities, unless it becomes probable that the guarantees will lead to pay-
ments. In such case, provisions will be recorded.
Hedge accounting
Interest-bearing liabilities denominated in other currencies than SEK, used to
hedge currency exposure from investments in shares of foreign subsidiaries
are not translated using the foreign exchange rates on the reporting date,
but measured based on the exchange rate the day that the hedging relation
was established.
Derivatives used to hedge investments in shares in foreign subsidiaries
are recognized at fair value and changes therein are recognized in profit or
loss. The corresponding fair value change on shares in subsidiaries is recog-
nized in profit or loss, as fair value hedge accounting is applied.
Group and shareholders’ contributions
In Sweden, Group contributions are deductible for tax purposes but share-
holders’ contributions are not. Group contributions are recognized as
appropriations in the income statement. Shareholders’ contributions are
recognized as an increase of Shares in Group companies and tested for
impairment.
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 152
FINANCIAL STATEMENTS – NOTES
A2. Employees and personnel expenses and remuneration to auditors
Average number of employees 2025 2024
Women Men Total Women Men Total
Sweden 88 47 135 85 41 126
Women in Atlas Copco Board and Management, % Dec. 31, 2025 Dec. 31, 2024
Board of Directors excl. employee representatives 44 44
Group Management 30 30
Salaries and other remunerations 2025 2024
Board members and Group Management ¹ Other employees Board members and Group Management ¹ Other employees
Sweden 80 160 125 157
of which variable compensation 4 21
¹ Includes 9 (9) board members who receive fees from Atlas Copco AB as well as the President and CEO and 6 (6) positions
of the Group Management who are employed by and receive salary and other fees from the Company.
For information regarding remuneration and other fees for members of the Board, the President and CEO,
and other members of Group Management, see note 4 of the consolidated financial statements.
Pension benefits and other social costs 2025 2024
Contractual pension benefits for Board members and Group Management 13 12
Contractual pension benefits for other employees 29 27
Other social costs 75 87
Total 117 126
Pension obligations to former members of Group Management 4 4
Remuneration to auditors
Audit fees and consultancy fees for advice or assistance other than audit, were as follows:
2025 2024
Ernst & Young
– audit fee 6 6
– other services 1 2
Total 7 8
Audit fee refers to audit of the financial statements and the accounting records. For the Parent Company
the audit also includes the administration of the business by the Board of Directors, the President and
CEO.
Other services essentially comprise consultancy services.
At the Annual General Meeting Ernst & Young AB was re-elected as the company’s auditor until the
end of the Annual General Meeting 2026.
A3. Other operating income and expense
2025 2024
Commissions received 498 492
Exchange-rate differences, net 1 2
Other operating income 32 43
Total other operating income 531 537
Other operating expenses –61 –
Total other operating expense –61
–
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 153
FINANCIAL STATEMENTS – NOTES
A5. Appropriations
2025 2024
Group contributions paid – –
Group contributions received 2 340 2 910
Total 2 340 2 910
A6. Income tax
2025 2024
Current tax –324 –408
Deferred tax 20 –
Total –304 –408
Profit before taxes 12 853 20 599
The Swedish corporate tax rate, % 20.6 20.6
National tax based on profit before taxes –2 648
–4 243
Tax effects of:
– non-deductible expenses –60 –24
– tax exempt income 2 428 3 903
– deductible expenses, not recognized in
Income statement
15 22
– tax financial net –10 –16
– controlled foreign company taxation –29 –40
– adjustments from prior years – –10
Total –304 –408
Effective tax in % 2.4 2.0
The Parent Company’s effective tax rate of 2.4% (2.0) is primarily affected by
non-taxable income such as dividends from Group companies.
A7. Intangible assets
Capitalized expenditures
for computer programs
2025 2024
Accumulated cost
Opening balance, Jan. 1 34 34
Closing balance, Dec. 31 34 34
Accumulated depreciation
Opening balance, Jan. 1
32 30
Depreciation for the year 2 2
Closing balance, Dec. 31 34 32
Carrying amount
Opening balance, Jan. 1
2 4
Closing balance, Dec. 31 – 2
A8. Property, plant and equipment
2025 2024
Buildings and land Machinery and equipment Total Buildings and land Machinery and equipment Total
Accumulated cost
Opening balance, Jan. 1 56 67 123 49 60 109
Investments 1 2 3 7 7 14
Disposals –16 –3 –19 – – –
Closing balance, Dec. 31 41 66 107 56 67 123
Accumulated depreciation
Opening balance, Jan. 1 29 57 86 26 54 80
Depreciation for the year 3 3 6 3 3 6
Disposals –12 –2 –14 – – –
Closing balance, Dec. 31 20 58 78 29 57 86
Carrying amount
Opening balance, Jan. 1 27 10 37 23 6 29
Closing balance, Dec. 31 21 8 29 27 10 37
The asset Buildings and land relates to improvements in leased properties. Depreciation is
accounted for under administrative expenses in the Income Statement.
The leasing costs for assets under operating leases, such as rented premises, cars and
office equipment are reported among administrative expenses and amounted to 79 (74).
Future payments for non-cancelable leasing contracts amounted to 493 (543) and fall due
as follows in the table beside.
A4. Financial income and expenses
Financial income and expenses 2025 2024
Interest income:
– cash and cash equivalents 3 10
– receivables from Group companies 81 173
Dividend income from Group companies 11 665 18 917
Capital gain other assets 11 –
Change in fair value:
– other assets – 15
– borrowings 42 –
Foreign exchange gain, net 2 –
Financial income
11 804 19 115
Interest expense:
– borrowings –243 –366
– liabilities to Group companies –577 –682
Change in fair value:
– other assets –33 –
Impairment loss:
– shares in Group companies –81 –
Financial expenses –934 –1 048
Financial income, net 10 870 18 067
Following table presents the net gain or loss by category of financial
instruments.
Net gain/loss on 2025 2024
– loans and receivables, incl. bank deposits –115 –183
– other assets –22 15
– other liabilities –577 –682
Profit from shares in Group companies 11 584 18 917
Total 10 870 18 067
Profit from shares in Group companies mainly refers to dividend income
from subsidiaries and capital gains from transfer of shares in subsidiaries.
These transactions are eliminated in the Group accounts since they are
internal. For further information about the hedges, see note 27 of the
consolidated financial statements.
2025 2024
Less than one year 66 67
Between one and five years 262 258
More than five years 165 218
Total 493 543
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 154
FINANCIAL STATEMENTS – NOTES
A9. Deferred tax assets and liabilities
2025 2024
Assets Liabi lities
Net
balance Assets Liabi lities
Net
balance
Post-employment
benefits
47 – 47 44 – 44
Other provisions 71 – 71 68 – 68
Total 118 – 118 112 – 112
The following reconciles the net balance of deferred taxes at the beginning
of the year to that at the end of the year:
2025 2024
Net opening balance, Jan. 1 112 121
Charges to equity –14 –9
Charges to profit for the year 20 –
Net closing balance, Dec. 31 118 112
A10. Shares in Group companies
2025 2024
Accumulated cost
Opening balance, Jan. 1 278 771 272 816
Investments – 2
Net investment hedge 115 21
Shareholders’ contribution 1 236 5 932
Closing balance, Dec. 31 280 122 278 771
Accumulated write-up
Opening balance, Jan. 1 600 600
Closing balance, Dec. 31 600 600
Accumulated write-down
Opening balance, Jan. 1 –80 956 –80 956
Write-down –81 –
Closing balance, Dec. 31 –81 037 –80 956
Total 199 685 198 415
For further information about shares in Group companies, see note A21.
A11. Other financial assets
2025 2024
Receivables from Group companies 48 –
Endowment insurances 227 209
Financial assets measured at amortized cost:
– other financial receivables 37 70
Closing balance, Dec. 31 312 279
Endowment insurances relate to defined contribution pension plans and are
pledged to the pension beneficiary (see note A15 and A20).
A12. Other receivables
2025 2024
Receivables from Group companies 2 657 5 223
Financial assets measured at amortized cost:
– other receivables 43 26
Prepaid expenses and accrued income 100 138
Closing balance, Dec. 31 2 800 5 387
A13. Cash and cash equivalents
2025 2024
Cash and cash equivalents measured at
amortized cost:
– cash – –
Closing balance, Dec. 31 – –
The Parent Company’s guaranteed, but unutilized, credit lines equaled
MSEK 6 911 (7 338).
A14. Equity
For information on share transactions and mandates approved by the
Annual General Meeting and proposed dividend for 2025, see note 20 in
the consolidated financial statements.
Reserves
The Parent Company’s equity includes certain reserves which are described
as follows:
Legal reserve
The legal reserve is a part of the restricted equity and is not available for
distribution.
Reserve for fair value – Translation reserve
The reserve comprises translation of intragroup receivables from or liabilities
to foreign operations that in substance are part of the net investment in the
foreign operations, as well as cash flow hedges to convert variable interest
rates to fixed interest rates.
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 155
FINANCIAL STATEMENTS – NOTES
A15. Post-employment benefits
2025 2024
Defined contribution
pension plans
Defined benefit
pension plans Total
Defined contribution
pension plans
Defined benefit
pension plans Total
Opening balance, Jan. 1 209 4 213 205 4 209
Provision made 22 1 23 33 1 34
Provision used –4 –1 –5 –29 –1 –30
Closing balance, Dec. 31
227
4 231
209 4
213
The Parent Company has endowment insurances of 227 (209) relating to defined contribution pension plans. The insurances are recognized as
other financial assets, and pledged to the pension beneficiary.
Description of defined benefit pension plans
The Parent Company has two defined benefit pension plans. The ITP plan is a final salary pension plan covering the majority of salaried employees in
Atlas Copco AB which benefits are secured through the Atlas Copco AB´s pension trust. The second plan relates to retired former senior employees.
These pension arrangements are provided for.
2025 2024
Funded pension Unfunded pension Total Funded pension Unfunded pension Total
Defined benefit obligations 187 4 191 197 4 201
Fair value of plan assets –701 – –701 –677 – –677
Present value of net obligations –514 4 –510 –480 4 –476
Not recognized surplus 514 – 514 480 – 480
Net amount recognized in balance sheet – 4 4 – 4 4
2025 2024
Reconciliation of defined benefit obligations
Funded pension Unfunded pension Total Funded pension Unfunded pension Total
Defined benefit obligations at Jan. 1 197 4 201 186 4 190
Service cost 5 1 6 4 1 5
Interest expense 5 – 5 5 – 5
Benefits paid from plan –11 – –11 11 – 11
Other changes in obligations –9 –1 –10 –9 –1 –10
Defined benefit obligations at Dec. 31 187 4 191 197 4 201
2025 2024
Reconciliation of plan assets Funded pension Unfunded pension Total Funded pension Unfunded pension Total
Fair value of plan assets at Jan. 1 677 – 677 594 – 594
Return on plan assets 33 – 33 91 – 91
Payments/Renumeration of plan assets –9 – –9 –8 – –8
Fair value of plan assets at Dec. 31 701 – 701 677 – 677
2025 2024
Pension commitments provided
for in the balance sheet
Costs excluding interest 19 17
Total 19 17
Pension commitments provided for
through insurance contracts
Service cost 28 27
Total 28
27
Net cost for pensions, excluding taxes 47 44
Special employer’s contribution 3 9
Total 50 53
Pension expenses excluding taxes for the year, included within administra-
tive expenses amounted to 47 (44) of which the Board members and Group
Management 19 (17) and others 28 (27).
The Parent Company’s share in plan assets fair value in the Atlas Copco AB´s
pension trust amounts to 759 (677) and is allocated as follows:
2025 2024
Equity securities 126 92
Bonds 150 131
Real estate 50 38
Alternative investments 310 299
Cash and cash equivalents 65 117
Total 701 677
The plan assets of the Atlas Copco AB´s pension trust are not included in the
financial assets of the Parent Company.
The return on plan assets in the Atlas Copco AB´s pension trust amounted
to 2.4% (7.8) inclusive of MSEK 9 (8) paid remuneration.
The Parent Company adheres to the actuarial assumptions used by The
Swedish Pension Registration Institute (PRI) i.e. discount rate 2.9% (2.9). The
Parent Company estimates MSEK 14 will be paid to defined benefit pension
plans during 2026.
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 156
FINANCIAL STATEMENTS – NOTES
A16. Other provisions
2025 2024
Opening balance, Jan. 1 524 651
During the year:
– provisions made 4 8
– provisions used –142 –135
Closing balance, Dec. 31
386
524
Other provisions include primarily provisions for costs related to employee
option programs accounted for in accordance with IFRS 2 and UFR 7.
A17. Borrowings
2025 2024
Maturity Repurchased nominal amount Carrying amount Fair value Carrying amount Fair value
Non-current
Medium Term Note Program MEUR 500 2026 MEUR 182 3 228 3 396 5 078 5 550
Bilateral borrowings EIB MEUR 200 2027 2 030 2 099 2 030 2 185
Bilateral borrowings EIB MEUR 100 2028 1 012 1 032 1 012 1 076
Bilateral borrowings EIB MEUR 415 2030
4 576 4 576
4 576 4 870
Bilateral borrowings EIB MEUR 60 2030 697 662 697 704
Bilateral borrowings NIB MEUR 183 2031 2 045 2 001 2 045 2 117
Non-current borrowings from Group companies 12 055 13 074 19 564 21 366
Less current portion of long-term borrowings
–3 228
–3 396 –
–
Total non-current borrowings 22 415 23 444 35 002 37 868
Current
Current portion of long-term borrowings 3 228 3 396 – –
Current borrowings from Group Companies 9 626 9 581 – –
Total current borrowings 12 854 12 977 – –
Closing balance, Dec. 31 35 269 36 421 35 002 37 868
Whereof external borrowings 13 588 13 766 15 438 16 502
The difference between carrying value and fair value relates to the measurement method as certain liabilities are reported at amortized cost
and not at fair value. Changes in interest rates and credit margins create the difference between fair value and amortized cost.
During 2025, Atlas Copco AB reduced its external borrowings. In April, MEUR 182 of a MEUR 500 public bond with maturity August 2026 was
repurchased from Deutsche Bank AG and replaced with an internal loan.
The following table shows the maturity structure of the Parent Company’s
external borrowings.
Maturity Fixed Floating ¹ Carrying amount Fair value
2026 3 228 – 3 288 3 396
2027 2 030 – 2 030 2 099
2028 1 012 – 1 012 1 032
2030 – 5 273 5 273 5 238
2031 – 2 045 2 045 2 001
Total 6 270 7 318 13 588 13 766
¹ Floating interest in the table is borrowings with fixings shorter or equal to six months.
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 157
FINANCIAL STATEMENTS – NOTES
A18. Other liabilities
2025 2024
Accounts payable 14 40
Liabilities to Group companies 1 152 76
Other financial liabilities
21
14
Accrued expenses and prepaid income 166 213
Closing balance, Dec. 31 1 353 343
Accrued expenses include items such as social costs, vacation pay liability,
and accrued interest.
A19.
Financial exposure and principles for control
of financial risks
Parent Company borrowings
Atlas Copco AB had MSEK 13 588 (15 438) of external borrowings and
MSEK 21 681 (19 564) of internal borrowings at December 31, 2025.
Hedge accounting
The Parent Company hedges shares in subsidiaries through loans of
MEUR 2 378 (2 378). The deferral hedge accounting of the loans is based
on a RFR 2 exemption.
Financial credit risk
Credit risk on financial transactions is the risk that the Parent Company incurs
losses as a result of non-payment by counterparts related to the Parent
Company’s investments, bank deposits or derivative transactions. For further
information regarding investment and derivative transactions, see note 27 of
the consolidated financial statements. The table below shows the actual expo-
sure of financial instruments as per December 31.
Financial credit risk 2025 2024
Cash and cash equivalents – –
Receivables from Group companies 2 705 5 223
Other 180 234
Total 2 885 5 457
Fair value hierarchy
Fair values are based on observable market prices or, in the case that such
prices are not available, on observable inputs or other valuation techniques.
Amounts shown in other notes are unrealized and will not necessarily be
realized. For more information about fair value hierarchy, see note 27 of the
consolidated financial statements. There are no level 3 instruments in the
Parent Company.
Valuation methods
Interest-bearing liabilities
Fair values are calculated based on market rates and present value of future
cash flows.
The Parent Company’s financial instruments by category
The carrying value for the Parent Company’s financial instruments corre-
sponds to fair value in all categories except for borrowings. See note A17
for additional information.
A20. Assets pledged and contingent liabilities
2025 2024
Assets pledged for pension commitments
Endowment insurances 227 209
Total 227 209
Contingent liabilities
Sureties and other contingent liabilities:
– for external parties 4
4
– for Group companies 13 926 11 511
Total 13 930 11 515
Sureties and other contingent liabilities include bank and commercial guar-
antees. The increase compared to last year mainly derives from the issuance
of an EMTN bond for the total amount of MSEK 3 239 and Parent Company
Guarantees provided by Atlas Copco AB on behalf of its subsidiaries.
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 158
FINANCIAL STATEMENTS – NOTES
A21. Directly owned subsidiaries
2025 2024
Number of
shares
Percent
held
Carrying
value
Number of
shares
Percent
held
Carrying
value
Directly owned product companies
Atlas Copco Airpower n.v., Wilrijk 76 416 100 46 981 76 416 100 46 995
Directly owned customer centers
AGRE Kompressoren GmbH, Steyr 200 000 100 7 200 000 100 7
ALUP Kompressoren AG, Oftringen 3 500 100 25 3 500 100 25
ALUP Kompressoren Polska
sp. z.o.o., Janki
9 000 100 14 9 000 100 14
Atlas Copco (Cyprus) Ltd., Nicosia
99 998
100 –
99 998 100
–
Atlas Copco (India) Private Ltd, Pune 21 870 912 100 915 21 870 912 100 926
Atlas Copco (Ireland) Ltd., Dublin 250 000 100 28 250 000 100 28
Atlas Copco (Malaysia) Sdn. Bhd.,
Shah Alam
1 000 000 100 14 1 000 000 100 16
Atlas Copco (Philippines) Inc., Manila 677 980 100 234 677 980 100 130
Atlas Copco (Schweiz) AG, Studen 8 000 100 67 8 000 100 66
Atlas Copco (South East Asia) Pte. Ltd,
Singapore
4 500 000 100 35 4 500 000 100 35
Atlas Copco (Thailand) Limited,
Bangkok
1 –/100 ¹ – 1 –/100 ¹ –
Atlas Copco Argentina S.A.C.I.,
Buenos Aires
2 122 102 334 98/100 ¹ 103 2 122 102 334 98/100 ¹ 102
Atlas Copco Brasil Ltda., Barueri 70 358 841 100 436 70 358 841 100 257
Atlas Copco Canada Inc., Toronto 6 946 100 2 418 6 946 100 2 417
Atlas Copco Chile SpA, Santiago 24 998 100 8 24 998 100 8
Atlas Copco Compressor AB,
556155-2794, Nacka
60 000 100 40 60 000 100 40
Atlas Copco Eastern Africa Limited,
Nairobi
482 999 100 41 482 999 100 41
Atlas Copco Equipment Egypt
S.A.E., Cairo
5 –/100 ¹ 5 5 –/100 ¹ 5
Atlas Copco GmbH, Vienna 1 100 44 1 100 44
Atlas Copco KK, Tokyo 100 000 100 44 100 000 100 43
Atlas Copco Kompressorteknik A/S,
Albertslund
4 000 100 5 4 000 100 5
Atlas Copco Maroc SA, Casablanca 3 960 99 7 3 960 99 7
Atlas Copco Polska Sp. z o.o., Warsaw 4 000 100 82 4 000 100 81
Atlas Copco Services Middle East
OMC, Manama
500 100 31 500 100 29
Atlas Copco Ukraine LLC, Kiev 10 000 000 100 4 10 000 000 100 4
2025 2024
Number of
shares
Percent
held
Carrying
value
Number of
shares
Percent
held
Carrying
value
Atlas Copco Venezuela SA,
Valencia
1 592 100 13 1 592 100 13
Sociedade Atlas Copco de Portugal
S.A., Porto Salvo
1 100 19 1 100 19
Directly owned holding companies
and others
AB Atlas Diesel, 556019-1610, Nacka 1 000 100 – 1 000 100 –
Atlas Copco A/S, Vestby
2 500 100
47
2 500 100
47
Atlas Copco Beheer B.V., Zwijndrecht 15 712 100 76 15 712 100 76
Atlas Copco Finance Belgium bv,
Wilrijk
1 –/100 ¹ – 1 –/100 ¹ –
Atlas Copco Finance DAC, Dublin 5 162 000 001 100 56 096 5 162 000 001 100 55 981
Atlas Copco France Holding S.A.,
Frépillon
278 255 100 322 278 255 100 330
Atlas Copco Holding GmbH, Essen 2 100 21 245 2 100 21 246
Atlas Copco Indoeuropeiska AB i
Likvidation, 556155-2760, Nacka
3 500 100 20 3 500 100 20
Atlas Copco Internationaal B.V.,
Zwijndrecht
10 002 100 27 456 10 002 100 27 446
Atlas Copco Järla Holding AB,
556062-0212, Nacka
95 000 100 124 95 000 100 124
Atlas Copco Nacka Holding AB,
556397-7452, Nacka
100 000 100 12 100 000 100 12
Atlas Copco Sickla Holding AB,
556309-5255, Nacka
1 000 100 42 499 1 000 100 41 527
Industria Försäkringsaktiebolag,
Industria Insurance Company Ltd,
516401-7930, Nacka
300 000 100 30 300 000 100 30
JSC Atlas Copco, Moscow 2 644 100 104 2 644 100 185
Oy Atlas Copco Ab, Vantaa 150 100 34 150 100 34
Saltus Industrial Technique AB,
559053-5455, Nacka
500 100 – 500 100 –
Carrying amount, Dec. 31 199 685 198 415
¹ First figure: percentage held by Parent Company, second figure: percentage held by Atlas Copco Group.
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 159
FINANCIAL STATEMENTS – NOTES
A22. Related parties
Relationships
The Parent Company has related party relationships with its largest share-
holder, its subsidiaries, its associates, its joint ventures and with its Board
members and Group Management.
The Parent Company’s largest shareholder, Investor AB, controls
approximately 22% (22) of the voting rights in Atlas Copco AB.
The subsidiaries that are directly owned by the Parent Company are
presented in note A21 and all directly and indirectly owned operating
subsidiaries are listed on the following pages.
Information about Board members and Group Management is
presented on pages 97–100.
Transactions and outstanding balances
The Group has not had any transactions with Investor AB during the
year other than dividends declared and has no outstanding balances with
Investor AB.
Investor AB has controlling or significant influence in companies which
Atlas Copco AB may have transactions with in the normal course of business.
Any such transactions are made on com mercial terms.
The following table summarizes the Parent Company’s transactions with
Group companies:
2025 2024
Revenues
Dividends 11 665 18 917
Group contribution 2 340 2 910
Interest income 81 173
Expenses
Interest expenses –577 –683
Receivables 2 705 5 223
Liabilities 22 833 19 640
Guarantees 13 926 11 511
The following details directly and indirectly owned holding and
opera tional subsidiaries (excluding branches), presented by
country/area of incorporation.
Country/Area Company Location (City)
Algeria SPA Atlas Copco Algérie Algiers
Angola Atlas Copco Angola Ltd Luanda
Argentina Atlas Copco Argentina S.A.C.I. Buenos Aires
Australia Atlas Copco Australia Pty Ltd Blacktown
Ausmedi International Pty. Ltd. Melbourne
AVT Service Pty Ltd Sydney
Clearpro Construction Water Solutions Pty Ltd Gold Coast
LEWA Australia PTY LTD East Perth
National Pump & Energy Pty Ltd Perth
Sykes Group Pty Ltd Cardiff
Vortex Group of Companies Pty Ltd Perth
Walker Filtration Pty Ltd Melbourne
Country/Area Company Location (City)
Austria AGRE Kompressoren GmbH Steyr
Atlas Copco GmbH Vienna
LEWA Austria GmbH Vienna
Medgas-Technik medical systems GmbH Leisach
Bahrain Atlas Copco Services Middle East OMC Manama
Bangladesh Atlas Copco Bangladesh Ltd. Dhaka
Belgium Atlas Copco Airpower n.v. Wilrijk
Atlas Copco Belgium n.v. Overijse
Atlas Copco Finance Belgium bv Wilrijk
Atlas Copco Rental Europe n.v. Boom
Atlas Copco Support Services n.v. Kontich
Atlas Copco Vacuum Belgium nv Hoeselt
Delta Temp NV Oosterzele
EDMAC Europe n.v. Wilrijk
Geveke Process Technology bv Vilvoorde
International Compressor Distribution n.v. Wilrijk
MultiAir BELUX nv Nazareth
Power Tools Distribution n.v. Hoeselt
Bolivia Atlas Copco Bolivia S.A Compresores,
Maquinaria y Servicio Santa Cruz de la Sierra
Brazil Atlas Copco Brasil Indústria e Comércio Ltda. Barueri
Atlas Copco Brasil Ltda. Barueri
Atlas Copco Real Estate Ltda Barueri
Chicago Pneumatic Brasil Ltda. Barueri
Industrial Flow South America Ltda. Diadema
ISRA VISION Comércio, Serviços, Importação e
Exportação Ltda. Barueri
Itubombas Locação, Comércio, Importação e Exportação Ltda. Itu
Leybold do Brasil Ltda. Jundiaí
Metalplan Equipamentos LTDA Cajamar
MKG Equipamentos Ltda. Guarulhos
Pressure Compressores Ltda. Maringa
Tecturbo Compressores Peças e Serviços LTDA Campinas
Vacuum Technique Brasil Ltda. Sao Paulo
Bulgaria Atlas Copco Bulgaria EOOD Sofia
Canada Atlas Copco Canada Inc. Toronto
Chicago Pneumatic Tool Co. Canada Ltd. Toronto
Class 1 Incorporated Cambridge
CPC Pumps International Inc. Burlington
Lucas Drive - 2352341 Ontario Inc. Burlington
Sutton Drive - 2485283 Ontario Inc. Burlington
Chile Atlas Copco Chile SpA Santiago
China ABC Compressors (Suzhou) Co., Ltd Suzhou
Anhui Nuoyi Technology Co., Ltd. Hefei
Atlas Copco (Wuxi) Compressor Co., Ltd. Wuxi
Atlas Copco (Shanghai) Equipment Rental Co., Ltd. Shanghai
Atlas Copco (Dalian) Industrial Flow Co.,Ltd. Dalian
Atlas Copco Industrial Technique (Shanghai) Co., Ltd. Shanghai
Atlas Copco (China) Investment Co., Ltd. Shanghai
Atlas Copco (Shanghai) Process Equipment Co., Ltd. Shanghai
Atlas Copco (Shanghai) Trading Co., Ltd. Shanghai
Country/Area Company Location (City)
China Bolaite (Shanghai) Compressor. Co., Ltd Shanghai
Bozhong (Shandong) Industrial Equipment Co., Ltd. Zibo
Chinco Vacuum Technique (Zibo) Co., Ltd. Zibo
CSK China Co. Ltd. Wuxi
CSK Xian China Co. Ltd. Xian
Edmac (Shanghai) Trading Co., Ltd. Shanghai
Edwards Technologies Trading (Shanghai) Company Ltd. Shanghai
Edwards Technologies Vacuum Engineering
(Qingdao) Company Ltd. Qingdao
Edwards Technologies Vacuum Engineering
(Shanghai) Company Ltd. Shanghai
Edwards Technologies Vacuum Engineering
(Xian) Company Ltd. Xian
Factory for Industrial Air Compressors (Jiangmen) Co., Ltd. Jiangmen
Hefei Shareway Technology Co., Ltd. Hefei
ISRA VISION (Shanghai) Co. Ltd. Shanghai
Kracht Fluid Technology Ltd. Shanghai
LEWA (Dalian) Fluid Technology Co., Ltd. Dalian
LEWA Pumps (Dalian) Co., Ltd. Dalian
Leybold Equipment (Tianjin) Co., Ltd. Tianjin
Leybold (Tianjin) International Trade Co.Ltd. Tianjin
Linghein (Shanghai) Gas Technologies Co., Ltd. Shanghai
Liutech Compressor Air System (Shanghai) Co., Ltd Shanghai
Liutech Machinery Equipment Co., Ltd. Liuzhou
Liuzhou Tech Machinery Co., Ltd. Liuzhou
Pan-Asia Gas Technologies (Wuxi) Co., Ltd. Wuxi
Perceptron Metrology Technology (Shanghai) Co.,Ltd. Shanghai
Q-Tech (Shanghai) Gas Equipment Co.,Ltd. Shanghai
Shandong Meditech Technology Co., Ltd. Jinan
Shanghai BeaconMedaes Medical Gas Co., Ltd Shanghai
Shanghai Shareway Environment Technology Co., Ltd. Shanghai
Shanghai Shareway International Trade Co., Ltd. Shanghai
Shanghai Tooltec Industrial Tool Co., Ltd. Shanghai
Shanghai Yinfeiqiao Trade Co., Ltd. Shanghai
Shenzhen Shareway Technology Co., Ltd. Shenzhen
Star Shine (Suzhou) Electronic Technology Co. Ltd. Suzhou
SUTO iTEC (China) Co. Ltd. Shenzhen
Suzhou New Star Technology Co., Ltd. Suzhou
Suzhou Since Gas Technology Co., Ltd. Suzhou
Wuxi Origin Industry Service Co., Ltd Wuxi
Wuxi Pneumatech Air/Gas Purity Equipment Co., Ltd. Wuxi
Yifeng Gas Technology (Jiangsu) Co., Ltd. Wuxi
Xinjingyao (Shanghai) Semiconductor Co., Ltd. Shanghai
Colombia Atlas Copco Colombia Ltda Bogota
Croatia Atlas Copco d.o.o. Zagreb
Cyprus Atlas Copco (Cyprus) Ltd. Nicosia
Czech Republic ALUP CZ spol. S.r.o Breclav
Atlas Copco s.r.o. Prague
Atlas Copco Services s.r.o. Brno
Edwards s.r.o. Lutin
Schneider Airsystems s.r.o. Line
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 160
FINANCIAL STATEMENTS – NOTES
A22. Related parties, continued
Country/Area Company Location (City)
Denmark Atlas Copco Kompressorteknik A/S Albertslund
Danmil A/S Greve
Oxymat A/S Helsinge
RENO A/S Aarhus
Ecuador Atlas Copco Ecuador, S.A. Quito
Egypt Atlas Copco Equipment Egypt S.A.E. Cairo
Atlas Copco Service Egypt Cairo
Finland Oy Atlas Copco Ab Vantaa
Oy Atlas Copco Kompressorit Ab Vantaa
Oy Atlas Copco Tools Ab Vantaa
France Atlas Copco Applications Industrielles S.A.S. Frépillon
Atlas Copco Crépelle S.A.S. Lille
Atlas Copco France Holding S.A. Frépillon
Atlas Copco France SAS Frépillon
Edwards SAS Herblay
ETS Georges Renault S.A.S. Saint-Herblain
Exlair S.A.S. Frépillon
LEWA France SAS Neuville-sur-Oise
Leybold France SAS Bourg-Les-Valence
Leybold Vacuum France SAS Paris
MultiAir France S.A.S Chambly
Seti-Tec S.A.S. Collegien
Germany Arpuma regel- und fördertechnische Geräte GmbH Kerpen
Atlas Copco Beteiligungs GmbH ¹ Essen
Atlas Copco Energas GmbH ¹ Cologne
Atlas Copco EPS GmbH ¹ Neustadt a.d. Donau
Atlas Copco Holding GmbH ¹ Essen
Atlas Copco IAS GmbH ¹ Bretten
Atlas Copco Industrial Software GmbH ¹ Leinfelden-Echterdingen
Atlas Copco Kompressoren und Drucklufttechnik GmbH ¹ Essen
Atlas Copco Power Technique GmbH ¹ Essen
Atlas Copco Tools Central Europe GmbH ¹ Essen
CVS Engineering GmbH ¹ Rheinfelden (Baden)
Delta-Temp GmbH Recklinghausen
Desoutter GmbH ¹ Maintal
DF Druckluft-Fachhandel GmbH ¹ Herrenberg
Dipotec GmbH ¹ Neustadt a.d. Donau
Dr. Weigel Anlagenbau GmbH Magdeburg
EAS Engineering Automation Systems GmbH Kirchhundem
Edwards GmbH ¹ Kirchheim
Ehrler & Beck Vakuum- und Drucklufttechnik GmbH ¹ Renningen
EXTEND3D GmbH ¹ Munich
Heide-Pumpen GmbH ¹ Gelsenkirchen
Industrietechnik Barleben GmbH Barleben
ISRA Immobilie Darmstadt GmbH ¹ Darmstadt
ISRA Immobilie Herten GmbH ¹ Darmstadt
ISRA PARSYTEC GmbH ¹ Aachen
Country/Area Company Location (City)
Germany ISRA SURFACE VISION GmbH ¹ Herten
ISRA VISION GmbH ¹ Darmstadt
KDS Kompressoren- und Druckluftservice GmbH ¹ Essen
Kracht GmbH ¹ Werdohl
LEWA GmbH ¹ Leonberg
LEWA Solutions GmbH ¹ Leonberg
Leybold Dresden GmbH ¹ Dresden
Leybold GmbH ¹ Cologne
Leybold Real Estate GmbH ¹ Cologne
Medgas-Technik GmbH Medical-Technology ¹ Berndroth
Multiair Germany GmbH ¹ Reutlingen
Perceptron GmbH ¹ Munich
PMH Druckluft GmbH ¹ Mönchengladbach
Pumpenfabrik Wangen GmbH ¹ Wangen im Allgäu
QUISS Qualitäts-Inspektionssysteme und Service GmbH ¹ Puchheim
soft2tec GmbH ¹ Rüsselsheim
SUTO iTEC GmbH Heitersheim
VISION TOOLS Bildanalyse Systeme GmbH ¹ Waghäusel
Greece Atlas Copco Hellas AE Koropi
Hong Kong Atlas Copco China/Hong Kong Ltd Hong Kong
SUTO iTEC Asia Co. Ltd. Hong Kong
Hungary Atlas Copco Hungary Kft Szigetszentmiklós
Kracht Hidraulik Kft. Budapest
India ABC Compressors India Private Limited Bhosari
Atlas Copco (India) Private Ltd. Pune
Edwards India Private Ltd. Pune
HHV Pumps Private Limited Bangalore
ISRA VISION INDIA Private Limited Mumbai
LEWA Pumps India Pvt Ltd. Chennai
Leybold India Pvt Ltd. Bangalore
Perceptron Non-Contact Metrology Solutions Pvt Ltd. Chennai
Trident Pneumatics Private Limited Coimbatore
Indonesia PT Atlas Copco Indonesia Jakarta
SUTO iTEC Indonesia Jakarta
Iraq Atlas Copco Iraq LLC Erbil
Ireland Atlas Copco (Ireland) Ltd. Dublin
Atlas Copco Finance DAC Dublin
Edwards Vacuum Technology Ireland Ltd Dublin
Israel Edwards Israel Vacuum Ltd Kiryat Gat
Italy ABAC Aria Compressa S.r.l Robassomero
Atlas Copco BLM S.r.l. Milan
Atlas Copco Italia S.r.l. Milan
C.P. Service SRL Naples
Casa dei Compressori Group S.r.l. Trezzano sul Naviglio (MI)
Ceccato Aria Compressa S.r.l Montecchio Maggiore
CRI-MAN S.p.A. Correggio
Country/Area Company Location (City)
Italy Desoutter Industrial Tools SrL Lissone
Edwards S.r.l. Milan
ESA Service S.r.l. Treviglio
Eurochiller S.r.l. Castello d'Agogna (Pv)
Fiac Professional Air Compressors S.r.l. Sasso Marconi
LEWA Italy S.r.l. Rho
Leybold Italia S.r.l Milan
MultiAir Italia S.r.l Montecchio Maggiore
SCB S.r.l. Villar San Costanzo
Varisco S.r.l. Padova
Japan Atlas Copco KK Tokyo
Edwards Japan Ltd Chiba
Fuji Industrial Technique Co., Ltd. Osaka
Leybold Japan Co.Ltd. Kohoku-Ku, Yokohama-Shi
Kazakhstan Atlas Copco AirPower Central Asia LLP Almaty
Kenya Atlas Copco Eastern Africa Limited Nairobi
Latvia Atlas Copco Baltic SIA Marupes Novads
Luxembourg Atlas Copco Finance S.á.r.l. Luxembourg
Malaysia Atlas Copco (Malaysia) Sdn. Bhd. Shah Alam
Geveke Malaysia Snd. Bhd. Shah Alam
Geveke Oil & Gas Sdn. Bhd. Shah Alam
Jetcan Compressed Air Services Sdn. Bhd. Penang
SUTO iTEC (Malaysia) Sdn. Bhd. Subang Jaya
Vacuum Technique Malaysia Sdn. Bhd. Puchong
Mexico ABC Compressors Mexico SA de CV Mexico City
AIM Servicios Administrativos S.DE RL de CV. Monterrey
Atlas Copco Mexicana S.A. de C.V. Tlalnepantla
Desarrollos Técnologicos ACMSA S.A. de C.V. Tlalnepantla
Desoutter Tools Mexico SA de CV Tlalnepantla
Morocco Atlas Copco Maroc SA Casablanca
Myanmar Atlas Copco Services Myanmar Co., Ltd. Yangon
Netherlands Alup Kompressoren BV Oss
Atlas Copco Beheer B.V. Zwijndrecht
Atlas Copco Internationaal B.V. Zwijndrecht
Creemers Compressors B.V. Oss
Delta Temp Nederland BV Rotterdam
Eco Ketelservice Verhuur B.V. Tilburg
Eco Steam Trading & Consultancy B.V. Tilburg
Geveke Werktuigbouw BV Amsterdam
Leybold Nederland B.V. Utrecht
Perslucht Wilda B.V. Woudenberg
Pomac BV Tolbert
New Zealand Atlas Copco (N.Z.) Ltd. Auckland
Conhur Limited Takanini
Exlair (NZ) Limited Auckland
Generator Rental Services Limited Auckland
Sykes New Zealand Limited Auckland
¹ Legal regulations allow for an exemption from local statutory requirements if the criteria set out in section 264 (3) of the Handelsgesetzbuch
(HGB – German Commercial Code) are met. This exemption has been applied to German subsidiaries for the financial year 2025.
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Atlas Copco Group 2025 161
FINANCIAL STATEMENTS – NOTES
Country/Area Company Location (City)
Nigeria Atlas Copco Nigeria Ltd. Lagos
Norway Atlas Copco A/S Vestby
Atlas Copco Kompressorteknikk A/S Vestby
Atlas Copco Tools A/S Vestby
Berema A/S Vestby
Pakistan Atlas Copco Pakistan (Private) Limited Lahore
Peru Atlas Copco Perú S.A.C. Lima
Philippines Atlas Copco (Philippines) Inc. Manila
Poland ALUP Kompressoren Polska sp. z.o.o. Janki
Atlas Copco Polska Sp. z o.o. Warsaw
Vector Sp. z o.o. Tarnowo Podgórne
Portugal Arlogica Maquinas e Equipamentos, LDA Árvore
Neadvance – Machine Vision, S.A. Braga
Sociedade Atlas Copco de Portugal S.A. Porto Salvo
Romania Atlas Copco Romania S.R.L. Bucharest
Scheugenpflug S.R.L. Sibiu
Serbia Atlas Copco Srbija doo Belgrade
Singapore Atlas Copco (South East Asia) Pte. Ltd Singapore
Geveke International Pte Ltd Singapore
LEWA Singapore Pte. Ltd. Singapore
Nano-Purification Solutions Asia Pacific Pte Ltd Singapore
Vacuum Technique Singapore Pte Ltd Singapore
Slovakia ACG Air & Gas Solutions SK s.r.o. Vadovce
Atlas Copco s.r.o Bratislava
Schneider Airsystems s.r.o. Nitra
Slovenia Atlas Copco d.o.o. Trzin
South Africa Atlas Copco Group Holdings (PTY) LTD Johannesburg
Atlas Copco Industrial South Africa (Pty) Ltd Boksburg
Integrated Pump Rental (Pty) Ltd Johannesburg
Rand Air South Africa (Pty) Ltd Boksburg
South Korea Atlas Copco Korea Co., Ltd. Seongnam
CP Tools Korea Co., Ltd. Seoul
CSK Inc. Gyeonggi-do
Edwards Korea Ltd Cheonan
Kyungwon Machinery Industry Co., Ltd. Siheung-si
LEWA Korea Co., Ltd. Seoul
Leybold Korea Ltd Bundang
Presys Co., Ltd Suwon
Spain ABC Compressors Gestión de Compresores y
Recambios, S.L. Eibar
ABCT Technology Centre, A.I.E. Eibar
Aire Comprimido Industrial Iberia, S.L. Madrid
Arizaga Bastarrica y Compañía, S.A. Eibar
Atlas Copco S.A.E. Madrid
Grupos Electrógenos Europa, S.A. Zaragoza
IBVC Vacuum, S.L.U. Madrid
LEWA Hispania S.L. Madrid
Leybold Hispanica S.A. Cornellá de Llobregat
Talleres Haizea S.L. San Sebastian
Country/Area Company Location (City)
Sweden AB Swed-Weld Fides Värnamo
Atlas Copco Compressor AB Nacka
Atlas Copco Industrial Technique AB Nacka
Atlas Copco Järla Holding AB Nacka
Atlas Copco Nacka Holding AB Nacka
Atlas Copco Sickla Holding AB Nacka
Industria Försäkringsaktiebolag, Industria
Insurance Company Ltd Nacka
Itsab AB Luleå
Switzerland ALUP Kompressoren AG Oftringen
Atlas Copco (Schweiz) AG Studen
LEWA Switzerland AG Reinach
Leybold Schweiz AG Steinhausen
Medgas-Technik Schweiz AG Sankt-Gallen
Photonfocus AG Lachen
Taiwan Atlas Copco Taiwan Ltd. Taoyuan
CSKT Inc. Jubei
Edwards Technologies Ltd Jhunan
Leybold Taiwan Ltd Zhubei
Thailand Atlas Copco (Thailand) Limited Bangkok
Türkiye Atlas Copco Makinalari Imalat AS Istanbul
Chicago Pneumatic Endüstriyel Ürünler
Ticaret A.Ş Istanbul
Dost Kompresör Endüstri Makinaları İmal
Bakım ve Ticaret A.Ş Istanbul
Ekomak Endüstriyel Kompresör Makine
Sanayi ve Ticaret A.Ş Istanbul
Multiair Endüstriyel Hava Ekipmanları
Ticaret A.Ş. Istanbul
SCS Makina İthalat İhracat Ticaret A.Ş. Adana
Vakum Teknik Makina A.Ş. Istanbul
Ukraine Atlas Copco Ukraine LLC Kiev
United Arab
Emirates
Atlas Copco Middle East FZE Dubai
LEWA Middle East FZE Sharjah
Primax Pumps FZCO Dubai
United
Kingdom
Ace Air (NI) Ltd Dromara
Air Compressors and Tools Limited Warrington
Anglian Compressors & Equipment Limited Peterborough
Anglian Compressors Holdings Limited Peterborough
Atlas Copco IAS UK Limited Flintshire
Atlas Copco Ltd. Hemel Hempstead
Atlas Copco UK Holdings Ltd. Hemel Hempstead
BeaconMedaes Ltd Markham Vale
C.A.S products Limited Bolton
Edwards Ltd. Burgess Hill
Glaston Compressor Services Limited Hemel Hempstead
Kinder-Janes Engineers Limited St Albans
Kingsdown Compressed Air Systems (Holdings)
Limited Maidstone
Kingsdown Compressed Air Systems Limited Maidstone
A22. Related parties, continued
Country/Area Company Location (City)
United
Kingdom
Leybold UK Ltd. Chessington
Manufacturing Service Solutions Limited Warwickshire
Maziak Compressor Services Limited Wellingborough
Medi-Teknique Limited Manchester
MSS Nitrogen Limited Warwickshire
Nano Purification Solutions Ltd Gateshead
Northern Compressed Air Ltd Leeds
Pennine Pneumatic Services Ltd Hemel Hempstead
Pneumatic Services Limited Hemel Hempstead
Tentec Ltd. Wolverhampton
Walker Filtration Ltd. UK Washington
U.S.A ABC Compressors USA, LLC Doral
Air & Gas Solutions LLC Charlotte
Atlas Copco Compressors LLC Rock Hill
Atlas Copco Comptec LLC Voorheesville
Atlas Copco IAS LLC Auburn Hills
Atlas Copco Mafi-Trench Company LLC Santa Maria
Atlas Copco North America Inc. Parsippany
Atlas Copco Rental LLC Laporte
Atlas Copco Tools & Assembly Systems LLC Auburn Hills
BeaconMedaes LLC Rock Hill
C H Spencer LLC Salt Lake City
Chicago Pneumatic International Inc. Rock Hill
Chicago Pneumatic Tool Company LLC Rock Hill
Dekker Vacuum Technologies Inc Michigan City
Edwards Semiconductor Solutions LLC Saugerties
Edwards Vacuum, LLC Sanborn
Henrob Corporation New Hudson
Industrial Flow North America LLC Hollistone
Leybold USA Inc. Wilmington
Montana Instruments Corporation Bozeman
MSS Americas Inc Rock Hill
Perceptron Inc. Plymouth
Perceptron Global Inc. Plymouth
Powerhouse Equipment & Engineering Co. Inc. Delanco
Power Technique North America LLC Rock Hill
Quincy Compressor LLC Bay Minette
SUTO iTEC Inc. Grand Rapids
Vacuum Technique LLC Michigan City
Walker Filtration Inc. US Erie
Uzbekistan Atlas Copco Compressor and Power Technique Tashkent
Venezuela Atlas Copco Venezuela SA Valencia
Vietnam Atlas Copco Vietnam Company Ltd. Hanoi
Zambia Atlas Copco Industrial Zambia Limited Kitwe
Introduction
This is Atlas Copco Group
The year in review
Financials
Atlas Copco Group
Consolidated income
statement
Consolidated statement of
comprehensive income
Consolidated balance sheet
Consolidated statement of
changes in equity
Consolidated statement of
cash flows
Notes
• Parent company
Other information
Signatures of the Board of Directors
The Parent Company financial statements have been prepared in accordance
with generally accepted accounting principles in Sweden and the consoli-
dated financial statements have been prepared in accordance with Interna-
tional Accounting Standards as prescribed by the European Parliament and
the Regulation (EC) No 1606/2002 dated July 19, 2002 on the application of
International Accounting Standards. The Parent Company financial state-
ments and the consolidated financial statements give a true and fair view
of the Parent Company’s and the Group’s financial position and results of
operations.
The administration report for the Group and Parent Company provides
a true and fair overview of the development of the Group’s and Parent
Company’s business activities, financial position and results of operations
as well as the significant risks and uncertainties which the Parent Company
and its subsidiaries are exposed to.
Furthermore, the annual accounts have been prepared in accordance with
the sustainability reporting standards adopted pursuant to Article 29b of
Directive 2013/34/EU and as well as the specifications adopted pursuant to
Article 8.4 of the European Parliament Regulation (EU) 2020/852.
The content of this annual report was approved on March 17, 2026.
Nacka the date as evidenced by our electronic signature
Hans Stråberg Jumana Al-Sibai Johan Forssell Heléne Mellquist Anna Ohlsson-Leijon
Chair Board member Board member Board member Board member
Vagner Rego Gordon Riske Peter Wallenberg Jr Karin Rådström Benny Larsson Helena Hemström
Board member Board member Board member Board member Board member Board member
President and CEO Employee representative Employee representative
Our auditor’s report regarding the annual accounts and the consolidated accounts and our limited assurance report
regarding the statutory sustainability statement was issued on the date as evidenced by our electronic signature.
Ernst & Young AB
Erik Sandström
Authorized Public Accountant
Atlas Copco AB is required to publish information included in this annual report in accordance
with the Swedish Securities Market Act. The information was made public on March 20, 2026.
Atlas Copco Group 2025 162
OTHER INFORMATION
Introduction
This is Atlas Copco Group
The year in review
Financials
Other information
• Signatures of the Board
of Directors
Auditorʼs report
Auditor’s limited assurance
report on Atlas Copco AB’s
sustainability statement
Financial definitions
Four years in summary
Contact information
Auditorʼs report
This is the translation of the auditor’s report in Swedish
To the general meeting of the shareholders of Atlas Copco AB, corporate identity number 556014-2720
REPORT ON THE ANNUAL ACCOUNTS AND
CONSOLIDATED ACCOUNTS
Opinions
We have audited the annual accounts and consolidated accounts of Atlas
Copco AB except for the corporate governance statement on pages 93–102
and the statutory sustainability report on pages 31–48 and 52–84, and quar-
terly data on page 120 for the year 2025. The annual accounts and consoli-
dated accounts of the company are included on pages 5–90 and 93–162 in
this document.
In our opinion, the annual accounts have been prepared in accordance
with the Annual Accounts Act and present fairly, in all material respects, the
financial position of the parent company as of 31 December 2025 and its
financial performance and cash flow for the year then ended in accordance
with the Annual Accounts Act. The consolidated accounts have been
prepared in accordance with the Annual Accounts Act and present fairly, in all
material respects, the financial position of the group as of 31 December 2025
and their financial performance and cash flow for the year then ended in
accordance with IFRS Accounting Standards, as adopted by the EU, and the
Annual Accounts Act. Our opinions do not cover the corporate governance
statement on pages 93–102 and the statutory sustainability report on pages
31–48 and 52–84. The statutory administration report is consistent with the
other parts of the annual accounts and consolidated accounts.
We therefore recommend that the general meeting of shareholders adopts
the income statement and balance sheet for the parent company and the group.
Our opinions in this report on the annual accounts and consolidated
accounts are consistent with the content of the additional report that has
been submitted to the parent company's audit committee in accordance with
the Audit Regulation (537/2014) Article 11.
Basis for Opinions
We conducted our audit in accordance with International Standards on
Auditing (ISA) and generally accepted auditing standards in Sweden. Our
responsibilities under those standards are further described in the Auditor’s
Responsibilities section. We are independent of the parent company and the
group in accordance with professional ethics for accountants in Sweden and
have otherwise fulfilled our ethical responsibilities in accordance with these
requirements. This includes that, based on the best of our knowledge and
belief, no prohibited services referred to in the Audit Regulation (537/2014)
Article 5.1 have been provided to the audited company or, where applicable,
its parent company or its controlled companies within the EU.
We believe that the audit evidence we have obtained is sufficient and appro-
priate to provide a basis for our opinions.
Key Audit Matters
Key audit matters of the audit are those matters that, in our professional
judgment, were of most significance in our audit of the annual accounts and
consolidated accounts of the current period. These matters were addressed
in the context of our audit of, and in forming our opinion thereon, the annual
accounts and consolidated accounts as a whole, but we do not provide a sep-
arate opinion on these matters. For each matter below, our description of
how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s
responsibilities for the audit of the financial statements section of our report,
including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the
risks of material misstatement of the financial statements. The results of our
audit procedures, including the procedures performed to address the
matters below, provide the basis for our audit opinion on the accompanying
financial statements.
Accounting for business combinations
Description
In the fiscal year 2025, Atlas Copco made 29 business combinations for a
total consideration of 13.1 billion SEK. The acquired assets and liabilities must
be separately identified and valued at fair value at the date of the acquisition.
For acquired assets and liabilities for which there is no active market man-
agement must apply valuation models and significant estimates in order to
determine the fair value.
Disclosures related to the group’s accounting principles, significant
accounting estimates and judgements are provided in note 1 and disclosures
related to the business combinations made are provided in note 2.
Based on the significance of the business combinations made during the
year, and the high degree of management’s estimate required to account for
acquisitions, we have assessed the accounting for business combinations as
a key audit matter in our audit.
How our audit addressed this key audit matter
As part of our audit we have evaluated the group’s processes related to the
accounting for business combinations. For all significant business combina-
tions, we have reviewed the purchase agreements and audited the purchase
price allocations. With support from our internal valuation specialists, we
have assessed the valuation models applied and the significant estimates
used when accounting for the business combinations. The models and esti-
mates have been tested by comparing them to historical outcome, future
cash flow forecasts as well as external sources and established valuation
techniques. Further we have performed sensitivity analyses for significant
estimates as well as benchmark comparisons.
Finally, we have assessed the appropriateness of the disclosures provided
in the annual report.
Valuation of goodwill
Description
As at December 31, 2025, the total value of goodwill amounts to 51.2 billion
SEK and is allocated to the group’s cash generating units. Goodwill is tested
for impairment annually and whenever there are indicators of impairment.
The test is carried out by comparing the recoverable amount to the carrying
value. To calculate the recoverable amount, management apply significant
judgment and estimates regarding future cash flows, terminal growth rate
and discount rates. The impairment test for 2025 did not result in any impair-
ment loss.
Disclosures related to the group’s material accounting principles and key
sources of uncertainty in estimates and judgements are provided in note 1
and disclosures related to goodwill and the impairment test performed are
provided in note 11.
Based on the carrying value of the goodwill and the high degree of
management’s estimate required to perform the impairment tests, we have
assessed the accounting for the valuation of goodwill as a key audit matter in
our audit.
How our audit addressed this key audit matter
In the audit, we have evaluated the group’s process for conducting impair-
ment tests. We have further examined how the group, based on established
criteria, identifies cash-generating units.
With support from our internal valuation specialists, we have evaluated
the valuation methods used. We have assessed the reasonableness of
significant estimates and reviewed these through sensitivity analyses as well
as, where possible, comparison to historical outcome, external sources, and
comparable benchmark companies.
Finally, we have assessed the appropriateness of the disclosures provided
in the annual report.
Atlas Copco Group 2025 163
OTHER INFORMATION
Introduction
This is Atlas Copco Group
The year in review
Financials
Other information
Signatures of the Board
of Directors
•Auditorʼsreport
Auditor’s limited assurance
report on Atlas Copco AB’s
sustainability statement
Financial definitions
Four years in summary
Contact information
Revenue recognition
Description
The group recognizes revenue from a wide range of geographical markets
and the revenues are generated from different product- and product related
offerings ranging from equipment, service, and rental to the customers. The
appropriate timing of revenue recognition depends on the contract criteria.
Significant estimates and judgement may be required in assessing if control
has been transferred to the customer and to determine the satisfaction of
performance obligations.
The group’s decentralized organization where revenues are generated
from a large number of subsidiaries further increases the complexity of
ensuring that the revenue recognition principles are consistently applied
across the group.
Disclosures related to the group’s material accounting principles and key
sources of uncertainty in estimates and judgements are provided in note 1
and disclosures regarding revenue disaggregated by operating segment
and geography are provided in note 3.
Based on the above, we have assessed the revenue recognition as a key
audit matter in our audit.
How our audit addressed this key audit matter
In our audit we have assessed the group’s processes for revenue recogni-
tion. Further, we have reviewed the group’s accounting manual and assessed
whether the policies for revenue recognition are in accordance with the
applicable accounting standards.
We have obtained an understanding of the different types of significant
revenue contracts and evaluated the identified performance obligations and
determinations made regarding when performance obligations are consid-
ered satisfied. In addition, we have performed detailed revenue transaction
testing and data analytical procedures to assess the revenue recognition.
We have assessed the appropriateness of the disclosures provided in the
annual report.
Other Information than the annual accounts and consolidated
accounts
This document also contains other information than the annual accounts
and consolidated accounts and is found on pages 1–4, 91–92 and 169–171
as well as quarterly data on page 120. The other information also includes
the remuneration report which we obtained before the date of this auditor’s
report. The Board of Directors and the Managing Director are responsible for
this other information.
Our opinion on the annual accounts and consolidated accounts does not
cover this other information and we do not express any form of assurance
conclusion regarding this other information.
In connection with our audit of the annual accounts and consolidated
accounts, our responsibility is to read the information identified above and
consider whether the information is materially inconsistent with the annual
accounts and consolidated accounts. In this procedure we also take into
account our knowledge otherwise obtained in the audit and assess whether
the information otherwise appears to be materially misstated.
If we, based on the work performed concerning this information, conclude
that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the
preparation of the annual accounts and consolidated accounts and that they
give a fair presentation in accordance with the Annual Accounts Act and, con-
cerning the consolidated accounts, in accordance with IFRS Accounting Stan-
dards as adopted by the EU. The Board of Directors and the Managing Direc-
tor are also responsible for such internal control as they determine is neces-
sary to enable the preparation of annual accounts and consolidated
accounts that are free from material misstatement, whether due to fraud or
error.
In preparing the annual accounts and consolidated accounts, The Board
of Directors and the Managing Director are responsible for the assessment
of the company’s and the group’s ability to continue as a going concern. They
disclose, as applicable, matters related to going concern and using the going
concern basis of accounting. The going concern basis of accounting is
however not applied if the Board of Directors and the Managing Director
intends to liquidate the company, to cease operations, or has no realistic
alternative but to do so.
The Audit Committee shall, without prejudice to the Board of Director’s
responsibilities and tasks in general, among other things oversee the
company’s financial reporting process.
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about whether the annual
accounts and consolidated accounts as a whole are free from material mis-
statement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinions. Reasonable assurance is a high level of assurance
but is not a guarantee that an audit conducted in accordance with ISAs and
generally accepted auditing standards in Sweden will always detect a mate-
rial misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken
on the basis of these annual accounts and consolidated accounts.
As part of an audit in accordance with ISAs, we exercise professional
judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the annual
accounts and consolidated accounts, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinions. The risk of not detecting a material misstatement result-
ing from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control.
• Obtain an understanding of the company’s internal control relevant to
our audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reason-
ableness of accounting estimates and related disclosures made by the
Board of Directors and the Managing Director.
• Conclude on the appropriateness of the Board of Directors’ and the Man-
aging Director’s use of the going concern basis of accounting in preparing
the annual accounts and consolidated accounts. We also draw a conclu-
sion, based on the audit evidence obtained, as to whether any material
uncertainty exists related to events or conditions that may cast significant
doubt on the company’s and the group’s ability to continue as a going con-
cern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the
annual accounts and consolidated accounts or, if such disclosures are
inadequate, to modify our opinion about the annual accounts and consoli-
dated accounts. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or
conditions may cause a company and a group to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the annual
accounts and consolidated accounts, including the disclosures, and
whether the annual accounts and consolidated accounts represent the
underlying transactions and events in a manner that achieves fair
presentation.
• Plan and perform the group audit to obtain sufficient and appropriate
audit evidence regarding the financial information of the entities or busi-
ness units within the group as a basis for forming an opinion on the con-
solidated accounts. We are responsible for the direction, supervision and
review of the audit work performed for purposes of the group audit. We
remain solely responsible for our opinions.
We must inform the Board of Directors of, among other matters, the planned
scope and timing of the audit. We must also inform of significant audit find-
ings during our audit, including any significant deficiencies in internal control
that we identified.
Auditorʼs report, continued
Atlas Copco Group 2025 164
OTHER INFORMATION
Introduction
This is Atlas Copco Group
The year in review
Financials
Other information
Signatures of the Board
of Directors
•Auditorʼsreport
Auditor’s limited assurance
report on Atlas Copco AB’s
sustainability statement
Financial definitions
Four years in summary
Contact information
We must also provide the Board of Directors with a statement that we have
complied with relevant ethical requirements regarding independence, and
to communicate with them all relationships and other matters that may rea-
sonably be thought to bear on our independence, and where applicable,
actions taken to eliminate threats or related safeguards applied.
From the matters communicated with the Board of Directors, we deter-
mine those matters that were of most significance in the audit of the annual
accounts and consolidated accounts, including the most important assessed
risks for material misstatement, and are therefore the key audit matters.
We describe these matters in the auditor’s report unless law or regulation
precludes disclosure about the matter.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
Report on the audit of the administration and the proposed
appropriations of the company’s profit or loss
Opinions
In addition to our audit of the annual accounts and consolidated accounts,
we have also audited the administration of the Board of Directors and the
Managing Director of Atlas Copco AB for the year 2025 and the proposed
appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that the profit be
appropriated in accordance with the proposal in the statutory administration
report and that the members of the Board of Directors and the Managing
Director be discharged from liability for the financial year.
Basis for opinions
We conducted the audit in accordance with generally accepted auditing
standards in Sweden. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities section. We are independent of the
parent company and the group in accordance with professional ethics for
accountants in Sweden and have otherwise fulfilled our ethical responsibili-
ties in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors is responsible for the proposal for appropriations of
the company’s profit or loss. At the proposal of a dividend, this includes an
assessment of whether the dividend is justifiable considering the require-
ments which the company's and the group’s type of operations, size and risks
place on the size of the parent company's and the group’s equity, consolida-
tion requirements, liquidity and position in general.
The Board of Directors is responsible for the company’s organization and the
administration of the company’s affairs. This includes among other things
continuous assessment of the company’s and the group’s financial situation
and ensuring that the company's organization is designed so that the
accounting, management of assets and the company’s financial affairs other-
wise are controlled in a reassuring manner. The Managing Director shall
manage the ongoing administration according to the Board of Directors’
guidelines and instructions and among other matters take measures that
are necessary to fulfill the company’s accounting in accordance with law and
handle the management of assets in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, and thereby our
opinion about discharge from liability, is to obtain audit evidence to assess
with a reasonable degree of assurance whether any member of the Board of
Directors or the Managing Director in any material respect:
• has undertaken any action or been guilty of any omission which can give
rise to liability to the company, or
• in any other way has acted in contravention of the Companies Act, the
Annual Accounts Act or the Articles of Association.
Our objective concerning the audit of the proposed appropriations of the
company’s profit or loss, and thereby our opinion about this, is to assess with
reasonable degree of assurance whether the proposal is in accordance with
the Companies Act.
Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with generally accepted auditing stan-
dards in Sweden will always detect actions or omissions that can give rise to
liability to the company, or that the proposed appropriations of the compa-
ny’s profit or loss are not in accordance with the Companies Act.
As part of an audit in accordance with generally accepted auditing stan-
dards in Sweden, we exercise professional judgment and maintain profes-
sional skepticism throughout the audit. The examination of the administra-
tion and the proposed appropriations of the company’s profit or loss is based
primarily on the audit of the accounts. Additional audit procedures per-
formed are based on our professional judgment with starting point in risk
and materiality. This means that we focus the examination on such actions,
areas and relationships that are material for the operations and where devia-
tions and violations would have particular importance for the company’s situ-
ation. We examine and test decisions undertaken, support for decisions,
actions taken and other circumstances that are relevant to our opinion
concerning discharge from liability. As a basis for our opinion on the Board of
Directors’ proposed appropriations of the company’s profit or loss we exam-
ined the Board of Directors’ reasoned statement and a selection of support-
ing evidence in order to be able to assess whether the proposal is in accor-
dance with the Companies Act.
THE AUDITOR’S EXAMINATION OF THE ESEF REPORT
Opinion
In addition to our audit of the annual accounts and consolidated accounts,
we have also examined that the Board of Directors and the Managing Direc-
tor have prepared the annual accounts and consolidated accounts in a for-
mat that enables uniform electronic reporting (the Esef report) pursuant to
Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528) for
Atlas Copco AB for the financial year 2025.
Our examination and our opinion relate only to the statutory require-
ments.
In our opinion, the Esef report has been prepared in a format that, in all
material respects, enables uniform electronic reporting.
Basis for opinion
We have performed the examination in accordance with FAR’s recommenda-
tion RevR 18 Examination of the Esef report. Our responsibility under this rec-
ommendation is described in more detail in the Auditors’ responsibility sec-
tion. We are independent of Atlas Copco AB in accordance with professional
ethics for accountants in Sweden and have otherwise fulfilled our ethical
responsibilities in accordance with these requirements.
We believe that the evidence we have obtained is sufficient and appropri-
ate to provide a basis for our opinion.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the
preparation of the Esef report in accordance with Chapter 16, Section 4(a) of
the Swedish Securities Market Act (2007:528), and for such internal control
that the Board of Directors and the Managing Director determine is neces-
sary to prepare the Esef report without material misstatements, whether due
to fraud or error.
Auditor’s responsibility
Our responsibility is to obtain reasonable assurance whether the Esef report
is in all material respects prepared in a format that meets the requirements
of Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528),
based on the procedures performed.
RevR 18 requires us to plan and execute procedures to achieve reason-
able assurance that the Esef report is prepared in a format that meets these
requirements.
Auditorʼs report, continued
Atlas Copco Group 2025 165
OTHER INFORMATION
Introduction
This is Atlas Copco Group
The year in review
Financials
Other information
Signatures of the Board
of Directors
•Auditorʼsreport
Auditor’s limited assurance
report on Atlas Copco AB’s
sustainability statement
Financial definitions
Four years in summary
Contact information
Reasonable assurance is a high level of assurance, but it is not a guarantee
that an engagement carried out according to RevR 18 and generally
accepted auditing standards in Sweden will always detect a material mis-
statement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis
of the Esef report.
The audit firm applies ISQM 1 Quality Management for Firms that Perform
Audits or Reviews of Financial Statements, or other Assurance or Related Services
Engagements which requires the firm to design, implement and operate a
system of quality management, including policies and procedures regarding
compliance with professional ethical requirements, professional standards
and applicable legal and regulatory requirements.
The examination involves obtaining evidence, through various proce-
dures, that the Esef report has been prepared in a format that enables uni-
form electronic reporting of the annual and consolidated accounts. The pro-
cedures selected depend on the auditor’s judgment, including the assess-
ment of the risks of material misstatement in the report, whether due to
fraud or error. In carrying out this risk assessment, and in order to design
audit procedures that are appropriate in the circumstances, the auditor con-
siders those elements of internal control that are relevant to the preparation
of the Esef report by the Board of Directors and the Managing Director, but
not for the purpose of expressing an opinion on the effectiveness of those
internal controls. The examination also includes an evaluation of the appro-
priateness and reasonableness of assumptions made by the Board of
Directors and the Managing Director.
The procedures mainly include a validation that the Esef report has been
prepared in a valid XHTML format and a reconciliation of the Esef report with
the audited annual accounts and consolidated accounts.
Furthermore, the procedures also include an assessment of whether the
consolidated statement of financial performance, financial position, changes
in equity, cash flow and disclosures in the Esef report have been marked with
iXBRL in accordance with what follows from the Esef regulation.
THE AUDITOR’S EXAMINATION OF THE CORPORATE
GOVERNANCE STATEMENT
The Board of Directors is responsible for that the corporate governance
statement on pages 93–102 has been prepared in accordance with the
Annual Accounts Act.
Our examination of the corporate governance statement is conducted in
accordance with FAR´s standard RevR 16 The auditor
´
s examination of the
corporate governance statement. This means that our examination of the cor-
porate governance statement is different and substantially less in scope than
an audit conducted in accordance with International Standards on Auditing
and generally accepted auditing standards in Sweden. We believe that the
examination has provided us with sufficient basis for our opinions.
A corporate governance statement has been prepared. Disclosures in
accordance with chapter 6 section 6 the second paragraph points 2–6 of the
Annual Accounts Act and chapter 7 section 31 the second paragraph the
same law are consistent with the other parts of the annual accounts and con-
solidated accounts and are in accordance with the Annual Accounts Act.
Ernst & Young AB with Erik Sandström as auditor in charge, Box 7850, 103 99
Stockholm, was appointed auditor of Atlas Copco AB by the general meeting
of the shareholders on 29 April 2025 and has been the company’s auditor
since 23 April 2020.
Our auditor’s report regarding the annual accounts and the consolidated
accounts and our limited assurance report regarding the statutory sustain-
ability statement was issued on the date as evidenced by our electronic
signature.
Stockholm the date as evidenced by our electronic signature
Ernst & Young AB
Erik Sandström
Authorized Public Accountant
Auditorʼs report, continued
Atlas Copco Group 2025 166
OTHER INFORMATION
Introduction
This is Atlas Copco Group
The year in review
Financials
Other information
Signatures of the Board
of Directors
•Auditorʼsreport
Auditor’s limited assurance
report on Atlas Copco AB’s
sustainability statement
Financial definitions
Four years in summary
Contact information
Auditor’s limited assurance report on
Atlas Copco AB’s sustainability statement
Conclusion
We have conducted a limited assurance engagement of the sustainability
statement prepared by Atlas Copco AB (the company) for the financial year
2025. The sustainability statement is included on pages 31–48 and 52–84 of
this document.
Based on our limited assurance engagement as described in the section
Auditor’s Responsibility, nothing has come to our attention that causes us to
believe that the sustainability statement is not, in all material respects, pre-
pared in accordance with the Swedish Annual Accounts Act, which includes:
• Whether the sustainability statement meets the requirements of ESRS
• Whether the process carried out by the company to identify reported
sustainability information has been conducted as described in the
sustainability statement; and
• Compliance with the reporting requirements in Article 8 of the EU’s
Green Taxonomy Regulation.
Basis for Conclusion
We have conducted the limited assurance engagement in accordance with
FAR’s recommendation RevR 19 – Revisorns översiktliga granskning av den
lagstadgade hållbarhetsrapporten. Our responsibility under this recommen-
dation is described in more detail in the section Auditor’s Responsibility.
We believe that the evidence we have obtained is sufficient and appropri-
ate to provide a basis for our conclusion.
Other Information than the sustainability statement
This document also contains other information than the sustainability
statement, found on pages 1–30, 49–51, and 85–171 with the exception
of the pages 163–168. The Board of Directors and the Managing Director
are responsible for this other information.
Our conclusion on the sustainability statement does not cover this other
information, and we do not express any conclusion with assurance regarding
this other information.
In connection with our limited assurance engagement on the sustainability
statement, our responsibility is to read the information identified above
and consider whether the information is materially inconsistent with the
sustainability statement. In this procedure we also take into account our
knowledge otherwise obtained in the limited assurance engagement
and assess whether the information otherwise appears to be materially
misstated.
If we based on the work performed concerning this information, conclude
that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Other matter
The disclosures in the sustainability statement regarding the previous finan-
cial year have, in certain cases, been subject to a limited assurance engage-
ment in accordance with ISAE 3000 (Revised), Assurance Engagements Other
than Audits or Reviews of Historical Financial Information, applied together
with RevR 6 Assurance of Sustainability Information in accordance with the
assurance report issued March 19, 2025. Other comparative figures in the
sustainability statement for the year 2025 have not been subject to a review.
Responsibilities of the Board of directors and Managing Director
The Board of Directors, and the Managing Director, are responsible for the
preparation of sustainability statement in accordance with Chapter 6, Sec-
tions 12–12f of the Swedish Annual Accounts Act, and for such internal con-
trol as the Board of Directors and the Managing Director determine is neces-
sary to enable the preparation of the sustainability statement that is free
from material misstatements, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express a conclusion whether the sustainability state-
ment is prepared in accordance with Chapter 6, Sections 12–12 f of the Swed-
ish Annual Accounts Act based on our limited assurance engagement.
The limited assurance engagement has been conducted in accordance
with FAR’s recommendation RevR 19 Revisorns översiktliga granskning av
den lagstadgade hållbarhetsrapporten. This recommendation requires that
we plan and perform our procedures to obtain limited assurance that the
sustainability statement is prepared in accordance with these requirements.
The procedures in a limited assurance engagement vary in nature and
timing from, and are less in extent than for, a reasonable assurance engage-
ment. Consequently, the level of assurance obtained in a limited assurance
engagement is substantially lower than the assurance that would have been
obtained had a reasonable assurance engagement been performed. This
means that it is not possible for us to obtain such assurance that we become
aware of all significant matters that could have been identified if a reasonable
assurance engagement had been performed.
Our firm applies ISQM 1 (International Standard on Quality Management),
which requires the firm to design, implement, and manage a quality manage-
ment system including guidelines or procedures regarding compliance with
ethical requirements, standards of professional practice, and applicable laws
and regulations.
We are independent of Atlas Copco AB in accordance with professional
ethics for accountants in Sweden and have otherwise fulfilled our ethical
responsibilities according to these requirements.
A limited assurance engagement involves performing procedures to
obtain evidence to support the sustainability information. The auditor selects
the procedures to be performed, including assessing the risks of material
misstatements in the sustainability statement, whether due to fraud or error.
In this risk assessment, the auditor considers the parts of the internal control
that are relevant to how the Board of Directors and the Managing Director
prepares the sustainability statement, in order to design procedures that are
appropriate under the circumstances, but not for the purpose of providing a
conclusion on the effectiveness of the company’s internal control. The review
consists of making inquiries, primarily of persons responsible for the prepa-
ration of the sustainability statement, performing analytical review, and con-
ducting other limited review procedures.
Our review procedures regarding the sustainability statement included, but
were not limited to the following:
• Through inquiries, obtaining a general understanding of the internal con-
trol environment, reporting processes, and information systems relevant
to the preparation of the information in the sustainability statement.
• Evaluating whether information identified as material through the process
the company has undertaken to identify the content of the sustainability
statement is also included.
• Evaluating whether the structure and presentation of the sustainability
statements are consistent with the requirements of ESRS;
This is the translation of the auditor’s report in Swedish
To the general meeting of the shareholders of Atlas Copco AB, corporate identity number 556014-2720
Atlas Copco Group 2025 167
OTHER INFORMATION
Introduction
This is Atlas Copco Group
The year in review
Financials
Other information
Signatures of the Board
of Directors
Auditorʼs report
• Auditor’s limited assurance
report on Atlas Copco AB’s
sustainability statement
Financial definitions
Four years in summary
Contact information
• Conducting inquiries with relevant personnel and analytical review proce-
dures regarding selected disclosures in the sustainability statements;
• Performing substantive review procedures based on a sample of selected
disclosures in the sustainability statements;
• Obtain, through inquiries and analytical review procedures, support for
the methods used for preparing material estimates and forward-looking
information and on how these methods were applied;
Our review procedures regarding the process the company have undertaken
to identify sustainability information to report included, but were not limited
to the following:
• Obtaining an understanding of the process by conducting inquiries to
understand the sources of the information used by management (e.g.,
stakeholder dialogues, business plans, and strategy documents), and
• Reviewing the company’s internal documentation of its process; and
• Evaluating whether the information obtained from our procedures
regarding the process implemented by the company aligns with the
description of the process on pages 36–37 in the sustainability
statement.
Auditor’s limited assurance report on
Atlas Copco AB’s sustainability statement, continued
Our review procedures regarding the taxonomy disclosures included, but
were not limited to the following:
• Obtaining an understanding of the process for identifying economic activi-
ties that are covered by and are consistent with the EU Green Taxonomy
and the corresponding disclosures in the sustainability statement.
• Conducting inquiries to relevant personnel and analytical review proce-
dures on the taxonomy disclosures;
• Conducting inquiries to understand the sources of the information used in
the taxonomy disclosures;
• Evaluating whether the presentation of the taxonomy disclosures is con-
sistent with the requirements of the EU Taxonomy Regulation
Inherent limitations
In reporting forward-looking information in accordance with ESRS, the board
and management of Atlas Copco AB must prepare forward-looking informa-
tion based on specified assumptions about events that may occur in the
future and possible future activities of Atlas Copco AB. Actual outcomes are
likely to differ as expected events often do not occur as anticipated.
Stockholm, the date as evidenced by our electronic signature
Ernst & Young AB
Erik Sandström
Authorized Public Accountant
Atlas Copco Group 2025 168
OTHER INFORMATION
Introduction
This is Atlas Copco Group
The year in review
Financials
Other information
Signatures of the Board
of Directors
Auditorʼs report
• Auditor’s limited assurance
report on Atlas Copco AB’s
sustainability statement
Financial definitions
Four years in summary
Contact information
Financial definitions *
Reference is made in the Annual Report to a number of financial performance measures that are not defined according to IFRS.
These performance measures provide complementary information and are used to help investors as well as Group Management
analyze the company’s operations and facilitate an evaluation of the performance. Since not all companies calculate financial
performance measures in the same manner, these are not always comparable with measures used by other companies. These
financial performance measures should therefore not be regarded as a replacement for measures as defined according to IFRS.
Adjusted operating profit
Operating profit (earnings before interest and tax),
excluding items affecting comparability.
Adjusted operating profit margin
Operating profit margin excl. items affecting
comparability.
Average number of shares outstanding
The weighted average number of shares outstanding
before or after dilution. Shares held by Atlas Copco are
not included in the number of shares outstanding. The
dilutive effects arise from the stock options that are
settled in shares or that at the employees’ choice can be
settled in shares or cash in the share based incentive
programs. The stock options have a dilutive effect when
the average share price during the period exceeds the
exercise price of the options.
Capital employed
Average total assets less non-interest-bearing liabilities/
provisions. Capital employed for the business areas
excludes cash, tax liabilities and tax receivables.
Capital employed turnover ratio
Revenues divided by average capital employed.
Capital turnover ratio
Revenues divided by average total assets.
Debt/equity ratio
Net indebtedness in relation to equity, including
non-controlling interests.
Dividend yield
Dividend divided by the average share price quoted
of the A share.
Earnings per share
Profit for the period attributable to owners of the parent
divided by the average number of shares outstanding.
EBITA – Earnings before Interest, Taxes, and
Amortization
Operating profit plus amortization and impairment of
intangibles related to acquisitions.
EBITA margin
EBITA as a percentage of revenues.
EBITDA – Earnings Before Interest, Taxes,
Depreciation and Amortization
Operating profit plus depreciation, amortization
and impairment.
EBITDA margin
EBITDA as a percentage of revenues.
Equity/assets ratio
Equity including non-controlling interests, as a
percentage of total assets.
Equity per share
Equity including non-controlling interests divided by
the average number of shares outstanding.
Items affecting comparability
Restructuring costs, capital gains/losses, impairments,
changes in provision for share-related long-term
incentive program and other items with the character
of affecting comparability.
Net cash flow
Change in cash and cash equivalents excluding
currency exchange rate effects.
Net debt/EBITDA ratio
Net indebtedness in relation to EBITDA.
Net indebtedness/net cash position
Borrowings plus post-employment benefits minus cash
and cash equivalents and other current financial assets,
adjusted for the fair value of interest rate swaps.
Net interest expense
Interest expense less interest income.
Operating cash flow
Cash flow from operations and cash flow from
investments, excluding company acquisitions/
divestments
and currency hedges of loans.
Operating cash surplus
Operating profit adding back depreciation,
amortization and impairments as well as capital
gains/losses and other non-cash items.
Operating profit
Revenues less all costs related to operations, but
excluding net financial items and income tax expense.
Operating profit margin
Operating profit as a percentage of revenues.
Organic growth
Sales growth that excludes translation effects
from exchange rate differences, and acquisitions/
divestments.
Profit margin
Profit before tax as a percentage of revenues.
Return on capital employed (ROCE)
Profit before tax plus interest paid and foreign exchange
differences (for business areas: operating profit) as a
percentage of capital employed.
Return on equity
Profit for the period, attributable to owners of the
parent as a percentage of average equity, excluding
non-controlling interests.
Total return to shareholders
Share price performance including reinvested
dividends and share redemptions.
Weighted average cost of capital (WACC)
interest-bearing liabilities x i
+ market capitalization x r
interest-bearing liabilities
+ market capitalization
i: An estimated average risk-free interest rate
of 4% plus a premium of 0.5%.
An estimated standard tax rate has been applied.
r: An estimated average risk-free interest rate of
4% plus an equity risk premium of 5%.
* Atlas Copco AB has chosen to present the company’s alternative performance measures in accordance with the guidance by the European Securities and Markets
Authority (ESMA) in a separate appendix. The appendix is published on www.atlascopcogroup.com/en/investors/financials/key-financials/financial-definitions
Atlas Copco Group 2025 169
OTHER INFORMATION
Introduction
This is Atlas Copco Group
The year in review
Financials
Other information
Signatures of the Board
of Directors
Auditorʼs report
• Financial definitions
Four years in summary
Contact information
Orders, revenues and profit 2025 2024 2023 2022
Orders, MSEK 165 814 171 115 170 627 158 092
Revenues, MSEK 168 343 176 771 172 664 141 325
Change, organic from volume, price and mix, % –1 2 14 12
EBITDA, MSEK 43 643 46 951 44 852 36 549
EBITDA margin, % 25.9 26.6 26.0 25.9
Operating profit, MSEK 34 114 38 166 37 091 30 216
Operating profit margin, % 20.3 21.6 21.5 21.4
Net interest expense, MSEK –282 –258 –521 –166
Profit before tax, MSEK 33 671 37 800 36 442 30 044
Profit margin, % 20.0 21.4 21.1 21.3
Profit for the year, MSEK 26 425 29 794 28 052 23 482
Employees 2025 2024 2023 2022
Average number of employees 55 549 54 206 51 110 45 781
Revenues per employee, SEK thousands 3 031 3 261 3 378 3 087
Cash flow 2025 2024 2023 2022
Operating cash surplus, MSEK 43 349 47 099 45 781 36 978
Cash flow before change in working capital, MSEK 32 897 37 263 35 628 29 600
Change in working capital, MSEK 1 618 2 068 –5 775 –7 415
Cash flow from investing activities, MSEK –17 620 –13 322 –9 388 –15 503
Gross investments in other property, plant and
equipment, MSEK –4 284 –4 236 –3 987 –3 660
Gross investments in rental equipment, MSEK –2 032 –2 526 –1 814 –884
Net investments in rental equipment, MSEK –1 949 –2 444 –1 769 –808
Cash flow from financing activities, MSEK –16 367 –15 864 –18 276 –14 651
of which dividends paid, MSEK –14 610 –13 652 –11 211 –9 250
Operating cash flow, MSEK 26 796 30 981 23 192 17 099
Four years in summary
Financial position and return 2025 2024 2023 2022
Total assets, MSEK 202 454 208 538 182 684 172 301
Capital turnover ratio 0.83 0.89 0.94 0.91
Capital employed, average MSEK 145 395 138 593 125 133 106 054
Capital employed turnover ratio 1.16 1.28 1.38 1.33
Return on capital employed, % 24 28 30 29
Net indebtedness, MSEK 20 665 18 102 23 441 26 570
Net debt/EBITDA, MSEK 0.5 0.4 0.5 0.7
Equity, MSEK 110 383 113 760 91 500 80 026
Debt/equity ratio, % 19 16 26 33
Equity/assets ratio, % 55 55 50 46
Return on equity, % 24 29 32 32
Key figures per share 2025 2024 2023 2022
Basic earnings / diluted earnings, SEK 5.43/5.42 6.11/6.10 5.76 / 5.75 4.82 / 4.81
Dividend, SEK 3.00* 3.00 2.80 2.30
Dividend as % of basic earnings 55.2 49.1 48.6 47.7
Dividend yield, % 1.8 1.6 1.9 2.0
Extra distribution, SEK 2.00* – – –
Operating cash flow, SEK 5.50 6.36 4.76 3.51
Equity, SEK 23 23 19 16
Share price, December 31, A share / B share, SEK 166.1/149.0 168.9/ 149.5 173.6 / 149.4 123.1 / 111.1
Highest price quoted, A share / B share, SEK 192.4/173.1 206.4/178.5 174.2 / 150.0 161.2 / 136.3
Lowest price quoted, A share / B share, SEK 137.2/121.6 159.8/139.5 119.4 / 106.5 92.5 / 83.2
Average closing price, A share / B share, SEK 162.5/144.1 183.4/160.1 144.2 / 126.1 117.9 / 104.4
Average number of shares, millions 4 868.8 4 873.6 4 871.4 4 868.4
Diluted average number of shares, millions 4 873.0 4 881.7 4 878.9 4 875.9
Number of shareholders, December 31 181 775 141 964 125 893 115 459
Market capitalization, December 31, MSEK 790 096 800 200 815 902 586 731
* Proposed by the Board
Atlas Copco Group 2025 170
OTHER INFORMATION
Introduction
This is Atlas Copco Group
The year in review
Financials
Other information
Signatures of the Board
of Directors
Auditorʼs report
Financial definitions
• Four years in summary
Contact information
Atlas Copco Group 2025 171
OTHER INFORMATION
Introduction
This is Atlas Copco Group
The year in review
Financials
Other information
Signatures of the Board
of Directors
Auditorʼs report
Financial definitions
Four years in summary
• Contact information
CONTACT INFORMATION
Investor relations
Daniel Althoff, Vice President Investor Relations
ir@atlascopco.com
Sustainability
Anna Sjörén, Vice President Sustainability
sustainability@atlascopco.com
Media
Christina Malmberg Hägerstrand, Media Relations Manager
media@atlascopco.com
Atlas Copco Group in cooperation with
Griller grafisk form AB and Text Helene AB
Copyright 2026, Atlas Copco AB, Stockholm, Sweden
Prepress and print: POD Sthlm
Phone: +46 8 743 80 00
Reg. no: 556014-2720