CEO comments

High demand
The demand remained high and orders received increased 21% to MSEK 13 377. Several large equipment orders were won, of which many included battery-electric and automation solutions. Also, the service business performed strongly. In total, the organic order growth was 6%. Excluding Russia, the organic order growth was 18%.

We expect that the underlying demand, both for equipment and aftermarket, will remain at a high level in the near term.

Agility and resilience
The war in Ukraine is truly horrifying and we continue to take measures to protect our colleagues and manage the complex situation in Ukraine and Russia. See also page 6. 

We also continue to face higher input costs and supply-chain challenges. However, our agile organization can adapt quickly to changes and challenges, and our large aftermarket business provides resilience.

Record revenues and adjusted margin
Our revenues increased 9% organically to a record MSEK 11 868. The adjusted operating profit increased 27% and reached MSEK 2 801. Items affecting comparability were MSEK -420, including a provision of MSEK -400 related to Russia. The adjusted operating margin improved to 23.6% (22.6).

Our operating cash flow increased to MSEK 1 462 (1 229), supported by higher operating profit, partly offset by build-up of working capital.

Best quarter ever for electrification
We offer market-leading solutions within automation, digitalization, and electrification and the second quarter was our best quarter ever for electrification. We won several orders for battery-electric equipment, also for greenfield projects, as well as for battery retrofits and electrical infrastructure solutions. And, shortly a customer will be testing our first battery-electric surface drill rig. We are excited to help our customers reach their sustainability goals.

Drive the productivity and sustainability transformation
In June we celebrated four years as a listed company. It has been an exciting time. We drive the productivity and sustainability transformation in our industry and will continue doing this by investing in innovation, aftermarket, and in options for the future. Some examples are the acquisitions of a provider of electrical infrastructure solutions and of a manufacturer of rock drills. Also, to enhance focus, we appointed a Chief Technology Officer and created a dedicated division for our digital solutions. We continue to build for the future, and I am proud of all our passionate and committed colleagues who take part in our journey.

Helena Hedbom
President and CEO