Reaction to earnings Unchanged Modest shortfall Modest revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Conclusion. Overall, we would agree these results are a small negative against expectations, but in reality see nothing in the 2Q26 that is thesis changing versus what we laid out in our Epiroc upgrade to overweight from 12th March 2025. We think after the initial share price move (-6 ...