Overview Key strengths Key risks Leading positions in its niche mining equipment and metalworking tools markets (typically No. 1 or No. 2). Exposure to typically volatile and cyclical end markets, such as mining (51%), general engineering (20%), construction (9%) and auto (6%). Profitability above the capital goods sector average, with adjusted EBITDA margin consistently above 18% over the past few years. Working capital intensity and swings, which can lead to volatility in FOCF. Revenue and margin resilience during downturns, thanks to a high share of services and aftermarket parts revenue in its mining segments (about 65% of the total mining division) and the company's focus on products of key importance to customer productivity. A shareholder-friendly dividend policy, aiming at distributing
