Financial Reports
Drillcon Group's quarterly and annual reports.
DRILLCON Q1 REPORT
Market Commentary Q1 2025
The global market during the quarter was marked by increased trade restrictions and weakening demand across basic industries. Trade conflicts and steel tariffs contributed to heightened uncertainty, while base metal prices remained largely stable throughout the period – with the exception of iron ore, where prices declined due to lower global demand.
However, there are also positive developments. The EU’s intensified focus on strategic minerals is creating new business opportunities, particularly in Sweden, Portugal, and Spain – three markets where Drillcon maintains a strong presence. This trend supports long-term growth prospects, despite the challenges facing the global economic environment.
During the quarter, Drillcon was honored with the Export Prize of the Year by the Mälardalen Chamber of Commerce in collaboration with Grant Thornton. The award recognizes the dedication of our employees and the company’s continued international expansion.
Operational Activities
Despite increased competition, we successfully secured two major raiseboring contracts: one with Sandfire MATSA in Spain, valued at SEK 90–100 million, and another with Somincor, Neves Corvo in Portugal, signed after the end of the quarter, worth approximately SEK 100 million. These contracts further reinforce our presence and strengthen our position in the Iberian market.
Strategic Initiatives and Outlook
Our strategy is based on developing long-term partnerships with both customers and OEM suppliers, with these efforts being continuously reinforced. During the quarter, we also invested in a new deep drilling rig, which will be commissioned for a customer. This investment enhances our capabilities in a strategically important segment, enabling deeper exploration drilling.
Patrik Rylander - CEO