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<p><strong>As with any investment, your capital is at risk.</strong></p> <p>&nbsp;</p> <p><strong>Tell us about the company.</strong></p> <p><strong>Ben Drury:</strong> From the deepest mines in the world, in extreme environments thousands of metres beneath the Earth's surface, to cleanrooms in the most advanced semiconductor fabs in the world, Atlas Copco's products play an essential role in some of the most challenging and exacting industrial processes in the modern economy. As a global leader in air compressors, vacuum pumps&nbsp;<br>and industrial tools, Atlas Copco operates in over 180 countries worldwide, working with customers in industries ranging from energy to pharmaceuticals and aerospace to automotive. Its products are indispensable to 21st century industry.</p> <p>&nbsp;</p> <p><strong>What makes this stock special?&nbsp;</strong></p> <p>I'd point to three things that make Atlas Copco a very special business. Firstly, Atlas' relentless focus on innovation and efficiency, supported by thousands of researchers, keeps it at the forefront of industrial technology. With energy use representing about 80 per cent of a compressor's total lifetime cost, Atlas' focus on energy-efficient solutions represents real value for its customers.</p> <p>Secondly, the company has moved beyond simple sales into service and aftermarket contracts. These contracts are designed to guarantee reliability, minimise downtime, and optimise the total cost of ownership of their products. This approach helps deepen customer relationships and unlocks exceptionally high-quality recurring revenue streams.</p> <p>Finally, tying it all together, beyond the what of the company's products and markets is the how of a unique corporate culture based around decentralisation, ensuring that local teams closest to the customer's needs are empowered to take product decisions. It was this customer-centric approach that led to the focus on efficiency and helped Atlas make prescient early moves into emerging&nbsp;<br>markets.</p> <p>&nbsp;</p> <p><strong>What could the future hold?</strong></p> <p>Looking forward over the next 5 to 10 years, we see Atlas as a key enabler of innovation in many of the most exciting and dynamic areas of industry. From industrial automation, where Atlas's products are helping to prepare the way for complete digitisation and manufacturing, to the energy transformation. Even the AI revolution, where its vacuum pumps play a crucial role in maintaining ultra-clean environments necessary for the manufacture of the most advanced semiconductor chips. Atlas Copco innovations will continue to shape our world.</p> <p>&nbsp;</p> <h3>Risk Factors</h3> <p>The views expressed should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.</p> <p>This communication was produced and approved in February 2025 and has not been updated subsequently. It represents views held at the time of writing and may not reflect current thinking.</p> <p>This communication contains information on investments which does not constitute independent research. Accordingly, it is not subject to the protections afforded to independent research, but is classified as advertising under Art 68 of the Financial Services Act (‘FinSA’) and Baillie Gifford and its staff may have dealt in the investments concerned.</p> <p>All information is sourced from Baillie Gifford &amp; Co and is current unless otherwise stated.</p> <p>The images used in this communication are for illustrative purposes only.</p> <p><strong>Important Information&nbsp;</strong></p> <p>Baillie Gifford &amp; Co and Baillie Gifford &amp; Co Limited are authorised and regulated by the Financial Conduct Authority (FCA). Baillie Gifford &amp; Co Limited is an Authorised Corporate Director of OEICs.&nbsp;</p> <p>Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK Professional/Institutional clients only. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford &amp; Co. Baillie Gifford &amp; Co and Baillie Gifford Overseas Limited are authorised and regulated by the FCA in the UK.</p> <p>Persons resident or domiciled outside the UK should consult with their professional advisers as to whether they require any governmental or other consents in order to enable them to invest, and with their tax advisers for advice relevant to their own particular circumstances.</p> <p><strong>Financial Intermediaries</strong></p> <p>This communication is suitable for use of financial intermediaries. Financial intermediaries are solely responsible for any further distribution and Baillie Gifford takes no responsibility for the reliance on this document by any other person who did not receive this document directly from Baillie Gifford.</p>