Slide 1: Interim report second quarter 2025
@ SANDVIK Interim report second quarter 2025
Slide 2: Summary Q2
Summary Q2 Order intake volumes at all-time high — Strong momentum in mining and powder solutions. Positive development in software, aerospace and smaller segments. Demand in general engineering, automotive and infrastructure remained soft. — Total order intake was stable year on year. Organic order
Slide 3: Vericut Optimizer
Vericut® Optimizer - Sustainability award 2025, a collaboration between Vericut and Seco tools — Joint solution offering for increased customer relevance and stickiness — Optimizes numerical control (NC) programs - Maximizes efficiency and productivity - Demonstrated at Capital Markets Day in May
Slide 4: YoY market development
Interim report for the second quarter 2025 S YoY market development Mining General Engineering Infrastructure Automotive Aerospace Other 51% 20% 9% 6% 4% 10% of revenue 2024 Percent of revenue Order intake @ @ >) Cs) @ >) 2024 YAY Q2 25 LTA > N > ~) A > \ 5 \ 32% A NI > MI A A 5% > M > N NM > 4% > N
Slide 5: Order intake and revenues
Interim report for the second quarter 2025 Order intake and revenues SEK Bn 35 140 Order intake Reported (MSEK) : ~ 32,206 25 100 ’ Revenues 20 80 Reported (MSEK) ° “29,700 10 40 ’ 5 20 Book-to-bill > 108% Ql Q@2 Q3 Q4 Q1 Q2 Q3 Q4 Ql G2 Q3 Q4 Ql G2 Q3 Q4 Ql Q2 2021 2022 2023 2024 2025 Order intake,
Slide 6: 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% -10% -10%
50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% -10% -10% -20% -20% -30% -30% -40% -40%
Slide 7: Adjusted EBITA development
Interim report for the second quarter 2025 Adjusted EBITA development ° 6 Adj. EBITA margin: “ 19.0% 18% 16% 2 o% — Adj. EBITA SEK 5,629 M (6,149) 1 — Resilient margin with lower volumes in key 0 0% segments and currency headwinds Ql @2 03 G4 Qi @2 Q3 G4 Ql G2 G3 O4 Qi G2 G3 Q4 Q1 G2 2021 2022 2023,
Slide 8: Mining
Interim report for the second quarter 2025 oe Mining Order intake — Solid momentum, broad-based demand with record-high order intake - Strong organic order intake growth, driven by equipment divisions. High-single digits growth in parts and services — Total order intake increased by 5%, and at fixed
Slide 9: 150% 100% 50% 0% 20% 15% 10% 5% 0%
150% 100% 50% 0% 20% 15% 10% 5% 0%
Slide 10: Machining and Intelligent Manufacturing
Interim report for the second quarter 2025 Machining and Intelligent Manufacturing Order intake - Demand for cutting tools declined year on year. Strong development was noted in the powder business. Software orders increased by low-single digits, and software revenues grew by high-single digits - Ae
Slide 11: Cecilia Felton, CFO
Cecilia Felton CFO @
Slide 12: Financial summary
Interim report for the second quarter 2025 Financial summary MSEK Q22024 8 Q2 2025 Order intake 32,354 32,206 Revenues 31,419 29,700 Adjusted EBITA 6,149 5,629 Adjusted EBITA margin 19.6% 19.0% Net financial items -563 -339 Tax rate excluding IAC 23.9% 23.5% NWC* 30.2% 29.6% Free operating cash flow
Slide 13: Bridge analysis
Interim report for the second quarter 2025 Bridge analysis Q2 Q2 MSEK 2024 Organic Currency Structure 2025 Revenues 31,419 1,053 -3,065 292 29,700 Adjusted EBITA 6,149 159 -702 24 5,629 Adjusted EBITA margin 19.6% 19.0% Accretion/dilution -0.1% -0.4% -0.1%
Slide 14: Net financials
Interim report for the second quarter 2025 Net financials MSEK Q2 2024 Interest net -397 Pension -24 Bank charges -23 Other financial income and cost -18 Leases IFRS16 -69 Fx and other asset classes -32 Total -563 Total yield cost, R3 5.0% Total yield cost, R12 5.2% S 14
Slide 15: Tax rate
Interim report for the second quarter 2025 Tax rate MSEK Q22024 Q22025 Reported 30.6% 23.6% Excluding IAC 23.9% 23.5% Normalized 23.9% 23.5% — Normalized tax: In line with guidance for 2025 - 23-25% @
Slide 16: Net working capital
Interim report for the second quarter 2025 Net working capital Net working capital SEK Bn 40 35 30 25 20 15 10 Best esti Q1 G2 Q3 Q4 Q1 G2 G3 G4 Q1 G2 O3 O4 G1 G2 G3 O4 2021" 2022" 2023 2024 wate NWC — %of rev.,R12 Ql a2 2025, \V 40% 35% 30% 25% 20% 15% 0% S Per BA, % of revenues, R12 40% 35% 30% 25
Slide 17: 140% 120% 100% 80% 60% 40% 20% 0% -20%
140% 120% 100% 80% 60% 40% 20% 0% -20%
Slide 18: Net debt
Interim report for the second quarter 2025 Net debt Q1 G2 03 G4 Q1 G2 G3 G4 Q1 G2 G3 O4 Q1 G2 G3 Q4 Ql G2 2021 2022 2023, 2024 2025, I Financial net debt Net pension liability [Ml] Leases. — Financial N.D. / R12 EBITDA S Financial net debt/R12 EBITDA: 1.3 — Financial net debt SEK 37 billion — Net de
Slide 19: Outcome versus guidance
Interim report for the second quarter 2025 Outcome versus guidance Outcome Q2 Guidance Q2 Currency YoY effect (MSEK) -702 Outcome Q1-Q2’25 -600 Guidance FY25 Capex (BSEK) Interest net (BSEK) Normalized tax rate (%) 2.0 23.7% 23-25%
Slide 20: Guidance Q3 and FY 2025
Interim report for the second quarter 2025 Guidance Q3 and FY 2025 Currency effect Given currency rates at the end of June 2025 the effect on operating profit from transaction and translation would be SEK -800 M for Q3 2025 CAPEX (Cash) Estimated to approximately SEK 4.5 Bn for 2025 Interest net Und
Slide 21: Conclusion
Conclusion Strong quarter despite challenging macro environment — Strong demand in several key segments, and signs of bottoming out in the weaker ones Swift response to tariffs, fully offset in the quarter Good profit margin considering volume challenges in weaker segments and currency headwinds Str
Slide 22: Q&A
Q&A @
Slide 23: Backup slides
Backup slides @
Slide 24: Adjusted EBITA bridge, per BA
Interim report for the second quarter 2025 Adjusted EBITA bridge, per BA MSEK ooea Organic Currency Structure moss Mining Revenues 16,151 1,183 -1,877 13 15,469 Adjusted EBITA 3,356 139 -350 -1 3,144 Adjusted EBITA margin 20.8% 20.3% Rock Processing Revenues 2,704 67 -266 - 2,505 Adjusted EBITA 409
Slide 25: Loan and duration profile
Interim report for the second quarter 2025 Loan and duration profile MSEK Amount Duration ong term: Bonds MTN 19,462 3,7 years 70% Bank Loans 8,980 6.0 years Commercial papers 7,358 0.2 years Short term Bonds MTN 4,699 0.8 years 30% Bank Loans 63 0.5 years Total 40,562 3.2 years Committed Credit fac
Slide 26: 10,000 8,000 6,000 4,000 2,000 - 2025 2026 2027 2028 2029 30 2031 2032
10,000 8,000 6,000 4,000 2,000 - 2025 2026 2027 2028 2029 2030 2031 2032 2033
Slide 27: Disclaimer statement
@ SANDVIK Disclaimer statement Some statements herein are forward-looking, and the actual outcome could be materially different. In addition to the factors explicitly commented upon, the actual outcome could be materially affected by other factors for example, the effect of economic conditions, exch