Slide 1: Interim report first quarter 2026
Interim report first quarter 2026
Slide 2: Summary Q1
Overview Summary Q1 Strong start to the year – Strong demand across all business areas with double-digit organic growth in the quarter – Total order intake grew by 12% year on year. Organic order intake growth of 23% – Total revenues increased by 5%. At fixed exchange rates, growth was 15%, of which
Slide 3: Key strategic highlights in the quarter
Overview Key strategic highlights in the quarter Mining Rock Processing Intelligent Manufacturing Machining Acquisition Launched new cone crushers Next-gen toolpath platform Acquisition – ThoroughTec Simulation – CH442 and CH662 cone crushers – EverPath Technology – K&Y Diamond – OEM agnostic mining
Slide 4: Mining market
Market development Mining market – Activity levels remained high in the industry driven by favorable commodity prices – High production pace and more advanced machinery in combination with an aging fleet drives consumption of parts and services – Continued strong investments in digital and automatio
Slide 5: Infrastructure market
Market development Infrastructure market Aggregates Demolition & recycling Europe North America Asia 2026-04-22 Interim report for the first quarter 2026 5
Slide 6: New market segmentation for Machining
Market development New market segmentation for Machining 64% 12% 9% 7% 6% 2% General industry Aerospace & Light vehicles Mining & energy Transportation Medical & – General engineering defense – ICE vehicles – Mining & construction – Heavy vehicles electronics – Machine tools – Aerospace – Hybrid veh
Slide 7: Industrial manufacturing market
Market development Industrial manufacturing market General Aerospace Light Mining & Transport- Medical & industry & defense vehicles energy ation electronics Europe North America China India Rest of world 2026-04-22 Interim report for the first quarter 2026 7
Slide 8: Cutting tools organic order intake development
Market development Cutting tools organic order intake development General Aerospace Light Mining & Transport- Medical & industry & defense vehicles energy ation Electronics Europe +++ ++++ + +++ +++ +++ North America ++++ ++++ + +++ ++++ +++ China ++++ ++++ 0 ++++ ++++ ++ India ++++ ++++ ++++ Rest o
Slide 9: Order intake and revenues
Group results Order intake and revenues SEK Bn Order intake Reported (MSEK) 40 140 35 120 36,756 30 100 Revenues 25 Reported (MSEK) 80 20 15 60 30,685 40 10 Book-to-bill Order intake, reported 20 5 Revenues, reported 120% Order intake R12 0 0 Revenues R12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023
Slide 10: Growth in order intake and revenues
Group results Growth in order intake and revenues Order intake Revenue Growth Q1 2026 Order intake Revenue Organic 23% 15% 30% 30% Structure 0% 0% Growth at fixed 20% 20% 23% 15% exchange rates 10% 10% Currency -11% -10% Total 12% 5% 0% 0% -10% -10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4
Slide 11: Mining
Business Area results Mining Order intake, revenues & adj. EBITA % SEK Bn 52% share of revenues 2025 20 25% 16 20% Order intake and revenues 12 15% – Continued positive momentum with strong demand across the 8 10% board – Record high order intake level, with double-digit organic order 4 5% Order int
Slide 12: Rock Processing
Business Area results Rock Processing Order intake, revenues & adj. EBITA % SEK Bn 9% share of revenues 2025 4 20% 3 15% Order intake and revenues 2 10% – Solid recovery in infrastructure with strong broad-based demand in both demolition and recycling, and aggregates. Positive underlying demand in m
Slide 13: Machining
Business Area results Machining Order intake, revenues & adj. EBITA % Y Axis SEK Bn 36% share of revenues 2025 16 25% 20% 12 Order intake and revenues 15% – Strong underlying demand in strategically important segments. Solid 8 demand in general industry, partly due to pre-buying, but also early sign
Slide 14: Intelligent Manufacturing
Business Area results Intelligent Manufacturing Order intake, revenues & adj. EBITA % Y Axis SEK Bn 3% share of revenues 2025 1.2 25% 1.0 20% 0.8 Order intake and revenues 15% – Solid broad-based demand for CAM and metrology software 0.6 solutions. Strongest growth noted in North America and in 10%
Slide 15: Cecilia Felton CFO
Cecilia Felton CFO 2026-04-22 Interim report for the first quarter 2026 15
Slide 16: Financial summary
First quarter financials Financial summary MSEK Q1’25 Q1’26 Order intake 32,763 36,756 Revenues 29,301 30,685 Adjusted EBITA 5,768 6,138 Adjusted EBITA margin 19.7% 20.0% Net financial items -296 -237 Tax rate excluding IAC 23.8% 25.2% NWC 1 29.8% 28.1% Free operating cash flow 3,809 3,613 1 ROCE 15
Slide 17: Profitability development
First quarter financials Profitability development Adj. EBITA margin: 20.0% SEK Bn 8 24% 7 22% 6 20% – Adj. EBITA SEK 6,138 M (5,768) 5 18% – Good price realization and higher volumes. Positive margin effect 4 16% driven by timing in the powder business. 3 14% – Savings accretive with 40 bps 2 4% –
Slide 18: Bridge analysis
First quarter financials Bridge analysis Q1 Q1 MSEK 2025 Organic Currency Structure 2026 Revenues 29,301 4,260 -2,928 51 30,685 Adjusted EBITA 5,768 1,731 -1,389 27 6,138 Adjusted EBITA margin 19.7% 41% 20.0% Accretion/dilution 2.7% -2.4% 0.1% 2026-04-22 Interim report for the first quarter 2026 18
Slide 19: Net financials
First quarter financials Net financials MSEK Q1 ’25 Q1 ’26 Interest net -206 -150 Pension -21 -11 Bank charges -29 -26 Other financial income and cost 51 -11 Leases IFRS16 -66 -64 Fx and other asset classes -25 26 Total -296 -237 Total yield cost, R3 3.7% 3.7% Total yield cost, R12 4.7% 3.6% 2026-04
Slide 20: Tax rate
First quarter financials Tax rate MSEK Q1 ’25 Q1 ’26 – Normalized tax: In line with guidance for 2026 – 23-25% Reported 23.9% 23.9% Excluding IAC 23.8% 25.2% Normalized 23.8% 24.0% 2026-04-22 Interim report for the first quarter 2026 20
Slide 21: Net working capital
First quarter financials Net working capital SEK Bn 50 35% 40% 45 35% 40 30% 35 30% 30 25% 25 Rock Processing,% of 20% rev., R12 20 Intelligent Manufacturing, 25% 0% % of rev., R12 15 Machining,% of rev., R12 10 Mining,% of rev., R12 -20% Machining and 5 Intelligent Manufacturing ,% of 0 0% -25% rev
Slide 22: Free operating cash flow
First quarter financials Free operating cash flow SEK Bn 7 140% MSEK Q1 ’25 Q1 ’26 EBITDA 7,094 7,147 6 120% Non-cash and other -1,523 -456 items* 5 100% EBITDA adj for non-cash 5,571 6,691 and other items 4 80% Capex -1,015 -758 3 60% NWC -747 -2,320 FOCF 3,809 3,613 2 40% Cash conversion 70% 62% 1
Slide 23: Net debt
First quarter financials Net debt Financial net debt/R12 EBITDA SEK Bn 60 RATIO 1,8 0.8 50 1,5 40 1,2 30 0,9 20 0,6 Financial net debt 10 0,3 Net pension liability Leases Financial net debt / R12 EBITDA 0 0,0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025 2026 – Financial net debt SEK 24 bill
Slide 24: Outcome versus guidance
First quarter financials Outcome versus guidance Outcome Q1 Guidance Q1 Currency YoY effect (MSEK) -1,389 -1,400 Outcome Q1 Guidance FY26 Capex (BSEK) 0.8 4-4.5 Interest net (BSEK) -0.2 -0.6 Normalized tax rate (%) 24.0% 23-25% 2026-04-22 Interim report for the first quarter 2026 24
Slide 25: Guidance Q2 and FY 2026
Guidance Guidance Q2 and FY 2026 Currency effect Given currency rates per April 20, the effect on operating profit from transaction and translation would be SEK -0.5 Bn for Q2 2026 CAPEX (Cash) Estimated to approximately SEK 4.0-4.5 Bn for 2026 Interest net Underlying interest net is estimated to ap
Slide 26: Conclusion
Summary Conclusion Markets & macro Financial performance Strategic progress Advancing to 2030 – Strong mining market, recovery in – Strong demand across all business – Acquisitions to strengthen the – Consistent delivery each quarter, infrastructure areas offering and position while building long-te
Slide 27: Q&A
Q&A 2026-04-22 Interim report for the first quarter 2026 27
Slide 28: Backup slides
Backup slides 2026-04-22 Interim report for the first quarter 2026 28
Slide 29: Adjusted EBITA bridge, per BA
Adjusted EBITA bridge, per BA Q1 Q1 MSEK Organic Currency Structure 2025 2026 Mining Revenues 14,675 2,002 -1,471 - 15,206 Adjusted EBITA 3,058 757 -810 - 3,004 Adjusted EBITA margin 20.8% 38% 19.8% Accretion/dilution 2.0% -3.1% 0.0% Rock Processing Revenues 2,615 11 -241 41 2,425 Adjusted EBITA 395
Slide 30: Loan and duration profile
Loan and duration profile Long term: MSEK Amount Duration Bonds MTN 19,152 2.9 years 88% Bank Loans 8,862 5.3 years Short term: Commercial papers 0 - Bonds MTN Bank Loans 3,839 34 0.2 years 0.5 years 12% Total 36,246 3.3 years Committed Credit facilities SEK 16,585 million 2026-04-22 Interim report
Slide 31: Loan maturity profile
SEK M Loan maturity profile 8,000 Average interest rate: ~2.8% (excluding swap costs) 6,000 4,000 2,000 0,000 2026 2027 2028 2029 2030 2031 2032 2033 2026-04-22 Interim report for the first quarter 2026 31
Slide 32: Disclaimer statement
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, exchange-rate