Slide 1: Interim report second quarter 2026
Interim report second quarter 2026
Slide 2: Summary Q2
Overview Summary Q2 Record revenues and profits – Strong momentum across key regions and segments as well as good price realization – Total order intake grew by 17% year on year. Organic order intake growth of 17% – Total revenues increased by 24% year on year. Organic revenue growth of 23% – Adjust
Slide 3: Sandvik to acquire leading filter press manufacturer Diemme Filtration
Sandvik to acquire leading filter press manufacturer Diemme® Filtration Growth Rock Processing – Sandvik enters filtration and dewatering segment – Supports Rock Processing’s strategy to grow in attractive niches in downstream mining – Improves productivity, water recovery, and tailings management t
Slide 4: Key strategic highlights in the quarter
Overview Key strategic highlights in the quarter Machining Mining Intelligent Manufacturing New steel turning grade New automation platform generation Innovation hub inauguration – Dormer Pramet’s T9425 – AutoMine® Aura – Pune, India – New coating platform and new post-treatment – Breakthrough navig
Slide 5: Mining market
Market development Mining market – Favourable commodity prices continue to spur activity and momentum in the mining market – High production rate and expanded, aging, fleet drives consumption of spare parts and maintenance needs – Investments in equipment remained high with brownfields making up Ups
Slide 6: Infrastructure market
Market development Infrastructure market Aggregates Demolition & recycling Europe North America Asia 2026-07-17 Interim report for the second quarter 2026 6
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 2026-07-17 Interim report for the second 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 ++++ ++++ +++ ++++ ++++ ++++ India ++++ ++++ +
Slide 9: Order intake and revenues
Group results Order intake and revenues SEK Bn Order intake Reported (MSEK) 40 140 35 120 37,799 30 100 Revenues 25 Reported (MSEK) 80 20 15 60 36,752 40 10 Book-to-bill Order intake, reported 20 5 Revenues, reported 103% Order intake R12 0 0 Revenues R12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2026
Slide 10: Growth in order intake and revenues
Group results Growth in order intake and revenues Order intake Revenue Growth Q2 2026 Order intake Revenue Organic 17% 23% 30% 30% Structure 0% 0% Growth at fixed 20% 20% 17% 24% exchange rates 10% 10% Currency 0% 0% Total 17% 24% 0% 0% -10% -10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 11: Mining
Business Area results Mining Order intake, revenues & adj. EBITA % SEK Bn 52% share of revenues 2025 25 25% 20 20% Order intake and revenues 15 15% – High activity, strong demand and record-high order intake 10 10% – Strong order intake growth driven by the aftermarket business, in particular by Par
Slide 12: Rock Processing
Business Area results Rock Processing Order intake, revenues & adj. EBITA % SEK Bn 9% share of revenues 2025 5 20% 4 15% Order intake and revenues 3 10% – Solid demand in Mining. Positive market sentiment in both 2 demolition and recycling, and aggregates – Total order intake increased by 8%. At fix
Slide 13: Machining
Business Area results Machining Order intake, revenues & adj. EBITA % Y Axis SEK Bn 36% share of revenues 2025 20 30% 25% 16 20% Order intake and revenues 12 – Solid broad-based demand for cutting tools, strong growth in all key 15% regions. 8 10% – Underlying demand improved in general industry, an
Slide 14: Intelligent Manufacturing
Business Area results Intelligent Manufacturing Order intake, revenues & adj. EBITA % 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 10% 0.4 – High-single digit organic order intake growth in
Slide 15: Cecilia Felton, CFO
Cecilia Felton CFO 2026-07-17 Interim report for the second quarter 2026 15
Slide 16: Financial summary
Second quarter financials Financial summary MSEK Q2 ’25 Q2 ’26 Order intake 32,206 37,799 Revenues 29,700 36,752 Adjusted EBITA 5,629 8,306 Adjusted EBITA margin 19.0% 22.6% Net financial items -339 -254 Tax rate excluding IAC 23.5% 24.2% NWC 1 29.6% 27.5% Free operating cash flow 5,090 3,590 1 ROCE
Slide 17: Profitability development
Second quarter financials Profitability development Adj. EBITA margin: 22.6% SEK Bn 9 24% 8 22% 7 20% – Adj. EBITA SEK 8,306 M (5,629) 6 18% – Higher volumes, strong price 5 realization and cost savings 16% – Timing effect from tungsten 4 price development estimated to 14% SEK 550 million, correspon
Slide 18: Bridge analysis
Second quarter financials Bridge analysis Q2 Q2 MSEK 2025 Organic Currency Structure 2026 Revenues 29,700 6,954 12 86 36,752 Adjusted EBITA 5,629 2,814 -173 35 8,306 Adjusted EBITA margin 19.0% 40% 22.6% Accretion/dilution 4.1% -0.5% 0.0% 2026-07-17 Interim report for the second quarter 2026 18
Slide 19: Net financials
Second quarter financials Net financials MSEK Q2 ’25 Q2 ’26 Interest net -239 -188 Pension -21 -12 Bank charges -20 -28 Other financial income and cost 2 8 Leases IFRS16 -67 -66 Fx and other asset classes 6 32 Total -339 -254 Total yield cost, R3 3.9% 4.2% Total yield cost, R12 4.4% 3.7% 2026-07-17
Slide 20: Tax rate
Second quarter financials Tax rate MSEK Q2 ’25 Q2 ’26 – Normalized tax: In line with guidance for 2026 – 23-25% Reported 23.6% 25.0% Excluding IAC 23.5% 24.2% Normalized 23.5% 24.2% 2026-07-17 Interim report for the second quarter 2026 20
Slide 21: Net working capital
Second quarter financials Net working capital SEK Bn 50 34% 40% 45 33% 40 32% 35% 35 31% 30 30% 30% 25 29% Rock Processing, % of rev., R12 20 28% 25% Intelligent Manufacturing, % of rev., R12 15 27% Machining,% of rev., R12 0% Mining,% of rev., R12 10 26% -20% Machining and 5 Intelligent Manufacturi
Slide 22: Free operating cash flow
Second quarter financials Free operating cash flow SEK Bn 7 140% MSEK Q2 ’25 Q2 ’26 6 120% EBITDA 6,374 9,506 Non-cash and other items* 561 -315 5 100% EBITDA adj for non-cash 6,936 9,192 and other items 4 80% Capex -950 -994 3 60% NWC -896 -4,607 2 40% FOCF 5,090 3,590 Cash Conversion 94% 46% 1 20%
Slide 23: Net debt
Second quarter financials Net debt Financial net debt/R12 EBITDA 1.0 SEK Bn RATIO 50 1.8 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 2024 2025 2026 – Financial net debt SEK 30 billion – Net debt S
Slide 24: Outcome versus guidance
Second quarter financials Outcome versus guidance Outcome Q2 Guidance Q2 Currency YoY effect (MSEK) -173 -500 Outcome Q1-Q2 Guidance FY26 Capex (BSEK) 1.8 4-4.5 Interest net (BSEK) -0.3 -0.6 Normalized tax rate (%) 24.1% 23-25% 2026-07-17 Interim report for the second quarter 2026 24
Slide 25: Guidance Q3 and FY 2026
Guidance Guidance Q3 and FY 2026 Currency effect Given currency rates per June 30, the effect on adjusted EBITA from transaction and translation would be SEK +0.2 Bn for Q3 2026 compared to the year-earlier period Temporary timing Based on tungsten prices per June 30, the effect from effect on adjus
Slide 26: Conclusion
Summary Conclusion Markets & macro Financial performance Strategic progress Advancing to 2030 – Strong momentum in mining, and – Order intake and revenues grew – Entering filtration and dewatering – Consistent delivery each quarter, recovery in demolition and recycling double-digits segment with Die
Slide 27: Q&A
Q&A 2026-07-17 Interim report for the second quarter 2026 27
Slide 28: Backup slides
Backup slides 2026-07-17 Interim report for the second quarter 2026 28
Slide 29: Adjusted EBITA bridge, per BA
Adjusted EBITA bridge, per BA Q2 Q2 MSEK Organic Currency Structure 2025 2026 Mining Revenues 15,469 2,858 200 - 18,527 Adjusted EBITA 3,144 725 -76 0 3,793 Adjusted EBITA margin 20.3% 25% 20.5% Accretion/dilution 0.8% -0.6% 0.0% Rock Processing Revenues 2,505 146 6 33 2,691 Adjusted EBITA 365 37 -1
Slide 30: Loan and duration profile
Loan and duration profile Long term: MSEK Amount Duration Bonds MTN 14,020 3.3 years 84% Bank Loans 8,946 5.0 years Short term: Commercial papers 5,368 3.0 years Bonds MTN Bank Loans 5,477 53 0.9 years 0.5 years 16% Total 33,864 3.3 years Committed Credit facilities SEK 11,246 million 2026-07-17 Int
Slide 31: Loan maturity profile
SEK M Loan maturity profile 8 000 Average interest rate: ~2.9% (excluding swap costs) 6 000 4 000 2 000 0 2026 2027 2028 2029 2030 2031 2032 2033 2026-07-17 Interim report for the second 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