Slide 1: Interim report second quarter 2025
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 Innovation Machining Intelligent Manufacturing – 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
Slide 4: YoY market development
Interim report for the second quarter 2025 YoY market development Mining General Engineering Infrastructure Automotive Aerospace Other 51% 20% 9% 6% 4% 10% % of revenue 2024 Percent of revenue Order intake 2024 Y/Y Q2 25 Europe 26% -4% North America 25% 32% Asia 18% -5% Africa and Middle East 12% 4%
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 30 120 25 100 Revenues 20 80 Reported (MSEK) 15 10 60 40 29,700 Book-to-bill 5 20 0 Q1 Q2 2021 Q3 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 2023 Q3 Q4 Q1 Q2 2024 Q3 Q4 Q1 Q2 2025 0 108% Order intak
Slide 6: Growth in order intake and revenues
Interim report for the second quarter 2025 Growth in order intake and revenues Order intake Revenue SEK Bn SEK Bn 50% 120 50% 140 40% 100 40% 120 30% 30% 100 80 20% 20% 80 10% 10% 0 0% 0% 0 -20 -10% -10% -20 -20% -40 -20% -40 -30% -60 -30% -60 -40% -80 -40% -80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 7: Adjusted EBITA development
Interim report for the second quarter 2025 Adjusted EBITA development SEK Bn 8 22% Adj. EBITA margin: 19.0% 7 -8.5% 20% 6 5 18% 4 16% 3 2 2% – Adj. EBITA SEK 5,629 M (6,149) 1 – Resilient margin with lower volumes in key 0 0% segments and currency headwinds Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 8: Mining
Interim report for the second quarter 2025 Order intake and revenues 52% share of Mining revenues 2024 SEK Bn 20 150% 16 100% Order intake 12 – Solid momentum, broad-based demand with record-high order intake 8 50% – Strong organic order intake growth, driven by equipment divisions. 4 High-single di
Slide 9: Rock Processing
Interim report for the second quarter 2025 Order intake and revenues 9% share of Rock Processing revenues 2024 SEK Bn 4 150% 3 100% Order intake 2 – Solid momentum in mining, while infrastructure activity remained low 50% 1 – Total order intake decreased by 3%. At fixed exchange rate, order intake i
Slide 10: Machining and Intelligent Manufacturing
Interim report for the second quarter 2025 Order intake and revenues 39% share of Machining and Intelligent revenues 2024 SEK Bn Manufacturing 16 150% 12 100% Order intake – Demand for cutting tools declined year on year. Strong development was noted 8 in the powder business. Software orders increas
Slide 11: Cecilia Felton, CFO
Cecilia Felton CFO 11
Slide 12: Financial summary
Interim report for the second quarter 2025 Financial summary MSEK Q2 2024 Q2 2025 Growth OI Rev Order intake 32,354 32,206 Organic 10% 3% Revenues 31,419 29,700 Structure 1% 1% Adjusted EBITA 6,149 5,629 Organic + structure 10% 4% Adjusted EBITA margin 19.6% 19.0% Currency -11% -10% Net financial it
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% 15% 19.0% Accretion/dilution -0.1% -0.4% -0.1% 13
Slide 14: Net financials
Interim report for the second quarter 2025 Net financials MSEK Q2 2024 Q2 2025 Interest net -397 -239 Pension -24 -21 Bank charges -23 -20 Other financial income and cost -18 2 Leases IFRS16 -69 -67 Fx and other asset classes -32 6 Total -563 -339 Total yield cost, R3 5.0% 3.9% Total yield cost, R12
Slide 15: Tax rate
Interim report for the second quarter 2025 Tax rate MSEK Q2 2024 Q2 2025 Reported 30.6% 23.6% Excluding IAC 23.9% 23.5% – Normalized tax: In line with guidance Normalized 23.9% 23.5% for 2025 – 23-25% 15
Slide 16: Net working capital
Interim report for the second quarter 2025 Net working capital Net working capital Per BA, % of revenues, R12 SEK Bn 40 40% 40% 35 35% 35% 30 30% 30% 25 25% 25% 20 15 20% 20% 10 15% 15% 5 0 0% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 17: Free operating cash flow
Interim report for the second quarter 2025 Free operating cash flow SEK Bn 7 140% MSEK Q2 2024 Q2 2025 6 120% EBITDA 7,489 6,374 5 100% 4 80% Non-cash and other items** -506 561 EBITDA adj for non-cash 3 60% 6,984 6,936 and other items 2 40% Capex -1,110 -950 1 20% NWC -1,676 -896 0 0% FOCF 4,198 5,
Slide 18: Net debt
Interim report for the second quarter 2025 Net debt SEK Bn RATIO 60 1.8 Financial net 50 1.5 debt/R12 EBITDA: 40 1.2 30 20 0.9 0.6 1.3 10 0.3 0 0.0 -10 -0.3 – Financial net debt SEK 37 billion -20 -0.6 – Net debt SEK 45 billion Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 202
Slide 19: Outcome versus guidance
Interim report for the second quarter 2025 Outcome versus guidance Outcome Q2 Guidance Q2 Currency YoY effect (MSEK) -702 -600 Outcome Q1-Q2’25 Guidance FY25 Capex (BSEK) 2.0 5.0 Interest net (BSEK) -0.5 -0.8 Normalized tax rate (%) 23.7% 23-25% 19
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
Slide 22: Q&A
Q&A 22
Slide 23: Backup slides
Backup slides 23
Slide 24: Adjusted EBITA bridge, per BA
Interim report for the second quarter 2025 Adjusted EBITA bridge, per BA Q2 Q2 MSEK Organic Currency Structure 2024 2025 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 EBIT
Slide 25: Loan and duration profile
Interim report for the second quarter 2025 Loan and duration profile Long term: MSEK Amount Duration Bonds MTN 19,462 3.7 years 70% Bank Loans 8,980 6.0 years Short term: Commercial papers 7,358 0.2 years Bonds MTN Bank Loans 4,699 63 0.8 years 0.5 years 30% Total 40,562 3.2 years Committed Credit f
Slide 26: Loan maturity profile
Interim report for the second quarter 2025 SEK M Loan maturity profile 10 000 Average interest rate: 8 000 ~2.7% (excluding swap costs) 6 000 4 000 2 000 - 2025 2026 2027 2028 2029 2030 2031 2032 2033 26
Slide 27: 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