Interim report
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Press release October 22, 2026 Q3 – Total order intake increased by 20% compared to last year and amounted to SEK 36,948 million (30,769). At fixed exchange rates, order intake increased by 17%, and organically by 17% – Total revenues increased by 29% compared to last year and amounted to SEK 37,728 million (29,218). At fixed exchange rates, revenues increased by 26%, and organically by 25% – Adjusted EBITA increased by 53% and amounted to SEK 8,477 million (5,539), corresponding to a margin of 22.5% (19.0). Items affecting comparability amounted to SEK -70 million (63) – Profit for the period amounted to SEK 5,772 million (3,538) and earnings per share, diluted, were SEK 4.60 (2.82). Adjusted earnings per share, diluted, were SEK 4.64 (2.81) – Free operating cash flow amounted to SEK 7,167 million (5,603) Adj. EBITA margin Revenue growth at fixed exchange rates Financial net debt/EBITDA 0.9 26% 22.5% Strong revenue growth and profit margin Interim report third quarter 2026 MSEK Q3 2025 Q3 2026 Change % Q1-Q3 2025 Q1-Q3 2026 Change % Order intake 30,769 36,948 20 95,738 111,503 16 Revenues 29,218 37,728 29 88,219 105,164 19 Adjusted EBITA1) 5,539 8,477 53 16,936 22,920 35 Adjusted EBITA margin 19.0 22.5 – 19.2 21.8 – Adjusted EBIT2) 5,103 7,997 57 15,560 21,572 39 Adjusted EBIT margin 17.5 21.2 – 17.6 20.5 – Adjusted profit before tax2, 3) 4,707 7,693 63 14,528 20,776 43 Profit for the period 3,538 5,772 63 10,491 14,885 42 Adjusted profit for the period2, 3) 3,530 5,820 65 11,025 15,682 42 Earnings per share, diluted, SEK 2.82 4.60 63 8.36 11.86 42 Adjusted earnings per share, diluted, SEK2, 3) 2.81 4.64 65 8.78 12.49 42 Free operating cash flow 5,603 7,167 28 14,502 14,371 -1 Financial overview Tables and calculations in the report do not always agree exactly with the totals due to rounding. Comparisons are made with the corresponding period in the previous year, unless otherwise stated. Alternative performance measures and definitions used in this report are explained on page 23. For more information see home.sandvik. 1) Adjusted for items affecting comparability (IAC) on EBITA of SEK -70 million (63) in Q3 2026 and SEK -1,041 million (-636) YTD 2026. 2) IAC on EBIT of SEK -70 million (63) in Q3 2026 and SEK -1,081 million (-636) YTD 2026. 3) Adjusted for IAC regarding tax of SEK 22 million (-55) in Q3 2026 and SEK 284 million (102) YTD 2026. For more information see page 20.
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Q1 SANDVIK INTERIM REPORT 2023 FOR ADDITIONAL INFORMATION, PLEASE CALL SANDVIK INVESTOR RELATIONS +46 8 456 11 00 OR VISIT HOME.SANDVIK 2 q CEO'S COMMENT We had a strong start to 2023. With good momentum and solid business execution we delivered double-digit revenue growth, and top line levels were on an all-time high. Our short-cycle business noted positive demand from all customer seg- ments and the mining environment remained robust, with high aftermarket activity. We took additional steps in our shift to growth strategy with the completion of two acquisitions. Great momentum was also seen in our battery electric vehicle (BEV) business. The fact that our Digital Mining T echnologies division had exceptionally strong organic order growth in the quarter is a good example of the progress we make in our strategic focus areas. T otal order intake and revenues grew at fixed exchange rates, by 6% and 18%, respectively. Organic order intake grew by 2% and revenues by 13%, despite tough comparables. If we exclude Russia, organic orders and revenues grew by 5% and 16%, respectively. Adjusted EBITA margin was 19.8%, with price compensating for cost inflation, but currency effects from revaluation on unhedged balance sheet items had a dilutive impact of 100 basis points. Free operating cash flow amounted to SEK 3.7 billion. Order intake levels in Sandvik Mining and Rock Solutions did once again beat previous records. We noted particularly strong growth in our biggest equipment division, Load and Haul, and the aftermarket division Parts and Services. Order intake, at fixed exchange rates, and excluding Russia, grew by 8%, of which 6% organic. The shift to battery electric vehicles (BEVs) accelerated further. We announced several BEV orders in the quarter, including two of our three biggest BEV orders ever. T o support the growing BEV market, Sandvik announced the investment in a new production site in Malaysia. We plan to get production started by the end of the year. We also won an order from the world’s largest copper producer, to supply an Auto- Mine® Fleet automation system with six autonomous loaders. Revenues, at fixed exchange rates, and excluding Russia, grew by 26%, of which 23% organic. Sandvik Rock Processing Solutions' organic orders declined year on year. The aftermarket business held up well, while the equipment business was down due to both tough comparables, and softer infrastructure demand. The integration of SP Mining is progressing well and is an important driver of the double-digit growth in the quarter. Order intake and revenue growth, at fixed exchange rates, and excluding Russia, was 20% and 43%, re- spectively. Organic orders, adjusting for Russia, declined by 6%, and revenues grew by strong 19%. Sandvik Manufacturing and Machining Solutions reached record order levels driven by Europe. The demand was solid from all segments, and daily order intake grew double digits in aerospace and energy. In the quarter, we acquired 95% of the shares of the Irish-based company Premier Machine T ools. The company is a well-established solutions provider to the medical machining segment – which is one of Sandvik’s strategic prior- ity areas. Order intake growth, at fixed exchange rates, exclud- ing Russia, grew by 11% of which organic 7%. The daily order intake in the first two weeks of April was slightly up compared to the first quarter. I am pleased with the performance in the quarter, with solid execution on our shift to growth strategy. We delivered strong growth, and all business areas are now compensating fully for cost inflation. We continued to leverage on our leading global positions, and it is clearly visible that our broad and custom- er-focused offerings place us in the lead in important growth areas and segments. Moving forward, we will continue to lever- age on our strengths, and by doing so, create value for all our stakeholders. Stefan Widing President and CEO Sandvik Interim report Q3 2026 2 In Rock Processing, organic order intake declined by 8% year on year, and revenues were stable. Underlying demand in infrastructure was positive, driven by demolition and recycling, a strategically important segment for Sandvik. Demand in mining remained good, while organic order intake declined year on year, due to tough comparables for major orders. During the quarter, we completed the acquisition of Diemme® Filtration, and I am pleased to welcome to the Group a high-growth business with a substantial aftermarket that strengthens our downstream mining offering. I am very pleased with the third quarter. We continued to see broad-based demand, and excellent operational execution translated into strong revenue growth. We also delivered strong profitability, with good operational leverage, and price realization. Organic order intake and revenues grew by 17% and 25% respectively. Adjusted EBITA margin was 22.5%, above our target range, and free operating cash flow was a record-high SEK 7.2 billion. At Sandvik, innovation is at the core of what we do. We work closely with our customers to gain early insights and develop solutions that enhance productivity, safety and sustain- ability. During the quarter, customer engagement and innovation were in focus as Sandvik hosted a major mining customer event as well as showcased its latest innovations at one of the world’s largest manufacturing trade shows in Chicago. In Mining, demand remained strong, supported by favorable commodity price levels and a high production pace. Organic order intake grew by 11%, driven by aftermarket growth of 16%. Equip- ment order intake remained at high levels and was stable year on year on tough comparables for major orders. Excluding major orders, growth was 23%, reflecting strong underlying demand. Organic revenues grew by 23%, and I am proud of how success- fully we have expanded delivery capacity over the past 18 months and efficiently converted our backlog to meet customer demand. Innovation and close customer collaboration remain central to our success. During the quarter we brought together 600 customers from around the world to our Future of Mining event to explore technologies that support safer, more productive and sustainable mining. At this event, we showcased Sandvik’s capabilities across automation, electrification, digitalization and AI. A key highlight was our fully autonomous, battery-electric surface drilling concept that demonstrates Sandvik’s vision for the future of surface mining. CEO’s comment “Sandvik continues to prove the strength of our business portfolio, strategy and operating model". Machining delivered a strong quarter. Organic order intake and revenues grew by 33% and 35%, respectively. Cutting tools organic order intake grew by 19%. Demand continued to develop positively, supported by an improved sentiment in general industry and continued high activity in strategic segments such as aerospace and defense. Year-on-year growth was further sup- ported by pricing, market share gains and customer pre-buying. Current tungsten market dynamics continue to support Sandvik's competitive position. Structural supply constraints and growing strategic demand highlight the value of our vertically integrated business model. Our own mine, extensive recycling capabilities and powder production capacity position us as a reliable supplier of both tungsten powder and cutting tools. Organic order intake and revenues in our powder business more than doubled year on year, driven by significantly higher tungsten prices compared with a year ago. Intelligent Manufacturing maintained positive momentum during the quarter, with organic order intake and revenues increasing by 12% and 11%, respectively. Demand was broad-based, with particularly strong growth in North America and in the aerospace and defense segments. The software license business delivered double-digit growth, while the transition toward subscrip- tion-based offerings continued to progress well. The strategy to strengthen direct sales channels for Sandvik’s software solutions continued to deliver strong results. During the quarter, Mastercam India and CAD/CAM Consulting Services were added, further strengthening Sandvik’s position in digital manufacturing. In September, Sandvik participated in IMTS in Chicago, one of the world’s largest manufacturing trade shows, with both cutting tools and software brands represented. Among the solutions showcased by Intelligent Manufacturing was Manufacturing Lifecycle Management, which connects design, machining and quality data across the entire manufacturing lifecycle. Sandvik continues to prove the strength of our business portfolio, strategy and operating model. Through our customer-centric approach and relentless focus on innovation, we maintain leading positions across our businesses. At the same time, we remain agile and responsive to macroeconomic changes, executing on our strategic priorities while delivering solid financial results. This quarter is another testament to the progress we have made in building a stronger, more growth-oriented Sandvik. I am proud of our teams' commitment and their ability to consistently deliver value to our customers and to our shareholders. Stefan Widing President and CEO
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Sandvik Interim report Q3 2026 For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik 3 High commodity prices continued to underpin strong activity in the mining market and robust demand for equipment and aftermarket. Brownfield investments remained the primary growth driver, while greenfield projects and replacements also developed at a healthy pace. High equipment utilization, combined with an aging installed base, continued to support demand for parts and services. Interest in digital and automation solutions remained solid, driven by customers’ focus on enhancing operational safety and productivity. Underlying infrastructure demand remained positive, particularly in demolition and recycling and in the US market. Manufacturing indicators continued to signal a gradual recovery, while underlying demand in general industry improved year on year. Demand in aerospace continued to benefit from substantial order backlogs among aerospace manufacturers. Geopolitical uncertainty and unrest supported strong growth in defense. Higher cutting tools prices, reflecting increased tungsten costs, continued to contribute to pre-buying activity. Supply constraints and high market activity continued to support strong demand for tungsten powder. Both APT and Argus scrap prices declined sequentially but remained well above the prior year levels. Sandvik Group order intake and revenues were driven by broadbased demand and good price realization. Order intake grew by 20%, and at fixed exchange rates by 17%, of which 17% organically. Sandvik Group revenues grew by 29%. At fixed exchange rates, by 26%, of which 25% organically. Book to bill was 98%. Market, order intake and revenues Order intake, revenues and book-to-bill Revenue growth Growth Q3, % Order intake Revenues Organic 17 25 Structure 0 1 Organic & structure 17 26 Currency 3 3 Total 20 29 Change compared to same quarter last year. Mining market Upstream Downstream 52%* Infrastructure market Aggregates Demolition & recycling 9%* Europe North America Asia Underlying market development 0 25 50 75 100 125 0 5 10 15 20 25 30 35 40 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK Bn Order intake Revenues Book-to-bill -5 0 5 10 15 20 25 30 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Percent Organic Structure * Share of total external revenues full year 2025 Manufacturing market General industry Aerospace & defense Light vehicles Mining & energy Transpor- tation Medical & electronics 39%* 25% 5% 4% 2% 2% 1% Europe North America China India Rest of world
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Sandvik Interim report Q3 2026 For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik 4 Adjusted gross profit amounted to SEK 15,393 million (11,927), corresponding to a margin of 40.8% (40.8). Adjusted sales and administration costs amounted to SEK 6,930 million (6,283), and the ratio to revenues decreased to 18.4% (21.5). Adjusted EBITA increased to SEK 8,477 million (5,539). The adjusted EBITA margin was 22.5% (19.0), positively impacted by higher volumes, temporary timing effects from tungsten price development and savings. The impact from transaction and translation currency effects was positive SEK 158 million year on year, and dilutive to the margin by -20 basis points. Acquisitions were accretive to the margin by 10 basis points. Items affecting comparability amounted to SEK -70 million (63). The interest net decreased year on year to SEK -195 million (-201) mainly due to lower borrowed volumes. Net financial items of SEK -304 million decreased year on year (-396) mainly due to currency effects. The tax rate, excluding items affecting comparability, was 24.3% (25.0). The reported tax rate was 24.3% (25.8). The normalized tax rate was 24.3% (25.0), in line with guidance. Profit for the period amounted to SEK 5,772 million (3,538), corresponding to earnings per share, diluted, of SEK 4.60 (2.82) and adjusted earnings per share, diluted, of SEK 4.64 (2.81). Adjusted earnings per share, diluted, excluding amortization of surplus values, amounted to SEK 4.96 (3.11). Earnings Adjusted earnings per share, diluted Adjusted EBITA 0.0 4.0 8.0 12.0 16.0 20.0 0.0 1.0 2.0 3.0 4.0 5.0 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 SEK, R12SEK/quarter Adj. EPS Adj. EPS, R12 0 5 10 15 20 25 0 1 2 3 4 5 6 7 8 9 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK Bn Adj. EBITA Adj. EBITA margin Adj. EBITA margin R12
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Sandvik Interim report Q3 2026 For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik 5 Capital employed increased year on year to SEK 154.1 billion (137.4) and sequentially from SEK 144.3 billion mainly driven by currency and acquisitions. Return on capital employed increased year on year to 19.1% (15.1) and sequentially (17.5). Return on capital employed excluding amortization of surplus values improved year on year to 20.4% (16.5) and sequentially (18.7). Net working capital increased year on year to SEK 44.1 billion (34.0), driven by higher accounts receivables and inventories. Sequentially net working capital increased from SEK 41.8 billion, due to higher inventory levels and currency. Net working capital in relation to revenues decreased to 27.2% (29.3) year on year and sequentially (27.5). Financial net debt decreased year on year to SEK 30.4 billion (32.8) and increased sequentially (30.2). The financial net debt/EBITDA ratio was 0.9 (1.2), with a decrease sequentially (1.0). Total net debt of SEK 36.9 billion (40.6) decreased year over year and sequentially (37.2). Free operating cash flow increased compared to last year to SEK 7.2 billion (5.6), mainly due to higher earnings. Investments in tangible and intangible assets (capex) amounted to SEK 1.0 billion (0.8). The investments corresponded to 111% of depreciation. Balance sheet and cash flow Free operating cash flow Financial net debt/EBITDA Net working capital Free operating cash flow, MSEK Q3 2025 Q3 2026 EBITDA 6,984 9,870 Non-cash and other items1) -664 -501 EBITDA adj for non-cash and other items 6,320 9,368 Capex -817 -998 Net working capital change 100 -1,203 Free operating cash flow 5,603 7,167 0 26 27 28 29 30 31 32 33 34 35 0 5 10 15 20 25 30 35 40 45 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK Bn Net working capital Percent of revenue, R12 0 20 40 60 80 100 120 0 1 2 3 4 5 6 7 8 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK Bn Free operating cash flow Cash conversion, R12, adjusted 0.0 0.5 1.0 1.5 2.0 0 5 10 15 20 25 30 35 40 45 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 RatioSEK Bn Financial net debt Financial net debt / R12 EBITDA 1) Other items include payment to pension funds, rental equipment, lease payments and proceeds from sale of assets.
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik Interim report Q3 2026 6 0 5 10 15 20 25 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK bn Adj. EBITA Adj. EBITA margin Adj. EBITA margin R12 Order intake and revenues – Demand remained strong for both equipment and aftermarket – Good organic order intake growth, driven by strong growth across all aftermarket divisions. Excluding major orders, equipment grew by 23% – Total order intake increased by 15%. At fixed exchange rates, order intake grew by 11%, of which organic 11% – Two major orders received in the quarter, totaling SEK 0.7 billion (1.6). Excluding major orders, organic order intake increased by 18% – Organic order intake for aftermarket increased by 16%, while equipment orders were flat on high comparables – The aftermarket business accounted for 67% (71) of revenues while the equipment business accounted for 33% (29) Profitability – Adjusted EBITA amounted to SEK 4,259 million (3,059), corresponding to a margin of 21.8% (20.1) – Organic operating leverage was 31% – Currency had a positive impact on EBITA of SEK 87 million year on year, but the higher impact on revenues diluted the margin by 40 basis points Profitable growth During the quarter, Sandvik hosted Future of Mining 2026, showcasing several innovations including an autonomous battery-electric surface concept machine and the Toro® TH663i Gen2 underground truck. Sandvik also launched xCell® Banshee and xCell® Hydra, two digital ground sup- port solutions for monitoring rock-bolt performance, ground conditions and asset integrity. Sandvik continued to invest in growth and customer support by expand- ing rock drill manufacturing capacity in Tampere, Finland, and service and training capabilities in Argentina. – Continued strong demand and record-high revenues – Successful customer event – Launch of fully autonomous battery-electric surface concept machine Adjusted EBITA Order intake, revenues and book-to-bill Mining Growth Q3, % Order intake Revenues Organic 11 23 Structure 0 0 Organic & structure 11 23 Currency 4 5 Total 15 28 Change compared to same quarter last year. Financial overview, MSEK Q3 2025 Q3 2026 Change % Q1-Q3 2025 Q1-Q3 2026 Change % Order intake 16,890 19,402 15 51,915 58,493 13 Revenues 15,240 19,525 28 45,384 53,258 17 Adjusted EBITA1) 3,059 4,259 39 9,261 11,057 19 Adjusted EBITA margin, % 20.1 21.8 – 20.4 20.8 – Number of employees2) 18,138 19,333 7 18,138 19,333 7 0 20 40 60 80 100 120 140 0 3 6 9 12 15 18 21 24 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK bn Order intake Revenues Book-to-bill 1) EBITA adjusted for items affecting comparability of SEK 48 million in Q3 2026 (114) and SEK -59 million (69) YTD 2026. For more information see page 20. 2) Full-time equivalent.
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik Interim report Q3 2026 7 0 4 8 12 16 20 0.0 0.1 0.2 0.3 0.4 0.5 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK bn Adj. EBITA Adj. EBITA margin Adj. EBITA margin R12 0 20 40 60 80 100 120 140 0 1 2 3 4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK bn Order intake Revenues Book-to-bill Order intake and revenues – Underlying demand in mining robust, and positive market sentiment in demolition and recycling – Total order intake decreased by 2%. At fixed exchange rates, order intake decreased by 6%, of which organic was negative by 8% – No major order received in the quarter. Excluding major orders of SEK 189 million in the year earlier period, organic order intake decreased by 1% – Organic order intake for equipment decreased by 27% while aftermar- ket orders increased by 7% – The aftermarket business accounted for 61% (59) of revenues while the equipment business accounted for 39% (41) Profitability – Adjusted EBITA amounted to SEK 418 million (392) corresponding to a margin of 15.0% (15.1) – Organic operating leverage was negative in the quarter, mainly due to timing of deliveries – Currency had a positive impact of SEK 16 million year on year, corre- sponding to a margin accretion of 10 basis points Profitable growth In September, Rock Processing launched Compact Screens, a new standardized screening range for suitable light-duty mineral processing applications. The range, which includes seven pre-engineered models, expands our offering across a broader segment of the mineral processing market. On September 1, Sandvik completed the acquisition of Diemme® Filtra- tion, an Italy-based leading provider of filtration and dewatering solutions. – Increased activity in downstream mining – Positive sentiment in demolition and recycling – Diemme ® Filtration acquisition Rock Processing Order intake, revenues and book-to-bill Adjusted EBITA 1) EBITA adjusted for items affecting comparability of SEK -24 million in Q3 2026 (-9) and SEK -39 million (32) YTD 2026. For more information see page 20. 2) Full-time equivalent. Growth Q3, % Order intake Revenues Organic -8 0 Structure 2 4 Organic & structure -6 4 Currency 3 4 Total -2 7 Change compared to same quarter last year. Financial overview, MSEK Q3 2025 Q3 2026 Change % Q1-Q3 2025 Q1-Q3 2026 Change % Order intake 2,735 2,670 -2 8,215 8,451 3 Revenues 2,600 2,791 7 7,721 7,908 2 Adjusted EBITA1) 392 418 7 1,152 1,101 -4 Adjusted EBITA margin, % 15.1 15.0 – 14.9 13.9 – Number of employees2) 2,794 3,028 8 2,794 3,028 8
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik Interim report Q3 2026 8 0 5 10 15 20 25 30 35 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK bn Adj. EBITA Adj. EBITA margin Adj. EBITA margin R12 0 20 40 60 80 100 120 0 3 6 9 12 15 18 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK bn Order intake Revenues Book-to-bill Order intake and revenues – Positive underlying demand in general industry, and continued strong momentum in aerospace and defense – Organic order intake in cutting tools grew by 19%, driven by price and volumes – The powder business more than doubled orders and revenues driven by higher tungsten prices – Total order intake increased by 35%. At fixed exchange rates, order intake increased by 33% of which organic 33% – Organic order intake increased by 46% in North America, 31% in Europe and 24% in Asia – The number of working days had no impact on orders and revenues – Daily order intake for cutting tools was stable in the first two weeks of Octo- ber compared to the third quarter, taking normal seasonality into account. The daily order intake trend entails a higher degree of uncertainty than usual due to pre-buy effects in the current and prior periods related to timing of price changes Profitability – Adjusted EBITA amounted to SEK 3,720 million (2,010), corresponding to a margin of 25.7% (19.0) – Higher volumes, Powder Solutions and savings of SEK 82 million contributed positively – The temporary timing effect from tungsten price development was SEK 104 million, corresponding to an in-quarter effect of 70 basis points – Organic operating leverage was 45% in the quarter – Currency had a positive impact of SEK 53 million year on year, corresponding to a margin accretion of 10 basis points Profitable growth During the quarter, Sandvik launched multiple innovative tool solutions. One example was Walter’s new end mill for universal applications, with an expanded focus on aerospace applications. Customer tests have shown significant improvements in tool life process reliability. The tool can be reconditioned to original performance, contributing to a more sustainable tool life and process. Sandvik’s vertically integrated tungsten powder business continued to deliver positive benefits in the quarter. Efforts are continuously made to diversify supply sources and expand processing capacity, further supporting operational resilience and growth potential of the business area. – Strong order intake and revenue growth – Good price execution – Strong margin Order intake, revenues and book-to-bill Adjusted EBITA 1) EBITA adjusted for items affecting comparability of SEK -23 million in Q3 2026 (-29) and SEK -745 million (-695) YTD 2026. For more information see page 20. 2) Full-time equivalent. Machining Growth Q3, % Order intake Revenues Organic 33 35 Structure 0 0 Organic & structure 33 35 Currency 1 2 Total 35 37 Change compared to same quarter last year. Financial overview, MSEK Q3 2025 Q3 2026 Change % Q1-Q3 2025 Q1-Q3 2026 Change % Order intake 10,420 14,032 35 33,104 41,860 26 Revenues 10,560 14,459 37 32,709 41,383 27 Adjusted EBITA1) 2,010 3,720 85 6,517 10,739 65 Adjusted EBITA margin, % 19.0 25.7 – 19.9 26.0 – Number of employees2) 18,893 18,565 -2 18,893 18,565 -2
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik Interim report Q3 2026 9 0 5 10 15 20 25 30 0.00 0.05 0.10 0.15 0.20 0.25 0.30 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK bn Adj. EBITA Adj. EBITA margin Adj. EBITA margin R12 0 20 40 60 80 100 120 140 0.0 0.2 0.4 0.6 0.8 1.0 1.2 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 PercentSEK bn Order intake Revenues Book-to-bill Order intake and revenues – Positive broad-based demand across regions and segments. Strongest demand in aerospace and defense – Double-digit organic order intake growth in licenses and subscriptions – Total order intake increased by 25%. At fixed exchange rates, order intake increased by 24%, of which organic 12% – Organic order intake increased by 21% in Asia and by 7% in Europe. North America increased by 14% – The subscription transition had a -2% impact on orders and revenues Profitability – Adjusted EBITA amounted to SEK 258 million (171), corresponding to a margin of 27.1% (22.0), supported by higher volumes and contribution from acquisitions – Organic operating leverage was 33% – Currency had a neutral impact on EBITA year on year, corresponding to a margin dilution of 20 basis points – Acquisitions and divestments had an accretive effect on the margin of 420 basis points Profitable growth In July, Sandvik acquired Mastercam India and select assets of CAD/CAM Consulting Services Inc. (CCCS), two long-standing channel partners to Mastercam. The acquisitions follow a series of similar initiatives and strengthen local capabilities and the direct sales network for Sandvik’s software solutions in India and the US. At IMTS 2026 in Chicago, Intel- ligent Manufacturing showcased its vision for Manufacturing Lifecycle Management (MLM), connecting design, machining, and quality data across the full manufacturing lifecycle. One component of the platform, the Inspection Flow, attracted strong customer interest, a solution that connects inspection data across the manufacturing lifecycle. – Strong order intake and revenue growth – Double-digit growth in license business – Customer dialogue in focus on IMTS trade show Order intake, revenues and book-to-bill Adjusted EBITA 1) EBITA adjusted for items affecting comparability of SEK -71 million in Q3 2026 (-9) and SEK -199 million (-39) YTD 2026. For more information see page 20. 2) Full-time equivalent. Intelligent Manufacturing Growth Q3, % Order intake Revenues Organic 12 11 Structure 11 11 Organic & structure 24 22 Currency 1 1 Total 25 23 Change compared to same quarter last year. Financial overview, MSEK Q3 2025 Q3 2026 Change % Q1-Q3 2025 Q1-Q3 2026 Change % Order intake 675 844 25 2,362 2,700 14 Revenues 774 952 23 2,253 2,615 16 Adjusted EBITA1) 171 258 51 471 617 31 Adjusted EBITA margin, % 22.0 27.1 – 20.9 23.6 – Number of employees2) 1,315 1,385 5 1,315 1,385 5
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Sandvik Interim report Q3 2026 For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik 10 The acquisitions completed during 2026 were made through the acquisition of 100% of the shares and voting rights, except for K & Y Diamond Ltd. and Tecman SAS, where Sandvik acquired 80% and 50% of the shares, respectively, and MLC CAD Systems and CAD/CAM Consulting Services which were acquired through net asset deals. For all acquisitions, except for Tecman SAS, Sandvik obtained con- trol over the acquired businesses at the acquisition date. No equity instruments have been issued in connection with the acquisitions. The acquisitions have been accounted for using the acquisition method, except for Tecman SAS, which has been accounted for using the equity method. Acquisitions and divestments MSEK Purchase price on cash and debt free basis Preliminary goodwill Preliminary other surplus values Acquisitions 2026 5,545 3,821 1,954 Contributions from business acquired in 2026, MSEK Contributions as of acquisition date Revenues 400 Profit/loss for the year 38 Contributions if the acquisition date would have been January 1, 2026 Revenues 1,212 Profit/loss for the year 158 Fair value recognized in the Group 20261), MSEK Diemme® Filtration Intangible assets 3 Property, plant and equipment 295 Right-of-use assets 2 Other non-current assets 3 Inventories 95 Receivables 212 Cash and cash equivalents 83 Interest bearing loans and borrowings -46 Other liabilities and provisions -385 Deferred tax assets/liabilities, net -369 Net identifiable assets and liabilities -110 Goodwill 3,391 Other surplus values 1,455 Purchase consideration -4,736 Cash and cash equivalents in the acquired business 83 Net cash outflow -4,653 Divestments during last 12 months In July 2026, Sandvik divested its Industrial Metrology Solutions business (ZeroTouch®). The entities have previously been reported as assets held for sale. The divestment incurred a capital loss, including transactional costs, of SEK -45 million in the third quarter of 2026 and had a negative cash flow effect for the Group of SEK -80 million. 1) The purchase price allocation is preliminary Business area Company/unit Acquisition date Revenues No. of employees 2025 Intelligent Manufacturing QTE Manufacturing Solutions November 3, 2025 45 MSEK in 2024 12 2026 Intelligent Manufacturing AME Advanced Mechanical Engineering AB January 2, 2026 44 MSEK in 2025 10 Intelligent Manufacturing MLC CAD Systems February 2, 2026 80 MSEK in 2024 21 Intelligent Manufacturing In-House Solutions, Inc. March 4, 2026 14 MCAD in 2024 47 Machining K & Y Diamond Ltd. April 7, 2026 120 MSEK in 2025 43 Intelligent Manufacturing Cadline S.r.l. May 4, 2026 38 MSEK in 2025 10 Rock Processing Tecman SAS1) June 1, 2026 73 MSEK 12M Q2 ‘24-Q1 ‘25 25 Intelligent Manufacturing CAD/CAM Consulting Services July 1, 2026 79 MSEK in 2025 14 Intelligent Manufacturing Mastercam India Private Limited July 4, 2026 81 MSEK in 2025 41 Rock Processing Diemme® Filtration September 1, 2026 est. 1,100 MSEK in 2026 200 1) Shares in joint venture Acquisitions during last 12 months
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Sandvik Interim report Q3 2026 For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik 11 First nine months 2026 Underlying demand in the first nine months across segments and regions was positive. Strong demand noted in upstream mining driven by favorable commodity prices. High utilization of mining equipment drove growth in aftermarket. Positive sentiment in infrastructure, in particular demolition and recycling with seasonally strong orders in the first quarter of the year. Improved sentiment in general industry, and strong momentum in aerospace and defense. Tungsten price dynamics contributed positively to the order intake, revenues and margin. Total order intake grew by 16% and, at fixed exchange rates, 19%. Organically order intake increased by 19%. Total revenue increased by 19%. At fixed exchange rates revenue grew by 21%, of which organically 21%. Adjusted EBITA increased year on year and amounted to SEK 22,920 million (16,936) and the adjusted EBITA margin was 21.8% (19.2). The reported EBITA increased by 34% to SEK 21,879 million (16,300) corresponding to a margin of 20.8% (18.5). Net financial items amounted to SEK -796 million (-1,032) and profit before tax was SEK 19,695 million (13,892). The tax rate, excluding items affecting comparability, was 24.5% (24.1). The reported tax rate was 24.4% (24.5). The normalized tax rate was 24.2% (24.1), in line with guidance. Profit for the period amounted to SEK 14,885 million (10,491). Earnings per share, diluted amounted to SEK 11.86 (8.36) and adjusted earnings per share, diluted of SEK 12.49 (8.78). Adjusted earnings per share, diluted excluding amortization of surplus values amounted to SEK 13.40 (9.71). For the Group total, financial net debt decreased year on year to SEK 30.4 billion (32.8) resulting in a financial net debt to EBITDA ratio of 0.9 (1.2). During the first nine months, Sandvik completed nine acquisitions. After the third quarter – There were no significant events after the third quarter. During the third quarter – On September 1, Sandvik completed the acquisition of Diemme® Filtration, a company based in Italy. Diemme® Filtra- tion is a leading provider of filtration and dewatering solutions for the global mining industry, with a leading position in high-performance filter presses. The company will be reported as a separate new division, Filtration, within business area Rock Processing. – On September 9, Sandvik announced that The President of business area Machining, Nadine Crauwels, has decided to leave Sandvik to pursue a new phase in her career. Nadine will stay in her position until a successor is in place, after which she will continue for a period in an advisory role to ensure a good transition. The recruitment process to find a successor has been initiated, with the ambition to have the new President of business area Machining in place before the end of 2026. Significant events
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Sandvik Interim report Q3 2026 For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik 12 Accounting policies Sandvik Group applies IFRS Accounting Standards as adopted by the EU. With the exception of new and revised standards and interpretations effective from January 1, 2026 the same account- ing and valuation policies were applied as in Sandvik Group Annual Report 2025. There are no new accounting policies applicable from 2026 that significantly affect Sandvik Group. This report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s RFR 2, Reporting for Legal Entities. Changes in accounting policies 2027 or later IFRS 18 – Presentation and Disclosure in Financial Statements The implementation of IFRS 18 will impact the presentation of the Group’s income statement and statement of cash flow and will require additional disclosures in the financial statements. The standard will be applied from January 1, 2027. Transactions with related parties No transactions between Sandvik and related parties that signifi- cantly affected the company’s position and results took place. Guidance and financial targets Sandvik does not provide a market outlook or business perfor- mance forecasts. However, guidance relating to certain non-op- erational key figures considered useful when modeling financial outcome is provided in the table below: Currency effects Based on currency rates per September 30, it is estimated that transaction and translation currency effects will have an impact of SEK +0.6 billion on adjusted EBITA for the fourth quarter of 2026, compared with the year-earlier period. Temporary timing effect from tungsten price development Based on tungsten prices per September 30, the effect is estimated to have a limited impact on adjusted EBITA for the fourth quarter of 2026, compared with the year-earlier period Tariff refund Estimated impact on order intake and revenues SEK -0.4 billion for the fourth quarter of 2026. No impact on absolute adjusted EBITA Capex (cash) Estimated at SEK 4.0-4.5 billion for 2026. Interest net Estimated at SEK -0.7 billion for 2026. Tax rate Estimated at 23-25% for 2026, normalized. Sandvik has four long-term financial targets, re-confirmed for the strategy period 2025-2030 Growth A growth of 7% through a business cycle organic and M&A, in fixed currency. Adjusted EBITA range An adjusted EBITA range of 20–22% through a business cycle adjusted for IAC. Dividend payout ratio A dividend payout ratio of 50% of EPS, adjusted for IAC, through a business cycle. Financial net debt/EBITDA A financial net debt/EBITDA of <1.5 excl. transformational M&A. Risk assessment As an international group with a wide geographic spread, Sandvik is exposed to several strategic, business and financial risks. Strategic risk at Sandvik is defined as emerging risks affecting the business long-term, such as industry shifts, technological shifts, macroeconomic, geopolitical and environmental developments. The business risks can be divided into operational, sustainability, compliance, legal and commercial risks. The financial risks include currency risks, interest rates, raw material prices, tax risks, increased trade tariffs and more. These risk areas can all impact the business negatively both long and short term but often also create business opportunities if managed well. Risk management at Sandvik begins with an assessment in operational management teams where the material risks for their operations are first identified, followed by an evaluation of the probability of the risks occurring and their potential impact on the Group. Once the key risks have been identified and evaluated risk mitigating activities to eliminate or reduce the risks are agreed on. For a more detailed description of Sandvik’s analysis of risks and risk universe, see the Annual Report for 2025.
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik interim report Q3 2026 13 Financial reports summary The Group Income statement MSEK Q3 2025 Q3 2026 Change % Q1-Q3 2025 Q1-Q3 2026 Change % Revenues 29,218 37,728 29 88,219 105,164 19 Cost of goods and services sold -17,425 -22,499 29 -52,126 -62,560 20 Gross profit 11,794 15,228 29 36,093 42,604 18 % of revenues 40.4 40.4 40.9 40.5 Selling expenses -3,614 -4,100 13 -11,254 -11,890 6 Administrative expenses -2,024 -2,050 1 -6,479 -6,603 2 Research and development costs -988 -1,100 11 -3,368 -3,444 2 Other operating income and expenses -3 -51 n/m -68 -176 n/m Operating profit 5,165 7,927 53 14,924 20,491 37 % of revenues 17.7 21.0 16.9 19.5 Financial income 142 185 30 507 576 14 Financial expenses -537 -489 -9 -1,539 -1,372 -11 Net financial items -396 -304 -23 -1,032 -796 -23 Profit before tax 4,770 7,623 60 13,892 19,695 42 % of revenues 16.3 20.2 15.7 18.7 Income tax -1,231 -1,851 50 -3,401 -4,810 41 Profit for the period 3,538 5,772 63 10,491 14,885 42 % of revenues 12.1 15.3 11.9 14.2 Profit (loss) for the period attributable to Owners of the parent company 3,538 5,770 63 10,490 14,883 42 Non-controlling interest 1 2 96 1 3 n/m Earnings per share, SEK Earnings per share, basic 2.82 4.60 63 8.36 11.86 42 Earnings per share, diluted 2.82 4.60 63 8.36 11.86 42 Other comprehensive income Items that will not be reclassified to profit (loss) Actuarial gains (losses) on defined benefit pension plans 496 494 1,080 924 Fair value adjustment 6 3 8 85 Tax relating to items that will not be reclassified -106 -105 -236 -215 Total items that will not be reclassified to profit (loss) 396 392 851 794 Items that may be reclassified subsequently to profit (loss) Translation differences -665 3,092 -10,475 8,317 Hedge reserve -162 4 170 -127 Tax relating to items that may be reclassified 33 -1 -35 26 Total items that may be reclassified subsequently to profit (loss) -794 3,095 -10,341 8,216 Total other comprehensive income -399 3,486 -9,490 9,010 Total comprehensive income 3,140 9,258 1,001 23,895 Total comprehensive income attributable to Owners of the parent company 3,139 9,254 1,006 23,886 Non-controlling interest 1 4 -5 9
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Sandvik interim report Q3 2026 For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik 14 The Group Balance sheet Changes in equity MSEK Dec 31, 2025 Sep 30, 2025 Sep 30, 2026 Intangible assets 62,594 63,964 72,248 Property, plant and equipment 22,339 22,617 23,548 Right-of-use assets 5,410 5,638 5,405 Financial assets 9,619 10,130 12,301 Inventories 33,219 34,278 44,152 Current receivables 31,720 31,741 38,683 Cash and cash equivalents 4,958 3,438 4,034 Assets held for sale – 110 163 Total Assets 169,860 171,915 200,535 Total equity 93,237 90,856 109,795 Non-current interest-bearing liabilities 35,596 36,793 30,752 Non-current non-interest-bearing liabilities 4,914 5,078 6,258 Current interest-bearing liabilities 5,094 9,237 12,958 Current non-interest-bearing liabilities 31,019 29,924 40,672 Liabilities held for sale – 26 100 Total equity and liabilities 169,860 171,915 200,535 Equity at January 1, 2026 93,166 71 93,237 Adjustment on correction of error -103 – -103 Equity at January 1, 2026 93,064 71 93,135 Total comprehensive income (loss) for the period 23,886 9 23,895 Change in fair value of put option to acquire non-controlling interest -2 – -2 Change in non-controlling interest -2 49 47 Share based program 234 – 234 Dividend -7,514 0 -7,514 Equity at September 30, 2026 109,666 129 109,795 MSEK Equity related to owners of the parent company Non-controlling interest Total equity Equity at January 1, 2025 96,924 75 96,999 Total comprehensive income (loss) for the period 3,383 -5 3,379 Change in fair value of put option to acquire non-controlling interest 31 – 31 Change in non-controlling interest -1 1 – Share based program 32 – 32 Dividend -7,203 0 -7,203 Equity at December 31, 2025 93,166 71 93,237
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik interim report Q3 2026 MSEK Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 2026 Cash flow from operating activities Profit before tax 4,770 7,623 13,892 19,695 Adjustment for depreciation, amortization and impairment losses 1,819 1,943 5,529 6,032 Other adjustments for non-cash items 611 233 -958 82 Payment to pension fund -37 -32 -235 -268 Income tax paid -1,060 -1,189 -4,315 -2,332 Cash flow from operating activities before changes in working capital 6,103 8,578 13,914 23,209 Changes in working capital Change in inventories -802 -2,716 -2,259 -8,181 Change in operating receivables 310 422 -752 -4,653 Change in operating liabilities 591 1,091 1,468 4,704 Cash flow from changes in working capital 100 -1,203 -1,542 -8,130 Investments in rental equipment -297 -274 -786 -824 Proceeds from sale of rental equipment 28 80 198 244 Cash flow from operating activities, net 5,934 7,181 11,784 14,499 Cash flow from investing activities Acquisitions of companies and shares, net of cash acquired -916 -4,809 -2,912 -5,438 Proceeds from sale of companies and shares, net of cash disposed 256 -80 257 -80 Acquisitions of tangible assets -614 -819 -2,017 -2,119 Proceeds from sale of tangible assets 16 50 283 154 Acquisitions of intangible assets -203 -179 -766 -631 Proceeds from sale of intangible assets – 0 1 – Acquisitions of financial assets -1 – -2 -5 Proceeds from sale of financial assets 3 -4 5 -4 Other investments, net 18 -556 169 -394 Cash flow from investing activities -1,441 -6,398 -4,981 -8,517 Cash flow from financing activities Repayment of borrowings -4,116 -127 -4,186 -3,957 Proceeds from borrowings 0 0 5,001 5,284 Amortization, lease liabilities -351 -387 -1,048 -1,143 Repurchase of own shares – – -6 145 Dividends paid 0 – -7,203 -7,514 Other financing, net – 48 – 48 Cash flow from financing activities, net -4,467 -466 -7,442 -7,137 Total cash flow 26 317 -639 -1,155 Cash and cash equivalents at beginning of the period 3,449 3,620 4,528 4,958 Exchange-rate differences in cash and cash equivalents -37 97 -451 231 Cash and cash equivalents at the end of the period 3,438 4,034 3,438 4,034 15 The Group Cash flow statement
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik interim report Q3 2026 MSEK Dec 31, 2025 Sep 30, 2025 Sep 30, 2026 Intangible assets 51 85 6 Property, plant and equipment 2,918 2,966 2,734 Financial assets 77,468 78,001 72,315 Inventories 1,145 1,262 2,304 Current receivables 12,123 10,606 12,809 Cash and cash equivalents 0 0 0 Total assets 93,705 92,920 90,168 Total equity 36,066 26,509 36,021 Untaxed reserves 951 942 842 Provisions 1,409 1,397 1,396 Non-current interest-bearing liabilities 18,930 19,341 13,638 Non-current non-interest-bearing liabilities 192 187 314 Current interest-bearing liabilities 32,913 41,676 34,385 Current non-interest-bearing liabilities 3,244 2,868 3,572 Total equity and liabilities 93,705 92,920 90,168 16 The Parent company The parent company’s revenues after the first nine months of 2026 amounted to SEK 10,192 million (9,978) and the operating result was SEK 702 million (1,497). Result from shares in Group companies of SEK 8,002 million (2,486) consists mainly of dividends and contributions. Income statement MSEK Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 2026 Revenues 2,820 3,570 9,978 10,192 Cost of goods and services sold -1,336 -1,850 -4,788 -5,947 Gross profit 1,484 1,720 5,190 4,245 Selling expenses -189 -196 -613 -629 Administrative expenses -353 -322 -1,454 -1,306 Research and development costs -250 -274 -999 -941 Other operating income and expenses -202 -251 -627 -667 Operating result 490 677 1,497 702 Result from shares in group companies 1,636 7,390 2,486 8,002 Interest income/expenses and similar items -263 -175 -809 -542 Result after financial items 1,863 7,892 3,174 8,162 Appropriations -20 5 -13 109 Income tax -460 -658 -584 -1,035 Result for the period 1,383 7,239 2,577 7,236 Balance sheet
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik interim report Q3 2026 Change* Change* MSEK Q3 2026 % %1) Share % Q1-Q3 2026 % %1) Share % The Group Europe 8,363 24 24 23 26,657 20 18 24 North America 9,778 22 29 26 29,205 22 29 26 South America 2,537 5 16 7 8,118 12 17 7 Africa/Middle East 4,924 -1 10 13 14,326 20 20 13 Asia 6,511 26 28 18 18,815 19 28 17 Australia 4,835 10 11 13 14,382 14 7 13 Total2) 36,948 17 22 100 111,503 19 21 100 Mining Europe 1,589 18 18 8 4,607 0 0 8 North America 4,427 7 21 23 14,535 16 30 25 South America 1,847 3 19 10 6,193 15 21 11 Africa/Middle East 4,430 -1 11 23 12,734 21 23 22 Asia 2,929 39 39 15 7,864 9 23 13 Australia 4,180 13 11 22 12,561 17 7 21 Total 19,402 11 18 100 58,493 15 19 100 Rock Processing Europe 470 -18 -18 18 1,733 18 2 21 North America 579 9 9 22 1,810 13 10 21 South America 352 2 2 13 1,058 6 6 13 Africa/Middle East 364 3 3 14 1,204 10 1 14 Asia 354 -26 -7 13 1,108 -18 1 13 Australia 551 -11 8 21 1,537 -5 1 18 Total 2,670 -8 -1 100 8,451 4 4 100 Machining Europe 6,131 31 n/a 44 19,550 26 n/a 47 North America 4,281 46 n/a 31 11,416 36 n/a 27 South America 330 17 n/a 2 844 4 n/a 2 Africa/Middle East 118 7 n/a 1 342 6 n/a 1 Asia 3,075 24 n/a 22 9,447 37 n/a 23 Australia 98 24 n/a 1 260 18 n/a 1 Total 14,032 33 n/a 100 41,860 30 n/a 100 Intelligent Manufacturing Europe 172 7 n/a 20 767 8 n/a 28 North America 491 14 n/a 58 1,444 11 n/a 53 South America 8 -19 n/a 1 24 -11 n/a 1 Africa/Middle East 12 -11 n/a 1 46 -2 n/a 2 Asia 153 21 n/a 18 396 19 n/a 15 Australia 7 2 n/a 1 24 5 n/a 1 Total 844 12 n/a 100 2,700 10 n/a 100 17 Market overview, the Group Order intake by region *Organic change compared with the year-earlier period 1) ExcludingmajororderswhichisdefinedasaboveSEK200millionforMiningandSEK50millionforRockProcessing.2)IncludesrentalfleetorderintakeinQ3ofSEK298millionandSEK1,041million YTD,recognizedaccordingtoIFRS16. n/a=notapplicable
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik interim report Q3 2026 MSEK Q3 2026 Change, * % Share, % Q1-Q3 2026 Change *% Share % The Group Europe 8,852 24 23 26,246 19 25 North America 9,915 28 26 26,459 19 25 South America 2,483 11 7 7,002 7 7 Africa/Middle East 4,795 28 13 13,182 24 13 Asia 6,394 23 17 18,239 26 17 Australia 5,290 29 14 14,037 27 13 Total1) 37,728 25 100 105,164 21 100 Mining Europe 1,553 11 8 4,247 -1 8 North America 4,712 25 24 12,576 16 24 South America 1,852 13 9 5,296 11 10 Africa/Middle East 4,191 29 21 11,692 27 22 Asia 2,607 14 13 7,218 14 14 Australia 4,609 33 24 12,228 31 23 Total 19,525 23 100 53,258 19 100 Rock Processing Europe 454 -13 16 1,441 0 18 North America 564 -10 20 1,658 -2 21 South America 312 -5 11 885 -10 11 Africa/Middle East 478 28 17 1,124 8 14 Asia 402 -6 14 1,261 10 16 Australia 581 9 21 1,540 5 19 Total 2,791 0 100 7,908 2 100 Machining Europe 6,589 32 46 19,818 27 48 North America 4,125 42 29 10,807 29 26 South America 311 19 2 797 6 2 Africa/Middle East 109 -1 1 322 -3 1 Asia 3,234 37 22 9,391 42 23 Australia 92 10 1 247 13 1 Total 14,459 35 100 41,383 30 100 Intelligent Manufacturing Europe 256 6 27 739 8 28 North America 514 16 54 1,418 11 54 South America 8 -15 1 23 -8 1 Africa/Middle East 16 8 2 44 7 2 Asia 151 7 16 369 13 14 Australia 7 6 1 22 8 1 Total 952 11 100 2,615 10 100 18 *Organic change compared with the year-earlier period 1) IncludesrentalfleetrevenuesinQ3ofSEK299millionandSEK754millionYTD,recognizedaccordingtoIFRS16. Revenues by region Market overview, the Group
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik interim report Q3 2026 * Organic change compared with the year-earlier period 1) Internal transactions had negligible effect on business area profits. Order Intake by Business Area Change MSEK Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1-Q4 2025 Q1 2026 Q2 2026 Q3 2026 % % * Mining 17,138 17,888 16,890 17,289 69,204 19,038 20,053 19,402 15 11 Rock Processing 2,863 2,616 2,735 2,479 10,694 2,942 2,838 2,670 -2 -8 Machining 11,748 10,935 10,420 12,033 45,137 13,760 14,068 14,032 35 33 Intelligent Manufacturing 958 728 675 917 3,279 1,016 840 844 25 12 Intelligent Manufacturing, divested assets 55 39 48 – 142 – – – -100 0 Group Total1) 32,763 32,206 30,769 32,717 128,455 36,756 37,799 36,948 20 17 Revenues by Business Area Change MSEK Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1-Q4 2025 Q1 2026 Q2 2026 Q3 2026 % % * Mining 14,675 15,469 15,240 17,588 62,971 15,206 18,527 19,525 28 23 Rock Processing 2,615 2,505 2,600 2,715 10,435 2,425 2,691 2,791 7 0 Machining 11,224 10,925 10,560 11,295 44,003 12,271 14,653 14,459 37 35 Intelligent Manufacturing 728 750 774 864 3,117 783 880 952 23 11 Intelligent Manufacturing, divested assets 59 50 44 – 153 – – – -100 0 Group Total1) 29,301 29,700 29,218 32,461 120,680 30,685 36,752 37,728 29 25 EBITA by Business Area MSEK Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1-Q4 2025 Q1 2026 Q2 2026 Q3 2026 Change % Mining 3,033 3,125 3,173 3,810 13,140 2,987 3,704 4,307 36 Rock Processing 443 358 384 372 1,557 285 383 394 3 Machining 2,296 1,546 1,981 2,144 7,966 2,466 3,832 3,696 87 Intelligent Manufacturing 135 136 161 203 635 141 91 187 16 Intelligent Manufacturing, divested assets -3 -1 -1 -10 -15 – – – -100 Group activities -191 -177 -96 -203 -667 -129 -287 -178 85 Group Total1) 5,713 4,986 5,601 6,316 22,616 5,749 7,723 8,406 50 EBITA Margin by Business Area % Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1-Q4 2025 Q1 2026 Q2 2026 Q3 2026 Mining 20.7 20.2 20.8 21.7 20.9 19.6 20.0 22.1 Rock Processing 16.9 14.3 14.7 13.7 14.9 11.8 14.2 14.1 Machining 20.5 14.1 18.8 19.0 18.1 20.1 26.2 25.6 Intelligent Manufacturing 18.5 18.2 20.8 23.5 20.4 18.0 10.4 19.6 Intelligent Manufacturing, divested assets -5.5 -1.9 -2.5 – -10.0 – – – Group Total1) 19.5 16.8 19.2 19.5 18.7 18.7 21.0 22.3 19 The Group
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik interim report Q3 2026 Adjusted EBITA by Business Area MSEK Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1-Q4 2025 Q1 2026 Q2 2026 Q3 2026 Change % Mining 3,058 3,144 3,059 3,784 13,045 3,004 3,793 4,259 39 Rock Processing 395 365 392 394 1,546 290 392 418 7 Machining 2,359 2,148 2,010 2,183 8,700 2,810 4,209 3,720 85 Intelligent Manufacturing 150 151 171 215 686 162 198 258 51 Intelligent Manufacturing, divested assets -3 -1 3 – -1 – – – -100 Group activities -191 -177 -96 -203 -667 -129 -287 -178 86 Group Total1) 5,768 5,629 5,539 6,373 23,309 6,138 8,306 8,477 53 Adjusted EBITA Margin by Business Area % Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1-Q4 2025 Q1 2026 Q2 2026 Q3 2026 Mining 20.8 20.3 20.1 21.5 20.7 19.8 20.5 21.8 Rock Processing 15.1 14.6 15.1 14.5 14.8 12.0 14.6 15.0 Machining 21.0 19.7 19.0 19.3 19.8 22.9 28.7 25.7 Intelligent Manufacturing 20.6 20.1 22.0 24.9 22.0 20.7 22.5 27.1 Intelligent Manufacturing, divested assets -5.5 -1.9 6.0 – -0.9 – – – Group Total1) 19.7 19.0 19.0 19.6 19.3 20.0 22.6 22.5 Items affecting comparability on EBITA MSEK Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1-Q4 2025 Q1 2026 Q2 2026 Q3 2026 Mining -25 -19 114 26 96 -18 -89 48 Rock Processing 48 -7 -9 -22 10 -5 -10 -24 Machining -64 -602 -29 -39 -734 -345 -377 -23 Intelligent Manufacturing -15 -14 -9 -12 -51 -21 -106 -71 Intelligent Manufacturing, divested assets – – -4 -10 -14 – – – Group activities – – – – – – – – Group Total -56 -643 63 -57 -693 -389 -582 -70 1) Internal transactions had negligible effect on business area profits. Q1 2026 – IAC of SEK -389 million, comprising of restructuring initiative costs of SEK -315 million within Machining, being the second phase of the restructuring initiatives first announced in May 2025, and M&A costs of SEK -74 million, within all business areas. Q2 2026 – IAC of SEK -582 million, comprising of impairment losses of SEK -320 million as a result of the signed divestment of Additive Manufacturing (Machining) and ZeroTouch® (Intelligent Manufacturing), restructuring initiative costs within Machining and Mining of SEK -104 million and SEK -68 million, respectively, and M&A costs of SEK -91 million, within all business areas. Q3 2026 – IAC of SEK -70 million, comprising of M&A costs of SEK -44 million, within all business areas however partly offset by a released earn-out driven by a lower than expected outcome within Mining, a capital loss of SEK -39 million from the divestment of ZeroTouch® within Intelligent Manufacturing and a write-down of SEK -9 million related to the divestment of Additive within Machining, partly offset by SEK 22 million from a reclassification of cumulative translation adjustments from equity to the income statement following an earlier wind-down of business. Specification of items affecting comparability on EBITA 20
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik interim report Q3 2026 Adjusted EBIT and Adjusted EBITA per Business Area 1) For full details on IAC, see page 20. 2) Accounting effects arising from business combinations, referring to amortizations, depreciations and impairments. Primarily related to costs within COGS and Selling expenses. Taxes excluding items affecting comparability Q3 2025, MSEK Reported tax Reported tax, % IAC Tax excluding IAC Tax excluding IAC, % Group Total -1,231 25.8 -55 -1,177 25.0 Q3 2026 Group Total -1,851 24.3 22 -1,872 24.3 Adjusted earnings per share diluted Q3 2025, SEK Reported EPS, diluted IAC on net profit, MSEK Adjusted EPS, diluted Adjustment for surplus values, MSEK Adj EPS, diluted excluding surplus values Group Total 2.82 8 2.81 -370 3.11 Q3 2026 Group Total 4.60 -49 4.64 -402 4.96 Q3 2026, MSEK Reported EBIT Reported EBIT, % IAC 1) Adjusted EBIT Adjusted EBIT, % Amortizations 2) Adjusted EBITA Adjusted EBITA, % Mining 4,195 21.5 48 4,147 21.2 -112 4,259 21.8 Rock Processing 313 11.2 -24 337 12.1 -81 418 15.0 Machining 3,563 24.6 -23 3,586 24.8 -134 3,720 25.7 Intelligent Manufacturing 35 3.6 -71 106 11.1 -152 258 27.1 Group activities -178 – – -178 – – -178 – Group Total 7,927 21.0 -70 7,997 21.2 -479 8,477 22.5 Net debt MSEK Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Jun 30, 2026 Sep 30, 2026 Interest-bearing liabilities excluding pension and lease liabilities 36,246 31,474 31,887 33,864 34,421 Less cash and cash equivalents -3,438 -4,958 -8,227 -3,620 -4,034 Financial net debt (net cash) 32,808 26,515 23,660 30,244 30,387 Net Pensions liabilities 1,998 1,807 1,857 1,311 864 Leases liabilities 5,777 5,647 5,688 5,656 5,698 Net debt 40,584 33,970 31,205 37,210 36,949 Financial net debt/EBITDA 1.2 0.9 0.8 1.0 0.9 21
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik interim report Q3 2026 Net working capital and capital employed Net working capital, MSEK Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Jun 30, 2026 Sep 30, 2026 Inventories 34,281 33,219 36,425 40,338 44,257 Trade receivables 19,050 19,595 21,983 25,266 25,585 Account payables -10,323 -10,795 -11,888 -13,219 -13,902 Other receivables 5,716 5,622 6,283 6,629 6,965 Other liabilities -14,683 -14,647 -16,383 -17,196 -18,784 Net working capital 34,041 32,994 36,420 41,818 44,122 Capital employed, MSEK Tangible assets 22,642 22,339 22,552 22,660 23,548 Intangible assets 64,000 62,594 64,915 65,829 72,248 Other assets (incl. cash and cash equivalents) 85,273 84,927 94,765 98,393 104,739 Other current liabilities -34,493 -35,404 -39,684 -42,589 -46,462 Capital employed 137,422 134,456 142,548 144,293 154,073 Key figures 1)Full-timeequivalent. ROCE, % Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Mining 23.6 24.0 24.3 25.1 26.6 Rock Processing 10.7 10.7 9.6 9.6 9.1 Machining 12.3 12.7 13.4 17.3 19.9 Intelligent Manufacturing -0.4 0.4 0.9 -0.5 -0.1 Intelligent Manufacturing, divested assets 0.9 -11.7 -16.2 -33.6 -106.1 Group Total 15.1 15.2 15.5 17.5 19.1 ROCE, excluding amortization of surplus values, % Mining 24.4 24.8 25.1 25.9 27.4 Rock Processing 12.4 12.4 11.3 11.4 11.0 Machining 13.4 13.7 14.3 18.2 20.8 Intelligent Manufacturing 9.8 10.7 11.0 10.3 10.7 Intelligent Manufacturing, divested assets 1.4 -11.2 -15.5 -32.7 -105.3 Group Total 16.5 16.5 16.8 18.7 20.4 Return on capital employed by Business Area Group total Q3 2025 Q3 2026 Q1-Q3 2025 Q1-Q3 2026 Return on capital employed, % 15.1 19.1 15.1 19.1 Return on total equity, % 16.0 19.5 16.0 19.5 Shareholders' equity per share, SEK 72.4 87.4 72.4 87.4 Financial net debt / EBITDA 1.2 0.9 1.2 0.9 Net working capital, % 29.3 27.2 29.3 27.2 Earnings per share, basic, SEK 2.82 4.60 8.36 11.86 Earnings per share diluted, SEK 2.82 4.60 8.36 11.86 EBITDA, MSEK 6,984 9,870 20,453 26,523 Cash flow from operations, MSEK 5,934 7,181 11,784 14,499 Number of employees1) 41,823 42,831 41,823 42,831 No. of shares outstanding at end of period ('000) 1,254,386 1,254,386 1,254,386 1,254,386 Average no. of shares, ('000) 1,254,386 1,254,386 1,254,386 1,254,386 Average no. of shares, diluted, ('000) 1,255,068 1,254,875 1,255,483 1,254,996 22
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For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Sandvik interim report Q3 2026 23 Definitions of alternative performance measures Adjusted EBIT Earnings before interest and tax adjusted for items affecting comparability. Adjusted EBITA Earnings before interest, tax and accounting effects arising from business combinations, referring to amortizations, depreciations and impairments, adjusted for items affecting comparability. Adjusted EBITA margin Earnings before interest, tax and accounting effects arising from business combinations, referring to amortizations, depreciations and impairments, adjusted for items affecting comparability, in relation to sales. Adjusted EPS Profit/loss for the period adjusted for items affecting comparability attributable to equity holders of the parent company divided by the average number of shares outstanding during the year. Adjusted EPS, diluted Profit/loss for the period adjusted for items affecting comparability attributable to equity holders of the parent company divided by the average number of shares outstanding during the year including shares that will be allotted in the long-term incentive programs. Adjusted EPS, diluted excluding amortization of surplus values Profit for the period adjusted for items affecting comparability and accounting effects arising from business combinations, referring to amortizations, depreciations and impairments, net of tax, attributable to equity holders of the parent company, divided by the average number of shares outstanding during the year including shares that will be allotted in the long-term incentive programs. Adjusted profit before tax Profit before tax adjusted for items affecting comparability. Adjusted profit for the period Profit for the period adjusted for items affecting comparability. Capital employed Capital employed is defined as total net working capital plus tangible and intangible assets, including those classified as asset held for sale, other current assets (incl. cash and cash equivalents) less other current liabilities. Cash conversion Free operating cash flow, adjusted for items affecting comparability divided by adjusted EBITA. EBITA Earnings before interest, tax and accounting effects arising from business combinations, referring to amortizations, depreciations and impairments. EBITDA Operating profit (EBIT) less depreciation, amortization and impairments. Sandvik presents below definitions of certain financial measures that are not defined in the interim report in accordance with IFRS. Sandvik believes that these measures have an important purpose of providing useful supplemental information to investors and the company’s management when they allow evaluation of trends and the company’s performance. As not all companies calculate the financial measures in the same way, these are not always comparable to measures used by other companies. These financial measures should not be seen as a substitute for measures defined under IFRS. Financial net debt/EBITDA Interest-bearing current and non-current liabilities, excluding net pension liabilities and leases, less cash equivalents divided by rolling 12 months EBITDA. Free operating cash flow Earnings before interest, taxes and depreciation adjusted for non-cash items and adjusted for cash items related to acquisitions not considered operational plus the change in net working capital minus investments and disposals of rental equipment and tangible and intangible assets. Items affecting comparability (IAC) Sandvik reports EBITA, EBIT, profit before tax and earnings per share adjusted for items affecting comparability. IAC includes capital gains and losses from divestments and larger restructuring initiatives, impairments, capital gains and losses from divestments of financial assets, M&A related costs as well as other material items having a significant impact on the comparability. Net debt Interest-bearing current and non-current liabilities, including net pension liabilities and leases, less cash and cash equivalents. Net Working Capital (NWC) Total of inventories, trade receivables, account payables and other current non-interest-bearing receivables and liabilities, including those classified as assets and liabilities held for sale/distribution, but excluding tax assets and tax liabilities and provisions. Net working capital in relation to revenues Net working capital on an average 12 month rolling basis divided by 12 month rolling revenues. Order intake Order intake for a period refers to the value of all orders received for immediate delivery and those orders for future delivery for which delivery dates and quantities have been confirmed. General sales agreements are included only when they have been finally agreed upon and confirmed. Service contracts are included in the order intake with the full binding contract amount upon signing. Organic growth Change in order intake and revenues after adjustments for exchange rate effects and structural changes such as divestments and acquisitions. Sandvik generates the majority of its revenues in currencies other than in the reporting currency (i.e. SEK, Swedish Krona). Organic growth is used to analyze the underlying sales performance in the Group. Return on capital employed (ROCE) Earnings before interest and taxes plus financial income, on a 12 month rolling basis, as a percentage of an average rolling 12 months capital employed. Return on capital employed (ROCE), excluding amortization of surplus values Earnings before interest and taxes, adjusted for accounting effects arising from business combinations, referring to amortizations, depreciations and impairments, plus financial income, on a 12 month rolling basis, as a percentage of an average rolling 12 months capital employed. Return on total equity Consolidated net profit/loss for the year as a percentage of average total equity.
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Sandvik interim report Q3 2026 Auditors´ report Introduction We have conducted a limited review of the condensed interim financial information (interim report) of Sandvik AB (publ) as of 30 September 2026, and the nine-month then ended. The board of directors and the CEO are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Stockholm, October 22, 2026 Öhrlings PricewaterhouseCoopers AB Anna Rosendal Martin By Authorized Public Accountant Authorized Public Accountant Auditor-in-charge This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. 24 Sandvik AB Box 510 SE-101 30 Stockholm +46 8 456 11 00 Corp Reg. No: 556000–3468 This information is information that Sandvik AB is obliged to make public pursuant to the EU Market Abuse Regulation The information was submitted for publication, through the agency of the contact person set out below, at 08:00 AM CEST on October 22, 2026. Additional information may be obtained from Sandvik Investor Relations on +46 70 782 63 74 (Louise Tjeder). A webcast and telephone conference will be held on October 22, 2026 at 10:00 AM CEST. Information is available at home.sandvik/investors Calendar November 24-25, 2026 Capital Markets Day January 27, 2027 Report, fourth quarter 2026 April 21, 2027 Report, first quarter 2027 April, 28, 2027 Annual General Meeting July 16, 2027 Report, second quarter 2027 October 21, 2027 Report, third quarter 2027 Stockholm, October 22, 2026 Sandvik Aktiebolag (publ) Stefan Widing President & CEO 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 and interest-rate movements, political risks, impact of competing products and their pricing, product development, commercialization and technological difficulties, supply disturbances, and major customer credit losses. Annual General Meeting The Board of Directors has decided that the 2027 Annual General Meeting will be held in Sandviken, Sweden, on April 28, 2027. The notice to convene the Annual General Meeting will be made in the prescribed manner.