Sandvik — Interim / Quarterly Report 2026

Apr 22, 2026

Interim report first quarter 2026

Strong start to the year

• Total order intake increased by 12% compared to last year and amounted to SEK 36,756 million (32,763). At fixed exchange rates, order intake increased by 23%, and organically by 23%
• Total revenues increased by 5% compared to last year and amounted to SEK 30,685 million (29,301). At fixed exchange rates, revenues increased by 15%, and organically by 15%
• Adjusted EBITA increased by 6% and amounted to SEK 6,138 million (5,768), corresponding to a margin of 20.0% (19.7). Items affecting comparability amounted to SEK -389 million (-56) mainly related to the announced restructuring initiatives in Machining
• Profit for the period amounted to SEK 3,877 million (3,736) and earnings per share, diluted, were SEK 3.09 (2.97). Adjusted earnings per share, diluted, were SEK 3.27 (3.01)
• Free operating cash flow amounted to SEK 3,613 million (3,809)

Revenue growth at fixed exchange rates 15%

Adj. EBITA margin 20.0%

0.8 Financial net debt/EBITDA

Financial overview

MSEK	Q1 2025	Q1 2026	Change %	Q1-Q4 2025
Order intake	32,763	36,756	12	128,455
Revenues	29,301	30,685	5	120,680
Adjusted EBITA1)	5,768	6,138	6	23,309
Adjusted EBITA margin	19.7	20.0	–	19.3
Adjusted EBIT2)	5,262	5,719	9	21,502
Adjusted EBIT margin	18.0	18.6	–	17.8
Adjusted profit before tax2, 3)	4,966	5,482	10	20,151
Profit for the period	3,736	3,877	4	14,691
Adjusted profit for the period2, 3)	3,782	4,100	8	15,273
Earnings per share, diluted, SEK	2.97	3.09	4	11.70
Adjusted earnings per share, diluted, SEK2, 3)	3.01	3.27	8	12.17
Free operating cash flow	3,809	3,613	-5	21,216

1) Adjusted for items affecting comparability (IAC) on EBITA of SEK -389 million (-56) in Q1 2026 and SEK -693 million for full year 2025. 2) IAC on EBIT of SEK -389 million (-56) in Q1 2026 and SEK -693 million for full year 2025. 3) Adjusted for IAC regarding tax of SEK 166 million (11) in Q1 2026 and SEK 110 million for full year 2025. For more information see page 20.

Tables and calculations in the report do not always agree exactly with the totals due to rounding. Alternative performance measures and definitions used in this report are explained on page 23. For more information see home.sandvik.

intake in the first two weeks of April was slightly up compared to the first quarter. CEO's comment

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 customer-focused offerings place us in the lead in important growth areas and segments. Moving forward, we will continue to leverage on our strengths, and by doing so, create value for all our stakeholders. We had an excellent start to the year. Demand was strong across all business areas and both order intake and revenues grew double digits. We delivered a profit margin within our target interval, a great achievement considering major currency headwinds, geo-political turmoil and weaker seasonality in the quarter. I am also pleased with our strategic progress, where our targeted investments enable us to reinforce our leadership in the industries we serve. During the quarter, we launched multiple innovative solutions, for example, new versions of our software offerings, cone crushers, and surface drilling applications. Accelerating digital is one of our strategic objectives, and I am therefore pleased to see yet another quarter with double-digit growth in our digital businesses. Group organic order intake and revenues grew by 23%, and by 15%, respectively. Our operating profit margin improved to 20.0% (19.7). Free operating cash flow amounted to SEK 3.6 billion, corresponding to a cash conversion of 62%, in line with normal seasonality.

Stefan Widing President and CEO We continued to see very positive momentum in the Mining business and demand remained strong in the first quarter. Organic order intake grew by 22% with double-digit growth in both equipment and the aftermarket. Organic revenue growth was 14%. The interest in Sandvik's automation solutions was high, and a key highlight in the quarter was the multiple AutoMine® orders from a large customer who now run most of its global operations with AutoMine®. Sandvik also announced the acquisition of ThoroughTec Simulation, a provider of equipment simulators and training solutions which will strengthen our aftermarket and digital capabilities. I am also pleased with the momentum on surface, and that years of hard work of building a competitive offering is paying off. We continue to see very good surface equipment growth, and our strengthened position is now also translating into higher aftermarket growth. During the quarter we introduced the new Leopard™ DI610i, a high-performance down-the-hole (DTH) surface drill rig designed for open-pit mines. We also introduced My Sandvik Geo, an advanced cloud-based digital service that transforms drilling data into actionable geological and geotechnical insights.

Rock Processing's organic order intake increased by 12%, driven by equipment. The first quarter of the year is usually a good indication of the underlying infrastructure market sentiment with pre-ordering ahead of high summer activities. It was therefore pleasing to see a

broad-based recovery with strong growth in demolition and recycling as well as aggregates. Mining continues to be robust. During the quarter, we attended ConExpo 2026, one of largest exhibitions in the industry where we showcased many of our new innovations. Amongst them were our new cone crushers with upgrades that reflect Sandvik's focus on smarter, safer and more predictable operations for our customers. Organic revenue growth was flat, impacted negatively by timing of deliveries.

"Demand was strong across all business areas and both order intake and revenues grew double digits [...] Our operating profit margin improved to 20.0%."

Machining reported a strong first quarter and organic order intake grew by an exceptional 28%. Underlying demand in strategically important segments such as aerospace, defense, and medical was strong, and we saw good prize realization. On top of that, dynamics in the global tungsten market had a significant impact on our powder business, and to some extent also on our cutting tools business. I am very pleased that we in this situation can fully leverage our vertically integrated supply chain. It gives us a clear competitive advantage to both secure raw materials and to maximize business opportunities. Our powder business more than doubled its organic order intake, and our cutting tools grew by 18%. China reported the strongest growth, in particular our local premium businesses, with the tungsten price rally motivating customers to build stock. In North America and Europe, several of the segments grew at a high pace, and early signs of improved sentiment in general industry were noted. In the general industry segment, indications of stock-building supported a higher-than-expected volume development in both regions. We also noted market share gains as customers turned to reliable sources of supply. Post the quarter, we announced the acquisition of Canada-based K&Y Diamond. The company is a leading manufacturer of monocrystalline diamond tools for ultra-precision applications and will bring advanced technology and strengthen our capabilities in structural growth segments.

Intelligent Manufacturing, in its first quarter as a standalone business area, had a good start to the year. Demand for our software solutions was solid across regions and segments, and organic order intake and revenues both grew by 11%. Highest growth was noted in North America, and in the aerospace and defense segments. Maintenance renewal orders grew high-single digits in the seasonally important first quarter. Licenses grew by double digits, partly due to lower comparables. As communicated on our Capital Markets Day in 2025, we have a target to increase the share of recurring revenues, and we continued to make progress in the shift from regular license and maintenance to subscription sales with subscription growth in the high double-digits. During the quarter, we also continued to strengthen our direct sales capabilities with three additional reseller acquisitions.

I am proud of how we continue to execute on our strategy, with consistent delivery each quarter while building long-term strength. We reported a strong first quarter with significant order intake and revenue growth, as well as a profit margin within our target range. Conscious strategic choices have given us additional leverage in the current environment, evidenced by our strengthened market positions and the extraordinary growth for Sandvik's solutions. The geopoliticaland macro-environment continues to be highly uncertain, but we have proven many times that we are agile and will adapt swiftly. With a solid platform, strong culture, and flexible mindset we will continue to drive the business forward - short-term and longer-term, strategically and financially. Building a stronger Sandvik and Advancing to 2030.

Stefan Widing President and CEO

Order intake and revenues

Growth Q1, %	Order intake	Revenues
Organic	23	15
Structure	0	0
Organic & structure	23	15
Currency	-11	-10
Total	12	5

Change compared to same quarter last year.

Group order intake grew by 12% year on year. At fixed exchange rates, order intake grew by 23%, of which 23% organically. Group revenues increased by 5%. At fixed exchange rates, growth was 15%, of which organic 15%. Positive book to bill of 120%.

Activity levels remained high in the mining industry driven by elevated mineral prices. Sandvik noted strong demand across equipment divisions and in the aftermarket business. The high production pace, in combination with an aging fleet continued to drive consumption for parts and services. Customers continued to invest in digital solutions to drive efficiency, extend production capabilities and improve safety.

The signs of infrastructure recovery noted at the latter part of 2025, was confirmed in the first quarter with increased dealer activity and solid demand in North America and Europe, and in demolition and recycling as well as in aggregates.

Demand for our cutting tools were driven by various dynamics in play. Strong underlying demand was noted in aerospace and defense, medical, electronics and transportation. In Sandvik's biggest customer segment, general industry, which typically correlates to leading indicators such as PMI, organic order intake grew by double digits. Highest order intake was noted in China, mainly driven by our local premium brands where orders and revenues correlate to tungsten prices, and with significant impact also from customers securing stock in anticipation of further price increases. In North America, and to a certain extent also in Europe, demand in general industry was stronger than expected, with elements of stock-building motivated by scarce supply of tungsten and in anticipation of continued price increases. Early signs of improved underlying demand also supported the development. Sandvik's powder business more than doubled order intake, driven by the tungsten price rally.

Order intake and revenues

Underlying market development

Miningmarket	Upstream	Downstream	Manufacturingmarket	Generalindustry	Aerospace& defense	Lightvehicles	Mining &energy	Transportation
Infrastructure		Demolition	Europe
market	Aggregates	& recycling	North America
			China
Europe			India
North America			Rest of world
Asia

General Industry includes mainly machine tools, pump and valve, die and mould, primary metals, small part machining and bearings

Aerospace & defense includes mainly aerospace, defense and space

Light vehicles includes mainly ICE vehicles, hybrid vehicles and elctric vehicles

Mining & energy includes mainly mining & construction, rewnewables, oil & gas, and other energy

Transportation includes mainly heavy vehicles, railway and ship building Medical & electronics includes mainly medical, electronics and optics

Earnings

Adjusted gross profit1 amounted to SEK 12,775 million (12,526), corresponding to a margin of 41.6% (42.7) negatively impacted by currency. Adjusted sales and administration costs2 amounted to SEK 6,660 million (6,798), and the ratio to revenue decreased to 21.7% (23.2).

Adjusted EBITA increased to SEK 6,138 million (5,768). The adjusted EBITA margin was 20.0% (19.7), positively impacted by price, higher volumes and savings, while currency had a significant negative impact to the margin. Savings from the restructuring programs had a positive year-on-year bridge effect of SEK 117 million. The impact from transaction and translation currency effects was negative SEK 1,389 million year on year, and dilutive to the margin by 240 basis points. Acquisitions were slightly accretive to the margin. Items affecting comparability amounted to SEK -389 million (-56).

The interest net decreased year on year to SEK -150 million (-206) mainly due to lower borrowed volumes. Net financial items of SEK -237 million decreased year on year (-296) mainly due to the lower interest net.

The tax rate, excluding items affecting comparability, was 25.2% (23.8). The reported tax rate was 23.9% (23.9). The normalized tax rate was 24.0% (23.8), in line with guidance.

Profit for the period amounted to SEK 3,877 million (3,736), corresponding to earnings per share, diluted, of SEK 3.09 (2.97) and adjusted earnings per share, diluted, of SEK 3.27 (3.01). Adjusted earnings per share, diluted, excluding amortization of surplus values, amounted to SEK 3.55 (3.35).

1) From Q2, 2025: Adjusted gross profit excluding amortization of surplus values, changed from previous Adjusted gross profit including amortization of surplus values

2) From Q2, 2025: Adjusted sales and administration costs excluding amortization of surplus values changed from previous adjusted sales and administration costs including amortization of surplus values

Balance sheet and cash flow

Capital employed increased year on year to SEK 142.5 billion (140.5), mainly due to higher net working capital and cash. Sequentially, capital employed increased from SEK 134.5 billion driven by higher net working capital and currency. Return on capital employed increased year on year to 15.5% (15.4) and sequentially from 15.2%. Return on capital employed excluding amortization of surplus values improved year on year to 16.8% (16.7) and sequentially (16.5).

Net working capital increased year on year to SEK 36.4 billion (33.9), mainly due to increased inventory levels. Sequentially, net working capital increased (33.0) due to seasonally higher inventories and currency effects. Net working capital in relation to revenues decreased to 28.1% (29.8) year on year and sequentially (28.7).

Financial net debt decreased year on year to SEK 23.7 billion (31.2) and sequentially (26.5). The sequential decrease was due to the cash generation. The financial net debt/EBITDA ratio was 0.8 (1.1), with a decrease sequentially (0.9). Total net debt of SEK 31.2 billion (39.7) decreased year over year and sequentially (34.0).

Free operating cash flow decreased slightly compared to last year to SEK 3.6 billion (3.8), driven mainly by higher net working capital. Investments in tangible and intangible assets (capex) amounted to SEK 0.8 billion (1.0). The investments corresponded to 88% of depreciation.

Free operating cash flow, MSEK	Q1 2025	Q1 2026
EBITDA	7,094	7,147
Non-cash and other items1)	-1,523	-456
EBITDA adj for non-cash and other items	5,571	6,691
Capex	-1,015	-758
Net working capital change	-747	-2,320
Free operating cash flow	3,809	3,613

1) Other items include payment to pension funds, rental equipment, lease payments and proceeds from sale of assets.

Net working capital

Free operating cash flow

Free operating cash flow Cash conversion, R12, adjusted

Financial net debt/EBITDA

Mining

– Record-high order intake

• Double-digit organic order intake growth in aftermarket and equipment
• Strong operating leverage

Growth Q1, %	Order intake	Revenues
Organic	22	14
Structure	0	0
Organic & structure	22	14
Currency	-11	-10
Total	11	4

Change compared to same quarter last year.

Order intake and revenues

• Continued positive mining momentum with strong demand across the board
• Record high order intake level, with double-digit organic order intake growth in both the equipment and aftermarket business. Strong performance in Digital Mining Technologies
• Total order intake increased by 11%. At fixed exchange rates, order intake grew by 22%, of which organic 22%
• Two major orders received in the quarter, totaling SEK 0.6 billion (1.0). Excluding major orders, organic order intake increased by 26%
• Organic order intake for aftermarket increased by 11%, while equipment orders grew by 43%
• The aftermarket business accounted for 70% (72) of revenues while the equipment business accounted for 30% (28)

Profitability

• Adjusted EBITA amounted to SEK 3,004 million (3,058), corresponding to a margin of 19.8% (20.8)
• Strong operating leverage of 38% on higher volumes
• Significant negative currency impact of SEK 810 million year on year, corresponding to a margin dilution of 310 basis points

Profitable growth

Sandvik continued to drive innovation across its offering. The introduction of My Sandvik Geo provides real-time geological insights from drilling data, enabling improved decision-making, safety and operational efficiency. The product portfolio was further strengthened with new equipment launches, including the Leopard DI610i for DTH production drilling and the Ranger DX1010i top hammer drill rig, as well as the HPA20 automatic injection pump for underground ground support. In addition, Sandvik expanded its aftermarket offering with the RG550Be drill bit resharpening machine, supporting improved productivity and reduced cost per drilled meter.

Sandvik continued to invest in its industrial footprint by expanding operations in Tampere Finland, enhancing capabilities in drilling equipment development and production.

Sandvik also strengthened its aftermarket and digital capabilities through the agreement to acquire South Africa-based ThoroughTec Simulation, a provider of equipment simulators and training solutions. The acquisition enhances Sandvik's ability to deliver data-driven training programs that improve operator performance, safety and productivity.

	SEK bn												Percent
21														140
18														120
15														100
12														80
9														60
6														40
3														20
0														0
	Q12023	Q2	Q3	Q4	Q12024	Q2	Q3	Q4	Q12025	Q2	Q3	Q4	Q12026
			Order intake					Revenues				Book-to-bill

Order intake, revenues and book-to-bill

Financial overview, MSEK	Q1 2025	Q1 2026	Change %	Q1-Q4 2025
Order intake	17,138	19,038	11	69,204
Revenues	14,675	15,206	4	62,971
Adjusted EBITA1)	3,058	3,004	-2	13,045
Adjusted EBITA margin, %	20.8	19.8	–	20.7
Number of employees2)	17,424	18,654	7	18,395

1) EBITA adjusted for items affecting comparability of SEK -18 million in Q1 2026 (-25) and SEK 96 million for full year 2025. For more information see page 20. 2) Full-time equivalent.

Rock Processing

• Double-digit organic order intake growth
• Solid recovery in infrastructure
• Weaker margin due to timing of deliveries

Growth Q1, %	Order intake	Revenues
Organic	12	0
Structure	2	2
Organic & structure	13	2
Currency	-11	-9
Total	3	-7

Change compared to same quarter last year.

Order intake and revenues

• Solid recovery in infrastructure with strong broad-based demand. Positive underlying demand in mining
• Double-digits organic order intake in demolition and recycling as well as in aggregates. Mining order intake development was stable year on year, mainly related to timing
• Total order intake increased by 3%. At fixed exchange rates, order intake increased by 13%, of which organic was 12%
• Three major orders received in the quarter totaling SEK 210 million (57). Excluding major orders, organic order intake grew by 6%
• Organic order intake for equipment increased by 29% while aftermarket decreased by 1%
• The aftermarket business accounted for 57% (59) of revenues while the equipment business accounted for 43% (41)

Profitability

• Adjusted EBITA amounted to SEK 290 million (395) corresponding to a margin of 12.0% (15.1)
• Lower volumes due to timing of deliveries resulting also in negative equipment mix impact
• Organic operating leverage was negative in the quarter
• Significant negative currency impact of SEK 85 million year on year, corresponding to a margin dilution of 220 basis points

Profitable growth

At ConExpo 2026, Sandvik launched the new CH442 and CH662 cone crushers with upgrades such as strengthened mechanical design, longer wear life components and more automation features. Both models are fully connectable to Rock Processing's SAM digital services, providing real time and aggregated insights into performance, wear, alarms and fleet status.

Order intake, revenues and book-to-bill

Financial overview, MSEK	Q1 2025	Q1 2026	Change %	Q1-Q4 2025
Order intake	2,863	2,942	3	10,694
Revenues	2,615	2,425	-7	10,435
Adjusted EBITA1)	395	290	-27	1,546
Adjusted EBITA margin, %	15.1	12.0	–	14.8
Number of employees2)	2,741	2,815	3	2,779

1) EBITA adjusted for items affecting comparability of SEK -5 million in Q1 2026 (48) and SEK 10 million for full year 2025. For more information see page 20. 2) Full-time equivalent.

Machining

• Improved market sentiment while high uncertainty
• Strong organic order intake growth

Growth Q1, % Order intake Revenues Organic 28 19 Structure 0 0 Organic & structure 28 19 Currency -11 -10 Total 17 9

Change compared to same quarter last year.

Order intake, revenues and book-to-bill

Adj.EBITA margin R12

– Strong profitability

Order intake and revenues

• Generally high demand for cutting tools across all major regions with early signs of improved sentiment. Strong underlying demand in aerospace, defense and other strategically important segments
• Solid growth in general industry, partly due to pre-buying, and in China due to correlation to tungsten prices.
• Cutting tools grew organic order intake and revenues increased by 18% and 10%, respectively. Continued strong development in the powder business with more than doubled organic order intake growth on the back of surging tungsten prices
• Total order intake increased by 17%. At fixed exchange rates, order intake increased by 28% of which organic 28%
• Organic order intake increased by 39% in Asia and by 26% in North America and Europe
• The number of working days had a -0.4% impact on orders and revenues. Tariff surcharges had a +1.5% impact on orders and on revenues
• Daily order intake for cutting tools was higher in the first two weeks of April compared to the first quarter, taking normal seasonality into account. The daily order intake trend entails a higher degree of uncertainty than ususal due to market dynamics related to the tungsten supply and demand

Profitability

• Adjusted EBITA amounted to SEK 2,810 million (2,359), corresponding to a margin of 22.9% (21.0)
• Good price realization with cost inflation offset by pricing. Positive margin effect driven by timing in the powder business
• Higher volumes and savings of SEK 97 million contributed positively
• Organic operating leverage was 41% in the quarter
• Currency had a negative impact of SEK 431 million year on year, corresponding to a margin dilution of 130 basis points

Profitable growth

Post the quarter, Sandvik acquired 80% of K&Y Diamond. The Canadabased manufacturer of monocrystalline diamond tools for ultra-precision applications will strengthen our position within the attractive growth area of micro-precision tools in segments such as aerospace, medical and optics.

Sandvik introduced a number of new innovations. For example, the new indexable milling grade GC1240 with new coating technology enabling secure milling with long tool life for demanding applications. The higher tool utilization also supports improved productivity and more efficient operations, contributing to reduced environmental impact.

Financial overview, MSEK	Q1 2025	Q1 2026	Change %	Q1-Q4 2025
Order intake	11,748	13,760	17	45,137
Revenues	11,224	12,271	9	44,003
Adjusted EBITA1)	2,359	2,810	19	8,700
Adjusted EBITA margin, %	21.0	22.9	–	19.8
Number of employees2)	19,281	18,556	-4	18,652

1) EBITA adjusted for items affecting comparability of SEK -345 million in Q1 2026 (-64) and SEK -734 million for full year 2025. For more information see page 20. 2) Full-time equivalent.

Intelligent Manufacturing

• –Double-digit organic order intake and revenue growth
• Strong growth in subscription sales
• Three CAM reseller aquisitions

Growth Q1, %	Order intake	Revenues
Organic	11	11
Structure	7	10
Organic & structure	18	20
Currency	-12	-13
Total	6	7

Change compared to same quarter last year.

Order intake and revenues

• Solid broad-based demand for CAM and metrology software solutions. Strongest growth noted in North America and in the customer segments aerospace and defense
• High-single digit organic order intake growth in maintenance and double-digit growth in new license sales, partly due to lower comparables. Good traction in subscription sales
• Total order intake increased by 6%. At fixed exchange rates, order intake increased by 18% of which organic 11%
• Organic order intake increased by 14% in North America and by 11% in Asia. Europe increased by 10%
• The subscription shift had a -2% impact on orders and -1% on revenues

Profitability

• Adjusted EBITA amounted to SEK 162 million (150), corresponding to a margin of 20.7% (20.6)
• Higher volumes and good price realization partly offset by restructuring charges impacting negatively by 100 bps
• Organic operating leverage was 26%
• Currency had a negative impact of SEK 22 million year on year, corresponding to a margin dilution of 50 basis points
• Acquisitions had an accretive effect on the margin of 10 basis points

Profitable growth

During the quarter, Sandvik launched EverPath Technology, its next generation of Mastercam software, built to make CNC programming faster, simpler, and more flexible. The new CAM platform features a built-in user assistance system for contextual guidance and real-time validation which identifies potential issues during programming, as well seamless 3-to-5-axis motion for easier and faster reconfiguration.

Sandvik also continued to strengthen its presence in the CAM market, announcing three CAM reseller acquisitions in the quarter.

Order intake, revenues and book-to-bill

Financial overview, MSEK	Q1 2025	Q1 2026	Change %	Q1-Q4 2025
Order intake	958	1,016	6	3,279
Revenues	728	783	7	3,117
Adjusted EBITA1)	150	162	8	686
Adjusted EBITA margin, %	20.6	20.7	–	22.0
Number of employees2)	1,258	1,367	9	1,323

1) EBITA adjusted for items affecting comparability of SEK -21 million in Q1 2026 (-15) and SEK -51 million for full year 2025. For more information see page 20. 2) Full-time equivalent.

Acquisitions and divestments

Acquisitions during last 12 months

Business area	Company/unit	Acquisition date	Revenues	No. of employees
2025
Intelligent Manufacturing	Verisurf Software, Inc.	June 2, 2025	130 MSEK in 2024	44
Rock Processing	Osa Demolition Equipment	July 1, 2025	150 MSEK in 2024	64
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

The acquisitions during 2026 were made through the purchase of 100 % of shares and voting rights, except for MLC CAD Systems which was made through a net asset deal.

For all acquisitions, Sandvik received control over the operations on the date of closing. No equity instruments have been issued in connection with the acquisitions. The acquisitions have been accounted for using the acquisition method.

MSEK	Purchase price on cash	Preliminary	Preliminary other
	and debt free basis	goodwill	surplus values
Acquisitions 2026	319	183	203

Contributions from business acquired in 2026, MSEK Contributions as of acquisition date Revenues 47 Profit/loss for the year -41 Contributions if the acquisition date would have been January 1, 2026 Revenues 70

Profit/loss for the year -37

Divestments during last 12 months

In September 2025, Sandvik divested its holding of shares in the associated company Eimco Elecon (India) Limited. The holding has previously been reported as assets held for sale. The divestment incurred a capital gain, including transactional costs, of SEK 128 million in the third quarter of 2025 and had a positive cash flow effect for the Group of SEK 253 million.

In September 2025, Sandvik also divested the additive business of Cimquest, Inc. and in October 2025, Sandvik divested the company Advanced Theodolite Technology, Inc., previously reported as assets held for sale.

Significant events

During the first quarter

• On February 3, Sandvik acquired the CAM business of MLC CAD Systems, a US-based reseller of CAD/CAM solutions in the Mastercam network. MLC CAD Systems' CAM business will be a part of business unit Mastercam and will be reported within business area Intelligent Manufacturing.
• On February 12, Sandvik signed an agreement to acquire ThoroughTec Simulation (ThoroughTec), a South Africa–based leading provider of equipment simulators and simulator-based training for the global mining industry. ThoroughTec will be reported in Parts and Services, a division within business area Mining.
• On March 30, Sandvik announced the implementation of the second phase of restructuring measures that will be implemented in the business area Machining during the course of the 2025-2030 period. The estimated annual savings from these measures is about SEK 105 million. It is estimated that by end of 2027, 100% of the run-rate savings will be realized.

After the first quarter

– On April 9, Sandvik announced the acquisition of K&Y Diamond, a leading manufacturer of monocrystalline diamond tools for ultra-precision applications, with a strong position in the optics segment. K&Y Diamond will be reported in Sandvik Coromant, a division within business area Machining.

Guidance and financial targets

Sandvik does not provide a market outlook or business performance forecasts. However, guidance relating to certain non-operational key figures considered useful when modeling financial outcome is provided in the table below:

Capex (cash)	Estimated at SEK 4.0-4.5 billion for 2026.
Currency effects	Based on currency rates per April 20, it isestimated that transaction and translationcurrency effects will have an impact of about SEK-0.5 billion on EBITA for the second quarter of2026, compared with the year-earlier period.
Interest net	Estimated at approximately SEK -0.6 billion for2026.
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.

Accounting policies

Sandvik Group applies IFRS Accounting Standards as adopted by the EU. With exception for new and revised standards and interpretations effective from January 1, 2026 the same accounting and valuation policies were applied as in Sandvik Group Annual Report 2025. There are no new accounting policies applicable from 2026 that significantly affects 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.

Transactions with related parties

No transactions between Sandvik and related parties that significantly affected the company's position and results took place.

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.

Financial reports summary The Group

Income statement

MSEK	Q1 2025	Q1 2026	Change %	Q1-Q4 2025
Revenues	29,301	30,685	5	120,680
Cost of goods and services sold	-16,866	-18,344	9	-71,678
Gross profit	12,435	12,341	-1	49,002
% of revenues	42.4	40.2		40.6
Selling expenses	-3,883	-3,755	-3	-14,987
Administrative expenses	-2,207	-2,143	-3	-8,624
Research and development costs	-1,153	-1,111	-4	-4,542
Other operating income and expenses	15	-2	n/m	-39
Operating profit	5,206	5,330	2	20,809
% of revenues	17.8	17.4		17.2
Financial income	204	166	-19	640
Financial expenses	-501	-402	-20	-1,991
Net financial items	-296	-237	-20	-1,351
Profit before tax	4,910	5,094	4	19,458
% of revenues	16.8	16.6		16.1
Income tax	-1,174	-1,217	4	-4,767
Profit for the period	3,736	3,877	4	14,691
% of revenues	12.8	12.6		12.2
Profit (loss) for the period attributable to
Owners of the parent company	3,736	3,876	4	14,690
Non-controlling interest	–	1	n/m	1
Earnings per share, SEK
Earnings per share, basic	2.98	3.09	4	11.71
Earnings per share, diluted	2.97	3.09	4	11.70
Other comprehensive income
Items that will not be reclassified to profit (loss)
Actuarial gains (losses) on defined benefit pension plans	98	-107		1,310
Fair value adjustment	2	81		81
Tax relating to items that will not be reclassified	-27	0		-304
Total items that will not be reclassified to profit (loss)	74	-25		1,087
Items that may be reclassified subsequently to profit (loss)
Translation differences	-8,440	3,350		-12,419
Hedge reserve	155	-165		26
Tax relating to items that may be reclassified	-32	34		-5
Total items that may be reclassified subsequently to profit (loss)	-8,317	3,219		-12,399
Total other comprehensive income	-8,244	3,194		-11,312
Total comprehensive income	-4,507	7,071		3,379
Total comprehensive income attributable to
Owners of the parent company	-4,503	7,068		3,383
Non-controlling interest	-4	3		-5

The Group

Balance sheet

MSEK	Dec 31, 2025	Mar 31, 2025	Mar 31, 2026
Intangible assets	62,594	65,377	64,911
Property, plant and equipment	22,339	22,945	22,347
Right-of-use assets	5,410	5,531	5,463
Financial assets	9,619	9,894	10,651
Inventories	33,219	33,598	36,330
Current receivables	31,720	32,849	33,919
Cash and cash equivalents	4,958	4,965	8,227
Assets held for sale		310	384
Total Assets	169,860	175,469	182,232
Total equity	93,237	92,944	100,346
Non-current interest-bearing liabilities	35,596	38,606	36,305
Non-current non-interest-bearing liabilities	4,914	5,171	5,319
Current interest-bearing liabilities	5,094	7,565	5,168
Current non-interest-bearing liabilities	31,019	31,161	34,994
Liabilities held for sale	–	22	99
Total equity and liabilities	169,860	175,469	182,232

Changes in equity

MSEK	Equity related to ownersof 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
Equity at January 1, 2026	93,166	71	93,237
Total comprehensive income (loss) for the period	7,068	3	7,071
Change in fair value of put option to acquire non-controlling interest	–	–	–
Change in non-controlling interest	0	0	–
Share based program	38	–	38
Dividend	–	–	–
Equity at March 31, 2026	100,272	74	100,346

The Group

Cash flow statement

MSEK	Q1 2025	Q1 2026	Q1-Q4 2025
Cash flow from operating activities
Profit before tax	4,910	5,094	19,458
Adjustment for depreciation, amortization and impairment losses	1,888	1,817	7,415
Other adjustments for non-cash items	-2,155	68	-352
Payment to pension fund	-113	-134	-359
Income tax paid	-2,146	301	-5,156
Cash flow from operating activities before changes in working capital	2,384	7,145	21,005
Changes in working capital
Change in inventories	-1,158	-2,226	-1,764
Change in operating receivables	-440	-2,110	-1,602
Change in operating liabilities	851	2,017	2,274
Cash flow from changes in working capital	-747	-2,320	-1,092
Investments in rental equipment	-200	-313	-995
Proceeds from sale of rental equipment	113	100	271
Cash flow from operating activities, net	1,550	4,612	19,189
Cash flow from investing activities
Acquisitions of companies and shares, net of cash acquired	-1,542	-312	-2,997
Proceeds from sale of companies and shares, net of cash disposed			336
Acquisitions of tangible assets	-704	-522	-2,835
Proceeds from sale of tangible assets	147	69	376
Acquisitions of intangible assets	-312	-235	-972
Proceeds from sale of intangible assets	1	2	2
Acquisitions of financial assets	-1	-5	-2
Proceeds from sale of financial assets	2	0	6
Other investments, net	139	-15	-276
Cash flow from investing activities	-2,269	-1,019	-6,364
Cash flow from financing activities
Repayment of borrowings	-2,914	-7	-5,024
Proceeds from borrowings	4,426	–	1,765
Amortization, lease liabilities	-350	-398	-1,433
Repurchase of own shares	297	–	-6
Dividends paid	–	–	-7,203
Cash flow from financing activities, net	1,460	-405	-11,901
Total cash flow	741	3,188	924
Cash and cash equivalents at beginning of the period	4,528	4,958	4,528
Exchange-rate differences in cash and cash equivalents	-303	81	-494
Cash and cash equivalents at the end of the period	4,965	8,227	4,958

The Parent company

The parent company's revenue after the first three month of 2026 amounted to SEK 2,974 million (3,886) with a gross profit of SEK 1,061 million (2,083). The operating result was SEK -191 million (817). Result from shares in Group companies of SEK 76 million (483) for the first quarter consists of dividends. Interest-bearing liabilities and provision, less cash and cash equivalents and interest-bearing assets, amounted to SEK 36,600 million (33,970). Investments in fixed assets amounted to SEK 50 million (69).

Income statement

MSEK	Q1 2025	Q1 2026	Q1-Q4 2025
Revenues	3,886	2,974	13,465
Cost of goods and services sold	-1,803	-1,913	-6,784
Gross profit	2,083	1,061	6,681
Selling expenses	-206	-205	-889
Administrative expenses	-488	-476	-1,998
Research and development costs	-356	-354	-1,390
Other operating income and expenses	-216	-217	-741
Operating result	817	-191	1,662
Result from shares in group companies	483	76	12,311
Interest income/expenses and similar items	-281	-88	-1,046
Result after financial items	1,019	-202	12,927
Appropriations	12	20	-23
Income tax	-136	-307	-774
Result for the period	895	-489	12,131

Balance sheet

MSEK	Dec 31, 2025	Mar 31, 2025	Mar 31, 2026
Intangible assets	51	153	18
Property, plant and equipment	2,918	3,052	2,889
Financial assets	77,479	81,551	77,816
Inventories	1,145	1,184	1,382
Current receivables	12,112	7,627	11,051
Cash and cash equivalents	0	0	0
Total assets	93,705	93,567	93,156
Total equity	36,066	32,328	35,615
Untaxed reserves	951	917	931
Provisions	1,409	1,337	1,408
Non-current interest-bearing liabilities	18,930	22,690	19,152
Non-current non-interest-bearing liabilities	192	242	277
Current interest-bearing liabilities	32,913	32,648	32,072
Current non-interest-bearing liabilities	3,244	3,406	3,700
Total equity and liabilities	93,705	93,567	93,156
Interest-bearing liabilities and provisionsminus cash and cash equivalents and interest-bearing assets	37,154	33,970	36,600
Investments in fixed assets	220	69	50

Market overview, the Group

Order intake by region

MSEK	Q1 2026	%	Change*%1)	Share %
The Group
Europe	9,479	17	17	26
North America	9,187	34	33	25
South America	2,807	14	16	8
Africa/Middle East	4,716	34	32	13
Asia	5,844	11	24	16
Australia	4,723	28	21	13
Total2)	36,756	23	24	100
Mining
Europe	1,433	-13	-13	8
North America	4,717	44	44	25
South America	2,280	22	26	12
Africa/Middle East	4,154	37	37	22
Asia	2,309	-10	12	12
Australia	4,145	31	23	22
Total	19,038	22	26	100
Rock Processing
Europe	606	24	12	21
North America	723	25	18	25
South America	293	-13	-13	10
Africa/Middle East	429	21	-4	15
Asia	400	-2	9	14
Australia	492	5	5	17
Total	2,942	12	6	100
Machining
Europe	7,049	26	n/a	51
North America	3,265	26	n/a	24
South America	227	-8	n/a	2
Africa/Middle East	112	4	n/a	1
Asia	3,029	39	n/a	22
Australia	78	24	n/a	1
Total	13,760	28	n/a	100
Intelligent Manufacturing
Europe	391	10	n/a	38
North America	482	14	n/a	47
South America	8	16	n/a	1
Africa/Middle East	21	-6	n/a	2
Asia	106	11	n/a	10
Australia	8	1	n/a	1
Total	1,016	11	n/a	100

*Organic change compared with the year-earlier period

1) Excluding major orders which is defined as above SEK 200 million for Mining and SEK 50 million for Rock Processing. 2) Includes rental fleet order intake in Q1 of SEK 517 million, recognized according to IFRS 16.

n/a = not applicable

Market overview, the Group

Revenues by region

MSEK	Q1 2026	Change, * %	Share, %
The Group
Europe	8,188	12	27
North America	7,420	13	24
South America	2,131	8	7
Africa/Middle East	3,755	15	12
Asia	5,324	21	17
Australia	3,866	19	13
Total1)	30,685	15	100
Mining
Europe	1,306	-7	9
North America	3,467	12	23
South America	1,666	20	11
Africa/Middle East	3,334	18	22
Asia	2,069	9	14
Australia	3,365	22	22
Total	15,206	14	100
Rock Processing
Europe	495	4	20
North America	471	-4	19
South America	242	-30	10
Africa/Middle East	310	-2	13
Asia	481	32	20
Australia	427	-1	18
Total	2,425	0	100
Machining
Europe	6,152	17	50
North America	3,059	18	25
South America	218	-6	2
Africa/Middle East	99	-13	1
Asia	2,676	31	22
Australia	67	7	1
Total	12,271	19	100
Intelligent Manufacturing
Europe	236	11	30
North America	423	11	54
South America	6	15	1
Africa/Middle East	12	-4	2
Asia	99	13	13
Australia	7	10	1
Total	783	11	100

*Organic change compared with the year-earlier period

1) Includes rental fleet revenues in Q1 of SEK 209 million, recognized according to IFRS 16.

The Group

Order Intake by Business Area

							Change
MSEK	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1-Q4 2025	Q1 2026	%	% *
Mining	17,138	17,888	16,890	17,289	69,204	19,038	11	22
Rock Processing	2,863	2,616	2,735	2,479	10,694	2,942	3	12
Machining	11,748	10,935	10,420	12,033	45,137	13,760	17	28
Intelligent Manufacturing	958	728	675	917	3,279	1,016	6	11
Intelligent Manufacturing, divested assets	55	39	48	–	142	–	n/m	n/m
Group Total1)	32,763	32,206	30,769	32,717	128,455	36,756	12	23

Revenues by Business Area

	Q1 2026	Change
MSEKQ1 2025Q2 2025Q3 2025Q4 2025Q1-Q4 2025		%	% *
Mining14,67515,46915,24017,58862,971	15,206	4	14
Rock Processing2,6152,5052,6002,71510,435	2,425	-7	0
Machining11,22410,92510,56011,29544,003	12,271	9	19
Intelligent Manufacturing7287507748643,117	783	7	11
Intelligent Manufacturing, divested assets595044–153	–	n/m	n/m
Group Total1)29,30129,70029,21832,461120,680	30,685	5	15

EBITA by Business Area

MSEK	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1-Q4 2025	Q1 2026	Change %
Mining	3,033	3,125	3,173	3,810	13,140	2,987	-2
Rock Processing	443	358	384	372	1,557	285	-36
Machining	2,296	1,546	1,981	2,144	7,966	2,466	7
Intelligent Manufacturing	135	136	161	203	635	141	5
Intelligent Manufacturing, divested assets	-3	-1	-1	-10	-15	–	n/m
Group activities	-191	-177	-96	-203	-667	-129	-32
Group Total1)	5,713	4,986	5,601	6,316	22,616	5,749	1

EBITA Margin by Business Area

%	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1-Q4 2025	Q1 2026
Mining	20.7	20.2	20.8	21.7	20.9	19.6
Rock Processing	16.9	14.3	14.7	13.7	14.9	11.8
Machining	20.5	14.1	18.8	19.0	18.1	20.1
Intelligent Manufacturing	18.5	18.2	20.8	23.5	20.4	18.0
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

* Organic change compared with the year-earlier period

1) Internal transactions had negligible effect on business area profits.

Adjusted EBITA by Business Area

MSEK	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1-Q42025	Q1 2026	Change%
Mining	3,058	3,144	3,059	3,784	13,045	3,004	-2
Rock Processing	395	365	392	394	1,546	290	-27
Machining	2,359	2,148	2,010	2,183	8,700	2,810	19
Intelligent Manufacturing	150	151	171	215	686	162	8
Intelligent Manufacturing, divested assets	-3	-1	3	–	-1	–	n/m
Group activities	-191	-177	-96	-203	-667	-129	-32
Group Total 1)	5,768	5,629	5,539	6,373	23,309	6,138	6

Adjusted EBITA Margin by Business Area

%	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1-Q42025	Q1 2026
Mining	20.8	20.3	20.1	21.5	20.7	19.8
Rock Processing	15.1	14.6	15.1	14.5	14.8	12.0
Machining	21.0	19.7	19.0	19.3	19.8	22.9
Intelligent Manufacturing	20.6	20.1	22.0	24.9	22.0	20.7
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

Items affecting comparability on EBITA

MSEK	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1-Q42025	Q1 2026
Mining	-25	-19	114	26	96	-18
Rock Processing	48	-7	-9	-22	10	-5
Machining	-64	-602	-29	-39	-734	-345
Intelligent Manufacturing	-15	-14	-9	-12	-51	-21
Intelligent Manufacturing, divested assets	–	–	-4	-10	-14	–
Group activities	–	–	–	–	–	–
Group Total	-56	-643	63	-57	-693	-389

1) Internal transactions had negligible effect on business area profits.

Specification of items affecting comparability on EBITA

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.

Adjusted EBIT and Adjusted EBITA per Business Area

Q1 2026, MSEK	ReportedEBIT	ReportedEBIT, %	IAC1)	AdjustedEBIT	AdjustedEBIT, %	Amortizations2)	AdjustedEBITA	AdjustedEBITA, %
Mining	2,880	18.9	-18	2,898	19.1	-107	3,004	19.8
Rock Processing	230	9.5	-5	235	9.7	-55	290	12.0
Machining	2,349	19.1	-345	2,694	22.0	-117	2,810	22.9
Intelligent Manufacturing	1	0.1	-21	22	2.8	-140	162	20.7
Group activities	-129	–	–	-129	–	–	-129	–
Group Total	5,330	17.4	-389	5,719	18.6	-419	6,138	20.0

1) For full details on IAC, see page 20. 2) Accounting effects arising from business combinations, referring to amortizations, depreciations and impairments. Primary related to costs within COGS and Selling expenses.

Taxes excluding items affecting comparability

Q1 2025, MSEK	Reported tax	Reported tax, %	IAC	Tax excluding IAC	Tax excluding IAC, %
Group Total	-1,174	23.9	11	-1,184	23.8
Q1 2026
Group Total	-1,217	23.9	166	-1,382	25.2

Adjusted earnings per share diluted

Q1 2025, SEK	Reported EPS, diluted	IAC on net profit, MSEK	Adjusted EPS, diluted	Adjustment for surplusvalues, MSEK	Adj EPS, diluted excludingsurplus values
Group Total	2.97	-45	3.01	-431	3.35
Q1 2026
Group Total	3.09	-223	3.27	-351	3.55

Net debt

MSEK	Mar 31, 2025	Jun 30, 2025	Sep 30, 2025	Dec 31, 2025	Mar 31, 2026
Interest-bearing liabilities excluding pension and lease liabilities	36,202	40,562	36,246	31,474	31,887
Less cash and cash equivalents	-4,965	-3,449	-3,438	-4,958	-8,227
Financial net debt (net cash)	31,237	37,114	32,808	26,515	23,660
Net Pensions liabilities	2,798	2,401	1,998	1,807	1,857
Leases liabilities	5,641	5,749	5,777	5,647	5,688
Net debt	39,677	45,264	40,584	33,970	31,205
Financial net debt/EBITDA	1.1	1.3	1.2	0.9	0.8

Net working capital and capital employed

Net working capital, MSEK	Mar 31, 2025	Jun 30, 2025	Sep 30, 2025	Dec 31, 2025	Mar 31, 2026
Inventories	33,602	33,629	34,281	33,219	36,425
Trade receivables	19,250	19,439	19,050	19,595	21,983
Account payables	-9,608	-9,990	-10,323	-10,795	-11,888
Other receivables	5,672	5,746	5,716	5,622	6,283
Other liabilities	-15,022	-14,562	-14,683	-14,647	-16,383
Net working capital	33,893	34,262	34,041	32,994	36,420
Capital employed, MSEK
Tangible assets	22,970	22,785	22,642	22,339	22,552
Intangible assets	65,494	64,340	64,000	62,594	64,915
Other assets (incl. cash and cash equivalents)	87,005	86,366	85,273	84,927	94,765
Other current liabilities	-35,006	-34,235	-34,493	-35,404	-39,684
Capital employed	140,463	139,256	137,422	134,456	142,548

Return on capital employed by Business Area

ROCE, %	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Mining	23.3	23.3	23.6	24.0	24.3
Rock Processing	10.4	10.6	10.7	10.7	9.6
Machining	13.5	12.2	12.3	12.7	13.4
Intelligent Manufacturing	-0.7	-0.9	-0.4	0.4	0.9
Intelligent Manufacturing, divested assets	-59.7	-83.6	0.9	-11.7	-16.2
Group Total	15.4	14.8	15.1	15.2	15.5
ROCE, excluding amortization of surplus values, %
Mining	24.1	24.1	24.4	24.8	25.1
Rock Processing	12.3	12.4	12.4	12.4	11.3
Machining	14.6	13.3	13.4	13.7	14.3
Intelligent Manufacturing	9.2	9.2	9.8	10.7	11.0
Intelligent Manufacturing, divested assets	-54.3	-80.3	1.4	-11.2	-15.5
Group Total	16.7	16.2	16.5	16.5	16.8

Key figures

Q1 2025	Q1 2026	Q1-Q4 2025
15.4	15.5	15.2
15.7	16.1	15.9
74.0	79.9	74.3
1.1	0.8	0.9
29.8	28.1	28.7
2.98	3.09	11.71
2.97	3.09	11.70
7,094	7,147	28,223
1,550	4,612	19,189
41,400	41,962	41,801
1,254,386	1,254,386	1,254,386
1,254,386	1,254,386	1,254,386
1,255,898	1,255,116	1,255,397

1) Full-time equivalent.

Definitions of alternative performance measures

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.

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 from 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.

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.

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.

Stockholm, April 22, 2026 Sandvik Aktiebolag (publ)

Stefan Widing President & CEO

The Company's Auditor has not reviewed the report for the first quarter of 2026.

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 11:30 AM CEST on April 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 April 22, 2026 at 1:00 PM CEST. Information is available at home.sandvik/investors

Calendar April 28, 2026 Annual General Meeting April 30, 2026 Proposed record date to receive dividends May 6, 2026 Proposed date to receive dividends July 17, 2026 Report, second quarter 2026 October 22, 2026 Report, third quarter 2026

Sandvik AB Box 510 SE-101 30 Stockholm +46 8 456 11 00 Corp Reg. No: 556000–3468