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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Sandvik (SAND) investor relations material
Sandvik Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary16 Jul, 2025
Executive summary
Order intake reached an all-time high, driven by strong momentum in mining and powder solutions, with positive trends in software and aerospace, while general engineering, automotive, and infrastructure remained soft.
Organic order intake grew 10% year-over-year; total revenue decreased 5% due to currency effects, but grew 3–4% at fixed rates.
Adjusted EBITDA/EBITA margin was 19.0% (down from 19.6%); adjusted profit at SEK 3.7 billion; strong cash flow of SEK 5.1 billion and cash conversion at 94%.
Strategic progress included the largest battery electric vehicle order, key acquisitions in demolition/recycling and intelligent manufacturing, and product innovations such as the Vericat Optimizer.
Restructuring initiatives in Machining launched to drive efficiency and margin resilience.
Financial highlights
Q2 order intake: SEK 32.2 billion; revenues: SEK 29.7 billion; book-to-bill ratio: 108%.
Adjusted EBITDA/EBITA: SEK 5.6 billion (down 8% year-over-year); margin at 19.0%.
Adjusted profit: SEK 3.7 billion vs. SEK 3.9 billion last year; adjusted EPS, diluted: 2.96 (down from 3.10).
Free operating cash flow: SEK 5.1 billion, up from SEK 4.2 billion; cash conversion 94%.
Net financial debt/EBITDA: 1.3; net debt at SEK 45 billion.
Outlook and guidance
High macro and geopolitical uncertainty expected to persist; company will continue mitigating tariff and trade risks.
CapEx guidance for the full year revised down to SEK 4.5 billion; Q3 currency effect on EBITA expected at SEK -800 million.
Long-term targets reconfirmed: 7% growth, 20–22% adjusted EBITA margin, <1.5 net debt/EBITDA, 50% dividend payout.
No material new site investments planned; focus on ramping up production in existing facilities.
Interest net and tax rate guidance unchanged; normalized tax rate guided at 23–25%.
Explain Machining's restructuring 2025-2030.
How did tariffs impact tungsten powder demand?
Why was Mining's order intake an all-time high?
Mining: How to think about H2 order intake?
BEV demand pick up into '25 and beyond?
Machining: Customer sentiment on market outlook?
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Frequently asked questions
Swedish business royalty
Sandvik is a Swedish engineering company that specializes in the development and manufacturing of advanced technology solutions. Sandvik’s flagship products and what they’re most known for is their expertise in mining equipment. Their portfolio encompasses products and services ranging from cutting-edge tools and equipment to high-performance materials.
Expertise spanning back over 160 years
Sandvik was founded in 1862 in Sandviken, Sweden, and has since played a significant role in the country's economy. The company has a rich history of innovation and has contributed to the development of Sweden's industrial landscape, especially within its thriving mining sector. Through providing vast amounts of jobs both in-house and through empowering the mining sector, Sandvik has played an important role in the broader Swedish economy. This in turn has had a positive effect on the economy, driving growth, technological advancement, and industrial progress.
Mining experts
Through their extensive expertise and experience, Sandvik have been at the forefront of developing innovative solutions for the mining sector. From underground and surface drilling to material handling and crushing, Sandvik's products and services have played a vital role in the growth and advancement of the mining industry. Today, they provide comprehensive solutions for mining operations, including advanced mining equipment, rock tools, drilling and cutting systems, as well as digital solutions for automation, data analysis, and remote monitoring. These products are specifically designed to meet the specific needs and requirements of the mining industry, and Sandvik is considered to be one the market leaders within the sector. Some of their competitors include other companies supplying the mining industry, with some examples being Caterpillar, Komatsu, and Epiroc.
From a small town outfit to a establishing a global presence
Sandvik might be best known for their products for the mining sector, but they also serve customers in other fields such as construction, manufacturing, and engineering. Within the mining sector, Sandvik's expertise and offerings are highly valued. With a global reach, Sandvik serves customers in mining-rich regions around the world.
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