Relevant GRI Indicators

Targets and target fulfillment

Sandvik has long-term financial targets focusing on growth, profitability, dividend and financial position. In 2022, new financial targets were introduced.

Financial Targets




A growth of 7 percent through a business cycle, organically and through acquisitions.



In 2022, total growth at fixed exchange rates was 21 percent, of which organic growth was 8 percent. Revenue growth during a three-year period was 8 percent and during a five-year period 9 percent.

Target (7%) and outcome (21%) for growth, (bar chart)

EBITA margin range



An adjusted EBITA margin range of 20–22 percent.



The adjusted EBITA margin amounted to 20.0 percent (20.8), in line with the target.

Target (20-22%) and outcome (20.0%) for trough EBITA margin range (bar chart)

Dividend payout ratio1)



A dividend payout ratio of 50 percent of earnings per share, adjusted for items affecting comparability, through a business cycle.



A solid performance in 2022 resulted in a proposed dividend of SEK 6.3 billion (6.0) corresponding to a payout ratio of 42 percent. The average payout ratio for a three-year period amounted to 51 percent and for a five-year period to 39 percent.

Target (50%) and outcome (42%) for dividend payout ratio (bar chart)

Financial net debt/EBITDA



A financial net debt/EBITDA ratio below 1.5.



The target was achieved as the financial net debt/EBITDA ratio was 1.3.

Target (<1.5) and outcome (1.3) for net debt / EBITDA (line chart)

‘Target outcome’ are 2022 results. All figures except financial net debt/EBITDA are excluding Sandvik Materials Technology/Alleima and other operations.

1) The dividend payout ratio is only related to cash dividends and does not consider the distributed value from Alleima to shareholders. The ratio is calculated on adjusted earnings per share, diluted, for the total group all years except 2022 when it excludes earnings related to Alleima.

Sustainability targets

We have 2030 Sustainability Goals in four areas and we report on KPIs for our own operations to track progress towards targets. In addition to our own operations, we also work with customers and suppliers to achieve the goals.

We shift climate


181 ktons

Our target is to reduce our greenhouse gas (GHG) emissions by 50 percent by 2030. To be in line with this target we should reduce GHG emissions to 181 ktons by 2022.


142 ktons

In 2022, we increased our GHG emissions by 4 percent to 142 ktons due to increased production. However we exceeded the 2030 slope target by 22 percent and reduced GHG emissions by 35 percent compared to our baseline value. The main contributors to that decrease are fossil-free energy sourcing and exchanging natural gas for biogas.

GHG emissions 2016-2022 and slope to 2030 target (target 181 ktons, outcome 142 ktons) (bar chart)

We build circularity



Our target is to increase our waste circularity to 90 percent by 2030. The target for 2022 was 70 percent.



This target was revised in 2021 to better reflect our efforts towards circularity and we will report on waste circularity rather than total waste from this point. We achieved 74 percent waste circularity.

Outcome: average payout ratio (bar chart)

We champion people



Our target is to reduce our Total Recordable Injury Frequency Rate (TRIFR) to 1.9 by 2030, a 50 percent reduction. To be in line with this target we should reduce the TRIFR to 3.2 by 2022.



The TRIFR was 3.1 (3.0), equating to a 3 percent increase. However, we are still in line with where we need to be to achieve the 2030 target. Acquisitions continue to negatively impact both TRIFR and LTIFR trends.

TRIFR 2016-2022 and slope to 2030 target (target 3.2, outcome 3.1) (bar chart)

We play fair

We will constantly aim higher in ethics and transparency, being a leader in playing fair and being open. Our goal is to always do the right thing. More about Sandvik and fair play in Sustainability shift – Fair play.

The baseline for our Sustainability Goals is the average outcome from 2016–2018. The dotted line is an indication of how well-aligned we are with the 2030 targets. Greenhouse gas emissions and waste circularity are ahead of the required results in relation to the 2030 slope while the TRIFR is in line with the slope value.