Market and financial development

Market

Strong demand for minerals, coupled with favorable commodity price levels and lower interest rates, spurred high mining activity during 2025. Sandvik noted very positive order momentum with a significant step up in equipment investments, a mix of brownfields, greenfield, and replacements. Demand for parts and services remained solid, driven by higher technology content, a high production pace, an aging fleet, and increasing fleet size. Digital solutions for enhanced efficiency and safety remained a customer priority and the demand for Sandvik solutions continued to be favorable.

Financial development

Order intake, at fixed exchange rates, grew by 17 percent, of which 17 percent was organic. Mining equipment grew by 46 percent and the aftermarket business grew by 5 percent, organically. Revenues, at fixed exchange rates, grew by 8 percent, of which 8 percent was organic. The Digital Mining Technologies and Parts and Services divisions both grew by double digits. Pricing and tariff surcharges contributed to the positive revenue development.

Adjusted EBITA amounted to SEK 13,045 million. The operating profit margin was 20.7 percent, heavily impacted by currency. Tariffs were fully mitigated thanks to swift implementation of tariff surcharges.