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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 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Oct, 2025
Executive summary
Organic order intake grew 16% year-over-year, driven by strong demand in mining, software solutions, and aerospace, while automotive remained weak and infrastructure mixed.
Total order intake increased 7% year-over-year, with revenues down 4% but up 5% organically due to significant currency headwinds.
Adjusted EBITA/EBITDA margin was resilient at 19.0%, with free operating cash flow of SEK 5.6 billion and cash conversion at 105%.
Strategic launches included AI-based Mastercam Copilot, new jaw plate range, and other innovations supporting differentiation and margin protection.
Book-to-bill ratio at 105%, marking the third consecutive quarter of positive backlog build.
Financial highlights
Q3 order intake: SEK 30,769 million (+7% year-over-year); revenues: SEK 29,218 million (-4% year-over-year); organic growth 16% and 5% respectively.
Adjusted EBITA/EBITDA: SEK 5,539 million (margin 19.0%), down 6% year-over-year due to currency headwinds.
Adjusted profit for the period: SEK 3.5 billion; adjusted EPS, diluted: 2.81.
Free operating cash flow: SEK 5.6 billion, cash conversion 105%.
Return on capital employed increased to 15.1% from 13.5% year-over-year.
Outlook and guidance
Continued negative currency impact expected in Q4, with SEK -1 billion on EBITA/EBITDA.
CapEx for 2025 estimated at SEK 4.5 billion; interest net at approximately SEK -0.8 billion.
Normalized tax rate for 2025 expected at 23–25%.
No specific revenue guidance, but strong order intake in mining expected to flow into revenues with typical 9–12 month lead time.
Long-term targets: 7% growth through the cycle, adjusted EBITA margin 20–22%, dividend payout ratio 50% of adjusted EPS, net debt/EBITDA <1.5.
Quantify Q3 EBITA margin currency impact?
What is the digital solutions growth strategy?
What drove the Q3 FOCF decline?
Machining unhedged currency impact outlook?
Mining brownfield demand sustainability?
Rotary drill market share progress and outlook?
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Next Sandvik earnings date
Q4 202527 Jan, 2026
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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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