Sandvik AB

Strong quarter across demand, profitability, and cash flow (ahead of targets) - Order intake: ~SEK 37bn, +20% total, +17% organic - Revenue: SEK 37.7bn, +29% total, +25% organic - Profitability: Adjusted EBITA ~SEK 8.5bn, 22.5% margin vs 19% prior-year; rolling 12-month EBITA margin 21.3% - Earnings & cash: Adjusted profit SEK 5.8bn; Free operating cash flow SEK 7.2bn (vs SEK 5.6bn), 87% cash conversion (Q3) and 75% on a 12‑month rolling basis - Book-to-bill ~98% (not unusual due to seasonality; typically 2H deliveries heavier)

Tungsten dynamics: lower-than-guided temporary drag; pricing actions supporting margin resilience - Temporary tungsten timing effect: SEK 104m vs ~SEK 200m guided, with Q4 expected “limited” incremental impact (flat in-quarter) - Management attributes the lower outcome to tungsten prices easing slightly toward quarter end causing an inventory revaluation effect - In Machining, Sandvik raised prices toward quarter-end to offset expected tungsten-related cost movements (notably with lags, and also considering APT + scrap components) - Surprising/positive: pricing and margin protection appear to be working better than expected given the tungsten drop

Segment performance highlights (good momentum, with some regional/area negatives) - Mining: strong demand equipment + aftermarket - Organic order intake growth +16%, equipment +23% (excluding major orders); aftermarket driving most growth - Profit margin 21.8%; EBITA SEK 4.3bn - Brownfield/Greenfield mix broadly 55% / 13% / 32% replacements - Machining (cutting tools / powder): very strong - Order intake +35% total (+33% organic); cutting tools +19% - EBITA SEK 3.7bn, margin 25.7% (up sharply from prior-year) - Leverage ~45%; savings program SEK 82m - Rock Processing: mixed/softer - Orders down (-2% total, -8% organic) due to fewer “major orders” vs last year, but aftermarket strong - Negative operating leverage small in magnitude; investment in frontline due to expected demand