Interim reportsecond quarter 2024

Summary Q2
Stable development with mixed demand picture– Robust demand in mining and aerospace. General engineering and automotive declined,
and infrastructure remained subdued, with regional variations– Total order intake growth of 2%, of which organic 3%– Total revenue declined by 3%, of which organic -2%-2%
Revenue growth at fixed exchange rates

Profit margin level resilient on challenging volumes– Adjusted EBITA decreased by 7%, corresponding to a margin of 19.6% (20.5), adjusted EBITA
margin R12 at 19.4 (20.2)– Savings from restructuring programs amounted to SEK 275 M in the quarter, corresponding
to a bridge effect of SEK 243 M– Adjusted profit for the period amounted to SEK 3.9 Bn (4.1)
Solid strategic progress– Expanded in the Chinese local premium market. Further strengthened offering in North America– Double digit growth in our software businesses– Launched new solutions linked to our digital- and sustainability shift ambitions

19.6%
Adjusted EBITA margin

1.5
Financial net debt/EBITDA

2

Staying ahead throughinnovation:
Manufacturing Copilot– Sandvik launches AI in themanufacturing software in partnershipwith Microsoft– Trained on proprietary knowledge,
unique to each brand– Available for Cimatron, GibbsCAM andSigmaNEST in September
3Interim report for the second quarter 2024

YoY market development
Mining51%

Engineering
20%

Infrastructure
10%

Automotive
7%

Aerospace
4%

Other
8%

% of revenue 2023

Order intake
Y/Y Q2 24

Percent of revenue2023
Europe

27%

0%

25%

-4%

17%

25%

12%

15%

13%

-14%

7%

4%

North America

Asia

Africa and Middle East

Australia

South America

Other includes mainly energy, die and mould, electronics, medical, pump and valve, rail and defense.

4Interim report for the second quarter 2024

Order intake and revenues
SEK BnOrder intake
Reported (MSEK)

35140

30

120

25100

32,3542080Revenues
Reported (MSEK)

1560

1040

52000
Q1 Q22020

Q3

Q4

Q1 Q22021

Q3

Q4

Q1 Q22022

Q3

Order intake, reported

Order intake R12Revenues, reportedRevenues R12Q4

Q1 Q22023

Q3

Q4

Q1 Q22024

31,419Book-to-bill

103%

5

Interim report for the second quarter 2024

Growth in order intake and revenues
Order intake

Revenue
SEK BnSEK Bn50%

16050%

16040%

14040%

14012030%

12030%

20%

10020%

10010%

8010%

800%

600%

60-10%

20-10%

20-20%

0-20%

0-30%

-20-30%-20-40-40%-40%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2202120222020
20232024

Organic %Structure %Order intake R12, fixed rate-40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2021
2022
202020232024

Organic %Structure %Revenues R12, fixed rate

6Interim report for the second quarter 2024

Adjusted EBITAdevelopment
SEK Bn22%

Adj. EBITA margin:

720%

618%

19.6%

516%

414%

– Adj. EBITA SEK 6,149 M (6,599)

312%

24%

– Lower volumes partly off-set by savings andcost control

12%

8-7%

00%
Q1 Q2
2020

Q3

Q4

Q1 Q22021

Adj. EBITA

Q3

Q4

Q1 Q22022

Adj. EBITA %Q3

Q4

Q1 Q22023

Q3Q4

Q1 Q22024

Adj. EBITA % R12– Cost inflation was off-set by pricing in thequarter, but dilutive year on year
– Currency accretion of 20 basis points– R12 adj. EBITA 19.4% (20.2)

7

Interim report for the second quarter 2024

Mining and RockSolutions
Order intake– Continued solid demand, and the quarter reached the second
highest order intake ever
– Good momentum in automation with double digit growth in Digital
Mining Technologies. Strong growth in Parts & Services,
Underground Drilling and Surface Drilling

Order intake and revenues
SEK Bn150%

16100%

12850%

40%

0Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q220202021202220232024
Order intake

43– Savings from restructuring programs had a year on year bridge
effect of SEK 64 million

2– Exchange rates had an accretive impact of 40 basis points

1

Shift to growth0– Launched a new electric rotary blasthole drill

Book-to-bill

SEK Bn– The adjusted EBITA margin at 20.8% (21.6), impacted by lower
volumes– Started a collaboration with a large customer related to deploymentof a second-life battery energy storage system

Revenues

Adjusted EBITA development

Adjusted EBITA– Introduced new AutoMine® solutions

share ofrevenues 2023

20– Total order intake increased by 2%, and at fixed exchange rates, by3%, of which organic 4%– Excluding major orders of SEK 1.5 billion (1.1), organic order intake
grew by 1%

52%

30%

20%

10%

0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2020
2021
2022
2023
2024
Adj. EBITA

Adj. EBITA %Adj. EBITA % R128

Interim report for the second quarter 2024

Rock ProcessingSolutions

Order intake and revenues

150%

432– Stable demand in mining. Infrastructure remained weak, although withregional variations

1– Organic order intake grew by 3% in North America and decreased by 7% in
Europe. Asia was down 4%, with strong growth in India negatively off-set bydecline in China

100%

50%

0%0Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2020202120222023
2024
Order intake

SEK Bn– The adjusted EBITA margin at 15.1% (13.7)

0.5– Savings from restructuring programs had a year on year bridge effect ofSEK 41 million

0.4– Exchange rates had a dilutive impact on the margin of 10 basis points

0.3– Introduction of magnetic drum separators for mobile screens, reducing tearof the equipment and enabling metal recycling into valuable sellable
products

Revenues

Book-to-bill

Adjusted EBITA development

Adjusted EBITA

Shift to growthshare ofrevenues 2023

SEK BnOrder intake– Total order intake declined by 8%, and at fixed exchange rates by 8%, ofwhich organic was -8%

9%

20%
15%
10%

0.2
5%

0.1

0%

0Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2020
2021
2022
2023
2024
Adj. EBITA

Adj. EBITA %Adj. EBITA % R129

Interim report for the second quarter 2024

Manufacturing and Machining
Solutions
Order intake– Software business grew by double digits, the powder business had a strong
development, and cutting tools declined by 1%– Solid demand in aerospace while automotive and general engineering declined– Total order intake increased by 5%, and at fixed exchange rates by 5%, ofwhich organic was 4%– Daily order intake in the first two weeks of July was stablecompared to the second quarter
Adjusted EBITA

Order intake and revenues

39%

share ofrevenues 2023

SEK Bn150%

1612100%

850%

40%

0Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2020
2021
2022
2023
2024
Order intake

Revenues

Book-to-bill

Adjusted EBITA development– Adjusted EBITA margin at 20.5% (22.3). Volumes impacted the margin
negatively year on year. Cost inflation was off-set by pricing in the quarter, but
was dilutive year on year

SEK Bn330%– Savings from the restructuring programs had a year on year bridge effect ofSEK 139 million

220%

110%

– Exchange rates had a dilutive impact of 20 basis points
Shift to growth– Expansion in the Chinese local premium market with the acquisition ofSuzhou Ahno
– Further enhanced position in US through the acquisition of PDQ
Workholding LLC

0%0Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2020
2021
2022
2023
2024
Adj. EBITA

Adj. EBITA %Adj. EBITA % R1210Cecilia Felton
CFO11Interim report for the second quarter 2024

Financial summary
Q2 2023

Q2 2024

GrowthOI

Rev

Order intake

31,66032,354

Organic

3%-2%

Revenues

32,24331,419Structure0%0%Adjusted EBITA

6,599

6,149

Organic + structure

3%-2%

Adjusted EBITA margin

20.5%

19.6%

Currency-1%0%-704-563

Total

2%-3%

Tax rate excluding IAC

24.4%

23.9%

NWC 1

27.8%

30.2%

4,578

4,198

16.0%

14.1%

3.25

3.10

MSEK

Net financial items

Free operating cash flow
ROCE

1

Adjusted EPS, diluted

1 R12 revenues and R12 month average NWC / ROCE

12

Interim report for the second quarter 2024

Bridge analysis
MSEK

Q22023

Revenues

Q22024

OrganicCurrency

Structure

32,243-775

-138

89

31,419Adjusted EBITA

6,599

-485

22136,149

Adjusted EBITA margin

20.5%

-63%

Accretion/dilution

-1.0%

19.6%

0.2%

0.0%

13

Interim report for the second quarter 2024

Good progress on the restructuring programs
SMM

SMR

SRP

Group
activities

Total

Annualized
run-rate

Savings in Q2

972023-139

71%

Total estimatedrun-rate savings

540

100

1405785

Savings in Q2744418-136

Total estimatedrun-rate savings

710

385

135

101,2402022 Program

2024 Program
44%

14

Interim report for the second quarter 2024

Net financials
Q2 2023

Q2 2024

Interest net

-415

-397

Pension-25-24

Bank charges

-18

-23

Other financial income and cost

13-18

Leases IFRS16

-52

-69

Fx and other asset classes

-208

-32

Total

-704

-563

Total yield cost, R124.2%

5.2%

MSEK

15

Interim report for the first quarter 2024

Tax rate
Q2 2023

Q2 2024

Reported

24.9%

30.6%

Excluding IAC

24.4%

23.9%

– Reported tax impacted by a provision for atax audit related to transfer pricing in 2018and 2019

Normalized

24.4%

23.9%

– Normalized tax: In line with guidance for2024 – 23-25%

16Interim report for the second quarter 2024

Net working capital
Net working capital

Per BA, % of revenues

Sek Bn
40
3540%

40%

35%

35%

30%

30%

25%

25%

20%

20%

15%

15%

0%0%

30
2520151050Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2020*2021*20222023
2024NWC* Best estimates excluding Alleima% of rev., quarterly annualized% of rev., R12m

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22020
2021
2022
2023
2024
SMRSMM

SRP
17Interim report for the second quarter 2024

Free operating
cash flow
SEK Bn
7140%

6120%

5100%

4MSEK

Q2 2023

Q2 2024

EBITDA

7,185

7,489

80%

Non-cash and other items**-159-506

360%

EBITDA adj for non-cash
and other items

7,026

6,984

240%

Capex

-1,238-1,110

120%

NWC

-1,210-1,676

00%

FOCF

4,578

4,198-1-20%
Q1 Q22020*

Q3Q4

Q1 Q22021*

Q3

Q4

Q1 Q22022

Free operating cash flow

* Best estimates excluding Alleima**Includes rental fleet, lease payments and proceeds from asset sales

Q3Q4

Q1 Q22023

Q3Q4

Q1 Q22024

Cash conversion, R1218

Interim report for the second quarter 2024

Net debt
SEK Bn

RATIO

60

1.850

1.5

40

1.2

30

0.9

200.6

100.3

00.0

-10-0.3-20-0.6
Q1 Q22020

Q3Q4

Q1 Q22021

Q3Q4

Q1 Q22022

Q3Q4

Q1 Q22023

Q3Financial net debt

LeasesNet pension liability

Financial N.D. / R12 EBITDA

Q4

Financial net
debt/R12 EBITDA:

1.5– Financial net debt SEK 41 billion– Net debt SEK 49 billion

Q1 Q22024

19

Interim report for the second quarter 2024

Outcome versus guidance

Underlying currency YoY effect (MSEK)

Outcome Q2

Guidance Q2

22120

Outcome Q1-Q2’24 Q1 Guidance FY24
Capex (BSEK)

2.3

5.0

Interest net (BSEK)

-0.8

-1.3

Normalized tax rate (%)

24.0%

23-25%20

Interim report for the second quarter 2024

Guidance Q3 and FY 2024
Currency effect

Given currency rates at the end of June 2024 the effect on operating profit fromtransaction and translation would be SEK -250 M for Q3 2024

CAPEX (Cash)

Estimated to approximately SEK 5.0 Bn for 2024

Interest net

Underlying interest net is estimated to approximately SEK -1.5 Bn for 2024

Tax rate

The normalized tax rate is estimated to 23% - 25% for 2024

21Conclusion
A good quarter with stable financial performance– Mixed demand picture in the quarter– Solid performance despite continued volume challenges in parts of our business– Good momentum in strategic growth areas

Progress in the re-positioning of Sandvik– Important innovations and partnerships linked to our digital and sustainability ambitions– Close customer collaborations supports strong innovation pipeline– Further expansion in faster growing regions and segments with three acquisitions

Continued strong focus on execution– Uncertain macroeconomic and geopolitical backdrop– Solid financial platform and strong market positions– Persistent focus on delivering on strategic priorities and targets

22

Q&A23

Backup slides

24Interim report for the second quarter 2024

Adjusted EBITA bridge, per BA
Q22023

OrganicCurrency

Revenues

16,755-434-78-92

16,151

Adjusted EBITA

3,621-326

5563,356

Adjusted EBITA margin

21.6%

MSEKStructure

Q22024Mining & Rock Solutions

20.8%

Rock Processing Solutions
Revenues
Adjusted EBITA
Adjusted EBITA margin

2,872-156

-12-

2,704

394

20-5-409

13.7%

15.1%

Manufacturing & Machining Sol.
Revenues

12,616-185

-48

182

12,564

Adjusted EBITA

2,810-208-31

72,579Adjusted EBITA margin22.3%

Comments and numbers refer to continuing operations unless otherwise stated.

20.5%
25

Interim report for the second quarter 2024

Loan and duration profile
MSEK

AmountDuration

Bonds MTN

24,345

4.1 years

Bank Loans

7,477

6.6 years

Commercial papers

10,1370.2 years

Bonds MTN

3,194

0.6 years

Bank Loans

766

0.0 years

Total

45,9193.3 years

Long term:

69%
Short term:

31%

Committed Credit facilities SEK 11,100 million

26

Interim report for the second quarter 2024

SEK M

Loan maturity profile

12,000

Average interest rate:

10,000

~3.8%

8,000

6,000

4,000

2,0002024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034
27

Disclaimer statement

Some statements herein are forward-looking, and the actual outcome could
be materially different. In addition to the factors explicitly commented upon,
the actual outcome could be materially affected by other factors for example,
the effect of economic conditions, exchange-rate and interest-rate
movements, political risks, impact of competing products and their pricing,product development, commercialization and technological difficulties, supply
disturbances, and the major customer credit losses.