Kvartalsrapport Q4 2024

Automatiskt nyckeltalsindex

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===== SIDA 1 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik Press release January 23, 2025
Q4
–  Total order intake increased by 5% compared to last year and amounted to SEK 31,562 
million (30,062). At fixed exchange rates, orders grew by 5%, and organically by 4%
–  Total revenues increased by 1% compared to last year and amounted to SEK 32,151 million 
(31,816). At fixed exchange rates, revenues grew by 1%, of which organic development was 
flat
–  Adjusted EBITA increased by 1% and amounted to SEK 6,288 million (6,211), corresponding 
to a margin of 19.6% (19.5). Items affecting comparability amounted to SEK 5 million (191), 
mainly related to M&A
–  Profit for the period amounted to SEK 4,297 million (4,259) and earnings per share, diluted,  
were SEK 3.42 (3.39). Adjusted earnings per share, diluted, were SEK 3.25 (3.22)2, 3)
–  Free operating cash flow amounted to SEK 6,463 (5,463)
–  The Board of Directors proposes a dividend of SEK 5.75 per share (5.50) 
Adj. EBITA margin
Revenue growth at fixed exchange rates
Financial net debt/EBITDA
1.2
1%
19.6%
Stable performance and solid order 
intake growth 
Interim report fourth quarter and full year 2024
MSEK Q4 2023 Q4 2024 Change % Q1-Q4 2023 Q1-Q4 2024 Change %
Order intake 30,062 31,562 5 125,011 124,694 0
Revenues 31,816 32,151 1 126,503 122,878 -3
Adjusted EBITA1) 6,211 6,288 1 25,240 23,583 -7
Adjusted EBITA margin 19.5 19.6 – 20.0 19.2 –
Adjusted EBIT2) 5,738 5,741 0 23,300 21,635 -7
Adjusted EBIT margin 18.0 17.9 – 18.4 17.6 –
Adjusted profit before tax2, 3) 5,107 5,377 5 20,677 19,675 -5
Profit for the period 4,259 4,297 1 15,301 12,245 -20
Adjusted profit for the period2, 3) 4,047 4,084 1 15,935 14,950 -6
Earnings per share, diluted, SEK 3.39 3.42 1 12.18 9.75 -20
Adjusted earnings per share, diluted, SEK2, 3) 3.22 3.25 1 12.69 11.90 -6
Free operating cash flow 5,463 6,463 18 19,582 21,194 8
 Financial overview 
Tables and calculations in the report do not always agree exactly with the totals due to rounding. Alternative performance measures and definitions used in this report are explained on page 22. For more information see home.sandvik. 
1)  Adjusted for items affecting comparability (IAC) on EBITA of SEK 5 million (191)  in Q4 2024 and SEK -3,090 million (-710) YTD 2024. 2) IAC on EBIT of SEK 5 million (191) in Q4 2024 and YTD SEK -3,214 million (-882) . 3) Adjusted for IAC regarding tax of SEK 209 
million (21) in Q4 2024 and SEK 509 million (248) YTD 2024. For full details on IAC, see page 20.

===== SIDA 2 =====

Q1 SANDVIK INTERIM REPORT 2023
FOR ADDITIONAL INFORMATION, PLEASE CALL SANDVIK INVESTOR RELATIONS +46 8 456 11 00 OR VISIT HOME.SANDVIK 2
q
CEO'S COMMENT
We had a strong start to 2023. With good momentum and solid 
business execution we delivered double-digit revenue growth, 
and top line levels were on an all-time high. Our short-cycle 
business noted positive demand from all customer seg-
ments and the mining environment remained robust, with high 
aftermarket activity. We took additional steps in our shift to 
growth strategy with the completion of two acquisitions. Great 
momentum was also seen in our battery electric vehicle (BEV) 
business. The fact that our Digital Mining T echnologies division 
had exceptionally strong organic order growth in the quarter is 
a good example of the progress we make in our strategic focus 
areas.  
T otal order intake and revenues grew at fixed exchange rates, 
by 6% and 18%, respectively. Organic order intake grew by 
2% and revenues by 13%, despite tough comparables. If we 
exclude Russia, organic orders and revenues grew by 5% and 
16%, respectively. Adjusted EBITA margin was 19.8%, with 
price compensating for cost inflation, but currency effects from 
revaluation on unhedged balance sheet items had a dilutive 
impact of 100 basis points. Free operating cash flow amounted 
to SEK 3.7 billion. 
Order intake levels in Sandvik Mining and Rock Solutions did 
once again beat previous records. We noted particularly strong 
growth in our biggest equipment division, Load and Haul, and 
the aftermarket division Parts and Services. Order intake, at 
fixed exchange rates, and excluding Russia, grew by 8%, of 
which 6% organic. The shift to battery electric vehicles (BEVs) 
accelerated further. We announced several BEV orders in the 
quarter, including two of our three biggest BEV orders ever. 
T o support the growing BEV market, Sandvik announced the 
investment in a new production site in Malaysia. We plan to get 
production started by the end of the year. We also won an order 
from the world’s largest copper producer, to supply an Auto-
Mine® Fleet automation system with six autonomous loaders. 
Revenues, at fixed exchange rates, and excluding Russia, grew 
by 26%, of which 23% organic. 
Sandvik Rock Processing Solutions' organic orders declined 
year on year. The aftermarket business held up well, while the 
equipment business was down due to both tough comparables, 
and softer infrastructure demand. The integration of SP Mining 
is progressing well and is an important driver of the double-digit 
growth in the quarter. Order intake and revenue growth, at fixed 
exchange rates, and excluding Russia, was 20% and 43%, re-
spectively. Organic orders, adjusting for Russia, declined by 6%, 
and revenues grew by strong 19%. 
Sandvik Manufacturing and Machining Solutions reached 
record order levels driven by Europe. The demand was solid 
from all segments, and daily order intake grew double digits in 
aerospace and energy. In the quarter, we acquired 95% of the 
shares of the Irish-based company Premier Machine T ools. The 
company is a well-established solutions provider to the medical 
machining segment – which is one of Sandvik’s strategic prior-
ity areas. Order intake growth, at fixed exchange rates, exclud-
ing Russia, grew by 11% of which organic 7%. The daily order 
intake in the first two weeks of April was slightly up compared to 
the first quarter.
I am pleased with the performance in the quarter, with solid 
execution on our shift to growth strategy. We delivered strong 
growth, and all business areas are now compensating fully for 
cost inflation. We continued to leverage on our leading global 
positions, and it is clearly visible that our broad and custom-
er-focused offerings place us in the lead in important growth 
areas and segments. Moving forward, we will continue to lever-
age on our strengths, and by doing so, create value for all our 
stakeholders. 
Stefan Widing
President and CEO
Sandvik Interim report Q4 2024
2
were stable year on year, our equipment divisions saw a more favorable 
demand picture during the quarter. We made progress in strategic priority 
areas, with good order growth in the Rotary drilling division and we won 
an important deal in Peru to supply rotary and other surface drill rigs. I 
am also very pleased with a major order win in Chile, valued at just above 
SEK 400 million (only minor part booked this quarter), which included our 
world leading loaders and our AutoMine® solutions. Revenues reached 
record levels at SEK 17.3 billion, with organic growth of 3% compared to 
the year-earlier period. On the back of solid order momentum in previous 
years, revenues from our battery-electric vehicles reached an all-time high 
in the quarter and the year. In December, we also finalized the previously 
announced acquisition of Universal Field Robots (UFR), an important step in 
strengthening our automation platform.
There is a lot to be proud of when looking back at 2024. Faced with volume 
deterioration in several businesses due to a weak market, we managed 
to achieve stable revenues and a solid margin by successfully leveraging 
on Sandvik’s leading positions and resilient business model. Meanwhile, 
we consistently executed our strategy. During the year, we strengthened 
our growth profile by expanding into the local premium segment in China 
and enhanced our mining automation offering. I am especially proud of the 
progress we have made in increasing our digital offering, with year-end 
revenues in total exceeding SEK 5 billion, on track to meet our 2025 target. 
Financial performance for the full year was stable with an increase in total 
order intake, at fixed exchange rates, of 2%, and corresponding revenues 
declining by 1%. The operating profit margin was 19.2%, and while not 
within our target range, still a satisfactory level given the volume challenges. 
Previously announced restructuring programs are delivering according to 
plan and will support margins further during 2025. We also made progress 
in reducing inventory volume, and free operating cash flow amounted to SEK 
21.2 billion (19.6), corresponding to a cash conversion of 95%.
We ended the year on a good note with total order intake, at fixed exchange 
rates, growing by 5% in the fourth quarter. Total revenues, at fixed exchange 
rates, increased by 1% and we managed to improve the adjusted EBITA 
margin to 19.6% (19.5). The free operating cash flow was strong, amounting 
to SEK 6.5 billion (5.5), corresponding to a cash conversion of 109%.
Sandvik Mining and Rock Solutions noted solid demand in the fourth quarter. 
Organic order intake grew by 6%. Strong momentum was noted in the 
aftermarket business with double-digit growth, and while equipment orders 
CEO’s comment
Sandvik Rock Processing Solutions experienced solid progress in the 
quarter with favorable development in both mining and infrastructure 
segments. Organic order intake grew by 22%, driven by equipment orders, 
while parts and services also contributed with high single digit growth. We 
have seen an improved business climate in the US towards the second 
half of the quarter. However, while dealer stock levels in Europe have come 
down, demand remained subdued. I would also like to highlight key strategic 
achievements such as the very solid performance in our screening business, 
following the acquisition of SP Mining in 2022, and the strong traction for 
our new large 800i crusher for which we have doubled our order intake for 
the year, supporting our ambition to “crush more, grind less”. 
Sandvik Manufacturing and Machining Solutions experienced soft demand 
in the fourth quarter. Organic order intake declined by 3%, due to weak 
demand for cutting tools mainly in Europe, and in the automotive segment. 
I am however pleased to see that our recently established foothold in local 
premium in China, Suzhou Ahno, grew high single digits with favorable 
development in automotive and general engineering. Underlying demand for 
our software solutions remained robust in the US, although organic order 
intake was negatively impacted by automotive in Europe. Total software 
order intake, at fixed exchange rates, grew by mid single digits. Total order 
intake, at fixed exchange rates, was positive 1%. In January, we took addi-
tional steps to grow in the digital manufacturing space with the acquisition 
of FASTech, a US based reseller of Computer Aided Manufacturing (CAM) 
solutions. With this acquisition, Sandvik strengthens its position in the CAM 
market and further builds on its capabilities to serve customers as well as 
expand the customer base. 
In summary, 2024 was a challenging year, with macro-economic instability 
impacting demand in key customer segments. Thanks to our continuous 
focus on building a stronger Sandvik, such as increased share of recurring 
revenues and value-based solutions, we have been able to keep our top 
line stable and delivered both a good margin and a strong free operating 
cash flow. We have continued to demonstrate good cost control as well 
as price execution, and we have introduced several important innovations 
and retained our world leading positions. I am confident that as the market 
turns, our consistent execution will yield strong results and value creation 
to our shareholders. Finally, I want to extend a warm thanks to all Sandvik 
employees for their hard work and solid contribution. 
Stefan Widing
President and CEO
“We managed to achieve stable revenues 
and a solid margin by successfully leveraging 
on Sandvik’s leading positions and resilient 
business model.”

===== SIDA 3 =====

Sandvik Interim report Q4 2024
For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik  3
Total order intake grew by 5%, and at fixed exchange rates by 5%, 
of which 4% organically. Total revenues increased slightly by 1%. At 
fixed exchange rates, growth was 1%, of which organic 0%.
Favorable copper and gold price levels drove high mining production 
throughout 2024 and in the fourth quarter. Strong momentum was 
noted in the aftermarket business, driven by high activity in combina-
tion with older machines requiring a higher degree of maintenance. 
During the year, Sandvik’s Digital Mining Technologies division grew 
at a solid pace, on the back of miners’ focused ambition to improve 
safety and productivity in the mines. Infrastructure markets remained 
challenging with subdued demand, while signs of improved sentiment 
was noted in the fourth quarter. During the fourth quarter, Sandvik 
Mining and Rock Solutions noted the strongest organic order intake 
growth in Africa, Middle East and North America, and Sandvik Rock 
Processing Solutions noted strong growth in all segments but Europe. 
Macro-economic instabilities and consequently low industrial activity  
impacted demand for cutting tools during the year, with negative 
development in all regions but Asia. Solid development in the powder 
business and software partly compensated for the year’s order intake 
decline. During the fourth quarter, demand remained subdued with 
most negative development in Europe and the automotive segment 
followed by general engineering. Order intake in aerospace was 
stable in the quarter, albeit with positive underlying fundamentals. 
Strong momentum was noted in the local premium market in China.
Order intake and revenues
Order intake and revenues
Revenue growth
Growth Q4, % Order intake Revenues
Organic 4 0
Structure 2 1
Organic & structure 5 1
Currency 0 0
Total 5 1
Change compared to same quarter last year. 
-5
0
5
10
15
20
25
30
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
Percent
Organic Structure
0
25
50
75
100
125
0
5
10
15
20
25
30
35
40
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
PercentSEK Bn
Order intake Revenues Book-to-bill
Q4 Underlying market development Mining
51%
General 
engineering
Infrastructure Automotive Aerospace Other
of 2024 revenues 20% 9% 6% 4% 10%
% of 2024 
Group revenue
Order intake Y /Y  
(excl. major orders)
Europe 26% -2% (2%)
North America 25% 5% (8%)
Asia 18% -6% (1%)
Africa, Middle East 12% 20% (31%)
Australia 12% 11% (9%)
South America 7% 12% (12%)
Other includes mainly energy, die and mould, electronics, medical, pump and valve, rail and defense

===== SIDA 4 =====

Sandvik Interim report Q4 2024
For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik  4
Adjusted gross profit amounted to SEK 12,987 million (13,107). 
Adjusted gross profit margin declined to 40.4% (41.2) mainly due 
to underabsorption of fixed production costs. Adjusted sales and 
administration costs were in line with prior year at SEK 7,212 million 
(7,221). The ratio to revenues improved to 22.4% (22.7). 
Adjusted EBITA increased by 1% to SEK 6,288 million (6,211). 
Adjusted EBITA margin improved to 19.6% (19.5). Negative volumes 
was off-set by good cost control, price execution and savings from 
the restructuring program. Savings from the restructuring program 
communicated in May 2022, amounted to SEK 177 million in the quar-
ter, corresponding to a bridge effect of SEK 83 million. The achieved 
realized annualized run rate was 90% of total annualized savings of 
SEK 785 million. Savings from the restructuring program communi-
cated in January 2024, amounted to SEK 242 million in the quarter, 
corresponding to a realized annualized run rate of 78% of total 
annualized savings of SEK 1.2 billion. The impact from transaction 
and translation exchange rates was negative SEK 71 million year on 
year, and dilutive to the margin by 20 basis points. Acquisitions were 
slightly dilutive to the margin. Items affecting comparability amounted 
to SEK 5 million (191). 
The interest net decreased year on year to SEK -309 million (-468) 
due to lower borrowing volumes and lower borrowing yield. Net 
financial items of SEK -364 million (-630), decreased year on year.
The tax rate, excluding items affecting comparability was 24.0% 
(20.8). The reported tax rate was 20.1% (19.6). The normalized tax 
rate was 24.0% (21.7), in line with guidance.
Profit for the period amounted to SEK 4,297 million (4,259), 
corresponding to earnings per share, diluted, of SEK 3.42 (3.39) and 
adjusted earnings per share, diluted, of SEK 3.25 (3.22). Adjusted 
earnings per share, diluted, excluding amortization of surplus values, 
amounted to SEK 3.62 (3.53). 
Earnings
Adjusted earnings per share
Adjusted EBITA
0.0
3.0
6.0
9.0
12.0
15.0
0.0
1.0
2.0
3.0
4.0
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
SEK, R12SEK/quarter
Alleima est. of adj EPS
Adj. EPS
Adj. EPS, R12, excl. Alleima
0
5
10
15
20
25
0
1
2
3
4
5
6
7
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
PercentSEK Bn
Adj. EBITA
Adj. EBITA margin
Adj. EBITA margin R12

===== SIDA 5 =====

Sandvik Interim report Q4 2024
For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik  5
0.0
0.5
1.0
1.5
2.0
0
5
10
15
20
25
30
35
40
45
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
RatioSEK Bn
Financial net debt Financial net debt / R12 EBITDA
0
5
10
15
20
25
30
35
40
0
5
10
15
20
25
30
35
40
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
PercentSEK Bn
Net working capital Percent of revenue, R12
Capital employed increased year on year and amounted to 
SEK 144.2 billion (137.4). The increase was driven by changed 
exchange rates and acquisitions. Sequentially, capital employed 
increased from SEK 141.3 billion mainly driven by changed exchange 
rates. Return on capital employed1) decreased year on year to 13.4% 
(16.4), and return on capital employed excluding amortization on 
surplus values was 14.8% (17.9). 
Net working capital increased year on year to SEK 35.9 billion (35.0), 
with inventory volume reduction of SEK 1.3 billion, negatively off-set 
by changed exchange rates. Sequentially (35.9), net working capital 
was stable with significant reduction in inventories negatively off-set 
by currency. Net working capital in relation to revenues1) was 29.9% 
(28.9), an increase year on year, but a decrease sequentially (30.2). 
Investments in tangible and intangible assets (capex) amounted 
to SEK 1.4 billion (1.7). The investments corresponded to 153% of 
depreciation. 
Financial net debt decreased year on year to SEK 32.1 billion (35.2) 
and sequentially (37.3). The sequential decrease was due to strong 
cash generation in the period. The financial net debt/EBITDA ratio 
was 1.2 (1.2), with a decrease sequentially (1.4). Other items, such as 
pension and capitalized leases, had a limited effect on total net debt.
Total net debt of SEK 41.1 billion (43.5) decreased year over year and 
sequentially (46.1).
Free operating cash flow increased year on year to SEK 6.5 billion 
(5.5) driven by higher results, lower capex spend and improved net 
working capital.
1) New calculation from Q2, 2024, comparative figures have been updated accordingly, see Definitions of 
alternative performance measures on page 22.
Balance sheet and cash flow
Free operating cash flow*
Financial net debt/EBITDA
Net working capital*
Free operating cash flow, MSEK Q4 2023 Q4 2024
EBITDA 7,717 7,736
Non-cash and other items1) -1,595 -1,084
EBITDA adj for non-cash and other items 6,123 6,651
Capex -1,698 -1,366
Net working capital change 1,039 1,178
Free operating cash flow 5,463 6,463
0
20
40
60
80
100
120
0
1
2
3
4
5
6
7
8
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
PercentSEK Bn
Free operating cash flow
Cash conversion, R12, adjusted
* 2022 has been adjusted to exclude Alleima for net working capital and free operating cash 
flow.
1) Other items include rental fleet, lease payments and proceeds from sale of assets.

===== SIDA 6 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik
Sandvik Interim report Q4 2024
 6
0
5
10
15
20
25
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
PercentSEK bn
Adj. EBITA
Adj. EBITA margin
Adj.EBITA margin R12
0
20
40
60
80
100
120
140
0
3
6
9
12
15
18
21
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
PercentSEK bn
Order intake Revenues Book-to-bill
Order intake and revenues
  – Solid demand in mining, with positive momentum in the aftermarket business
  – Strong organic order intake growth, with double-digit growth in aftermarket 
and stable order levels for equipment
  – Important orders received in key strategic areas such as surface and 
automation solutions
  – Total order intake increased by 5%. At fixed exchange rates, order intake  
grew by 6%, of which organic 6%
  – No major orders were booked in the fourth quarter. Excluding major orders in 
the year earlier period (1,150), organic order intake increased by 15%
  – All regions except Asia had positive organic order intake development. Stron-
gest growth was seen in Africa, Middle East with growth of 21%, followed by 
North America at 10% and South America at 7%
  – Organic order intake for aftermarket increased by 10%, while equipment 
orders declined by 1% year on year
  – The aftermarket business accounted for 65% (64) of revenues while the 
equipment business accounted for 35% (36)
Adjusted EBITA
 – The adjusted EBITA amounted to SEK 3,721 million (3,472), corresponding to 
a margin of 21.5% (20.6), with pricing off-setting cost inflation and positive 
impact from savings
 – Savings from the 2022 restructuring program had a positive impact of SEK 
20 million, corresponding to a bridge effect of SEK 10 million. Savings from 
the 2024 restructuring program had a positive bridge effect of SEK 73 million
 – Structure had a slightly positive impact to the margin
 – Exchange rates had a negative impact of SEK 16 million year on year but was 
neutral to the margin
Shift to growth
During the quarter Sandvik introduced several new innovations, amongst 
others the MD/MDX Peg Bolt and the industry’s most advanced intelligent 
narrow-vein underground drill, DD212i. The new bolt provides easy visible and 
lasting indication of correct and complete installation which enhances safety.
During the quarter, Sandvik received a major order to supply loaders and 
AutoMine® solutions, valued at just above SEK 400 million.* Furthermore, 
Sandvik secured an important order in Peru for a number of rotary and other 
surface drill rigs.
Sandvik also finalized the previously announced acquisition of Universal 
Field Robots (UFR), a fast-growing, Australia-based provider of autonomous 
interoperable solutions for both surface and underground mining markets.
*Of which SEK 60 million recognized in the quarter.
–  Double-digit growth in the 
aftermarket business
–   Record revenue quarter
–   Strong margin performance
Adjusted EBITA
Order intake, revenues and book-to-bill
Sandvik Mining and Rock Solutions
Growth Q4, % Order intake Revenues
Organic 6 3
Structure 0 0
Organic & structure 6 3
Currency -1 0
Total 5 2
Change compared to same quarter last year. 
Financial overview, MSEK Q4 2023 Q4 2024 Change % Q1-Q4 2023 Q1-Q4 2024 Change %
Order intake 15,661 16,518 5 64,527 64,404 0
Revenues 16,894 17,306 2 65,690 63,607 -3
Adjusted EBITA1) 3,472 3,721 7 13,716 12,950 -6
Adjusted EBITA margin 20.6 21.5 – 20.9 20.4 –
Number of employees 2) 17,019 17,278 2 17,019 17,278 2
1) EBITA adjusted for items affecting comparability of SEK 60 million in Q4 2024 (246) and YTD 2024 the impact was SEK -507 million (67). For more information see page 20. 2) Full-time equivalent.

===== SIDA 7 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik
Sandvik Interim report Q4 2024
 7
0
4
8
12
16
20
0.0
0.1
0.2
0.3
0.4
0.5
0.6
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
PercentSEK Bn
Adj. EBITA
Adj. EBITA margin
Adj.EBITA margin R12
0
20
40
60
80
100
120
140
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
PercentSEK Bn
Order intake Revenues Book-to-bill
Order intake and revenues
  – Underlying demand in mining remained stable with solid contribution 
from the screening business, and improved sentiment in infrastructure
  – Strong organic order intake growth on easier comparables
  – Total order intake increased by 22%. At fixed exchange rates, order 
intake increased by 22%, of which organic was 22% 
  – Three major orders received, two in mining and one in infrastructure, 
totaling SEK 188 million (171). Excluding major orders, organic order 
intake grew by 23%
  – Organic order intake for equipment increased by 51% while aftermarket 
increased by 7%
  – Strongest organic order intake growth was reported in Australia at 72% 
followed by North America at 40%, South America at 30% and Africa, 
Middle East at 28%. Europe declined by 24% 
  – The aftermarket business accounted for 60% (61) of revenues while the 
equipment business accounted for 40% (39)
Adjusted EBITA
 – The adjusted EBITA amounted to SEK 409 million (440), corresponding 
to a margin of 14.6% (15.7). Price pressure in infrastructure and 
provision for obsolescence impacted the margin negatively. Volumes 
improved slightly year on year, but from low levels
 – Savings from the 2022 restructuring program had a positive impact 
of SEK 34 million, corresponding to a bridge effect of SEK 12 million. 
Savings from the 2024 restructuring program had a positive bridge 
effect of SEK 21 million
 – Exchange rates had a negative impact of SEK 10 million year on year, 
and had a negative effect of 30 basis points
Shift to growth 
Innovation and product development are key to Sandvik’s organic 
growth. Early in 2024 Sandvik launched an upgraded version of the 
large 800i cone crusher series which enables processing higher 
volumes and obtaining finer particle sizes. The year was concluded with 
a doubled order intake of this model and thus successfully advancing 
in our strategic priority to leverage our technology to reduce energy 
consumption in mining.
During the quarter, and year, Sandvik’s screening solutions has delivered 
solid performance. When acquiring SP Mining in 2022 the strategic 
ambition was to grow in the downstream mining business. Two years post 
the acquisition the organization has been successful in these efforts and 
delivered high growth and a strong operational performance.
–  Strong organic order intake  
growth and stable revenues
–  Solid performance in the 
screening business
–  Improving sentiment in 
infrastructure in the US
Sandvik Rock Processing Solutions
Order intake, revenues and book-to-bill
Adjusted EBITA
1) EBITA adjusted for items affecting comparability of SEK -4 million in Q4 2024 (11) and YTD 2024 the impact was SEK -411 million (-144). For more information see page 20. 2) Full-time equivalent.
Growth Q4, % Order intake Revenues
Organic 22 0
Structure 0 0
Organic & structure 22 0
Currency 0 0
Total 22 0
Change compared to same quarter last year. 
Financial overview, MSEK Q4 2023 Q4 2024 Change % Q1-Q4 2023 Q1-Q4 2024 Change %
Order intake 2,248 2,735 22 11,238 11,103 -1
Revenues 2,807 2,803 0 11,472 10,704 -7
Adjusted EBITA1) 440 409 -7 1,661 1,562 -6
Adjusted EBITA margin 15.7 14.6 – 14.5 14.6 –
Number of employees 2) 2,946 2,739 -7 2,946 2,739 -7

===== SIDA 8 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik
Sandvik Interim report Q4 2024
 8
0
20
40
60
80
100
120
0
3
6
9
12
15
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
PercentSEK Bn
Order intake Revenues Book-to-bill
0
5
10
15
20
25
0.0
0.5
1.0
1.5
2.0
2.5
3.0
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Q2 Q3 Q4
PercentSEK bn
Adj. EBITA
Adj. EBITA margin
Adj.EBITA margin R12
Order intake and revenues
  – Weaker demand in cutting tools, mainly in Europe and in automotive, 
partly compensated by solid order intake in the powder business. High 
single digits growth in local premium market in China
  – Stable demand in aerospace with positive development in Europe 
off-set by temporary weaknesses in North America 
  – Organic order intake for cutting tools declined by mid single digits. 
Demand for software solutions was mixed, solid in US, while negatively 
impacted by automotive in Europe 
  – Total order intake increased by 1%. At fixed exchange rates, order 
intake increased by 1%, of which organic -3%
  – Organic order intake declined by 5% in North America and by 3% in 
Europe. Asia decreased by 1%
  – The number of working days had a +1% impact on orders and revenues 
  – Daily order intake in the first two weeks of January was stable 
compared to the fourth quarter of 2024, taking normal seasonality into 
account
Adjusted EBITA
 – The adjusted EBITA amounted to SEK 2,340 million (2,453), corre-
sponding to a margin of 19.4% (20.2) 
 – Good price realization in combination with strong cost control and exe-
cution of restructuring initiatives compensated for declining volumes
 – Acquisitions had a dilutive effect on the margin of 40 basis points, 
partly driven by investments into a new inserts factory in China
 – Savings from the 2022 restructuring program had a positive impact 
of SEK 122 million, corresponding to a bridge effect of SEK 60 million. 
Savings from the 2024 restructuring program had a positive bridge 
effect of SEK 147 million
 – Exchange rates had a negative impact of SEK 41 million year on year, 
corresponding to a dilution of 30 basis points 
Shift to growth
Sandvik has established a stronger position in the local premium market 
in China through the acquisition of Suzhou Ahno. In the fourth quarter, the 
business recorded high single digit growth and saw positive development in 
key segments such as automotive and general engineering. Sandvik is also 
investing in a new inserts factory in China, to strengthen the offering towards 
the local premium market. 
Post the quarter, Sandvik completed the acquisition of FASTech, a US based 
reseller of Computer Aided Manufacturing (CAM) solutions. The acquisition 
will support further growth in the digital manufacturing space through a 
stronger position in the software market and the opportunity to expand the 
offerings to FASTech’s customer base.
–  Weak cutting tools demand mainly in 
Europe and automotive
–  Strong order growth in Suzhou Ahno, 
China 
–  Strong execution on restructuring 
initiatives
Order intake, revenues and book-to-bill
Adjusted EBITA
1) EBITA adjusted for items affecting comparability of SEK -55 million in Q4 2024 (-66) and YTD 2024 the impact was SEK -2,104 million (-552). For more information see page 20. 2) Full-time equivalent
Sandvik Manufacturing and Machining Solutions
Growth Q4, % Order intake Revenues
Organic -3 -4
Structure 4 3
Organic & structure 1 0
Currency 0 0
Total 1 -1
Change compared to same quarter last year. 
Financial overview, MSEK Q4 2023 Q4 2024 Change % Q1-Q4 2023 Q1-Q4 2024 Change %
Order intake 12,154 12,309 1 49,247 49,187 0
Revenues 12,114 12,041 -1 49,340 48,567 -2
Adjusted EBITA1) 2,453 2,340 -5 10,597 9,718 -8
Adjusted EBITA margin 20.2 19.4 – 21.5 20.0 –
Number of employees 2) 20,326 20,801 2 20,326 20,801 2

===== SIDA 9 =====

Sandvik Interim report Q4 2024
For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik  9
During the quarter
The Total Recordable Injury Frequency Rate (TRIFR) developed favorably to 
3.0 (3.2) and Lost Time Injury Frequency Rate (LTIFR) remained stable at 1.2, 
compared to the same period last year.
Greenhouse gas emissions increased by 17%, compared to the same period 
last year, driven by acquisitions gradually being integrated into the Sandvik 
environmental reporting.
Sandvik has rolled out a new gender-neutral parental leave benefit that enables 
employees around the world to take 14 weeks of paid leave. This is expected to 
positively impact Sandvik’s employee health and well being, drive engagement, as 
well as retain and attract talent.
Fourth quarter
–  TRIFR improved to 3.0 (3.2) compared to the same period last year
–  LTIFR remained stable at 1.2 (1.2) compared to the same period last year
–  Greenhouse gas emissions (GHG) amounted to 40.8 kton (35.0) in the quarter
–  The share of circular waste decreased to 72% (73)
–  The share of female managers was stable at 20.5% (20.5)
 
Supporting customers’ environmentally conscious decisions
During 2024, Sandvik launched the development of Life Cycle Assessment (LCA) 
for our cutting tool products within the Seco Tools division. The motivation for 
the project was to meet sustainability goals as well as supporting customers 
in making environmentally conscious decisions. LCA systematically evaluates 
the environmental impact of products across their life cycle, from raw material 
extraction to disposal. The LCA analysis enables internal improvements and 
customer transparency. In December, the success of the pilot was announced 
along with progression plans for 2025. Next step is to expand the LCA coverage 
to include more of its portfolio and enhance the customer experience by adding 
more sustainability data measurements and providing a centralized space for 
easy access to information. 
–  Positive development in TRIFR
–  Life cycle assessments pilot 
program
–  Roll-out of a global parental 
leave benefit
Share of female managers
1) Excluding tailings, digestion sludge, foundry sand and slag to disposal. For definitions see home.sandvik
Making the sustainability shift
Safety
Circularity
Net zero
0
1
2
3
4
0
20
40
60
80
100
2022 2023 2024
Medical Treatment Injuries (number of)
Restricted Work Injuries (number of)
Lost Time Injuries (number of)
Fatal Injuries (number of)
LTIFR (LTI/Mhr) R12M
TRIFR (TRI/Mhr) R12M
No. injuries in quarter Frequency rate R12M
136
138
140
142
144
146
148
150
152
154
0
5
10
15
20
25
30
35
40
45
2022 2023 2024
Indirect CO₂e, scope 2 (quarter)
Direct CO₂e, scope 1 (quarter)
Total CO₂e, scope 1+2 (R12M)
kton/quarter kton/R12M
0
10
20
30
40
50
60
70
80
0
2
4
6
8
10
12
14
16
18
20
2022 2023 2024
Non-circular waste (quarter)
Circular waste (quarter)
Total Waste (R12M)
kton/quarter kton/R12M
18
19
20
21
0
1 000
2 000
3 000
4 000
5 000
6 000
2022 2023 2024
Male Managers (number of)
Female Managers (number of)
Share of Female Managers (%)
%No. managers
Sustainability overview Q4 2023 Q4 2024 Change % R12M
Total waste, thousand tonnes 1) 17.7 17.3 -2 69.9
Waste circularity, % of total 73.1 72.3 -1 73.7
Total CO2, thousand tonnes 1) 35.0 40.8 17 147.8
Total recordable injury frequency rate, R12M frequency / million working hours 3.2 3.0 -7 3.0
Lost time injury frequency rate, R12M frequency / million working hours 1.2 1.2 – 1.2
Share of female managers, % 20.5 20.5 – 20.5

===== SIDA 10 =====

Sandvik Interim report Q4 2024
For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik  10
The acquisitions were made through the purchase of 100% of 
shares and voting rights except for Suzhou Ahno, where Sandvik 
acquired 60% of the shares.
Sandvik received control over the operations on the date of 
closing. No equity instruments have been issued in connection with 
the acquisitions. The acquisitions have been accounted for using 
the acquisition method.
Acquisitions and divestments
MSEK
Purchase price on cash 
and debt free basis
Preliminary 
goodwill
Preliminary other 
surplus values
Acquisitions 2024 4,970 1,880 1,949
Contributions from business acquired in 2024, MSEK
Contributions as of acquisition date
Revenues 1,086
Profit/loss for the year -79
Contributions if the acquisition date would have been January 1, 2024
Revenues 1,978
Profit/loss for the year 13
Fair value recognized in the Group 20241), MSEK Suzhou Ahno
Intangible assets 9
Property, plant and equipment 821
Right-of-use assets 106
Other non-current assets –
Inventories 264
Receivables 795
Other current assets –
Cash and cash equivalents 182
Interest bearing loans and borrowings -527
Other liabilities and provisions -491
Deferred tax assets/liabilities, net -189
Net identifiable assets and liabilities 971
Goodwill 1,205
Other surplus values 1,356
Purchase consideration -3,532
Whereof previously acquired non-controlling interest 493
External liability to minority shareholders 1,096
Cash and cash equivalents in the acquired business 182
Net cash outflow -1,761
In July, Sandvik Manufacturing and Machining Solutions acquired 
a majority stake in the leading China-based company Suzhou 
Ahno Precision Cutting Tool Technology Co., Ltd. (Ahno) from 
the majority owner, Ningbo Baosi Energy Equipment Co., Ltd and 
related parties. Prior to the acquisition, Sandvik owned a minority 
stake of 12% and thus, Sandvik owns a majority stake of 72% post 
acquisition, as well as call and put options of the remaining 28%. 
The remaining shares are expected to be acquired during 2025.
Ahno has a leading position in precision cutting tools in the 
fast-growing local premium segment, with a broad product-and 
service offering and extensive sales, distribution and production 
footprint in China. With this acquisition Sandvik Machining Solu-
tions further strengthens its leading position within round tools.
Ahno was founded in 2002, has 1,200 employees and is headquar-
tered in Suzhou, China. In 2023, the company generated revenues 
of approximately CNY 812 million (SEK 1.2 billion), mainly from 
China. Preliminary goodwill of SEK 1,205 million and other surplus 
values of SEK 1,356 million was recorded on the purchase. The 
impact on Sandvik’s EBITA margin will be limited. The impact on 
Sandvik’s earnings per share (excluding non-cash amortization 
effects from business combinations) will be positive.
Divestments during last 12 months
In August, Sandvik Manufacturing Solutions divested the engineer- 
to-order business of DWFritz, following the communicated intention 
to exit non-strategic businesses. The divestment incurred a 
capital loss, including transactional costs, of SEK 248 million in 
the third quarter of 2024 and had a negative cash flow effect on 
the Group of SEK 30 million. Sandvik acquired DWFritz in 2021, 
with the intention to grow the ZeroTouch® business of DWFritz. The 
ZeroTouch® business is not part of the divestment, and will remain 
a part of Sandvik. 
1) The purchase price allocation is preliminary
Business area Company/unit Acquisition date Revenues No. of employees
2024
Sandvik Manufacturing and Machining Solutions pro-micron GmbH February 1, 2024 88 MSEK in 2022 56
Sandvik Manufacturing and Machining Solutions Cimquest, Inc. March 1, 2024 26 MUSD in 2023 55
Sandvik Manufacturing and Machining Solutions Almü Präzisions-Werkzeug GmbH May 1, 2024 7.1 MEUR* in 2023 44
Sandvik Manufacturing and Machining Solutions PDQ Workholding LLC June 1, 2024 36 MUSD in 2023 107
Sandvik Manufacturing and Machining Solutions Suzhou Ahno Precision Cutting 
Tool Technology Co., Ltd. July 1, 2024 1.2 BSEK in 2023 1,200
Sandvik Mining and Rock Solutions Universal Field Robots December 2, 2024 80 MSEK 12M Q3 ‘23-Q2’24 40
*Of which EUR 1.7 million refers to sales to Sandvik.
Acquisitions during last 12 months

===== SIDA 11 =====

Sandvik Interim report Q4 2024
For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik  11
After the fourth quarter
  – On January 3, 2025, Sandvik acquired the assets of FASTech, 
a US based reseller of Computer Aided Manufacturing (CAM) 
solutions in the Mastercam network. FASTech will be a part 
of business unit Mastercam and will be reported within the 
business area Sandvik Manufacturing and Machining Solutions.
  – On January 10, 2025, Sandvik announced that Åsa Thunman, 
Executive Vice President and General Counsel of Sandvik 
has decided to leave Sandvik for a corresponding position at 
Skanska. She will leave Sandvik no later than July 8, 2025. The 
recruitment process to find a successor is under way.
During the fourth quarter 
  – On December 2, Sandvik announced the completion of the 
acquisition of Universal Field Robots (UFR). The company will 
be reported in Digital Mining Technologies, a division within 
business area Sandvik Mining and Rock Solutions.
  – On December 12, Sandvik announced that Björn Axelsson is 
appointed as Executive Vice President and Head of Human 
Resources, replacing Johan Kerstell, effective February 1, 2025. 
Significant events
Full year 2024
During 2024, Sandvik has seen a mixed demand picture, with 
regional variations as well as between key customer segments. 
Demand in mining was stable on a high level, with strong momen-
tum in the aftermarket compensating for lower mining equipment 
investments. On the back of geo-political and macro-economic 
uncertainties, the infrastructure market remained challenging 
throughout the year, with declining demand in all regions. Lower 
industrial activity and specific challenges in automotive led to 
a decline in demand for cutting tools, most notable in Europe. 
Demand in aerospace was slightly subdued, mainly due to 
temporary issues in North America during second half of the 
year. Powder business developed strongly during the year, and 
Sandvik’s software solutions grew mid to high single digits. Group 
volumes were down year on year, partly compensated by good 
price execution and cost control.
Total order intake was in line with last year but increased 2% at 
fixed exchange rates, of which organic development was 1%. 
Total revenues declined by 3%, and at fixed exchange rates by 
1%, of which organic was -2%. 
Adjusted EBITA declined by 7% year on year to SEK 23,583 
million (25,240) and the adjusted EBITA margin was 19.2% 
(20.0). The reported EBITA declined by 16% to SEK 20,493 million 
(24,530) resulting in a margin of 16.7% (19.4), the decrease in 
EBITA is mainly related to cost taken in the first quarter for the 
restructuring program launched in January, 2024. 
Net financial items amounted to SEK -1,959 million (-2,623) and 
profit before tax was SEK 16,461 million (19,794). 
The tax rate, excluding items affecting comparability, was 24.0% 
(22.9) The reported tax rate was 25.6% (22.7). The normalized tax 
rate was 24.0% (23.4), in line with guidance. 
Profit for the period amounted to SEK 12,245 million (15,301). 
Earnings per share, diluted amounted to SEK 9.75 (12.18). 
The financial net debt decreased year-on-year to SEK 32.1 billion 
(35.2) resulting in a financial net debt to EBITDA ratio of 1.2 (1.2). 
During the year six acquisitions were completed. Sandvik acquired 
pro-micron GmbH, Cimquest Inc., Almü Präzisions-Werkzeug 
GmbH, PDQ Workholding LLC, Suzhou Ahno Precision Cutting 
Tool Technology Co., Ltd. and Universal Field Robots. Sandvik also 
divested the engineer-to-order business of DWFritz, in line with the 
intention to exit non-strategic businesses.

===== SIDA 12 =====

Sandvik Interim report Q4 2024
For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik  12
Accounting policies
Sandvik Group applies International Financial Reporting Standards 
(IFRS) as adopted by the EU. With exception for new and revised 
standards and interpretations effective from January 1, 2024 the 
same accounting and valuation policies were applied as in Sandvik 
Group Annual Report 2023. There are no new accounting policies 
applicable from 2024 that significantly affects Sandvik Group. This 
report has been prepared in accordance with IAS 34 Interim Finan-
cial Reporting, the Swedish Annual Accounts Act and the Swedish 
Financial Reporting Board’s RFR 2, Reporting for Legal Entities.
In Q1 2024, Sandvik converted the financial electricity hedges into 
physical contracts. The effect of the financial electricity hedges 
was presented within the financial net, while the result of the 
physical contracts is presented within the operating result.
Since January 1, 2024, Sandvik applies hedge accounting for 
currency-hedges of customer orders not yet invoiced. When 
the hedge accounting criteria are fulfilled Sandvik presents the 
changes in market value for these hedges in Other Comprehensive 
Income. Prior to implementing hedge accounting, these effects were 
presented within the profit and loss statement in the financial net. 
IAS 12 Pillar II 
The group is within the scope of the OECD Pillar II model rules. In 
Sweden, the jurisdiction in which Sandvik AB is incorporated, the 
Pillar II legislation came into effect from January 1, 2024. The group 
may be subject to Pillar II taxes for the first time in 2024. Sandvik’s 
assessment is that the Group will not be liable to any material Pillar 
II taxes as most jurisdictions in which the Group operates have an 
effective tax rate of 15% or higher. The Group applies the exception 
to recognizing and disclosing information about deferred tax assets 
and liabilities related to Pillar II income taxes, as provided in the 
amendments to IAS 12 issued in May 2023.
Guidance and financial targets
Sandvik does not provide a market outlook or business perfor-
mance forecasts. However, guidance relating to certain non-op-
erational key figures considered useful when modeling financial 
outcome is provided in the table below:
Capex (cash) Estimated at approx. SEK 5.0 billion for 2025.
Currency effects
Based on currency rates at the end of December 2024, 
it is estimated that transaction and translation currency 
effects will have an impact of about SEK +300 million on 
EBITA for the first quarter of 2025, compared with the 
year-earlier period. 
Interest net Estimated at approximately SEK -0.8 billion in 2025.
Tax rate Estimated at 23-25% for 2025, normalized.
Sandvik has four long-term financial targets, defined in 2022
Growth
A growth of 7% through a business cycle organic and M&A,  
in fixed currency.
Adjusted EBITA range
An adjusted EBITA range of 20–22% through a business cycle 
adjusted for IAC.
Dividend payout ratio
A dividend payout ratio of 50% of EPS, adjusted for IAC, through a 
business cycle.
Financial net debt/EBITDA
A financial net debt/EBITDA of <1.5 excl. transformational M&A.
Sustainability
The 2030 sustainability targets focus on the areas of circularity, 
climate, people and ethics. These targets are reported on a 
quarterly basis and can be found on page 9.
Transactions with related 
parties
No transactions between Sandvik and related parties that signifi-
cantly affected the company’s position and results took place.
Risk assessment
As an international group with a wide geographic spread, Sandvik 
is exposed to several strategic, business and financial risks. 
Strategic risk at Sandvik is defined as emerging risks affecting 
the business long-term, such as industry shifts, technological 
shifts and macroeconomic developments. The business risks 
can be divided into operational, sustainability, compliance, legal 
and commercial risks. The financial risks include currency risks, 
interest rates, raw material prices, tax risks and more. These risk 
areas can all impact the business negatively both long and short 
term but often also create business opportunities if managed well. 
Risk management at Sandvik begins with an assessment in 
operational management teams where the material risks for their 
operations are first identified, followed by an evaluation of the 
probability of the risks occurring and their potential impact on the 
Group. Once the key risks have been identified and evaluated risk 
mitigating activities to eliminate or reduce the risks are agreed on.
For a more detailed description of Sandvik’s analysis of risks and 
risk universe, see the Annual Report for 2023.

===== SIDA 13 =====

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Sandvik interim report Q4 2024
13
Financial reports summary
The Group
Income statement
MSEK Q4 2023 Q4 2024 Change % Q1-Q4 2023 Q1-Q4 2024 Change %
Revenues 31,816 32,151 1 126,503 122,878 -3
Cost of goods and services sold -18,721 -19,190 3 -74,456 -73,742 -1
Gross profit 13,094 12,961 -1 52,046 49,136 -6
% of revenues 41.2 40.3 – 41.1 40.0 –
Selling expenses -3,930 -3,891 -1 -15,876 -15,832 0
Administrative expenses -2,088 -2,135 2 -8,794 -8,915 1
Research and development costs -1,157 -1,171 1 -4,489 -4,808 7
Other operating income and expenses 10 -18 N/M -470 -1,160 N/M
Operating profit 5,929 5,745 -3 22,418 18,420 -18
 % of revenues 18.6 17.9 – 17.7 15.0 –
Financial income 162 352 N/M 808 827 2
Financial expenses -793 -716 -10 -3,431 -2,787 -19
Net financial items -630 -364 -42 -2,623 -1,959 -25
Profit before tax 5,298 5,381 2 19,794 16,461 -17
% of revenues 16.7 16.7 – 15.6 13.4 –
Income tax -1,040 -1,084 4 -4,493 -4,216 -6
Profit for the period 4,259 4,297 1 15,301 12,245 -20
% of revenues 13.4 13.4 – 12.1 10.0 –
Profit (loss) for the period attributable to 
Owners of the parent company 4,260 4,297 1 15,300 12,243 -20
Non-controlling interest -1 0 N/M 1 2 19
Earnings per share, basic 3.40 3.43 1 12.20 9.76 -20
Earnings per share, diluted 3.39 3.42 1 12.18 9.75 -20
Other comprehensive income
Items that will not be reclassified to profit (loss)
Actuarial gains (losses) on defined benefit pension plans -599 172 -510 -117
Tax relating to items that will not be reclassified 178 -68 167 -5
Total items that will not be reclassified to profit (loss) -421 104 -344 -122
Items that may be reclassified subsequently to profit (loss)
Translation differences -6,400 4,130 -3,113 5,627
Hedge reserve 1,455 -1,453 1,052 -1,622
Tax relating to items that may be reclassified -300 299 -217 334
Fair value adjustment -2 -15 -2 -14
Total items that may be reclassified subsequently to profit 
(loss) -5,247 2,962 -2,279 4,326
Total other comprehensive income -5,668 3,066 -2,623 4,204
Total comprehensive income -1,409 7,363 12,678 16,449
Total comprehensive income attributable to 
Owners of the parent company -1,407 7,361 12,678 16,445
Non-controlling interest -2 2 0 4

===== SIDA 14 =====

Sandvik interim report Q4 2024
For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik 14
The Group
Balance sheet
Changes in equity
MSEK Dec 31, 2023 Dec 31, 2024
Intangible assets 64,495 70,323
Property, plant and equipment 22,234 24,678
Right-of-use assets 5,384 5,877
Financial assets 9,980 10,004
Inventories 34,301 34,827
Current receivables 33,298 33,752
Cash and cash equivalents 4,363 4,528
Assets held for sale 154 395
Total Assets 174,210 184,384
Total equity 87,697 96,999
Non-current interest-bearing liabilities 36,931 40,869
Non-current non-interest-bearing liabilities 5,704 5,491
Current interest-bearing liabilities 12,240 6,269
Current non-interest-bearing liabilities 31,602 34,714
Liabilities held for sale 36 43
Total equity and liabilities 174,210 184,384
MSEK
Equity related to owners 
of the parent company Non-controlling interest Total equity 
Equity at January 1, 2023 81,227 43 81,270
Adjustment on correction of error 204 – 204
Equity at January 1, 2023 81,431 43 81,474
Total comprehensive income (loss) for the period 12,678 0 12,678
Change in fair value of put option to acquire non-controlling interest -86 – -86
Change in non-controlling interest -23 23 –
Share based program -109 – -109
Dividend -6,261 – -6,261
Equity at December 31, 2023 87,631 66 87,697
Equity at January 1, 2024 87,631 66 87,697
Adjustment on correction of error -77 – -77
Equity at January 1, 2024 87,555 66 87,620
Total comprehensive income (loss) for the period 16,445 4 16,449
Change in fair value of put option to acquire non-controlling interest -219 – -219
Change in non-controlling interest -6 6 –
Share based program 29 – 29
Dividend -6,880 – -6,880
Equity at December 31, 2024 96,924 75 96,999

===== SIDA 15 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik
Sandvik interim report Q4 2024
MSEK Q4 2023 Q4 2024 Q1-Q4 2023 Q1-Q4 2024
Cash flow from operating activities
Profit before tax 5,298 5,381 19,794 16,461
Adjustment for depreciation, amortization and impairment losses 1,789 1,990 7,459 7,981
Other adjustments for non-cash items -662 -517 1,834 1,822
Payment to pension fund -77 -63 -509 -395
Income tax paid -2,086 339 -6,852 -5,474
Cash flow from operating activities before changes in working capital 4,262 7,130 21,726 20,395
Changes in working capital
Change in inventories 1,827 1,357 292 1,189
Change in operating receivables 540 261 -171 347
Change in operating liabilities -1,329 -440 -2,527 -280
Cash flow from changes in working capital 1,039 1,178 -2,406 1,256
Investments in rental equipment -211 -467 -910 -1,407
Proceeds from sale of rental equipment 106 124 387 363
Cash flow from operating activities, net 5,196 7,966 18,797 20,607
Cash flow from investing activities
Acquisitions of companies and shares, net of cash acquired -224 -351 -1,877 -3,187
Proceeds from sale of companies and shares, net of cash disposed -164 7 -164 -22
Acquisitions of tangible assets -1,215 -1,068 -3,872 -3,565
Proceeds from sale of tangible assets 68 50 315 257
Acquisitions of intangible assets -483 -298 -1,482 -1,276
Proceeds from sale of intangible assets 1 – 6 7
Acquisitions of financial assets -5 -21 -113 -23
Proceeds from sale of financial assets 10 2 10 18
Other investments, net -34 -193 -1,327 122
Cash flow from investing activities -2,048 -1,872 -8,505 -7,671
Cash flow from financing activities
Repayment of borrowings -3,187 -5,399 -8,457 -10,535
Proceeds from borrowings 37 44 78 5,928
Amortization, lease liabilities -392 -369 -1,323 -1,439
Repurchase of own shares – – -242 -61
Dividends paid – – -6,261 -6,880
Cash flow from financing activities, net -3,542 -5,724 -16,206 -12,988
Total cash flow -394 370 -5,913 -51
Cash and cash equivalents at beginning of the period 4,998 4,035 10,489 4,363
Exchange-rate differences in cash and cash equivalents -241 123 -213 216
Cash and cash equivalents at the end of the period 4,363 4,528 4,363 4,528
15
The Group
Cash flow statement

===== SIDA 16 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik
Sandvik interim report Q4 2024
MSEK Dec 31, 2023 Dec 31, 2024
Intangible assets 312 186
Property, plant and equipment 3,064 3,082
Financial assets 83,550 82,955
Inventories 1,082 1,062
Current receivables 12,406 9,621
Cash and cash equivalents 0 0
Total assets 100,414 96,906
Total equity 29,249 31,106
Untaxed reserves 1,057 929
Provisions 1,178 1,347
Non-current interest-bearing liabilities 26,649 24,063
Non-current non-interest-bearing liabilities 416 246
Current interest-bearing liabilities 30,712 34,895
Current non-interest-bearing liabilities 11,153 4,320
Total equity and liabilities 100,414 96,906
Interest-bearing liabilities and provisions  
minus cash and cash equivalents and interest-bearing assets 38,011 36,753
Investments in fixed assets 384 438
16
The Parent company
For full year 2024 the parent company’s revenue amounted to SEK 
13,427 million (13,705) and the operating result was SEK 793 million 
(-6,868). Result from shares in Group companies of SEK 9,147 million 
(12,855) for the year consists mainly of dividends and contributions. 
Interest-bearing liabilities, less cash and cash equivalents and 
interest-bearing assets, amounted to SEK 36,753 million (38,011). 
Investments in property, plant and machinery amounted to SEK 438 
million (384).
Income statement
MSEK Q4 2023 Q4 2024 Q1-Q4 2023 Q1-Q4 2024
Revenues 3,271 2,831 13,705 13,427
Cost of goods and services sold -12,873 -1,835 -14,616 -7,117
Gross profit -9,602 996 -911 6,310
Selling expenses 48 -286 -938 -945
Administrative expenses -540 -557 -2,313 -2,024
Research and development costs -431 -370 -1,599 -1,609
Other operating income and expenses -472 -66 -1,107 -939
Operating result -10,977 -283 -6,868 793
Result from shares in group companies 9,417 6,223 12,855 9,147
Interest income/expenses and similar items -439 -353 -1,242 -1,647
Result after financial items 2,019 5,587 4,745 8,293
Appropriations -28 -38 13 128
Income tax 1,728 223 638 296
Result for the period -319 5,772 5,396 8,717
Balance sheet

===== SIDA 17 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik
Sandvik interim report Q4 2024
Change* Change*
MSEK Q4 2024 % %1) Share % Q1-Q4 2024 % %1) Share
The Group
Europe 7,915 -2 2 25 31,913 -4 -4 26
North America 7,945 5 8 25 30,755 -3 0 25
South America 2,102 12 12 7 9,220 14 10 7
Africa/Middle East 4,060 20 31 13 15,604 12 12 13
Asia 5,707 -6 1 18 21,968 3 1 18
Australia 3,832 11 9 12 15,234 11 9 12
Total2) 31,562 4 8 100 124,694 1 1 100
Sandvik Mining and Rock Solutions
Europe 1,725 6 26 10 6,612 -5 -1 10
North America 3,903 10 18 24 14,424 -5 1 22
South America 1,497 7 7 9 6,597 17 12 10
Africa/Middle East 3,671 21 34 22 13,701 13 15 21
Asia 2,582 -12 0 16 10,335 5 0 16
Australia 3,140 4 4 19 12,734 -3 -2 20
Total 16,518 6 15 100 64,404 2 4 100
Sandvik Rock Processing Solutions
Europe 409 -24 -13 15 1,848 -17 -17 17
North America 602 40 40 22 2,298 6 6 21
South America 319 30 30 12 1,429 12 7 13
Africa/Middle East 265 28 28 10 1,394 6 -9 13
Asia 521 12 9 19 1,971 -7 -8 18
Australia 617 72 56 23 2,163 11 14 19
Total 2,735 22 23 100 11,103 1 -2 100
Sandvik Manufacturing and Machining Solutions 
Europe 5,781 -3 n/a 47 23,453 -3 n/a 48
North America 3,441 -5 n/a 28 14,032 -3 n/a 29
South America 286 17 n/a 2 1,194 5 n/a 2
Africa/Middle East 123 -12 n/a 1 508 2 n/a 1
Asia 2,604 -1 n/a 21 9,662 3 n/a 20
Australia 75 -3 n/a 1 337 1 n/a 1
Total 12,309 -3 n/a 100 49,187 -2 n/a 100
17
Market overview, the Group
Order intake by region
*Organic change compared with the year-earlier period 
1)  Excluding major orders which is defined as above SEK 200 million for Sandvik Mining and Rock Solutions and SEK 50 million for Sandvik Rock Processing Solutions. 2) Includes rental fleet order intake in Q4 of SEK 263 million and YTD  
SEK 917 million, recognized according to IFRS 16. 
n/a = not applicable

===== SIDA 18 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik
Sandvik interim report Q4 2024
MSEK Q4 2024 Change* % Share % Q1-Q4 2024 Change*% Share
The Group
Europe 8,115 -3 25 31,861 -5 26
North America 7,441 -3 23 30,583 -4 25
South America 2,153 8 7 8,514 4 7
Africa/Middle East 4,105 4 13 15,232 1 12
Asia 6,463 8 20 21,662 2 18
Australia 3,875 -8 12 15,026 -4 12
Total1) 32,151 0 100 122,878 -2 100
Sandvik Mining and Rock Solutions
Europe 1,942 4 11 6,531 -4 10
North America 3,574 -4 21 14,586 -4 23
South America 1,523 8 9 6,096 6 10
Africa/Middle East 3,525 2 20 13,349 0 21
Asia 3,444 25 20 10,260 5 16
Australia 3,298 -8 19 12,785 -4 20
Total 17,306 3 100 63,607 -1 100
Sandvik Rock Processing Solutions
Europe 535 12 19 2,083 -5 19
North America 508 0 18 2,158 -10 20
South America 377 10 13 1,326 -3 12
Africa/Middle East 457 31 16 1,374 8 13
Asia 426 -30 15 1,854 -13 17
Australia 501 -3 18 1,909 0 18
Total 2,803 0 100 10,704 -5 100
Sandvik Manufacturing and Machining Solutions 
Europe 5,638 -6 47 23,247 -5 48
North America 3,358 -3 28 13,838 -3 28
South America 253 8 2 1,092 0 2
Africa/Middle East 123 0 1 509 5 1
Asia 2,594 -1 22 9,548 3 20
Australia 76 -8 1 332 -2 1
Total 12,041 -4 100 48,567 -3 100
18
*Organic change compared with the year-earlier period
1) Includes rental fleet revenues in Q4 of SEK 242 million and SEK 978 million YTD, recognized according to IFRS 16.
Revenues by region
Market overview, the Group

===== SIDA 19 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik
Sandvik interim report Q4 2024
* Organic change compared with the year-earlier period 
1) Internal transactions had negligible effect on business area profits.
Order Intake by Business Area 
Change
MSEK Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1-Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 % % * Q1-Q4 2024
Sandvik Mining and Rock Solutions 17,510 16,654 14,702 15,661 64,527 15,849 17,043 14,994 16,518 5 6 64,404
Sandvik Rock Processing Solutions 3,227 2,939 2,824 2,248 11,238 2,949 2,691 2,730 2,735 22 22 11,103
Sandvik Manufacturing and Machining 
Solutions 13,626 12,067 11,401 12,154 49,247 13,184 12,621 11,073 12,309 1 -3 49,187
Group Total1) 34,363 31,660 28,927 30,062 125,011 31,981 32,354 28,796 31,562 5 4 124,694
Revenues by Business Area 
Change
MSEK Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1-Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 % % * Q1-Q4 2024
Sandvik Mining and Rock Solutions 15,366 16,755 16,674 16,894 65,690 14,312 16,151 15,838 17,306 2 3 63,607
Sandvik Rock Processing Solutions 2,939 2,872 2,854 2,807 11,472 2,446 2,704 2,750 2,803 0 0 10,704
Sandvik Manufacturing and Machining 
Solutions 12,662 12,616 11,948 12,114 49,340 12,244 12,564 11,718 12,041 -1 -4 48,567
Group Total1) 30,968 32,243 31,476 31,816 126,503 29,002 31,419 30,306 32,151 1 0 122,878
EBITA by Business Area 
MSEK Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1-Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Change % Q1-Q4 2024
Sandvik Mining and Rock Solutions 3,056 3,494 3,514 3,719 13,783 2,084 3,336 3,243 3,781 2 12,443
Sandvik Rock Processing Solutions 421 243 401 452 1,517 -69 397 418 405 -10 1,150
Sandvik Manufacturing and Machining 
Solutions 2,813 2,364 2,482 2,386 10,045 964 2,480 1,885 2,285 -4 7,614
Group activities -217 -307 -136 -155 -814 -207 -195 -135 -178 15 -715
Group Total1) 6,074 5,794 6,260 6,402 24,530 2,772 6,018 5,410 6,292 -2 20,493
EBITA Margin by Business Area 
% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1-Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1-Q4 2024
Sandvik Mining and Rock Solutions 19.9 20.9 21.1 22.0 21.0 14.6 20.7 20.5 21.8 19.6
Sandvik Rock Processing Solutions 14.3 8.5 14.0 16.1 13.2 -2.8 14.7 15.2 14.4 10.7
Sandvik Manufacturing and Machining 
Solutions 22.2 18.7 20.8 19.7 20.4 7.9 19.7 16.1 19.0 15.7
Group Total1) 19.6 18.0 19.9 20.1 19.4 9.6 19.2 17.9 19.6 16.7
Adjusted EBITA by Business Area 
MSEK Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1-Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Change % Q1-Q4 2024
Sandvik Mining and Rock Solutions 3,075 3,621 3,548 3,472 13,716 2,605 3,356 3,269 3,721 7 12,950
Sandvik Rock Processing Solutions 426 394 401 440 1,661 326 409 417 409 -7 1,562
Sandvik Manufacturing and Machining 
Solutions 2,835 2,811 2,499 2,453 10,597 2,485 2,579 2,314 2,340 -5 9,718
Group activities -217 -226 -136 -155 -733 -135 -195 -135 -182 18 -647
Group Total1) 6,119 6,599 6,312 6,211 25,240 5,281 6,149 5,866 6,288 1 23,583
Adjusted EBITA Margin by Business Area 
% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1-Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1-Q4 2024
Sandvik Mining and Rock Solutions 20.0 21.6 21.3 20.6 20.9 18.2 20.8 20.6 21.5 20.4
Sandvik Rock Processing Solutions 14.5 13.7 14.1 15.7 14.5 13.3 15.1 15.2 14.6 14.6
Sandvik Manufacturing and Machining 
Solutions 22.4 22.3 20.9 20.2 21.5 20.3 20.5 19.8 19.4 20.0
Group Total1) 19.8 20.5 20.1 19.5 20.0 18.2 19.6 19.4 19.6 19.2
19
The Group

===== SIDA 20 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik
Sandvik interim report Q4 2024
2023
Q1 2023– IAC of SEK -45 million comprising mainly of M&A costs 
related to SMM and SMR. 
Q2 2023– IAC of SEK -805 million, whereof SEK -728 million relates 
to structural measures to support resilience ambitions announced in 
May 2022, applicable for all Business Areas as well as Group, with the 
main portion related to SMM and SRP. IAC of SEK -77 million consists 
of M&A costs primarily related to SMR and SMM.
Q3 2023– IAC of SEK -51 million comprising of M&A costs related to 
SMR and SMM.
Q4 2023– IAC of SEK 191 million mainly comprising of a gain of SEK 
230 million from a divestment related to the wind down of operations 
in Russia, the gain is driven by accumulated FX gains in equity and is 
reported within SMR and SRP, releases related to structural initiatives 
announced in previous years of SEK 22 million, mainly SMM, a gain 
from the divestment of DSI Tunneling of SEK 16 million in SMR, offset 
by M&A costs of SEK -76 million in SMM.
2024
Q1 2024 – IAC of SEK -2,509 million, comprising of structural 
measures to support operational efficiency and resilience ambitions 
announced in January at a net cost of SEK -2,425 million, impacting 
all BAs, and M&A costs totaling SEK -84 million primarily SMM and 
SMR.
Q2 2024 – IAC of SEK -131 million, comprising of a provision related 
to a property sale within SMM earlier year where the gain was taken 
as an IAC, and M&A costs totaling SEK -48 million impacting all BAs.
Q3 2024 – IAC of SEK -455 million, comprising of a capital loss, 
including transactional costs, of SEK -225 million from the divestment 
of DWFritz ETO business (SMM), a write down of SEK -145 million 
related to the 30% investment in BeamIT (SMM) and M&A costs 
totaling SEK -84 million, primarily SMM and SMR.
Q4 2024 – IAC of SEK +5 million, mainly comprising of a positive 
impact from M&A activities driven by a partial release of an earnout 
within SMR offset by M&A costs primarily within SMM and by a 
correction of the opening balances related to the acquisition of 
Cambrio within SMM.
Adjusted EBIT and Adjusted EBITA per Business Area
Q4 2024, MSEK
Reported 
EBIT
Reported 
EBIT, % IAC 1)
Adjusted 
EBIT
Adjusted 
EBIT, % Amortizations 2)
Adjusted 
EBITA
Adjusted 
EBITA, %
Sandvik Mining and Rock Solutions 3,664 21.2 60 3,604 20.8 -117 3,721 21.5
Sandvik Rock Processing Solutions 344 12.3 -4 348 12.4 -61 409 14.6
Sandvik Manufacturing and Machining Solutions 1,916 15.9 -55 1,971 16.4 -369 2,340 19.4
Group activities -178 – 4 -182 – – -182 –
Group Total 5,745 17.9 5 5,741 17.9 -547 6,288 19.6
1) For full details on IAC, see above. 2) Accounting effects arising from business combinations, referring to amortizations, depreciations and impairments. Primary related to costs within COGS and Selling expenses. 
Taxes excluding items affecting comparability
Q4 2023, MSEK Reported tax Reported tax, % IAC IAC, % Tax excluding IAC
Tax excluding 
IAC, %
Group Total -1,040 19.6 21 11.0 -1,061 20.8
Q4 2024
Group Total -1,084 20.1 209 n/m -1,293 24.0
Adjusted earnings per share diluted
Q4 2023, SEK Reported EPS, diluted
IAC on net profit, 
MSEK Adjusted EPS, diluted
Adjustment for 
surplus values, MSEK
Adj EPS, diluted excluding 
surplus values
Group Total 3.39 212 3.22 -381 3.53
Q4 2024
Group Total 3.42 213 3.25 -464 3.62
MSEK Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1-Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1-Q4 2024
Sandvik Mining and Rock Solutions -19 -127 -34 246 67 -521 -20 -26 60 -507
Sandvik Rock Processing Solutions -5 -151 – 11 -144 -395 -12 – -4 -411
Sandvik Manufacturing and Machining Solutions -22 -447 -17 -66 -552 -1,521 -99 -429 -55 -2,104
Group activities – -81 – – -81 -72 – – 4 -67
Group Total -45 -805 -51 191 -710 -2,509 -131 -455 5 -3,090
Items affecting comparability on EBITA
20

===== SIDA 21 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik
Sandvik interim report Q4 2024
Net debt
MSEK Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024
Interest-bearing liabilities excluding pension and lease liabilities 39,578 37,515 45,919 41,349 36,644
Less cash and cash equivalents -4,363 -3,577 -5,375 -4,035 -4,528
Financial net debt (net cash) 35,215 33,938 40,544 37,314 32,116
Net Pensions liabilities 2,757 2,376 2,496 3,018 2,888
Leases liabilities 5,503 5,839 5,938 5,723 6,111
Net debt 43,475 42,154 48,978 46,055 41,115
Financial net debt/EBITDA 1.2 1.3 1.5 1.4 1.2
Net working capital and capital employed
MSEK Dec 31, 2023 Mar 31, 2024 Jun 30, 2024 Sep 30, 2024 Dec 31, 2024
Inventories 34,305 36,026 35,716 35,203 34,831
Trade receivables 18,499 20,198 20,970 19,390 19,896
Account payables -9,595 -10,070 -9,940 -9,954 -10,114
Other receivables 6,358 6,032 6,002 5,995 6,384
Other liabilities -14,519 -15,601 -14,830 -14,768 -15,095
Net working capital 35,048 36,585 37,918 35,866 35,902
Tangible assets 22,254 23,018 23,143 23,796 24,707
Intangible assets 64,586 67,239 67,508 67,665 70,493
Other assets (incl. cash and cash equivalents) 87,369 90,213 93,322 88,857 89,185
Other liabilities -36,833 -39,081 -38,640 -38,979 -40,191
Capital employed 137,377 141,389 145,334 141,339 144,193
Key figures
Group total Q4 2023 Q4 2024 Q1-Q4 2023 Q1-Q4 2024
Return on capital employed, %1) 16.4 13.4 16.4 13.4
Return on total equity, %1) 17.6 13.3 17.6 13.3
Shareholders’ equity per share, SEK 69.9 77.3 69.9 77.3
Financial net debt / EBITDA 1.2 1.2 1.2 1.2
Net working capital, %1) 28.9 29.9 28.9 29.9
Earnings per share, basic, SEK 3.40 3.43 12.20 9.76
Earnings per share diluted, SEK 3.39 3.42 12.18 9.75
EBITDA, MSEK 7,717 7,736 29,877 26,401
Cash flow from operations, MSEK 5,196 7,966 18,797 20,607
Number of employees2) 40,877 41,447 40,877 41,447
No. of shares outstanding at end of period (‘000) 1,254,386 1,254,386 1,254,386 1,254,386
Average no. of shares, (‘000) 1,254,386 1,254,386 1,254,386 1,254,386
Average no. of shares, diluted, (‘000) 1,256,180 1,255,798 1,255,916 1,255,986
1) New calculation as of Q2 2024, 2023 is updated accordingly, quarter and the annual number is based on a 12-month average, see Definitions on page 22. 2) Full-time equivalent.
%1) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Sandvik Mining and Rock Solutions 24.4 22.3 21.7 21.4 21.6
Sandvik Rock Processing Solutions 8.5 5.2 6.3 6.5 6.4
Sandvik Manufacturing and Machining Solutions 13.7 10.6 11.1 10.1 9.6
Group Total 16.4 14.0 14.1 13.5 13.4
Excluding amortization of surplus values 
Sandvik Mining and Rock Solutions 25.4 23.3 22.7 22.3 22.5
Sandvik Rock Processing Solutions 10.6 7.2 8.3 8.6 8.4
Sandvik Manufacturing and Machining Solutions 15.6 12.7 12.9 11.9 11.6
Group Total 17.9 15.5 15.5 14.9 14.8
Return on capital employed by Business Area
21

===== SIDA 22 =====

For additional information, please call Sandvik Investor Relations +46 8 456 11 00 or visit home.sandvik
Sandvik interim report Q4 2024
22
Definitions of alternative performance measures
Adjusted EBITA
Earnings before interest, tax and accounting effects arising from 
business combinations, referring to amortizations, depreciations and 
impairments, adjusted for items affecting comparability.
Adjusted EBITA margin
Earnings before interest, tax and accounting effects arising from 
business combinations, referring to amortizations, depreciations and 
impairments, adjusted for items affecting comparability, in relation to 
sales.
Adjusted EPS
Profit/loss for the period adjusted for items affecting comparability 
attributable to equity holders of the parent company divided by the 
average number of shares outstanding during the year.
Adjusted EPS, diluted
Profit/loss for the period adjusted for items affecting comparability 
attributable to equity holders of the parent company divided by the 
average number of shares outstanding during the year including 
shares that will be allotted in the long-term incentive programs.
Adjusted EPS, diluted excluding amortization of surplus values
Profit for the period adjusted for items affecting comparability and 
accounting effects arising from business combinations, referring to 
amortizations, depreciations and impairments, net of tax, attributable 
to equity holders of the parent company, divided by the average 
number of shares outstanding during the year including shares that 
will be allotted in the long-term incentive programs.
Adjusted profit before tax
Profit before tax adjusted from items affecting comparability.
Capital employed
Capital employed is defined as total net working capital plus tangible 
and intangible assets, including those classified as asset held for 
sale, other current assets (incl. cash and cash equivalents) less other 
current liabilities.
Cash conversion
Free operating cash flow, adjusted for items affecting comparability 
divided by adjusted EBITA.
EBITA
Earnings before interest, tax and accounting effects arising from 
business combinations, referring to amortizations, depreciations and 
impairments.
EBITDA
Operating profit (EBIT) less depreciation, amortization and 
impairments.
Financial net debt/EBITDA
Interest-bearing current and non-current liabilities, excluding net 
pension liabilities and leases, less cash equivalents divided by rolling 
12 months EBITDA.
Sandvik presents below definitions of certain financial measures that 
are not defined in the interim report in accordance with IFRS. Sandvik 
believes that these measures have an important purpose of providing 
useful supplemental information to investors and the company’s 
management when they allow evaluation of trends and the company’s 
performance. As not all companies calculate the financial measures  
in the same way, these are not always comparable to measures used 
by other companies. These financial measures should not be seen as 
a substitute for measures defined under IFRS.
Free operating cash flow
Earnings before interest, taxes and depreciation adjusted for non-
cash items and adjusted for cash items related to acquisitions not 
considered operational plus the change in net working capital minus 
investments and disposals of rental equipment and tangible and 
intangible assets.
Items affecting comparability (IAC)
Sandvik reports EBITA, EBIT, profit before tax and earnings per share 
adjusted for items affecting comparability. IAC includes capital gains 
and losses from divestments and larger restructuring initiatives, 
impairments, capital gains and losses from divestments of financial 
assets, M&A related costs as well as other material items having a 
significant impact on the comparability.
Net debt
Interest-bearing current and non-current liabilities, including net 
pension liabilities and leases, less cash and cash equivalents.
Net Working Capital (NWC) 
Total of inventories, trade receivables, account payables and other 
current non-interest-bearing receivables and liabilities, including 
those classified as assets and liabilities held for sale/distribution, but 
excluding tax assets and tax liabilities and provisions.
Net working capital in relation to revenues
Net working capital on an average 12 month rolling basis divided by 
12 month rolling revenues. 
Order intake
Order intake for a period refers to the value of all orders received 
for immediate delivery and those orders for future delivery for which 
delivery dates and quantities have been confirmed. General sales 
agreements are included only when they have been finally agreed 
upon and confirmed. Service contracts are included in the order 
intake with the full binding contract amount upon signing.
Organic growth
Change in order intake and revenues after adjustments for exchange 
rate effects and structural changes such as divestments and 
acquisitions. Sandvik generates the majority of its revenues in 
currencies other than in the reporting currency (i.e. SEK, Swedish 
Krona). Organic growth is used to analyze the underlying sales 
performance in the Group.
Return on capital employed (ROCE)
Earnings before interest and taxes plus financial income, on a 12 
month rolling basis, as a percentage of an average rolling 12 months 
capital employed.
Return on capital employed (ROCE), excluding amortization of 
surplus values
Earnings before interest and taxes, adjusted for accounting effects 
arising from business combinations, referring to amortizations, 
depreciations and impairments, plus financial income, on a 12 month 
rolling basis, as a percentage of an average rolling 12 months capital 
employed. 
Return on total equity
Consolidated net profit/loss for the year as a percentage of average 
total equity.

===== SIDA 23 =====

Sandvik interim report Q4 2024
23
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 major customer credit losses. 
Annual General Meeting
The Board of Directors has decided that the 2025 Annual General 
Meeting will be held in Sandviken, Sweden on April 29, 2025. The 
notice to convene the Annual General Meeting will be made in the 
prescribed manner. 
Dividend
The Board of Directors proposes a dividend of SEK 5.75 per share 
(5.50), or a total of SEK 7,213 million (6,899) for 2024. The proposed 
record date to receive dividends is May 2, 2025. Assuming the 
General Meeting accepts the dividend proposal, the date to receive 
dividends is May 7, 2025. 
Stockholm, January 23, 2025
Sandvik Aktiebolag (publ)
The Board of Directors
The Company’s Auditor has not reviewed the report for the full year of 
2024.
Sandvik AB 
Box 510
SE-101 30 Stockholm
+46 8 456 11 00 
Corp Reg. No: 556000–3468
This information is information that Sandvik AB is obliged to make public pursuant 
to the EU Market Abuse Regulation. The information was submitted for publication, 
through the agency of the contact person set out below, at 8:00 AM CET on January 
23, 2025.
Additional information may be obtained from Sandvik Investor Relations on  
+46 70 782 63 74 (Louise Tjeder).
A webcast and telephone conference will be held on January 23, 2025 at 10:00 AM 
CET. Information is available at home.sandvik/investors
  Calendar     
 March 10, 2025  Annual Report 2024
 April 16, 2025 Report, first quarter, 2025
 April 29, 2025 Annual General Meeting
 May 2, 2025  Proposed record date to receive dividends
 May 7, 2025  Proposed date to receive dividends
 May 20-21, 2025  Capital Markets Day
 July 16, 2025 Report, second quarter, 2025
 October 20, 2025 Report, third quarter, 2025