Updated Q2’26 Preview: Stay positive into the print

Research evidence excerpt

Updated Q2’26 Preview: Stay positive into the print

J P M O R G A N Europe Equity Research

13 July 2026

Sandvik Overweight

SAND.ST, SAND SS

Updated Q2’26 Preview: Stay positive into the print Price (10 Jul 26):Skr390.90

Price Target (Dec-27):Skr460.00

We update our initial Q2’26 preview (published July 07) having received the final European Capital Goods

ACconsensus (Infront, July 13). On Q2, we are now 1% ahead on orders (earlier 4% Chitrita C Sinha

above), 4% ahead on sales (earlier 6% ahead) and 6% ahead on Adj. EBITA (earlier (44-20) 7742-7176

10% ahead). While consensus has moved up, we see upside not only to consensus chitrita.sinha@jpmorgan.com

but also to our estimates given our conservative assumptions in Machining. As J.P. Morgan Securities plc

shown in Table 1Price/CostdevelopmentsoutsideofChina, the price / cost development in the quarter on both cutting tools Phil Buller

and powder is positive y/y. We also expect Sandvik to see further benefit from (44-20) 3493-9403

phil.buller@jpmorgan.com

market share shifts due to its vertically-integrated business model, a contrast to J.P. Morgan Securities plc

peers. In our discussions, investors are already ahead of sell-side consensus, but we

Akash Gupta

expect the combination of a very strong print in Q2, positive commentary into Q3 (44-20) 7742-7978

(on cutting tools) and momentum in other businesses to be enough for a positive akash.z.gupta@jpmorgan.com

move on the day. We remain positive going into the print. J.P. Morgan Securities plc

Jeremy Caspar

• Conference Call details. Conference call on 17 July at 12pm UK time, (44-20) 3493-5188

accessible on +44 203 059 58 63. jeremy.caspar@jpmorgan.com

• JPMe versus Consensus. For Q2, our orders, sales and adj. EBITA are now J.P. Morgan Securities plc