Sandvik Q2‘26 Results Conference Call Feedback

Research evidence excerpt

Sandvik Q2‘26 Results Conference Call Feedback

J P M O R G A N Europe Equity Research

17 July 2026

Sandvik Overweight

SAND.ST, SAND SS

Q2’26 Results Conference Call Feedback Price (16 Jul 26):Skr372.90

Price Target (Dec-27):Skr460.00

Sandvik reported Q2’26 results this morning and we summarise the key take- European Capital Goods

ACaways from the management Conference Call. Incrementally, management Chitrita C Sinha

highlighted that Powder was 19% of invoicing in the quarter (compares to c.HSD% (44-20) 7742-7176

contribution for the FY). Due to frame agreements, Sandvik is not taking any new chitrita.sinha@jpmorgan.com

orders for next year in Powder, and will only look to book more orders in Q4. J.P. Morgan Securities plc

Sandvik is not seeing any meaningful pressure from Chinese players despite the Phil Buller

lower tungsten prices in the country. In Mining, AM growth of 17% has a number (44-20) 3493-9403

phil.buller@jpmorgan.com

of strong drivers that will likely continue for a sustained period. For details on the J.P. Morgan Securities plc

results, please see our First Take.

Akash Gupta

• Machining. In the quarter, powder was 19% of invoicing. Cutting tools saw (44-20)akash.z.gupta@jpmorgan.com7742-7978

20% growth. Q1 saw pre-buys and customers are sitting on slightly higher J.P. Morgan Securities plc

inventory levels. Volume growth in cutting tools is HSD% with underlying Jeremy Caspar

positive and some restocking impact. The net benefit of tungsten is Skr550m (44-20) 3493-5188

across both powder and cutting tools. A few moving parameters: 1) ATP price jeremy.caspar@jpmorgan.com

development and scrap. They were similar but have now diverged. c.55% is J.P. Morgan Securities plc

recycled and the rest is virgin (either own or other suppliers outside of China).