Sandvik reports order and revenue growth in 2025 Annual Report
Sandvik AB, headquartered in Stockholm, Sweden, has released its 2025 Annual Report, in which organic order intake grew by 11% and revenues by 5% at fixed exchange rates. Adjusted EBITA margin was in the range of 20–22%, whereas the adjusted operating margin was 19.3% (19.2), despite significant currency headwinds. Tariffs were reportedly fully mitigated.
Stefan Widing, President and CEO, shared, “We can look back on a successful 2025 for Sandvik. In a year characterized by significant geopolitical uncertainty and trade barriers, we proved the strength of our strategy by delivering good growth, a strong cash flow and resilient profitability, while at the same time advancing our long-term ambitions.”
nvestments in R&D reportedly amounted to SEK 4.5 billion in 2025, corresponding to 3.8% of group revenues. Widing added, “Sandvik maintains a high innovation pace as we consistently find new ways to create customer value. We continue to build on our technology leadership within areas such as advanced materials, automation, electrification and digitalisation.”
“The major technology shifts underway in our industries, in areas such as digital technologies and artificial intelligence, provide new opportunities for Sandvik. With our strong customer relationships, leading positions within mining equipment and tools, and world-class digital platforms, we have great potential to further leverage the value we provide with our solutions. In a few years, we have built a digital and software portfolio that generated revenues of SEK 5.5 billion in 2025. We implement AI across our offering, as well as within logistics and in our internal operations, wherever it makes good business sense,” Widing continued.
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Machining and Intelligent Manufacturing
Sandvik announced that Machining and Intelligent Manufacturing would become two separate business areas as of January 2026, a change that is now in effect. “This change further sharpens the focus on profitable growth and provides transparency on the financial development of the two areas, while continuing to deepen collaboration,” Widing stated.
The cutting tools market remained mixed in 2025. Underlying demand in general engineering was muted but stable, a consequence of the subdued industrial cycle. Demand in aerospace was strong during the year following several years of backlog among major aircraft manufacturers, while the automotive industry remained weak. Sandvik also noted solid order intake development in the defence segment, where geopolitical unrest has spurred increased investments.
Order intake for this business area was 48,557 MSEK, an increase of 5%, at fixed exchange rates, of which 4% was organic. Revenues were 47,273 MSEK, an increase of 3% at fixed exchange rates, of which 2% was organic. Adjusted EBITA amounted to SEK 9,385 million. The operating profit margin was 19.9%, negatively impacted by currency. Tariffs were fully mitigated thanks to swift implementation of tariff surcharges.
Other segments
Sandvik Rock Processing generated an order intake, at fixed exchange rates, increased by 4%, of which 3% was organic. Revenues at fixed exchange rates increased by 5%, of which 5% was organic. Pricing and tariff surcharges contributed to the positive revenue development.
Adjusted EBITA amounted to SEK 1,546 million. The operating profit margin was 14.8%, negatively impacted by currency. Tariffs were fully mitigated thanks to swift implementation of tariff surcharges.
Mining’s order intake, at fixed exchange rates, grew by 17%, of which 17% was organic. Mining equipment grew by 46% and the aftermarket business grew by 5%, organically. Revenues, at fixed exchange rates, grew by 8%, of which 8% was organic. The Digital Mining Technologies and Parts and Services divisions both grew by double digits. Pricing and tariff surcharges contributed to the positive revenue development.
Adjusted EBITA amounted to SEK 13,045 million. The operating profit margin was 20.7%, heavily impacted by currency. Tariffs were fully mitigated thanks to swift implementation of tariff surcharges.
“I am proud of our accomplishments under the previous Shift Strategy that ended in 2025. We have undergone a significant transformation and repositioned Sandvik. We have divested or spun off businesses with combined revenues of SEK 30 billion and acquired businesses adding revenues of more than SEK 22 billion. This has strengthened our exposure to strategic growth areas such as digital mining and manufacturing, and enhanced our presence in growth segments and regions. In 2025, we welcomed 11 businesses to Sandvik, within areas such as CAM solutions, 3D metrology software, and demolition and recycling equipment,” Widing continued.
The full report is available here.
