Sandvik (SAND SW) Q3 2026 (SEK): Revenue 37.7bln (exp. 36.8bln), Orders 36.9bln (exp. 36.9bln)

• Demand remained strong for both equipment and aftermarket
• Long-term targets affirmed.

CEO

• ". Underlying demand in infrastructure was positive, driven by demolition and recycling, a strategically important segment for Sandvik. Demand in mining remained good, while organic order intake declined year on year, due to tough comparables for major order"

A revenue beat with orders exactly in line is a mixed print for a capital-goods name, and the sequence that matters here is the usual one for Swedish industrial exporters: the market first trades the order intake against consensus, since orders lead revenue and aftermarket attachment, then re-reads the margin and mix detail on the call. The composition flagged by management fits the established Sandvik pattern, where aftermarket and consumables carry the earnings quality and equipment orders drive the cyclicality; strength in demolition and recycling alongside steady mining demand, with organic orders down on tough comparables from prior major orders, reads as normalization rather than a demand break. The distinction worth drawing is between a lumpy major-order timing effect, which reverses across quarters, and a genuine inflection in underlying mining capex, which historically shows up first in the order-to-bill ratio and the aftermarket growth rate before it shows in revenue. Affirmed long-term targets in this peer set have typically been taken as a signal that management sees the order softness as comparables rather than cycle. The follow-ons are the margin bridge, the split between organic and acquired growth, and peer read-across from the broader mining-equipment complex reporting in the same window.