This report does not constitute a rating action. Sandvik's robust revenue growth is expected to persist through 2027, driven by favorable market conditions and strategic acquisitions. Following a strong first nine months of 2026, during which revenue grew 21% organically at fixed exchange rates, S&P Global Ratings now expects Sandvik's revenue will reach about Swedish krona (SEK)145.0 billion (approximately $14.61 billion) in 2026, from SEK120.7 billion in 2025. While demand is strong across all its businesses, the company notably benefits from the momentum in its mining business, supported by high commodity prices and activity levels, and the surging demand for its tungsten powder on the back of global supply limitations, which also benefits its vertically integrated cutting tools business. Group
