Sandvik CEO Stefan Widing says he thinks the company can step up its M&A activity in 2026 after it finished 2025 with net debt around US$3.8 billion and its net debt to earnings ratio back below 1.0.
The Swedish mining, construction and manufacturing equipment manufacturer actually completed 11 acquisitions last year: 10 by its machining and intelligent manufacturing arm and one in construction. But no additions to its largest business, mining.
Sandvik was an active buyer of mining technology firms earlier this decade and is now reaping benefits from those deals, reporting strong growth in software sales in the December quarter of 2025 and double-digit order growth for digital mining technologies. “A key strategic area for us is to grow our digital solutions,” Widing said.
