Sandvik CEO Stefan Widing has highlighted the importance of a “new generation” of the company’s underground mine automation technology and its move into the fast-growing filtration market in a June quarter that produced record mining sales and orders led by aftermarket expansion.
The Swedish manufacturer reported mining revenues of SEK18.5 billion (US$1.9 billion) and orders of SEK20 billion (US$2.06 billion), up 20% and 12%, respectively, on the same period in 2025. Division Q2 EBITA was up 21% year-on-year at SEK3.79 billion (US$390 million), with the adjusted EBITA margin at 20.5%.
Sandvik’s total Q2 revenues and orders were SEK36.75 billion (US$3.8 billion) and SEK37.8 billion (US$3.89 billion), respectively, including SEK2.69 billion (US$277 million) of rock processing sales and SEK2.84 billion (US$292 million) of orders for that division.
The group also has a large machining tools ($1.5 billion Q2 revenues) arm and intelligent manufacturing ($90 million) business.
Widing said mining demand remained robust. Equipment orders rose 2% yoy in the June quarter, but on a historically strong three months for machine sales in 2025. Double-digit growth in the aftermarket business continued a longer-term trend.
“The primary drivers are parts and services and digital technologies,” Widing told analysts on a results call.
“Digital technologies has very good growth driven by automation and Deswik [mine planning software].
“Parts and service is driven by a number of things. Customers are using the equipment to the fullest extent. We have an expanding fleet. Also, the fleet is fairly old. All of those things are driving aftermarket demand for parts and services.
“Also, the fact that the [new] fleet we are now putting out there is more advanced machines, which tends to increase the aftermarket per machine. And it becomes more sticky in terms of the aftermarket coming to us since it’s difficult for others to service that type of equipment.”
Widing described the market launch of AutoMine Aura, the latest iteration of the company’s two-decades-old mine automation offering, as a “major step in Sandvik’s automation roadmap and in the transition towards more autonomous, data-driven mining operations”.
“This is a complete rewrite of the AutoMine platform,” the CEO said.
“[It is] making sure we are on the latest technology platform that can scale for the future. It also adds a significant new feature – 3D mapping in real time.
“Currently the automation solutions used in mines have a 2D navigation system.
“Going full 3D means we can map in real time the tunnel of the mine. We can see things like potholes and rocks on the ground.
“Overall, it means we can increase the speed of the automated equipment by over 15%.
“This has been validated by customers in their natural environment.”
Widing said the acquisition of Italy’s Diemme Filtration was another significant step, putting Sandvik into an attractive downstream niche market exhibiting good structural growth.
“Besides the structural growth in mining, filtration is growing even faster,” he said.
“This market is growing by around 15% per year, driven also by regulatory trends, where mine operations want to de-risk their tailing dams and also get permits to operate the mine. You need large filter presses for this [tailings dewatering] and in this segment Diemme Filtration is the market leader.
“They have a total addressable market of SEK20 billion [circa-US$2 billion) in their core offering.
“If we add adjacent offerings that they have it increases further.
“The company has revenues of SEK1.1 billion expected this year, accretive margins and a high share of aftermarket. All the attributes that we would like to see.”
Asked about further bolt-on acquisitions in the mine rock processing and comminution space, Widing reiterated Sandvik’s desire to grow “in attractive niches”. It previous acquired the Schenck mining screen and feeder business in 2022.
“What we mean by that is product categories where there is a high share of aftermarket service, meaning typically good margins and resilient business.
“It’s also where we think we can add something in terms of competence and so on.
“I think we will, three years from now, be a little bit broader than we are now. I do think we took a big step forward with filtration and we’ll probably consolidate that for a while. Schenck was three years ago. We know it took a few years to get fully into that part of the market, start to scale it [and] get synergies.
“It will take some time also with filtration and dewatering. We will definitely try to broaden it a little bit more.
“You shouldn’t expect something like this every year.
“We want to build it slowly but steadily and we’re in it for the long term.
“I think mining will be a good business 30 years from now as well. We’re not in a hurry, but the direction is clear where we want to go.”
