Invitation: Presentation of Sandvik’s report of the first quarter 2026

Sandvik will publish Q1 2026 results on Wednesday, 22 April 2026 at approximately 11:30 AM CEST. A combined webcast and conference call for investors, analysts and financial media will be held at 13:00 CEST, presented by CEO Stefan Widing and CFO Cecilia Felton, with presentation slides available from about 12:30 CEST on Sandvik's website. Dial-in details for Sweden, the UK and the US are provided for the conference call.

Analysis

Sandvik’s quarterly release is a classic catalyst point where the market will re-price cyclicality versus structural transition exposure. Beyond headline orders and margins, focus on the split between aftermarket/recurrent revenue and capital-equipment bookings — a 100–200bps shift toward aftermarket would mechanically reduce EBITDA volatility and justify a 5–10% multiple expansion over 6–12 months because recurring sales convert to cash faster and carry higher margin visibility.

Second-order supply-chain effects matter: any signs of lead-time tightening in carbide/alloy inputs or extended delivery schedules for machining centers will amplify pricing power across the tooling chain, pressuring smaller competitors with weaker supply contracts. Conversely, early signs of customer inventory destocking (visible as sequential order softness with stable backlog) would not just cut next-quarter sales but likely produce a multi-quarter demand signal in Europe/China, compressing margins across the vendor base.

Tail risks and catalysts are concentrated: near-term (days–weeks) volatility will be driven by guidance and order cadence commentary; medium-term (3–12 months) outcomes hinge on Chinese industrial activity and mining capex trends; long-term (12–36 months) upside is tied to adoption of Sandvik’s premium materials/additive/aftermarket solutions in EV and battery manufacturing, which could re-rate the stock if management quantifies durable revenue streams. Watch management’s language on backlog conversion and price/mix versus raw-material pass-through — those two lines will flip a constructive narrative into a cautious one very quickly.

Key Decisions for Investors

• Long SAND (Sandvik AB) on a clear beat: Initiate a 1–2% portfolio position within 90 minutes of results if organic order growth and adjusted EBITDA margin both beat street consensus by >100bps. Time horizon 6–12 months; target +20–30% upside, stop-loss -12% from entry. Consider buying 9–12 month SAND calls instead to cap downside to premium (~max loss = premium).
• Pair trade — Long SAND / Short ATCO-A (Atlas Copco A) equal notional: Deploy if Sandvik signals durable aftermarket growth while Atlas Copco commentary is more cyclical-focused. Rebalance quarterly, target 3–9 month horizon, aim for 10–20% relative outperformance; protect with 3–6 month hedges on the short leg if global industrial PMI dips.
• Event short (tactical): If Sandvik guides materially lower for China/mining orders (sequential order decline >10% with negative backlog commentary), establish a short SAND position sized to risk 5% of book with a protective call (3-month). Reward scenario: 15–25% downside if cyclicality is confirmed; capped risk via the call premium.
• Volatility play around print: Buy a 1–2 week ATM straddle/strangle if implied vol stays muted but management language suggests binary outcomes on backlog conversion. Risk is limited to premium; expect 2.5x+ payoff on >5% move in either direction within the option window — if premium is high, prefer long-dated calls (3–6 months) to capture sustained re-rating from structural win.