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NF11 EU taxonomy

The EU Taxonomy identifies specific activities in certain sectors that contribute significantly to at least one of the EU’s environmental goals. These activities must also avoid causing significant harm to any of the other objectives and adhere to minimum social safeguards (Taxonomy-aligned). Sandvik has assessed its operations to determine applicable eligible activities, as outlined by the criteria in the EU delegated acts and supporting NACE code information. Applying the precautionary principle, any activities not clearly defined in the EU Taxonomy have been left out. Changes from the previous year’s reporting is the exclusion of some of the activities related to Repair, refurbishment and remanufacturing as eligible. In 2024, the NACE codes where reassessed with the conclusion that our activities related to the Sandvik Mining and Rock Solutions and Sandvik Rock Processing Solutions business areas are not included in the EU Taxonomy definition and therefore not eligible.

Only a few Sandvik activities qualify for reporting on climate change mitigation. Parts of Sandvik Rock Processing are included within Manufacture of steel but the majority of the Group’s eligible activities are related to owned and leased facilities (real estate). Energy efficiency and solar panels are considered separate activities related to real estate, as activities deemed eligible are focused on climate mitigation. Certain limitations in the evaluation of alignment arise from the fact that European reporting standards are not applied globally. In such cases, activities are deemed eligible but not aligned. Over the past year, the focus has been on enhancing processes related to the Minimum Safeguards. While our company policies and procedures align with taxonomy requirements, we have opted to maintain a conservative compliance approach to the Minimum Safeguards, resulting in a reported zero percent alignment across all three KPIs. We closely monitor developments regarding the taxonomy and, as reporting practices and guidelines evolve, we may reassess our current stance.

The assessment of aligned activities, including turnover, capital expenditures (CapEx), and operational expenditures (OpEx), has been determined by reviewing the EU criteria for substantial contribution, review of applicable Do no significant harm (DNSH) criteria and requirements for Minimum Safeguards.

Sandvik has used the Platform on Sustainable Finance’s Final report on Minimum Safeguards to assess compliance with the minimum safeguards laid down in Article 18 in Regulation (EU) 2020/852. There are processes in place to secure minimum safeguards relating to anti-corruption, fair competition and taxation, as well as following the OECD’s six steps for due diligence of human rights. For more information, see Sustainability governance and note NF4. There have been no court convictions in any of these areas.

Nuclear and fossil gas-related activities

Row

Nuclear energy-related activities

YES/NO

1.

The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.

NO

2.

The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.

NO

3.

The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.

NO

 

Fossil gas-related activities

 

4.

The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.

NO

5.

The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.

NO

6.

The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat and cool using fossil gaseous fuels.

NO

§ Reporting principles

Total turnover included in the denominator includes external reported revenue (line revenues). The allocation of the eligible activities has been prepared using product accounts.

Total CapEx included in the denominator includes additions through acquisitions and business combinations in property, plant and equipment (note G13), intangible assets, excluding goodwill (note G12) and right-of-use assets (note G14). The allocation of the eligible activities has been prepared by using cost types.

Total OpEx included in the denominator are R&D, short-term leases, maintenance and repairs and other direct expenditure relating to maintenance of buildings. The allocation of the eligible activities has been prepared using cost types.

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities

Financial year 2024

Year

Substantial Contribution Criteria

DNSH criteria (‘Do no significant harm’)

 

 

 

 

Economic Activities

Code

Turn­over

Propor­tion of Turn­over, year 2024

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Mini­mum Safe­guards

Propor­tion of Taxo­nomy aligned (A.1.) or eligible (A.2.) turnover, year 2023

Category enabling activity

Category transi­tional activity

 

 

MSEK

%

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

%

E

T

A. TAXONOMY-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

A.1. Environmentally sustainable activities (Taxonomy-aligned)

 

 

 

 

 

 

 

 

 

 

Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)

 

 

 

Of which Enabling

 

 

 

Of which Transitional

 

 

 

 

 

 

 

 

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

 

 

 

 

 

 

 

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

Manufacture of iron and steel

CCM 3.9

560

1%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Sorting and material recovery of non-hazardous waste

CE 2.7

212

0%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Repair, refurbishment and remanufacturing

CE 5.1

448

0%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

 

 

 

 

 

 

 

12%

 

 

Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

 

1,220

1%

1%

0%

 

 

 

 

 

 

 

12%

 

 

A. Turnover of Taxonomy-eligible activities (A1+A2)

 

1,220

1%

1%

0%

 

 

 

 

 

 

 

12%

 

 

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Turnover of Taxonomy-non-eligible activities

 

121,658

99%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL

 

122,878

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities

Financial year 2024

Year

Substantial Contribution Criteria

DNSH criteria (‘Do no significant harm’)

 

 

 

 

Economic Activities

Code

Turn­over

Propor­tion of Turn­over, year 2024

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Mini­mum Safe­guards

Propor­tion of Taxo­nomy aligned (A.1.) or eligible (A.2.) turnover, year 2023

Category enabling activity

Category transi­tional activity

 

 

MSEK

%

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

%

E

T

A. TAXONOMY-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

A.1. Environmentally sustainable activities (Taxonomy-aligned)

 

 

 

 

 

 

 

 

 

 

Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)

 

 

 

Of which Enabling

 

 

 

Of which Transitional

 

 

 

 

 

 

 

 

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

 

 

 

 

 

 

 

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

Manufacture of iron and steel

CCM 3.9

560

1%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Sorting and material recovery of non-hazardous waste

CE 2.7

212

0%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Repair, refurbishment and remanufacturing

CE 5.1

448

0%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

 

 

 

 

 

 

 

12%

 

 

Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

 

1,220

1%

1%

0%

 

 

 

 

 

 

 

12%

 

 

A. Turnover of Taxonomy-eligible activities (A1+A2)

 

1,220

1%

1%

0%

 

 

 

 

 

 

 

12%

 

 

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Turnover of Taxonomy-non-eligible activities

 

121,658

99%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL

 

122,878

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities

Financial year 2024

Year

Substantial Contribution Criteria

DNSH criteria (‘Do no significant harm’)

 

 

 

 

Economic Activities

Code

CapEx

Propor­tion of CapEx, year 2024

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Mini­mum Safe­guards

Propor­tion of Taxo­nomy aligned (A.1.) or eligible (A.2.) turnover, year 2023

Category enabling activity

Category transi­tional activity

 

 

MSEK

%

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

%

E

T

A. TAXONOMY-ELIGIBLE ACTIVITIES

 

 

 

A.1. Environmentally sustainable activities (Taxonomy-aligned)

 

 

 

CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

 

 

 

Of which Enabling

 

 

 

Of which Transitional

 

 

 

 

 

 

 

 

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

 

 

 

 

 

 

 

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

Manufacture of iron and steel

CCM 3.9

27

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Installation, maintenance and repair of energy efficiency equipment

CCM 7.3

29

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Installation, maintenance and repair of charging stations for electric vehicles in buildings

CCM 7.4

1

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings

CCM 7.5

3

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Installation, maintenance and repair of renewable energy technologies

CCM 7.6

17

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Acquisition and ownership of buildings

CCM 7.7

1,192

12%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

14%

 

 

Repair, refurbishment and remanufacturing

CE 5.1

27

0%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

 

 

 

 

 

 

 

1%

 

 

CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

 

1,296

13%

13%

0%

 

 

 

 

 

 

 

14%

 

 

A. CapEx of Taxonomy-eligible activities (A1+A2)

 

1,296

13%

13%

0%

 

 

 

 

 

 

 

15%

 

 

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CapEx of Taxonomy-non-eligible activities

 

9,023

87%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL

 

10,319

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities

Financial year 2024

Year

Substantial Contribution Criteria

DNSH criteria (‘Do no significant harm’)

 

 

 

 

Economic Activities

Code

CapEx

Propor­tion of CapEx, year 2024

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Mini­mum Safe­guards

Propor­tion of Taxo­nomy aligned (A.1.) or eligible (A.2.) turnover, year 2023

Category enabling activity

Category transi­tional activity

 

 

MSEK

%

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

%

E

T

A. TAXONOMY-ELIGIBLE ACTIVITIES

 

 

 

A.1. Environmentally sustainable activities (Taxonomy-aligned)

 

 

 

CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

 

 

 

Of which Enabling

 

 

 

Of which Transitional

 

 

 

 

 

 

 

 

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

 

 

 

 

 

 

 

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

Manufacture of iron and steel

CCM 3.9

27

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Installation, maintenance and repair of energy efficiency equipment

CCM 7.3

29

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Installation, maintenance and repair of charging stations for electric vehicles in buildings

CCM 7.4

1

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings

CCM 7.5

3

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Installation, maintenance and repair of renewable energy technologies

CCM 7.6

17

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

0%

 

 

Acquisition and ownership of buildings

CCM 7.7

1,192

12%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

14%

 

 

Repair, refurbishment and remanufacturing

CE 5.1

27

0%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

 

 

 

 

 

 

 

1%

 

 

CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)

 

1,296

13%

13%

0%

 

 

 

 

 

 

 

14%

 

 

A. CapEx of Taxonomy-eligible activities (A1+A2)

 

1,296

13%

13%

0%

 

 

 

 

 

 

 

15%

 

 

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CapEx of Taxonomy-non-eligible activities

 

9,023

87%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL

 

10,319

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities

Financial year 2024

Year

Substantial Contribution Criteria

DNSH criteria (‘Do no significant harm’)

 

 

 

 

Economic Activities

Code

OpEx

Propor­tion of OpEx, year 2024

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Mini­mum Safe­guards

Propor­tion of Taxo­nomy aligned (A.1.) or eligible (A.2.) turnover, year 2023

Category enabling activity

Category transi­tional activity

 

 

MSEK

%

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

%

E

T

A. TAXONOMY-ELIGIBLE ACTIVITIES

 

 

 

A.1. Environmentally sustainable activities (Taxonomy-aligned)

 

 

 

OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

 

 

 

Of which Enabling

 

 

 

Of which Transitional

 

 

 

 

 

 

 

 

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

 

 

 

 

 

 

 

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

Manufacture of iron and steel

CCM 3.9

34

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

1%

 

 

Installation, maintenance and repair of energy efficiency equipment

CCM 7.3

5

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

 

 

Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings

CCM 7.5

1

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

 

 

Acquisition and ownership of buildings

CCM 7.7

499

5%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

6%

 

 

Repair, refurbishment and remanufacturing

CE 5.1

17

0%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

 

 

 

 

 

 

 

2%

 

 

OpEx of Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)

 

556

6%

6%

0%

 

 

 

 

 

 

 

6%

 

 

A. OpEx of Taxonomy-eligible activities (A1+A2)

 

556

6%

6%

0%

 

 

 

 

 

 

 

9%

 

 

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpEx of Taxonomy-non-eligible activities

 

9,332

94%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL

 

9,888

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities

Financial year 2024

Year

Substantial Contribution Criteria

DNSH criteria (‘Do no significant harm’)

 

 

 

 

Economic Activities

Code

OpEx

Propor­tion of OpEx, year 2024

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Climate Change Miti­gation

Climate Change Adap­tation

Water

Pollu­tion

Circular Eco­nomy

Bio­diver­sity

Mini­mum Safe­guards

Propor­tion of Taxo­nomy aligned (A.1.) or eligible (A.2.) turnover, year 2023

Category enabling activity

Category transi­tional activity

 

 

MSEK

%

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y; N;
N/EL

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

Y/N

%

E

T

A. TAXONOMY-ELIGIBLE ACTIVITIES

 

 

 

A.1. Environmentally sustainable activities (Taxonomy-aligned)

 

 

 

OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

 

 

 

Of which Enabling

 

 

 

Of which Transitional

 

 

 

 

 

 

 

 

A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

 

 

 

 

 

 

 

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

Manufacture of iron and steel

CCM 3.9

34

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

1%

 

 

Installation, maintenance and repair of energy efficiency equipment

CCM 7.3

5

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

 

 

Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings

CCM 7.5

1

0%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

 

 

Acquisition and ownership of buildings

CCM 7.7

499

5%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

 

 

 

 

 

 

 

6%

 

 

Repair, refurbishment and remanufacturing

CE 5.1

17

0%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

 

 

 

 

 

 

 

2%

 

 

OpEx of Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)

 

556

6%

6%

0%

 

 

 

 

 

 

 

6%

 

 

A. OpEx of Taxonomy-eligible activities (A1+A2)

 

556

6%

6%

0%

 

 

 

 

 

 

 

9%

 

 

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpEx of Taxonomy-non-eligible activities

 

9,332

94%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL

 

9,888

100%