Flsmidth & Co. A/s · OMXCOP:FLS
Flsmidth & Co. A/s — Flsmidth & Co A/S B Shs — FY2025 Earnings Presentation
29 slides from Flsmidth & Co. A/s's earnings presentation, Feb 18, 2026
Slide 1: 2025 Annual Report Investor Presentation
2025 Annual Report Investor Presentation 18 February 2026
Slide 2: Contents
Contents Today’s speakers 01 2025 strategic highlights 06 PC&V Performance 02 Sustainability highlights for Q4 2025 07 Consolidated financial performance Toni Laaksonen Roland M. Andersen Chief Executive Officer Chief Financial Officer 03 Market overview 08 2026 financial guidance Forward - looking
Slide 3: Toni Laaksonen announced as new CEO of FLSmidth
Toni Laaksonen announced as new CEO of FLSmidth 3 18 Feb 2026 2025 Annual Report | Investor presentation
Slide 4: 2025 strategic highlights
2025 strategic highlights 2025 marked a turning point for FLSmidth, completing our transition to a focused, pure - play mining technology and services company and positioning us for the next phase of our journey. With the closing of the Cement divestment, our transition to a focused, pure - play sup
Slide 5: Good progression on most of our key sustainability targets
Good progression on most of our key sustainability targets Scope 1 & 2 Greenhouse Scope 3 Economic intensity Spend with suppliers with gas emissions (use of sold products) science - based targets 27,221 3,455 25.0 tCO 2 e (market - based) tCO 2 e/DKKm order intake % 2025 HIGHLIGHTS • We earned leade
Slide 6: The market conditions observed in Q4'25 were unchanged from previous quarters
The market conditions observed in Q4’25 were unchanged from previous quarters • Overall market conditions were unchanged in Q4 2025, with both the service and PC&V markets remaining stable, while the products market remained subdued • Despite commodity prices, particularly for copper and gold, reach
Slide 7: Service: Strong Q4 supported a solid full-year commercial performance
Service: Strong Q4 supported a solid full - year commercial performance with 4% organic growth in order intake GROWTH IN SERVICE ORDER INTAKE AND REVENUE SERVICE ORDER INTAKE AND REVENUE Organic and total growth DKKm and ratio Q4 2025 vs. Q4 2024 FY 2025 vs. FY 2024 DKKm % Order intake +14% +7 % +4%
Slide 8: High Q4'25 Service margins supported by the strong revenue
High Q4’25 Service margins supported by the strong revenue SERVICE EBITA AND EBITA MARGIN DKKm and percent of revenue 22.4% 20.3% 19.9% 21.2% 19.2% 17.0% 17.5% 19.6% 19.2% 19.0% 16.7% 16.7% 531 502 420 443 388 411 404 370 367 372 333 339 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 EBITA Adj. EBI
Slide 9: Products: The 5% decline in organic order intake in 2025
Products: The 5% decline in organic order intake in 2025 reflects the subdued demand across our markets GROWTH IN PRODUCTS ORDER INTAKE AND REVENUE PRODUCTS ORDER INTAKE AND REVENUE Organic and total growth DKKm and ratio Q4 2025 vs. Q4 2024 FY 2025 vs. FY 2024 DKKm % Order intake +28 % +21% - 5% -
Slide 10: High revenue and strategic initiatives drove Q4'25 Products EBITA margins
High revenue and strategic initiatives drove Q4’25 Products EBITA margins PRODUCTS EBITA AND EBITA MARGIN DKKm and percent of revenue Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 6.8% 4.2% 63 39 -31 -24 -31 -26 -44 -49 -45 -59 -82 -81 -1.9% -3.4% -2.6% -2.4% -3.7% -5.9% -8.1% -10.1% -10.2% -9.7%
Slide 11: PC&V: 12% organic growth in order intake in 2025
PC&V: 12% organic growth in order intake in 2025 driven by key initiatives to strengthen the commercial organisation GROWTH IN PC&V ORDER INTAKE AND REVENUE PC&V ORDER INTAKE AND REVENUE Organic and total growth DKKm and ratio Q4 2025 vs. Q4 2024 FY 2025 vs. FY 2024 DKKm % Order intake +21% +15% +12
Slide 12: PC&V EBITA margins remained stable and in line with expectations
PC&V EBITA margins remained stable and in line with expectations PC&V EBITA AND EBITA MARGIN DKKm and percent of revenue 28.0% 27.4% 27.1% 24.7% 24.5% 26.3% 27.0% 23.7% 25.0% 23.4% 23.7% 22.6% 213 221 213 194 200 194 170 179 178 184 160 168 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 EBITA Adj.
Slide 13: Consolidated financial performance in Q4 2025
Consolidated financial performance in Q4 2025 CONSOLIDATED FINANCIALS COMMENTS (DKKm) Q4 2025 Q4 2024 1 Change • 2024 figures include Non -Core Activities Order intake 4,403 3,951 +11% Revenue 4,073 4,240 -4% • Order intake increased by 11% compared to Q4 2024 (organic Gross profit margin 34.6% 33.9
Slide 14: Gross margin remained high through 2025 as a result of revenue mix
Gross margin remained high through 2025 as a result of revenue mix GROSS PROFIT Gross margin improved by 0.7%p versus Q4 2024 DKKm Gross margin 1,800 40% 33.9% 34.7% 34.6% 35% 1,500 30% 1,200 25% 900 20% 1,437 1,409 15% 600 1,198 10% 300 5% - - Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Gross profit Gross
Slide 15: SG&A costs down by 19% year-on-year
SG&A costs down by 19% year - on - year reflecting the progression towards new scalable operating model SG&A COSTS COMMENTS SG&A ratio down by 3.2%p vs. Q4 2024 • SG&A costs amounted to DKK 705m in Q4 2025 compared to DKKm SG&A ratio DKK 869m in Q4 2024: 1,200 25% • This included transformation and
Slide 16: Continued improvements in underlying profitability
Continued improvements in underlying profitability driven by higher gross margin and lower SG&A EBITA AND ADJUSTED EBITA DKKm and margins (%) ADJUSTED EBITA MARGIN 19.8% 18.0% 15.3% 12.9% Q4 2024 1 12.9% 14.5% 11.9% 18.0% 807 735 548 530 505 500 Q4 2025 Adjusted for DKK 91m of transformation and sep
Slide 17: Increase in NWC mainly driven by higher receivables
Increase in NWC mainly driven by higher receivables from strong Q4’25 revenues and the timing of order execution NET WORKING CAPITAL (NWC) AND NWC RATIO NET WORKING CAPITAL AT END - Q4 2025 DKKm and ratio relative to revenue DKKm Q4 2025 Q3 2025 Change DKKm NWC ratio 3,000 18% Inventories 3,435 3,43
Slide 18: Higher earnings from continuing activities offset by change in NWC and taxes paid
Higher earnings from continuing activities offset by change in NWC and taxes paid GROUP CASH FLOW Consolidated Group, DKKm Q4 2025 Q4 2024 DKKm EBITDA, continuing activities 867 573 800 EBITDA, discontinued business -25 97 Adjustment for gain on sale of PPE 1 and other non -cash items 32 28 600 Chan
Slide 19: Consolidated financial performance for the full year 2025
Consolidated financial performance for the full year 2025 CONSOLIDATED KEY FINANCIAL ITEMS DKKm, unless otherwise stated 2025 2024 Change Order intake 15,045 15,333 -1.9% Revenue 14,612 15,740 -7.2% Adj. EBITA 2,319 1,780 +30.3% Adj. EBITA margin 15.9% 11.3% +4.6%p Profit/(loss) for the year 8 1,030
Slide 20: Share buy-back programme nearing completion
Share buy - back programme nearing completion DEVELOPMENT IN NIBD AND LEVERAGE STATUS OF CURRENT DKKm and leverage ratio (NIBD/EBITDA) SBB PROGRAMME DKKm NIBD/EBITDA 1,400 2,500 2.5 Capital structure target of NIBD/EBITDA <2.0x 2,014 2,000 2.0 1,473 1,500 1.5 1,355 1,000 847 0.8x 1.0 0.6x 500 0.4x 0
Slide 21: Ordinary dividend of DKK 4 per share proposed and intention to launch new SBB
Ordinary dividend of DKK 4 per share proposed and intention to launch new SBB programme announced 1 SHAREHOLDER RETURNS Ordinary dividends and share buy - back programme (DKKm) 1,861 1,231 1,400 1,000 1 231 227 173 173 461 103 231 2 2020 2021 2022 2023 2024 2025 2026 Share buy -back Ordinary dividen
Slide 22: The financial guidance for 2026 is maintained
The financial guidance for 2026 is maintained 1 Organic revenue growth - 1% to 4% Adj. EBITA margin 15.5% to 16.5% 1 Ref. Company Announcement no. 09 -2026 22 18 Feb 2026 2025 Annual Report | Investor presentation
Slide 23: Detailed full-year 2026 revenue bridge
Detailed full - year 2026 revenue bridge 2026 revenue bridge Key assumptions for the revenue outlook for the full year 2026 2% to 5% • FLSmidth targets organic revenue growth of - 1% to 4%: • Service revenue is expected to increase organically by 2 - 5% • Products revenue is expected to decline orga
Slide 24: Detailed full-year 2026 Adj. EBITA margin bridge
Detailed full - year 2026 Adj. EBITA margin bridge 2026 Adj. EBITA margin bridge (approximate development) Key assumptions for the Adj. EBITA margin outlook for the full year 2026 ~19-20% • FLSmidth targets an Adj. EBITA margin of 15.5% to 16.5% • The Adj. EBITA is expected to benefit from: ~5.0% p
Slide 25: In 2026, FLSmidth will build on its strengthened foundations
In 2026, FLSmidth will build on its strengthened foundations to accelerate market expansion Expanding our market position We will drive organic expansion and pursue selective acquisitions to deepen customer relationships and reinforce our position within mineral processing. Continue enhancing the cu
Slide 26: Capital Markets Day
Capital Markets Day Will expectedly be held in September 2026
Slide 27: Questions & answers
Questions & answers 27 18 Feb 2026 2025 Annual Report | Investor presentation
Slide 28: Investor information
Investor information 2026 FINANCIAL CALENDAR INVESTOR CONTACTS 24 March 2026: Annual General Meeting ANDREAS HOLKJÆR SANDAGER 13 May 2026: Q1 2026 Interim Financial Report Head of Investor Relations 19 August 2026: H1 2026 Interim Financial Report Phone: +45 2485 0384 11 November 2026: Q3 2026 Inter
Slide 29: Thank you
Follow us here Thank you FLSmidth & Co. A/S Havneholmen 2, 1-3 2450 Copenhagen SV Denmark Phone: +45 3618 1000 Email: info@ FLSmidth .com www.flsmidth.com CVR: 58180912 29 18 Feb 2026 2025 Annual Report | Investor presentation
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