Flsmidth & Co. A/s · OMXCOP:FLS
Flsmidth & Co. A/s — Flsmidth & Co A/S B Shs — Q3 2025 Earnings Presentation
22 slides from Flsmidth & Co. A/s's earnings presentation, Nov 12, 2025
Slide 1: Q3 2025 Interim Financial Report
Q3 2025 Interim Financial Report Investor Presentation 12 November 2025
Slide 2: Contents
Contents Today’s speakers 01 Key highlights for Q3 2025 06 PC&V Performance 02 Sustainability Highlights for Q3 2025 07 Consolidated financial performance Mikko Keto Roland M. Andersen Chief Executive Officer Chief Financial Officer 03 Market overview 08 2025 financial guidance Forward - looking sta
Slide 3: Q3 2025 highlights
Q3 2025 highlights Service orders increased by 10% organically in Q3 2025, affirming the positive market momentum While engineering and planning activity continued at high levels in the quarter, the timing of project sanctioning remains highly uncertain, adversely impacting our Products order intake
Slide 4: Good progression on all our sustainability targets
Good progression on all our sustainability targets Scope 1 & 2 Greenhouse Scope 3 Economic intensity Spend with suppliers with gas emissions (use of sold products) science - based targets 20,589 2,228 24.9 tCO 2 e (market - based) tCO 2 e/DKKm order intake % HIGHLIGHTS ▲ 11.2% ▲ 25.4% ▲ 2.4%p • FLS
Slide 5: Overall market conditions were unchanged in Q3 2025
Overall market conditions were unchanged in Q3 2025 compared to prior quarters • Overall market conditions were unchanged in Q3 2025, with both the service and PC&V markets remaining stable, while the products market remained subdued • While engineering and planning activity continued at high levels
Slide 6: 10% organic growth in Service order intake
10% organic growth in Service order intake in Q3 2025 growth affirms positive market momentum GROWTH IN SERVICE ORDER INTAKE AND REVENUE SERVICE ORDER INTAKE AND REVENUE Organic and total growth DKKm and ratio Q3 2025 vs. Q3 2024 9M 2025 vs. 9M 2024 DKKm % Order intake +10% +3 % +1% - 4% 3,000 120 O
Slide 7: Service EBITA margin remains stable at healthy levels
Service EBITA margin remains stable at healthy levels SERVICE EBITA AND EBITA MARGIN DKKm and percent of revenue 19.9% 20.3% 19.9% 19.2% 17.0% 17.5% 19.6% 19.0% 19.2% 19.0% 16.7% 16.7% 421 420 443 403 388 411 404 370 367 372 333 339 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBITA Adj. EBITA EB
Slide 8: Continued products market softness
Continued products market softness, with persistent uncertainty around the timing of project sanctioning GROWTH IN PRODUCTS ORDER INTAKE AND REVENUE PRODUCTS ORDER INTAKE AND REVENUE Organic and total growth DKKm and ratio Q3 2025 vs. Q3 2024 9M 2025 vs. 9M 2024 DKKm % Order intake - 38 % - 43% - 17
Slide 9: Sequential improvement in Products EBITA margin
Sequential improvement in Products EBITA margin driven by higher revenue PRODUCTS EBITA AND EBITA MARGIN DKKm and percent of revenue Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 -31 -24 -31 -26 -44 -49 -45 -1.9% -59 -90 -82 -81 -103 -2.6% -3.4% -2.4% -3.7% -5.9% -8.1% -8.5% -9.7% -10.1% -9.7% -10
Slide 10: PC&V market remains stable and active
PC&V market remains stable and active, supporting a 9% organic growth in order intake in 9M 2025 GROWTH IN PC&V ORDER INTAKE AND REVENUE PC&V ORDER INTAKE AND REVENUE Organic and total growth DKKm and ratio Q3 2025 vs. Q3 2024 9M 2025 vs. 9M 2024 DKKm % Order intake - 4% - 9% +9% +4% 1,200 120 Organ
Slide 11: PC&V EBITA margin has remained stable
PC&V EBITA margin has remained stable and in line with expectations PC&V EBITA AND EBITA MARGIN DKKm and percent of revenue 28.0% 27.1% 24.0% 24.7% 24.5% 26.3% 27.0% 23.7% 23.4% 23.7% 22.1% 22.6% 213 221 194 200 170 179 178 184 160 168 134 145 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBITA Ad
Slide 12: Consolidated financial performance in Q3 2025
Consolidated financial performance in Q3 2025 CONSOLIDATED FINANCIALS COMMENTS (DKKm) Q3 2025 Q3 2024* Change • 2024 figures include Non -Core Activities Order intake 3,348 3,746 -11% Revenue 3,453 4,042 -15% • Order intake declined by 11% compared to Q3 2024 (organic Gross profit margin ** 34.7% 31
Slide 13: Gross margin improved by 3.6% points
Gross margin improved by 3.6% - points in Q3 2025 driven by revenue mix GROSS PROFIT COMMENTS Gross margin improved by 3.6%p versus Q3 2024 • Gross profit declined by 5% to DKK 1,198m compared to DKK DKKm Gross margin 1,258m in Q3 2024 1,500 40% 35.5% 34.7% • Gross margin of 34.7% (Q3 2024: 31.1%) r
Slide 14: SG&A costs down by 11% year-on-year
SG&A costs down by 11% year - on - year reflecting continued progression towards new s calable operating model SG&A COSTS COMMENTS SG&A ratio down by 0.7%p vs. Q3 2024 • SG&A costs amounted to DKK 664m in Q3 2025 compared to DKKm SG&A ratio DKK 749m in Q3 2024 1,000 25% • Positive effects from ongoi
Slide 15: 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 15.5% 15.3% 12.1% 15.2% 14.5% 12.1% Q3 2024* 12.1% 488 489 522 513 500 530 15.3% Q3 2025 Adjusted for DKK 52m of transformation and sepa
Slide 16: Development in NWC reflects improved cash collection
Development in NWC reflects improved cash collection, offset by an increase in inventories NET WORKING CAPITAL (NWC) AND NWC RATIO NET WORKING CAPITAL AT END - Q3 2025 DKKm and ratio relative to revenue DKKm Q3 2025 Q2 2025 Change DKKm NWC ratio 2,500 15% Inventories 3,432 3,168 264 12.0% 12.4% Trad
Slide 17: Improved cash flow from operations
Improved cash flow from operations driven primarily by a more favourable development in net working capital GROUP CASH FLOW Consolidated Group, DKKm Q3 2025 Q3 2024 DKKm EBITDA, continuing activities 556 546 800 EBITDA, discontinued business 255 98 Adjustment for gain on sale of PPE* and other non -
Slide 18: Leverage remains low; SBB programme crosses half-way mark
Leverage remains low ; SBB programme crosses half - way mark DEVELOPMENT IN NIBD AND LEVERAGE STATUS OF SBB DKKm and leverage ratio (NIBD/EBITDA) PROGRAMME DKKm NIBD/EBITDA 1,400 2,000 2.5 Capital structure target of NIBD/EBITDA <2.0x 1,473 2.0 1,500 1,286 1,180 1.5 1,000 1.0 0.6x 0.6x 0.6x 500 784
Slide 19: Financial guidance for full year 2025 has been adjusted
Financial guidance for the full year 2025 has been adjusted Revenue (DKKbn) Adjusted EBITA margin ~14.5 15.0 - 15.5% (previously 14.5 -15.0) (unchanged) THE ADJUSTED EBITA MARGI N EXCLUDES : • Transformation and separation costs of around DKK 200 m for the full year 2025 • Other Operating Net Income
Slide 20: Questions & answers
Questions & answers 20 12 Nov. 2025 Q3 2025 Interim Financial Report | Investor presentation
Slide 21: Investor information
Investor information 2026 FINANCIAL CALENDAR INVESTOR CONTACTS 18 February 2026: 2025 Annual Report ANDREAS ESCHERICH HOLKJÆR 11 March 2026: Capital Markets Day Head of Investor Relations 24 March 2026: Annual General Meeting Phone: +45 2485 0384 13 May 2026: Q1 2026 Interim Financial Report Email:
Slide 22: Thank you
Follow us here Thank you FLSmidth & Co. A/S Vigerslev Allé 77 2500 Valby, Copenhagen Denmark Phone: +45 3618 1000 Email: info@ FLSmidth .com www.flsmidth.com CVR: 58180912 22 12 Nov. 2025 Q3 2025 Interim Financial Report | Investor presentation
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