Flsmidth & Co. A/s · OMXCOP:FLS
Flsmidth & Co. A/s — Flsmidth & Co A/S B Shs — Q2 2026 Earnings Presentation
25 slides from Flsmidth & Co. A/s's earnings presentation, Aug 19, 2026
Slide 1: Q2 2026 Interim Financial Report
Q2 2026 Interim Financial Report Investor Presentation 19 August 2026
Slide 2: Contents
Contents Today’s speakers 01 Q2’26 highlights 06 Products performance 02 Update on compliance case 07 PC&V performance Toni Laaksonen Roland M. Andersen Chief Executive Officer Chief Financial Officer 03 Q2’26 sustainability highlights 08 Consolidated financial performance Forward -looking statement
Slide 3: Highlights in Q2’26
Highlights in Q2’26 Market and commercial Financial Strategic and corporate highlights highlights highlights Service business continues to show strong Revenue increased organically by 16% in Share buy -back programme of up to DKK 1bn commercial performance with 14% organic Q2’26, supported by growth
Slide 4: Improved safety performance and strengthened climate ambitions amid mixed KPI development
Improved safety performance and strengthened climate ambitions amid mixed KPI development Scope 1 & 2 Greenhouse Spend with suppliers with Scope 3 greenhouse gas gas emissions science -based targets emissions 12,252 23.6 Economic intensity has been removed tCO 2 e (market -based) % from the quarterl
Slide 5: Pipeline builds across key commodities and regions; larger FIDs approach, while aftermarket demand stays robust
Pipeline builds across key commodities and regions; larger FIDs approach, while aftermarket demand stays robust • The mining project pipeline is building strongly across commodities and regions, with the Americas, particularly copper and gold, the standout area of activity • Large project FIDs are a
Slide 6: Service: Strong performance in Q2’26 with 14% organic growth in order intake
Service: Strong performance in Q2’26 with 14% organic growth in order intake and improved revenue conversion GROWTH IN SERVICE ORDER INTAKE AND REVENUE SERVICE ORDER INTAKE AND REVENUE Organic and total growth DKKm and ratio Q2’26 vs. Q2’25 H1’26 vs. H1’25 DKKm % Order intake +14% +16 % +17% +15 % 2
Slide 7: Improved revenue conversion drives Service Q2’26 adj. EBITA margin
Improved revenue conversion drives Service Q2’26 adj. EBITA margin SERVICE EBITA AND EBITA MARGIN DKKm and percent of revenue 22.4% 20.3% 20.7% 19.6% 19.2% 21.2% 20.5% 19.9% 19.2% 19.0% 16.6% 16.4% 531 502 480 477 420 443 411 404 367 372 331 336 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 EBITA Adj. EBITA E
Slide 8: Products: Improved execution supported Q2’26 revenue growth
Products: Improved execution supported Q2’26 revenue growth, while order intake has yet to gain traction GROWTH IN PRODUCTS ORDER INTAKE AND REVENUE PRODUCTS ORDER INTAKE AND REVENUE Organic and total growth DKKm and ratio Q2’26 vs. Q2’25 H1’26 vs. H1’25 DKKm % Order intake +5% +3 % -13% -16% 1,200
Slide 9: Products Adj. EBITA margin reflects successful right-sizing of the cost base
Products Adj. EBITA margin reflects successful right -sizing of the cost base PRODUCTS EBITA AND EBITA MARGIN DKKm and percent of revenue Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 6.8% 4.2% 1.9% -0.7% 1.5% -3.4% 63 39 -4 -4 12 15 -45 -26 -50 -59 -81 -81 -8.2% -5.9% -10.1% -9.7% EBITA Adj. EBITA EBITA marg
Slide 10: PC&V: Continued momentum in order intake reflects further market share gains
PC&V: Continued momentum in order intake reflects further market share gains GROWTH IN PC&V ORDER INTAKE AND REVENUE PC&V ORDER INTAKE AND REVENUE Organic and total growth DKKm and ratio Q2’26 vs. Q2’25 H1’26 vs. H1’25 DKKm % Order intake +18% +19 % +17% +15 % 1,000 140 Organic Total Organic Total 1
Slide 11: PC&V Adj. EBITA margin remained stable and in line with expectations
PC&V Adj. EBITA margin remained stable and in line with expectations PC&V EBITA AND EBITA MARGIN DKKm and percent of revenue 27.4% 24.6% 23.9% 24.5% 24.0% 23.3% 25.0% 23.3% 23.7% 23.5% 23.2% 22.7% 213 178 178 184 194 190 191 169 161 169 165 168 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 EBITA Adj. EBITA EB
Slide 12: Consolidated financial performance in Q2’26
Consolidated financial performance in Q2’26 CONSOLIDATED FINANCIALS COMMENTS (DKKm) Q2’26 Q2’25 Change FY’25 • Order intake increased organically by 13% compared to Q2’25 Order intake 4,026 3,517 +14% 15,045 (total increase of 14%) Revenue 3,944 3,378 +17% 14,612 Gross profit margin 36.5% 35.5% + 1.
Slide 13: Gross margin remains high due to current revenue mix
Gross margin remains high due to current revenue mix GROSS PROFIT Gross margin improved by 1.0%p versus Q2’25 DKKm Gross margin 1,800 36.5% 40% 35.5% 36.1% 35% 1,500 30% 1,200 25% 900 20% 1,439 15% 600 1,199 1,185 10% 300 5% - - Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Gross profit Gross profit margin 13
Slide 14: SG&A costs increased slightly in Q2’26, but ratio improved to 17.8%
SG&A costs increased slightly in Q2’26, but ratio improved to 17.8% due to higher revenue SG&A COSTS COMMENTS SG&A ratio down by 2.2%p vs. Q2 2025 • SG&A costs amounted to DKK 701m in Q2’26 compared to DKK DKKm SG&A ratio 677m in Q2’25: 1,200 25% • This included one -off costs related to the ongoing
Slide 15: Higher revenue and improved gross margin drives Adj. EBITA margin higher
Higher level of revenue and improved gross margin drives Adj. EBITA margin higher for Q2’26 EBITA AND ADJUSTED EBITA DKKm and margins (%) Comments 35.6% • Adj. EBITA margin of 17.3% in Q2 ’26 versus 15.2% in Q2’25 • Margin was supported by the higher level of revenue in the quarter 17.7% • Adjusted
Slide 16: NWC ratio up to 24.4%, reflecting timing of WIP billing and inventory builds
NWC ratio up to 24.4%, largely reflecting the timing of WIP billing and selected inventory builds NET WORKING CAPITAL (NWC) AND NWC RATIO NET WORKING CAPITAL AT END -Q2’26 DKKm and ratio (NWC to 12 -month rolling revenue) DKKm Q2’26 Q1’26 Change DKKm NWC ratio 4,000 27% Inventories 3,829 3,707 +122
Slide 17: Cash flow from operating activities impacted by material build-up in net working capital
Cash flow from operating activities impacted by material build -up net working capital GROUP CASH FLOW Consolidated Group, DKKm Q2’26 Q2’25 DKKm EBITDA, continuing activities 765 581 800 EBITDA, discontinued activities - 98 Adjustment for gain on sale of PPE 2 and other non -cash items 22 (27) 600 C
Slide 18: Leverage remains comfortably below target level; SBB programme progressing well
Leverage remains comfortably below target level, providing solid platform; SBB programme progressing well DEVELOPMENT IN NIBD AND LEVERAGE STATUS OF CURRENT SBB 1 PROGRAMME DKKm and leverage ratio (NIBD/EBITDA) Accumulated value of shares repurchased DKKm NIBD/EBITDA 1,000 2,500 3.0 2,228 1,929 2.5
Slide 19: The financial guidance for 2026 is adjusted
The financial guidance for 2026 is adjusted Organic revenue growth 0 % to 4% (previously -1% to 4%) Adj. EBITA margin 16.0% to 16.5% (previously 15.5% to 16.5%) 19 19 Aug 2026 Q2'26 Interim Financial Report | Investor presentation
Slide 20: 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 ~1% 1% to 5% • FLSmidth targets organic revenue growth of 0 % to 4%: 3% to 5% • Service revenue is expected to increase organically by 3-5% • Products revenue is expected to dec
Slide 21: 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 20.0 -20.5% • FLSmidth targets an Adj. EBITA margin of 1 6 .0% to 16.5% • The Adj. EBITA is expected to benefit from: ~5.
Slide 22: Capital Markets Day 2026
Capital Markets Day 2026 FLS invites institutional investors, financial analysts and financial media to an update on strategy, operations and financial development from CEO, Toni Laaksonen, and members of the Executive Leadership Team. DATE Tuesday 17 November 2026 TIME Expected 1:00 p.m. to 5:00 p.
Slide 23: Questions & answers
Questions & answers 23 19 Aug 2026 Q2'26 Interim Financial Report | Investor presentation
Slide 24: Investor information
Investor information 2026 FINANCIAL CALENDAR INVESTOR CONTACTS 11 November 2026: Q3 2026 Interim Financial Report ANDREAS HOLKJÆR SANDAGER 17 November 2026: Capital Markets Day 2026 Head of Investor Relations Phone: +45 2485 0384 SHARE INFORMATION Email: andh@flsmidth.com Market Nasdaq Copenhagen Sy
Slide 25: 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 25 19 Aug 2026 Q2'26 Interim Financial Report | Investor presentation
Flsmidth & Co A/S B Shs — Q2 2026 Earnings Presentation on 6ix