Flsmidth & Co A/S B Shs (FLIDF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

I would like to welcome everybody to FLS earnings call for quarter two and first half of the year. It's 20th of August and I'm in the studio celebrating my birthday with Roland and we are going through the numbers. There has been a lot of changes in how we are reporting. And the reason for that is that Cement is now a discontinued business. So what we decided to do, we are actually opening up as requested by you and the market to give a little bit more visibility for the performance of different businesses. And the split is service, business line, and pumps, cyclones, and valves. Pumps, cyclones, and valves include both capital business and unserviced business. A typical steady state is 25-75. It's very simple if you think about our business model. We sell products to sell spare parts and wear parts. We focus on excellent lifetime service to our customers, and we want to be a technology leader in our products. And if you look at the picture of the pump cycles and valves, you see the picture 25-75. But you can also plot the same combination looking at products and service. It means that we sell everything. products that are service intensive. And in this quarter, around 0.7 billion products and then about 2 billion service. So it looks a bit similar to pump cycles of ours. And in terms of overall performance, PCV, business line, is our internal benchmark for high performance. High performance for growth, high performance for profitability, and we try to replicate that in service business. And if you're looking at the picture, I was trying to think how to describe it to you, and one word came to my mind, which is money tree. 25 capital for the higher aftermarket intensive service business. It's sort of monetary for investors. Some of the highlights are that we have con...