FLSmidth & Co. A/S

Latest Results (28.08.2026):

This summarizes FLSmidth & Co. A/S's preliminary and unaudited Q4 2025 results and full-year 2025 figures. Consolidated revenue for FY 2025 is expected at DKK 14.6bn (in line with prior guidance), with an adjusted EBITA margin of 15.9% (above prior guidance). The company reports strong service and PC&V performance, a weak Products performance, a DKK ~600m impairment of Danish deferred tax assets recognised in Q4 2025, and a new guidance framework for 2026 based on organic revenue growth and adjusted EBITA margin.

Key headline figures (Q4 2025 / FY 2025)

Q4 consolidated revenue: DKK 4.1bn; FY 2025 revenue: DKK 14.6bn. Q4 consolidated adjusted EBITA margin: 18.0%; FY adjusted EBITA margin: 15.9% (preliminary, unaudited). FY order intake: DKK 15.0bn.

Segment performance

Service: Q4 revenue DKK 2.4bn, FY revenue DKK 8.5bn, FY organic growth +9%, FY adj. EBITA margin 20.1%. Products: Q4 revenue DKK 0.9bn, FY revenue DKK 3.1bn, FY organic growth -28%, FY adj. EBITA margin -4.1% (weak due to portfolio pruning and low investment activity). PC&V: Q4 revenue DKK 0.8bn, FY revenue DKK 3.0bn, FY organic growth +12%, FY adj. EBITA margin 24.5%.

Accounting items — deferred tax

FLSmidth recognised an impairment of deferred tax assets in Denmark of approximately DKK 600m in Q4 2025 (31 Dec 2025). The company says this is an accounting timing adjustment and the underlying tax assets are expected to be recoverable over a longer period.

2026 financial guidance (new framework)

FLSmidth moves to guidance based on organic revenue growth and adjusted EBITA margin. Guidance for 2026: organic revenue growth -1% to 4% and adjusted EBITA margin 15.5%–16.5%. Reported revenue growth is expected to be ~1 percentage point lower than organic growth at current FX rates.

2026 segment growth assumptions

Guidance reflects expected organic growth: Service +2% to +5%; Products -15% to -5% (continued lower backlog post-pruning); PC&V +4% to +7% (robust market conditions).

Adjusted EBITA exclusions and one-offs

Adjusted EBITA guidance excludes expected ERP roll‑out costs of DKK 100m in 2026 and excludes Other Operating Net Income, including DKK 690m from the sale of the former HQ (expected to be recognised in Q1 2026).

Outlook and next steps

Assumptions: no material macro or political changes affecting mining investment or project execution in 2026. Full audited FY 2025 annual report to be published on 18 February 2026.