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FLSmidth (FLS) investor relations material
FLSmidth Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Transformation nearly complete, with 80% of business in high-margin, low-risk, recurring service and PCV segments, offering strong growth potential.
Service orders grew organically by 10% in Q3 2025, reflecting positive market momentum and stable demand.
Divestment of the Cement business finalized, positioning the company as a pure-play mining technology and services provider.
Product portfolio pruned to focus on high-tech, aftermarket-rich products; material handling and conveyors exited.
PCV segment showed 9% organic order intake growth year-to-date, with stable aftermarket demand.
Financial highlights
Q3 2025 revenue from continuing business was DKK 3,453m, down 15% year-over-year; 9M 2025 revenue was DKK 10,539m, down 8%.
Gross margin improved by 3.6 percentage points to 34.7% due to a higher share of Service and PC & V revenue.
Adjusted EBITDA/EBITA margin rose to 15.3% in Q3 2025 (up 3.2 percentage points year-over-year).
Net profit from continuing operations after tax and finance was DKK 298 million; total group profit was DKK 394 million.
Cash flow from operations was DKK 478 million in Q3 2025; free cash flow for 9M 2025 was DKK 545 million.
Outlook and guidance
2025 revenue guidance narrowed to around DKK 14.5 billion due to delayed project execution and FX headwinds.
Adjusted EBITDA/EBITA margin guidance remains at 15.0–15.5%.
No growth expected in product volumes for 2026; market seen as flat until a potential pickup late 2026 or 2027.
Transformation and separation costs for 2025 expected to be around DKK 200m.
Aftermarket services demand expected to remain stable; equipment market to stay soft.
Products segment market recovery drivers
Order execution improvement initiatives
Safety and women managers target actions
Product business breakeven by 2026 assumptions
PCV growth strategy
Service inventory and footprint strategy
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Q4 202518 Feb, 2026
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Frequently asked questions
FLSmidth & Co. A/S provides engineering, equipment, and service solutions for mining and cement industries. The company offers an integrated range of products, including dry process plants, dry grinding mills, wet grinding mills, desulfurization plants and related after-treatment for coke production and the cement industry. It also provides applications for metallurgic processes, mineral processing, ore dressing plants, advanced pollution control solutions, fluid bed coating technology in powder technology and ceramic systems; as well as wastewater treatment solutions that remove phosphates from wastewater. In addition, the company develops recycling technologies for industrial minerals; as well as complete integrated plants with fully automatic silo loading/ unloading and tailing handling systems. Further, it provides mechanical equipment and services through its subsidiaries group that designs and manufactures heavy rock breaking machines; cogeneration plants; gas-to-power plants; stationary furnaces; semi-portable furnaces and mobile firing towers. FLSmidth & Co. A/Sd is based in Valby, Denmark.
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