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FLSmidth (FLS) investor relations material
FLSmidth Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Completed transition to a pure-play mining supplier after divesting the cement business, marking a major strategic milestone.
Achieved strong organic growth in Service and PCV segments, while Products remained subdued but showed improvement in Q4.
Launched and nearly completed a DKK 1.4 billion share buyback program, with a new DKK 1 billion program planned pending AGM approval.
Appointed Toni Laaksonen as new CEO.
Focused on organic growth and selective M&A, leveraging a strong financial position to invest in expansion.
Financial highlights
Group revenue reached DKK 14.6 billion for the year, with an adjusted EBITDA/EBITA margin of 15.9%.
Q4 saw an 18% adjusted EBITDA margin, driven by high revenue and reduced SG&A costs.
Free cash flow (excluding M&A) was DKK 640 million for the year, up from DKK 7 million in 2024.
Modest net profit of DKK 8 million, impacted by a DKK 600 million+ loss from discontinued cement operations and deferred tax asset impairment.
SG&A costs reduced by 19% year-over-year in Q4, reflecting organizational right-sizing.
Outlook and guidance
2026 organic revenue growth guidance set at -1% to +4% for the group, with adjusted EBITDA/EBITA margin expected between 15.5% and 16.5%.
Products business line expected to decline -5% to -15% organically; pumps to grow 4%-7%; services to grow 2%-5%.
Reported revenue growth in DKK projected at -3% to +2%, factoring in FX effects.
CapEx expected at 2%-3% of revenue; cash flow from operations forecasted at DKK 700 million to DKK 1 billion.
Ordinary dividend proposed at DKK 231 million or DKK 4 per share, and a new DKK 1 billion share buyback planned for 2026.
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