FLSmidth (FLS) AGM 2025 summary

Opening remarks and agenda

• AGM convened on 2 April 2025 at 4:00 p.m. CEST and closed at 5:07 p.m.; the meeting was confirmed lawful and quorate.

• Upcoming headquarters relocation in 2026 was described as a symbol of renewal and innovation.

Financial performance review

• 2024 delivered the highest after-tax profit in over a decade, with improved underlying earnings in mining and cement; net profit rose 36.9% while revenue fell 16.3%.

• EBITDA margin improved 3.8 percentage points in mining and 0.8 points in cement versus 2023.

• 2025 guidance: revenue of DKK 19 billion and adjusted EBITDA margin of 12.5%-13%; mining revenue expected at DKK 15 billion and cement at DKK 4 billion.

Strategic initiatives and sustainability

• Transformation remains focused on mining, with the cement divestment ongoing; investments target mining technology, service centers and digital solutions.

• Priorities include organic growth, supply-chain optimization and targeted acquisitions in PCV and consumables; sustainability progress included lower emissions and increased supplier engagement.