FLSmidth (FLS) AGM 2025 summary

Opening remarks and agenda

• AGM opened with reflections on the company's history and announcement of headquarters relocation to Havneholmen in 2026, symbolizing renewal and innovation.

• Legal and procedural requirements for convening the meeting were confirmed, with a quorum established and voting procedures outlined.

Financial performance review

• 2024 saw strong financial results, with underlying earnings up in both mining and cement, and the highest after-tax result in over a decade.

• EBITDA margin improved by 3.8 percentage points in mining and 0.8 in cement compared to 2023; highest corporate EBITDA margin and net result in more than a decade.

• 2025 guidance expects total revenue around DKK 19 billion, with adjusted EBITDA margin between 12.5%-13% and reported EBITDA 11%-11.5% after transformation costs.

• Mining revenue expected to decline slightly in 2025 due to a smaller order backlog, but earnings are projected to improve.

Board and executive committee updates

• Chair Tom Knutzen and board member Daniel Lars Reimann announced their resignations; three new board members nominated, bringing diverse expertise.

• Board self-evaluation process deemed satisfactory, helping to define and prioritize future work.

• Remuneration for executive management increased due to higher base fees and above-target performance incentives; board fees to remain unchanged for 2025.