FLSmidth (FLS) Q2 2026 earnings summary

Executive summary

• Achieved 16% organic revenue growth in Q2 2026, with all business lines contributing; Service and PC&V segments delivered double-digit organic growth and strong order intake, while Products rebounded on execution and supply chain gains.

• Adjusted EBITA margin improved to 17.3% in Q2 2026, up from 15.2% in Q2 2025.

• Major DKK 300 million order secured in South Asia for an iron ore beneficiation project.

• Share buy-back program of up to DKK 1bn launched in May 2026, with over 40% completed by August; several new executive appointments made to support growth.

• DKK 675m gain from sale of former headquarters in Valby, Denmark, recognized in H1 2026.

Financial highlights

• Q2 2026 revenue reached DKK 3,944m (+17% year-over-year); adjusted EBITA was DKK 683m (+33% year-over-year), with a margin of 17.3%.

• Profit for Q2 2026 was DKK 441m, reversing a loss in Q2 2025.

• Gross margin increased to 36.5% from 35.5% in Q2 2025.

• Cash flow from operating activities was -DKK 84m in Q2 2026, mainly due to increased net working capital.

• Order backlog at end H1 2026 was DKK 11,515m (+8% year-over-year).

Outlook and guidance

• 2026 organic revenue growth guidance raised to 0–4% (from -1–4%), and adjusted EBITA margin guidance increased to 16.0–16.5% (from 15.5–16.5%).

• Service expected to grow 3–5%, PC&V 5–8%, Products to decline -15% to -5% for the full year.

• FX expected to add ~1 percentage point to reported revenue growth.

• No immediate unwind of working capital expected; normalization anticipated in 2027.

• Guidance assumes stable macroeconomic and political environment.