FLSmidth (FLS) Q3 2026 earnings summary

Executive summary

• Q3 organic order intake grew 32% and revenue grew 6%; adjusted EBITA margin rose to 16.3% from 15.3% YoY.

• Products order intake surged 211% organically and PC & V intake grew 17%; Service intake declined 2%. Backlog reached DKK 12,031m.

• FY2026 guidance narrowed to 1–3% organic revenue growth and ~16.5% adjusted EBITA margin.

Financial highlights

• Q3 revenue was DKK 3,800m, up 10% reported and 6% organically; gross profit was DKK 1,332m and gross margin 35.1%, versus 34.7% YoY.

• Adjusted EBITA rose 17% to DKK 620m; reported EBITA was DKK 624m and SG&A declined 3% to DKK 644m.

• Net profit from continuing activities was DKK 388m; diluted EPS from continuing activities was DKK 7.2.

• Q3 operating cash flow was DKK 358m versus DKK 478m in Q3'25; free cash flow after investment activities was DKK 249m.

• 9M revenue grew 5% organically to DKK 11,023m; adjusted EBITA was DKK 1,803m and adjusted EBITA margin was 16.4%.

Outlook and guidance

• FY2026 organic revenue growth guidance narrowed to 1–3% from 0–4%; adjusted EBITA margin guidance rose to ~16.5% from 16.0–16.5%.

• Organic growth outlook by business line: Service 3–5%, Products -13% to -9%, and PC & V 9–11%.

• Guidance assumes stable mining-market conditions, customer investment levels, and no major regulatory or trade-policy changes; ERP upgrade costs of DKK 100m are excluded from adjusted EBITA margin.

• The DKK 12,031m backlog provides partial coverage, with 23% expected to convert to revenue in the remainder of 2026; further orders across business lines are needed to achieve guidance.