1 January – 30 September 2025
Company Announcement no. 41-2025
Interim Report
9M 2025
Contents
Management review
Highlights and guidance
Highlights Q3 2025 4
Financial performance highlights Q3 2025 5
Sustainability performance highlights Q3 2025 6
Segments and key ratios 7
Key figures 9
2025 Financial outlook 10
Performance
Service financial performance 12
Products financial performance 14
PC&V financial performance 16
Discontinued operations 18
Consolidated quarterly financial performance 19
Consolidated financial performance 9M 2025 22
Consolidated Condensed
Financial statements
Income statement 25
Statement of comprehensive income 25
Cash flow statement 26
Balance sheet 27
Equity statement 28
Notes
1. Key accounting estimates and judgements 30
2. Income statement by function 30
3. Segment information 31
4. Revenue 32
5. Provisions 33
6. Contractual commitments and
contingent liabilities 33
7. Net working capital 34
8. Business Acquisitions 34
9. Disposal of activities 34
10. Discontinued activities 35
11. Assets & liabilities held for sale 35
12. Shareholders’ equity 36
13. Events after the balance sheet date 36
14. Accounting policies 36
Statement by Management 38
Forward looking statements 39
Service business reporting
10% organic growth in order
intake in Q3 2025
Products market conditions
remain challenging, adversely
impacting order intake in Q3
2025
9% organic growth in order
intake in the PC&V business for
9M 2025
Continued progression on
simplification initiatives with
SG&A costs down by ~11%
versus Q3 2024
Further improvements in
underlying profitability with
Adj. EBITA margin of 15.3%
Solid cash flow generation
with cash flow from operating
activities of DKK 478m in Q3
2025
Market and
commercial
highlights
Divestment of the Cement
business closed on 31 October
2025
Full-year revenue guidance
adjusted, while Adj. EBITA
margin guidance maintained
Strategic
and corporate
highlights
Financial
highlights
Highlights Q3 2025
We have maintained solid strategic and operational momentum through
the quarter, despite a persistently subdued equipment market. Our focus
remains on driving profitable growth, simplifying our business and executing with disci-
pline to create long-term value for all stakeholders.
While engineering and planning activity continued at high levels in the quarter, the
timing of project sanctioning remains highly uncertain. This has adversely impacted
Products order intake, which declined organically by 38%. In contrast, Service order
intake grew organically by 10%, underscoring the sustained demand for productiv-
ity-enhancing service solutions. We recognise, however, that there is more to do to
strengthen our order execution, as reflected in the relatively low revenue for the quarter.
Our PC&V business continues to perform well; while year-on-year order growth was
affected by an exceptionally strong comparison quarter with large project-related
orders, year-to-date organic growth remains solid at 9%.
We continue to make tangible progress on our strategic priorities, and our business
simplification initiatives are delivering results, reflected in an 11% year-on-year reduc-
tion in SG&A costs. We are also seeing continued improvements in our underlying profit-
ability with an Adjusted EBITA margin of 15.3% for the quarter.
We successfully closed the divestment of our Cement business in late October. For 143
years, the Cement business has been part of FLSmidth, and it has laid the foundation for
the company that we are today. I wish our former Cement colleagues all the best.
Finally, our full-year revenue guidance has been adjusted, and we now expect revenue to
be around DKK 14.5 billion, while our earnings guidance is maintained.
Mikko Keto, Chief Exective Officer
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 4
24%
32%
14%
30%
24%
14%
17%
45%
30%
21%
30%
19%
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
Q3 2025
Q3 2024
9M 2025
Q3 2025
9M 2024
Q3 2024
9M 2025
Q3 2025
9M 2024
Q3 2024
9M 2025
Q3 2025
9M 2024
Q3 2024
Financial performance highlights Q3 2025
Revenue per region %
NAMER
SAMER
EMEA
APAC
Revenue per region %
NAMER
SAMER
EMEA
APAC
Revenue per region %
NAMER
SAMER
EMEA
APAC
Note: All 2024 figures have been restated to reflect the continuing business. Continuing Business 2024 figures include Non-Core Activities.
2,141
2,085
Order intake DKKm
▲
-43.1%
472
Order intake DKKm
▲
-9.4%
735
Order intake DKKm
▲
-10,6%
3,348
Order intake DKKm
▲ 2.7%
2,141
Revenue DKKm
▲
-39.6%
769
Revenue DKKm
▲ 1.8%
751
Revenue DKKm
▲
-14.6%
3,453
Revenue DKKm
▲
-3.1%
1,933
Products PC&V Continuing BusinessService
EBITA & EBITA margin DKKm – %
▲
-45,2%
(45)
-5.9% (Adj. -3.4%)
EBITA & EBITA margin DKKm – %
▲
-8.2%
178
23.7% (Adj. 24.5%)
EBITA & EBITA margin DKKm – %
▲ 2.5%
500
14.5% (Adj. 15.3%)
EBITA & EBITA margin DKKm – %
▲ 10.2%
367
19.0% (Adj. 19.2%)
Cash flow from operating activities
DKKm 1,039 9M 2025 ▲ from DKKm -249 in 9M 2024
Earnings per share
DKK 5.3 ▲ from DKK 4.2 in Q3 2024
Net working capital ratio
12.4%
▲
from 12.6% end of Q3 2024
NIBD/EBITDA
0.6x
▲
from 0.7x end of Q3 2024
1,933
1,994
367
333
472 735
829 811
769 751
1,274 738
10,642
3,348
11,383
3,746
10,539
3,453
11,500
4,042
(45) 178
(31) 194
1,530
500
1,131
488
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 5
9M 2025
2024
9M 2025
2024
9M 2025
9M 2024
9M 2025
9M 2024
9M 2025
2024
9M 2025
2024
Sustainability performance highlights Q3 2025
Safety Water withdrawalWomen managers
*
Scope 1 & 2 Greenhouse
gas emissions
Spend with suppliers with
science-based targets
Scope 3 Economic intensity
(use of sold products)
Rate of recordable work-related
accidents/million working hours
2.1 (target <1.0)
▲ 0.2 improvement
m
3
109,209 (target 183,101)
▲ 6.7% improvement
%
16.1 (target >19.5%)
▲ 0.4%-points improvement
tCO
2
e (market-based)
20,589 (target <32,871)
▲ 11.2% improvement
%
24.9 (target >30%)
▲ 2.4%-points improvement
tCO
2
e/DKKm order intake
2,228 (target <4,065 by 2030)
▲ 25.4% improvement
* Women managers KPI now reflects a 12-month rolling average. 2024 figure has been restated to reflect the new methodology
In Q3 2025, we continued to show
positive progress across all our
sustainability KPIs. Despite showing
progress, we remain behind target
in both safety performance and
share of women managers and will
continue to focus on implementing
corrective actions.
2.1
2.3
16.1%
15.7%
109,209
117,095
20,589
23,195
2,228
2,985
24.9%
22.5%
Continuing business only
9M
2025
9M
2024
FY
2024
Scope 1 & 2 greenhouse
gas emissions market-
based
19,096 20,815 28,076
Scope 3: Economic inten-
sity Use of sold products
2,621 2,710 2,350
Spend with suppliers with
science-based targets
25.7% 22.2% 23.0%
Safety 2.2 2.4 2.6
Women managers 15.8% 15.8% 15.7%
Water withdrawal 100,267 106,345 140,268
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 6
Segments and key ratios
Segments
Following the divestment of FLSmidth Cement,
including its Air Pollution Control business,
these operations are classified as discontinued
activities and assets held for sale. Accordingly,
FLSmidth revised its segment reporting in the
second quarter of 2025 to reflect its transition to
a dedicated provider of technology and services
for the mining industry.
As such, FLSmidth reports on the following three
continuing segments: Service, Products, and
Pumps, Cyclones & Valves (PC&V). On average, the
PC&V segment is expected to comprise approx-
imately 25% equipment-related orders and 75%
aftermarket-related orders.
The segments for the continuing business have
been defined based on our go-to-market strategy
and are consistent with the Group’s internal
management and reporting structure.
Comparative figures have been restated according
to the new segment reporting. The performance of
the segments is monitored at the level of operating
profit before amortisation (EBITA). Segmental
assets and liabilities and related disclosures are
not provided to management on a regular basis,
and, accordingly, assets and liabilities for individual
segments are not presented.
Reporting - Income statement
for 2025 including comparative
figures and balance sheet
After FLSmidth Cement’s divestment was
announced in June 2025, related financial results
are reported as discontinued activities in the 9M
2025 report.
Comparative figures related to the Income State-
ment have been restated to reflect the continuing
business. Consolidated comparative figures
include the impact from the Non-Core Activities
segment, which was reported as part of the
continuing business throughout 2024.
In addition to the above, Q3 2024 and 9M 2024
information have been restated to reflect a reclas-
sification of DKK 27m and DKK 82m, respectively,
from Administration costs to Production costs.
Assets and liabilities related to activities held for
sale are presented as separate line items from
the date of such classification as held for sale (30
June 2025). Comparative balance sheet figures
are not restated.
Key figures in the 9M report 2025
Throughout the report, we present financial meas-
ures that are not defined according to IFRS. We
refer to note 7.4, Alternative performance measures,
and note 7.8, Definition of terms, in the 2024 Annual
Report for further information. Further, due to the
introduction of Asset and Liabilities classified as
held for sale together with the separation of contin-
uing and discontinued activities, there have been
impacts on the calculation of these in the quarter
and 9M periods.
Income statement and earnings ratios
The figures and ratios in both sections are based on
continuing activities unless otherwise specifically
stated in the text for each line item.
Cash flow
In the consolidated cash flow statement, cash flow
from discontinued activities is included in the cash
flow from operating, investing, and financing activ-
ities, combined with the cash flow from continuing
activities.
Balance sheet
All line items in this section are Consolidated Group
figures, with the exception of Net Working Capital,
which reflects the continuing business only as of
end Q3 2025. Comparatives are not restated.
Financial ratios
For financial ratios where the numerator or denom-
inator is derived from the income statement, as
well as the capital employed ratio, figures relating
to continuing operations only are used in both the
current and comparative reporting periods.
Specifically, financial ratios that include equity
are based on P&L and balance sheet figures
comprising both continuing and discontinued
operations.
Share ratios
Share ratios are based on Consolidated Group
figures, including both continuing and discon-
tinued activities.
Sustainability performance figures
Sustainability performance figures are based on
Consolidated Group figures, including both contin-
uing and discontinued activities.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 7
Sustainability performance highlights Q3 2025
Mission Zero and Sustainability developments at FLSmidth
FLS to deliver world’s largest filtered tailings
system with a progressive Indian miner and
steelmaker. The order includes the world’s largest
filtered tailings “dry tailings” system comprising
twenty-two Horizontal Belt Filters.
These technologies demonstrate FLS’s commit-
ment to driving sustainable solutions for our
customers. In this case, our dry tailing solutions
aid in water recovery and local environmental
management, supporting local biodiversity.
FLS earns award for our ARMOR™ low-carbon
mill liners produced at our facility located in
Casablanca, Chile. The award was presented by
HuellaChile in recognition for our verified carbon
footprint calculator, supporting quantification and
emission reductions. This covers the entire mill
liner’s manufacturing process from the plant to
the final customer destination. The site leverages
renewable energy, water recycling and circular
economy to support environmental stewardship
for both FLS and our customers.
FLS earns diploma at the Danish Annual
Reporting Awards in relation to our 2024 Annual
Report, our first integrated report reflecting EU’s
Corporate Sustainability Reporting Directive. The
award was for clear structure and connectivity
across the management report, sustainability
statement and financial statement with emphasis
on connectivity in our sustainability reporting.
New water recycling system at our Tucson
facility to reduce the facility’s overall water with-
drawal and environmental footprint.
A new retention wall and holding tank with a
capacity of 1,360 litres will enable capture and
reuse of testing water for our pumps in a closed
loop system. Additionally, it enables capture of
rainwater further decreasing our dependence on
municipal water. The new system is expected to
conserve thousands of litres of water monthly,
contributing to our sustainability goals as well
as our climate resilience by ensuring responsible
water management in a water stressed area.
Scope 1 and 2 GHG emissions year to date has
decreased by 11.2% compared to the comparable
period in 2024. The improvement is primarily driven
by Scope 2 reductions throughout the year, with
increased use of onsite renewable energy gener-
ation; renewable energy contracts; as well as a
reduction of energy use through consolidation
activities.
Scope 3 Economic Intensity (use of sold
products) reflects the life-time emissions of
our product sales and performance is sensitive
to order mix. Economic Intensity fell during the
quarter and remains below the end of 2024 with
a 25.4% improvement. Lower cement sales in
high-intensity products compared to the previous
year is driving performance.
Spend with suppliers with science-based targets
increased by 2.4%-points compared to the end of
2024. Spend during the quarter was supported by
more suppliers setting targets to the Science Based
Targets initiative
.
Safety, Total recordable injury rate continue to
show positive progress through the quarter, with
a year to date improvement of 0.2 compared to
the end of 2024. Since the beginning of 2025 we
have further increased our focus on safety with
increased initiatives; including an executive lead-
ership team led “stand down for safety”, as well as
ensuring we enable site level leadership to drive
improvements. As a result, we have also observed
that the severity of incidents has also decreased,
which resulted in reduced insurance and medical
costs. Further, our service site in Winfield, USA
recently celebrated 365 days free of incidents, a
first in 40 years.
Percentage of Women Managers increased
0.4%-points since the end of 2024, however we
remain behind our target. Ongoing reductions in
the workforce has been a headwind, as reduc-
tions have impacted areas with the business
with greater representation of women managers.
However, we continue to focus on our commit-
ments to increasing the proportion of women
managers at FLS, particularly through our talent
acquisition processes.
Water withdrawal decreased 6.7% year to date
compared to Q3 2024, which has been supported
by site consolidation and increased focus on initi-
atives. Water withdrawal during the third quarter
increased due to seasonal effects of the summer
period.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 8
Key figures
Key figures
DKKm Q3 2025 Q3 2024 9M 2025 9M 2024 2024
Income statement
Revenue 3,453 4,042 10,539 11,500 15,740
Gross profit
1
1,198 1,258 3,701 3,569 5,006
EBITDA 556 546 1,704 1,317 1,890
EB ITA 500 488 1,530 1,131 1,636
Adjusted EBITA* 530 489 1,584 1,232 1,780
EBIT 448 435 1,373 973 1,434
Financial items, net 3 (71) (58) (188) (218)
EBT 451 364 1,315 785 1,216
Profit for the period, continuing activities 298 240 868 517 801
Profit/(loss) for the period, discontinued activities 96 49 (578) 153 229
Profit/(loss) for the period 394 289 290 670 1,030
Orders
Order intake, continued activities 3,348 3 ,74 6 10,642 11,383 15,333
Order backlog, continued activities 11,043 11,702 11,358
Earning ratios
Gross margin
1
34.7% 31.1% 35.1% 31.0% 31.8%
EBITDA margin 16.1% 13.5% 16.2% 11.5% 12.0%
EBITA margin 14.5% 12.1% 14.5% 9.8% 10.4%
Adjusted EBITA margin * 15.3% 12.1% 15.0% 10.7% 11.3%
EBIT margin 13.0% 10.8% 13.0% 8.5% 9.1%
EBT margin 13.1% 9.0% 12.5% 6.8% 7.7 %
Cash flow
Cash flow from operating activities (CFFO) 478 357 993 19 640
Acquisitions of property, plant and equipment (87) (125) (320) (263) (384)
Cash flow from investing activities (CFFI) (120) (229) (448) (286) (508)
Free cash flow 358 128 545 (267) 132
Free cash flow adjusted for acquisitions and
disposals of enterprises and activities 358 129 570 (415) 7
Balance sheet
Net working capital 1,833 2,208 2,107
Net interest-bearing debt (NIBD) (1,473) (1,180) (847)
Total as sets 24,675 2 7, 6 1 9 26,935
CAPEX 424 550 831
Equity 10,183 11,094 11,781
Dividend to shareholders, paid 457 227 227
1
As previously reported, Q3 2024 and 9M 2024 information has been restated to reflect a reclassification of DKK 27m and DKK 82m from
Administration costs to Production costs, respectively.
DKKm Q3 2025 Q3 2024 9M 2025 9M 2024 2024
Financial ratios
Book-to-bill 97.0 % 92.7% 101.0% 99.0% 9 7. 4 %
Order backlog / Revenue 74.7% 67.0 % 72.2%
Return on equity 5.9% 6.3% 9.1%
Equity ratio 41.3% 40.2% 43.7%
ROCE, average 11.3% 8.3% 9.2%
Net working capital ratio, end 12.4% 12.6% 10.4%
NIBD / EBITDA 0.6x 0.7x 0.4x
Capital employed, average 17, 9 9 7 18,618 17, 8 67
Number of employees 7,414 7, 8 75 7,7 3 9
Share ratios
Cash flow per share, diluted 8.4 6.2 17. 4 0.3 11.2
Earnings per share (EPS), diluted 6.9 5.0 4.9 11.6 17. 8
Share price 446 379 356
Number of shares (1,000), end 5 7, 6 5 0 5 7, 6 5 0 5 7, 6 5 0
Market capitalisation, end 25,712 21,872 20,523
Sustainability key figures
Scope 1 and 2 greenhouse gas emissions (tCO
2
e)
market-based 20,589 23,195 30,638
Scope 3: Economic intensity Use of sold products
(tCO
2
e/DKKm order intake) 2,228 2,867 2,985
Spend with suppliers with science-based targets 24.9% 22.1% 22.5%
Safety, Rate of recordable work-related
accidents/million working hours 2.1 2.0 2.3
Women managers 16.1% 15.7% 15.7%
Water withdrawal (m
3
) 109,209 11 7, 0 9 5 156,022
Other key figures
Quality, DIFOT Delivery In Full On Time 83.9% 84.3% 82.7%
Throughout the report, we present financial measures which are not defined according to IFRS. We refer to note 7.4, Alternative performance
measures, and note 7.8, Definition of terms, in the 2024 Annual Report for further information.
The financial ratios have been computed in accordance with the guidelines of the Danish Finance Society. Refer to note 7.8 in the 2024 Annual
Report for definitions of terms.
Please refer to page 7 in this report for an overview of which figures have been restated according to the new segmentation and the classifi-
cation of FLSmidth Cement as discontinued activities and assets held for sale. 2024 continuing business figures include Non-Core Activities.
* To illustrate the underlying business performance, we present an Adjusted EBITA margin which excludes costs related to our ongoing
transformation activities and the separation of the Mining and Cement businesses as well as items reported as other operating net
income. Comparative figures have been restated.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 9
2025 Financial outlook
Our CORE’26 strategy was launched in January
2023, initiating a comprehensive transformation
of our business with the aim of delivering signifi-
cant improvements to our commercial and finan-
cial performance. In 2024, we made meaningful
strides on this strategy, providing a solid base for
further improvements in 2025.
The financial guidance for 2025 is adjusted. As
such, FLSmidth now expects revenue of around
DKK 14.5bn (previously DKK 14.5-15.0bn). The
adjustment reflects the expectation of delayed
project execution as well as adverse foreign
exchange rate movements.
The expectation of an Adjusted EBITA margin of
15.0-15.5% is maintained.
Financial outlook for the full year 2025
Revenue (DKKbn)
~14.5
(DKK 10.5bn in 9M 2025)
Adjusted EBITA margin
15.0-15.5%
(15.0% in 9M 2025)
Compared to 2024, we expect market demand for
aftermarket services in the global mining industry
to remain stable and active, whereas the market
demand for equipment is expected to remain soft.
The Adjusted EBITA margin is expected to be posi-
tively impacted by the ongoing implementation
of our corporate model, driving further business
simplification and operational efficiency, as well
as enhanced commercial execution.
The Adjusted EBITA margin guidance excludes
costs related to the ongoing transformation activ-
ities and the separation of the Mining and Cement
businesses. These costs are expected to amount
to approximately DKK 200m for the full year 2025.
In addition, the guidance for Adjusted EBITA
margin excludes Other Operating Net Income.
Other Operating Net Income totalled an income of
DKK 99m in 9M 2025.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 10
22%
37%
15%
26%
NAMER
SAMER
EMEA
APAC
Service financial performance
10% organic growth in order
intake in the quarter, as customers
continue to prioritise productivity-
enhancing solutions to improve
operational efficiency.
Activity in the service market remained consistent
with prior periods, underpinned by sustained
demand for performance-enhancing solutions
that enable customers to capitalise on elevated
metal prices while simultaneously driving down
operating costs.
Gold projects, in particular, have seen heightened
activity and a comparatively stronger outlook
than other metals. Short lead times remain a crit-
ical requirement for customers aiming to enhance
recoveries and sustain high production rates.
In North America, activity improved slightly on
the previous quarter as customers gained greater
clarity on recent US tariff measures, supporting a
gradual recovery in project planning.
Finally, continued hesitation among mining
companies regarding the approval of capex
programmes has adversely affected the timing of
certain large modernisation and upgrade projects,
as well as the delivery of selected first-time spare
parts.
Order intake development in Q3 2025
Organically, Service order intake increased by 10%
compared to Q3 2024. Total Service order intake
increased by 3% to DKK 2,141m compared to Q3
2024.
This development was primarily a result of a higher
level of orders within upgrades & retrofits as
well as professional services, mainly in the South
American and Central Asian markets.
Order backlog
The order backlog decreased to DKK 4,919m
compared to DKK 5,061m at the end of Q3 2024.
The book-to-bill ratio was 110.8% in Q3 2025.
Revenue development in Q3 2025
Organically, Service revenue increased by 4%
compared to Q3 2024. Total Service revenue
decreased by 3% to DKK 1,933m compared to Q3
2024.
The year-on-year decline is primarily a reflection
of the timing of the execution of certain moderni-
sation and spare-parts orders as well as currency
effects.
Service
(DKKm) Q3 2025 Q3 2024* Change (%) 9M 2025 9M 2024* Change (%)
Order intake 2,141 2,085 3% 6,358 6,617 -4%
Order backlog 4,919 5,061 -3% 4,919 5,061 -3%
Revenue 1,933 1,994 -3% 6,178 6,040 2%
Other operating net income 21 14 57 30
Adjusted EBITA ** 372 339 10% 1,219 1,093 12%
Adjusted EBITA margin 19.2% 1 7. 0 % 19.7% 18.1%
EBITA 367 333 10% 1,198 1,049 14%
EBITA margin 19.0% 16.7% 19.4% 1 7. 4%
* All 2024 numbers have been restated to reflect the continuing business.
** To illustrate the underlying business performance, we present an Adjusted EBITA margin, which excludes costs related to our ongoing
transformation activities and the separation of the Mining and Cement businesses as well as items reported as other operating net income.
Order intake split by
Region, Q3 2025
Growth in order intake and revenue
in Q3 2025 (vs. Q3 2024)
Order intake Revenue
Organic 10% 4%
Divestments 0% 0%
Currency -7% -7 %
Total growth 3% -3%
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 12
EBITA development in Q3 2025
The Adjusted EBITA margin was 19.2% when excluding trans-
formation and separation costs of DKK 26m as well as other
operating net income of DKK 21m.
Including these items, EBITA increased to DKK 367m corre-
sponding to an EBITA margin of 19.0% compared to DKK
333m corresponding to an EBITA margin of 16.7% in Q3 2024.
Order intake development in 9M 2025
Organically, Service order intake increased by 1% compared
to 9M 2024. Total Service order intake decreased by 4% to
DKK 6,358m compared to 9M 2024. The year-on-year decline
was primarily a result of a lower order intake for spare parts,
and primarly in North America, as well as currency effects.
All other regions reported a higher order intake compared to
9M 2024.
Revenue development in 9M 2025
Organically, Service revenue increased by 7% compared
to 9M 2024. Total Service revenue increased by 2% to DKK
6,178m compared to 9M 2024. The higher revenue was
primarily a results of higher revenue from consumables
driven by effective backlog management and improved
order execution. The year-on-year increase was partly offset
by lower revenue in spare parts as well as in professional
services.
EBITA development in 9M 2025
The Adjusted EBITA margin was 19.7% when excluding trans-
formation and separation costs of DKK 78m as well as other
operating net income of DKK 57m, which primarily related to
sale of certain properties during the period. Including these
items, EBITA increased to DKK1,198m corresponding to
an EBITA margin of 19.4% compared to DKK 1,049m corre-
sponding to an EBITA margin of 17.4% in 9M 2024.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 13
NAMER
SAMER
EMEA
APAC
16%
17%
23%
44%
Products financial performance
The products market remained soft
during the third quarter of 2025,
with persistent uncertainty around
the timing of the execution of
several larger mining projects.
We continue to observe a subdued products
market, with some customers remaining hesitant
to allocate capital to larger brownfield and green-
field projects.
While metal prices, such as for copper and gold,
stayed at relatively high levels during the quarter,
ongoing uncertainties related to US tariff meas-
ures and the broader macroeconomic landscape
continued to weigh on global demand.
Similar to the service market, activity within gold
projects remained comparatively stronger than in
other metals, supported by a more constructive
outlook. As a result, we see potential for smaller
gold projects to materialise in the near term. Here
too, customers have maintained a strong focus
on short lead-time solutions aimed at improving
recoveries and sustaining production levels in
existing operations.
Order intake development in Q3 2025
Organically, Products order intake decreased by
38% compared to Q3 2024. Total Products order
intake decreased by 43% to DKK 472m compared
to Q3 2024.
No large orders were announced in Q3 2025,
whereas one large order valued at approximately
DKK 340m was announced in Q3 2024. However,
during the quarter, we were selected to deliver the
world’s largest filtered tailings system to one of
the largest and most efficient iron ore beneficia-
tion plants, marking the fourth consecutive order
that FLS has received from the customer within
the past nine months.
Order backlog
The order backlog of DKK 5,112m is at the same
level as the end of Q3 2024. The book-to-bill ratio
was 61.4% in Q3 2025.
Revenue development in Q3 2025
Organically, Products revenue decreased by 36%
compared to Q3 2024. Total Products revenue
decreased by 40% to DKK 769m compared to Q3
2024.
The year-on-year decline was primarily a reflection
of the subdued market conditions, resulting in
a reduced order intake through the year, as well
as delayed execution of orders within certain
Products
(DKKm) Q3 2025 Q3 2024* Change (%) 9M 2025 9M 2024* Change (%)
Order intake 472 829 -43% 2,018 2,535 -20%
Order backlog 5,112 5,111 0% 5,112 5,111 0%
Revenue 769 1,274 -40% 2,177 3,367 -35%
Other operating net income 0 5 41 11
Adjusted EBITA ** (26) (24) 8% (166) (205) -19%
Adjusted EBITA margin -3.4% -1.9% -7. 6 % -6.1%
EBITA (45) (31) 45% (176) (239) -26%
EBITA margin -5.9% -2.4% -8.1% -7. 1 %
* All 2024 numbers have been restated to reflect the continuing business.
** To illustrate the underlying business performance, we present an Adjusted EBITA margin, which excludes costs related to our ongoing
transformation activities and the separation of the Mining and Cement businesses as well as items reported as other operating net income.
Order intake split by
Region, Q3 2025
Growth in order intake and revenue
in Q3 2025 (vs. Q3 2024)
Order intake Revenue
Organic -38% -36%
Divestments 0% 0%
Currency -5% -4%
Total growth -43% -40%
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 14
product groups. FLSmidth expects the majority of
these orders will be executed during Q4 2025 and
Q1 2026.
EBITA development in Q3 2025
The Adjusted EBITA margin was -3.4% when
excluding transformation and separation costs
of DKK 19m, supported by the sequentially higher
level of revenue in the quarter.
Including these items, EBITA decreased to DKK
-45m corresponding to an EBITA margin of -5.9%
compared to DKK -31m corresponding to an EBITA
margin of -2.4% in Q3 2024.
Order intake development in 9M 2025
Organically, Products order intake decreased by
17% compared to 9M 2024. Total Products order
intake decreased by 20% to DKK 2,018m compared
to 9M 2024.
The year-on-year decline reflects that a single
large order was announced during 9M 2025 (albeit
with undisclosed total value), whereas three large
orders with a combined value of approximately
DKK 1.0bn were announced in 9M 2024. In addi-
tion, the decline reflected the continued softness
of the mining products market as well as the
de-risking of the order backlog which has been
completed over the recent years.
Revenue development in 9M 2025
Organically, Products revenue decreased by 33%
compared to 9M 2024. Total Products revenue
decreased by 35% to DKK 2,177m compared to 9M
2024.
The decline was mainly a reflection of the
continued softness in the market conditions,
resulting in a reduced order intake through the
year, as well as delayed execution of certain
orders. FLSmidth expects the majority of these
orders will be executed during Q4 2025 and Q1
2026.
EBITA development in 9M 2025
The Adjusted EBITA margin was -7.6% when
excluding transformation and separation costs
of DKK 51m as well as other operating net income
of DKK 41m, which primarily related to sale of
certain properties during the period. Including
these items, EBITA increased to DKK -176m corre-
sponding to an EBITA margin of -8.1% compared to
DKK -239m corresponding to an EBITA margin of
-7.1% in 9M 2024.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 15
NAMER
SAMER
EMEA
APAC
37%
25%
23%
15%
PC&V financial performance
The market for pumps, cyclones,
and valves has remained stable and
active, supporting a 9% organic
growth in order intake for the 9M
2025 period.
Throughout 2025, the market for pumps, cyclones,
and valves has remained stable and active, under-
pinned by steady-to-slightly-growing production
volumes and elevated metal prices.
We have continued to observe a soft equipment
market which has limited growth for the PC&V
business in the third quarter. However, customers
have remained interested in smaller equipment
solutions that drive increases in throughput,
operational efficiencty and reduce both water and
energy usage In addition, customers are continu-
ously looking for ways of extending equipment life
through upgrades, retrofits, and material improve-
ments.
Order intake development in Q3 2025
Organically, PC&V order intake decreased by 4%
compared to Q3 2024. Total PC&V order intake
decreased by 9% to DKK 735m compared to Q3
2024.
The year-on-year decrease was primarily a result
of the booking of a larger project-related order
in Q3 2024, whereas project-related sales in 2025
have been subdued. The year-on-year decline was
partly offset by a higher level of on-site sales,
underlining the benefits of the recent strength-
ening of the PC&V sales force.
Order backlog
The order backlog decreased to DKK 1,012m
compared to DKK 1,127m at the end of Q3 2024.
The book-to-bill ratio was 97.9% in Q3 2025.
Revenue development in Q3 2025
Organically, PC&V revenue increased by 7%
compared to Q3 2024. Total PC&V revenue
increased by 2% compared to Q3 2024 to DKK
751m.
The year-on-year increase was driven by a signif-
icant increase in aftermarket-related revenue,
reflecting the positive momentum gained from the
increased installed base.
EBITA development in Q3 2025
The Adjusted EBITA margin was 24.5% when
excluding transformation and separation costs of
DKK 7m as well as other operating net income of
DKK 1m.
Pumps, Cyclones & Valves ( PC&V)
(DKKm) Q3 2025 Q3 2024* Change (%) 9M 2025 9M 2024* Change (%)
Order intake 735 811 -9% 2,266 2,172 4%
Order backlog 1,012 1,127 -10% 1,012 1,127 -10%
Revenue 751 738 2% 2,184 1,963 11%
Other operating net income ** 1 0 1 0
Adjusted EBITA 184 200 -8% 531 514 3%
Adjusted EBITA margin 24.5% 2 7. 1 % 24.3% 26,2%
EBITA 178 194 -8% 508 490 4%
EBITA margin 23.7% 26.3% 23.3% 25,0%
* All 2024 numbers have been restated to reflect the continuing business.
** To illustrate the underlying business performance, we present an Adjusted EBITA margin, which excludes costs related to our ongoing
transformation activities and the separation of the Mining and Cement businesses as items reported as well as other operating net income.
Order intake split by
Region, Q3 2025
Growth in order intake and revenue
in Q3 2025 (vs. Q3 2024)
Order intake Revenue
Organic -4% 7%
Divestments 0% 0%
Currency -5% -5%
Total growth -9% 2%
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 16
Including these items, EBITA decreased to DKK
178m corresponding to an EBITA margin of 23.7%
compared to DKK 194m corresponding to an EBITA
margin of 26.3% in Q3 2024.
Order intake development in 9M 2025
Organically, PC&V order intake increased by 9%
compared to 9M 2024. Total PC&V order intake
increased by 4% to DKK 2,266m compared to 9M
2024.
The year-on-year increase was driven by a higher
level of both equipment- and aftermarket-related
orders. In addition, the increase was primarily
driven by a higher order intake in the EMEA and
SAMER regions.
The order intake in 9M 2025 was supported by a
strategically important order from an Indian miner
and steelmaker which included the delivery of 30
KREBS UMD pumps and 18 KREBS gMAX hydro-
cyclones to complete the secondary and tertiary
grinding circuits’ process requirements.
Revenue development in 9M 2025
Organically, PC&V revenue increased by 16%
compared to 9M 2024. Total PC&V revenue
increased by 11% compared to 9M 2024 to DKK
2,184m.
The year-on-year increase was driven by a higher
level of aftermarket-related revenue.
EBITA development in 9M 2025
The Adjusted EBITA margin was 24.3% when
excluding transformation and separation costs of
DKK 24m as well as other operating net income of
DKK 1m.
Including these items, EBITA increased to DKK
508m corresponding to an EBITA margin of 23.3%
compared to DKK 490m corresponding to an EBITA
margin of 25.0% in 9M 2024.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 17
Discontinued operations
Divestment of the Air Pollution
Control business
On 30 June 2025, FLSmidth announced that it had
entered into an agreement to divest its Air Pollu-
tion Control (APC) business to Rubicon Partners.
The transaction is expected to close during the
fourth quarter of 2025 and includes all related
assets, including intellectual property, technology,
employees and order backlog.
Profit and loss in 9M 2025
The loss from discontinued operations amounted
to DKK 578m in 9M 2025 and was negatively
impacted by impairment charges totalling DKK
621m for the period.
For further information about discontinued opera-
tions, please refer to note 10.
Following the announced agreements to divest FLSmidth Cement,
including the Air Pollution Control business, both businesses have been
classified as held for sale and discontinued operations.
Divestment of FLSmidth Cement
On 20 June 2025, FLSmidth announced that it had
entered into an agreement to divest its Cement
business as a share deal to an affiliate of Pacific
Avenue Capital Partners for a total initial consider-
ation of EUR 75m, corresponding to approximately
DKK 550m (Enterprise Value), plus a conditional
deferred cash consideration of up to EUR 75m,
corresponding to approximately DKK 550m (ref.
Company Announcement no. 10-2025).
The transaction includes all related employees,
assets, intellectual property and technology with
the exception of certain legacy contracts, which
have been retained by FLSmidth. The transaction
closed on 31 October 2025.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 18
0
1,000
2,000
3,000
4,000
5,000
2024 2025
Q1 Q2 Q3 Q4 Q1 Q3Q2
Service Products PC&V NCA
27%
14%
9%
1%
39%
10%
Copper
Gold
Coal
Fertiliser
Iron ore
Other
Consolidated quarterly financial performance
Continued business
Order intake in Q3 2025
Organically, order intake decreased by 4%
compared to Q3 2024. Total order intake
decreased by 11% in Q3 2025 to DKK 3,348m
compared to Q3 2024. The year-on-year decrease
was primarily a result of a lower order intake in
Products. Further, Non-Core Activities contrib-
uted with DKK 22m in order intake in Q3 2024.
The decrease was partly offset by a higher order
intake in Service.
Service, Products and PC&V comprised 64%,
14% and 22% of the total order intake in Q3 2025,
respectively, compared to 56%, 22% and 22% in Q3
2024, respectively. Non-Core Activities comprised
<1% of the total order intake in Q3 2024.
Growth in order intake in Q3 2025
(vs. Q3 2024)
Services Products PC&V
FLSmidth
Group
Organic 10% -38% -4% -4%
Divestments 0% 0% 0% 0%
Currency -7 % -5% -5% -7%
Total growt h 3% -43% -9% -11%
Growth in revenue in Q3 2025
(vs. Q3 2024)
Services Products PC&V
FLSmidth
Group
Organic 4% -36% 7% -8%
Divestments 0% 0% 0% 0%
Currency -7 % -4% -5% -7 %
Total growt h -3% -40% 2% -15%
Continued business
(DKKm) Q3 2025 Q3 2024** Change (%) 9M 2025 9M 2024** Change (%)
Order intake 3,348 3,746 -11% 10,642 11,383 -7%
Hereof service order intake 2,141 2,085 3% 6,358 6,617 -4%
Hereof products order intake 472 829 -43% 2,018 2,535 -20%
Hereof PC&V order intake 735 811 -9% 2,266 2,172 4%
Order backlog 11,043 11,702 -6% 11,043 11,702 -6%
Revenue 3,453 4,042 -15% 10,539 11,500 -8%
Hereof service revenue 1,933 1,994 -3% 6,178 6,040 2%
Hereof products revenue 769 1, 274 -40% 2,177 3,367 -35%
Hereof PC&V revenue 751 738 2% 2,184 1,963 11%
Gross profit* 1,198 1,258 -5% 3,701 3,569 4%
Gross margin* 34.7% 31.1% 35.1% 31.0%
SG&A cost* (664) (749) -11% (2,096) (2,294) -9%
SG&A ratio* 19.2% 18.5% 19.9% 19.9%
Other operating net income 22 37 99 42
Adjusted EBITA*** 530 489 8% 1,584 1,232 29%
Adjusted EBITA margin 15.3% 12.1% 15.0% 10.7%
EBITA 500 488 2% 1,530 1,131 35%
EBITA margin 14.5% 12.1% 14.5% 9.8%
Number of employees 5,780 5,911 -2% 5,780 5,911 -2%
* Q3 2024 and 9M 2024 information has been restated to reflect a reclassification of DKK 27m and DKK 82m from Administration costs to
Production costs, respectively.
** All 2024 numbers have been restated to reflect the continuing business. 2024 continuing business figures include the impact from
Non-Core Activities.
*** To illustrate the underlying business performance, we present an Adjusted EBITA margin, which excludes costs related to our ongoing
transformation activities and the separation of the Mining and Cement businesses as well as items reported as other operating net income.
Order intake split by
Segments, Q3 2025
DKKm
Order intake split by Commodity,
Q3 2025
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 19
0
1,000
2,000
3,000
4,000
5,000
0
4
8
12
16
20
Revenue EBITA margin %
Adjusted EBITA margin %
2024 2025
Q1 Q2 Q3 Q4 Q1 Q3Q2
-300
0
300
600
900
1,200
2024 2025
Q1 Q2 Q3 Q4 Q1 Q3Q2
Service Products PC&V NCA
0
3,000
6,000
9,000
12,000
15,000
Service Products PC&V NCA
2024 2025
Q1 Q2 Q3 Q4 Q1 Q3Q2
Order backlog and maturity in Q3 2025
The order backlog decreased by 6% to DKK
11,043m compared to Q3 2024, mainly driven by
our de-risking strategy as well as the continued
subdued Products market. The order backlog
decreased by 3% since the end of Q4 2024,
primarily driven by currency effects. The book-to-
bill ratio was 97.0% in Q3 2025.
Backlog maturity
Continuing
business
2025 21%
2026 65%
2027 & beyond 14%
Revenue in Q3 2025
Organically, revenue decreased by 8% compared
to Q3 2024. Total revenue decreased by 15% to
DKK 3,453m in Q3 2025, compared to Q3 2024.
The year-on-year decline was primarily driven
by lower revenue in Products, as a result of
the delayed execution of orders within certain
product groups. FLSmidth expects the majority of
these orders will be executed during Q4 2025 and
Q1 2026. In addition, Non-Core Activities contrib-
uted with DKK 36m in revenue in Q3 2024. The
decline was partly offset by higher revenue in the
PC&V business.
Service, Products and PC&V comprised 56%, 22%
and 22% of the total revenue in Q3 2025, respec-
tively, compared to 49%, 32% and 18% in Q3 2024,
respectively. Non-Core Activities comprised <1%
of the total revenue in Q3 2024.
Profit in Q3 2025
Gross profit and margin
Gross profit decreased by 5% to DKK 1,198m
compared to Q3 2024. The corresponding gross
margin increased to 34.7% in Q3 2025 compared
to 31.1% in Q3 2024. The increase was primarily a
reflection of a higher share of revenue from the
Service and PC&V businesses and the ceasing of
the Non-Core Activities segment in Q1 2025.
Research & development costs
In Q3 2025, total research and development costs
(R&D) amounted to DKK 32m, representing 0.9% of
revenue in the quarter (Q3 2024: 1.7%).
(DKKm) Q3 2025 Q3 2024
Production costs 11 14
Capitalised 21 53
Total R&D 32 67
SG&A costs
Sales, general and administrative costs (SG&A)
decreased by 11% to DKK 664m compared to DKK
749m in Q3 2024, reflecting the positive effects
from the ongoing simplification of our operating
model, especially within support functions and in
the Products business.
SG&A costs as a percentage of revenue increased
to 19.2% in Q3 2025 compared to 18.5 % in Q3 2024
as a result of the lower revenue.
EBITA and margin
The Adjusted EBITA margin was 15.3% when
excluding transformation and separation costs
of DKK 52m and other operating net income of
DKK 22m in Q3 2025. Including these items, EBITA
increased to DKK 500m, corresponding to an
EBITA margin of 14.5%, compared to DKK 489m,
corresponding to an EBITA margin of 12.1%, in Q3
2024. Non-Core Activities impacted EBITA nega-
tively by DKK 8m in Q3 2024. Excluding Non-Core
Activities, the EBITA margin would have been 12.3%
in Q3 2024.
Amortisation of intangible assets
Amortisation of intangible assets amounted to
DKK 52m (Q3 2024: DKK 53m).
Financial items
Net financial items amounted to DKK 3m (Q3 2024:
DKK -71m), of which net interest amounted to
DKK -18m (Q3 2024: DKK -55m), foreign exchange
and fair value adjustments amounted to DKK 19m
(Q3 2024: DKK -18m). Financial items included a
gainfrom associates of DKK 2m (Q3 2024: a gain of
DKK 2m).
Tax
Tax in Q3 2025 totalled DKK -153m (Q3 2024:
-124m), corresponding to an effective tax rate of
33.9% (Q3 2024: 34.1%). This includes the impact
from withholding taxes in both periods.
Backlog
DKKm
Revenue & EBITA margin
DKKm EBITA margin %
EBITA
DKKm
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 20
0
300
600
900
1,200
1,500
Net interest-bearing debt (NIBD)
2024 2025
Q1 Q2 Q3 Q4 Q1 Q3Q2
0
500
1,000
1,500
2,000
2,500
0
3
6
9
12
15
Net working capital Net working capital ratio, end
2024 2025
Q1 Q2 Q3 Q4 Q1 Q3Q2
Cash ow from operating activities
-600
-300
0
300
600
900
2024 2025
Q1 Q2 Q3 Q4 Q1 Q3Q2
Profit for the period
Profit from the continuing business was DKK
298m in Q3 2025 (Q3 2024: DKK 240m). Discon-
tinued activities reported a total gain of DKK 96m
compared to a gain of DKK 49m in Q3 2024. The
gain was driven by the reversal of provisions asso-
ciated with project closures in connection with
the divestment of the Cement business , partly
offset by an impairment charge of DKK 126m, also
related to divestment of the Cement activities.
Employees
The number of employees in the continuing busi-
ness decreased to 5,780 at the end of Q3 2025,
compared to 5,911 at the end of Q3 2024, as part
of the ongoing busines simplification.
Capital in Q3 2025
Cash flow from operating activities
Cash flow from operating activities (CFFO)
amounted to DKK 478m in Q3 2025 (Q3 2024: DKK
357m). The improvement compared to the prior-
year period was primarily relatively more favour-
able development in net working capital and lower
level of taxes paid.
Cash flow from investing activities
Cash flow from investing activities amounted to
DKK -120m in Q3 2025 (Q3 2024: DKK -229m) with
the majority of the investment activity in Q3 2025
relating to the expansion of mill liner manufacturing
facilities as well as the expansion of our service
centre network.
Cash flow from financing activities
Cash flow from financing activities amounted
to DKK -222m in Q3 2025 (Q3 2024: DKK 188m)
and included repurchase of treasury shares of
DKK -493m (Q2 2024: DKK 0m) and an inflow from
increase in net interest-bearing debt of DKK 294m
(Q2 2024: DKK -166m).
Free cash flow
Free cash flow (the sum of cash flow from oper-
ating and investing activities) amounted to DKK
358m in the quarter (Q3 2024: DKK 128m). Free
cash flow adjusted for business acquisitions and
disposals amounted to DKK 358m in Q3 2025 (Q3
2024: DKK 129m).
Net working capital
In Q3 2025 continued business, net working
capital decreased by DKK 8m to DKK 1,833m,
compared to DKK 1,841m in Q2 2025, driven by
lower trade receivables due to improved cash
collection and offset by an increase in inventory
and net work-in-progress. The net working capital
reflects the continuing business only.
The corresponding net working capital ratio for Q3
2025 was 12.4%. The effect of the reclassification
has not been incorporated for the comparative
figures for 2024.
Utilisation of supply chain financing decreased
to DKK 246m in Q3 2025 (Q4 2024: 515m), of which
DKK 203m relates to the continued business Q4
2024: 400m).
Other business
Closing of divestment of FLSmidth Cement
On 31 October 2025, FLSmidth announced that it
had closed the sale of its Cement business to an
affiliate of the global private equity firm, Pacific
Avenue Capital Partners.
Changes among employee-
elected board members
Effective 31 October 2025, Leif Gundtoft stepped
down from his position as employee-elected
board member of FLSmidth & Co. A/S and was
replaced by the first alternate, Saleh Kamal (ref.
Company Announcement no. 37-2025). In addition,
Henrik Stender Christensen has stepped down
from his position and has been replaced by the
first alternate, Henrik Jørgensen, effective 10
November 2025 (ref. Company Announcement
no. 40-2025). Both new employee-elected board
members will serve for the remainder of the ordi-
nary term for employee-elected board members,
which runs until 2029.
Cash flow
DKKm
Net interest-bearing debt
DKKm
Net working capital
DKKm NWC%
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 21
-850
-425
0
425
850
1,275
1,700
9M 2024 9M 2025
Service Products PC&V NCA
Consolidated financial performance 9M 2025
Order intake
Organically, order intake decreased by 2%
compared to 9M 2024. Total order intake
decreased by 7% in 9M 2025 to DKK 10,642m
compared to 9M 2024. The year-on-year decrease
was primarily a result of a lower order intake in the
Products business. In addition, Non-Core Activ-
ities contributed with DKK 58m in order intake
in 9M 2024. The decline was partly offset by a
higher order intake in the PC&V business. Service,
Products and PC&V comprised 60%, 19% and
21% of the total order intake in 9M 2025, respec-
tively, compared to 58%, 22% and 19% in 9M 2024,
respectively. Non-Core Activities comprised <1%
of the total order intake in 9M 2024.
Order backlog
The order backlog decreased by 6% to DKK
11,043m by end of Q3 2025. The decline was mainly
driven by the de-risking of our order backlog,
including the execution and wind-down of the
backlog in the Non-Core Activities segment during
2024. The book-to-bill ratio was 101.0% in 9M 2025.
Revenue
Organically, revenue decreased by 3% compared
to 9M 2024. Total revenue decreased by 8% to DKK
10,539m in 9M 2025, compared to 9M 2024. The
year-on-year decline was primarily driven by lower
revenue in Products, as a result of the delayed
execution of orders within certain product groups.
FLSmidth expects the majority of these orders
will be executed during Q4 2025 and Q1 2026. In
addition, Non-Core Activities contributed with
DKK 130m in revenue in 9M 2024. The decline was
partly offset by higher revenue in the Service and
PC&V businesses. Service, Products and PC&V
comprised 58%, 21% and 21% of the total revenue
in 9M 2025, respectively, compared to 53%, 29%
and 17%. Non-Core Activities comprised 1% of
total order intake in 9M 2024.
Profit in 9M 2025
Gross profit and margin
Gross profit increased by 4% to DKK 3,701m
compared to 9M 2024. The corresponding gross
margin increased by 4.1%-points to 35.1%. The
increase was primarily a reflection of a higher
share of revenue from the Service and PC&V busi-
nesses and evidence of the positive impact of the
de-risking strategy in Products business.
Research and Development costs were DKK 148m
(9M 2024: 189m), of which DKK 60m were capital-
ised (9M 2024: 108m).
EBITA and margin
The Adjusted EBITA margin was 15.0% when
excluding transformation and separation costs
of DKK 153m and other operating net income
of DKK 99m in 9M 2025. Including these items,
EBITA increased to DKK 1,530m corresponding
to an EBITA margin of 14.5% compared to DKK
1,131m corresponding to an EBITA margin of 9.8%
in 9M 2024. Non-Core Activities impacted EBITA
negatively by DKK 169m in 9M 2024. Excluding
Non-Core Activities, the EBITA margin would have
been 11.3% in 9M 2024.
Financial items
Net financial items amounted to DKK -58m (9M
2024: DKK -188m), of which foreign exchange and
fair value adjustments amounted to DKK 35m
(9M 2024: DKK 3m). Net interest amounted to DKK
-93m (9M 2024: DKK -152m). Financial items from
associates amounted to 0m (9M 2024: a loss of
DKK -39m) .
Tax
Tax for 9M 2025 totalled DKK 447m (9M 2024: DKK
-268m), corresponding to an effective tax rate of
34.0 % (9M 2024: 34.1%).
Profit for the period
Profit for the period for the continuing business
amounted to DKK 868m compared to DKK 517m
in 9M 2024. Discontinued activities reported a
total loss of DKK -578m compared to a gain of DKK
153m in 9M 2024. The loss includes impairment
charges of DKK 621m relating to the divestment
of the Cement business and derecognition of
certain deferred tax assets.
Growth in order intake in 9M 2025
(vs. 9M 2024)
Service Products PC&V
FLSmidth
Group
Organic 1% -17% 9% -2%
Divestments 0% 0% 0% 0%
Currency -5% -3% -5% -5%
Total growt h -4% -20% 4% -7%
Growth in revenue in 9M 2025
(vs. 9M 2024)
Service Products PC&V
FLSmidth
Group
Organic 7% -33% 16% -3%
Divestments 0% 0% 0% 0%
Currency -5% -2% -5% -5%
Total growt h 2% -35% 11% -8%
EBITA split by segment
DKKm
Continued business
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 22
-250
0
250
500
750
1,000
9M 2024 9M 2025
Cash ow from operating activities
-600
-450
-300
-150
0
150
9M 2024 9M 2025
Cash ow from investing activities
-400
-200
0
200
400
600
9M 2024 9M 2025
Free cash ow adjusted for net business acquisitions
Free cash ow
Earnings per share
Earnings per share (diluted) for the continuing
business increased to DKK 15.0 in 9M 2025 (9M
2024: DKK 8.9). Earnings per share (diluted) for the
discontinued business was negative by DKK 10.2
in the first 9 months of 2025 (9M 2024: DKK 2.7).
Capital in 9M 2025
Net working capital
Net working capital (NWC) decreased in 9M
2025 to DKK 1,833m (end of 2024: DKK 2,107m)
as Cement and the Air Pollution Control busi-
nesses have been classified as held for sale. NWC
decreased primarily due to improved cash collec-
tion and a reduction in net work-in-progress as a
direct effect of our ongoing focus on de-risking
the business. In addition, currency effects
contributed to the reduction in NWC although this
was partly offset by lower trade payables. As of
the end of Q3 2025, NWC reflects the continuing
business. The corresponding net working capital
ratio was 12.4% (end of 2024: 10.4%).
Cash flow from operating activities
Cash flow from operating activities improved to
DKK 993m (9M 2024: DKK 19m). The improvement
compared to the prior-year period was primarily a
reflection of higher earnings and a more favour-
able development in net working capital.
Cash flow from investing activities
Cash flow from investing activities amounted to
DKK -448m compared to DKK -286m in 9M 2024,
which had been positively impacted by a DKK
241m cash inflow from the divestment of the
MAAG business.
Cash flow from financing activities
Cash flow from financing activities amounted
to DKK -596m, primarily driven by payment of
dividend of DKK -458m, which was paid out in Q2
2025, as well as the repurchase of treasury shares
in connection with the ongoing share buy-back
programme totalling DKK -527m over the period.
The cash outflow was partially offset by an
increase in net interest-bearing debt of DKK 462m.
Free cash flow
Free cash flow (the sum of cash flow from oper-
ating and investing activities) amounted to DKK
545m (9M 2024: DKK -267m). Free cash flow
adjusted for business acquisitions and disposals
amounted to DKK 570m (9M 2024: DKK 415m).
Balance sheet
Total assets decreased to DKK 24,675m at 30
September 2025 (end of 2024: DKK 26.935), driven
by the impairment charge relating to the Cement
business, reduction in net working capital and
the write off of certain deferred tax assets in the
Cement business.
Financial position
By the end of 9M 2025, FLSmidth had DKK 6.1bn of
available committed credit facilities of which DKK
4.2bn remained undrawn. The committed credit
facilities have a weighted average time to matu-
rity of 1.6 years. By the end of Q3 2025, FLSmidth
had DKK 6.1bn of available committed credit
facilities, of which DKK 4.2bn remained undrawn.
The committed credit facilities have a weighted
average time to maturity of 1.6 years. In November
2025, the revolving credit facility of DKK 5.0 billion
was successfully refinanced on favourable terms,
extending its maturity from 2027 to 2031. The
company's term loan of DKK 1.1bn will mature in
2030. FLSmidth has DKK 0.8bn of uncommitted
credit facilities available.
Net interest-bearing debt
Net interest-bearing debt (NIBD) at 30 September
2025 increased to DKK1,473 (end of 2024: DKK
847m), primarily due to the pay-out of dividends
of DKK 457m, resulting in a financial gearing at
end-9M 2025 of 0.6x (end of 2024: 0.4x).
Equity
Equity at end 9M 2025 decreased to DKK 10,183m
(end of 2024: DKK 11,781m). The decrease was
driven by negative currency adjustments, loss due
to impairment of divested assets, and dividends
paid out during the period. The equity ratio was
41.3% at the end of 9M 2025 (end of 2024: 43.7%).
Treasury shares and share
buy-back programme
The holding of treasury shares as of 30 September
2025 increased from year-end 2024 and amounted
to 1,901,990 shares, representing 3.30% of the total
share capital. Treasury shares that are not to be
proposed cancelled as part of the ongoing share
buy-back programme (ref. Company Announce-
ment no. 12-2025) are used to hedge our share-
based incentive programmes.
Cash flow from operating activities
DKKm
Cash flow from investing activities
DKKm
Free cash flow
DKKm
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 23
Income statement Statement of comprehensive income
Notes DKKm Q3 2025 Q3 2024** 9M 2025 9M 2024**
3,4 Revenue 3,453 4,042 10,539 11,500
Production costs (2,255 ) (2,784 ) (6,838 ) (7,931 )
Gross profit* 1,198 1,258 3,701 3,569
Sales costs (294 ) (334 ) (945 ) (1,000 )
Administrative costs* (370 ) (415 ) (1,151 ) (1,294 )
9 Other operating net income 22 37 99 42
EBITDA 556 546 1,704 1,317
Depreciation and impairment of property,
plant and equipment and lease assets (56 ) (58 ) (174 ) (186 )
EBITA 500 488 1,530 1,131
Amortisation and impairment of intangible assets (52 ) (53 ) (157 ) (158 )
EBIT 448 435 1,373 973
Financial income 224 104 802 439
Financial costs (221 ) (175 ) (860 ) (627 )
EBT 451 364 1,315 785
Tax for the period (153 ) (124 ) (447 ) (268 )
Profit for the period, continuing activities 298 240 868 517
10 Profit/(loss) for the period, discontinued activities 96 49 (578 ) 153
Profit for the period 394 289 290 670
Attributable to:
Shareholders in FLSmidth & Co. A/S 392 287 279 662
Minority interests 2 2 11 8
Earnings per share (EPS):
Continuing and discontinued activities per share
(DKK) 7.0 5.0 4.9 11.7
Continuing and discontinued activities per share,
diluted (DKK) 6.9 5.0 4.9 11.6
Continuing activities per share (DKK) 5.3 4.2 15.1 9.0
Continuing activities per share, diluted (DKK) 5.2 4.2 15.0 8.9
* Q3 2024 and 9M 2024 information has been restated to reflect a reclassification of DKK 27m and DKK 82m from Administration costs to
Production costs, respectively.
** All 2024 numbers have been restated to reflect the continuing business. 2024 figures include Non-Core Activities.
Notes DKKm Q3 2025 Q3 2024** 9M 2025 9M 2024**
Profit for the period 394 289 290 670
Items that will not be reclassified to
profit or loss:
Actuarial gains and losses on defined benefit plans (1 ) 5 (7 ) 10
Items that are or may be reclassified
subsequently to profit or loss:
Currency adjustments regarding translation
of entities (19 ) (326 ) (933 ) (178 )
Reclassification of currency adjustments on
disposal 0 0 0 (18 )
Cash flow hedging:
Value adjustments for the year 0 (6 ) (9 ) (21 )
Value adjustments transferred to work in progress 0 6 (4 ) 8
Tax hereof 0 (1 ) 4 0
Other comprehensive income
for the period after tax (20 ) (322 ) (949 ) (199 )
Comprehensive income for the period 374 (33 ) (659 ) 471
Attributable to:
Shareholders in FLSmidth & Co. A/S 373 (34 ) (670 ) 465
Minority interests 1 1 11 6
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 25
Cash flow statement
Notes DKKm Q3 2025 Q3 2024 9M 2025 9M 2024
EBITDA, continued activities 556 546 1,704 1,317
3 EBITDA, discontinued activities 255 98 450 270
Adjustment for gain on sale of property, plant and
equipment and other non-cash items 15 17 (14 ) 23
Change in provisions, pension and employee benefits (182 ) 205 (266 ) 135
7 Change in net working capital (149 ) (346 ) (393 ) (1,082 )
Cash flow from operating activities before
financial items and tax 495 520 1,481 663
Financial items received and paid (14 ) (32 ) (68 ) (104 )
Taxe s p aid (3 ) (131 ) (420 ) (540 )
Cash flow from operating activities 478 357 993 19
8 Acquisition of enterprises and activities 0 0 (25 ) (93 )
Acquisition of intangible assets (34 ) (102 ) (171 ) (227 )
Acquisition of property, plant and equipment (87 ) (125 ) (320 ) (263 )
Acquisition of financial assets 1 (1 ) (3 ) (4 )
9 Disposal of enterprises and activities 0 (1 ) 0 241
Disposal of intangible assets 0 0 0 0
Disposal of property, plant and equipment 0 0 71 60
Disposal of financial assets 0 0 0 0
Dividend from associates 0 0 0 0
Cash flow from investing activities (120 ) (229 ) (448 ) (286 )
The cash flow statement cannot be inferred from the published financial information only.
Notes DKKm Q3 2025 Q3 2024 9M 2025 9M 2024
Dividend paid (1 ) 0 (458 ) (227 )
Acquisition of treasury shares (493 ) 0 (527 ) (19 )
Repayment of lease liabilities (22 ) (22 ) (73 ) (71 )
Change in interest bearing debt 294 (166 ) 462 684
Cash flow from financing activities (222 ) (188 ) (596 ) 367
Change in cash and cash equivalents 136 (60 ) (51 ) 100
Cash and cash equivalents at beginning of period 816 1,512 1,070 1,352
Foreign exchange adjustment, cash and cash
equivalents (4 ) (25 ) (71 ) (25 )
Cash and cash equivalents at 30 September 948 1,427 948 1,427
Cash and cash equivalents included in assets
held for sale 147 0 147 0
Cash and cash equivalents 801 1,427 801 1,427
Cash and cash equivalents at 30 September 948 1,427 948 1,427
Free cash flow
DKKm Q3 2025 Q3 2024 9M 2025 9M 2024
Free cash flow 358 128 545 (267 )
Free cash flow, adjusted for acquisitions and
disposals of enterprises and activities 358 129 570 (415 )
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 26
Balance sheet
Notes DKKm 30/09 2025 31/12 2024 30/09 2024
Assets
Goodwill 6,267 6,559 6,461
Patents and rights 500 623 634
Customer relations 233 287 293
Other intangible assets 53 90 101
Completed development projects 200 241 121
Intangible assets under development 711 826 877
Intangible assets 7,964 8,626 8,487
Land and buildings 1,398 1,654 1,582
Plant and machinery 339 357 336
Operating equipment, fixtures and fittings 93 108 96
Tangible assets in course of construction 325 352 297
Property, plant and equipment 2,155 2,471 2,311
Deferred tax assets 2,161 2,358 2,231
Investments in associates 34 36 42
Other securities and investments 55 56 54
Other non-current assets 2,250 2,450 2,327
Non-current assets 12,369 13,547 13,125
Inventories 3,432 3,572 3,416
Trade receivables 2,461 4,073 4,639
Work in progress 1,938 3,009 2,915
Prepayments 646 351 486
Income tax receivables 396 423 648
Other receivables 794 890 963
Cash and cash equivalents 801 1,070 1,427
Current assets 10,468 13,388 14,494
11 Assets classified as held for sale 1,838 - -
Total assets 24,675 26,935 27,619
Notes DKKm 30/09 2025 31/12 2024 30/09 2024
Equity and liabilities
Share capital 1,153 1,153 1,153
Foreign exchange adjustments (1,716 ) (783 ) (1,073 )
Cash flow hedging (41 ) (28 ) (45 )
12 Retained earnings 10,796 11,459 11,082
Shareholders in FLSmidth & Co. A/S 10,192 11,801 11,117
Minority interests (9 ) (20 ) (23 )
Equity 10,183 11,781 11,094
Deferred tax liabilities 142 220 218
Pension obligations 311 322 325
5 Provisions 655 705 666
Lease liabilities 89 133 83
Bank loans and mortgage debt 1,959 1,508 2,179
Prepayments from customers 309 303 191
Income tax liabilities 119 120 110
Other liabilities 19 48 46
Non-current liabilities 3,603 3,359 3,818
Pension obligations 0 3 1
5 Provisions 1,187 1,670 1,643
Lease liabilities 54 85 89
Bank loans and mortgage debt 148 47 202
Prepayments from customers 1,068 1,480 1,767
Work in progress 2,195 2,791 2,914
Trade payables 2,482 3,538 3,440
Income tax liabilities 485 193 466
Other liabilities 1,584 1,988 2,185
Current liabilities 9,203 11,795 12,707
11
Liabilities directly associated with assets
classified as held for sale 1,686 - -
Total liabilities 14,492 15,154 16,525
Total equity and liabilities 24,675 26,935 27,619
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 27
Equity statement
9M 2025 9M 2024
DKKm
Share
capital
Foreign
exchange
adjust-
ments
Cash flow
hedging
Retained
earnings
Share-
holders in
FLSmidth
& Co A/S
Minority
interests Total
Share
capital
Foreign
exchange
adjust-
ments
Cash flow
hedging
Retained
earnings
Share-
holders in
FLSmidth
& Co A/S
Minority
interests Total
Equity at 1 January 1,153 (783 ) (28 ) 11,459 11,801 (20 ) 11,781 1,153 (879 ) (32 ) 10,615 10,857 (29 ) 10,828
Comprehensive income for the period
Profit/loss for the period 279 279 11 290 662 662 8 670
Other comprehensive income
Actuarial gain/loss on defined benefit plans (7 ) (7 ) (7 ) 10 10 10
Currency adjustments regarding translation of entities (933 ) (933 ) (933 ) (176 ) (176 ) (2 ) (178 )
Reclassification of currency adjustments on disposal (18 ) (18 ) (18 )
Cash flow hedging:
Value adjustments for the period (9 ) (9 ) (9 ) (21 ) (21 ) (21 )
Value adjustments transferred to work in progress (4 ) (4 ) (4 ) 8 8 8
Tax on other comprehensive income 4 4 4 0 0 0
Other comprehensive income for the period 0 (933 ) (13 ) (3 ) (949 ) 0 (949 ) 0 (194 ) (13 ) 10 (197 ) (2 ) (199 )
Comprehensive income for the period 0 (933 ) (13 ) 276 (670 ) 11 (659 ) 0 (194 ) (13 ) 672 465 6 471
Transactions with owners:
Dividend paid (457 ) (457 ) (457 ) (227 ) (227 ) (227 )
Share-based payment 45 45 45 41 41 41
Acquisition of treasury shares (527 ) (527 ) (527 ) (19 ) (19 ) (19 )
Equity at 30 September 1,153 (1,716 ) (41 ) 10,796 10,192 (9 ) 10,183 1,153 (1,073 ) (45 ) 11,082 11,117 (23 ) 11,094
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 28
1. Key accounting estimates and judgements 30
2. Income statement by function 30
3. Segment information 31
4. Revenue 32
5. Provisions 33
6. Contractual commitments and contingent liabilities 33
7. Net working capital 34
8. Business Acquisitions 34
9. Disposal of activities 34
10. Discontinued activities 35
11. Assets & liabilities held for sale 35
12. Shareholders’ equity 36
13. Events after the balance sheet date 36
14. Accounting policies 36
Notes
1. Key accounting estimates
and judgements
When preparing the consolidated condensed financial
statements, we are required to make several estimates
and judgements. The estimates and judgements that can
have a significant impact on the consolidated condensed
financial statements are categorised as key accounting
estimates and judgements. Key accounting estimates
and judgements are regularly assessed to adapt to the
market conditions and changes in political and economic
factors.
The uncertainty arising from the geopolitical situation
from various ongoing conflicts, combined with increasing
unrest in many regions and anti-globalisation sentiments,
increased during the first nine months of 2025. However,
FLSmidth is continuously assessing risk-scenarios to
minimise potential negative impacts in a timely manner.
Based on our diversified supply chain and a significant
production capacity both within and outside the US,
we are not currently expecting any significant negative
impacts.
Areas affected by key accounting estimates and judge-
ments are unchanged from the Annual Report for 2024.
Therefore, key accounting judgements are made in
relation to the accounting of revenue when determining
the recognition method, while key accounting estimates
relate to the estimation of warranty provisions, valuation
of inventories, work in progress and deferred tax.
For further details, reference is made to Annual Report
2024, Key accounting estimates and judgements, page
141 and to specific notes.
2. Income statement by function
It is our policy to prepare the income statement based
on an adjusted classification of the cost by function in
order to show the earnings before depreciation, amorti-
sation and impairment. Depreciation, amortisation, and
impairment are therefore separated from the individual
functions and presented in separate lines.
The income statement prepared on the basis of cost by
function is shown below:
Income statement by function
DKKm Q3 2025 Q3 2024** 9M 2025 9M 2024**
Revenue 3,453 4,042 10,539 11,500
Production costs, including depreciation and amortisation* (2,312) (2,843) ( 7,0 1 7 ) (8,110)
Gross profit* 1,141 1,199 3,522 3,390
Sales costs, including depreciation and amortisation (302) (340) (958) (1,016)
Administrative costs, depreciation and amortisation* (413) (461) (1,290) (1,443)
Other operating net income 22 37 99 42
EBIT 448 435 1,373 973
Depreciation, amortisation and impairment consist of:
Depreciation and impairment of property, plant and equipment and lease assets (56) (59) (174) (186)
Amortisation and impairment of intangible assets (52) (53) (157) (158)
(108) (112) (331) (344)
Depreciation, amortisation and impairment are divided into:
Production costs (57) (59) (179) (179)
Sales costs (8) (6) (13) (16)
Administrative costs (43) (47) (139) (149)
(108) (112) (331) (344)
* Q3 2024 and 9M 2024 information has been restated to reflect a reclassification of DKK 27m and DKK 82m from Administration costs to Production costs, respectively.
** All 2024 numbers have been restated to reflect continuing business. 2024 figures include Non-Core Activities.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 30
3. Segment information
9M 2025 9M 2025 9M 2024 9M 2024
Reportable Segments FLSmidth Group Reportable Segments FLSmidth Group
DKKm Service Products PC&V
Continuing
activities
Discontinued
activities
FLSmidth
Group Service Products PC&V
Non-Core
Activites*
Continuing
activities
Discontinued
activities
FLSmidth
Group
Revenue 6,178 2,177 2,184 10,539 2,887 13,426 6,040 3,367 1,963 130 11,500 3,356 14,856
EBITA 1,198 (176) 508 1,530 433 1,963 1,049 (239) 490 (169) 1,131 244 1,375
Order intake 6,358 2,018 2,266 10,642 2,511 13,153 6,617 2,535 2,172 59 11,383 2,891 14,274
Order backlog 4,919 5,112 1,012 11,043 3,191 14,234 5,061 5,111 1,127 403 11,702 3,976 15,678
EBITA margin 19.4% -8.1% 23.3% 14.5% 1 7. 4 % -7. 1 % 25.0% -1 3 0.0% 9.8% 9.3%
Number of employees at 30
September 5,780 1,634 7,414 5,911 1,964 7,875
Reconciliation of profit before tax for the period
EBITA 1,530 433 1,963 1.131 244 1,375
Amortisation and impairment of
intangible assets (157) (642) (799) (158) (21) (179)
EBIT 1,373 (209) 1,164 973 223 1,196
Financial income 802 128 930 439 127 566
Financial costs (860) (152) (1,012) (627) (88) (715)
EBT 1,315 (233) 1,082 785 262 1,047
* Non-Core Activities ceased as planned in early Q1 2025, with the remaining, insignificant contract portfolio moved into the Products segment.
As a result of the signed agreements to divest FLSmidth Cement, including the Air Pollution Control business, the business has, as of Q2 2025, been classified as discontinued activities and assets held for sale. Consenquently, FLSmidth has, as of Q2
2025, changed its segment reporting to reflect that FLSmidth going forward will be a pure-play supplier of technology and services to the mining industry. On average, the PC&V segment is expected to comprise approximately 25% equipment-related
orders and 75% aftermarket-related orders.
Comparative figures have been restated according to the new segment reporting. The performance of the segments is monitored at the level of operating profit before amortisation (EBITA). Segmental assets and liabilities and related disclosures are
not provided to management on a regular basis, and, accordingly, assets and liabilities for individual segments are not presented.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 31
27%
28%
18%
27%
25%
30%
17%
28%
NAMER
SAMER
EMEA
APAC
NAMER
SAMER
EMEA
APAC
0
2,500
5,000
7,500
10,000
12,500
15,000
9M 2024 9M 2025
2027 and beyond 2026
2,820
7,178
6,892
1,990
2,319
1,546
2025
4. Revenue
Revenue arises from sale of life cycle offerings to our
customers. We sell a broad range of goods and services
within the three segments; Services, Products and PC&V.
In the graphs on the right, revenue is split by regions in
which delivery takes place.
Revenue is recognised either at a point in time where the
control over the goods and/or services is transferred
to the customer or over time to reflect the percentage
of completion of the performance obligations in the
contracts. Percentage of completion covers a wide range
of different types of contracts, from contracts where
the customer consumes the services over time, such as
fixed price service contracts, to more complex product
bundles with engineering subject to the enhanced risk
governance structure under the Risk Management Board
and to risk quotas. More information on when and how
the two recognition principles are applied can be found in
note 1.4 in the Annual report 2024.
Backlog
The order backlog at 30 September 2025 amounted to
DKK 11,043m (end of 2024: DKK 12,287m).
The backlog represents the value of outstanding perfor-
mance obligations on current contracts. The value
of outstanding performance obligations on current
contracts is a combination of value from contracts where
we will transfer control at a future point in time and
the value of the remaining performance obligations on
contracts where we transfer control over time.
Revenue split on timing of revenue recognition principle
9M 2025 9M 2024*
DKKm Service Products PC&V Group Service Products PC&V
Non-Core
Activities Group
Point in time 4,544 241 2,139 6,924 4,344 340 1,868 28 6,580
Percentage of completion
- Service, single machines and product bundles 1,634 1,586 45 3,265 1,696 2,234 95 0 4,025
- Product bundles with engineering under enhanced
risk governance 350 350 793 102 895
Total revenue 6,178 2,177 2,184 10,539 6,040 3,367 1,963 130 11,500
* All 2024 numbers have been restated to reflect the continuing business. In addition some reclassifications of H1 2025 figures have been made
Revenue split by Regions, 9M 2025
%
Revenue split by Regions, 9M 2024
%
Backlog Maturity
DKKm
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 32
5. Provisions
The table below shows the movements in provisions
by category for the FLSmidth group (continued and
discontinued operations). The net balance relating to the
Cement and Air Pollution Control businesses is then clas-
sified as liabilities associated with assets held for sale.
For a description of the main provision categories see
note 2.7 in the 2024 Annual Report.
6. Contractual commitments
and contingent liabilities
Contingent liabilities for the continued business at the
end of 9M 2025 amounted to DKK 1,431m (end of 2024:
DKK 2,032m). Contingent liabilities primarily relate to
customary performance and payment guarantees. The
volume of such guarantees amounted to DKK 1,178m
(end of 2024: DKK 1,749m). It is customary market prac-
tice to issue guarantees to customers, which serve as
a security that we will deliver as promised in terms of
performance, quality, and timing. The volume of the
guarantees varies with the activity level and reflects the
outstanding backlog, finalised projects and deliveries
that are covered by warranties etc. Only a minor share of
such guarantees is expected to materialise into losses.
In the event a guarantee is expected to materialise, a
provision is recognised to cover the risk. Information on
provisions is included in note 5.
Other contingent liabilities end of 9M 2025 amounted
to DKK 253m (end of 2024 DKK 283m). This relate to our
involvement in legal disputes, which are already pending
with courts or other authorities and other disputes which
may or may not lead to formal legal proceedings being
initiated against us.
No significant changes have occurred to the nature and
extent of our contractual commitments and contingent
liabilities compared to what was disclosed in note 2.9 in
the 2024 Annual Report.
Provisions
DKKm 30/09 2025 31/12 2024* 30/09 2024*
Provisions at 1 January 2,375 2,295 2,295
Foreign exchange adjustments (95) 17 (16)
Disposal of Group enterprises 0 (12) (12)
Additions 464 1,476 1,020
Used (465) (966) (717)
Reversals (211) (467) (261)
Reclassification to/from other liabilities 0 32 0
Transferred to liabilities held for sale (226) 0 0
Provisions at 30 September 1,842 2,375 2,309
The split of provisions is as follows:
Warranties 716 850 824
Restructuring 140 390 210
Other provisions 986 1,135 1,275
1,842 2,375 2,309
The maturity of provisions is specified as follows:
Current liabilities 1,187 1,670 1,643
Non-current liabilities 655 705 666
1,842 2,375 2,309
* Comparative figures for 31/12/2024 and 30/09/2024 have not been restated to display the classifications assets classified and liabilities
directly associated with assets held for sale which is reflected in 30/09/2025. For more information refer to note 11.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 33
7. Net working capital
In the third quarter, FLSmidth classified specific net
working capital items related to the divestment of
Cement in the balance sheet as assets and liabilities
held for sale. Net working capital decreased primarily
due to improved cash collection and a reduction in net
work-in-progress as a direct effect of our ongoing focus
on de-risking the business. In addition, currency effects
contributed to the reduction in net working capital
although this was partly offset by lower trade payables.
Utilisation of supply chain financing for the continued
business decreased in the nine months of 2025 to DKK
203m (31 December 2024: 400m).
9. Disposal of activities
On 31 October 2025, FLSmidth announced that it had
closed the sale of its Cement business to an affiliate of
the global private equity firm, Pacific Avenue Capital
Partners.
On 22 January 2024, FLSmidth Cement entered into an
agreement to sell the MAAG gears and drives business
to Solix Group AB. The transaction closed on 1 March
2024 and includes all related assets, including intellec-
tual property, technology, employees and customer
contracts.
Total assets and liabilities related to the activities of DKK
463m and DKK 237m, respectively, were derecognised.
The assets include intangible assets of DKK 80m, other
non-current assets of DKK 118m and current assets
of DKK 265m (primarily working capital). The liabilities
include lease liabilities of DKK 55m, provisions of DKK
11m, working capital and other liabilities of DKK 171m.
The transaction led to a gain of DKK 28m.
8. Business Acquisitions
There has been no acquisition in Q3 2025.
On 2 June 2025, FLSmidth acquired Scott Specialized
Rubber & Engineering (SSRE), a manufacturing company
based in Pretoria, South Africa. SSRE manufactures and
markets specialised, heavy-duty rubber products for a
variety of industries, including for mineral processing.
The acquisition of SSRE directly supports FLSmidth’s
CORE’26 strategy, which priorities service growth
through targeted investments.
The impact on net profit is insignificant.
Net working capital
DKKm 30/09 2025 31/12 2024 * 30/09 2024 *
Inventories 3,432 3,572 3,416
Trade receivables 2,461 4,073 4,639
Work in progress, assets 1,938 3,009 2,915
Prepayments 646 351 486
Other receivables 707 781 865
Derivative financial instruments 33 53 29
Prepayments from customers (1,377) (1,783) (1,958)
Trade payables (2,482) (3,538) (3,440)
Work in progress, liability (2,195) (2,791) (2,914)
Other liabilities (1,299) (1,587) (1,794)
Derivative financial instruments (31) (33) (36)
Net working capital 1,833 2,107 2,208
Change in net working capital 274 (725) (826)
Acquisitions/disposal of activities, financial instruments and
foreign exchange effect on cash flow (667) (49) (256)
Cash flow effect from change in net working capital (393) (774) (1,082)
* Comparative figures for 31/12/2024 and 30/09/2024 have not been restated to display the classifications assets classified and liabilities
directly associated with assets held for sale, which is reflected in 30/09/2025. For more information refer to note 11.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 34
10. Discontinued activities
DKKm 9M 2025 9M 2024
Revenue 2,887 3,356
Costs (2,499) (3,094)
Impairment (621) 0
EBT (233) 262
Tax for the year (345) (109)
Loss for the year, discontinued activities (578) 153
Cash flow statement:
Cash flow from operating activities (46) 268
Cash flow from investing activities (102) 208
Earning per share:
Discontinued activities per share (10.2) 2.7
Discontinued activities per share diluted (10.1) 2.7
Following the announcement of the agreements to divest our Cement and Air Pollution Control businesses, impairment
tests were performed on the carrying value of these businesses based on a comparison of the fair value less costs to sell
to the underlying net assets. This resulted in a cumulative impairment charge of DKK 621m, which is reported as part of
the loss from discontinued operations.
On completion of the Cement divestment, the currency translation within equity related to the Cement business will be
reclassified from equity to the income statement and included in the net result from Cement activities held for sale. The
reclassification will have no effect on the Group’s cash position. The accumulated currency translation reserve related to
the Cement business is expected to be immaterial.
§ Accounting policy
Discontinued activities comprise disposal groups, which have been disposed of, ceased or are classified as held for sale
and represents a separate major line of business or geographical area.
Discontinued activities are presented in the income statement as profit/loss for the year, discontinued activities and
consists of operating income after tax.
Gains or losses from disposal of the assets related to the discontinued activities and adjustments hereto are likewise
presented as discontinued activities in the income statement.
In the consolidated cash flow statement, cash flow from discontinued activities are included in cash flow from operating,
investing and financing activities together with cash flow from continuing activities.
11. Assets & liabilities held for sale
DKKm 30/9 2025
Tangible assets 85
Inventories 510
Trade receivables 701
Work-in-progress for third parties 224
Other assets 171
Cash and Cash equivalents 147
Carrying amount of assets held for sale 1,838
Provisions 98
Trade payables 560
Work-in-progress for third parties 379
Deferred tax liability 0
Other liabilities 649
Liabilities directly associated with assets classified as held for sale 1,686
Carrying amount of net assets held for sale 152
The above figures related to assets and liabilities held for sale consist of assets and liabilities that are directly related to
Cement business, Air Pollution Control business, as well as real estate.
Assets and liabilities held for sale are reported net of the impairment charge of DKK 621m which has been allocated across
various asset classes.
§ Accounting policy
Non-current assets, as well as assets and liabilities expected to be sold as a group (disposal group) in a single transaction,
are reclassified as assets and liabilities classified as held for sale if their carrying value is likely to be recovered through
sale within 12 months, in accordance with a formal plan.
Assets or disposal groups held for sale are measured at the lower of the carrying value and the fair value less costs to sell.
Assets and liabilities related to activities held for sale are presented on separate line items from the date the activities
become discontinued. Hence, comparative figures in the balance sheet are not restated.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 35
12. Shareholders’ equity
At the Annual General Meeting 2 April 2025, a dividend
of DKK 8 per share was declared. The total dividend
amounting to DKK 457m, excluding the proportion related
to FLSmidth’s holding of treasury shares, was paid out in
April 2025.
In 2024, the Annual General Meeting was held in April and
the total dividend paid was DKK 228m.
13. Events after the
balance sheet date
On 31 October 2025, FLSmidth announced that it had
closed the sale of its Cement business to an affiliate of
the global private equity firm, Pacific Avenue Capital
Partners.
As a result of the closing of the sale of the Cement busi-
ness to Pacific Avenue Capital Partners, Leif Gundtoft,
who is employed in the Cement business, has stepped
down from his role as employee-elected board member in
FLSmidth & Co. A/S. The first alternate, Saleh Mahmoud
Ahmed Kamal Abdelhamid Elghamrawy (Saleh Kamal),
People Experience & Labor Relations Lead, replaced Leif
Gundtoft on the Board of Directors effective as of 31
October 2025 and for the remainder of the ordinary term
of the current employee-elected board members, which
runs until 2029.
We are not aware of any other subsequent matters that
could be of material importance to the Group’s financial
position at 30 September 2025.
14. Accounting policies
The condensed interim report of the Group for the first
nine months of 2025 is presented in accordance with IAS
34, Interim Financial Reporting, as approved by the EU
and additional Danish disclosure requirements regarding
interim reporting by listed companies.
Apart from the below mentioned changes, the
accounting policies are unchanged from those applied in
the 2024 Annual Report. In Q2 2025 reportable segments
have been changed. See further details on page 7.
Reference is made to note 7.5, Material accounting poli-
cies, note 7.6, Impact from new IFRS Accounting Stand-
ards, note 7.7, New IFRS Accounting Standards not yet
adopted and to specific notes in the 2024 Annual Report
for further details.
Changes in accounting policies
As of 1 January 2025, FLSmidth Group has implemented
the changes required by:
• IAS 21 (Lack of Exchangeability)
Besides this, there are no changes to IFRS Accounting
Standards with an effective date 1 January 2025.
The implementation has not had and is not expected to
have significant impact on the consolidated condensed
financial statements.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 36
Statement by Management
Executive management
Board of Directors
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 38
Forward looking statements
FLSmidth & Co. A/S’ financial reports, whether in the
form of annual reports or interim reports, filed with the
Danish Business Authority and/or announced via the
company’s website and/or NASDAQ Copenhagen, as well
as any presentations based on such financial reports,
and any other written information released, or oral state-
ments made, to the public based on this report or in the
future on behalf of FLSmidth & Co. A/S, may contain
forward-looking statements.
Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’,
‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘antic-
ipate’, ‘can’, ‘intend’, ‘target’ and other words and terms
of similar meaning in connection with any discussion
of future operating or financial performance identify
forward-looking statements. Examples of such forward-
looking statements include, but are not limited to:
• Statements of plans, objectives or goals for future
operations, including those related to FLSmidth & Co.
A/S’ markets, products, product research and product
development.
• Statements containing projections of or targets for
revenues, profit (or loss), CAPEX, dividends, capital
structure or other net financial items.
• Statements regarding future economic performance,
future actions and outcome of contingencies such
as legal proceedings and statements regarding the
underlying assumptions or relating to such state-
ments.
• Statements regarding potential merger & acquisition
activities.
These forward-looking statements are based on current
plans, estimates and projections. By their very nature,
forward-looking statements involve inherent risks and
uncertainties, both general and specific, which may be
outside FLSmidth & Co. A/S’ influence, and which could
materially affect such forward-looking statements.
FLSmidth & Co. A/S cautions that a number of important
factors, including those described in this report, could
cause actual results to differ materially from those
contemplated in any forward-looking statements.
Factors that may affect future results include, but
are not limited to, global as well as local political and
economic conditions, including interest rate and
exchange rate fluctuations, delays or faults in project
execution, fluctuations in raw material prices, delays in
research and/or development of new products or service
concepts, interruptions of supplies and production,
unexpected breach or termination of contracts, market-
driven price reductions for FLSmidth & Co. A/S’ products
and/or services, introduction of competing products,
reliance on information technology, FLSmidth & Co. A/S’
ability to successfully market current and new products,
exposure to product liability and legal proceedings and
investigations, changes in legislation or regulation and
interpretation thereof, intellectual property protection,
perceived or actual failure to adhere to ethical marketing
practices, investments in and divestitures of domestic
and foreign enterprises, unexpected growth in costs
and expenses, failure to recruit and retain the right
employees and failure to maintain a culture of compli-
ance. Unless required by law FLSmidth & Co. A/S is under
no duty and undertakes no obligation to update or revise
any forward-looking statement after the distribution of
this report.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report 9M 2025 39
Interim Report Q3 2025
1 January – 30 September 2025
FLSmidth & Co. A/S
Vigerslev Allé 77
2500 Valby
Denmark
Tel.: +45 36 18 18 00
Information.mails@flsmidth.com
www.flsmidth.com
CVR no. 58180912