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"value": "The cash flow statement is presented using the indirect method and shows the composition of cash flow divided into operating, investing and financing activities for both continued and discontinued activity and the changes in cash and cash equivalents during the year.Cash flow from operating activities consists of earn-ings before depreciation, amortisation and impairment (EBITDA) adjusted for changes in provisions and net working capital, other non-cash operating items, finan-cial items received and paid and taxes paid.Cash flow from investing activities comprises payments made and cash received in connection with the acquisi-tion and disposal of businesses and non-current assets including dividend from associates.Cash flow from financing activities comprises changes in the size or composition of equity and loans, repay-ment of interest-bearing debt including lease liabilities, acquisitions and disposal of non-controlling interests, movements in treasury shares and payment of dividend to shareholders.Cash and cash equivalents mainly consist of bank deposits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s5__5__42-1": {
"value": "The cash flow statement is presented using the indirect method and shows the composition of cash flow divided into operating, investing and financing activities for both continued and discontinued activity and the changes in cash and cash equivalents during the year.Cash flow from operating activities consists of earn-ings before depreciation, amortisation and impairment (EBITDA) adjusted for changes in provisions and net working capital, other non-cash operating items, finan-cial items received and paid and taxes paid.Cash flow from investing activities comprises payments made and cash received in connection with the acquisi-tion and disposal of businesses and non-current assets including dividend from associates.Cash flow from financing activities comprises changes in the size or composition of equity and loans, repay-ment of interest-bearing debt including lease liabilities, acquisitions and disposal of non-controlling interests, movements in treasury shares and payment of dividend to shareholders.Cash and cash equivalents mainly consist of bank deposits.Segment income and costs include transactions between the three segments, if any. Such transactions are carried out on market terms.Some administrative functions such as finance, HR, IT and legal are shared by the segments. Such shared costs are allocated to the business segments based on assess-ment of consumption.Discontinued activities are not a separate reportable segment but presented as discontinued operations under IFRS5.Geographical information in note 1.3 is based on four regions. Revenue is presented in the region in which delivery takes place. Non-current assets and employees are presented in the region in which they belong.Information on products and services is provided in note 1.4, which discloses revenue by reportable segment and, where applicable, by category of offerings (e.g., equip-ment/products versus services). FLSmidth has no individual customers which contribute more than 10% of the total group revenue. Information on customers is therefore not provided.Revenue from contracts with customers is recognized when control of the goods or services are transferred to our customers at an amount that reflects the transaction price to which we expect to be entitled in exchange for these goods or services. Judgement is made to deter-mine if a contract for sale of products or services, or a combination hereof, involves one or more performance obligations. If a contract contains more than one perfor-mance obligation, the contract price is allocated to each performance obligation based on the relative standalone selling price for each performance obligation.Revenue from products and services is recognised over time using the cost-to-cost method when 1) we have no alternative use for the goods or services to be delivered and 2) we have an enforceable right to payment for work completed.If we do have an alternative use for the goods or services to be delivered, e.g. products with a low degree of custo-misation, revenue is recognised at the point in time when control transfers to the customer, usually upon delivery.Staff costs include wages and salaries, cash bonuses, share-based payments, pension costs, benefits and social security costs. In general, staff costs are expensed when the services are rendered by the employees. When long-term incentive programmes are provided, the costs are accrued over the period that makes the employees entitled to the payment. Termination benefits are expensed when an agreement has been reached between the Group and the employee and no future service is rendered by the employee in exchange for the termination payment.The Group\u2019s pension plans consist of both defined contri-bution plans and defined benefit plans (pension plans). The accounting policy for pension plans can be found in note 2.8.The accounting policy for share-based payments can be found in note 6.1.Other operating net income consists of recurring and non-recurring items that are not considered to be part of the Group\u2019s ordinary operating activities, for example gains and losses from disposal of property.GoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units which are defined by management as the same as the three reporting segments. Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.FLSmidth uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase.Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the tech-nical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reliably and it is probable that the future earnings or the net selling price will cover production, sales, and administrative costs plus devel-opment costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to develop-ment activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.The Group measures property, plant and equipment at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials and direct labour. Property, plant and equipment include lease assets, see further in note 2.5.Depreciation is charged on a straight-line basis over the estimated useful life of the assets until they reach the estimated residual value.Estimated useful life is as follows:\u2022 Buildings, 20-40 years\u2022 Plant and machinery, 3-15 years\u2022 Operating equipment and fixtures and fittings, 3-15 years\u2022 Leasehold improvements, mainly related to land and buildings, up to 5 years or following the corresponding lease agreement\u2022 Land is not depreciated.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.Provisions are recognised when we, due to an event occurring before or at the balance sheet date, have a legal or constructive obligation and outflow of resources is expected to settle the obligation.Provisions for warranty claims are estimated on a order-by-order basis based on historical realised costs to handle warranty claims. The provision covers also unsettled claims from customers or subcontractors.Provisions for restructuring costs are made only if the restructuring has been decided at the balance sheet date in accordance with a specific plan, and only provided that the parties involved have been informed about the overall plan. Provisions for loss-making contracts (included in other provisions in the table) cover customer contracts expected to result in a loss as the expected cost to complete exceeds revenue. The expected cost overrun that is not covered by revenue is recognised as a provi-sion. The key accounting estimate is explained in note 3.4.Provisions regarding disputes and lawsuits (included in other provisions in the table) are based on Management\u2019s assessment of the likely outcome settling the cases based on the information at hand at the balance sheet date.Contributions to defined contribution plans are recog-nised in staff costs when the related service is provided. Any contributions outstanding are recognised in the balance sheet as other liabilities.For defined benefit plans, annual actuarial calculations are made of the present value of future benefits payable under the pension plan using the projected unit credit method. The Group uses external actuarial experts.The present value is calculated based on assumptions about future developments in variables such as salary levels, interest, inflation and mortality rates. The present value is only calculated for benefits earned by the employees through their employment with the Group to date. The actuarial calculation of present value less the fair value of any plan assets is recognised in the balance sheet as pension obligations.The pension costs (service costs) for the year, based on actuarial estimates and financial forecasts at the begin-ning of the year, are recognised in the income statement within staff costs. The interest on the net pension obligation is recognised in the income statement within financial costs. The difference between the forecast development in pension assets and liabilities and the realised values is called actuarial gains or losses and is recognised in other comprehensive income.If a pension plan constitutes a net asset, the asset is recognised only to the extent that it equals the value of future repayments under the plan or it leads to a reduc-tion of future contributions to the plan.Acquired businesses are included in the consolidated financial statements from the date when control (the acquisition date) of the business is transferred to FLSmidth.The purchase price includes consideration already paid/received, deferred consideration and expected contin-gent consideration. The purchase price is allocated to the identified assets, liabilities and contingent liabilities (net assets) based on their fair values at acquisition date and any excess of the purchase price over the net assets is recognised in the balance sheet as goodwill within intan-gible assets. In the event the purchase price is lower than the net assets, the difference is recognised in the income statement (a gain from a bargain purchase).If, on the acquisition date, there are any uncertainties with respect to identifying or measuring the acquired net assets, the initial recognition will be made on the basis of estimated fair values. The estimated fair values may be adjusted, or additional assets or liabilities may be recognised during the measurement period of up to 12 months to reflect new information that becomes avail-able about conditions prevailing on the acquisition date. Such adjustments are made to the initial purchase price allocation as a restatement of prior information, including to the amount of goodwill.Any subsequent adjustment of contingent consideration is recognised directly in the income statement, unless it relates to new information on conditions prevailing at acquisition date obtained during the measurement period and therefore impacting the purchase price allo-cation.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 busi-ness 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 adjust-ments hereto are likewise presented as discontinued activities in the income statement. In the consolidated cash flow statement, cash flow from discontinued activities is included in cash flow from operating, investing and financing activities together with cash flow from continuing activities.Non-current assets as well as assets and liabilities expected to be sold as a group (disposal group) in a single transaction are reclassified to assets and liabilities clas-sified as held for sale, if their carrying value is likely to be recovered by 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.Inventories are measured at cost based on weighted average cost prices.In the event that cost of inventories exceeds the expected selling price less cost of completion and selling costs, the inventories are impaired to the lower net realisable value. The net realisable value of inventories is measured as the expected sales price less costs of completion and costs to finalise the sale.Impairment assessment of the inventory is performed item by item including:\u2022 Test for slow moving stock\u2022 Test for aging of inventory\u2022 Assessment of expected market (pricing and market potential)\u2022 Assessment of strategic inventory itemsObsolete items are impaired to the value of zero. Management considers part of the inventories as stra-tegic. Strategic items are held in inventory, even if slow moving, because they are considered key equipment to the customers, that we need to be able to deliver with very short notice.Raw materials and consumables include purchase costs of materials and consumables, duties and freight. Work in progress, finished goods and goods for resale include cost of manufacturing including materials consumed and labour costs plus an allowance for production overheads. Production overheads include operating costs, mainte-nance of production facilities as well as administration and factory management directly related to manufac-turing.Trade receivables are initially measured at fair value and subsequently measured at amortised cost.A credit loss allowance is made upon initial recognition based on historical observed default rates adjusted for forward looking estimates. The cost of the credit loss allowances is included in administration costs. A loss is considered realised when it is certain that we will not recover the receivable, e.g. in case of bankruptcy or similar.Work in progress consists of contract assets and contract liabilities for contracts with customers where revenue is recognised over time.For contracts included as work in progress revenue reflecting the percentage of completion is recognised when the outcome of the contracts can be estimated reliably. The percentage of completion is calculated based on a cost-to-cost basis (input method) and is the ratio between the cost incurred and the total estimated cost.The contracts are measured at an amount equal to the selling price of the work performed (percentage of completion) less progress billings and expected losses.The selling price is the total expected income from the individual contracts. If variability is included in the selling price, we use the most likely amount method.An expected loss is recognised when it is deemed prob-able that the total contract costs will exceed the total revenue from individual contracts. The expected loss is recognised immediately as a cost and as a provision for a loss-making contract. Further information can be found in note 2.7.When the selling price of the work performed exceeds progress billings, work in progress is presented as an asset and relate to unbilled work in progress. Work in progress assets have substantially the same risk char-acteristics as the trade receivables for the same types of contracts. Expected credit loss on work in progress assets is included within the loss allowance for trade receivables as managed together.When progress billings exceed the selling price of the work performed, work in progress is presented as a liability.Income tax for the year comprises current tax and changes in deferred tax including valuation of deferred tax assets, adjustments to previous years, foreign paid withholding taxes including available credit relief and changes in provisions for uncertain tax positions.Income tax for the year is recognised in the Income Statement, unless it is attributable to items recognised in other comprehensive income. Current tax is calculated using the applicable tax rates for the financial year on the expected taxable income for the year. The resulting tax is reduced by tax paid on account in the year. Current tax is recognised in the balance sheet as either a receivable or a liability for each tax jurisdiction and includes also previous years taxes.Deferred tax is calculated using the balance sheet liability method on all temporary differences between the carrying amounts for financial reporting purposes and the amounts used for taxation purposes, except differences relating to initial recognition of goodwill.Tax losses that are likely used against future taxable income in the same legal tax unit and jurisdiction in the next five years are included in the measurement of deferred tax. Deferred tax liabilities regarding invest-ments in subsidiaries are recognised if the shares are expected to be sold in the short-term.Deferred tax assets and tax liabilities and tax receivables and tax payables are offset if FLSmidth has a legal right to offset these and intends to settle these on a net basis or to realise the assets and settle the liabilities simulta-neously.Uncertain tax positions are measured at the amount estimated to be required to settle such potential future obligations. We measure these uncertain tax positions on a yearly basis through interviews with key stakeholders in the main FLSmidth Group entities.We determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty will be followed. Management assesses for each uncertain tax positions whether the most likely outcome method or the expected value provide the best prediction of the resolu-tion of uncertainty.Financial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.Derivatives are initially recognised in the balance sheet at fair value and subsequently remeasured at fair value. Fair value of derivatives is included in other receivables or other liabilities respectively.Fair value changes of derivatives that are accounted for as cash flow hedging instruments are recognised in other comprehensive income. Any ineffective portions of the cash flow hedges are recognised in the income state-ment within financial item. When the hedged cash flows materialise, the fair value of the hedging instrument is transferred from other comprehensive income into the line item of the hedged item.Any changes in the fair value of derivatives not used for hedge accounting are recognised in the income state-ment within financial items.Certain contracts contain conditions that correspond to derivatives. In case the embedded derivatives deviate significantly from the overall contract, they are recog-nised and measured as separate instruments at fair value. That is unless the contract concerned as a whole is recognised and measured at fair value.Financial assets are classified based on the contractual cash flow characteristics of the financial asset as well as our intention with the financial asset according to our business model.If cash flows from a financial asset are solely payments of principal and interests the classification is either:\u2022 Amortised cost, for financial assets, where the objective is to hold the financial asset to collect the contractual cash flows.\u2022 Fair value through profit/loss, for other financial assetsHedging instruments designated as hedge accounting are classified separately and are measured at fair value.Based on this, all financial assets and liabilities, except for hedging instruments, securities and investments, are measured at amortised cost.The table on the next page shows the fair value of all financial instruments and compares it to the carrying amount. For the mortgage debt, the fair value is deter-mined as the quoted price of the underlying mortgage bonds funding the debt. The carrying amount for the other items is a reasonable approximation of fair value.The performance share and the restricted share programmes are classified as equity based, as the schemes settle in shares.The value of the services received in exchange for the granting of performance share units (PSUs) and restricted share units (RSUs), is measured as the fair value of the share units at grant date. The fair value of the PSUs and RSUs is determined based on the quoted share price and for the PSUs adjusted for the expected performance under the TSR KPI, both determined at grant date. The fair value is not adjusted for dividend as partici-pants of the programme are compensated for dividend pay-outs during the performance period.The fair value is recognised in staff cost in the income statement and in equity over the vesting period which is three years.On initial recognition of the PSUs, the number of PSUs expected to vest are estimated. Subsequently, the estimate is revised so that the total cost recognised is based on the actual number of PSUs expected to vest, however, keeping the expectations related to the TSR KPI unchanged compared to grant date.7.5 Defining materialityThe annual report is based on the concept of materi-ality, to ensure that the content is material and relevant to the readers. The consolidated financial statements consist of many transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements and in the notes as required by IFRS. If items are individually immaterial, they are aggregated with other items of a similar nature in the consolidated financial statements or in the notes.The disclosure requirements throughout IFRS are substantial, and we provide the specific disclosures required by IFRS unless the information is considered immaterial to the economic decision making of the readers of these consolidated financial statements.7.6 Alternative Performance MeasuresWe present financial measures which are not defined according to IFRS. We use these alternative performance measures (APM) as we believe that these financial meas-ures provide valuable information to our stakeholders and management. The financial measures should not be considered as a replacement for performance measures as defined under IFRS, but rather as supplementary information.The alternative performance measures may not be comparable to similarly titled measures presented by other companies, as the definitions and calculations may be different. Our definitions of the financial measures are included in note 7.10 Definition of terms.We use several alternative performance measures throughout the report. The most commonly used are:GrowthWe use different alternative performance measures related to growth, such as order intake, order backlog and growth. We use these measures in the daily manage-ment of our business, as order intake and order backlog are part of the main indicators of our future activity level.ProfitWe use different alternative performance measures related to profit, such as EBIT, EBITA and EBITDA. EBITA is a measure which is commonly used within the industry and included in our calculation of return of capital employed (ROCE). To reflect the underlying performance, we have in 2024 and 2025 additionally included adjusted EBITA and adjusted EBITA margin in the management report. In 2025 these adjustments relate to transformation and separation costs of DKK 244m (2024: DKK 191m) relating primarily to the pure play strategy. Additionally, we consider operating income net income to represent recurring and non recurring items that are not part of FLSmidth\u2019s ordinary operating activities and therefore also include this in our adjusted EBITA. For 2025, other operating net income amounted to DKK 262m, where DKK 202m arises from gain on sales of land and buildings. Cash flowWe use different alternative performance measures related to cash flow, such as free cash flow. We use free cash flow to measure how much cash we generate from our operations after maintaining our capital employed. Therefore, free cash flow is determined as cash flow from operating and investing activities.Financial positionWe use different alternative performance meas-ures related to the financial position, such as capital employed, net working capital and net interest-bearing debt. Capital employed and net working capital are included in our calculation of return of capital employed. Net working capital is also a measure we use in the daily management of our business, as it is closely related to the activity.7.7 Material Accounting policiesThe descriptions of material accounting policies in the notes form part of the overall description of accounting policies.ConsolidationThe consolidated financial statements comprise the financial statements of FLSmidth & Co. A/S (the parent company) and subsidiaries controlled by FLSmidth & Co. A/S, prepared in accordance with Group accounting poli-cies. The consolidated financial statements are prepared by combining items of a uniform nature and subse-quently eliminating intercompany transactions, internal shareholdings and balances and unrealised intercompany profits and losses.Foreign currenciesThe consolidated financial statements are presented in Danish Kroner (DKK) that is the functional currency of the parent company.Foreign currency transactions are translated into the functional currency defined for each company using the prevailing exchange rates at the transaction date. Monetary items denominated in foreign currencies are translated into the functional currency at the prevailing exchange rates at the reporting date.Financial statements of foreign subsidiaries are trans-lated into Danish Kroner at the prevailing exchange rates at the reporting date for assets and liabilities, and at average exchange rates for income statement items.All exchange rate differences are recognised as financial income or financial costs, except for the following, that are recognised in other comprehensive income, trans-lated at the prevailing exchange rates at the reporting date:\u2022 Translation of foreign subsidiaries\u2019 net assets at the beginning of the year\u2022 Translation of foreign subsidiaries\u2019 income statements from average exchange rates to the exchange rates prevailing at the reporting date\u2022 Translation of long-term intercompany balances, which are considered to form part of the net invest-ment in subsidiariesGoodwill arising from the acquisition of new companies is treated as an asset belonging to the new foreign subsid-iaries and translated into Danish Kroner at prevailing exchange rates at the reporting date.Unrealised gain/loss relating to hedging of future cash flow is recognised in other comprehensive income.7.9 New IFRS Accounting Standards not yet adoptedGenerally, we expect to implement all new or amended accounting standards and interpretations when they become mandatory and have been endorsed by the EU. IASB has issued new or amended accounting standards, which become effective after 31 December 2025.The following amendments are relevant for FLSmidth & Co. A/S. We are currently assessing the impact and foresee some changes to the presentation in the income and cash flow statements and to the disclosures in the notes to the financial statements but none of these are expected to have a significant impact on the consoli-dated financial statements:New IFRS not yet updatedIFRS Description Effective dateAnnual improvements, Include amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 01-Jan-2026Volume 11(issued July 2024).Amendments to IFRS 9 and The post-implementation review of the classification and 01-Jan-2026IFRS 7measurement requirements in IFRS 9 led to limited amendments to what constitutes basic lending features (issued May 2024). Amendments to IFRS 9 and Amendment to improve the accounting for contracts referencing 01-Jan-2026IFRS 7 Contracts Referencing nature-dependent electricity, including allowing to apply hedge Nature-dependent Electricityaccounting when such contracts are used as hedging instruments (issued December 2024.IFRS 18, Presentation and The standard replaces IAS 1 and includes new structure and 01-Jan-2027Disclosure in Financial required subtotals in the income statement, disclosures on Statementsmanagement-defined performance measures (MPMs) and enhanced guidance on grouping of information (aggregation and disaggregation) (issued April 2024).IFRS 18 \u2013 Presentation and disclosure in financial statements IFRS 18 which is effective for accounting periods commencing on or after 1 January 2027, introduces changes to the structure and presentation of the statement of profit or loss, including the following. The standard requires retrospective application, meaning comparative information must be restated for the year preceding initial application. \u2022 Mandatory classification of income and expenses into five categories (operating, investing, financing, income taxes, and discontinued activities)\u2022 Two new required subtotals: operating profit and profit before financing and income tax\u2022 A dedicated note for management defined perfor-mance measures (MPMs), including reconciliations to IFRS totals\u2022 Enhanced guidance on aggregation and disaggregation of financial information, expanding the detail required in the notesExpected Impact on FLSmidth FLSmidth\u2019s full impact assessment of IFRS 18 will be completed in due time before implementation in the report for Q1 2027. Key effects are currently assessed to be:\u2022 Starting point for the cash flow statement changing from EBITDA to operating profit (EBIT) \u2022 Foreign exchange rate differences will be classified in the same category as the related income and expenses from the items, giving rise to the foreign exchange rate differences\u2022 Reclassification of interest received to investing cash flows and interest paid to financing cash flows in the cash flow statement \u2022 Taxes reported in the current income statement will be classified either under operating or income tax catego-ries based on whether they are within the scope of IAS 12 or not\u2022 Additional disclosures will be required relating to management defined performance measures7.10 Definition of termsAlternative performance measureA financial measure of historical or future financial perfor-mance, financial position or cash flows, other than a financial measure defined or specified according to IFRS.Book-to-billOrder intake as a percentage of reported revenue.Book value per share (BVPS)FLSmidth & Co. A/S\u00b4 share of equity excluding minorities divided by year-end number of shares.Capital employed, averageCapital employed is total of the opening and closing intangible assets, property, plant and equipment, lease assets plus net working capital divided by two.Capital expenditure (CAPEX)Investment in intangible assets as well as property, plant and equipment and leased assets. Excludes impact from purchase price of acquisitions.CFFFCash flow from financing activities.CFFICash flow from investing activities.CFFOCash flow from operating activities.Dividend yieldDividend as percent of share price end of year.EBITAEarnings before, interest, tax, amortisation and impair-ments of investments in associated companies.Adjusted E B ITAEarnings before, interest, tax, amortisation and impair-ments of investments in associated companies adjusted for non recurring costs and income.EBITA margin and adj. EBITA margin EBITA as a percentage of revenue. Adjusted EBITA margin calculated as Adjusted EBITA as a percentage of revenue.Effective tax rate (EBT)Income tax expense as a percentage of earnings before tax.Earnings per share (EPS)Net profit/(loss) divided by the average number of shares outstanding (adjusted for treasury shares).Earnings per share (EPS), dilutedNet profit/(loss) divided by the average number of shares outstanding (adjusted for treasury shares) less share options in-the-money.Equity ratioEquity as a percentage of total assets.Free cash flowPost tax cash flow from operating activities less cash flow from investing activities (CFFO + CFFI).Market capitalisationThe share price multiplied by the number of shares issued end of year.Net interest-bearing debt (NIBD) Interest-bearing debt less interest-bearing assets and bank balances.Net working capital, endNet amount of current assets (inventories, trade receiv-ables, work in progress assets, prepayments and other receivables) less trade payables, other current liabil-ities and work in progress liabilities. Tax balances are excluded.Number of shares outstandingThe total number of shares, excluding FLSmidth\u2019s holding of treasury shares.Order backlogThe value of outstanding performance obligations on current contracts at end of year.Order backlog maturityThe expected timing of revenue recognition of the order backlog revenue.Order intakeOrders are included as order intake when an order becomes effective, meaning when the contract becomes binding for both parties dependent on the specific condi-tions of the contract.Organic growthOrganic development is measured at constant exchange rates and excludes the effects from acquisitions and disposalsPay-out ratioThe total dividends for the year as a percentage of profit/(loss) for the year.Return on equityProfit/(loss) for the last 12 months\u00b4 as a percentage of equity.Return on capital employed (ROCE) EBITA as a percentage of capital employed, average.Treasury sharesIssued share capital held by the company.Total shareholder returnShare price increase and paid dividend.",
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"value": "Key accounting estimates and judgementsWhen preparing the consolidated financial statements, we are required to make several estimates and judge-ments. These affect the carrying amounts of balance sheet items and income and expenses for the financial year. This note includes the areas that involve a higher degree of judgement or complexity and where changes in assumptions and estimates will likely have a signifi-cant impact on the consolidated financial statements. These areas are categorised as key accounting estimates and judgements. The significance of the impact on the consolidated financial statements of those estimates and judgements is categorised into three levels: low, medium and high, where only the two last levels result in classification as key accounting estimates/judgements.The areas of key accounting estimates and judgements are unchanged compared to last year. The description of the key accounting estimates and judgements is included in the individual notes as shown below.Key accounting estimateThe determination of the carrying amount of some assets and liabilities requires the estimation of the effect of uncertain future events on those assets and liabilities and actual results may differ from the estimates made. Making the estimates involve developing expectations of the future based on assumptions, that we to the extent possible support by historical trends or reason-able expectations. We believe that our estimates are the most likely outcome of future events.Impact significanceKey accounting Lowestimates and Medium judgementsHigh Key accounting judgementsKey accounting judgements are made when applying accounting policies. Key accounting judgements are the judgements made that can have a significant impact on the amounts recognised in the financial statements. Sustainability is fully integrated into FLSmidth\u2019s busi-ness and operating model, highlighted by our 2030 SBTi targets to reduce emissions across the full value chain. As a global business, FLSmidth is potentially exposed to risks associated with climate change comprising both transitional and physical risks.In preparing the consolidated 2025 financial statements, management has considered the impact of climate change. In general, climate-related risks do not impose significant uncertainty on the consolidated financial statement but rather poses potential opportunities. As a provider of specialist technologies that enable our customers to decarbonise their operations and reduce water consumption, we assess climate change risks, particularly those relating to transition risks, to have a predominately positive impact on our business.Investments in developing such solutions have been factored into the future expected cash flows e.g. in the impairment test of intangible assets. The potential consequences on the value and useful life of property, plant and equipment, including risks related to asset stranding, are assessed as having no material financial impact. Further, the divestment of the Cement business has not materially changed the outlook or impact on the Group of future climate related risks and opportunities. This assessment is aligned with the output of our double materiality assessment, related to climate change mitigation and detailed on page 57 in the sustainability statement. Where the double materiality assessment covers risks before any mitigating actions; it is manage-ment\u2019s assessment that the policies, processes and safeguards in place ensures that no material financial risks remain.The geopolitical situation from various ongoing conflicts and increasing unrest in many regions along with anti-globalisation sentiments are impacting global structures and relationships. Potential risk-scenarios are continuously reviewed, and supply chain initiatives are ongoing.Key accounting estimates and judgementsNote Key accounting estimates and judgements Nature of accounting impact Impact of estimates and judgements1.4 Revenue Determine recognition method Judgement2.7 Provisions Estimate warranty provision Estimate 3.2 Inventories Estimate valuation of inventories Estimate 3.4 Work in progress Estimate total cost to complete Estimate 4.3 Deferred tax Estimate the value of deferred tax assets EstimateJudgement regarding recognition methodJudgements are made when determining if revenue on product or service is recognised over time or at a point in time. The judgements relate to if we have an alternative use of the assets being produced and if we have an enforceable right to payment throughout the contractual term.When assessing if an asset being produced has no alternative use to FLSmidth, we estimate the alter-native use cost amount. We have limited historical data as we rarely redirect our assets. The estimate is based on the specifics of each contract.When assessing if we are entitled to payment throughout the contract term, a judgement is made based on the contract wording, legal entitlement and profit estimates.Estimated warranty provisionWhen estimating the warranty provision we take into consideration several years of warranty cost information, any specific risk related to customer contracts, knowledge about defects and functional errors in the product portfolio, risks associated with newly launched products as well as customer losses in connection with suspension of operation. We include all of these factors as relevant, to esti-mate a warranty provision that to the best of our knowledge reflects our responsibility towards our customers in the future.Estimated valuation of inventoriesWhen assessing the net realisable value of invento-ries we take marketability, obsolescence and devel-opment in expected selling prices into account. Also inventory turnover, quantities and the nature and condition of the inventory items including the classification as strategic inventory are considered in the assessment. We include all of these factors as relevant, to ensure that our inventory is reflected at the expected selling price, if lower than cost.Estimated costs to completeWe estimate the total expected costs for our contracts. The estimates primarily relate to the level of contingencies to cover unforeseen costs, such as cost changes due to changes in future supplies of raw materials, subcontractor products and services as well as unforeseen costs related to execution and hand-over.The estimates are based on the specifics for each contract while taking historical data into account. For contracts sold to customers in politically and economically unstable countries, the estimates include additional risk coverage due to a higher level of uncertainty.We reassess our project financials, including update of expected project costs on an ongoing basis, to ensure that expected cost increases are appropriately reflected in the estimated cost to complete.Estimated value of deferred tax assetsThe value of deferred tax assets is recognised to the extent that it is deemed likely that taxable income in the future can utilise the tax losses. For this purpose, the income from the coming five years is estimated, based on forecasts.In assessing the probability of the future realisa-tion of deferred tax assets, we have considered the economic outlook in our forecasts of taxable income and reversals of taxable temporary differ-ences. The uncertainty of forecasts is related to macroeconomic developments, including the demand for environmental investments by our customers, not least within the Cement industry.",
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"value": "1.1 Income statement by functionIt 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, amortisation 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 functionDKKm 2025 2024*Revenue 14,612 15,74 0Production costs, including depreciation and amortisation (9,819) (10,979)Gross profit 4,793 4,761Sales costs, including depreciation and amortisation (1,269) (1,357)Administrative costs, including depreciation and amortisation (1,732) (2,017)Other operating net income 262 47EBIT 2,054 1,434Depreciation, amortisation and impairment consist of:Depreciation and impairment of property, plant and equipment and lease assets (234) (254)Amortisation and impairment of intangible assets (283) (202)(517) (456)Depreciation, amortisation and impairment are divided into:Production costs (317) (245)Sales costs (17) (23)Administrative costs (183) (188)(517) (456)* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2. The 2024 figures include Non-Core Activities.1.5 Staff costsStaff costs consist of direct wages and salaries, remu-neration, pension costs, share-based payments, training etc. related to the continuing activities.Composition of staff costsDKKm 2025 2024*Wages, salaries and other remu-neration 2,747 2,794Contribution plans and other social security costs, etc. 337 363Defined benefit plans 43 19Share-based payment 33 46Other staff costs 162 428Total 3,322 3,650The amounts are included in the items:Production costs 1,775 1,868Sales costs 908 1,012Administrative costs 639 770Total 3,322 3,650Average number of employees in continuing activities 5,716 6,030Year-end number of employees 5,494 5,74 5* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.The reduction in the charge for share-based payments in 2025 is attributable to the forfeiting of the shares that occurred following the stepping down of the CEO and one other member of the Executive Leadership Team during 2025. The accrued costs relating to these shares for all past periods have been reversed in 2025. The remuneration of the Board of Directors and Execu-tive Leadership Team of FLSmidth Group is shown in the tables below. The remuneration of the Executive Leadership team reflects the cost of all members through until termination of employment and includes the Cement business.Remuneration Board of DirectorsDKKm 2025 2024Board of Directors fees 7.3 7. 0Total 7.3 7.0Remuneration Executive Leadership TeamDKKm 2025 2024Wages and salaries 30 37Bonus 14 24Benefits 2 3Severance package 1 24Share-based payment (2) 23Other incentives 9 6Total 54 117The members of the Executive Leadership Team have up to 18 months\u2019 notice in the event of termination of employment and severance payment may correspond to a maximum of 6 months\u2019 base salary.Two members of the Executive Leadership Team are registered with The Danish Business Authority. During 2025, the registered members of the Executive Leader-ship Team earned remuneration as follows:Remuneration registered executivesDKKm 2025 2024Wages and salaries 14 14Bonus 8 10Benefits 1 1Severance package 1 0Share-based payment (5) 11Other incentives 5 2Total 24 38Each member of the Executive Leadership Team is, other than the base salary, entitled to customary benefits. Additionally, the members of Executive Leadership Team participate in short-term and long-term incentive programmes. The short-term and the long-term incentive programmes are capped at 75% and 100%, respectively, of the annual base salary. In addition to this each exec-utive may, at the Board of Directors\u2019 discretion, receive an additional incentive of up to 150% of the annual base salary, which can be cash and/or share-based. The indi-vidual maximum and target levels are fixed as part of the ongoing remuneration adjustment cycle.During 2025, selected key employees including the Executive Leadership Team, were granted a long-term share-based programme ('restricted share units\u2019) to drive forward delivery of FLSmidth's pure-play mining strategy. Further information can be found in note 6.1.For details related to the remuneration of the Board of Directors and Executive Leadership Team, refer to the Remuneration Report 2025: https://fls.com/en/company/governance/remuneration.\u00a7 Accounting policyStaff costs include wages and salaries, cash bonuses, share-based payments, pension costs, benefits and social security costs. In general, staff costs are expensed when the services are rendered by the employees. When long-term incentive programmes are provided, the costs are accrued over the period that makes the employees entitled to the payment. Termination benefits are expensed when an agreement has been reached between the Group and the employee and no future service is rendered by the employee in exchange for the termination payment.The Group\u2019s pension plans consist of both defined contri-bution plans and defined benefit plans (pension plans). The accounting policy for pension plans can be found in note 2.8.The accounting policy for share-based payments can be found in note 6.1.",
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"value": "1.1 Income statement by functionIt 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, amortisation 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 functionDKKm 2025 2024*Revenue 14,612 15,74 0Production costs, including depreciation and amortisation (9,819) (10,979)Gross profit 4,793 4,761Sales costs, including depreciation and amortisation (1,269) (1,357)Administrative costs, including depreciation and amortisation (1,732) (2,017)Other operating net income 262 47EBIT 2,054 1,434Depreciation, amortisation and impairment consist of:Depreciation and impairment of property, plant and equipment and lease assets (234) (254)Amortisation and impairment of intangible assets (283) (202)(517) (456)Depreciation, amortisation and impairment are divided into:Production costs (317) (245)Sales costs (17) (23)Administrative costs (183) (188)(517) (456)* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2. The 2024 figures include Non-Core Activities.2.2 Intangible assetsGoodwill arising from business acquisitions is recognised in the consolidated financial statements. The carrying amount of goodwill per segment is shown in note 2.3. Patents and rights acquired are recognised in the consolidated financial statements. The line item includes patents, trademarks, technology, and other rights.Intangible assets under development consist of research and development (R&D) projects and software. Much of the R&D is conducted in connection with customer activities. In 2025, R&D costs totaled DKK 64m (2024: DKK 103m). This expense is included in production costs. Additions to intangible assets under development, amounts to DKK 165m (2024: DKK 314m), of which DKK 153m (2024: DKK 274m) related to the continuing activi-ties and of which capitalised R&D cost amounts to DKK 120m (2024: DKK 170m). The remainder relates to capital-ized IT projects. Of those capitalised amounts, DKK 57m (2024: DKK 66m) are internally generated. In the table on the next page, intangible assets are shown by type. Other intangible assets consist of software and completed software implementation projects and completed development projects primarily consist of R&D costs (developments in relation to production techniques, processes, and similar). Until completed, internally developed assets are presented in a separate column. Following the change in segmental reporting applied from the second quarter, an assessment of the intangible assets was carried out. It was determined that given the nature of the intangible assets, these are group assets which benefit all segments. No segmental analysis is therefore presented. Amortisation of these assets is therefore not allocated to the segments but is reported as part of the reconciliation to the FLSmidth Group EBIT in the segmental reporting in note 1.2.\u00a7 Accounting policyGoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units which are defined by management as the same as the three reporting segments. Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.FLSmidth uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase.Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the tech-nical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reliably and it is probable that the future earnings or the net selling price will cover production, sales, and administrative costs plus devel-opment costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to develop-ment activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.Other Completed Intangible Patents and Customer intangible development assets under DKKm Goodwillrightsrelationsassetsprojectsdevelopment Total2025Cost at 1 January 6,559 2,175 1,964 912 1,463 826 13,899Foreign exchange adjustments (276) (28) (149) (23) 0 0 (476)Acquisition of enterprises 17 0 0 0 0 0 17Additions 0 0 0 0 0 165 165Disposals (2) 0 0 (14) 0 0 (16)Transferred between categories 0 0 0 0 419 (419) 0Transferred to assets held for sale (5) (52) 0 (194) (337) (110) (698)Cost at 31 December 6,293 2,095 1,815 681 1,545 462 12,891Amortisation and impairment at 1 January 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Foreign exchange adjustment 0 20 132 24 1 0 177Disposals 0 0 0 14 0 0 14Amortisation and impairment 0 (57) (48) (43) (154) 0 (302)Transferred to assets held for sale 0 ( 74) 0 191 203 0 320Amortisation and impairment at 31 December 0 (1,663) (1,593) (636) (1,172) 0 (5,064)Carrying amount at 31 December 6,293 432 222 45 373 462 7, 8272024Cost at 1 January 6,449 2,182 1,932 934 1,335 653 13,485Foreign exchange adjustments 71 10 42 7 3 0 133Acquisition of enterprises 111 0 0 0 0 0 111Disposals of enterprises (72) (17) (10) (33) 0 0 (132)Additions 0 0 0 0 0 314 314Disposals 0 0 0 0 (12) 0 (12)Transferred between categories 0 0 0 4 137 (141) 0Cost at 31 December 6,559 2,175 1,964 912 1,463 826 13,899Amortisation and impairment at 1 January (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Foreign exchange adjustment 1 (7) (37) (7) (3) 0 (53)Disposals of enterprises 0 9 10 33 0 0 52Disposals 0 0 0 0 7 0 7Amortisation and impairment 0 (60) (49) (57) (65) 0 (231)Amortisation and impairment at 31 December 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Carrying amount at 31 December 6,559 623 287 90 241 826 8,6262.4 Property, plant and equipmentAs of 31 December 2025, there are no pledges related to land and buildings, as the mortage debt was repaid in connection with the sale of the headquarter in Valby.\u00a7 Accounting policyThe Group measures property, plant and equipment at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials and direct labour. Property, plant and equipment include lease assets, see further in note 2.5.Depreciation is charged on a straight-line basis over the estimated useful life of the assets until they reach the estimated residual value.Estimated useful life is as follows:\u2022 Buildings, 20-40 years\u2022 Plant and machinery, 3-15 years\u2022 Operating equipment and fixtures and fittings, 3-15 years\u2022 Leasehold improvements, mainly related to land and buildings, up to 5 years or following the corresponding lease agreement\u2022 Land is not depreciated.Carrying amount of property, plant and equipment 2025 2024Property, Property, Operating plant and Operating plant and equipment, equipment equipment, equipment Land and Plant and fixtures and under Land and Plant and fixtures and under DKKmbuildingsmachineryfittingsconstruction Totalbuildingsmachineryfittingsconstruction TotalCost at 1 January 2,415 1,483 660 352 4,910 2,469 1,623 717 104 4,913Foreign exchange adjustments (143) (136) (42) (27) (348) 35 40 0 (2) 73Acquisitions of enterprises 0 6 0 0 6 (17) 18 0 0 1Disposals of enterprises 0 0 0 0 0 (34) (254) (50) (1) (339)Additions 26 82 24 249 381 15 52 21 296 384Disposals (70) (16) (177) (1) (264) (68) (26) (28) 0 (122)Transferred between categories 120 59 29 (208) 0 15 30 0 (45) 0Transferred to assets held for sale (363) (63) (157) (66) (649) - - - - -Cost at 31 December 1,985 1,415 337 299 4,036 2,415 1,483 660 352 4,910Depreciation and impairment at 1 January (922) (1,139) (590) 0 (2,651) (872) (1,249) (627) 0 (2,748)Foreign exchange adjustment 60 103 38 0 201 (10) (35) (3) 0 (48)Disposals of enterprises 0 0 0 0 0 19 216 41 0 276Disposals 29 15 169 0 213 16 24 23 0 63Depreciation (72) (73) (21) 0 (166) (75) (95) (24) 0 (194)Transferred to assets held for sale 246 43 149 0 438 - - - - -Depreciation and impairment at 31 December (659) (1,051) (255) 0 (1,965) (922) (1,139) (590) 0 (2,651)Carrying amount at 31 December, owned assets 1,326 364 82 299 2,071 1,493 344 70 352 2,259Carrying amount at 31 December, leased assets, note 2.5 212 10 26 0 248 161 13 38 0 212Carrying amount at 31 December, property, plant and equipment 1,538 374 108 299 2,319 1,654 357 108 352 2,4712.5 LeasesFLSmidth regularly enters in to lease arrangements as part of normal business, including office buildings, ware-houses, manufacturing facilities and vehicles. We utilise lease arrangements that provide flexibility in adapting our cost base as operational activity changes with the macro investment cycles in the industry.The majority of the lease assets relate to land and build-ings and the lease contracts are typically made for fixed periods of 1 to 9 years, with a weighted average lease term of 5 years. The average discount rate applied for land and buildings is 4.44% at the end of 2025 (2024: 5.29%).The amounts included in the income statement related to expensed leases for the continuing business are presented in the below Expensed leases table.During 2025 cash outflows for capitalised leases were DKK 106m (2024: DKK 102m). Interest related to leases was DKK 13m (2024: DKK 9m) and impacted CFFO nega-tively, and the remaining DKK 93m (2024: DKK 93m) was repayment of lease debt included in CFFF. Refer to note 5.8 Financial assets and liabilities for maturity analysis of lease liabilities.Further to the above cash outflow, DKK 13m (2024: DKK 14m) was included in CFFO for the group costs relating to short term, low-value and variable lease payments not recorded on the balance sheet due to the materiality or short term nature of the lease. The lease of a new headquarter at Havneholmen in Copenhagen, Denmark became effective in December 2025 and the 9 years lease was recognised in the balance sheet at DKK 92m. Relocation to our new Corporate Centre took place on 2 February 2026.Carrying amount of leases2025Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 161 13 38 212Foreign exchange adjustments (15) 0 (4) (19)Remeasurement 40 1 0 41Additions 173 3 16 192Disposals 0 (2) (1) (3)Depreciation (63) (5) (19) (87)Transferred to assets held for sale (84) 0 (4) (88)Carrying amount at 31 December 212 10 26 2482024Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 180 17 27 224Foreign exchange adjustments 2 (2) 1 1Disposals of enterprises (46) (4) 0 (50)Remeasurement 7 0 (1) 6Additions 99 8 26 133Disposals (9) 0 1 (8)Depreciation (72) (6) (16) (94)Carrying amount at 31 December 161 13 38 212Expensed leasesDKKm 2025 2024*Cost relating to short-term leases 10 9Cost relating to leases of low-value assets that are not shown above as short-term leases 1 2Cost relating to variable lease payments not included in lease liabilities 0 0Expensed lease costs in the income statement 11 11The lease costs are included in the following lines:Production cost 4 5Sales cost 2 2Administrative cost 5 4Expensed lease costs in the income statement 11 11* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.\u00a7 Accounting policyAssets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.",
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"f1__s9__7__33-1": {
"value": "1.1 Income statement by functionIt 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, amortisation 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 functionDKKm 2025 2024*Revenue 14,612 15,74 0Production costs, including depreciation and amortisation (9,819) (10,979)Gross profit 4,793 4,761Sales costs, including depreciation and amortisation (1,269) (1,357)Administrative costs, including depreciation and amortisation (1,732) (2,017)Other operating net income 262 47EBIT 2,054 1,434Depreciation, amortisation and impairment consist of:Depreciation and impairment of property, plant and equipment and lease assets (234) (254)Amortisation and impairment of intangible assets (283) (202)(517) (456)Depreciation, amortisation and impairment are divided into:Production costs (317) (245)Sales costs (17) (23)Administrative costs (183) (188)(517) (456)* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2. The 2024 figures include Non-Core Activities.1.5 Staff costsStaff costs consist of direct wages and salaries, remu-neration, pension costs, share-based payments, training etc. related to the continuing activities.Composition of staff costsDKKm 2025 2024*Wages, salaries and other remu-neration 2,747 2,794Contribution plans and other social security costs, etc. 337 363Defined benefit plans 43 19Share-based payment 33 46Other staff costs 162 428Total 3,322 3,650The amounts are included in the items:Production costs 1,775 1,868Sales costs 908 1,012Administrative costs 639 770Total 3,322 3,650Average number of employees in continuing activities 5,716 6,030Year-end number of employees 5,494 5,74 5* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.The reduction in the charge for share-based payments in 2025 is attributable to the forfeiting of the shares that occurred following the stepping down of the CEO and one other member of the Executive Leadership Team during 2025. The accrued costs relating to these shares for all past periods have been reversed in 2025. The remuneration of the Board of Directors and Execu-tive Leadership Team of FLSmidth Group is shown in the tables below. The remuneration of the Executive Leadership team reflects the cost of all members through until termination of employment and includes the Cement business.Remuneration Board of DirectorsDKKm 2025 2024Board of Directors fees 7.3 7. 0Total 7.3 7.0Remuneration Executive Leadership TeamDKKm 2025 2024Wages and salaries 30 37Bonus 14 24Benefits 2 3Severance package 1 24Share-based payment (2) 23Other incentives 9 6Total 54 117The members of the Executive Leadership Team have up to 18 months\u2019 notice in the event of termination of employment and severance payment may correspond to a maximum of 6 months\u2019 base salary.Two members of the Executive Leadership Team are registered with The Danish Business Authority. During 2025, the registered members of the Executive Leader-ship Team earned remuneration as follows:Remuneration registered executivesDKKm 2025 2024Wages and salaries 14 14Bonus 8 10Benefits 1 1Severance package 1 0Share-based payment (5) 11Other incentives 5 2Total 24 38Each member of the Executive Leadership Team is, other than the base salary, entitled to customary benefits. Additionally, the members of Executive Leadership Team participate in short-term and long-term incentive programmes. The short-term and the long-term incentive programmes are capped at 75% and 100%, respectively, of the annual base salary. In addition to this each exec-utive may, at the Board of Directors\u2019 discretion, receive an additional incentive of up to 150% of the annual base salary, which can be cash and/or share-based. The indi-vidual maximum and target levels are fixed as part of the ongoing remuneration adjustment cycle.During 2025, selected key employees including the Executive Leadership Team, were granted a long-term share-based programme ('restricted share units\u2019) to drive forward delivery of FLSmidth's pure-play mining strategy. Further information can be found in note 6.1.For details related to the remuneration of the Board of Directors and Executive Leadership Team, refer to the Remuneration Report 2025: https://fls.com/en/company/governance/remuneration.\u00a7 Accounting policyStaff costs include wages and salaries, cash bonuses, share-based payments, pension costs, benefits and social security costs. In general, staff costs are expensed when the services are rendered by the employees. When long-term incentive programmes are provided, the costs are accrued over the period that makes the employees entitled to the payment. Termination benefits are expensed when an agreement has been reached between the Group and the employee and no future service is rendered by the employee in exchange for the termination payment.The Group\u2019s pension plans consist of both defined contri-bution plans and defined benefit plans (pension plans). The accounting policy for pension plans can be found in note 2.8.The accounting policy for share-based payments can be found in note 6.1.",
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"value": "Segment income and costs include transactions between the three segments, if any. Such transactions are carried out on market terms.Some administrative functions such as finance, HR, IT and legal are shared by the segments. Such shared costs are allocated to the business segments based on assess-ment of consumption.Discontinued activities are not a separate reportable segment but presented as discontinued operations under IFRS5.Geographical information in note 1.3 is based on four regions. Revenue is presented in the region in which delivery takes place. Non-current assets and employees are presented in the region in which they belong.Information on products and services is provided in note 1.4, which discloses revenue by reportable segment and, where applicable, by category of offerings (e.g., equip-ment/products versus services). FLSmidth has no individual customers which contribute more than 10% of the total group revenue. Information on customers is therefore not provided.",
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"value": "1.2 Segment informationDivestment of Cement businessIn accordance with the provisions of IFRS 8 and following the announcement of the company's intent to divest FLSmidth Cement, including its Air Pollution Control busi-ness, in June 2025, these operations were classified as discontinued activities in the second quarter reporting.Change in reportable segmentsAs a result of this significant change to the business composition, FLSmidth revised its segmental reporting in the second quarter of 2025 to reflect its current internal management reporting and resource allocation structure. This resulted in the reporting of three new segments - Service, Products and Pumps, Cyclones & Valves. The organisation of the company in this way reflects the culmination of the company\u2019s strategic transformation into a dedicated provider of technology and services to the mining industry, providing a performance lens through each of the three business lines.This segmentation for the continuing business is consistent with the requirements of IFRS 8 with each of the new reportable segments based on internal reports that are regularly reviewed by the Chief Operating Deci-sion Maker (CODM) to allocate resources and assess performance. Each segment represents a business unit that earns revenues and incurs expenses for which discrete financial information is available to enable effective and standalone performance measurement. Description of changesThe revised segment structure aligns with how the CODM evaluates performance and allocates resources. The measures being reported are order intake, order backlog, revenue, other operating net income and EBITA. These reporting lines constitute the key performance delivery measures used by the CODM in measuring the perfor-mance of the segments and are those which manage-ment considers are most relevant and meaningful to external users of the financial statements.Assets and liabilities are not split by segment. This infor-mation is not provided to the CODM and is not considered to enhance the understanding of segment performance. FLSmidth has been on a transformation journey to becoming a pureplay mining service provider and that has included developing the systems, processes and allocations to accurately reflect the performance of the individual segments. Within FLSmidth, the products segment has a critical role in developing technologies, constructing parts and improving product attractive-ness, etc. that provide significant current and future benefits to the Service and Pumps, Cyclones & Valves segments in securing and retaining customers in the important aftermarket sector. Accordingly a value alloca-tion methodology has been established and applied for certain inter-segmental services/benefits in these finan-cial statements. This methodology has also been applied to the restated comparatives.Restatement of comparative informationIn accordance with IFRS 8, the comparative segment information has been restated to reflect the new report-able segment structure. No aggregation of segments has been applied. The adoption of the new segments does not change the basis of any other reporting required under IFRS 8, notably geographical information or infor-mation on products and services.Effect on financial performance and positionThe impact of the change on the FLSmidth Group\u2019s reported profit or loss, assets, and liabilities is limited to presentation and does not affect the consolidated totals for the Group. No changes in accounting estimates or accounting policies were made in connection with the segment reclassification.The segment information presented in the FLSmidth\u2019s external financial reporting is presented post inter-company eliminations, consistent with IFRS 8, and is consistent with the manner in which segment perfor-mance is reviewed by the Chief Operating Decision Maker (CODM). The extent of intercompany transactions between the segments is not considered to be material.Reconciliation to consolidated amountsA reconciliation of segment totals to consolidated amounts is provided below.\u00a7 Accounting policySegment income and costs include transactions between the three segments, if any. Such transactions are carried out on market terms.Some administrative functions such as finance, HR, IT and legal are shared by the segments. Such shared costs are allocated to the business segments based on assess-ment of consumption.Discontinued activities are not a separate reportable segment but presented as discontinued operations under IFRS5.Geographical information in note 1.3 is based on four regions. Revenue is presented in the region in which delivery takes place. Non-current assets and employees are presented in the region in which they belong.Information on products and services is provided in note 1.4, which discloses revenue by reportable segment and, where applicable, by category of offerings (e.g., equip-ment/products versus services). FLSmidth has no individual customers which contribute more than 10% of the total group revenue. Information on customers is therefore not provided.2025 2025 2024* 2024Reportable Segments FLSmidth Group Reportable Segments FLSmidth GroupContinuing Discontinued FLSmidth Non-Core Continuing Discontinued FLSmidth DKKm Service Products PC&VactivitiesactivitiesGroup Service Products PC&VActivites**activitiesactivitiesGroupIncome statementRevenue 8,548 3,104 2,960 14,612 3,204 17, 816 8,253 4,542 2,753 192 15,740 4,447 20,187Other operating net income 147 70 45 262 (220) 42 37 (12) 0 22 47 (16) 31EBITA 1,729 (113) 721 2,337 408 2,745 1,419 (283) 703 (203) 1,636 333 1,969Order intake 8,869 3,138 3,038 15,045 2,833 17,878 8,968 3,463 2,844 58 15.333 3,800 19,133Order backlog 5,060 4,838 995 10,893 206 11,099 5,129 4,976 1,042 211 11,358 3,856 15,214EBITA margin 20.2% (3.6%) 24.4% 16.0% 12.7% 15.4% 1 7. 2 % (6.2%) 25.5% (105.7%) 10.4% 7. 5 % 9.8%Number of employees at 31 December 5,494 0 5,494 5,745 1,994 7,7 3 9Reconciliation of profit for the yearEBITA 2,337 408 2,74 5 1,636 333 1,969Amortisation and impairment of intangible assets (283) (653) (936) (202) (29) (231)EBIT 2,054 (245) 1,809 1,434 304 1,738Financial income 1,011 127 1,138 770 180 950Financial costs (1,094) (152) (1,246) (988) (142) (1,130)EBT 1,971 (270) 1,701 1,216 342 1,558Tax for the year (1,257) (436) (1,693) (415) (113) (528)Profit for the year 714 (706) 8 801 229 1,030* The comparative information has been restated to reflect the continuing activities and new segmental reporting. More information can be found in note 7.2.** Non-Core Activities ceased as planned in early Q1 2025, with the remaining, insignificant contract portfolio moved into the Products segment.1.3 Geographical informationFLSmidth operates across the globe. The organization is structured and managed according to the three segments but geographical clusters are used to categorise country operations in to four regions. Revenue, non current assets (intangible assets and property, plant and equipment) and number of employees is disclosed for each of the four regions*.Specifically additional disclosure of these metrics is provided for the FLSmidth headquarter and any country that accounts for more than 5% of total group revenue. North America NAMERDKKm USADKK 2,131mRevenue (DKK 2,004m)3,815DKK 1,635mRevenue Non-current assets (DKK 3,865m)(DKK 3,177m)DKKm CanadaDKK 1,299mRevenue (DKK 1,385m)2,921DKK 701mNon-current assets Non-current assets (DKK 4,168m)(DKK 975m)1,378Employees (1,309)South America SAMERDKKm ChileDKK 2,255mRevenue (DKK 2,411m)4,194DKK 611mRevenue Non-current assets (DKK 4,843m)(DKK 583m)DKKm PeruDKK 1,101mRevenue (DKK 1,322m)1,067DKK 184mNon-current assets Non-current assets (DKK 869m)(DKK 220m)Brazil1,155DKK 725mRevenue (DKK 1,003m)Employees (1,553)DKK 65mNon-current assets (DKK 66m)Europe, Middle East & AfricaEMEADKKm DenmarkDKK 6mRevenue (DKK 0m)2,603DKK 2,361mRevenue Non-current assets (DKK 2,870m)(DKK 892m)DKKm 4,528Non-current assets (DKK4,487m)2,105Employees (1,808)Asia & AustraliaAPACDKKm AustraliaDKK 1,593mRevenue (DKK 2,044m)4,000DKK 1,055mRevenue Non-current assets (DKK 4,162m)(DKK 1,326m)DKKm 1,630Non-current assets (DKK 1,573m)856Employees (1,075)* The comparative information has been restated. Additionally, the comparative information for EMEA and APAC regions has been restated to reflect the move of the India business from APAC to EMEA. Note: Numbers in brackets are comparative 2024 figures.7.3 Segment informationFollowing the sale of the Cement business, FLSmidth decided to revise its segmental reporting into the following segments: Service, Products, and Pumps, Cyclones & Valves (PC&V). Comparative figures have been restated. Additional information is available in note 1.2.",
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"f1__s9__7__41-1": {
"value": "1.4 RevenueFLSmidth is a leading, full flowsheet minerals processing supplier to the global mining industry. The company delivers technology solutions and services to customers across the lifecycle of mining operations. The sales offering can broadly be categorised as products (provi-sion of equipment) and services (aftermarket sales including spare parts, maintenance and upgrades). ServiceServices comprise various service elements to support the life cycle offerings portfolio. The sale can consist of spare parts, wear parts, service hours, long-term main-tenance contracts and sale of upgrades and rebuilds. The sales of service hours include, amongst others, sale of supervision, electronic or mechanical service of equipment or plants. The performance obligation for service sales and maintenance contracts is either each service hour or the full contract, depending on the contract wording. Most service contracts are fixed price contracts, if not for the full service, then for the hourly rate. Service sales are mainly recognized at a point in time when the service is delivered. Service comprising single machines and product bundles is mainly recog-nised over time as the services are provided to the customer based on the Percentage of Completion cost-to-cost method. We are normally entitled to payment once the service has been provided or on a monthly basis. ProductsProducts range from standardised and customised equipment to plants, plant extensions, process systems and process system extensions. The latter will typically include a significant contract price, a long lead time affecting the consolidated financial statements in more than one financial year, a high degree of project manage-ment and involve more than one FLSmidth entity in the delivery to the customer. Revenue from products that are standardised or customised to a low degree is recog-nised at the point in time when control of the products transfers to the customers, usually upon delivery. Revenue from the sale of products that are custom-ised to a larger extent is usually recognised over time, applying the percentage of completion cost-to-cost method. Highly customised product sales will often entitle us to receive a down payment from the customer, followed by several progress payments linked to our performance progress. Upon completion delivery, we will typically be entitled to the final payment. To the extent possible we obtain payment guarantees to minimise the credit risk during execution. Most of the products are sold as fixed price contracts. Pumps, Cyclones & Valves (PC&V)Pumps, Cyclones & Valves provide both products and services to customers, and on average is expected to comprise approximately 25% equipment-related orders and 75% aftermarket-related orders. Recognition of revenue in the PC&V business for equipment-related and aftermarket-related orders follows the same logic as what is stated for products and services, respectively.In terms of revenue recognition considerations, the key distinction is between product-related sales and service-related sales.Revenue splitby Regions100 NAMER 25%26%80 SAMER 6031%29% EMEA APAC4018%18%2026%27%02024 2025Revenue split on timing of revenue recognition principle2025 2024*FLSmidth Non-Core FLSmidth DKKm Service Products PC&VGroup Service Products PC&VactivitiesGroupPoint in time 6,460 207 2,838 9,505 6,229 449 2,547 27 9,252Percentage of completion: Service, single machines and product bundles 2,088 2,341 122 4,551 2,024 3,094 206 0 5,324 Product bundles with engineering under enhanced risk governance 0 556 0 556 0 999 0 165 1,164Total revenue 8,548 3,104 2,960 14,612 8,253 4,542 2,753 192 15,740* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.Revenue recognition principlesThe table on prior page disaggregates revenue by segments into revenue recognition principles, i.e. either at the point in time 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. To reflect the wide range of contracts that are accounted for using percentage of completion, the cate-gory is disaggregated into two subcategories.BacklogThe order backlog on 31 December 2025 amounted to DKK 10,893m (2024: DKK 11,358m) and represents the value of outstanding performance obligations on active contracts, where we will transfer control at a future point in time and the remaining performance obligations on contracts where we transfer control over time. A contract is active when it becomes binding for both parties depending on the specific conditions of the contract. This usually means that the contract has been signed and the prepay-ment (if any) has been received. Information on the split of the order backlog between the segments can be found in note 1.2.Based on the order backlog maturity profile, the majority, 65% (2024: 65%) of the order backlog is expected to be converted into revenue in 2026, 28% (2024: 28%) in 2027, and 7% (2024: 7%) in subsequent years.Besides the key accounting judgments described in the box, revenue is impacted by key accounting estimate related to the estimate of the percentage of completion (estimate of total cost to complete). The key accounting estimates are further explained in note 3.4.If we do not have an enforceable right to payment for work completed throughout the contract term, revenue is recognised at the point in time when the control trans-fers to the customer, usually upon customer acceptance. In the case of significant uncertainties with the collect-ability of contract consideration, revenue is recognized upon cash receipt.In determining the transaction price revenue is reduced by probable penalties, payment of liquidated damages and any other claims that are payments to our customers. The transaction price is also adjusted for any variable elements, where we estimate the amount of the variable transaction price.The variable amount is estimated at contract inception and re-estimated periodically throughout the contract term. The variable amount is recognised as revenue when it is highly probable that reversal will not occur.Warranties are granted in connection with the sale of equipment and systems and are classified as assur-ance-type warranties that are not accounted for as separate performance obligations. Refer to note 2.7 for accounting policy on warranties provisions.Revenue is recognised less rebates, cash discounts and value added tax and duties.\u00a7 Accounting policyRevenue from contracts with customers is recognized when control of the goods or services are transferred to our customers at an amount that reflects the transaction price to which we expect to be entitled in exchange for these goods or services. Judgement is made to deter-mine if a contract for sale of products or services, or a combination hereof, involves one or more performance obligations. If a contract contains more than one perfor-mance obligation, the contract price is allocated to each performance obligation based on the relative standalone selling price for each performance obligation.Revenue from products and services is recognised over time using the cost-to-cost method when 1) we have no alternative use for the goods or services to be delivered and 2) we have an enforceable right to payment for work completed.If we do have an alternative use for the goods or services to be delivered, e.g. products with a low degree of custo-misation, revenue is recognised at the point in time when control transfers to the customer, usually upon delivery.! Key accounting judgementsJudgement regarding recognition methodJudgements are made when determining if revenue on product or service is recognised over time or at a point in time. The judgements relate to if we have an alternative use of the assets being produced and if we have an enforceable right to payment throughout the contractual term.When assessing if an asset being produced has no alternative use to FLSmidth, we estimate the alter-native use cost amount. We have limited historical data as we rarely redirect our assets. The estimate is based on the specifics of each contract.When assessing if we are entitled to payment throughout the contract term, a judgement is made based on the contract wording, legal entitlement and profit estimates.Revenue split%1001% Service 18%20%80 Products 21%29%60 PC&V NCA4052%59%2002024 2025Backlog maturityDKKm12,000 Within 3 years and beyond10,000 Within 2 years8,000 Within 1 year6,0004,0002,00002024 20253.4 Work in progressWork in progress relates to contracts with customers where revenue is recognised over time. As the costs to produce the output under a contract are incurred, revenue is calculated reflecting the share of costs incurred compared to total expected costs to fulfil the contract (percentage of completion). The revenue is recognised as work in progress (gross work in progress) and consists of cost incurred including margin. Balances on a specific contract are removed from work in progress once the work is completed and accepted by the customer. Especially for more complex product bundles with engineering, the work typically extends over several financial years. The total amount of work in progress therefore includes accumulated revenue for several years for contracts where the work has not been final-ised and/or accepted by the customer.During the execution, invoices are issued according to the invoice structure for each transaction. The invoiced amounts reduce the balance on work in progress (Net work in progress in the table). Depending on the invoice structure, the net work in progress balance on a specific contract can change from being presented as an asset (a contract asset) in one period to being presented as a liability (a contract liability) in the next period. In the balance sheet and as shown in the table, net work in progress on contracts where work performed exceeds the invoiced amount are presented as assets while contracts where the invoiced amount exceeds the work performed are presented as liabilities.In general, the invoicing structure reflects the progress on the work to be performed and work in progress liabil-ities are, therefore, usually converted into revenue in the next year. The decrease in gross work in progress reflects our de-risking strategy.Composition of work in progressDKKm 2025 2024Gross work in progress 32,523 38,088Invoicing on account to customers (32,696) (3 7,8 70 )Net work in progress (173) 218Of which is recognised as work in progress:Under assets 1,873 3,009Under liabilities (2,046) (2,791)Net work in progress (173) 218Gross work in progress and invoicing on account have decreased due to the divestment of the Cement busi-ness and finalisation of projects. Note 1.4 include information on the order backlog reflecting effective contracts with customers where we will transfer control at future point in time and the remaining performance obligations on contracts where we transfer control over time.In addition to net work in progress, contract liabilities include prepayments received from customers of DKK 1,097m (2024: DKK 1,783m). The prepayments are recog-nised separately in the balance sheet as current and non-current liabilities. Prepayments presented as current reflect amounts that are expected to be recognised as revenue during the following year.When assessing impairment on the work in progress net balances we evaluate on a contract-by-contract basis. If an impairment on a contract is probable, we recognise the expected loss and a related provision.\u00a7 Accounting policyWork in progress consists of contract assets and contract liabilities for contracts with customers where revenue is recognised over time.For contracts included as work in progress revenue reflecting the percentage of completion is recognised when the outcome of the contracts can be estimated reliably. The percentage of completion is calculated based on a cost-to-cost basis (input method) and is the ratio between the cost incurred and the total estimated cost.The contracts are measured at an amount equal to the selling price of the work performed (percentage of completion) less progress billings and expected losses.The selling price is the total expected income from the individual contracts. If variability is included in the selling price, we use the most likely amount method.An expected loss is recognised when it is deemed prob-able that the total contract costs will exceed the total revenue from individual contracts. The expected loss is recognised immediately as a cost and as a provision for a loss-making contract. Further information can be found in note 2.7.When the selling price of the work performed exceeds progress billings, work in progress is presented as an asset and relate to unbilled work in progress. Work in progress assets have substantially the same risk char-acteristics as the trade receivables for the same types of contracts. Expected credit loss on work in progress assets is included within the loss allowance for trade receivables as managed together.When progress billings exceed the selling price of the work performed, work in progress is presented as a liability.! Key accounting estimateEstimated costs to completeWe estimate the total expected costs for our contracts. The estimates primarily relate to the level of contingencies to cover unforeseen costs, such as cost changes due to changes in future supplies of raw materials, subcontractor products and services as well as unforeseen costs related to execution and hand-over.The estimates are based on the specifics for each contract while taking historical data into account. For contracts sold to customers in politically and economically unstable countries, the estimates include additional risk coverage due to a higher level of uncertainty.We reassess our project financials, including update of expected project costs on an ongoing basis, to ensure that expected cost increases are appropriately reflected in the estimated cost to complete.",
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"f1__s9__7__40-1": {
"value": "1.4 RevenueFLSmidth is a leading, full flowsheet minerals processing supplier to the global mining industry. The company delivers technology solutions and services to customers across the lifecycle of mining operations. The sales offering can broadly be categorised as products (provi-sion of equipment) and services (aftermarket sales including spare parts, maintenance and upgrades). ServiceServices comprise various service elements to support the life cycle offerings portfolio. The sale can consist of spare parts, wear parts, service hours, long-term main-tenance contracts and sale of upgrades and rebuilds. The sales of service hours include, amongst others, sale of supervision, electronic or mechanical service of equipment or plants. The performance obligation for service sales and maintenance contracts is either each service hour or the full contract, depending on the contract wording. Most service contracts are fixed price contracts, if not for the full service, then for the hourly rate. Service sales are mainly recognized at a point in time when the service is delivered. Service comprising single machines and product bundles is mainly recog-nised over time as the services are provided to the customer based on the Percentage of Completion cost-to-cost method. We are normally entitled to payment once the service has been provided or on a monthly basis. ProductsProducts range from standardised and customised equipment to plants, plant extensions, process systems and process system extensions. The latter will typically include a significant contract price, a long lead time affecting the consolidated financial statements in more than one financial year, a high degree of project manage-ment and involve more than one FLSmidth entity in the delivery to the customer. Revenue from products that are standardised or customised to a low degree is recog-nised at the point in time when control of the products transfers to the customers, usually upon delivery. Revenue from the sale of products that are custom-ised to a larger extent is usually recognised over time, applying the percentage of completion cost-to-cost method. Highly customised product sales will often entitle us to receive a down payment from the customer, followed by several progress payments linked to our performance progress. Upon completion delivery, we will typically be entitled to the final payment. To the extent possible we obtain payment guarantees to minimise the credit risk during execution. Most of the products are sold as fixed price contracts. Pumps, Cyclones & Valves (PC&V)Pumps, Cyclones & Valves provide both products and services to customers, and on average is expected to comprise approximately 25% equipment-related orders and 75% aftermarket-related orders. Recognition of revenue in the PC&V business for equipment-related and aftermarket-related orders follows the same logic as what is stated for products and services, respectively.In terms of revenue recognition considerations, the key distinction is between product-related sales and service-related sales.Revenue splitby Regions100 NAMER 25%26%80 SAMER 6031%29% EMEA APAC4018%18%2026%27%02024 2025Revenue split on timing of revenue recognition principle2025 2024*FLSmidth Non-Core FLSmidth DKKm Service Products PC&VGroup Service Products PC&VactivitiesGroupPoint in time 6,460 207 2,838 9,505 6,229 449 2,547 27 9,252Percentage of completion: Service, single machines and product bundles 2,088 2,341 122 4,551 2,024 3,094 206 0 5,324 Product bundles with engineering under enhanced risk governance 0 556 0 556 0 999 0 165 1,164Total revenue 8,548 3,104 2,960 14,612 8,253 4,542 2,753 192 15,740* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.Revenue recognition principlesThe table on prior page disaggregates revenue by segments into revenue recognition principles, i.e. either at the point in time 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. To reflect the wide range of contracts that are accounted for using percentage of completion, the cate-gory is disaggregated into two subcategories.BacklogThe order backlog on 31 December 2025 amounted to DKK 10,893m (2024: DKK 11,358m) and represents the value of outstanding performance obligations on active contracts, where we will transfer control at a future point in time and the remaining performance obligations on contracts where we transfer control over time. A contract is active when it becomes binding for both parties depending on the specific conditions of the contract. This usually means that the contract has been signed and the prepay-ment (if any) has been received. Information on the split of the order backlog between the segments can be found in note 1.2.Based on the order backlog maturity profile, the majority, 65% (2024: 65%) of the order backlog is expected to be converted into revenue in 2026, 28% (2024: 28%) in 2027, and 7% (2024: 7%) in subsequent years.Besides the key accounting judgments described in the box, revenue is impacted by key accounting estimate related to the estimate of the percentage of completion (estimate of total cost to complete). The key accounting estimates are further explained in note 3.4.If we do not have an enforceable right to payment for work completed throughout the contract term, revenue is recognised at the point in time when the control trans-fers to the customer, usually upon customer acceptance. In the case of significant uncertainties with the collect-ability of contract consideration, revenue is recognized upon cash receipt.In determining the transaction price revenue is reduced by probable penalties, payment of liquidated damages and any other claims that are payments to our customers. The transaction price is also adjusted for any variable elements, where we estimate the amount of the variable transaction price.The variable amount is estimated at contract inception and re-estimated periodically throughout the contract term. The variable amount is recognised as revenue when it is highly probable that reversal will not occur.Warranties are granted in connection with the sale of equipment and systems and are classified as assur-ance-type warranties that are not accounted for as separate performance obligations. Refer to note 2.7 for accounting policy on warranties provisions.Revenue is recognised less rebates, cash discounts and value added tax and duties.\u00a7 Accounting policyRevenue from contracts with customers is recognized when control of the goods or services are transferred to our customers at an amount that reflects the transaction price to which we expect to be entitled in exchange for these goods or services. Judgement is made to deter-mine if a contract for sale of products or services, or a combination hereof, involves one or more performance obligations. If a contract contains more than one perfor-mance obligation, the contract price is allocated to each performance obligation based on the relative standalone selling price for each performance obligation.Revenue from products and services is recognised over time using the cost-to-cost method when 1) we have no alternative use for the goods or services to be delivered and 2) we have an enforceable right to payment for work completed.If we do have an alternative use for the goods or services to be delivered, e.g. products with a low degree of custo-misation, revenue is recognised at the point in time when control transfers to the customer, usually upon delivery.! Key accounting judgementsJudgement regarding recognition methodJudgements are made when determining if revenue on product or service is recognised over time or at a point in time. The judgements relate to if we have an alternative use of the assets being produced and if we have an enforceable right to payment throughout the contractual term.When assessing if an asset being produced has no alternative use to FLSmidth, we estimate the alter-native use cost amount. We have limited historical data as we rarely redirect our assets. The estimate is based on the specifics of each contract.When assessing if we are entitled to payment throughout the contract term, a judgement is made based on the contract wording, legal entitlement and profit estimates.Revenue split%1001% Service 18%20%80 Products 21%29%60 PC&V NCA4052%59%2002024 2025Backlog maturityDKKm12,000 Within 3 years and beyond10,000 Within 2 years8,000 Within 1 year6,0004,0002,00002024 20253.4 Work in progressWork in progress relates to contracts with customers where revenue is recognised over time. As the costs to produce the output under a contract are incurred, revenue is calculated reflecting the share of costs incurred compared to total expected costs to fulfil the contract (percentage of completion). The revenue is recognised as work in progress (gross work in progress) and consists of cost incurred including margin. Balances on a specific contract are removed from work in progress once the work is completed and accepted by the customer. Especially for more complex product bundles with engineering, the work typically extends over several financial years. The total amount of work in progress therefore includes accumulated revenue for several years for contracts where the work has not been final-ised and/or accepted by the customer.During the execution, invoices are issued according to the invoice structure for each transaction. The invoiced amounts reduce the balance on work in progress (Net work in progress in the table). Depending on the invoice structure, the net work in progress balance on a specific contract can change from being presented as an asset (a contract asset) in one period to being presented as a liability (a contract liability) in the next period. In the balance sheet and as shown in the table, net work in progress on contracts where work performed exceeds the invoiced amount are presented as assets while contracts where the invoiced amount exceeds the work performed are presented as liabilities.In general, the invoicing structure reflects the progress on the work to be performed and work in progress liabil-ities are, therefore, usually converted into revenue in the next year. The decrease in gross work in progress reflects our de-risking strategy.Composition of work in progressDKKm 2025 2024Gross work in progress 32,523 38,088Invoicing on account to customers (32,696) (3 7,8 70 )Net work in progress (173) 218Of which is recognised as work in progress:Under assets 1,873 3,009Under liabilities (2,046) (2,791)Net work in progress (173) 218Gross work in progress and invoicing on account have decreased due to the divestment of the Cement busi-ness and finalisation of projects. Note 1.4 include information on the order backlog reflecting effective contracts with customers where we will transfer control at future point in time and the remaining performance obligations on contracts where we transfer control over time.In addition to net work in progress, contract liabilities include prepayments received from customers of DKK 1,097m (2024: DKK 1,783m). The prepayments are recog-nised separately in the balance sheet as current and non-current liabilities. Prepayments presented as current reflect amounts that are expected to be recognised as revenue during the following year.When assessing impairment on the work in progress net balances we evaluate on a contract-by-contract basis. If an impairment on a contract is probable, we recognise the expected loss and a related provision.\u00a7 Accounting policyWork in progress consists of contract assets and contract liabilities for contracts with customers where revenue is recognised over time.For contracts included as work in progress revenue reflecting the percentage of completion is recognised when the outcome of the contracts can be estimated reliably. The percentage of completion is calculated based on a cost-to-cost basis (input method) and is the ratio between the cost incurred and the total estimated cost.The contracts are measured at an amount equal to the selling price of the work performed (percentage of completion) less progress billings and expected losses.The selling price is the total expected income from the individual contracts. If variability is included in the selling price, we use the most likely amount method.An expected loss is recognised when it is deemed prob-able that the total contract costs will exceed the total revenue from individual contracts. The expected loss is recognised immediately as a cost and as a provision for a loss-making contract. Further information can be found in note 2.7.When the selling price of the work performed exceeds progress billings, work in progress is presented as an asset and relate to unbilled work in progress. Work in progress assets have substantially the same risk char-acteristics as the trade receivables for the same types of contracts. Expected credit loss on work in progress assets is included within the loss allowance for trade receivables as managed together.When progress billings exceed the selling price of the work performed, work in progress is presented as a liability.! Key accounting estimateEstimated costs to completeWe estimate the total expected costs for our contracts. The estimates primarily relate to the level of contingencies to cover unforeseen costs, such as cost changes due to changes in future supplies of raw materials, subcontractor products and services as well as unforeseen costs related to execution and hand-over.The estimates are based on the specifics for each contract while taking historical data into account. For contracts sold to customers in politically and economically unstable countries, the estimates include additional risk coverage due to a higher level of uncertainty.We reassess our project financials, including update of expected project costs on an ongoing basis, to ensure that expected cost increases are appropriately reflected in the estimated cost to complete.",
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"f1__s9__7__42-1": {
"value": "Revenue from contracts with customers is recognized when control of the goods or services are transferred to our customers at an amount that reflects the transaction price to which we expect to be entitled in exchange for these goods or services. Judgement is made to deter-mine if a contract for sale of products or services, or a combination hereof, involves one or more performance obligations. If a contract contains more than one perfor-mance obligation, the contract price is allocated to each performance obligation based on the relative standalone selling price for each performance obligation.Revenue from products and services is recognised over time using the cost-to-cost method when 1) we have no alternative use for the goods or services to be delivered and 2) we have an enforceable right to payment for work completed.If we do have an alternative use for the goods or services to be delivered, e.g. products with a low degree of custo-misation, revenue is recognised at the point in time when control transfers to the customer, usually upon delivery.Work in progress consists of contract assets and contract liabilities for contracts with customers where revenue is recognised over time.For contracts included as work in progress revenue reflecting the percentage of completion is recognised when the outcome of the contracts can be estimated reliably. The percentage of completion is calculated based on a cost-to-cost basis (input method) and is the ratio between the cost incurred and the total estimated cost.The contracts are measured at an amount equal to the selling price of the work performed (percentage of completion) less progress billings and expected losses.The selling price is the total expected income from the individual contracts. If variability is included in the selling price, we use the most likely amount method.An expected loss is recognised when it is deemed prob-able that the total contract costs will exceed the total revenue from individual contracts. The expected loss is recognised immediately as a cost and as a provision for a loss-making contract. Further information can be found in note 2.7.When the selling price of the work performed exceeds progress billings, work in progress is presented as an asset and relate to unbilled work in progress. Work in progress assets have substantially the same risk char-acteristics as the trade receivables for the same types of contracts. Expected credit loss on work in progress assets is included within the loss allowance for trade receivables as managed together.When progress billings exceed the selling price of the work performed, work in progress is presented as a liability.",
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"f1__s9__7__44-1": {
"value": "1.5 Staff costsStaff costs consist of direct wages and salaries, remu-neration, pension costs, share-based payments, training etc. related to the continuing activities.Composition of staff costsDKKm 2025 2024*Wages, salaries and other remu-neration 2,747 2,794Contribution plans and other social security costs, etc. 337 363Defined benefit plans 43 19Share-based payment 33 46Other staff costs 162 428Total 3,322 3,650The amounts are included in the items:Production costs 1,775 1,868Sales costs 908 1,012Administrative costs 639 770Total 3,322 3,650Average number of employees in continuing activities 5,716 6,030Year-end number of employees 5,494 5,74 5* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.The reduction in the charge for share-based payments in 2025 is attributable to the forfeiting of the shares that occurred following the stepping down of the CEO and one other member of the Executive Leadership Team during 2025. The accrued costs relating to these shares for all past periods have been reversed in 2025. The remuneration of the Board of Directors and Execu-tive Leadership Team of FLSmidth Group is shown in the tables below. The remuneration of the Executive Leadership team reflects the cost of all members through until termination of employment and includes the Cement business.Remuneration Board of DirectorsDKKm 2025 2024Board of Directors fees 7.3 7. 0Total 7.3 7.0Remuneration Executive Leadership TeamDKKm 2025 2024Wages and salaries 30 37Bonus 14 24Benefits 2 3Severance package 1 24Share-based payment (2) 23Other incentives 9 6Total 54 117The members of the Executive Leadership Team have up to 18 months\u2019 notice in the event of termination of employment and severance payment may correspond to a maximum of 6 months\u2019 base salary.Two members of the Executive Leadership Team are registered with The Danish Business Authority. During 2025, the registered members of the Executive Leader-ship Team earned remuneration as follows:Remuneration registered executivesDKKm 2025 2024Wages and salaries 14 14Bonus 8 10Benefits 1 1Severance package 1 0Share-based payment (5) 11Other incentives 5 2Total 24 38Each member of the Executive Leadership Team is, other than the base salary, entitled to customary benefits. Additionally, the members of Executive Leadership Team participate in short-term and long-term incentive programmes. The short-term and the long-term incentive programmes are capped at 75% and 100%, respectively, of the annual base salary. In addition to this each exec-utive may, at the Board of Directors\u2019 discretion, receive an additional incentive of up to 150% of the annual base salary, which can be cash and/or share-based. The indi-vidual maximum and target levels are fixed as part of the ongoing remuneration adjustment cycle.During 2025, selected key employees including the Executive Leadership Team, were granted a long-term share-based programme ('restricted share units\u2019) to drive forward delivery of FLSmidth's pure-play mining strategy. Further information can be found in note 6.1.For details related to the remuneration of the Board of Directors and Executive Leadership Team, refer to the Remuneration Report 2025: https://fls.com/en/company/governance/remuneration.\u00a7 Accounting policyStaff costs include wages and salaries, cash bonuses, share-based payments, pension costs, benefits and social security costs. In general, staff costs are expensed when the services are rendered by the employees. When long-term incentive programmes are provided, the costs are accrued over the period that makes the employees entitled to the payment. Termination benefits are expensed when an agreement has been reached between the Group and the employee and no future service is rendered by the employee in exchange for the termination payment.The Group\u2019s pension plans consist of both defined contri-bution plans and defined benefit plans (pension plans). The accounting policy for pension plans can be found in note 2.8.The accounting policy for share-based payments can be found in note 6.1.2.8 Pension obligationsDefined contribution plansThe majority of our pension plans are defined contribu-tion plans and we have no further payment obligations once the contributions are paid. Under these pension plans, we recognise regular payments, e.g. a fixed amount or a fixed percentage of the salary. Pension costs related to defined contribution plans are recognised in staff costs (note 1.5) and amounted to DKK 337m (2024: DKK 363m).Defined benefit plansWe also have defined benefit plans where the responsi-bility for the pension obligation towards the employees rests with us. Under a defined benefit plan, we have an obligation to pay a specific benefit, e.g. retirement pension in the form of a fixed proportion of the salary at the time of retirement.Under these plans, we carry the risk in relation to future developments in interest rates, inflation, mortality, etc. A change in the assumptions upon which the calculation is based results in a change in the present value of the pension obligation.Such actuarial gains and losses are recognised in other comprehensive income and amounted to net gains of DKK 22m in 2025 (2024: net gain of DKK 23m).The majority of the total pension obligations are partially funded with quoted debt and equity instruments placed in pension funds and through insurance. In 2026 we expect to contribute to the defined benefit plans of DKK 5m (2025: DKK 8m). The weighted average duration of the obligations is 11 years (2024: 11 years).Pension contributions by plan types%100% Defined benefit 80%plans60% Defined contribution 40%plans20%0%2024 2025Pension obligations by country%100% Other80% India60% Chile40% Germany20% Mexico0%2024 2025Fair value of plan assetsby Instruments100% Other assets80% Debt instruments60% Equity 40%instruments20%0%2024 2025Pension obligations2025 2024Present value Present value of pension Fair value of Net of pension Fair value of Net DKKmobligationsplan assetsobligationsobligationsplan assetsobligationsValue at 1 January (736) 411 (325) (930) 565 (365)Interest on obligation/asset (28) 18 (10) (31) 18 (13)Service costs (43) 0 (43) (25) 0 (25)Recognised in the income statement (71) 18 (53) (56) 18 (38)Actuarial gains and losses* 10 12 22 15 8 23Recognised in other comprehensive income 10 12 22 15 8 23Disposal of activities 0 0 0 181 (175) 6Foreign exchange adjustments 49 (42) 7 (30) 33 3Settlements 0 0 0 2 0 2Participant contributions 0 2 2 0 0 0Benefits paid to employees 51 (32) 19 82 (38) 44Other changes 100 (72) 28 235 (180) 55Transferred to assets held for sale 42 (17) 25 - - -Value at 31 December (655) 352 (303) (736) 411 (325)Classified as:Net pension obligations, assets (in Other securities and investments) 2 0Net pension obligations, liabilities (305) (325)Value at 31 December (303) (325)* Actuarial gains and losses relate primarily to changes in financial assumptions.Actuarial assumptions2025 2024Average discounting rate applied 4.3% 3.7%Expected future pay increase rate 3.9% 3.4%Sensitivity analysisBelow shows a sensitivity analysis based on changes in the discount rate, all other things being equal.A change in the discount rate will result in the following changes in the net pension obligation:Sensitivity at 31 DecemberDKKm 2025 2024*Discount rate - 1%, increase 26 27Discount rate + 1%, decrease (26) (27)* The sensitivity analysis has not been restated. More information can be found in note 7.2.\u00a7 Accounting policyContributions to defined contribution plans are recog-nised in staff costs when the related service is provided. Any contributions outstanding are recognised in the balance sheet as other liabilities.For defined benefit plans, annual actuarial calculations are made of the present value of future benefits payable under the pension plan using the projected unit credit method. The Group uses external actuarial experts.The present value is calculated based on assumptions about future developments in variables such as salary levels, interest, inflation and mortality rates. The present value is only calculated for benefits earned by the employees through their employment with the Group to date. The actuarial calculation of present value less the fair value of any plan assets is recognised in the balance sheet as pension obligations.The pension costs (service costs) for the year, based on actuarial estimates and financial forecasts at the begin-ning of the year, are recognised in the income statement within staff costs. The interest on the net pension obligation is recognised in the income statement within financial costs. The difference between the forecast development in pension assets and liabilities and the realised values is called actuarial gains or losses and is recognised in other comprehensive income.If a pension plan constitutes a net asset, the asset is recognised only to the extent that it equals the value of future repayments under the plan or it leads to a reduc-tion of future contributions to the plan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__45-1": {
"value": "Staff costs include wages and salaries, cash bonuses, share-based payments, pension costs, benefits and social security costs. In general, staff costs are expensed when the services are rendered by the employees. When long-term incentive programmes are provided, the costs are accrued over the period that makes the employees entitled to the payment. Termination benefits are expensed when an agreement has been reached between the Group and the employee and no future service is rendered by the employee in exchange for the termination payment.The Group\u2019s pension plans consist of both defined contri-bution plans and defined benefit plans (pension plans). The accounting policy for pension plans can be found in note 2.8.The accounting policy for share-based payments can be found in note 6.1.Contributions to defined contribution plans are recog-nised in staff costs when the related service is provided. Any contributions outstanding are recognised in the balance sheet as other liabilities.For defined benefit plans, annual actuarial calculations are made of the present value of future benefits payable under the pension plan using the projected unit credit method. The Group uses external actuarial experts.The present value is calculated based on assumptions about future developments in variables such as salary levels, interest, inflation and mortality rates. The present value is only calculated for benefits earned by the employees through their employment with the Group to date. The actuarial calculation of present value less the fair value of any plan assets is recognised in the balance sheet as pension obligations.The pension costs (service costs) for the year, based on actuarial estimates and financial forecasts at the begin-ning of the year, are recognised in the income statement within staff costs. The interest on the net pension obligation is recognised in the income statement within financial costs. The difference between the forecast development in pension assets and liabilities and the realised values is called actuarial gains or losses and is recognised in other comprehensive income.If a pension plan constitutes a net asset, the asset is recognised only to the extent that it equals the value of future repayments under the plan or it leads to a reduc-tion of future contributions to the plan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__51": {
"value": "1.6 Other operating net incomeIn 2025, other operating net income primarily comprised the sale of a facility site in Turkey, a real estate in Chennai, India and other properties in Denmark and Sweden.Other operating net incomeDKKm 2025 2024*Gain on sale of properties 202 13Other income 117 88Other expenses (57) (54)Total 262 47* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.\u00a7 Accounting policyOther operating net income consists of recurring and non-recurring items that are not considered to be part of the Group\u2019s ordinary operating activities, for example gains and losses from disposal of property.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__50": {
"value": "1.6 Other operating net incomeIn 2025, other operating net income primarily comprised the sale of a facility site in Turkey, a real estate in Chennai, India and other properties in Denmark and Sweden.Other operating net incomeDKKm 2025 2024*Gain on sale of properties 202 13Other income 117 88Other expenses (57) (54)Total 262 47* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.\u00a7 Accounting policyOther operating net income consists of recurring and non-recurring items that are not considered to be part of the Group\u2019s ordinary operating activities, for example gains and losses from disposal of property.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__49": {
"value": "1.6 Other operating net incomeIn 2025, other operating net income primarily comprised the sale of a facility site in Turkey, a real estate in Chennai, India and other properties in Denmark and Sweden.Other operating net incomeDKKm 2025 2024*Gain on sale of properties 202 13Other income 117 88Other expenses (57) (54)Total 262 47* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.\u00a7 Accounting policyOther operating net income consists of recurring and non-recurring items that are not considered to be part of the Group\u2019s ordinary operating activities, for example gains and losses from disposal of property.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__52": {
"value": "2.1 Return on capital employed Capital employed is determined as the sum of fixed assets and net working capital. Capital employed is used for determining the key performance indicator Return on capital employed (ROCE). The table below shows the decomposition of capital employed. Capital employedDKKm 2025 2024Intangible assets at cost value, note 2.2 12,891 13,899Property, plant and equipment at carrying amount, note 2.4 2,319 2,471Net working capital, note 3.1 2,406 2,107Capital employed, total 17, 6 16 18,477ROCEDKKm 2025 2024*EBITA, continuing activities 2,337 1,636Capital employed, average 18,047 1 7,8 6 7ROCE, average 12.9% 9.2%* The comparative information (EBITA) has been restated to reflect the continuing activities. More information can be found in note 7. 2 .ROCE is calculated based on average capital employed to reflect the annual development. ROCE increased during the year, driven by an increased EBITA.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__56-1": {
"value": "2.2 Intangible assetsGoodwill arising from business acquisitions is recognised in the consolidated financial statements. The carrying amount of goodwill per segment is shown in note 2.3. Patents and rights acquired are recognised in the consolidated financial statements. The line item includes patents, trademarks, technology, and other rights.Intangible assets under development consist of research and development (R&D) projects and software. Much of the R&D is conducted in connection with customer activities. In 2025, R&D costs totaled DKK 64m (2024: DKK 103m). This expense is included in production costs. Additions to intangible assets under development, amounts to DKK 165m (2024: DKK 314m), of which DKK 153m (2024: DKK 274m) related to the continuing activi-ties and of which capitalised R&D cost amounts to DKK 120m (2024: DKK 170m). The remainder relates to capital-ized IT projects. Of those capitalised amounts, DKK 57m (2024: DKK 66m) are internally generated. In the table on the next page, intangible assets are shown by type. Other intangible assets consist of software and completed software implementation projects and completed development projects primarily consist of R&D costs (developments in relation to production techniques, processes, and similar). Until completed, internally developed assets are presented in a separate column. Following the change in segmental reporting applied from the second quarter, an assessment of the intangible assets was carried out. It was determined that given the nature of the intangible assets, these are group assets which benefit all segments. No segmental analysis is therefore presented. Amortisation of these assets is therefore not allocated to the segments but is reported as part of the reconciliation to the FLSmidth Group EBIT in the segmental reporting in note 1.2.GoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units which are defined by management as the same as the three reporting segments. Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Other Completed Intangible Patents and Customer intangible development assets under DKKm Goodwillrightsrelationsassetsprojectsdevelopment Total2025Cost at 1 January 6,559 2,175 1,964 912 1,463 826 13,899Foreign exchange adjustments (276) (28) (149) (23) 0 0 (476)Acquisition of enterprises 17 0 0 0 0 0 17Additions 0 0 0 0 0 165 165Disposals (2) 0 0 (14) 0 0 (16)Transferred between categories 0 0 0 0 419 (419) 0Transferred to assets held for sale (5) (52) 0 (194) (337) (110) (698)Cost at 31 December 6,293 2,095 1,815 681 1,545 462 12,891Amortisation and impairment at 1 January 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Foreign exchange adjustment 0 20 132 24 1 0 177Disposals 0 0 0 14 0 0 14Amortisation and impairment 0 (57) (48) (43) (154) 0 (302)Transferred to assets held for sale 0 ( 74) 0 191 203 0 320Amortisation and impairment at 31 December 0 (1,663) (1,593) (636) (1,172) 0 (5,064)Carrying amount at 31 December 6,293 432 222 45 373 462 7, 8272024Cost at 1 January 6,449 2,182 1,932 934 1,335 653 13,485Foreign exchange adjustments 71 10 42 7 3 0 133Acquisition of enterprises 111 0 0 0 0 0 111Disposals of enterprises (72) (17) (10) (33) 0 0 (132)Additions 0 0 0 0 0 314 314Disposals 0 0 0 0 (12) 0 (12)Transferred between categories 0 0 0 4 137 (141) 0Cost at 31 December 6,559 2,175 1,964 912 1,463 826 13,899Amortisation and impairment at 1 January (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Foreign exchange adjustment 1 (7) (37) (7) (3) 0 (53)Disposals of enterprises 0 9 10 33 0 0 52Disposals 0 0 0 0 7 0 7Amortisation and impairment 0 (60) (49) (57) (65) 0 (231)Amortisation and impairment at 31 December 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Carrying amount at 31 December 6,559 623 287 90 241 826 8,626",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__55": {
"value": "2.2 Intangible assetsGoodwill arising from business acquisitions is recognised in the consolidated financial statements. The carrying amount of goodwill per segment is shown in note 2.3. Patents and rights acquired are recognised in the consolidated financial statements. The line item includes patents, trademarks, technology, and other rights.Intangible assets under development consist of research and development (R&D) projects and software. Much of the R&D is conducted in connection with customer activities. In 2025, R&D costs totaled DKK 64m (2024: DKK 103m). This expense is included in production costs. Additions to intangible assets under development, amounts to DKK 165m (2024: DKK 314m), of which DKK 153m (2024: DKK 274m) related to the continuing activi-ties and of which capitalised R&D cost amounts to DKK 120m (2024: DKK 170m). The remainder relates to capital-ized IT projects. Of those capitalised amounts, DKK 57m (2024: DKK 66m) are internally generated. In the table on the next page, intangible assets are shown by type. Other intangible assets consist of software and completed software implementation projects and completed development projects primarily consist of R&D costs (developments in relation to production techniques, processes, and similar). Until completed, internally developed assets are presented in a separate column. Following the change in segmental reporting applied from the second quarter, an assessment of the intangible assets was carried out. It was determined that given the nature of the intangible assets, these are group assets which benefit all segments. No segmental analysis is therefore presented. Amortisation of these assets is therefore not allocated to the segments but is reported as part of the reconciliation to the FLSmidth Group EBIT in the segmental reporting in note 1.2.\u00a7 Accounting policyGoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units which are defined by management as the same as the three reporting segments. Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.FLSmidth uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase.Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the tech-nical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reliably and it is probable that the future earnings or the net selling price will cover production, sales, and administrative costs plus devel-opment costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to develop-ment activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.Other Completed Intangible Patents and Customer intangible development assets under DKKm Goodwillrightsrelationsassetsprojectsdevelopment Total2025Cost at 1 January 6,559 2,175 1,964 912 1,463 826 13,899Foreign exchange adjustments (276) (28) (149) (23) 0 0 (476)Acquisition of enterprises 17 0 0 0 0 0 17Additions 0 0 0 0 0 165 165Disposals (2) 0 0 (14) 0 0 (16)Transferred between categories 0 0 0 0 419 (419) 0Transferred to assets held for sale (5) (52) 0 (194) (337) (110) (698)Cost at 31 December 6,293 2,095 1,815 681 1,545 462 12,891Amortisation and impairment at 1 January 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Foreign exchange adjustment 0 20 132 24 1 0 177Disposals 0 0 0 14 0 0 14Amortisation and impairment 0 (57) (48) (43) (154) 0 (302)Transferred to assets held for sale 0 ( 74) 0 191 203 0 320Amortisation and impairment at 31 December 0 (1,663) (1,593) (636) (1,172) 0 (5,064)Carrying amount at 31 December 6,293 432 222 45 373 462 7, 8272024Cost at 1 January 6,449 2,182 1,932 934 1,335 653 13,485Foreign exchange adjustments 71 10 42 7 3 0 133Acquisition of enterprises 111 0 0 0 0 0 111Disposals of enterprises (72) (17) (10) (33) 0 0 (132)Additions 0 0 0 0 0 314 314Disposals 0 0 0 0 (12) 0 (12)Transferred between categories 0 0 0 4 137 (141) 0Cost at 31 December 6,559 2,175 1,964 912 1,463 826 13,899Amortisation and impairment at 1 January (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Foreign exchange adjustment 1 (7) (37) (7) (3) 0 (53)Disposals of enterprises 0 9 10 33 0 0 52Disposals 0 0 0 0 7 0 7Amortisation and impairment 0 (60) (49) (57) (65) 0 (231)Amortisation and impairment at 31 December 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Carrying amount at 31 December 6,559 623 287 90 241 826 8,626",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__54": {
"value": "2.2 Intangible assetsGoodwill arising from business acquisitions is recognised in the consolidated financial statements. The carrying amount of goodwill per segment is shown in note 2.3. Patents and rights acquired are recognised in the consolidated financial statements. The line item includes patents, trademarks, technology, and other rights.Intangible assets under development consist of research and development (R&D) projects and software. Much of the R&D is conducted in connection with customer activities. In 2025, R&D costs totaled DKK 64m (2024: DKK 103m). This expense is included in production costs. Additions to intangible assets under development, amounts to DKK 165m (2024: DKK 314m), of which DKK 153m (2024: DKK 274m) related to the continuing activi-ties and of which capitalised R&D cost amounts to DKK 120m (2024: DKK 170m). The remainder relates to capital-ized IT projects. Of those capitalised amounts, DKK 57m (2024: DKK 66m) are internally generated. In the table on the next page, intangible assets are shown by type. Other intangible assets consist of software and completed software implementation projects and completed development projects primarily consist of R&D costs (developments in relation to production techniques, processes, and similar). Until completed, internally developed assets are presented in a separate column. Following the change in segmental reporting applied from the second quarter, an assessment of the intangible assets was carried out. It was determined that given the nature of the intangible assets, these are group assets which benefit all segments. No segmental analysis is therefore presented. Amortisation of these assets is therefore not allocated to the segments but is reported as part of the reconciliation to the FLSmidth Group EBIT in the segmental reporting in note 1.2.\u00a7 Accounting policyGoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units which are defined by management as the same as the three reporting segments. Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.FLSmidth uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase.Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the tech-nical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reliably and it is probable that the future earnings or the net selling price will cover production, sales, and administrative costs plus devel-opment costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to develop-ment activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.Other Completed Intangible Patents and Customer intangible development assets under DKKm Goodwillrightsrelationsassetsprojectsdevelopment Total2025Cost at 1 January 6,559 2,175 1,964 912 1,463 826 13,899Foreign exchange adjustments (276) (28) (149) (23) 0 0 (476)Acquisition of enterprises 17 0 0 0 0 0 17Additions 0 0 0 0 0 165 165Disposals (2) 0 0 (14) 0 0 (16)Transferred between categories 0 0 0 0 419 (419) 0Transferred to assets held for sale (5) (52) 0 (194) (337) (110) (698)Cost at 31 December 6,293 2,095 1,815 681 1,545 462 12,891Amortisation and impairment at 1 January 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Foreign exchange adjustment 0 20 132 24 1 0 177Disposals 0 0 0 14 0 0 14Amortisation and impairment 0 (57) (48) (43) (154) 0 (302)Transferred to assets held for sale 0 ( 74) 0 191 203 0 320Amortisation and impairment at 31 December 0 (1,663) (1,593) (636) (1,172) 0 (5,064)Carrying amount at 31 December 6,293 432 222 45 373 462 7, 8272024Cost at 1 January 6,449 2,182 1,932 934 1,335 653 13,485Foreign exchange adjustments 71 10 42 7 3 0 133Acquisition of enterprises 111 0 0 0 0 0 111Disposals of enterprises (72) (17) (10) (33) 0 0 (132)Additions 0 0 0 0 0 314 314Disposals 0 0 0 0 (12) 0 (12)Transferred between categories 0 0 0 4 137 (141) 0Cost at 31 December 6,559 2,175 1,964 912 1,463 826 13,899Amortisation and impairment at 1 January (1) (1,494) (1,601) (791) (1,161) 0 (5,048)Foreign exchange adjustment 1 (7) (37) (7) (3) 0 (53)Disposals of enterprises 0 9 10 33 0 0 52Disposals 0 0 0 0 7 0 7Amortisation and impairment 0 (60) (49) (57) (65) 0 (231)Amortisation and impairment at 31 December 0 (1,552) (1,677) (822) (1,222) 0 (5,273)Carrying amount at 31 December 6,559 623 287 90 241 826 8,626",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__59": {
"value": "GoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units which are defined by management as the same as the three reporting segments. Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__57": {
"value": "GoodwillGoodwill arises from business combinations and is determined as the excess of the purchase price over the fair value of the net assets acquired, including contin-gent liabilities. Goodwill is expressed in the functional currency of the entity acquired. Internally generated goodwill is not capitalised. Goodwill is allocated to the cash generating units which are defined by management as the same as the three reporting segments. Subsequently, goodwill is not amortised but is tested for impairment at least once a year or sooner if impairment indication arises. Further information on the impairment test and the recognition of a potential impairment loss on goodwill can be found in note 2.3.Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.FLSmidth uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase.Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the tech-nical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reliably and it is probable that the future earnings or the net selling price will cover production, sales, and administrative costs plus devel-opment costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to develop-ment activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__60": {
"value": "Intangible assets other than goodwillPatents and rights, including trademarks, customer rela-tions, software applications and other intangible assets are measured at cost less accumulated amortisation and impairment losses. Customer relations are acquired in business combinations, only, while patents and rights, including trademarks, software applications and other intangible assets can be acquired as part of business combinations, in separate acquisitions or be internally developed.FLSmidth uses significant resources on innovation in relation to production techniques/processes, software solutions and the like. For accounting purposes, the inno-vation activities are classified into a research phase and a development phase.Projects within the development phase are capitalised if it can be demonstrated that FLSmidth has the tech-nical feasibility, intention, and sufficient resources to complete the development and provided that the cost to develop can be determined reliably and it is probable that the future earnings or the net selling price will cover production, sales, and administrative costs plus devel-opment costs. Other development costs and costs in the research phase are recognised in the income statement when incurred. Development costs consist of salaries and other costs that are directly attributable to develop-ment activities.Development projects in progress are not amortised but are tested for impairment at least once a year.Once a development project has been completed it is amortised on a straight-line basis over the estimated useful life. Similarly, other intangible assets are amor-tised on a straight-line basis over the estimated useful life of the assets which is as follows:\u2022 Patents and rights, including trademarks, up to 30 years\u2022 Customer relations usually up to 15 years\u2022 Other intangible assets (primarily software applica-tions with useful life up to 5 years)\u2022 Completed development projects (R&D projects) up to 8 yearsIntangible assets are written down to recoverable amount if lower than cost minus accumulated amortisa-tions. Further information can be found in note 2.3.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__62": {
"value": "2.3 Impairment of assetsResult of annual impairment testWe perform an annual impairment test of goodwill and intangible assets under development. Neither in 2025 nor in 2024 did the test reveal an impairment need. Intangible assets relate primarily to business combinations, soft-ware and development projects. The annual impairment test is an assessment of whether a cash generating unit will be able to generate sufficient positive net cash flow in the future to support the carrying amount of the assets related to the unit.Management believes that no reasonable changes in the key assumptions are likely to reduce the excess value in any of the cash generating units to zero or less for the Services or PC&V CGU\u2019s. As a consequence of the nature of the Products business, which develops products and secures customers from which Services and PC&V ultimately benefit, the excess of future cash flows over carry value is relatively marginal.Carrying amounts of intangible assets included in the impairment test are specified in the table below. Cash generating unitsThe cash generating units are our operating and report-able segments which changed during 2025 to reflect the divestment of the Cement business. The new segments are Service, Products and PC&V, being the smallest group of assets which together generate incoming cash flow from continued use of the assets, and which are independent of cash flow from other assets or groups of assets. Historically the intangible and tangible fixed assets balances, including goodwill, were not allocated to the new segments within Mining. Appropriate alloca-tion basis has therefore been developed and applied to establish the CGU carry values. Other intangible assets comprise patents, trademarks, customer relations and software development and other intangible assets. These assets benefit the whole group and cannot meaningfully be split by segment. The allocation of resources (capital and people) to these activities is managed by the Executive Leadership Team at a group level and benefits are realised across the Group. Amortisation of these assets does not form part of the segmental reporting utilised internally or reported externally. These intangible assets have therefore been treated as corporate assets and not allocated to the CGUs.Key assumptionsThe recoverable amount determined in the impairment test is based on a value-in-use calculation. To determine the value-in-use, management is required to estimate the present value of the future free net cash flow based on budgets and strategy for the coming five years as well as projections for the terminal period. Significant param-eters in the estimate of the present value are discount rate, revenue growth, EBITA margin, expected invest-ments and growth expectations for the terminal period.The discount rate is determined are being equal for the three CGUs. This is on the basis that the businesses all operate in analogous markets, with common customers and macro environments and funding arrangements are managed on a group wide basis. The discount rate applied is the weighted average cost of capital (WACC) and reflects the latest market assumptions for the cost of equity and the cost of debt.The cost of equity is determined assuming that investors are holding a global equity exposure, with the risk-free rate determined as a 10-year US treasury rate and the equity premium determined on the US market. The weighting of the cost of debt and cost of equity is based on the capital structure for relevant peer groups for the mining industry.The expected annual growth rate and the expected margins in the budget period are based on historical experience and the assumptions about expected market developments. The long-term growth rate for the terminal period is based on the expected growth in the world economy, specifically for the industries. The long-term growth rate in the terminal period is set to 3.0% for the three segments and is unchanged from Mining in 2024.Investments reflect both maintenance CAPEX and expectations of organic growth rates.Carrying amounts of intangible assets2025 2024DKKm Service Products PC&V Group assets Group Mining Cement GroupGoodwill 4,342 - 1,951 0 6,293 6,527 32 6,559Patents and rights - - - 432 432 614 9 623Customer relations - - - 222 222 287 0 287Other intangible assets - - - 45 45 85 5 90Completed development projects - - - 373 373 94 147 241Intangible assets under development - - - 462 462 724 102 826Total 4,342 - 1,951 1,534 7,8 2 7 8,331 295 8,626OutlookLooking into 2026, we expect a stable overall service market with market volume expected to grow in line with mining output with an early preference for surface mining equipment, and persistent hesitation in the mining products market. Optimism on longer-term demand outlook persists, with metals prices, especially copper and gold, remaining historically high and indications from engineering, procurement and construction managers that larger projects may progress over the next couple of years, albeit with uncertain timing.Sensitivity analysisBased on current assumptions we see no impairment indications. Our key assumptions are not sensitive to reasonable changes to an extent that will result in an impairment loss for the Service and PC&V CGU\u2019s. For example, in these segments, a lowering of perpetual growth to zero and increasing the discount rate by 4% will not lead to impairment. Additionally, a decrease in EBITA by 25% in combination with an increase in investments as a percentage of revenue by 2% will not lead to an impairment. Key assumptions2025 2024Service Products PC&V Mining CementInvestments % of revenue 3.0% 3.0% 3.0% 3.8% 1.3%5-year annualised growth rate 3.4% 1.3% 4.7% 1.5% -3.4%Growth rate in the terminal period 3.0% 3.0% 3.0% 3.0% 2.0%Discount rate after tax (WACC) 10.0% 10.0% 10.0% 10.0% 10.5%Discount rate before tax 13.5% 13.5% 13.5% 13.0% 13.6%EBITA margin (5-year average) 20% 0% 25% 14% 8%",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__64-1": {
"value": "2.4 Property, plant and equipmentAs of 31 December 2025, there are no pledges related to land and buildings, as the mortage debt was repaid in connection with the sale of the headquarter in Valby.\u00a7 Accounting policyThe Group measures property, plant and equipment at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials and direct labour. Property, plant and equipment include lease assets, see further in note 2.5.Depreciation is charged on a straight-line basis over the estimated useful life of the assets until they reach the estimated residual value.Estimated useful life is as follows:\u2022 Buildings, 20-40 years\u2022 Plant and machinery, 3-15 years\u2022 Operating equipment and fixtures and fittings, 3-15 years\u2022 Leasehold improvements, mainly related to land and buildings, up to 5 years or following the corresponding lease agreement\u2022 Land is not depreciated.Carrying amount of property, plant and equipment 2025 2024Property, Property, Operating plant and Operating plant and equipment, equipment equipment, equipment Land and Plant and fixtures and under Land and Plant and fixtures and under DKKmbuildingsmachineryfittingsconstruction Totalbuildingsmachineryfittingsconstruction TotalCost at 1 January 2,415 1,483 660 352 4,910 2,469 1,623 717 104 4,913Foreign exchange adjustments (143) (136) (42) (27) (348) 35 40 0 (2) 73Acquisitions of enterprises 0 6 0 0 6 (17) 18 0 0 1Disposals of enterprises 0 0 0 0 0 (34) (254) (50) (1) (339)Additions 26 82 24 249 381 15 52 21 296 384Disposals (70) (16) (177) (1) (264) (68) (26) (28) 0 (122)Transferred between categories 120 59 29 (208) 0 15 30 0 (45) 0Transferred to assets held for sale (363) (63) (157) (66) (649) - - - - -Cost at 31 December 1,985 1,415 337 299 4,036 2,415 1,483 660 352 4,910Depreciation and impairment at 1 January (922) (1,139) (590) 0 (2,651) (872) (1,249) (627) 0 (2,748)Foreign exchange adjustment 60 103 38 0 201 (10) (35) (3) 0 (48)Disposals of enterprises 0 0 0 0 0 19 216 41 0 276Disposals 29 15 169 0 213 16 24 23 0 63Depreciation (72) (73) (21) 0 (166) (75) (95) (24) 0 (194)Transferred to assets held for sale 246 43 149 0 438 - - - - -Depreciation and impairment at 31 December (659) (1,051) (255) 0 (1,965) (922) (1,139) (590) 0 (2,651)Carrying amount at 31 December, owned assets 1,326 364 82 299 2,071 1,493 344 70 352 2,259Carrying amount at 31 December, leased assets, note 2.5 212 10 26 0 248 161 13 38 0 212Carrying amount at 31 December, property, plant and equipment 1,538 374 108 299 2,319 1,654 357 108 352 2,4712.5 LeasesFLSmidth regularly enters in to lease arrangements as part of normal business, including office buildings, ware-houses, manufacturing facilities and vehicles. We utilise lease arrangements that provide flexibility in adapting our cost base as operational activity changes with the macro investment cycles in the industry.The majority of the lease assets relate to land and build-ings and the lease contracts are typically made for fixed periods of 1 to 9 years, with a weighted average lease term of 5 years. The average discount rate applied for land and buildings is 4.44% at the end of 2025 (2024: 5.29%).The amounts included in the income statement related to expensed leases for the continuing business are presented in the below Expensed leases table.During 2025 cash outflows for capitalised leases were DKK 106m (2024: DKK 102m). Interest related to leases was DKK 13m (2024: DKK 9m) and impacted CFFO nega-tively, and the remaining DKK 93m (2024: DKK 93m) was repayment of lease debt included in CFFF. Refer to note 5.8 Financial assets and liabilities for maturity analysis of lease liabilities.Further to the above cash outflow, DKK 13m (2024: DKK 14m) was included in CFFO for the group costs relating to short term, low-value and variable lease payments not recorded on the balance sheet due to the materiality or short term nature of the lease. The lease of a new headquarter at Havneholmen in Copenhagen, Denmark became effective in December 2025 and the 9 years lease was recognised in the balance sheet at DKK 92m. Relocation to our new Corporate Centre took place on 2 February 2026.Carrying amount of leases2025Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 161 13 38 212Foreign exchange adjustments (15) 0 (4) (19)Remeasurement 40 1 0 41Additions 173 3 16 192Disposals 0 (2) (1) (3)Depreciation (63) (5) (19) (87)Transferred to assets held for sale (84) 0 (4) (88)Carrying amount at 31 December 212 10 26 2482024Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 180 17 27 224Foreign exchange adjustments 2 (2) 1 1Disposals of enterprises (46) (4) 0 (50)Remeasurement 7 0 (1) 6Additions 99 8 26 133Disposals (9) 0 1 (8)Depreciation (72) (6) (16) (94)Carrying amount at 31 December 161 13 38 212Expensed leasesDKKm 2025 2024*Cost relating to short-term leases 10 9Cost relating to leases of low-value assets that are not shown above as short-term leases 1 2Cost relating to variable lease payments not included in lease liabilities 0 0Expensed lease costs in the income statement 11 11The lease costs are included in the following lines:Production cost 4 5Sales cost 2 2Administrative cost 5 4Expensed lease costs in the income statement 11 11* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.\u00a7 Accounting policyAssets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.",
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"f1__s9__7__65-1": {
"value": "The Group measures property, plant and equipment at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials and direct labour. Property, plant and equipment include lease assets, see further in note 2.5.Depreciation is charged on a straight-line basis over the estimated useful life of the assets until they reach the estimated residual value.Estimated useful life is as follows:\u2022 Buildings, 20-40 years\u2022 Plant and machinery, 3-15 years\u2022 Operating equipment and fixtures and fittings, 3-15 years\u2022 Leasehold improvements, mainly related to land and buildings, up to 5 years or following the corresponding lease agreement\u2022 Land is not depreciated.Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.",
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"f1__s9__7__69": {
"value": "2.5 LeasesFLSmidth regularly enters in to lease arrangements as part of normal business, including office buildings, ware-houses, manufacturing facilities and vehicles. We utilise lease arrangements that provide flexibility in adapting our cost base as operational activity changes with the macro investment cycles in the industry.The majority of the lease assets relate to land and build-ings and the lease contracts are typically made for fixed periods of 1 to 9 years, with a weighted average lease term of 5 years. The average discount rate applied for land and buildings is 4.44% at the end of 2025 (2024: 5.29%).The amounts included in the income statement related to expensed leases for the continuing business are presented in the below Expensed leases table.During 2025 cash outflows for capitalised leases were DKK 106m (2024: DKK 102m). Interest related to leases was DKK 13m (2024: DKK 9m) and impacted CFFO nega-tively, and the remaining DKK 93m (2024: DKK 93m) was repayment of lease debt included in CFFF. Refer to note 5.8 Financial assets and liabilities for maturity analysis of lease liabilities.Further to the above cash outflow, DKK 13m (2024: DKK 14m) was included in CFFO for the group costs relating to short term, low-value and variable lease payments not recorded on the balance sheet due to the materiality or short term nature of the lease. The lease of a new headquarter at Havneholmen in Copenhagen, Denmark became effective in December 2025 and the 9 years lease was recognised in the balance sheet at DKK 92m. Relocation to our new Corporate Centre took place on 2 February 2026.Carrying amount of leases2025Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 161 13 38 212Foreign exchange adjustments (15) 0 (4) (19)Remeasurement 40 1 0 41Additions 173 3 16 192Disposals 0 (2) (1) (3)Depreciation (63) (5) (19) (87)Transferred to assets held for sale (84) 0 (4) (88)Carrying amount at 31 December 212 10 26 2482024Land and Plant and Operating DKKmbuildingsmachineryequipment TotalCarrying amount at 1 January 180 17 27 224Foreign exchange adjustments 2 (2) 1 1Disposals of enterprises (46) (4) 0 (50)Remeasurement 7 0 (1) 6Additions 99 8 26 133Disposals (9) 0 1 (8)Depreciation (72) (6) (16) (94)Carrying amount at 31 December 161 13 38 212Expensed leasesDKKm 2025 2024*Cost relating to short-term leases 10 9Cost relating to leases of low-value assets that are not shown above as short-term leases 1 2Cost relating to variable lease payments not included in lease liabilities 0 0Expensed lease costs in the income statement 11 11The lease costs are included in the following lines:Production cost 4 5Sales cost 2 2Administrative cost 5 4Expensed lease costs in the income statement 11 11* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.\u00a7 Accounting policyAssets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.",
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"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__72-1": {
"value": "2.6 Investments in associatesInvestments in associates includes an investment in Intertek Robotic Laboratories Pty Ltd, Australia, with a 50% share.Although we hold 50% of the shares and voting rights, we do not share the control, hence the investment is not a joint venture. As we do have significant influence the investment is treated as an investment in associates and accounted for using the equity method.Date of Owner-Name of acqui-ship Voting associate CountrysitioninterestshareIntertek Robotic Australia 31- M ay 50% 50%Laboratories 2019Pty LtdThe primary activity of the company is to provide automated and robotic sample preparation, fusion and analytical testing services, including the procurement, construction and commissioning of laboratories.Carrying value of investments in associates, FLSmidth shareDKKm 2025 2024Beginning value 1 January 36 81Foreign exchange adjustments (1) (2)Impairment loss 0 (39)Gain/(loss) from associates 0 (4)Carrying value at 31 December 35 36Financial information of 100% of Intertek Robotic Labo-ratories Pty Ltd, prepared in accordance with FLSmidth accounting policies, is as follows (not only FLSmidth\u2019s share):Intertek Robotic Laboratories Pty LtdDKKm 2025 2024Revenue 138 125Loss for the period 0 (8)Total comprehensive income 0 (8)Current assets 92 81Non-current assets 10 11Current liabilities (32) (20)Equity 70 72The financial information reflects the adjustments made in relation to the acquisition.Investments in associates, FLSmidth shareDKKm 2025 2024FLSmidth's share of equity, 50% 35 36Carrying value at 31 December 35 366.5 List of Group CompaniesThe Group structure has been reorganised to represent the ongoing business activities following the divestment of the Cement business. An exception to this revised Group structure is Matr. nr. 2055 A/S. This entity is recognised as an asset held for sale as it includes the previous headquarter located in Valby. Further information regarding this classification can be found in note 2.13 Assets & liabilities held for sale.Direct Group Company name Countryholding (pct.)FLSmidth & Co. A/S Denmark FLSmidth S.A.C. Peru 100 FLSmidth Mining Technology (Beijing) Co. Ltd. China 100 FLSmidth Finans A/S Denmark 100 Matr. nr. 2055 A/S**** Denmark 100 SLF Romer XV ApS Denmark 100 Gemena Sp. Z.o.o. Poland 100FLSmidth A/S Denmark 100 FLS Maroc Morocco 100 FLSmidth Kenya Limited Kenya 100 FLSmidth Panama Inc. Panama 100 FLSmidth Paraguay S.A. Paraguay 100 Cement Knowledge Center Kingdom of Saudi Arabia 51 FLSmidth S.A. Spain 100 FLSmidth S.A.S. EN LIQUIDACION Colombia 100 FLSmidth Mongolia Mongolia 100 FLSmidth (UK) Limited United Kingdom 100 FLSmidth Caucasus Limited Liability Company (LLC) Armenia 100(in Members voluntary liquidation) NHI-Fuller (Shenyang) Mining Co. Ltd. China 50 FLS GHANA LTD Ghana 100Direct Group Company name Countryholding (pct.) FLSmidth Argentina S.A. (in Members voluntary liquidation) Argentina 100 PT FLSmidth Indonesia Indonesia 100 FLSmidth GmbH Austria 100 FLSmidth Co. Ltd. Vietnam 100 FLSmidth LLP Kazakhstan 100 TOO FLSmidth Plant Construction Kazakhstan Kazakhstan 100 TOO FLSmidth Plant Engineering Kazakhstan Kazakhstan 100 FLSmidth Shanghai Ltd. China 100 FLSmidth Qingdao Ltd. China 100 Saudi FLSmidth Co. Kingdom of Saudi Arabia 100 FLSmidth Nepal Private Limited Nepal 100 FLSmidth SAS France 100 FLSmidth Rusland Holding A/S Denmark 100 FLSmidth Rus OOO ** Russia 100 FLSmidth Industrial Solutions Ltda. Brazil 100 FLSmidth Industrial Solutions Makine Sanayi Ve Ticaret A.\u015e. Turkey 100 FLSmidth Services Foreign Enterprise LLC Uzbekistan 100 FLSmidth Support Services (Philippines) Inc. Phillippines 100 FLS Global Business Centre Romania S.R.L. Romania 100 NL Supervision Company Tunisia Tunisia 100 NLSupervison Company Angola (SU) LDA. Angola 100Direct Group Company name Countryholding (pct.)FLS US Holdings, Inc. USA 100 FLSmidth Inc. USA 100 Phillips Kiln Services (India) Pvt. Ltd.* India 50 Fuller Company USA 100 FLSmidth Dorr-Oliver Eimco SLC Inc. USA 100 FLSmidth Dorr-Oliver Inc. USA 100 \u203a FLSmidth Dorr-Oliver International Inc. USA 100 B & R Warehousing, L.L.C. USA 100FLSmidth Germany GmbH *** Germany 100 FLSmidth Wadgassen Ltd. ** Russia 100 thyssenkrupp Industrial Solutions Maroc SARL (in Members voluntary liquidation) Morocco 100 FLSmidth Cement (Beijing) Ltd. China 100 KH Mineral S.A.S. (in liquidation) France 100 OOO FLSmidth Mining Technologies (RUS) ** Russia 100 FLSmidth Mining Technologies (Thailand) Ltd. (in Members voluntary liquidation) Thailand 100Direct Group Company name Countryholding (pct.)FLSmidth Minerals Holding ApS Denmark 100 FLSmidth Private Limited India 100 FLSmidth S.A. Chile 100 FLSmidth Ltd. Canada 100 Farnell-Thompson Applied Technologies Inc. Canada 100 FLSmidth S.A. de C.V. Mexico 100 FLSmidth (Pty.) Ltd. South Africa 100 FLSMIDTH-SOCIEDADE UNIPESSOAL, LDA Angola 100 FLSmidth Mozambique Limitada Mozambique 100 FLSmidth (Pty) Ltd. Botswana 85 FLSmidth South Africa (Pty.) Ltd. South Africa 74 Scott Specialized Rubber and Engineering Company (Pty) Ltd South Africa 100 FLSmidth Industrial Solutions Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions South Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions Mozambique Limitada Mozambique 100 FLSmidth Pty. Ltd. Australia 100 FLSmidth ABON Pty. Ltd. (under Members voluntary liquidation) Australia 100 Intertek Robotic Laboratories Pty Ltd * Australia 50 FLSmidth Industrial Solutions (Australia) Pty. Ltd Australia 100* Associate** There are no activities in the Russian companies*** FLSmidth Germany GmbH makes use of the exemption provisons according to section 264 (3) of the German Commercial Code (HGB)**** The entity is classified as assets held for sale (ref. note 2.13).All other enterprises are Group enterprises. The activity level in Group companies in hyperinflation countries is insignificant. Therefore, IAS29 Financial Reporting in Hyperinflationary Economies has not been used.",
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"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__71": {
"value": "2.6 Investments in associatesInvestments in associates includes an investment in Intertek Robotic Laboratories Pty Ltd, Australia, with a 50% share.Although we hold 50% of the shares and voting rights, we do not share the control, hence the investment is not a joint venture. As we do have significant influence the investment is treated as an investment in associates and accounted for using the equity method.Date of Owner-Name of acqui-ship Voting associate CountrysitioninterestshareIntertek Robotic Australia 31- M ay 50% 50%Laboratories 2019Pty LtdThe primary activity of the company is to provide automated and robotic sample preparation, fusion and analytical testing services, including the procurement, construction and commissioning of laboratories.Carrying value of investments in associates, FLSmidth shareDKKm 2025 2024Beginning value 1 January 36 81Foreign exchange adjustments (1) (2)Impairment loss 0 (39)Gain/(loss) from associates 0 (4)Carrying value at 31 December 35 36Financial information of 100% of Intertek Robotic Labo-ratories Pty Ltd, prepared in accordance with FLSmidth accounting policies, is as follows (not only FLSmidth\u2019s share):Intertek Robotic Laboratories Pty LtdDKKm 2025 2024Revenue 138 125Loss for the period 0 (8)Total comprehensive income 0 (8)Current assets 92 81Non-current assets 10 11Current liabilities (32) (20)Equity 70 72The financial information reflects the adjustments made in relation to the acquisition.Investments in associates, FLSmidth shareDKKm 2025 2024FLSmidth's share of equity, 50% 35 36Carrying value at 31 December 35 36",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__70": {
"value": "Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the payments, which are fixed or variable dependent on an index or a rate. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the lease asset. Service components are excluded from the lease liability.The lease payments are discounted using an incremental country specific borrowing rate, based on a government bond plus the Group\u2019s credit margin.The lease payments are split into an interest cost and a repayment of the lease liability.Lease assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commence-ment date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsThe lease assets are depreciated over the term of the lease contract on a straight-line basis.Extension options (or periods after termination options) are only included in the lease term if the lease is reason-ably certain to be extended (or not terminated).The following factors are normally the most relevant:\u2022 How the asset supports the direction of the Group, from a strategic standpoint, location of the asset, timing of the option being exercisable\u2022 If there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate)\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate)Payments associated with short-term and low value leases are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture at a low value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__73": {
"value": "2.7 ProvisionsProvisions are liabilities of uncertain timing or amount. Our provisions consist of:\u2022 Provisions for warranty claims in respect of goods or services already delivered\u2022 Provisions for cost related to restructuring\u2022 Provisions for loss-making contracts (included in other provisions)\u2022 Provisions for losses resulting from disputes and lawsuits (included in other provisions)\u2022 Provisions for indirect tax risks (included in other provi-sions)Total provisions amounts to DKK 1,824m (2024: 2,375m). The net decrease of DKK 551m compared to last year mainly relates to divestment of the Cement business and decrease in restructuring provision.Warranty provisions cover expected costs to remedy warranty claims during the warranty period. The warranty provision is recognised during the production phase. The warranty period starts once the performance obligation in the contract has been finalised and runs seldomly for more than two years and often only up to one year. Warranty provisions are reversed once the warranty period comes to an end and no claims have been received.Restructuring provisions relate to costs expected to be incurred when restructurings are decided and communi-cated by management. In most cases, the restructuring will incur in the near future. The provision shows a net decrease of DKK 221m due to divestment of the Cement business and utilisation of the provision as employees leave the company's employment.The decrease of DKK 165m in other provisions is related to loss-making contracts and other provisions.In our cash flow statement, the changes in provisions are combined with the changes in pensions and employee benefits. The impact on cash flows from changes in provisions, pensions and employee benefits (adjustment to the amounts recognised in the income statement) is shown in the table below.Cash flow effect from change in provisions, pension and employee benefitsDKKm 2025 2024Pensions and employee benefits (49) 31Provisions (383) 95Of which relate to foreign exchange adjustments 103 (15)Cash flow effect (329) 111\u00a7 Accounting policyProvisions are recognised when we, due to an event occurring before or at the balance sheet date, have a legal or constructive obligation and outflow of resources is expected to settle the obligation.Provisions for warranty claims are estimated on a order-by-order basis based on historical realised costs to handle warranty claims. The provision covers also unsettled claims from customers or subcontractors.Provisions for restructuring costs are made only if the restructuring has been decided at the balance sheet date in accordance with a specific plan, and only provided that the parties involved have been informed about the overall plan. Provisions for loss-making contracts (included in other provisions in the table) cover customer contracts expected to result in a loss as the expected cost to complete exceeds revenue. The expected cost overrun that is not covered by revenue is recognised as a provi-sion. The key accounting estimate is explained in note 3.4.Provisions regarding disputes and lawsuits (included in other provisions in the table) are based on Management\u2019s assessment of the likely outcome settling the cases based on the information at hand at the balance sheet date.! Key accounting estimateEstimated warranty provisionWhen estimating the warranty provision we take into consideration several years of warranty cost information, any specific risk related to customer contracts, knowledge about defects and functional errors in the product portfolio, risks associated with newly launched products as well as customer losses in connection with suspension of operation. We include all of these factors as relevant, to esti-mate a warranty provision that to the best of our knowledge reflects our responsibility towards our customers in the future.Provisions2025 2024DKKm Warranties Restructuring Other Total Warranties Restructuring Other TotalProvisions at 1 January 850 390 1,135 2,375 883 360 1,052 2,295Foreign exchange adjustments (62) 0 (21) (83) 14 (1) 4 17Disposal of enterprises 0 0 0 0 (11) 0 (1) (12)Additions 304 94 372 770 458 280 738 1,476Used (194) (213) (284) (691) (231) (251) (484) (966)Reversals (117) (2) (202) (321) (263) (63) (141) (467)Reclassification from other liabilities 0 0 0 0 0 32 0 32Transfer between categories (9) 0 9 0 0 33 (33) 0Transferred to liabilities held for sale (87) (100) (39) (226) - - - -Provisions at 31 December 685 169 970 1,824 850 390 1,135 2,375Classified as:Non-current provisions 517 4 77 598 595 4 106 705Current provisions 168 165 893 1,226 255 386 1,029 1,670Provisions at 31 December 685 169 970 1,824 850 390 1,135 2,375",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__74": {
"value": "Provisions are recognised when we, due to an event occurring before or at the balance sheet date, have a legal or constructive obligation and outflow of resources is expected to settle the obligation.Provisions for warranty claims are estimated on a order-by-order basis based on historical realised costs to handle warranty claims. The provision covers also unsettled claims from customers or subcontractors.Provisions for restructuring costs are made only if the restructuring has been decided at the balance sheet date in accordance with a specific plan, and only provided that the parties involved have been informed about the overall plan. Provisions for loss-making contracts (included in other provisions in the table) cover customer contracts expected to result in a loss as the expected cost to complete exceeds revenue. The expected cost overrun that is not covered by revenue is recognised as a provi-sion. The key accounting estimate is explained in note 3.4.Provisions regarding disputes and lawsuits (included in other provisions in the table) are based on Management\u2019s assessment of the likely outcome settling the cases based on the information at hand at the balance sheet date.",
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"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__79": {
"value": "2.9 Contractual commitments and contingent assets & liabilities*Contractual commitmentsFLSmidth made a fund investment in Chrysalix in 2019, a venture capital firm that specialises in transformational industrial innovation. We have made a capital commit-ment of USD 10m. The capital commitment can be called up until 2029, with the investment period being the first 5 years. The timing and amounts of each capital call are uncertain. The undrawn part of the capital commitment at 31 December 2025 amounted to DKK 16m (2024: DKK: 26m).Contingent assets Following the divestment of the Cement business, under the terms of the Sale & Purchase Agreement, FLSmidth has a future conditional right to additional consideration (\u201cearn out\u201d) of between DKK 187m and DKK 560m. Addi-tionally, following the divestment of the Air Pollution Control business, under the terms of the Sale & Purchase Agreement, FLSmidth may receive additional cash payments of up to DKK 30m.The above amounts may become payable if certain events and financial conditions in relation to the Cement business or the APC business, respectively, are met in the future, which is outside FLSmidth\u2019s control and further currently highly uncertain. Accordingly, such potential further cash payments are contingent assets at the balance sheet date. Additionally following the divestment of the Air Pollution Control business, under the terms of the Sale & Purchase Agreement, FLSmidth has a future conditional right to settlement of a vendor loan note of DKK 30m. The loan note accrues interest annually and is repayable on an exit where a sale price in excess of a stipulated threshold is achieved. In certain circumstances the loan may be partially repaid following a refinancing event. The vendor loan repayment is triggered solely by a future sale or equivalent exit or refinancing event at the buyer\u2019s discre-tion. At the time of signing and disposal, no such exit is planned or contractually committed and accordingly, the vendor loan is a contingent asset at the balance sheet date.Contingent liabilitiesContingent liabilities cover guarantees and other contin-gent liabilities related to legal disputes etc. At the end of 2025, contingent liabilities amounted to DKK 1,416m (2024: DKK 2,032m).GuaranteesGuarantees consist of customary performance and payment guarantees. The volume of such guarantees decreased with specific guarantees expiring and a general lower level of projects business and amounted to DKK 1,148m at the end of 2025 (2024: DKK 1,749m). It is customary market practice 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 order 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 guar-antee is expected to materialise, a provision is recog-nised to cover the risk. Such provisions are covered by note 2.7 and included either within warranty provisions or other provisions.Other contingent liabilitiesWe are involved in legal disputes, certain of which are already pending with courts or other authorities and other disputes which may or may not lead to formal legal proceedings being instigated against us. Other contin-gent liabilities amount to DKK 268m (2024: DKK 283m).The outcome of such proceedings and disputes is by nature unknown but is not expected to have significant impact on our financial position.* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__78": {
"value": "2.9 Contractual commitments and contingent assets & liabilities*Contractual commitmentsFLSmidth made a fund investment in Chrysalix in 2019, a venture capital firm that specialises in transformational industrial innovation. We have made a capital commit-ment of USD 10m. The capital commitment can be called up until 2029, with the investment period being the first 5 years. The timing and amounts of each capital call are uncertain. The undrawn part of the capital commitment at 31 December 2025 amounted to DKK 16m (2024: DKK: 26m).Contingent assets Following the divestment of the Cement business, under the terms of the Sale & Purchase Agreement, FLSmidth has a future conditional right to additional consideration (\u201cearn out\u201d) of between DKK 187m and DKK 560m. Addi-tionally, following the divestment of the Air Pollution Control business, under the terms of the Sale & Purchase Agreement, FLSmidth may receive additional cash payments of up to DKK 30m.The above amounts may become payable if certain events and financial conditions in relation to the Cement business or the APC business, respectively, are met in the future, which is outside FLSmidth\u2019s control and further currently highly uncertain. Accordingly, such potential further cash payments are contingent assets at the balance sheet date. Additionally following the divestment of the Air Pollution Control business, under the terms of the Sale & Purchase Agreement, FLSmidth has a future conditional right to settlement of a vendor loan note of DKK 30m. The loan note accrues interest annually and is repayable on an exit where a sale price in excess of a stipulated threshold is achieved. In certain circumstances the loan may be partially repaid following a refinancing event. The vendor loan repayment is triggered solely by a future sale or equivalent exit or refinancing event at the buyer\u2019s discre-tion. At the time of signing and disposal, no such exit is planned or contractually committed and accordingly, the vendor loan is a contingent asset at the balance sheet date.Contingent liabilitiesContingent liabilities cover guarantees and other contin-gent liabilities related to legal disputes etc. At the end of 2025, contingent liabilities amounted to DKK 1,416m (2024: DKK 2,032m).GuaranteesGuarantees consist of customary performance and payment guarantees. The volume of such guarantees decreased with specific guarantees expiring and a general lower level of projects business and amounted to DKK 1,148m at the end of 2025 (2024: DKK 1,749m). It is customary market practice 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 order 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 guar-antee is expected to materialise, a provision is recog-nised to cover the risk. Such provisions are covered by note 2.7 and included either within warranty provisions or other provisions.Other contingent liabilitiesWe are involved in legal disputes, certain of which are already pending with courts or other authorities and other disputes which may or may not lead to formal legal proceedings being instigated against us. Other contin-gent liabilities amount to DKK 268m (2024: DKK 283m).The outcome of such proceedings and disputes is by nature unknown but is not expected to have significant impact on our financial position.* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__77": {
"value": "2.9 Contractual commitments and contingent assets & liabilities*Contractual commitmentsFLSmidth made a fund investment in Chrysalix in 2019, a venture capital firm that specialises in transformational industrial innovation. We have made a capital commit-ment of USD 10m. The capital commitment can be called up until 2029, with the investment period being the first 5 years. The timing and amounts of each capital call are uncertain. The undrawn part of the capital commitment at 31 December 2025 amounted to DKK 16m (2024: DKK: 26m).Contingent assets Following the divestment of the Cement business, under the terms of the Sale & Purchase Agreement, FLSmidth has a future conditional right to additional consideration (\u201cearn out\u201d) of between DKK 187m and DKK 560m. Addi-tionally, following the divestment of the Air Pollution Control business, under the terms of the Sale & Purchase Agreement, FLSmidth may receive additional cash payments of up to DKK 30m.The above amounts may become payable if certain events and financial conditions in relation to the Cement business or the APC business, respectively, are met in the future, which is outside FLSmidth\u2019s control and further currently highly uncertain. Accordingly, such potential further cash payments are contingent assets at the balance sheet date. Additionally following the divestment of the Air Pollution Control business, under the terms of the Sale & Purchase Agreement, FLSmidth has a future conditional right to settlement of a vendor loan note of DKK 30m. The loan note accrues interest annually and is repayable on an exit where a sale price in excess of a stipulated threshold is achieved. In certain circumstances the loan may be partially repaid following a refinancing event. The vendor loan repayment is triggered solely by a future sale or equivalent exit or refinancing event at the buyer\u2019s discre-tion. At the time of signing and disposal, no such exit is planned or contractually committed and accordingly, the vendor loan is a contingent asset at the balance sheet date.Contingent liabilitiesContingent liabilities cover guarantees and other contin-gent liabilities related to legal disputes etc. At the end of 2025, contingent liabilities amounted to DKK 1,416m (2024: DKK 2,032m).GuaranteesGuarantees consist of customary performance and payment guarantees. The volume of such guarantees decreased with specific guarantees expiring and a general lower level of projects business and amounted to DKK 1,148m at the end of 2025 (2024: DKK 1,749m). It is customary market practice 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 order 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 guar-antee is expected to materialise, a provision is recog-nised to cover the risk. Such provisions are covered by note 2.7 and included either within warranty provisions or other provisions.Other contingent liabilitiesWe are involved in legal disputes, certain of which are already pending with courts or other authorities and other disputes which may or may not lead to formal legal proceedings being instigated against us. Other contin-gent liabilities amount to DKK 268m (2024: DKK 283m).The outcome of such proceedings and disputes is by nature unknown but is not expected to have significant impact on our financial position.* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__80-1": {
"value": "2.10 Business acquisitionAcquisitions in 2025On 2 June 2025, FLSmidth acquired Scott Specialized Rubber & Engineering (SSRE), a manufacturing company based in Pretoria, South Africa for a total consideration of DKK 22m. SSRE manufactures and markets special-ised, heavy-duty rubber products for a variety of indus-tries, including for mineral processing. The acquisition of SSRE directly supports FLSmidth\u2019s CORE\u201926 strategy, which priorities service growth through targeted invest-ments. The impact on net profit is insignificant.Acquisitions in 2024In 2024, FLSmidth completed two Mining-related acquisi-tions being Farnell-Thompson Applied Technologies Inc. and TIPCO Tudeshki Industrial Process Control GmbH. The aggregated purchase price net of cash acquired was DKK 116m, including DKK 9m deferred over three years. The acquisitions resulted in net working capital increases of DKK 6m, and the recognition of DKK 111m in goodwill, mainly related to the assembled workforce. Both acquisitions were allocated to the Mining cash-gen-erating unit and did not have a material impact on 2024 financials.\u00a7 Accounting policyAcquired businesses are included in the consolidated financial statements from the date when control (the acquisition date) of the business is transferred to FLSmidth.The purchase price includes consideration already paid/received, deferred consideration and expected contin-gent consideration. The purchase price is allocated to the identified assets, liabilities and contingent liabilities (net assets) based on their fair values at acquisition date and any excess of the purchase price over the net assets is recognised in the balance sheet as goodwill within intan-gible assets. In the event the purchase price is lower than the net assets, the difference is recognised in the income statement (a gain from a bargain purchase).If, on the acquisition date, there are any uncertainties with respect to identifying or measuring the acquired net assets, the initial recognition will be made on the basis of estimated fair values. The estimated fair values may be adjusted, or additional assets or liabilities may be recognised during the measurement period of up to 12 months to reflect new information that becomes avail-able about conditions prevailing on the acquisition date. Such adjustments are made to the initial purchase price allocation as a restatement of prior information, including to the amount of goodwill.Any subsequent adjustment of contingent consideration is recognised directly in the income statement, unless it relates to new information on conditions prevailing at acquisition date obtained during the measurement period and therefore impacting the purchase price allo-cation.2.11 Disposal of activitiesDisposal 2025On 31 October 2025, FLSmidth announced that it had closed the sale of its Cement business to an affiliate ofthe global private equity firm, Pacific Avenue Capital Partners for a total initial consideration (Enterprise Value)of EUR 75m (DKK 550m), plus a conditional deferred cash consideration of up to EUR 75m (DKK 550m). The transac-tion took the form of a share sale and included all related employees, assets, intellectual property and technology.Certain legacy contracts will be retained by FLSmidth which have an immaterial impact on the continuing Mining business. FLSmidth will continue to hold a small number of customer contracts relating to the cement business, which will be executed and fulfilled by the buyer. The net economic risk or benefit of these contracts shall be to the buyer\u2019s account. The backlog relating to the Cement business that was transferred as part of the transaction was DKK 3,2bn. The transaction resulted in an overall loss of DKK 893m, comprising an impairment of DKK 633m and a loss on sale of DKK 260m.On 3 November 2025, FLSmidth entered into an agree-ment to sell the mentioned assets in Conveyor Product Group to Virta Inc., a subsidiary of FLUOR Corporation for a total consideration of DKK 10m. The transaction closed on 5 December 2025 and includes the rail-running and other conveyor intellectual property, select customer contracts, and an agreement for the buyer to supply project execution services for retained projects.On 30 December 2025, FLSmidth closed the sale of its AirPollution Control (APC) business to the UK-based investment partnership Rubicon Partners for an undis-closed initial consideration. The transaction includes all related assets, intellectual property, technology, employees and order backlog and has resulted in an overall gain on sale of DKK 85m.DKKm 2025Sales proceeds less cost to sell:Net cash proceeds for disposals of enterprises and activities* 146Less transaction costs (104)Subtotal 42Assets sold, net of impairment losses:Derecognition of net assets (857)Previously recognised impairment losses 633Foreign currency translation reserve recycled to profit/(loss) for the year, discontinued activities 7Subtotal (217)Gain/(loss) on disposal of enterprises and activities (175)* Net cash proceeds reflect the final cash settlement after agreed adjustments to both the equity value and the final consideration for cash flows generated in the period from economic date to closing (for the Cement divestment) as well as other closing adjustments. Disposal 2024On 22 January 2024, FLSmidth Cement entered into an agreement to sell the MAAG gears and drives business to Solix Group AB. The transaction was completed on 1 March 2024 and includes all related assets including intel-lectual property, technology, employees and customer contracts.Net assets derecognised are decomposed in the table to the right. The backlog in Cement was reduced by DKK 336m. The transaction led to a gain of DKK 28m.Total assets and liabilities in activities sold are shown in the table below. Gains and losses from disposal of activities are included in the line item \u2018Other operating net income\u2019. DKKm 2025 2024Intangible assets 334 80Other non-current assets 282 118Current assets 1,932 265Total assets 2,548 463Pension 25 6Lease liabilities 89 55Working capital liabilities 1,236 150Provisions 68 11Other liabilities 273 15Total liabilities 1,691 237",
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"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__81": {
"value": "Acquired businesses are included in the consolidated financial statements from the date when control (the acquisition date) of the business is transferred to FLSmidth.The purchase price includes consideration already paid/received, deferred consideration and expected contin-gent consideration. The purchase price is allocated to the identified assets, liabilities and contingent liabilities (net assets) based on their fair values at acquisition date and any excess of the purchase price over the net assets is recognised in the balance sheet as goodwill within intan-gible assets. In the event the purchase price is lower than the net assets, the difference is recognised in the income statement (a gain from a bargain purchase).If, on the acquisition date, there are any uncertainties with respect to identifying or measuring the acquired net assets, the initial recognition will be made on the basis of estimated fair values. The estimated fair values may be adjusted, or additional assets or liabilities may be recognised during the measurement period of up to 12 months to reflect new information that becomes avail-able about conditions prevailing on the acquisition date. Such adjustments are made to the initial purchase price allocation as a restatement of prior information, including to the amount of goodwill.Any subsequent adjustment of contingent consideration is recognised directly in the income statement, unless it relates to new information on conditions prevailing at acquisition date obtained during the measurement period and therefore impacting the purchase price allo-cation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__83-1": {
"value": "2.12 Discontinued activitiesFollowing the announcement of the Cement divestment in Q2 2025, the Cement and Air Pollution Control busi-nesses have been reported as discontinued operations until closing of the transactions on 31 October and 30 December respectively. The operating results, as well as the gain/loss on sale and related impairments, are included in discontinued operations, as shown in the table below.The gain arising on the disposal of the Cement and Air Pollution Control businesses is presented in note 2.11 Disposal of activities.\u00a7 Accounting policyDiscontinued activities comprise disposal groups, which have been disposed of, ceased or are classified as held for sale and represents a separate major line of busi-ness 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 adjust-ments hereto are likewise presented as discontinued activities in the income statement. In the consolidated cash flow statement, cash flow from discontinued activities is included in cash flow from operating, investing and financing activities together with cash flow from continuing activities. DKKm 2025 2024*Revenue 3,204 4,447Costs (2,604) (4,108)Gain/(loss) on divestment of enterprises and activities (175) 28EBITDA, discontinued activities 425 367Depreciation, amortisation and net financial items (62) (25)Impairment losses (633) 0EBT, discontinued activities (270) 342Tax for the year (436) (113)Gain/(loss) for the year, discontinued activities (706) 229Cash flow from discontinued activities:Cash flow from operating activities (CFFO) 153 393Cash flow from investing activities (CFFI) (250) 175Cash flow from financing activities (CFFF) (11) (538)Earnings per share (EPS) (12.3) 4.0Diluted earnings per share (DEPS) (12.3) 4.0* The comparative information has been restated to reflect the discontinued activities. More information can be found in note 7.2.7.2 Discontinued activities and key figuresDuring 2025 FLSmidth Cement, including the Air Pollu-tion Control business, were classified as discontinued activities and assets held for sale. The divestments were completed during Q4 2025. Consequently, the result from discontinued activities, including any impairments, is presented in the income statement with restated comparative figures.Assets and liabilities related to the discontinued activ-ities were presented as held for sale as separate finan-cial line items in the balance sheet from 30 June 2025. Balance sheet comparative figures are not restated.The calculations of key figures, margins and ratios in this report are impacted by the classification described above. The figures, margins and ratios related to the income statement are based on continuing activities unless otherwise specifically stated in the text for each financial line item.In the consolidated cash flow statement, cash flow from discontinued activities is included in the cash flow from operating, investing, and financing activities, combined with the cash flow from continuing activities.For financial ratios where the numerator or denominator is derived from the income statement, as well as the capital employed ratio, figures relating to continuing activities only are used in both the current and compara-tive reporting periods. Financial ratios that include equity, share ratios, and sustainability performance are comprising both contin-uing and discontinued operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__84": {
"value": "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 busi-ness 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 adjust-ments hereto are likewise presented as discontinued activities in the income statement. In the consolidated cash flow statement, cash flow from discontinued activities is included in cash flow from operating, investing and financing activities together with cash flow from continuing activities.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__85": {
"value": "2.13 Assets & liabilities held for saleAssets held for sale at 31 December 2025 amounted to DKK 48m and constitutes the divestment of the head-quarter in Valby. The expected cash proceeds from the sale amounts to approximately DKK 730m to be paid in full to FLSmidth upon closing of the transaction, which is expected to take place at the end of first quarter 2026. The expected accounting gain amounts to approximately DKK 690m (ref. Company Announcement no. 9-2025).\u00a7 Accounting policyNon-current assets as well as assets and liabilities expected to be sold as a group (disposal group) in a single transaction are reclassified to assets and liabilities clas-sified as held for sale, if their carrying value is likely to be recovered by 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__86": {
"value": "Non-current assets as well as assets and liabilities expected to be sold as a group (disposal group) in a single transaction are reclassified to assets and liabilities clas-sified as held for sale, if their carrying value is likely to be recovered by 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__89": {
"value": "Inventories are measured at cost based on weighted average cost prices.In the event that cost of inventories exceeds the expected selling price less cost of completion and selling costs, the inventories are impaired to the lower net realisable value. The net realisable value of inventories is measured as the expected sales price less costs of completion and costs to finalise the sale.Impairment assessment of the inventory is performed item by item including:\u2022 Test for slow moving stock\u2022 Test for aging of inventory\u2022 Assessment of expected market (pricing and market potential)\u2022 Assessment of strategic inventory itemsObsolete items are impaired to the value of zero. Management considers part of the inventories as stra-tegic. Strategic items are held in inventory, even if slow moving, because they are considered key equipment to the customers, that we need to be able to deliver with very short notice.Raw materials and consumables include purchase costs of materials and consumables, duties and freight. Work in progress, finished goods and goods for resale include cost of manufacturing including materials consumed and labour costs plus an allowance for production overheads. Production overheads include operating costs, mainte-nance of production facilities as well as administration and factory management directly related to manufac-turing.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__88": {
"value": "3.2 InventoriesInventories net of impairmentDKKm 2025 2024Raw materials and consumables 744 370Goods in progress 549 756Finished goods and goods for resale 2,142 2,446Inventories 3,435 3,572Total inventories decreased by DKK137m predominately a result of the Cement divestment, offset by lower write down of inventory in 2025. Impairment of inventoriesDKKm 2025 2024Impairment at 1 January 838 744Foreign exchange adjustments (45) (7)Additions 200 351Realised (251) (199)Reversals (52) (51)Transferred to assets held for sale (58) -Impairment at 31 December 632 838! Key accounting estimateEstimated valuation of inventoriesWhen assessing the net realisable value of invento-ries we take marketability, obsolescence and devel-opment in expected selling prices into account. Also inventory turnover, quantities and the nature and condition of the inventory items including the classification as strategic inventory are considered in the assessment. We include all of these factors as relevant, to ensure that our inventory is reflected at the expected selling price, if lower than cost.\u00a7 Accounting policyInventories are measured at cost based on weighted average cost prices.In the event that cost of inventories exceeds the expected selling price less cost of completion and selling costs, the inventories are impaired to the lower net realisable value. The net realisable value of inventories is measured as the expected sales price less costs of completion and costs to finalise the sale.Impairment assessment of the inventory is performed item by item including:\u2022 Test for slow moving stock\u2022 Test for aging of inventory\u2022 Assessment of expected market (pricing and market potential)\u2022 Assessment of strategic inventory itemsObsolete items are impaired to the value of zero. Management considers part of the inventories as stra-tegic. Strategic items are held in inventory, even if slow moving, because they are considered key equipment to the customers, that we need to be able to deliver with very short notice.Raw materials and consumables include purchase costs of materials and consumables, duties and freight. Work in progress, finished goods and goods for resale include cost of manufacturing including materials consumed and labour costs plus an allowance for production overheads. Production overheads include operating costs, mainte-nance of production facilities as well as administration and factory management directly related to manufac-turing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__90-1": {
"value": "3.3 Trade receivablesTrade receivables decreased in 2025, primarily driven by Cement divestment, improved cash collection perfor-mance and tighter credit management.Trade receivables net of impairment specified according to agingDKKm 2025 2024Not due for payment 1,891 2,763Overdue < one month 467 540Overdue one to two months 182 233Overdue two to three months 108 56Overdue > three months 454 481Trade receivables 3,102 4,073Trade receivables not due for payment with retentions oncontractual terms 19 260Impairment of trade receivables specified according to aging is shown to the upper right.The impairment model is based on historical observed default rates adjusted for uncertainties related to specific project activities and prevailing market condi-tions.Impairment of trade receivablesDKKm 2025 2024Impairment at 1 January 908 691Foreign exchange adjustments (33) 2Additions 191 463Reversals (131) (223)Realised (112) (25)Transferred to assets held for sale 66 -Impairment at 31 December 889 908\u00a7 Accounting policyTrade receivables are initially measured at fair value and subsequently measured at amortised cost.A credit loss allowance is made upon initial recognition based on historical observed default rates adjusted for forward looking estimates. The cost of the credit loss allowances is included in administration costs. A loss is considered realised when it is certain that we will not recover the receivable, e.g. in case of bankruptcy or similar.Impairment of trade receivables specified according to aging2025 2024Gross Gross Expected carrying Expected carrying DKKmloss rateamount Impairmentloss rateamount ImpairmentNot due for payment 1.9% 1,927 36 1.1% 2,794 31Overdue < one month 8.3% 509 42 6.3% 576 36Overdue one to two months 20.2% 228 46 14.3% 272 39Overdue two to three months 22.9% 140 32 27.3% 77 21Overdue > three months 61.8% 1,187 733 61.9% 1,262 781Total 3,991 889 4,981 9083.5 Other receivablesSpecification of other receivablesDKKm 2025 2024Indirect taxes receivables 442 500Deposits 51 51Derivatives 29 53Other 269 230Included in NWC 791 834Other receivables, included in NIBD 82 56Total 873 890Other receivables of DKK 791m, including the derivatives, are included within net working capital. The remaining DKK 82m is included in net interest bearing debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__91": {
"value": "Trade receivables are initially measured at fair value and subsequently measured at amortised cost.A credit loss allowance is made upon initial recognition based on historical observed default rates adjusted for forward looking estimates. The cost of the credit loss allowances is included in administration costs. A loss is considered realised when it is certain that we will not recover the receivable, e.g. in case of bankruptcy or similar.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__92": {
"value": "3.4 Work in progressWork in progress relates to contracts with customers where revenue is recognised over time. As the costs to produce the output under a contract are incurred, revenue is calculated reflecting the share of costs incurred compared to total expected costs to fulfil the contract (percentage of completion). The revenue is recognised as work in progress (gross work in progress) and consists of cost incurred including margin. Balances on a specific contract are removed from work in progress once the work is completed and accepted by the customer. Especially for more complex product bundles with engineering, the work typically extends over several financial years. The total amount of work in progress therefore includes accumulated revenue for several years for contracts where the work has not been final-ised and/or accepted by the customer.During the execution, invoices are issued according to the invoice structure for each transaction. The invoiced amounts reduce the balance on work in progress (Net work in progress in the table). Depending on the invoice structure, the net work in progress balance on a specific contract can change from being presented as an asset (a contract asset) in one period to being presented as a liability (a contract liability) in the next period. In the balance sheet and as shown in the table, net work in progress on contracts where work performed exceeds the invoiced amount are presented as assets while contracts where the invoiced amount exceeds the work performed are presented as liabilities.In general, the invoicing structure reflects the progress on the work to be performed and work in progress liabil-ities are, therefore, usually converted into revenue in the next year. The decrease in gross work in progress reflects our de-risking strategy.Composition of work in progressDKKm 2025 2024Gross work in progress 32,523 38,088Invoicing on account to customers (32,696) (3 7,8 70 )Net work in progress (173) 218Of which is recognised as work in progress:Under assets 1,873 3,009Under liabilities (2,046) (2,791)Net work in progress (173) 218Gross work in progress and invoicing on account have decreased due to the divestment of the Cement busi-ness and finalisation of projects. Note 1.4 include information on the order backlog reflecting effective contracts with customers where we will transfer control at future point in time and the remaining performance obligations on contracts where we transfer control over time.In addition to net work in progress, contract liabilities include prepayments received from customers of DKK 1,097m (2024: DKK 1,783m). The prepayments are recog-nised separately in the balance sheet as current and non-current liabilities. Prepayments presented as current reflect amounts that are expected to be recognised as revenue during the following year.When assessing impairment on the work in progress net balances we evaluate on a contract-by-contract basis. If an impairment on a contract is probable, we recognise the expected loss and a related provision.\u00a7 Accounting policyWork in progress consists of contract assets and contract liabilities for contracts with customers where revenue is recognised over time.For contracts included as work in progress revenue reflecting the percentage of completion is recognised when the outcome of the contracts can be estimated reliably. The percentage of completion is calculated based on a cost-to-cost basis (input method) and is the ratio between the cost incurred and the total estimated cost.The contracts are measured at an amount equal to the selling price of the work performed (percentage of completion) less progress billings and expected losses.The selling price is the total expected income from the individual contracts. If variability is included in the selling price, we use the most likely amount method.An expected loss is recognised when it is deemed prob-able that the total contract costs will exceed the total revenue from individual contracts. The expected loss is recognised immediately as a cost and as a provision for a loss-making contract. Further information can be found in note 2.7.When the selling price of the work performed exceeds progress billings, work in progress is presented as an asset and relate to unbilled work in progress. Work in progress assets have substantially the same risk char-acteristics as the trade receivables for the same types of contracts. Expected credit loss on work in progress assets is included within the loss allowance for trade receivables as managed together.When progress billings exceed the selling price of the work performed, work in progress is presented as a liability.! Key accounting estimateEstimated costs to completeWe estimate the total expected costs for our contracts. The estimates primarily relate to the level of contingencies to cover unforeseen costs, such as cost changes due to changes in future supplies of raw materials, subcontractor products and services as well as unforeseen costs related to execution and hand-over.The estimates are based on the specifics for each contract while taking historical data into account. For contracts sold to customers in politically and economically unstable countries, the estimates include additional risk coverage due to a higher level of uncertainty.We reassess our project financials, including update of expected project costs on an ongoing basis, to ensure that expected cost increases are appropriately reflected in the estimated cost to complete.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__97": {
"value": "3.6 Trade payablesTo improve the relationship with our suppliers and mini-mise the finance cost in the value chain, FLSmidth faci-litates a supply chain financing programme funded by a credit institute to our key suppliers. At the end of 2025 trade payables for the continuing business covered by the programme amounted to DKK 234m (2024: DKK 515m of which DKK 408m related to the continuing business). The suppliers have received DKK 231m in payment from the credit institute. When participating in this programme, the supplier has the option to receive early payment from the credit insti-tution against a discount based on the invoices approved by FLSmidth through a factoring arrangement between the supplier and the credit institution, where the invoices are transferred to the credit institution without recourse. The payment due dates on trade payables part of the programme are as a standard 180 days after invoice date compared to typically 90-120 days on comparable trade payables that are not part of the programme. Except for a parent company guarantee to the credit institution for all obligations related to other FLSmidth entities, there is no security or guarantees provided to the credit insti-tution.The amounts payable under the programme are classified as trade payables in the balance sheet as well as in the cash flow statement (working capital within cash flow from operations). The trade payables covered by the supply chain financing programme arises in the ordinary course of business from supply of goods and services and the payment terms are not significantly extended compared to trade payables not part of the supply chain financing programme.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__100": {
"value": "3.7 Other liabilitiesSpecification of other liabilitiesDKKm 2025 2024Indirect taxes payables 151 241Accrued employee items 457 675Derivatives 42 33Other accruals and payables 850 671Included in NWC 1,500 1,620Other liabilities, included in NIBD 119 210Employee benefits 125 206Total 1 ,744 2,036DKK 35m (2024: DKK 48m) is included in non-current liabilities and DKK 1,709m (2024: DKK 1,988m) in current liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__99": {
"value": "3.7 Other liabilitiesSpecification of other liabilitiesDKKm 2025 2024Indirect taxes payables 151 241Accrued employee items 457 675Derivatives 42 33Other accruals and payables 850 671Included in NWC 1,500 1,620Other liabilities, included in NIBD 119 210Employee benefits 125 206Total 1 ,744 2,036DKK 35m (2024: DKK 48m) is included in non-current liabilities and DKK 1,709m (2024: DKK 1,988m) in current liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__98": {
"value": "3.7 Other liabilitiesSpecification of other liabilitiesDKKm 2025 2024Indirect taxes payables 151 241Accrued employee items 457 675Derivatives 42 33Other accruals and payables 850 671Included in NWC 1,500 1,620Other liabilities, included in NIBD 119 210Employee benefits 125 206Total 1 ,744 2,036DKK 35m (2024: DKK 48m) is included in non-current liabilities and DKK 1,709m (2024: DKK 1,988m) in current liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__101-1": {
"value": "4.1 Income taxThe adjusted effective tax rate for the year was 33.3%. In light of recent macroeconomic and regulatory devel-opments, as well as operational considerations, we have reassessed where taxable income is expected to be generated over the coming years. As a result, we have recognised an impairment of deferred tax assets in Denmark of approximately DKK 600 million in the fourth quarter of 2025, as at 31 December 2025. In addition, non-creditable withholding taxes had a negative impact, while prior year adjustments contributed positively. Total income tax expense for the year amounted to DKK 1,257m (2024: DKK 415m).Uncertain tax positions reflect managements assess-ment of the risk of a position taken by FLSmidth being disputed by a tax authority. The assessment considers the inherent risk and uncertainty of undertaking complex projects and operating in a variety of developed and developing countries. The assessment includes the most likely outcome of both ongoing and potential future tax audits but also an assessment of whether the most likely outcome differs significantly for other possible outcomes. During the year, the provision was adjusted slightly following updated assessments, yet remained broadly unchanged in the context of FLSmidth\u2019s overall tax risk profile.\u00a7 Accounting policyIncome tax for the year comprises current tax and changes in deferred tax including valuation of deferred tax assets, adjustments to previous years, foreign paid withholding taxes including available credit relief and changes in provisions for uncertain tax positions.Income tax for the year is recognised in the Income Statement, unless it is attributable to items recognised in other comprehensive income. Current tax is calculated using the applicable tax rates for the financial year on the expected taxable income for the year. The resulting tax is reduced by tax paid on account in the year. Current tax is recognised in the balance sheet as either a receivable or a liability for each tax jurisdiction and includes also previous years taxes.Deferred tax is calculated using the balance sheet liability method on all temporary differences between the carrying amounts for financial reporting purposes and the amounts used for taxation purposes, except differences relating to initial recognition of goodwill.Tax losses that are likely used against future taxable income in the same legal tax unit and jurisdiction in the next five years are included in the measurement of deferred tax. Deferred tax liabilities regarding invest-ments in subsidiaries are recognised if the shares are expected to be sold in the short-term.Deferred tax assets and tax liabilities and tax receivables and tax payables are offset if FLSmidth has a legal right to offset these and intends to settle these on a net basis or to realise the assets and settle the liabilities simulta-neously.Uncertain tax positions are measured at the amount estimated to be required to settle such potential future obligations. We measure these uncertain tax positions on a yearly basis through interviews with key stakeholders in the main FLSmidth Group entities.We determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty will be followed. Management assesses for each uncertain tax positions whether the most likely outcome method or the expected value provide the best prediction of the resolu-tion of uncertainty.Composition of tax for the year and effective tax rates2025 2024*Effective Effective DKKm Taxtax rate Taxtax rateTax according to Danish tax rate (434) 22.0% (267) 22.0%Differences in the tax rates in foreign subsidiaries relative to 22% (52) 2.6%(26) 2.1%Non-taxable income and non-deductible costs 46 (2.3%)(34) 2.8%Witholding tax (82) 4.2%(109) 9.0%Unrecognised deferred tax assets (179) 9.1%(78) 6.4%Net change in valuation of tax assets (600) 30.4%(73) 6.0%Adjustments regarding previous years, deferred tax 57 (2.9%) 61 (5.0%)Adjustments regarding previous years, current tax6 (0.3%)110 (9.0%)Uncertain tax positions (19) 1.0% 1 (0.1%)Tax on profit for the year and effective tax rate (1,257) (63.8%) (415) 34.2%* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.Composition of tax for the yearDKKm 2025 2024*Current tax on net profit for the year (485)(483)Change in deferred tax 45 156Withholding tax (82) (109)Unrecognised deferred tax assets (179) (78)Net change in valuation of tax assets (600) (73)Adjustments regarding previous years, deferred tax 57 61Adjustments regarding previous years, current tax 6 110Uncertain tax positions (19) 1Tax on profit for the year, continuing activities (1,257)(415)Earnings before tax, continuing activities 1,971 1,216Earnings before tax, discontinued activities (270) 342Earnings before tax (EBT) 1,701 1,558* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.4.2 Paid income taxIncome tax paid in 2025 amounted to DKK 630m (2024: DKK 876m). Taxes paid reflect cash tax payments for FLSmidth Group, including discontinued activities for 10 months and continuing activities for the full 12 month period . Taxes paid decreased compared to 2024. The reduction was mainly driven by lower withholding tax payments and timing effects across several jurisdictions, including settlements relating to prior year tax positions. These settlements contributed to the lower net cash tax outflow for 2025. Besides income tax, FLSmidth's activities generate sales taxes, customs duties, personal income taxes paid by the employees, etc. which are excluded from income tax paid.A Pillar II assessment for 2025 has been performed, including a safe harbour analysis and a calculation of the GloBE effective tax rates and potential top-up tax exposure.Based on this assessment, the GloBE effective tax rates in the jurisdictions in which FLSmidth operates are above the minimum 15% threshold, and no Pillar II top up tax is expected for 2025.Income tax paidDKKm300250200150100500-50-100 2024 2025Significant deferred tax assets, netDKKm1,2001,0008006004002000 2024 2025 Share of assets and tax losses valued at nil4.4 Tax on other comprehensive incomeTax recognised in other comprehensive income by the components of other comprehensive income to which it relates is shown in the table below.Composition of tax for the year and effective tax rates2025 2024*Tax Tax Deferred Current income/Deferred Current income/DKKmtaxtaxcosttaxtaxcostValue adjustments of hedging instruments 0 0 0 (1) 0 (1)Actuarial gains/(loss) on defined benefit plans (6) 0 (6) (5) 0 (5)Tax on other comprehensive income (6) 0 (6) (6) 0 (6)* The comparative information has not been restated as the actuarial gain/loss on defined benefit plan for the discontinued activities is considered not material and with little or no impact on the tax composition.4.5 Our approach to tax and tax riskBeing a responsible taxpayer is important to us, and this means that we will pay the correct amount of taxes at the right time in all countries where we do business. We strive to accomplish this through a strong governance framework focused on compliance with applicable laws as well as generally agreed principles of interna-tional taxation and standards for responsible business conduct. We are a global company engaging and oper-ating in a variety of developed and developing econo-mies. Inherent risk and uncertainty regarding compliance requirements and double taxation of income are there-fore common issues faced by our business. We actively mitigate tax risk and uncertainties from business oper-ations. Our objective is to be transparent regarding our tax affairs by communicating openly and in a clear, timely and transparent manner.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__102": {
"value": "Income tax for the year comprises current tax and changes in deferred tax including valuation of deferred tax assets, adjustments to previous years, foreign paid withholding taxes including available credit relief and changes in provisions for uncertain tax positions.Income tax for the year is recognised in the Income Statement, unless it is attributable to items recognised in other comprehensive income. Current tax is calculated using the applicable tax rates for the financial year on the expected taxable income for the year. The resulting tax is reduced by tax paid on account in the year. Current tax is recognised in the balance sheet as either a receivable or a liability for each tax jurisdiction and includes also previous years taxes.Deferred tax is calculated using the balance sheet liability method on all temporary differences between the carrying amounts for financial reporting purposes and the amounts used for taxation purposes, except differences relating to initial recognition of goodwill.Tax losses that are likely used against future taxable income in the same legal tax unit and jurisdiction in the next five years are included in the measurement of deferred tax. Deferred tax liabilities regarding invest-ments in subsidiaries are recognised if the shares are expected to be sold in the short-term.Deferred tax assets and tax liabilities and tax receivables and tax payables are offset if FLSmidth has a legal right to offset these and intends to settle these on a net basis or to realise the assets and settle the liabilities simulta-neously.Uncertain tax positions are measured at the amount estimated to be required to settle such potential future obligations. We measure these uncertain tax positions on a yearly basis through interviews with key stakeholders in the main FLSmidth Group entities.We determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty will be followed. Management assesses for each uncertain tax positions whether the most likely outcome method or the expected value provide the best prediction of the resolu-tion of uncertainty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__105": {
"value": "Deferred tax is calculated using the balance sheet liability method on all temporary differences between the carrying amounts for financial reporting purposes and the amounts used for taxation purposes, except differences relating to initial recognition of goodwill.Tax losses that are likely used against future taxable income in the same legal tax unit and jurisdiction in the next five years are included in the measurement of deferred tax. Deferred tax liabilities regarding invest-ments in subsidiaries are recognised if the shares are expected to be sold in the short-term.Deferred tax assets and tax liabilities and tax receivables and tax payables are offset if FLSmidth has a legal right to offset these and intends to settle these on a net basis or to realise the assets and settle the liabilities simulta-neously.Uncertain tax positions are measured at the amount estimated to be required to settle such potential future obligations. We measure these uncertain tax positions on a yearly basis through interviews with key stakeholders in the main FLSmidth Group entities.We determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty will be followed. Management assesses for each uncertain tax positions whether the most likely outcome method or the expected value provide the best prediction of the resolu-tion of uncertainty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__104-1": {
"value": "Deferred tax is calculated using the balance sheet liability method on all temporary differences between the carrying amounts for financial reporting purposes and the amounts used for taxation purposes, except differences relating to initial recognition of goodwill.Tax losses that are likely used against future taxable income in the same legal tax unit and jurisdiction in the next five years are included in the measurement of deferred tax. Deferred tax liabilities regarding invest-ments in subsidiaries are recognised if the shares are expected to be sold in the short-term.Deferred tax assets and tax liabilities and tax receivables and tax payables are offset if FLSmidth has a legal right to offset these and intends to settle these on a net basis or to realise the assets and settle the liabilities simulta-neously.Uncertain tax positions are measured at the amount estimated to be required to settle such potential future obligations. We measure these uncertain tax positions on a yearly basis through interviews with key stakeholders in the main FLSmidth Group entities.We determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty will be followed. Management assesses for each uncertain tax positions whether the most likely outcome method or the expected value provide the best prediction of the resolu-tion of uncertainty.4.3 Deferred taxDeferred tax assets at the end of 2025 amount to DKK 1,265m (2024: DKK 2,358m) and deferred tax liabilities amount to DKK 149m (2024: DKK 220m). The net deferred tax assets amount to DKK 1,116m (2024: DKK 2,138m).Recognition of net deferred tax assets is based on forecasted taxable income considering the business simplification, and forecasted growth and margins for the coming years.As of 31 December 2025, deferred tax assets valued at nil amount to DKK 1,603m (2024: DKK 438m). These relate primarily to tax losses and certain temporary differ-ences in Denmark and Germany, as well as entities under dissolvement.The increase in 2025 mainly reflects the impairment of deferred tax assets in Denmark of DKK 600m and the continued non recognition of tax losses in Germany due to the ongoing uncertainty regarding the utilisation horizon. Recognition of deferred tax assets is a key accounting estimate and depends on management\u2019s expectations regarding future taxable profits, including cost saving initiatives, business simplification and anticipated market recovery. These assumptions are reassessed at each reporting date.Temporary differences related to the future repatriation of profits from foreign entities remain unchanged from last year and are estimated at DKK 415m-475m in 2025 (2024: DKK 375m-425m). These liabilities are not recog-nised because FLSmidth controls the timing of their reversal and it is considered probable that they will not be triggered in the foreseeable future.Net deferred taxDKKm 2025 2024Deferred tax assets 1,265 2,358Deferred tax liabilities (149) (220)1,116 2,138Maturity profile of tax assets valued at nilDKKm 2025 2024Within one year 9 34Between one and five years 230 184After five years 5,865 1,370Base value of tax assets valued at nil 6,104 1,588Tax value 1,603 438Deferred tax assets valued at nil consist of:Temporary differences 916 51Tax losses 5,188 1,5376,104 1,5882025Composition of deferred tax Included in Income StatementContinuing activities DiscontinuedIncluded Transferred Adjustment in other Value at 1 to assets Currency to previous Changed Change in compreh. Value at 31 DKKmJanuaryheld for saleadjustmentyearstax ratedeferred tax Net changesincomeDecemberIntangible assets 117 (1) 10 41 1 (30) 0 0 138Property, plant and equipment 247 1 2 7 0 (3) 0 0 254Current assets 295 (38) (21) 91 1 2 (23) 0 307Liabilities 822 (84) (28) 57 0 (29) 13 (6) 745Tax loss carry-forwards, etc. 1,095 (177) (7) 258 0 105 1 0 1,275Share of tax assets valued at nil (438) 10 3 (397) (2) (779) 0 0 (1,603)Net deferred tax assets/(liabilities) 2,138 (289) (41) 57 0 (734) (9) (6) 1,1162024Included in Income StatementContinuing activities DiscontinuedIncluded Adjustment in other Value at 1 Acquisition Currency to previous Change in compreh. Value at 31 DKKmJanuaryof enterprisesadjustmentyearsdeferred tax Net changesincomeDecemberIntangible assets 233 0 3 21 (110) (30) 0 117Property, plant and equipment 263 0 (1) 4 (8) (11) 0 247Current assets 316 (1) (3) (110) 98 (4) (1) 295Liabilities 710 0 2 201 (10) (76) (5) 822Tax loss carry-forwards, etc. 870 0 (19) (62) 187 119 0 1,095Share of tax assets valued at nil (285) 0 (4) 7 (152) (4) 0 (438)Net deferred tax assets/(liabilities) 2,107 (1) (22) 61 5 (6) (6) 2,138! Key accounting estimateEstimated value of deferred tax assetsThe value of deferred tax assets is recognised to the extent that it is deemed likely that taxable income in the future can utilise the tax losses. For this purpose, the income from the coming five years is estimated, based on forecasts.In assessing the probability of the future realisa-tion of deferred tax assets, we have considered the economic outlook in our forecasts of taxable income and reversals of taxable temporary differ-ences. The uncertainty of forecasts is related to macroeconomic developments, including the demand for environmental investments by our customers, not least within the Cement industry.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__109": {
"value": "5.1 Shares and capital structureSharesShare capital is DKK 1,153m and the total number of authorised and issued shares is 57,650,000. Each share entitles the holder to 20 votes and no shares have special rights attached to it.ShareholdersAt 18 February 2026, FLSmidth had two major share-holders. Altor Invest 7 AS, Norway and Lundbeckfond Invest A/S, Denmark have both disclosed holdings of voting rights exceeding 10% of total outstanding voting rights. No other shareholders have reported a partici-pating interest above 5%.Capital structureFLSmidth takes a conservative approach to capital struc-ture with an emphasis on relatively low debt, leverage and financial risk. The Board of Directors\u2019 priority for capital structure is as follows:\u2022 Leverage (NIBD/EBITDA < 2)\u2022 Dividend pay-out ratio (30-50% of net profit)The priority for capital allocation is to ensure a strong balance sheet while allowing for growth investments and value-adding M&A. Excess cash can be distributed either via extraordinary dividends or share buy-back programmes.Shareholders\u2019 equity includes the following reserves:\u2022 Share capital (nominal value of shares issued)\u2022 Foreign exchange adjustments (accumulated currency adjustments regarding translation of foreign entities)\u2022 Cash flow hedging (fair value of derivatives that hedge the currency risks on expected future cash flows and meet the criteria for cash flow hedging)\u2022 Retained earnings (all other components of share-holders\u2019 equity including share premium)Treasury sharesOur holding of treasury shares at the end of 2025 accounted for 5.2% of the share capital (2024: 1.4%). The increase is attributable to the share buyback programme initiated in 2025 (ref. Company Announcement no. 12-2025).The Board of Directors is authorised until the next Annual General Meeting to let the Company acquire treasury shares up to a total nominal value of 10% of the Compa-ny\u2019s share Products in accordance with Section 12 of the Danish Companies Act.Treasury shares not intended to be cancelled after share buy-back programmes are used to hedge sharebased incentive programmes and to calibrate capital structure. They are recognised directly in equity in retained earn-ings (zero value in the balance sheet). Refer to note 6.1 for further information.Dividend per shareThe Board of Directors will propose at the Annual General Meeting that a dividend of DKK 4.00 per share (2024: 2.2%), will be distributed for 2025. The total dividend proposed amounts to DKK 231m.Outstanding shares net of Treasury shares1,000 2025 2024Treasury shares at 1 January 813 914Acquisitions of treasury shares 2,432 55Used for share based payments (270) (156)Treasury shares at 31 December 2,975 813Outstanding shares net of Treasury shares:Outstanding shares net of Treasury shares 1 January 56,837 56,736Movement, treasury shares (2,162) 101Outstanding shares net of Treasury shares at 31 December 54,675 56,837",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__110-1": {
"value": "Treasury sharesOur holding of treasury shares at the end of 2025 accounted for 5.2% of the share capital (2024: 1.4%). The increase is attributable to the share buyback programme initiated in 2025 (ref. Company Announcement no. 12-2025).The Board of Directors is authorised until the next Annual General Meeting to let the Company acquire treasury shares up to a total nominal value of 10% of the Compa-ny\u2019s share Products in accordance with Section 12 of the Danish Companies Act.Treasury shares not intended to be cancelled after share buy-back programmes are used to hedge sharebased incentive programmes and to calibrate capital structure. They are recognised directly in equity in retained earn-ings (zero value in the balance sheet). Refer to note 6.1 for further information.Outstanding shares net of Treasury shares1,000 2025 2024Treasury shares at 1 January 813 914Acquisitions of treasury shares 2,432 55Used for share based payments (270) (156)Treasury shares at 31 December 2,975 813Outstanding shares net of Treasury shares:Outstanding shares net of Treasury shares 1 January 56,837 56,736Movement, treasury shares (2,162) 101Outstanding shares net of Treasury shares at 31 December 54,675 56,837",
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"f1__s9__7__111": {
"value": "Dividend per shareThe Board of Directors will propose at the Annual General Meeting that a dividend of DKK 4.00 per share (2024: 2.2%), will be distributed for 2025. The total dividend proposed amounts to DKK 231m.",
"dimensions": {
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"value": "4.0",
"decimals": 1,
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"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
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"unit": "iso4217:DKK/xbrli:shares"
}
},
"f1__s9__7__114": {
"value": "231000000.0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:DKK"
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"f1__s9__7__115": {
"value": "5.2 Earnings per share Earnings per share from continuing activities decreased to DKK 12.4 in 2025 (2024: DKK 13.9). Earnings per share from discontinued activities equalled DKK (12.3) in 2025 (2024: DKK 4.0).Earnings per share from continuing and discontinued activitiesDKKm 2025 2024*Profit for the year, continuing activities 714 801Minority interests (8) (12)FLSmidth's share of profit, continuing activities 706 789Profit/(loss) for the year, discontinued activities (706) 229FLSmidth's share of profit/(loss), discontinued activities (706) 229FLSmidth's share of profit 0 1,018Number of shares (1,000) 2025 2024Issued shares 1 January 57,6 5 0 5 7,6 5 0Treasury shares, weighted 1,382 824Average number of outstanding shares 56,268 56,826Dilutive effect of share based payment 333 508Average diluted number of outstanding shares 56,601 57,334DKK per share 2025 2024*Earnings per share from continuing activities 12.4 13.9Earnings per share from discontinued activities (12.3) 4,0Earnings per share from continuing and discontinued activities 0.1 17. 9Diluted earnings per share from continuing activities 12.3 13.7Diluted earnings per share from discontinued activities (12.3) 4,0Diluted earnings per share from continuing and discontinued activities 0.0 17.7* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.The number of dilutive shares from share-based payment (see note 6.1) is determined as the number of shares that are expected to vest under share-based payments to employees, reduced by the numbers of shares that represents the fair value of service during the remaining vesting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__116": {
"value": "5.3 Financial risksInternational operations and the nature of our industry inherently involve several risks. FLSmidth is exposed to financial risks that could materially affect its consoli-dated financial statements.To the extent possible, these financial risks are managed centrally and governed by the Treasury Policy, which is approved by the Board of Directors. The policy is reviewed and updated annually to reflect changes in FLSmidth\u2019s risk profile.The primary financial risks to which the Group is exposed include interest rate risk, currency risk, credit risk and liquidity risk.Interest rate riskInterest rate risks arise from interest-bearing assets and liabilities. Interest-bearing items consist primarily of cash and cash equivalents, bank loans and mortgage debt. Interest rate risk is, when it exceeds policy thresholds, managed using derivatives such as interest rate swaps. No interest rate derivatives have been used in 2025 or 2024. As of 31 December 2025, most of interest-bearing debt is carrying a floating rate.All other things being equal, a 1%-point increase in the interest rate will increase interest cost by DKK 20m (2024: DKK 8m), calculated as 1% of the net interest-bearing debt as of 31 December 2025. The sensitivity to changes in the interest rate has increased in 2025 due to the increase in net debt.Currency risk Currency fluctuations expose FLSmidth to transactions risk from purchase and sales activities, and to translation risk when net investment in subsidiaries is translated into other comprehensive income.The objective of the Treasury Policy is to manage material currency risks to improve visibility on income statement and cash flow impacts, and to protect the EBITDA of individual entities from adverse exchange rate changes. Consequently, FLSmidth operates an active risk policy for transaction risks focusing on hedging material risks. Translation risks are generally unhedged.Transaction risks are managed using netting opportuni-ties and derivatives such as forward contracts. Hedge accounting is applied for the largest project transac-tions. We are primarily carrying out transactions in EUR and USD as these currencies are preferred in the mining industry. EUR against DKK is currently not considered an exposure due to the Danish Kroner being pegged to the Euro.The table \u2018Transaction impact\u2019 is a sensitivity analysis showing the gain/loss on EBITA of a 5% percent appreci-ation of the largest currency exposure towards DKK (a 5% decrease will have similar opposite effect). The analysis assumes that all other variables, exposures and interest rates, remain constant. The analysis includes the offset-ting impact from monetary items and derivatives used to hedge the currency risk.Transaction impact2025 2024*DKKm Change EBITA E BITACurrencyUSD 5.0% 54 51CLP 5.0% 33 32ZAR 5.0% 14 17AUD 5.0% 13 16CAD 5.0% 10 4BRL 5.0% 7 12* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.In the event of currency developments, we will also be impacted by currency translation effects from the FLSmidth Group entities with net assets in functional currencies other than Danish Kroner and Euro. In 2025 translation effects of DKK -830m (2024: DKK 113m) have been recognised in Other comprehensive income. A 5% appreciation on the currencies with largest expo-sure towards Danish Kroner will have the following effect on Other comprehensive income (a 5% depreciation will have a similar negative effect).Translation impactDKKm Change 2025 2024*USD 5.0% 293 378AUD 5.0% 83 82CLP 5.0% 71 57CAD 5.0% 56 54ZAR 5.0% 39 34GBP 5.0% 19 20* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.Credit riskWe are exposed to credit risks arising from cash and cash equivalents, derivatives and receivables including work in progress.At 31 December 2025, total credit risk was DKK 6,492m (2024: DKK 9,082m) as shown in the table below. The credit risk is governed by FLSmidth\u2019s Credit Risk Policy.For receivables the credit risk is managed by continuous risk assessments and credit evaluations of customers and trading partners under considerations of country specific risk factors. To the extent possible, the credit risks are mitigated through use of payment securities, such as letters of credit and guarantees issued by first class rated banks, or by securing positive cash flow throughout the execution under customer contract. At the end of 2025 0% (2024: 3%) of our work in progress asset and 2% (2024: 4%) of our trade receivables balance were covered by payment securities.The Treasury Policy sets forth authority limits for the credit risk exposure related to cash and cash equivalents as well as derivatives. The limits are based on the coun-terparty credit rating.We have entered into netting agreements with the coun-terparties used for trading of derivatives, which means that the credit risk for derivatives is limited to the net assets per counterparty.We aim at using banks of high quality in the countries we operate in. However, due to the nature of our business and operations in emerging markets, we are sometimes exposed to banks where the credit rating and quality can be lower than what we typically see in developed countries.We consider the maximum credit risk to financial coun-terparties to be DKK 613m (2024: DKK 1,107m).Total exposure to credit riskDKKm 2025 2024Non-financial counterparties:Trade receivables, note 3.3 3,102 4,073Work in progress, assets, note 3.4 1,873 3,009Other receivables, note 3.5 873 890of which derivatives (29) (53)Other securities and investments 60 56Total non-financial counterparties 5,879 7,975Financial counterparties:Derivatives, netted amount 19 37Cash and cash equivalents 594 1,070Total financial counterparties 613 1,107Total exposure to credit risk 6,492 9,082Liquidity riskThe Treasury Policy includes requirements for FLSmidth's financial reserve to ensure that the Group always has sufficient and flexible financial resources available to ensure continuous operations and to honour liabilities when they become due.The financial reserve must exceed DKK 2,000m and is defined as unrestricted cash together with undrawn committed facilities less the impact from supply chain financing programme.Committed facilities consists of a revolving credit facility and a term loan with a group of international banks. The weighted average maturity of these loans is 4.6 years at the end of 2025 (2024: 2.4) and no facilities mature before 2029. The committed facilities contain standard clauses such as pari passu, negative pledge and change of control provisions, as well as a financial covenant (NIBD/adjusted EBITDA), tested quarterly. As at 31 December 2025, the FLSmidth\u2019s leverage ratio showed ample headroom to the covenant threshold. By the end of 2025, total committed credit facilities were DKK 6,125m (2024: DKK 6,324m) of which DKK 3,917m (2024: DKK 4,801m) was unutilised. Together with non-re-stricted cash less impact from supply chain finance, the financial reserve amounts to DKK 3,985m and shows comfortable headroom to the DKK 2,000m threshold.Short-term liquidity is managed through international cash-pools and by having overdraft facilities in place with various financial institutions.Restricted cashRestricted cash is bank balances in countries with currency restrictions or other restrictions preventing the funds to be readily available for the wider group. The definition of restricted cash is unchanged from last year.Restricted cash amounted to DKK 409m (2024: DKK 517m). Continued focus on repatriation during 2025 has reduced restricted cash. Credit risk ratings per financial institution%100% Not rated80% B60% BB40% BBB20% A AA0%2024 2025Maturity profile of Group funding facilitiesDKKm6,000 20244,800 20253,6002,4001,2000> 5 year1-5 years< 1 yearGroup restricted cashDKKm300240180120600 2024 2025",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__117": {
"value": "Interest rate riskInterest rate risks arise from interest-bearing assets and liabilities. Interest-bearing items consist primarily of cash and cash equivalents, bank loans and mortgage debt. Interest rate risk is, when it exceeds policy thresholds, managed using derivatives such as interest rate swaps. No interest rate derivatives have been used in 2025 or 2024. As of 31 December 2025, most of interest-bearing debt is carrying a floating rate.All other things being equal, a 1%-point increase in the interest rate will increase interest cost by DKK 20m (2024: DKK 8m), calculated as 1% of the net interest-bearing debt as of 31 December 2025. The sensitivity to changes in the interest rate has increased in 2025 due to the increase in net debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s9__7__118": {
"value": "Currency risk Currency fluctuations expose FLSmidth to transactions risk from purchase and sales activities, and to translation risk when net investment in subsidiaries is translated into other comprehensive income.The objective of the Treasury Policy is to manage material currency risks to improve visibility on income statement and cash flow impacts, and to protect the EBITDA of individual entities from adverse exchange rate changes. Consequently, FLSmidth operates an active risk policy for transaction risks focusing on hedging material risks. Translation risks are generally unhedged.Transaction risks are managed using netting opportuni-ties and derivatives such as forward contracts. Hedge accounting is applied for the largest project transac-tions. We are primarily carrying out transactions in EUR and USD as these currencies are preferred in the mining industry. EUR against DKK is currently not considered an exposure due to the Danish Kroner being pegged to the Euro.The table \u2018Transaction impact\u2019 is a sensitivity analysis showing the gain/loss on EBITA of a 5% percent appreci-ation of the largest currency exposure towards DKK (a 5% decrease will have similar opposite effect). The analysis assumes that all other variables, exposures and interest rates, remain constant. The analysis includes the offset-ting impact from monetary items and derivatives used to hedge the currency risk.Transaction impact2025 2024*DKKm Change EBITA E BITACurrencyUSD 5.0% 54 51CLP 5.0% 33 32ZAR 5.0% 14 17AUD 5.0% 13 16CAD 5.0% 10 4BRL 5.0% 7 12* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.In the event of currency developments, we will also be impacted by currency translation effects from the FLSmidth Group entities with net assets in functional currencies other than Danish Kroner and Euro. In 2025 translation effects of DKK -830m (2024: DKK 113m) have been recognised in Other comprehensive income. A 5% appreciation on the currencies with largest expo-sure towards Danish Kroner will have the following effect on Other comprehensive income (a 5% depreciation will have a similar negative effect).Translation impactDKKm Change 2025 2024*USD 5.0% 293 378AUD 5.0% 83 82CLP 5.0% 71 57CAD 5.0% 56 54ZAR 5.0% 39 34GBP 5.0% 19 20* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__119": {
"value": "Credit riskWe are exposed to credit risks arising from cash and cash equivalents, derivatives and receivables including work in progress.At 31 December 2025, total credit risk was DKK 6,492m (2024: DKK 9,082m) as shown in the table below. The credit risk is governed by FLSmidth\u2019s Credit Risk Policy.For receivables the credit risk is managed by continuous risk assessments and credit evaluations of customers and trading partners under considerations of country specific risk factors. To the extent possible, the credit risks are mitigated through use of payment securities, such as letters of credit and guarantees issued by first class rated banks, or by securing positive cash flow throughout the execution under customer contract. At the end of 2025 0% (2024: 3%) of our work in progress asset and 2% (2024: 4%) of our trade receivables balance were covered by payment securities.The Treasury Policy sets forth authority limits for the credit risk exposure related to cash and cash equivalents as well as derivatives. The limits are based on the coun-terparty credit rating.We have entered into netting agreements with the coun-terparties used for trading of derivatives, which means that the credit risk for derivatives is limited to the net assets per counterparty.We aim at using banks of high quality in the countries we operate in. However, due to the nature of our business and operations in emerging markets, we are sometimes exposed to banks where the credit rating and quality can be lower than what we typically see in developed countries.We consider the maximum credit risk to financial coun-terparties to be DKK 613m (2024: DKK 1,107m).Total exposure to credit riskDKKm 2025 2024Non-financial counterparties:Trade receivables, note 3.3 3,102 4,073Work in progress, assets, note 3.4 1,873 3,009Other receivables, note 3.5 873 890of which derivatives (29) (53)Other securities and investments 60 56Total non-financial counterparties 5,879 7,975Financial counterparties:Derivatives, netted amount 19 37Cash and cash equivalents 594 1,070Total financial counterparties 613 1,107Total exposure to credit risk 6,492 9,082",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__120": {
"value": "Liquidity riskThe Treasury Policy includes requirements for FLSmidth's financial reserve to ensure that the Group always has sufficient and flexible financial resources available to ensure continuous operations and to honour liabilities when they become due.The financial reserve must exceed DKK 2,000m and is defined as unrestricted cash together with undrawn committed facilities less the impact from supply chain financing programme.Committed facilities consists of a revolving credit facility and a term loan with a group of international banks. The weighted average maturity of these loans is 4.6 years at the end of 2025 (2024: 2.4) and no facilities mature before 2029. The committed facilities contain standard clauses such as pari passu, negative pledge and change of control provisions, as well as a financial covenant (NIBD/adjusted EBITDA), tested quarterly. As at 31 December 2025, the FLSmidth\u2019s leverage ratio showed ample headroom to the covenant threshold. By the end of 2025, total committed credit facilities were DKK 6,125m (2024: DKK 6,324m) of which DKK 3,917m (2024: DKK 4,801m) was unutilised. Together with non-re-stricted cash less impact from supply chain finance, the financial reserve amounts to DKK 3,985m and shows comfortable headroom to the DKK 2,000m threshold.Short-term liquidity is managed through international cash-pools and by having overdraft facilities in place with various financial institutions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__128": {
"value": "5.4 Financial income and costs Net financial costsDKKm 2025 2024*Interest income 26 35Fair value adjustment of derivatives 171 299Foreign exchange gains 812 433Fair value adjustment of shares 2 3Total financial income 1,011 770Interest cost (109) (132)Loss from associates 0 (43)Lease interest cost (8) (8)Fair value adjustment of derivatives (315) (213)Foreign exchange losses (662) (588)Fair value adjustment of shares 0 (4)Total financial costs (1,094) (988)Net financial costs (83) (218)* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.Cash flow effect from financial income and costsDKKm 2025 2024*Interest received 30 35Interest paid (143) (164)Cash flow effect (113) (129)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to a gain of DKK 6m (2024: loss of DKK 69m) primarily related to hedging of the loan portfolio and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 83m (2024: DKK 218m) related to loans and deposits.Fair value adjustment of shares of net DKK 2m (2024: DKK -1m) relates to shareholdings in minor shareholdings also described in note 5.6.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__127": {
"value": "5.4 Financial income and costs Net financial costsDKKm 2025 2024*Interest income 26 35Fair value adjustment of derivatives 171 299Foreign exchange gains 812 433Fair value adjustment of shares 2 3Total financial income 1,011 770Interest cost (109) (132)Loss from associates 0 (43)Lease interest cost (8) (8)Fair value adjustment of derivatives (315) (213)Foreign exchange losses (662) (588)Fair value adjustment of shares 0 (4)Total financial costs (1,094) (988)Net financial costs (83) (218)* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.Cash flow effect from financial income and costsDKKm 2025 2024*Interest received 30 35Interest paid (143) (164)Cash flow effect (113) (129)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to a gain of DKK 6m (2024: loss of DKK 69m) primarily related to hedging of the loan portfolio and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 83m (2024: DKK 218m) related to loans and deposits.Fair value adjustment of shares of net DKK 2m (2024: DKK -1m) relates to shareholdings in minor shareholdings also described in note 5.6.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__126": {
"value": "5.4 Financial income and costs Net financial costsDKKm 2025 2024*Interest income 26 35Fair value adjustment of derivatives 171 299Foreign exchange gains 812 433Fair value adjustment of shares 2 3Total financial income 1,011 770Interest cost (109) (132)Loss from associates 0 (43)Lease interest cost (8) (8)Fair value adjustment of derivatives (315) (213)Foreign exchange losses (662) (588)Fair value adjustment of shares 0 (4)Total financial costs (1,094) (988)Net financial costs (83) (218)* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.Cash flow effect from financial income and costsDKKm 2025 2024*Interest received 30 35Interest paid (143) (164)Cash flow effect (113) (129)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to a gain of DKK 6m (2024: loss of DKK 69m) primarily related to hedging of the loan portfolio and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 83m (2024: DKK 218m) related to loans and deposits.Fair value adjustment of shares of net DKK 2m (2024: DKK -1m) relates to shareholdings in minor shareholdings also described in note 5.6.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__123": {
"value": "5.4 Financial income and costs Net financial costsDKKm 2025 2024*Interest income 26 35Fair value adjustment of derivatives 171 299Foreign exchange gains 812 433Fair value adjustment of shares 2 3Total financial income 1,011 770Interest cost (109) (132)Loss from associates 0 (43)Lease interest cost (8) (8)Fair value adjustment of derivatives (315) (213)Foreign exchange losses (662) (588)Fair value adjustment of shares 0 (4)Total financial costs (1,094) (988)Net financial costs (83) (218)* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.Cash flow effect from financial income and costsDKKm 2025 2024*Interest received 30 35Interest paid (143) (164)Cash flow effect (113) (129)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to a gain of DKK 6m (2024: loss of DKK 69m) primarily related to hedging of the loan portfolio and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 83m (2024: DKK 218m) related to loans and deposits.Fair value adjustment of shares of net DKK 2m (2024: DKK -1m) relates to shareholdings in minor shareholdings also described in note 5.6.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__122": {
"value": "5.4 Financial income and costs Net financial costsDKKm 2025 2024*Interest income 26 35Fair value adjustment of derivatives 171 299Foreign exchange gains 812 433Fair value adjustment of shares 2 3Total financial income 1,011 770Interest cost (109) (132)Loss from associates 0 (43)Lease interest cost (8) (8)Fair value adjustment of derivatives (315) (213)Foreign exchange losses (662) (588)Fair value adjustment of shares 0 (4)Total financial costs (1,094) (988)Net financial costs (83) (218)* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.Cash flow effect from financial income and costsDKKm 2025 2024*Interest received 30 35Interest paid (143) (164)Cash flow effect (113) (129)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to a gain of DKK 6m (2024: loss of DKK 69m) primarily related to hedging of the loan portfolio and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 83m (2024: DKK 218m) related to loans and deposits.Fair value adjustment of shares of net DKK 2m (2024: DKK -1m) relates to shareholdings in minor shareholdings also described in note 5.6.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__121": {
"value": "5.4 Financial income and costs Net financial costsDKKm 2025 2024*Interest income 26 35Fair value adjustment of derivatives 171 299Foreign exchange gains 812 433Fair value adjustment of shares 2 3Total financial income 1,011 770Interest cost (109) (132)Loss from associates 0 (43)Lease interest cost (8) (8)Fair value adjustment of derivatives (315) (213)Foreign exchange losses (662) (588)Fair value adjustment of shares 0 (4)Total financial costs (1,094) (988)Net financial costs (83) (218)* The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2.Cash flow effect from financial income and costsDKKm 2025 2024*Interest received 30 35Interest paid (143) (164)Cash flow effect (113) (129)On a net basis, foreign exchange adjustments, including the impact from economic hedges, amounted to a gain of DKK 6m (2024: loss of DKK 69m) primarily related to hedging of the loan portfolio and exposures in the non-hedgeable emerging market currencies, as well as timing differences between cash flows and hedges.The net interest cost totalled DKK 83m (2024: DKK 218m) related to loans and deposits.Fair value adjustment of shares of net DKK 2m (2024: DKK -1m) relates to shareholdings in minor shareholdings also described in note 5.6.Further information on income/loss from associates can be found in note 2.6.\u00a7 Accounting policyFinancial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__130": {
"value": "5.5 DerivativesFLSmidth\u2019s derivatives are entered into to the hedge currency risk and accounted for as hedge accounting or economic hedges.We use derivatives to hedge currency risks arising from monetary items recognised in the balance sheet. Fair value adjustments recognised in financial items in the income statement amounted to a net loss of DKK 144m (2024: net gain of DKK 86m).Economic hedgeAt 31 December 2025 the fair value of our hedge agree-ments that are not recognised as hedge accounting amounted to DKK -19m (2024: DKK 25m). The breakdown of the economic hedges by most important currencies for each of the years 2025 and 2024 is shown in the table below.Carrying amount, net fair value2025 2024Economic Cash flow Total Economic Cash flow Total DKKmhedgehedgehedgehedgehedgehedgeFinancial instruments asset 21 8 29 49 4 53Financial instruments liability (40) (2) (42) (24) (9) (33)Total (19) 6 (13) 25 (5) 20Economic Hedge2025 2024Notional Net fair Notional Net fair DKKmamountvalueamountvalueCurrencyAUD (286) (5) AUD (381) 19USD 915 (26) USD 1,200 11CAD 183 2 CAD 74 (8)GBP 480 6 GBP 495 2MXN 70 1 MXN 200 3Other 3 Other (2)Total (19) Total 25A negative notional amount represents a sale of the currency.Cash flow hedgeWe use forward exchange contracts to hedge currency risks regarding expected future cash flows that meet the criteria for cash flow hedging.The fair value reserve of the derivatives is recognised in other comprehensive income until the hedged items affect the income statement through work in progress. The fair value of derivatives is recognised in other receivables and other liabilities. Most of the cash flow hedge instruments are expected to settle and affect the income statement within one year. Ineffectiveness is recognised in the income statement within financial items. Ineffectiveness was immaterial in 2025 and 2024.At 31 December 2025, the fair value of our cash flow hedge instruments amounted to DKK 6m (2024: DKK -5m). The breakdown of the cashflow hedges by most impor-tant currencies for each of the years 2025 and 2024 is shown in the table below.Changes in the cash flow hedging reserveDKKm 2025 2024Change in cash flow hedge reserve (6) (11)Reclassified from other compre-hensive income to work in progress (4) 15Cash flow hedge2025 2024Notional Net fair Notional Net fair DKKmamountvalueamountvalueCurrencyAUD 18 0 AUD (133) 1USD (79) 5 USD 53 (6)ZAR (15) 1Total 6 Total (5)A negative notional amount represents a sale of the currency.\u00a7 Accounting policyDerivatives are initially recognised in the balance sheet at fair value and subsequently remeasured at fair value. Fair value of derivatives is included in other receivables or other liabilities respectively.Fair value changes of derivatives that are accounted for as cash flow hedging instruments are recognised in other comprehensive income. Any ineffective portions of the cash flow hedges are recognised in the income state-ment within financial item. When the hedged cash flows materialise, the fair value of the hedging instrument is transferred from other comprehensive income into the line item of the hedged item.Any changes in the fair value of derivatives not used for hedge accounting are recognised in the income state-ment within financial items.Certain contracts contain conditions that correspond to derivatives. In case the embedded derivatives deviate significantly from the overall contract, they are recog-nised and measured as separate instruments at fair value. That is unless the contract concerned as a whole is recognised and measured at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__129": {
"value": "Financial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__125": {
"value": "Financial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__124": {
"value": "Financial income and costs comprise interest income and costs, realised and unrealised foreign exchange gains and losses arising from monetary items, income/loss from associates accounted for at equity method and fair value adjustments of shares and derivatives where hedge accounting is not applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__131": {
"value": "Derivatives are initially recognised in the balance sheet at fair value and subsequently remeasured at fair value. Fair value of derivatives is included in other receivables or other liabilities respectively.Fair value changes of derivatives that are accounted for as cash flow hedging instruments are recognised in other comprehensive income. Any ineffective portions of the cash flow hedges are recognised in the income state-ment within financial item. When the hedged cash flows materialise, the fair value of the hedging instrument is transferred from other comprehensive income into the line item of the hedged item.Any changes in the fair value of derivatives not used for hedge accounting are recognised in the income state-ment within financial items.Certain contracts contain conditions that correspond to derivatives. In case the embedded derivatives deviate significantly from the overall contract, they are recog-nised and measured as separate instruments at fair value. That is unless the contract concerned as a whole is recognised and measured at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__132": {
"value": "5.6 Fair value measurementFinancial instruments measured at fair value on a recur-ring basis and with changes to fair value recognised in the Income statement are Securities and investments and Derivatives (included within Other receivables and Other liabilities), see note 5.8. Securities and investments consist of a fund investment in Chrysalix, a venture capital firm that specialises in transformational industrial innovation, and investments in cement companies. The fair value of investments is determined using a valua-tion technique that is in level 3 of the fair value hierarchy (primarily based on non-observable input) as there were no quoted investments by the end of 2025. The fair value is based on available data which include valuation based on multiple of earnings or equity from the latest available financial statements.The derivatives are used for hedging of foreign currency exposure and are forward exchange contracts not traded in an active market. The fair value of derivatives is deter-mined using a valuation technique that is in level 2 of the fair value hierarchy (primarily based on observable prices or traded prices for comparable instruments). The observable market data used in the valuation include exchange rates, interest rates, credit risk and volatility.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__133": {
"value": "5.7 Net interest bearing debt2025Carrying Additional Transferred Carrying amount Foreign lease liability to assets amount 1 January exchange Disposal of during held for sale 31 December DKKm2025adjustments Cash flowsenterprisesthe year at 30 June2025Lease liabilities 218 (15) (93) 0 231 (91) 250Bank loans and mortgage debt, committed 1,509 10 689 0 0 0 2,208Bank loans and mortgage debt, uncommitted 46 (11) 78 0 0 0 113Other liability 200 (6) (75) 0 0 0 119Interest bearing debt 1,973 (22) 599 0 231 (91) 2,690Cash and cash equivalents 1,070 (56) (420) 0 0 0 594Other receivables 56 19 7 0 0 0 82Interest bearing assets 1,126 (37) (413) 0 0 0 676Net interest bearing debt / (assets) 847 15 1,012 0 231 (91) 2,0142024Carrying Additional Transferred Carrying amount Foreign lease liability to assets amount 1 January exchange Disposal of during held for sale 31 December DKKm2024adjustments Cash flowsenterprisesthe year at 30 June2024Lease liabilities 233 3 (93) (55) 130 - 218Bank loans and mortgage debt, committed 1,633 1 (125) 0 0 - 1,509Bank loans and mortgage debt, uncommitted 54 0 (8) 0 0 - 46Other liability 175 (19) 44 0 0 - 200Interest bearing debt 2,095 (15) (182) (55) 130 - 1,973Cash and cash equivalents 1,352 (1) (281) 0 0 - 1,070Other receivables 104 (29) (19) 0 0 - 56Interest bearing assets 1,456 (30) (300) 0 0 - 1,126Net interest bearing debt / (assets) 639 15 118 (55) 130 - 847",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__135": {
"value": "5.8 Financial assets and liabilities\u00a7 Accounting policyFinancial assets are classified based on the contractual cash flow characteristics of the financial asset as well as our intention with the financial asset according to our business model.If cash flows from a financial asset are solely payments of principal and interests the classification is either:\u2022 Amortised cost, for financial assets, where the objective is to hold the financial asset to collect the contractual cash flows.\u2022 Fair value through profit/loss, for other financial assetsHedging instruments designated as hedge accounting are classified separately and are measured at fair value.Based on this, all financial assets and liabilities, except for hedging instruments, securities and investments, are measured at amortised cost.The table on the next page shows the fair value of all financial instruments and compares it to the carrying amount. For the mortgage debt, the fair value is deter-mined as the quoted price of the underlying mortgage bonds funding the debt. The carrying amount for the other items is a reasonable approximation of fair value.Assets 2025 2024Maturity of cash flowsMaturity of cash flowsTotal cash Carrying Total cash Carrying flows Fair valueamountflows Fair valueamountDKKm < 1 year 1-5 years > 5 year < 1 year 1-5 years > 5 yearHedging instruments (hedge accounting) 8 0 0 8 8 8 4 0 0 4 4 4Hedging instruments (economic hedging) 21 0 0 21 21 21 49 0 0 49 49 49Securities and investments 0 0 60 60 60 60 0 0 56 56 56 56Fair value through profit and loss 21 0 60 81 81 81 49 0 56 105 105 105Trade receivables 3,102 0 0 3,102 3,102 3,102 4,073 0 0 4,073 4,073 4,073Work in progress 1,873 0 0 1,873 1,873 1,873 3,009 0 0 3,009 3,009 3,009Other receivables 402 0 0 402 402 402 337 0 0 337 337 337Cash and cash equivalents 594 0 0 594 594 594 1,070 0 0 1,070 1,070 1,070Amortised cost 5,971 0 0 5,971 5,971 5,971 8,489 0 0 8,489 8,489 8,489Total financial assets 6,000 0 60 6,060 6,060 6,060 8,542 0 56 8,598 8,598 8,598Liabilities 2025 2024Maturity of cash flowsMaturity of cash flowsTotal cash Carrying Total cash Carrying flows Fair valueamountflows Fair valueamountDKKm < 1 year 1-5 years > 5 year < 1 year 1-5 years > 5 yearHedging instruments (hedge accounting) (2) 0 0 (2) (2) (2) (9) 0 0 (9) (9) (9)Hedging instruments (economic hedging) (40) 0 0 (40) (40) (40) (24) 0 0 (24) (24) (24)Fair value through profit and loss (40) 0 0 (40) (40) (40) (24) 0 0 (24) (24) (24)Lease liabilities (71) (138) (51) (260) (250) (250) (93) (149) (1) (243) (218) (218)Mortgage debt - - - - - - (19) (77) (150) (246) (204) (204)Bank debt (175) (1,289) (1,083) (2,547) (2,321) (2,321) (102) (1,297) (142) (1,541) (1,351) (1,351)Trade payables (2,585) 0 0 (2,585) (2,585) (2,585) (3,538) 0 0 (3,538) (3,538) (3,538)Other liabilities (1,516) (35) 0 (1,551) (1,551) (1,551) (1,722) (49) 0 (1,771) (1,771) (1,771)Amortised cost (4,347) (1,462) (1,134) (6,943) (6,707) (6,707) (5,474) (1,572) (293) ( 7,33 9) (7,0 82) (7,08 2)Total financial liabilities (4,389) (1,462) (1,134) (6,985) (6,749) (6,749) (5,507) (1,572) (293) (7, 3 72) (7, 11 5 ) ( 7, 115)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__134": {
"value": "5.8 Financial assets and liabilities\u00a7 Accounting policyFinancial assets are classified based on the contractual cash flow characteristics of the financial asset as well as our intention with the financial asset according to our business model.If cash flows from a financial asset are solely payments of principal and interests the classification is either:\u2022 Amortised cost, for financial assets, where the objective is to hold the financial asset to collect the contractual cash flows.\u2022 Fair value through profit/loss, for other financial assetsHedging instruments designated as hedge accounting are classified separately and are measured at fair value.Based on this, all financial assets and liabilities, except for hedging instruments, securities and investments, are measured at amortised cost.The table on the next page shows the fair value of all financial instruments and compares it to the carrying amount. For the mortgage debt, the fair value is deter-mined as the quoted price of the underlying mortgage bonds funding the debt. The carrying amount for the other items is a reasonable approximation of fair value.Assets 2025 2024Maturity of cash flowsMaturity of cash flowsTotal cash Carrying Total cash Carrying flows Fair valueamountflows Fair valueamountDKKm < 1 year 1-5 years > 5 year < 1 year 1-5 years > 5 yearHedging instruments (hedge accounting) 8 0 0 8 8 8 4 0 0 4 4 4Hedging instruments (economic hedging) 21 0 0 21 21 21 49 0 0 49 49 49Securities and investments 0 0 60 60 60 60 0 0 56 56 56 56Fair value through profit and loss 21 0 60 81 81 81 49 0 56 105 105 105Trade receivables 3,102 0 0 3,102 3,102 3,102 4,073 0 0 4,073 4,073 4,073Work in progress 1,873 0 0 1,873 1,873 1,873 3,009 0 0 3,009 3,009 3,009Other receivables 402 0 0 402 402 402 337 0 0 337 337 337Cash and cash equivalents 594 0 0 594 594 594 1,070 0 0 1,070 1,070 1,070Amortised cost 5,971 0 0 5,971 5,971 5,971 8,489 0 0 8,489 8,489 8,489Total financial assets 6,000 0 60 6,060 6,060 6,060 8,542 0 56 8,598 8,598 8,598Liabilities 2025 2024Maturity of cash flowsMaturity of cash flowsTotal cash Carrying Total cash Carrying flows Fair valueamountflows Fair valueamountDKKm < 1 year 1-5 years > 5 year < 1 year 1-5 years > 5 yearHedging instruments (hedge accounting) (2) 0 0 (2) (2) (2) (9) 0 0 (9) (9) (9)Hedging instruments (economic hedging) (40) 0 0 (40) (40) (40) (24) 0 0 (24) (24) (24)Fair value through profit and loss (40) 0 0 (40) (40) (40) (24) 0 0 (24) (24) (24)Lease liabilities (71) (138) (51) (260) (250) (250) (93) (149) (1) (243) (218) (218)Mortgage debt - - - - - - (19) (77) (150) (246) (204) (204)Bank debt (175) (1,289) (1,083) (2,547) (2,321) (2,321) (102) (1,297) (142) (1,541) (1,351) (1,351)Trade payables (2,585) 0 0 (2,585) (2,585) (2,585) (3,538) 0 0 (3,538) (3,538) (3,538)Other liabilities (1,516) (35) 0 (1,551) (1,551) (1,551) (1,722) (49) 0 (1,771) (1,771) (1,771)Amortised cost (4,347) (1,462) (1,134) (6,943) (6,707) (6,707) (5,474) (1,572) (293) ( 7,33 9) (7,0 82) (7,08 2)Total financial liabilities (4,389) (1,462) (1,134) (6,985) (6,749) (6,749) (5,507) (1,572) (293) (7, 3 72) (7, 11 5 ) ( 7, 115)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__137": {
"value": "Financial assets are classified based on the contractual cash flow characteristics of the financial asset as well as our intention with the financial asset according to our business model.If cash flows from a financial asset are solely payments of principal and interests the classification is either:\u2022 Amortised cost, for financial assets, where the objective is to hold the financial asset to collect the contractual cash flows.\u2022 Fair value through profit/loss, for other financial assetsHedging instruments designated as hedge accounting are classified separately and are measured at fair value.Based on this, all financial assets and liabilities, except for hedging instruments, securities and investments, are measured at amortised cost.The table on the next page shows the fair value of all financial instruments and compares it to the carrying amount. For the mortgage debt, the fair value is deter-mined as the quoted price of the underlying mortgage bonds funding the debt. The carrying amount for the other items is a reasonable approximation of fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__136": {
"value": "Financial assets are classified based on the contractual cash flow characteristics of the financial asset as well as our intention with the financial asset according to our business model.If cash flows from a financial asset are solely payments of principal and interests the classification is either:\u2022 Amortised cost, for financial assets, where the objective is to hold the financial asset to collect the contractual cash flows.\u2022 Fair value through profit/loss, for other financial assetsHedging instruments designated as hedge accounting are classified separately and are measured at fair value.Based on this, all financial assets and liabilities, except for hedging instruments, securities and investments, are measured at amortised cost.The table on the next page shows the fair value of all financial instruments and compares it to the carrying amount. For the mortgage debt, the fair value is deter-mined as the quoted price of the underlying mortgage bonds funding the debt. The carrying amount for the other items is a reasonable approximation of fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__138": {
"value": "6.1 Share-based paymentShare-based payment programmes outstanding at the end of 2025 consist of the performance share programme (the recurring long-term incentive programme) and restricted share programmes that were granted in 2023 and 2025.Performance sharesThe performance shares units (PSU) are based on a three year performance period and the performance measure-ment is based on key financial performance indicators as well as continued employment. For the outstanding programmes the key performance indicators are Order Intake, EBITA margin, total shareholder return (TSR) and sustainability indicators (MZ). Under the programmes, the number of PSUs (shares) that will eventually vest depends on the level of achievement of the key performance indicators. The purpose of the performance share programme is to ensure common goals for Executive Leadership Team, key employees and shareholders.The value of the PSUs at grant date is measured at fair value (market price) of the shares adjusted for the expected performance under the TSR KPI.The programme granted in March 2022 expired during 2025 with a payout of 199,333 shares (total fair value of DKK 78m). For the 2025 plan, a maximum of 173,480 shares were granted with 62,929 shares (2024: 72,353 shares on the 2024 plan) to Executive Leadership Team at grant date. The fair value at grant date was DKK 43m.The total number of outstanding performance shares at the end of 2025 was 508,559 (2024: 669,731) of which 421,161 are expected to vest (2024: 618,255). This includes the expected vesting of 185,084 performance shares in 2026 under the programme granted in March 2023.Restricted sharesTo realise FLSmidth\u2019s transformation journey selected key employees were granted a three-year share programme in 2023, see table below. The programme will vest in two tranches, with 1/3 vesting in 2025 and the remaining shares in 2026, and is subject to the partici-pants being actively employed. In 2025 33,553 restricted shares have vested, with the expectation that a further 48,813 will vest in 2026. This is lower than expected due to the stepping down and consequent forfeit of any future grants, by the former CEO. Conditional grant March-25 March-24 March-23Performance period Jan 2025 - Dec 2027 Jan 2024 - Dec 2026 Jan 2023 - Dec 2025Vesting period Mar 2025 - Feb 2028 Mar 2024 - Feb 2027 Mar 2023 - Feb 2026Vesting conditions, other than service conditions OI, EBITA, TSR, MZ EBITA, TSR, MZ EBITA, TSR, MZShare price at grant date and share-based payments measured at fair valueDKK/DKKm 2025 2024Share price at grant date 374.92 324.04Market price per share, end of year 445.00 356.00Total fair value of performance shares expected to vest at the end of the vesting period, end of year 187 220Outstanding performance shares2025 2024Executive Executive Leader-Key Total Leader-Key Total DKKmship Teamemployeesnumbership TeamemployeesnumberOutstanding performance shares 1 January 164,360 505,371 669,731 161,436 493,647 655,083Awards 2025 62,929 131,911 194,840 72,353 213,822 286,175Vested (54,020) (145,313) (199,333) (2 7,9 3 5 ) (121,182) (149,117)Lapsed/forfeited (85,604) (71,075) (156,679) (14,985) (107,425) (122,410)Change in positions (10,647) 10,647 0 (26,509) 26,509 0Outstanding performance shares 31 December 7 7,0 1 8 431,541 508,559 164,360 505,371 669,731Expected to vest 63,782 3 57, 379 421,161 152,571 465,684 618,255To further realise FLSmidth\u2019s continuing transforma-tional journey over the next three years a share-based long term incentive programme (Restricted Share Units \u2013 RSUs) was granted in 2025 to selected management positions, including the former CEO and the CFO. The programme will vest in 2028.\u00a7 Accounting policyThe performance share and the restricted share programmes are classified as equity based, as the schemes settle in shares.The value of the services received in exchange for the granting of performance share units (PSUs) and restricted share units (RSUs), is measured as the fair value of the share units at grant date. The fair value of the PSUs and RSUs is determined based on the quoted share price and for the PSUs adjusted for the expected performance under the TSR KPI, both determined at grant date. The fair value is not adjusted for dividend as partici-pants of the programme are compensated for dividend pay-outs during the performance period.The fair value is recognised in staff cost in the income statement and in equity over the vesting period which is three years.On initial recognition of the PSUs, the number of PSUs expected to vest are estimated. Subsequently, the estimate is revised so that the total cost recognised is based on the actual number of PSUs expected to vest, however, keeping the expectations related to the TSR KPI unchanged compared to grant date.Restricted shares 2025 2024Conditional grant March-23March-23March-25-Performance and vesting period Mar 2023-Mar 2026Mar 2023-Mar 2026Mar 2025-Mar 2028-Vesting conditions, other than service conditions None NoneFair value, end of year (DKKm) 36 33Outstanding restricted shares 2025 2024Executive Executive DKKmLeadership Team Key employees Total numberLeadership Team Key employees Total numberOutstanding restricted shares 1 January 36,546 55,545 92,091 45,912 57,458 103,370Awards 18,906 25,404 44,310 0 0 0Vested (11,268) (22,255) (33,523) 0 0 0Forfeited (21,498) (190) (21,688) (238) (11,041) (11,279)Change in positions (3,423) 3,423 0 (9,128) 9,128 0Outstanding restricted shares 31 December 19,263 61,927 81,190 36,546 55,545 92,091Expected to vest 81,190 92,091",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__140": {
"value": "6.2 Related party transactionsRelated parties to FLSmidth are determined as members of the Board of Directors and Executive Leadership Team, their close family members, or companies in which these persons have significant influence and the associated entities over which FLSmidth has significant influence.During 2025, FLSmidth had ordinary sales transactions of DKK 9m (2024: DKK 12m) with its associate Intertek Robotic Laboratories Pty Ltd. Other than that, there were no significant transactions between FLSmidth and any of its related parties, other than ordinary remuneration of the Board of Directors and Executive Leadership Team in 2024 and 2025. Refer to note 1.5 Staff cost and the Remuneration report 2025.",
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}
},
"f1__s9__7__139": {
"value": "The performance share and the restricted share programmes are classified as equity based, as the schemes settle in shares.The value of the services received in exchange for the granting of performance share units (PSUs) and restricted share units (RSUs), is measured as the fair value of the share units at grant date. The fair value of the PSUs and RSUs is determined based on the quoted share price and for the PSUs adjusted for the expected performance under the TSR KPI, both determined at grant date. The fair value is not adjusted for dividend as partici-pants of the programme are compensated for dividend pay-outs during the performance period.The fair value is recognised in staff cost in the income statement and in equity over the vesting period which is three years.On initial recognition of the PSUs, the number of PSUs expected to vest are estimated. Subsequently, the estimate is revised so that the total cost recognised is based on the actual number of PSUs expected to vest, however, keeping the expectations related to the TSR KPI unchanged compared to grant date.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s9__7__141": {
"value": "6.3 Audit feeFees to independent auditorDKKm 2025 2024Statutory audit 19 21Other assurance engagement 1 2Total audit related services 20 23Tax and indirect taxes consul-tancy 0 0Other services 1 0Total non-audit services 1 0Total feesto independent auditor 21 23In addition to statutory audit, EY Godkendt Revisionspar-tnerselskab, the FLSmidth Group auditors appointed at the Annual General Meeting, provided other assurance engagements, primarily consisting of limited assurance on the Sustainability statement and reasonable assur-ance on the Remuneration Report for FLSmidth & Co. A/S. Other services for 2025 primarily relates to cyber security advisory. All non-audit services have been approved by the Audit Committee.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__142": {
"value": "6.4 Events after the balance sheet dateWe are not aware of any subsequent matters, that could be of material importance to FLSmidth\u2019s financial posi-tion.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s9__7__145": {
"value": "6.5 List of Group CompaniesThe Group structure has been reorganised to represent the ongoing business activities following the divestment of the Cement business. An exception to this revised Group structure is Matr. nr. 2055 A/S. This entity is recognised as an asset held for sale as it includes the previous headquarter located in Valby. Further information regarding this classification can be found in note 2.13 Assets & liabilities held for sale.Direct Group Company name Countryholding (pct.)FLSmidth & Co. A/S Denmark FLSmidth S.A.C. Peru 100 FLSmidth Mining Technology (Beijing) Co. Ltd. China 100 FLSmidth Finans A/S Denmark 100 Matr. nr. 2055 A/S**** Denmark 100 SLF Romer XV ApS Denmark 100 Gemena Sp. Z.o.o. Poland 100FLSmidth A/S Denmark 100 FLS Maroc Morocco 100 FLSmidth Kenya Limited Kenya 100 FLSmidth Panama Inc. Panama 100 FLSmidth Paraguay S.A. Paraguay 100 Cement Knowledge Center Kingdom of Saudi Arabia 51 FLSmidth S.A. Spain 100 FLSmidth S.A.S. EN LIQUIDACION Colombia 100 FLSmidth Mongolia Mongolia 100 FLSmidth (UK) Limited United Kingdom 100 FLSmidth Caucasus Limited Liability Company (LLC) Armenia 100(in Members voluntary liquidation) NHI-Fuller (Shenyang) Mining Co. Ltd. China 50 FLS GHANA LTD Ghana 100Direct Group Company name Countryholding (pct.) FLSmidth Argentina S.A. (in Members voluntary liquidation) Argentina 100 PT FLSmidth Indonesia Indonesia 100 FLSmidth GmbH Austria 100 FLSmidth Co. Ltd. Vietnam 100 FLSmidth LLP Kazakhstan 100 TOO FLSmidth Plant Construction Kazakhstan Kazakhstan 100 TOO FLSmidth Plant Engineering Kazakhstan Kazakhstan 100 FLSmidth Shanghai Ltd. China 100 FLSmidth Qingdao Ltd. China 100 Saudi FLSmidth Co. Kingdom of Saudi Arabia 100 FLSmidth Nepal Private Limited Nepal 100 FLSmidth SAS France 100 FLSmidth Rusland Holding A/S Denmark 100 FLSmidth Rus OOO ** Russia 100 FLSmidth Industrial Solutions Ltda. Brazil 100 FLSmidth Industrial Solutions Makine Sanayi Ve Ticaret A.\u015e. Turkey 100 FLSmidth Services Foreign Enterprise LLC Uzbekistan 100 FLSmidth Support Services (Philippines) Inc. Phillippines 100 FLS Global Business Centre Romania S.R.L. Romania 100 NL Supervision Company Tunisia Tunisia 100 NLSupervison Company Angola (SU) LDA. Angola 100Direct Group Company name Countryholding (pct.)FLS US Holdings, Inc. USA 100 FLSmidth Inc. USA 100 Phillips Kiln Services (India) Pvt. Ltd.* India 50 Fuller Company USA 100 FLSmidth Dorr-Oliver Eimco SLC Inc. USA 100 FLSmidth Dorr-Oliver Inc. USA 100 \u203a FLSmidth Dorr-Oliver International Inc. USA 100 B & R Warehousing, L.L.C. USA 100FLSmidth Germany GmbH *** Germany 100 FLSmidth Wadgassen Ltd. ** Russia 100 thyssenkrupp Industrial Solutions Maroc SARL (in Members voluntary liquidation) Morocco 100 FLSmidth Cement (Beijing) Ltd. China 100 KH Mineral S.A.S. (in liquidation) France 100 OOO FLSmidth Mining Technologies (RUS) ** Russia 100 FLSmidth Mining Technologies (Thailand) Ltd. (in Members voluntary liquidation) Thailand 100Direct Group Company name Countryholding (pct.)FLSmidth Minerals Holding ApS Denmark 100 FLSmidth Private Limited India 100 FLSmidth S.A. Chile 100 FLSmidth Ltd. Canada 100 Farnell-Thompson Applied Technologies Inc. Canada 100 FLSmidth S.A. de C.V. Mexico 100 FLSmidth (Pty.) Ltd. South Africa 100 FLSMIDTH-SOCIEDADE UNIPESSOAL, LDA Angola 100 FLSmidth Mozambique Limitada Mozambique 100 FLSmidth (Pty) Ltd. Botswana 85 FLSmidth South Africa (Pty.) Ltd. South Africa 74 Scott Specialized Rubber and Engineering Company (Pty) Ltd South Africa 100 FLSmidth Industrial Solutions Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions South Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions Mozambique Limitada Mozambique 100 FLSmidth Pty. Ltd. Australia 100 FLSmidth ABON Pty. Ltd. (under Members voluntary liquidation) Australia 100 Intertek Robotic Laboratories Pty Ltd * Australia 50 FLSmidth Industrial Solutions (Australia) Pty. Ltd Australia 100* Associate** There are no activities in the Russian companies*** FLSmidth Germany GmbH makes use of the exemption provisons according to section 264 (3) of the German Commercial Code (HGB)**** The entity is classified as assets held for sale (ref. note 2.13).All other enterprises are Group enterprises. The activity level in Group companies in hyperinflation countries is insignificant. Therefore, IAS29 Financial Reporting in Hyperinflationary Economies has not been used.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__143": {
"value": "6.5 List of Group CompaniesThe Group structure has been reorganised to represent the ongoing business activities following the divestment of the Cement business. An exception to this revised Group structure is Matr. nr. 2055 A/S. This entity is recognised as an asset held for sale as it includes the previous headquarter located in Valby. Further information regarding this classification can be found in note 2.13 Assets & liabilities held for sale.Direct Group Company name Countryholding (pct.)FLSmidth & Co. A/S Denmark FLSmidth S.A.C. Peru 100 FLSmidth Mining Technology (Beijing) Co. Ltd. China 100 FLSmidth Finans A/S Denmark 100 Matr. nr. 2055 A/S**** Denmark 100 SLF Romer XV ApS Denmark 100 Gemena Sp. Z.o.o. Poland 100FLSmidth A/S Denmark 100 FLS Maroc Morocco 100 FLSmidth Kenya Limited Kenya 100 FLSmidth Panama Inc. Panama 100 FLSmidth Paraguay S.A. Paraguay 100 Cement Knowledge Center Kingdom of Saudi Arabia 51 FLSmidth S.A. Spain 100 FLSmidth S.A.S. EN LIQUIDACION Colombia 100 FLSmidth Mongolia Mongolia 100 FLSmidth (UK) Limited United Kingdom 100 FLSmidth Caucasus Limited Liability Company (LLC) Armenia 100(in Members voluntary liquidation) NHI-Fuller (Shenyang) Mining Co. Ltd. China 50 FLS GHANA LTD Ghana 100Direct Group Company name Countryholding (pct.) FLSmidth Argentina S.A. (in Members voluntary liquidation) Argentina 100 PT FLSmidth Indonesia Indonesia 100 FLSmidth GmbH Austria 100 FLSmidth Co. Ltd. Vietnam 100 FLSmidth LLP Kazakhstan 100 TOO FLSmidth Plant Construction Kazakhstan Kazakhstan 100 TOO FLSmidth Plant Engineering Kazakhstan Kazakhstan 100 FLSmidth Shanghai Ltd. China 100 FLSmidth Qingdao Ltd. China 100 Saudi FLSmidth Co. Kingdom of Saudi Arabia 100 FLSmidth Nepal Private Limited Nepal 100 FLSmidth SAS France 100 FLSmidth Rusland Holding A/S Denmark 100 FLSmidth Rus OOO ** Russia 100 FLSmidth Industrial Solutions Ltda. Brazil 100 FLSmidth Industrial Solutions Makine Sanayi Ve Ticaret A.\u015e. Turkey 100 FLSmidth Services Foreign Enterprise LLC Uzbekistan 100 FLSmidth Support Services (Philippines) Inc. Phillippines 100 FLS Global Business Centre Romania S.R.L. Romania 100 NL Supervision Company Tunisia Tunisia 100 NLSupervison Company Angola (SU) LDA. Angola 100Direct Group Company name Countryholding (pct.)FLS US Holdings, Inc. USA 100 FLSmidth Inc. USA 100 Phillips Kiln Services (India) Pvt. Ltd.* India 50 Fuller Company USA 100 FLSmidth Dorr-Oliver Eimco SLC Inc. USA 100 FLSmidth Dorr-Oliver Inc. USA 100 \u203a FLSmidth Dorr-Oliver International Inc. USA 100 B & R Warehousing, L.L.C. USA 100FLSmidth Germany GmbH *** Germany 100 FLSmidth Wadgassen Ltd. ** Russia 100 thyssenkrupp Industrial Solutions Maroc SARL (in Members voluntary liquidation) Morocco 100 FLSmidth Cement (Beijing) Ltd. China 100 KH Mineral S.A.S. (in liquidation) France 100 OOO FLSmidth Mining Technologies (RUS) ** Russia 100 FLSmidth Mining Technologies (Thailand) Ltd. (in Members voluntary liquidation) Thailand 100Direct Group Company name Countryholding (pct.)FLSmidth Minerals Holding ApS Denmark 100 FLSmidth Private Limited India 100 FLSmidth S.A. Chile 100 FLSmidth Ltd. Canada 100 Farnell-Thompson Applied Technologies Inc. Canada 100 FLSmidth S.A. de C.V. Mexico 100 FLSmidth (Pty.) Ltd. South Africa 100 FLSMIDTH-SOCIEDADE UNIPESSOAL, LDA Angola 100 FLSmidth Mozambique Limitada Mozambique 100 FLSmidth (Pty) Ltd. Botswana 85 FLSmidth South Africa (Pty.) Ltd. South Africa 74 Scott Specialized Rubber and Engineering Company (Pty) Ltd South Africa 100 FLSmidth Industrial Solutions Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions South Africa (Pty) Ltd. South Africa 100 \u203a FLSmidth Industrial Solutions Mozambique Limitada Mozambique 100 FLSmidth Pty. Ltd. Australia 100 FLSmidth ABON Pty. Ltd. (under Members voluntary liquidation) Australia 100 Intertek Robotic Laboratories Pty Ltd * Australia 50 FLSmidth Industrial Solutions (Australia) Pty. Ltd Australia 100* Associate** There are no activities in the Russian companies*** FLSmidth Germany GmbH makes use of the exemption provisons according to section 264 (3) of the German Commercial Code (HGB)**** The entity is classified as assets held for sale (ref. note 2.13).All other enterprises are Group enterprises. The activity level in Group companies in hyperinflation countries is insignificant. Therefore, IAS29 Financial Reporting in Hyperinflationary Economies has not been used.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__146-1": {
"value": "7.1 IntroductionThis section provides an overview of our principal accounting policies and judgements as well as new and amended IFRS standards and interpretations. The following sections provide an overall description of the accounting policies applied to the consolidated financial statements. We provide a more detailed description of the accounting policies and key estimates and judgements in the relevant notes. An overview of key accounting estimates and judgements are provided in a separate section after the primary financial statements.The descriptions of accounting policies in the state-ments and notes form part of the overall description of accounting policies.The annual report has been approved by the Board of Directors at its meeting 18 February 2026. The annual report will be presented to the shareholders of FLSmidth & Co. A/S for approval at the Annual General Meeting on 24 March 2026.The consolidated financial statements of FLSmidth Group have been prepared in accordance with IFRS Accounting Standards\u00ae as adopted by the EU and further requirements in the Danish Financial Statements Act for listed companies in class D.7.5 Defining materialityThe annual report is based on the concept of materi-ality, to ensure that the content is material and relevant to the readers. The consolidated financial statements consist of many transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements and in the notes as required by IFRS. If items are individually immaterial, they are aggregated with other items of a similar nature in the consolidated financial statements or in the notes.The disclosure requirements throughout IFRS are substantial, and we provide the specific disclosures required by IFRS unless the information is considered immaterial to the economic decision making of the readers of these consolidated financial statements.",
"dimensions": {
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__149": {
"value": "7.4 Basis of preparationThe consolidated financial statements of FLSmidth Group have been prepared in accordance with IFRS Accounting Standards\u00ae as adopted by the EU and further requirements in the Danish Financial Statements Act for listed companies in class D. The consolidated financial statements have been prepared on a going concern basis and under the histor-ical cost convention, except for derivatives and secu-rities, which are measured at fair value. The accounting policies are unchanged from last year except for changes included in note 7.8.As required under the Commission\u2019s Delegated Regula-tion (EU) 2019/815 (ESEF Regulation), FLSmidth & Co. A/S\u2019 annual report is filed in the European Single Electronic Format (ESEF). The consolidated financial statements and notes are tagged using inline eXtensible Business Reporting Language (iXBRL). FLSmidth Group\u2019s iXBRL tagging complies with the ESEF taxonomy included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy has been created, except for elements corresponding to subtotals. The annual report submitted to the Danish Financial Supervisory Authority consists of a zip-file (213800MXXDGQ3ITPXI41-2025-12-31-en.zip) that includes an XHTML file, that can be opened in standard web browsers and a number of technical XBRL files that make automated extracts of the incorporated XBRL data possible.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__155": {
"value": "ConsolidationThe consolidated financial statements comprise the financial statements of FLSmidth & Co. A/S (the parent company) and subsidiaries controlled by FLSmidth & Co. A/S, prepared in accordance with Group accounting poli-cies. The consolidated financial statements are prepared by combining items of a uniform nature and subse-quently eliminating intercompany transactions, internal shareholdings and balances and unrealised intercompany profits and losses.",
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"f1__s9__7__156": {
"value": "Foreign currenciesThe consolidated financial statements are presented in Danish Kroner (DKK) that is the functional currency of the parent company.Foreign currency transactions are translated into the functional currency defined for each company using the prevailing exchange rates at the transaction date. Monetary items denominated in foreign currencies are translated into the functional currency at the prevailing exchange rates at the reporting date.Financial statements of foreign subsidiaries are trans-lated into Danish Kroner at the prevailing exchange rates at the reporting date for assets and liabilities, and at average exchange rates for income statement items.All exchange rate differences are recognised as financial income or financial costs, except for the following, that are recognised in other comprehensive income, trans-lated at the prevailing exchange rates at the reporting date:\u2022 Translation of foreign subsidiaries\u2019 net assets at the beginning of the year\u2022 Translation of foreign subsidiaries\u2019 income statements from average exchange rates to the exchange rates prevailing at the reporting date\u2022 Translation of long-term intercompany balances, which are considered to form part of the net invest-ment in subsidiariesGoodwill arising from the acquisition of new companies is treated as an asset belonging to the new foreign subsid-iaries and translated into Danish Kroner at prevailing exchange rates at the reporting date.Unrealised gain/loss relating to hedging of future cash flow is recognised in other comprehensive income.",
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"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__158": {
"value": "7.8 Impact from new IFRS Accounting StandardsWe have implemented all changes to IFRS Accounting Standards as adopted by the EU and applicable for the 2025 financial year, including:\u2022 Amendments to IAS 21, Lack of Exchangeability. The amendment adds provisions on how to assess whether a currency is exchangeable into another currency and, when it is not, how to estimate the exchange rate and disclosures to be provided (issued August 2023).The implementation of the above amendments has not had and is not expected to have a significant impact on the consolidated financial statements.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MXXDGQ3ITPXI41",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s9__7__157": {
"value": "7.8 Impact from new IFRS Accounting StandardsWe have implemented all changes to IFRS Accounting Standards as adopted by the EU and applicable for the 2025 financial year, including:\u2022 Amendments to IAS 21, Lack of Exchangeability. The amendment adds provisions on how to assess whether a currency is exchangeable into another currency and, when it is not, how to estimate the exchange rate and disclosures to be provided (issued August 2023).The implementation of the above amendments has not had and is not expected to have a significant impact on the consolidated financial statements.",
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"language": "en",
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