1 January – 31 March 2026
Company Announcement no. 24-2026
Interim Report
Q1 2026
Management review
Highlights
Highlights Q1 2026 4
Financial highlights Q1 2026 5
Sustainability highlights Q1 2026 6
Sustainability performance highlights Q1 2026 7
Comparative figures and key ratios 8
Key figures 9
2026 financial guidance 10
Performance
Service business 12
Products business 14
PC&V business 16
Consolidated financial performance Q1 2026 18
Consolidated Condensed
Financial statements
Income statement 23
Statement of comprehensive income 23
Cash flow statement 24
Balance sheet 25
Equity statement 26
Notes
1. Key accounting estimates and judgements 28
2. Income statement by function 28
3. Segment information 29
4. Revenue 30
5. Other operating net income 31
6. Provisions 32
7. Contractual commitments and contingent
assets & liabilities 32
8. Net working capital 33
9. Business acquisition 33
10. Shareholders’ equity 33
11. Events after the balance sheet date 33
12. Accounting policies 34
Statement by Management 36
Forward looking statements 37
Contents
Frontpage: Service technician, Mogalakwena
Platinum Mine, Bushveld Complex, South Africa
Service Centre Chloorkop,
South Africa
Management review
Highlights Q1 2026 4
Financial highlights Q1 2026 5
Sustainability highlights Q1 2026 6
Sustainability performance highlights Q1 2026 7
Comparative figures and key ratios 8
Key figures 9
2026 financial guidance 10
Highlights
Service technician, Perth Service Centre
(Supercenter), Western Australia
Service business reported
very strong 19% organic
growth in order intake in Q1
2026
Products market conditions
remained subdued, adversely
impacting Q1 order intake in
the quarter as expected
Continued strong commercial
performance in PC&V, with
16% organic growth in order
intake in Q1 2026
Revenue declined organically
by 7% in Q1 2026, driven by
timing and order mix in recent
quarters
The Adj. EBITA margin
improved to 15.2% in Q1 2026
versus 14.6% in Q1 2025
Satisfactory cash flow
generation with cash flow
from operations of DKK 103m
in Q1 2026
Market and
commercial
highlights
Sale of former corporate
headquarter completed in
March 2026
Qasim Abrahams appointed
President, Products Business
Line, and Alanas Kraujalis
appointed Interim President of
the Service Business Line
CPO & Global Business
Services EVP, Cori Petersen, to
leave FLSmidth, with Prathima
Adluri appointed interim CPO
Strategic
and corporate
highlights
Financial
highlights
Highlights Q1 2026
The first quarter of 2026 progressed largely in line with plans. Market
conditions remained stable and active for both the Service and PC&V
businesses, which supported very strong organic growth in order intake of 19% and 16%
for the two businesses, respectively.
In the Products business, market conditions remained subdued in the first quarter of
2026, resulting in a 28% decline in organic order intake in the quarter. However, there are
early indications of potential momentum within certain commodities, particularly copper
and gold, should projects in the pipeline progress as anticipated towards the end of the
year or into early 2027.
Revenue in the Service business declined organically by 3%. This was primarily driven by
timing and the mix of order intake in previous quarters. The Products business experi-
enced slower-than-expected revenue conversion, resulting in an organic decrease of
25% for the quarter. PC&V business revenue grew organically by 1%, in line with expecta-
tions. Overall, organic revenue fell by 7% during the quarter. The Adjusted EBITA margin
improved to 15.2%, up from 14.6% in Q1 2025.
During the quarter, we further strengthened our leadership team with the appointment
of Qasim Abrahams as President of the Products Business Line and Alanas Kraujalis as
Interim President of the Service Business Line. These appointments will help accelerate
growth, enhance our service offerings and reinforce our technology portfolio, all while
maintaining disciplined cost management.
Overall, the quarter developed broadly in line with expectations. While revenue was at a
lower level in the quarter, we are encouraged by the very strong order intake in Service
and PC&V and maintain our financial guidance for the full year.
Toni Laaksonen, Chief Exective Officer
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 4
Q1 2025 Q1 2025 Q1 2025 Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2025
Q1 2026 Q1 2026 Q1 2026 Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
Q1 2026
725
701
20%
35%
17%
28%
29%
12%
19%
40%
34%
28%
19%
19%
Financial highlights Q1 2026
Order intake DKKm
â–²
-31% (organic -28%)
594
Order intake DKKm
â–² 3% (organic 8%)
3,898
Order intake DKKm
â–² 14% (organic 19%)
2,451
Order intake DKKm
â–² 12% (organic 16%)
853
Revenue DKKm
â–²
-30% (organic -25%)
557
Revenue DKKm
â–²
-12% (organic -7%)
3,279
Revenue DKKm
â–²
-7% (organic -3%)
2,021
Revenue DKKm
â–²
-3% (organic 1%)
701
Products FLSmidth GroupService PC&V
EBITA & EBITA margin DKKm – %
â–² 95% improvement
(4)
-0.7% (adj. -0.7%)
EBITA & EBITA margin DKKm – %
â–² 130% improvement
1,167
35.6% (adj. 15.2%)
EBITA & EBITA margin DKKm – %
â–²
-21% deterioration
331
16.4% (adj. 16.6%)
EBITA & EBITA margin DKKm – %
â–²
-2% deterioration
165
23.5% (adj. 24.0%)
Cash flow from operating activities (CFFO)
DKK 103m â–² from DKK -12m in Q1 2025
Earnings per share (EPS)
DKK 18.1
â–²
from DKK 6.1 in Q1 2025
Net working capital ratio (%)
1
19.6% â–² from 15.3% end of Q1 2025
NIBD/EBITDA
1
0.6x â–² from 0.5x end of Q1 2025
169
165
763
853
3,777
3,898
3,708
3,279
508
1,167
865
594
801
557
(81)
(4)
2,149
2,451
2,182
2,021
420
331
Revenue per region %
NAMER
SAMER
EMEA
APAC
Revenue per region %
NAMER
SAMER
EMEA
APAC
Revenue per region %
NAMER
SAMER
EMEA
APAC
Note: The gain from the sale of FLSmidth's former headquarter in Valby, Denmark (DKK 675m) cannot be allocated to a segment because of its size and nature. The gain is included in the FLSmidth Group consolidated result for Q1 2026.
1
Q1 2025 figures related to the balance sheet have not been restated and therefore include both continuing and discontinued activities. Figures related to the income statement have been restated and reflect the continuing activities only.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 5
Q1 2026
Q1 2026 Q1 2026 Q1 2026
Q1 2026
Q1 2026
Q1 2025
2025 2025 Q1 2025
2025
2025
Sustainability highlights Q1 2026
Safety Water withdrawalWomen managers
Scope 1 & 2 Greenhouse
gas emissions
Spend with suppliers with
science-based targets
Scope 3 Economic intensity
(use of sold products)
Rate of recordable work-related accidents
/million working hours
3.0 (target <1.0)
â–²
0.7 deterioration
m
3
26,475 (2026 target 122,187)
â–² 3.7% improvement
Percentage of all managers
15.4 (ta r g e t >1 7. 6 % )
â–²
0.2%-points deterioration
tCO
2
e (market-based)
7,032 (2026 target <21,363)
â–²
0.4% deterioration
Percentage of total spend
28.1 (target >30%)
â–² 2.9%-points improvement
tCO
2
e/DKKm order intake
2,793 (target <4,069 by 2030)
â–² 10.8% improvement
1
Q1 2025 and 2025 comparative figures have been disclosed
for the continuing activities only.
In Q1 2026, performance was
mixed as we progressed positively
in Economic Intensity, Water
Withdrawal and Spend with
Suppliers with science-based
targets set KPIs, but deteriorated
across Safety and the percentage
of Women managers
1
.
3.0
2.3
15.4%
15.6%
26,475
27,483
7,0 32
7,006
28.1%
25.2%
2,793
3,131
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 6
Sustainability performance highlights Q1 2026
Mission Zero and Sustainability developments at FLSmidth
FLSmith renews climate targets with a Net
Zero long-term commitment The Science Based
Targets initiative (SBTi) has validated our updated
emission targets, confirming alignment with the
1.5°C pathway. This approval covers scopes 1, 2
and 3 and provides a clear, accountable roadmap
for action across our operations and value chain.
The validated targets include carbon neutrality
in scope 1 and 2 by 2030, driven by an 80% emis-
sions reduction versus an updated 2019 baseline
and the use of high-integrity carbon credits for
residual, hard-to-abate emissions from 2030
onwards.
Within Scope 3, we have committed to a 30%
absolute reduction by 2030 versus the updated
2019 baseline, focusing especially on emissions
linked to the use of FLSmith equipment, where our
biggest impact sits. Looking at the longer term,
the SBTi has verified FLSmith’s net-zero science-
based target across scopes 1, 2 and 3 by 2050.
With SBTi validation in place, we can move faster
with customers and suppliers, track progress
transparently, and demonstrate measurable
climate impact as a core part of business perfor-
mance.
Closing of our Valby headquarters On 31 March,
FLSmith handed over ownership of the head
office at Valby, Denmark, bringing an end to more
than a century of FLSmith presence at the site.
Ahead of the transition, priority was given to
reusing interior assets and avoiding unnecessary
waste. To give a second life to thousands of items,
several hundred employees and family members
participated in an inclusive process to acquire
items and keepsakes. All remaining items were
offered for donation to NGOs, charities and local
community organisations, ensuring a responsible
transition and positive community engagement.
Scope 1 and 2 GHG emissions year to date has
increased by 0.4% compared to the comparable
period in 2025. Emissions year to date were
impacted by a particularly cold winter. Improve-
ments to the energy efficiency of some of our
building stock and increase in self-generated
renewable electricity for the quarter mitigated
some of the impact of the colder winter.
Scope 3 Economic Intensity (use of sold
products) reflects the life-time emissions of our
product sales and performance is sensitive to
order mix. Economic Intensity fell by 10.8% during
the quarter, driven by an increase in service order
intake compared to product order intake, as well
as a reduction of sales in high intensity products
relative to 2025.
Spend with suppliers with science-based targets
increased by 2.9%-points compared to the end of
2025. Spend during the quarter was supported by a
greater allocation of spend to existing core suppliers
with targets
.
Safety, Total recordable injury rate increased
by 0.7 compared with the end of 2025, marking
a deterioration in performance. We continue
to focus our health and safety efforts through
enhanced site-level risk assessments, visible
leadership engagement, and increased employee
communication to reinforce safe behaviors.
We observe that incidents of serious injuries
have remained flat, reflecting continued focus on
preventive actions to reduce the severity of inju-
ries. Cross-site learning from recordable incidents
has been emphasized to improve consistency and
prevention. To work towards our long-term health
and safety objectives.
Percentage of Women managers (12-months
rolling) decreased 0.2% percentage points
compared with the end of 2025. The decline is
primarily driven by reductions in shared func-
tions during 2025, which have historically had a
higher representation of women. Going forward,
continued focus will be placed on inclusive talent
processes, leadership development, and succes-
sion planning to support progress on this KPI over
the longer term.
Water withdrawal year to date improved 3.7%
compared to comparable period in 2025. This has
been supported by site consolidation and initia-
tives that were implemented during 2025, including
two water re-use systems implemented at our
sites in Tuscon and Qingdao.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 7
Comparative figures and key ratios
Reporting - Income statement for
Q1 2026 including comparative
figures and balance sheet
After FLSmidth Cement and Air Pollution Control
divestments were announced in June 2025,
related financial results have been reported as
discontinued activities. Comparative figures
related to the income statement have been
restated to reflect the continuing activities.
Following the closing of the transactions in Q4
2025, these balances are no longer part of the
consolidated Group balance sheet.
Key figures in the Interim Report Q1 2026
Throughout the interim report, we present finan-
cial measures that are not defined according to
IFRS. We refer to note 7.6 Alternative performance
measures, and note 7.10 Definition of terms - both
in the Annual Report 2025. Further, due to divest-
ment of the Cement and Air Pollution Control
businesses together with the separation of
continuing and discontinued activities, there have
been impacts on the calculation of these in this
interim report.
Income statement and earnings ratios
The figures and ratios in both sections are based
on continuing activities unless otherwise specifi-
cally stated in the text for each line item.
Cash flow
For the comparative Q1 2025 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.
Comparable discontinued activities related to the
Cement and Air Pollution Control businesses are
reflected for the first 10 and 12 months, respec-
tively, of fiscal year 2025, up to the effective date
of divestments.
Balance sheet
All line items in the balance sheet for Q1 2026 and
full year 2025, reflect the continuing activities only.
Comparatives figures for Q1 2025 are not restated.
Financial ratios
For financial ratios where the numerator or denomi-
nator is derived from the income statement, as well
as the capital employed ratio, only figures relating to
continuing activities are used in both the current and
comparative reporting periods. Specifically, finan-
cial ratios that include equity are based on income
statement and balance sheet figures comprising
both continuing and discontinued activities.
Return of equity
Return on equity is based on a 12-month rolling
average profit/(loss), which includes both contin-
uing and discontinued activities, as a percentage of
the average equity.
Earnings per share (EPS), diluted
Earnings per share is based on profit/(loss) for the
period, which includes both continuing and discon-
tinued activities, divided by the average number of
shares outstanding (adjusted for treasury shares).
Sustainability performance figures
Sustainability performance figures have been
disclosed for the continuing activities only.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 8
Key figures
DKKm Q1 2026 Q1 2025
1
2025
1
Income statement
Revenue 3,279 3,708
14,612
Gross profit 1,185 1,304
5,110
EBITDA 1,244 567
2,571
EB ITA 1,167 508
2,337
Other operating net income 681 18
262
Adjusted EBITA
2
500 540
2,319
EBIT 1,105 456
2,054
Financial items, net 26 13
(83)
EBT 1,131 469
1,971
Profit/(loss) for the period, continuing activities 985 310
714
Profit/(loss) for the period, discontinued activities - 41
(706)
Profit/(loss) for the period 985 351 8
Orders
Order intake 3,898 3,777
15,045
Order backlog 11,659 11,165
10,893
Earning ratios
Gross margin 36.1% 35.2%
35.0%
EBITDA margin 37.9 % 15.3%
17.6%
EBITA margin 35.6% 13.7%
16.0%
Adjusted EBITA margin
2
15.2% 14.6% 15.9%
EBIT margin 33.7% 12.3%
14.1%
EBT margin 34.5% 12.6%
13.5%
Cash flow
Cash flow from operating activities (CFFO) 103 (12)
996
Acquisitions of property, plant and equipment (58) (88)
(392)
Cash flow from investing activities (CFFI) 643 (110)
(517)
Free cash flow 746 (122)
479
Free cash flow adjusted for acquisitions and
disposals of enterprises and activities 750
3
(120)
640
Balance sheet
Net working capital (NWC) 2,786 2,415
2,406
Net interest-bearing debt (NIBD) (1,929) (1,043)
(2,014)
Total assets 22,469 26,379
22,088
CAPEX 159 187
738
Equity 10,093 11,842
9,500
Dividend to shareholders, paid 217 -
458
DKKm Q1 2026 Q1 2025
1
2025
1
Financial ratios
Book-to-bill 118.9% 101.9% 103.0%
Order backlog / Revenue 82.2% 70.6% 74.5%
Return on equity 5.9% 10.4% 0.1%
Equity ratio 44.9% 44.9% 43.0%
ROCE, average 16.2% 10.1% 12.9%
Net working capital ratio, end 19.6% 15.3% 16.5%
NIBD / EBITDA 0.6x 0.5x 0.8x
Capital employed, average 18,480 18,212 18,047
Number of employees 5,340 5,922 5,494
Share ratios
Cash flow per share, diluted 1.9 (0.2) 17.6
Earnings per share (EPS), diluted 18.0 6.1 0.0
Share price 483.20 329.20 445.00
Number of shares (1,000), end 5 7,6 5 0 5 7, 6 50 5 7, 6 5 0
Market capitalisation, end 27,856 18,967 25,654
Sustainability key figures
4
Scope 1 and 2 greenhouse gas emissions (tCO
2
e) market-based 7,0 3 2 7,006 25,575
Scope 3: Economic intensity Use of sold products (tCO
2
e/DKKm order intake) 2,793 2,365 3,131
Spend with suppliers with science-based targets 28.1% 22.1% 25.2%
Safety, Rate of recordable work-related accidents/million working hours 3.0 2.2 2.3
Women managers 15.4% 15.8% 15.6%
Water withdrawal (m
3
) 26,475 27,483 128,618
Use of alternative performance measures. Throughout the report we present financial measures which are not defined according to IFRS. For
further information, please refer to note 7.6 Alternative performance measures, and note 7.10 Definition of terms in the Annual Report 2025.
The financial ratios have been computed in accordance with the guidelines of the Danish Finance Society. For definitions of terms, please
refer to note 7.10 in the Annual Report 2025.
For financial ratios where the numerator or denominator is derived from the income statement and based on a 12 month rolling average, only
figures relating to the continuing activities are used except the ratios Return on equity and Earnings per share, both based on continuing and
discontinued activities. Refer to note 7.2 Discontinued activities and key figures in the Annual Report 2025.
1
Q1 2025 figures related to the balance sheet have not been restated and therefore include both continuing and discontinued activities.
Q1 2025 and 2025 figures related to the income statement have been restated and reflect the continuing activities only.
2
To illustrate the underlying business performance, we present an adjusted EBITA margin, which excludes costs related to the ongoing
roll-out of the updated ERP platform as well as items reported as other operating net income.
3
Free cash flow for Q1 2026 is positively impacted by the cash collected from the sale of the FLSmidth's former headquarter (DKK 719m).
4
Q1 2025 and 2025 comparative figures have been disclosed for the continuing activities only.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 9
2026 financial guidance
The 2026 financial guidance (ref.
Company Announcement no.
09-2026) is maintained. As FLSmidth
has now entered the final year of
the CORE'26 strategy, the financial
target for the full year 2026 (ref.
Company Announcement no.
2-2023) is replaced by the 2026
financial guidance.
2026 Organic revenue growth
Organic revenue growth is expected to be in
the range of -1% to 4%. Organic revenue growth
is measured at constant exchange rates and
excludes the effects from acquisitions and
disposals. The organic revenue guidance is partly
secured through the order backlog, totalling
DKK 10,893m at the end of 2025, of which 65% is
expected to convert to revenue in 2026. As such,
achieving the 2026 guidance range requires that
additional orders are secured within all business
lines. As a result of the current exchange rates
versus the Danish krone, and assuming that the
current exchange rates are unchanged for the
remainder of the year, the reported revenue
growth is expected to be at the same level as the
organic revenue growth.
2026
financial
guidance
Organic revenue growth
-1% to 4%
Adj. EBITA margin
15.5% to 16.5%
The organic revenue growth guidance reflects the
expectation of:
• Organic revenue growth of 2-5% in the Service
business, supported by continued demand for
productivity enhancing solutions to improve
operational efficiency.
• Organic revenue growth in the Products busi
-
ness of -15% to -5% due to a reduced order
backlog, which has resulted from the compre
-
hensive pruning and de-risking of the product
portfolio completed as well as the persistently
low level of investment activity in the industry.
• Organic revenue growth of 4% to 7% in the
Pumps, Cyclones & Valves (PC&V) business,
supported by continued robust and active
market conditions.
2026 adjusted EBITA margin
The adjusted EBITA margin is expected to be in the
level of 15.5% to 16.5%. The adjusted EBITA margin
is expected to benefit from strong, stable earn-
ings margins in the Service and PC&V businesses
and planned profitability improvements in the
Products business, supported by continued imple-
mentation of the corporate model, driving simpli-
fication, operational efficiency and improved
commercial execution. The adjusted EBITA margin
excludes costs related to the ongoing upgrade
of the ERP platform. These costs are expected
to amount to DKK 100m for the full year 2026.
In addition, the adjusted EBITA margin excludes
Other operating net income, including DKK 675m
stemming from the sale of the Company’s former
corporate headquarters (ref. Company Announce-
ment no. 9-2025), which were recognised in Q1
2026.
Key assumptions for the financial
outlook for the full year 2026
The above expectations are based on assump-
tions that the global or regional macroeconomic
and political environment will not materially
change business conditions for FLSmidth during
2026. This includes stable market conditions and
customer investment levels in the mining industry,
with no major regulatory or trade -policy changes
that could affect project execution or operations.
For more information about the expected sensitiv-
ities from key invoicing currencies, please refer to
note 5.3 in the 2025 Annual Report.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 10
23%
38%
13%
26%
Service business
The Service business showed very strong commercial performance
in Q1 2026, delivering 19% organic growth in order intake in the
quarter, reflecting our continued focus on growth across the
full service portfolio. Orders within upgrades & retrofits and
consumables showed particular progress in the quarter, as
customers increasingly prioritised solutions that extend asset life
and optimise throughput.
Market outlook and trends
Activity in the service market was consistent with
prior periods, supported by sustained demand
for performance-enhancing solutions that enable
customers to capitalise on elevated metal prices,
while simultaneously reducing operating costs by
alleviating flowsheet constraints, lower energy
consumption and maximise output.
Activity within gold projects remains higher than
for other metals, with customers indicating an
overall more positive outlook, supported by the
continued high gold prices.
North America showed improving momentum
as customers gained greater clarity on US tariff
measures, supporting a gradual recovery in project
planning and procurement activity. South America
also remained active, driven by copper-intensive
operations benefiting from elevated and tightening
copper market conditions, with supply constraints
supporting producer confidence and operational
investment across the region.
In the first quarter of 2026, hesitation among
mining companies to approve capital expenditure
programmes continued to affect the timing of
larger modernisation and upgrade projects and the
delivery of certain first-time spare parts.
Order intake split by
region Q1 2026
NAMER
SAMER
EMEA
APAC
Growth in order intake and revenue
in Q1 2026 (vs. Q1 2025)
Order
intake Revenue
Organic 19% -3%
Acquisitions/divestments 0% 0%
Currency -5% -4%
Total grow th 14% -7%
Service
DKKm Q1 2026 Q1 2025 Change (%) 2025
Order intake 2,451 2,149 14% 8,869
Order backlog 5,434 4,987 9% 5,060
Revenue 2,021 2,182 -7% 8,548
Adjusted EBITA
1
336 443 -24% 1,721
Adjusted EBITA margin 16.6% 20.3% 20.1%
Other operating net income 3 2 50% 147
Adjusted items
2
(8) (25) -68% (139)
EBITA 331 420 -21% 1,729
EBITA margin 16.4% 19.2% 20.2%
1
To illustrate the underlying business performance, we present an adjusted EBITA margin, which excludes costs related to the ongoing
roll-out of the updated ERP platform as well as items reported as other operating net income.
2
Adjusted items for Q1 2026 relate to the ongoing upgrade of the ERP platform. For Q1 2025, adjusted items related to transformation and
separation activities.
0
500
1,000
1,500
2,000
2,500
-5
0
5
10
15
20
Revenue Organic growth %
2025 2026
Q1 Q2 Q3 Q4 Q1
Revenue and organic revenue growth
DKKm %
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 12
SAG mill installation by service
centre technicians
Service business
However, this has been partially offset by
increased demand for our modernisation and life-
of-mine solutions as well as consumable solutions,
as customers seek to extend the performance and
longevity of existing assets.
Order intake development in Q1 2026
Organically, Service order intake increased by
19% compared to Q1 2025, supported by broad-
based performance across most sales areas. Total
Service order intake increased by 14% compared
to Q1 2025.
Order backlog
The order backlog increased to DKK 5,434m in Q1
2026 compared to DKK 4,987m in Q1 2025. The
book-to-bill ratio was 121% and 99% in Q1 2025.
Revenue development in Q1 2026
Organically, Service revenue decreased by 3%
compared to Q1 2025, driven primarily by timing
effects. Several orders were received late in the
quarter and are expected to convert to revenue in
subsequent periods. Furthermore, the execution
profile was impacted by the order mix in previous
quarters, which included a higher proportion of
orders with longer lead times from order booking
to revenue recognition. Total revenue declined by
7% compared to Q1 2025.
EBITA development in Q1 2026
The adjusted EBITA margin was 16.6%, when
excluding ERP costs of DKK 8m and other oper-
ating net income of DKK 3m. Including these items
EBITA decreased to DKK 331m corresponding to
an EBITA margin of 16.4% compared to DKK 420m
corresponding to an EBITA margin of 19.2% in Q1
2025.
The year-on-year decrease in EBITA was primarily
driven by a lower level of revenue as well as
revenue mix, with several lower-margin orders
being executed in Q1 2026 relative to the prior-year
period.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 13
48%
23%
23%
6%
Products business
Order intake in Q1 2026 developed broadly in line with expectations. While the
year started slowly, the project pipeline continues to progress well, supported
by sustained strength in key commodities and improving project momentum
in core mining regions. Favourable pricing dynamics in particularly copper
and gold, driven by structural supply constraints and continued demand from
electrification and energy transition themes, are expected to drive increased
investment activity across the mining sector.
Market outlook and trends
Market conditions for the Products business
remained subdued in the first quarter of 2026,
reflecting continued low levels of large-scale
investment activity across the mining industry.
Customer spending continues to be primarily
directed towards sustaining capital and
smaller-scale investments, resulting in limited
demand for larger equipment orders in the near
term.
At the same time, the underlying project pipeline is
developing across key commodities. Within copper,
a number of large-scale projects are progressing
well and may represent potential larger-order
opportunities as they move towards sanctioning. In
parallel, certain larger-scale gold projects globally
are generally at more advanced stages of develop-
ment and may support nearer-term order activity,
supported by a continued constructive pricing
environment. Taken together, these developments
are contributing to gradually increasing momentum
in selected segments of the market.
Accordingly, order intake for Products is expected
to remain relatively muted in the short term, but
with a gradually improving outlook as project
activity progresses and larger projects move closer
to potential sanctioning towards the latter part of
2026 or early 2027.
Order intake split by
region Q1 2026
NAMER
SAMER
EMEA
APAC
Growth in order intake and revenue
in Q1 2026 (vs. Q1 2025)
Order
intake Revenue
Organic -28% -25%
Acquisitions/divestments 0% 0%
Currency -3% -5%
Total grow th -31% -30%
Products
DKKm Q1 2026 Q1 2025 Change (%) 2025
Order intake 594 865 -31% 3,138
Order backlog 5,058 5,138 -2% 4,838
Revenue 557 801 -30% 3,104
Adjusted EBITA
1
(4) (81) 95% (127)
Adjusted EBITA margin -0.7% -10.1% -4.1%
Other operating net income 3 16 -81% 70
Adjusted items
2
(3) (16) -81% (56)
EBITA (4) (81) 95% (113)
EBITA margin -0.7% -10.1% -3.6%
1
To illustrate the underlying business performance, we present an adjusted EBITA margin, which excludes costs related to the ongoing
roll-out of the updated ERP platform as well as items reported as other operating net income.
2
Adjusted items for Q1 2026 relate to the ongoing upgrade of the ERP platform. For Q1 2025, adjusted items related to transformation and
separation activities.
0
250
500
750
1,000
1,250
-75
-50
-25
0
25
50
Revenue Organic growth %
2025 2026
Q1 Q2 Q3 Q4 Q1
Revenue and organic revenue growth
DKKm %
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 14
High Pressure Grinding Rolls
(HPGR rolls)
Products business
FLSmidth remains focused on disciplined order
intake and leveraging its strengthened product
portfolio to capture opportunities as customer
investment activity increase.
Order intake development in Q1 2026
Organically, Products order intake decreased
by 28% compared to Q1 2025, reflecting the
continued softness of the overall market condi-
tions. Total Products order intake decreased by
31% to DKK 594m compared to Q1 2025. No large
orders were announced in neither Q1 2026 nor in
Q1 2025.
Order backlog
The order backlog decreased by 2% to DKK 5,058m
in Q1 2026 compared to DKK 5,138m in Q1 2025.
The book-to-bill ratio was 107% compared to 108%
in Q1 2025.
Revenue development in Q1 2026
Organically, Products revenue decreased by 25%
compared to Q1 2025. The decline is a conse-
quence of the subdued market conditions in 2026
resulting in a lower level of order intake in the year.
Total Products revenue decreased by 30% to DKK
557m compared to Q1 2025.
EBITA development in Q1 2026
The adjusted EBITA margin was -0.7% when
excluding ERP costs of DKK 3m and other oper-
ating net income of DKK 3m. Including these
items, EBITA increased to DKK -4m, corresponding
to an EBITA margin of -0.7%, compared to DKK
-81m, corresponding to an EBITA margin of -10.1%
in Q1 2025.
The year-on-year increase in EBITA margin
reflected cost initiatives implemented in the
Products business over the recent year as well as
a positive effect from the reversal of provisions
related to the closure of certain projects.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 15
33%
27%
21%
19%
PC&V business
The Pumps, Cyclones & Valves (PC&V) business delivered a very
strong 16% organic order intake growth compared to Q1 2025, ahead
of expectations and reflecting robust demand for new equipment
delivered to customer sites. The strengthened commercial presence is
driving sustained growth in equipment sales and generating increased
momentum in aftermarket-related sales through an expanding installed
base.
Market outlook and trends
In Q1 2026, the market for pumps, cyclones
and valves remained resilient, underpinned by
stable to slightly higher production volumes and
continued elevated metal prices.
There were increasing signs that greenfield and
brownfield projects are progressing through
planning and approval stages and moving closer
to execution. Despite this improvement, overall
project activity remained subdued and continued
to constrain market growth. As such, demand
remained strongest for small- to mid-scale
equipment solutions that enhance throughput
and operating efficiency, reflected in a marked
increase in product sales.
Order intake development in Q1 2026
Organically, the order intake increased by 16%
compared to Q1 2025, driven by continued
demand for new units and strong aftermarket-re-
lated order intake across all areas. This reflected
clear market-share gains and resulted in an
increased level of equipment-related orders over
the past year, supporting a growing installed base
and, in turn, a higher level of aftermarket-related
orders. Total PC&V order intake increased by 12%
to DKK 853m compared to Q1 2025.
Order intake split by
region Q1 2026
NAMER
SAMER
EMEA
APAC
Growth in order intake and revenue
in Q1 2026 (vs. Q1 2025)
Order
intake Revenue
Organic 16% 1%
Acquisitions/divestments 0% 0%
Currency -4% -4%
Total grow th 12% -3%
PC&V
DKKm Q1 2026 Q1 2025 Change (%) 2025
Order intake 853 763 12% 3,038
Order backlog 1,167 1,040 12% 995
Revenue 701 725 -3% 2,960
Adjusted EBITA
1
168 178 -6% 725
Adjusted EBITA margin 24.0% 24.6% 24.5%
Other operating net income 0 0 - 45
Adjusted items
2
(3) (9) -67% (49)
EBITA 165 169 -2% 721
EBITA margin 23.5% 23.3% 24.4%
1
To illustrate the underlying business performance, we present an adjusted EBITA margin, which excludes costs related to the ongoing
roll-out of the updated ERP platform as well as items reported as other operating net income.
2
Adjusted items for Q1 2026 relate to the ongoing upgrade of the ERP platform. For Q1 2025, adjusted items related to transformation and
separation activities.
0
200
400
600
800
1,000
0
5
10
15
20
25
Revenue Organic growth %
2025 2026
Q1 Q2 Q3 Q4 Q1
Revenue and organic revenue growth
DKKm %
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 16
KREBS
®
pump, Renca Service
Center, South America
PC&V business
Order backlog
The order backlog increased to DKK 1,167m at the
end of Q1 2026 compared to DKK 1,040m at the
end of Q1 2025. The book-to-bill ratio was 122%
and 105% in Q1 2025.
Revenue development in Q1 2026
Organically, PC&V revenue increased by 1%
compared to Q1 2025, driven by the conversion
of equipment-related order backlog build-up
from prior quarters and increasing demand for
aftermarket components related to the growing
installed base. Further, the high level of order
intake is expected to drive higher revenues
in subsequent quarters. Total PC&V revenue
decreased by -3% compared to Q1 2025 to DKK
701m.
EBITA development in Q1 2026
The adjusted EBITA margin was 24.0% when
excluding ERP costs of DKK 3m. Including these
items, EBITA was DKK 165m corresponding to an
EBITA margin of 23.5% compared to DKK 169m in
Q1 2025 and an EBITA margin of 23.3%.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 17
38%
20%
6%
11%
25%
Service Products PC&V
0
1,000
2000
3,000
4,000
5,000
2025 2026
Q1 Q2 Q3 Q4 Q1
Consolidated financial performance Q1 2026
FLSmidth Group
DKKm Q1 2026 Q1 2025
1
Change (%) 2025
Order intake 3,898 3,777 3% 15,045
Hereof Service order intake 2,451 2,149 14% 8,869
Hereof Products order intake 594 865 -31% 3,138
Hereof PC&V order intake 853 763 12% 3,038
Order backlog 11,659 11,165 4% 10,893
Revenue 3,279 3,708 -12% 14,612
Hereof Service revenue 2,021 2,182 -7% 8,548
Hereof Products revenue 557 801 -30% 3,104
Hereof PC&V revenue 701 725 -3% 2,960
Gross profit 1,185 1,304 -9% 5,110
Gross margin 36.1% 35.2% 35.0%
SG&A cost (622) (755) -18% (2,801)
SG&A ratio 19.0% 20.4% 19.2%
Adjusted EBITA
1
500 540 -7% 2,319
Adjusted EBITA margin 15.2% 14.6% 15.9%
Other operating net income 681 18 3,683% 262
Adjusted items
2
(14) (50) -72% (244)
EBITA 1,167 508 130% 2,337
EBITA margin 35.6% 13.7% 16.0%
Number of employees 5,340 5,922 -10% 5,494
1
To illustrate the underlying business performance, we present an adjusted EBITA margin, which excludes costs related to the ongoing
roll-out of the updated ERP platform as well as items reported as other operating net income.
2
Adjusted items for Q1 2026 include cost for ongoing upgrade of the ERP platform. In Q1 2025, adjusted items related to transformation and
separation activities.
Order intake split by segments
DKKm
Order intake in Q1 2026
Order intake increased by 8% organically in
Q1 2026 compared to Q1 2025, mainly due to
growth in Service and PC&V segments across all
areas, while Products declined as activity in this
segment remained subdued Q1 2026. No large
orders were announced during Q1 2026. Total
order intake increased by 3% in Q1 2026 to DKK
3,898m compared to Q1 2025.
Service, Products and PC&V comprised respec-
tively 63%, 15% and 22% of total order intake in
Q1 2026, compared to 57%, 23% and 20%, respec-
tively, in Q1 2025.
Order backlog and maturity in Q1 2026
The order backlog increased by 9% compared to
Q4 2025 to DKK 11,659m and 4% compared to Q1
2025. The increase was primarily driven by order
timing, with a large share of orders booked late in
the quarter in Service and PC&V businesses.
Order intake by commodity
%
Copper
Gold
Coal
Iron ore
Other Minerals
0
2000
4000
6000
8000
10000
12000
14000
Service Products PC&V
2025 2026
Q1 Q2 Q3 Q4 Q1
Backlog
DKKm
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 18
0
900
1,800
2,700
3,600
4,500
0
8
16
24
32
40
Revenue EBITA %
Adjusted EBITA %
2025 2026
Q1 Q2 Q3 Q4 Q1
-250
0
250
500
750
1,000
1,250
2025 2026
Q1 Q2 Q3 Q4 Q1
Service Products PC&V Unallocated items
Backlog maturity
FLSmidth Group
Next nine months 2026 51%
2027 39%
2028 and beyond 10%
Revenue in Q1 2026
Organically revenue declined by 7% in Q1 2026
compared to Q1 2025, driven by a decrease in
Service of 3% and in Products of 25%, while PC&V
increased by 1%. Total revenue declined by 12%, to
DKK 3,279m in Q1 2026 compared to DKK 3,708m
in Q1 2025, negatively effected by currency of 5%.
Service, Products and PC&V comprised respec-
tively 62%, 17% and 21% of the total revenue in
Q1 2026, compared to 59%, 21% and 20%, respec-
tively, in Q1 2025.
Profit in Q1 2026
Gross profit and margin
Gross profit decreased by 9% to DKK 1,185m in
Q1 2026, compared to DKK 1,304m in Q1 2025. The
corresponding gross margin increased to 36.1%
compared to 35.2% in Q1 2025. The increase was
primarily a reflection of a higher share of revenue
from the Service and PC&V businesses.
In Q1 2026, the total research and development
costs (R&D) amounted to DKK 38m, representing
1.2% of revenue (Q1 2025: 0.9%).
Research & development costs
DKKm Q1 2026 Q1 2025
Production costs 13 25
Capitalised 25 8
Total R&D 38 33
SG&A costs
Sales, general and administrative costs (SG&A)
decreased by 18% to DKK 622m compared to DKK
755m in Q1 2025, reflecting the positive effects
from the ongoing simplification of our operating
model, especially within support functions and in
the Products business.
Currencies had a favourable impact on SG&A
of DKK 28m in the quarter. SG&A costs as a
percentage of revenue decreased to 19.0% in Q1
2026 compared to 20.4% in Q1 2025.
EBITA and margin
The adjusted EBITA margin for Q1 2026 was 15.2%
when excluding ERP costs of DKK 14m and other
operating net income of DKK 681m, which primarily
related to the gain from the sale of FLSmith's
former headquarter in Valby, Denmark. Including
these items, EBITA increased to DKK 1,167m, corre-
Revenue & EBITA margin
DKKm EBITA margin %
EBITA
DKKm
Consolidated financial performance Q1 2026
sponding to an EBITA margin of 35.6%, compared
to an EBITA margin of 13.7% in Q1 2025.
The EBITA margin was significantly impacted by
the gain of the sale of the Valby headquarter but
also positively driven by improved gross margin
and lower SG&A costs.
Amortisation of intangible assets
Amortisation of intangible assets amounted to
DKK 62m (Q1 2025: DKK 52m).
Growth in order intake in Q1 2026
(vs. Q1 2025)
Service Products PC&V
FLSmidth
Group
Organic 19% -28% 16% 8%
Acquisitions/
divestments 0% 0% 0% 0%
Currency -5% -3% -4% -5%
Total grow th 14% -31% 12% 3%
Growth in revenue in Q1 2026
(vs. Q1 2025)
Service Products PC&V
FLSmidth
Group
Organic -3% -25% 1% -7 %
Acquisitions/
divestments 0% 0% 0% 0%
Currency -4% -5% -4% -5%
Total grow th -7% -30% -3% -12%
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 19
0
10
20
30
40
50
Equity ratio
Q1 2025 Q4 2025 Q1 2026
Net interest-bearing debt (NIBD)
0
500
1,000
1,500
2,000
2,500
2025 2026
Q1 Q2 Q3 Q4 Q1
0
500
1,000
1,500
2,000
2,500
3,000
0
4
8
12
16
20
24
Net working capital Net working capital ratio, end
2025 2026
Q1 Q2 Q3 Q4 Q1
Financial position
By the end of Q1 2026, FLSmidth had DKK 6.1bn of
available committed credit facilities (Q1 2025: DKK
6.3bn) of which DKK 4.1bn remained undrawn (Q1
2025: DKK 4.8bn). The committed credit facilities
have a weighted average time to maturity of 4.4
years (Q1 2025: DKK 2.2 years).
Financial items
Net financial items amounted to DKK 26m in Q1
2026 (Q1 2025: DKK 13m), of which net interest
amounted to DKK -27m (Q1 2025: DKK -14m) and
foreign exchange and fair value adjustments
amounted to DKK 46m (Q1 2025: DKK 27m). Gain
from associates was DKK 7m (Q1 2025: DKK 0m).
Tax
Tax expenses for Q1 2026 amounted to DKK 146m
(Q1 2025: DKK 159m), corresponding to an effec-
tive tax rate of 13% (Q1 2025: 34%). This includes
impact from withholding tax in both periods.
The effective tax rate is positively impacted by
the gain from the sale of FLSmidth's former head-
quarters in Valby. The normalised effective tax
rate adjusted for this sale is 32%.
Profit for the period
Q1 2026 profit was DKK 985m (Q1 2025: DKK
351m), significantly driven by the gain from the
sale of the former headquarter and the reduced
SG&A costs, but partly offset by lower revenue.
Earnings per share
Earnings per share (diluted) increased from DKK
6.1 in Q1 2025 to DKK 18.0 per share in Q1 2026,
mainly due to the gain from the sale of properties
during Q1 2026.
Employees
The number of employees decreased to 5,340 at
the end of Q1 2026, compared to 5,922 at the end
of Q1 2025, as a result of the business simplifica-
tion.
Capital in Q1 2026
Balance sheet
Total assets amounted to DKK 22.5bn at the end of
Q1 2026, an increase of DKK 0.4bn compared to the
end of Q4 2025.
Net working capital
Net working capital increased by DKK 0.4bn since
the end of Q4 2025, primarily driven by build-up
of inventories and reduction of prepayments from
customers, partly offset by collection from trade
receivables.
Net working capital made up DKK 2,786m at the
end of Q1 2026 (end of Q4 2025: DKK 2,406m),
which corresponds to a net working capital ratio of
19.6% (Q4 2025: 16.5%).
Net interest-bearing debt
Net interest-bearing debt (NIBD) amounted to DKK
1,929m at the end of Q1 2026 (end of Q1 2025:
DKK 1,043m), mainly driven by share buy-back
programme, but somewhat offset by the sale of
the properties. The financial gearing end of Q1
2026 amounted to 0.6x (end of Q4 2025: 0.8x) and
remains comfortably below FLSmidth's target level
of less than 2.0x.
Equity
The equity at the end of Q1 2026 increased to
DKK 10,093m (end of Q4 2025: DKK 9,500m), driven
primarily by profit for the period, partly offset from
the share buy-back programme and dividend paid.
The equity ratio was 44.9% at the end of Q1 2026
(end of Q4 2025: 43.0%).
Treasury shares & share
buy-back programme
The holding of treasury shares at the end of Q1
2026 increased to 3,430,971 shares (end of Q4
2025: 2,974,931), corresponding to approximately
6.0% (end of Q4 2025: 5.2%) of the total share
capital.
Net interest-bearing debt
DKKm
Net working capital
DKKm NWC%
Consolidated financial performance Q1 2026
Equity ratio
%
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 20
Cash ow from investing activities
-400
-200
0
200
400
600
800
2025 2026
Q1 Q2 Q3 Q4 Q1
Free cash ow
-200
0
200
400
600
800
2025 2026
Q1 Q2 Q3 Q4 Q1
Cash ow from operating activities
-100
0
100
200
300
400
500
600
2025 2026
Q1 Q2 Q3 Q4 Q1
CFFO
DKKm
Treasury shares that are not intended to be
cancelled after share buy-back programmes are
used to hedge share based incentive programmes.
The Board of Directors is authorised until the
next Annual General Meeting to let the Company
acquire treasury shares for up to a total nominal
value of 10% of the share capital in accordance
with Section 12 of the Danish Companies Act (ref.
Company Announcement no. 20-2026).
Cash flow in Q1 2026
Cash flow from operating activities
Cash flow from operating activities (CFFO)
amounted to DKK 103m in Q1 2026 (Q1 2025: DKK
-12m). The cash flow was positively impacted by
higher earnings and lower level of taxes paid.
Cash flow from investing activities
Cash flow from investing activities amounted to
DKK 643m (Q1 2025: DKK -110m), as it was posi-
tively impacted by the cash collected from the
sale of FLSmidth's former headquarter in Valby,
Denmark (DKK 719m) combined with a lower spend
on tangibles and intangibles.
Free cash flow
DKKm
CFFI
DKKm
Cash flow from financing activities
Cash flow from financing activities amounted to a
cash outflow of DKK -792m in Q1 2026 compared
to a cash outflow of DKK -66m in Q1 2025. The
quarter-on-quarter decrease reflects the cash
outflow associated with the share buy-back
programme of DKK -369m (Q1 2025: DKK 0m),
dividend paid of DKK -217m (Q1 2025: DKK 0) and
reduction of bank loan of DKK -173m (Q1 2025:
DKK -38m).
Free cash flow
Free cash flow (the sum of cash flow from oper-
ating and investing activities) amounted to DKK
746m in the quarter (Q1 2025: DKK -122m). Free
cash flow adjusted for business acquisitions and
disposals amounted to DKK 750m in Q1 2026 (Q1
2025: DKK -120m).
Other business
Reduction of share capital
At the FLSmidth's Annual General Meeting on 24
March 2026, it was resolved to reduce the share
capital by DKK 1,037,700,000 from nominally DKK
1,153,000,000 to nominally DKK 115,300,000 by
reducing the nominal value of each share from
DKK 1.00 to DKK 0.10, with no change to the total
number of shares or voting rights (ref. Company
Announcement no. 21-2026).
Changes to the Executive
Leadership Team
With reference to the press release issued on 1
May 2026, Cori Petersen, Chief People Officer &
Global Business Service EVP, has stepped down
from her position and left FLSmidth. Prathima
Adluri has been appointed as the interim Chief
People Officer.
Subsequent events
We are not aware of any subsequent matters, that
could be of material importance to FLSmidth’s
financial position.
Consolidated financial performance Q1 2026
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 21
Income statement Statement of comprehensive income
Notes DKKm Q1 2026 Q1 2025
1
2025
3, 4 Revenue 3,279 3,708 14,612
Production costs (2,094 ) (2,404 ) (9,502 )
Gross profit 1,185 1,304 5,110
Sales costs (313 ) (341 ) (1,252 )
Administrative costs (309 ) (414 ) (1,549 )
5 Other operating net income 681 18 262
EBITDA 1,244 567 2,571
Depreciation and impairment of property, plant and
equipment and lease assets (77 ) (59 ) (234 )
EBITA 1,167 508 2,337
Amortisation and impairment of intangible assets (62 ) (52 ) (283 )
EBIT 1,105 456 2,054
Financial income 356 239 1,011
Financial costs (330 ) (226 ) (1,094 )
EBT 1,131 469 1,971
Tax for the period (146 ) (159 ) (1,257 )
Profit/(loss) for the period, continuing activities 985 310 714
Profit/(loss) for the period, discontinued activities - 41 (706 )
Profit/(loss) for the period 985 351 8
Attributable to:
Shareholders in FLSmidth & Co. A/S 985 347 0
Minority interests 0 4 8
Earnings per share (EPS):
Earnings continuing activities per share (DKK) 18.1 6.1 12.4
Earnings continuing activities per share, diluted (DKK) 18.0 6.1 12.3
1
The comparative information has been restated to reflect the continuing activities.
More information can be found in note 7.2 in the Annual Report 2025.
Notes DKKm Q1 2026 Q1 2025 2025
Profit for the period 985 351 8
Items that will not be reclassified to profit or loss:
Actuarial gains and losses on defined benefit plans (15 ) (5 ) 22
Tax of actuarial gains and losses on defined benefit
plans 3 - (6 )
Items that are or may be reclassified
subsequently to profit or loss:
Currency adjustments regarding translation of entities 199 (293 ) (830 )
Reclassification of currency adjustments on disposal 0 0 (7 )
Cash flow hedging:
Value adjustments for the period (2 ) (11 ) (6 )
Value adjustments transferred to work in progress 0 1 (4 )
Tax hereof 1 3 0
Other comprehensive income for the period
after tax 186 (305 ) (831 )
Comprehensive income for the period 1,171 46 (823 )
Attributable to:
Shareholders in FLSmidth & Co. A/S 1,171 41 (832 )
Minority interests 0 5 9
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 23
Cash flow statement
Notes DKKm Q1 2026 Q1 2025 2025
EBITDA, continuing activities 1,244 567 2,571
EBITDA, discontinued activities - 97 425
Adjustment for gain on sale of activities and property,
plant and equipment and other non-cash items (671 ) (2 ) 18
Change in provisions, pension and employee benefits (85 ) (4 ) (329 )
8 Change in net working capital (281 ) (429 ) (946 )
Cash flow from operating activities before
financial items and tax 207 229 1,739
Financial items received and paid (29 ) (19 ) (113 )
Taxe s paid (75 ) (222 ) (630 )
Cash flow from operating activities 103 (12 ) 996
9 Acquisition of enterprises and activities (4 ) (2 ) (22 )
Acquisition of intangible assets (33 ) (41 ) (193 )
Acquisition of property, plant and equipment (58 ) (88 ) (392 )
Acquisition of financial assets 0 (4 ) (6 )
Disposal of enterprises and activities 0 0 (139 )
Disposal of property, plant and equipment 738 25 235
Cash flow from investing activities 643 (110 ) (517 )
Dividend paid (217 ) 0 (458 )
Acquisition of treasury shares (369 ) 0 (1,033 )
Repayment of lease liabilities (33 ) (28 ) (93 )
Change in interest-bearing debt (173 ) (38 ) 685
Cash flow from financing activities (792 ) (66 ) (899 )
Change in cash and cash equivalents (46 ) (188 ) (420 )
Cash and cash equivalents at beginning of period 594 1,070 1,070
Foreign exchange adjustment, cash and cash
equivalents 6 (23 ) (56 )
Cash and cash equivalents at end of period 554 859 594
The cash flow statement cannot be inferred from the published financial information only.
Free cash flow
DKKm Q1 2026 Q1 2025 2025
Cash flow from operating activities 103 (12 ) 996
Cash flow from investing activities 643 (110 ) (517 )
Free cash flow 746 (122 ) 479
Add back acquistion of enterprises and activities 4 2 22
Add back disposal of enterprises and activities 0 0 139
Free cash flow, adjusted for acquisitions and disposals of
enterprises and activities 750 (120 ) 640
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 24
Balance sheet
Notes DKKm 31/03 2026 31/03 2025
1
31/12 2025
Assets
Goodwill 6,381 6,448 6,293
Patents and rights 419 605 432
Customer relations 215 269 222
Other intangible assets 37 77 45
Completed development projects 344 269 373
Intangible assets under development 495 817 462
Intangible assets 7,891 8,485 7,827
Land and buildings 1,570 1,641 1,538
Plant and machinery 381 335 374
Operating equipment, fixtures and fittings 153 106 108
Tangible assets in course of construction 309 408 299
Property, plant and equipment 2,413 2,490 2,319
Deferred tax assets 1,292 2,306 1,265
Investments in associates 44 33 35
Other securities and investments 60 58 60
Other non-current assets 1,396 2,397 1,360
Non-current assets 11,700 13,372 11,506
Inventories 3,707 3,587 3,435
Trade receivables 2,879 3,940 3,102
Work in progress 2,028 2,716 1,873
Prepayments 431 458 433
Income tax receivables 270 523 224
Other receivables 900 924 873
Cash and cash equivalents 554 859 594
Current assets 10,769 13,007 10,534
Assets classified as held for sale 0 0 48
Total assets 22,469 26,379 22,088
1
The comparative information has not been restated and therefore include both continuing and discontinued activities.
More information can be found in note 7.2 in the Annual Report 2025.
Notes DKKm 31/03 2026 31/03 2025
1
31/12 2025
Equity and liabilities
Share capital 1,153 1,153 1,153
Foreign exchange adjustments (1,422 ) (1,077 ) (1,621 )
Cash flow hedging (40 ) (38 ) (38 )
Retained earnings 10,414 11,819 10,018
Shareholders in FLSmidth & Co. A/S 10,105 11,857 9,512
Minority interests (12 ) (15 ) (12 )
10 Equity 10,093 11,842 9,500
Deferred tax liabilities 194 189 149
Pension obligations 321 331 305
6 Provisions 580 722 598
Lease liabilities 206 158 184
Bank loans and mortgage debt 2,022 1,520 2,208
Prepayments from customers 192 313 316
Income tax liabilities 139 120 139
Other liabilities 32 45 35
Non-current liabilities 3,686 3,398 3,934
Pension obligations 0 3 0
6 Provisions 1,184 1,656 1,226
Lease liabilities 91 93 66
Bank loans and mortgage debt 128 66 113
Prepayments from customers 673 1,294 781
Work in progress 2,178 2,720 2,046
Trade payables 2,627 3,203 2,585
Income tax liabilities 204 237 128
Other liabilities 1,605 1,867 1,709
Current liabilities 8,690 11,139 8,654
Total liabilities 12,376 14,537 12,588
Total equity and liabilities 22,469 26,379 22,088
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 25
Equity statement
Q1 2026 Q1 2025
DKKm
Share
capital
Foreign
exchange
adjust-
ments
Cash flow
hedging
Retained
earnings
Share-
holders in
FLSmidth &
Co A/S
Minority
interests Total
Share
capital
Foreign
exchange
adjust-
ments
Cash flow
hedging
Retained
earnings
Share-
holders in
FLSmidth &
Co A/S
Minority
interests Total
Equity at 1 January 1,153 (1,621 ) (38 ) 10,018 9,512 (12 ) 9,500 1,153 (783 ) (28 ) 11,459 11,801 (20 ) 11,781
Comprehensive income for the period
Profit/loss for the period 985 985 0 985 347 347 4 351
Other comprehensive income
Actuarial gain/loss on defined benefit plans (15 ) (15 ) (15 ) (5 ) (5 ) (5 )
Tax of actuarial gains & losses on defined benefit plans 3 3 3 0 0 0
Currency adjustments regarding translation of entities 199 199 0 199 (294 ) (294 ) 1 (293 )
Cash flow hedging:
Value adjustments for the period (2 ) (2 ) (2 ) (11 ) (11 ) (11 )
Value adjustments transferred to work in progress 0 0 0 1 1 1
Tax on other comprehensive income 1 1 1 3 3 3
Other comprehensive income for the period 0 199 (2 ) (11 ) 186 0 186 0 (294 ) (10 ) (2 ) (306 ) 1 (305 )
Comprehensive income for the period 0 199 (2 ) 974 1,171 0 1,171 0 (294 ) (10 ) 345 41 5 46
Transactions with owners:
Dividend paid (217 ) (217 ) (217 )
Share-based payment 8 8 8 15 15 15
Acquisition of treasury shares (369 ) (369 ) (369 )
Equity at 31 March 1,153 (1,422 ) (40 ) 10,414 10,105 (12 ) 10,093 1,153 (1,077 ) (38 ) 11,819 11,857 (15 ) 11,842
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 26
1. Key accounting estimates and judgements 28
2. Income statement by function 28
3. Segment information 29
4. Revenue 30
5. Other operating net income 31
6. Provisions 32
7. Contractual commitments and contingent
assets & liabilities 32
8. Net working capital 33
9. Business acquisition 33
10. Shareholders’ equity 33
11. Events after the balance sheet date 33
12. Accounting policies 34
Notes
Mogalakwena Platinum Mine,
Bushveld Complex, South Africa
1. Key accounting estimates
and judgements
When preparing the consolidated condensed financial
statements, we are required to make several estimates
and judgements. The estimates and judgements that can
have a significant impact on the consolidated condensed
financial statements are categorised as key accounting
estimates and judgements. Key accounting estimates
and judgements are regularly assessed to adapt to the
market conditions and changes in political and economic
factors.
The uncertainty arising from the geopolitical situation
from various ongoing conflicts, combined with increasing
unrest in many regions and anti-globalisation sentiments,
increased during the first quarter of 2026. However,
FLSmidth is continuously assessing risk-scenarios to
minimise potential negative impacts in a timely manner.
Based on our diversified supply chain and a significant
production capacity both within and outside the US,
we are not currently expecting any significant negative
impacts.
Areas affected by key accounting estimates and judge-
ments are unchanged from the Annual report 2025.
Therefore, key accounting judgements are made in
relation to the accounting of revenue when determining
the recognition method, while key accounting estimates
relate to the estimation of warranty provisions, valuation
of inventories, work in progress and deferred tax.
For further details, reference is made to Annual Report
2025, Key accounting estimates and judgements, page
128 and to specific notes.
2. Income statement by function
It is our policy to prepare the income statement based
on an adjusted classification of the cost by function in
order to show the earnings before depreciation, amorti-
sation and impairment. Depreciation, amortisation, and
impairment are therefore separated from the individual
functions and presented in separate lines.
The income statement prepared on the basis of cost by
function is shown below:
Income statement by function
DKKm Q1 2026 Q1 2025
1
Revenue 3,279 3,708
Production costs, including depreciation and amortisation (2,175) (2,462)
Gross profit 1,104 1,246
Sales costs, including depreciation and amortisation (315) (345)
Administrative costs, depreciation and amortisation (365) (463)
Other operating net income 681 18
EBIT 1,105 456
Depreciation, amortisation and impairment consist of:
Depreciation and impairment of property, plant and equipment and lease assets (77) (59)
Amortisation and impairment of intangible assets (62) (52)
(139) (111)
Depreciation, amortisation and impairment are divided into:
Production costs (81) (58)
Sales costs (2) (4)
Administrative costs (56) (49)
(139) (111)
1
The comparative information has been restated to reflect the continuing activities.
More information can be found in note 7.2 in the Annual Report 2025.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 28
3. Segment information
Q1 2026 Q1 2025 Q1 2025
DKKm Service Products PC&V
Unallocated
items
1
FLSmidth
Group Service Products PC&V
Continuing
activities
Discontinued
activities
FLSmidth
Group
Income statement
Revenue 2,021 557 701 - 3,279 2,182 801 725 3,708 1,021 4,729
Other operating net income 3 3 0 675 681 2 16 0 18 (5) 13
EBITA 331 (4) 165 675 1,167 420 (81) 169 508 88 596
Order intake 2,451 594 853 - 3,898 2,149 865 763 3,777 852 4,629
Order backlog 5,434 5,058 1,167 - 11,659 4,987 5,138 1,040 11,165 3,597 14,762
EBITA margin 16.4% -0.7% 23.5% - 35.6% 19.2% -10.1% 23.3% 13.7% 8.6% 12.6%
Number of employees at 31 March 5,340 5,922 1,982 7,9 0 4
Reconciliation of profit for the period
EBITA 1,167 508 88 596
Amortisation and impairment of
intangible assets (62) (52) (11) (63)
EBIT 1,105 456 77 533
Financial income 356 239 59 298
Financial costs (330) (226) (73) (299)
EBT 1,131 469 63 532
1
The gain from the sale of FLSmidth's former headquarter in Valby, Denmark is listed under Unallocated Items. Because of its size and nature the gain cannot be allocated to a segment.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 29
25%
30%
21%
24%
28%
29%
21%
22%
The years
after ~
Next year
Remainder of
current year
0
3000
6000
9000
12000
15000
Q1 2025 Q1 2026
NAMER
SAMER
EMEA
APAC
NAMER
SAMER
EMEA
APAC
4. Revenue
FLSmidth is a leading, full flowsheet minerals processing
supplier to the global mining industry and delivers tech-
nological solutions and services to customers across
the lifecycle of mining operations. The sales offering
can broadly be categorised as products (provision of
equipment) and services (aftermarket sales including
spare parts, maintenance and upgrades). FLSmidth sells
a broad range of goods and services within the three
segments; Service, Products and PC&V.
In the graphs on the right, revenue is split by regions in
which delivery takes place.
Revenue is recognised either at a point in time where the
control over the goods and/or services is transferred
to the customer or over time to reflect the percentage
of completion of the performance obligations in the
contracts. Percentage of completion covers a wide range
of different types of contracts, from contracts where
the customer consumes the services over time, such as
fixed price service contracts, to more complex product
bundles with engineering subject to the enhanced risk
governance structure under the Risk Management Board
and to risk quotas.
More information on when and how the two recognition
principles are applied can be found in note 1.4 in the
Annual report 2025.
Backlog
The order backlog at the end of Q1 2026 amounted to
DKK 11,659m (end of Q4 2025: DKK 10,893m).
The backlog represents the value of outstanding perfor-
mance obligations on current contracts. The value
of outstanding performance obligations on current
contracts is a combination of value from contracts where
FLSmidth will transfer control at a future point in time
and the value of the remaining performance obligations
on contracts where we transfer control over time.
Revenue split by Regions, Q1 2026
%
Revenue split by Regions, Q1 2025
%
Backlog maturity
DKKm
Revenue split on timing of revenue recognition principle
Q1 2026 Q1 2025
1
DKKm Service Products PC&V
FLSmidth
Group Service Products PC&V
FLSmidth
Group
Point in time 1,558 43 688 2,289 1,652 47 708 2,407
Percentage of completion:
Service, single machines and product bundles 463 464 13 940 530 610 17 1,157
Product bundles with engineering under enhanced risk govern-
ance 0 50 0 50 0 144 0 144
Total revenue 2,021 557 701 3,279 2,182 801 725 3,708
1
The comparative information has been restated to reflect the continuing activities. More information can be found in note 7.2 in the Annual Report 2025.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 30
FLSmidth headquarters in
Valby since 1956 up until
early February 2026
5. Other operating net income
In Q1 2026, other operating net income was primarily
driven by the gain from the sale of FLSmidth's former
headquarters in Valby, Denmark (DKK 675m).
Other operating net income
DKKm
Q1
2026
Q1
2025
1
Gain on sale of properties 678 18
Other income 6 10
Other expenses (3) (10)
Total 681 18
1
The comparative information has been restated to reflect the
continuing activities. More information can be found in note 7.2 in
the Annual Report 2025.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 31
6. Provisions
Total provision amounted to DKK 1,764m by the end of
Q1 2026, compared to DKK 1,824m at the end of Q4 2025,
which is mainly driven by a reduction in the restructuring
provisions as a result from the ongoing simplification
process within the organisation.
Comparative figures for Q1 2025 have not been restated
and therefore include provisions related to both contin-
uing and discontinued activities.
The table below shows the movements in provisions by
category for FLSmidth.
Provisions
DKKm 31/03 2026 31/03 2025
1
31/12 2025
Provisions at 1 January 1,824 2,375 2,375
Foreign exchange adjustments 20 (28) (83)
Additions 153 191 770
Used (174) (119) (691)
Reversals (59) (41) (321)
Transferred to liabilities held for sale 0 0 (226)
Provisions at 31 March 1,764 2,378 1,824
The split of provisions is as follows:
Warranties 684 859 685
Restructuring 99 358 169
Other provisions 981 1,161 970
1,764 2,378 1,824
Classified as:
Non-current provisions 580 722 598
Current provisions 1,184 1,656 1,226
1,764 2,378 1,824
1
The comparative information per 31/03 2025 has not been restated. More information can be found in note 7.2 in the Annual Report 2025.
More information and a description of the main provision
categories can be found in note 2.7 in the Annual Report
2025.
7. Contractual commitments and contingent assets & liabilities
Contingent assets
The contingent assets related to the sale of the Cement
business and the Air Pollution Control business in Q4
2025 remain unchanged since end of Q4 2025. These
assets continue to be conditional, as their realisation
depends on future events. More information on these
contigent assets can be found in note 2.9 in the Annual
report 2025.
Contingent liabilities
Contingent liabilities amounted to DKK 1,393m at the end
of Q1 2026 (end of Q4 2025: DKK 1,416m). Contingent
liabilities primarily relate to customary performance
and payment guarantees. The volume of such guaran-
tees amounted to DKK 1,136m (31 December 2025: DKK
1,148m).
The volume of the guarantees varies with the activity
level and reflects the outstanding backlog, finalised
projects and deliveries that are covered by warranties
etc. Only a minor share of such guarantees is expected
to materialise into losses. In the event a guarantee is
expected to materialise, a provision is recognised to
cover the risk.
Information on provisions is included in note 6.
Other contingent liabilities of DKK 257m (31 December
2025: DKK 268m) relate to FLSmidth's involvement in legal
disputes, which are already pending with courts or other
authorities, and other disputes which may or may not
lead to formal legal proceedings being initiated against
FLSmidth.
With reference to the press release issued on 1 May 2026,
FLSmith has initied an internal investigation into poten-
tial sanctions-related compliance matters involving
pre-contract tender activities linked to a limited number
of projects in Kazakstan. FLSmidth has voluntarily noti-
fied relevant authorities, discontinued the affected
tenders and is strengthening its compliance framework.
No specific provisions are made as a result of the prelimi-
nary findings of the internal investigation.
No significant changes have occurred to the nature and
extent of FLSmidth's contractual commitments and
contingent assets and liabiliites compared to what was
disclosed in note 2.9 in the Annual Report 2025.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 32
8. Net working capital
Net working capital represents the assets and liabili-
ties necessary to support FLSmidth’s daily operations.
The impact on FLSmidth’s cash flows from net working
capital is showed in the table below.
Net working capital increased by DKK 0.4bn compared
to end of Q4 2025, primarily driven by build-up of inven-
tories and reduction in prepayments from customers,
which was partly offset by decrease in trade receivables.
Comparative figures for Q1 2025 have not been restated
and therefore include net working capital related to both
continuing and discontinued activities.
Utilisation of the supply chain financing increased during
Q1 2026, amounted to DKK 280m, up from DKK 234m by
end of Q4 2025.
Net working capital
DKKm 31/03 2026 31/03 2025
1
31/12 2025
Inventories 3,707 3,587 3,435
Trade receivables 2,879 3,940 3,102
Work in progress, assets 2,028 2,716 1,873
Prepayments 431 458 433
Other receivables 778 836 762
Derivative financial instruments 43 32 29
Prepayments from customers (865) (1,607) (1,097)
Trade payables (2,627) (3,203) (2,585)
Work in progress, liability (2,178) (2,720) (2,046)
Other liabilities (1,402) (1,556) (1,458)
Derivative financial instruments (8) (68) (42)
Net working capital 2,786 2,415 2,406
Change in net working capital (380) (308) (299)
Acquisitions/disposal of activities, financial instruments and
foreign exchange effect on cash flow 99 (121) (647)
Cash flow effect from change in net working capital (281) (429) (946)
1
The comparative information per 31/03 2025 has not been restated. More information can be found in note 7.2 in the Annual Report 2025.
9. Business acquisition
Acquisitions in Q1 2026
There has been no business acquisitions in Q1 2026.
Cash payment of DKK 4m relate to deferred considera-
tion from the Farnell-Thompson Applied Technologies
Inc. acquisition in 2024 took place in Q1 2026.
Acquisitions in Q1 2025
There has been no business acquisitions in Q1 2025.
Cash payment of DKK 2m related to deferred consider-
ation from the Farnell-Thompson Applied Technologies
Inc. acquisition in 2024, took place in Q1 2025.
10. Shareholders’ equity
At the Annual General Meeting 24 March 2026, a dividend
of DKK 4 per share was declared. The total dividend
amounting to DKK 217m, excluding the proportion related
to FLSmidth’s holding of treasury shares, was paid out in
March 2026.
In 2025, the Annual General Meeting was held in April and
the total dividend paid was DKK 458m.
11. Events after the
balance sheet date
We are not aware of any other subsequent matters that
could be of material importance to the FLSmidth's finan-
cial position at 31 March 2026.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 33
12. Accounting policies
The condensed interim report of the Group for the first
three months of 2026 is presented in accordance with
IAS 34, Interim Financial Reporting, as approved by the EU
and additional Danish disclosure requirements regarding
interim reporting by listed companies.
Apart from the below mentioned changes, the
accounting policies are unchanged from those applied
in the 2025 Annual Report. Reference is made to note
7.7, Material accounting policies, note 7.8, Impact from
new IFRS Accounting Standards, note 7.9, New IFRS
Accounting Standards not yet adopted and to specific
notes in the 2025 Annual Report for further details.
Changes in accounting policies
The IASB has issued several new standards and amend-
ments not yet in effect or adopted by the EU and
therefore not relevant for the preparation of the Interim
Report Q1 2026. Management assesses that none of the
issued standards and amendments not yet in effect will
significantly impact the recognition and measurement
policies of the Group.
FLSmidth will adopt these accounting standards and
interpretations as they become mandatory.
• IFRS 18, which replaces IAS 1 Presentation of Financial
Statements, introduces new presentation require-
ments related to the statement of profit or loss,
including new categories of income and expenses (i.e.,
operating, financing and investing). IFRS 18 requires
disclosure of management-defined performance
measures (MPMs) and includes new requirements
for the aggregation and disaggregation of financial
information.
• Amendments have been made to IAS 7 Statement of
Cash Flows, changing the starting point for deter-
mining cash flows from operations under the indirect
method and to remove the optionality around classifi-
cation of cash flows from dividends and interest. As a
consequence of these changes, several other stand-
ards have also been amended.
FLSmidth is currently analysing the standard and will
disclose the impact on profit and loss and MPMs, in
due course. The IFRS 18 standarsd will be adopted with
effective data 1 January 2027.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 34
Statement by Management
Executive Management
Board of directors
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 36
Forward looking statements
FLSmidth & Co. A/S’ financial reports, whether in the
form of annual reports or interim reports, filed with the
Danish Business Authority and/or announced via the
company’s website and/or NASDAQ Copenhagen, as well
as any presentations based on such financial reports,
and any other written information released, or oral state-
ments made, to the public based on this report or in the
future on behalf of FLSmidth & Co. A/S, may contain
forward-looking statements.
Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’,
‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘antic-
ipate’, ‘can’, ‘intend’, ‘target’ and other words and terms
of similar meaning in connection with any discussion
of future operating or financial performance identify
forward-looking statements. Examples of such forward-
looking statements include, but are not limited to:
• Statements of plans, objectives or goals for future
operations, including those related to FLSmidth & Co.
A/S’ markets, products, product research and product
development.
• Statements containing projections of or targets for
revenues, profit (or loss), CAPEX, dividends, capital
structure or other net financial items.
• Statements regarding future economic performance,
future actions and outcome of contingencies such
as legal proceedings and statements regarding the
underlying assumptions or relating to such state-
ments.
• Statements regarding potential merger & acquisition
activities.
These forward-looking statements are based on current
plans, estimates and projections. By their very nature,
forward-looking statements involve inherent risks and
uncertainties, both general and specific, which may be
outside FLSmidth & Co. A/S’ influence, and which could
materially affect such forward-looking statements.
FLSmidth & Co. A/S cautions that a number of important
factors, including those described in this report, could
cause actual results to differ materially from those
contemplated in any forward-looking statements.
Factors that may affect future results include, but
are not limited to, global as well as local political and
economic conditions, including interest rate and
exchange rate fluctuations, delays or faults in project
execution, fluctuations in raw material prices, delays in
research and/or development of new products or service
concepts, interruptions of supplies and production,
unexpected breach or termination of contracts, market-
driven price reductions for FLSmidth & Co. A/S’ products
and/or services, introduction of competing products,
reliance on information technology, FLSmidth & Co. A/S’
ability to successfully market current and new products,
exposure to product liability and legal proceedings and
investigations, changes in legislation or regulation and
interpretation thereof, intellectual property protection,
perceived or actual failure to adhere to ethical marketing
practices, investments in and divestitures of domestic
and foreign enterprises, unexpected growth in costs
and expenses, failure to recruit and retain the right
employees and failure to maintain a culture of compli-
ance. Unless required by law FLSmidth & Co. A/S is under
no duty and undertakes no obligation to update or revise
any forward-looking statement after the distribution of
this report.
Management review Consolidated Condensed Financial Statements Notes Statements FLSmidth Interim Report Q1 2026 37
Interim Report Q1 2026
1 January - 31 March 2026
FLSmidth & Co. A/S
Havneholmen 2, 1-3
2450 Copenhagen SV
Denmark
Tel.: +45 36 18 18 00
corppr@flsmidth.com
www.flsmidth.com
CVR no. 58180912