FLSMIDTH & CO. A/S
Industrials·FLS · Nasdaq Copenhagen·Fiscal year to 31/12/2025
During the year, we completed our transition to a pure-play supplier of technologies and services to the global mining industry and delivered solid performance in a demand environment characterised by continued uncertainty, particularly around the timing of larger mining projects.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Electrification
Technology
DriverPositive impact: strengthens
“Delivering solutions for tomorrow’s mine Fundamentals of our business Underlying long-term demand for metals and minerals remains robust, driven by emerging middleclass, expansion of renewables, rapid adoption of electric vehicles and growing datacentre demand.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Research and development costs reported in production costs amounted to DKK 64m. The R&D costs mainly related to several innovations, including new and more sustainable technologies to support the carbon neutral programme, as well as digital solutions across the flowsheets.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Mining
End markets
DriverPositive impact: strengthens
“Gold projects remain particularly active, with miners indicating a stronger outlook for gold compared to other metals. Short lead times continue to be essential for customers seeking to enhance recoveries and maintain high production rates.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“During 2025, the products market continued to experience subdued market conditions, as uncertainty persisted regarding the timing of several larger scale mining projects. The products market remains subdued, with some clients expressing caution regarding investment in larger brownfield and greenfield projects.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“In line with trends observed in the service market, activity within gold-related projects has demonstrated greater resilience compared to other metals, buoyed by a more positive outlook. Consequently, there is potential for smaller gold projects to materialise in the near-to-medium term.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The increase was primarily a reflection of a higher share of revenue from the Service and PC&V businesses and evidence of the positive impact of the de-risking strategy in Products business.”
Annual report 2025A · The company itself
Market
“Demand for services remained stable and active, as miners continued to enhance their current operations and alleviate flowsheet constraints. 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.”
Annual report 2025A · The company itself
Market
“The Pumps, Cyclones & Valves (PC&V) business delivered 12% organic growth in order intake in 2025, supported by a significant ramp-up of the commercial front end with increased presence at customer sites. Throughout 2025, the market for pumps, cyclones, and valves demonstrated resilience, supported by stable to modestly increasing production volumes and sustained high metal prices.”
Annual report 2025A · The company itself
Market
“The increase was primarily a reflection of a higher share of revenue from the Service and PC&V businesses and the ceasing of the lower margin Non-Core Activities segment in Q1 2025.”
Annual report 2025A · The company itself
Market
“Organically, revenue decreased by 1% compared to 2024. Total revenue decreased by 7% to DKK 14,612m in 2025, compared to 2024.”
Annual report 2025A · The company itself
Chains in: Copper strengthens
Agriculture and food production
End markets
Market
“Our Services business delivered organic revenue growth of 9%, reflecting sustained customer demand for solutions that enhance productivity, reliability and sustainability across mining operations.”
Annual report 2025A · The company itself
Market
“Full flowsheet technology and service supplier for sustainable mineral processing By providing the knowledge, technology and support necessary to enable progress and innovation, we support miners in meeting the world’s demands for minerals. Today, we empower the future of mining. Our proven technologies empower mining operations to enhance productivity, lower costs, improve safety, and reduce environmental impact. From the primary crusher onwards, we offer the full flowsheet of mineral processing equipment, across commodities, and tailored to our customers' specific application requirements.”
Annual report 2025A · The company itself
Market
“With more than 140 years of engineering expertise, FLSmidth today is a leading supplier to the global mining industry. We deliver full flowsheet technologies and services, optimising asset efficiency while managing risk and prioritising environmental impact to meet the world’s demands for metals and minerals.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“Service is at the heart of our business – it is the key to customer productivity and the main driver of our profitability. As a leader in the industry with a significant installed based across the world, leveraging this is key to our future success.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Research and development costs reported in production costs amounted to DKK 64m. The R&D costs mainly related to several innovations, including new and more sustainable technologies to support the carbon neutral programme, as well as digital solutions across the flowsheets.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“They also want and need to improve sustainable production methods (e.g., by reducing emissions, minimising power consumption, and conserving water).”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Through our customer-focused, technology-driven MissionZero program, we empower our customers to accelerate their journey toward more sustainable operations, helping them secure their license to operate and obtain permits for new mining projects.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“Early in the year, with the acquisition of Scott Specialized Rubber & Engineering (SSRE) a manufacturing company based in Pretoria, South Africa, we have strengthened our consumables offering within our market-leading portfolio in milling and grinding.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We are trustworthy and believe others are as well Empowerment We have the necessary autonomy to drive results Accountability We take ownership to get it done Collaboration We proactively work together to achieve success Honesty We are transparent and act with good intent Service business 23 Product business 25 PC&V business 27 Discontinued activities 29 Financial performance 30 Performance 22% 39% 14% 25% The Service business delivered 14% organic growth in order intake in 2025, supported by the strategic initiatives implemented over recent years, including a more customercentric sales organisation and the continued development of our service centre network.”
Annual report 2025A · The company itself
Air freight
Raw materials and inputs
Market
“Divestment of the Air Pollution Control business On 30 June 2025, FLSmidth announced that it had entered into an agreement to divest its Air Pollution Control (APC) business to Rubicon Partners. The transaction included all related assets, including intellectual property, technology, employees and order backlog.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“As a technology leader, we are in a unique position to enable our customers to move towards mining for a sustainable world. Our investments into innovation and digitalisation are critical to remain a market leader and to deliver on our mining strategy.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Automation and robotics
Technology
StrategyPositive impact: strengthens
“The decrease was primarily driven by the continued transformation journey, which included rightsizing of our corporate headquarters.”
Annual report 2025A · The company itself
Cement and building materials
Raw materials and inputs
Market
“A key milestone during the year was 15.9% Adjusted EBITA margin in 2025 the completion of the divestment of the Cement business, enabling full management attention and capital allocation towards our core Mining activities.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens
Digitalisation
Technology
StrategyPositive impact: strengthens
“As a technology leader, we are in a unique position to enable our customers to move towards mining for a sustainable world. Our investments into innovation and digitalisation are critical to remain a market leader and to deliver on our mining strategy.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Energy efficiency
Technology
StrategyPositive impact: strengthens
“Our market-leading High Pressure Grinding Rolls (HPGR) technology and the related capital and service orders in 2025 are a prime example of a high-tech product with a significant impact on sustainability and a captive service opportunity.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Industrial manufacturing
End markets
Market
“During the year, we completed our transition to a pure-play supplier of technologies and services to the global mining industry and delivered solid performance in a demand environment characterised by continued uncertainty, particularly around the timing of larger mining projects.”
Annual report 2025A · The company itself
Sea freight and freight rates
Raw materials and inputs
Market
“Divestment of the Air Pollution Control business On 30 June 2025, FLSmidth announced that it had entered into an agreement to divest its Air Pollution Control (APC) business to Rubicon Partners. The transaction included all related assets, including intellectual property, technology, employees and order backlog.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Copper
Raw materials and inputs
DriverPositive impact: strengthens
“The global transition towards electrification, continued investment in renewable energy and the rapid expansion of data centres are all expected to drive sustained demand for key commodities, particularly copper.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The road to carbon-neutral emissions requires an extraordinary increase in the supply of minerals essential to the energy transition, including copper, lithium, nickel and cobalt.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Throughout 2025, the market for pumps, cyclones, and valves demonstrated resilience, supported by stable to modestly increasing production volumes and sustained high metal prices.”
Annual report 2025A · The company itself
Chains in: Electrification strengthens, Data centres strengthens
Chains out: this strengthens Mining
Rare earths and critical raw materials
Raw materials and inputs
DriverPositive impact: strengthens
“While market conditions for large mining projects are expected to remain uncertain in the near term, we remain encouraged by the mining industry’s long-term growth drivers, including sustained demand for critical minerals, the increasing complexity of mining operations, and the ongoing need for efficiency and productivity improvements.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The road to carbon-neutral emissions requires an extraordinary increase in the supply of minerals essential to the energy transition, including copper, lithium, nickel and cobalt.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Electric vehicles and EV batteries
End markets
DriverPositive impact: strengthens
“Delivering solutions for tomorrow’s mine Fundamentals of our business Underlying long-term demand for metals and minerals remains robust, driven by emerging middleclass, expansion of renewables, rapid adoption of electric vehicles and growing datacentre demand.”
Annual report 2025A · The company itself
Solar power
Technology
DriverPositive impact: strengthens
“Delivering solutions for tomorrow’s mine Fundamentals of our business Underlying long-term demand for metals and minerals remains robust, driven by emerging middleclass, expansion of renewables, rapid adoption of electric vehicles and growing datacentre demand.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“However, ongoing hesitation among mining companies to approve capital expenditure programmes has negatively impacted the timing of several larger modernisation and upgrade projects, as well as the delivery of certain first-time spare parts.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Despite commodity prices remaining relatively high during the quarter, persistent uncertainty relating to US tariff measures, the longer-term price levels for minerals and metals as well as broader macroeconomic conditions, have continued to weigh on global demand.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“As they increase production, our customers need to manage increasing operational challenges.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“For the continued activities, the number of employees decreased to 5,494 at the end of 2025 from 5,745 by end of 2024. The decrease was driven by continued restructuring and optimisation in the continuing business, partly offset by increase in the commercial frontend and consumables initiatives in the service segment.”
Annual report 2025A · The company itself
Tariffs and trade policy
Macro
DriverPositive impact: strengthens
“In North America, there has been an improvement in activity over the year as customers gained greater clarity on recent US tariff measures, which supported a gradual recovery in project planning.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Despite commodity prices remaining relatively high during the quarter, persistent uncertainty relating to US tariff measures, the longer-term price levels for minerals and metals as well as broader macroeconomic conditions, have continued to weigh on global demand.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Aluminium
Raw materials and inputs
DriverPositive impact: strengthens
“Throughout 2025, the market for pumps, cyclones, and valves demonstrated resilience, supported by stable to modestly increasing production volumes and sustained high metal prices.”
Annual report 2025A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“These include declining ore grades, exploration and development of more remote and intricate deposits, interest rates and financing challenges, intensifying regulations, and geopolitical uncertainties.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Growing middle class
Geography
DriverPositive impact: strengthens
“Mining is crucial to the global energy transition and the future demands from the growing middle-class population worldwide.”
Annual report 2025A · The company itself
Interest rates
Macro
DriverNegative impact: weakens
“These include declining ore grades, exploration and development of more remote and intricate deposits, interest rates and financing challenges, intensifying regulations, and geopolitical uncertainties.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Public investment and infrastructure
Regulation
DriverPositive impact: strengthens
“Two market dynamics are the foundation for our business model: capital investments and production levels. Capital investments include new capacity and capacity expansions as well as replacements and upgrades in existing facilities, allowing us to introduce advanced technology and innovations for new sites and modernise current operations.”
Annual report 2025A · The company itself
Chains in: Reconstruction of Ukraine strengthens
Chains out: this strengthens Construction, strengthens Digitalisation, strengthens IT consulting and public-sector IT
Steel
Raw materials and inputs
DriverPositive impact: strengthens
“Throughout 2025, the market for pumps, cyclones, and valves demonstrated resilience, supported by stable to modestly increasing production volumes and sustained high metal prices.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“2026 Organic revenue growth Organic revenue growth is expected to be in the range of -1% to 4%.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Asia and emerging markets
Geography
Geography
“Organically, Service order intake increased by 14% compared to Q4 2024, driven by increased orders for consumables and modernisations, supported by strong activity in the South American and African markets.”
Annual report 2025A · The company itself
Geography
“The organic growth was driven by solid performance in key markets, particularly South America and Africa, with strong momentum.”
Annual report 2025A · The company itself
Geography
“The order intake in 2025 was supported by a strategically important order from an Indian miner and steelmaker for all pumps and cyclones associated with a greenfield expansion.”
Annual report 2025A · The company itself
Latin America
Geography
Geography
“Organically, Service order intake increased by 14% compared to Q4 2024, driven by increased orders for consumables and modernisations, supported by strong activity in the South American and African markets.”
Annual report 2025A · The company itself
Geography
“The organic growth was driven by solid performance in key markets, particularly South America and Africa, with strong momentum.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 14.61 bn DKK |
| Revenue growth vs. the year before, same method | -7.2 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | 1.98 bn DKK |
| Diluted EPS per share | 0 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✗ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.