Nasdaq CopenhagenIFRS · DKK

FLSMIDTH A/S

FLSmidth A/S is a Denmark-based engineering and equipment company serving the mining and cement industries with process technologies, machinery, and aftermarket services. Its business combines project delivery, plant optimization, and service support for customers that operate large industrial processing facilities around the world.

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Revenue5,059m DKK
−79.0 %y/y
Operating profit (EBIT)1,196m DKK
−0.3 %y/y
EBIT margin23.6%
+18.7 ppy/y
Net income670m DKK
+36.5 %y/y
Free cash flow-244m DKK
−154.6 %y/y

Fiscal year 2024 · change from previous year

Development 2019–2024

0510152025bn DKK2019: 20.6 bn DKK2019: EBIT 1.3 bn DKK20192020: 16.4 bn DKK2020: EBIT 0.43 bn DKK20202021: 17.6 bn DKK2021: EBIT 0.67 bn DKK20212022: 21.8 bn DKK2022: EBIT 0.62 bn DKK20222023: 24.1 bn DKK2023: EBIT 1.2 bn DKK20232024: 5.1 bn DKK2024: EBIT 1.2 bn DKK20245.11.2
RevenueOperating profit (EBIT)
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Business

Share of revenue
Mining55 %

Equipment, systems, and services for mineral processing and mining operations.

Cement30 %

Technologies, equipment, and services for cement production and plant performance.

Aftermarket services15 %

Spare parts, consumables, maintenance, and field service for installed equipment.

Customers

FLSmidth sells primarily to mining companies and cement producers that need industrial equipment, project execution, and long-term service support. Customers typically buy to expand capacity, improve plant reliability, lower operating costs, or modernize processing assets. The relationship is often capital-intensive and recurring because installed plants require parts, upgrades, and technical support over many years.

Mining companies

Buy mineral processing equipment, plant systems, and service support for ore treatment and handling.

Cement producers

Buy equipment and systems for clinker, grinding, material handling, and plant optimization.

Installed base customers

Buy spare parts, maintenance, upgrades, and digital services for existing FLSmidth equipment.

Project developers

Buy engineering and project delivery capabilities for new plants or major expansions.

Strategy

FLSmidth's strategy centers on its core Mining and Cement franchises, supported by equipment, services, and lifecycle offerings that deepen customer relationships. The company also emphasizes business simplification, transformation, and value from its installed base, which helps shift the mix toward recurring aftermarket activity and steadier service relationships. Its competitive position depends on technical process know-how, execution capability, and the ability to support customers across the full asset life cycle.

Strengthen the core Mining franchiseMedium term

Mining is the strategic center of the company and a key source of equipment and service demand.

Maintain a strong Cement offeringMedium term

Cement remains a major industrial end market and supports a large installed base.

Grow aftermarket and service mixShort term

Parts and services create repeat revenue and deepen customer stickiness across installed assets.

Geography

FLSmidth is headquartered in Denmark but serves customers globally, with demand tied to mining and cement activity across industrial regions. Its exposure is broad because mining projects are often concentrated in resource-rich countries while cement demand follows infrastructure and construction cycles in local markets. The business therefore depends on both global capital spending and regional operating conditions.

Risks

FLSmidth is exposed to cyclical capital spending in mining and cement, so order intake and project timing can swing with commodity prices, infrastructure spending, and customer investment budgets. Large engineering and equipment contracts also carry execution, warranty, and claims risk, while international operations add exposure to project delays and regional disruptions. Because the business relies on a global installed base, service demand and spare parts activity can also vary with plant utilization and customer maintenance cycles.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Mining and cement cycle sensitivity1Project execution and contract risk2Aftermarket demand variability3Global geographic and political exposure4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Mining and cement cycle sensitivityImpact: HighLikelihood: High

    Demand for large equipment and projects depends on customer capital budgets and industry cycles.

    Exposure: Order intake and project timing

  2. Project execution and contract riskImpact: HighLikelihood: Medium

    The business delivers engineered systems that can face delays, cost overruns, and performance disputes.

    Exposure: Large contracts and complex installations

  3. Aftermarket demand variabilityImpact: MediumLikelihood: High

    Parts and service demand depends on installed base activity, shutdown schedules, and plant uptime.

    Exposure: Recurring service revenue

  4. Global geographic and political exposureImpact: MediumLikelihood: Medium

    Mining customers operate in multiple jurisdictions that can be affected by permitting, logistics, and political change.

    Exposure: International project footprint

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Accounting

Judgemental items
Revenue recognition on long-term contracts

Equipment and project work may recognize revenue over time based on milestones or progress measures.

Impact: Can materially shift revenue and margin timing between quarters and years.

Contract estimates and provisions

Project costs, claims, and warranties require judgment about total expected outflows.

Impact: Can change gross margin and operating profit when estimates move.

Adjusted EBITA reporting

Management excludes certain transformation and separation costs from adjusted measures.

Impact: Affects comparability between reported and underlying performance.

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Last updated: 24/10/2026