FLSmidth (FLS) AGM 2026 summary

Opening remarks and agenda

• AGM held for the first time at new headquarters, marking a new era and location for the company.

• Meeting was duly convened with 68% of share capital represented; agenda included standard items and board proposals on remuneration, treasury shares, and board authorizations.

Financial performance review

• Completed transition to a focused mining technology and services provider after divesting the cement business.

• Service business achieved 4% organic order intake growth; PC&V business grew 12%, while product business saw a 5% decline.

• Adjusted EBITA margin reached 15.9%; net result was DKK 1,714 million, with free cash flow at DKK 640 million.

• 2026 guidance: organic revenue growth expected between -1% and +4%, with service and PC&V businesses leading.

• Adjusted EBITA margin for 2026 projected at 15.5%-16.5%, excluding ERP rollout costs.

Board and executive committee updates

• CEO Mikko Keto departed in November 2025; Toni Laaksonen appointed CEO in February 2026.

• Board composition changed, with reduction in AGM-elected members and election of Lene Skole as new board member.

• Board remuneration for 2025 was DKK 7.3 million, up due to more members; 2026 fee to remain unchanged.