EL7.AI
StocksMedium•11 November 2026•
4 min read

FLSmidth Orders Jump 36% in Third Quarter, Lifting 2026 Outlook

Key Facts

1Total order intake rose 36% and organic order intake 32% in the third quarter of 2026 compared with the third quarter of 2025.
2Adjusted operating earnings margin was 16.3% in the third quarter of 2026, compared with 15.3% a year earlier.
3The company raised its 2026 organic revenue growth outlook to 1%–3% from 0%–4%, and its margin outlook to about 16.5%.
4Net profit was 388 million Danish kroner, compared with 298 million from continuing operations in the third quarter of 2025.

FLSmidth reported a 36% increase in total order intake in the third quarter of 2026 compared with the same period in 2025, while organic growth was 32%, according to a statement issued on Nov. 11. The company said the organic increase was supported by strong growth in its Pumps, Cyclones and Valves and Products segments. The improvement in orders was accompanied by a 6% year-on-year rise in organic revenue and a 10% increase in total revenue. Adjusted earnings before interest, taxes, depreciation and amortization margin rose to 16.3%, from 15.3% a year earlier. The company raised its full-year organic revenue growth outlook to a range of 1%–3%, with a margin of about 16.5% expected.

Organic order growth improved from the second quarter of 2026, when organic intake rose 13% and total intake 14% compared with the second quarter of 2025. In that quarter, organic revenue increased 16% and total revenue 17% year on year, a faster pace than the organic revenue growth recorded in the third quarter. The improvement also followed a weaker comparison period: order intake fell 11% and revenue 15% in the third quarter of 2025 compared with the third quarter of 2024. Adjusted operating earnings margin was 15.3% then, rising to 16.3% in the third quarter of 2026. For the first nine months of 2026, the company recorded organic revenue growth of 5% and an adjusted margin of 16.4%.

Chief Executive Tony Laksønin said the Products segment benefited from two large orders and an improving project pipeline, while the Pumps, Cyclones and Valves segment maintained good momentum. He said this mix supported organic order growth, while organic revenue growth in the quarter was driven by the Services and Pumps, Cyclones and Valves segments. In its first-half report, the timing of customers’ final investment decisions on large projects had affected orders in the Products segment. Laksønin said at the time that the project pipeline continued to develop, particularly in copper and gold. The company said in its current report that the Pumps, Cyclones and Valves market remained active and strong, while weak industrial investment and a declining order backlog weighed on the Products segment.

The financial results showed an improvement in net profit, which reached 388 million Danish kroner in the third quarter of 2026, compared with 298 million from continuing operations in the year-earlier quarter. But cash flow from operating activities fell to 358 million kroner, from 478 million a year earlier. The divergence indicates that revenue growth and margin improvement were accompanied by lower operating cash flow during the quarter. For the full year, adjusted operating earnings margin was 15.9% in 2025, compared with 11.3% in 2024. Organic orders also rose 3% in 2025, despite a 2% decline in total orders and a 1% drop in organic revenue that year.

FLSmidth revised its 2026 organic revenue growth outlook to 1%–3%, from the previous range of 0%–4%. It also raised its adjusted operating earnings margin outlook to about 16.5%, from a range of 16.0%–16.5%. The company had improved its guidance in August, raising its organic revenue growth range to 0%–4% from -1%–4%, and its margin range to 16.0%–16.5% from 15.5%–16.5%. Segment guidance points to continued organic Services growth of between 3% and 5%, a range the company left unchanged. For Products, the company expects organic revenue to contract by between 13% and 9%, compared with a previous forecast of a contraction of between 15% and 5%.

By contrast, the company raised its organic revenue growth outlook for Pumps, Cyclones and Valves to 9%–11%, from 5%–8% previously. This comes as the company continues to see a divergence between activity in the segment, which it described as strong, and the pressures facing Products from weak industrial investment and a declining order backlog. The adjusted operating earnings margin measure excludes costs to upgrade the enterprise resource planning system, which the company expects to amount to 100 million Danish kroner for 2026. It also excludes other operating income of 717 million kroner in the first nine months of 2026. That amount includes 675 million kroner from the sale of the company’s former headquarters in Valby, recorded in the first quarter of 2026.

The company said its full-year outlook is based on the assumption that there will be no material change in global or regional economic and political conditions during 2026. This includes stable market conditions and customer investment levels in the mining industry. The nine-month report presentation was scheduled for Nov. 11, 2026, at 11:00 a.m. Central European Time. The company said the presentation would be followed by a question-and-answer session. The results and revised guidance were released after third-quarter progress in orders and profitability, while the revenue outlook continued to differ across segments.