FLSmidth raises EBITA margin outlook to 16.5% after 36% order growth in third quarter
Key Facts
FLSmidth reported on November 11, 2026, that total order intake rose 36% in the third quarter from the same period in 2025, while revenue increased 10%, prompting the company to raise its full-year adjusted EBITA margin outlook. Organically, orders rose 32% and revenue increased 6%, according to the company’s interim report. The adjusted EBITA margin also improved to 16.3% from 15.3% a year earlier. Net profit for the period was 388 million Danish kroner, compared with 298 million for continuing operations in the third quarter of 2025. The figures reflect improved demand and profitability, while operating cash flow declined year on year.
Order growth outpaced revenue growth, rising 36% overall compared with a 10% increase in revenue, while organic growth reached 32% for orders and 6% for revenue. The company said its PC&V and Products businesses supported organic order growth during the quarter. Chief Executive Tony Laksønn said Products benefited from two large orders and a pipeline of projects that is improving. He added that PC&V maintained its momentum. The gap between orders and revenue puts the focus on converting new business into sales, as the company linked its outlook update to improved activity and conversion.
The adjusted EBITA margin improved by one percentage point year on year, from 15.3% in the third quarter of 2025 to 16.3% in the corresponding period of 2026. Net profit rose to 388 million Danish kroner from 298 million for continuing operations a year earlier. But cash flow from operating activities fell to 358 million Danish kroner from 478 million in the third quarter of 2025. Profitability metrics were therefore above their year-earlier levels, while operating cash moved in the opposite direction. The company did not provide a specific explanation in these figures for the annual decline in cash flow.
The company raised its 2026 organic revenue growth outlook to a range of 1%–3%, from its previous range of 0%–4%. It now also expects an adjusted EBITA margin of around 16.5%, compared with a previous range of 16.0% to 16.5%. The updated outlook varied across the company’s businesses: it raised its PC&V revenue growth estimate to 9%–11% from 5%–8%, citing continued strength in market conditions and activity. By contrast, it expects Products revenue to contract organically by 9% to 13%, compared with a previous forecast for a contraction of 5% to 15%. The company linked its outlook for Products to a shrinking order book and continued low investment in the sector.
The full-year outlook revision follows a trend that began in the first half of 2026, when the company said continued order growth and improved conversion into revenue had contributed to an update of its annual outlook. In the third quarter, Laksønn linked organic order growth of 32% and organic revenue growth of 6% to strong demand in Products and PC&V. The company said Products growth benefited from two large orders and an improving project pipeline, while its annual outlook for the business remained weaker than for PC&V. The company said its outlook assumes stable mining market conditions. The stock closed up 5.59% on November 11, the day results were announced.
FLSmidth is scheduled to publish its 2026 annual report on February 11, 2027, according to its financial calendar. The annual report will present the full-year results following the outlook update announced in November. The published third-quarter figures combine increases in orders and revenue and an improved profit margin with lower operating cash flow than in the same period a year earlier. The differing performance of PC&V and Products remains part of the new outlook. Those expectations remain the framework the company has set for 2026 until the annual report.