FLSmidth & Co. A/S raised its 2026 adjusted EBITA margin forecast to about 16.5% and narrowed organic revenue growth guidance to 1% to 3% after third-quarter order intake rose 36% year over year.
In its Nov. 11 interim report, FLSmidth said organic order intake increased 32% from Q3 2025. Organic revenue rose 6%, while total revenue grew 10%, with organic gains in Service and Pumps, Cyclones & Valves (PC&V).
The adjusted EBITA margin for the quarter was 16.3%, compared with 15.3% a year earlier. Net profit reached DKK 388 million, versus DKK 298 million from continuing operations in Q3 2025. Cash flow from operating activities fell to DKK 358 million from DKK 478 million. Across the first nine months of 2026, organic revenue gained 5% and the adjusted EBITA margin was 16.4%.
The updated full-year revenue range replaces an earlier forecast of 0% to 4%. The margin expectation had been 16.0% to 16.5%. By business line, FLSmidth now expects PC&V revenue growth of 9% to 11%, up from 5% to 8%. Service remains at 3% to 5% growth, while Products is forecast to contract 9% to 13%, compared with a previous decline range of 5% to 15%.
FLSmidth cited active market conditions for PC&V and customer demand for productivity solutions in Service. For Products, it pointed to a smaller backlog after portfolio pruning and de-risking, as well as persistently low industry investment. The company said margin improvement is expected to draw on Service and PC&V earnings, planned profitability gains in Products and corporate-model changes intended to simplify operations, improve efficiency and strengthen commercial execution.
The adjusted EBITA measure excludes DKK 100 million in ERP-upgrade costs expected in 2026. It also excludes DKK 717 million in other operating net income recorded in the first nine months of the year, including DKK 675 million from the sale of the former headquarters in Valby, recognized in Q1.
CEO Toni Laaksonen said the quarter reflected “continued good commercial activity,” citing the increase in organic order intake. FLSmidth’s outlook assumes stable mining markets and customer investment, no material change in macroeconomic or political conditions, and no major regulatory or trade-policy changes affecting projects or operations. The company scheduled a presentation of the report and a Q&A for 5 a.m. ET (10:00 UTC) Wednesday.
