MINING EQUIPMENT : FLS results (NR) - outlook for large scale mining downstream orders is gradually improving

Research evidence excerpt

MINING EQUIPMENT : FLS results (NR) - outlook for large scale mining downstream orders is gradually improving

Refinitiv

- Accordingly, order intake for Products is expected to remain relatively muted in the short term, but with a

gradually improving outlook as project activity progresses and larger projects move closer to potential

sanctioning towards the latter part of 2026 or early 2027.

Service

- Activity in the service market was consistent with prior periods, supported by sustained demand for performance-

enhancing solutions that enable customers to capitalise on elevated metal prices, while simultaneously reducing

operating costs by alleviating flowsheet constraints, lower energy consumption and maximise output.

- Activity within gold projects remains higher than for other metals, with customers indicating an overall more

positive outlook, supported by the continued high gold prices.

- In the first quarter of 2026, hesitation among mining companies to approve capital expenditure programmes

continued to affect the timing of larger modernisation and upgrade projects and the delivery of certain first-

time spare parts.

Pumps, Cyclones and Valves

- Orders in Pumps, Cyclones & Valves (PC&V) came in ahead of the company’s expectations and reflected

robust demand for new equipment delivered to customer sites. The strengthened commercial presence is

driving sustained growth in equipment sales and generating increased momentum in aftermarket-related sales

through an expanding installed base.

- FLS has seen increasing signs that greenfield and brownfield projects are progressing through planning and

approval stages and moving closer to execution. Despite this improvement, overall project activity remained

subdued and continued to constrain market growth.