Key takeaways from local roadshow

Research evidence excerpt

Key takeaways from local roadshow

Equity Research - 18 May 2026 16:46 CEST

Fast commentFLSmidth

Key takeaways from local roadshow BUY

• We view product order ramp into late '26/'27 as de-risked Capital Goods

• Permitting tailwinds across key markets FLS-DK/FLS DC

• PC&V gaining share on technical merit Share price (DKK) 13/5/2026 457.00

Our impression from hosting FLS’s local roadshow Target price 675.00

On Monday, we hosted FLS's management in Copenhagen following their

Q1 report, here are our key takeaways from the meetings. MCap (DKKm) 26,346

MCap (EURm) 3,525

We view the timing of Product orders as de-risked No. of shares (m) 57.7

The main takeaway from the meeting was in our view management's Free float (%) 79.5

commentary on product order timing, where several data points

Av. daily volume (k) 81

collectively paint an encouraging picture. First, management highlighted

an increase in requests from engineering companies already having

Next event Q2 report 19 August 2026a view on their future flowsheet. Second, management noted that it is

standard to see orders that are effectively already decided, only waiting

for formal sanctioning and downpayment to be booked. Third, FLS is Analyst:

invited to the table on almost all major projects. Fourth, management was mikkel.logsted@abgsc.dk, +45 35 46 30 12

explicit that the timing is really not materially dependent on the Middle East

conflict.

From a capacity perspective, a part of production is outsourced without

dependency on individual suppliers, and management stated FLS can

handle significantly more product orders than today. Taken together,

we got the impression that when management says product orders will

come in late '26 and into '27, this is said with a degree of certainty we find

reassuring.