FLSmidth Early look at Q2‘26 Results: Strong Pipeline but Expect Back-end Loaded Year

Research evidence excerpt

FLSmidth Early look at Q2‘26 Results: Strong Pipeline but Expect Back-end Loaded Year

J P M O R G A N Europe Equity Research

22 June 2026

FLSmidth Overweight

FLS.CO, FLS DC

Early look at Q2’26 Results: Strong Pipeline but Expect Price (19 Jun 26):Dkr511.00

Back-end Loaded Year ▲Price Target (Dec-27):Dkr700.00 Prior (Jun-27):Dkr670.00

FLSmidth is to report its Q2’26 results on August 19th. We are incrementally more

positive on the Mining pipeline coming out of our JPM Industrials Conference last European Capital Goods

week (see feedback here). The company still sees a pick-up in end 2026/2027 as Chitrita C Sinha AC

likely and as such, has already booked a sizeable order for which they cannot (44-20) 7742-7176

provide further details until a downpayment has been received. Into Q2, we are 1% chitrita.sinha@jpmorgan.com

J.P. Morgan Securities plc

above on orders. However, on sales and Adj. EBITA we are 2% and 7% below,

Phil Bullerrespectively, as the year is more back-end loaded in both Service and PC&V.

(44-20) 3493-9403

Specifically in PC&V, the mix is likely to be very OE-tilted as as a result the margin phil.buller@jpmorgan.com

will be below the 24-25% margin range (JPMe: 21.7%). The company expects the J.P. Morgan Securities plc

overshoot this range as mix turns more positive in H2. For the FY, we leave our Akash Gupta

numbers broadly unchanged and see limited risk given the strong backlog in both (44-20) 7742-7978

business units. FLSmidth remains one of our top picks amongst the Mining OEMs. akash.z.gupta@jpmorgan.com

We roll-forward our PT from Dkk670 (June 2027) to a December 2027 PT of J.P. Morgan Securities plc

Dkk700. Jeremy Caspar

(44-20) 3493-5188

• Q2’26 Forecasts. We model group orders of Dkr3.9bn, up 8% y/y organically. jeremy.caspar@jpmorgan.com