FLSmidth (FLS) AGM 2025 summary

Opening remarks and agenda

• AGM opened with reflections on the company's upcoming headquarters relocation in 2026, symbolizing renewal and innovation.

• Attorney Klaus Søgaard confirmed the meeting was lawfully convened and quorate, with advance voting ensuring smooth proceedings.

Financial performance review

• 2024 marked strong financial results, with highest after-tax profit in over a decade and improved underlying earnings in both mining and cement.

• EBITDA margin improved by 3.8 percentage points in mining and 0.8 in cement compared to 2023.

• Revenue for 2024 declined by 16.3%, but net profit increased by 36.9%.

• 2025 guidance expects total revenue of DKK 19 billion and adjusted EBITDA margin of 12.5%-13%.

• Mining revenue expected at DKK 15 billion, cement at DKK 4 billion, with continued focus on margin improvement.

Board and executive committee updates

• Chair Tom Knutzen and board member Daniel Reimann announced their resignations; three new board members nominated.

• Board self-evaluation process deemed satisfactory, guiding future priorities.

• Executive management remuneration increased due to performance-based incentives and share allocations.