FLSmidth A/S : Investor presentation - Q1 2023

11 May 2023

Investor presentation

Interim report

Q1 2023

Forward-looking statements

FLSmidth & Co. A/S' financial reports, whether in the form of annual reports or interim reports, filed with the Danish Business Authority and/or announced via the company's website and/or NASDAQ Copenhagen, as well as any presentations based on such financial reports, and any other written information released, or oral statements made, to the public based on this report or in the future on behalf of FLSmidth & Co. A/S, may contain forward looking statements.

Words such as 'believe', 'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' and other words and terms of similar meaning in connection with any

discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

• Statements of plans, objectives or goals for future operations, including those related to FLSmidth & Co.
  A/S' markets, products, product research and product development.
• Statements containing projections of or targets for revenues, profit (or loss), CAPEX, dividends, capital structure or other net financial items.

• Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings and statements regarding the underlying assumptions or relating to such statements.
• Statements regarding potential merger & acquisition activities.

These forward-looking statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which may be outside FLSmidth & Co. A/S' influence, and which could materially affect such forward-looking statements.

FLSmidth & Co. A/S cautions that a number of important factors, including those described in this report, could cause actual results to differ materially from those contemplated in any forward-looking statements.

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including the impact from interest rate and exchange rate fluctuations, delays or faults in project execution, fluctuations in raw material prices, delays in research and/or development of new products or service concepts, interruptions of of supplies and production,

unexpected breach or termination of contracts, market- driven price reductions for FLSmidth & Co. A/S' products and/or services, introduction of competing products, reliance on information technology, FLSmidth & Co. A/S' ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in legislation or regulation and interpretation thereof, intellectual property protection, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign enterprises, unexpected growth in costs and expenses, failure to recruit and retain the right employees and failure to maintain a culture of compliance. Unless required by law FLSmidth & Co. A/S is under no duty and undertakes no obligation to update or revise any forward- looking statement after the distribution of this report.

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11 May 2023

Mining Technologies refers to the former thyssenkrupp Mining business, which FLSmidth acquired on 31 August 2022

Key highlights for Q1'23

Mining		Cement
•	Service order intake growth of 15%		•	Service orders represented 60% of order intake
•	Strong Service revenue growth of 48%		•	Good Service revenue growth of 6%
•	Adj. EBITA margin of 9.6%		•	Sustained profitability with EBITA margin of 4.3%
•	Synergy takeout slightly ahead of plan (reduction of +800 FTEs)		•	Positive impact from operating model simplification

Sustainability		Performance and other
• Increased spend with suppliers with SBT targets		• Transformation progress on track
•	Improvement in share of women managers		• NCA order backlog reduced to DKK 2.1bn
•	Negative development on safety (TRIR)		•	Negative cash flow in line with expectations
			•	Financial guidance for 2023 maintained

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11 May 2023

TRIR: total recordable injury rate. SBT: Science-Based Targets. NCA: Non-Core Activities

Key sustainability highlights for Q1'23

		↑3.1%p		↓1.5%
		improvement in spend from suppliers		deterioration in tCO2e vs. Q1'22
		with SBT targets vs. 2022		due to inclusion of Mining Technologies
		Scope 3			Scope 1 & 2
		upstream				our operations
ESG	↓11.4%			↑0.6%p			↓1.5
deterioration vs. Q1'22 due to			improvement vs. Q4'22 due to			deterioration vs. Q1'22 due to
inclusion of Mining Technologies			recruitment and leadership initiatives			increase in incidents across regions
		Water				Women			Safety
		withdrawal			managers			total recordable
						injury rate (TRIR)
Note: Scope 3 upstream: spend with suppliers with science-based targets. Scope 1 & 2: greenhouse gases emissions (tCO2e, market based).
4	11 May 2023

Q1'23 HIGHLIGHTS

Service order intake growth of 15%, offset by de-risking, Russia exit and NCA establishment

-20%

MINING ORDER INTAKE

MINING ORDER INTAKE

Organic order intake growth*

-19%

Reported order intake growth

70%

Service share of order intake

DKKm

6,000

5,000

4,000

3,000

2,000

5,157

4,177

2,627 -51%

1,275

DKKm 6,000

5,000

4,000

3,000

2,000

-19%

2,627

2,079 1,275

in Q1 2023 (49% in Q1'22)

1,000

0

2,530 +15% 2,902

Q1 2022

Q1 2023

2,530 2,5002,902

1,000

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2021 2021 2021 202120222022202220222023

Service		Products		Revenue

5 11 May 2023

*The comparison quarter Q1 2022 includes Non-Core Activities and Russia

Note: Outstanding order backlog related to Russian and Belarusian contracts reduced to DKK 0.3bn at end Q1'23 (Q4'22: DKK 0.7bn)