FLSmidth & Co. reported Q2 2026 results that beat expectations, prompting a share price jump of more than 9% in early European trading. Order intake reached DKK 4.0 billion, a 13% year‑over‑year increase on an organic constant‑currency basis. Revenue grew 16% on the same basis to DKK 3.9 billion. Adjusted EBITA rose 33% YoY to DKK 683 million, delivering an adjusted EBITA margin of 17.3%, which was 22% above the consensus estimate. Cash flow from operations was a negative DKK 83 million, well short of the company‑compiled consensus of a positive DKK 258 million, reflecting higher working‑capital requirements. The company upgraded its FY2026 guidance: organic constant‑currency revenue growth is now expected between 0% and 4% (previously –1% to 4%); service revenue growth guidance is lifted to 3%‑5% (previously 2%‑5%); PC&V (pumps, cyclones and valves) growth guidance is raised to 5%‑8% (previously 4%‑7%); product revenue guidance remains unchanged at –15% to –5%; and the group adjusted EBITA margin guidance is now 16.0%‑16.5% (up from 15.5%‑16.5%). Jefferies analysts described the update as “very strong,” noting that both organic order intake and revenue growth comfortably beat consensus, and that the margin upgrade may translate into only low‑single‑digit share‑price moves.