Assets

Type	Time	Amount	Unit
ifrs-full:Assets	2024-12-31	26935000000	dkk
ifrs-full:Assets	2023-12-31	27011000000	dkk

Revenue

Type	Start date	End date	Amount	Unit
ifrs-full:Revenue	2024-01-01	2024-12-31	20187000000	dkk
ifrs-full:Revenue	2023-01-01	2023-12-31	24106000000	dkk

XML

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   <mrv:SustainabilityReport contextRef="ctx-1" id="s9__7__28" xml:lang="en">Sustainability statementUnderstanding sustainability and  CSRD-aligned reportingSustainability is about meeting today’s needs without compromising the future. It considers environmental, social and governance (ESG) factors to ensure businesses operate responsibly and create long-term value.This year, for the first time, FLSmidth is reporting under the Corporate Sustainability Reporting Directive (CSRD) which is newly implemented regulation from the European Green Deal, aimed at supporting the European market transitions to a carbon neutral economy. Through this reporting, we address our actual and potential impacts on people and the planet, as well as how sustainability related factors could impact our business, both now, and in the future. To align with these requirements, we performed a robust double materiality assessment, to identify key areas essen-tial for our focus and reporting. We took a fresh approach, ensuring we considered topics we have not worked with before, whilst also building on previous materiality assess-ments and existing methodologies.We also focused on the quality of our ESG data, as we know this is the essential foundation to build our actions on and monitor our progress. The following sustainability statement is designed to give clear and transparent insight into how we work with sustainability. We aim to provide direct linkages from our identified areas of materiality to the policies, actions, targets and key performance indicators we have in place to drive progress in these areas. The year 2024 marks the initial implementation of section 99a of the Danish Financial Statements Act regarding compliance with ESRS. As such, more clear guidance and practice are anticipated in various areas in the coming years.Additionally, the Sustainability Statements contain forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.How to read our impacts, risks and opportunitiesFor each sustainability topic, we use a chart and illustration to show how the identified IROs relate to our business. The chart indicates whether we are disclosing a nega-tive impact, positive impact, opportunity or risk. It shows whether the IRO is actual or potential, where in the value chain it applies, and the applicable time horizon.General disclosuresThis sustainability statement is intended to provide transparent, relevant and reliable insights into sustainability at FLSmidth. Through strong governance, we ensure that sustainability principles are integrated into our strategic decision-making processes, operational practices and corporate culture. Based on clear roles, responsibilities and accountability mechanisms, we effectively monitor, manage and enhance our sustainability performance.Sustainability at FLSmidthFLSmidth supplies technologies and services to mining and cement operations throughout the world, serving customers in more than 150 coun-tries and with a local presence in over 60 countries and with 7,739 employees worldwide. See page 117 for key geographies breakdown.Global economic development and the energy transition are driving increased demand for minerals and cement. Both industries are integral to meet the needs of a growing middle class, which requires a substantial supply of minerals such as copper, lithium, nickel and cobalt. Mining operations and cement production impact the environment through COe emissions, water 2usage and waste generation. These industries combined contribute approximately 10% of the world’s COe emissions. Notably, 99% of the emis-2sions across our value chain arise from the use of our products by customers throughout their operational life, presenting us a significant oppor-tunity to drive change. Innovation in these industries is essential to achieving net-zero emissions while meeting these demands. Recognising this, we launched the MissionZero sustainability programme in 2019. This is at the heart of our ongoing commitment to providing technologies and services that help customers reduce emissions, energy consump-tion, water consumption and use, and waste. With the MissionZero programme, we have set targets to provide solutions for zero-emissions mining and cement production by 2030. There is growing recognition of the societal and environmental challenges associated with devel-oping new greenfield operations. Therefore, we enable customers to maximise the potential of their existing operations by offering services, spare parts, upgrades and retrofits. We aim to improve the efficiency, extend the life of equip-ment and minimise the environmental footprint of mining and cement operations. We support the global energy transition and the long-term phasing-out of coal. Macroeconomic, industry-related and geopolitical developments have, however, led to a slower transition. Conse-quently, we have in 2024 re-evaluated our posi-tion on coal and decided that we will continue to service our existing customers, and provide technologies and services to brownfield coal mining operations, beyond 2030, ensuring that we support customers with the most resource-effi-cient solutions during the transition. We will not enter into new, greenfield coal-related projects.In 2024, revenue related to coal was around DKK 1.4bn, equal to around 7% of total revenue. Revenue related to other fossil fuel sectors 1accounted for less than 1% of total revenue. We are integrating sustainability into the core of the company’s business processes. This involves ensuring that ESG considerations are a fundamental element of decision-making processes across all relevant business functions. Supported by clear responsibilities and standard-ised processes, we are establishing a structured approach allowing us to set realistic targets, take corresponding actions and continuously track our progress. This integration of ESG into our operations not only aligns with global sustaina-bility expectations but also drives greater busi-ness value by enhancing operational efficiency, strengthening stakeholder relationships and ensuring long-term resilience.See pages 16-17 for a description of our business model.  Double materiality assessmentMethodologyWe developed our methodology from previous years with reference to the principles in the  ESRS.  Our assessment considered potential and actual impacts, risks and opportunities (IROs) in our own operations and both upstream and downstream in our value chain. Our impact assessment considered both positive and negative impacts on society and the environ-ment from our business operations and relation-ships. Our financial assessment assessed sustain-ability-related risks and opportunities associated with the business.Based on the assessment of our material IROs, we have identified the material topical standards to be reported on. These are depicted in the figure to the right.Assessing impacts, risks  and opportunitiesTo comprehensively identify and evaluate sustain-ability-related IROs, we engaged a broad range of stakeholders and leveraged diverse sources of information. Our process included workshops and interviews with internal subject matter experts and business leaders, supported by analyses of environmental impact assessments,  whistleblower reports, industry networks, employee engagement surveys, and other internal and external documentation. The assess-ment originated from our strategy and business model and included evaluating specific activities, business relation-ships, geographies and depend-encies that lead to a heightened risk of adverse impacts. Upstream impacts were assessed in collaboration with procurement colleagues and supply chain and human rights specialists, while environmental impacts related to FLSmidth's operations were evaluated at all sites.Downstream impacts were assessed through direct engagement with a major mining customer and through proxies, particularly where direct engagement with affected communities was not feasible. Proxies included input from internal specialists, industry standards and tools. Financial risks and opportunities were identified through consul-tations with 30 internal stake-holders from departments such as customer relations, finance, legal and HR. These risks are monitored and managed in line with our enterprise risk manage-ment (ERM) procedures. We have considered the connections between impacts and dependencies with our risks and opportunities. For example, we identified a connection between the energy transition stimulating demand for key commodities and the potential increased negative environ-mental impact of the associated mining activities.Governance structures under-pinning our IRO assessments ensure a thorough evaluation of business conduct across all locations, transactions and customer engagements in the mining and cement sectors.For more information on each area assessed, please see each topical section. Time horizonTime horizons for IROs are specified according to the earliest occurrence. Where we have identified a short-term horizon, the IRO could potentially continue to a longer time horizon. ImpactsAs per the ESRS guidance, the average of the three parameters of ‘scale’, ‘scope’, and ‘irreme-diable character’ have been used in the scoring Irremediable character: Scale: Scope: How difficult would it be to  How grave is the impact?How widespread is the impact?(remedy or correct) the issue? 5 Absolute 5 Global/total 5 Non-remediable/irreversible4 High 4 Widespread 4 Very difficult to remedy or long-term3 Medium 3 Medium 3 Difficult to remedy or mid-term2 Low 2 Concentrated 2 Remediable with effort (time &amp; cost)1 Minimal 1 Limited 1 Relatively easy to remedy short-term0 None 0 None 0 Very easy to remedyLikelihood Materiality5 Actual (occuring) Severe4 Very likely High3 Likely Significant2 Possible Medium1 Unlikely Low0 Very unlikelyof the ‘severity’ of our impacts. The likelihood of the impact occurring is then evaluated to give the final impact score. In instances of a negative impact on human rights, a scoring of five in either scale, scope or irremdiable character results in a material impact scoring.Risks and opportunitiesWhen scoring risks and opportunities, we utilised our ERM methodology (see pages 51-52) to ensure 2.consistency and relevance to the business. We evaluated the magnitude of the risk or opportunity against seven drivers of value creation or costs: financial, legal/regulatory, reputation, human capital, customers, operational and strategic. When quantification in monetary terms was not possible, largely due to the complexity of defining exact values for potential sustainability risk scenarios, we applied qualitative assessments.ThresholdsMateriality thresholds were set at ‘significant’. This means that IROs scored as ‘significant’, ‘high’ and ‘severe’, and their associated ESRS topics, are deemed material.Resilience of our strategyUpon concluding our DMA in August 2024,  we evaluated the resilience of our strategy and the capacity of our business model to address our material impacts and risks and our ability to take advantage of our material opportunities. We see that our MissionZero programme empowers our customers to reduce their environmental impact and directly addresses material IROs. With the integration of ESG into our business processes, we aim to ensure the long-term resilience of our business and its ability to address our actual and potential IROs now and in the future. We recognise that our IROs may change over time due to the dynamic nature of our operational landscape.Several factors may influence our IROs, including entering new markets or other emerging sectors. We have not identified any current or future financial effects for which there is significant risk of material adjustment. We are committed to continuously improving our methodology and processes for identifying and evaluating IROs by enhancing data quality and insights from our value chain. This will allow us to quantify our IROs more accurately. Similarly, we will continue to integrate our materiality assess-ment with our overall risk management processes to ensure a holistic approach to identifying and mitigating risks.Stakeholder engagementFLSmidth actively engages with key internal and external stakeholders, recognising their insights and perspectives as essential to advancing our MissionZero programme and ESG objectives. Stakeholder interests and views are integrated into our impact, risk and opportunity assessments, informing the strategic decisions of our management and Board of Directors.InvestorsOur Investor Relations team and Group Executive Management engage regularly with current and potential investors to discuss the performance and expectations of our sustainability ambitions and strategies. Audit, Risk and ESG Reporting CommitteeWe report to the committee on progress in key sustain-ability metrics and activities, including the results of our double materiality assessment. The committee provides feedback and guidance about plans and activities. Current employeesIn addition to providing feedback and input through monthly surveys, employees are expected to attend quarterly townhall meetings with Group Executive Management and business line managers. Roundtable discussions between employees and management are held periodically to gather targeted feedback.Local communities/media/NGOsWe listen to the needs and expectations of the local communities in which we operate. We regularly under-take environmental projects, education, training and humanitarian work, and we contribute regularly to local community causes aligned with our values and mission.Future employees Partnering with universities is vital to attract top talent and foster innova-tion. This also helps us to understand the expectations and perspectives of potential future employees.CustomersWe partner with customers to support them in achieving their sustain-ability ambitions. Through these partnerships, we gain insights from continuous dialogue with customers about their expectations and needs as well as future-looking concerns and issues. Policy makers and indirect decision-makersWe discuss ESG with governments and ministries in key coun-tries and jurisdictions to gain knowledge and to push for higher regulatory standards within the mining and cement industries. We engage regularly with international organisations to provide expertise, share experience, exchange ideas, gain insights on their expectations and inform policymakers. We are members of, or engage with, industry associations and advocacy groups to promote policy frameworks and regulations that help accelerate the green transition and to gain knowledge about stakeholder groups that we might affect unknowingly or indirectly. Supply chain workers/SuppliersWe engage with suppliers through our onsite assessments, enabling us to identify and miti-gate potential issues in our supply chain. Industry reporting standards/ESG rating agenciesWe benchmark our progress based on industry reporting standards and ESG rating agencies’ reports in order to assess and confirm the relevant reporting areas for our industry. Currently, we work with SASB, GRI, Sustainalytics, MSCI and ISS-Cor-porate as benchmarks.Impacts, risks and opportunities across our value chainUpstream Own Operations DownstreamESRS E1  Climate change •  COe emissions → Page 83 •  COe emissions→ Page 83 •  COe emissions→ Page 83222•  Energy optimisation→ Page 84•  MissionZero portfolio→ Page 84ESRS E2 Pollution •  Air pollution from production → Page 96 •  Air pollution from production→ Page 96 •  Tailings solution offerings → Page 96•  Use of substances of concernESRS E3 Water •  Water withdrawal → Page 100 •  Water withdrawal  → Page 100 •  MissionZero portfolio → Page 100ESRS E4 Biodiversity •  COe emissions→ Page 1032•  Depletion of natural resources and land-use change •  Regulatory/reputational pressure•  Reducing mining footprint→ Page 104ESRS E5 Circularity •  Virgin raw materials→ Page 105 •  Generation of waste  → Page 105 •  Product design→ Page 105•  Sourcing of materials •  Sales of services ESRS S1  Own workforce •  Working conditions→ Page 111•  Equal treatment and opportunities→ Page 112ESRS S2   Workers in the  •  Adequate wages→ Page 121 •  Child labour and forced labour → Page 121value chain•  Health and safety•  Child labour and forced labourESRS S3   Affected   •  Communities' economic, social and cultural rights→ Page 127communities•  Rights of indigenous peopleESRS G1  Business conduct •  Relationships with suppliers → Page 131 •  Corporate culture→ Page 130•  Political engagement and lobbying activities→ Page 130•  Protection of whistleblowers→ Page 130•  Public policy→ Page 131•  Corruption and bribery→ Page 131General disclosuresGovernance and oversight of sustainabilityThe Board of Directors is deeply engaged in our sustainability initiatives, overseeing crit-ical decisions, setting long-term targets and supporting our sustainability ambitions. Their activities include quarterly reviews of sustain-ability matters, conducting an annual sustaina-bility review and approving relevant policies. All members of the board are independent.  Group Executive Management, acting as the Sustainability Board, holds overall accounta-bility for the direction, progress and focus of our sustainability efforts and targets. The Chief People and Sustainability Officer is responsible for sustainability topics and reports progress to Group Executive Management. The Group CFO is significantly involved in the regulatory aspects and data quality of our sustainability reporting. The People and Sustainability department comprises subject matter experts dedicated to various sustainability topics. The daily imple-mentation of the sustainability strategy, ambi-tions, and supporting policies is delegated to relevant functions and subject matter experts. Management and the Board of Directors receive information and training on current and evolving regulatory matters and material sustainability IROs. We ensure relevant expertise by upskilling our own workforce areas or bringing in experts where needed. The Sustainability and ESG Finance teams provide regular updates to the Audit, Risk and ESG Reporting Committee, the Board of Directors, and the Group CEO. Quarterly reports are presented to Group Executive Management and the Board of Directors on specific sustainability KPIs. In 2024, there was particular emphasis on updates related to new metrics and data points for reporting in relation to CSRD. The Group CFO and Chief People and Sustainability Officer were continu-ously informed about CSRD reporting processes throughout the year to ensure compliance, as well as general sustainability-related concerns and trends.The results of the DMA were presented to Group Executive Management and the Audit, Risk and ESG Committee in August 2024. The Board of Directors received documentation, process descriptions and results of the DMA process for relevant decision-making. For more information see Corporate Governance on pages 53-62.Statement on due diligencePageEmbedding due diligence in 69, 74, 111, 121, 127governance, strategy and business modelEngaging with affected 70, 72, 96, 100, 103, 105, stakeholders in all key steps 111, 113, 123, 130of the due diligenceIdentifying and assessing 70, 82-84, 96, 100, adverse impacts103-105, 111-112, 121, 127, 130-131 Taking actions to address 85, 98, 101, 104, 106-108, those adverse impacts114-120, 123-126, 131-134Tracking the effectiveness 86, 95, 98-99, 101-102, of these efforts and commu-109, 114-120, 124-126, nicating131-134Integration of sustainability-related  performance in incentive schemes The long-term incentive programme aligns exec-utive management’s performance with sustain-ability goals. 20% of the achievement under the programme is linked to sustainability targets, which for the programme granted in 2024, are assessed through four KPIs: scope 1 &amp; 2 emis-sions, economic intensity, total recordable injury rate, and women in the workforce. The sustain-ability KPIs are embedded in our remuneration policy, linking variable pay to long-term sustain-ability goals. The KPIs are based on a three-year average target improvement for the 2024-2026 period, each weighted at 5%. The Board of  Directors reviews the schemes annually to ensure alignment with our sustainability strategy and best practices, incentivising leadership to balance sustainability with financial performance.Risk management and internal  controls over sustainability reportingWe have implemented internal control systems to identify and mitigate risks in financial and sustainability reporting, supported by defined policies, procedures and controls. Prioritised risks include reliance on manual processes and ensuring completeness of new data points. To address these, we are streamlining manual processes with standardised tools and enhancing data valida-tion for accuracy. Risks are prioritised based on severity.In 2024, we established an ESG internal control unit to strengthen controls and optimise processes where data points and controls are reviewed for quality and effectiveness. Oversight is provided by the Audit, Risk and ESG Committee through quarterly reviews of the risks and controls. The sustainability statement is subject to limited assurance by an independent auditor elected at the annual general meeting.General disclosuresGeneral basis for preparation  of sustainability statement FLSmidth's sustainability statement has been prepared on the same consolidated basis as the consolidated financial statements with the same reporting period running from 1 January to 31 December 2024.In the preparation of the sustainability state-ment, we have identified IROs that extend to our upstream and downstream value chain. Based on our DMA, we have updated some of our policies during this year to align with the results. The report primarily includes data and information related to our own operations. However, we also include information, metrics and targets for IROs connected to our value chain.No information corresponding to intellectual property, know-how or the results of innovation has been omitted from the sustainability state-ment. Neither are we exempted from disclosing any impending developments or matters that are currently in the course of negotiation.The report is prepared in compliance with sections 99a of the Danish Financial Statements Act and EU taxonomy regulation disclosure requirements.The full sustainability statements have received  limited assurance. Please see the auditor's limited assurance report on pages 207-208. Incorporation by reference Page where the information Disclose requirementcan be foundESRS 2 GOV-1, GOV-2 Pages 53-62Disclosures in relation to specific circumstancesSources of estimation and outcome uncertainty We use the internationally recognised standard, GHG Protocol, as the basis for our emissions calculation methodology. However, all greenhouse gas (GHG) emission metrics have some level of uncertainty due to the nature of the calculation and data availability. We expect the data accuracy to evolve over time and have continued to improve our scope 3 GHG reporting methodology in the previous reporting years.Where we have not been able to collect actual data, we use assumptions and estimates for the reporting of the relevant data points. We reassess our methodology for using estimates and judge-ments on a regular basis as data access becomes better and with the ongoing development of ESG reporting. Please see our accounting policies including descriptions of assumptions, estimates and sources used for each metric. In the event of restating non-financial data, we refer to our restatement policy. Changes in preparation or presentation of sustainability information We have published a standalone Sustainability Report as a supplement to the Annual Report, Corporate Governance Statement, Tax Report and Remuneration Report every year since 2010. As of 2024, we report our sustainability statement as an integrated report following the requirements of the EU’s  CSRD and ESRS.With the new requirements, we have increased the scope of the reporting information and data points. For information on where to find each disclosure, see pages 76-80.Disclosure requirement reference table and other informationSection/ESRS 2 General disclosuresreport Page Additional informationBP-1  General basis for preparation of the sustaina-SS 75bility statementBP-2  Disclosures in relation to specific circumstances SS 75GOV-1 Governance and oversight of sustainability CG/SS 53-62/74 Data point 21 (d) - Board's gender diversity is GOV-2derived from SFDR and Benchmark Regulation Data point 21 (e) - Percentage of board members who are independent is derived from Benchmark RegulationGOV-3  Integration of sustainability-related perfor-SS 74mance in incentive schemesGOV-4  Statement on sustainability due diligence SS 74 Data point 30 - Statement on due diligence is derived from SFDRGOV-5 Risk management and internal controls over SS 74sustainability reportingSBM-1 Sustainability at FLSmidth (products, markets, SS 69 Data point 40 (d) i - Involvement in activities customers)related to fossil fuel activities is derived from SFDR, Pillar 3 and Benchmark Regulation Countries with over 10% of workforce (head-SS 117Data point 40 (d) ii - Involvement in activities count by country)related to chemical production is derived from Sustainability at FLSmidth (breakdown of SS 69SFDR and Benchmark Regulation revenue)Data point 40 (d) iii - Involvement in activities related to controversial weapons is derived from SFDR and Benchmark Regulation Data point 40 (d) iv - Involvement in activities related to cultivation and production of tobacco is derived from Benchmark RegulationSBM-2 Stakeholder engagement SS 72SBM-3 Impacts, risks and opportunities across our SS 73value chainIRO-1 Assessing impacts, risks and opportunities SS 70IRO-2 Disclosure requirement reference table and SS 76-80other informationSection/ESRS E1 Climate changereport Page Additional information E1-GOV-3  Integration of sustainability-related perfor-SS 74mance in incentive schemesE1-IRO-1 Assessing impacts, risks and opportunities SS 83E1-SBM-3  Resilience of our strategy SS 71E1-1  Transition plan for climate change mitigation SS 84 Data point 14 - Transition plan to reach climate neutrality by 2050 is derived from EU Climate Law  Data point 16 (g) - Undertakings excluded from Paris-aligned Benchmarks is derived from Pillar 3 and Benchmark Regulation E1-2 Policies SS 84 E1-3 How we are taking action SS 85 E1-4 Targets SS 86 Data point 34 - GHG emission reduction targets is derived from SFDR, Pillar 3 and Benchmark RegulationE1-5 Energy consumption and mix SS 87 Data point 38 - Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) is derived from SFDR Data Point 37 Energy consumption and mix Is derived from SFDR Data point 40 to 43 -Energy intensity associated with activities in high climate impact sectors is derived from SFDRE1- 6 Scopes 1, 2 and 3 GHG emissions SS 88 Data point 44 Gross Scope 1, 2, 3 and Total GHG emissions is derived from SFDR, Pillar 3 and Benchmark Regulation Data point 53-55 Gross GHG emissions intensity is derived from SFDR, Pillar 3 and Benchmark Regulation E1-7  GHG removals and GHG mitigation projects Not  - Data point 56 GHG removals and carbon credits is financed through carbon creditsapplicablederived from EU Climate Law referenceE1-8  Internal carbon pricing Not  -applicableSection/ESRS E1 Climate changereport Page Additional information E1-9  Anticipated financial effects from material Omitted - Data point 66 Exposure of the benchmark port-physical and transition risks and potential folio to climate-related physical risks is derived climate-related opportunitiesfrom Benchmark Regulation  Data point 66 (a) Disaggregation of monetary amounts by acute and chronic physical risk Is derived from Pillar 3  Data point 66 (c) Location of significant assets at material physical risk is derived from Pillar 3 Data point 67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency classes is derived from pillar 3   Data point 69 Degree of exposure of the portfolio to climate-related opportunities is derived from Benchmark RegulationSection/ESRS E2 Pollutionreport Page Additional informationE2-IRO-1 Assessing impacts, risks and opportunities SS 96 E2-1  Policies SS 97 E2-2  How we are taking action SS 98E2-3 Targ ets SS 98E2-4 Pollution of air SS 99 Data point 28 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil is derived from SFDR  E2-5  Substances of concern and substances of very SS 99high concern E2-6  Anticipated financial effects from material Omitted -pollution-related risks and opportunitiesSection/ESRS E3 Water and marine resourcesreport Page Additional informationE3-IRO-1 Assessing impacts, risks and opportunities SS 100E3-1 Policies SS 100-101 Data point 9 Water and marine resources is derived from SFDR Data point 13 Dedicated policy is derived from SFDR  Data point 14 Sustainable oceans and seas is derived from SFDRE3-2 How we are taking action SS 101E3-3 Targ ets SS 101E3-4 Water use SS 102 Data point 28 (c) Total water recycled and reused is derived from SFDR  3 per Data point 29 Total water consumption in mnet revenue on own operations is derived from SFDRE3-5 Anticipated financial effects from material Omitted -water and marine resources-related risks and opportunitiesSection/ESRS E4 Biodiversity and ecosystemsreport Page Additional informationE4.SBM-3 Material impacts, risks and opportunities and Not appli-- Data point 16 (a) i - specifying the activities their interaction with strategy and business cablenegatively affecting biodiversity sensitive areas modelis derived from SFDR Data point 16 (b) - whether it has identified material negative impacts with regards to land degradation, desertification or soil sealing is derived from SFDR Data point 16 (c) - whether it has operations that affect threatened species is derived from SFDRE4-IRO-1 Assessing impacts, risks and opportunities SS 103  E4-1 Transition plan SS 104Section/ESRS E4 Biodiversity and ecosystemsreport Page Additional informationE4-2 Policy SS 104 Data point 24 (b) Sustainable land / agriculture practices or policies is derived from SFDR Data point 24 (c) Sustainable oceans / seas prac-tices or policies is derived from SFDR  Data point 24 (d) Policies to address deforesta-tion is derived from SFDR E4-3 Actions and resources related to biodiversity Not  -and ecosystemsapplicableE4-4 Targets related to biodiversity and ecosystems Not  -applicableE4-5 Impact metrics related to biodiversity and Not  - Data point 37 (d) Non-recycled waste is derived ecosystems changeapplicablefrom SFDR Data point 39 Hazardous waste and radioactive waste is derived from SFDR E4-6 Anticipated financial effects from biodiversity Omitted -and ecosystems-related risks and opportunitiesSection/ESRS E5 Resource use and circular economyreport Page Additional informationE5-IRO-1 Assessing impacts, risks and opportunities SS 105E5-1 Policies SS 106E5-2 How we are taking action SS 106-107E5-3 Targ ets SS 109E5-4 Resource inflows SS 106E5-5 Resource outflows SS 108E5-6 Waste SS 107Section/ESRS S1 Own workforcereport Page Additional informationS1-SB M-2Own workforce SS 111 Data point 14 (f) - Risk of incidents of forced S1-SBM-3labour is derived from SFDR  Data point 14 (g) - Risk of incidents of child labour is derived from SFDRS1-1 Policies SS 112-113 Data point 20 Human rights policy commitments is derived from SFDR Data point 21 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 is derived from Benchmark Regulation  Data point 22 processes and measures for preventing trafficking in human beings is derived from SFDR Data point 23 workplace accident prevention policy or management system is derived from SFDRS1-2 Processes for engagement SS 113S1-3 Processes for remediation SS 114 Data point 32 (c) grievance/complaints handling mechanisms is derived from SFDRS1-4 How we are taking action SS 114-120S1-5 Targ ets SS 120S1-6 Characteristics of our workforce SS 117S1-7 Characteristics of non-employees in the under-Omitted -taking’s own workforceS1-8 Collective bargaining coverage and social Omitted -dialogueS1-9 Diversity SS 116, 118S1-10 Adequate wages SS 115S1-1 1 Social protection Omitted - S1-1 2 Persons with disabilities Omitted -S1-13 Training and skills development SS 119Section/ESRS S1 Own workforcereport Page Additional informationS1-14 Health and safety SS 115-116 Data point 88 (b) (c) Number of fatalities and number and rate of work-related accidents is derived from SFDR and Benchmark Regulation  Data point 88 (e) Number of fatalities and number and rate of work-related accidents is derived from SFDRS1-15 Work-life balance metrics Omitted -S1-16 Payment SS 118 Data point 97 (a) Unadjusted gender pay gap is derived from SFDR and Benchmark Regulation Data point 97 (b) Excessive CEO pay ratio is derived from SFDRS1-17 Violence and harassment SS 120 Data point 103 (a) Incidents of discrimination is derived from SFDR Data point 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD is derived from SFDR and Benchmark Regulation Section/ESRS S2 Workers in the value chainreport Page Additional informationS2-SBM-2Workers in the value chain SS 121 Data point 11 (b) Significant risk of child labour or S2-SBM-3forced labour in the value chain is derived from SFDRS2-1 Policies  SS 121-122 Data point 17 Human rights policy commitments is derived from SFDR  Data point 18 Policies related to value chain workers is derived from SFDR  Data point 19 Non-respect of UNGPs on Business and Human Rights principles and OECD guide-lines is derived from SFDR and Benchmark Regulation  Data point 19 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8, is derived from Benchmark RegulationS2-2 Processes for engagement SS 123S2-3 Processes to remediate negative impacts SS 123S2-4Actions and targets SS 124-126 Data point 36 Human rights issues and incidents S2-5connected to its upstream and downstream value chain is derived from SFDR Section/ESRS S3 Affected communitiesreport Page Additional informationS3-SBM-2Affected communities SS 127S3-SBM-3S3-1 Future perspectives on these challenges (policy) SS 127 Data point 16 - Human rights policy commitments is derived from SFDR  Data point 17 non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines is derived from SFDR and Benchmark RegulationS3-2 Processes for engaging with affected communi-Not appli--ties about impactscableS3-3 Processes to remediate negative impacts and Not appli--channels for affected communities to raise cableconcernsS3-4 Taking action on material impacts on affected Not appli-- Data point 36 - Human rights issues and incidents communities, and approaches to managing cableis derived from SFDRmaterial risks and pursuing material opportu-nities related to affected communities, and effectiveness of those actionsS3-5 Targets related to managing material negative Not appli--impacts, advancing positive impacts, and cablemanaging material risks and opportunitiesSection/ESRS S4 Consumers and end-usersreport Page Additional informationNot material - ESRS S4 is not material.  Data point 16 - Policies related to consumers and end-users is derived from SFDR Data point 17 - Non-respect of UNGPs on Busi-ness and Human Rights and OECD guidelines is derived from SFDR and Pillar 3 Data point 35 - Human rights issues and incidents is derived from SFDRSection/ESRS G1 Business conductreport Page Additional informationG1-IRO-1 Assessing impacts, risks and opportunities SS 130G1- GOV-1 The role of the administrative, management and CG/SS 58-62/74/ supervisory bodies131G1-1 Business conduct policies and corporate culture SS 131-132 Data point 10 (b) United Nations Convention against corruption is derived from SFDR Data point 10 (d) Protection of whistle-blowers is derived from SFDRG1-2 Managing our supply chain SS 132G1-3 Prevention and detection of corruption and SS 133-134briberyG1-4 Incidents of corruption or bribery SS 133-134 Data point 24 (a) Fines for violation of anti-corrup-tion and anti-bribery laws is derived from SFDR Data point 24 (b) Standards of anti-corruption and anti-bribery is derived from SFDRG1-5 Political influence and lobbying activities SS 134G1-6 Payment practices SS 133EnvironmentFLSmidth is part of industry sectors that are closely connected to environmental challenges. In addition to continuously improving our own operations, we are committed to working with value chain partners to address climate change, water, pollution, biodiversity and natural resources.Task Force on Climate-related Financial DisclosuresType  Drivers  Description  Risk exposure  Opportunity level  Time horizon Governance  Current and planned actionsTransitional  Carbon taxes Countries introducing or planning to introduce Medium  High   Short-term Monitoring on regular Provide solutions to reduce customer emissions and continuously develop and regulationscarbon pricing and/or trading schemes. Intro-basis; quarterly briefing new technologies enabling decarbonisation. Report on emissions embedded duction of CBAM regulation.to Group Executive in imported CBAM products.Management.Transitional  Disclosure and Enhanced disclosure requirements from inves-Low  Low  Short-term Quarterly updates to Continue to map requirements and enhance ESG-related reporting and regulationstors and customers. Implementation of CSRD Board of Directors compliance. Analyse and implement new requirements from responsible and CSDDD regulation.and Group Executive sourcing schemes, standards and regulations.Management.Transitional Product-specific EU taxonomy classifying environmentally Low Medium  Short-term Monitoring on regular Continuous focus on increasing alignment and implementation of necessary environmental sustainable activities.basis.actions. regulationsTransitional Demand for green Substitution of existing products and services Low High  Short-term Periodic review by theDevelop and execute R&amp;D roadmaps for key sustainability areas, including productswith lower-emission options.Technical Committee CO, NOx and water. Scout for technology partnerships. R&amp;D spend on 2(Board-levelsustainability technologies in 2024 was 58.4%. Discontinue investment in committee).coal-related R&amp;D since 2022.Transitional Scarcity of raw Increased production costs and output High N/A  Medium-term Regular assessment of Maintain flexible and agile supplier base that allows for substitutions and/or materialsrequirements due to scarcity of raw materials risk exposure.diversification. in specific locations or global constraints.Transitional Reputational Company is negatively perceived as part of a Medium N/A  Short-term Regular engagement Technical adviser to the World Bank IFC Net Zero Roadmap for Mining  impactpolluting industry.with key stakeholders Technical Working Group (TWG). Regular dialogue with relevant financial at Group or local level.organisations about FLSmidth’s transitional role. Transitional Access to capital (Sectoral) risk of reduced access to capital due Medium Low  Medium-term Regular assessment of Alignment with key sustainable finance standards. Loan linked to sustaina-to high environmental impact.risk exposure.bility performance. Discontinue investment in coal-related R&amp;D since 2022.Physical  Storms and Storms and cyclones can impact supply chain Medium Low  Medium-term No specific governance Mining and cement operations are relatively resilient to extreme weather cyclonesand production capacity, as well as labour mechanism in place.events due to the robustness of equipment. Continuous improvement/moni-conditions and construction of new plants.toring of safety procedures for own employees in risk areas. Physical  Drought Drought leading to water scarcity, operational Low Medium Short-term Biennial water risk Execute on R&amp;D technology roadmaps in key sustainability areas including disruptions and increased operating costs.assessment.water. Identify suppliers and own locations with increased risk of flooding.Physical  Flooding Flooding can impact supply chain and produc-Medium Low  Short-term No specific governance Continuously improve supply chain resilience and monitor safety procedures tion capacity, create operational disruptions mechanism in place.for own employees in risk areas. and increase operational costs.Climate changeAssessing impacts, risks and opportunitiesClimate-related IROs were assessed by screening our current and planned activities in alignment with the TCFD. Scenario analyses considered both physical and transition risks using pathways aligned with the Paris Agreement (1.5°C) and higher-temperature scenarios informed by global models such as those from the Intergovernmental Panel on Climate Change (IPCC) and the  International Energy Agency (IEA). By using multiple scenarios, we are able to cover the most plausible risks and uncertainties. These help assess physical and transitional risks including water scarcity, extreme weather events, macroeconomic trends, energy usage and mix, technology assumptions and evolving regula-tory pressures to evaluate impacts of delayed 3climate action. Identified opportunities included advancing market leadership by supporting customers in achieving their decarbonisation targets. Insights from these assessments have been integrated into FLSmidth’s strategy, aligning with the MissionZero goal of enabling zero-emis-sion mining and cement by 2030. The identified IROs are pre-mitigation activities. Follow the link under each IRO to see how we work with it.IRO 1: COe emissions 2Negative impactUpstreamProcurement of raw materials, such as steel which emits significant COe in the production process.    2Own operationsTransportation, manufacturing and building services requiring energy contributing to emis-sions of COe.2DownstreamCOe emissions generated from the use of our 2products – downstream scope 3, category 11 GHG emissions – account for approximately 99% of our value chain emissions. See how we work to reduce emissions across our value chain on page 85.Impacts, risks and opportunitiesIRO Actual Potential – + ▲ Time horizon1 COe emissionsShort-term22  Energy optimisation Short-term3  MissionZero portfolioShort-termLocation in the value chain:     Upstream   Own operations Downstream Impact, risk and opportunity:  —   Negative  +  Positive Opportunity  ▲  RiskClimate changeIRO 2: Energy optimisationOwn operationsOpportunity: We can reduce operating costs  through onsite energy savings initiatives.Installing renewable energy at own sites can reduce non-renewable energy consumption and the cost of energy to mitigate dependency on unreliable energy supply.See how we optimise energy usage on page 85.IRO 3: MissionZero portfolioDownstreamPositive impact: Providing specialist technolo-gies to the mining and cement industries reduces energy consumption and emissions in the produc-tion process. Opportunity: Growing sales of specialist technol-ogies will improve financial performance.  See how we support the energy transition with our technologies on page 85.Transition plan for climate change mitigationWe have set ambitious climate change-related targets validated by the Science Based Targets initiative in 2021 aligning with the 1.5°C scenario in 4the 2015 Paris Agreement. These targets address our value chain impacts on climate change through our scope 1, 2 and 3 GHG emissions. See more information on targets on page 86.In 2019, we established MissionZero, which is a core pillar of our integrated sustainability business strategy. This addresses the roadmap for what we, as a technology provider, need to achieve to enable our customers to decarbonise their operations by 2030. This addresses the largest impact in our value chain as our scope 3 downstream emissions account for more than 99% of our total GHG emissions. See more infor-mation on sustainability at FLSmidth on page 69. We implement emissions reduction initiatives at our sites on an ongoing basis and since 2020, we have actively engaged suppliers to set their own emissions reductions targets. In 2024 we initiated a comprehensive year-on-year transition plan formalising the steps needed to meet our targets and continue to decarbonise our value chain. See how we are taking action on page 85. Our tran-sition plan is aligned with our overall business strategy and financial planning. We will continue to develop this in 2025 with final approval and accountability resting with Group Executive Management. In 2022 we signed our first green financing agreement with Nordic Investment Bank, which links our performance of our science-based targets to favourable interest rates. This enables us to allocate funds to achieving our transition plan. The budget for transition activities is approved by management as part of our finan-cial planning for each coming year. We are working on integrating EU taxonomy-aligned activities into our CAPEX planning process and have identified future activities that support increased alignment across our revenue, CAPEX and OPEX, see more on page 90. The plans and progress are continually reported to the Audit, Risk and ESG Reporting Committee.We have assessed our product portfolio for locked-in GHG emissions and all products have the ability to run from renewable energy sources. We are working closely with customers to enable them to make this transition through modifica-tions of existing installed products or new tech-nologies.  We have not invested in coal, oil and gas-related economic activities in 2024. PoliciesUpstreamIRO 1: Our Sustainable Supply Chain Policy sets our commitment to sustainability in the supply chain. The policy applies to the entire company, its employees and its subsidiaries.Own operationsIRO 1 &amp; 2: Our Climate Change Mitigation Policy outlines our commitment to reducing our envi-ronmental impact and our ambition to achieving climate targets within our financial scope covering scope 1 and scope 2 emissions. Our practices are aligned with national and EU regulations, including the reporting and disclo-sure of environmental data and strategies related to climate change and the EU Energy Efficiency Directive.DownstreamIRO 1 &amp; 3: Our Sustainability Policy outlines our commitment to enabling the green transition in the mining and cement industries through our MissionZero programme. The Chief People and Sustainability Officer is accountable for implementation of our commit-ment to reduce our emissions across the value chain. In case of severe issues decision-making is escalated to the CEO.Climate changeHow we are taking actionUpstreamIRO 1: To reduce our negative impact from upstream emissions, capacity building of our supply chain remained an important focus area in 2024. We actively worked with key suppliers to help them align with the SBTi by providing training, webinars and support in the process for setting targets. This engagement also helps us to report more accurately on our scope 3 upstream emissions. Throughout the year we engaged with the equivalent of 9% of our supplier spend. We aim to continue our engagement with suppliers and offer them support and materials to set science-based targets to ensure continued progress in this area.Own operationsIRO 1 &amp; 2: We are committed to using energy responsibly and reducing our energy use and CO2emissions generated at our manufacturing facil-ities and service centres, particularly those with the highest energy consumption. In 2024, we allocated DKK 60 million in CAPEX to implement environmental initiatives including emissions reduction initiatives. To this end, we have developed energy reduction guidelines and best practice recommendations through our environmental blueprints for all sites and implementing energy management proce-dures at our most energy-intensive sites. We prioritise energy efficiency when buying new assets and we have initiated more training and awareness campaigns to encourage employees to consider responsible use of energy resources. We continue transitioning to more energy-efficient equipment, such as compressor systems, welding and assembly machinery.We are continuing our transition from fossil fuels to renewable electricity and fuels by phasing out fossil fuels in internal transport and introducing electric-powered transport equipment where feasible. Where possible, we seek to obtain renewable energy through onsite generation and certificates in regions. In 2024, we continued to generate more of our own renewable electricity. Following on from the successful solar panel project in Qingdao in 2022, we installed solar power panels in Tucson and Delmas and replaced conventional lighting with LED lighting. We continue to purchase renewable energy and in 2024, 15% of our energy usage derived from renewable sources. Of our scope 2 energy usage, 27% was supplied through energy contracts using Renewable Energy Certificates (REC), Purchasing Power Agreements (PPA) and supplier agree-ments. REC accounting for 10% of scope 2 energy, with the remaining 17% coming from PPAs and supplier agreements. In 2025 we will continue to efforts to secure renewable energy across our sites. Further CAPEX investments will be evalu-ated throughout the year.DownstreamIRO 1: We are continuing to improve emission data and performance studies of our products. In connection with our EU taxonomy reporting, we conduct life cycle assessments (LCAs) to assess the environmental performance of prod-ucts across their entire life cycles. In 2024, we completed an LCA of the gMAX cyclone, which lead to an increase in our taxonomy alignment percentage.  See more on page 90.IRO 3:  Through our MissionZero R&amp;D, we continue to bring technologies to market that enable our customers to reduce emissions and their impact on the environment. In 2024, our R&amp;D spend on activities related to solutions for water, energy and emissions improvements accounted for 56% of our total R&amp;D budget. In Mining, we successfully brought the Reflux Flotation Technology to market, which operates with reduced power consumption—up to 70% less energy compared to traditional flotation tech-nologies. This technology also improves recovery rates of valuable minerals while achieving higher product grades, contributing to more efficient resource utilisation.In Cement, we continued progress in our ECoClay™ project. This involves electrifying the calcination process for clay to replace traditional fossil or alternative fuel-driven methods. By using renew-able energy for this process, FLSmidth Cement aims to enable customers to reduce emissions by up to 50% per tonne of cement produced. The ECoClay pilot plant, under construction in Denmark, is testing these processes to demon-strate their feasibility for large-scale use by 2026. We will continue our R&amp;D efforts and focus on providing low carbon technologies to our customers in order to support the transition to a more sustainable economy.Climate change5TargetsUpstreamIRO 1: To address our upstream impact in scope 3 (category 1, purchased goods and services), we have committed to achieving 30% of our spend on goods and services by 2025 will be with suppliers who have science-based targets. We have also set annual targets as part of our progression towards this target. Against a 2024 target of 15%, our actual spend was 23%, which is a 10 percent-age-point increase from 2023. Own operations IRO 1: We have set science-based targets to reduce our absolute scope 1 and 2 (market-based) GHG emissions by 100% by 2030. In addition, we set an annual target of 10% year-on-year improve-ment. In 2024, our target was 39,445 tonnes COe.2Our emissions in 2024 were 30,638 tonnes COe, 222% below our 2024 target and a 38% reduction from our 2019 base year. This emissions reduction was supported by site consolidation after the Mining Technologies acquisition and our two new solar panel initiatives in Tucson and Delmas.IRO 2: We have not set specific targets related to energy use reduction or increase in renewable energy generated at own sites, as these areas are variables that are included in our overall COe 2emission reduction targets.Downstream IRO 1 &amp; 3: We have set an economic intensity target to decouple the growth of our business from the growth in emissions. Economic intensity represents the emissions from the lifetime use of products sold (scope 3, category 11) in the year divided by order intake for the same period. Our 2030 target is to reduce economic intensity by 56% against a 2019 baseline.This year, our economic intensity was 2,985 tCOe/DKKm. Whilst this represents a significant 2improvement in 2023 and a reduction of 68% compared with our 2019 base year, we acknowl-edge the volatility of this metric. In 2025, we will recalculate our baseline in line with SBTi guide-lines. This year, progress was driven by a higher percentage of sales within our service offerings compared to products which have a higher GHG emissions intensity.56%MissionZero R&amp;D spend2,985Economic intensity  tCOe/DKKm (order intake)2Upstream decarbonisation 2024Spend with suppliers with science-based targets (%) 23%Targeted supplier engagement on sustainability (% of yearly supplier spend) 9%§  Accounting policies Spend with suppliers with science-based  targets (%)Amount of spend with suppliers who have vali-dated targets or submitted targets for validation with the SBTi divided by the total amount of supplier spend within the year.Targeted supplier engagement  on sustainability (% of yearly supplier spend) Percentage of yearly spend with suppliers who we have engaged with through dialogue specifically in relation to understanding and/or improving their sustainability performance as part of our targeted engagement efforts.Climate changeEnergy consumption and mixTotal energy consumption in MWh related to own operations 2024Total energy consumption from fossil sources 90,922Fuel consumption from coal and coal products 0Fuel consumption from crude oil and petroleum products 21,060Fuel consumption from natural gas 29,605Consumption from other fossil sources 0Consumption of purchased or acquired electricity, heat, steam, and cooling from non-renewable sources 40,257Share of fossil sources in total energy consumption (%) 85.1%Total energy consumption from renewable sources 15,865Fuel consumption from renewable sources 17Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources 14,097Consumption of self-generated non-fuel renewable energy 1,751Share of renewable sources in total energy consumption (%) 14.9%Total energy consumption from nuclear sources 0Total energy consumption in MWh related to own operations 106,7876Energy Intensity related to high energy sectors (mWh/mDKK revenue) 5.29 §  Accounting policies Energy consumptionEnergy consumption for FLSmidth comprise all energy consumption, including energy consumption from fossil sources and from renewable sources. Energy consumption from fossil sources include:  • From coal and coal products (MWh)•  From crude oil and petroleum products (MWh)• From other fossil sources (MWh)• From purchased or acquired electricity, heat, steam and cooling from fossil sources (MWh)Energy consumption from renewable sources include: •  From renewable fuels (biomass, biogas, etc.) (MWh) • From purchased or acquired renewable electricity, heat, steam and cooling from fossil sources (MWh)•  From self-generated non-fuel renewable energy (MWh) Energy consumption is based on invoices, meter readings and supplier reports, and is collected monthly for all entities within our financial control. Approximately 15% of energy consumption data uses estimates, which also includes estimates enti-ties with shared office spaces and where consump-tion data is not accessible, the electricity use is 2estimated as 144 kWh/m/year in temperate areas 2and 270 kWh/m/year in subtropical areas. DEFRA emission factors released in 2023 were used for the current reporting period to calculate activity data for COe. We do not consume energy from nuclear 2sources. Associates or joint ventures are included where FLSmidth has operational control. Offices with fewer than 10 people are not included since most of the employees work from home and emissions are insig-nificant. Customer sites during project-related activ-ities are not included since we do not have financial control over those sites. Energy consumption, share of renewables (%)The share of renewables (%) is calculated as energy consumption from renewable sources divided by total energy consumption in the reporting year.Energy intensityTotal energy consumption (MWh) in high intensity sectors divided by revenue from high intensity sectors for the same period. We assess that all revenue is attributed to high intensity sectors. See revenue on page 10.Energy productionFLSmidth self-generated energy only from renew-able sources such as solar panels. To calculate the total energy production, we measure the total renewable energy generated from a specific source owned by FLSmidth and deduct the total energy consumed for our own use from that source. If the energy produced from that specific source surpasses the energy consumed for our own use in the reporting year, we report the excess as energy production. For the year 2024, we measured energy production and concluded that energy production data is not material for this period.Climate changeScopes 1, 2  and 3 GHG emissionsAnnual % 2023-2024 target/ (tCOe) Baseline (2019) 2024 2023delta Target 2024 Target 2025 Target 2030baseline2Scope 1 GHG emissions  18,775   11,464  13,533 -15.3%  12,690   Zero emissions  9%Share of scope 1 GHG emissions from regulated  emissions trading schemes (%) 0% 0% 0% Scope 2 GHG emissions  Location-based  34,425   22,431  26,015 -13.8%Market-based  30,267   19,174  24,489 -21.7%  26,755   Zero emissions  9%Total scope 1 &amp; 2 (location-based) 53,200 33,895 39,548 -14.3%Total scope 1 &amp; 2 (market-based) 49,042 30,638 38,022 -19.4%  39,445   32,871   Zero emissions  9%Significant scope 3 GHG emissions7Cat.1) Purchased goods and services 1,600,000 1,300,000 1,200,0008.3%Cat.6) Business travel 42,066 29,852 30,438 -1.9%Cat.11) Use of sold products (excl. process emissions) 225,200,000 57,100,000 116,100,000 -50.8%...including process emissions 351,300,000 68,100,000 167,800,000 -59.4%…Use of sold products, Mining 36,000,000 34,600,000 4.0%…Use of sold products, Cement 21,100,000 81,500,000 -74.1%8Total scope 3226,842,066 58,429,852 117,330,438 -50.2%8Total GHG emission (location-based)226,895,266 58,463,747 117,369,986 -50.2%8Total GHG emissions (market-based)226,891,108 58,460,490 117,368,460 -50.2%(tCOe/mDKK revenue)2GHG Intensity - scope 1 &amp; 2 (location-based) 1.7 1.6 2.3%GHG Intensity - scope 1 &amp; 2 (market-based)  1.5 1.6 -3.8%GHG Intensity - scope 1, 2 &amp; 3 (location-based)  2,896 4,869 -40.5%GHG Intensity - scope 1, 2 &amp; 3 (market-based) 2,896 4,869 -40.5%9Economic Intensity - scope 3 cat. 11 (tCOe/mDKK order intake)9,248 2,985 5,430 -45.0%  4,069  5.1%29Economic Intensity, Mining - scope 3 cat. 11(tCOe/mDKK order intake)2,350 2,096 12.1%29Economic Intensity, Cement - scope 3 cat. 11 (tCOe/mDKK order intake)5,551 16,667 -66.7%2This table outlines our scope 1, 2 and 3 emissions and inten-sity. Scope 1 includes direct emissions from our operations; scope 2 covers indirect emis-sions from purchased energy; and scope 3 accounts for other relevant indirect emissions across our value chain. This overview provides insight into our total carbon footprint and the progression made on reducing emissions. For information on the move-ments of key figures, see page 86. §  Accounting policies Scope 1 GHG emissions (in tonnes CO-equivalents)2Scope 1 emissions are direct emissions of greenhouse gases (GHG) and are measured as CO-equivalents. Scope 21 emissions for FLSmidth comprise fuel and gas use for various operational activities. Scope 1 involves three different categories: stationary combustion, mobile combustion and fugitive/process emissions. DEFRA emis-sion factors released in 2023 were used for the current reporting period to calculate activity data for CO-equiv-2alents. Approximately 30% of scope 1 emissions data uses estimates. Approximately 30% of scope 1 data uses estimates.  Associates or joint ventures are included where FLSmidth has operational control. Offices with fewer than 10 people are not included since most of the employees work from home and emissions are insignificant. Customer sites during project-related activities are not included since we do not have financial control over those sites. Scope 2 GHG emissions (in tonnes C2-equivalents)Scope 2 emissions include indirect emissions from elec-tricity, heat, steam and cooling purchased and consumed by FLSmidth. We use location-based and market-based methods for calculations of scope 2 emissions. For loca-tion-based, emission factors are derived from the  International Energy Agency (IEA), and for market-based, we use residual emission factors. If market-based residual emission factors for certain sites are not available, i.e. outside Europe and North America, we use location-based emission factors, cf. recommendations from the CDP web page. Emission factors released in 2023 were used for the current reporting period. Approximately 5% of scope 2 emissions data uses estimates. Associates or joint ventures are included where FLSmidth has operational control. Offices with fewer than 10 people are not included since most of the employees work from home and emissions are insignificant. Scope 1 and 2 GHG emssions  (in tonnes CO-equivalents), location-based2Total of scope 1 and scope 2 location-based emissions in tonnes of CO-equivalents.2Scope 1 and 2 GHG emissions  (in tonnes CO-equivalents), market-based2Total of scope 1 and scope 2 market-based emissions in tonnes of CO-equivalents.2GHG intensityGHG emissions in tonnes of CO-equivalents 2divided by revenue for the same period.Economic intensityScope 3, category 11 GHG emissions from lifetime use of products sold in the reporting year divided by order intake for the same period. Process emissions are excluded. See order intake on page 10.Significant scope 3 GHG emissions (in tonnes CO-equivalents)2Scope 3 GHG emissions include indirect value chain GHG emissions, in line with the standards of the Greenhouse Gas Protocol: Corporate Value Chain (Scope 3) Accounting and Reporting Standard. The total scope 3 GHG emissions reported here are the sum of the individually reported categories for scope 3. Scope 3 categories with emissions below 0.1% of total scope 3 GHG emissions are not included in the reporting. Combined, these categories make up less than 0.1% of the total scope 3 GHG emissions, according to our 2019 baseline mapping. Figures have been rounded to the nearest hundred thousand tonnes of CO-equivalents 2to reflect the inherent uncertainty of scope 3 calculations. Process emissions are excluded. Business travel is included due to the existence of historical data. Associates or joint ventures are included where FLSmidth has operational control. Offices with fewer than 10 people are not included since most of the employees work from home and emissions are insignificant. Customer sites during project-related activities are not included since we do not have financial control over those sites. 15% of emis-sions data is using estimations.Scope 3, category 1 (Purchased goods and services) GHG emissions (in tonnes CO-equivalents)2GHG emissions from purchased goods and services are esti-mated through amounts of purchased goods, based on spend data, material weightage of spend and raw material costs. Upstream cradle-to-gate GHG emissions from the purchased goods are derived through the use of life cycle cradle-to-gate emission factors from the life cycle databases in LCA for Experts, formerly known as GaBi. Figures have been rounded to the nearest hundred thousand tonnes of CO-equivalents 2to reflect the inherent uncertainty of scope 3 calculations.This methodology has now been applied for all reported years.Scope 3, category 6 (Business travel) GHG emissions (in tonnes CO-equivalents)2Business travel emissions are provided from our travel management system and cover air and train travel; and excludes business travel by car or other means. FLSmidth estimates approximately 90% of emissions are captured and adjusts the figure captured in the booking system upwards to reflect this.Scope 3, category 11 (Use of sold products)  GHG emissions (in tonnes CO-equivalents)2This category includes the current and expected future direct use-phase GHG emissions from our products sold in the reporting year over their entire expected lifetime. As such, these emissions are not directly comparable to reported actual GHG emissions that have already occurred.Lifetime power and fuel consumption from the use of our sold products are converted into GHG emissions using conversion factors for electricity and fuels. For electricity, global IEA factors for GHG emissions in CO-equivalents per kWh from 2electricity are used, including CO, CH and NO emissions. 242In 2023, IEA electricity transmission and distribution losses have been included to improve accuracy. For fuels, DEFRA CO equivalents conversion factors are used, including well-2to-tank emissions. GHG emissions from fuel burning are allo-cated to the products consuming the fuel energy.FLSmidth collects primary product data on the energy consumption for the “pyro” products – products which burn fossil fuels to create the heat required for cement produc-tion – while using an economic intensity approach for the remaining products, per product line, based on order intake. The economic intensity factor has been calculated using data from 2021-2023, by taking the previous emissions of sold products and dividing them by the order intake of those product lines.Numbers have been rounded to the nearest hundred thou-sand tonnes of CO-equivalents to reflect the inherent 2uncertainty of scope 3 calculations.Scope 3, category 11 (Use of sold products) GHG emissions (in tonnes CO-equivalents) – including process emissions2This covers scope 3, category 11 (Use of sold products) GHG emissions, as described above, including process emissions. Process emissions occur due to a chemical reac-tion in raw materials when heated and are a consequence of raw materials use rather than equipment. Thus, this is included for transparency but is not included in the total sum of scope 3 GHG emissions.Total scope 1-3 emissions, location-based (tCOe)2Total of scope 1, scope 2 (location-based), and scope 3 emissions in tonnes of CO-equivalents.2Total scope 1-3 emissions, market-based (tCOe)2Total of scope 1, scope 2 (market-based), and scope 3 emis-sions in tonnes of CO-equivalents.2EU taxonomyPart of the European Green Deal, the EU taxonomy is a core enabler to deliver on the EU’s ambitious environmental goals for 2030.We continue to report according to the EU taxonomy framework, which demonstrates how we support customers in reducing their GHG foot-prints. Of the six environmental objectives defined by the EU taxonomy, only “climate change  mitigation” is relevant to our 2024 reporting. Progress in 2024 Alignment across revenue, OPEX and CAPEX increased during 2024. This was driven by more core product technologies fulfilling the in-depth technical screenings required to show our tech-nologies contribute to climate change mitigation. We  continue to implement improvements at our manufacturing facilities to ensure compliance with the  Do No Significant Harm (DNSH) criteria. However, as we approach the full alignment potential of our current portfolio of technologies, we expect slower growth in progress in alignment numbers. Looking  ahead, we will strengthen our implementation of Minimum Safeguards as we prepare for compliance with the upcoming Corporate Sustainability Due Diligence Directive (CSDDD).  Revenue Total aligned revenue in 2024 increased to 9.9% of total revenue. This was driven by more mining technologies passing the technical screenings.All aligned revenue was under economic activity 3.6 ‘Manufacture of other low carbon technolo-gies’. Eligible, non-aligned revenue totalled 20.0%, including aligned revenue, total eligible revenue was 29.9%, a slight decrease from 2023 of 0.4%. This was a result of our eligible and aligned product portfolio remaining largely stable across the year.  CAPEX Aligned CAPEX reflects annual additions related to our investments in our aligned product porfolio, including R&amp;D and production equipment, and addi-tions to tangible assets such as land and buildings. Aligned CAPEX in 2024 decreased to 3.1%, repre-senting DKK 25m of CAPEX additions, of which DKK 16 million is driven by R&amp;D activities for developing products meeting alignment criteria, and DKK 9m to a solar panel project. Eligible, non-aligned CAPEX decreased to 34.0% in 2024. This was mostly driven by an increase in additions related to areas not connected to production activities relevant to taxonomy activities.OPEX Aligned OPEX increased to 8.5% in 2024 as more products passed screenings for alignment and more of our plant and equipment used for the manufacture of products became aligned. All aligned OPEX activities relate to economic activity 3.6 ‘Manufacture of other low carbon technol-ogies’. Eligible, non-aligned OPEX decreased to 24.1% in 2024 as more costs have been allocated to aligned products. Measuring eligibility (in scope activities) is not a measure of sustainability performance, but the initial identification process of economic activi- ties* that could support the EU’s green transition. In 2024, we identified four eligible economic  activities across revenue, CAPEX and OPEX: 3.6  ‘Manufacture of other low carbon technolo-gies’, 7.6 Installation, maintenance and repair of renewable energy technologies; 8.2 ‘Data-driven solutions for GHG emissions reductions’, and 7.7 ‘Acquisition and ownership of buildings.Measuring alignment defines environmentally sustainable activities under the EU Taxonomy framework and requires further assessment of the identified eligible activities. To be considered sustainable under the framework, the three KPIs need to pass screening criteria. The screenings for alignment included proving substantial contri-bution to one of the environmental objectives; doing no significant harm (DNSH) to the remaining five objectives; and meeting minimum safeguards. To document significant contribution, products screened for alignment must demonstrate substantial contribution through a third-par-ty-approved life cycle assessment. We assess relevant manufacturing sites against the DNSH criteria, using a risk-based approach, meaning that we have focused on identifying significant risk within climate adaptation, water, circular economy, pollution prevention and biodiversity. Furthermore, we have assessed our compliance at company level with the minimum safeguards as defined by the EU Taxonomy Regulation.*  Economic activities The EU has defined a list of economic activi-ties (purchase/sale of goods and/or services) as enablers for the green transition. These are economic activities that could contribute to the environmental objectives.Eligibility and alignment 2024Revenue CAPEX OPEX3.1%2.3%6.2%9.9%6.6%8.5%24.1%20.0%34.0%32.2%24.0%46.5%69.7% 70.1%62.9%65.5%67.5%46.9%2023 20242023 20242023 2024   Not  eligible      Eligible non-aligned      Eligible and alignedEU taxonomyRevenueSubstantial contribution criteria DNSH (do no significant harm) criteriaEconomic activitiesDKKm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/ N Y/N Y/N Y/ N Y/N Y/N Y/N % % E T10A.1 Taxonomy-eligible and environmentally sustainable activities (taxonomy-aligned)Manufacture of other low carbon technologies CCM 3.6 1,996 9.9% Y N N N N N Y Y Y Y Y Y Y 9.9% 6.2% ERevenue of environmentally sustainable activities  (taxonomy-aligned) (A1) 1,996 9.9% Y N N N N N Y Y Y Y Y Y Y 9.9% 6.2%…of which enabling 1,996 9.9% Y N N N N N Y Y Y Y Y Y Y 9.9% 6.2%…of which transitional 0 0A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/ELManufacture of other low carbon technologies CCM 3.6 3,825 18.9% ELData-driven solutions for GHG emissions reductions CCM 8.2 220 1.1% ELRevenue of taxonomy-eligible but not  environmentally sustainable activities  (not taxonomy-aligned activities) (A2) 4,045 20.0% EL N/A N/ATotal eligible revenue (A1 + A2) 6,041 29.9% EL 9.9% 6.2%B. Taxonomy-non-eligible activitiesRevenue of taxonomy-non-eligible activities (B) 14,146 70.1%Total revenue 20,187 100%1Y=Yes, eligible &amp; aligned;  EL=eligible;  N/EL=not eligible;  Y/N=Yes/No;  CCM=climate change mitigation10 FLSmidth has no aligned revenue that is coming from fossil fuel sectors. EU taxonomyCapexSubstantial contribution criteria DNSH (do no significant harm) criteriaEconomic activitiesDKKm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/ N Y/N Y/N Y/ N Y/N Y/N Y/N % % E TA.1 Taxonomy-eligible and environmentally sustainable activities (taxonomy-aligned)Manufacture of other low carbon technologies CCM 3.6 16 2.0% Y N N N N N Y Y Y Y Y Y Y 2.0% 6.6% EInstall, maint. and repair of renewable energy technologies C CM 7.6 9 1.1% Y N N N N N Y Y Y Y Y Y Y 1.1% 0.0% ECapex of environmentally sustainable activities  (taxonomy-aligned) (A1) 25 3.1% Y N N N N N Y Y Y Y Y Y Y…of which enabling 25 3.1% Y N N N N N Y Y Y Y Y Y Y 3.1% 6.6%…of which transitional 0 0%A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)Manufacture of other low carbon technologies CCM 3.6 176 21.1%ELAcquisition and ownership of buildings C C M  7. 7 96 11.6% ELData-driven solutions for GHG emissions reductions CCM 8.2 11 1.3% ELCapex of taxonomy-eligible but not   environmentally sustainable activities  (not taxonomy-aligned activities) (A2) 283 34.0% 34.0% 0% 0% 0% 0%Total eligible Capex (A1 + A2) 308 37. 1% 37. 1% 0% 0% 0% 0% 3.1% 6.6%B. Taxonomy-non-eligible activitiesCapex of taxonomy-non-eligible activities (B) 522 62.9%Total Capex 831 100%Y=Yes, eligible &amp; aligned;  EL=eligible;  N/EL=not eligible;  Y/N=Yes/No;  CCM=climate change mitigationEU taxonomyOpexSubstantial contribution criteria DNSH (do no significant harm) criteriaEconomic activitiesDKKm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/ N Y/N Y/N Y/ N Y/N Y/N Y/N % % E TA.1 Taxonomy-eligible and environmentally sustainable activities (taxonomy-aligned)Manufacture of other low carbon technologies CCM 3.6 20 8.5% Y N N N N N Y Y Y Y Y Y Y 8.5% 2.3% EOpex of environmentally sustainable activities  (taxonomy-aligned) (A1) 20 8.5% Y N N N N N Y Y Y Y Y Y Y 8.5% 2.3%…of which enabling 20 8.5% Y N N N N N Y Y Y Y Y Y Y 8.5% 2.3%…of which transitional 0 0%A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/ELManufacture of other low carbon technologies CCM 3.6 56 23.5% ELData-driven solutions for GHG emissions reductions CCM 8.2 1 0.5% ELOpex of taxonomy-eligible but not  environmentally  sustainable activities (not taxonomy-aligned activities) (A2) 57 24.0% 24.0% NA NATotal eligible Opex (A1 + A2) 77 32.5% 32.5% 8.5% 2.3%B. Taxonomy-non-eligible activitiesOpex of taxonomy-non-eligible activities (B) 161 6 7. 5%Total Opex 238 100%Y=Yes, eligible &amp; aligned;  EL=eligible;  N/EL=not eligible;  Y/N=Yes/No;  CCM=climate change mitigationEU taxonomy§  Accounting policies Taxonomy-eligible revenueEligible revenue includes external revenue generated from equipment and technologies that substantially reduce GHG emissions in the relevant process by improving or enabling energy efficiency or enabling the use of alternative fuels. Eligible revenue includes the sale of products, solutions, and spare and wear parts. These technologies and products must meet the Article 16 requirements, namely not lead to a lock-in of assets that undermines long-term environmental goals. They must also have a substantial positive environmental impact based on life cycle considerations.Eligible products and activities are categorised either as “3.6 Manufacture of other low carbon technologies” or “8.2 Data-driven solutions for GHG emissions reductions”, contributing substantially to climate change mitigation. The categorisation of each product removes the risk of double-counting revenue across economic activities. The denominator of the revenue KPI is “total revenue”. See on page 10. No allocation keys were used in revenue.Taxonomy-eligible CAPEXEligible CAPEX reflects a portion of our additions to intangible assets and property, plant and equipment (including capitalised leases), including those from busi-ness combinations. Eligible CAPEX includes any of the following types of spend:a.  Related to assets that are associated with taxono-my-eligible economic activitiesb.  Part of a plan to expand taxonomy-aligned economic activities or to allow taxonomy-eligible economic activities to become taxonomy-aligned (“CAPEX plan”)c.  Related to the purchase of output from taxonomy-eli-gible economic activities“3.6 Manufacture of other low carbon technologies” and “8.2 Data-driven solutions for GHG emissions reductions”, which reflect our revenue-generating activities. This includes capitalised R&amp;D related to eligible products and assets related to the production of eligible equipment. An allocation key was applied to CAPEX items Plant and machinery, and Operating equipment, fixtures and fittings to reflect CAPEX related to assets used in the production of eligible equipment. The allocation key was applied using the eligible revenue KPI. Capitalised R&amp;D is identified at project level.We assess our CAPEX related to land and buildings, including capitalised leases under the economic activity “7.7 Acquisition and ownership of buildings”.Information related to property, plant and equipment, including capitalised leases and acquisitions, is disclosed in note 2.4. Information related to capitalised R&amp;D activi-ties is disclosed in note 2.2 to the consolidated financial statements.We assess CAPEX eligibility under the output of economic activities related mainly to the following cate-gories: “7.3 Installation, maintenance and repair of energy efficiency equipment”; “7.4 Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)”; “7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings”; and “7.6 Installation, main-tenance and repair of renewable energy technologies”. Activities must be specifically outlined as an individual measure listed under the substantial contribution criteria to be considered as eligible CAPEX.To avoid double-counting of CAPEX additions, we ensure that identified spend or initiatives are categorised under only one economic activity, rather than apportioning them across multiple activities.Taxonomy-eligible OPEXEligible OPEX includes any of the following types of direct OPEX spend:a.  Related to assets or processes that are associated with taxonomy-eligible economic activities (“3.6 Manufacture of other low carbon technologies” and “8.2 Data-driven solutions for GHG emissions reduc-tions”)b.  Part of a plan to expand taxonomy-aligned economic activities or to progress taxonomy-eligible economic activities to become taxonomy-alignedc.  Related to the purchase of output from taxonomy-el-igible economic activities and individual measures enabling the target activities to become low carbon or to lead to GHG reductionsd.  Related to non-capitalised R&amp;D aligned with “Close to market research, development and innovation”The denominator of the OPEX KPI is a subset of direct non-capitalised costs relating to research and develop-ment (R&amp;D), building renovation measures, short-term leases, and maintenance and repair, and other direct expenditure for the day-to-day servicing of assets of property, plant and equipment by FLSmidth, or outsourced toa third party, that is necessary to ensure the continued and effective functioning of such assets.An allocation key was applied to the OPEX denominator (excluding R&amp;D) to reflect direct OPEX costs related to assets used in the production of EU taxonomy-eligible products and technologies. The allocation key was applied using the eligible revenue KPI. Expensed R&amp;D is disclosed on page 46 and the remaining categories identified were a minor subset of “production costs”, see notes 1.1 on page 143.To avoid double-counting of direct eligible OPEX, we ensure that spend or initiatives are categorised under one economic activity, rather than apportioning them across multiple activities.Taxonomy-aligned revenueThis refers to aligned, revenue-generating eligible equip-ment and technologies with substantial GHG emissions reductions. This is a subset of eligible revenue, where a product or technology meets the required screenings outlined in Annex I for Climate Change Mitigation, Regula-tion (EU) 2020/852. They include substantial contribution, DNSH and minimum safeguards screenings.No allocation keys were used in revenue.EU taxonomyTaxonomy-aligned CAPEXAligned CAPEX reflects the portion of eligible CAPEX that fulfils the criteria for substantial contribution, DNSH and minimum safeguards screenings and includes any of the following:a.  Related to assets that are associated with taxono-my-aligned economic activitiesb.  Part of a plan to expand taxonomy-aligned economic activities or to allow taxonomy-eligible economic activities to become taxonomy-aligned (“CAPEX plan”)c.  Related to the purchase of output from taxono-my-aligned economic activitiesAligned CAPEX from “3.6 Manufacture of other low Aligned CAPEX from “3.6 Manufacture of other low carbon technologies” and “8.2 Data-driven solutions for GHG emissions reductions” is driven by capitalised R&amp;D related to taxonomy-aligned products and tech-nologies, as well as assets related to the production of aligned products and technologies.An allocation key was applied to CAPEX items Plant and machinery, and Operating equipment, fixtures and fittings to reflect CAPEX related to assets used in the production of EU taxonomy-aligned products and technologies. The allocation key was applied using the aligned revenue KPI.CAPEX related to the output of economic activities related to 7.1 to 7.6, as outlined under eligible CAPEX, is considered aligned if the activity meets the relevant substantial contribution and DNSH screening criteria outlined under Annex I for Climate Change Mitigation or Annex II for Climate Change Adaptation.Taxonomy-aligned OPEXAligned OPEX reflects the portion of eligible OPEX that fulfils the criteria for substantial contribution, DNSH and minimum safeguards screenings and includes any of the following:a.  Related to assets or processes that are associated with taxonomy-aligned economic activities under “3.6 Manufacture of other low carbon technologies” and “8.2 Data-driven solutions for GHG emissions reductions”. This includes R&amp;D activities specific to aligned products and technologiesb.  Part of a plan to expand taxonomy-aligned economic activities or to allow taxonomy-eligible economic activities to become taxonomy-alignedc.  Related to the purchase of output from taxono-my-aligned economic activities and individual meas-ures enabling the target activities to become low carbon or to lead to GHG reductionsd.  Related to non-capitalised R&amp;D aligned with “Close to market research, development and innovation”Aligned OPEX from “3.6 Manufacture of other low carbon technologies” and “8.2 Data-driven solutions for GHG emissions reductions” is driven by expensed R&amp;D related to taxonomy-aligned products and tech-nologies.An allocation key was applied to the OPEX denominator (excluding R&amp;D) to reflect direct OPEX costs related to assets used in the production of EU taxonomy-aligned products and technologies. The allocation key was applied using the aligned revenue KPI.Nuclear and fossil gas related activitiesThe undertaking carries out, funds or has  exposures  to:Nuclear energy related activities1.   Research, development, demonstration and Nodeployment of innovative electricity genera-tion facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. 2.   Construction and safe operation of new Nonuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. 3.   Safe operation of existing nuclear installa-Notions that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen produc-tion from nuclear energy, as well as their safety upgrades.Fossil gas related activities1.   Construction or operation of electricity gener-Noation facilities that produce electricity using fossil gaseous fuels. 2.   Construction, refurbishment, and operation Noof combined heat/cool and power generation facilities using fossil gaseous fuels. 3.   Construction, refurbishment and operation of Noheat generation facilities that produce heat/cool using fossil gaseous fuels.PollutionAssessing impacts, risks and opportunitiesPollution is a new focus area. To identify potential IROs we examined processes and chemicals used at our sites, focusing on quantities, management and monitoring.  For upstream and downstream assessments, we used scientific articles and 11internal specialists as proxies. The identified IROs are pre-mitigation activities. Follow the link under each IRO to see how we work with it.IRO 4: Air pollution from production Negative impactUpstreamSteel production involves the use of chemicals such as polychlorinated dioxins and furans (PCDD/F), leading to NOx and SOx emissions.Own operationsProcesses at our manufacturing sites emit non-methane volatile organic compounds, hazardous air pollutants, ammonia and fine partic-ulate matter.See how we work with reducing air pollution on page 98.IRO 5: Tailings solution offeringsPositive impactDownstreamSpecialist tailing equipment can eliminate the need for tailings dams and therefore eliminate the risk of tailings dam breaches and pollution of local  environment and water supplies.See our tailings solutions offerings on page 98.IRO 6: Use of substances of concern  Negative impactOwn operationsManufacturing processes involve the use of substances of concern and very high concern, which can impact people’s health and pollute the surrounding environment.See our how we work with these substances on page 98.Our material impacts, risks and opportunitiesIRO Actual Potential – + ▲ Time horizon4  Air pollution from productionShort-term5  Tailings solution offeringsShort-term6  Use of substances of concernShort-termLocation in the value chain:     Upstream   Own operations Downstream Impact, risk and opportunity:    —   Negative  +  Positive Opportunity  ▲  RiskPollution PoliciesUpstreamIRO 4 &amp; 6: In our supplier code of conduct we expect our suppliers to work with pollution prevention by minimising or eliminating emissions and discharges of pollutants at the source or by adding pollution control equipment; modifying production, maintenance, and facility processes; or by other means. We expect our suppliers to implement a water management programme which, documents, characterises, monitors, controls and treats all wastewater as required prior to discharge or disposal. In addition, they shall conduct routine monitoring of the perfor-mance of wastewater treatment and containment systems to ensure optimal performance and regulatory compliance.Own operationIRO 4 &amp; 6: Our Pollution Prevention and Control Policy sets out the goals and objectives that enable us to minimise air pollution and reduce usage of hazardous chemicals at our own sites. We aim to reduce negative impacts by reducing, preventing and controlling the pollution generated by our operations. We are phasing out substances of concern and SVHCs and replacing them with more sustainable alternatives where possible, as well as by reducing pollution from our own operations. The policy is upheld, executed, revised and amended by Group Environment, in cooperation with stakeholders from various departments, including Health and Safety, Procurement, Facility Management and Operations. We provide training in matters relating to this policy to all relevant colleagues and departments. To ensure a transition towards sustainable chem-ical management, we are aligned with national and EU regulations and directives, such as the reporting and disclosure of pollution, the EU Industrial Emissions Directive (IED), the EU Regis-tration, Evaluation, Authorization and Restriction of Chemicals (REACH), the EU Chemical Strategy for Sustainability, and the EU Zero Pollution Action Plan.DownstreamIRO 5: See page 84 for disclosures on our  Sustainability Policy.PollutionHow we are taking actionUpstreamIRO 4 &amp; 6: All suppliers are required to commit to our Supplier Code of Conduct, which describes our expectations for preventing and reducing pollution and discharge of pollutants to waste-water in the supplier’s manufacturing processes. In addition, we conduct onsite assessments of suppliers in which employees visiting suppliers observe and report on concerns or inconsisten-cies related to environmental, social or govern-ance issues.See more about how we work with suppliers on pages 132-133.Own operationsIRO 4 &amp; 6: We have established a pollution action plan, which follows the zero-pollution hierarchy to prevent, control and eliminate pollution from all manufacturing and service centres within our own operations. Reflecting the EU action plan “Towards a Zero Pollution Air, Water and Soil” and the EU Chemicals Strategy for Sustainability, the plan lays out four main phases:Phase 1: Assess relevant sites and create an overview of pollutants, risks and pathways of exposure, based on the LEAP approach. Phase 2: Identify sites at risk of creating air pollu-tion and install relevant measures devices; imple-ment Global Chemical Management system.Phase 3: Collect data on pollutants and hazardous chemicals; create environmental risk assessments at relevant sites.Phase 4: Set targets for reducing pollution and for substituting and phasing out substances of very high concern.A Global Chemical Management System imple-mented during 2024 provides a full overview of all chemicals used, and we continue to improve our data gathering process for pollutants. This will help us to better understand our emission profile and enable us to introduce more targeted actions to minimise our pollutant emissions. We also reported on and analysed environmental acci-dents and spills.We will continue to install VOC detectors in the most material manufacturing sites that do not already measure pollutants. We will also estab-lish procedures for purchasing chemicals and identify lists of restricted chemicals, as well as train all relevant personnel in handling and storing hazardous chemicals.These are the first steps to better data quality and control for setting future targets and managing our pollution and substance use. Phasing out substances of concern is equally connected with the health and safety of employees who work with these substances. Particularly for substances that cannot currently be phased out or substituted, we address the protection of employees through our health and safety practices. In cases of chemical spills, we apply our HSE incident procedure.Our HSE organisation is responsible for imple-menting and executing actions on a local and global basis. DownstreamIRO 5: We continue to invest in developing tech-nologies related to tailings and water manage-ment with the aim of reducing pollution of local water sources that can potentially occur from tail-ings breaches and wastewater discharge. Through our MissionZero dry stack tailings technology, we eliminate the use of tailings dams and thereby reduce the impacts associated with tailings dam breaches.TargetsUpstreamWe have not yet set supplier targets related to pollution.Own operationOur overall objective is to reduce, prevent and control pollution generated in our production processes, reduce the use of substances of concern and phase out the use of substances of very high concern by substitution. We are currently establishing a baseline for our pollution and substance metrics in order to set targets in the future.PollutionPollution of airPollution of air at our own operations was identi-fied as material in our double materiality assess-ment. Accordingly, we collected emissions data from selected sites to estimate the air pollutants emitted from our manufacturing processes. These results were extrapolated to estimate total emis-sions from our own operations. We found that the total emissions remain significantly below the reporting threshold set by Regulation (EC) No 166/2006 of the European Parliament and the European Council. We have therefore chosen not to disclose this data. Substances of concern and substances of very high concernSubstances of concern (tns) Dec 2024Amount of substances of concern: 634...of which substances of very high concern:  518Main hazard classes present:H302: Harmful if swallowed presentH312: Harmful in contact with skin presentH314: Causes severe skin burns and eye damage presentH317: May cause an allergic skin reaction presentH319: Causes serious eye irritation  presentH335: May cause respiratory irritation presentH315: Causes skin irritation  presentH401: Toxic to aquatic life  presentH318: Causes serious eye damage  presentH336: May cause drowsiness or dizziness  presentH304: May be fatal if swallowed and enters airways  presentH400: Very toxic to aquatic life  presentH316: Causes mild skin irritation present...of which substances of very high concern: H371: Specific Target Organ Toxicity with Repeated Exposure 1 presentH361: Reproductive Toxicity 2 presentH351: Carcinogenicity 2  presentH340: Germ cell Mutagenicity 1B presentH350: Carcinogenicity 1B presentH360: Reproductive Toxicity 1A presentH334: Respiratory Sensitization 1  presentH372: Specific Organ Toxicity Repeated Exposure 1 presentH373: Specific Target Organ Repeated Exposure 2 presentH360FD: May damage fertility and the unborn child  presentH410: Very toxic to aquatic life with long lasting effects presentH410: Hazardous to the aquatic environment Chronic 1 presentH411: Hazardous to the aquatic environment Chronic 2 presentH412: Harmful to aquatic life with long lasting effects present§  Accounting policyThis accounting policy applies to manufacturing sites and service centres. Customer sites during project-related activities are not included since we do not have financial control over those sites. Total amount of substances of concern (SOCs) or substances of very high concern (SVHCs) are derived from procured quantities of SOCs and SVHCs iden-tified from eight selected sites. For remaining manu-facturing and service centres where primary data was not collected, we used the data from the eight selected sites to create estimates for both manufac-turing sites and service centres separately. These are then applied to the remaining sites. We have assumed that all procured amounts are equal to used amounts.WaterAssessing impacts, risks and opportunitiesWater is a finite and essential resource for society and the environment and water management is 12a key issue in our value chain. Our water-related risk assessment was guided by the EU Water Framework Directive  and included evaluation of dependencies, water stress, scarcity and quality using tools such as the World Resources Insti-tute's Aqueduct and the WWF water risk filter to consider geographic risks and river basins for all our own locations and for some of our key suppliers. We also assessed the primary locations of mines in relation to water-scarce areas.The identified IROs are pre-mitigation activities. Follow the link under each IRO to see how we work with it.IRO 7: Water withdrawalNegative impactUpstreamThe production of key input materials such as steel is water-intensive, and some suppliers are located in water-scarce regions.Own operationsWater withdrawal occurs at manufacturing sites and offices in water-scarce areas.See our how we reduce our water use on page 101.IRO 3: MissionZero portfolioDownstreamPositive impact: Technologies enabling water recycling and lower water consumption in the mining process reduce the impact on the local environment and community, particularly in water-scarce areas.Opportunity: Growing sales of technologies for improved water efficiency, such as dry stack tailings and tailing filters, will improve financial performance.See our how we support our customers to reduce water use on page 101.PoliciesUpstreamIRO 7: Our Supplier Code of Conduct lays out expectations for suppliers to implement effective water management practices, including water conservation and wastewater treatment.Own operationsIRO 7: Our Water Management Policy outlines our commitment to water management across all our own operations. It describes our objec-tive to reduce water usage on site, wastewater treatment to mitigate pollution to water and to focus on alternative water sourcing instead of Impacts, risks and opportunitiesIRO Actual Potential – + ▲ Time horizon7  Water withdrawalShort-term3  MissionZero portfolioShort-termLocation in the value chain:     Upstream   Own operations Downstream Impact, risk and opportunity:    —   Negative  +  Positive Opportunity  ▲  RiskWaterfreshwater use. While the focus is on sites in high-water stress levels, our policy applies to all sites worldwide.Our practices are aligned with national and EU regulations, such as the reporting and disclosure of environmental data, strategies related to water, the EU Water Framework Directive and Environ-mental Quality Standards Directive.DownstreamIRO 3: Our Sustainability Policy outlines our commitment to supporting our customers to reduce their environmental impact through our MissionZero programme of which water reduc-tion in the mining and cement processes is a core element. Our Circular Economy Policy 'Products and in the Mining Process’ outlines our approach to product and service design which address water usage and recycling, improving  water efficiency in the mining industry.These policies apply to the entire company, its employees and its subsidiaries. The Chief People and Sustainability Officer is accountable for implementation of the policies. In case of severe issues decision-making is escalated to the CEO. How we are taking actionUpstreamIRO 7: All suppliers are required to commit to our Supplier Code of Conduct, which describes our expectations for implementing a water manage-ment programme concerning water sources, use, discharge and conservation.Own operationsIRO 7: We continue to focus on reducing water withdrawal at our own sites through a range of targeted initiatives. We focus on reducing consumption at our most material sites, which could be either manufacturing sites where water is part of the process, or sites located in areas of water-stress.We are increasing water reuse and recycling practices and some sites source water from secondary water sources, such as wastewater, storm water and rainwater. We are installing smart water meters at manufacturing sites, service centres and larger offices to enables us to detect leakages earlier. We have introduced new water metrics which give us insight into water consump-tion, water discharge and water intensity. By improving reporting processes and data quality, we are better able to tailor initiatives to meet our water reduction targets. We conduct awareness campaigns to promote best practice on water conservation and provide training in matters relating to our policy to all Operations, Facilities and Health, Safety and Environment colleagues who are responsible for implementation. Our global and local HSE organ-isation and specialists are responsible for new initiatives and to ensure monitoring and progress within this area.DownstreamIRO 3: The mining process relies heavily on water. Tailings management in the mining industry is a key focus area due to its direct correlation with water usage in mining operations. It impacts both the amount of water consumed and the volume of water withdrawn from natural sources. We address downstream water use impacts through our MissionZero innovation programme, focusing on developing technologies and services to help mining companies reduce water use and maximise water recovery. A key area of our research and development is dry stacked tailings, which use filtration and dewatering technologies to extract water from tailings, enabling up to 95% of process water recovery. These solutions have a positive impact on the surrounding environment and local communities, and we remain committed to providing solutions that help customers address these critical environmental challenges.TargetsUpstreamNo targets set for suppliers.Own operationsTo monitor our efforts to mitigate our impact on water withdrawal, we have set voluntary 2030 targets with the aim of a 50% reduction of fresh-water withdrawal for use in operations and a 50% reduction of freshwater withdrawal in water-stressed areas; both with 2019 as a baseline. DownstreamAs part of our MissionZero ambition, we aim to enable our customers to achieve zero water consumption by 2030.WaterWater useWater consumption and withdrawal 2024 2023 Targ et 2024 Target 20303Total water consumption (m) 15,2923In water stressed area (m) 14,541In water stressed area (%) 95%3Water Intensity (m/mDKK)  0.8 3Total water withdrawal (m) 156,022 167,610  192,738 5% year on year3In water stressed area (m) 129,295 125,708  In water stressed area (%) 83% 75%3Water Intensity (m/mDKK)  7. 7    7.0 Water recycled and in storage 2024 2023 delta3Water recycled and re-used (m) 0 0 03Water in storage (m) 0 0 0Progress on reducing water use throughout the year is primarily driven by site consolidations and water reduction initiatives. However, the percentage of water use in water-stressed areas has increased as site closures in non-stressed regions have shifted the overall distribution.§  Accounting policies 3Water consumption (m)Our water consumption data is calculated as the total volume of water withdrawal used for gardening and process operations where we assume the water does not go back to the original water source. Share of water consumption in high  water-stressed areasAnalysis of water withdrawal and consumption in water-stressed areas: Identification of entities in low, medium, high or extremely high water-stressed areas, using the Aqueduct WaterRisk Atlas tool suggested in the GRI 303: Water and effluents standards 2018. The total water withdrawal and consumption amount from extremely high and high water-stressed areas were fractionated from the total water withdrawal from all entities globally and the percentage was calculated by region and globally. 3Water withdrawal (m)Water withdrawal includes all resources FLSmidth withdraws from groundwater or consumes from waterworks. The total volume of water withdrawal data is measured based on invoices from suppliers or meter readings and is collected monthly for all enti-ties within our financial control.  Approximately 10% of water data uses estimates, which also includes estimates entities with shared office spaces and where consumption data is not accessible, the water use is estimated as follows: office/warehouse –20 litres/per person/day; manu-facturing facility –35 litres/per person/day, facility with boilers in use –50 litres/per person/day.  Offices with fewer than 10 people are not included. Customer sites during project-related activities are not included since we do not have financial control over those sites.Share of water withdrawal in high  water-stressed areasAnalysis of water withdrawal in water-stressed areas: Identification of entities in low, medium, high or extremely high water-stressed areas, using the Aque-duct WaterRisk Atlas tool suggested in the GRI 303: Water and effluents standards 2018. The total water withdrawal amount from extremely high and high water-stressed areas was fractionated from the total water withdrawal from all entities globally and the percentage was calculated by region and globally.Water intensityTotal water withdrawal divided by revenue for the same period.  See revenue on page 10.Water storage Water stored at site.Water recycled or re-usedWastewater that is recycled or re-used before discharge or consumption.BiodiversityAssessing impacts, risks and opportunitiesTo assess our IROs for biodiversity, we employed the WWF Water and Biodiversity Risk Filters, the ACT-D and LEAP approaches, and forthcoming Science-Based Targets for Nature guidance to evaluate proximity to Key Biodiversity Areas and systemic risks. Our assessments considered dependencies on biodiversity and ecosystems across our value chain, evaluated ecosystem services likely to be disrupted, and identified tran-sition and physical risks and opportunities. The materiality assessment also considered impact drivers such as climate change, land-use change, freshwater-use, direct exploitation, invasive species and pollution, along with their effects on 13species, ecosystems and ecosystem services. The identified IROs are pre-mitigation activities. Follow the link under each IRO to see how we work with it.IRO 1: COe emissions 2Negative impactDownstreamAs the largest emission category, the COe emis-2sions generated through the use of our products (scope 3, category 11) contribute to climate change and, thus, biodiversity loss.See how we support our customers to reduce their COe emissions on page 85.2IRO 8: Depletion of natural resources and land-use change Negative impactDownstreamThe construction of mining operations and cement plants, as well as the processes involved with mineral extraction, leads to negative impact on biodiversity. See how we support our customers in reducing their impact on the land on page 104.IRO 9: Regulatory/reputational pressure RiskDownstreamAn increase in regulatory and reputational pres-sure on our customers in relation to biodiversity impacts can delay permits and slow the market for newer investments. See how we support our customers through our service offerings on page  108.Impacts, risks and opportunitiesIRO Actual Potential – + ▲ Time horizon1 COe emissionsMedium-term28   Depletion of natural  Medium-termresources and land use change9   Regulatory/ Medium-term reputational pressure&amp; long-termMedium-term 10   Reducing mining footprint&amp; long-termLocation in the value chain:     Upstream   Own operations Downstream Impact, risk and opportunity:    —   Negative  +  Positive Opportunity  ▲  RiskBiodiversity and ecosystemsIRO 10: Reducing mining footprintPositive impactDownstreamOur products enable customers to improve yields from existing mines, which reduces the negative impacts on biodiversity per unit of output.  See our how we support our customers to improve yields below.Transition plan The identified IROs stem from our business rela-tionships therefore, our primary focus is on strate-gically supporting our customers to address these impacts. The future of the mining and cement industries in the medium-to-long term is complex due to competing challenges and considerations. While the increasing demand for minerals to fuel the energy transition should drive faster and more efficient production, we are also seeing increased expectations that these minerals are produced in more sustainable and ethical ways. This is then supported by regulation and increased transpar-ency requirements. As biodiversity loss becomes more closely linked with climate change, we are addressing this challenge through our current business model and strategy, which focuses on enabling customers to reduce their emissions and therefore reduce the impact on biodiver-sity loss. Further, our product portfolio enables our customers to maximise their yields within a smaller land footprint. We are continuously eval-uating the resilience of this strategy with a value chain perspective and adjusting our approach as we respond to market trends and gain knowledge and insight from our customers and affected stakeholders. We seek input from our customers and suppliers on an ad hoc basis to understand their needs. We do not currently engage with other stakeholders within this area. A key stra-tegic direction this year has been a stronger focus on our service offerings, ensuring more effective operation and longer life of our products. Similarly, this allows us to be less reliant on revenue from sales of new products thus reducing our exposure to the financial risks related to biodiversity. These efforts can be tracked through our economic intensity KPI.PolicySee page 84 for disclosures related to our  Sustainability Policy.CircularityAssessing impacts, risks and opportunitiesIn circularity, we considered key resource inputs across our product groups and business lines and were informed by leading Life Cycle Assessments 14methodologies from internal experts. For waste, we relied on internal monthly reporting aligned with the waste hierarchy framework. The identified IROs are pre-mitigation activities. Follow the link under each IRO to see how we work with it.IRO 11: Virgin raw materials Negative impactUpstreamThe consumption of virgin raw materials and greater pressure on supply of critical raw mate-rials has a negative impact on natural resources in the supply chain.IRO 12: Sourcing of materials  RiskUpstreamScarcity of raw materials has the potential to increase procurement costs in the medium to long-term.  See how we are developing our circularity prac-tices in procurement on page 106.IRO 13: Generation of waste Negative impactOwn operations Non-recyclable waste generated at manufacturing and office facilities can cause emissions generated from waste handling, increased demand on land for landfills and pollution to air, water and soil.See how we work to reduce waste on page 107.IRO 14: Product design Positive impactDownstreamNew product designs enable increased circularity opportunities for our customers.See how we are optimising product design on page 108.IRO 15:  Sales of services OpportunityDownstreamGrowing sales in circularity offerings, such as recycling, spare parts, maintenance services and digital solutions, provides financial opportunities. See our service-centric business strategy on page  16 -1 7.Impacts, risks and opportunitiesIRO Actual Potential – + ▲ Time horizon11  Virgin raw materialsMedium-term12  Sourcing of materialsMedium-termShort-term &amp; 13  Generation of waste Medium-term14  Product design Short-term15   Sales of services  Medium-term(spare parts &amp; maintenance)Location in the value chain:     Upstream   Own operations Downstream Impact, risk and opportunity:    —   Negative  +  Positive Opportunity  ▲  RiskCircularityPolicies UpstreamIRO 11 &amp; 12: We do not yet have a policy addressing procurement of raw materials. However, this will be a focus area in 2025. Own operationsIRO 13: Our policy on Resources and Circular Economy – Waste management states our commitment to reduce hazardous and landfill waste and pursue a sustainable waste manage-ment approach based on circular economy prin-ciples and covers all locations within our financial scope. We are aligned with national and EU regu-lations and directives, such as the reporting and disclosure of waste data, the EU Waste Frame-work Directive, the EU Circular Economy Action Plan, and the EU Zero Pollution Action Plan.Our overall objective is to prevent, recover, reuse and recycle waste generated by our operations. We aim to improve waste management, stimulate recovery from operations and limit landfilling in accordance with the EU Waste Policy.  Our policy follows the waste hierarchy with waste preven-tion being the top priority. DownstreamIRO 14: Our Circular Economy Policy 'Products and in the Mining Process’ outlines our approach to the circular economy in relation to our products and the effects of our products and technologies in improving circularity in the mining process. The Chief People and Sustainability Officer is accountable for implementation of our policies and practices concerning circularity.IRO 15: We have a strong strategic focus to increase sales of spare parts and maintenance services. Due to this being an opportunity this is not formalised in a policy.How we are taking action Upstream: IRO 14: We recognise the importance of circu-larity in our value chain and are establishing a new approach to circularity and sustainable procurement. We have dedicated resources to establishing a circularity programme to integrate circularity principles into our purchasing decisions for both product materials and packaging.We have identified opportunities in increasing our share of procured scrap steel, which will be a focus area going forward. See more about our ABON steel reuse programme on page 108.Resource inflowsValueTotal weight (tonnes) 1,074,30 5% of biological materials which are 0%sustainably sourcedRecycled content (absolute, tonnes) 286,072Recycled content (%) 27%§  Accounting policiesTotal weight Purchased goods and services are estimated using amounts of procured costs in relevant spend categories. Spend categories are assigned estimates of the composition of raw materials which enables spend to be allocated to raw materials. Weightages are then calcu-lated using traded commodity prices to deter-mined the weights of raw materials. Packaging was estimated seperately using sample data from a packaging supplier. The percentage of biological materials which are sustainably sourcedConservative as FLSmidth does not have information on certification schemes used by suppliers.Recycled contentRecycled content is based on global recycled content of materials. Percentage of recycled content is a percentage of total weight. CircularityOwn operations:IRO 13: As an ISO 14001-certified organisation, we aim for the highest standards for our environ-mental management system across our global organisation.We have implemented various actions and annual initiatives as part of our waste reduction road-maps and programmes. These include developing guidelines for waste segregation and disposal in accordance with the Waste Hierarchy and analysing global waste data based on various disposal types and ways. Resource outflows Waste generated 2024 2023The total amount of waste generated 15,189 15,701Hazardous 573 789Non-hazardous 14,616 14,912Total recycle d 9,596 8,322Total non- recycled 5,593 7, 3 7 9Share of waste recycled (%) 63% 53%Share of waste non- recycled (%) 37% 47%Recovery operation type 9,596Reuse 879 Hazardous 7 Non-hazardous 872Recycle 8,717 Hazardous 376 Non-hazardous 8,342Other recovery operations 0 Hazardous 0 Non-hazardous 0Waste treatment type 5,593Total incineration 377 Hazardous 26    Incineration (with energy recovery) 24 Non-hazardous 351    Incineration (with energy recovery) 272Landfill 5,216 Hazardous 165 Non-hazardous 5,052Other disposal operations 0 Hazardous 0 Non-hazardous 0Waste by material 2024Metal 42%Mix waste 20%Water waste 13%Dusty and powdery waste 9%Wood 7%Other 8%§  Accounting policies Waste by recovery and treatment typeMeasuring the total amount of waste generated, as well as waste broken down by recovery and treatment type, is based on invoices, supplier reports or local logbook registrations, and is collected monthly for all entities within our financial control. When information is unavailable, entities estimate values based on calculations of waste density and volume. Approximately 20% of waste data uses estimates.Waste recycled/reused (% of total amount)Percentage of all waste that has been either reused or recycled. Incinerated waste is not included in this figure.Waste by material: Percentage of waste by main material groups.CircularityDownstream:IRO 14 &amp; 15: We work to integrate circular economy principles in the different phases of a product's life cycle. This includes designing products to be durable, repairable, modular, lightweight and recyclable, including considering disassembly and material selection. We aim to maximise product lifetime through digital moni-toring, predictive maintenance, reconditioning, repairing, refurbishment and remanufacturing.Working with circularity includes many stake-holders. We aim to engage and train employees on circularity principles and practices. Further-more, we partner with suppliers and customers on projects related to the circular economy to develop circularity practices across the value chain.When our products can no longer be used, we aim for the materials to be recycled. This includes using technology to separate different materials or the provision of logistics where products are not usually recycled through the local market. As an example of this, in 2024 we accelerated work on the recyclability of our mill liner product. We also accelerated our work in the rebuild and exchange programme for pumps, cyclones and valves, which enables the reuse of metal parts that would otherwise go to waste.In addition, we have also run a successful steel reuse and recycling programme for several years related to our ABON mining products. The programme includes recovering and recycling steel offcuts and machine turnings from the manufacturing process and recycling unservice-able, worn teeth and shafts from refurbishments. The opportunity to reduce the environmental impact comes from both the manufacturing and the maintenance of the product lines. Our ability to recycle materials is dependent on a collaborative relationship with our customers, steel suppliers and foundries. A refurbishment usually produces unserviceable parts that need to be disposed of. Instead of these parts ending up as waste, they are reused by one of our steel suppliers.We also support our customers with machine and shaft refurbishments, enabling them to prolong asset lifetime. Providing this service ensures we stay in touch with our customers’ needs.   In addition to the circularity aspects, the programme helps us gain deeper understanding of how our customers use our products. This means we can maximise performance or redesign to suit customers’ specific needs in the refurbishing process.Resource outflowsDurability of Repairability  By product groupsProductsof ProductsComminution 100% BSeparation and classification 100% BPumps, cyclones, and valves (PCV) 120% ADewatering and filtration 100% BOther products 100% BRecylabilityRecyclable content in products and packaging 93%§  Accounting policies Durability: Durability is measured as an estimate by comparing FLSmidth products to industry averages - represented as 100%. Conservative estimates have been applied which puts most FLSmidth products as equal compared to the industry average. Due to our public case studies on the pumps, which show the longer life of the wear parts, we have put the PCV category as being 20% more durable than the industry average as an indicative value of increased durability.Repairability: A rating scheme was adapted from the EU Joint Research Committee (JRC), originally for smartphones and tablets (https://susproc.jrc.ec.eu-ropa.eu/product-bureau/product-groups/447/home). This scheme takes the scores from six product parameters and aggregates them into a final rating of A–E, with ‘A’ being the highest score. FLSmidth’s adaptation of the model relates to the ‘software update (duration)’ parameter which is not relevant for FLSmidth products.Recyclable content in products and packaging: Recycled rates are an estimate based on the possi-bility of recycling and not on the actual amount recycled.  Procured raw material data was taken from Inflows ‘total weight’ KPI (please refer to p106). Estimates on the recyclability of raw materials were applied to each raw material category to estimate the recyclability of outflows. A sample of packaging material data was taken from a supplier and scaled up to cover all FLSmidth packaging.CircularityTargetsUpstreamIRO 11 &amp; 12: We are assessing our circular procurement practices and have therefore not set relevant targets. We do not have a reduction target for our scope 3 category 1 emissions. In the coming years we will monitor the effectiveness of our actions and improve data quality.Own operationsIRO 13: We have set voluntary targets for reducing landfill waste related to reducing our use 15of resources.  We aim to reduce landfill waste by 50% which represents 3,450 mt by 2030 from a baseline year of 2022 through more waste segregation as well as material efficiency, reuse, recovery and recy-clability of waste generated. The targets have been set by our environmental team and approved by management.DownstreamIRO 14 &amp; 15: We have not set targets related to our downstream positive impact through product design and to the opportunity to increase services and sales. In the coming years we will monitor the effectiveness of our actions and improve data quality.SocialBeing a global business means addressing global social issues through initiatives that promote diversity, equity and inclusion and ensure fair labour practices across our own operations and our supply chain. Own workforceOur people are essential to supporting our busi-ness ambitions and remaining competitive in the global marketplace. The interests, views and rights of people in our own workforce inform our strategy and business model through worker representation in our Board of Directors. As our business needs evolve, there can be material negative impacts for some areas of our own work-force while creating opportunities and acceler-ating growth in new areas.  Our workforce is categorised in three key groups: direct labour workers involved in manufacturing our products, indirect labour workers primarily in white-collar roles, and field engineers who work with our products directly at customer sites. Across these groups, we also have non-employees who may be sub-contractors or contingent workers who support us on projects.The identified IROs are pre-mitigation activities. Follow the link under each IRO to see how we work with it.IRO 16: Working conditions Secure employmentNegative impact : Ongoing organisational restruc-turing and M&amp;A activities may create short-term job insecurity. This primarily affects our indirect workers.Read about our approach to restructuring the workforce on page 114.Working timeNegative impact: As we right-size our business there is a potential for some employees to expe-rience greater workload resulting in increased working hours. See how we protect our employees and reduce working hours responsibly on page 115.Adequate wagesPositive impact: We can ensure that our employees receive a fair and liveable  wage. This means that our workers and their families remain out of poverty. This is particularly significant in regions with lower safeguards for employee rights where some of our direct labour workforce are located.See how we work with living wages on page 115.Work-life balancePositive impact: Flexible working arrangements and inclusive family leave opportunities positively impact work-life balance for our direct labour, indirect labour employees and field engineers.See how we are contributing to employees' work-life balance on page 115.Impacts, risks and opportunitiesIRO Actual Potential – + ▲ Time horizon16  Working conditionsSecure employmentShort-termWorking timeShort-termAdequate wagesShort-termWork-life balanceShort-termHealth and safetyShort-term17   Equal treatment and opportunitiesGender equalityShort-termShort- &amp;  Training and developmentmedium-termViolence and harassmentShort-termDiversityShort-termType of employee:     Direct labour   Indirect labour Field engineers Impact, risk and opportunity:    —   Negative  +  Positive Opportunity  ▲  RiskOwn workforceHealth and safetyNegative impact: Our direct labour and field engineers have a higher exposure to safety risks, which can cause incidents affecting the health and wellbeing of our workers.The safety of our workforce is our top priority. See how we work with this on pages 115-116.Risk: All of the above identified negative impacts together generate a risk related to attracting and retaining talent, retaining business knowledge and operational efficiency.Business transformation activities impacting working conditions increase the risk of attrition, which can result in loss of business knowledge and operational efficiency.See how we invest in our workforce on pages 114-120.IRO 17: Equal treatment and  opportunities for all Gender equalityPositive impact: We have the potential to improve the social standing and quality of life of our female employees by consistently working to close the gender pay gap and ensuring a fair and comparable wage across our workforce.Opportunity: Offering equal pay and gender equality for all employee types can improve talent recruitment and retention while improving company performance and reputation as an equal opportunities employer.Read about our DE&amp;I activities on page 116.Training and developmentPositive impact: Employee training and devel-opment can lead to more satisfied and engaged direct and indirect labour workers and support social mobility in unskilled workers. Opportunity: Offering training and development for all employee types can support improved talent recruitment and retention.Achieving higher skill levels through training and development also enables expansion into new areas of technical expertise.Risk: A lack of proper training and development of employees can result in loss of business knowledge and the ability to execute on strategy through operational efficiency.See how we work with training and development on page 119.Violence and harassmentNegative impact: Failing to implement measures against violence and harassment can foster an unsafe space for direct labour workers, indirect labour workers and field engineers. See our mitigating actions on page 120.DiversityPositive impact: We have the potential to improve employment opportunities for underrepresented groups.A large global footprint and diverse workforce inspires cultural diversity and awareness, leading to more satisfied and engaged workers.Opportunity: Diverse leadership has the poten-tial to enhance the ability to evaluate business strategy and risk management, which could strengthen future outlook and resilience.See our how we work with diversity on page 116.PoliciesWe have various policies covering the entire work-force which, together, establish a global frame-work for managing our material IROs related to our own workforce. Our People Policy guides our approach to supporting our people agenda. Our Diversity, Equity and Inclusion Policy establishes our commitment to promoting this agenda. Our Health, Safety and Environment Policy outlines our commitment to zero harm by empowering employees to protect the health and safety of themselves and others, building a strong safe culture and embedding safety behaviours through visible leadership, employee engagement and open dialogue. Our Human Rights Policy outlines our commitment to respecting our own workforce and value chain workers’ rights. Our Working Hours Policy guides us in creating fair and safe employ-ment conditions, and our Harassment and Discrim-ination Prevention Policy sets out our approach to creating a safe, healthy and productive working environment. As members of the UN Global Compact, we have committed to the Diversity Pledge with the Confederation of Danish Industry. We respect all rights enshrined in the UN Universal Declaration of Human Rights, the International Covenant on Civil and Political Rights, the International  Covenant on Economic, Social and Cultural Rights and the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work, including freedom of association and the effective recognition of the right to collective bargaining; the elimination of all forms of forced or compulsory labour; the effective abolition of Own workforcechild labour and trafficking of humans, the elimi-nation of discrimination in respect to employment 16and occupation; and a safe and healthy working environment. We commit to aligning our policies and due dili-gence processes with the United Nations Guiding Principles on Business and Human Rights (UNGPs) and OECD Guidelines for Multinational Enterprises.  The Chief People and Sustainability Officer is accountable for implementation of these poli-cies, except the Harassment and Discrimination Prevention policy where Compliance is responsible for implementation. In the event of severe issues, decision-making is escalated to the Group CEO. The policies are upheld, executed and revised by the People and Sustainability team, in cooperation with stakeholders from various departments. We provide information or training in matters relating to these policies to all relevant colleagues.The Group Executive Management has ultimate responsibility for the company upholding human rights. The Chief People and Sustainability Officer is accountable for implementing our human rights commitments and decision-making. In case of severe incidents, decision-making is escalated to the CEO.  Processes for engagementThe views of employees concerning impacts are solicited on an ongoing basis through various activities, including monthly engagement surveys, quarterly townhalls with question-and-answer sessions and roundtable discussions with senior management. Leaders within the organisation are also expected to engage regularly one-on-one with their direct reports to foster strong, supportive collaborations, cascade communica-tions and be a first point of contact should issues arise. Our employee representatives also serve as liaisons effectively addressing and elevating concerns within the broader workforce.The monthly employee engagement surveys gather employees’ views with the objective to inform and shape the development and implemen-tation of policies and initiatives through specific action plans. The platform includes a focus on gaining insights into the perspectives of vulner-able and marginalised groups within our work-force, specifically addresses diversity, equity and inclusion (DE&amp;I) by measuring employees' percep-tions of inclusiveness, diversity and non-discrim-ination. The results of the surveys are monitored and discussed by senior leaders to ensure that employee feedback is effectively addressed. All white-collar workers are included in the surveys, and we continue to add blue-collar worker groups.  Responsibility for employee engagement resides with the individual managers, with oversight from the Chief People and Sustainability Officer. Own workforceProcesses for remediationOur policies include guidance and specific procedures to prevent discrimination. We also encourage employees to speak up about any concerns they may have, including through our grievance channels. Through these channels, we offer remedy to those directly impacted by our company’s business activities where these might have constituted or contributed to a negative impact on employees. We seek to remediate or participate in remediation of any direct or indirect adverse impacts on employees, including collabo-rating with judicial or non-judicial mechanisms for remedy access. In 2025, we plan to establish more in-depth guidance on various forms of remedia-tion and their applicability to ensure a standard-17ised approach and continued improvement. Employees and third parties can raise concerns directly related to our business through our whistleblower hotline and human rights grievance mechanism. To ensure effectiveness of these channels, we communicate about them through our company website and internal communica-tions  and regularly assess and promote aware-ness of the channels. All workers can access these channels, via our website, email and mail which are managed by a third-party provider which tracks and registers all admissible cases. From this infor-mation, we are able to continuously assess and update appropriate procedures in order to ensure effective mitigation actions. Read more about these channels on pages 123 and 131-132.How we are taking actionThe actions taken to mitigate negative impacts and risks and pursue opportunities within our own workforce is embedded in the responsibility of management at every level and across all func-tions. We dedicate resources from Legal, People and Sustainability, Communication and others to support these efforts and ensure the wellbeing of our people is at the core of everything we do.IRO 16: Working conditionsSecure employmentWe continue to implement the pure-play business transformation (see page 16) as we adapt to the evolving landscape of our business sectors and enhance our ability to meet customers’ needs. As part of this transformation, we have made adjust-ments to our workforce to align. We recognise the importance of employee wellbeing and have made efforts to address the impact on those directly and indirectly affected. Throughout this process, we have prioritised clear and transparent commu-nication with our employees, engaging with them through various channels. To ensure the effective-ness of our communication, we have held dedi-cated roundtable discussions with employees and we track engagement and satisfaction through monthly surveys.These adjustments have created a shifting envi-ronment, leading to some challenges in retaining talent and maintaining operational efficiency. We are supporting our people through this time and are growing our workforce in key geographies that are critical to being closer to our customers and the heart of our business. Despite the short-term situation, we strive to be an employer that fosters secure employ-ment. We do not adopt zero-hour contracts; we have a structured governance around dismissal processes to enable a fair process; and we support colleagues with internal moves where available.In 2025, we will finalise this stage of our trans-formation. We continue to invest in our people through competitive pay and benefits as well as growth and development opportunities.Own workforceWorking timeOur Working Hours Policy sets our commitment to higher labour standards and consistent prac-tices across the organisation. First steps in 2024 included evaluating the impact on various worker groups and the effectiveness of mitigation activ-ities to date. In 2025, we will begin to improve time registration processes for blue-collar workers to ensure working time is captured accurately. For indirect labour workers, we aim to increase auto-mation of manual tasks to reduce working time where possible. Adequate wagesWe analyse living wages across all geographies on an annual basis, ensuring all our workers are paid an adequate and fair wage. Our standardised job catalogue supports an objective, market-based approach to setting salary ranges, ensuring adequate and competitive wages. Terms nego-tiated in collective bargaining agreements are respected and integrated into our compensation framework. A specialist team focuses on imple-menting benefits and employment packages that mitigate against inequity. We will continue these efforts in the future.Work-life balanceFamily-related leave is available to employees in alignment with local standards. We offer flexible work options, including remote work arrange-ments and adjusted hours. Managers engage with their teams and individuals to inform them of our various offerings. Effectiveness of our initiatives is monitored through engagement surveys. In 2025, we will start monitoring how many of our employees are taking their entitled family-related leave.Health and safetyIn 2024, we restructured our safety organisation to address critical needs to improve our safety performance. This includes greater focus on hazard risk assessment, on-the-job training for field engineers and direct labour workers and incident investigations. We initiated an Incident §  Accounting policies Percentage of people in own workforce covered by health and safety management system (%) FLSmidth’s Health and Safety reporting management system covers all people in its own workforce.Number of fatalitiesA fatality is defined as the death resulting from a work-related incident or exposure. This includes fatal-ities occurring in the workplace or fatalities resulting from injuries or illnesses contracted at the workplace. The incident must be directly connected to work activi-ties, and the death can occur at the time of the incident or subsequently due to complications from the incident. In 2024, there were zero fatalities at FLSmidth.Number and rate of recordable work-related accidents, including contractors Number of recordable work-related accidents include fatalities, lost time injuries (LTIs), medically treated injuries (MTI) and restricted work cases (RWC). Number of recordable work-related accidents is calculated as the number of accidents per one million hours worked. Includes non-employees and sub-con-tractors. Rate of recordable work-related accidents is calcu-lated as the number of recordable work-related acci-dents per one million hours worked. Includes non-em-ployees and sub-contractors. Subcontractors’ working hours are calculated based on actual hours reported by suppliers, hours written in tenders or actual/estimated hours for suppliers. Working hours for FLSmidth employees are calcu-lated based on headcount and normal working week hours.Rate of days lost to work-related accidents, including contractorsRate of days lost to work-related accidents as the number of lost-time injuries (LTI) and fatalities per one million hours worked. An LTI accident results in absence for more than one scheduled workday following the day of the accident. Includes non-em-ployees and subcontractors. Subcontractors’ working hours are calculated based on actual hours reported by suppliers, hours written in tenders or actual/estimated hours for suppliers. Working hours for FLSmidth employees are calcu-lated based on headcount and normal working week hours.Safety 2024 2023 Delta Target 2024 Target 2025 Target 2030Rate of recordable work-related accidents, including contractors 2.3 2.7 -14.8%  1.1  10% year-on-year improvement   Zero harm Number of recordable work-related accidents, including contractors 50  Zero harm Rate of days lost to work-related accidents, including contractors 1.0 0.9 11.1% 0.5  10% year-on-year improvement   Zero harm Percentage of people in own workforce covered by health and safety management system  100  Zero harm Own workforceReview Board, which reviews major injuries monthly to monitor effectiveness of our accident mitigation activities. We introduced the Safety Cardinal Rules and ran a campaign to educate and promote awareness of our safety culture. We have also continued the safety observation programme, Go Look See, which was launched in 2023, and have again in 2024 seen an increase in awareness of day-to-day safety issues and reduced safety incidents at our warehouses and manufacturing sites. We will continue to encourage a culture of open dialogue about safety practices with our Manager’s Safety Walk Programme.Our HSE management system covers all employees and provides a platform for continuous improvement and compliance with international standards. We retained ISO 45001 certification for Occupational Health and Safety.IRO 17: Equal treatment and opportunitiesDiversity and gender equalityOur global standard process for talent acquisition promotes equal opportunities, treating all candi-dates fairly and minimising bias in hiring deci-sions. We will continue to monitor our recruiting practices and make improvements to further DE&amp;I. Talent acquisition for all employment types includes various dimensions of diversity, such as gender, age, nationality, location and person-ality profile, to achieve a balanced workforce. To reduce potential bias and enable equal oppor-tunities in the hiring process we encourage the removal of personal data from CVs. Additionally, we encourage internal candidates to pursue job opportunities as part of their growth within the company.Our global DE&amp;I Council had its first full year of operation in 2024. The council facilitates addi-tional DE&amp;I initiatives and conversations across the organisation to accelerate change. We continue to participate in industry communities such as “Women in Mining” and “Women in Tech”.We launched a network focusing on promoting the wellbeing of women in our manufacturing facili-ties. This involves 16 representatives from various manufacturing locations meeting bimonthly to learn from each other and provide ideas and inspiration to enable the professional growth of women in manufacturing roles.Our rewards team continues to bridge the gender pay gap and evaluate progress through a yearly analysis at each management level. We recog-nise that unconscious bias can create structural challenges in achieving pay equity. Therefore, we emphasise the importance of accurate data to identify effective actions that ensure balanced pay between men and women. Over the coming years, we plan to refine our methodologies and actions to strengthen our performance in this critical area.We track the effectiveness of our DE&amp;I initia-tives through quarterly reporting of quantitative metrics and qualitive responses in our engage-ment surveys.16.4%Women  managers21.1%Women  totalOwn workforceCharacteristics of our workforce2024Non- Worker type Female Male Otherdisclosed totalNumber of employees by headcount 1,630 6,107 0 2 7, 7 3 9Number of permanent employees by headcount 1,539 5,927 0 1 7, 4 6 7Number of temporary employees by headcount 88 121 0 1 210Number of non-guaranteed employees by headcount 3 59 0 0 62Countries with over 10% of workforce Number of employees by headcountUSA 1,443India 1,520Total number of own employee terminations 2024Total terminated employees 2,575Turnover rate 30.1%§  Accounting policies Total number of employeesTotal employees are all employees who are hired by FLSmidth, are paid through the company’s payroll and are active as of the date of the report, including those on leave. Employees include permanent employees, temporary employees and non-guaranteed hours employees. Total number of employees is collected through FLSmidth’s HR management system. Permanent employees are employees on long-term contracts. Temporary employees on temporary contracts include interns and apprentices and those on fixed-term contracts. Non-guaranteed hour employees include casual workers. Total employees are calculated using a headcount, rather than FTE method. Gender is defined as the legal gender and employees may also choose not to declare this.Total terminated employeesMeasured as the total number of employees who have left the organisation during the reporting period, either voluntarily or non-voluntarily. This excludes employees currently on gardening leave and  non-employees.Turnover rateMeasured as the total number of terminations divided by the total average employee headcount at the start and end of the reporting period. Own workforceDiversity2024Age distributionAbsolute/%Under 30 years old 861/11.1%30-50 years 4,642/ 60.0%Over 50 years old 2,092/ 27.0%Not disclosed 144/ 1.9%Payment 2024Gender pay gap ratio  12%Pay equality ratio 392024Gender distribution in managementAbsolute/%Top management 11/100%Female 2/18%Male 9/82%Top management including extended mangement 65/100%Female 14/22%Male 51/78%Head count by job category  2024White-collar 6,023Blue-collar 1,716Employees 7,73 9Female employees 2024 2023 Delta Target 2024 Targ et 2030White collar (%) 26.7% 26.9% 0.2% 31.6% 30.0%Blue collar (%) 7.7 % 4.7% 3.0% 7.0%Managers (%) 16.4% 16.3% 0.1% 18.4% 25.0%Women total (%) 21.1% 20.4% 0.7% 22.7% 25.0%Gender distribution in management  (head count) FLSmidth defines Top Management as the first two level in the organisational hierarchy with manager responsibilities, with the first level being the the CEO.  Extended Management include the third level in the organisational hier-archy with manager responsibilities. Excludes non-employees.Gender distribution in management (%) The share of management levels broken down by each gender as percentage.  Women white-collar workers (%) Share of white-collar women at period-end divided by all white-collar employees, excluding managers and non-employees.Women blue-collar workers (%) Share of blue-collar women at period-end divided by all blue-collar employees, excluding managers and non-employees.Women managers (%) Share of women managers at period-end divided by all managers at period-end, excluding non-employees. Employees must have a direct report to be included. Women total (%) Share of women at period-end divided by all employees at the end of reporting period, excluding non-employees. §  Accounting policies Age distribution (%) Information on age distribution is generally collected during the onboarding processes in FLSmidth’s HR management system on a volun-tary basis and is based on date of birth. Gender pay gap ratioThe difference of average hourly pay levels between female and male employees, expressed as percentage of the average hourly pay level of male employees. Excludes non-employees. Pay equality ratioThe difference between the annual total remu-neration ratio of the highest paid employee and the median annual total remuneration for all employees (excluding the highest-paid employee), excluding non-employees. Own workforceTraining and developmentWe apply a structured approach to performance and development reviews to ensure clarity of objectives, alignment with our strategy and a proactive stance on development planning. This process applies to all employees and contin-gent workers. Development dialogues include identifying individual skill gaps and creating tailored plans to address gaps through various development and training opportunities. These are supported by a global learning management system, enabling us to build a learning organi-sation where every individual dedicates time to training, with progress actively tracked.In 2024, we conducted more “Leading in FLS” leadership development programmes focusing on operational managers. Diversity, equity and inclusion topics are included in leadership training programmes. We are devel-oping a pipeline of women leaders and promoting opportunities through our ongoing sponsor and mentor programmes, as well as encour-aging women talents to join leadership training programmes. More generally, we offer training courses both via e-learning and through live and in-person sessions. These cover a wide array of topics to upskill and empower our workforce in their career development. We will continue to strengthen these efforts and monitor the effectiveness of our policies and actions.Employee reviews 2024 2023 DeltaEmployees participating in performance/career development reviews  7, 5 5 4  Other gender employees 0  Female employees 1,492  Male employees 6,062  Not disclosed 0  Employees participating in performance/career development reviews  (%) 86.1%Other gender employees (%) 0.0%Female employees (%) 83.7%Male employees (%) 86.8%Not disclosed 0.0%FLSmidth adjusted participation 95.8% 97.0 % -1.2%Training 2024 2023Training hours per employee and gender 21,641 28,399Female employees 5,289Male employees 15,862Training hours per employee and gender (rate)  2.53 Female employees  2.99 Male employees  2.34 §  Accounting policies Percentage of employees participating in  performance development reviews (%) Measured as the percentage of employees who have participated in an end-of-year review divided by total employee headcount who are eligible for perfor-mance development reviews.FLSmidth provides an adjusted measure of employee performance development as only permanent employees and temporary employees categorised as “apprentice/trainee” are eligible for end-of-year reviews. Headcount is adjusted to reflect these sub-groups and is further adjusted to exclude employees where an end-of-year review is not relevant. These include those on gardening leave, those soon to retire and employees with less than three months of employment within the assessment period. The total number of employees taken at the end of March in the reporting period.  Number of training hours per employeeMeasured as number of hours spent on learning programmes as an average across employees. This includes both digital and blended (face-to-face) courses. The figure includes hours accumulated throughout the year and any unreported hours from physical training sessions conducted in the previous year and not logged prior to the reporting cut-off date. Hours from terminated employees during the reporting period are included in the total number. The total number of hours is divided by the average employee headcount during the period. Average employee headcount is the average between the headcount at the start and end of the reporting period.Own workforceViolence and harassmentWe enforce zero-tolerance towards any form of violence, harassment or discrimination, ensuring that any such incidents are dealt with seriously through our internal investigation procedures. We conduct regular training on compliance and human rights topics, such as violence and harassment, to ensure employees are informed and guided to identify and act when potential violence or harassment is experienced either for oneself or a colleague. We will continue to closely monitor and assess the effectiveness of our policies and actions.No severe human rights issues and incidents have 18been reported during the year.Incidents 2024Total number of incidents of discrimination, including harassment 40Targets Targets have been set by HR and HSE to track the effectiveness of our actions. These targets are based on our own  performance as well as that of industry peers and reflect management's ambi-tions to mitigate negative impacts and risks and realise positive impacts and opportunities.Workforce representatives are not directly involved in the setting or tracking of perfor-mance against our targets but are presented with the results quarterly as a minimum through our publicly available quarterly reports. §  Accounting policies Total number of incidents of discrimination, including harassment Includes reports on discrimination and harass-ment submitted to FLSmidth’s Compliance department through the formal whistleblower hotline or by other means, such as email, letter or in person.Workers in the value chainFLSmidth operates in high-impact industries, and the workers in our value chain are commonly located in regions where labour rights are less protected. Through our strategy to integrate ESG into our business operations, we are working to protect the rights and ensure the safety of the workers in our value chain.The identified IROs are pre-mitigation activities. Follow the link under each IRO to see how we work with it.IRO 18: Adequate wages Negative impactUpstream Pricing demands and payment practices can affect wages in our supply chain.See our payment practices on page 133.IRO 19: Health and safetyNegative impactUpstream Operating in high-risk manufacturing industries exposes supply chain workers to health and safety issues. See our supplier onsite assessments on page 125.IRO 20: Child labour and forced labourUpstream and downstreamNegative impact: There is a risk of forced labour and child labour in our value chain leading to ongoing social disadvantages for the worker.   DownstreamRisk: The occurrence of forced labour at customer sites can damage reputation and impact financial performance. See our human rights salience assessment on page 126.Policies Our Supplier Code of Conduct and policies for due diligence, conflict minerals and human rights provide a framework for managing our impacts on value chain workers and the related reputational risks. Supplier Code of ConductWhile our policies cover all value chain workers, there are special provisions in our Supplier Code of Conduct regarding child labour, young workers and forced labour, wages and benefits, as well as health and safety. Impacts, risks and opportunitiesIRO Actual Potential – + ▲ Time horizon18  Adequate wagesShort-term19  Health and safetyShort-term20  Child labour &amp; forced labourShort-termLocation in the value chain:     Upstream   Own operations Downstream Impact, risk and opportunity:    —   Negative  +  Positive Opportunity  ▲  RiskWorkers in the value chain Our Supplier Code of Conduct requires that suppliers respect the human rights of all people, including workers and the communities in which they operate. This applies to all workers including temporary, migrant, student, contract, direct employees and any other type of worker or person affected by the suppliers' operations. We expect all suppliers to adhere to the minimum standards outlined in the code of conduct, which aligns with the principles outlined in the Responsible Business Alliance (RBA) Code of Conduct.In alignment with the UN Guiding Principles on Business and Human Rights, the provisions in our Supplier Code of Conduct are derived from and respect internationally recognised standards including the ILO Declaration on Fundamental Principles and Rights at Work and the UN Universal Declaration of Human Rights. We are guided by international standards in our commitment to working towards ensuring appropriate and adequate remedy for stakeholders adversely affected by our business operations and relation-ships.Conflict mineralsFLSmidth’s Conflict Minerals Sub-Policy concerns the supply chain and suppliers’ possible use of conflict minerals. We aim to implement this policy in all commercial contracts.The policy outlines the basics of the global standards regarding conflict minerals, including mapping conflict minerals in our supply chain and addressing identified issues. These regulations confirm the need for conflict minerals due dili-gence to ensure that our procurement activities do not contribute to conflict through mineral purchasing decisions and practices.We align our practices with the 'OECD Due  Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas', 'Regulation (EU) 2017/821' on supply chain due diligence obligations for EU importers of tin, tantalum, tungsten and gold (3TG) and 'Section 1502 of U.S. Dodd-Frank Act' in U.S. law requiring responsible minerals sourcing. Human rightsOur Human Rights Policy outlines our commitment and practical approach to respecting human rights through our business operations and value chain. This includes adhering to all universal human rights, the core conventions of the ILO and customary international law. We prohibit the use of any form of forced labour, child labour and trafficking of persons. We neither tolerate nor contribute to threats or attacks against human rights defenders in relation to our operations and value chain. As a global company operating in the mining and cement industries, we acknowledge that respecting human rights is a central tenet of responsible business. We are committed to upholding all internationally recognised human rights of our employees, customers, suppliers, other business partners and the communities in which we operate.We pay special attention to respecting the rights of vulnerable groups, including indigenous people, women and children. Workers under the age of 18 shall not perform work that is likely to jeopardise their health or safety.FLSmidth is a signatory to the United Nations Global Compact and is guided by the United Nations Guiding Principles for Business and Human Rights and the OECD Guidelines for  Multinational Enterprises. Due diligenceOur Due Diligence Policy describes our commit-ment to avoiding, causing or contributing to adverse impacts on workers in the value chain and to preventing adverse impacts directly linked to operations, products or services through business 19relationships.Workers in the value chain Processes for engaging with value chain workersWe do not have direct engagement with value chain workers and therefore use proxies to take their perspectives into account. However, our whistleblower hotline and human rights grievance mechanism are open to third parties. We are a member of the RBA, which is the world’s largest industry coalition dedicated to corporate social responsibility in global supply chains. We use RBA guidelines in various ways, including as proxies for industry-specific human rights risks and impacts. Through our membership in the RBA and the Responsible Minerals Initiative, we seek to strengthen our efforts in building a responsible supply chain, including the responsible sourcing of minerals. We are a member of Business for Social Respon-sibility (BSR). As part of our membership of a BSR human rights working group, we discuss human rights issues and best practices on mitigation of potential or actual impacts. The working group meets in person two times per year, discussing critical human rights topics.Participation within the RBA and BSR, and our customer due diligence process, provides some insights into the perspectives of vulnerable or marginalised workers. In addition, we enter into dialogue with NGOs and media regarding potential human rights issues. Processes to remediate negative impactsOur whistleblower hotline and human rights griev-ance mechanism are channels for workers to raise concerns, either directly related to our business 20or indirectly within our value chain. The whistle-blower process is intended to provide protection against retaliation as stated in our policy. We communicate about our whistleblower hotline both internally and externally through our Supplier Code of Conduct, company website and internal communications and through dialogue with suppliers and customers. While we have not yet assessed value chain workers’ awareness of the whistleblower hotline, we encourage our suppliers to actively inform their employees about it. We monitor the types and number of reports in our whistleblower and grievance mechanisms to assess the effective-ness of our actions and channels. The whistleblower system allows us to track the status of cases. Currently, we have not received any cases related to the identified potential nega-tive impacts on value chain workers. In case of a whistleblower report, we follow a specific process to manage and investigate cases.A third-party provider ensures the availability of the grievance mechanisms and whistleblower channel and handles concerns raised. Admissible cases are investigated internally. The human rights grievance and remedy proce-dure outlines the human rights grievance filing, verification and remedy processes. This ensures we follow standard steps for identifying appro-priate remedy for each individual case. Our griev-ance mechanism includes applying the effective-ness criteria stated in the UN Guiding Principles on Business and Human Rights.  The process is as follows: •  Complaints are filed through the third-party-Whistleblower Hotline system. The complaints are then categorised and handled according to a set of principles specifically for human rights grievances. •  The grievances are reviewed by FLSmidth Compliance and will be further processed if it contains both a potential violation of inter-nationally recognised human or labour rights and relates to impacts cause by or contributed to through FLSmidth’s activities, or is directly linked to our operations, products or services by our business relationships.  •  The grievance is then investigated through a combination of document review, internal interviews and external interviews as specified in our internal investigation procedure to deter-mine what has occurred and whether any rights may have been violated.Rights-holders are included in the process where possible. FLSmidth is committed to collaborating with judicial and non-judicial mechanisms to provide access to remedy in the event that we cause or contribute to an adverse impact. In instances where FLSmidth is directly linked to an impact, we will seek leverage to promote adequate remedy. Ways to remedy include: apology, restitution, rehabilitation, compensation, sanction or non- repetition.Workers in the value chain We will develop a more thorough remediation process plan. This process will be an ongoing assessment based on learnings from remediation cases. However, to date, we have not been subject to a remediation case.Actions and targetsHuman rightsHuman rights and labour rights at FLSmidth are part of our wider company strategy and imple-mented through various policies and procedures. The oversight of human rights impacts and risks in FLSmidth falls under the Audit, Risk and ESG Committee who receive quarterly updates on all compliance and sustainability matters, including human rights. The Chief People and Sustainability Officer is accountable for implementation of our human rights commitments and decision-making. In case of severe incidents, decision-making is escalated to the CEO. The responsibility for facil-itating the operational work with human rights across departments and measuring the effec-tiveness rests with the ESG Program Advisor. Following the launch of our human rights working group in 2023, the group was put on hold in 2024 due to organisational restructuring.  We plan on reinitiating this work in 2025. We have set targets for workforce training as we believe developing knowledge and skills within this area will help us mitigate any potential impacts or risks related to workers in the value chain. The targets were set by our Compliance organisation and approved by 21management . In the coming year we will evaluate and update our procedures based on our performance to ensure effectiveness and improvements to mitigate impacts and risks within this area.Target Target Human rights 2024 2023 Delta20242030Human rights assessment (onsite audits) 1 3 -67% 6White-collar employees who have received in-person training in human rights 141 211 -33% 200White-collar employees who have completed e-learning courses in human rights 4,469 4,338 3%White-collar employees who have completed e-learning courses in human rights (%) 74% 60% 14% 85% 98%§  Accounting policies Human rights review (offsite) Impact assessments are always conducted onsite. Both human rights compliance reviews and impact assessments can, in some cases, be part of compli-ance due diligence reports.FLSmidth conducts human rights compliance reviews and impact assessments of offices, production sites and customer sites where FLSmidth has employees stationed.Compliance reviews and impact assessments concerning offices are mostly policy-focused, while operations are more process-focused.White-collar employees who have received in-person training in human rights Total number of white-collar employees in certain functions (e.g. procurement and sales) who have attended in-depth training in human rights, either live or through Teams.White-collar employees who have completed e-learning courses in human rights (%) Percentage of active employees who have completed the human rights e-learning course; completion may have occurred in previous years. Terminated employees and non-employees are excluded from the calculation.74%White-collar employees trained in  human rightsWorkers in the value chain Supply chainSuppliers are required to establish processes for ongoing two-way communication with workers, their representatives and other stakeholders where relevant or necessary. We also expect our suppliers to have appropriate grievance mecha-nisms in place that are proportionate to their size, complexity and risks associated with their busi-ness. We expect our suppliers to implement the necessary procedures and processes to respect the rights of their employees and we commu-nicate regularly with our largest suppliers and inform them of important developments to our policies or expectations. To help prevent or mitigate negative impacts on value chain workers, we also conduct high-level onsite assessments of suppliers. This involves a trained FLSmidth employee from the procurement or quality departments noting observations and completing an assessment questionnaire. We track identified issues and the suppliers’ improve-ments through mitigated actions. Supply chain 2024The completion rate of onsite supplier assessments (%) 92%Supplier spend categorised by high risk of forced labour based on country (%) 32%Employees trained in responsible conduct in the supply chain (number) 119§  Accounting policies Completion rate of onsite supplier assessmentSuppliers are selected to be in scope for supplier onsite assessments annually based on specific criteria, including spend, preferred status, ESG score and country. The percentage represents the suppliers that are in scope, where assessment has been completed.Percentage of supplier spend categorised by high risk of forced labour based on country Country risk is based on the Global Slavery Index – Proportion in Slavery (Walk Free Foundation) and the ILAB Child and Forced Labor Indicator (US Department of Labor) and categorised as high, medium or low risk. Suppliers spend by country is based on the procurement database on country of supplier where spend is allocated.Total number of relevant employees trained in responsible business conduct in the supply chain Total number of employees in operations, procurement and sales who have attended training in responsible business conduct in rela-tion to the supply chain, either live or through Tea ms . Customer due diligenceOur customer due diligence procedures, conducted by our Compliance organisation, enable us to identify potential human rights and compliance issues. These procedures currently only include desktop research and not direct communication.Our approach to due diligence is risk-based, which involves assessing risks and impacts across our business operations and value chain. This guides us in establishing and implementing the necessary processes for identifying, preventing, mitigating and accounting for both actual and potential adverse impacts. Based on the identified impacts, we define appropriate preventative actions and mitigate risks related to our activities. In doing so, we focus on ensuring respect for human rights and compliance with international standards. Our due diligence screenings cover human and labour rights violations and health and safety.Our due diligence is guided by the OECD Due Diligence Guidance for Responsible Business Conduct and the United Nations Guiding Principles on Business and Human Rights, as well as the rules stated in the FCPA and the UK Bribery Act. In the coming year, we will re-evaluate our risk assessment to improve our understanding of our actual and potential salient impacts and to ensure we comply with current and future legislation in this area. Workers in the value chain Human rights salience assessmentIn 2023, we conducted a human rights salience assessment. Based on the findings, we have implemented initial actions and will continue to develop an action plan in order to address salient issues. In addition, we have implemented methodologies as part of our sustainability blueprints to ensure that we have relevant effective actions and initia-tives in place to mitigate impacts and risks related to value chain workers.After identifying the potential and actual negative impacts on workers in the value chain, ESG policy owners and relevant subject matter experts are responsible for updating policies and identifying appropriate mitigating actions. This is included in the sustainability blueprints and is also included in continuous assessments based on additional information and resources related to that impact.There is a reputational risk involved with our customers and suppliers potentially using forced labour. This has been monitored through our customer due diligence, and we aim to implement actions and milestones, such as human rights clauses in customer contracts, to discourage the use of forced labour.  To help ensure our practices do not cause or contribute to negative impacts, we conduct due diligence on customers and sales agents, which includes a human rights assessment. This can form the basis of a more in-depth  due diligence report.We train procurement employees in how to iden-tify potential negative impacts on supply chain employees.No severe human rights issues or incidents were reported in 2024. Resources dedicated to managing impacts include a human rights specialist and representa-tives from Procurement who conduct the onsite assessments. Compliance has been responsible for customer due diligence. This has been discon-tinued until further notice. Our memberships of BSR, RBA and The Danish Industry provide us with opportunities to engage with and learn from other companies with similar impacts.Our programmes related to workers in the value chain are intended to ensure we are informed about potential negative impacts and risks in order for us to make informed decisions about appropriate mitigating actions. Our initiatives are aligned with SDG 8.7 regarding immediate and effective measures to eradicate forced labour, end modern slavery and human trafficking and securing the prohibition and elimi-nation of the worst forms of child labour, including recruitment and use of child soldiers, and by 2025 ending child labour in all its forms.Affected communitiesWith the MissionZero initiative integrated into our business model, we address the need to align with sustainable and ethical practices increasingly demanded by the market. It helps manage finan-cial risks from potential delays or permit issues due to legal disputes with affected communities in the surrounding areas of mining and cement plants, providing more stability in revenue streams. Our commitment to zero emissions by 2030 and respect for community rights is essen-tial for maintaining trust with stakeholders and complying with regulations. This approach also helps us avoid legal risks and supports strategic partnerships, which are crucial for long-term viability.IRO 21: Communities’ economic, social and cultural rights RiskDownstream Potential legal disputes with affected commu-nities over land impacts pose financial risks as customer permit delays may slow order intake. IRO 22: Rights of indigenous peoples Negative impact Downstream Mining projects can infringe upon the land rights of indigenous peoples.Future perspectives on these challengesThe mining and cement industries have a signif-icant impact on the communities in which they operate with respect to economic, social, cultural, civil and political rights as well as the rights of indigenous peoples. It is becoming increasingly important for mining and cement companies to address these impacts, particularly land-related impacts and securing free, prior and informed consent. Failure to do so could lead to the loss of a license to operate, presenting a financial risk to our operations, as our customers may not be able to pursue projects in which we are engaged. We expect this issue to increase in materiality in the medium to long term.Since the topic of affected communities is not material to our own operations, we have not yet developed a specific policy or set targets and processes for engagement and remediation. However, we assess our customers’ impacts and actions through our due diligence processes. See page 125 for more information on our due diligence processes. A core element of our busi-ness is helping our customers reduce their impact on the land and the environment through the services and technologies we offer.Impacts, risks and opportunitiesIRO Actual Potential – + ▲ Time horizon21   Communities’ economic, social Short-termand cultural rightsShort-term &amp; 22  Rights of indigenous peoplesMedium-termLocation in the value chain:     Upstream   Own operations Downstream Impact, risk and opportunity:    —   Negative  +  Positive Opportunity  ▲  RiskAffected communitiesOur Human Rights Policy applies to our own oper-ations and the entire value chain (see page 122), and therefore addresses the rights of vulnerable groups, including indigenous peoples. In the event of a human rights breach, anyone can access the whistleblower hotline and human rights grievance mechanism. We do not have policies related to the potential risks related to our customers' impact on local communities.GovernanceAs a responsible business, our operations and strategic decisions are guided by the key principles of integrity and accountability. We adhere to all applicable laws and regulations and maintain transparency with stakeholders across the value chain. Business conductAssessing impacts, risks and opportunitiesOur governance is focused on honesty, respon-sibility and transparency. We are committed to meeting high ethical standards and building trust with our stakeholders. We operate in geographies and industries where bribery and corruption can be more prevalent and therefore mechanisms such as the whistleblower hotline are essential. Effective engagement with suppliers and other business partner and ensuring a safe and constructive working environment in the value chain through our Code of Conduct are a foundation of our approach to responsible  business conduct.IRO 23: Corporate cultureOpportunityOwn operations Fostering a strong, positive corporate culture to improve employee satisfaction and engage-ment influences our appeal to potential hires and improves retention rates among current employees. See our company values on pages 18 and 131.IRO 24: Protection of whistleblowersOwn operations Negative impact: Lack of structured processes to prevent retaliation can lead to a negative impact on whistleblowers. Risk: Failure to provide appropriate protection for whistleblowers can incur fines or litigation. See how we protect whistleblowers on pages 131-132.IRO 25: Political engagement and lobbying activitiesOpportunityDownstreamPartnerships with industry groups to support the future of mining. See how we engage in partnerships on page 72.Impacts, risks and opportunitiesIRO Actual Potential – + ▲ Time horizon23   Corporate  cultureShort-term24  Protection of whistleblowersShort-term 25   Political engagement and Short-termlobbying activitiesShort-term &amp; 26  Public policyMedium-term27  Relationships with suppliersShort-term28  Corruption and briberyShort-termLocation in the value chain:     Upstream   Own operations Downstream Impact, risk and opportunity:    —   Negative  +  Positive Opportunity  ▲  RiskBusiness conductIRO 26: Public policyDownstreamRisk: Permitting delays can lead to reduced revenue and force more competitive pricing.Opportunity: Regulations such as the EU taxonomy, which drive support and capital for low carbon activities and products, provide growth opportunities. See our EU taxonomy disclosures on pages 90-95.IRO 27: Relationships with suppliers UpstreamNegative impact: Supplier payment practices leading to delayed payments may negatively impact some suppliers.  Positive impact: Promoting positive ESG practices through active dialogue with suppliers can have a positive impact on supplier operations.  See how we work with suppliers on page 132.IRO 28: Corruption and bribery Own operationsNegative impact: Inadequate prevention and detection processes can lead to employees unintentionally or intentionally performing criminal activity. Operating in regions more exposed to corruption can lead to more corruption incidents, which can negatively impact people and society.Risk: Incidents of bribery and corruption can nega-tively impact the company’s reputation. Operating in regions more exposed to corruption and bribery can lead to more incidents resulting in fines or litigation.  See how we work to prevent this on pages 133-134.Role of administrative, management  and supervisory bodiesOur Board of Directors and Group Executive Management are deeply involved in our compli-ance programme. Compliance provides regular updates to the Audit, Risk and ESG Reporting Committee, Board of Directors and the CEO.Members of the Board and Group Executive Management are profiled on pages 58-62. Business conduct policies and corporate cultureIRO 23 and 24: Our corporate culture is embodied in the company values of trust, empowerment, accountability, collaboration and honesty (TEACH). These values guide the culture of our organisation and how our strategic ambitions are to be achieved. Matters relating to culture are discussed in Group  Executive Management meetings under the guidance of the Chief People and Sustainability Officer. To the extent possible, these values are reflected in internal communications, particularly in the context of strategic and organisational issues. Team and department managers are encouraged to incorporate these values into their communications and interactions with their respective teams. Adherence to the law, our Code of Conduct and relevant policies form the foundation of our business operations. Employees receive training in compliance, which covers sanctions, bribery and anti-corruption, human rights and the whis-tleblower hotline. Our confidential whistleblower hotline strengthens our internal investigative capabilities, ensuring a secure platform for employees and external stakeholders to voice their concerns. We have implemented relevant procedures to ensure compliance with the Euro-pean Whistleblower Directive. In 2024, we ran company-wide campaigns to increase awareness about the whistleblower programme to make it more accessible for employees. This included improving the information on our intranet and through posters at sites and offices. In a survey conducted in December 2024, 87% of respondents stated that they would feel comfortable reporting through our whistleblower hotline. Our confidential whistleblower hotline provides a secure platform for employees to voice their concerns. Employees in sales and procurement can be more exposed to or witness potential breaches of trade compliance, human rights and other compliance issues. These employees receive specialised training to enable them to identify issues and apply mitigative actions. A core tenet of our culture is fostering an envi-ronment in which employees are free from any form of harassment or discrimination. We take a zero-tolerance approach to all instances of harassment and discrimination directed at co-workers or other business partners, as set out in our Harassment and Discrimination Prevention Sub-Policy.Employees are encouraged to report cases of suspected harassment or discrimination, either to the Compliance or People and Sustainability departments directly or through the whistle-Business conductblower hotline, and we do not tolerate retaliation 22based on such reporting.We commit to handling investigation procedures in a transparent, confidential, professional and unbiased manner where reports of alleged harass-ment are submitted.  We investigate all reported cases promptly, objectively and  in compliance with local legislation. Where necessary, external counsel are used to investigate independently from the chain of management.146 investigations were opened in 2024. 94 of these were substantiated and 40 were  harassment cases. To increase awareness of matters related to harassment, we will continue offering harassment prevention workshops for both existing and new employees. Compliance 2024 2023Whistleblower reports submitted 146 147of which: compliance 31 27of which: finance 25 28of which: Human Resources 82 80of which: other 8 12of which: admissible 94 133Operations assessed for corruption 1 3§  Accounting policiesOperations assessed for risks  related to corruption Number of assessments conducted by  Compliance, which involves reviewing internal controls, interviewing relevant stakeholders and examining documentation to ensure adherence to anti-corruption policies and regulations and assess operations for risks related to corruption.Number of whistleblower casesIncludes reports submitted through FLSmidth’s formal whistleblower hotline or by other means, such as e-mail, letter or in person. The figures include total number of reports received, as well as the number of admissible cases, i.e. cases that fall within the scope of topics allowed by whistle-blower hotline reporting in accordance with the data privacy laws of the country in question.Managing our supply chainIRO 27: Due to the complexity of our supply chain and sourcing from regions with environmental and human rights concerns, our business faces various risks. To address these, we actively collaborate with suppliers, ensuring adherence to interna-tional standards that promote ethical and sustain-able practices.Our efforts focus on three key activities: engaging with suppliers to uphold high stand-ards, promoting sustainable consumption and encouraging responsible procurement practices. We work with suppliers to help them manage their environmental and social impacts, including aligning with the SBTi. See page 86 for our upstream decarbonisation target.As we evolve our processes, we  expect to conduct due diligence on suppliers in coming years in line with global standards such as the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational  Enterprises. Our risk-based approach helps us identify and address supplier site risks, and our Procurement and Quality employees receive training to identify these risks during supplier visits. Business conductIn 2024, we introduced a methodology for rating our suppliers' ESG performance, which is designed to be prepared for the upcoming Corporate Sustainability Due Diligence Directive (CSDDD). Examples of the criteria used to rate suppliers are current science-based targets status, risk level and status of responsible sourcing. Supplier assessments are a critical part of our due diligence, allowing us to evaluate their sustaina-bility performance and identify areas for capacity building. These assessments support our efforts to mitigate adverse impacts in the supply chain. In 2024, we assessed 92% of our suppliers deemed to be in scope for assessment. We also monitor our spend in countries in which the risk of forced labour is high. In 2024, our spend in these countries was 32% of our total supplier spend. See page 125 for additional information on our supplier assess-ments.To build capacity in our supply chain, we have developed resources for both employees and suppliers in line with SBTi guidelines. In 2024, 119 employees completed training in responsible busi-ness conduct in the supply chain, and we engaged with the equivalent of 9% of our supplier spend to support their understanding of climate targets. With 23% of our current supplier spend directed towards those with climate-related targets, we are on track towards meeting our 2025 goals. We have also established supply chain perfor-mance indicators to guide supplier engagement and ensure alignment with responsible business practices. See page 85 for additional information upstream decarbonisation. Payment practicesIRO 27: FLSmidth’s standard contract payment terms are a minimum of 90 days for all supplier categories. However, alternative payment terms dependent on the nature of the service and region of location can occur. We do not have a policy to prevent late payments. However, as part of our strategic transforma-tion, we improved and simplified the processes of financial transactions, including accounts payable, in 2024. Outsourced to a specialist third-party and overseen by our global business centre, this aims to improve the efficiency of our payment processes and ensure suppliers are paid on time. In addition, we offer a supplier financing programme that supports suppliers to receive faster payment.  Payment practices 2024Average days payment 59Number of legal proceedings outstanding 0§  Accounting policiesAverage days paymentDays payment is defined as difference between Invoice Payment date and Invoice issue date. To calculate the average, we take the difference between the upper and lower quartile of supplier invoicing data. This is to remove any outliers that related to disputes that would not be related to payment practices.  Number of legal proceeding outstandingTotal number of legal proceedings related to payment practices. Incidents may relate to inci-dents that occur in previous periods. Prevention and detection of corruption and  bribery &amp; incidents of corruption and briberyIRO 28: Our Bribery and Facilitation Payments Sub-Policy outlines the specific rules prohibiting bribery and facilitation payments. Employees must adhere to our Code of Conduct and all relevant laws, including the UK Bribery Act and the Foreign Corrupt Practices Act, and applicable international and local regulations. Offering, receiving or demanding bribes or kickbacks is Business conductstrictly prohibited, and any potential or actual inci-dents must be reported to Compliance or through the whistleblower hotline. Facilitation payments are only permitted in excep-tional circumstances, such as to mitigate unsafe situations, and must follow a clear process as described in the sub-policy.All white-collar employees, including top manage-ment, are required to complete e-learning and in-person training on anti-corruption as we define these roles as at-risk functions. The e-learning courses are short courses focusing on specific topics such as gifts, bribery, trade compliance and human rights. Our in-person training concept puts the emphasis on engaging participants, while increasing the breadth of content. The aim of the training and e-learning concepts is to increase awareness of emerging topics such as fraud and harassment. By the end of 2024, 76% of our work-force had attended in-person sessions, with 79% of our white-collar workers completing e-learning. We will continue our strong focus on training our employees and providing awareness campaigns related to corruption and bribery to mitigate any potential negative impacts or risks in this area. Findings are reported to Group Executive Manage-ment and human resource representatives and the Board of Directors. Members of the Board of Directors and Group Executive Management also receive training in preventing corruption and bribery. No incidents of corruption or bribery and related fines have occurred throughout the year. Our policies, including this sub-policy, are available to all employees on the company intranet.  Target TargetAnti-corruption training 2024 2023 Delta20242030White-collar employees who have completed 4,749 5,371 -12% e-learning courses on anti-corruption In-person training sessions for employees who have 4,584 5,962  -23%received live training on anti-corruptionWhite-collar employees who have completed 79% 75%  4% 85% 95%e-learning courses on anti-corruption  (%)In-person training sessions for employees who have 76% 83%  -7% 85% 90%received live training on anti-corruption (%)§  Accounting policies In-person training sessions for employees  who have received live training on anti-corruption (number and %)The number of active white-collar employees completing the mandatory compliance live courses; completion may have occurred in previous years. Terminated employees and non-employees are excluded from the calculation Live training indicates both in-person and live video streams.  White-collar employees who have completed e-learning courses on anti-corruption  (number and %)Number and percentage of active white-collar employees who have completed the mandatory compliance e-learning courses; completion may have occurred in previous years. Terminated employees and non-employees are excluded from the calcula-tion.Political influence and lobbying activitiesIRO 25 and 26: Stimulating demand for green minerals, metals and cement requires a supportive policy environment. We engage with international organisations to provide expertise, share expe-rience, exchange ideas and inform policymakers. We are members of, or engage with, various industry associations and advocacy groups to promote policy frameworks and regulations that help accelerate the green transition. We are a founding member of the Compliance in Mining Network and part of the Women in Mining initia-tive. We do not provide support, financial or other-wise, to political or lobbying organisations.</mrv:SustainabilityReport>
   <mrv:DescriptionofTheTaxonomyRegulation contextRef="ctx-1" id="s9__7__29" xml:lang="en">EU taxonomyPart of the European Green Deal, the EU taxonomy is a core enabler to deliver on the EU’s ambitious environmental goals for 2030.We continue to report according to the EU taxonomy framework, which demonstrates how we support customers in reducing their GHG foot-prints. Of the six environmental objectives defined by the EU taxonomy, only “climate change  mitigation” is relevant to our 2024 reporting. Progress in 2024 Alignment across revenue, OPEX and CAPEX increased during 2024. This was driven by more core product technologies fulfilling the in-depth technical screenings required to show our tech-nologies contribute to climate change mitigation. We  continue to implement improvements at our manufacturing facilities to ensure compliance with the  Do No Significant Harm (DNSH) criteria. However, as we approach the full alignment potential of our current portfolio of technologies, we expect slower growth in progress in alignment numbers. Looking  ahead, we will strengthen our implementation of Minimum Safeguards as we prepare for compliance with the upcoming Corporate Sustainability Due Diligence Directive (CSDDD).  Revenue Total aligned revenue in 2024 increased to 9.9% of total revenue. This was driven by more mining technologies passing the technical screenings.All aligned revenue was under economic activity 3.6 ‘Manufacture of other low carbon technolo-gies’. Eligible, non-aligned revenue totalled 20.0%, including aligned revenue, total eligible revenue was 29.9%, a slight decrease from 2023 of 0.4%. This was a result of our eligible and aligned product portfolio remaining largely stable across the year.  CAPEX Aligned CAPEX reflects annual additions related to our investments in our aligned product porfolio, including R&amp;D and production equipment, and addi-tions to tangible assets such as land and buildings. Aligned CAPEX in 2024 decreased to 3.1%, repre-senting DKK 25m of CAPEX additions, of which DKK 16 million is driven by R&amp;D activities for developing products meeting alignment criteria, and DKK 9m to a solar panel project. Eligible, non-aligned CAPEX decreased to 34.0% in 2024. This was mostly driven by an increase in additions related to areas not connected to production activities relevant to taxonomy activities.OPEX Aligned OPEX increased to 8.5% in 2024 as more products passed screenings for alignment and more of our plant and equipment used for the manufacture of products became aligned. All aligned OPEX activities relate to economic activity 3.6 ‘Manufacture of other low carbon technol-ogies’. Eligible, non-aligned OPEX decreased to 24.1% in 2024 as more costs have been allocated to aligned products. Measuring eligibility (in scope activities) is not a measure of sustainability performance, but the initial identification process of economic activi- ties* that could support the EU’s green transition. In 2024, we identified four eligible economic  activities across revenue, CAPEX and OPEX: 3.6  ‘Manufacture of other low carbon technolo-gies’, 7.6 Installation, maintenance and repair of renewable energy technologies; 8.2 ‘Data-driven solutions for GHG emissions reductions’, and 7.7 ‘Acquisition and ownership of buildings.Measuring alignment defines environmentally sustainable activities under the EU Taxonomy framework and requires further assessment of the identified eligible activities. To be considered sustainable under the framework, the three KPIs need to pass screening criteria. The screenings for alignment included proving substantial contri-bution to one of the environmental objectives; doing no significant harm (DNSH) to the remaining five objectives; and meeting minimum safeguards. To document significant contribution, products screened for alignment must demonstrate substantial contribution through a third-par-ty-approved life cycle assessment. We assess relevant manufacturing sites against the DNSH criteria, using a risk-based approach, meaning that we have focused on identifying significant risk within climate adaptation, water, circular economy, pollution prevention and biodiversity. Furthermore, we have assessed our compliance at company level with the minimum safeguards as defined by the EU Taxonomy Regulation.*  Economic activities The EU has defined a list of economic activi-ties (purchase/sale of goods and/or services) as enablers for the green transition. These are economic activities that could contribute to the environmental objectives.Eligibility and alignment 2024Revenue CAPEX OPEX3.1%2.3%6.2%9.9%6.6%8.5%24.1%20.0%34.0%32.2%24.0%46.5%69.7% 70.1%62.9%65.5%67.5%46.9%2023 20242023 20242023 2024   Not  eligible      Eligible non-aligned      Eligible and alignedEU taxonomyRevenueSubstantial contribution criteria DNSH (do no significant harm) criteriaEconomic activitiesDKKm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/ N Y/N Y/N Y/ N Y/N Y/N Y/N % % E T10A.1 Taxonomy-eligible and environmentally sustainable activities (taxonomy-aligned)Manufacture of other low carbon technologies CCM 3.6 1,996 9.9% Y N N N N N Y Y Y Y Y Y Y 9.9% 6.2% ERevenue of environmentally sustainable activities  (taxonomy-aligned) (A1) 1,996 9.9% Y N N N N N Y Y Y Y Y Y Y 9.9% 6.2%…of which enabling 1,996 9.9% Y N N N N N Y Y Y Y Y Y Y 9.9% 6.2%…of which transitional 0 0A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/ELManufacture of other low carbon technologies CCM 3.6 3,825 18.9% ELData-driven solutions for GHG emissions reductions CCM 8.2 220 1.1% ELRevenue of taxonomy-eligible but not  environmentally sustainable activities  (not taxonomy-aligned activities) (A2) 4,045 20.0% EL N/A N/ATotal eligible revenue (A1 + A2) 6,041 29.9% EL 9.9% 6.2%B. Taxonomy-non-eligible activitiesRevenue of taxonomy-non-eligible activities (B) 14,146 70.1%Total revenue 20,187 100%1Y=Yes, eligible &amp; aligned;  EL=eligible;  N/EL=not eligible;  Y/N=Yes/No;  CCM=climate change mitigation10 FLSmidth has no aligned revenue that is coming from fossil fuel sectors. EU taxonomyCapexSubstantial contribution criteria DNSH (do no significant harm) criteriaEconomic activitiesDKKm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/ N Y/N Y/N Y/ N Y/N Y/N Y/N % % E TA.1 Taxonomy-eligible and environmentally sustainable activities (taxonomy-aligned)Manufacture of other low carbon technologies CCM 3.6 16 2.0% Y N N N N N Y Y Y Y Y Y Y 2.0% 6.6% EInstall, maint. and repair of renewable energy technologies C CM 7.6 9 1.1% Y N N N N N Y Y Y Y Y Y Y 1.1% 0.0% ECapex of environmentally sustainable activities  (taxonomy-aligned) (A1) 25 3.1% Y N N N N N Y Y Y Y Y Y Y…of which enabling 25 3.1% Y N N N N N Y Y Y Y Y Y Y 3.1% 6.6%…of which transitional 0 0%A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)Manufacture of other low carbon technologies CCM 3.6 176 21.1%ELAcquisition and ownership of buildings C C M  7. 7 96 11.6% ELData-driven solutions for GHG emissions reductions CCM 8.2 11 1.3% ELCapex of taxonomy-eligible but not   environmentally sustainable activities  (not taxonomy-aligned activities) (A2) 283 34.0% 34.0% 0% 0% 0% 0%Total eligible Capex (A1 + A2) 308 37. 1% 37. 1% 0% 0% 0% 0% 3.1% 6.6%B. Taxonomy-non-eligible activitiesCapex of taxonomy-non-eligible activities (B) 522 62.9%Total Capex 831 100%Y=Yes, eligible &amp; aligned;  EL=eligible;  N/EL=not eligible;  Y/N=Yes/No;  CCM=climate change mitigationEU taxonomyOpexSubstantial contribution criteria DNSH (do no significant harm) criteriaEconomic activitiesDKKm % Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y;N;N/EL Y/ N Y/N Y/N Y/ N Y/N Y/N Y/N % % E TA.1 Taxonomy-eligible and environmentally sustainable activities (taxonomy-aligned)Manufacture of other low carbon technologies CCM 3.6 20 8.5% Y N N N N N Y Y Y Y Y Y Y 8.5% 2.3% EOpex of environmentally sustainable activities  (taxonomy-aligned) (A1) 20 8.5% Y N N N N N Y Y Y Y Y Y Y 8.5% 2.3%…of which enabling 20 8.5% Y N N N N N Y Y Y Y Y Y Y 8.5% 2.3%…of which transitional 0 0%A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/ELManufacture of other low carbon technologies CCM 3.6 56 23.5% ELData-driven solutions for GHG emissions reductions CCM 8.2 1 0.5% ELOpex of taxonomy-eligible but not  environmentally  sustainable activities (not taxonomy-aligned activities) (A2) 57 24.0% 24.0% NA NATotal eligible Opex (A1 + A2) 77 32.5% 32.5% 8.5% 2.3%B. Taxonomy-non-eligible activitiesOpex of taxonomy-non-eligible activities (B) 161 6 7. 5%Total Opex 238 100%Y=Yes, eligible &amp; aligned;  EL=eligible;  N/EL=not eligible;  Y/N=Yes/No;  CCM=climate change mitigationEU taxonomy§  Accounting policies Taxonomy-eligible revenueEligible revenue includes external revenue generated from equipment and technologies that substantially reduce GHG emissions in the relevant process by improving or enabling energy efficiency or enabling the use of alternative fuels. Eligible revenue includes the sale of products, solutions, and spare and wear parts. These technologies and products must meet the Article 16 requirements, namely not lead to a lock-in of assets that undermines long-term environmental goals. They must also have a substantial positive environmental impact based on life cycle considerations.Eligible products and activities are categorised either as “3.6 Manufacture of other low carbon technologies” or “8.2 Data-driven solutions for GHG emissions reductions”, contributing substantially to climate change mitigation. The categorisation of each product removes the risk of double-counting revenue across economic activities. The denominator of the revenue KPI is “total revenue”. See on page 10. No allocation keys were used in revenue.Taxonomy-eligible CAPEXEligible CAPEX reflects a portion of our additions to intangible assets and property, plant and equipment (including capitalised leases), including those from busi-ness combinations. Eligible CAPEX includes any of the following types of spend:a.  Related to assets that are associated with taxono-my-eligible economic activitiesb.  Part of a plan to expand taxonomy-aligned economic activities or to allow taxonomy-eligible economic activities to become taxonomy-aligned (“CAPEX plan”)c.  Related to the purchase of output from taxonomy-eli-gible economic activities“3.6 Manufacture of other low carbon technologies” and “8.2 Data-driven solutions for GHG emissions reductions”, which reflect our revenue-generating activities. This includes capitalised R&amp;D related to eligible products and assets related to the production of eligible equipment. An allocation key was applied to CAPEX items Plant and machinery, and Operating equipment, fixtures and fittings to reflect CAPEX related to assets used in the production of eligible equipment. The allocation key was applied using the eligible revenue KPI. Capitalised R&amp;D is identified at project level.We assess our CAPEX related to land and buildings, including capitalised leases under the economic activity “7.7 Acquisition and ownership of buildings”.Information related to property, plant and equipment, including capitalised leases and acquisitions, is disclosed in note 2.4. Information related to capitalised R&amp;D activi-ties is disclosed in note 2.2 to the consolidated financial statements.We assess CAPEX eligibility under the output of economic activities related mainly to the following cate-gories: “7.3 Installation, maintenance and repair of energy efficiency equipment”; “7.4 Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)”; “7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings”; and “7.6 Installation, main-tenance and repair of renewable energy technologies”. Activities must be specifically outlined as an individual measure listed under the substantial contribution criteria to be considered as eligible CAPEX.To avoid double-counting of CAPEX additions, we ensure that identified spend or initiatives are categorised under only one economic activity, rather than apportioning them across multiple activities.Taxonomy-eligible OPEXEligible OPEX includes any of the following types of direct OPEX spend:a.  Related to assets or processes that are associated with taxonomy-eligible economic activities (“3.6 Manufacture of other low carbon technologies” and “8.2 Data-driven solutions for GHG emissions reduc-tions”)b.  Part of a plan to expand taxonomy-aligned economic activities or to progress taxonomy-eligible economic activities to become taxonomy-alignedc.  Related to the purchase of output from taxonomy-el-igible economic activities and individual measures enabling the target activities to become low carbon or to lead to GHG reductionsd.  Related to non-capitalised R&amp;D aligned with “Close to market research, development and innovation”The denominator of the OPEX KPI is a subset of direct non-capitalised costs relating to research and develop-ment (R&amp;D), building renovation measures, short-term leases, and maintenance and repair, and other direct expenditure for the day-to-day servicing of assets of property, plant and equipment by FLSmidth, or outsourced toa third party, that is necessary to ensure the continued and effective functioning of such assets.An allocation key was applied to the OPEX denominator (excluding R&amp;D) to reflect direct OPEX costs related to assets used in the production of EU taxonomy-eligible products and technologies. The allocation key was applied using the eligible revenue KPI. Expensed R&amp;D is disclosed on page 46 and the remaining categories identified were a minor subset of “production costs”, see notes 1.1 on page 143.To avoid double-counting of direct eligible OPEX, we ensure that spend or initiatives are categorised under one economic activity, rather than apportioning them across multiple activities.Taxonomy-aligned revenueThis refers to aligned, revenue-generating eligible equip-ment and technologies with substantial GHG emissions reductions. This is a subset of eligible revenue, where a product or technology meets the required screenings outlined in Annex I for Climate Change Mitigation, Regula-tion (EU) 2020/852. They include substantial contribution, DNSH and minimum safeguards screenings.No allocation keys were used in revenue.EU taxonomyTaxonomy-aligned CAPEXAligned CAPEX reflects the portion of eligible CAPEX that fulfils the criteria for substantial contribution, DNSH and minimum safeguards screenings and includes any of the following:a.  Related to assets that are associated with taxono-my-aligned economic activitiesb.  Part of a plan to expand taxonomy-aligned economic activities or to allow taxonomy-eligible economic activities to become taxonomy-aligned (“CAPEX plan”)c.  Related to the purchase of output from taxono-my-aligned economic activitiesAligned CAPEX from “3.6 Manufacture of other low Aligned CAPEX from “3.6 Manufacture of other low carbon technologies” and “8.2 Data-driven solutions for GHG emissions reductions” is driven by capitalised R&amp;D related to taxonomy-aligned products and tech-nologies, as well as assets related to the production of aligned products and technologies.An allocation key was applied to CAPEX items Plant and machinery, and Operating equipment, fixtures and fittings to reflect CAPEX related to assets used in the production of EU taxonomy-aligned products and technologies. The allocation key was applied using the aligned revenue KPI.CAPEX related to the output of economic activities related to 7.1 to 7.6, as outlined under eligible CAPEX, is considered aligned if the activity meets the relevant substantial contribution and DNSH screening criteria outlined under Annex I for Climate Change Mitigation or Annex II for Climate Change Adaptation.Taxonomy-aligned OPEXAligned OPEX reflects the portion of eligible OPEX that fulfils the criteria for substantial contribution, DNSH and minimum safeguards screenings and includes any of the following:a.  Related to assets or processes that are associated with taxonomy-aligned economic activities under “3.6 Manufacture of other low carbon technologies” and “8.2 Data-driven solutions for GHG emissions reductions”. This includes R&amp;D activities specific to aligned products and technologiesb.  Part of a plan to expand taxonomy-aligned economic activities or to allow taxonomy-eligible economic activities to become taxonomy-alignedc.  Related to the purchase of output from taxono-my-aligned economic activities and individual meas-ures enabling the target activities to become low carbon or to lead to GHG reductionsd.  Related to non-capitalised R&amp;D aligned with “Close to market research, development and innovation”Aligned OPEX from “3.6 Manufacture of other low carbon technologies” and “8.2 Data-driven solutions for GHG emissions reductions” is driven by expensed R&amp;D related to taxonomy-aligned products and tech-nologies.An allocation key was applied to the OPEX denominator (excluding R&amp;D) to reflect direct OPEX costs related to assets used in the production of EU taxonomy-aligned products and technologies. The allocation key was applied using the aligned revenue KPI.Nuclear and fossil gas related activitiesThe undertaking carries out, funds or has  exposures  to:Nuclear energy related activities1.   Research, development, demonstration and Nodeployment of innovative electricity genera-tion facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. 2.   Construction and safe operation of new Nonuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. 3.   Safe operation of existing nuclear installa-Notions that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen produc-tion from nuclear energy, as well as their safety upgrades.Fossil gas related activities1.   Construction or operation of electricity gener-Noation facilities that produce electricity using fossil gaseous fuels. 2.   Construction, refurbishment, and operation Noof combined heat/cool and power generation facilities using fossil gaseous fuels. 3.   Construction, refurbishment and operation of Noheat generation facilities that produce heat/cool using fossil gaseous fuels.</mrv:DescriptionofTheTaxonomyRegulation>
   <fsa:AverageNumberOfEmployees contextRef="ctx-1" decimals="0" id="s9__7__45" unitRef="pure">8235</fsa:AverageNumberOfEmployees>
   <fsa:AverageNumberOfEmployees contextRef="ctx-53" decimals="0" id="s9__8__45" unitRef="pure">10197</fsa:AverageNumberOfEmployees>
   <sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx-1" id="s9__7__150" xml:lang="en">The Board of Directors and the Executive Board have today considered and approved the Annual Report for the financial year 1 January – 31 December 2024.The consolidated financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU. The Parent company financial statements are prepared in accordance with the Danish Financial State-ments Act.Further, the Annual Report is prepared in accordance with additional requirements of the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the Parent company financial statements give a true and fair view of the Group’s and the Parent company’s finan-cial position at 31 December 2024 as well as of the results of their operations and the consolidated cash flows for the financial year 1 January – 31 December 2024.The sustainability statement is prepared in accordance with the European Sustainability Reporting Standards ESRS as required by the Danish Financial Statements Act paragraph 99a as well as article 8 in the EU Taxonomy regulation.In our opinion, the management’s review gives a fair review of the development in the Group’s and the Parent company’s activities and financial matters, results of operations, consolidated cash flows and financial posi-tion as well as a description of material risks and uncer-tainties that the Group and the Parent company face.In our opinion, the annual report for the financial year 1 January – 31 December 2024 with the file name 213800MXXDGQ3ITPXI41-2024-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.We recommend the Annual report for adoption at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
   <sob:PlaceOfSignatureOfStatement contextRef="ctx-1" id="s9__7__151" xml:lang="en">Valby</sob:PlaceOfSignatureOfStatement>
   <sob:DateOfApprovalOfAnnualReport contextRef="ctx-1" id="s9__7__152">2025-02-20</sob:DateOfApprovalOfAnnualReport>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-38" id="s9__7__153" xml:lang="en">Mikko Juhani Keto</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-38" id="s9__7__154" xml:lang="en">Group CEO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx-39" id="s9__7__155" xml:lang="en">Roland M. Andersen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
   <cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx-39" id="s9__7__156" xml:lang="en">Group CFO</cmn:TitleOfMemberOfExecutiveBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-40" id="s9__7__157" xml:lang="en">Tom Knutzen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-40" id="s9__7__158" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-41" id="s9__7__159" xml:lang="en">Mads Nipper</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx-41" id="s9__7__160" xml:lang="en">Vice chair</cmn:TitleOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-42" id="s9__7__161" xml:lang="en">Anne Louise Eberhard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-43" id="s9__7__162" xml:lang="en">Thrasyvoulos Moraitis</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-44" id="s9__7__163" xml:lang="en">Daniel Reimann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-45" id="s9__7__164" xml:lang="en">Anna Kristiina Hyvönen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-46" id="s9__7__165" xml:lang="en">Claus Østergaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-47" id="s9__7__166" xml:lang="en">Leif Gundtoft</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx-48" id="s9__7__167" xml:lang="en">Carsten Hansen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
   <arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s9__7__170" xml:lang="en">To the shareholders of  FLSmidth &amp; Co. A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
   <arr:OpinionOnAuditedFinancialStatements contextRef="ctx-1" id="s9__7__171" xml:lang="en">OpinionWe have audited the consolidated financial state-ments and the parent company financial statements of FLSmidth &amp; Co. A/S for the financial year 1 January – 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including material accounting policy information, for the Group and the Parent Company, and a consolidated statement of comprehensive income and a consolidated cash flow statement. The consolidated financial state-ments are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional require-ments of the Danish Financial Statements Act, and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Group at 31 December 2024 and of the results of the Group's operations and cash flows for the financial year 1 January – 31 December 2024 in accordance with IFRS Accounting Standards as adopted by the EU and addi-tional requirements of the Danish Financial Statements Act.Further, in our opinion the parent company financial statements give a true and fair view of the financial posi-tion of the Parent Company at 31 December 2024 and of the results of the Parent Company's operations for the financial year 1 January – 31 December 2024 in accord-ance with the Danish Financial Statements Act.Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
   <arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx-1" id="s9__7__172" xml:lang="en">Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consol-idated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is suffi-cient and appropriate to provide a basis for our opinion.IndependenceWe are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Account-ants (IESBA Code) and the additional ethical require-ments applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014.Appointment of auditorWe were initially appointed as auditor of FLSmidth &amp; Co. A/S on 30 March 2017 for the financial year 2017. We have been reappointed annually by resolution of the general meeting for a total consecutive period of 8 years up until the financial year 2024.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
   <arr:KeyAuditMattersAudit contextRef="ctx-1" id="s9__7__173" xml:lang="en">Key audit mattersKey audit matters are those matters that, in our profes-sional judgement, were of most significance in our audit of the financial statements for the financial year 2024. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements.Revenue from contracts with customers recognised over timeThe material accounting policy information and disclo-sures about revenue recognition, trade receivables, work in progress and provisions related to revenue from contracts with customers recognised over time are included in notes 1.4, 2.7, 3.3 and 3.4 to the consolidated financial statements. FLSmidth’s Mining and Cement segments deliver customised equipment (projects in the form of more complex product bundles with engineering), which usually have a significant contract price and typically extends over more than one financial year. Due to the nature of these projects and in accordance with the accounting policy, FLSmidth recognises and measures revenue from such long-term projects over time based on the cost-to-cost method.Accounting for revenue with customers recognised over time involve significant management judgments in respect of estimating the cost to complete the projects, including risk contingencies, warranties, liquidated damages, claims and the expected time to comple-tion as well as the risk of credit losses related to such recognised projects and related customer receivables. Together with the impact from executing projects in parts of the world where macro-economic and geopo-litical factors as well as various on-going conflicts may have an adverse effect, changes in these estimates during the execution of projects can significantly impact the revenue, cost and contribution recognised. Accord-ingly, we considered the accounting for revenue with customers recognised over time to be a key audit matter for the consolidated financial statements.How our audit addressed the key audit matterAs part of our procedures, we assessed the judgments made by management regarding the estimated costs to complete the projects and the assumptions made in assessment of warranty provisions by comparing these on a sample basis to underlying accounting records and supporting documentation. We assessed the changes in estimated project cost and risk contingencies by comparing these to budgets, latest estimates and under-lying documentation on a sample basis, and discussed these with project accounting, project management and group management. We further assessed management’s judgements regarding exposures related to claims and liquidated damages for projects and provisions to miti-gate contract-specific financial risks as well as the risk of credit losses on such recognised projects and related customer receivables. For those balances subject to claims, we made inquiries of external and internal legal counsel. Valuation of inventoriesThe material accounting policy information and disclo-sures about inventories are included in note 3.2 to the consolidated financial statements. FLSmidth carries inventories in the balance sheet at the lower of cost and net realisable value. The inventories include strategic items, which are held in inventory, even if slow moving, because they are considered key equip-ment for the customers that FLSmidth needs to be able to deliver with short notice. The valuation of inventories involves management judgements to determine whether inventories are still technically relevant when demand for the inventory items is expected. The current market conditions are also considered. Accordingly, we consid-ered this to be a key audit matter for the consolidated financial statements.How our audit addressed the key audit matter As part of our procedures, we analysed the ageing of inventories recorded and obtained on a sample basis supporting documentation regarding valuation of slow-moving items. Further, we assessed manage-ment’s judgements in respect of the expected market demand and expected sales price for significant aged items by comparing these on a sample basis to available supporting documentation.</arr:KeyAuditMattersAudit>
   <arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx-1" id="s9__7__174" xml:lang="en">Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not as part of our audit express any assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial state-ments, or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law and regulations. This does not include the requirements in paragraph 99a related to the sustain-ability statement covered by the separate auditor’s limited assurance report hereon.Based on our procedures, we conclude that the Manage-ment's review is in accordance with the financial state-ments and has been prepared in accordance with the requirements of relevant law and regulations. We did not identify any material misstatement of the Management's review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
   <arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx-1" id="s9__7__175" xml:lang="en">Management's responsibilities for the financial statementsManagement is responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act and for the preparation of parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act. Moreover, Management is responsible for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Manage-ment either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alter-native but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
   <arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx-1" id="s9__7__176" xml:lang="en">Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assur-ance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements appli-cable in Denmark will always detect a material misstate-ment when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain profes-sional scepticism throughout the audit. We also:•  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures respon-sive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstate-ment resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.•  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.•  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.•  Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncer-tainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.•  Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial state-ments represent the underlying transactions and events in a manner that gives a true and fair view.•  Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the group financial statements and the parent company finan-cial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to commu-nicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
   <arr:AuditorsReportOnXbrlTagging contextRef="ctx-1" id="s9__7__177" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the Consolidated Financial State-ments and Parent Company Financial Statements of FLSmidth &amp; Co. A/S, we performed procedures to express an opinion on whether the annual report of FLSmidth &amp; Co. A/S for the financial year 1 January – 31 December 2024 with the file name (213800MXXDGQ3ITPXI41-2024-12-31-en.zip) is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consolidated Financial Statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: •  The preparing of the annual report in XHTML format; •  The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary; •  Ensuring consistency between iXBRL tagged data and the Consolidated Financial Statements presented in human readable format; and •  For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judge-ment, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: •  Testing whether the annual report is prepared in XHTML format; •  Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; •  Evaluating the completeness of the iXBRL tagging of the Consolidated Financial Statements including notes; •  Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been iden-tified; •  Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and •  Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of FLSmidth &amp; Co. A/S for the financial year 1 January – 31 December 2024 with the file name (213800MXXDGQ3ITPXI41-2024-12-31-en.zip) is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
   <arr:SignatureOfAuditorsPlace contextRef="ctx-1" id="s9__7__178" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
   <arr:SignatureOfAuditorsDate contextRef="ctx-1" id="s9__7__179">2025-02-20</arr:SignatureOfAuditorsDate>
   <cmn:NameOfAuditFirm contextRef="ctx-50" id="s9__7__181" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
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   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-49" id="s9__7__182">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx-50" id="s9__7__183">30700228</cmn:IdentificationNumberCvrOfAuditFirm>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-49" id="s9__7__184" xml:lang="en">Jan C. Olsen</cmn:NameAndSurnameOfAuditor>
   <cmn:NameAndSurnameOfAuditor contextRef="ctx-50" id="s9__7__187" xml:lang="en">Claus Kronbak</cmn:NameAndSurnameOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-49" id="s9__7__185" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-49" id="s9__7__186">mne33717</cmn:IdentificationNumberOfAuditor>
   <cmn:DescriptionOfAuditor contextRef="ctx-50" id="s9__7__188" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
   <cmn:IdentificationNumberOfAuditor contextRef="ctx-50" id="s9__7__189">mne28675</cmn:IdentificationNumberOfAuditor>
   <arr:AuditorsReportOnSubstainabilityReport contextRef="ctx-1" id="s9__7__191" xml:lang="en">Independent auditor's limited assurance report on sustainability statement To the shareholders of FLSmidth &amp; Co. A/SLimited assurance conclusionWe have conducted a limited assurance engagement on the sustainability statement of FLSmidth &amp; Co. A/S (the group ) included in the Annual Report 2024, pages 66-134 (the sustainability statement) for the financial year 1 January – 31 December 2024 including disclosures incor-porated by reference listed on pages 76-80.Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the sustaina-bility statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including: •  compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the sustainability state-ment (the process) is in accordance with the descrip-tion set out in the section Double materiality assess-ment on pages 70-71 and•  compliance of the disclosures in the section EU Taxonomy within the environmental section on pages 91-95 of the sustainability statement with Article 8 of EU Regulation 2020/852 (the Taxonomy Regulation).Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engage-ments other than audits or reviews of historical financial information (ISAE 3000 (Revised)) and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assur-ance engagement been performed.We believe that the evidence we have obtained is suffi-cient and appropriate to provide a basis for our conclu-sion. Our responsibilities under this standard are further described in the Auditor's responsibilities for the assur-ance engagement section of our report. Our independence and quality managementWe are independent of the group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Account-ants (IESBA Code) and the additional ethical require-ments applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.EY Godkendt Revisionspartnerselskab applies Interna-tional Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, profes-sional standards and applicable legal and regulatory requirements.Inherent limitations in preparing the sustainability statementIn reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.Management's responsibilities for the sustainability statementManagement is responsible for designing and imple-menting a process to identify the information reported in the sustainability statement in accordance with the ESRS and for disclosing this Process in the sections Double materiality assessment on pages 70-71 of the sustainability statement. This responsibility includes:•  understanding the context in which the group's activ-ities and business relationships take place and devel-oping an understanding of its affected stakeholders;•  the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the group's financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;•  the assessment of the materiality of the identified impacts, risks and opportunities related to sustaina-bility matters by selecting and applying appropriate thresholds; and•  making assumptions that are reasonable in the circum-stances.Management is further responsible for the preparation of the sustainability statement, in accordance with the Danish Financial Statements Act paragraph 99a, including: •  compliance with the ESRS; •  preparing the disclosures in in the section EU Taxonomy within the environmental section on pages 91-95 of the sustainability statement, in compliance with Article 8 of the Taxonomy Regulation;•  designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the sustainability statement that is free from material misstatement, whether due to fraud or error; and•  the selection and application of appropriate sustaina-bility reporting methods and making assumptions and estimates that are reasonable in the circumstances. Auditor's responsibilities for the assurance engagementOur objectives are to plan and perform the assurance engagement to obtain limited assurance about whether the sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence deci-sions of users taken on the basis of the sustainability statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judge-ment and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the process include:•  Obtaining an understanding of the process but not for the purpose of providing a conclusion on the effec-tiveness of the process, including the outcome of the process;•  Considering whether the information identified addresses the applicable disclosure requirements of the ESRS, and•  Designing and performing procedures to evaluate whether the process is consistent with the group's description of its process, as disclosed in the sections Double materiality assessment on pages 70-71.  Our other responsibilities in respect of the sustainability statement include: •  Identifying disclosures where material misstatements are likely to arise, whether due to fraud or error; and•  Designing and performing procedures responsive to disclosures in the sustainability statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omis-sions, misrepresentations, or the override of internal control.Summary of the work performedA limited assurance engagement involves performing procedures to obtain evidence about the sustainability statement. The nature, timing and extent of procedures selected depend on professional judgement, including the iden-tification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the sustainability statement.In conducting our limited assurance engagement, with respect to the process, we: •  Obtained an understanding of the process by performing inquiries to understand the sources of the information used by management; and reviewing the group's internal documentation of its process; and•  Evaluated whether the evidence obtained from our procedures about the Process implemented by the group's was consistent with the description of the Process set out in the sections Double materiality assessment on pages 70-71.In conducting our limited assurance engagement, with respect to the sustainability statement, we:•  Obtained an understanding of the group's reporting processes relevant to the preparation of its sustain-ability statement by obtaining an understanding of the group's control environment, processes and information systems relevant to the preparation of the Sustainability Statement but not evaluating the design of particular control activities, obtaining evidence about their implementation or testing their operating effectiveness;•  Evaluated whether material information identified by the process is included in the sustainability statement;•  Evaluated whether the structure and the presentation of the sustainability statement are in accordance with the ESRS;•  Performed inquiries of relevant personnel and analyt-ical procedures on selected information in the sustain-ability statement;•  Performed substantive assurance procedures on selected information in the sustainability statement;•  Evaluated methods, assumptions and data for devel-oping material estimates and forward-looking infor-mation and how these methods were applied;•  Obtained an understanding of the process to identify EU taxonomy eligible and aligned economic activities for turnover, CAPEX and OPEX and the corresponding disclosures in the sustainability statements;•  Evaluated compliance processes, methods, and data for covered activities, assessed minimum safe-guards compliance through personnel inquiries, and conducted analytical procedures on EU taxonomy aligned disclosures•  Evaluated the presentation and use of EU taxonomy templates in accordance with relevant requirements;•  Reconciled and ensured consistency between the reported EU taxonomy economic activities and the items reported in the primary financial statements including the disclosures provided in related notes.</arr:AuditorsReportOnSubstainabilityReport>
   <arr:AddresseeOfAuditorsReportOnSubstainabilityReports contextRef="ctx-1" id="s9__7__192" xml:lang="en">To the shareholders of FLSmidth &amp; Co. A/S</arr:AddresseeOfAuditorsReportOnSubstainabilityReports>
   <arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport contextRef="ctx-1" id="s9__7__193" xml:lang="en">We have conducted a limited assurance engagement on the sustainability statement of FLSmidth &amp; Co. A/S (the group ) included in the Annual Report 2024, pages 66-134 (the sustainability statement) for the financial year 1 January – 31 December 2024 including disclosures incor-porated by reference listed on pages 76-80.</arr:IdentificationOfMattersOnWhichAssuranceReportIsProvidedAndDescriptionOfAssuranceEngagementSubstainabilityReport>
   <arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport contextRef="ctx-1" id="s9__7__194" xml:lang="en">Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the sustaina-bility statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act paragraph 99 a, including: •  compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the sustainability state-ment (the process) is in accordance with the descrip-tion set out in the section Double materiality assess-ment on pages 70-71 and•  compliance of the disclosures in the section EU Taxonomy within the environmental section on pages 91-95 of the sustainability statement with Article 8 of EU Regulation 2020/852 (the Taxonomy Regulation).</arr:OpinionOnSubjectMatterOfAssuranceReportSubstainabilityReport>
   <arr:StatementOfAuditorsResponsibilitySubstainabilityReport contextRef="ctx-1" id="s9__7__195" xml:lang="en">Our objectives are to plan and perform the assurance engagement to obtain limited assurance about whether the sustainability statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence deci-sions of users taken on the basis of the sustainability statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judge-ment and maintain professional scepticism throughout the engagement. Our responsibilities in respect of the process include:•  Obtaining an understanding of the process but not for the purpose of providing a conclusion on the effec-tiveness of the process, including the outcome of the process;•  Considering whether the information identified addresses the applicable disclosure requirements of the ESRS, and•  Designing and performing procedures to evaluate whether the process is consistent with the group's description of its process, as disclosed in the sections Double materiality assessment on pages 70-71.  Our other responsibilities in respect of the sustainability statement include: •  Identifying disclosures where material misstatements are likely to arise, whether due to fraud or error; and•  Designing and performing procedures responsive to disclosures in the sustainability statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omis-sions, misrepresentations, or the override of internal control.</arr:StatementOfAuditorsResponsibilitySubstainabilityReport>
   <arr:SignatureOfSubstainabilityAuditorsPlace contextRef="ctx-1" id="s9__7__196" xml:lang="en">Copenhagen</arr:SignatureOfSubstainabilityAuditorsPlace>
   <arr:SignatureOfSubstainabilityAuditorsDate contextRef="ctx-1" id="s9__7__197">2025-02-20</arr:SignatureOfSubstainabilityAuditorsDate>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-52" id="s9__7__199" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:NameOfAuditFirmSubstainability contextRef="ctx-51" id="s9__7__198" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-51" id="s9__7__200">30700228</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
   <cmn:IdentificationNumberCvrOfAuditFirmSubstainability contextRef="ctx-52" id="s9__7__201">30700228</cmn:IdentificationNumberCvrOfAuditFirmSubstainability>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-51" id="s9__7__202" xml:lang="en">Jan C. Olsen</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:NameAndSurnameOfSubstainabilityAuditor contextRef="ctx-52" id="s9__7__205" xml:lang="en">Margrethe B. Bergkvist</cmn:NameAndSurnameOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-51" id="s9__7__203" xml:lang="en">State AuthorisedPublic Accountant</cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-51" id="s9__7__204">mne33717</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <cmn:DescriptionOfSubstainabilityAuditor contextRef="ctx-52" id="s9__7__206" xml:lang="en">State AuthorisedPublic Accountant</cmn:DescriptionOfSubstainabilityAuditor>
   <cmn:fIdentificationNumberOfSubstainabilityAuditor contextRef="ctx-52" id="s9__7__207">mne34312</cmn:fIdentificationNumberOfSubstainabilityAuditor>
   <gsd:TelephoneNumberOfReportingEntity contextRef="ctx-1" id="s9__7__209" xml:lang="en">+45 36 18 18 00</gsd:TelephoneNumberOfReportingEntity>
   <gsd:EmailOfReportingEntity contextRef="ctx-1" id="s9__7__210" xml:lang="en">corppr@flsmidth.com</gsd:EmailOfReportingEntity>
   <gsd:HomepageOfReportingEntity contextRef="ctx-1" id="s9__7__211">www.flsmidth.com</gsd:HomepageOfReportingEntity>
   <gsd:InformationOnTypeOfSubmittedReport contextRef="ctx-1" id="s1__72__15">Annual report</gsd:InformationOnTypeOfSubmittedReport>
   <cmn:TypeOfAuditorAssistance contextRef="ctx-1" id="s1__72__16">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance>
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   <gsd:ReportingPeriodStartDate contextRef="ctx-1" id="s1__72__20">2024-01-01</gsd:ReportingPeriodStartDate>
   <gsd:ReportingPeriodEndDate contextRef="ctx-1" id="s1__72__21">2024-12-31</gsd:ReportingPeriodEndDate>
   <gsd:PrecedingReportingPeriodStartDate contextRef="ctx-1" id="s1__72__22">2023-01-01</gsd:PrecedingReportingPeriodStartDate>
   <gsd:PredingReportingPeriodEndDate contextRef="ctx-1" id="s1__72__23">2023-12-31</gsd:PredingReportingPeriodEndDate>
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