Mining Equipment KSB webcast takeaways

Equity Research 24 July 2026 | 12:14PM BST

Mining Equipment: KSB webcast takeaways

We hosted KSB’s management team including the President of KSB Mining who Christian Hinderaker, CFA | discussed the latest trends within the mining pump market. Our key takeaways Goldman Sachs International from the webcast are as follows: Hollie Cooper | n KSB (Not Covered) is a leading industrial pumps manufacturer with c.€3bn of Goldman Sachs International revenue in FY25. The group is guiding to €3.1-3.5bn of orders in FY26 implying -3% to +9% growth. Alongside its growth target, the group plans to progress with its Mission Ten30 strategy to increase its EBIT margins to >10% by 2030. n Growth in Mining has been solid, with particular strength in brownfield and potential for greenfield opportunities where permitting is advancing. n Mining pumps face harsh operating conditions and their parts have exceptionally high wear rates. KSB GIW’s global foundry footprint and expertise in metallurgical engineering therefore provide its competitive edge. n Sharpened competition from European OEMs has put pressure on the pricing of OE tenders, but KSB believes that its TCO-focused model will continue to attract and retain customers. n Skilled labour shortages strengthen KSB’s value proposition within the aftermarket, where up-time and spare parts delivery matter as much as pricing.

We believe KSB’s comments read positively for growth rates across the downstream Mining Equipment players in our coverage (Metso, FLSmidth, and Weir), but that sharpened competitive pressures are negatively impacting pricing in OE as competition for market share intensifies. KSB’s optimism on tangible progress on permitting further supports our view that we are entering an OE up-cycle. However, recent changes in FLSmidth and Metso’s go-to-market strategy are clearly gaining traction in OE tenders, particularly when packaged with other equipment categories. We believe this broadening of competition may be impacting OE profitability as peers increasingly compete on price to capture new installed base.

We remain Buy-rated on FLSmidth and Metso, believing they are better positioned to capture growth in an OE up-cycle, given their full flowsheet offerings. We remain Neutral rated on Weir, given its narrower product portfolio, and the potential risks around its FY26 guidance for MSD OSG. We outline our key takeaways in more detail below....

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KSB is a leading industrial pumps manufacturer with c.€3bn of revenue in FY25. The group is guiding to €3.1-3.5bn of orders in FY26 implying -3% to +9% growth. Alongside its growth target, the group plans to progress with its Mission Ten30 strategy to increase its EBIT margins to >10% by 2030. Its Mining segment (KSB GIW) is a global business with a footprint of 35 factories and workshops (including 9 foundries) and a service network spanning >100 countries. Within KSB GIW, the group sells pumps for applications in mining, dredging (large pumps) and oil sands. Within mining, KSB sells both slurry and non-slurry pumps with a c.70%/30% split favouring slurry pumps and spares. Management highlighted that the largest copper mines can have as many as 500 centrifugal pumps, including around 50-70 slurry pumps. The company considers large orders those exceeding $10m, but it more typically sees order values ranging from $3-5m.

Growth in Mining has been solid, with particular strength in brownfield and potential for greenfield opportunities where permitting is advancing. KSB highlighted that lengthy permitting has historically been the biggest constraint to progressing greenfield projects. Recently, the group’s optimism on mining…