Boliden AB (BOL) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, I'd like to welcome you to Boliden's Q1 2025 results presentation. My name is Olof Grenmark and I'm head of investor relations. Today we will have a results presentation led by our president and CEO, Mikael Staffas, followed by our CFO, Håkan Gabrielsson. We will also have a Q&A session. Mikael, welcome. Thank you, Olof. Good seeing all of you. We are, unless it's already clear to everybody, we are in Itik today. We have a lovely day here with about minus five degrees and clear skies. And we're slowly approaching spring over here. The snow shield is maybe a little bit less than it was during winter, but we still have plenty of snow around. We will have later today the AGM here as well. And then later this afternoon, We will also inaugurate the dam project, and I'll talk a little bit more about that one in a little while. So anyway, all of you, welcome this morning. First of all, the highlights of the quarter. We had an operating profit of 2.6 billion kronor. In this, there has been a negative impact from the Finnish strikes of about 100 million, very much in line with what we said when we talked about a quarter back. free cash flow of a negative 1.8 or 1.9 billion SEC. Håkan will take you through some of those details, but in essence, we have built back some of the working capital that we very effectively or almost too effectively worked down in Q4. We have lower recoveries and lower mill volume in high-tech. That is, though, however, very much in line or even slightly better than what we had in the press release that we released in early March. The ramp up of Tara has gone quite well and is going according to plan. The ODA has started the commissioning and as those of you who attended in either way or form the Capital Markets Day, we have no up...