Boliden AB (BOL) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, I'd like to welcome you to Boliden's Q1 2026 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 and our CFO Håkan Gabrielsson. We will also have a Q&A session led by the operator. Mikael, welcome. Thank you, Olof, and welcome to all of you. We are welcoming you from Askersund. For those of you who are maybe non-Swedes and wonder where that is, that is the closest bigger municipality to Zinkruven. We will have our AGM here in a couple of hours, following the tradition that we try to have our AGMs close to our operating sites. Now, regarding the quarter, the highlight for the quarter is that we've had a a good production quarter. We're coming in with an EBIT excluding the process inventory revaluation of around 4.4 billion Swedish kronor. and also a strong cash flow, also considering that Q1 is normally a relatively weak cash flow quarter. We've had solid performance in both of our operating units, so we've had it in mines and in smelters. And then on top of that, we have strong metal prices, and with our business model with definite pricing coming a little bit later, we of course benefit from having strong metal prices than when revaluating previous periods deliveries. The gold and silver production has also been very strong in the smelters. Regarding the gap by inset, I'll come back to that one, but the impact on the financials for the quarter has been 400 million negative on volumes and 700 million negative from a one-off write-off of assets connected to that. In ODA, we have managed in the quarter to start the ramp up of the expansion project. We had the first feed, I think, on March 31. And I'll come back to that also in a lit...