Boliden AB (BOL) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, I'd like to welcome you to Boliden's Q2 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 and our CFO Håkan Gabrielsson. We will also have a Q&A session which will be led by the operator. Mikael, welcome. Thank you, Olof, and welcome to all of you out there as well. I hope you're doing fine. Let's get going and get to talking about the quarter and the core report that we have just released. If you look at the highlights, we had a profit-excluding inventory valuation of almost 1.3 billion SEK. There's been quite a lot of accounting going on in this quarter and Håkan will come back and talk a little bit about those things that are affecting plus and minus. What is clear though is that we have a negative currency effect of about 600 million compared both to last year and compared to first quarter. It happened to be the same numbers. We've also had extensive planned maintenance and this was well communicated beforehand and We were happy to be able to complete them exactly according to plan. As always, when you have major maintenance stops, you're always a little bit nervous when you cool down the processes and start looking at what you have, that you will find something more that needs to get done while you're doing things. But this year, most of the things were in the condition that we expected and we could do the needed actions as was planned. We have a stable production and a stable underlying cash flow. We'll talk more about that coming forward. We've included the two Lundin mines as of this quarter, as of April 16, to be more exact. The integration is going fine and we're moving along well there as well. This also creates ...