Boliden AB (BOL) Q2 2026 Earnings Call

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WEBVTT 00:00:00.051 -- 00:00:05.433 Ladies and gentlemen, I'd like to welcome you to Boliden's Q2 2026 results 00:00:05.433 -- 00:00:07.094 presentation. 00:00:07.094 -- 00:00:10.935 My name is Olof Grenmark and I'm head of investor relations. 00:00:10.935 -- 00:00:16.017 Today we will have a results presentation led by our president and CEO Mikael 00:00:16.017 -- 00:00:20.239 Staffas and our CFO Håkan Gabrielsson. 00:00:20.239 -- 00:00:24.220 We will also have a Q&A session led by the operator. 00:00:24.220 -- 00:00:27.221 Mikael, welcome. 00:00:31.678 -- 00:00:36.420 Thank you, Olaf, and good morning to all of you out there. 00:00:36.420 -- 00:00:41.003 Let's just jump into this presentation right away, and then we'll see what discussions 00:00:41.003 -- 00:00:45.084 we'll have and what questions you have coming up afterwards. 00:00:45.085 -- 00:00:49.327 The highlights of the quarter, I just first want to point out that we have a strong quarter. 00:00:49.327 -- 00:00:54.651 We have about 2.9 billion Swedish kronor in the 00:00:54.651 -- 00:00:58.094 EBIT, ex-profit inventory evaluation, 00:00:58.094 -- 00:01:03.199 clearly up from what we had last year. We have a quarter with relatively weak 00:01:03.199 -- 00:01:08.603 cash flow. This cash flow is both seasonal in the sense that we have maintenance 00:01:08.603 -- 00:01:14.288 stops in Q2, which typically is that we're tying up capital in our 00:01:14.288 -- 00:01:19.233 inventories, but it's also seasonal. linked to a little bit of timing events again around 00:01:19.233 -- 00:01:21.814 the end of the quarter. 00:01:22.476 -- 00:01:27.561 Actually, the inventory built up is much bigger than these $2 billion because 00:01:27.561 -- 00:01:31.138 there are some other parts of working capital working the other way a...