Boliden AB (BOL) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, I'd like to welcome you to Boliden's Q2 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, Olaf, and good morning to all of you out there. Let's just jump into this presentation right away, and then we'll see what discussions we'll have and what questions you have coming up afterwards. The highlights of the quarter, I just first want to point out that we have a strong quarter. We have about 2.9 billion Swedish kronor in the EBIT, ex-profit inventory evaluation, clearly up from what we had last year. We have a quarter with relatively weak cash flow. This cash flow is both seasonal in the sense that we have maintenance stops in Q2, which typically is that we're tying up capital in our inventories, but it's also seasonal. linked to a little bit of timing events again around the end of the quarter. Actually, the inventory built up is much bigger than these $2 billion because there are some other parts of working capital working the other way around. And the high inventories, and we'll get to that, also affects the internal profit elimination, which is also a bit of discussion here. We have, of course, significantly lower earnings from Garpenberg compared to any comparison quarter, both first quarter and last year. But we're very positive around Garpenberg. Garpenberg has started up according to plan, has delivered according to the plan we gave in Q1. We have now all infrastructure in Garpenberg up and running, with the exception of the personnel hoist, which is not really crucial and will come roughly in September. But...