Boliden AB (BOL) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, I'd like to welcome you to Boliden's Q4 2025 results presentation. My name is Olof Ligamark, 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 we will start here in Stockholm. Mikael, the stage is yours. Welcome. Thank you, Olof, and good morning to everybody from me as well. We in Stockholm had a very crispy morning. When I woke up this morning, it said minus 15 degrees outside of my bedroom window. Today, we will give the presentation of the Q report, and we will also touch on the R&R statement update that we've also issued this morning. So generally speaking, for Q4, there's been a very strong metal price development. Everybody knows about this, and of course, precious metals has been really rallying during the quarter. At the same time, we've had a negative development on prices and terms, but that has in relationship, of course, a much smaller movement. We have a continued strong mine production in Itik. We have been stripping very, very hard for quite some time. And we are now happy to say that we're in some way catching up on the stripping debt that we've had before. We're also happy to say that the grades are going up in Itik and have now started on their journey on going upwards. Apart from IT, we've had generally lower grades in mines. To some extent, this is maybe slightly more than we had expected, but part of this was already in our guidance that we've had before. And we had a stable production in smelters. We're very pleased with that in general. We had a one-off positive of 410 million linked to summing up or taking care of the metals in Rönnskär in the fire. As we had the fire metals in ...