Outokumpu Oyj New (OUTFF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

I understand it's higher than what we've seen in Q1, but given the moves, I mean, it's a hard item to calibrate. Certainly, if we come back to the first part, Tristan, in terms of net of time in hedging in the first quarter of the year, we saw a negative impact for Europe, a positive impact for the Americas. America is being positive in here as they have seen and we have seen a higher commodity price level and through their pricing, predominantly base plus alloy surcharge, although these positive impacts on pricing realized earlier than they do in beer Europe. So there is a bit of a time gap. time difference between both business areas. But it's also important to assess then the performance of business area Europe in the first quarter. Certainly also the backlog recovery and still providing and selling material out of the fourth quarter in the first quarter also accelerated this impact. So I hope that this gives a bit of an explanation now going forward. And then with current market prices, which we see, we do see then also an improved pricing level and timing gain going forward. And this is then how we guide on net-off timing and then the hedging element to it. Any chance on the scale of that? Because I understand this can be... Well, before we... I think we guided always between... Or if I look back the last couple of years, we had an impact of 0 to 10 million euros and we... We guided for some gains or some losses. Now the impact is more meaningful. We have been guiding, as I think important what I mentioned before, both the volume side and the net of timing and hedging impact, the positive impact here are equally important in terms of size and magnitude. All right, that's very clear. Thank you. I'll jump back on the queue. Thanks. Thank you. The next question com...