Outokumpu Oyj New (OUTFF) Q1 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.105 I understand it's higher than what we've seen in Q1, but 00:00:05.105 -- 00:00:10.635 given the moves, I mean, it's a hard item to calibrate. 00:00:19.387 -- 00:00:24.439 Certainly, if we come back to the first part, Tristan, in terms of net of time 00:00:24.439 -- 00:00:30.473 in hedging in the first quarter of the year, we saw a negative impact 00:00:30.473 -- 00:00:34.523 for Europe, a positive impact for the Americas. 00:00:34.523 -- 00:00:40.251 America is being positive in here as they have seen and 00:00:40.251 -- 00:00:45.398 we have seen a higher commodity price level and through their pricing, predominantly 00:00:45.398 -- 00:00:50.766 base plus alloy surcharge, although these positive impacts on pricing realized 00:00:50.766 -- 00:00:55.853 earlier than they do in beer Europe. So there is a bit of a time gap. 00:00:55.853 -- 00:00:58.797 time difference between both business areas. 00:00:58.797 -- 00:01:04.524 But it's also important to assess then the performance of business area Europe in the 00:01:04.524 -- 00:01:09.688 first quarter. Certainly also the backlog recovery and still 00:01:09.711 -- 00:01:14.857 providing and selling material out of the fourth quarter in the first quarter 00:01:14.857 -- 00:01:20.225 also accelerated this impact. So I 00:01:20.225 -- 00:01:24.250 hope that this gives a bit of an explanation now going forward. 00:01:24.250 -- 00:01:26.774 And then with current 00:01:26.774 -- 00:01:32.322 market prices, which we see, we do see then also 00:01:32.322 -- 00:01:37.469 an improved pricing level and timing 00:01:37.469 -- 00:01:39.292 gain 00:01:39.292 -- 00:01:41.895 going forward. And this 00:01:41.895 -- 00:01:48.342 is then how we guide on net-off timing and then the hedging element to it. ...