Q1 2026 Boliden AB Earnings Call Transcript
Key Points
- Boliden AB (BLIDF) reported a strong EBIT of SEK4.4 billion, excluding process inventory revaluation, indicating robust financial performance.
- The company experienced strong cash flow, which is notable given that Q1 is typically a weaker quarter for cash flow.
- Production levels were solid across both mines and smelters, with particularly strong gold and silver production.
- The Odda expansion project has commenced its ramp-up, with initial production starting at the end of the quarter.
- Boliden AB (BLIDF) maintained good cost control, with inflation roughly at zero and costs remaining flat when excluding new acquisitions.
- The Garpenberg site experienced significant challenges due to a rock fall and seismic events, resulting in a SEK1.1 billion hit to EBIT and a SEK700 million asset write-off.
- The company anticipates lower production levels at Garpenberg for 2026 and 2027, with full capacity not expected until 2032.
- There are ongoing uncertainties regarding the ability to mine the Lappberget ore body, which could impact future production levels.
- The company faces potential financial impacts from having to procure zinc at spot terms due to disruptions at Garpenberg.
- There are concerns about potential inflationary pressures, particularly related to oil prices, which could affect future costs.
Ladies and gentlemen, I'd like to welcome you to Boliden's Q1 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, Hakan Gabrielsson. We will also have a Q&A session led by the operator. Mikael, welcome.
Thank you, Olof, and welcome to all of you. We are welcoming you from Askersund. For those of you who are maybe non-Swedes and wonder where that is, that is the closest big municipality to Zinkgruvan.
We will have our AGM here in a couple of hours, following the tradition that we try to have our AGMs close to our operating sites. Now, regarding the quarter. The highlight for the quarter is that weâve had a good production quarter.
Weâre coming in with an EBIT excluding the process inventory revaluation of around SEK4.4 billion, and also a strong cash flow. A strong cash flow
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