Q2 2025 Boliden AB Earnings Call Transcript
Key Points
- Boliden AB (BLIDF) reported a profit excluding inventory valuation of almost SEK1.3 billion, indicating strong financial performance.
- The integration of the two Lundin mines is progressing well, contributing positively to the company's operations.
- Record production was achieved in Aitik, with ore production aligning with guidance at a 40 million ton pace.
- Free cash flow, excluding acquisition proceeds, was strong at NOK2 billion, supported by insurance money and effective inventory management.
- The company maintains a robust balance sheet with a gearing ratio of 29%, stronger than anticipated post-acquisition.
- Boliden AB (BLIDF) faced a negative currency effect of about SEK600 million, impacting financial results.
- The company experienced lower zinc grades in Garpenberg due to slower high-grade sill pillar mining.
- Nickel production remains problematic, with few nickel mines globally making profits, indicating industry challenges.
- The company had a significant increase in depreciation costs, particularly from new acquisitions and recent investments.
- Copper treatment charges are at unsustainable levels, posing a challenge for the smelting industry.
Ladies and gentlemen, I'd like to welcome you to Boliden's Q2 2025 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, HÃ¥kan Gabrielsson. We will also have a Q&A session which will be led by the operator.
Mikael, welcome.
Thank you, Olof, and welcome to all of you out there as well. I hope you're doing fine. Let's get going and get talking about the quarter and the core report that we have just released. If you look at the highlights, we had a profit excluding inventory valuation of almost SEK1.3 billion.
There's been quite a lot of accounting going on in this quarter and HÃ¥kan will come back and talk a little bit about those things that are affecting plus and minus. What is clear though is that we have a negative currency effect of about SEK600 million compared both to last year and
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