Q2 2026 Boliden AB Earnings Call Transcript
Key Points
- Boliden AB (BLIDF) reported a strong quarter with an EBIT of SEK2.9 billion, significantly up from the previous year.
- The acquired mines, Zincruvan and Summoncore, are performing better than expected, contributing positively to the company's results.
- ITIC achieved record-high total volumes mined, indicating improved operational efficiency.
- The company has successfully restarted production at Garpenberg according to guidance, with infrastructure now operational.
- Boliden AB (BLIDF) has made significant progress in its ESG initiatives, achieving one of the lowest injury frequencies recorded.
- The company experienced weak cash flow this quarter, attributed to seasonal maintenance stops and timing issues.
- The ODA ramp-up faced several issues, including IT and control system problems, leading to frequent shutdowns.
- Garpenberg's earnings were significantly lower compared to previous quarters due to operational challenges.
- There were ramp-up issues at Odda, with mechanical failures and automation problems causing delays.
- The company is facing cost inflation pressures, particularly related to oil prices, impacting overall expenses.
Ladies and gentlemen, I'd like to welcome you to Boliden's Q2 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, Olaf, and good morning to all of you out there. Let's just jump into this presentation right away and then we'll see what discussions we'll have and what questions you have coming up afterwards.
The highlights of the quarter, I just first want to point out that we have a strong quarter. We have about SEK2.9 billion Swedish kroner in the EBIT ex-profit inventory evaluation, clearly up from what we had last year.
We have a quarter with relatively weak cash flow. This cash flow is both seasonal in the sense that we have maintenance stops in Q2, which typically is
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