Boliden AB (publ) (BDNNY) Q2 2026 Earnings Call Transcript

Boliden AB (publ) ( BDNNY ) Q2 2026 Earnings Call July 21, 2026 3:30 AM EDT Company Participants Olof Grenmark - Director of Investor Relations Mikael Staffas - President & CEO Håkan Gabrielsson - Executive VP & CFO Conference Call Participants Adrian Gilani Göransson - ABG Sundal Collier Holding ASA, Research Division Alain Gabriel - Morgan Stanley, Research Division Kaleb Solomon - SEB, Research Division Liam Fitzpatrick - Deutsche Bank AG, Research Division Marina Calero Ródenas - RBC Capital Markets, Research Division Matthew Greene - Goldman Sachs Group, Inc., Research Division Christian Kopfer Daniel Major - UBS Investment Bank, Research Division Amos Fletcher - Barclays Bank PLC, Research Division Johannes Grunselius Richard Hatch - Joh. Berenberg, Gossler & Co. KG, Research Division Presentation Olof Grenmark Director of Investor Relations 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, Håkan Gabrielsson.

We will also have a Q&A session led by the operator.

Mikael, welcome.

Mikael Staffas President & CEO Thank you, Olof, and good morning to all of you out there.

Let's just jump into this presentation right away, and then we will 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 SEK 2.9 billion in EBIT ex process inventory revaluation, 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 that we're tying up capital in our inventories, but it's also linked to a little bit of timing events again around