2Q24 earnings came in line in a messy quarter Boliden reported 2Q24 EBIT excluding PIR of SEK 4.0bn, in-line with Visible Alpha consensus. The Infront consensus, which has less contributors, would imply a miss. Given the one-offs from 1Q24 (strikes, weather) into 2Q24 (insurance income SEK2.4bn, Tara restart -SEK358m) we had been expecting a volatile quarter. Mines fell short of expectations at SEK 1.1bn (-38% vs. cons.), partially impacted by the delayed ramp up of the Liikavaara satellite pit. The beat was from Smelters, where the insurance income was generated. Higher metal prices had a positive impact during the quarter, but treatment charges and premiums contributed negatively to Smelters. FCF beat on working cap and insurance proceeds FCF surprised to the upside with a positive SEK 401m vs. VA cons for negative SEK 2.3bn. This did include receipt of SEK 600m of insurance proceeds which was likely not in consensus numbers. An additional SEK 400m of insurance proceeds is expected during the second half of 2024, The WC investment was also much smaller than expected at SEK 567m vs. VA cons for SEK 1.7bn. The combined WC and insurance impact would amount to c.65% of the FCF beat. Market development and outlook Treatment charges on the spot markets continued to fall, reaching record lows for copper, and reflecting a larger concentrate deficit expectation for 2025. Zinc concentrate supply in China also tightened, reflected falling in port concentrate stocks. Capex guidance of SEK15.5bn remained unchanged for 2024. Operating loss in Tara during the second half of 2024 is estimated at EUR -25m per quarter as previously guided.