Company catch-up We have spoken to IR of Boliden which is due to report 2Q25 results on 18 July and note there is no change to the outlook. Key points include: . Barring any late developments in the quarter, there are no strikes in 2Q25 which were a SEK 100m headwind in 1Q25. . 2Q25 will be the first quarter (10 of the 12 weeks) with contributions from the new mines purchased from Lundin Mining (NC). However, Swedish accounting standards require depreciation to be based on the reserve life (9 years) . Planned maintenance in Smelters in 2Q25 is going to plan and will be a headwind of SEK 400m q/q (vs nil in 1Q25), as detailed in the 1Q25 release. . Costs related to the closing of the Somincor/Zinkgruvan acquisition of SEK 150m, also highlighted in the 1Q25 release, will be recorded in the Mine segment in 2Q25. . In a 23 April 2025 interview with Dagens Industri, CEO Mikael Staffas noted that if 1Q25 had spot metal prices and Fx, the 1Q25 results would have been SEK 800m lower. . Smelters will move fully to the 2025 annual TCRC copper contract (vs 50% in 1Q25) which the CFO estimated to be a SEK 300m headwind on the 1Q25 results call. Based on the above points, we would expect 2Q25 consensus EBIT excluding PIR to move lower.