Lovisagruvan (LOVI) Q1 2026 earnings summary

Executive summary

• Revenue from ore deliveries reached 9.1 MSEK compared to 0.0 MSEK in Q1 2025, reflecting resumed production and deliveries to Garpenberg continuing into the next quarter.

• Operating result before depreciation improved to -0.7 MSEK from -2.2 MSEK year-over-year; after depreciation, operating result was -2.3 MSEK versus -4.1 MSEK.

• Net result after financial items was -2.8 MSEK, an improvement from -4.3 MSEK in Q1 2025; EPS was -0.58 SEK compared to -0.86 SEK.

• Ore production for the quarter was 7,135 tons, up from 1,500 tons in the previous quarter but down from 8,160 tons in Q1 2025.

• Cash flow from operations was 10.9 MSEK, mainly due to improved working capital as most receivables were paid.

Financial highlights

• Revenue: 9.1 MSEK (0.0 MSEK in Q1 2025).

• Operating result before depreciation: -0.7 MSEK (-2.2 MSEK in Q1 2025).

• Operating result after depreciation: -2.3 MSEK (-4.1 MSEK in Q1 2025).

• Net result after financial items: -2.8 MSEK (-4.3 MSEK in Q1 2025).

• Cash flow from operations: 10.9 MSEK, driven by receivables collection.

Outlook and guidance

• 2026 outlook depends on spring deliveries and their ability to confirm commercial viability and enable new agreements on improved terms.

• Customer has capacity to receive ore, supporting potential for continued deliveries.