Boliden (BOL) investor relations material

Executive summary

• Revenues rose to SEK 27,822 million in Q1 2026, up 32% year-over-year, driven by higher metal prices and new mine contributions.

• EBIT excluding process inventory revaluation reached SEK 4,432 million, among the best quarters historically, up from SEK 2,599 million year-over-year.

• Free cash flow improved to SEK 1,673 million from negative SEK 1,869 million year-over-year.

• Both Mines and Smelters segments performed strongly, supported by higher metal prices and increased gold and silver output.

• Garpenberg faced a SEK 700 million asset write-down and SEK 400 million negative volume impact due to seismic events, but development in other ore bodies is progressing faster than expected.

Financial highlights

• Revenues reached SEK 27,822 million, up from SEK 21,121 million in Q1 2025.

• Operating profit before depreciation was SEK 8,169 million, compared to SEK 4,881 million in Q1 2025.

• Earnings per share increased to SEK 13.45 from SEK 7.99 year-over-year.

• Net profit reached SEK 3,820 million, up from SEK 2,192 million year-over-year.

• Capex rose to SEK 3,674 million from SEK 2,896 million year-over-year.

Outlook and guidance

• 2026 group capex guidance remains at SEK 15.5 billion, with mine sustaining capex at SEK 6.5 billion.

• Garpenberg 2026 milled volume guidance reduced to 1.5 million tonnes due to seismic event; ambition to reach 4.5 million tonnes by 2032, pending new hoist investment.

• Planned maintenance shutdowns in Smelters expected to impact operating profit by SEK 450 million for the year.

• Odda smelter ramp-up on track for full production by Q4.