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Boliden (BOL) investor relations material
Boliden Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary18 Jul, 2025
Executive summary
EBIT excluding inventory valuation was just under SEK 1.3 billion, impacted by negative currency effects and planned maintenance.
Integration and acquisition of Somincor, Zinkgruvan, and Lundin mines completed, contributing to stable production and volumes.
Record ore production achieved at Aitik, with Tara ramp-up and new mines performing in line with expectations.
Major projects, including Odda and Kristineberg expansions, are progressing as planned.
ESG metrics improved in LTIs and sick leave, but greenhouse gas emissions rose due to new units.
Financial highlights
Revenues for Q2 2025 were SEK 22,285 million, down slightly year-over-year.
Free cash flow excluding acquisitions was SEK 2,035 million, aided by insurance income; total free cash flow was negative SEK 12,354 million due to acquisitions.
Capital expenditure reached SEK 4.2 billion for the quarter, with full-year 2025 capex expected at SEK 15.5 billion.
Net debt increased to SEK 20.5 billion, with a net debt/equity ratio of 29%.
Earnings per share were SEK 2.02, down from SEK 13.20 in Q2 2024.
Outlook and guidance
2025 production and grade guidance for Aitik, Kevitsa, Boliden Area, and Tara unchanged; Garpenberg zinc grade revised down to 3.1%.
Full-year 2025 milled volume at Aitik expected near 40 Mtonnes; Tara to reach 1.8 Mtonnes.
Planned maintenance in Smelters to impact 2025 operating profit by SEK -500 million.
Guidance for 2026, including new acquisitions, to be published December 5, 2025.
Insurance cash flow for 2025 estimated at SEK 2,000 million, with SEK 1,335 million received.
What's the status of Odda expansion?
Explain the impact of USD on profit.
What's the plan for 2030 GHG emissions?
How do low copper TCs affect 2026 benchmark?
Garpenberg zinc grade: impact of sill pillar mining?
What is the full quarterly depreciation for Lundin assets?
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Q3 202522 Oct, 2025
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Frequently asked questions
Boliden AB, headquartered in Stockholm, Sweden, engages in the exploring, extracting, and processing of base metals and precious metals. It operates through five business areas: Copper, Gold, Silver, Iron Ore, and Energy. The Copper segment explores and extracts copper concentrate from the Falun mine. The Gold segment is engaged in exploring, extracting and processing gold in the Västergötland and Kalix Lake districts of Sweden. The Silver segment is engaged in exploring and producing silver from the Ragunda mine. The Iron Ore segment produces iron ore concentrate from Luleå mine in Sweden. The Energy segment mines coal at Gellivare mine in Sweden for use at its power stations. Boliden also focuses on a range of other activities including logistics services for its own needs as well as customers from neighboring industries located abroad; storage facilities for carbon dioxide; forestry; distributing compressed air; auto repair services; electronics trading; powder coating services; brewery; hotel activities; restaurants for company employees; barber's salons for company employees' families; dry cleaning services for company employees' uniforms; catering services for company employees' parties, among others.
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