Sotkamo Silver (SOSI) investor relations material

Executive summary

• Q3 net sales rose 55% YoY to MSEK 171 and EBITDA reached MSEK 91, including a MSEK 22 grant conversion; adjusted EBITDA excluding the grant was MSEK 70.

• Q1–Q3 net sales rose 115% to MSEK 555, EBITDA reached MSEK 276 and operating cash flow was MSEK 214.

Financial highlights

• Q3 EBIT was MSEK 52 vs MSEK 16; net income was MSEK 55 vs MSEK 4, and diluted EPS was SEK 0.16 vs SEK 0.01.

• Q1–Q3 EBIT was MSEK 215 vs a MSEK 24 loss; net income was MSEK 129 vs a MSEK 53 loss, and diluted EPS was SEK 0.37 vs a SEK 0.16 loss.

• Q3 revenue growth reflected higher gold, zinc and lead production and higher silver, gold and zinc prices; sales declined QoQ mainly due to a lower silver price.

• Q1–Q3 CAPEX increased to MSEK 71 from MSEK 48, supporting underground development and exploration.

Outlook and guidance

• 2026 guidance: silver production of 0.9–1.2 million oz, annual EBITDA above €33M and year-end net debt/EBITDA below 0.1.

• Medium-term targets through 2028: annual silver production of 1.4 million oz, EBITDA margin above 30%, net debt/EBITDA below 2.0 and TSM A-level performance.

• Lower-level mining operations are planned to start in Q4 2026; silver grade is expected to improve in coming quarters.