Boliden (BOL) CMD 2025 summary

Strategic direction and market context

• Entering its second century, the company is leveraging a strong operational and sustainability foundation for future growth, supporting the energy transition and maintaining a stable business model in Europe despite global uncertainties.

• Maintains a balanced business model with integrated mining and smelting, full exposure to by-metals, and strong ESG credentials, positioning itself as Europe's leading base metals producer.

• Integration of Somincor and Zinkgruvan strengthens the asset base and accelerates future growth, with acquisitions progressing faster than expected.

• Major investments commissioned, including expansions at Odda, Rönnskär, Kristineberg, and Garpenberg, with optimism for further projects and a robust pipeline.

• Long-term planning prices for key metals have been updated, reflecting market trends and supporting investment decisions.

Sustainability and operational excellence

• Sustainability remains central, with 17 years fatality-free and a strong safety culture, supporting operational stability and talent retention.

• On track for climate targets: scope 1 and 2 emissions down 13%, scope 3 up temporarily due to investments, but roadmaps are in place to achieve a 30% reduction; new baselines set post-acquisitions.

• Electrification, automation, and decarbonization initiatives are advancing, including Kristineberg Trolley, fossil-free mining, and increased renewables.

• Biodiversity and permitting are prioritized, with 14 permits granted since 2022, a 2030 biodiversity target, and all major mines progressing towards full GISTM conformance by August 2025.

• Launching waste-free smelting initiatives, including a new cementitious product (Cementum/SCMentum) with a 95% lower carbon footprint than traditional cement; pilot project with 300 ktonnes capacity under investigation.

Smelter and mining operations

• Smelters in Finland performed strongly, while Odda and Rönnskär are undergoing major upgrades to boost productivity and recover more precious metals.

• Odda zinc smelter expansion to 350 ktonnes/year is in final commissioning, with full ramp-up in H2 2025 and expected annual EBITDA of EUR 150 million.

• Rönnskär’s new tankhouse will restore SEK 1 billion annual EBITDA, with additional SEK 500 million in cost reductions planned.

• Low-carbon metals portfolio contributed SEK 45 million EBIT in 2024, with ambitions to double in 2025 and reach 100% low-carbon production by 2030.

• Kristineberg mine investment enables full concentrator utilization in the Boliden Area for the next 10 years; tailings recycling projects extend production to late 2030s.