Boliden (BOL) Investor presentation summary

Company overview and strategy

• Operates seven mining units and five smelters across Sweden, Finland, Ireland, Norway, and Portugal, employing around 7,500 people and generating approximately SEK 90 billion in revenues in 2024.

• Produces zinc, copper, nickel, lead, gold, silver, and by-products, with a strong industrial customer base in northern Europe.

• Focuses on profitable growth through exploration, organic expansion, and selective acquisitions, while emphasizing efficiency and reduced climate footprint.

• Strategic targets include at least 10% ROI, net debt/equity ratio of ~20% in upturns, and a dividend policy of one-third of net profit.

• Core values are care, courage, and responsibility, aiming to be the most climate-friendly and respected metal provider globally.

Financial and operational performance

• Q1 2025 revenues reached SEK 21,121 million, with operating profit excl. PIR at SEK 2,599 million, up from SEK 1,212 million in Q1 2024.

• Free cash flow was negative at SEK -1,869 million, impacted by lower milled volumes and recoveries in Aitik and strikes in Finland.

• Operating profit by business area: SEK 1,339 million for Mines and SEK 1,025 million for Smelters in Q1 2025.

• Net debt/equity ratio stood at 13% as of March 31, 2025, with total assets of SEK 118.4 billion.

• Capex for 2025 is projected at SEK 15.5 billion, mainly due to the Somincor and Zinkgruvan acquisitions.

Mining and smelting operations

• Main revenue contributors are copper (37%), gold (20%), zinc (17%), and silver (14%) in mining; smelters derive 45% of gross profit from free metals and 30% from treatment/refining charges.

• Key mines include Aitik, Garpenberg, Kevitsa, Tara, and the Boliden Area, with reserve lives extending up to 2056 for Garpenberg.

• Smelters process both primary and secondary materials, with about 70% of raw materials sourced externally.

• Rönnskär and Bergsöe are major recyclers, processing electronic waste and lead-acid batteries, respectively.