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 8,000 people and generating approximately SEK 90 billion in revenues in 2025.

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

• Strategic focus on efficiency, profitable growth, climate footprint reduction, and stakeholder care.

• Values include care, courage, and responsibility, aiming to be the most climate-friendly and respected metal provider.

Financial performance and capital structure

• Q4 2025 revenues reached SEK 28,131 million, with operating profit at SEK 5,798 million and earnings per share of SEK 15.31.

• Net debt/equity ratio at 20% as of December 2025, with total assets of SEK 143.4 billion and capital employed of SEK 98.4 billion.

• Return on capital employed (ROCE) and stable financial position maintained, with a dividend proposal of SEK 11 per share.

Business areas: Mines and Smelters

• Mining operations delivered SEK 7,978 million in operating profit in 2025, with copper and zinc as main revenue drivers.

• Smelters generated SEK 6,159 million in operating profit, focusing on high-quality metals from complex and recycled materials.

• Synergies between mines and smelters provide earnings stability through diversified revenue streams.