Boliden (BOL) Investor presentation summary

Strategic vision and operations

• Aims to be the most climate-friendly and respected metal provider globally, focusing on care, courage, and responsibility in its culture.

• Operates mines and smelters in Finland, Ireland, Norway, and Sweden, with around 6,000 employees and a strong presence in zinc and copper.

• Value chain spans exploration, mining, metal production, and recycling, with a focus on continuous improvement and profitable growth.

• Maintains a balance between local community engagement and global operations, leveraging advanced technology and automation.

Financial performance and capital structure

• Q4 2024 operating profit (excl. PIR) reached SEK 3,814m, with free cash flow at SEK 4,264m.

• Insurance income of SEK 935m contributed to results; strong smelter production, especially at Harjavalta and Kokkola.

• Total assets at year-end were SEK 116.2bn, equity SEK 65.0bn, and net debt SEK 10.7bn, with a net debt/equity ratio of 16%.

• Board proposes to cancel the dividend, reducing the proposed share issue accordingly.

Key projects and investments

• Major projects include Odda expansion (EUR 1.05bn), Aitik dam reinforcement (SEK 5.0bn), Kristineberg expansion (SEK 1.45bn), and Rönnskär tankhouse (SEK 4.8bn).

• Odda expansion increases capacity to 200 ktonnes in Q1 2025, ramping up to 350 ktonnes during 2025.

• Rönnskär tankhouse to add 230 ktonnes cathode capacity, with ramp-up in H2 2026 and expected annual EBIT increase of SEK 1bn.

• Boliden Area extension extends tailings capacity to late 2030s, improving environmental performance.