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 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 dividends at one-third of net profit.

• Committed to reducing Scope 1-2 GHG emissions by 42% and Scope 3 by 30% from 2021-2030, aiming for net zero by 2050.

Operational performance and projects

• Q3 2025 saw strong market development, with high metal prices and a rally in gold and silver, offsetting a weaker USD.

• Record mine production at Aitik and record milled volume at Garpenberg; integration of new units and key projects progressed well.

• Odda expansion entered hot commissioning, with first product delivery in early Q4; Rönnskär tankhouse ramp-up set for H2 2026.

• Boliden Area tailings sand recycling and Garpenberg expansion projects are on track, with permits pending for the latter.

• Milled volumes remained stable or increased in key mines, with Somincor and Zinkgruvan contributing after recent acquisitions.

Financial performance

• Q3 2025 revenues were SEK 21,971 million, with operating profit at SEK 3,237 million and free cash flow of SEK 2,284 million.

• Operating profit ex. PIR for Q3 2025 was SEK 2,752 million, with mines contributing SEK 2,429 million and smelters SEK 689 million.

• Capital employed reached SEK 96.7 billion, equity SEK 72.8 billion, and net debt SEK 18.1 billion as of September 2025.

• Net debt/equity ratio stood at 25%, with an average interest rate of 3.8%.

• Capex for 2025 is projected at SEK 15.5 billion, with insurance cash flow of ~SEK 2,000 million expected for the year.