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.

• Focuses on base and precious metals including zinc, copper, nickel, lead, gold, and silver, with copper and zinc as primary revenue drivers.

• Strategic priorities include profitable growth through exploration, organic expansion, and selective acquisitions, as well as efficiency, climate footprint reduction, and stakeholder care.

• Vision is to be the most climate-friendly and respected metal provider globally, guided by values of care, courage, and responsibility.

• Maintains a stable financial position with synergies between mines and smelters, and a diversified revenue stream for earnings stability.

Operational performance and projects

• Q2 2025 operating profit (excluding process inventory revaluation) was SEK 1,281 million, impacted by a SEK -600 million currency effect and extensive planned maintenance.

• Record mine production at Aitik, with stable production and strong underlying cash flow; Zinkgruvan and Somincor included since April 16, 2025.

• Key projects include Odda expansion (commissioning phase), Kristineberg expansion (inaugurated May 2025), Rönnskär tankhouse (ramp-up in H2 2026), and Aitik dam completion (Dec 2024).

• Smelters contributed SEK 8,814 million in operating profit in 2024, with strong market position and flexible processes.

• Mines contributed SEK 5,241 million in operating profit in 2024, with world-class productivity and ongoing exploration for mine life extension.

Financial highlights

• Q2 2025 revenues were SEK 22,285 million, with investments of SEK 4,168 million and free cash flow of SEK -12,354 million (excluding acquisitions: SEK 2,035 million).

• Net debt increased to SEK 20.5 billion, with a net debt/equity ratio of 29% as of June 30, 2025.

• Earnings per share for Q2 2025 was SEK 2.02.

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