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 with SEK 90 billion in revenues.

• Focuses on base and precious metals including zinc, copper, nickel, lead, gold, and silver, serving industrial customers in northern Europe.

• Strategic priorities include profitable growth through exploration, efficiency, climate footprint reduction, and stakeholder care.

• Business model spans exploration, mining, smelting, recycling, and sales, with a strong emphasis on responsible operations and supply chain control.

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

Financial performance and outlook

• Q2 2026 operating profit excluding inventory revaluation was SEK 2,872 million, with revenues of SEK 25,733 million.

• Free cash flow was negative at SEK -2,114 million, mainly due to inventory build-up and acquisition activities.

• Earnings per share reached SEK 7.81 in Q2 2026.

• Net debt/equity ratio stood at 24% as of June 2026, with total assets of SEK 151.1 billion.

• 2026 guidance remains unchanged, with group capex at SEK 15.5 billion and mine sustaining capex at SEK 6.5 billion.

Operational highlights

• Strong contributions from recently acquired mines (Somincor and Zinkgruvan) and improved milled volume at Aitik.

• Garpenberg production restarted after a seismic event, though earnings contribution was lower.

• Odda expansion ramp-up is ongoing but slower than planned; other key projects remain on track.

• Record mine production at Kevitsa and stable operations at Zinkgruvan and The Boliden Area.

• Smelter production saw planned maintenance and ramp-up issues, but Bergsöe achieved a production record in lead alloys.