Boliden (BOL) Investor presentation summary

Company overview and strategy

• Operates seven mining units and five smelters across Ireland, Finland, Norway, Portugal, and Sweden, 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, with a strong industrial customer base in northern Europe.

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

• Business model spans exploration, mining, smelting, recycling, and sales, emphasizing internal sourcing and recycling.

• Maintains a stable financial position with synergies between mines and smelters and a healthy balance sheet.

Financial performance and outlook

• Q1 2026 operating profit excluding inventory revaluation was SEK 4,432 million, up from SEK 2,599 million year-on-year.

• Free cash flow reached SEK 1,673 million, reversing a negative flow in the prior year.

• Revenues for Q1 2026 were SEK 27,822 million, with earnings per share at SEK 13.45.

• Group capex guidance for 2026 is SEK 15.5 billion, with mine sustaining capex at SEK 6.5 billion.

• Net debt/equity ratio stood at 18% as of March 2026, within the target range.

Operational highlights

• Strong mine production in Aitik and Kevitsa, with stable operations in other key mines.

• Smelters delivered increased gold and silver output, with Rönnskär and Harjavalta showing improved process stability.

• Odda expansion project began ramp-up, and Garpenberg expansion is progressing despite seismic events.

• Asset write-down of SEK 700 million and negative volume effect of SEK 400 million due to abnormal seismic activity in Garpenberg.

• Ongoing investments in exploration and mine life extensions, with increased reserves in several mines.