Boliden (BOL) Q3 2025 earnings summary

Executive summary

• Strong Q3 2025 results with robust cash flow, record mine production at Aitik and Garpenberg, and solid output from Kevitsa, Somincor, and Zinkgruvan, supported by favorable gold and silver prices.

• Integration of Somincor, Zinkgruvan, and Sommerskär completed, contributing positively to volumes and operational performance.

• Significant cash flow generated despite ongoing major investments in Boliden Area, Odda, and Rönnskär.

• Key projects advanced, including Odda expansion and Laver mining concession, though some permits are under appeal.

Financial highlights

• Revenues for Q3 2025 were SEK 21,971m, slightly down from SEK 22,193m in Q3 2024.

• EBIT excluding process inventory reached SEK 2,752m, up sequentially but below last year; EBITDA up 16% year-over-year.

• Free cash flow improved to SEK 2,284m from SEK -495m in Q3 2024, aided by insurance proceeds and working capital improvements.

• Earnings per share for Q3 2025 was SEK 8.07 (Q3 2024: SEK 8.34).

• CapEx for the quarter at SEK 3.8bn, in line with expectations and up from SEK 3.2bn in Q3 2024.

Outlook and guidance

• 2025 CapEx guidance set at SEK 15.5bn; insurance cash flow for 2025 expected at ~SEK 2,000m.

• No major changes to 2025 guidance except Tara throughput revised to 1.6 Mtonnes; milled volume guidance unchanged for Aitik, Kevitsa, and Garpenberg.

• Planned maintenance shutdowns in Smelters to impact 2025 operating profit by SEK -500m.

• Guidance for 2026 and more details on new assets to be provided in December.

• Finnish tax changes likely to impact Kevitsa from 2026, affecting future investment decisions.