Boliden (BOL) Q3 2025 earnings summary

Executive summary

• Strong Q3 2025 results with record mine production at Aitik and Garpenberg, robust cash flow, and significant contributions from new mines Somincor and Zinkgruvan.

• Integration of Somincor, Zinkgruvan, and Sommerskär completed, enhancing operational performance and efficiency.

• Key projects, including Odda expansion and Garpenberg permit, progressed as planned, with Odda entering hot commissioning and Laver mining concession granted but under appeal.

• Gold and silver now rank as the third and fourth most important metals for earnings sensitivity, with prices rallying and boosting profits.

• Major investments ongoing in Boliden Area, Odda, and Rönnskär, supporting future growth.

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 2.75 billion, up sequentially but below Q3 last year.

• EBITDA increased 16% year-over-year; free cash flow improved to SEK 2,284m from SEK -495m in Q3 2024, supported by insurance proceeds and working capital improvements.

• Earnings per share for Q3 2025 was SEK 8.07, compared to SEK 8.34 in Q3 2024.

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

Outlook and guidance

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

• No major changes to 2025 guidance except for reduced throughput at Tara (now 1.6 Mtonnes vs. 2.8 million prior); milled volume guidance unchanged for Aitik, Kevitsa, and Garpenberg.

• Higher grades expected at Aitik in Q4; Garpenberg expansion dependent on permit approval.

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

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