Boliden Ab · OMXSTO:BOL
Boliden Ab — Q3 2026 Earnings Presentation
28 slides from Boliden Ab's earnings presentation, Oct 29, 2026
Slide 1: Q3 Interim Report 2026
Q3 Interim Report 2026 Solid performance across Mines and Smelters Mikael Staffas, President and CEO Håkan Gabrielsson, Executive Vice President and CFO October 29, 2026
Slide 2: Q3 2026 Highlights
Q3 2026 Highlights • Strong earnings • Operating profit excl. PIR SEK 4,894 m (2,752) • Solid performance • Strong production in both Somincor and Kevitsa, ramp-up as planned in Garpenberg • Strong production in Harjavalta, improved availability of the new Odda roaster • Lowered grade guidance, but
Slide 3: Financial performance
Financial performance Group Operating profit excl. PIR • Operating profit excl. PIR SEK 4,894 m (2,752) SEK m Rolling, • Planned maintenance SEK -50 m (-50) SEK m 5,000 20,000 • Free cash flow SEK 1,121 m (2,284) 4,500 18,000 4,000 16,000 • Net debt/equity ratio 21% (25) 3,500 14,000 3,000 12,000 •
Slide 4: Key projects update
Key projects update Rönnskär tankhouse Garpenberg 4.5 Mtonnes expansion • On time and on budget • Ramp-up: Q4 2026 • On track, early stage Boliden Area tailings • Commissioning: 2032 sand recycling project Odda expansion • On track • Ramp-up ongoing Rönnskär SCMentum • Increased roaster availability
Slide 5: ESG development in Q3
ESG development in Q3 • Scope 1 and 2 greenhouse gas emissions emissions: 194 ktonnes CO2e (234) • Lost Time Injury Frequency: 4.4 (3.5) • Sick leave: 4.0% (4.2) Greenhouse gas emissions, Scope 1 and 2 Lost Time Injury Frequency, rolling 12 Sick leave rate, rolling 12 months rolling 12 months, ktonn
Slide 6: Market developments
Market developments Prices and terms indices Metal price/TC index (USD) Currency index Boliden weighted index • Continued high metal prices • Stronger base metal prices 225 • Precious metal prices stable on high levels 200 175 • Stronger USD 150 125 • Increasingly weak spot Cu and Zn TCs 100 • Stron
Slide 7: Copper and zinc prices relative to cash cost
Copper and zinc prices relative to cash cost Copper Zinc USD/tonne USD/tonne 16,000 5,000 14,000 4,500 4,000 12,000 3,500 10,000 3,000 8,000 2,500 2,000 6,000 1,500 4,000 1,000 2,000 500 0 0 Minimum price Average price Maximum price Spot price 50th percentile 75th percentile 90th percentile Source:
Slide 8: Mine production
Mine production Aitik Kevitsa Copper in concentrate, ktonnes Gold in concentrate, kg 40 2,000 • Milled volume 10.3 Mtonnes (9.8) • Record milled volume 30 1,500 • Strong mine production • Lower Cu and Ni grades year-on- 20 1,000 year 500 • Cu grade in line with previous 10 quarter, but higher year-o
Slide 9: Smelter production
Smelter production Copper cathodes, ktonnes 120 Bergsöe Odda 90 60 • High feed and process stability • Planned maintenance 30 0 Harjavalta • Improved availability of the new Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 roaster 2022 2023 2024 2025 2026 • Outstanding overall equipment effe
Slide 10: Financial summary
Financial summary SEK m Q3 2026 Q3 2025 Q2 2026 Revenues 30,442 21,971 25,733 Operating profit before depreciation 7,804 5,611 5,485 Operating profit 5,416 3,237 3,194 Operating profit ex. PIR 4,894 2,752 2,872 Investments 3,353 3,806 4,058 Acquisition activities 219 2 - Free cash flow 1,121 2,284 -
Slide 11: Operating profit excl. PIR per Business Area
Operating profit excl. PIR Mines SEK m Rolling, SEK m per Business Area 4,000 14,000 3,500 12,000 3,000 10,000 2,500 8,000 2,000 6,000 1,500 4,000 SEK m Q3 2026 Q3 2025 Q2 2026 1,000 500 2,000 Mines 3,938 2,429 2,290 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Smelters 1,482 689 707
Slide 12: Operating profit deviation year-on-year
Operating profit deviation year-on-year Prices and terms • Higher metal prices; Cu, Zn, Au, Ag 7,000 • Stronger sulphuric acid prices 3,251 Volumes 6,000 -655 • Lower production in Garpenberg as a result of 5,000 259 4,894 earlier seismic events, partly off-set by better -636 -12 -65 4,000 productio
Slide 13: Operating profit deviation quarter-on-quarter
Operating profit deviation quarter-on-quarter Prices and terms • Higher metal prices 6,000 • Some effect from stronger USD and 5,000 358 98 4,894 932 sulphuric acid prices -81 4,000 Volumes 715 3,000 2,872 • Higher production rate from Garpenberg • Higher grades across most mines 2,000 • Less mainte
Slide 14: Cash flow
Cash flow SEK m Q3 2026 Q3 2025 Q2 2026 Operating profit before depreciation and amortization excl. PIR 7,282 5,125 5,163 Cash flow from working capital -1,047 1,575 -1,750 Cash flow from investing activities -3,354 -3,833 -4,594 Cash flow from acquisition activities -219 -2 - Financial items -441 -
Slide 15: Capital structure
Capital structure 30 Sep 30 Sep 30 Jun SEK billion 2026 2025 2026 SEK billion % 21 35 Total Assets 155.2 136.9 151.1 18 30 Capital Employed 110.6 96.7 105.9 15 25 Equity 85.6 72.8 80.5 12 20 Net debt 18.3 18.1 19.1 9 15 Net debt/equity, % 21 25 24 6 10 3 5 Net reclamation liability/equity, % 7 7 7 0
Slide 16: Boliden Capital Markets Days 2027
Boliden Capital Markets Days 2027 March 15–16, 2027 Conference in Skellefteå (Wood Hotel) Site visit to the Rönnskär smelter For more information please contact: [email protected]
Slide 17: Outlook
Outlook Zn Cu 2026 average grades Ni1 Au Ag Milled volume Unchanged 2026 guidance % g/tonne Mtonnes • Group capex of SEK 15.5 bn Aitik 0.16 0.08 42 • Classification within capital expenditure changed (see below). Boliden Area 3.0 1.6 70 1.8 Garpenberg 2.7 100 1.5 • Grades and milled volumes unchange
Slide 18: Our purpose, vision and values
Our purpose Our vision Our values To provide the metals To be the most climate Care essential to improve friendly and respected Courage society for generations to metal provider in the come world Responsibility Q3 Interim Report 2026 18 October 29, 2026
Slide 19: Appendices
Appendices • Financing • Loan structure • Preliminary priced volumes • Treatment charges • Metal prices • External process inventory Q3 Interim Report 2026 19
Slide 20: Calendar
Calendar December 8, 2026 2027 Guidance release February 3, 2027 Interim Report for the fourth quarter and full year 2026 March 15-16, 2027 Capital Market Days April 28, 2027 Annual General Meeting Boliden’s financial calendar after April 2027 is pending the closing of the acquisition of a controlli
Slide 21: Financing
Financing SEK m Q3 2026 Q3 2025 Q2 2026 Debt to credit institutions 23,320 23,664 22,432 Other interest bearing debt 256 338 290 Pension liability 1,136 1,247 1,176 Interest bearing assets -568 -531 -555 Cash -5,810 -6,587 -4,198 Total 18,335 18,130 19,145 SEK m Q3 2026 Q3 2025 Q2 2026 Not utilized
Slide 22: Loan structure
Loan structure Maturity of which SEK m Reported value utilized < 1 year 1-5 years > 5 years Revolving credit facility 17,040 - Nexa acquisition bridge facility 20,005 - Bilateral loans 15,480 15,480 626 14,670 184 Bonds 7,193 7,193 1,950 3,143 2,100 Commercial papers 646 646 646 - - Leases, other 25
Slide 23: Preliminary priced volumes
Preliminary priced volumes 30 Sep Preliminary priced volumes in Mines* 2026 Copper, ktonnes 17.0 Zinc, ktonnes 43.9 Nickel, ktonnes 2.6 Lead, ktonnes 2.8 Silver, kg 16,600 Gold, kg 600 Palladium, kg 203 Platinum, kg 311 * Preliminary priced volumes of metal in concentrate in Mines Q3 Interim Report
Slide 24: Zinc and copper treatment charges
Zinc and copper treatment charges Zinc Copper USD/tonne USD/tonne concentrate concentrate 350 100 300 50 250 0 200 2021 2022 2023 2024 2025 2026 -50 150 -100 100 -150 50 0 -200 2021 2022 2023 2024 2025 2026 -50 -250 -100 -300 Contract TC - realized Spot TC imported concentrate to China Contract TC -
Slide 25: Zinc, copper and nickel prices
Zinc, copper and nickel prices USD/tonne ktonnes USD/tonne ktonnes Zinc Copper 5,000 2,000 14,000 2,400 4,000 1,600 12,000 2,000 10,000 1,600 3,000 1,200 8,000 1,200 2,000 800 6,000 4,000 800 1,000 400 2,000 400 0 0 0 0 LME inventory Shanghai inventory Price Price Q avg LME inventory Shanghai invent
Slide 26: Gold, silver and lead prices
Gold, silver and lead prices USD/tr.oz. USD/tr.oz. Gold Silver 6,000 150 5,000 4,000 100 3,000 2,000 50 1,000 0 0 Price Price Q avg Price Price Q avg USD/tonne Lead 3,000 Average price in Q3 2026 vs period 2,500 Q2 2026 Q1 2026 Q4 2025 Q3 2025 2,000 1,500 Gold -6% -13% 3% 23% 1,000 Silver -14% -26%
Slide 27: External process inventory
External process inventory Metal Volume Copper, tonnes 26,800 Zinc, tonnes 10,100 Lead, tonnes 100 Gold, kg 3,600 Silver, kg 75,300 Palladium, kg 500 Q3 Interim Report 2026 27
Slide 28: Disclaimer
Disclaimer • This presentation has been prepared by Boliden for information purposes only and as per the indicated date. Boliden does not undertake any obligation to correct or update the information or any statements made therein. Certain statements in this presentation are forward-looking and are