Boliden Ab · OMXSTO:BOL
Boliden Ab — Q3 2026 Earnings Presentation
37 slides from Boliden Ab's earnings presentation, Oct 29, 2026
Slide 1: Metals for generations to come
Metals for generations to come Investor Presentation Q3 2026
Slide 2: A world-class metals company
A world-class metals Mines Aitik Kevitsa company Smelters Service offices The Boliden Area Rönnskär Boliden Kokkola • Production of base and precious metals since 1924 Harjavalta • Zinc, copper, nickel, lead, gold, silver and by-products Garpenberg Odda Stockholm HQ • Operations in Ireland, Finland,
Slide 3: 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 Boliden Investor Presentation Financial year 2025 3 Month DD, YYYY
Slide 4: Investment case
Investment case Societal development Successful Responsibility through Stable financial drives our business operating model the value chain position • Metals essential to societal • Technical know-how • Metal extraction from both • Strives to maintain a development and the primary and secondary heal
Slide 5: Business Area Mines
Business Area Mines • World-class productivity in several mines • Extensive exploration enables expansion, extension of mine life cycles and new mining projects • High technical know-how Sales per metal Units Countries Operating profit 0% 20% 40% 60% 80% 100% 7 mining units Sweden SEK Copper, 32% (3
Slide 6: Business Area Smelters
Business Area Smelters • Production of high-quality metals from complex concentrates and recycled raw materials • Strong market position thanks to advanced technological know-how and flexible smelting processes Gross profit excl PIR (Revaluation of process inventory) • Sales of metals with low clima
Slide 7: Operating profit per business unit, annual
Operating profit per business unit, annual Business Area Mines Business Area Smelters Operating profit 2025 2024 Operating profit excl. PIR 2025 2024 Aitik 948 754 Rönnskär 1,095 3,465 Boliden Area 2,473 2,376 Bergsöe 97 86 Tara 58 -968 Harjavalta 1,743 1,874 Garpenberg 4,411 3,740 Kokkola 707 1,230
Slide 8: Capital structure and return
Capital structure and return Return on Capital Employed (ROCE) Net debt/Equity ratio, % 30 40 35 25 30 20 25 20 15 15 10 10 5 5 0 0 -5 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ROCE Average Boliden Investor Presentation Financial year 2025 8
Slide 9: Exploration 2025
SW Thompson Duke Exploration 2025 Aitik and Kevitsa Norrbotten Gjoll Peurasuvanto, Exploration cost SEK 969 m (929) Boliden Area Rookki & Manninkijoki Garpenberg, Sweden Northern Sweden: Continued positive exploration results in Nautanen and Zinkgruvan and Central Finland Boliden Area. Mining conces
Slide 10: Mineral Reserves end of 2025
Mineral Reserves end of 2025 • Increased volumes of Reserves in the Boliden Area, Somincor, Tara and Mineral Reserve Life of Mine (years)* Zinkgruvan, mainly due to improved price assumptions 30 • Reserve grades maintained at most mines due to successful brownfield 25 exploration 20 • Somincor and Z
Slide 11: Trends transforming the mining industry
Trends transforming the mining industry 1 Energy As mining and metallurgy are highly energy-intensive, decarbonizing through renewable power, electrification, and low-carbon processing is essential for competitiveness and climate alignment. 2 Technological advances such as automation, electrificatio
Slide 12: Boliden's strategy in brief
Boliden’s strategy in brief Profitable growth, Efficiency in production Reduce climate Care for people, including extended life and investments, footprint, including environment and society of mine through including supporting improved energy in all operations and exploration, organic processes effi
Slide 13: Financial targets
Financial targets Return on investments Net/debt equity ratio Dividend policy 10% 20% 1/3 Return on investments (ROI) of at least Net debt/equity ratio of approximately The dividend shall correspond to 10%. Any projects must be in line with 20% in an economic upturn. 1/3 of net profit for the year.
Slide 14: Strategic ESG targets
Strategic ESG targets Environmental Social Greenhouse gas emissions (GHG) Lost Time Injury Frequency Absolute GHG emissions for Scope 1-2 reduced by 42% and No harm to people should occur in Boliden's operations. The Scope 3 by 30% from 2021 – 2030. Net zero Scope 1-2 Lost Time Injury Frequency (LTI
Slide 15: Business model
Business model Boliden's business model runs from exploration for new mineral deposits and extends all the way to the production of finished metal and recycling. Exploration Smelters Sales Exploration identifies and evaluates Smelters refine mineral concentrates Sales leverage Boliden’s scale and mi
Slide 16: Income model
Income model Mines Smelters Payable metal Deductions Revenues Operating Operating Revenues Raw materials Raw material Operating Operating expenses profit contribution expenses profit excl. PIR Payable metal Revenues Value of metal content in concentrate based on LME prices Based on metal LME priced
Slide 17: Sustainability at Boliden
Sustainability at Boliden Focus on health, safety and people engagement improves wellbeing and production stability Stringent emission standards lower environmental risk Strong know-how in waste management from exploration to reclamation Responsible operations through supply chain control Dialogs an
Slide 18: Green Transition Metals
Green Transition Metals Our portfolio of low-carbon and recycled metals Low-carbon products Low-Carbon Copper: Low-Carbon Zinc: Low-Carbon Nickel: Low-Carbon Lead: Low-Carbon Sulphuric Acid: <1.5 kg CO2e* <1.0 kg CO2e* <5.0 kg** CO2e* <1.0 kg CO2e* 0.025 kg CO2e* (average 34.2) (average 1.8) (averag
Slide 19: Raw material sourcing
Raw material sourcing Internal sourcing • Main source Raw material feeds 2025 (2024), ktonnes • Increased due to the acquisition of Somincor External External Internal Internal and Zinkgruvan primary recycled primary recycled External sourcing Copper 803 (902) 150 (148) 440 (393) 54 (12) • Primary:
Slide 20: Recycling metals
Recycling metals Rönnskär One of the world’s major recyclers of metals Recycled smelting material, from electronic waste ktonnes • 120 ktonnes annual capacity, equivalent to 2 million 2025 2024 mobile phones per day Bergsöe, lead • 12 percent* of raw material feed from recycled origin Battery raw ma
Slide 21: Climate targets and progress
Climate targets and Scope 1, 2 and 3, progress progress GHG emissions 2025 2021 Scope 1, ktonnes CO2e 686 649 Scope 2, ktonnes CO2e 260 457 Total, ktonnes 946 1,107 • 42 percent reduction of Scope 1 and 2* GHG Scopes 1+2 change on 2021, % -15 0 emissions by 2030, base year 2021 Scope 3, ktonnes CO2e
Slide 22: Climate change mitigation
Climate change mitigation Main activities to achieve our 2030 climate targets and long-term net-zero target: Grid decarbonization by reducing emissions from local energy production where we operate Electrification of vehicles, machines and other processes Use of renewable energy sources such as repl
Slide 23: Biodiversity
Biodiversity Our biodiversity target is to increase biodiversity in all regions where we operate by 2030 We drive the development of standards for biodiversity monitoring and metrics We work according to mitigation hierarchy: avoid, minimize, restore and compensate Our ambition is to open one sustai
Slide 24: Reclamation
Reclamation Some of our most significant restoration projects in recent years Management and supplementary reclamation of approximately 30 sites Habitats Type of work Size, ha Start End restored Långsele Reclamation work 5.5 2018 2022 Resources for reclamation are set aside Gillervattnet Reclamation
Slide 25: Quarterly performance Q3 2026
Quarterly performance Q3 2026 Q3 Interim Report 2026 25
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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