Boliden Ab · OMXSTO:BOL
Boliden Ab — Q1 2025 Earnings Presentation
27 slides from Boliden Ab's earnings presentation, Apr 23, 2025
Slide 1: Q1 2025 Interim Report
Q1 2025 Interim Report A solid start to our second century Mikael Staffas, President and CEO Håkan Gabrielsson, Executive Vice President and CFO April 23, 2025
Slide 2: Highlights
The Boliden Odda expansion was officially inaugurated March 17, 2025 Highlights • Operating profit excl. PIR SEK 2,599 m (1,212) • Strikes in Finland had an estimated SEK -100 m (-400) effect on operating profit • Free cash flow was SEK -1,869 m (-1,508) • Lower milled volume and recoveries in Aitik
Slide 3: Financial performance
Financial performance Group Operating profit excl. PIR • Operating profit excl. PIR SEK 2,599 m (1,212) SEK m Rolling, • Free cash flow SEK -1,869 m (-1,508) SEK m 5,000 20,000 • Capex SEK 2,896 m (3,445) 4,500 18,000 4,000 16,000 3,500 14,000 3,000 12,000 2,500 10,000 2,000 8,000 1,500 6,000 1,000
Slide 4: Key projects update
Key projects update Odda expansion Boliden Area tailings sand recycling project • Commissioning phase • Project well under way Kristineberg expansion • Completion in H2 2026 • Production from the Rävliden deposit running Tara restart through new infrastructure • Ramp-up of production to • The fully
Slide 5: ESG development
ESG development Greenhouse gas emissions, rolling 12 months 1,200 1,000 800 600 • Greenhouse gas emissions* 215 ktonnes (203) 400 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2021 2022 2023 2024 2025 Lost Time Injury Frequency**, rolling 12 months • Lost Time Injury Frequency** 3.7 (5.1) 10 5 • Sick leave 5.9% (5.5)
Slide 6: Market developments
Market developments • Favorable development of metal prices during the Prices and terms indices quarter, which has deteriorated in April Metal price/TC index (USD) Currency index Boliden weighted index • Precious metal prices holding up well Q1 2025 225 • Strong currency development initially in Q1
Slide 7: Copper, zinc and nickel prices relative to cash cost
Copper, zinc and nickel prices relative to cash cost Copper Zinc Nickel USD/tonne USD/tonne USD/tonne 12,000 5,000 35,000 4,500 10,000 30,000 4,000 3,500 25,000 8,000 3,000 20,000 6,000 2,500 2,000 15,000 4,000 1,500 10,000 1,000 2,000 5,000 500 0 0 0 Minimum price Average price Maximum price Spot p
Slide 8: Mine production
Mine production Copper in concentrate, ktonnes 40 30 20 10 Aitik Kevitsa 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 • Milled volume 9.7 Mtonnes (10.6) • Stable production 2021 2022 2023 2024 2025 • Diorite intrusion and oxidized ore • Milled volume 2.4 Mtonnes (2.5) Zinc in concentrate, kt
Slide 9: Smelter production
Smelter production Copper cathodes, ktonnes 150 100 50 Rönnskär Kokkola 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 • Challenging concentrate situation • Unplanned maintenance of roaster 2021 2022 2023 2024 2025 • Concentrate mix adopted to anode • Impact from strikes Zinc, ktonnes business
Slide 10: Financial summary
Financial summary SEK m Q1 2025 Q1 2024 Q4 2024 Revenues 21,121 18,481 25,785 Operating profit before depreciation 4,881 3,237 5,989 Operating profit 3,062 1,615 4,098 Operating profit ex. PIR 2,599 1,212 3,814 Investments 2,896 3,445 4,575 Free cash flow -1,869 -1,508 4,264 Earnings per share, SEK
Slide 11: Operating profit excl. PIR per Business Area
Operating profit excl. PIR Mines SEK m Rolling, per Business Area SEK m 3,500 14,000 3,000 12,000 2,500 10,000 2,000 8,000 SEK m Q1 2025 Q1 2024 Q4 2024 1,500 6,000 1,000 4,000 Mines 1,339 948 1,152 500 2,000 Smelters 1,025 505 2,427 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Other/elimi
Slide 12: Operating profit deviation year-on-year
Operating profit deviation Prices and terms • Higher metal prices and USD, partly year-on-year offset by lower premiums and TCs Volumes 3,500 637 • Restart of Tara 3,000 1,338 -359 63 2,599 • Lower production in Aitik 2,500 -201 -90 • Strong production in Harjavalta 2,000 • Lower impact from strikes
Slide 13: Operating profit deviation quarter-on-quarter
Operating profit deviation Prices and terms • Lower treatment charges quarter-on-quarter Volumes 4,500 • Lower milled volume and recoveries in 4,000 3,814 Aitik 583 54 3,500 -212 • Lower grades in Garpenberg 3,000 • Strikes in Finland -676 2,599 2,500 -935 -29 • Partly offset by higher milled volume
Slide 14: Cash flow
Cash flow SEK m Q1 2025 Q1 2024 Q4 2024 Operating profit before depreciation and amortization excl. PIR 4,418 2,835 5,704 Cash flow from working capital -2,435 187 3,733 Cash flow from investing activities -2,895 -3,444 -4,597 Financial items -305 -203 -333 Paid tax -568 -1,063 -316 Other -84 180 73
Slide 15: Capital structure
Capital structure 31 Mar 31 Mar 31 Dec SEK billion % 16 35 SEK billion 2025 2024 2024 14 30 Total Assets 118.4 104.2 116.2 12 25 Capital Employed 81.5 74.1 80.1 10 Equity 68.6 58.5 65.0 20 8 Net debt 8.7 12.4 10.7 15 6 Net debt/equity, % 13 21 16 10 4 5 Net reclamation 2 liability/equity, % 6 6 6 0
Slide 16: Welcome Somincor and Zinkgruvan
Welcome Somincor and Zinkgruvan
Slide 17: 2025 Outlook
2025 Outlook 2025 average grades Zn Cu Ni* Au Ag • Capex SEK 15.5 billion (SEK 1.5 billion increase entirely from Somincor and Zinkgruvan) % g/tonne Aitik 0.16 0.08 • Transaction costs SEK -150 m in Q2 Garpenberg 3.3 95 Kevitsa • Insurance cash flow ~SEK 2,000 m for the full year 2025, of which 0.23
Slide 18: Our purpose, vision and values
Our purpose To provide the metals essential to improve society for generations to come Our vision To be the most climate friendly and respected metal provider in the world Our values Care, courage and responsibility Q1 Interim Report 2025 18
Slide 19: Appendices
Appendices • Financing • Loan structure • Preliminary priced volumes • Treatment charges • Metal prices Q1 Interim Report 2025 19
Slide 20: Financing
Financing SEK m Q1 2025 Q1 2024 Q4 2024 Debt to credit institutions 16,156 15,361 16,057 Other interest bearing debt 410 157 449 Pension liability 1,203 1,140 1,208 Interest bearing assets -1 -1 -1 Cash -9,040 -4,272 -7,052 Total 8,728 12,386 10,662 SEK m Q1 2025 Q1 2024 Q4 2024 Not utilized credit
Slide 21: Loan structure
Loan structure Maturity of which SEK m Reported value utilized < 1 year 1-5 years > 5 years Revolving credit facility 13,649 Bilateral loans 6,250 6,250 816 3,597 1,837 Bonds 7,138 7,138 1,000 3,834 2,304 Commercial papers 2,768 2,768 2,768 - - Leases, other 410 410 147 263 - Total 16,566 4,731 7,69
Slide 22: Preliminary priced volumes
Preliminary priced volumes 31 Mar Preliminary priced volumes in Mines* 2025 Copper, ktonnes 8.2 Zinc, ktonnes 13.5 Nickel, ktonnes 2.4 Lead, ktonnes 2.1 Silver, kg 27,883 Gold, kg 603 Palladium, kg 137 Platinum, kg 216 * Preliminary priced volumes of metal in concentrate in Mines Q1 Interim Report 2
Slide 23: Zinc and copper treatment charges
Zinc and copper treatment charges Zinc Copper USD/tonne USD/tonne concentrate concentrate 350 100 300 80 250 60 200 40 150 20 100 0 50 2020 2021 2022 2023 2024 2025 0 -20 2020 2021 2022 2023 2024 2025 -50 -40 -100 -60 Contract TC - realized Spot TC imported concentrate to China Contract TC - annual
Slide 24: Zinc, copper and nickel prices
Zinc, copper and nickel prices USD/tonne ktonnes USD/tonne ktonnes Zinc Copper 5,000 2,000 12,000 2,400 4,000 1,600 10,000 2,000 8,000 1,600 3,000 1,200 6,000 1,200 2,000 800 4,000 800 1,000 400 2,000 400 0 0 0 0 LME inventory Shanghai inventory Price Price Q avg LME inventory Shanghai inventory Com
Slide 25: Gold, silver and lead prices
Gold, silver and lead prices USD/tr.oz. USD/tr.oz. Gold Silver 4,000 40 3,000 30 2,000 20 1,000 10 0 0 Price Price Q avg Price Price Q avg USD/tonne Lead 3,000 Average price in Q1 2025 vs period 2,500 Q4 2024 Q3 2024 Q2 2024 Q1 2024 2,000 Gold 7% 16% 22% 38% 1,500 1,000 Silver 2% 8% 11% 37% 500 Lead
Slide 26: External process inventory
External process inventory Metal Volume Copper, tonnes 29,000 Zinc, tonnes 21,000 Lead, tonnes 400 Gold, kg 3,500 Silver, kg 87,500 Palladium, kg 500 Q1 Interim Report 2025 26
Slide 27: 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