Boliden Ab · OMXSTO:BOL
Boliden Ab — Q1 2026 Earnings Presentation
28 slides from Boliden Ab's earnings presentation, Apr 28, 2026
Slide 1: Q1 Interim Report 2026
Q1 Interim Report 2026 Solid performance despite abnormal seismic activity in Garpenberg Mikael Staffas, President and CEO Håkan Gabrielsson, Executive Vice President and CFO April 28, 2026
Slide 2: Highlights
Highlights • Operating profit excluding revaluation of process inventory totaled SEK 4,432 m (2,599) • Free cash flow was SEK 1,673 m (-1,869) • Solid performance in both Mines and Smelters • Stronger metal prices • Continued strong mine production in Aitik and Kevitsa • A strong year on year gold a
Slide 3: Financial performance
Financial performance Group Operating profit excl. PIR • Operating profit excl. PIR SEK 4,432 m (2,599) SEK m Rolling, • Items affecting comparability SEK -700 m (0) SEK m 5,000 20,000 • Free cash flow was SEK 1,673 m (-1,869) 4,500 18,000 4,000 16,000 • Capex SEK 3,674 m (2,896) 3,500 14,000 3,000
Slide 4: Garpenberg update
Garpenberg update Background • Rockfall and abnormal seismic activity March 14, 2026 Updated 2026 guidance • Milled volume estimated to be 1.5 (3.7) Mtonnes • Zinc grade expected at 2.7% (2.9), silver grade expected at 100 g/tonne (95) • Q2 milled volume expected at 0.1 Mtonnes Outlook 2027 and beyo
Slide 5: Key projects update
Key projects update Odda expansion Boliden Area tailings sand recycling • First feed in March project • Hot commissioning • On track and ramp-up ongoing Garpenberg 4.5 Rönnskär tankhouse Mtonnes expansion • On track • Progressing despite • Ramp-up: Q4 2026 seismic event • Paste project according to
Slide 6: ESG development in Q1
ESG development in Q1 Greenhouse gas emissions, Scope 1 and 2 Lost Time Injury Frequency, rolling 12 Sick leave rate, rolling 12 months rolling 12 months, ktonnes CO2e months % 1,200 10 6 1,000 4 800 5 2 600 400 0 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 202
Slide 7: Market developments
Market developments Prices and terms indices Metal price/TC index (USD) Currency index Boliden weighted index • Stronger average metal prices • Especially precious metals 225 • Prices moderated during the quarter 200 • Flat Zn vs previous quarter 175 150 • Weaker USD 125 • Strengthened during the qu
Slide 8: Copper and zinc prices relative to cash cost
Copper and zinc prices relative to cash cost Copper Zinc USD/tonne USD/tonne 14,000 5,000 4,500 12,000 4,000 10,000 3,500 3,000 8,000 2,500 6,000 2,000 4,000 1,500 1,000 2,000 500 0 0 Minimum price Average price Maximum price Spot price 50th percentile 75th percentile 90th percentile Source: Wood Ma
Slide 9: Mine production
Mine production Aitik Kevitsa Copper in concentrate, ktonnes Gold in concentrate, kg • Milled volume 9.8 Mtonnes (9.7) • Stable milled volume 35 2,000 30 25 1,500 • Sligthly lower Cu grade • Good grades and recoveries 20 1,000 15 • Strong mine production Somincor 10 500 5 0 0 The Boliden Area • Stab
Slide 10: Smelter production
Smelter production Copper cathodes, ktonnes 100 Rönnskär Odda 80 60 40 • Improved process stability • First feed to Roaster 3 20 0 • Increased silver production year • Lower production of casted zinc Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 on year 2022 2023 2024 2025 2026 Bergsöe Harjaval
Slide 11: Financial summary
Financial summary SEK m Q1 2026 Q1 2025 Q4 2025 Revenues 27,822 21,121 28,131 Operating profit before depreciation 8,169 4,881 8,109 Operating profit 5,247 3,062 5,798 Operating profit ex. PIR 4,432 2,599 4,061 Investments 3,674 2,896 4,626 Free cash flow Ta bort 1,673 -1,869 2,689 Earnings per shar
Slide 12: Operating profit excl. PIR per Business Area
Operating profit excl. PIR Mines SEK m Rolling, SEK m per Business Area 3,500 14,000 3,000 12,000 2,500 10,000 2,000 8,000 1,500 6,000 1,000 4,000 SEK m Q1 2026 Q1 2025 Q4 2025 500 2,000 Mines 3,114 1,339 3,174 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Smelters 1,309 1,025 1,361 2022 20
Slide 13: Operating profit deviation year-on-year
Operating profit deviation year-on-year Prices and terms • Higher metal prices, partly offset by weaker USD and 8,000 lower TCs 7,000 Volumes 2,298 • Somincor and Zinkgruvan included 6,000 -1,256 • Negative impact from Garpenberg seismic activity 5,000 1,783 -436 145 4,432 Costs 4,000 -700 • Sominco
Slide 14: Operating profit deviation quarter-on-quarter
Operating profit deviation quarter-on-quarter Prices and terms • Higher metal prices 6,000 66 1,333 526 Volumes 5,000 -542 98 4,432 • Garpenberg seismic activity 4,061 -1,110 4,000 Costs 3,000 • Less external services • High costs in Q4 2,000 Items affecting comparability 1,000 • Asset write-down Ga
Slide 15: Cash flow
Cash flow SEK m Q1 2026 Q1 2025 Q4 2025 Operating profit before depreciation and amortization excl. PIR 7,354 4,418 6,372 Cash flow from working capital -272 -2,435 1,389 Cash flow from investing activities -3,163 -2,895 -4,654 Acquisition of Somincor and Zinkgruvan Ta bort -48 - - Financial items -
Slide 16: Capital structure
Capital structure 31 Mar 31 Mar 31 Dec SEK billion 2026 2025 2025 SEK billion % 21 35 Total Assets 148.6 118.4 143.4 18 30 Capital Employed 101.9 81.5 98.4 15 25 Equity 81.2 68.6 76.5 12 20 Net debt 14.3 8.7 15.2 9 15 Net debt/equity, % 18 13 20 6 10 3 5 Net reclamation liability/equity, % 7 6 7 0 0
Slide 17: Outlook
Outlook Zn 2026 average grades Cu Ni1 Au Ag Milled volume Unchanged 2026 guidance % g/tonne Mtonnes Aitik 0.18 0.08 41 • Group capex of SEK 15.5 bn Boliden Area 3.0 1.6 70 1.8 • Including mine sustaining capex of SEK 6.5 bn Garpenberg 2.7 100 1.5 • Smelters, planned maintenance with SEK -450 m Kevit
Slide 18: Calendar
Calendar July 21, 2026 Interim Report for the second quarter 2026 October 29, 2026 Interim Report for the third quarter 2026 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 Interim R
Slide 19: 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 Q1 Interim Report 2026 19 April 28, 2026
Slide 20: Appendices
Appendices • Financing • Loan structure • Preliminary priced volumes • Treatment charges • Metal prices • External process inventory Q1 Interim Report 2026 20
Slide 21: Financing
Financing SEK m Q1 2026 Q1 2025 Q4 2025 Debt to credit institutions 22,835 16,156 23,437 Other interest bearing debt 325 410 358 Pension liability 1,171 1,203 1,170 Interest bearing assets -1 -1 -523 Cash -9,995 -9,040 -9,237 Total 14,335 8,728 15,205 SEK m Q1 2026 Q1 2025 Q4 2025 Not utilized credi
Slide 22: Loan structure
Loan structure Maturity of which SEK m Reported value utilized < 1 year 1-5 years > 5 years Revolving credit facility 13,970 Bilateral loans 15,366 15,366 603 13,834 930 Bonds 7,468 7,468 1,292 4,076 2,100 Commercial papers - - - - - Leases, other 325 325 147 177 - Total 23,159 2,042 18,087 3,030 Q1
Slide 23: Preliminary priced volumes
Preliminary priced volumes 31 Mar Preliminary priced volumes in Mines* 2026 Copper, ktonnes 18.7 Zinc, ktonnes 45.5 Nickel, ktonnes 2.8 Lead, ktonnes 9.2 Silver, kg 39,857 Gold, kg 664 Palladium, kg 203 Platinum, kg 295 * Preliminary priced volumes of metal in concentrate in Mines Q1 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 80 60 250 40 200 20 150 0 100 -20 2020 2021 2022 2023 2024 2025 2026 50 -40 -60 0 2020 2021 2022 2023 2024 2025 2026 -80 -50 -100 -100 -120 Contract TC - realized Spot TC imported concentrate to Chi
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 Q1 2026 vs period 2,500 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2,000 1,500 Gold 18% 41% 49% 71% 1,000 Silver 54% 114% 1
Slide 27: External process inventory
External process inventory Metal Volume Former Copper, tonnes 26,800 27,500 Zinc, tonnes 10,100 9,000 Lead, tonnes 100 100 Gold, kg 3,600 3,700 Silver, kg 75,300 80,500 Palladium, kg 500 500 Q1 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