Boliden Ab · OMXSTO:BOL
Boliden Ab — Q1 2026 Earnings Presentation
36 slides from Boliden Ab's earnings presentation, May 18, 2026
Slide 1: Metals for generations to come
Metals for generations to come Investor Presentation Q1 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 As mining and metallurgy are highly energy-intensive, decarbonizing through Energy 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 Q1 2026
Quarterly performance Q1 2026 Q1 Interim Report 2026 25
Slide 26: 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 27: 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 during H2 seismic event 2026 • Paste project accordi
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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