Boliden Ab · OMXSTO:BOL
Boliden Ab — Investor Day (March 2026)
34 slides from Boliden Ab's investor day presentation, Mar 18, 2026
Slide 1: Capital Markets Update 2026
Capital Markets Update 2026 Mikael Staffas, President and CEO Håkan Gabrielsson, CFO March 18, 2026
Slide 2: 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
Slide 3: Nu är den stolta vår utsprungen, den vår de svaga kallar höst
”Nu är den stolta vår utsprungen, den vår de svaga kallar höst” “The proud spring is here in full blossom, the spring the weak call autumn” Hösthorn 1927 Erik Axel Karlfeldt (1864-1931) Nobel Price in Literature 1931
Slide 4: CMD update, March 18, 2026
CMD update, March 18, 2026 New CAPEX decisions • Garpenberg new hoist: SEK 4.0 billion • Rönnskär Supplementary Cementitious Materials (SCM) plant: SEK 1.5 billion Delivering on large projects • Odda expansion, Rönnskär new tankhouse and the Boliden Area tailings sand recycling Increasing volumes •
Slide 5: Garpenberg recent events
Garpenberg recent events Number and magnitude of seismic events in Garpenberg 13th – 17th of March 2026 Rock fall • Rock fall in stope created shock wave • Saturday March 14 around noon • Six employees received medical care • All back at home Seismic activity • Increased seismic activity starting Sa
Slide 6: Continued strong sustainability performance
Continued strong sustainability performance Safety Climate Global Industry Standard on Tailings Management (GISTM) • Continued focus on proactivity and • CO2e roadmap on track, with safety culture restated historical emissions for • In conformance at all active facilities acquired mines • 18 consecu
Slide 7: Garpenberg – a highly profitable mine
Garpenberg – a highly profitable mine Garpenberg annual operating profit SEK m 5,000 • Expansion in 2014 a game 4,500 changer 4,000 3,500 • 50% of revenues from silver 3,000 in 2025 2,500 2,000 1,500 1,000 500 0 Boliden Virtual CMD March 18, 2026 7
Slide 8: Garpenberg – successful exploration
Garpenberg – successful exploration Garpenberg Reserves and Resources Mtonnes 300 250 200 150 100 50 0 Mineral Reserves Measured/Indicated Resource Inferred Resource Boliden Virtual CMD March 18, 2026 8
Slide 9: Garpenberg – New hoist
Garpenberg – New hoist • New shaft 1,700 m, close to ore • New crusher and skip loading • Ore transport on surface • Capex SEK 4.0 billion • Peak spending 2029 – 2030 • Commissioning 2032 • Shaft construction done in 6 stages Boliden Virtual CMD March 18, 2026 9
Slide 10: Garpenberg – new hoist rationale
Garpenberg – new hoist rationale Background Purpose/Benefits Conclusion • Without a new hoist, Garpenberg • Enables continued production at • Stable long-term production at will not be able to sustain 4.5 Mtpa with redundancy 4.5 Mtpa meeting Boliden´s IRR 4.5 Mtpa long-term requirement* • Enables p
Slide 11: Rönnskär SCM industrial demonstration plant
Rönnskär SCM industrial demonstration plant • Capex SEK 1.5 billion • Capacity 280 ktonnes • Patented technology • Construction starting H2 2026 • Ramp up H1 2029 • Meets Boliden´s IRR requirement at current cement prices • Expected cement price increase due to CO2 regulations • Roll out of technolo
Slide 12: Boliden SCMentum
Boliden SCMentum Boliden benefits • Improving the metal recoveries • Adding a revenue stream • First step towards waste-free smelting • Increased self-sufficiency of concrete raw material Market opportunity • A fully scalable and an energy efficient CO2 abatement technology • Limited and shrinking a
Slide 13: Odda ramp-up
Odda ramp-up • Commissioning • Tankhouse, foundry and Odda Leach Product production fully operational • Leaching facility fully commissioned • Roaster and acid plant in final stages of hot commissioning • 150 Ktpa zinc expansion • 40 Ktpa new leach product • Metal content: Pb 10 ktonnes, Ag 50 tonne
Slide 14: Rönnskär tankhouse
Rönnskär tankhouse • State-of-the-art production facility • Annual copper cathode production capacity of 230 ktonnes • Ramp-up: Q4 2026 • Scalability ‒ enables efficient expansion of production capacity in the future Golfboll hade varit bra, men här • Annual EBITDA of SEK 1 billion* kommer Ny bild i
Slide 15: The Boliden Area – Tailings sand recycling project
The Boliden Area – Tailings sand recycling project Purpose • Extends existing tailings capacity until late 2030s • Enables the use of paste as backfill in Kankberg and Renström • Improved reclamation method in Maurliden Status • On time and on budget: Capex SEK 2.5 billion • Permit for change of rec
Slide 16: Open pits – approaching higher grades
Open pits – approaching higher grades Indicative grade guidance Aitik Cu grade Kevitsa Cu grade Kevitsa Ni grade 0.30% 0.50% 0.30% 0.25% 0.40% 0.25% 0.20% 0.20% 0.30% 0.15% 0.15% 0.20% 0.10% 0.10% 0.05% 0.10% 0.05% 0.00% 0.00% 0.00% 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2016 2018 2020 20
Slide 17: Strong Return on Capital Employed through cycles
Strong Return on Capital Employed through cycles Return on Capital Employed (ROCE) Return on Capital Employed (ROCE) per business area % % 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ROCE Average Mine
Slide 18: Metals Mix
Metals Mix Share of total Group EBIT sensitivity from changes in metal prices, Q4 2025 10% 30% 16% 18% 27% Copper Zinc Silver Gold Other Boliden Virtual CMD March 18, 2026 18
Slide 19: Annual operating profit sensitivity
Annual operating profit sensitivity Effect on operating profit, SEK m Change in metal prices, +10% BA Mines BA Smelters Total Group Copper 1,380 120 1,500 Zinc 1,050 300 1,350 Silver 750 150 900 Gold 550 250 800 Lead 150 50 200 Nickel 140 35 175 Palladium 25 35 60 Platinum 35 15 50 Change in TC/RC,
Slide 20: SEK 15.5 billion capital expenditure 2026
SEK 15.5 billion capital expenditure 2026 Increased by SEK 0.5 billion due to Garpenberg hoist and SCMentum Mine sustaining Expansion and strategic projects Stay in business capex SEK 6.5 billion SEK 4 billion SEK 5 billion • Stripping, development and • Odda • Foundation to extend and develop succe
Slide 21: Capex beyond 2026
Capex beyond 2026 • Mine sustaining up SEK ~0.5 billion 2027 • Increase in Aitik off-sets decrease in Kevitsa • Increased costs for raising of dams • Some increase in Stay in business capex • Industrial area and water management in Aitik • Truck replacement • Expansions and strategic projects net lo
Slide 22: Attractive portfolio of growth options
Uppdatera design? Attractive portfolio of growth options • SCMentum decided • Garpenberg hoist decided • Semblana extension in Somincor added • Work continuing with Nautanen, Älgträsk, Tara Deep and Laver • Stage 5 extension in Kevitsa excluded Boliden Virtual CMD March 18, 2026 22
Slide 23: Growth options – indicative decision timeline and capex
Growth options – indicative decision timeline and capex* Capex SEK billion** 25 10 5 2 1 2026 2027 2028 2029 2030 2031 Decision time Decided * Tentative decision time and cost, pending business case, studies, permits, funding, etc. ** Logarithmic scale In the plan Boliden Virtual CMD March 18, 2026
Slide 24: Tutoring - Process Inventory Revaluation (PIR)
Tutoring - Process Inventory Revaluation (PIR) • Process inventory • Material tied in production processes in Smelters • Fixed volume • Not hedged • Valuation lowest of average and closing prices in the last month of the quarter • The difference between periods charged to P&L • Exact value also depe
Slide 25: Simplified PIR calculation – example Q4 2025
Simplified PIR calculation – example Q4 2025 Prices in SEK September, 2025 December, 2025 Value Metal Closing Average Lowest Closing Average Lowest Delta (SEK m)¹ Copper, tonnes 27,500 96,031 93,282 93,282 114,880 109,703 109,703 16,421 452 Zinc, tonnes 9,000 28,324 27,461 27,461 28,429 29,366 28,42
Slide 26: Q1 2026 update
Q1 2026 update • Garpenberg • So far, four days production stop • Further updates will be press released • Somincor – heavy rain in Portugal • One week stop in the mill in Q1 • No change to full year guidance • Mine taxes Finland and downsizing in Kevitsa • Estimated tax cost increase unchanged at E
Slide 27: Mines 2026 grade guidance unchanged
Mines 2026 grade guidance unchanged 2026 average grades Milled volume Zn Cu Ni1 Au Ag % g/tonne Mtonnes Aitik 0.18 0.08 41 Boliden Area 3.0 1.6 70 1.8 Garpenberg 2.9 95 3.7 Kevitsa 0.24 0.17 10 Somincor2, Cu 1.7 2.3 Somincor2, Zn 6.7 2.2 Tara 5.6 1.8 Zinkgruvan2, Zn 7.0 1.1 Zinkgruvan2, Cu 2.0 0.3 1
Slide 28: Solid balance sheet with recent deleveraging
Solid balance sheet with recent deleveraging Net debt to equity vs hurdle rate for extra ordinary dividend 40 35 30 25 20 15 10 5 0 Gearing incl. net reclamation Proforma after ordinary dividend Hurdle rate for extra ordinary dividend Boliden Virtual CMD March 18, 2026 28
Slide 29: Long-term commitment to financial targets and dividend policy
Long-term commitment to financial targets and dividend policy Return on investments Dividend policy Net Debt/Equity* ≥10% 1/3 ~20% of net profit at economic peaks *including net reclamation liability Boliden Virtual CMD March 18, 2026 29
Slide 30: CMD update, March 18, 2026
CMD update, March 18, 2026 New CAPEX decisions • Garpenberg new hoist: SEK 4.0 billion • Rönnskär Supplementary Cementitious Materials (SCM) plant: SEK 1.5 billion Delivering on large projects • Odda expansion, Rönnskär new tankhouse and the Boliden Area tailings sand recycling Increasing volumes •
Slide 31: Nu är den stolta vår utsprungen, den vår de svaga kallar höst
”Nu är den stolta vår utsprungen, den vår de svaga kallar höst” “The proud spring is here in full blossom, the spring the weak call autumn” Hösthorn 1927 Erik Axel Karlfeldt (1864-1931) Nobel Price in Literature 1931
Slide 32: 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 Boliden Virtual CMD March 18, 2026 32
Slide 33: Appendix
Appendix March 18, 2026
Slide 34: Calendar
Calendar April 28, 2026 Interim Report for the first quarter 2026 and Annual General Meeting 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 quart