Boliden Ab · OMXSTO:BOL
Boliden Ab — Q2 2026 Earnings Presentation
28 slides from Boliden Ab's earnings presentation, Jul 21, 2026
Slide 1: Q2 Interim Report 2026
Q2 Interim Report 2026 Continued favorable metal prices Mikael Staffas, President and CEO Håkan Gabrielsson, Executive Vice President and CFO July 21, 2026
Slide 2: Highlights
Highlights • Operating profit excluding revaluation of process inventory totaled SEK 2,872 m (1,281) • Free cash flow was SEK -2,114 m (-12,354) • Inventory build up • Significantly lower earnings contribution from Garpenberg • Restarted according to plan after seismic event • Strong contribution fr
Slide 3: Financial performance
Financial performance Group Operating profit excl. PIR • Operating profit excl. PIR SEK 2,872 m (1,281) SEK m Rolling, • Planned maintenance SEK -350 m (-400) SEK m 5,000 20,000 • Free cash flow SEK -2,114 m (-12,354) 4,500 18,000 4,000 16,000 • Net debt/equity ratio 24% (29) 3,500 14,000 3,000 12,0
Slide 4: Garpenberg update
Garpenberg update Background and recent developments • Rockfall and abnormal seismic activity March 14, 2026 • All infrastructure, including ore hoist, operational • Except personnel hoist, expected back in operation in September • Production restarted according to guidance • Paste production for ba
Slide 5: Key projects update
Key projects update Rönnskär tankhouse Garpenberg 4.5 Mtonnes expansion • On track • 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 however slower than planned • On track, earl
Slide 6: ESG development in Q2
ESG development in Q2 • Scope 1 and 2 GHG emissions: 193 ktonnes CO2e (225) • LTIF: 2.7 (3.8) • Sick leave: 4.4% (4.3) 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
Slide 7: Market developments
Market developments Prices and terms indices Metal price/TC index (USD) Currency index Boliden weighted index • Continued high metal prices • Stronger metal prices year-on-year 225 • Precious metal prices moderated during the quarter 200 175 • Slightly higher USD versus previous quarter 150 125 • We
Slide 8: Copper and zinc prices relative to cash cost
Copper and zinc prices relative to cash cost Copper Zinc USD/tonne USD/tonne 5,000 14,000 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 40 2,000 • Milled volume 10.8 Mtonnes (9.9) • Sligthly lower milled volume and grades 30 1,500 • Record mine production 20 1,000 Somincor 500 • Cu grade slightly higher than 10 previous quarter • Strong production 0
Slide 10: Smelter production
Smelter production Copper cathodes, ktonnes 120 Bergsöe Odda 90 60 • Production record of lead alloys • Expansion ramp-up continued, 30 slower pace than expected due to 0 Harjavalta issues with the new roaster Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 2026 • Planned m
Slide 11: Financial summary
Financial summary SEK m Q2 2026 Q2 2025 Q1 2026 Revenues 25,733 22,285 27,822 Operating profit before depreciation 5,485 3,370 8,169 Operating profit 3,194 1,094 5,247 Operating profit ex. PIR 2,872 1,281 4,432 Investments 4,058 4,168 3,674 Ta bort Acquisition of Somincor and Zinkgruvan - 14,389 48
Slide 12: 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 1,500 6,000 1,000 4,000 SEK m Q2 2026 Q2 2025 Q1 2026 500 2,000 Mines 2,290 1,035 3,114 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Smelters 707 585 1,309 2022 202
Slide 13: Operating profit deviation year-on-year
Operating profit deviation year-on-year Prices and terms • Higher metal prices 5,000 Volumes 4,500 3,103 • Significantly lower production in Garpenberg 4,000 • Lower grades 3,500 -1,179 • Partly off-set by full quarter with acquired 3,000 165 2,872 126 mines 2,500 -603 -21 2,000 Costs 1,500 1,281 •
Slide 14: Operating profit deviation quarter-on-quarter
Operating profit deviation quarter-on-quarter Prices and terms • Total prices and terms more or less flat 5,000 4,500 4,432 • Weaker metal prices off set by USD and 4,000 -137 sulphuric acid 3,500 Volumes 3,000 700 2,872 2,500 -1,457 -3 • Significantly lower production from -613 Garpenberg 2,000 -49
Slide 15: Cash flow
Cash flow SEK m Q2 2026 Q2 2025 Q1 2026 Operating profit before depreciation and amortization excl. PIR 5,163 3,558 7,354 Cash flow from working capital -1,750 3,464 -272 Cash flow from investing activities -4,594 -4,162 -3,163 Acquisition of Somincor and Zinkgruvan Ta bort - -14,389 -48 Financial i
Slide 16: Capital structure
Capital structure 30 Jun 30 Jun 31 Mar SEK billion 2026 2025 2026 SEK billion % 21 35 Total Assets 151.1 136.2 148.6 18 30 Capital Employed 105.9 96.5 101.9 15 25 Equity 80.5 70.6 81.2 12 20 Net debt 19.1 20.5 14.3 9 15 Net debt/equity, % 24 29 18 6 10 3 5 Net reclamation liability/equity, % 7 8 7 0
Slide 17: 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 0.18 0.08 41 • Including mine sustaining capex of SEK 6.5 bn Boliden Area 3.0 1.6 70 1.8 Garpenberg 2.7 100 1.5 • Smelters planned maintenance SEK -450 m operating p
Slide 18: Calendar
Calendar 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 Report for the first quarter 2027 and Annual General Meeti
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 Q2 Interim Report 2026 19 April 28, 2026
Slide 20: Appendices
Appendices • Financing • Loan structure • Preliminary priced volumes • Treatment charges • Metal prices • External process inventory Q2 Interim Report 2026 20
Slide 21: Financing
Financing SEK m Q2 2026 Q2 2025 Q1 2026 Debt to credit institutions 22,432 27,008 22,835 Other interest bearing debt 290 374 325 Pension liability 1,176 1,245 1,171 Interest bearing assets -555 -509 -1 Cash -4,198 -7,603 -9,995 Total 19,145 20,515 14,335 SEK m Q2 2026 Q2 2025 Q1 2026 Not utilized cr
Slide 22: Loan structure
Loan structure Maturity of which SEK m Reported value utilized < 1 year 1-5 years > 5 years Revolving credit facility 16,783 Bilateral loans 15,303 15,303 608 14,522 173 Bonds 7,129 7,129 950 4,079 2,100 Commercial papers - - - - - Leases, other 290 290 139 151 - Total 22,722 1,697 18,751 2,273 Q2 I
Slide 23: Preliminary priced volumes
Preliminary priced volumes Preliminary priced volumes in Mines* 2026 Copper, ktonnes 16.4 Zinc, ktonnes 42.6 Nickel, ktonnes 2.3 Lead, ktonnes 4.3 Silver, kg 25,937 Gold, kg 630 Palladium, kg 193 Platinum, kg 292 * Preliminary priced volumes of metal in concentrate in Mines Q2 Interim Report 2026 23
Slide 24: Zinc and copper treatment charges
Zinc and copper treatment charges Zinc Copper USD/tonne USD/tonne concentrate concentrate 350 100 300 50 250 200 0 2021 2022 2023 2024 2025 2026 150 -50 100 50 -100 0 2021 2022 2023 2024 2025 2026 -150 -50 -100 -200 Contract TC - realized Spot TC imported concentrate to China Contract TC - annual an
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 Q2 2026 vs period 2,500 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2,000 1,500 Gold -8% 9% 30% 37% 1,000 Silver -13% 34% 86
Slide 27: External process inventory
External process inventory Metal Volume Copper, tonnes 26,800 Zinc, tonnes 10,100 Lead, tonnes 100 Gold, kg 3,600 Silver, kg 75,300 Palladium, kg 500 Q2 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