Boliden Ab · OMXSTO:BOL
Boliden Ab — Q4 2025 Earnings Presentation
33 slides from Boliden Ab's earnings presentation, Feb 3, 2026
Slide 1: Q4 Interim & Year-End Report 2025
Q4 Interim & Year-End Report 2025 Strong metal prices Mikael Staffas, President and CEO Håkan Gabrielsson, Executive Vice President and CFO February 3, 2026
Slide 2: Highlights
Highlights • Strong metal prices • Strong metal prices outweighing weaker USD • Gold and silver price rally • Continued strong mine production in Aitik • Lower grades in Mines overall • Stable production in Smelters • SEK 410 m one-off metal recoveries • The Board of Directors proposes an ordinary d
Slide 3: Financial performance
Financial performance Group Operating profit excl. PIR • Operating profit excl. PIR SEK 4,061 m (3,814) SEK m Rolling, • Items affecting comparability SEK 410 m (935) SEK m 5,000 20,000 • Free cash flow was SEK 2,689 m (4,264) 4,500 18,000 • Final insurance proceeds SEK 382 m (200) 4,000 16,000 3,50
Slide 4: Key projects update
Key projects update Odda expansion Boliden Area tailings sand recycling project • Hot commissioning ongoing • On track • Increasing deliveries of Garpenberg 4.5 Mtonnes Odda Leach Product expansion Rönnskär tankhouse • Paste project according to • On track plan • Ramp-up during H2 2026 • A revised p
Slide 5: ESG development in Q4
ESG development in Q4 Greenhouse gas emissions, rolling 12 months 1,200 1,000 800 600 • Greenhouse gas emissions 230 ktonnes (219) 400 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 2021 2022 2023 2024 2025 Lost Time Injury Frequency, rolling 12 months • Lost Time Injury Frequency 3.6 (2.3) 10 5 • Sick leave 4.7% (5
Slide 6: Market developments
Market developments • Record high gold and silver prices Prices and terms indices Metal price/TC index (USD) Currency index Boliden weighted index • Strong copper price in the end of quarter • Weaker USD 225 200 • Weak spot Cu and Zn TCs 175 150 125 100 75 50 25 0 Index 100 = January 1, 2020 Q4 Inte
Slide 7: 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 12,000 4,500 4,000 10,000 3,500 8,000 3,000 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 8: Mine production
Mine production Copper in concentrate, ktonnes 40 30 Aitik 20 • Milled volume 9.8 Mtonnes (10.1) Kevitsa 10 0 • Grades improving vs Q3 • Stable production at capacity Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 • Strong mine production • Lower grades Zinc in
Slide 9: Smelter production
Smelter production Copper cathodes, ktonnes 150 Rönnskär Odda 100 • Stable feed • Higher zinc production 50 0 • High free metals Bergsöe Q1 Q2 Q3Q4 Q1 Q2 Q3Q4 Q1 Q2 Q3Q4 Q1 Q2 Q3Q4 Q1 Q2 Q3Q4 2021 2022 2023 2024 2025 Harjavalta • Planned maintenance • Record production of copper Zinc, ktonnes cathod
Slide 10: Financial summary
Financial summary SEK m Q4 2025 Q4 2024 Q3 2025 Revenues 28,131 25,785 21,971 Operating profit before depreciation 8,109 5,989 5,611 Operating profit 5,798 4,098 3,237 Operating profit ex. PIR 4,061 3,814 2,752 Investments 4,626 4,575 3,806 Ta bort Free cash flow 2,689 4,264 2,284 Earnings per share
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 Q4 2025 Q4 2024 Q3 2025 1,500 6,000 1,000 4,000 Mines 3,174 1,152 2,429 500 2,000 Smelters 1,361 2,427 689 0 0 Q1 Q2Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3Q4 Q1 Q2Q3Q4 Other/elim
Slide 12: Operating profit deviation year-on-year
Prices and terms Operating profit deviation • Higher metal prices, partly offset by weaker USD and lower TCs year-on-year Volumes • Somincor and Zinkgruvan included, restart of 7,000 Tara 1,503 6,000 • Lower grades in the Boliden Area and open pits 5,000 910 -1,232 Costs -459 49 4,061 4,000 3,814 -5
Slide 13: Operating profit deviation quarter-on-quarter
Prices and terms Operating profit deviation • Higher metal prices, mainly Ag, Cu and Au quarter-on-quarter Volumes • Lower production in Mines, except Aitik where grades improved 6,000 Costs 2,301 5,000 • Seasonally higher costs -595 345 110 4,061 • Higher costs for external services 4,000 44 -895 I
Slide 14: Cash flow
Cash flow SEK m Q4 2025 Q4 2024 Q3 2025 Operating profit before depreciation and amortization excl. PIR 6,372 5,704 5,125 Cash flow from working capital 1,389 3,733 1,575 Cash flow from investing activities -4,654 -4,597 -3,835 Financial items Ta bort -311 -333 -346 Paid tax -281 -316 -262 Other 174
Slide 15: Capital structure
Capital structure 31 Dec 31 Dec 30 Sep SEK billion 2025 2024 2025 SEK billion % 21 35 Total Assets 143.4 116.2 136.9 18 30 Capital Employed 98.4 80.1 96.7 15 25 Equity 76.5 65.0 72.8 12 20 Net debt 15.2 10.7 18.1 9 15 Net debt/equity, % 20 16 25 6 10 Net reclamation 3 5 liability/equity, % 7 6 7 0 0
Slide 16: Group – Full-year 2025
Group – Full-year 2025 Operating profit excl. PIR Operating profit excl. PIR SEK 10,693 m (12,025) SEK m • Improved prices and terms 18,000 • Stronger metal prices, especially precious metals 16,000 • Partly offset by lower USD and TCs 14,000 • Increased volumes 12,000 • Somincor and Zinkgruvan incl
Slide 17: Mines – Full-year 2025
Mines – Full-year 2025 Operating profit Operating profit SEK 7,978 m (5,241) SEK m 5,000 • New additions and re-start of Tara 4,000 • Improved prices and terms 3,000 • Gold and silver rally 2,000 1,000 • Lower grades 0 • Aitik, Boliden Area, Garpenberg and Kevitsa -1,000 • Good cost control -2,000 A
Slide 18: Smelters – Full-year 2025
Smelters – Full-year 2025 Operating profit excl. PIR • Operating profit excl. PIR SEK 3,660 m (7,147) SEK m • Large one-off insurance income in Rönnskär 2024 4,000 3,500 • Weaker prices and terms despite stronger metal prices 3,000 • Lower USD and treatment charges 2,500 2,000 • More planned mainten
Slide 19: Exploration 2025
Exploration 2025 Duke SW Thompson Aitik and Norrbotten Kevitsa Gjoll • Exploration cost SEK 969 m (929) Peurasuvanto, Rookki & Boliden Area Manninkijoki Sweden Northern Sweden: Continued positive exploration results in Nautanen and Boliden Area. Mining concession approved but appealed for Laver and
Slide 20: Mineral Reserves end of 2025
Mineral Reserves end of 2025 • Increased volumes of Reserves in the Boliden Area, Somincor, Tara and Zinkgruvan, mainly due to improved price assumptions Mineral Reserve Life of Mine (years)** • Reserve grades maintained at most mines due to successful 30 brownfield exploration 25 • Somincor and Zin
Slide 21: Mineral Resources end of 2025
Mineral Resources end of 2025 • Aitik Area • Measured and Indicated 805 (590) Mtonnes and Inferred 378 (315) Mtonnes • Additionally at Nautanen deposit Indicated 20.8 (13.8) Mtonnes and Inferred 32.0 (25.5) Mtonnes • The Boliden Area • Measured and Indicated 12.5 (9.5) Mtonnes and Inferred 25.5 (18.
Slide 22: 2026 Outlook
2026 Outlook Mines 2026 average grades Milled volume • First full year with Somincor and Zinkgruvan Zn Cu Ni1 Au Ag • Weather related production issues in Somincor during the first quarter % g/tonne Mtonnes • Higher grades in open pits Aitik 0.18 0.08 41 • Increased milled volume Boliden Area 3.0 1.
Slide 23: Calendar
Calendar March 5, 2026 Annual and Sustainability Report 2025 March 18, 2026 Virtual Capital Markets Update 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 quarte
Slide 24: Our purpose
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 Q4 Interim & Year end Report 2025 24
Slide 25: Appendices
Appendices • Financing • Loan structure • Preliminary priced volumes • Treatment charges • Metal prices • External process inventory Q4 Interim & Year end Report 2025 25
Slide 26: Financing
Financing SEK m Q4 2025 Q4 2024 Q3 2025 Debt to credit institutions 23,437 16,057 23,664 Other interest bearing debt 358 449 338 Pension liability 1,170 1,208 1,247 Interest bearing assets -523 -1 -531 Cash -9,237 -7,052 -6,587 Total 15,205 10,662 18,130 SEK m Q4 2025 Q4 2024 Q3 2025 Not utilized cr
Slide 27: Loan structure
Loan structure Maturity of which SEK m Reported value utilized < 1 year 1-5 years > 5 years Revolving credit facility 13,611 Bilateral loans 15,508 15,459 759 13,185 1,515 Bonds 7,381 7,381 320 4,960 2,100 Commercial papers 597 597 597 - - Leases, other 358 358 152 206 - Total 23,795 1,828 18,352 3,
Slide 28: Preliminary priced volumes
Preliminary priced volumes 31 Dec Preliminary priced volumes in Mines* 2025 Copper, ktonnes 12.7 Zinc, ktonnes 46.3 Nickel, ktonnes 2.5 Lead, ktonnes 10.1 Silver, kg 55,177 Gold, kg 600 Palladium, kg 199 Platinum, kg 286 * Preliminary priced volumes of metal in concentrate in Mines Q4 Interim & Year
Slide 29: 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 -20 2019 2020 2021 2022 2023 2024 2025 100 50 -40 -60 0 2019 2020 2021 2022 2023 2024 2025 -80 -50 -100 -100 -120 Contract TC - realized Spot TC imported concentrate to Chi
Slide 30: 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 31: Gold, silver and lead prices
Gold, silver and lead prices USD/tr.oz. USD/tr.oz. Gold Silver 6,000 120 5,000 100 4,000 80 3,000 60 2,000 40 1,000 20 0 0 Price Price Q avg Price Price Q avg USD/tonne Lead 3,000 Average price in Q4 2025 vs period 2,500 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2,000 1,500 Gold 20% 26% 45% 56% 1,000 Silver 3
Slide 32: External process inventory
External process inventory Metal Volume Copper, tonnes 27,500 Zinc, tonnes 9,000 Lead, tonnes 100 Gold, kg 3,700 Silver, kg 80,500 Palladium, kg 500 Q4 Interim & Year end Report 2025 32
Slide 33: 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