Boliden Ab · OMXSTO:BOL
Boliden Ab — Investor Presentation (December 2025)
13 slides from Boliden Ab's investor presentation, Dec 5, 2025
Slide 1: Guidance 2026
Guidance 2026 Mikael Staffas, President and CEO Håkan Gabrielsson, CFO December 5, 2025
Slide 2: 2026 Outlook
2026 Outlook Mines • First full year with Somincor and Zinkgruvan • Higher grades in open pits • Increased milled volume • Aitik (less diorite), Garpenberg (expanded permit), the Boliden Area (Kristineberg expansion) and Tara (ramp-up) • Changed tax levels in Finland • Potentially increased annual c
Slide 3: Mines 2026 guidance
Mines 2026 guidance 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 Nickel in Sulph
Slide 4: Somincor update
Somincor update • Shift schedule change completed • Increased near mine exploration • Surface exploration drilling on Lombador North extension • Geophysics survey of the Rosario area • Updating feasibility study of the Semblana mineralization • Increased mine development • Horizontal development to
Slide 5: Zinkgruvan update
Zinkgruvan update • Increased focus on mine extension • Development of the Dalby Mineralization • Expansion of tailings management facility according to plan, in operation 2026 • In conformance with GISTM* • Optimization in mill • Recoveries are expected to be unchanged • Milled volume stable at ~1.
Slide 6: Odda expansion
Odda expansion • Hot commissioning prolonged • First feed Q1 2026 • Annual capacity increase of 150 ktonnes zinc and 45 ktonnes leach product • Strong interest in Odda Leach Product • Improved annual EBITDA of EUR ~150 m* at full production • Increased depreciation of SEK 700 m (2026 versus 2025) *A
Slide 7: Rönnskär’s new tankhouse
Rönnskär’s new tankhouse • 60% completed as of November 2025 • On track, ramp-up during H2 2026 • 230 ktonnes annual copper cathode capacity • Annual EBITDA increase SEK ~1.2 bn* when completed *At Boliden long-term planning prices Guidance 2026 7
Slide 8: Smelters 2026 planned maintenance
Smelters 2026 planned maintenance • Impact on operating profit from planned maintenance shutdowns is estimated to SEK -450 m for the full year 2026, vs estimated SEK -500 m in 2025 Smelters operating profit effect from planned maintenance shutdowns, SEK m Q1‘26 Q2’26 Q3’26 Q4’26 0 -350 -50 -50 Guida
Slide 9: Recovery adjustments in Rönnskär smelter Q4 2025
Recovery adjustments in Rönnskär smelter Q4 2025 • SEK 400 m estimated positive impact on operating profit in Q4 • More metal recovered from the destroyed tankhouse • Adjusted estimated recoveries in new material flows Guidance 2026 9
Slide 10: 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 Guidance 2026 10
Slide 11: Appendix: Rolling 12-month data per unit - Mines
Appendix: Rolling 12-month data per unit - Mines¹ Milled ore, ktonnes Head grades Cash Cost, USc/lb. C1 Cash Cost, USD/troy oz. C1 % g/tonne Normal Pro rata Pro rata Aitik 39,500 Copper 0.16 184 Gold 0.07 1,762 Boliden Area 1,747 ² Zinc 3.3 60 Gold 2.1 1,379 Silver 56 16 Garpenberg 3,425 Zinc 3.1 47
Slide 12: Calendar
Calendar February 3, 2026 Interim Report for the fourth quarter and full year 2025 and Reserves and Resources update 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 J
Slide 13: 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