Boliden Ab · OMXSTO:BOL
Boliden Ab — Q2 2025 Earnings Presentation
27 slides from Boliden Ab's earnings presentation, Jul 18, 2025
Slide 1: Q2 2025 Interim Report
Q2 2025 Interim Report New mines are successfully on board Mikael Staffas, President and CEO Håkan Gabrielsson, Executive Vice President and CFO July 18, 2025
Slide 2: Q2 2025 Highlights
Q2 2025 Highlights • SEK 1,281 m operating profit excl. PIR • ~SEK -600 m currency effect vs both previous quarter and year on year • Extensive planned maintenance • Stable production and strong underlying cash flow • Zinkgruvan and Somincor included since April 16 • Record mine production (waste ro
Slide 3: Financial performance
Financial performance Group Operating profit excl. PIR • Operating profit excl. PIR SEK 1,281 m (4,000) SEK m Rolling, • Items affecting comparability SEK -126 m (2,042) SEK m 5,000 20,000 • Planned maintenance SEK -400 m (-350) 4,500 18,000 • Free cash flow, excluding the acquisition, was 4,000 16,
Slide 4: Key projects update
Key projects update Odda expansion Aitik dam • Commissioning phase • Completed in Dec 2024 • Ramp-up H2 2025 • Dam safety permit in place Kristineberg expansion Boliden Area tailings sand recycling project • Inauguration May 15 • Project well under way Rönnskär tankhouse • Permit in place • On track
Slide 5: ESG development
ESG development Greenhouse gas emissions, rolling 12 months 1,200 1,000 800 600 • Greenhouse gas emissions* 225 ktonnes (221) 400 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2021 2022 2023 2024 2025 Lost Time Injury Frequency**, rolling 12 months • Lost Time Injury Frequency** 3.8 (7.3) 10 5 • Sick leave 4.3% (5.1)
Slide 6: Market developments
Market developments • Weaker USD Prices and terms indices Metal price/TC index (USD) Currency index Boliden weighted index • Lower zinc price • Higher precious metal prices 225 200 • Pressure on spot copper TCs 175 150 • Stable sulphuric acid price 125 100 75 50 25 0 Index 100 = January 1, 2020 Q2 I
Slide 7: Copper, zinc and nickel prices relative to cash cost
Copper, zinc and nickel prices relative to cash cost Copper Zinc Nickel USD/tonne USD/tonne USD/tonne 12,000 5,000 35,000 4,500 10,000 30,000 4,000 3,500 25,000 8,000 3,000 20,000 6,000 2,500 2,000 15,000 4,000 1,500 10,000 1,000 2,000 5,000 500 0 0 0 Minimum price Average price Maximum price Spot p
Slide 8: Mine production
Mine production Copper in concentrate, ktonnes 40 30 20 10 Aitik The Boliden Area 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 • Milled volume 9.9 Mtonnes (9.8) • Stable production 2021 2022 2023 2024 2025 • Diorite intrusion and oxidized ore • Strong gold production, but lower Zinc in co
Slide 9: Smelter production
Smelter production Copper cathodes, ktonnes 150 100 50 Rönnskär Kokkola 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 • Good concentrate availability • Planned maintenance 2021 2022 2023 2024 2025 • Strong free metals • Stable production thanks to Zinc, ktonnes production from intermediate
Slide 10: Financial summary
Financial summary SEK m Q2 2025 Q2 2024 Q1 2025 Revenues 22,285 22,748 21,121 Operating profit before depreciation 3,370 6,420 4,881 Operating profit 1,094 4,814 3,062 Operating profit ex. PIR 1,281 4,000 2,599 Investments 4,168 3,726 2,896 Acquisition of Somincor and Zinkgruvan 14,389 - - Free cash
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 Q2 2025 Q2 2024 Q1 2025 1,500 6,000 1,000 4,000 Mines 1,035 1,118 1,339 500 2,000 Smelters 585 3,084 1,025 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Other/
Slide 12: Operating profit deviation year-on-year
Prices and terms Operating profit deviation • Higher prices on precious metals and by- products, offset by lower USD and TCs year-on-year Volumes • Somincor and Zinkgruvan included, restart of 6,000 Tara 1,095 • Negative impact from internal profit 5,000 elimination 4,000 4,000 -1 -1,030 Costs -699
Slide 13: Operating profit deviation quarter-on-quarter
Operating profit deviation Prices and terms • Weaker USD and TCs quarter-on-quarter • Volatile base metal prices in quarter affecting definitive pricing Volumes 3,500 1,460 • Somincor and Zinkgruvan included 3,000 2,599 • Strong free metals in Smelters 2,500 • Negative impact from internal profit 2,
Slide 14: Cash flow
Cash flow SEK m Q2 2025 Q2 2024 Q1 2025 Operating profit before depreciation and amortization excl. PIR 3,558 5,606 4,418 Cash flow from working capital 3,464 -567 -2,435 Cash flow from investing activities -4,162 -3,727 -2,895 Acquisition of Somincor and Zinkgruvan -14,389 - - Financial items -329
Slide 15: Capital structure
Capital structure 30 Jun 30 Jun 31 Mar SEK billion % 21 35 SEK billion 2025 2024 2025 18 30 Total Assets 136.2 112.5 118.4 15 25 Capital Employed 96.5 77.6 81.5 12 20 Equity 70.6 59.7 68.6 9 15 Net debt 20.5 14.4 8.7 6 10 Net debt/equity, % 29 24 13 3 5 Net reclamation 0 0 liability/equity, % 8 6 6
Slide 16: 2025 Outlook
2025 Outlook 2025 average grades Zn Cu Ni* Au Ag • Capex SEK 15.5 billion % g/tonne • Insurance cash flow ~SEK 2,000 m for the full year 2025, of which Aitik 0.16 0.08 SEK 1,335 m has been received Garpenberg 3.1 95 Kevitsa 0.23 0.17 • Smelters planned maintenance SEK -500 m operating profit effect
Slide 17: Calendar
Calendar October 22, 2025 Interim Report for the third quarter 2025 December 5, 2025 2026 guidance release February 3, 2026 Interim Report for the fourth quarter and full year 2025 and Reserves and Resources update March 18, 2026 Virtual Capital Markets Update April 28, 2026 Interim Report for the f
Slide 18: 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 Q2 Interim Report 2025 18
Slide 19: Appendices
Appendices • Financing • Loan structure • Preliminary priced volumes • Treatment charges • Metal prices Q2 Interim Report 2025 19
Slide 20: Financing
Financing SEK m Q2 2025 Q2 2024 Q1 2025 Debt to credit institutions 27,008 19,768 16,156 Other interest bearing debt 374 524 410 Pension liability 1,245 1,140 1,203 Interest bearing assets -509 -1 -1 Cash -7,603 -7,059 -9,040 Total 20,515 14,372 8,728 SEK m Q2 2025 Q2 2024 Q1 2025 Not utilized credi
Slide 21: Loan structure
Loan structure Maturity of which SEK m Reported value utilized < 1 year 1-5 years > 5 years Revolving credit facility 13,899 2,000 2,000 Bilateral loans 14,498 14,498 833 11,289 2,376 Bonds 7,115 7,115 1,329 4,486 1,300 Commercial papers 3,395 3,395 3,395 - - Leases, other 374 374 144 230 - Total 27
Slide 22: Preliminary priced volumes
Preliminary priced volumes 30 Jun Preliminary priced volumes in Mines* 2025 Copper, ktonnes 9.0 Zinc, ktonnes 18.0 Nickel, ktonnes 3.0 Lead, ktonnes 5.4 Silver, kg 34,572 Gold, kg 824 Palladium, kg 191 Platinum, kg 278 * Preliminary priced volumes of metal in concentrate in Mines Q2 Interim Report 2
Slide 23: Zinc and copper treatment charges
Zinc and copper treatment charges Zinc Copper USD/tonne USD/tonne concentrate concentrate 350 100 300 80 250 60 40 200 20 150 0 100 2019 2020 2021 2022 2023 2024 2025 -20 50 -40 0 -60 2019 2020 2021 2022 2023 2024 2025 -50 -80 -100 -100 Contract TC - realized Spot TC imported concentrate to China Co
Slide 24: Zinc, copper and nickel prices
Zinc, copper and nickel prices USD/tonne ktonnes USD/tonne ktonnes Zinc Copper 5,000 2,000 12,000 2,400 4,000 1,600 10,000 2,000 8,000 1,600 3,000 1,200 6,000 1,200 2,000 800 4,000 800 1,000 400 2,000 400 0 0 0 0 LME inventory Shanghai inventory Price Price Q avg LME inventory Shanghai inventory Com
Slide 25: Gold, silver and lead prices
Gold, silver and lead prices USD/tr.oz. USD/tr.oz. Gold Silver 4,000 50 3,000 40 30 2,000 20 1,000 10 0 0 Price Price Q avg Price Price Q avg USD/tonne Lead 3,000 Average price in Q2 2025 vs period 2,500 2,000 Q1 2025 Q4 2024 Q3 2024 Q2 2024 1,500 Gold 15% 23% 33% 40% 1,000 Silver 6% 7% 14% 17% 500
Slide 26: External process inventory
External process inventory Metal Volume Former Copper, tonnes 27,500 29,000 Zinc, tonnes 9,000 21,000 Lead, tonnes 100 400 Gold, kg 3,700 3,500 Silver, kg 80,500 87,500 Palladium, kg 500 500 Q2 Interim Report 2025 26
Slide 27: 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