Slide 1: Metals for generations to come
Metals for generations to come Investor presentation Q4 2025
Slide 2: Boliden in brief
Boliden in brief Aitik Kevitsa The Boliden Area • Production of base and precious metals since 1924 Rönnskär Boliden Kokkola • Zinc, copper, nickel, lead, gold, silver and by-products • Operations in Ireland, Finland, Norway, Portugal, Sweden Mines Harjavalta Garpenberg • 7 mining units, 5 smelter u
Slide 3: 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 Investor presentation 3
Slide 4: Investment case
Investment case Competitive product portfolio Industry leading skills Sustainable value chain Stable financial position • Metals for generations to come • Technical know-how • Local European value chain • Strives to maintain a healthy balance sheet • Long life for key mines • High productivity • Sta
Slide 5: Business Area Mines
Business Area Mines • Seven mining units in Sweden, Finland, Ireland Breakdown of sales per metal* and Portugal • World-class productivity in several mines • Extensive exploration enables expansion, extension of mine life cycles and new mining projects • High technical know-how Copper, 32% (37) Zinc
Slide 6: Business Area Smelters
Business Area Smelters • Five smelters in Sweden, Finland and Norway Breakdown of gross profit excluding revaluation of process inventory* • Production of high-quality metals from complex concentrates and recycled raw materials • Strong market position thanks to advanced technological know-how and f
Slide 7: Operating profit per business unit, annual
Operating profit per business unit, annual* Business Area Mines* Business Area Smelters Operating profit 2025 2024 Operating profit excl. PIR 2025 2024 Aitik 948 754 Rönnskär 1,095 3,465 Boliden Area 2,473 2,376 Bergsoe 97 86 Tara 58 -968 Harjavalta 1,743 1,874 Garpenberg 4,411 3,740 Kokkola 707 1,2
Slide 8: Capital structure and return
Capital structure and return Return on Capital Employed (ROCE) Net debt/Equity ratio, % 30 40 35 25 30 20 25 20 15 15 10 10 5 5 0 0 -5 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ROCE Average Investor presentation 8
Slide 9: 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 10: 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 Zink
Slide 11: Boliden's strategy in brief
Boliden’s strategy in brief • Efficiency in production and investments, including supporting processes • Profitable growth, including extended life of mine through exploration, organic expansions and selective acquisitions • Reduce climate footprint, including improved energy efficiency, which in tu
Slide 12: Strategic Group targets
Strategic Group targets Return on investments Net debt/equity Dividend policy Financial Return on investments (ROI) of at least 10%. Net debt/equity ratio of approximately 20% in The dividend shall correspond to 1/3 of net profit Any projects must be in line with the strategy an economic upturn. for
Slide 13: Business model
Business model Inputs Value creation Outcomes People and know-how • Metal in concentrate production Social • Employees • Provision of metals • Metal production zinc, copper, nickel, lead, gold, silver and by-products • Contractors • Major employer • Collaborations • Indirect jobs Natural resources E
Slide 14: Income model
Income model Mines Smelters Payable metal Deductions Revenues Operating Operating Revenues Raw materials Raw material Operating Operating expenses profit contribution expenses profit excl. PIR Payable metal Revenues Value of metal content in concentrate based on LME prices Based on metal LME priced
Slide 15: Sustainability as a success factor
Sustainability as a success factor • Focus on health, safety and people engagement improves wellbeing and production stability • Stringent emission standards lower environmental risk • Strong know-how in waste management from exploration to reclamation • Responsible operations through supply chain c
Slide 16: Green Transition Metals
Green Transition Metals Low-carbon products • Our portfolio of low-carbon and recycled metals • Industry-leading development of metals with low climate footprints • Product offering with a climate impact per kg produced metal significantly below industry averages • Low-Carbon Copper: <1.5 kg CO2e* (
Slide 17: Raw material sourcing
Raw material sourcing • About 70%* of raw materials processed at Raw material feeds 2024 (2023), ktonnes Boliden’s smelters sourced externally External External Internal Internal primary recycled primary recycled • 60% primary: from global selection of partners Copper 902 (791) 148 (155) 393 (401) 1
Slide 18: Recycling metals
Recycling metals • 12 percent* of raw material feed from recycled origin Recycled smelting material, ktonnes • Rönnskär is one of the world’s major recyclers of 2024 2023 metals from electronic waste Bergsöe, lead Battery raw material 50 55 • 120 ktonnes annual capacity, equivalent to 2 million mobi
Slide 19: Climate targets and progress
Climate targets and progress Scope 1, 2 and 3, progress GHG emissions 2024 2021 Scope 1, ktonnes CO2e 658 625 • 42 percent reduction of Scope 1 and 2* GHG emissions by Scope 2, ktonnes CO2e 207 375 Total, ktonnes 865 1,000 2030, base year 2021 Scopes 1+2 change on 2021, % -13 0 • Validated by the Sc
Slide 20: Climate change mitigation
Climate change mitigation Main activities to achieve our 2030 climate targets and long-term net-zero target • Grid decarbonization by reducing emissions from local energy production where we operate • Electrification of vehicles, machines and other processes • Use of renewable energy sources such as
Slide 21: Biodiversity
Biodiversity • Our biodiversity target is to increase biodiversity in all regions where we operate by 2030 • We drive the development of standards for biodiversity monitoring and metrics • We work according to mitigation hierarchy: avoid, minimize, restore and compensate • Our ambition is to open on
Slide 22: Reclamation
Reclamation • Management and supplementary reclamation of approximately 30 sites Långdal mine in 1999 after closure • Resources for reclamation are set aside throughout the mine’s lifespan, and continuously for risk-based supplementary reclamation of closed sites Some of our most significant restora
Slide 23: Quarterly performance Q4 2025
Quarterly performance Q4 2025 Investor presentation 23
Slide 24: 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 25: 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 26: 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 27: 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 Investo
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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.