Boliden Ab · OMXSTO:BOL
Boliden Ab — Q3 2025 Earnings Presentation
28 slides from Boliden Ab's earnings presentation, Oct 22, 2025
Slide 1: Q3 2025 Interim Report
Q3 2025 Interim Report Strong cash flow and solid mine production Mikael Staffas, President and CEO Håkan Gabrielsson, Executive Vice President and CFO October 22, 2025
Slide 2: Q3 2025 Highlights
Q3 2025 Highlights • Strong market development • Strong metal prices outweighing weaker USD • Gold and silver rally • Solid mine production • Record mine production in Aitik and milled volume in Garpenberg • Integration of new units and key projects progressed well • The mining concession for the La
Slide 3: Financial performance
Financial performance Group Operating profit excl. PIR • Operating profit excl. PIR SEK 2,752 m (2,999) SEK m Rolling, • Items affecting comparability SEK 65 m (0) SEK m 5,000 20,000 • Free cash flow was SEK 2,284 m (-495) 4,500 18,000 • Insurance SEK 350 m (200) 4,000 16,000 3,500 14,000 • Favorabl
Slide 4: Key projects update
Key projects update Odda expansion Boliden Area tailings sand recycling project • Hot commissioning underway • On track • First delivery of Odda Leach Garpenberg 4.5 Mtonnes Product made in early Q4 expansion Rönnskär tankhouse • Paste project according to • On track plan • Ramp-up during H2 2026 •
Slide 5: ESG development in Q3
ESG development in Q3 Greenhouse gas emissions, rolling 12 months 1,200 1,000 800 600 • Greenhouse gas emissions 234 ktonnes (212) 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 3.5 (5.8) 10 5 • Sick leave 4.2% (4.7)
Slide 6: Market developments
Market developments • Weaker USD Prices and terms indices Metal price/TC index (USD) Currency index Boliden weighted index • Higher copper and zinc prices • Strong performance in the end of quarter 225 • Gold and silver rally 200 175 • Weak spot copper TCs, while spot zinc TCs 150 improved 125 100 7
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 15,000 2,000 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 Aitik Kevitsa 20 10 • Milled volume 9.8 Mtonnes (10.3) • Stage 3 mined out 0 at low copper grades Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 • Milled volume 2.7 Mtonnes (2.5) • Record mine production 2021 2022 2023 2024 2025 Somincor
Slide 9: Smelter production
Smelter production Copper cathodes, ktonnes 150 100 50 Rönnskär Odda 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 • Planned maintenance • Lower zinc production versus the 2021 2022 2023 2024 2025 previous quarter Zinc, ktonnes • Unfavorable feed mix 150 • Lack of intermediates Harjaval
Slide 10: Financial summary
Financial summary SEK m Q3 2025 Q3 2024 Q2 2025 Revenues 21,971 22,193 22,285 Operating profit before depreciation 5,611 4,829 3,370 Operating profit 3,237 3,165 1,094 Operating profit ex. PIR 2,752 2,999 1,281 Investments 3,806 3,227 4,168 Acquisition of Somincor and Zinkgruvan 2 - 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 Q3 2025 Q3 2024 Q2 2025 1,500 6,000 1,000 4,000 Mines 2,429 2,022 1,035 500 2,000 Smelters 689 1,131 585 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Other
Slide 12: Operating profit deviation year-on-year
Prices and terms Operating profit deviation • Higher prices on precious metals, partly offset by weaker USD and lower TCs year-on-year Volumes • Somincor and Zinkgruvan included, restart of 5,000 Tara 1,343 4,500 • Negative impact from Aitik 4,000 Costs 3,500 269 3,000 2,999 -1,260 • Somincor and Zi
Slide 13: Operating profit deviation quarter-on-quarter
Prices and terms Operating profit deviation • Higher prices on metals, mainly Zn, Ag and Au, including definitive pricing quarter-on-quarter Volumes • Somincor and Zinkgruvan included full 3,000 quarter, partly offset by weaker volumes in 383 191 2,752 Smelters -11 2,500 -88 441 Costs 2,000 555 • Se
Slide 14: Cash flow
Cash flow SEK m Q3 2025 Q3 2024 Q2 2025 Operating profit before depreciation and amortization excl. PIR 5,125 4,663 3,558 Cash flow from working capital 1,575 -1,431 3,464 Cash flow from investing activities -3,833 -3,229 -4,162 Acquisition of Somincor and Zinkgruvan -2 - -14,389 Financial items -34
Slide 15: Capital structure
Capital structure 30 Sep 30 Sep 30 Jun SEK billion % 21 35 SEK billion 2025 2024 2025 18 30 Total Assets 136.9 111.1 136.2 Capital Employed 96.7 80.3 96.5 15 25 Equity 72.8 61.6 70.6 12 20 Net debt 18.1 14.8 20.5 9 15 Net debt/equity, % 25 24 29 6 10 Net reclamation 3 5 liability/equity, % 7 6 8 0 0
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 1,685 m has been received Garpenberg 3.1 95 Kevitsa 0.23 0.17 • Smelters planned maintenance SEK -500 m operating profit effect
Slide 17: Proposals for changed tax levels in Finland
Proposals for changed tax levels in Finland • Higher taxes for mining activities and related energy taxes • Potentially EUR 20 – 30 m increased annual costs for Kevitsa • Investment opportunities going forward will need to be reassessed • Decision by the Finnish parliament expected by the end of 202
Slide 18: Calendar
Calendar December 5, 2025 2026 guidance release, (audio cast at 9 a.m. CET, please see www.boliden.com for details!) 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
Slide 19: 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 Q3 Interim Report 2025 19
Slide 20: Appendices
Appendices • Financing • Loan structure • Preliminary priced volumes • Treatment charges • Metal prices • External process inventory Q3 Interim Report 2025 20
Slide 21: Financing
Financing SEK m Q3 2025 Q3 2024 Q2 2025 Debt to credit institutions 23,664 16,557 27,008 Other interest bearing debt 338 486 374 Pension liability 1,247 1,142 1,245 Interest bearing assets -531 -1 -509 Cash -6,587 -3,482 -7,603 Total 18,130 14,801 20,515 SEK m Q3 2025 Q3 2024 Q2 2025 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 13,833 2,000 2,000 Bilateral loans 14,232 14,232 775 11,080 2,377 Bonds 6,119 6,119 330 4,489 1,300 Commercial papers 1,311 1,311 1,311 - - Leases, other 338 338 142 196 - Total 24,0
Slide 23: Preliminary priced volumes
Preliminary priced volumes 30 Sep Preliminary priced volumes in Mines* 2025 Copper, ktonnes 12.2 Zinc, ktonnes 35.4 Nickel, ktonnes 2.8 Lead, ktonnes 7.7 Silver, kg 44,402 Gold, kg 877 Palladium, kg 221 Platinum, kg 309 * Preliminary priced volumes of metal in concentrate in Mines Q3 Interim Report
Slide 24: 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 business inside China Contract TC -
Slide 25: 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 26: Gold, silver and lead prices
Gold, silver and lead prices USD/tr.oz. USD/tr.oz. Gold Silver 5,000 60 4,000 50 40 3,000 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 Q3 2025 vs period 2,500 Q2 2025 Q1 2025 Q4 2024 Q3 2024 2,000 1,500 Gold 5% 21% 30% 40% 1,000 Silver 17% 24% 26
Slide 27: 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 Q3 Interim Report 2025 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