Boliden Ab · OMXSTO:BOL
Boliden Ab — Q1 2025 Earnings Presentation
34 slides from Boliden Ab's earnings presentation, May 12, 2025
Slide 1: Metals for generations to come
Metals for generations to come Investor presentation Q1 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, 37% (38) 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 2024 2023 Operating profit excl. PIR 2024 2023 Aitik 754 1,419 Rönnskär 3,465 276 Boliden Area 2,376 1,054 Bergsoe 86 158 Tara -968 -571 Harjavalta 1,874 1,093 Garpenberg 3,740 2,473 Kokkola 1,230
Slide 8: Return on Capital Employed
Return on Capital Employed Return on Capital Employed (ROCE), group Return on Capital Employed (ROCE) per business area 30 40 35 25 30 20 25 15 20 15 10 10 5 5 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ROCE Average Mines Smelters Investor
Slide 9: Exploration strategy
Duke SW Thompson Exploration strategy Aitik and Kevitsa Norrbotten Gjoll Greater Sudbury Peurasuvanto and Rookki Boliden Area Maintain at a high level through in-house exploration, partnerships with other companies or project acquisitions to support mine development and continued base metal producti
Slide 10: Mineral Reserves Life of Mine
Mineral Reserves Life of Mine Aitik Reserve life (years)** • Reserves covering full production until 2048 (2048) • Cu reserve grade 0.23 (0.23) % The Boliden Area Mineral Reserve Life of Mine (years) • Reserves covering full production until 2033 (2031) 35 • Extension project 30 Garpenberg 25 • Rese
Slide 11: Boliden’s strategy in brief
Boliden’s strategy in brief • Profitable growth, including extended life of mine through exploration, organic expansions and selective acquisitions • Efficiency in production and investments, including supporting processes • 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 an Any projects must be in line with the strategy The dividend shall correspond to 1/3 of net profit economic upturn. and
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 Q1 2025
Quarterly performance Q1 2025 Investor presentation 23
Slide 24: Highlights
The Boliden Odda expansion was officially inaugurated March 17, 2025 Highlights • Operating profit excl. PIR SEK 2,599 m (1,212) • Strikes in Finland had an estimated SEK -100 m (-400) effect on operating profit • Free cash flow was SEK -1,869 m (-1,508) • Lower milled volume and recoveries in Aitik
Slide 25: Key projects update
Key projects update Odda expansion Boliden Area tailings sand recycling project • Commissioning phase • Project well under way Kristineberg expansion • Completion in H2 2026 • Production from the Rävliden deposit running Tara restart through new infrastructure • Ramp-up of production to • The fully
Slide 26: ESG development
ESG development Greenhouse gas emissions, rolling 12 months 1,200 1,000 800 600 • Greenhouse gas emissions* 215 ktonnes (203) 400 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2021 2022 2023 2024 2025 Lost Time Injury Frequency**, rolling 12 months • Lost Time Injury Frequency** 3.7 (5.1) 10 5 • Sick leave 5.9% (5.5)
Slide 27: Market developments
Market developments • Favorable development of metal prices during the Prices and terms indices quarter, which has deteriorated in April Metal price/TC index (USD) Currency index Boliden weighted index • Precious metal prices holding up well Q1 2025 225 • Strong currency development initially in Q1
Slide 28: 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 29: Mine production
Mine production Copper in concentrate, ktonnes 40 30 20 10 Aitik Kevitsa 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 • Milled volume 9.7 Mtonnes (10.6) • Stable production 2021 2022 2023 2024 2025 • Diorite intrusion and oxidized ore • Milled volume 2.4 Mtonnes (2.5) Zinc in concentrate, kt
Slide 30: 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 • Challenging concentrate situation • Unplanned maintenance of roaster 2021 2022 2023 2024 2025 • Concentrate mix adopted to anode • Impact from strikes Zinc, ktonnes business
Slide 31: Financial summary
Financial summary SEK m Q1 2025 Q1 2024 Q4 2024 Revenues 21,121 18,481 25,785 Operating profit before depreciation 4,881 3,237 5,989 Operating profit 3,062 1,615 4,098 Operating profit ex. PIR 2,599 1,212 3,814 Investments 2,896 3,445 4,575 Free cash flow -1,869 -1,508 4,264 Earnings per share, SEK
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 Q1 2025 Q1 2024 Q4 2024 1,500 6,000 1,000 4,000 Mines 1,339 948 1,152 500 2,000 Smelters 1,025 505 2,427 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Other/elimi
Slide 33: Capital structure
Capital structure 31 Mar 31 Mar 31 Dec SEK billion % 16 35 SEK billion 2025 2024 2024 14 30 Total Assets 118.4 104.2 116.2 12 25 Capital Employed 81.5 74.1 80.1 10 Equity 68.6 58.5 65.0 20 8 Net debt 8.7 12.4 10.7 15 6 Net debt/equity, % 13 21 16 10 4 5 Net reclamation 2 liability/equity, % 6 6 6 0
Slide 34: 2025 Outlook
2025 Outlook 2025 average grades Zn Cu Ni* Au Ag • Capex SEK 15.5 billion (SEK 1.5 billion increase entirely from Somincor and Zinkgruvan) % g/tonne Aitik 0.16 0.08 • Transaction costs SEK -150 m in Q2 Garpenberg 3.3 95 Kevitsa • Insurance cash flow ~SEK 2,000 m for the full year 2025, of which 0.23