Slides
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Q1 2025 Interim Report A solid start to our second century Mikael Staffas, President and CEO Håkan Gabrielsson, Executive Vice President and CFO April 23, 2025
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Highlights Q1 Interim Report 2025 2 • 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 • The ramp-up of Tara is progressing well • Odda has started the commissioning of its expansion project • Boliden raised SEK 3.75 billion from a directed share issue • Closing of Somincor and Zinkgruvan acquisition took place April 16, 2025 The Boliden Odda expansion was officially inaugurated March 17, 2025
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Q1 Interim Report 2025 3 Group Operating profit excl. PIR Financial performance • Operating profit excl. PIR SEK 2,599 m (1,212) • Free cash flow SEK -1,869 m (-1,508) • Capex SEK 2,896 m (3,445) 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Rolling, SEK m SEK m Quarterly operating profit excl.PIR 12 months rolling operating profit excl.PIR
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Key projects update Q1 Interim Report 2025 4 Odda expansion • Commissioning phase Kristineberg expansion • Production from the Rävliden deposit running through new infrastructure • The fully electric haulage infrastructure has been commissioned Rönnskär tankhouse • Project well under way • Ramp-up during H2 2026 Boliden Area tailings sand recycling project • Project well under way • Completion in H2 2026 Tara restart • Ramp-up of production to 1.8 Mtonnes per annum • 2028 milled production target: 2.2 Mtonnes Rönnskär’s new tankhouse under construction in March 2025
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0 5 10 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2021 2022 2023 2024 2025 ESG development Q1 Interim Report 2025 5 • Greenhouse gas emissions* 215 ktonnes (203) • Lost Time Injury Frequency** 3.7 (5.1) • Sick leave 5.9% (5.5) Greenhouse gas emissions, rolling 12 months * Combined Scope 1 and 2 CO2e emissions ** Own employees and contractors, per million hours worked Lost Time Injury Frequency**, rolling 12 months Sick leave rate, rolling 12 months 400 600 800 1,000 1,200 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2021 2022 2023 2024 2025 0 2 4 6 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2021 2022 2023 2024 2025 %
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Q1 Interim Report 2025 6 Prices and terms indices Market developments • Favorable development of metal prices during the quarter, which has deteriorated in April • Precious metal prices holding up well • Strong currency development initially in Q1 but weakening towards end of quarter and into April • Pressure on TCs Index 100 = January 1, 2020 0 25 50 75 100 125 150 175 200 225 Metal price/TC index (USD) Currency index Boliden weighted index Q1 2025
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Copper, zinc and nickel prices relative to cash cost February 6, 2025 Q1 Interim Report 2025 7 Copper Zinc Nickel USD/tonne USD/tonne USD/tonne Source: Wood Mackenzie 2025 Composite C1 cash cost* data, Bloomberg April 16, 2025, price data. *Composite costing: Normal costing for mines where total net revenue from one metal >65%. Pro-rata costing for all other mines. Average priceMinimum price Maximum price Spot price 75th percentile50th percentile 90th percentile 0 2,000 4,000 6,000 8,000 10,000 12,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000
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0 20 40 60 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 0 10 20 30 40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Mine production Q1 Interim Report 2025 8 Aitik • Milled volume 9.7 Mtonnes (10.6) • Diorite intrusion and oxidized ore • Liikavaara in full production Garpenberg • Milled volume 907 ktonnes (887) • Strong production • Lower zinc grade Kevitsa • Stable production • Milled volume 2.4 Mtonnes (2.5) The Boliden Area • Strong performance • Higher milled volume Tara • Ramp-up is well under way Copper in concentrate, ktonnes Zinc in concentrate, ktonnes Nickel in concentrate, ktonnes 0 1 2 3 4 5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025
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0 5 10 15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 0 50 100 150 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 0 50 100 150 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Smelter production Q1 Interim Report 2025 9 Rönnskär • Challenging concentrate situation • Concentrate mix adopted to anode business model • Lower precious metal production Harjavalta • Challenging concentrate situation • Strong cathode production • Impact from strikes Kokkola • Unplanned maintenance of roaster • Impact from strikes Odda • Higher zinc production versus both comparison periods • Expansion project in commissioning phase Bergsöe • Slightly lower production Zinc, ktonnes Copper cathodes, ktonnes Nickel in matte, ktonnes
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Financial summary Q1 Interim Report 2025 10 SEK m Q1 2025 Q1 2024 Q4 2024 21,121 18,481 25,785 4,881 3,237 5,989 3,062 1,615 4,098 2,599 1,212 3,814 2,896 3,445 4,575 -1,869 -1,508 4,264 7.99 4.16 10.95 Investments Revenues Operating profit before depreciation Operating profit Operating profit ex. PIR Free cash flow Earnings per share, SEK
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Operating profit excl. PIR per Business Area Q1 Interim Report 2025 11 Mines Smelters SEK m Q1 2025 Q1 2024 Q4 2024 1,339 948 1,152 1,025 505 2,427 235 -241 234 2,599 1,212 3,814 Mines Smelters Other/eliminations The Group 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Rolling, SEK m SEK m Quarterly EBIT excl.PIR 12 months rolling EBIT excl.PIR 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 Rolling, SEK m SEK m Quarterly EBIT 12 months rolling EBIT
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Operating profit deviation year-on-year Q1 Interim Report 2025 12 1,212 1,338 637 -359 -201 -90 63 2,599 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Prices and terms • Higher metal prices and USD, partly offset by lower premiums and TCs Volumes • Restart of Tara • Lower production in Aitik • Strong production in Harjavalta • Lower impact from strikes and winter conditions Costs • Restart of Tara • Some increases in external services and consumables Depreciation • Aitik dam and Tara
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Prices and terms • Lower treatment charges Volumes • Lower milled volume and recoveries in Aitik • Lower grades in Garpenberg • Strikes in Finland • Partly offset by higher milled volume in underground mines Costs • Lower costs in both business areas Items affecting comparability • Insurance income Rönnskär in Q4 2024 Operating profit deviation quarter-on-quarter Q1 Interim Report 2025 13 -212 -676 583 54 -935 -29 2,599 3,814 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
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Cash flow Q1 Interim Report 2025 14 SEK m Q1 2025 Q1 2024 Q4 2024 4,418 2,835 5,704 -2,435 187 3,733 -2,895 -3,444 -4,597 -305 -203 -333 -568 -1,063 -316 -84 180 73 -1,869 -1,508 4,264 Paid tax Other Free cash flow Cash flow from investing activities Financial items Cash flow from working capital Operating profit before depreciation and amortization excl. PIR
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-5 0 5 10 15 20 25 30 35 -2 0 2 4 6 8 10 12 14 16 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 2024 2025 %SEK billion Net debt Net debt/equity ratio Q1 Interim Report 2025 15 Capital structure SEK billion 31 Mar 2025 31 Mar 2024 31 Dec 2024 Total Assets 118.4 104.2 116.2 Capital Employed 81.5 74.1 80.1 Equity 68.6 58.5 65.0 Net debt 8.7 12.4 10.7 Net debt/equity, % 13 21 16 Net reclamation liability/equity, % 6 6 6 Average interest rate, % 4.3 4.2 4.5 Net payment capacity 18.1 14.6 16.4
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Welcome Somincor and Zinkgruvan
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Q1 Interim Report 2025 17 2025 Outlook • Capex SEK 15.5 billion (SEK 1.5 billion increase entirely from Somincor and Zinkgruvan) • Transaction costs SEK -150 m in Q2 • Insurance cash flow ~SEK 2,000 m for the full year 2025, of which SEK 350 m received in Q1 • Smelters planned maintenance SEK -500 m operating profit effect for the full year 2025, of which SEK -400 m in Q2 • Milled volume in Aitik close to 40 Mtonnes • Milled volume in Tara 1.8 Mtonnes • Zinc grade in Garpenberg Q2 is expected to be lower than the full year average • So far negative development of prices and terms in Q2 • Definitive pricing effect 2025 average grades Zn Cu Ni* Au Ag % g/tonne Aitik 0.16 0.08 Garpenberg 3.3 95 Kevitsa 0.23 0.17 Boliden Area 3.3 1.7 Tara 5.5 * Nickel in Sulphides, Ni(S) * Metals in concentrate ** Normal costing April 16 – December 31, 2025 Production*, tonnes Cash cost**, USD/lb Zn Cu Somincor 80,000 20,000 1.95 Zinkgruvan 60,000 3,000 0.40
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Q1 Interim Report 2025 18 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
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• Financing • Loan structure • Preliminary priced volumes • Treatment charges • Metal prices Appendices February 6, 2025 Q1 Interim Report 2025 19
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Financing Q1 Interim Report 2025 20 SEK m Q1 2025 Q1 2024 Q4 2024 16,156 15,361 16,057 410 157 449 1,203 1,140 1,208 -1 -1 -1 -9,040 -4,272 -7,052 8,728 12,386 10,662Total Debt to credit institutions Other interest bearing debt Pension liability Interest bearing assets Cash *excluding the bridge financing for the acquisition of the mines Somincor and Zinkgruvan SEK m Q1 2025 Q1 2024 Q4 2024 13,649 14,317 14,286 9,040 4,272 7,052 -4,619 -4,029 -4,892 18,070 14,559 16,446 Not utilized credit facilities* Cash Credits with maturity < 1 year
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Loan structure Q1 Interim Report 2025 21 Maturity SEK m Reported value of which utilized < 1 year 1-5 years > 5 years Revolving credit facility 13,649 Bilateral loans 6,250 6,250 816 3,597 1,837 Bonds 7,138 7,138 1,000 3,834 2,304 Commercial papers 2,768 2,768 2,768 - - Leases, other 410 410 147 263 - Total 16,566 4,731 7,694 4,141
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Preliminary priced volumes Q1 Interim Report 2025 22 Preliminary priced volumes in Mines* 31 Mar 2025 8.2 13.5 2.4 2.1 27,883 603 137 216 Palladium, kg Platinum, kg Copper, ktonnes Zinc, ktonnes Nickel, ktonnes Lead, ktonnes Silver, kg Gold, kg * Preliminary priced volumes of metal in concentrate in Mines
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Q1 Interim Report 2025 23 Copper Zinc and copper treatment charges Zinc -100 -50 0 50 100 150 200 250 300 350 2020 2021 2022 2023 2024 2025 USD/tonne concentrate Contract TC - realized Spot TC imported concentrate to China -60 -40 -20 0 20 40 60 80 100 2020 2021 2022 2023 2024 2025 USD/tonne concentrate Contract TC - annual and mid-year benchmark Standard grade spot TC Source: CRU
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Q1 Interim Report 2025 24 Zinc, copper and nickel prices Source: Bloomberg April 16, 2025 price data Q4 2024 Q3 2024 Q2 2024 Q1 2024 Copper 2% 1% -4% 11% Zinc -7% 2% 0% 16% Nickel -3% -4% -15% -6% Average price in Q1 2025 vs period 0 400 800 1,200 1,600 2,000 0 1,000 2,000 3,000 4,000 5,000 ktonnesUSD/tonne Zinc LME inventory Shanghai inventory Price Price Q avg 0 400 800 1,200 1,600 2,000 2,400 0 2,000 4,000 6,000 8,000 10,000 12,000 ktonnesUSD/tonne Copper LME inventory Shanghai inventory Comex inventory 0 500 1,000 1,500 2,000 2,500 0 10,000 20,000 30,000 40,000 50,000 ktonnesUSD/tonne Nickel LME inventory Price Price Q avg
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Q1 Interim Report 2025 25 Gold, silver and lead prices Q4 2024 Q3 2024 Q2 2024 Q1 2024 Gold 7% 16% 22% 38% Silver 2% 8% 11% 37% Lead -2% -4% -9% -5% Average price in Q1 2025 vs period Source: Bloomberg April 16, 2025 price data 0 1,000 2,000 3,000 4,000 USD/tr.oz. Gold Price Price Q avg 0 500 1,000 1,500 2,000 2,500 3,000 USD/tonne Lead Price Price Q avg 0 10 20 30 40 USD/tr.oz. Silver Price Price Q avg
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External process inventory Q1 Interim Report 2025 26 Metal Volume 29,000 21,000 400 3,500 87,500 500Palladium, kg Copper, tonnes Zinc, tonnes Lead, tonnes Gold, kg Silver, kg
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Disclaimer Q1 Interim Report 2025 27 • 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 subject to risks and uncertainties. • Nothing contained herein shall constitute any representation or warranty as to accuracy or completeness. Boliden has not made any independent verification of the information obtained from third parties. • Nothing in this material shall be construed as an offer or solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction. • Boliden does not accept any liability whatsoever arising from or in connection with the use of this information. • Save as by prior approval in writing, this material may not be copied, transmitted or disclosed, whether in print, electronic or any other format. All rights to the material are reserved.