Slides
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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
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Q2 2025 Highlights Q2 Interim Report 2025 2 • 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 rock and ore) at Aitik • Key projects progress well
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Q2 Interim Report 2025 3 Group Operating profit excl. PIR Financial performance • Operating profit excl. PIR SEK 1,281 m (4,000) • Items affecting comparability SEK -126 m (2,042) • Planned maintenance SEK -400 m (-350) • Free cash flow, excluding the acquisition, was SEK 2,035 m (401) • Insurance SEK 985 m (600) • Free cash flow SEK -12,354 m (401) • Acquisition SEK -14,389 m (0) • Net debt/equity ratio at 29% (24) • Capex SEK 4,168 m (3,726) 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 Q2 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 Q2 Interim Report 2025 4 Odda expansion • Commissioning phase • Ramp-up H2 2025 Kristineberg expansion • Inauguration May 15 Rönnskär tankhouse • On track • Ramp-up during H2 2026 Aitik dam • Completed in Dec 2024 • Dam safety permit in place Boliden Area tailings sand recycling project • Project well under way • Permit in place • Completion in H2 2026 Rönnskär’s new tankhouse under construction, June 2025
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ESG development Q2 Interim Report 2025 5 • Greenhouse gas emissions* 225 ktonnes (221) • Lost Time Injury Frequency** 3.8 (7.3) • Sick leave 4.3% (5.1) • Somincor and Zinkgruvan included in Q2 2025 but not in historical figures 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 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2021 2022 2023 2024 2025 0 5 10 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2021 2022 2023 2024 2025 0 2 4 6 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2021 2022 2023 2024 2025 %
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Q2 Interim Report 2025 6 Prices and terms indices Market developments • Weaker USD • Lower zinc price • Higher precious metal prices • Pressure on spot copper TCs • Stable sulphuric acid price 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
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Copper, zinc and nickel prices relative to cash cost July 18, 2025 Q2 Interim Report 2025 7 Copper Zinc Nickel USD/tonne USD/tonne USD/tonne Source: Wood Mackenzie 2025 Composite C1 cash cost* data as at 10 July. Bloomberg July 15, 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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Mine production Q2 Interim Report 2025 8 Aitik • Milled volume 9.9 Mtonnes (9.8) • Diorite intrusion and oxidized ore • Record mine production Garpenberg • Milled volume 823 ktonnes (891) • Lower zinc grade due to slower high-grade sill pillar mining Kevitsa • Strong production • Milled volume 2.5 Mtonnes (2.3) The Boliden Area • Stable production • Strong gold production, but lower than very strong Q2 2024 Tara • Ramp-up is under way Somincor • Stable production • Maintenance and power outages Zinkgruvan • Stable production • Low grade areas Copper in concentrate, ktonnes Zinc in concentrate, ktonnes Nickel in concentrate, ktonnes 0 10 20 30 40 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 0 20 40 60 80 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 0 1 2 3 4 5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 Q2 2025 includes Somincor and Zinkgruvan as per April 16. Historical figures not restated.
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Smelter production Q2 Interim Report 2025 9 Rönnskär • Good concentrate availability • Strong free metals Harjavalta • Planned maintenance • Weak nickel in matte production • Strong gold production Kokkola • Planned maintenance • Stable production thanks to production from intermediates Odda • Higher zinc production versus both comparison periods Bergsöe • Strong production Zinc, ktonnes Copper cathodes, ktonnes Nickel in matte, ktonnes 0 50 100 150 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 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 Q2 2021 2022 2023 2024 2025 0 5 10 15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025
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Financial summary Q2 Interim Report 2025 10 SEK m Q2 2025 Q2 2024 Q1 2025 22,285 22,748 21,121 3,370 6,420 4,881 1,094 4,814 3,062 1,281 4,000 2,599 4,168 3,726 2,896 14,389 - - -12,354 401 -1,869 2,035 401 -1,869 2.02 13.20 7.99 Investments Revenues Operating profit before depreciation Operating profit Operating profit ex. PIR Free cash flow Free cash flow excluding acquisition activities Earnings per share, SEK Acquisition of Somincor and Zinkgruvan
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Operating profit excl. PIR per Business Area Q2 Interim Report 2025 11 Mines Smelters SEK m Q2 2025 Q2 2024 Q1 2025 1,035 1,118 1,339 585 3,084 1,025 -338 -202 235 1,281 4,000 2,599 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 Q2 2021 2022 2023 2024 2025 Rolling, SEK m SEK m Quarterly EBIT 12 months rolling EBIT 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 Q2 2021 2022 2023 2024 2025 Rolling, SEK m SEK m Quarterly EBIT excl.PIR 12 months rolling EBIT excl.PIR
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Operating profit deviation year-on-year Q2 Interim Report 2025 12 Prices and terms • Higher prices on precious metals and by- products, offset by lower USD and TCs Volumes • Somincor and Zinkgruvan included, restart of Tara • Negative impact from internal profit elimination Costs • Somincor and Zinkgruvan included, restart of Tara • Higher impact from planned maintenance Depreciation • Somincor, Zinkgruvan, and Tara • Aitik dam and some increase in Odda Items affecting comparability • Transaction costs Somincor and Zinkgruvan • Insurance income and restructuring costs in Q2 2024 4,000 -1 1,095 -1,030 -699 -2,168 84 1,281 0 1,000 2,000 3,000 4,000 5,000 6,000
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Prices and terms • Weaker USD and TCs • Volatile base metal prices in quarter affecting definitive pricing Volumes • Somincor and Zinkgruvan included • Strong free metals in Smelters • Negative impact from internal profit elimination Costs • Somincor and Zinkgruvan included • Planned maintenance in Smelters Depreciation • Somincor and Zinkgruvan included Items affecting comparability • Transaction costs Somincor and Zinkgruvan Operating profit deviation quarter-on-quarter Q2 Interim Report 2025 13 -894 1,460 -1,282 -469 -126 -6 1,281 2,599 0 500 1,000 1,500 2,000 2,500 3,000 3,500
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Cash flow Q2 Interim Report 2025 14 SEK m Q2 2025 Q2 2024 Q1 2025 3,558 5,606 4,418 3,464 -567 -2,435 -4,162 -3,727 -2,895 -14,389 - - -329 -295 -305 -343 -547 -568 -152 -69 -84 -12,354 401 -1,869 2,035 401 -1,869 Cash flow from working capital Operating profit before depreciation and amortization excl. PIR Cash flow from investing activities Financial items Acquisition of Somincor and Zinkgruvan Paid tax Other Free cash flow Free cash flow excluding acquisition activities
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Q2 Interim Report 2025 15 Capital structure SEK billion 30 Jun 2025 30 Jun 2024 31 Mar 2025 Total Assets 136.2 112.5 118.4 Capital Employed 96.5 77.6 81.5 Equity 70.6 59.7 68.6 Net debt 20.5 14.4 8.7 Net debt/equity, % 29 24 13 Net reclamation liability/equity, % 8 6 6 Average interest rate, % 4.0 4.6 4.3 Net payment capacity 11.9 13.9 18.1 -5 0 5 10 15 20 25 30 35 -3 0 3 6 9 12 15 18 21 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 %SEK billion Net debt Net debt/equity ratio
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Q2 Interim Report 2025 16 2025 Outlook • Capex SEK 15.5 billion • Insurance cash flow ~SEK 2,000 m for the full year 2025, of which SEK 1,335 m has been received • Smelters planned maintenance SEK -500 m operating profit effect for the full year 2025, of which SEK -50 m in Q3 • Milled volume in Aitik close to 40 Mtonnes, Tara 1.8 Mtonnes, Kevitsa 10 Mtonnes and Garpenberg 3.5 Mtonnes • Grade guidance unchanged except zinc grade in Garpenberg lowered from 3.3% to 3.1% 2025 average grades Zn Cu Ni* Au Ag % g/tonne Aitik 0.16 0.08 Garpenberg 3.1 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, Cu for Somincor and Zn for Zinkgruvan 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 0.4
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Calendar Q2 Interim Report 2025 17 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 first quarter 2026 and Annual General Meeting July 21, 2026 Interim Report for the second quarter 2026
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Q2 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 July 18, 2025 Q2 Interim Report 2025 19
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Financing Q2 Interim Report 2025 20 SEK m Q2 2025 Q2 2024 Q1 2025 27,008 19,768 16,156 374 524 410 1,245 1,140 1,203 -509 -1 -1 -7,603 -7,059 -9,040 20,515 14,372 8,728Total Debt to credit institutions Other interest bearing debt Pension liability Interest bearing assets Cash SEK m Q2 2025 Q2 2024 Q1 2025 11,899 11,419 13,649 7,603 7,059 9,040 -7,589 -4,291 -4,619 11,913 13,917 18,070 Not utilized credit facilities Cash Credits with maturity < 1 year
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Loan structure Q2 Interim Report 2025 21 Maturity SEK m Reported value of which 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 27,381 7,701 16,005 3,676
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Preliminary priced volumes Q2 Interim Report 2025 22 * Preliminary priced volumes of metal in concentrate in Mines Preliminary priced volumes in Mines* 30 Jun 2025 9.0 18.0 3.0 5.4 34,572 824 191 278 Palladium, kg Platinum, kg Copper, ktonnes Zinc, ktonnes Nickel, ktonnes Lead, ktonnes Silver, kg Gold, kg
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Q2 Interim Report 2025 23 Copper Zinc and copper treatment charges Zinc Source: CRU -100 -50 0 50 100 150 200 250 300 350 2019 2020 2021 2022 2023 2024 2025 USD/tonne concentrate Contract TC - realized Spot TC imported concentrate to China -100 -80 -60 -40 -20 0 20 40 60 80 100 2019 2020 2021 2022 2023 2024 2025 USD/tonne concentrate Contract TC - annual and mid-year benchmark Standard grade spot TC
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Q2 Interim Report 2025 24 Zinc, copper and nickel prices Source: Bloomberg July 14, 2025 price data Q1 2025 Q4 2024 Q3 2024 Q2 2024 Copper 2% 4% 3% -2% Zinc -7% -13% -5% -7% Nickel -3% -5% -7% -18% Average price in Q2 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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Q2 Interim Report 2025 25 Gold, silver and lead prices Source: Bloomberg July 14, 2025 price data Q1 2025 Q4 2024 Q3 2024 Q2 2024 Gold 15% 23% 33% 40% Silver 6% 7% 14% 17% Lead -1% -3% -5% -10% Average price in Q2 2025 vs period 0 1,000 2,000 3,000 4,000 USD/tr.oz. Gold Price Price Q avg 0 10 20 30 40 50 USD/tr.oz. Silver Price Price Q avg 0 500 1,000 1,500 2,000 2,500 3,000 USD/tonne Lead Price Price Q avg
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External process inventory Q2 Interim Report 2025 26 Metal Volume Former 27,500 29,000 9,000 21,000 100 400 3,700 3,500 80,500 87,500 500 500Palladium, kg Copper, tonnes Zinc, tonnes Lead, tonnes Gold, kg Silver, kg
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Disclaimer Q2 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.