Slides
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Q2 Interim Report 2026 Continued favorable metal prices Mikael Staffas, President and CEO Håkan Gabrielsson, Executive Vice President and CFO July 21, 2026
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Highlights Q2 Interim Report 2026 2 • Operating profit excluding revaluation of process inventory totaled SEK 2,872 m (1,281) • Free cash flow was SEK -2,114 m (-12,354) • Inventory build up • Significantly lower earnings contribution from Garpenberg • Restarted according to plan after seismic event • Strong contribution from acquired mines • Improved milled volume at Aitik • Ramp-up of the Odda expansion ongoing • Slower pace than expected • Geopolitical turbulence contributed to higher costs
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Q2 Interim Report 2026 3 Group Operating profit excl. PIR Financial performance • Operating profit excl. PIR SEK 2,872 m (1,281) • Planned maintenance SEK -350 m (-400) • Free cash flow SEK -2,114 m (-12,354) • Net debt/equity ratio 24% (29) • Capex SEK 4,058 m (4,168) 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 2022 2023 2024 2025 2026 Rolling, SEK m SEK m Quarterly operating profit excl.PIR 12 months rolling operating profit excl.PIR
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Garpenberg update Q2 Interim Report 2026 4 Background and recent developments • Rockfall and abnormal seismic activity March 14, 2026 • All infrastructure, including ore hoist, operational • Except personnel hoist, expected back in operation in September • Production restarted according to guidance • Paste production for backfilling of affected areas commenced • The ambition is to reach full production of 4.5 Mtonnes in 2032 Unchanged guidance • 2026 milled volume estimated to be 1.5 Mtonnes • 2027 milled volume estimated to be 2.3 Mtonnes
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Key projects update Q2 Interim Report 2026 5 Rönnskär tankhouse • On track • Ramp-up: Q4 2026 Boliden Area tailings sand recycling project • On track Rönnskär SCMentum • On track, early stage • Ramp-up: H1 2029 Garpenberg 4.5 Mtonnes expansion • On track, early stage • Commissioning: 2032 Odda expansion • Ramp-up ongoing, however slower than planned
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ESG development in Q2 Q2 Interim Report 2026 6 • Scope 1 and 2 GHG emissions: 193 ktonnes CO2e (225) • LTIF: 2.7 (3.8) • Sick leave: 4.4% (4.3) Greenhouse gas emissions, Scope 1 and 2 rolling 12 months, ktonnes CO2e Note: Historical figures are not restated for Somincor and Zinkgruvan 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 2022 2023 2024 2025 2026 0 5 10 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2022 2023 2024 2025 2026 0 2 4 6 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2022 2023 2024 2025 2026 %
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Q2 Interim Report 2026 7 Prices and terms indices Market developments • Continued high metal prices • Stronger metal prices year-on-year • Precious metal prices moderated during the quarter • Slightly higher USD versus previous quarter • Weak spot Cu and Zn TCs • Strong spot sulphuric acid prices Index 100 = January 1, 2021 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 and zinc prices relative to cash cost Q2 Interim Report 2026 8 Copper Zinc USD/tonne USD/tonne Source: Wood Mackenzie, Bloomberg 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 14,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000
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Mine production Q2 Interim Report 2026 9 Aitik • Milled volume 10.8 Mtonnes (9.9) • Record mine production • Cu grade slightly higher than previous quarter The Boliden Area • Stable operations Garpenberg • Milled volume 113 ktonnes (823) • Production restarted end of April following seismic incident Kevitsa • Sligthly lower milled volume and grades Somincor • Strong production Tara • Ramp-up issues Zinkgruvan • Stable operations Copper in concentrate, ktonnes Zinc in concentrate, ktonnes Silver in concentrate, kg Note: Historical figures are not restated for Somincor and Zinkgruvan and the silver production in these mines is streamed to a third party Gold in concentrate, kg 0 500 1,000 1,500 2,000 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2022 2023 2024 2025 2026 0 10 20 30 40 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2022 2023 2024 2025 2026 0 30 60 90 120 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2022 2023 2024 2025 2026 0 40,000 80,000 120,000 160,000 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 2022 2023 2024 2025 2026
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Smelter production Q2 Interim Report 2026 10 Bergsöe • Production record of lead alloys Harjavalta • Planned maintenance • Strong nickel and silver production Kokkola • Planned maintenance Odda • Expansion ramp-up continued, slower pace than expected due to issues with the new roaster Rönnskär • Planned maintenance • Ramp-up issues after maintenance Zinc, ktonnes Copper cathodes, ktonnes 0 30 60 90 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 2026 0 40 80 120 160 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 2026
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Financial summary Q2 Interim Report 2026 11 Ta bort SEK m Q2 2026 Q2 2025 Q1 2026 25,733 22,285 27,822 5,485 3,370 8,169 3,194 1,094 5,247 2,872 1,281 4,432 4,058 4,168 3,674 - 14,389 48 -2,114 -12,354 1,673 -2,114 2,035 1,721 7.81 2.02 13.45 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 2026 12 Mines Smelters 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 2022 2023 2024 2025 2026 Rolling, SEK m SEK m Quarterly EBIT excl.PIR 12 months rolling EBIT excl.PIR SEK m Q2 2026 Q2 2025 Q1 2026 2,290 1,035 3,114 707 585 1,309 -125 -338 10 2,872 1,281 4,432 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 2022 2023 2024 2025 2026 Rolling, SEK m SEK m Quarterly EBIT 12 months rolling EBIT
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Operating profit deviation year-on-year Q2 Interim Report 2026 13 Prices and terms • Higher metal prices Volumes • Significantly lower production in Garpenberg • Lower grades • Partly off-set by full quarter with acquired mines Costs • Some oil-price related cost inflation • Full quarter with acquired mines Items affecting comparability • Transaction costs Somincor and Zinkgruvan Q2 2025 1,281 3,103 -1,179 -603 -21 126 165 2,872 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000
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Prices and terms • Total prices and terms more or less flat • Weaker metal prices off set by USD and sulphuric acid Volumes • Significantly lower production from Garpenberg • Maintenance in Smelters Costs • Some oil price related cost inflation • Planned maintenance in Smelters Items affecting comparability • Asset write-down Garpenberg in Q1 Operating profit deviation quarter-on-quarter Q2 Interim Report 2026 14 -137 -1,457 -613 -49 700 -3 2,872 4,432 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000
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Cash flow Q2 Interim Report 2026 15 Ta bort SEK m Q2 2026 Q2 2025 Q1 2026 5,163 3,558 7,354 -1,750 3,464 -272 -4,594 -4,162 -3,163 - -14,389 -48 -390 -329 -391 -593 -343 -1,371 50 -152 -437 -2,114 -12,354 1,673 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
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Q2 Interim Report 2026 16 Capital structure -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 2022 2023 2024 2025 2026 %SEK billion Net debt Net debt/equity ratio SEK billion 30 Jun 2026 30 Jun 2025 31 Mar 2026 Total Assets 151.1 136.2 148.6 Capital Employed 105.9 96.5 101.9 Equity 80.5 70.6 81.2 Net debt 19.1 20.5 14.3 Net debt/equity, % 24 29 18 Net reclamation liability/equity, % 7 8 7 Average interest rate, % 4.1 4.0 3.9 Net payment capacity 17.3 11.9 21.9
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Q2 Interim Report 2026 17 Outlook Unchanged 2026 guidance • Group capex of SEK 15.5 bn • Including mine sustaining capex of SEK 6.5 bn • Smelters planned maintenance SEK -450 m operating profit effect for the full year 2026, of which SEK -50 m in Q3 • Estimated milled volume for all mines except Tara is unchanged. • Estimated grades for all mines are unchanged. New 2026 guidance • The full-year milled volume in Tara is expected to be 1.6 Mtonnes, which is 0.2 Mtonnes lower than previously communicated. 2027 guidance • Boliden will publish its complete full-year 2027 guidance on December 8, 2026. Garpenberg’s 2027 milled volume is estimated at 2.3 Mtonnes (unchanged). 2026 average grades Milled volume Zn Cu Ni1 Au Ag % g/tonne Mtonnes Aitik 0.18 0.08 41 Boliden Area 3.0 1.6 70 1.8 Garpenberg 2.7 100 1.5 Kevitsa 0.24 0.17 10 Somincor2,, Cu 1.7 2.3 Somincor2,, Zn 6.7 2.2 Tara 5.6 1.6 Zinkgruvan2,, Zn 7.0 1.1 Zinkgruvan2,, Cu 2.0 0.3 1 Nickel in Sulphides, Ni(S) 2 The grades reported are per head grade in each ore type.
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Calendar Q2 Interim Report 2026 18 October 29, 2026 Interim Report for the third quarter 2026 December 8, 2026 2027 Guidance release February 3, 2027 Interim Report for the fourth quarter and full year 2026 March 15-16, 2027 Capital Market Days April 28, 2027 Interim Report for the first quarter 2027 and Annual General Meeting July 21, 2027 Interim Report for the second quarter 2027
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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 Responsibility April 28, 2026 Q2 Interim Report 2026 19
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• Financing • Loan structure • Preliminary priced volumes • Treatment charges • Metal prices • External process inventory Appendices Q2 Interim Report 2026 20
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Financing Q2 Interim Report 2026 21 SEK m Q2 2026 Q2 2025 Q1 2026 22,432 27,008 22,835 290 374 325 1,176 1,245 1,171 -555 -509 -1 -4,198 -7,603 -9,995 19,145 20,515 14,335 Cash Debt to credit institutions Other interest bearing debt Pension liability Interest bearing assets Total SEK m Q2 2026 Q2 2025 Q1 2026 14,783 11,899 13,971 4,198 7,603 9,995 -1,697 -7,589 -2,042 17,284 11,913 21,924 Not utilized credit facilities Cash Credits with maturity < 1 year
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Loan structure Q2 Interim Report 2026 22 Maturity SEK m Reported value of which utilized < 1 year 1-5 years > 5 years Revolving credit facility 16,783 Bilateral loans 15,303 15,303 608 14,522 173 Bonds 7,129 7,129 950 4,079 2,100 Commercial papers - - - - - Leases, other 290 290 139 151 - Total 22,722 1,697 18,751 2,273
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Preliminary priced volumes Q2 Interim Report 2026 23 * Preliminary priced volumes of metal in concentrate in Mines Preliminary priced volumes in Mines* 2026 16.4 42.6 2.3 4.3 25,937 630 193 292 Palladium, kg Platinum, kg Copper, ktonnes Zinc, ktonnes Nickel, ktonnes Lead, ktonnes Silver, kg Gold, kg
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Q2 Interim Report 2026 24 Copper Zinc and copper treatment charges Zinc Source: CRU -100 -50 0 50 100 150 200 250 300 350 2021 2022 2023 2024 2025 2026 USD/tonne concentrate Contract TC - realized Spot TC imported concentrate to China -200 -150 -100 -50 0 50 100 2021 2022 2023 2024 2025 2026 USD/tonne concentrate Contract TC - annual and mid-year benchmark Standard grade spot TC
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Q2 Interim Report 2026 25 Zinc, copper and nickel prices Source: Bloomberg Q1 2026 Q4 2025 Q3 2025 Q2 2025 Copper 4% 20% 36% 40% Zinc 7% 10% 23% 31% Nickel 4% 22% 21% 20% Average price in Q2 2026 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 14,000 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 2026 26 Gold, silver and lead prices Source: Bloomberg Q1 2026 Q4 2025 Q3 2025 Q2 2025 Gold -8% 9% 30% 37% Silver -13% 34% 86% 117% Lead 1% -1% -1% 0% Average price in Q2 2026 vs period 0 1,000 2,000 3,000 4,000 5,000 6,000 USD/tr.oz. Gold Price Price Q avg 0 50 100 150 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 2026 27 Metal Volume 26,800 10,100 100 3,600 75,300 500Palladium, kg Copper, tonnes Zinc, tonnes Lead, tonnes Gold, kg Silver, kg
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Disclaimer Q2 Interim Report 2026 28 • 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.