Slides
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Q3 Interim Report 2026 Solid performance across Mines and Smelters Mikael Staffas, President and CEO Håkan Gabrielsson, Executive Vice President and CFO October 29, 2026
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Q3 2026 Highlights Q3 Interim Report 2026 2 • Strong earnings • Operating profit excl. PIR SEK 4,894 m (2,752) • Solid performance • Strong production in both Somincor and Kevitsa, ramp-up as planned in Garpenberg • Strong production in Harjavalta, improved availability of the new Odda roaster • Lowered grade guidance, but increased milled volume guidance for Aitik in 2026 • Agreement to acquire 64.68% of the shares in Nexa Resources
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Q3 Interim Report 2026 3 Group Operating profit excl. PIR Financial performance • Operating profit excl. PIR SEK 4,894 m (2,752) • Planned maintenance SEK -50 m (-50) • Free cash flow SEK 1,121 m (2,284) • Net debt/equity ratio 21% (25) • Capex SEK 3.4 bn (3.8) 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 Q3 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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Key projects update Q3 Interim Report 2026 4 Rönnskär tankhouse • On time and on budget • Ramp-up: Q4 2026 Boliden Area tailings sand recycling project • On track Rönnskär SCMentum • Early stage • Ramp-up: H1 2029 Garpenberg 4.5 Mtonnes expansion • On track, early stage • Commissioning: 2032 Odda expansion • Ramp-up ongoing • Increased roaster availability
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ESG development in Q3 Q3 Interim Report 2026 5 • Scope 1 and 2 greenhouse gas emissions emissions: 194 ktonnes CO2e (234) • Lost Time Injury Frequency: 4.4 (3.5) • Sick leave: 4.0% (4.2) 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 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2022 2023 2024 2025 2026 0 5 10 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2022 2023 2024 2025 2026 0 2 4 6 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2022 2023 2024 2025 2026 %
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Q3 Interim Report 2026 6 Prices and terms indices Market developments • Continued high metal prices • Stronger base metal prices • Precious metal prices stable on high levels • Stronger USD • Increasingly 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 October 29, 2026 Q3 Interim Report 2026 7 Copper Zinc USD/tonne USD/tonne Source: Wood Mackenzie, Bloomberg Average priceMinimum price Maximum price Spot price 75th percentile50th percentile 90th percentile 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000
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Mine production Q3 Interim Report 2026 8 Aitik • Milled volume 10.3 Mtonnes (9.8) • Strong mine production • Cu grade in line with previous quarter, but higher year-on-year The Boliden Area • Stable operations • Lower Au grade year-on-year Garpenberg • Milled volume 356 ktonnes (956) • Ramp-up according to plan Kevitsa • Record milled volume • Lower Cu and Ni grades year-on- year Somincor • Strong production, Cu in particular Tara • Slightly lower production 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 10 20 30 40 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2022 2023 2024 2025 2026 0 500 1,000 1,500 2,000 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2022 2023 2024 2025 2026 0 30 60 90 120 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2022 2023 2024 2025 2026 0 40,000 80,000 120,000 160,000 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2022 2023 2024 2025 2026
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Smelter production Q3 Interim Report 2026 9 Bergsöe • High feed and process stability Harjavalta • Outstanding overall equipment effectiveness • The nickel feed set a new quarterly record Kokkola • Strong production • Casted Zn higher than the previous quarter Odda • Planned maintenance • Improved availability of the new roaster • Casted Zn higher than both the previous quarter and year-on-year Rönnskär • Planned maintenance • Lower Ag production partly due to process disturbances Zinc, ktonnes Copper cathodes, ktonnes 0 40 80 120 160 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 0 30 60 90 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026
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Financial summary Q3 Interim Report 2026 10 SEK m Q3 2026 Q3 2025 Q2 2026 30,442 21,971 25,733 7,804 5,611 5,485 5,416 3,237 3,194 4,894 2,752 2,872 3,353 3,806 4,058 219 2 - 1,121 2,284 -2,114 1,340 2,286 -2,114 13.69 8.07 7.81 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 activities
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Operating profit excl. PIR per Business Area Q3 Interim Report 2026 11 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 4,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 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 Q3 2022 2023 2024 2025 2026 Rolling, SEK m SEK m Quarterly EBIT excl.PIR 12 months rolling EBIT excl.PIR SEK m Q3 2026 Q3 2025 Q2 2026 3,938 2,429 2,290 1,482 689 707 -526 -367 -125 4,894 2,752 2,872 Mines Smelters Other/eliminations The Group
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Operating profit deviation year-on-year Q3 Interim Report 2026 12 Prices and terms • Higher metal prices; Cu, Zn, Au, Ag • Stronger sulphuric acid prices Volumes • Lower production in Garpenberg as a result of earlier seismic events, partly off-set by better production at other sites Costs • Some inflation, mainly due to higher oil prices Other • Sales of electricity 2,752 3,251 -655 -636 -12 -65 259 4,894 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000
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Prices and terms • Higher metal prices • Some effect from stronger USD and sulphuric acid prices Volumes • Higher production rate from Garpenberg • Higher grades across most mines • Less maintenance in Smelters Costs • Less planned maintenance in Smelters and seasonally lower costs Operating profit deviation quarter-on-quarter Q3 Interim Report 2026 13 715 932 358 -81 98 4,894 2,872 0 1,000 2,000 3,000 4,000 5,000 6,000
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Cash flow Q3 Interim Report 2026 14 SEK m Q3 2026 Q3 2025 Q2 2026 7,282 5,125 5,163 -1,047 1,575 -1,750 -3,354 -3,833 -4,594 -219 -2 - -441 -346 -390 -660 -262 -593 -440 27 50 1,121 2,284 -2,114 1,340 2,286 -2,114 Cash flow from working capital Operating profit before depreciation and amortization excl. PIR Cash flow from investing activities Financial items Cash flow from acquisition activities Paid tax Other Free cash flow Free cash flow excluding acquisition activities
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Q3 Interim Report 2026 15 Capital structure SEK billion 30 Sep 2026 30 Sep 2025 30 Jun 2026 Total Assets 155.2 136.9 151.1 Capital Employed 110.6 96.7 105.9 Equity 85.6 72.8 80.5 Net debt 18.3 18.1 19.1 Net debt/equity, % 21 25 24 Net reclamation liability/equity, % 7 7 7 Average interest rate, % 4.0 3.8 4.1 Net payment capacity 19.5 14.0 17.3 -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 Q3 2022 2023 2024 2025 2026 %SEK billion Net debt Net debt/equity ratio
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Boliden Capital Markets Days 2027 March 15–16, 2027 Conference in Skellefteå (Wood Hotel) Site visit to the Rönnskär smelter For more information please contact: investorrelations@boliden.com
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Q3 Interim Report 2026 17 Outlook Unchanged 2026 guidance • Group capex of SEK 15.5 bn • Classification within capital expenditure changed (see below). • Grades and milled volumes unchanged, except for Aitik (see below) New 2026 guidance • Aitik’s copper grade is expected to be 0.16% and milled volume is expected to be 42 Mtonnes (previously 0.18% and 41 Mtonnes). • Mine sustaining investments: SEK 7 billion (previously SEK 6.5 billion). • Smelters planned maintenance: SEK -500 m operating profit effect in 2026, of which SEK -100 m in Q4 (previously SEK -450 m and SEK -50 m) 2027 guidance • Full-year 2027 guidance on December 8, 2026. • Garpenberg’s 2027 milled volume is estimated at 2.3 Mtonnes (as previously communicated). 2026 average grades Milled volume Zn Cu Ni1 Au Ag % g/tonne Mtonnes Aitik 0.16 0.08 42 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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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 October 29, 2026 Q3 Interim Report 2026 18
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• Financing • Loan structure • Preliminary priced volumes • Treatment charges • Metal prices • External process inventory Appendices October 29, 2026 Q3 Interim Report 2026 19
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Calendar Q3 Interim Report 2026 20 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 Annual General Meeting Boliden’s financial calendar after April 2027 is pending the closing of the acquisition of a controlling stake in Nexa Resources.
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Financing Q3 Interim Report 2026 21 SEK m Q3 2026 Q3 2025 Q2 2026 23,320 23,664 22,432 256 338 290 1,136 1,247 1,176 -568 -531 -555 -5,810 -6,587 -4,198 18,335 18,130 19,145 Cash Debt to credit institutions Other interest bearing debt Pension liability Interest bearing assets Total SEK m Q3 2026 Q3 2025 Q2 2026 17,040 11,834 14,783 5,810 6,587 4,198 -3,345 -4,447 -1,697 19,505 13,974 17,284 Not utilized credit facilities Cash Credits with maturity < 1 year
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Loan structure Q3 Interim Report 2026 22 Maturity SEK m Reported value of which utilized < 1 year 1-5 years > 5 years Revolving credit facility 17,040 - Nexa acquisition bridge facility 20,005 - Bilateral loans 15,480 15,480 626 14,670 184 Bonds 7,193 7,193 1,950 3,143 2,100 Commercial papers 646 646 646 - - Leases, other 256 256 122 133 - Total 23,575 3,345 17,946 2,284
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Preliminary priced volumes Q3 Interim Report 2026 23 * Preliminary priced volumes of metal in concentrate in Mines Preliminary priced volumes in Mines* 30 Sep 2026 17.0 43.9 2.6 2.8 16,600 600 203 311 Palladium, kg Platinum, kg Copper, ktonnes Zinc, ktonnes Nickel, ktonnes Lead, ktonnes Silver, kg Gold, kg
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Q3 Interim Report 2026 24 Copper Zinc and copper treatment charges Zinc Source: CRU -300 -250 -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 -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
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Q3 Interim Report 2026 25 Zinc, copper and nickel prices Source: Bloomberg Q2 2026 Q1 2026 Q4 2025 Q3 2025 Copper 6% 10% 27% 44% Zinc 10% 18% 21% 35% Nickel -9% -5% 11% 10% Average price in Q3 2026 vs period 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 0 400 800 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 0 500 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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Q3 Interim Report 2026 26 Gold, silver and lead prices Source: Bloomberg Q2 2026 Q1 2026 Q4 2025 Q3 2025 Gold -6% -13% 3% 23% Silver -14% -26% 14% 59% Lead -5% -4% -6% -6% Average price in Q3 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 Q3 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 Q3 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.