Interim report
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Solid performance across Mines and Smelters “Among our mines , Somincor has really integrated well into Boliden and had a very strong production, while Kevitsa set a new record for milled volume and Garpenberg improved according to plan . On the smelter side, Harjavalta set a new record for its nickel feed and the availability of the new roaster at Odda increased significantly towards the end of the quarter ” – Mikael Staffas, President and CEO • Operating profit excluding revaluation of process inventory totaled SEK 4,894 m (2,752) • Free cash flow was SEK 1,121 m (2,284) • Stronger prices and terms • Stable production in both Mines and Smelters • Ramp-up according to plan in Garpenberg • Good progress on major investment projects, including improved availability of the new Odda roaster, and Rönnskär tankhouse close to ramp-up • Lowered grade guidance, but increased milled volume guidance for Aitik in 2026 • Agreement to acquire 64.68% of the shares in Nexa Resources, and following closing, a voluntary tender cash offer for any Nexa shares not acquired. 12 months Full-year SEK m 3-2026 3-2025 2-2026 2026 2025 Oct-Sep 2025 Revenues 30,442 21,971 25,733 83,997 65,378 112,128 93,509 Operating profit ex. revaluation of process inventory 4,894 2,752 2,872 12,198 6,632 16,260 10,693 Operating profit 5,416 3,237 3,194 13,857 7,393 19,656 13,192 Profit after financial items 4,976 2,892 2,805 12,637 6,413 18,124 11,901 Net profit 3,888 2,294 2,217 9,925 5,061 14,273 9,409 Earnings per share, SEK 13.69 8.07 7.81 34.94 18.01 50.25 33.39 Free cash flow 1,121 2,284 -2,114 680 -11,939 3,369 -9,250 Net debt 18,335 18,130 19,145 18,335 18,130 18,335 15,205 Return on capital employed, % 19.1 14.3 Return on equity, % 18.1 13.4 Net debt/equity ratio, % 21 25 24 21 25 21 20 Quarter Nine months 17BInterim Report Q3 2026
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Interim Report for the third quarter of 2026 2 CEO’s statement The release of our third quarter 2026 results is overshadowed by the death of a colleague in what may be our first work-related fatality in 18 years. Our thoughts go out to his family, colleagues, friends and others affected by this tragedy. Safety always comes first at Boliden, and I want to give credit to all my colleagues who report risks before they become incidents and adapt their workplaces and processes to mitigate identified risks. Courage to question established ways of working is often required in this respect and it is only together that we create an environment where this is part of our everyday work. Looking at the third quarter, we announced the acquisition of a controlling stake in Nexa, a zinc and silver-focused base metal producer with five mines and three smelters across Brazil and Peru. Once the transaction has been finalized, this will position us as a global leader within zinc, and we look forward to welcoming Nexa to the Boliden family. Our existing operations delivered stable production across both business areas. Among our mines, Somincor has really integrated well into Boliden and had a very strong production, while Kevitsa set a new record for milled volume and Garpenberg improved according to plan. At Aitik, mine production remained high but with higher waste rock dilution than initially planned. This has an impact on both the milled volume and average copper grade for the year, and we have updated Aitik’s guidance accordingly in this report. On the smelter side, Harjavalta set a new record for its nickel feed and the utilization of the new roaster at Odda increased significantly towards the end of the quarter, meaning that the ramp-up, while slower than expected, is now gathering pace. On the theme of investment projects coming to a close, Rönnskär’s new tankhouse is nearing completion and we look forward to soon being able to deliver copper cathodes “made in Sweden” once again. Finally, prices and terms continued to strengthen, with an increasing sulphuric acid price boosting by-product revenue from our smelters. There is a growing consensus that the copper price has a new floor, and this reinforces our already strong business case for Laver, the copper deposit for which the Swedish government in August upheld our mining concession. While a final investment decision will be made in a few years’ time following receipt of an environmental permit, we strongly believe in Laver’s potential to become a new benchmark open-pit mine with the world-class productivity and ESG performance that characterize our operations. Laver alone will deliver around 10% of Europe’s domestic copper mine supply and will be crucial to our continent’s raw material sovereignty going forward. On that note, I am also happy to share that I have assumed the presidency of Euromines. This organization acts as the voice and representative body for the European metals and minerals mining industry, promoting responsible industry practices and advocating for the sector within European Union (EU) policymaking. In this role, I will continue to advocate for the conditions Europe needs to maintain a globally competitive mining sector: faster permitting processes, a coherent policy landscape, and investment in European mining. Mikael Staffas President and CEO
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Interim Report for the third quarter of 2026 3 Outlook Unchanged 2026 guidance • Total capital expenditure in 2026 is estimated at SEK 15.5 billion. Classification within capital expenditure has changed (see below). • Estimated grades and milled volume for all mines are unchanged, except the copper grade and milled volume at Aitik. See adjacent table. New 2026 guidance • The full-year copper grade at Aitik is expected to be 0.16% and milled volume is expected to be 42 Mtonnes. The previous guidance was 0.18% and 41 Mtonnes. • Investments in mine sustaining (waste rock mining, processing and ongoing dam raising) are estimated to SEK 7 billion. The previous guidance was SEK 6.5 billion. • The full-year impact on operating profit of planned maintenance shutdowns in Business Area Smelters is estimated at SEK -500 m (-500), of which SEK -100 m (-50) in the fourth quarter. The previous guidance was SEK -450 m for the full year and SEK -50 m for the fourth quarter. 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 (as previously communicated). Boliden Mines 2026 grade and milled volume guidance Boliden to acquire controlling stake in Nexa Resources On August 27, 2026, Boliden AB and Votorantim S.A. entered into a definitive agreement pursuant to which Boliden will acquire all of Votorantim's shares in Nexa Resources S.A (Nexa). Under the terms of the transaction, Votorantim will receive 0.250x newly issued Boliden shares for each of its Nexa shares resulting in Boliden becoming owner of 64.68% of the total number of shares and votes in Nexa, and Votorantim becoming owner of approximately 7.0% of the total number of shares and votes in Boliden. Closing of the transaction, which is expected to take place in the first quarter of 2027, is subject to certain conditions, including approval by Boliden's shareholders at an extraordinary general meeting, to be held on November 23, 2026, to mandate the Board of Boliden to resolve on a share issue in kind and also receipt of regulatory approvals, one of which was fulfilled on October 27, 2026, by Votorantim's receipt of approval under the Swedish FDI Act (Sw. lagen om granskning av utländska direktinvesteringar) of its acquisition of Boliden shares and election of a Votorantim nominee to Boliden’s Board of Directors. Following closing, Boliden has agreed with Nexa to launch a voluntary tender offer to purchase for cash any Nexa shares not acquired through the above-mentioned transaction. For more information regarding this transaction and the upcoming extraordinary general meeting, see www.boliden.com. 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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Interim Report for the third quarter of 2026 4 The Group Sales Revenues increased to SEK 30,442 m (21,971). Financial performance Operating profit excl. revaluation of process inventory Sales, rolling 12 months Operating profit excl. revaluation of process inventory, rolling 12 months Boliden-weighted metal prices and treatment charge terms index in SEK Index 100 = January 1, 2021 Average Q3 2025 = 140 Average Q3 2026 = 194 Analysis of operating profit Compared with the third quarter 2025, operating profit excluding revaluation of process inventory increased to SEK 4,894 m (2,752). Prices and terms contributed positively as metal prices were significantly higher. A significantly slower production rate at Garpenberg, following the abnormal seismic activity in March, had a negative impact on volumes. Costs increased, partially as a result of higher oil prices which have also led to higher prices for chemicals and transport. The third quarter of 2025 included items affecting comparability of SEK 65 m. Sales of electricity impacted the “Other” line positively. Compared with the previous quarter, operating profit excluding revaluation of process inventory increased by SEK 2,022 m. The result was positively impacted by higher grades, higher metal prices, the higher production rate at Garpenberg and less planned maintenance in Smelters. A stronger USD and higher sulphuric acid prices also contributed positively. 12 months Full-year SEK m 3-2026 3-2025 2-2026 2026 2025 Oct-Sep 2025 Mines 3,938 2,429 2,290 9,341 4,804 12,515 7,978 Smelters 1,482 689 707 3,498 2,299 4,859 3,660 Other/eliminations -526 -367 -125 -641 -471 -1,115 -945 The Group 4,894 2,752 2,872 12,198 6,632 16,260 10,693 Quarter Nine months 0 20,000 40,000 60,000 80,000 100,000 120,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 SEK m 0 5,000 10,000 15,000 20,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 SEK m 0 50 100 150 200 2021 2022 2023 2024 2025 2026 Index SEK m 3-2026 3-2025 2-2026 Operating profit 5,416 3,237 3,194 Revaluation of process inventory 522 486 322 Operating profit ex. revaluation of process inventory 4,894 2,752 2,872 Change 2,143 2,022 Analysis of change Volumes -655 932 Prices and terms 3,251 715 Metal prices 3,027 605 By-product prices 171 89 TC/RC terms -27 -81 Metal premiums 15 -33 Exchange rate effects 65 134 Costs -636 358 Depreciation -12 -81 Items affecting comparability -65 - Other 259 98 Change 2,143 2,022 Quarter
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Interim Report for the third quarter of 2026 5 Profit after financial items totaled SEK 4,976 m (2,892). Net profit was SEK 3,888 m (2,294), corresponding to earnings per share of SEK 13.69 (8.07). Return on capital employed and return on equity for the past 12 months were 19.1% and 18.1% respectively. Capital expenditure Capital expenditure totaled SEK 3.4 billion (3.8). Mine sustaining capital expenditure amounted to SEK 1.6 billion (1.6). The new tankhouse project at Rönnskär is on time and on budget, and is in the final stages of preparation for ramp-up. Cash flow Free cash flow totaled SEK 1,121 m (2,284). Investments were lower than the previous year, but working capital increased as a result of higher metal prices. Insurance proceeds of SEK 350 m were received in the third quarter of 2025. Net financial items and financial position Net financial items totaled SEK -441 m (-346). Average interest rate on loans was 4.0% (3.8). Net debt at the end of the quarter amounted to SEK 18,335 m (18,130) and net debt/equity ratio was 21% (25). In addition to ordinary net debt, net reclamation liability was SEK 6,190 m (5,388). The average maturity of utilized loan facilities was 2.5 years (2.9). The fixed-interest duration on utilized loans was 1.9 years (2.0). At the end of the quarter, net payment capacity in the form of cash and cash equivalents and unutilized binding credit facilities with a term of more than one year totaled SEK 19,505 m (13,974). Net debt/equity ratio, at the end of the quarter Return on total capital, rolling 12 months 12 months Full-year SEK m 3-2026 3-2025 2-2026 2026 2025 Oct-Sep 2025 Cash flow from operating activities before change in working capital 5,741 4,545 4,230 15,127 10,739 21,082 16,693 Change in working capital -1,047 1,575 -1,750 -3,069 2,604 -1,680 3,993 Cash flow from operating activities 4,694 6,120 2,480 12,059 13,343 19,402 20,686 Cash flow from investing activities -3,354 -3,835 -4,594 -11,111 -10,893 -15,765 -15,545 Cash flow from acquisition activities -219 -2 - -267 -14,391 -268 -14,391 Free cash flow 1,121 2,284 -2,114 680 -11,939 3,369 -9,250 Quarter Nine months -10 0 10 20 30 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 % 0 8 16 24 32 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 Return on capital employed Return on equity %
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Interim Report for the third quarter of 2026 6 Market developments Commodity markets were characterized by heightened geopolitical uncertainty and energy price volatility during the quarter. Higher energy costs renewed inflation concerns, shifting monetary policy expectations from easing towards tightening, with several major central banks raising interest rates. Rising bond yields, also reflecting concerns over government debt and fiscal sustainability, tightened financial conditions and increased risks to global growth and industrial demand. Against this background, supply constraints, trade policy uncertainty and demand from AI infrastructure and energy transition technologies supported parts of the metals market. Average metal prices and exchange rates Zinc Global demand for refined zinc increased by 4% versus the previous quarter reflecting seasonal variation but was down 3% compared to the third quarter of 2025. However, the longer-term average global rolling 12-month zinc consumption remained stable around 13.4 Mtonnes. Zinc metal premia rose in the US and Europe during the quarter as lower smelter output tightened regional supply, with additional support from resilient US demand. Global zinc concentrate production increased marginally compared to the previous quarter, remaining stable compared with the third quarter of 2025. Spot TCs for standard qualities continued a steep decline, ending the quarter at USD -130/tonne. However, the annual benchmark TC remains unchanged at USD 85/tonne. The average LME zinc price increased by 10% compared with the previous quarter and 35% compared with the third quarter of 2025. Zinc price Global zinc demand, rolling 12 months Copper Worldwide consumption of refined copper decreased by 8% versus the previous quarter, gaining marginally compared with the third quarter of 2025. Whilst the longer-term trend reflects continued demand growth, the rolling 12-month average suggests stabilized demand around 28 Mtonnes over the past year. Concentrate production gained marginally against the previous quarter and the third quarter of 2025. Spot treatment charges for standard grades continued to decline, reaching record low levels by the end of the quarter at USD -297/tonne, reflecting significant ongoing structural tightness in the concentrate market. Benchmark Chinese contracts remained at zero TC/RCs. The average LME copper price continued to rise, gaining 6% and 44% compared with the previous quarter and the third quarter of 2025 respectively. Copper price Global copper demand, rolling 12 months 3-2026 3-2025 2-2026 2026 2025 Zinc, USD/tonne 3,825 2,825 3,466 3,514 2,770 Copper, USD/tonne 14,104 9,797 13,329 13,434 9,556 Nickel, USD/tonne 16,572 15,015 18,131 17,337 15,251 Lead, USD/tonne 1,857 1,966 1,954 1,913 1,961 Gold, USD/oz 4,255 3,454 4,506 4,543 3,200 Silver, USD/oz 62.6 39.4 73.1 73.2 35.0 USD/SEK 9.65 9.52 9.36 9.39 9.94 EUR/SEK 11.11 11.12 10.89 10.90 11.13 Quarter Nine months 0 1,000 2,000 3,000 4,000 5,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 USD/tonne 12,000 12,500 13,000 13,500 14,000 14,500 15,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 ktonnes 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 USD/tonne 21,000 22,000 23,000 24,000 25,000 26,000 27,000 28,000 29,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 ktonnes
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Interim Report for the third quarter of 2026 7 Nickel Nickel prices fell by 9% compared with the previous quarter. Uncertainty over potential increases in Indonesia’s nickel ore production quotas renewed concerns about oversupply. Nickel price Global nickel demand, rolling 12 months Lead Global lead demand and mine concentrate production remained stable during the quarter. The average LME lead price fell by 5% compared with the previous quarter, although prices have generally hovered around USD 1,850/tonne since mid-2026. Gold Higher real yields, a stronger USD and expectations of further interest rate hikes negatively impacted the gold price. Average prices fell 6% compared with the previous quarter. Gold price Silver Silver followed gold lower, with average prices down 14% compared with the previous quarter. Concerns about global growth also weighed on the outlook for silver’s industrial demand. Silver price Sulphuric acid Prices remained historically high following disruptions to Middle Eastern sulphur supplies and restrictions on Chinese acid exports. However, they eased somewhat during the quarter as fertilizer producers and metals-leaching operations reduced purchases and drew on inventories to contain costs. Data in the Market developments section comes from CRU Ltd, Bloomberg and Wood Mackenzie. 0 6,000 12,000 18,000 24,000 30,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 USD/tonne 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 ktonnes 0 1,000 2,000 3,000 4,000 5,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 USD/oz 0 20 40 60 80 100 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 USD/oz
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Interim Report for the third quarter of 2026 8 Mines Boliden has seven mining areas – Aitik, the Boliden Area, Garpenberg, Kevitsa, Somincor, Tara and Zinkgruvan. Development in the business area is pursued jointly in the form of exploration, technology and environment. • Higher production of all metals in concentrate versus the previous quarter • Ramp-up according to plan in Garpenberg • Lowered grade guidance, but increased milled volume guidance for Aitik in 2026 • Operating profit increased to SEK 3,938 m (2,429) Operating profit, rolling 12 months Return on capital employed, rolling 12 months Analysis of operating profit Compared with the third quarter 2025, the operating profit increased by SEK 1,508 m to SEK 3,938 m (2,429). Prices and terms had a positive impact driven by copper, zinc, gold, and silver. The large negative, year-on-year, impact from volumes was fully derived from Garpenberg. Higher diesel prices contributed to higher costs. Depreciations decreased as a result of increased life of mine plans for Somincor and Zinkgruvan. This increase of life of mine plans is in line with the 2025 Reserves and Resource statement. Compared with the previous quarter, the operating profit was SEK 1,648 m higher. The increase was due to higher metal prices and an increased production of all metals in concentrate. A stronger USD, higher earnings contribution from Garpenberg, and less external services contributed positively. SEK m 3-2026 3-2025 2-2026 2026 2025 Revenues 9,906 8,398 8,598 27,746 21,446 Operating expenses 4,336 3,849 4,369 12,816 10,932 Depreciation 1,751 1,877 1,804 5,989 5,049 Operating profit 3,938 2,429 2,290 9,341 4,804 Investments 2,593 2,315 2,853 7,875 6,293 Acquisitions 219 2 - 267 14,391 Capital employed 59,466 55,762 57,574 59,466 55,762 Quarter Nine months 0 5,000 10,000 15,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 SEK m 0 10 20 30 40 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 % SEK m 3-2026 3-2025 2-2026 Operating profit 3,938 2,429 2,290 Change 1,508 1,648 Analysis of change Volumes -1,007 627 Prices and terms 2,887 873 Metal prices 2,541 729 TC/RC terms 135 10 Exchange rate effects 211 134 Costs -496 74 Depreciation 125 67 Other -1 7 Change 1,508 1,648 Quarter
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Interim Report for the third quarter of 2026 9 Production Metal in concentrate ¹ Including Somincor and Zinkgruvan since April 16, 2025. Information about production and metal grades at each respective unit can be found on pages 32-37. The production of all metals in concentrate was higher compared to the previous quarter. The on- going ramp-up of production in Garpenberg impacted the production of zinc, silver, gold and lead in concentrate positively. Kevitsa’s production of nickel in concentrate was higher than the previous quarter, explained by both higher milled volume and grade. However, the production of all metals in concentrate, except copper, was lower than the third quarter of 2025. Garpenberg’s lower year- on-year production rate had a negative impact on the production of zinc, silver, gold and lead in concentrate. Kevitsa accounted for the majority of the quarter-on-quarter increase in the production of copper in concentrate, while Aitik stood for the largest share of increase versus the third quarter of 2025. Aitik’s milled volume was lower than the previous quarter but higher than the third quarter of 2025, which was impacted by hard to grind ore. Total mine production (waste rock and ore) remained high. The copper grade was in line with the previous quarter, but higher than the third quarter of 2025. Increased waste rock dilution is the key reason to the lowered 2026 copper grade guidance. The production of copper in concentrate was lower than the previous quarter but higher compared to the third quarter 2025. The production of gold in concentrate was higher than both comparison periods supported by higher grades. The Boliden Area’s milled volume was in line with both the previous quarter and the third quarter of 2025. The production of gold in concentrate was higher than in the previous quarter but lower than the third quarter of 2025, mirroring the difference in gold grade. Garpenberg’s milled volume was higher than the previous quarter but significantly lower than the third quarter of 2025, due to the seismic event in mid-March which halted all production until the end of April. Since then, production has gradually increased from the orebodies not directly affected by the incident. The production of both zinc and silver in concentrate was higher than the previous quarter but only about a third of the level in the third quarter of 2025. Milled volume in Aitik, rolling 12 months Milled volume in Garpenberg, rolling 12 months Kevitsa’s milled volume reached a new quarterly record thanks to strong operational performance. Grades and consequently production of metals in concentrate was higher than in the previous quarter, but lower year-on-year. Somincor’s milled volume was higher than both comparison periods and the production of copper in concentrate was higher than both the previous quarter and the third quarter of 2025. Production of zinc in concentrate was higher than the previous quarter but lower year-on-year. Tara’s milled volume was lower than both the previous and the third quarter of 2025. Challenging ground conditions, coupled with higher-than-expected refurbishment requirements, resulted in production delays. Altered production plans lead to lower grades relative to both comparison periods. The production of zinc in concentrate was lower than both the previous quarter and the third quarter of 2025. Zinkgruvan’s milled volume as well as production of zinc in concentrate was higher than the previous quarter but lower than the third quarter of 2025. 3-2026 3-2025 % 2-2026 % 2026 2025¹ % Zinc, tonnes 84,744 107,960 -22 74,212 14 248,156 258,950 -4 Copper, tonnes 31,979 27,803 15 30,045 6 90,847 74,710 22 Nickel, tonnes 2,854 3,237 -12 2,010 42 8,146 9,103 -11 Lead, tonnes 17,873 23,711 -25 11,470 56 48,098 55,859 -14 Gold, kg 1,247 1,416 -12 1,043 20 3,460 3,997 -13 Silver, kg 90,022 130,778 -31 59,795 51 259,282 328,459 -21 Quarter Nine months 25,000 30,000 35,000 40,000 45,000 50,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 ktonnes 2,000 2,500 3,000 3,500 4,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 ktonnes
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Interim Report for the third quarter of 2026 10 Smelters Boliden has five smelters – the Bergsöe lead recycling plant, the Harjavalta copper and nickel smelter, the Kokkola and Odda zinc smelters, and the Rönnskär copper and lead smelter. • Good progress on major investment projects, including improved availability of the new Odda roaster • Stronger prices and terms • Stable production • Operating profit excluding revaluation of process inventory increased to SEK 1,482 m (689) Operating profit, rolling 12 months Return on capital employed, rolling 12 months Analysis of operating profit Compared with the third quarter 2025, operating profit excluding revaluation of process inventory increased to SEK 1,482 m (689). Higher metal and sulphuric acid prices fully compensated for lower treatment charges. Volumes were positively impacted by more free metals. Costs increased as a consequence of higher energy, chemical and freight prices. Depreciations increased, partly due to the Odda expansion. Sales of electricity impacted the “Other” line positively. The third quarter of 2025 included items affecting comparability of SEK 65 m. Compared with the previous quarter, operating profit excluding revaluation of process inventory increased by SEK 776 m. Volumes were positively impacted by less scheduled maintenance and more free metals, in particular gold. Higher zinc, copper and sulphuric acid prices and a stronger USD contributed positively. Less planned maintenance reduced costs. Depreciations increased partly due to the Odda expansion. SEK m 3-2026 3-2025 2-2026 2026 2025 Revenues 28,004 20,570 24,148 78,555 61,753 Gross profit ex. revaluation of process inventory 4,104 3,243 3,479 11,376 10,259 Operating expenses 2,371 2,246 2,591 7,215 6,997 Depreciation 632 488 482 1,597 1,396 Operating profit ex. revaluation of process inventory 1,482 689 707 3,498 2,299 Operating profit 2,005 1,175 1,029 5,157 3,061 Investments 760 1,490 1,205 3,159 4,577 Capital employed 52,762 41,669 49,357 52,762 41,669 Quarter Nine months 0 2,000 4,000 6,000 8,000 10,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 SEK m Operating profit ex. revaluation of process inventory Operating profit 0 5 10 15 20 25 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 % SEK m 3-2026 3-2025 2-2026 Operating profit 2,005 1,175 1,029 Revaluation of process inventory 522 486 322 Operating profit ex. revaluation of process inventory 1,482 689 707 Change 793 776 Analysis of change Volumes 215 415 Prices and terms 624 178 Metal prices 614 151 By-product prices 171 89 TC/RC terms -162 -91 Metal premiums 15 -33 Exchange rate effects -14 62 Costs -102 257 Depreciation -140 -147 Items affecting comparability -65 - Other 261 72 Change 793 776 Quarter
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Interim Report for the third quarter of 2026 11 Production Metal production Copper anodes are further processed into copper cathodes. Lead includes lead alloys in Bergsöe. Information about production at each respective unit can be found on pages 38–40. Smelters carried out less extensive planned maintenance during the third quarter of 2026 compared to the previous quarter, but in line with the third quarter of 2025. Odda and Rönnskär had planned maintenance stops. Production was strong with higher production of all metals, except lead and silver, relative to both comparison periods. The silver production was negatively affected by operational issues in Rönnskär. The previous quarter was negatively impacted by planned maintenance in Harjavalta, Kokkola and Rönnskär. Bergsöe had a high feed and process stability. The production of lead alloys was lower than the previous quarter’s record level but higher than the third quarter of 2025. Harjavalta had a strong production quarter. The production of copper cathode, nickel in matte, gold and sulphuric acid were higher than both the previous quarter and the third quarter of 2025. The nickel feed set a new quarterly record. Kokkola’s production of casted zinc was higher relative to the previous quarter and in line with the strong third quarter of 2025. A high feed, a favorable feed mix and a high efficiency in the roaster contributed positively. Odda’s production of casted zinc was higher than both the previous quarter and the third quarter of 2025. This despite a planned maintenance stop in the old roaster and cellhouse facilities. The ramp-up of the expansion program continued. The availability of the new roaster improved steadily during the quarter, and was on average 50%, up from 17% in the previous quarter. Rönnskär’s production of copper anodes was lower than the previous quarter but higher than the third quarter of 2025. A challenging feed mix and some process disturbances in the converters had a negative effect. Silver production was lower than both comparison periods due to some process disturbances and less intermediates coming from Harjavalta. Maintenance shutdowns Planned maintenance shutdowns with an estimated effect on operating profit of SEK -50 m (-50) were carried out during the third quarter of 2026. 3-2026 3-2025 % 2-2026 % 2026 2025 % Zinc, tonnes 116,568 113,538 3 105,116 11 329,615 342,442 -4 Casted copper anodes, tonnes 102,223 100,419 2 90,751 13 300,688 321,393 -6 Copper cathodes, tonnes 42,390 42,113 1 35,999 18 119,956 119,703 0 Lead, tonnes 20,441 21,225 -4 21,274 -4 62,813 60,292 4 Nickel in matte, tonnes 10,985 9,672 14 8,664 27 28,074 24,435 15 Gold, kg 3,573 3,249 10 3,082 16 9,780 9,392 4 Silver, kg 36,186 50,000 -28 49,962 -28 162,677 168,027 -3 Sulphuric acid, tonnes 492,070 455,015 8 394,837 25 1,333,951 1,290,727 3 Quarter Nine months
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Interim Report for the third quarter of 2026 12 Nine months in summary Analysis of operating profit Revenues during the first nine months of the year totaled SEK 83,997 m (65,378). Operating profit excluding revaluation of process inventory increased by SEK 5,567 m to SEK 12,198 m (6,632). Adjusted for items affecting comparability the nine-month operating profit excluding revaluation of process inventory increased by SEK 6,206 m. The addition of Somincor and Zinkgruvan contributed strongly. Significantly higher metal prices compensated for a weaker USD. The net nine-month price effect of by-products, treatment charges and metal premiums was positive. Planned maintenance in Smelters in the first nine months of 2026 was in line with that of the first nine months of 2025. More external services and higher energy prices contributed to higher costs. The nine months of 2026 included a one-off cost of SEK 700 m due to an asset write-down related to the abnormal seismic activity in Garpenberg. Items affecting comparability in the first nine months of 2025 amounted to SEK -61 m. Sales of electricity impacted the “Other” line positively. Net financial items totaled SEK -1,221 m (-980), while net profit totaled SEK 9,925 m (5,061). Earnings per share was SEK 34.94 (18.01). Capital expenditure during the first nine months totaled SEK 11,085 m (10,870). In addition, to mines sustaining investments, the Boliden Area’s tailings sand recycling project was the major investment project in Mines. The largest projects in Smelters were the expansion of Odda plus the new tankhouse and Boliden SCMentum projects at Rönnskär. SEK m 2026 2025 Operating profit 13,857 7,393 Revaluation of process inventory 1,659 762 Operating profit ex. revaluation of process inventory 12,198 6,632 Change 5,567 Analysis of change Volumes 654 Prices and terms 7,955 Metal prices 9,403 By-product prices 226 TC/RC terms -240 Metal premiums 102 Exchange rate effects -1,535 Costs -2,508 Depreciation -472 Items affecting comparability -639 Other 576 Change 5,567 Nine months
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Interim Report for the third quarter of 2026 13 ESG development 1 Land use change (LUC) emissions not included. To enable tracking against our targets 2021-2030 Boliden also presents restated figures in the Annual and Sustainability Report 2025. 2 An incident that causes significant environmental impact. 3 The Lost Time Injury Frequency (LTIF) is calculated as per one million hours worked and includes all injuries that result in one or more days absence from work after the day of the injury. Greenhouse gas emissions, Scope 1 and 2 Rolling 12 months, Ktonnes CO2e Sulphur dioxide emissions to air Rolling 12 months, tonnes Lost Time Injury Frequency, rolling 12 months Sick leave rate, rolling 12 months Environment Greenhouse gas emissions remained at a similar level compared to the previous quarter and decreased compared to the same period last year. Sulphur dioxide emissions increased compared to the previous quarter and decreased compared to the same period last year. The year-on-year decrease was primarily driven by lower emissions at Harjavalta and Rönnskär. No significant environmental incidents occurred during the quarter. Social The average number of full-time equivalent employees (FTEs) increased compared to the previous quarter and increased slightly compared to the same period last year. Lost Time Injury Frequency (LTIF) increased compared to both the previous quarter and the same period last year. No common underlying factor has been identified, and Boliden continues to focus on preventive health and safety measures. Sick leave decreased compared to both the previous quarter and the same period last year. The decrease in sick leave compared to the previous quarter was mainly related to seasonal variation. 12 months Full-year 3-2026 3-2025 2-2026 Oct-Sep 2025 Environment Greenhouse gas emissions¹⁾ Scope 1 and 2, ktonnes CO₂e 194 234 193 847 904 Scope 1 150 168 151 649 659 Scope 2 44 66 42 198 245 Sulphur dioxide emissions to air, tonnes SO₂ 1,391 1,694 1,046 4,858 5,988 Significant environmental incidents²⁾, number - - - - - Social Full-Time Equivalent employees (FTE), yearly average 7,912 7,889 7,608 7,722 7,690 Lost-Time Injury Frequency (LTIF)³⁾, employees and contractors 4.4 3.5 2.7 3.7 3.6 Sick leave, % 4.0 4.2 4.4 4.4 4.7 Quarter 0 500 1,000 1,500 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 0 2,000 4,000 6,000 8,000 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 0 5 10 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 Own personnel and contractors 0 1 2 3 4 5 6 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 %
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Interim Report for the third quarter of 2026 14 Other events Boliden's mining concession for Laver maintained as appeals rejected, but new legal challenge raised On August 12, 2026, the Swedish government announced that it had rejected the two appeals against Boliden's mining concession for Laver, granted in September 2025 by Sweden's Chief Mining Inspector, which includes the right to extract copper, gold, silver and molybdenum. A Non-Governmental Organization (Miljögruppen Pite Älvdal) has since applied for judicial review of the government's decision before the Supreme Administrative Court. Government decision on Nautanen challenged As reported in the second quarter report, the mining concession for Nautanen was upheld by a decision of the Swedish government in May 2026. The local Sami district has applied for judicial review of the government's decision before the Supreme Administrative Court. Employee found deceased at the Boliden Area On October 8, 2026, one of Boliden’s employees was found deceased at his workplace at the tailings facility adjacent to the concentrator in the Boliden Area. The cause of death has not yet been determined, and a workplace accident cannot be ruled out at this time. Investigations, both internal and external, have been launched into the cause of the incident. Appointment of nomination committee Boliden’s Nomination Committee was appointed on October 9 and consists of Lennart Francke, Swedbank Robur Fonder, Chair of the Nomination Committee, Magnus Tell, Alecta, Karin Eliasson, Handelsbanken Fonder. The Chair of the Board, Karl-Henrik Sundström, has been co-opted to the Nomination Committee.
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Interim Report for the third quarter of 2026 15 Affirmation The undersigned hereby affirms that this Interim Report provides a true and fair overview of the Parent Company’s and Group’s operations, positions and performance, and describes the material risks and uncertainty factors faced by the Parent Company and the companies that make up the Group. Stockholm, October 29, 2026 Mikael Staffas President and CEO Boliden AB (publ) Box 44, SE 101 20 Stockholm, Sweden Phone +46 8-610 15 00 www.boliden.com Co. Reg. No. 556051-4142 The Interim Report has not been subject to review by the Company’s auditors.
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Interim Report for the third quarter of 2026 16 Consolidated Income Statements Earnings and Equity per share 1 As no potential shares exist, there is no dilution effect. 2 Equity divided by the number of shares outstanding. 12 months Full-year SEK m 3-2026 3-2025 2-2026 2026 2025 Oct-Sep 2025 Revenues 30,442 21,971 25,733 83,997 65,378 112,128 93,509 Cost of goods sold -24,675 -18,244 -21,898 -68,774 -56,130 -90,366 -77,722 Gross profit 5,767 3,727 3,835 15,223 9,248 21,762 15,787 Selling expenses -158 -95 -171 -476 -449 -649 -623 Administrative expenses -332 -282 -476 -1,207 -906 -1,605 -1,305 Research and development costs -263 -298 -286 -817 -895 -1,214 -1,292 Other operating income and expenses 401 185 292 1,129 393 1,357 621 Results from participations in associated companies 1 1 1 5 3 5 4 Operating profit 5,416 3,237 3,194 13,857 7,393 19,656 13,192 Financial income 31 62 47 130 137 172 178 Financial expenses -471 -408 -436 -1,351 -1,117 -1,703 -1,468 Profit after financial items 4,976 2,892 2,805 12,637 6,413 18,124 11,901 Tax -1,088 -598 -587 -2,712 -1,353 -3,851 -2,492 Net profit 3,888 2,294 2,217 9,925 5,061 14,273 9,409 Net profit attributable to: Owners of the Parent Company 3,887 2,293 2,216 9,922 5,057 14,269 9,404 Non-controlling interests 1 1 1 3 4 4 5 Quarter Nine months 12 months Full-year SEK 3-2026 3-2025 2-2026 2026 2025 Oct-Sep 2025 Earnings per share ¹, SEK 13.69 8.07 7.81 34.94 18.01 50.25 33.39 Ordinary dividend per share, SEK - - - - - - 11.00 Equity per share at the period end ², SEK 301.36 256.02 283.34 301.36 256.02 301.36 269.45 Number of shares outstanding 283,962,452 284,085,454 283,962,452 283,962,452 284,085,454 283,962,452 283,955,454 Average number of shares 283,962,452 284,085,454 283,957,566 283,958,516 280,841,596 283,965,224 281,633,938 Number of own shares held 263,002 140,000 263,002 263,002 140,000 263,002 270,000 Quarter Nine months
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Interim Report for the third quarter of 2026 17 Consolidated Statements of Comprehensive Income 12 months Full-year SEK m 3-2026 3-2025 2-2026 2026 2025 Oct-Sep 2025 Profit/loss for the period 3,888 2,294 2,217 9,925 5,061 14,273 9,409 Other comprehensive income Items that will be reclassified to the Income Statement Change in market value of derivative instruments 244 24 -104 277 -1,538 285 -1,530 Tax effect on derivative instruments -50 -5 21 -57 317 -58 315 Transfers to the Income Statement 6 5 0 3 19 5 20 Tax on transfers to the Income Statement -1 -1 0 -1 -4 -1 -4 Sum cash flow hedging 198 23 -82 223 -1,206 230 -1,199 The period’s translation difference on foreign operations 1,275 -250 332 2,588 -1,158 1,739 -2,006 Profit/loss on hedging of net investments in foreign operations -361 89 -118 -757 23 -478 302 Tax on the period’s profit/loss from hedging instruments 74 -18 24 156 -5 100 -60 Sum translation exposure 988 -180 238 1,986 -1,139 1,361 -1,764 Total items that will be reclassified 1,186 -157 156 2,209 -2,345 1,592 -2,963 Items that will not be reclassified to the Income Statement Revaluation of defined benefit pension plans 52 - - 52 - 183 131 Tax attributable to items that will not be reversed to the Income Statement -11 - - -11 - -38 -27 Total items that will not be reclassified 41 - - 41 - 145 104 Total other comprehensive income 1,227 -157 156 2,251 -2,345 1,737 -2,859 Comprehensive income for the period 5,115 2,137 2,373 12,176 2,715 16,010 6,550 Total comprehensive income for the period attributable to: Owners of the Parent Company 5,114 2,136 2,372 12,173 2,711 16,006 6,545 Non-controlling interests 1 1 1 3 4 4 5 Quarter Nine months
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Interim Report for the third quarter of 2026 18 Consolidated Balance Sheets SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Intangible assets 3,441 3,384 3,278 Property, plant and equipment 104,915 96,309 97,671 Participations in associated companies 18 12 12 Other shares and participations 68 8 8 Deferred tax assets 386 147 103 Derivative instruments 425 66 176 Long-term receivables 736 672 688 Total non-current assets 109,988 100,598 101,937 Inventories 31,383 22,027 24,078 Trade and other receivables 5,308 4,599 5,558 Tax receivables 837 316 521 Derivative instruments 442 172 408 Other current receivables 1,470 2,642 1,658 Cash and cash equivalents 5,810 6,587 9,237 Total current assets 45,250 36,343 41,459 Total assets 155,238 136,941 143,396 SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Equity 85,601 72,755 76,537 Pension provisions 1,136 1,247 1,170 Other provisions 14,206 13,813 13,365 Deferred tax liabilities 6,182 5,554 5,945 Liabilities to credit institutions 20,098 19,248 21,761 Other interest-bearing liabilities 133 196 206 Derivative instruments 4 8 12 Total non-current liabilities 41,759 40,067 42,460 Liabilities to credit institutions 3,223 4,416 1,676 Other interest-bearing liabilities 122 142 152 Trade and other payables 15,466 12,653 14,172 Other provisions 506 167 494 Current tax liabilities 1,752 680 1,349 Derivative instruments 764 226 541 Other current liabilities 6,047 5,836 6,015 Total current liabilities 27,879 24,119 24,399 Total equity and liabilities 155,238 136,941 143,396
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Interim Report for the third quarter of 2026 19 Consolidated Statements of Shareholders’ Equity 1 Cash flow hedges transferred to the carrying value of acquisitions made during the year. As of September 30, 2026, the hedge reserve after tax effect totaled SEK 762 m (531). SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Opening balance 76,537 65,012 65,012 Total comprehensive income for the period 12,176 2,715 6,550 Transferred to the balance sheet¹ - 1,386 1,386 Dividend -3,123 - - Dividend to non-controlling interests -2 - - New issue - 3,675 3,675 Buy back own shares - -38 -91 Share-based payment 14 5 8 Closing balance 85,601 72,755 76,537 Total equity attributable to: Owners of the Parent Company 85,575 72,732 76,512 Non-controlling interests 25 23 24
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Interim Report for the third quarter of 2026 20 Consolidated Statements of Cash Flow 12 months Full-year SEK m 3-2026 3-2025 2-2026 2026 2025 Oct-Sep 2025 Operating activities Profit after financial items 4,976 2,892 2,805 12,637 6,413 18,124 11,901 Adjustments for items not included in the cash flow: Depreciation, amortization and write-down of assets 2,347 2,365 2,306 7,584 6,464 9,918 8,780 Provisions 11 2 5 16 -2 71 53 Revaluation of process inventory -522 -486 -322 -1,659 -762 -3,396 -2,499 Other -411 34 31 -826 -201 -731 -88 Tax paid/received -660 -262 -593 -2,624 -1,174 -2,904 -1,454 Cash flow from operating activities before changes in working capital 5,741 4,545 4,230 15,127 10,739 21,082 16,693 Cash flow from changes in working capital -1,047 1,575 -1,750 -3,069 2,604 -1,680 3,993 Cash flow from operating activities 4,694 6,120 2,480 12,059 13,343 19,402 20,686 Investing activities Acquisition -219 -2 - -267 -14,391 -268 -14,391 Investments in intangible assets -6 -16 -15 -26 -31 -47 -52 Investments in property, plant and equipment -3,338 -3,790 -4,042 -10,999 -10,838 -15,604 -15,443 Divestments of tangible assets 0 0 0 0 - 0 0 Acquisition/disposal of financial assets -10 -28 -537 -86 -23 -113 -51 Cash flow from investing activities -3,574 -3,835 -4,594 -11,379 -25,282 -16,033 -29,936 Cash flow before financing activities (free cash flow) 1,121 2,284 -2,114 680 -11,939 3,369 -9,250 Dividend and redemption - - -3,123 -3,123 - -3,123 - New issue - - - - 3,675 - 3,675 Buy back own shares - - - - -38 -54 -91 Loans raised 1,996 - - 1,996 26,123 5,194 29,321 Repayment of loans -1,509 -3,296 -562 -2,987 -18,278 -6,173 -21,463 Cash flow from financing activities 487 -3,296 -3,687 -4,115 11,482 -4,156 11,441 Cash flow for the period 1,608 -1,012 -5,800 -3,435 -457 -787 2,191 Cash and cash equivalents at the beginning of the period 4,198 7,603 9,995 9,237 7,052 6,587 7,052 Exchange difference in cash and cash equivalents 4 -4 3 8 -8 10 -6 Cash and cash equivalents at the end of the period 5,810 6,587 4,198 5,810 6,587 5,810 9,237 Quarter Nine months
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Interim Report for the third quarter of 2026 21 Income Statements – the Parent Company The Parent Company Boliden AB, which has four employees, conducts limited operations and is in a tax union with Boliden Mineral AB. Boliden AB had no sums to report under Other Comprehensive Income for the third quarter of 2026. Balance Sheets – the Parent Company 12 months Full-year SEK m 3-2026 3-2025 2-2026 2026 2025 Oct-Sep 2025 Revenue 14 11 14 43 34 55 46 Administrative expenses 41 -12 -90 -67 -58 -83 -74 Operating result 55 -1 -76 -24 -24 -28 -28 Dividends from subsidiaries 5,000 - - 5,000 1,000 5,000 1,000 Financial income 120 102 98 301 326 450 431 Financial expenses -120 -102 -98 -300 -326 -449 -431 Profit after financial items 5,055 -1 -76 4,977 977 4,973 973 Tax - - - - - - 1 Profit/loss for the period 5,055 -1 -76 4,977 977 4,975 974 Quarter Nine months SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Participations in subsidiaries 3,911 3,911 3,911 Other shares and participations 52 2 2 Non-current financial receivables, subsidiaries 27,027 25,013 29,202 Deferred tax assets 4 3 4 Current financial receivables, subsidiaries 3,799 3,737 43 Other current receivables 114 1 - Total assets 34,907 32,667 33,162 Equity 27,015 25,217 25,161 Non-current liabilities to credit institutions 5,243 5,789 7,060 Current liabilities to credit institutions 2,596 1,641 917 Current liabilities, subsidiaries 2 - - Other current liabilities 52 20 23 Total liabilities and equity 34,907 32,667 33,162
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Interim Report for the third quarter of 2026 22 Notes Note 1. Interim Report preparation principles The Consolidated Statements have been compiled in accordance with the EU-approved International Financial Reporting Standards, and the Swedish Corporate Reporting Board recommendation, RFR 1, complementary accounting rules for Groups, which specifies the supplementary information required in addition to International Financial Reporting Standards, pursuant to the provisions of the Swedish Annual Accounts Act. This Interim Report for the Group has been prepared in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act, and for the Parent Company in accordance with the Swedish Annual Accounts Act. The accounting principles and calculation methods have remained unchanged compared with those applied in the Annual and Sustainability Report for 2025. IFRS 18 Presentation and Disclosure in Financial Statements enters into force on January 1, 2027, and will replace the current IAS 1. The standard introduces changes to the presentation of financial statements and disclosures, with the aim of increasing comparability and transparency between companies. Boliden has initiated review of IFRS 18 to ensure a smooth transition. The work includes analyzing the new requirements, updating internal procedures and IT systems, as well as planning training activities for the employees concerned. The implementation is not expected to affect the company’s financial position or performance, but it will lead to changes in the presentation of the reports and an increased focus on clarity and comparability. Note 2. Risks and uncertainty factors Significant risks and uncertainty factors for the Group and the Parent Company include market and external risks, financial risks, operational and commercial risks, and non-compliance risks. The global economic climate in general and global industrial production in particular affects demand for zinc, copper, and other base metals. For further information about risks and risk management, we refer to Boliden’s Annual and Sustainability Report for 2025: Risk Management, on pages 33–37. Note 3. Transactions with related parties No significant changes or transactions with related parties have occurred during the quarter. Note 4. Financial assets and liabilities The fair value of derivatives is based on bid and ask prices listed on the closing date and by discounting estimated cash flows. Market prices for metals are taken from locations where metal derivatives are traded, i.e. the London Metal Exchange (LME) and the London Bullion Market As- sociation (LBMA). Discount rates are based on current market rates per currency and time to maturity for the financial instrument. Exchange rates are obtained from Bloomberg. When presenting the fair value of liabilities to credit institutions, the fair value is calculated as discounted agreed amortizations and interest payments at estimated market interest margins. As of September 30, 2026, the interest terms of current loan agreements were adjudged to be level with market rates in the credit market. Thus, in essence, fair value corresponds to the carrying amount. The carrying amounts of trade receivables and payables are considered to be the same as their fair value due to their short time to maturity, the fact that provisions are made for expected credit losses, and that any penalty interest will be invoiced. Boliden’s financial instrument holdings, which are reported at fair value in the balance sheet, are all classified as level 2 items in the fair-value hierarchy, with the exception of a small amount of level 3 holdings in other shares and participations. See also Accounting Principles in the Annual and Sustainability Report. 30 Sep 2026, SEK m Reported value Fair value Other shares and participations 68 68 Trade and other receivables 5,308 5,308 Derivative instruments 867 867 Cash and cash equivalents 5,810 5,810 Total assets 12,052 12,052 Liabilities to credit institutions 23,320 23,361 Trade and other payables 15,466 15,466 Derivative instruments 768 768 Total liabilities 39,554 39,595 30 Sep 2025, SEK m Reported value Fair value Other shares and participations 8 8 Trade and other receivables 4,599 4,599 Derivative instruments 238 238 Cash and cash equivalents 6,587 6,587 Total assets 11,432 11,432 Liabilities to credit institutions 23,664 23,704 Trade and other payables 12,653 12,653 Derivative instruments 234 234 Total liabilities 36,551 36,591
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Interim Report for the third quarter of 2026 23 Note 5. Breakdown of external income The sale of metal concentrates, metals, intermediate products and by-products is recognized upon delivery to the customer in accordance with the terms and conditions of sale, i.e. revenue is recognized when control passes to the purchaser. The Group’s metal concentrates are invoiced provisionally upon delivery. Definitive invoicing takes place once all relevant parameters (concentrate, quantity, metal content, impurity content and metal price) for the price setting period have been determined. Customers are invoiced for the Group’s metals and intermediate products upon delivery. The Group eliminates price risks associated with sales and purchases by hedging the difference between purchased and sold quantities on a daily basis. Customers are invoiced for by-products when control is transferred, which takes place upon delivery. SEK m 3-2026 3-2025 3-2026 3-2025 3-2026 3-2025 3-2026 3-2025 Finished metals - - 16,244 11,766 - - 16,244 11,766 Metal in concentrate 2,420 1,395 0 0 - - 2,420 1,395 Intermediates - - 10,868 8,230 - - 10,868 8,230 By-products - - 836 566 - - 836 566 Other sales 0 -3 62 16 13 0 75 14 Total external revenues 2,420 1,393 28,009 20,578 13 0 30,442 21,971 Internal revenues 7,486 7,006 -5 -9 76 79 - - Total revenues per segment 9,906 8,398 28,004 20,570 89 79 30,442 21,971 Quarter Mines Smelters Other The Group SEK m 2026 2025 2026 2025 2026 2025 2026 2025 Finished metals - - 45,792 35,434 - - 45,792 35,434 Metal in concentrate 5,417 3,606 0 0 - - 5,417 3,606 Intermediates - - 30,637 24,553 - - 30,637 24,553 By-products - - 1,989 1,841 - - 1,989 1,841 Other sales 0 0 144 -58 18 1 162 -56 Total external revenues 5,417 3,606 78,562 61,771 18 1 83,997 65,378 Internal revenues 22,329 17,840 -7 -17 252 231 - - Total revenues per segment 27,746 21,446 78,555 61,753 270 232 83,997 65,378 Mines Smelters Other The Group Nine months
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Interim Report for the third quarter of 2026 24 Note 6. Sensitivity analysis The table below presents an estimate of how changes in market terms would affect the Group’s operating profit, excluding the revaluation of process inventory, over the next 12 months. The calculation is based on listings as of September 30, 2026, and on Boliden’s planned production volumes. The sensitivity analysis does not take into account the effects of metal price hedging, currency hedging or the revaluation of process inventory in Smelters. 1 Currency sensitivities are based on all other currencies remaining unchanged against the USD. The table below shows a weighted index of the prices, terms and currencies that have the greatest impact on Boliden’s profits, together with a weighted currency index and a weighted metal price and treatment charge index. Currencies and metal prices have often displayed a negative correlation that has had an equalizing effect on the Boliden-weighted index and on Boliden’s earnings. Prices and terms index Index 100 = 1 Jan 2021. Change in metal prices, +10% Effect on operating profit, SEK m Change in TC/RC,+10% Effect on operating profit, SEK m Change in USD, +10%¹ Effect on operating profit, SEK m Copper 1,900 TC Zinc 35 USD/SEK 3,100 Zinc 1,600 TC/RC Copper 10 EUR/USD 2,600 Gold 800 TC Lead -10 USD/NOK 350 Silver 650 Nickel 200 Lead 150 Palladium 50 Platinum 60 0 25 50 75 100 125 150 175 200 225 Metal price/TC index (USD) Currency index 0 25 50 75 100 125 150 175 200 225 Boliden weighted index
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Interim Report for the third quarter of 2026 25 Note 7. Key ratios – The Group For a number of years, Boliden has presented certain financial metrics in interim reports that are not defined under International Financial Reporting Standards, and it considers these metrics to provide valuable supplementary information as they more clearly evaluate the company’s performance. Not all companies calculate financial metrics in the same way, so the metrics used by Boliden are not always comparable with those used by other companies, and these metrics should, therefore, not be regarded as a replacement for metrics defined in accordance with International Financial Reporting Standards. The financial metrics that Boliden uses and which are not defined in accordance with International Financial Reporting Standards regulations are: Operating profit excluding revaluation of process inventory, Operating profit, Free cash flow, Net debt, Return on capital employed, Return on Equity, Net debt/Equity ratio, Equity/Assets ratio, Net payment capacity and Net reclamation liability. For definitions, explanations and calculations of the financial metrics used by Boliden, see www.boliden.com under Investor Relations. 1 Operating profit divided by average capital employed. 2 Profit after tax divided by average equity. 3 Net debt divided by equity at end of quarter. 4 Reclamation liability less capitalized reclamation costs at the end of the period. 12 months Full-year SEK m 3-2026 3-2025 2-2026 2026 2025 Oct-Sep 2025 Return on capital employed ¹, % 19.1 14.3 Return on equity ², % 18.1 13.4 Equity/assets ratio, % 55 53 53 55 53 55 53 Net debt/equity ratio ³, % 21 25 24 21 25 21 20 Net reclamation liability ⁴ 6,190 5,388 5,946 6,190 5,388 6,190 5,478 Net debt 18,335 18,130 19,145 18,335 18,130 18,335 15,205 Quarter Nine months
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Interim Report for the third quarter of 2026 26 Note 8. Final Purchase Price Allocation – Acquisitions 2025 During the first quarter of 2026, the purchase price allocation regarding the acquisition of Somincor-Sociedade Mineira de Neves-Corvo S.A. (Somincor) and Zinkgruvan Mining Aktiebolag (Zinkgruvan) was finalized. Compared to the preliminary purchase price allocation previously presented, adjustments have been made within property, plant and equipment. Since the useful life period has been deemed to be equivalent, the adjustment will not have any retroactive effect on earnings. Purchase price analysis, SEK m Intangible assets 14 Property, plant and equipment 18,571 Financial assets 514 Deferred tax assets 111 Inventories 717 Trade receivable and other current receivables 798 Cash and cash equivalents 772 Pension provisions -41 Other provisions -2,045 Deferred tax liabilities -1,507 Other current liabilities -1,945 Net identifiable assets and liabilities 15,959 Consideration transferred -15,959 Deducted Contingent payment - not affecting cash flow 796 Cash and cash equivalents in the acquired companies 772 Change in the Group's cash and cash equivalents -14,391
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Interim Report for the third quarter of 2026 27 Quarterly data 1 For definitions, visit www.boliden.com under Investor Relations. SEK m 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025 1-2025 4-2024 The Group ¹ Revenues 30,442 25,733 27,822 28,131 21,971 22,285 21,121 25,785 Operating expenses 6,906 7,185 6,507 7,105 6,256 6,736 5,346 5,983 Operating profit before depreciation 7,804 5,485 8,169 8,109 5,611 3,370 4,881 5,989 Operating profit ex. revaluation of process inventory 4,894 2,872 4,432 4,061 2,752 1,281 2,599 3,814 Depreciation 2,388 2,291 2,922 2,311 2,374 2,276 1,819 1,890 Operating profit 5,416 3,194 5,247 5,798 3,237 1,094 3,062 4,098 Profit after financial items 4,976 2,805 4,856 5,488 2,892 765 2,757 3,765 Net profit 3,888 2,217 3,820 4,348 2,294 575 2,192 2,994 Investments 3,353 4,058 3,674 4,626 3,806 4,168 2,896 4,575 Acquisitions 219 - 48 - 2 14,389 - - Capital employed 110,645 105,900 101,871 98,412 96,657 96,481 81,452 80,058 Earnings per share 13.69 7.81 13.45 15.31 8.07 2.02 7.99 10.95 Free cash flow 1,121 -2,114 1,673 2,689 2,284 -12,354 -1,869 4,264 Net debt/equity ratio, % 21 24 18 20 25 29 13 16 Other/eliminations Revenues -7,467 -7,014 -7,823 -6,779 -6,997 -5,952 -4,873 -4,084 Operating expenses 199 225 143 167 161 132 116 170 Operating profit, internal profit -422 37 98 -359 -278 -266 248 357 Operating profit, other -104 -162 -88 -115 -89 -73 -13 -123 Investments - -1 52 - - - 0 3 Capital employed -1,583 -1,031 -1,260 -1,025 -774 -553 -1,298 -1,581
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Interim Report for the third quarter of 2026 28 Quarterly data per segment ¹ Including Somincor and Zinkgruvan since April 16, 2025. SEK m 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025 1-2025 4-2024 Mines ¹ Revenues 9,906 8,598 9,242 9,316 8,398 7,400 5,647 5,177 Operating expenses 4,336 4,369 4,110 4,464 3,849 4,114 2,969 3,187 Depreciation 1,751 1,804 2,434 1,823 1,877 1,798 1,374 1,444 Operating profit 3,938 2,290 3,114 3,174 2,429 1,035 1,339 1,152 Investments 2,593 2,853 2,429 3,176 2,315 2,494 1,483 2,273 Acquisitions 219 - 48 - 2 14,389 - - Capital employed 59,466 57,574 57,007 57,193 55,762 55,077 38,886 40,310 Smelters Revenues 28,004 24,148 26,403 25,593 20,570 20,837 20,347 24,692 Gross profit ex. revaluation of process inventory 4,104 3,479 3,793 4,163 3,243 3,424 3,592 4,424 Operating expenses 2,371 2,591 2,253 2,474 2,246 2,490 2,261 2,626 Depreciation 632 482 482 479 488 470 437 439 Operating profit ex. revaluation of process inventory 1,482 707 1,309 1,361 689 585 1,025 2,427 Operating profit 2,005 1,029 2,123 3,098 1,175 397 1,488 2,712 Investments 760 1,205 1,194 1,450 1,490 1,674 1,413 2,299 Capital employed 52,762 49,357 46,124 42,245 41,669 41,957 43,864 41,329
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Interim Report for the third quarter of 2026 29 Quarterly data – Mines 1 Refers to the metal content of the concentrate. 2 Includes silver production in Tara, which is not payable. 3 Including Somincor and Zinkgruvan since April 16, 2025. 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025³ 1-2025 4-2024 Production of metal in concentrate, Mines ¹ Zinc, tonnes 84,744 74,212 89,200 91,814 107,960 93,076 57,914 41,680 Copper, tonnes 31,979 30,045 28,824 29,690 27,803 28,072 18,834 22,326 Nickel, tonnes 2,854 2,010 3,282 2,525 3,237 3,140 2,726 2,849 Lead, tonnes 17,873 11,470 18,755 20,881 23,711 20,038 12,110 10,896 Cobalt, tonnes 126 103 124 117 132 132 126 141 Gold, kg 1,247 1,043 1,170 1,143 1,416 1,302 1,279 1,316 Gold, oz 40,091 33,524 37,624 36,731 45,539 41,865 41,111 42,303 Silver ², kg 90,022 59,795 109,466 115,514 130,778 104,122 93,559 84,253 Silver ², ’000 oz 2,894 1,922 3,519 3,714 4,205 3,348 3,008 2,709 Palladium, kg 239 150 265 195 244 213 168 171 Platinum, kg 337 207 367 275 336 291 230 232 Tellurium, kg 9,862 10,913 14,691 10,836 9,270 11,301 16,990 11,329 Sales of metal in concentrate, Mines Zinc, tonnes 83,922 73,384 90,028 90,754 111,011 102,733 48,311 38,034 Copper, tonnes 32,099 29,373 29,496 29,285 29,429 27,796 19,374 21,579 Nickel, tonnes 2,922 2,232 3,060 2,768 2,941 3,480 2,680 2,656 Lead, tonnes 16,649 9,007 21,218 21,281 22,172 20,536 11,246 10,229 Gold, kg 1,187 1,100 1,113 1,133 1,500 1,258 1,261 1,377 Silver, kg 75,214 53,109 116,958 124,739 119,486 119,394 79,039 77,569
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Interim Report for the third quarter of 2026 30 Quarterly data – Smelters 1 Net sales. 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025 1-2025 4-2024 Metal production, Smelters Zinc, tonnes 116,568 105,116 107,931 114,903 113,538 118,954 109,950 112,692 Copper, tonnes 42,390 35,999 41,567 42,626 42,113 40,595 36,995 42,603 Lead, tonnes 5,405 5,482 6,371 6,767 6,374 6,402 7,004 1,892 Lead alloys, tonnes (Bergsöe) 15,035 15,792 14,727 9,717 14,851 13,131 12,530 13,826 Nickel in matte, tonnes 10,985 8,664 8,425 9,116 9,672 4,575 10,188 11,715 Gold, kg 3,573 3,082 3,125 3,471 3,249 3,406 2,737 3,611 Gold, oz 114,881 99,070 100,475 111,589 104,463 109,493 87,982 116,089 Silver, kg 36,186 49,962 76,529 88,030 50,000 67,921 50,106 76,767 Silver, ’000 oz 1,163 1,606 2,460 2,830 1,608 2,184 1,611 2,468 Sulphuric acid, tonnes 492,070 394,837 447,045 462,518 455,015 429,090 406,621 474,691 Metal sales ¹, Smelters Zinc, tonnes 111,354 111,761 111,525 112,094 114,503 115,789 113,551 106,561 Copper cathodes, tonnes 42,653 35,912 41,851 41,930 41,042 40,812 38,580 42,304 Lead, tonnes 6,022 4,543 6,334 6,564 6,489 6,777 6,249 1,978 Nickel in matte, tonnes 10,869 8,986 6,984 9,050 9,123 4,449 9,582 11,040 Gold, kg 3,668 3,082 3,125 3,471 3,249 3,406 2,737 3,611 Silver, kg 37,186 53,960 73,531 95,150 47,000 64,521 47,096 78,188
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Interim Report for the third quarter of 2026 31 Quarterly data – Consolidated 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025 1-2025 4-2024 Metal prices in USD, average per quarter Zinc, USD/tonne 3,825 3,466 3,241 3,165 2,825 2,641 2,838 3,050 Copper, USD/tonne 14,104 13,329 12,844 11,092 9,797 9,524 9,340 9,193 Lead, USD/tonne 1,857 1,954 1,931 1,970 1,966 1,947 1,970 2,007 Nickel, USD/tonne 16,572 18,131 17,356 14,892 15,015 15,171 15,571 16,038 Gold, USD/oz 4,255 4,506 4,877 4,146 3,454 3,283 2,859 2,664 Silver, USD/oz 62.59 73.15 84.33 54.73 39.40 33.68 31.88 31.38 Metal prices in SEK, average per quarter Zinc, SEK/tonne 36,927 32,454 29,619 29,770 26,881 25,533 30,278 32,883 Copper, SEK/tonne 136,152 124,827 117,391 104,348 93,230 92,075 99,652 99,111 Lead, SEK/tonne 17,922 18,301 17,646 18,534 18,709 18,825 21,015 21,640 Nickel, SEK/tonne 159,970 169,795 158,624 140,092 142,889 146,678 166,125 172,909 Gold, SEK/oz 41,070 42,199 44,569 39,001 32,871 31,736 30,502 28,725 Silver, SEK/oz 604.19 684.98 770.68 514.85 374.95 325.57 340.15 338.34 Exchange rates, average per quarter USD/SEK 9.65 9.36 9.14 9.41 9.52 9.67 10.67 10.78 EUR/USD 1.15 1.16 1.17 1.16 1.17 1.13 1.05 1.07 EUR/SEK 11.11 10.89 10.70 10.95 11.12 10.96 11.23 11.50 USD/NOK 9.50 9.43 9.73 10.09 10.10 10.30 11.07 11.03
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Interim Report for the third quarter of 2026 32 Quarterly data per unit – Mines 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025 1-2025 4-2024 Aitik Waste production 16,272 17,372 16,695 16,425 17,562 16,912 12,615 11,282 Milled ore, ktonnes 10,272 10,844 9,764 9,815 9,779 9,909 9,704 10,108 Head grades Copper, % 0.16 0.16 0.15 0.16 0.13 0.17 0.16 0.17 Gold, g/tonne 0.08 0.06 0.07 0.08 0.07 0.07 0.07 0.07 Silver, g/tonne 1.15 1.09 0.90 0.83 0.60 0.89 0.61 0.65 Production of metal in concentrate Copper, tonnes 14,583 15,067 13,050 13,962 10,686 14,166 12,262 15,119 Gold, kg 419 334 365 444 321 336 323 350 Gold, oz 13,456 10,753 11,722 14,282 10,313 10,811 10,382 11,260 Silver, kg 7,647 7,299 6,668 5,683 3,657 5,735 4,262 5,206 Silver, ’000 oz 246 235 214 183 118 184 137 167 Cash Cost (Normal C1), USc/lb. copper, R12 62 90 105 153 184 - - - Cash Cost (Pro rata C1), USD/troy oz. gold, R12 1,476 1,684 1,768 1,820 1,762 - - -
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Interim Report for the third quarter of 2026 33 Quarterly data per unit – Mines 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025 1-2025 4-2024 The Boliden Area Development meters 1,902 2,315 1,884 1,960 1,398 2,593 2,232 2,507 Milled ore, ktonnes 441 446 439 421 449 455 443 400 Of which, smelter slag 41 70 70 63 53 63 65 64 Head grades Zinc, % 3.4 2.9 2.7 2.6 3.4 3.0 3.4 3.6 Copper, % 0.21 0.27 0.21 0.15 0.26 0.34 0.35 0.23 Lead, % 0.45 0.45 0.37 0.43 0.47 0.41 0.52 0.46 Gold, g/tonne 1.9 1.8 1.7 1.5 2.1 2.0 2.0 2.3 Silver, g/tonne 63 54 52 58 60 47 65 52 Tellurium, g/tonne 55 57 73 64 45 65 71 55 Production of metal in concentrate Zinc, tonnes 12,308 9,862 8,884 8,508 12,247 10,682 11,722 11,069 Copper, tonnes 611 788 596 394 817 1,122 1,062 577 Lead, tonnes 937 928 771 849 873 802 1,055 852 Gold, kg 659 575 530 433 741 667 668 671 Gold, oz 21,186 18,490 17,034 13,906 23,837 21,448 21,478 21,566 Silver, kg 20,549 16,726 15,803 17,424 19,620 15,112 20,720 14,563 Silver, ’000 oz 661 538 508 560 631 486 666 468 Tellurium, kg 9,862 10,913 14,691 10,836 9,270 11,301 16,990 11,329 Cash Cost (Pro rata C1), USc/lb. zinc, R12 66 61 60 60 60 - - - Cash Cost (Pro rata C1), USD/troy oz. gold, R12 1,742 1,679 1,711 1,578 1,379 - - - Cash Cost (Pro rata C1), USD/troy oz. silver, R12 25 24 23 19 16 - - -
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Interim Report for the third quarter of 2026 34 Quarterly data per unit – Mines 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025 1-2025 4-2024 Garpenberg Development meters 1,451 1,718 2,671 3,103 3,066 3,255 2,995 2,239 Milled ore, ktonnes 356 113 787 899 956 823 907 739 Head grades Zinc, % 3.0 1.8 2.7 3.1 3.1 3.0 2.9 3.5 Copper, % 0.04 0.00 0.05 0.04 0.06 0.04 0.06 0.07 Lead, % 1.21 0.95 1.16 1.27 1.33 1.24 1.26 1.64 Gold, g/tonne 0.20 0.31 0.28 0.26 0.31 0.29 0.30 0.35 Silver, g/tonne 99 88 95 90 102 90 99 112 Production of metal in concentrate Zinc, tonnes 10,046 1,990 19,329 26,191 27,654 23,296 24,639 24,262 Copper, tonnes 48 13 153 152 230 134 220 278 Lead, tonnes 3,764 793 7,815 9,573 10,728 9,227 9,164 9,183 Gold, kg 37 39 145 158 230 173 187 192 Gold, oz 1,197 1,263 4,672 5,071 7,392 5,552 6,008 6,158 Silver, kg 26,496 7,665 55,276 59,265 72,495 55,363 68,412 64,424 Silver, ’000 oz 852 246 1,777 1,905 2,331 1,780 2,199 2,071 Cash Cost (Pro rata C1), USc/lb. zinc, R12 62 51 44 45 47 - - - Cash Cost (Pro rata C1), USD/troy oz. silver, R12 30 24 18 15 11 - - -
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Interim Report for the third quarter of 2026 35 Quarterly data per unit – Mines 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025 1-2025 4-2024 Kevitsa Waste production 3,228 4,382 5,931 5,339 5,487 5,451 5,129 5,029 Milled ore, ktonnes 2,693 2,324 2,549 2,630 2,671 2,501 2,353 2,543 Head grades Copper, % 0.24 0.23 0.24 0.22 0.26 0.26 0.26 0.28 Nickel, % 0.17 0.14 0.18 0.15 0.19 0.20 0.18 0.18 Cobalt, % 0.011 0.011 0.010 0.010 0.010 0.011 0.011 0.012 Gold, g/tonne 0.09 0.09 0.10 0.08 0.09 0.09 0.08 0.08 Palladium, g/tonne 0.14 0.10 0.15 0.11 0.14 0.13 0.11 0.11 Platinum, g/tonne 0.21 0.16 0.23 0.18 0.21 0.21 0.18 0.17 Production of metal in concentrate Copper, tonnes 6,023 4,653 5,631 5,228 6,296 5,913 5,291 6,352 Nickel, tonnes 2,854 2,010 3,282 2,525 3,237 3,140 2,726 2,849 Cobalt, tonnes 126 103 124 117 132 132 126 141 Gold, kg 132 94 131 108 124 126 101 103 Gold, oz 4,252 3,018 4,196 3,472 3,997 4,054 3,244 3,319 Palladium, kg 239 150 265 195 244 213 168 171 Palladium, oz 7,692 4,818 8,522 6,274 7,846 6,842 5,386 5,503 Platinum, kg 337 207 367 275 336 291 230 232 Platinum, oz 10,839 6,650 11,785 8,832 10,809 9,343 7,399 7,452 Cash Cost (Pro rata C1), USc/lb. copper, R12 248 235 226 224 215 - - - Cash Cost (Pro rata C1), USc/lb. nickel, R12 405 420 406 411 416 - - -
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Interim Report for the third quarter of 2026 36 Quarterly data per unit – Mines 1 The grades reported are per head grade in each ore. 2 Includes the full quarter. Somincor was acquired April 16, 2025. 3 Includes Cash Cost data since April 16, 2025. 4 Silver production in Tara is not payable. 5 Includes Cash Cost data since January 1, 2025. 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025² 1-2025 4-2024 Somincor Milled ore, Copper, ktonnes 673 626 574 639 559 556 504 643 Milled ore, Zinc, ktonnes 538 522 485 506 530 503 537 568 Head grades ¹ Copper, % 1.8 1.7 1.7 1.7 1.8 1.8 1.6 1.4 Zinc, % 6.6 6.6 6.8 7.0 6.8 6.6 6.7 6.3 Lead, % 1.5 1.4 1.3 1.6 1.3 1.2 1.3 1.1 Production of metal in concentrate Copper, tonnes 9,764 8,631 7,991 8,792 7,901 7,849 6,123 7,139 Zinc, tonnes 28,901 27,879 25,993 27,487 29,300 26,122 27,691 27,879 Lead, tonnes 2,020 2,337 1,928 2,728 2,256 1,881 1,992 1,553 Silver, kg 14,953 14,340 15,031 17,063 13,419 13,959 14,277 15,365 Silver, ’000 oz 481 461 483 549 431 449 459 494 Cash Cost (Pro rata C1), USc/lb. copper, R12 289 298 299 ³ 287 ³ 323 ³ - - - Tara Development meters 302 271 360 178 170 380 319 547 Milled ore, ktonnes 338 364 363 327 363 359 392 156 Head grades Zinc, % 4.7 5.1 5.1 4.9 5.5 5.9 5.8 4.3 Lead, % 1.0 0.9 0.9 0.9 1.0 1.0 1.0 0.9 Production of metal in concentrate Zinc, tonnes 14,957 17,658 17,413 15,288 18,558 20,418 21,553 6,348 Lead, tonnes 2,034 2,015 1,845 1,426 2,129 1,861 1,891 861 Silver ⁴, kg 461 147 157 138 187 152 165 60 Silver ⁴, ’000 oz 15 5 5 4 6 5 5 2 Cash Cost (Normal C1), USc/lb. zinc, R12 126 116 106 97 89 ⁵ - - -
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Interim Report for the third quarter of 2026 37 Quarterly data per unit – Mines 1 The grades reported are per head grade in each ore. 2 Includes the full quarter. Zinkgruvan was acquired April 16, 2025. 3 Includes Cash Cost data since April 16, 2025. 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025² 1-2025 4-2024 Zinkgruvan Milled ore, Zinc, ktonnes 320 275 322 292 312 346 337 311 Milled ore, Copper, ktonnes 43 55 78 63 110 21 51 14 Head grades ¹ Zinc, % 6.3 6.6 5.9 5.6 7.0 6.9 6.9 8.4 Lead, % 3.3 2.4 2.5 2.7 3.0 3.1 2.8 3.7 Copper, % 2.5 1.9 2.0 2.1 1.9 2.2 2.1 2.0 Production of metal in concentrate Zinc, tonnes 18,532 16,824 17,581 14,340 20,201 22,227 21,257 24,067 Lead, tonnes 9,118 5,397 6,395 6,305 7,724 8,388 7,586 9,481 Copper, tonnes 951 892 1,402 1,162 1,874 430 971 258 Silver, kg 19,916 13,617 16,530 15,942 21,401 21,289 18,196 19,813 Silver, ’000 oz 640 438 531 513 688 684 585 637 Cash Cost (Normal C1), USc/lb. zinc, R12 48 45 39 ³ 37 ³ 28 ³ - - -
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Interim Report for the third quarter of 2026 38 Quarterly data per unit – Smelters 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025 1-2025 4-2024 Bergsöe Feed, tonnes Battery raw materials 15,981 16,257 15,953 11,852 14,552 13,908 13,666 14,338 Production, tonnes Lead alloys 15,035 15,792 14,727 9,717 14,851 13,131 12,530 13,826 Harjavalta Feed, tonnes Copper Copper concentrate 160,413 115,519 145,990 161,121 148,027 140,758 129,881 166,936 Secondary raw materials 6,014 4,101 6,209 7,196 7,615 7,352 6,436 7,086 Copper, total 166,426 119,620 152,200 168,317 155,642 148,110 136,318 174,022 Nickel concentrate 94,005 79,348 77,215 91,169 88,038 44,786 82,059 93,204 Production Casted copper anodes, tonnes 41,303 28,501 38,200 47,752 39,828 43,238 37,556 49,617 Cathode copper, tonnes 42,390 35,999 41,567 42,626 42,113 40,595 36,995 42,603 Nickel in matte, tonnes 10,985 8,664 8,425 9,116 9,672 4,575 10,188 11,715 Gold, kg 2,577 2,324 2,297 2,263 2,234 2,141 1,501 1,674 Gold, oz 82,838 74,724 73,843 72,769 71,808 68,833 48,249 53,816 Silver, kg 25,260 33,260 24,000 22,140 6,000 11,920 25,100 4,840 Silver, ’000 oz 812 1,069 772 712 193 383 807 156 Sulphuric acid, tonnes 212,930 158,648 199,379 216,864 205,952 163,299 171,733 210,477
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Interim Report for the third quarter of 2026 39 Quarterly data per unit – Smelters 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025 1-2025 4-2024 Kokkola Feed, tonnes Zinc concentrate incl. waelz 160,357 131,582 157,118 148,798 156,525 145,531 142,377 152,249 Production, tonnes Zinc 75,484 65,291 74,701 72,735 75,897 72,757 68,820 74,696 Silver in concentrate, kg 4,236 1,401 - 1,889 6,037 5,271 7,148 4,915 Silver in concentrate, ’000 oz 136 45 - 61 194 169 230 158 Sulphuric acid 85,940 63,354 77,940 78,653 85,345 74,807 72,814 85,317 Odda Feed, tonnes Zinc concentrate, incl. zinc clinker 99,751 84,343 68,396 80,439 78,254 85,152 83,692 80,169 Production, tonnes Zinc 41,084 39,825 33,230 42,168 37,641 46,197 41,130 37,996 Sulphuric acid 64,708 40,560 27,303 32,355 32,387 30,450 29,021 35,875
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Interim Report for the third quarter of 2026 40 Quarterly data per unit – Smelters 3-2026 2-2026 1-2026 4-2025 3-2025 2-2025 1-2025 4-2024 Rönnskär Feed, tonnes Copper Copper concentrate 144,985 154,589 161,480 153,944 147,222 179,461 156,248 167,718 Secondary raw materials 38,944 33,406 37,060 37,070 29,893 36,820 32,081 33,432 Of which, electronics and alloys 18,257 18,941 20,348 20,394 18,584 21,897 19,042 18,881 Copper, total 183,929 187,995 198,539 191,014 177,115 216,281 188,328 201,150 Lead Lead concentrate 8,598 7,446 9,209 10,333 9,556 8,963 11,787 3,778 Secondary raw materials 453 1,137 13 136 18 72 99 438 Lead, total 9,052 8,583 9,222 10,468 9,574 9,035 11,886 4,216 Production Casted copper anodes, tonnes 60,920 62,250 69,514 65,608 60,591 74,060 66,120 71,239 Cathode copper, tonnes - - - - - - - - Lead, tonnes 5,405 5,482 6,371 6,767 6,374 6,402 7,004 1,892 Zinc clinker, tonnes 6,432 5,827 7,601 7,879 5,685 7,300 7,422 7,896 Gold, kg 997 757 828 1,207 1,016 1,265 1,236 1,937 Gold, oz 32,043 24,346 26,633 38,820 32,655 40,660 39,734 62,273 Silver, kg 10,926 16,702 52,529 65,890 44,000 56,001 25,006 71,927 Silver, ’000 oz 351 537 1,689 2,118 1,415 1,800 804 2,312 Sulphuric acid, tonnes 128,492 132,275 142,423 134,646 131,331 160,534 133,053 143,023
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Interim Report for the third quarter of 2026 41 Disclaimer Certain information set forth in this report contains forward-looking information. Although forward- looking statements are based upon what is believed to be reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, estimates or opinions should change, except as required by applicable laws. These statements are not guarantees of future performance. Boliden Interim Report Q3 2026 The Boliden Interim Report Q3 2026 is published in Swedish and in an English translation. The Swedish version takes precedence in the event of any discrepancies between the two versions.
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Interim Report for the third quarter of 2026 42 Mining concession for Laver upheld In August, the Swedish government announced that it had rejected the appeals against Boliden’s mining concession for Laver, a potential future mine that when operational could supply up to 10% of Europe’s domestic copper production. Boliden will now continue with the pre-feasibility study for Laver and will eventually apply for an environmental permit. “The Laver copper deposit has been of interest to us for more than 15 years and this is a major step forward. It has a strategic location in relation to essential infrastructure and the potential to achieve a favorable ore to waste rock ratio. When it comes to the environmental permit, there is sensitive nature and water bodies in the surroundings and we will of course design the mine with this in mind. Laver will bring around 1,300 direct and indirect job opportunities and we are cautious of both the benefits and challenges this will bring to the area. Therefore, we have already at this early stage-initiated dialogue with the Älvsbyn municipality around how Boliden can play an active part in building the community “, says Patrik Westerlund, Project Manager for the Laver project. Historically, the Laver deposit was mined by Boliden from 1938 until 1946 by appointment of the Swedish state. As per Boliden’s latest Mineral Resources and Mineral Reserves statement, it has indicated resources of 845,900 Ktonnes with a copper grade of 0.24%. An investment decision for Laver is expected around 2030 with operations that could potentially start around five years later. Financial calendar • December 8, 2026 2027 guidance release • February 3, 2027 Interim Report for the fourth quarter and full year 2026 and update of Mineral Resources and Mineral Reserves • 4 March, 2027 Annual and Sustainability Report 2026 • March 15-16, 2027 Capital Markets Days • 28 April, 2027 Annual General Meeting Boliden’s financial calendar post April 2027 is pending the closing of the acquisition of a controlling stake in Nexa Resources. Media and analyst conference October 29, at 15.00 (CET) Live webcast: https://boliden.videosync.fi/2026-10-29-q3 Conference call: https://service.flikmedia.se/teleconference/?id=5002101 After the call, presentation material and the recorded webcast will be available on our website www.boliden.com Contact Olof Grenmark Director, Investor Relations Phone: +46 8-610 15 23, +46 70-291 5780