Boliden — Earnings Release 2025

Apr 23, 2025

Boliden's Q1 2025: A solid start to our second century

Boliden's Q1 2025: A solid start to our second century

"We are proud to build a European base metal champion."

- Mikael Staffas, President and CEO.

Financials

.         Revenues: SEK 21,121 m (18,481)

.         Operating profit: SEK 3,062 m (1,615)

.         Operating profit excl. PIR*: SEK 2,599 m (1,212)

.         Free cash flow: SEK -1,869 m (-1,508)

.         Earnings per share: SEK 7.99 (4.16)

*Process Inventory Revaluation

Highlights

.      Operating profit excluding revaluation of process inventory totaled SEK

2,599 m (1,212)

.      Strikes in Finland had an estimated SEK -100 m (-400) effect on operating

profit

.      Free cash flow was SEK -1,869 m (-1,508) negatively impacted by an

increase in working capital but positively impacted by SEK 350 m insurance

proceeds

.      Higher metal prices and a stronger USD contributed positively versus the

first quarter of 2024

.      Lower milled volume and recoveries in Aitik

.      The ramp-up of Tara is progressing well

.      Odda has started the commissioning of its expansion project

.      Lower treatment charges and premiums

.      Boliden raised SEK 3.75 billion from a directed share issue

The Interim Report will be presented via webcast/conference call on Tuesday,

April 23 at 09:30 (CEST). Information is available at www.boliden.com.

For further information, please contact:

Olof Grenmark

Director Investor Relations

+46 70291 57 80

Olof.Grenmark@boliden.com

This information is information that Boliden AB is obliged to make public

pursuant to the EU Market Abuse Regulation. The information was submitted for

publication, through the agency of Director Investor Relations, at 07:45 CEST on

April 23, 2025.

Metals for generations to come

Boliden's vision is to be the most climate-friendly and respected metal provider

in the world. We are Europe's producer of sustainable metals and, guided by our

values care, courage and responsibility, we operate within exploration, mines,

smelters and recycling. We are around 7,500 employees and have annual revenues

of approximately SEK 90 billion. The share is listed in the Large Cap segment of

NASDAQ Stockholm.

www.boliden.com