Boliden — Earnings Release 2025

Oct 22, 2025

Boliden Q3 2025: Strong cash flow and solid mine production

Boliden Q3 2025: Strong cash flow and solid mine production

"Overall, the results for the quarter were strong. We had a significant cash

flow, even though major investments are still ongoing primarily in the Boliden

Area, Odda and Rönnskär." - Mikael Staffas, President and CEO.

Financials

.         Revenues: SEK 21,971 m (22,193)

.         Operating profit: SEK 3,237 m (3,165)

.         Operating profit excl. PIR*: SEK 2,752 m (2,999)

.         Free cash flow: SEK 2,284 m (-495)

.         Earnings per share: SEK 8.07 (8.34)

*Process Inventory Revaluation

Highlights

.         Operating profit excluding revaluation of process inventory totaled

SEK 2,752 m (2,999)

.         Free cash flow was SEK 2,284 m (-495), favorable working capital

development

.         Stronger prices and terms despite a weaker USD

.         Record mine production in Aitik and milled volume in Garpenberg

.         Copper grade in Aitik at an all-time low, but full year grade guidance

is unchanged

.         Lower free metals in Smelters versus the previous quarter

.         Key projects progressed well

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

October 22 at 09:00 (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

October 22, 2025.

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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 8,000 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