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Boliden
Boliden (BOL) investor relations material
Boliden Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary3 Feb, 2026
Executive summary
Q4 2025 delivered strong financial results, driven by high precious metal prices and robust mine production, especially at Aitik, despite some lower grades and a weaker USD.
Smelter production was stable, with a SEK 410 million one-off gain from Rönnskär metal recovery, and insurance proceeds further boosted results.
The Board proposed an ordinary dividend of SEK 11 per share, in line with policy and representing 33% of net profit.
Integration of Somincor and Zinkgruvan mines contributed to record operating profit in the Mines segment.
Profit exceeded SEK 4 billion, marking one of the best quarterly results in company history.
Financial highlights
Q4 2025 revenues reached SEK 28,131 million, up from SEK 25,785 million in Q4 2024.
Operating profit excluding process inventory was SEK 4,061 million, with total operating profit at SEK 5,798 million.
Earnings per share for Q4 2025 were SEK 15.31, up 40% year-over-year.
Free cash flow for Q4 was SEK 2,689 million, despite high CapEx.
Net debt/equity ratio at year-end was 20%, with net debt at SEK 15.2 billion.
Outlook and guidance
2026 guidance unchanged, with Somincor and Zinkgruvan fully integrated and higher grades expected in open pits.
Group CapEx for 2026 projected at SEK 15 billion, with mine-sustaining CapEx at SEK 6.5 billion.
Planned maintenance in smelters expected to have a SEK -450 million operating profit effect.
Odda ramp-up proceeding as planned, with full production expected by end of Q1 and annual EBITDA uplift likely above EUR 150 million due to high silver prices.
Kevitsa faces higher mining and energy taxes, increasing costs by EUR 20–30 million annually from 2026.
Garpenberg: path to 4.5 Mtonnes production?
Rönnskär's normalized profit contribution?
Smelters: complex raw materials and precious metals?
Garpenberg expansion: next steps and timeline
Special dividend policy: gearing threshold implications
Underlying cost trends beyond by-product credits?
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Next Boliden earnings date
CMD 202618 Mar, 2026
Boliden
Next Boliden earnings date
CMD 202618 Mar, 2026
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Frequently asked questions
Boliden AB, headquartered in Stockholm, Sweden, engages in the exploring, extracting, and processing of base metals and precious metals. It operates through five business areas: Copper, Gold, Silver, Iron Ore, and Energy. The Copper segment explores and extracts copper concentrate from the Falun mine. The Gold segment is engaged in exploring, extracting and processing gold in the Västergötland and Kalix Lake districts of Sweden. The Silver segment is engaged in exploring and producing silver from the Ragunda mine. The Iron Ore segment produces iron ore concentrate from Luleå mine in Sweden. The Energy segment mines coal at Gellivare mine in Sweden for use at its power stations. Boliden also focuses on a range of other activities including logistics services for its own needs as well as customers from neighboring industries located abroad; storage facilities for carbon dioxide; forestry; distributing compressed air; auto repair services; electronics trading; powder coating services; brewery; hotel activities; restaurants for company employees; barber's salons for company employees' families; dry cleaning services for company employees' uniforms; catering services for company employees' parties, among others.
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