Boliden (BOL) Guidance summary

Opening remarks and agenda

• Presentation led by CEO and CFO, outlining 2026 production guidance for all mining units, investment projects, and maintenance shutdowns, with a focus on providing essential metals and climate-friendly operations, followed by a Q&A session.

Guidance on key objectives

• 2026 will be the first full year with Somincor and Zinkgruvan included in all guidance, with higher grades and increased mill volumes expected at Aitik, Garpenberg, Tara, and other key mines.

• Group capital expenditure for 2026 is set at SEK 15 billion, with SEK 6.5 billion allocated for mine-sustaining investments.

• Garpenberg's expanded permit allows for throughput of 3.7 million tons, ramping up towards 4.5 million tons; Aitik copper grade to average 0.18% with 41 Mtonnes throughput.

• Kevitsa copper grade to rise to 0.24%, but mining tax changes may increase annual costs by EUR 20-30 million, pending approval.

• Planned maintenance in smelters expected to impact EBIT by SEK 450 million in 2026.

Market trends and strategic opportunities

• Strong commercial interest in Odda's leach product, with annual capacity increase of 150 ktonnes zinc and 45 ktonnes leach product, and favorable pricing and terms.

• Rönnskär ramp-up on track, with EBITDA uplift estimated at SEK 1.2 billion annually, potentially higher at current spot prices.

• Intensified exploration programs at Somincor and Zinkgruvan aimed at long-term value creation.