Boliden (BOL) Q4 2025 earnings summary

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.