Boliden AB (publ)

Record quarter: strong profitability + cash, with improved balance sheet - Operating profit (EBIT): ~SEK 4.9bn, described as best-ever quarter for this profit level. - Free cash flow: ~SEK 1.1bn; net debt gearing down to ~21%. - CapEx: ~SEK 3.4bn, exactly in line with guidance. - Acquisition-related cash outflow: ~SEK 219m (contingent consideration payouts tied to Somincor/Zinkgruvan).

Operational momentum: mines largely strong; smelters especially strong (but timing lags remain) - Mines: Aitik 10.3m tonnes milled (clearly better than last year). Kevitsa record volume, Somincor very strong (especially copper), Garpenberg ramping according to plan, Zinkgruvan stable, Tara lower but still within reason. - Smelters: Harjavalta exceptional availability and nickel feed record. Kokkola and Bergsöe strong; Odda improving with roaster availability ~50% avg in the quarter (up from 17% in Q2) and ~70% in September; hence recoveries are expected to improve later. - Surprising/important nuance: management stresses that EBIT “uptake” is mostly ahead of us because feed and product recoveries require ramp-up time/availability.

Guidance/outlook: mine grade down at Aitik; otherwise guidance broadly stable - Aitik copper grade guidance reduced to 0.16 (grade down vs prior guidance due to unexpected waste-rock dilution from certain benches + mining pace delaying better grades). - Throughput guidance lifted/kept positive to offset grade weakness; management expects Aitik should return toward “normal” as deeper benches are reached. - Smelter planned maintenance increases: maintenance outlook raised from ~SEK 450m to ~SEK 500m (notably linked to issues on old Odda roaster/acid plant affecting Q4).