Boliden AB (publ)

Record quarter / strong financial performance (good): Boliden reported operating profit (EBIT) ~SEK 4.9bn (described as its best quarter ever for this profit level), with positive free cash flow ~SEK 1.1bn. CapEx ~SEK 3.4bn (in line with guidance) and net gearing down to ~21% (strong balance sheet). Working capital was ~–SEK 1bn (mainly driven by higher metal prices increasing inventory value in SEK).

Operational momentum across mines & smelters (good): - Mines: Aitik delivered 10.3m tons milled volume (better than last year), and Garpenberg continues on-plan ramp-up (despite remaining below last year). Kevitsa hit a record volume; Somincor is performing very well, particularly on copper. Tara is somewhat lower but within reason; Zinkgruvan stable; Lappberget at Garpenberg is not available. - Smelters: Harjavalta had exceptional equipment availability and set a new quarterly nickel feed record. Odda improved materially: tankhouse/roaster availability rose to ~50% average in Q3 vs 17% in Q2, reaching ~70% in September—though full stability is not yet achieved.

Key outlook updates / guidance changes (mixed): - Aitik: Copper grade guidance lowered to 0.16 (investors were told this is tied to unexpected waste-rock dilution on certain benches and ramp-through/throughput choices). Throughput guidance for the year is increased to offset, but management did not give detailed 2027 color since the mine plan isn’t finished (to be discussed in December). - Smelters maintenance (challenge): Planned maintenance for smelters increased from SEK 450m to ~SEK 500m (Odda issues around the old Odda roaster/acid plant drove additional planned maintenance into Q4).