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Boliden's Q4 Interim and Year-End Report for 2025

On February 3, 2026, Boliden released its Interim Report for the fourth quarter of 2025, highlighting significant accomplishments amid a backdrop of strong metal prices. According to Mikael Staffas, the President and CEO, the stability in production and several positive takeaways will guide the company into 2026.

Financial Performance Overview

The report disclosed revenues reaching SEK 28,131 million, up from SEK 25,785 million. This increase in revenue was accompanied by an impressive operating profit of SEK 5,798 million, significantly higher than the previous year's profit of SEK 4,098 million. Notably, the operating profit, excluding the impact of process inventory revaluation, stood at SEK 4,061 million compared to SEK 3,814 million in the previous year. This margin reflects Boliden’s sustained focus on efficiency and operational excellence.

The free cash flow, however, recorded a decrease, dropping to SEK 2,689 million from SEK 4,264 million in the prior year, which certainly warrants attention. Nonetheless, the earnings per share saw an increase to SEK 15.31, compared to SEK 10.95 in the same quarter last year.

Key Highlights and Achievements

A remarkable highlight of the report is the operating profit of SEK 3,174 million from mines—a new quarterly record for Boliden that points to the robust performance of their mining segment. Even more noteworthy is the continued strong output from the Aitik mine, which has been a pivotal asset for the company. Meanwhile, Boliden's smelters demonstrated stable production rates while achieving record production levels for copper cathodes in Harjavalta.

Market Dynamics and Future Outlook

The overall stability in production can be attributed to several factors including external market dynamics and the consistent hard work of Boliden's dedicated teams. The company is observing a favorable shift in metal prices, especially for precious metals, which bodes well for further strengthening of their profit margins.

As they prepare for 2026, Boliden’s board has recommended an ordinary dividend of SEK 11.00 per share, signaling their commitment to returning value to shareholders amidst growing profitability.

Conclusion

In light of the reported numbers and the overall strategic direction Boliden is taking, the company appears to be geared up for a promising year ahead in 2026. The stable production and strong market positions underscore an optimistic outlook, which should attract continued interest from investors and industry analysts alike. For a detailed view of the report, the full interim report can be found on Boliden's official website.

Join Boliden for a presentation of the Q4 results via a webcast on February 3 at 0930 CET, where further insights and analyses will be shared.