For generations to come
Boliden supplies raw materials essential to sustainable and modern societies. The base metals and most of the by-products can be fully recycled and collaboration with partners across the value chain enhances productivity and optimizes resource use.
Each of our mining and smelting units operates as an independent profit center. The decentralized business model fosters empowerment, motivation, and localized decision-making, which in turn drives innovation and improved adaptation to market changes. This approach is also essential for managing the unique risks and opportunities each business unit faces.
The Boliden’s group strategy can be summarized in four focus areas:
- Profitable growth, including extended life of mine through exploration, organic expansions and selective acquisitions.
- Efficiency in production and investments, including supporting processes.
- Reduce climate footprint, including improved energy efficiency, which in turn reduces climate impact and cost.
- Care for people, environment and society in all operations and stakeholder relations.
Development
Outcome
The return on operating activities measured as a return on capital employed was 14% (18). During the period 2021 – 2025, the rate of return averaged 18% per year.
Definition
Project yield must exceed Boliden’s weighted average cost of capital (WACC) adjusted for a risk premium (nominal WACC before tax is set at 12%, equivalent to 10% in real terms). Major, long-term projects are usually calculated in real terms. The calculations are based on forecasts of interest rates, metal prices, exchange rates.
Development
Outcome
At the end of 2025, the net debt/equity ratio was 20% (16). Furthermore, the net reclamation liability corresponded to 7% points. The change in comparison to 2024 is due to the acquisition of Somincor and Zinkgruvan.
Definition
The target also includes net reclamation liability, see page 190 for definition.
Development
Outcome
The proposed ordinary dividend is SEK 11.00 (-) per share, equivalent to 32.9% (-) of profit for the year. During the period 2021 –2025, the ordinary dividend per share was 26.1% of the period's total net profit.
Development
Outcome
Scope 1-2 emissions were 946 (946) ktonnes, a 15% decrease from 1,107 ktonnes in 2021. Scope 3 emissions were 3,992 (3,844) ktonnes, a 15% increase from 3,458 ktonnes in 2021. The outcomes 2021–2025 have been restated to enable comparability after the acquisition of Somincor and Zinkgruvan, in line with Science Based Targets initiative requirements.
Definition
Scope 1 covers own operations. Scope 2 covers purchased electricity, steam and heat. Scope 3 covers all other indirect sources occurring in our value chain, such as business travel, employee commuting, external waste, purchased goods and services, further processing and waste handling of sold products.
Development
Outcome
No significant environmental incidents occurred during the year, which is in line with Boliden’s target. We work systematically to control and manage environmental challenges in order to prevent environmental incidents.
Definition
A significant environmental incident is an occurrence that causes, or potentially can cause, significant environmental harm.
Development
Outcome
We reported 78 (71) biodiversity activities that are related to developed plans in the business units. We work together with several partners and academia to develop the way we work with biodiversity and restoration of habitats.
Definition
Measuring progress towards our target is a challenge. An activity can have a small or large impact, and comparison of numbers can be ambiguous. We are working on developing more appropriate metrics for biodiversity impact.
Development
Outcome
The Lost Time Injury Frequency (LTIF) for employees and contractors in 2025 was 3.6 (5.1), which was in line with the target for the year. For employees only it was 3.3 (3.9), compared to the target level of 2.7 for the year.
Definition
The Lost Time Injury Frequency (LTIF) is calculated as per one million hours worked and includes all injuries that result in one or more days of absence from work after the day of the injury.
Development
Outcome
The proactivity index score for Boliden employees and contractors was 8.1 (6.4), achieving the target level of >5.
Definition
The number of proactive reports (risks, disorders) per reactive deviations (Lost Time Injury, Injury Without Absence, Near miss).
Development
Outcome
The Diversity and inclusion index score in our My Opinion employee survey was 85 (84), beating the external benchmark score of 83 for the year.
Definition
The result of the Diversity and inclusion index in our employee survey My Opinion is an average score ranging from 0–100.
