Boliden (BOL) Q2 2026 earnings summary

Executive summary

• EBIT excluding Process Inventory Revaluation reached SEK 2,872m, up sharply year-over-year, driven by strong metal prices, improved mine performance, and contributions from acquired mines, despite weak cash flow from seasonal maintenance and inventory build-up.

• Garpenberg's earnings were significantly lower due to a seismic event, but production has restarted as planned, with all infrastructure except the personnel hoist operational.

• Acquired mines, especially Somincor and Zinkgruvan, contributed strongly to results, and Aitik achieved record mining volumes.

• Odda ramp-up faced delays due to automation and mechanical issues, but these are largely resolved and full-speed operations have resumed.

• ESG performance improved, with record-low injury frequency and greenhouse gas emissions on track.

Financial highlights

• Revenues reached SEK 25,733m, up from SEK 22,285m year-over-year; EBITDA was SEK 5,485m, operating profit (excl. process inventory) SEK 2,872m, and EPS SEK 7.81, all up year-over-year.

• CapEx was SEK 4.1bn, in line with guidance; free cash flow was negative SEK 2,114m, mainly due to inventory build and timing of shipments.

• Net debt increased to SEK 19,145m, with net debt/equity ratio at 24%; gearing stands at 24%.

• Maintenance costs in Q2 were SEK 350m, consistent with guidance.

• Sulfuric acid prices contributed SEK 100m to EBIT, with further upside expected as contracts renew.

Outlook and guidance

• 2026 group capex guidance remains at SEK 15.5bn, with mine sustaining capex at SEK 6.5bn; full-year guidance unchanged except for Tara, where throughput is reduced from 1.8 million to 1.6 million tonnes.

• Garpenberg guidance for 2027 remains at 2.3 million tonnes; ramp-up and development are progressing as planned.

• Odda expected to reach full production in Q3, barring unforeseen issues.

• Sulfuric acid price tailwinds expected to continue benefiting results in coming quarters.

• 2027 guidance to be published December 8, 2026.