Boliden (BOL) Q3 2026 earnings summary

Executive summary

• Revenue rose to SEK 30,442m from SEK 21,971m; operating profit excluding PIR increased to SEK 4,894m from SEK 2,752m, supported by stronger metal prices and terms.

• Production was stable across Mines and Smelters; Garpenberg’s lower production rate weighed on year-on-year volumes as its ramp-up continued.

• An agreement to acquire a controlling 64.68% stake in Nexa Resources is expected to close in Q1 2027, subject to shareholder and regulatory approvals.

Financial highlights

• Revenue was SEK 30,442m vs SEK 21,971m; operating profit was SEK 5,416m vs SEK 3,237m, including SEK 522m from process-inventory revaluation.

• Operating profit excluding PIR was SEK 4,894m vs SEK 2,752m; operating profit before depreciation and amortization excluding PIR was SEK 7,282m vs SEK 5,125m.

• Net profit was SEK 3,888m vs SEK 2,294m; EPS was SEK 13.69 vs SEK 8.07.

• Free cash flow was SEK 1,121m vs SEK 2,284m; working capital reduced cash flow by SEK 1,047m, compared with a SEK 1,575m inflow a year earlier.

• 9M revenue totaled SEK 83,997m vs SEK 65,378m; adjusted operating profit excluding inventory revaluation was SEK 12,198m vs SEK 6,632m.

Outlook and guidance

• 2026 group capex guidance remained SEK 15.5bn; mine sustaining investment guidance increased to SEK 7bn from SEK 6.5bn.

• Aitik 2026 copper-grade guidance fell to 0.16% from 0.18%, while milled-volume guidance rose to 42M tonnes from 41M tonnes.

• Planned smelter maintenance is expected to reduce 2026 operating profit by SEK 500m, including SEK 100m in Q4, versus prior estimates of SEK 450m and SEK 50m.

• Garpenberg 2027 milled-volume guidance is 2.3M tonnes; full-year 2027 guidance is scheduled for December 8, 2026.