Boliden, SE0020050417

Berenberg raises target for Boliden stock from SEK 530.00 to SEK 560.00

Published on 10/01/2026 at 15:54 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nexa deal covers 64.68 percent of shares and votes. Boliden stock costs EUR 44.20 on October 1, 2026 versus EUR 45.19, down 2.19 percent.

Fotorealistische Kupferschmelze mit glühendem Metall in schwedischer Industrieanlage bei Dämmerung — Boliden AB (ISIN SE0022415691) betreibt moderne Kupferschmelzen und Untertagebergwerke in ganz Skandinavien, Illustration mit AI erstellt.

Boliden raised its exposure to Nexa while Berenberg lifted its price target from SEK 530.00 to SEK 560.00 and kept a Hold rating on September 10, 2026, as MarketScreener reported. The target increase contrasts with a 2.19 percent decline in the Lang & Schwarz euro quote on October 1, 2026.

Nexa adds scale and dilution

Boliden agreed to acquire 64.68 percent of Nexa shares and voting rights in an all-share transaction, with completion expected in the first quarter of 2027, according to Skillings. The deal would expand Boliden's zinc, copper and silver operations into Brazil and Peru while increasing its operating footprint to 12 mining units and eight smelter units.

Skillings reported that the transaction is expected to be immediately accretive to earnings per share and contribute more than 8 percent based on company estimates and broker consensus. The structure also implies roughly 7 percent dilution for existing Boliden shareholders, making execution and integration central to the investment case.

Q2 profit improved year over year

Boliden's second-quarter 2026 operating profit was SEK 3.19 billion, compared with SEK 1.09 billion in the second quarter of 2025, an increase of 191.96 percent, according to the company's results presentation carried by Yahoo Finance. The presentation also reported EBITDA of SEK 5.50 billion and earnings per share of SEK 7.81 for the quarter.

The improvement came despite operational pressure. Management said Garpenberg's Q2 contribution was close to zero after the mine disruption, while the Odda smelter ramp-up faced repeated stoppages; Tara's 2026 throughput guidance was cut from 1.80 million tonnes to 1.60 million tonnes.

Results date sets the next checkpoint

Boliden's next interim report is scheduled for October 29, 2026, according to the company's event listing reported by Affarsvarlden. For investors, the key tension is clear: stronger metal prices lifted Q2 profitability, while mine recovery, smelter reliability and the Nexa transaction add operational complexity.

Boliden stock falls with a clear risk signal

Boliden stock was trading at EUR 44.20 at Lang & Schwarz on October 1, 2026 at 3:38 p.m. CEST, down 2.19 percent versus the prior close of EUR 45.19. On Nasdaq Stockholm, the primary-market quote was SEK 503.00 at 3:51 p.m. CEST on October 1, 2026.

The further course of trading is shown by the continuously updated real-time quote of Boliden stock.