Boliden, SE0020050417

Boliden stock enters October 29 results with Q2 EBIT up

Published on 10/07/2026 at 13:52 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 adjusted EPS reached SEK 7.81, up from SEK 2.02 a year earlier. Boliden keeps 2026 throughput guidance at 1.6 million tonnes for Tara.

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 (ISIN SE0020050417) was trading at SEK 526.20 on Nasdaq Stockholm on October 7, 2026, down 0.15 percent, with the next earnings release scheduled for October 29, 2026. The stock enters that report with a sharply stronger second-quarter operating result than a year earlier.

Q2 profit sets the baseline

Boliden reported Q2 2026 revenue of SEK 25.733 billion and operating profit of SEK 3.194 billion, according to Yahoo Finance on July 21, 2026. Operating profit increased from SEK 1.094 billion in Q2 2025, while adjusted earnings per share rose to SEK 7.81 from SEK 2.02.

The improvement came with clear operational offsets. Management described stronger metal prices and improved Aitik copper grades, while Odda's ramp-up problems and lower Tara throughput continued to weigh on execution.

Analysts lift targets but keep caution

Deutsche Bank raised its Boliden price target from SEK 620 to SEK 640 and retained a Hold rating on October 7, 2026, according to Affarsvarlden. The bank expects adjusted third-quarter EBIT of SEK 4.3 billion, above its cited consensus of SEK 4.1 billion.

The broader analyst consensus is rated Buy across 11 analysts, with an average target of SEK 539.73, according to MarketScreener. That average target is 2.57 percent above Boliden's October 7 price, leaving the consensus upside limited at the current quotation.

Execution remains the key variable

Boliden's Q2 call highlighted a mixed operating picture. Garpenberg's production restarted according to guidance, while Odda's roaster faced repeated stoppages. Tara's 2026 throughput guidance was reduced from 1.8 million tonnes to 1.6 million tonnes, and full-year guidance for Garpenberg remained 1.5 million tonnes in 2026 and 2.3 million tonnes in 2027, according to Yahoo Finance.

Boliden stock stays below its yearly high

At SEK 526.20 on October 7, 2026, Boliden stock was 27.68 percent below its 52-week high of SEK 727.80 and 30.73 percent above its 52-week low of SEK 402.50. Market capitalization stood at SEK 149.4 billion, giving the October 29 results a clear test of whether stronger earnings can offset the operational risks.