Boliden stock falls 3.80 percent as Berenberg cuts rating
Published on 09/28/2026 at 12:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Boliden stock was trading at SEK 501.20 on Nasdaq Stockholm on September 28, 2026, down 3.80 percent at 12:30 p.m. CEST. The immediate catalyst was Berenberg's downgrade from Buy to Hold on September 21, 2026, as reported by Fintel.
Berenberg shifts to Hold
The rating change contrasts with a higher aggregate valuation. According to Fintel, the consensus target mean was SEK 566.10 on September 16, 2026, versus SEK 558.11 on August 28, 2026, a 1.43 percent increase. At the September 28 price, that mean target stood 12.95 percent above the share price.
Q2 profit rose year over year
Boliden's Q2 2026 earnings showed strong operating leverage in the reported period. In the Q2 earnings call published by Yahoo Finance, EBITDA reached SEK 5.5 billion, operating profit excluding process inventory revaluation was SEK 2.9 billion and EPS was SEK 7.81. Management said all three figures were higher than in Q2 2025 but lower than in Q1 2026.
The financial profile also included SEK 4.0 billion of capital expenditure and negative free cash flow of SEK 2.0 billion in Q2 2026. Boliden's investor-relations page identifies the quarter as a period of continued favorable metal prices and highlights the company's mines and smelters as its core operating platform.
Production guidance carries the counterweight
The same Q2 call described a mixed operating picture. Full-year guidance was repeated for most activities, while Tara throughput guidance was reduced from 1.8 million tonnes to 1.6 million tonnes for 2026. The company also guided for SEK 2.6 billion of depreciation in each of Q3 and Q4 2026, compared with SEK 2.3 billion in Q2.
Stock trades below its yearly high
Boliden stock was trading at SEK 501.20 on Nasdaq Stockholm on September 28, 2026, with a 52-week range of SEK 371.00 to SEK 727.80. Market capitalization stood at SEK 142.3 billion and session volume was 494,232 shares, giving the rating change and the Q2 operating details clear weight in the current market picture.
Boliden stock facts
- Company: Boliden AB (publ)
- Ticker: BOL
- Trading venue: Nasdaq Stockholm
- Price (as of September 28, 2026, 12:30 p.m. CEST): SEK 501.20
- Daily change: -3.80 percent
- Market capitalization: SEK 142.3 billion (as of September 28, 2026)
- 52-week range: SEK 371.00-SEK 727.80
- Sector / Industry: Basic Materials / Other Precious Metals
