Boliden stock reports a Q2 EPS miss as analysts turn cautious
Published on 09/30/2026 at 12:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Boliden stock reported Q2 2026 EPS of SEK 7.81 against an estimate of SEK 8.1787, while the Swedish mining group navigated production and ramp-up challenges. The result gives investors a clear split: metal prices supported earnings, but operational disruptions continued to weigh on volumes.
Q2 earnings miss expectations
According to Fintel, Boliden's actual Q2 2026 revenue was SEK 25.733 billion versus a consensus estimate of SEK 28.293 billion. The revenue shortfall came alongside an EPS surprise of minus 4.51 percent, with the result published for the quarter reported on July 21, 2026.
The same Q2 report showed operating profit of SEK 3.194 billion and net income of SEK 2.216 billion. Those figures are lower than the Q1 2026 operating profit of SEK 5.245 billion and net income of SEK 3.819 billion, a sequential comparison that highlights the quarter's weaker volume mix.
Mine disruptions remain central
Boliden's Q2 earnings call described adjusted operating profit excluding process inventory revaluation of SEK 2.90 billion and EBITDA of SEK 5.50 billion. As Yahoo Finance reports from the July 21, 2026 call, management said Garpenberg reduced volumes, while the Odda roaster faced repeated stoppages during its ramp-up.
Management kept Garpenberg production guidance at 1.5 million tonnes for 2026 and 2.3 million tonnes for 2027, while Tara throughput guidance was reduced from 1.8 million tonnes to 1.6 million tonnes. The contrast between high metal prices and lower operational output is the key earnings issue for the next report.
Analysts turn more cautious
Fintel reported that Berenberg downgraded Boliden from Buy to Hold on September 21, 2026, after maintaining Buy on July 13, 2026. The report also put the consensus target mean at SEK 566.10 on September 16, 2026, up from SEK 558.11 on August 28, 2026, a revision of plus 1.43 percent.
The next scheduled earnings report is October 29, 2026, according to Investing.com. That date will put the focus on whether Garpenberg and Odda deliver the operating recovery implied by management's production guidance.
Market value and trading range
Boliden's market capitalization was SEK 144.7 billion on September 30, 2026, while its 52-week range stood at SEK 380.20 to SEK 727.80. The company trades as BOL on Nasdaq Stockholm and operates mines and smelters across the Nordic region and Europe.
Boliden stock facts
- Company: Boliden AB (publ)
- Ticker: BOL
- Primary exchange: Nasdaq Stockholm
- Market capitalization: SEK 144.7 billion (as of September 30, 2026)
- 52-week range: SEK 380.20-SEK 727.80 (as of September 30, 2026)
- Sector / Industry: Basic Materials / Metals and Mining
