Morning Comment Sweden-06/30/2026

Research evidence excerpt

Morning Comment Sweden-06/30/2026

INK

• LUMI - Lundin Mining - Buy, TP SEK 280 (290): We estimate Q2'26 S&P sector performance

production of 81kt Cu and 35koz Au, translating into revenue/adj. EBITDA -4.0% -2.0% 0.0% 2.0% 4.0% 6.0%

of USD 1,207m/653m. We see the company's phased brownfield Media & Entertainment 3.7%

expansion and Vicuña development supporting >500kt Cu and >550koz Semiconductors 2.6%

Au production, driving ~70% EBITDA growth and ~90% higher FCF by

2031-35. LINK Retail 2.1%

Technology & Hardware 1.1%

• BOL - Boliden - Hold, TP SEK 545: We expect a softer Q2'26, with EBIT

Pharma 0.8%

ex-PIR of SEK 2,850m (-35% q/q), primarily reflecting lower production at

Garpenberg, partly offset by the reversal of the SEK 700m write-down. We Software 0.4%

lower 2026–28 estimates on weaker precious metal prices but expect a Aerospace & Defence 0.3%

stronger H2'26 as Garpenberg ramps up, Aitik grades improve, and Odda Banks 0.2%

and the new Rönnskär tank house contribute to earnings. LINK

Airlines -0.0%

• SAAB - SAAB.b - Buy, TP SEK 625: Awarded a USD 23.2m firm-fixed- Insurance -0.1%

price contract for four MK66 Heavyweight Undersea Training Targets Utilities -0.5%

(also known as AUV62-AT), according to Department of War.

Oil E&P -0.5%

• TRIAN.B - Trianon - Buy, TP SEK 23: Trianon signs a 10y lease Oil Integrated -0.8%

agreement with Svedala Vårdcentral covering ~1,630 sqm in its Melassen Oil Services -1.3%

project in Svedala. The lease carries an annual rental value of ~SEK 5.5m,

thereby adding ~0.6% to current E.C. rental value, with occupancy Chemicals -1.3%

planned for June 2028. The lease highlights continued demand for CSPs Gold -1.4%

in growing municipalities. Telecom-3.2%

Commodities, FX, rates and volatility

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