Boliden (BOL.ST): JunQ‘26 First take: Lower production/earnings on slower mine and smelter ramp ups; Sell

Research evidence excerpt

Boliden (BOL.ST): JunQ‘26 First take: Lower production/earnings on slower mine and smelter ramp ups; Sell

Equity Research

21 July 2026 | 7:05AM BST

Boliden (BOL.ST): JunQ’26 First take: Lower production/earnings on

slower mine and smelter ramp ups; Sell

Boliden delivered a weaker than expected quarter, with mined production generally Matt Greene

+44(20)7051-0489 |

missing consensus estimates across the portfolio. Adjusted 2Q EBIT (excluding the matt.greene@gs.com

Goldman Sachs International

SEK +322mn PIR impact) of SEK 2.87bn came in 3% below GSe and 12% below

Riccardo D’Agata

company-compiled consensus. While reported EPS of SEK 7.8 was in line with +44(20)7051-0958 |

consensus and ahead of GSe, FCF disappointed at SEK (2.1)bn (GSe SEK (0.3)bn) due riccardo.dagata@gs.comGoldman Sachs International

to a larger than expected working capital build, leaving quarter end net debt at SEK

19.1bn versus GSe of SEK 17.7bn.

Outlook: While the Odda ramp up continues to progress, commissioning remains

slower than expected, with Boliden also highlighting ramp-up challenges at Ronnskar

following maintenance during the quarter. At Tara, the recovery remains gradual,

with 2026 mining guidance reduced by 0.2Mt to 1.6Mt (in line with GSe) from 1.8Mt

previously. No changes were made to Garpenberg’s 2026-27 production outlook;

however, we continue to expect guidance to be revised lower in Q4 once internal

studies and recovery plans are finalised. In the meantime, mining activities remain

restricted to areas unaffected by the seismic event.

BOL confirmed it is in advanced discussions over a potential acquisition of a majority

stake in Nexa Resources. We expect investors to focus on why management believes

now is the right time to pursue another, a potentially sizeable transaction, and the