Boliden AB (publ) Q2 2026 Earnings Recap

Boliden’s shares declined 1.9% post-earnings as investors weighed the persistent operational challenges at Odda and weaker cash flow despite stable production guidance and steady EBIT.

Key Takeaways

• Reported EBIT excluding inventory revaluation was SEK 2.9 billion, up from last year, supported by strong contributions from acquired mines Zinkgruvan and Somincor.
• Negative cash flow in the quarter reflected seasonal maintenance stops and timing issues impacting working capital, with inventory buildup notably higher than the SEK 2 billion reported.
• Production at Garpenberg restarted on plan following the March seismic event, with full infrastructure operational except the personnel hoist, expected by September.
• Odda ramp-up encountered repeated shutdowns due to IT/control system glitches and conveyor issues, delaying full utilization despite the roaster running at capacity when active.
• The company maintained 2026 guidance for 1.5 million tonnes at Garpenberg and planned incremental improvements at Odda, but near-term operational setbacks tempered market enthusiasm.