Boliden Q3 Revenue Rises to SEK 30,442 Million as Metal Prices Climb

Swedish metals producer Boliden reported third-quarter 2026 revenue of 30,442 million Swedish kronor (SEK) on October 29, 2026, up from SEK 21,971 million a year earlier, as significantly higher metal prices lifted earnings across its mines and smelters, according to the company’s press release. Operating profit rose to SEK 5,416 million from SEK 3,237 million, while operating profit excluding revaluation of process inventory totaled SEK 4,894 million, compared with SEK 2,752 million in the third quarter of 2025.

Net profit was SEK 3,888 million (2,294), corresponding to earnings per share of SEK 13.69 (8.07). Free cash flow totaled SEK 1,121 million (2,284). Profit after financial items amounted to SEK 4,976 million (2,892), with net financial items of SEK -441 million (-346) and an average interest rate on loans of 4.0%, up from 3.8%. Net debt stood at SEK 18,335 million at the end of the quarter, against SEK 18,130 million a year earlier, and the net debt/equity ratio was 21%, down from 25%. Capital expenditure totaled SEK 3.4 billion (3.8). Return on capital employed for the past 12 months was 19.1%.

According to the full interim report, prices and terms contributed SEK 3,251 million of the SEK 2,143 million year-on-year improvement in operating profit excluding revaluation of process inventory, with metal prices alone accounting for SEK 3,027 million. Volumes had a negative effect of SEK 655 million and costs a negative effect of SEK 636 million. Average prices in the quarter were USD 14,104 per tonne for copper, USD 3,825 per tonne for zinc, USD 4,255 per oz for gold and USD 62.6 per oz for silver, compared with USD 9,797, USD 2,825, USD 3,454 and USD 39.4 respectively a year earlier.

Mines and Smelters

The Mines segment’s operating profit increased to SEK 3,938 million (2,429) on revenues of SEK 9,906 million (8,398). Production of all metals in concentrate was higher than in the second quarter of 2026, but all except copper were lower than in the third quarter of 2025. Copper in concentrate rose 15% year on year to 31,979 tonnes, while zinc in concentrate fell 22% to 84,744 tonnes.

Kevitsa set a new quarterly record for milled volume, and President and CEO Mikael Staffas said Somincor, acquired in April 2025, has integrated well into Boliden and delivered very strong production; Somincor’s copper in concentrate output was higher than in both comparison periods. At Garpenberg, the ramp-up proceeded according to plan after a seismic event in mid-March halted all production until the end of April, with zinc and silver production reaching about a third of the level in the third quarter of 2025.

Boliden lowered its full-year 2026 copper grade guidance for Aitik to 0.16% from 0.18% while raising the milled volume guidance to 42 Mtonnes from 41 Mtonnes. The report identified increased waste rock dilution as the key reason for the lowered grade guidance.

In Smelters, operating profit excluding revaluation of process inventory increased to SEK 1,482 million (689), and operating profit rose to SEK 2,005 million (1,175). Harjavalta set a new quarterly record for nickel feed. At Odda, availability of the new roaster averaged 50% in the quarter, up from 17% in the previous quarter, and the new tankhouse at Rönnskär is on time and on budget and in final preparation for ramp-up. Planned maintenance shutdowns had an estimated effect on operating profit of SEK -50 million, in line with the third quarter of 2025.

Smelter production of zinc rose 3% to 116,568 tonnes, nickel in matte rose 14% to 10,985 tonnes and sulphuric acid rose 8% to 492,070 tonnes. Silver production fell 28%, which the company attributed to operational issues at Rönnskär, including process disturbances and less intermediates received from Harjavalta.

Nexa Resources Agreement and Guidance

On August 27, 2026, Boliden and Votorantim S.A. entered into a definitive agreement under which Boliden will acquire all of Votorantim’s shares in Nexa Resources (NEXA ), making Boliden the owner of 64.68% of Nexa’s shares and votes. Votorantim will receive 0.250 newly issued Boliden shares for each Nexa share, becoming the owner of approximately 7.0% of Boliden’s shares and votes. Closing is expected in the first quarter of 2027 and is subject to conditions including approval at an extraordinary general meeting on November 23, 2026, to mandate a share issue in kind, and receipt of regulatory approvals. One condition was fulfilled on October 27, 2026, when Votorantim received approval under the Swedish FDI Act for its acquisition of Boliden shares and the election of a Votorantim nominee to Boliden’s board. Following closing, Boliden has agreed with Nexa to launch a voluntary cash tender offer for any Nexa shares not acquired in the transaction. Staffas described Nexa as a zinc and silver-focused base metal producer with five mines and three smelters across Brazil and Peru, and said the transaction will position Boliden as a global leader within zinc.

Total capital expenditure for 2026 remains estimated at SEK 15.5 billion, while mine-sustaining investments are now estimated at SEK 7 billion, up from previous guidance of SEK 6.5 billion. The estimated full-year operating profit impact of planned maintenance shutdowns in Smelters was revised to SEK -500 million, of which SEK -100 million is expected in the fourth quarter; previous guidance was SEK -450 million for the full year and SEK -50 million for the fourth quarter. Boliden will publish complete full-year 2027 guidance on December 8, 2026, and Garpenberg’s 2027 milled volume is estimated at 2.3 Mtonnes, as previously communicated.

For the first nine months of 2026, revenues totaled SEK 83,997 million (65,378) and operating profit excluding revaluation of process inventory was SEK 12,198 million (6,632). The nine-month period included a one-off cost of SEK 700 million from an asset write-down related to the seismic activity in Garpenberg.

On October 8, 2026, an employee was found deceased at his workplace at the tailings facility adjacent to the concentrator in the Boliden Area. The company stated that the cause of death has not been determined, that a workplace accident cannot be ruled out, and that internal and external investigations have been launched. Staffas wrote that it may be Boliden’s first work-related fatality in 18 years.

On August 12, 2026, the Swedish government rejected the two appeals against Boliden’s mining concession for Laver, which covers the right to extract copper, gold, silver and molybdenum. A non-governmental organization, Miljögruppen Pite Älvdal, has applied for judicial review of the government’s decision before the Supreme Administrative Court. Boliden stated that Laver could deliver around 10% of Europe’s domestic copper mine supply.

The interim report has not been reviewed by the company’s auditors. Boliden will publish its interim report for the fourth quarter and full year 2026 on February 3, 2027.