Boliden AB Reports Robust Q4 Earnings Amid Rising Metal Prices

Boliden AB (OTC: BDNNY) released its interim results for the quarter ended 31 December 2025 on 3 February 2026. The company posted earnings per share of 15.31 SEK, up 39 % from the 10.95 SEK recorded in the same period a year earlier. Revenue surpassed consensus estimates, reflecting a solid performance across the group’s zinc, copper, gold, and lead streams.

The upward revision of earnings is supported by a broader market backdrop in which metal prices have rebounded sharply. Silver prices climbed nearly 10 %, while gold spiked around 5 %. These gains have translated into higher realised prices for Boliden’s output and a favourable revenue mix.

Guidance and Share‑Based Sentiment

Boliden’s board has announced the resumption of dividends at a level higher than the previous year, signalling management’s confidence in the sustainability of cash flows. The company’s robust resource base—highlighted by continued growth in mineral resources at Garpenberg, the Boliden Area, and Nautanen—underpins this outlook.

Financial analysts have responded positively.

  • Deutsche Bank raised its target price to 680 SEK (previously 590 SEK), reaffirming a “buy” rating.
  • DNB Carnegie increased its target to 622 SEK (from 567 SEK), maintaining a “hold” stance.
  • Barclays lifted its target to 590 SEK (from 565 SEK), also sustaining a “buy” recommendation.

These revisions reflect a consensus that Boliden’s operating leverage and commodity exposure are well‑aligned with the current upside trajectory of metal prices.

Market Reaction

The market has responded favourably, with the share price on 1 February 2026 closing at 627.6 SEK—well above the 52‑week low of 259.4 SEK and only 56 points shy of the 52‑week high of 684.4 SEK. The company’s market capitalization stands at roughly 178 billion SEK, and its price‑earnings ratio of 21.27 indicates that investors are valuing the firm at a premium relative to its earnings base, yet still within a reasonable range given the sector dynamics.

Forward‑Looking Outlook

Boliden’s strategic focus on efficient mining and processing, coupled with a growing reserve profile, positions the company to capitalize on continued commodity rallies. The management’s emphasis on disciplined capital allocation and dividend sustainability provides a clear framework for long‑term shareholder value creation.

In sum, the firm’s latest earnings beat, coupled with optimistic analyst upgrades and a supportive commodity environment, suggest that Boliden is poised for continued growth in the near term.