)
Edge6 Sep 2024
Strong Opinions, Loosely Held: Pontus Dackmo on Flexibility and Market Psychology
After a two-decade career in finance, Pontus Dackmo co-founded Protean Funds Scandinavia in 2022, where he now serves as CEO and Investment Manager.
Boliden (BOL) investor relations material
Boliden Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Strong Q3 2025 results with record mine production at Aitik and Garpenberg, robust cash flow, and significant contributions from new mines Somincor and Zinkgruvan.
Integration of Somincor, Zinkgruvan, and Sommerskär completed, enhancing operational performance and efficiency.
Key projects, including Odda expansion and Garpenberg permit, progressed as planned, with Odda entering hot commissioning and Laver mining concession granted but under appeal.
Gold and silver now rank as the third and fourth most important metals for earnings sensitivity, with prices rallying and boosting profits.
Major investments ongoing in Boliden Area, Odda, and Rönnskär, supporting future growth.
Financial highlights
Revenues for Q3 2025 were SEK 21,971m, slightly down from SEK 22,193m in Q3 2024.
EBIT excluding process inventory reached SEK 2.75 billion, up sequentially but below Q3 last year.
EBITDA increased 16% year-over-year; free cash flow improved to SEK 2,284m from SEK -495m in Q3 2024, supported by insurance proceeds and working capital improvements.
Earnings per share for Q3 2025 was SEK 8.07, compared to SEK 8.34 in Q3 2024.
CapEx for the quarter was SEK 3.8 billion, in line with expectations and up from SEK 3.2 billion in Q3 2024.
Outlook and guidance
2025 Capex guidance set at SEK 15.5 billion; insurance cash flow for 2025 expected at ~SEK 2,000m.
No major changes to 2025 guidance except for reduced throughput at Tara (now 1.6 Mtonnes vs. 2.8 million prior); milled volume guidance unchanged for Aitik, Kevitsa, and Garpenberg.
Higher grades expected at Aitik in Q4; Garpenberg expansion dependent on permit approval.
Planned maintenance shutdowns in Smelters to impact 2025 operating profit by SEK -500m.
Finnish tax changes likely to impact Kevitsa from 2026, affecting future investment decisions.
Kevitsa: Impact of new Finnish mining taxes?
Odda expansion: Timeline to full production
Aitik: Strategy for low copper grade impact
Kevitsa Pushback 5 viability post-tax change?
Odda expansion: Q1 2026 EBIT contribution?
Garpenberg 4.5M tonne permit appeal risk?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Boliden earnings date
Q4 20253 Feb, 2026
The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Boliden AB, headquartered in Stockholm, Sweden, engages in the exploring, extracting, and processing of base metals and precious metals. It operates through five business areas: Copper, Gold, Silver, Iron Ore, and Energy. The Copper segment explores and extracts copper concentrate from the Falun mine. The Gold segment is engaged in exploring, extracting and processing gold in the Västergötland and Kalix Lake districts of Sweden. The Silver segment is engaged in exploring and producing silver from the Ragunda mine. The Iron Ore segment produces iron ore concentrate from Luleå mine in Sweden. The Energy segment mines coal at Gellivare mine in Sweden for use at its power stations. Boliden also focuses on a range of other activities including logistics services for its own needs as well as customers from neighboring industries located abroad; storage facilities for carbon dioxide; forestry; distributing compressed air; auto repair services; electronics trading; powder coating services; brewery; hotel activities; restaurants for company employees; barber's salons for company employees' families; dry cleaning services for company employees' uniforms; catering services for company employees' parties, among others.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage