Glencore (GLEN) AGM 2026 summary

Opening remarks and agenda

• Chair welcomed attendees, introduced board members and management, and outlined meeting procedures.

• Emphasis on the exceptional copper asset portfolio, positioning for global leadership in copper production over the next decade.

• Strategic role in supporting current and future energy needs, with leading positions in energy coal, steelmaking coal, and LNG marketing.

Financial performance review

• Adjusted EBITDA reached $13.5 billion in 2025, with industrial assets contributing $9.9 billion and marketing EBIT at $2.9 billion, both down 6% and 8% year-on-year respectively.

• Cash generated by operating activities was $10.6 billion, down 5% from the previous year.

• Cash distribution of $0.17 per share, totaling $2 billion, and $1.8 billion in share buybacks were completed.

• Sale of Viterra business completed, with Bunge shares supporting additional buybacks.

• Record performance in Metals and Minerals, especially copper, offset by softer results in Energy and Steelmaking Coal.

Board and executive committee updates / Corporate governance

• Board members visited multiple sites globally to engage with employees, unions, and communities.

• Management structure was optimized for accountability, reducing overheads and improving performance.

• Optimised and simplified operating structures promote accountability and delivery, placing skills and ownership at the right organisational level.