Glencore (GLEN) H1 2025 earnings summary

Executive summary

• Adjusted EBITDA for H1 2025 was $5.4 billion, down 14% year-over-year, with $3.8 billion from industrial assets and $1.4 billion from marketing, despite weaker coal prices and lower copper production.

• Net income before significant items dropped 62% to $0.6 billion, with a net loss attributable to equity holders of $655 million after $1.04 billion in impairments, mainly at Cerrejón and Ferroalloys.

• EVR contributed $786 million in adjusted EBITDA, marking its first inclusion in results.

• $1 billion in annualized cost savings identified through over 300 initiatives, with more than half expected to be realized by end-2025.

• The sale of Viterra to Bunge completed in July 2025, yielding $900 million in cash and Bunge shares valued at $2.63 billion, supporting a new $1 billion share buyback and increasing total 2025 shareholder returns to $3.2 billion.

Financial highlights

• Revenue was $117.4 billion, nearly flat year-over-year.

• Adjusted EBIT dropped 37% to $1.8 billion; funds from operations fell 22% to $3.1 billion.

• Net debt rose to $14.5 billion, up 30% year-over-year, with net debt/Adjusted EBITDA at 1.08x, expected to fall to 1x post-Viterra proceeds.

• Cash generated by operating activities was $4.3 billion; net capex was $3.2 billion.

• Marketing EBIT was $1.4 billion, annualizing above the midpoint of the new $2.3–$3.5 billion range (ex-Viterra).

Outlook and guidance

• Full-year 2025 copper production guidance: 850–890 kt, with a significant H2 recovery expected (60% of annual output weighted to H2).

• Annualized free cash flow at spot prices is estimated at $4 billion.

• Long-term Marketing Adjusted EBIT guidance raised to $2.3–$3.5 billion, with a new midpoint of $2.9 billion.

• No change to $6.6 billion annual CapEx guidance for 2025–2027.

• Net debt is expected to reduce meaningfully by year-end, supported by H2 copper production recovery, cost savings, and working capital unwind.