Glencore (GLEN) H1 2026 earnings summary

Executive summary

• Delivered strong operational and financial performance in H1 2026, with production and results within guidance and benefiting from higher commodity prices and a favorable marketing environment.

• Adjusted EBITDA rose 86% year-over-year to $10.1 billion, driven by robust metals, minerals, and energy markets, and exceptional oil and gas trading.

• Net income increased 8% to $4.4 billion, with funds from operations up 158% to $8.1 billion.

• Announced $3.5 billion in 2026 shareholder returns, including a $1 billion special cash distribution and $500 million buyback.

• Confirmed secondary ASX listing targeted for October 2026 to broaden investor access and financial flexibility.

Financial highlights

• Revenue increased 49% year-over-year to $174.4 billion in H1 2026.

• Adjusted industrial EBITDA reached $6.5 billion, up 72% year-over-year, led by higher commodity prices and increased copper/cobalt sales.

• Marketing Adjusted EBIT surged 142% to $3.3 billion, reflecting market dislocations and trading opportunities, mainly from energy.

• Net debt reduced to $10.2 billion, with net debt/Adjusted EBITDA at 0.56x, supported by strong cash generation.

• Adjusted EBIT rose 269% to $6.7 billion; FFO up 158% to $8.1 billion.

Outlook and guidance

• On track to meet full-year production and cost guidance, with copper production targeted at 1 million tons by 2028 and 1.6 million tons by 2035.

• Full-year Marketing Adjusted EBIT expected between $4.7–5.6 billion, at the upper end of long-term guidance.

• Copper mine unit cash costs guided at $2.03/lb for 2026, with higher input costs in Africa due to regional conflict.

• Industrial capex (excluding copper growth) forecast at $6.8 billion per annum for 2026–2028, up 5% due to inflation.

• Continued strong cash generation and disciplined capital allocation anticipated.