Glencore (GLEN) H2 2025 earnings summary

Executive summary

• Achieved $13.5 billion adjusted EBITDA for 2025, with strong performance in metals, especially copper and zinc, and a recovery in the second half after a weak first half; this was down 6% year-over-year.

• Marketing EBIT reached $2.9 billion, driven by metals trading opportunities, while energy and coal trading was weaker but improved in the second half.

• Net income was $0.4 billion, a significant turnaround from a loss of $1.6 billion in 2024, driven by a strong H2 performance.

• Maintained production guidance for the second consecutive year, highlighting operational reliability.

• Portfolio optimization included asset sales (Century Aluminum, PASAR smelter, Puerto Nuevo terminal, Colombian port) and reinvestment in high-IRR projects.

Financial highlights

• Industrial adjusted EBITDA was close to $10 billion, with metals contributing $7 billion and energy $3.7 billion.

• Second half EBITDA increased 50% over the first half, with industrial up 65%.

• Net funding reduced from $14.5 billion to $10 billion, despite CapEx and distributions; net debt stood at $8.7 billion, while another source reports net debt at $11.2 billion.

• Net CapEx was $6.9 billion, with major investments in water treatment and copper growth projects.

• Cash generated by operating activities was $10.6 billion, down 5% year-over-year.

Outlook and guidance

• 2026 priorities include safety, operational excellence, organic growth, and maintaining a strong balance sheet.

• CapEx guidance remains $26–$28 billion over the next three years, with $6.5 billion average annual spend.

• Copper production expected to reach 1 million tons by 2028–2029, transforming the business into a leading copper producer.

• 2026 production guidance: copper 810–870kt, zinc 700–740kt, steelmaking coal 30–34Mt, energy coal 95–100Mt.

• No change in production or CapEx guidance since the last CMD.