Glencore Reports Strong First-Half 2026 Results, Announces ASX Secondary Listing Plans

in Commodity News 06/08/2026

Glencore Chief Executive Officer Gary Nagle said the company delivered another strong operational and financial performance in the first half of 2026. He said the group’s assets performed in line with market guidance, and that substantially higher average prices for its core commodities, together with a favourable marketing backdrop, drove a material increase in earnings.

Nagle said H1 2026 was marked by a significant repricing of energy and closely related markets and risks following the escalation of the Middle East conflict. What began the year as a relatively well-supplied energy complex quickly shifted toward a focus on security of supply and access to physical commodities. Constraints across oil, refined products, LNG and freight capacity drove heightened volatility across global energy and other markets, highlighting how disruptions in one part of the supply chain can quickly affect pricing and availability across multiple commodity streams.

Against that backdrop, Glencore said Group Adjusted EBITDA rose 86% to $10.1 billion, while net income attributable to equity holders increased by more than $5 billion year on year to $4.4 billion.

Marketing Adjusted EBIT reached $3.3 billion, up 142% from the prior period. The company said the result demonstrated the resilience and responsiveness of the business amid heightened geopolitical uncertainty and market volatility. It added that the environment continued to underscore the value of its marketing, logistics and risk management capabilities, which enable it to source, transport and deliver energy and metals products to customers worldwide.

The Industrial segment contributed Adjusted EBITDA of $6.5 billion, up 72% from the prior period, reflecting a stronger commodity price environment and solid operational performance across the portfolio. Glencore said these gains were partly offset by a weaker US dollar and higher operating costs, including supply-chain disruptions linked to the Middle East conflict, which materially affected the availability and pricing of key inputs and consumables such as diesel, sulphur and sulphuric acid beyond normal inflationary pressures.

After regular pro forma adjustments, net debt declined by $1.0 billion during the period and remained in line with the company’s ordinary-course net debt cap of about $10 billion. Glencore said it was announcing a top-up special cash distribution of 8.5 cents per share, or about $1 billion, recognizing its Bunge shares as surplus capital, alongside a new $500 million share buyback to be completed by February 2027. The company said total announced shareholder returns for 2026 now stand at about $3.5 billion.

On asset development, Glencore said it remains positioned to reach annualized copper production of about 1 million tonnes by the end of 2028 and about 1.6 million tonnes by 2035. It said progress continues across projects presented at its December 2025 Capital Markets Day, and that some projects, including the Alumbrera restart, are ahead of schedule. First production from Alumbrera is now expected in H2 2027, compared with previous guidance of H1 2028.

Glencore also said it intends to apply for a secondary listing on the Australian Securities Exchange, targeting admission in October 2026, after reviewing options to broaden its investor base and improve trading liquidity.

The company said an ASX secondary listing through CHESS Depositary Interests would offer strategic benefits relative to other global exchanges. It pointed to Australia’s large and growing pool of long-term capital, noting A$4.4 trillion in pension assets expected to rise to about A$12.4 trillion by 2045, as well as a sophisticated investor base with deep experience in the global resources sector.

Glencore added that an Australian listing would strengthen its profile in one of its most important operating jurisdictions, broaden its shareholder base, improve trading liquidity and enhance financial flexibility. It also said the listing would give Australian investors greater access to diversified copper exposure at a time when local investment opportunities have diminished following industry consolidation and M&A activity in recent years.

2026 half-year financial scorecard

• Industrial Adjusted EBITDA: $6.5 billion, up 72%, primarily reflecting higher commodity prices
• Marketing Adjusted EBIT: $3.3 billion, up 142%, a near-record H1 result driven by materially disrupted energy, freight and other markets
• Group Adjusted EBITDA: $10.1 billion, up 86%
• Funds from operations (FFO): $8.1 billion, up 158%
• Net cash purchase and sale of PP&E: $4.0 billion, compared with $3.2 billion in the prior period; much of the increase related to copper portfolio investments to secure land access and support growth and operational flexibility
• Net income attributable to equity holders, pre-significant items: $3.7 billion; net income attributable to equity holders: $4.4 billion, reflecting gains on disposals of non-current assets, recognition of deferred tax assets and impairments
• Adjusted EBITDA mining margins: 52% for copper, 38% for steelmaking coal and 19% for energy coal

Balance sheet

• Net debt: $10.2 billion, down $1.0 billion, after $4.0 billion of net capital expenditure, $1.9 billion of non-RMI net working capital and $1.1 billion of shareholder distributions. Net debt includes $1.2 billion of marketing lease liabilities
• Net funding: $42.4 billion, up from $39.4 billion at the end of 2025, mainly reflecting higher energy and metals prices on Readily Marketable Inventories held at period end
• Available committed liquidity: $14.0 billion; bond maturities remain capped at no more than about $3 billion in any given year
• Net debt/Adjusted EBITDA: 0.56x, down from 0.83x
• Additional shareholder returns announced today: about $1.5 billion, consisting of the 8.5-cent-per-share special cash distribution and the $500 million buyback, bringing full-year 2026 returns to about $3.5 billion
• Based on current commodity prices and an expected uplift in H2 volumes, particularly for steelmaking coal, the company expects continued strong cash generation through the rest of 2026. On that basis, and assuming no significant change, Glencore said it has calculated an illustrative full-year 2026 Adjusted EBITDA of about $19.7 billion

Source: Glencore