Glencore plc

Adjusted industrial EBITDA was $6.5 billion, up 72% year over year, while adjusted marketing EBIT was $3.3 billion, up 142%. Total adjusted EBITDA was $10.1 billion, funds from operations were $8.1 billion, up 158%, and net debt was $10.2 billion. Net income was $4.4 billion, and management cited $700 million of significant positive items and about $600 million of gains on asset disposals. Forward, management kept full-year production guidance intact, said cost impacts from diesel, sulphur, and sulphuric acid should moderate if markets normalize, and gave an illustrative 2026 EBITDA view of about $20 billion, including $6.5 billion for copper, $1.9 billion for zinc, $2.7 billion for steelmaking coal, $1.1 billion for energy coal, and $5.6 billion for marketing.

Gary Nagle said the quarter showed solid operational execution, with production delivered within guidance for a second straight year and full-year guidance reaffirmed. He emphasized copper growth as the core strategic priority, highlighting progress across Alumbrera, KCC, Antapaccay, MARA, El Pachon, NewRange, and Collahuasi. His tone was confident on growth and capital returns, but he also made safety a clear priority after two incidents that led to four colleague fatalities, calling it a “wake-up call.”

Steven Kalmin focused on the drivers behind the numbers: higher commodity prices, stronger volumes in copper, and a very strong marketing result. He said the industrial business benefited from higher metal prices and volumes, while costs were pressured by diesel, sulphur, sulphuric acid, and producer currency strength; he also said some of these cost pressures should be transient. On cash and capital allocation, he pointed to $8.1 billion of funds from operations, net debt of $10.2 billion, and $1.5 billion of top-up shareholder returns, while also noting $3.9 billion of industrial capex in the half, including $0.3 billion for KCC land access and increased spend on copper growth projects.

Analysts pressed on the Orion/DRC transaction, asking whether the proposed sale price implied Glencore was selling cheaply, and management replied that the earlier figure was only indicative and subject to due diligence, market moves, and final commercial terms. On the ASX listing, management said it expects reverse inquiry from Australian investors and believes the listing could support a higher multiple over time, with ambitions for ASX 200 inclusion within 12 months and ASX 100 thereafter. On trading risk, Gary Nagle said volatility was higher than normal but still well below 2022, so there have been some Board waivers, just at much lower levels than during the Ukraine-driven shock.