Glencore has reported a 49% increase in revenue for the first half of 2026 (H1 2026) to $174.43bn, compared to $117.39bn in H1 2025. <\/p>\n
The company’s overall group adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) reached $10.1bn, an 86% increase from the previous year. <\/p>\n
Industrial adjusted EBITDA saw a 72% rise to $6.5bn, largely due to higher commodity prices. Marketing adjusted earnings before interest and taxes climbed 142% to $3.3bn, a near record high. <\/p>\n
Glencore also reported a substantial increase in funds from operations, which were up 158% to $8.1bn. <\/p>\n
Capital expenditures for the net cash purchase and sale of property, plant and equipment rose to $4bn, up from $3.2bn in the prior period, with a significant portion invested in its copper portfolio to enhance growth and operational flexibility. <\/p>\n
Net income attributable to equity holders was reported at $4.4bn, reflecting gains from the disposal of non-current assets and the recognition of deferred tax assets, offset by some impairments. <\/p>\n
Glencore CEO Gary Nagle said: “We delivered another strong operational and financial performance for the first half of the year. Our assets performed in line with market guidance, which alongside substantially higher period-over-period average prices for our core commodities and a favourable marketing backdrop, underpinned a material increase in earnings. <\/p>\n
“We are also announcing today that, following a detailed review of opportunities to broaden our investor base and enhance trading liquidity, we intend to apply for a secondary listing on the ASX [Australian Securities Exchange], targeting admission in October 2026.” <\/p>\n
Looking ahead to the remainder of 2026, Glencore anticipates continued strong cash generation based on current commodity prices and an expected increase in volumes, particularly in steel-making coal during H2. <\/p>\n
Full-year 2026 illustrative adjusted EBITDA is projected to be approximately $19.7bn, assuming market stability. <\/p>\n
The company achieved adjusted EBITDA mining margins of 52% for copper, 38% for steel-making coal and 19% for energy coal. <\/p>\n
In June 2026, Larvotto Resources signed a binding offtake agreement<\/a> with Glencore for the sale of gold concentrate from the Hillgrove Antimony-Gold Project in New South Wales, Australia. <\/p>\n