Preliminary Results 2025

Baar, Switzerland
18 February 2026

Highlights

Glencore’s Chief Executive Officer, Gary Nagle, commented:

“2025 was a year of significant progress, marked by a strong operational performance, continued portfolio optimisation and clear momentum for our copper-led growth strategy.

“At our recent Capital Markets Day, we highlighted our exceptional portfolio of copper assets and projects, outlining our pathway, from an already significant copper producer, to become one of the world’s largest producers over the next decade. We expect to be producing over 1 million tonnes annualised by the end of 2028, with Glencore now targeting c.1.6 million tonnes of copper production by 2035, supported by our enviable portfolio of highly capital-efficient copper growth options. Today we also announced the finalisation of the KCC land access package with Gécamines, unlocking LOM extension, productivity and cost improvements and the pathway to c.300ktpa of copper production.

“For the second consecutive year, we met our guidance for full year production volumes for our key commodities, reflecting the ongoing benefits of our recently optimised and simplified operating structures promoting greater accountability and delivery. Notably, H2 2025 copper production of over 500kt was almost 50% above H1 2025, primarily due to higher copper grades and recoveries at KCC, Mutanda, Antapaccay and Antamina.

“We continued to shape and optimise our portfolio, including the acquisition of the Quechua copper project in Peru (part of the Antapaccay district) and simplification of our asset base through the disposals of our Pasar copper smelter in the Philippines and the Puerto Nuevo coal export terminal in Colombia. We also signed a non-binding MoU to potentially sell 40% of our interests in our DRC copper and cobalt assets to the US government-backed Orion Critical Mineral Consortium.

“Despite a modestly lower year-on-year Adjusted EBITDA outcome, the underlying momentum in H2 was clear. Industrial Adjusted EBITDA of $6.2 billion was 65% higher than H1, while Marketing Adjusted EBIT was 15% higher. Overall H2 2025 Adjusted EBITDA of $8.1 billion was 49% higher than H1, reflecting higher metals prices and improved production volumes, especially copper, noted above.

“In line with our shareholder returns framework, a 2026 base distribution of $10c/share (c.$1.2 billion) is calculated basis 2025 cash flows.

“As described last year, we recognise our Bunge NYSE-listed shares as surplus capital, being warehoused for appropriate monetisation for Glencore shareholders at some point in the future. Underpinned by the value of these shares ($4.0 billion on 13 February, reflecting an increase of $1.4 billion since close of the Viterra transaction in July 25), we are recommending a top-up cash distribution of $7c/share (c.$0.8 billion). The aggregate cash distribution of $17c/share (c.$2 billion) is intended to be paid in two equal instalments, in June and September.

“Glencore’s standalone investment case is strong. Our regularly updated, illustrative annualised free cash flow generation at spot commodity prices, is currently a very healthy c.$7 billion. We have a well-diversified business across a range of commodities, supported by one of the best marketing franchises in the industry. We are uniquely positioned to support the energy needs of today whilst providing many of the transition-enabling commodities the world needs as demand changes.

“We remain focused on delivering on our 2026 priorities, achieving our operational targets and derisking and successfully progressing our organic production growth options, all with the objective of supporting long-term value creation for shareholders.

“As always, we remain focused on operating safely, responsibly and ethically.”

1        Refer to basis of presentation on page 6.
2      Includes $1,010 million (2024: $1,072 million) of Marketing-related lease liabilities.
◊       Adjusted measures referred to as Alternative performance measures (APMs) which are not defined or specified under the requirements of International Financial Reporting Standards; refer to APMs section on page 117 for definitions and reconciliations and to note 2 of the financial statements for reconciliation of Adjusted EBIT/EBITDA.

2025 FINANCIAL SCORECARD

• $13.5 billion Adjusted EBITDA, down 6% (H2 up 49% vs H1) and Industrial Adjusted EBITDA of $9.9 billion, down 6% (H2 up 65% vs H1), both primarily reflecting lower energy and steelmaking coal prices, partially offset by stronger metals pricing, particularly in the second half, and a full year contribution from EVR
• Marketing Adjusted EBIT of $2.9 billion, down 8% (H2 up 15% vs H1). Overall solid result, around the mid-point of our recently upgraded long-term, ‘through the cycle’, guidance range of $2.3 to $3.5bn p.a. 
• Cash generated by operating activities before working capital, interest and tax of $10.6 billion, down 5%, reflecting the lower Adjusted EBITDA noted above
• Net cash purchase and sale of PP&E: $6.9 billion compared to $6.7 billion in 2024. Excluding EVR, and a $249 million lease capitalisation upon renewal of a power station facility at Kazzinc, 2025 industrial capex was $668 million (10%) below 2024
• Net income attributable to equity holders pre-significant items: $2.3 billion; Net income attributable to equity holders: $0.4 billion
• Adjusted EBITDA mining margins were 30% in our metals operations, 36% in steelmaking coal and 19% in energy coal

BALANCE SHEET

• After funding $6.9 billion of net capex, $3.5 billion of shareholder returns, and benefitting from a $1.6 billion reduction in non-RMI working capital and $1.0 billion of net investment inflows (primarily Viterra cash disposal proceeds of $940 million), Net debt, including $1.0 billion of marketing lease liabilities, finished the year unchanged at $11.2 billion
• Net funding increased to $39.4 billion (vs $36.4 billion at the end of 2024), due to higher readily marketable inventories (RMI), up 12%, primarily driven by stronger metals prices, particularly copper, increasing 44% over the year from $8,653/t to $12,452/t
• Available committed liquidity of $12.9 billion; bond maturities maintained around a cap of c.$3 billion in any given year
• Net debt/Adjusted EBITDA of 0.83x
• Spot illustrative annualised free cash flow generation of c.$7.0 billion from Adjusted EBITDA of c.$18.1 billion

To view the full report please click here: https://www.glencore.com/.rest/api/v1/documents/static/d1a49c6b-9771-4bf1-9090-7c136aac8112/GLEN-2025-Preliminary-Results.pdf

To view the 2025 Preliminary Results Presentation please click here: https://www.glencore.com/.rest/api/v1/documents/static/8c149e90-3801-4ac0-90dd-921191687af9/20260218-GLEN-2025-Preliminary-Results-Presentation.pdf

For further information please contact:

Investors            

Martin Fewings    
t: +41 41 709 2880    
m: +41 79 737 5642    
martin.fewings@glencore.com

Media            

Charles Watenphul    
t: +41 41 709 2462    
m: +41 79 904 3320    
charles.watenphul@glencore.com

Glencore LEI: 2138002658CPO9NBH955

Please refer to the end of this document for important information including on forward-looking statements.

Notes for Editors

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that advance everyday life.

With over 140,000 employees and contractors and a strong footprint in over 30 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of offices.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.

Important notice

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. This document does not purport to contain all of the information you may wish to consider.

Cautionary statement regarding forward-looking information

Certain descriptions in this document are oriented towards future events and therefore contains statements that are, or may be deemed to be, “forward-looking statements” which are prospective in nature. Such statements may include, without limitation, statements in respect of trends in commodity prices and currency exchange rates; demand for commodities; reserves and resources and production forecasts; expectations, plans, strategies and objectives of management; expectations regarding financial performance, results of operations and cash flows; climate scenarios; sustainability (including, without limitation, environmental, social and governance) performance-related goals, ambitions, targets, intentions and aspirations; approval of certain projects and consummation and impacts of certain transactions (including, without limitation, acquisitions,disposals and other corporate transactions); closures or divestments of certain assets, operations or facilities (including, without limitation, associated costs); capital costs and scheduling; operating costs and supply of materials and skilled employees; financings; permitting, anticipated project timelines, productive lives of mines and facilities; provisions and contingent liabilities; and tax, legal and regulatory developments.

These forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof including, without limitation, “outlook”, “guidance”, “trend”, “plans”, “expects”, “continues”, “assumes”, “is subject to”, “budget”, “scheduled”, “estimates”, “aims”, “forecasts”, “risks”, “intends”, “positioned”, “predicts”, “projects”, “anticipates”, “believes”, or variations of such words or comparable terminology and phrases or statements that certain actions, events or results “may”, “could”, “should”, “shall”, “would”, “might” or “will” be taken, occur or be achieved. The information in this document provides an insight into how we currently intend to direct the management of our businesses and assets and to deploy our capital to help us implement our strategy. The matters disclosed in this document are a ‘point in time’ disclosure only. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial conditions and discussions of strategy, and reflect judgments, assumptions, estimates and other information available as at the date of this document or the date of the corresponding planning or scenario analysis process.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from any future events, results, performance, achievements or other outcomes expressed or implied by such forward-looking statements. Important factors that could impact these uncertainties include, without limitation, those disclosed in the risk management section of our latest Annual Report and/or Half-Year Report, which can each be found on our website. These risks and uncertainties may materially affect the timing and feasibility of particular developments. Other factors which may impact risks and uncertainties include, without limitation: the ability to produce and transport products profitably; demand for our products and commodity prices; development, efficacy and adoption of new or competing technologies; changing or divergent preferences and expectations of our stakeholders; events giving rise to adverse reputational impacts; changes to the assumptions regarding the recoverable value of our tangible and intangible assets; inadequate estimates of resources and reserves; changes in environmental scenarios and related regulations, including, without limitation, transition risks and the evolution and development of the global transition to a low carbon economy; recovery rates and other operational capabilities; timing, quantum and nature of certain acquisitions and divestments; delays, overruns or other unexpected developments in connection with significant projects; the ability to successfully manage the planning and execution of closure, reclamation and rehabilitation of industrial sites; health, safety, environmental or social performance incidents; labour shortages or workforce disruptions; natural catastrophes or adverse geological conditions, including, without limitation, the physical risks associated with climate change; effects of global pandemics and outbreaks of infectious disease; the outcome of litigation or enforcement or regulatory proceedings; the effect of foreign currency exchange rates on market prices and operating costs; actions by governmental authorities, such as changes in taxation or laws or regulations or changes in the decarbonisation policies and plans of other countries; breaches of Glencore’s policy framework, applicable laws or regulations; the availability of sufficient credit and management of liquidity and counterparty risks; changes in economic and financial market conditions generally or in various countries or regions; political or geopolitical uncertainty; and wars, political or civil unrest, acts of terrorism, cyber attacks or sabotage.

Readers, including, without limitation, investors and prospective investors, should review and consider these risks and uncertainties (as well as the other risks identified in this document) when considering the information contained in this document. Readers should also note that the high degree of uncertainty around the nature, timing and magnitude of climate-related risks, and the uncertainty as to how the energy transition will evolve, makes it particularly difficult to determine all potential risks and opportunities and disclose these and any potential impacts with precision. Neither Glencore nor any of its affiliates, associates, employees, directors, officers or advisers, provides any representation, warranty, assurance or guarantee as to the accuracy, completeness or correctness, likelihood of achievement or reasonableness of any forward-looking information contained in this document or that the events, results, performance, achievements or other outcomes expressed or implied in any forward-looking statements in this document will actually occur. Glencore cautions readers against reliance on any forward-looking statements contained in this document, particularly in light of the long-term time horizon which this document discusses in certain instances and the inherent uncertainty in possible policy, market and technological developments in the future.

No statement in this document is intended as any kind of forecast (including, without limitation, a profit forecast or a profit estimate), guarantee or prediction of future events or performance and past performance cannot be relied on as a guide to future performance.

Except as required by applicable rules or laws or regulations, Glencore is not under any obligation, and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein is correct as at any time subsequent to its date.

Sources

Certain statistical and other information included in this document is sourced from publicly available third-party sources. This information has not been independently verified and presents the view of those third parties, and may not necessarily correspond to the views held by Glencore and Glencore expressly disclaims any responsibility for, or liability in respect of, and makes no representation or guarantee in relation to, such information (including, without limitation, as to its accuracy, completeness or whether it is current). Glencore cautions readers against reliance on any of the industry, market or other third-party data or information contained in this document.

Information preparation

In preparing this document, Glencore has made certain estimates and assumptions that may affect the information presented. Certain information is derived from management accounts, is unaudited and based on information Glencore has available to it at the time. Figures throughout this document are subject to rounding adjustments. The information presented is subject to change at any time without notice and we do not intend to update this information except as required.

This document contains alternative performance measures which reflect how Glencore's management assesses the performance of the Group, including results that exclude certain items included in our reported results. These alternative performance measures should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance or position reported in accordance with IFRS. Such measures may not be uniformly defined by all companies, including those in Glencore’s industry. Accordingly, the alternative performance measures presented may not be comparable with similarly titled measures disclosed by other companies. Further information can be found in our reporting suite available at glencore.com/publications.

For further information on the basis of our approach and the definitions of certain non-financial metrics, refer to the 2024 Basis of Reporting, which is available on our website at glencore.com/publications.

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Other information

The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.