Glencore (GLEN) H1 2026 earnings summary

Executive summary

• Adjusted EBITDA rose 86% year-over-year to $10.1 billion, driven by strong commodity prices, robust metals, minerals, and energy markets, and exceptional oil and gas trading performance, with operational delivery within guidance.

• Net income increased 8% to $4.4 billion, with funds from operations up 158% to $8.1 billion.

• Announced $3.5 billion in 2026 shareholder returns, including a $1 billion special cash distribution and $500 million buyback, and a secondary ASX listing targeted for October 2026.

• Copper portfolio growth remains on track, with key projects ahead of schedule, targeting 1 million tons by 2028 and 1.6 million tons by 2035; Alumbrera restart now expected H2 2027.

• Net debt reduced to $10.2 billion, maintaining a strong balance sheet and supporting capital allocation.

Financial highlights

• Revenue increased 49% year-over-year to $174.4 billion in H1 2026.

• Adjusted industrial EBITDA reached $6.5 billion, up 72% year-over-year, mainly from higher metals prices and strong coal demand.

• Marketing Adjusted EBIT surged 142% to $3.3 billion, benefiting from energy and freight market disruptions.

• Net capex cash flow was $4.0 billion, with capital allocation focused on copper growth and operational flexibility.

• Net debt/Adjusted EBITDA improved to 0.56x, down from 0.83x year-end 2025.

Outlook and guidance

• Full-year 2026 illustrative Adjusted EBITDA projected at ~$19.7 billion, with H2 expected to benefit from higher volumes in steelmaking coal and copper.

• Full-year Marketing Adjusted EBIT expected between $4.7 billion and $5.0 billion, at the upper end of long-term guidance.

• Copper production targets remain at 1 million tons by 2028 and 1.6 million tons by 2035, with flexibility to accelerate projects.

• Production guidance for 2026 remains largely unchanged, with copper, zinc, nickel, and coal output expected to meet or exceed prior targets.

• Energy and steelmaking coal margins expected to improve in H2 2026, benefiting from volume uplift and lower diesel prices.