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Glencore PLC (LON: GLEN) reported a sharp increase in first-half 2026 earnings, driven by stronger prices for copper, coal and oil, as well as robust performance from its commodities trading business amid heightened geopolitical uncertainty.
The global mining and commodities trading group said adjusted EBITDA surged 86% year over year to $10.1 billion for the six months ended June 30. Net income attributable to shareholders rebounded to $4.4 billion, compared with a $655 million loss in the same period last year. Revenue climbed 49% to $174.4 billion, reflecting improved commodity markets and solid trading activity.
Glencore also revealed plans to pursue a secondary listing on the Australian Securities Exchange (ASX), with admission targeted for October. The move is aimed at expanding its investor base and enhancing trading liquidity.
The company's marketing division delivered standout results, with adjusted EBIT soaring 142% from a year earlier. Increased volatility across oil, LNG and shipping markets, fueled by escalating tensions in the Middle East, created favorable trading conditions that boosted profitability.
Meanwhile, Glencore's industrial business posted a 72% increase in adjusted EBITDA to $6.5 billion, supported by higher prices for copper, coal and other key commodities. The gains came despite continued pressure from rising operating costs and supply chain disruptions.
Chief Executive Gary Nagle said the company expects to maintain strong cash generation in the second half of 2026, supported by current commodity prices and higher production volumes, particularly in steelmaking coal.
Looking ahead, Glencore forecasts full-year 2026 adjusted EBITDA of approximately $19.7 billion, assuming commodity markets remain broadly stable.
The company also announced an additional $1.5 billion shareholder distribution, including a special cash payment of 8.5 U.S. cents per share and a $500 million share buyback. Combined with previously announced returns, Glencore's total shareholder payouts for 2026 are expected to reach around $3.5 billion, underscoring its confidence in cash flow generation and long-term financial strength.
