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.
The company’s overall group adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) reached $10.1bn, an 86% increase from the previous year.
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.
Glencore also reported a substantial increase in funds from operations, which were up 158% to $8.1bn.
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.
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.
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.
“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.”
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.
Full-year 2026 illustrative adjusted EBITDA is projected to be approximately $19.7bn, assuming market stability.
The company achieved adjusted EBITDA mining margins of 52% for copper, 38% for steel-making coal and 19% for energy coal.
In June 2026, Larvotto Resources signed a binding offtake agreement with Glencore for the sale of gold concentrate from the Hillgrove Antimony-Gold Project in New South Wales, Australia.
