- Glencore
- 05 August 2026 08:16:10
Source: Sharecast
Glencore said group revenues jumped 49% year‑on‑year to $174.4bn in the first half, up from $117.4bn in H125, while overall group adjusted underlying earnings rose 86% to $10.1bn, supporting a 158% increase in funds from operations to $8.1bn.
Industrial adjusted EBITDA was up 72% at $6.5bn, while marketing adjusted EBIT surged 142% to $3.3bn, marking one of the group's strongest H1 trading results on record. Adjusted mining margins were 52% for copper, 38% for steelmaking coal and 19% for energy coal.
Glencore also said net cash capex rose to $4bn, up from $3.2bn, largely reflecting copper‑portfolio investments aimed at securing land access and improving operational flexibility.
On the balance sheet side, net debt fell to $10.2bn, down $1bn year-on-year, despite $4bn of net capital expenditure, $1.9bn of non‑RMI working‑capital outflows and $1.1bn in shareholder distributions. Net funding increased to $42.4bn, driven by higher energy and metals prices lifting the value of Readily Marketable Inventories. Glencore's net debt to adjusted EBITDA ratio improved to 0.56x, from 0.83x at year‑end.
Glencore also announced around $1.5bn in additional shareholder returns, comprising an USD 8.50 cents per share special dividend and a $500m buyback, taking total FY26 returns to about $3.5bn.
The FTSE 100-listed firm stated stronger H2 volumes - particularly in steelmaking coal - and current commodity prices pointed to continued robust cash generation going forward, with illustrative full‑year adjusted EBITDA estimated to come in at roughly $19.7bn.
As of 0815 BST, Glencore shares were up 4.27% at 574.10p.
Reporting by Iain Gilbert at Sharecast.com
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