Glencore Stock Earnings Reports

Key points for investors: Glencore delivered a resilient H1 2025 with adjusted EBITDA of $5.4bn (industrial $3.8bn; marketing $1.4bn). The marketing business range has been reset ex‑Viterra to $2.3bn–$3.5bn (midpoint $2.9bn, ~16% increase). EVR has been integrated and contributed $786m to H1 industrial EBITDA. Coal pricing pressured industrial earnings in H1 (Newcastle and hard coking coal materially lower), while zinc/gold performance (notably Kazzinc) was strong. Copper production is heavily weighted to H2 (c.60% of 2025 guidance in H2) and management expects material operational/volume recovery in H2, which should materially improve full‑year results. The group identified ~300 initiatives expected to deliver about $1bn of recurring annual cost savings ( >50% expected to be banked in H2; remainder by end‑2026). Net debt at 30 June was $14.5bn (net debt/adjusted EBITDA ~1.08); pro forma proceeds from the July Viterra/Bunge closing (cash + shares) improve the balance sheet and management presents a clear pathway back toward a ~$10bn net debt target by year‑end. Management highlights an illustrative spot annualized free cash flow of ~$4bn. Capital allocation: announced shareholder returns for 2025 total c.$3.2bn (base dividend tranches + completed $1bn buyback + up to $1bn additional buyback tied to Bunge proceeds). CapEx guidance remains unchanged (c.$6.6bn p.a. 2025–27). Near‑term macro risks remain (tariffs, commodity volatility, DRC cobalt restrictions), but management emphasizes supply discipline, balance‑sheet repair and shareholder returns.