REG - Glencore PLC - Preliminary Results 2025

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RNS Number : 4024T  Glencore PLC  18 February 2026

NEWS RELEASE

Baar, 18 February 2026

Preliminary Results 2025

Highlights

Glencore's Chief Executive Officer, Gary Nagle, commented:

"2025 was a year of significant progress, marked by a strong operational
performance, continued portfolio optimisation and clear momentum for our
copper-led growth strategy.

"At our recent Capital Markets Day, we highlighted our exceptional portfolio
of copper assets and projects, outlining our pathway, from an already
significant copper producer, to become one of the world's largest producers
over the next decade. We expect to be producing over 1 million tonnes
annualised by the end of 2028, with Glencore now targeting c.1.6 million
tonnes of copper production by 2035, supported by our enviable portfolio of
highly capital-efficient copper growth options. Today we also announced the
finalisation of the KCC land access package with Gécamines, unlocking LOM
extension, productivity and cost improvements and the pathway to c.300ktpa of
copper production.

"For the second consecutive year, we met our guidance for full year production
volumes for our key commodities, reflecting the ongoing benefits of our
recently optimised and simplified operating structures promoting greater
accountability and delivery. Notably, H2 2025 copper production of over 500kt
was almost 50% above H1 2025, primarily due to higher copper grades and
recoveries at KCC, Mutanda, Antapaccay and Antamina.

"We continued to shape and optimise our portfolio, including the acquisition
of the Quechua copper project in Peru (part of the Antapaccay district) and
simplification of our asset base through the disposals of our Pasar copper
smelter in the Philippines and the Puerto Nuevo coal export terminal in
Colombia. We also signed a non-binding MoU to potentially sell 40% of our
interests in our DRC copper and cobalt assets to the US government-backed
Orion Critical Mineral Consortium.

"Despite a modestly lower year-on-year Adjusted EBITDA outcome, the underlying
momentum in H2 was clear. Industrial Adjusted EBITDA of $6.2 billion was 65%
higher than H1, while Marketing Adjusted EBIT was 15% higher. Overall H2 2025
Adjusted EBITDA of $8.1 billion was 49% higher than H1, reflecting higher
metals prices and improved production volumes, especially copper, noted above.

"In line with our shareholder returns framework, a 2026 base distribution of
$10c/share (c.$1.2 billion) is calculated basis 2025 cash flows.

"As described last year, we recognise our Bunge NYSE-listed shares as surplus
capital, being warehoused for appropriate monetisation for Glencore
shareholders at some point in the future. Underpinned by the value of these
shares ($4.0 billion on 13 February, reflecting an increase of $1.4 billion
since close of the Viterra transaction in July 25), we are recommending a
top-up cash distribution of $7c/share (c.$0.8 billion). The aggregate cash
distribution of $17c/share (c.$2 billion) is intended to be paid in two equal
instalments, in June and September.

"Glencore's standalone investment case is strong. Our regularly updated,
illustrative annualised free cash flow generation at spot commodity prices, is
currently a very healthy c.$7 billion. We have a well-diversified business
across a range of commodities, supported by one of the best marketing
franchises in the industry. We are uniquely positioned to support the energy
needs of today whilst providing many of the transition-enabling commodities
the world needs as demand changes.

"We remain focused on delivering on our 2026 priorities, achieving our
operational targets and derisking and successfully progressing our organic
production growth options, all with the objective of supporting long-term
value creation for shareholders.

"As always, we remain focused on operating safely, responsibly and ethically."

 

 US$ million                                                             2025                  2024                Change %
 Key statement of income and cash flows highlights(1):
 Revenue                                                                      247,535               230,944                   7
 Adjusted EBITDA(◊)                                                            13,511                14,358                  (6)
 Adjusted EBIT(◊)                                                               5,978                 6,938                 (14)
 Net income/(loss) for the year attributable to equity holders                    363                (1,634)               (122)
 Earnings/(loss) per share (Basic) (US$)                                         0.03                 (0.13)               (123)
 Cash generated by operating activities before working capital changes,        10,591                11,180                  (5)
 interest and tax
 Funds from operations (FFO)(◊)                                                 8,714                10,529                 (17)
 Distributions to equity holders and purchase of own shares                     3,466                 1,894                  83

 

 US$ million                         31.12.2025           31.12.2024           Change %
 Key financial position highlights:
 Total assets                             142,199              130,460                    9
 Total equity                              33,606               35,660                   (6)
 Net funding(2◊)                           39,405               36,405                    8
 Net debt(2◊)                              11,171               11,167                    0

 Ratios:
 Net debt to Adjusted EBITDA(◊)              0.83                 0.78                    6

1 Refer to basis of presentation on page 6.

2 Includes $1,010 million (2024: $1,072 million) of Marketing-related lease
liabilities.

◊ Adjusted measures referred to as Alternative performance measures (APMs)
which are not defined or specified under the requirements of International
Financial Reporting Standards; refer to APMs section on page 117 for
definitions and reconciliations and to note 2 of the financial statements for
reconciliation of Adjusted EBIT/EBITDA.

 

2025 FINANCIAL SCORECARD

-       $13.5 billion Adjusted EBITDA, down 6% (H2 up 49% vs H1) and
Industrial Adjusted EBITDA of $9.9 billion, down 6% (H2 up 65% vs H1), both
primarily reflecting lower energy and steelmaking coal prices, partially
offset by stronger metals pricing, particularly in the second half, and a full
year contribution from EVR

-       Marketing Adjusted EBIT of $2.9 billion, down 8% (H2 up 15% vs
H1). Overall solid result, around the mid-point of our recently upgraded
long-term, 'through the cycle', guidance range of $2.3 to $3.5bn p.a.

-       Cash generated by operating activities before working capital,
interest and tax of $10.6 billion, down 5%, reflecting the lower Adjusted
EBITDA noted above

-       Net cash purchase and sale of PP&E: $6.9 billion compared to
$6.7 billion in 2024. Excluding EVR, and a $249 million lease capitalisation
upon renewal of a power station facility at Kazzinc, 2025 industrial capex was
$668 million (10%) below 2024

-       Net income attributable to equity holders pre-significant items:
$2.3 billion; Net income attributable to equity holders: $0.4 billion

-       Adjusted EBITDA mining margins were 30% in our metals
operations, 36% in steelmaking coal and 19% in energy coal

BALANCE SHEET

-       After funding $6.9 billion of net capex, $3.5 billion of
shareholder returns, and benefitting from a $1.6 billion reduction in non-RMI
working capital and $1.0 billion of net investment inflows (primarily Viterra
cash disposal proceeds of $940 million), Net debt, including $1.0 billion of
marketing lease liabilities, finished the year unchanged at $11.2 billion

-       Net funding increased to $39.4 billion (vs $36.4 billion at the
end of 2024), due to higher readily marketable inventories (RMI), up 12%,
primarily driven by stronger metals prices, particularly copper, increasing
44% over the year from $8,653/t to $12,452/t

-       Available committed liquidity of $12.9 billion; bond maturities
maintained around a cap of c.$3 billion in any given year

-       Net debt/Adjusted EBITDA of 0.83x

-       Spot illustrative annualised free cash flow generation of c.$7.0
billion from Adjusted EBITDA of c.$18.1 billion

 

To view the full report please click here:
https://www.glencore.com/.rest/api/v1/documents/static/d1a49c6b-9771-4bf1-9090-7c136aac8112/GLEN-2025-Preliminary-Results.pdf
(https://www.glencore.com/.rest/api/v1/documents/static/d1a49c6b-9771-4bf1-9090-7c136aac8112/GLEN-2025-Preliminary-Results.pdf)

To view the 2025 Preliminary Results Presentation please click here:
https://www.glencore.com/.rest/api/v1/documents/static/8c149e90-3801-4ac0-90dd-921191687af9/20260218-GLEN-2025-Preliminary-Results-Presentation.pdf
(https://www.glencore.com/.rest/api/v1/documents/static/8c149e90-3801-4ac0-90dd-921191687af9/20260218-GLEN-2025-Preliminary-Results-Presentation.pdf)

For further information please contact:

 Investors
 Martin Fewings        t: +41 41 709 2880      m: +41 79 737 5642      martin.fewings@glencore.com (mailto:martin.fewings@glencore.com)
 Media
 Charles Watenphul     t: +41 41 709 2462      m: +41 79 904 3320      charles.watenphul@glencore.com

www.glencore.com (http://www.glencore.com)

Glencore LEI: 2138002658CPO9NBH955

Please refer to the end of this document for important information including
on forward-looking statements.

Notes for Editors

Glencore is one of the world's largest global diversified natural resource
companies and a major producer and marketer of more than 60 commodities.
Through a network of assets, customers and suppliers that spans the globe, we
produce, process, recycle, source, market and distribute the commodities that
advance everyday life.

With over 140,000 employees and contractors and a strong footprint in over 30
countries in both established and emerging regions for natural resources, our
marketing and industrial activities are supported by a global network of
offices.

Glencore's customers are industrial consumers, such as those in the
automotive, steel, power generation, battery manufacturing and oil sectors. We
also provide financing, logistics and other services to producers and
consumers of commodities.

 

Important notice

This document does not constitute or form part of any offer or invitation to
sell or issue, or any solicitation of any offer to purchase or subscribe for
any securities. This document does not purport to contain all of the
information you may wish to consider.

Cautionary statement regarding forward-looking information

Certain descriptions in this document are oriented towards future events and
therefore contains statements that are, or may be deemed to be,
"forward-looking statements" which are prospective in nature. Such statements
may include, without limitation, statements in respect of trends in commodity
prices and currency exchange rates; demand for commodities; reserves and
resources and production forecasts; expectations, plans, strategies and
objectives of management; expectations regarding financial performance,
results of operations and cash flows; climate scenarios; sustainability
(including, without limitation, environmental, social and governance)
performance-related goals, ambitions, targets, intentions and aspirations;
approval of certain projects and consummation and impacts of certain
transactions (including, without limitation, acquisitions,disposals and other
corporate transactions); closures or divestments of certain assets, operations
or facilities (including, without limitation, associated costs); capital costs
and scheduling; operating costs and supply of materials and skilled employees;
financings; permitting, anticipated project timelines, productive lives of
mines and facilities; provisions and contingent liabilities; and tax, legal
and regulatory developments.

These forward-looking statements may be identified by the use of
forward-looking terminology, or the negative thereof including, without
limitation, "outlook", "guidance", "trend", "plans", "expects", "continues",
"assumes", "is subject to", "budget", "scheduled", "estimates", "aims",
"forecasts", "risks", "intends", "positioned", "predicts", "projects",
"anticipates", "believes", or variations of such words or comparable
terminology and phrases or statements that certain actions, events or results
"may", "could", "should", "shall", "would", "might" or "will" be taken, occur
or be achieved. The information in this document provides an insight into how
we currently intend to direct the management of our businesses and assets and
to deploy our capital to help us implement our strategy. The matters disclosed
in this document are a 'point in time' disclosure only. Forward-looking
statements are not based on historical facts, but rather on current
predictions, expectations, beliefs, opinions, plans, objectives, goals,
intentions and projections about future events, results of operations,
prospects, financial conditions and discussions of strategy, and reflect
judgments, assumptions, estimates and other information available as at the
date of this document or the date of the corresponding planning or scenario
analysis process.

By their nature, forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause actual results, performance or
achievements to differ materially from any future events, results,
performance, achievements or other outcomes expressed or implied by such
forward-looking statements. Important factors that could impact these
uncertainties include, without limitation, those disclosed in the risk
management section of our latest Annual Report and/or Half-Year Report, which
can each be found on our website. These risks and uncertainties may materially
affect the timing and feasibility of particular developments. Other factors
which may impact risks and uncertainties include, without limitation: the
ability to produce and transport products profitably; demand for our products
and commodity prices; development, efficacy and adoption of new or competing
technologies; changing or divergent preferences and expectations of our
stakeholders; events giving rise to adverse reputational impacts; changes to
the assumptions regarding the recoverable value of our tangible and intangible
assets; inadequate estimates of resources and reserves; changes in
environmental scenarios and related regulations, including, without
limitation, transition risks and the evolution and development of the global
transition to a low carbon economy; recovery rates and other operational
capabilities; timing, quantum and nature of certain acquisitions and
divestments; delays, overruns or other unexpected developments in connection
with significant projects; the ability to successfully manage the planning and
execution of closure, reclamation and rehabilitation of industrial sites;
health, safety, environmental or social performance incidents; labour
shortages or workforce disruptions; natural catastrophes or adverse geological
conditions, including, without limitation, the physical risks associated with
climate change; effects of global pandemics and outbreaks of infectious
disease; the outcome of litigation or enforcement or regulatory proceedings;
the effect of foreign currency exchange rates on market prices and operating
costs; actions by governmental authorities, such as changes in taxation or
laws or regulations or changes in the decarbonisation policies and plans of
other countries; breaches of Glencore's policy framework, applicable laws or
regulations; the availability of sufficient credit and management of liquidity
and counterparty risks; changes in economic and financial market conditions
generally or in various countries or regions; political or geopolitical
uncertainty; and wars, political or civil unrest, acts of terrorism, cyber
attacks or sabotage.

Readers, including, without limitation, investors and prospective investors,
should review and consider these risks and uncertainties (as well as the other
risks identified in this document) when considering the information contained
in this document. Readers should also note that the high degree of uncertainty
around the nature, timing and magnitude of climate-related risks, and the
uncertainty as to how the energy transition will evolve, makes it particularly
difficult to determine all potential risks and opportunities and disclose
these and any potential impacts with precision. Neither Glencore nor any of
its affiliates, associates, employees, directors, officers or advisers,
provides any representation, warranty, assurance or guarantee as to the
accuracy, completeness or correctness, likelihood of achievement or
reasonableness of any forward-looking information contained in this document
or that the events, results, performance, achievements or other outcomes
expressed or implied in any forward-looking statements in this document will
actually occur. Glencore cautions readers against reliance on any
forward-looking statements contained in this document, particularly in light
of the long-term time horizon which this document discusses in certain
instances and the inherent uncertainty in possible policy, market and
technological developments in the future.

No statement in this document is intended as any kind of forecast (including,
without limitation, a profit forecast or a profit estimate), guarantee or
prediction of future events or performance and past performance cannot be
relied on as a guide to future performance.

 

Except as required by applicable rules or laws or regulations, Glencore is not
under any obligation, and Glencore and its affiliates expressly disclaim any
intention, obligation or undertaking, to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. This document shall not, under any circumstances, create any
implication that there has been no change in the business or affairs of
Glencore since the date of this document or that the information contained
herein is correct as at any time subsequent to its date.

Sources

Certain statistical and other information included in this document is sourced
from publicly available third-party sources. This information has not been
independently verified and presents the view of those third parties, and may
not necessarily correspond to the views held by Glencore and Glencore
expressly disclaims any responsibility for, or liability in respect of, and
makes no representation or guarantee in relation to, such information
(including, without limitation, as to its accuracy, completeness or whether it
is current). Glencore cautions readers against reliance on any of the
industry, market or other third-party data or information contained in this
document.

Information preparation

In preparing this document, Glencore has made certain estimates and
assumptions that may affect the information presented. Certain information is
derived from management accounts, is unaudited and based on information
Glencore has available to it at the time. Figures throughout this document are
subject to rounding adjustments. The information presented is subject to
change at any time without notice and we do not intend to update this
information except as required.

This document contains alternative performance measures which reflect how
Glencore's management assesses the performance of the Group, including results
that exclude certain items included in our reported results. These alternative
performance measures should be considered in addition to, and not as a
substitute for, or as superior to, measures of financial performance or
position reported in accordance with IFRS. Such measures may not be uniformly
defined by all companies, including those in Glencore's industry. Accordingly,
the alternative performance measures presented may not be comparable with
similarly titled measures disclosed by other companies. Further information
can be found in our reporting suite available at glencore.com/publications.

For further information on the basis of our approach and the definitions of
certain non-financial metrics, refer to the 2024 Basis of Reporting, which is
available on our website at glencore.com/publications.

Subject to any terms implied by law which cannot be excluded, Glencore accepts
no responsibility for any loss, damage, cost or expense (whether direct or
indirect) incurred by any person as a result of any error, omission or
misrepresentation in information in this document.

Other information

The companies in which Glencore plc directly and indirectly has an interest
are separate and distinct legal entities. In this document, "Glencore",
"Glencore group" and "Group" are used for convenience only where references
are made to Glencore plc and its subsidiaries in general. These collective
expressions are used for ease of reference only and do not imply any other
relationship between the companies. Likewise, the words "we", "us" and "our"
are also used to refer collectively to members of the Group or to those who
work for them. These expressions are also used where no useful purpose is
served by identifying the particular company or companies.

 

 

 

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