Glencore half-year results 2026: EBITDA jumps 86% as shareholder returns reach $3.5 billion

Glencore PLC has reported a substantial rise in first-half earnings after higher commodity prices and disrupted energy markets benefited both sides of its business.

Group Adjusted EBITDA increased 86% to $10.1 billion in the six months to 30 June 2026. Adjusted EBITDA measures earnings before interest, tax, depreciation and amortisation, with certain items excluded.

The stronger performance helped Glencore reduce net debt by $1.0 billion and announce approximately $1.5 billion of additional shareholder returns. That takes its total announced returns for 2026 to approximately $3.5 billion.

The headline numbers are impressive, but they also show how closely Glencore's earnings remain tied to commodity prices, geopolitical disruption and the costs of running a sprawling global operation.

Glencore's key first-half figures

Metric	H1 2026	H1 2025	Change
Revenue	$174.4 billion	$117.4 billion	49%
Adjusted EBITDA	$10.1 billion	$5.4 billion	86%
Adjusted EBIT	$6.7 billion	$1.8 billion	269%
Attributable net income	$4.4 billion	$655 million loss	Not meaningful
Funds from operations	$8.1 billion	$3.1 billion	158%
Basic earnings per share	$0.37	$0.05 loss	Not meaningful
Net debt	$10.2 billion	$11.2 billion at December 2025	Down 9%

Adjusted EBIT, which is earnings before interest and tax after selected adjustments, rose particularly sharply. Attributable net income improved by more than $5.0 billion to $4.4 billion.

Glencore said reported net income included gains from disposals of non-current assets, the recognition of deferred tax assets and impairments. Net income before significant items was lower at $3.7 billion, so investors should not treat every part of the reported profit increase as recurring.

Commodity markets powered the industrial business

Industrial Adjusted EBITDA climbed 72% to $6.5 billion, primarily because of higher commodity prices and solid operational performance.

Mining margins were 52% for copper, 38% for steelmaking coal and 19% for energy coal. These figures indicate the earnings generated after relevant production costs, although they should not be interpreted as group-wide profit margins.

The stronger pricing environment was partly offset by a weaker US dollar and higher operating costs. Glencore said Middle East conflict-related supply-chain disruption materially affected the availability and pricing of inputs including diesel, sulphur and sulphuric acid.

That is an important counterweight to the headline growth. High commodity prices can lift Glencore's revenue and margins, but disruption can simultaneously increase the cost of producing and transporting those commodities.

Marketing delivers a near-record first half

Marketing Adjusted EBIT increased 142% to $3.3 billion, which Glencore described as a near-record first-half result.

The marketing division sources, transports and delivers commodities rather than simply extracting them. Its logistics and risk-management capabilities can become particularly valuable when markets are volatile and physical supplies are constrained.

Glencore said escalation of the Middle East conflict led to significant repricing across energy and related markets. Constraints affecting oil, refined products, liquefied natural gas and freight capacity increased volatility and shifted attention towards security of supply.

This environment benefited the marketing business, although investors should recognise that exceptional disruption may not be repeated consistently. The division's result demonstrates its ability to respond to volatility, but it also creates a demanding comparison for future periods.

Cash generation supports higher shareholder returns

Funds from operations rose 158% to $8.1 billion. Despite $4.0 billion of net capital expenditure, $1.9 billion of non-readily marketable inventory working capital and $1.1 billion of shareholder distributions, net debt declined to $10.2 billion.

Glencore announced an additional special cash distribution of 8.5 US cents per share, worth approximately $1.0 billion, alongside a new $500 million share buyback scheduled for completion by February 2027.

These measures take total shareholder returns announced for 2026 to approximately $3.5 billion.

The balance sheet also looks stronger relative to earnings. Net debt to Adjusted EBITDA fell from 0.83 times at the end of 2025 to 0.56 times. Available committed liquidity stood at $14.0 billion.

However, net funding increased from $39.4 billion to $42.4 billion. Glencore attributed this mainly to higher energy and metals prices increasing the value of readily marketable inventories, which are commodities held for sale and capable of being converted into cash.

Copper growth remains central to the strategy

Glencore continues to target annualised copper production of approximately 1 million tonnes by the end of 2028 and approximately 1.6 million tonnes by 2035.

The Alumbrera restart is running ahead of the original schedule. First production is now expected in the second half of 2027, compared with previous guidance of the first half of 2028.

Part of the increase in capital expenditure related to copper portfolio investments intended to secure land access, support growth and improve operational flexibility. This spending could strengthen Glencore's longer-term production platform, but successful delivery still depends on project timing, costs and operating execution.

Australian secondary listing planned

Glencore intends to apply for a secondary listing on the Australian Securities Exchange through CHESS Depositary Interests, targeting admission in October 2026.

Management believes the move could broaden the shareholder base, improve trading liquidity and raise Glencore's profile in an important operating jurisdiction. The company also highlighted Australian investors' familiarity with the resources sector and the potential appeal of diversified copper exposure.

The intended listing does not alter the underlying economics of the business by itself, but improved market access and liquidity could be strategically useful.

What investors should watch next

Based on current commodity prices and an expected increase in second-half volumes, particularly for steelmaking coal, Glencore calculated illustrative full-year 2026 Adjusted EBITDA of approximately $19.7 billion. The company stressed that this assumes no significant change, and its announcement states that forward-looking information is subject to substantial uncertainty.

The main positives are strong cash generation, lower net debt, rising shareholder returns and contributions from both industrial assets and marketing. Progress on copper projects adds a longer-term growth element.

The main risks are equally clear. Earnings benefited heavily from higher commodity prices and disrupted markets, while operating costs also increased. Commodity prices, exchange rates, supply chains, project execution and geopolitical events could all move against the group.

Overall, these results show Glencore making good use of a favourable but unsettled commodity environment. The next test is whether higher second-half volumes and project progress can sustain cash generation if the exceptional marketing backdrop begins to normalise.

The full details are available in the original company announcement.