JOHANNESBURG (miningweekly.com) – Diversified mining and marketing company Glencore has delivered another strong operational and financial performance for the first half of the year.

The assets of the London- and Johannesburg Stock Exchange- (JSE-) listed Glencore performed in line with market guidance, which alongside substantially higher period-over-period average prices for its core commodities and a favourable marketing backdrop, underpinned a material increase in earnings.

The first half of this year was characterised by the significant repricing of energy and, closely related, markets and risks, following escalation of the Middle East conflict.

“What began the year as a relatively well-supplied energy complex, quickly shifted towards a focus on security of supply and access to physical commodities. Constraints across oil, refined products, LNG and freight capacity, drove heightened volatility across global energy and other markets,” Glencore CEO Gary Nagle reported.

Against that backdrop, group adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 86% to $10.1-billion, while net income attributable to equity holders increased by more than $5-billion period on period to $4.4-billion. 

Marketing adjusted Ebit was $3.3-billion, up 142% compared with the prior period, which Nagle said demonstrated the resilience and responsiveness of the business amid heightened geopolitical uncertainty and market volatility.

“This environment continues to highlight the value of the group's marketing, logistics and risk management capabilities, enabling us to efficiently source, transport and deliver essential energy and metals products to customers around the world,” Nagle pointed out.

Glencore’s industrial segment contributed adjusted Ebitda of $6.5-billion, up 72% compared with the prior period, reflecting the significantly stronger commodity price environment and solid operational performance across the portfolio.

These benefits were partially offset by a generally weaker dollar and higher operating costs, exacerbated by the Middle East conflict supply-chain disruptions, materially impacting the availability and pricing of key inputs and consumables, such as diesel, sulphur and sulphuric acid, beyond normal inflationary considerations.

“In terms of asset development, we remain well positioned to reach copper production volumes of one-million tonnes annualised by the end of 2028 and our 1.6-million target by 2035.

“We’re making good progress across the various projects presented at our December 2025 Capital Markets Day. Some, including the Alumbrera restart, are running ahead of schedule, with its first production now expected in H2 2027 compared to original guidance of H1 2028,” Nagle added in a media release to Mining Weekly.

Adjusted Ebitda mining margins were 52% for copper, 38% for steelmaking coal and 19% for energy coal. Based on current commodity prices and an expected uplift in second-half volumes, particularly for steelmaking coal, Glencore anticipates continued strong cash generation through the remainder of 2026. On that basis, and assuming no significant change, a full-year 2026 illustrative adjusted Ebitda of around $19.7-billion has been calculated.

Glencore has also announced that it intends to apply for a secondary listing on the ASX and is targeting admission in October 2026.

The reaction of analysts was upbeat. “Glencore is one of our ‘25 stocks for 2026’ and is on our Europe 1 list of top ideas. First-half financials were a beat,” B of A Securities commented. “We continue to see a compelling bottom-up story for Glencore,” Deutsche Bank Group reported. “Glencore reported better than expected first half results,” Jefferies stated in a note. “Solid H1 with better cash flows and incremental shareholder returns,” was Barclays’  headline.

Questioned about the status of the JSE listing of Glencore within the context of the planned ASX listing, Nagle said: “The JSE listing has been a standout performer for us …South Africa's been the trailblazer for us and has done such a good job. We've got 8% of our of our register there, which is the equivalent of ten-billion Australian dollars.

“If we can replicate that in Australia, it would be a great success. We believe that there’s an underlying demand for our stock that we can tap, and it's not at the expense of anything in South Africa. It's in conjunction with what we have in South Africa,” Nagle explained during a media briefing.