Glencore plc reported lower year-on-year earnings despite a recovery in the second half of last year, but the decline was less than City analysts had forecast.
The miner and trader proposed a base distribution of US$0.10 per share for 2026, around US$1.2 billion, plus a top-up of US$0.07 per share due to the increased value of its surplus Bunge shareholding, taking total cash returns to about US$2 billion. The payout will be made in two equal instalments in June and September.
Revenue for 2025 came in at US$247.54 billion, up 7% on the previous year and ahead of estimates of US$233.9 billion.
Adjusted EBIT fell 14% to US$5.98 billion, but beat forecasts of US$5.47 billion.
Net debt ended the year flat at US$11.17 billion, below analyst estimates of US$14.42 billion, leaving leverage at 0.83 times adjusted EBITDA.
Performance improved sharply in the second half, with EBITDA of US$8.1 billion, up 49% on the first half, helped by stronger metals prices and higher copper output.
Chief executive Gary Nagle said: “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.”
He added that the illustrative annualised free cash flow generation at spot commodity prices “is currently a very healthy circa US$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.”
