Glencore reports $4.9 billion profit, announces $500 million buyback plan

Glencore Plc announced that it posted a first‑half profit, turning a $1.13 billion loss in 2025 into a $4.887 billion income before tax, and said it would launch a $500 million share buyback and seek a secondary listing on the Australian Securities Exchange in October 2026. The company also unveiled a top‑up special cash distribution of 8.5 cents per share.

The turnaround follows a surge in commodity prices triggered by the escalation of the Middle East conflict and a broader tightening of global energy inventories. Revenue climbed 49 percent to $174.43 billion from $117.4 billion the previous year, while adjusted EBITDA rose 86 percent to $10.115 billion. Adjusted EBIT jumped 269 percent to $6.651 billion, and funds from operations grew 158 percent to $8.129 billion. These gains were driven by higher metal prices, a strong performance across Glencore’s mining and trading portfolio, and gains on disposals of non‑current assets.

Net income attributable to equity holders rose more than $5 billion year‑on‑year to $4.405 billion, and earnings per share moved from a $0.05 loss to $0.37 profit. The company’s copper production plans remain on track, with an expected 1 million tonnes annualised by the end of 2028 and a 1.6 million‑tonne target by 2035. Chief Executive Gary Nagle said the firm remains well positioned for continued volatility in the second half of 2026, but expects it to be lower than the first‑half spike. Glencore’s move to list in Australia is aimed at broadening its investor base and providing additional liquidity for its share buyback programme.

The announced buyback will be completed by February 2027, and the Australian listing will give Glencore access to a new capital market. The company’s strong first‑half performance and forward‑looking commodity strategy position it to capitalize on ongoing supply constraints and price pressures, while the expanded shareholder base and buyback support long‑term value creation for investors.