2025 Half-Year Report
NEWS RELEASE
Baar, 6 August 2025
2025 Half-Year Report
Highlights
Glencore's Chief Executive Officer, Gary Nagle, commented:
"Over the first half, we have continued to make significant progress in optimising the business and positioning for further value accretive growth. A comprehensive review of our industrial portfolio during the period has recognised opportunities to streamline our industrial operating structure, to optimise departmental management and reporting, and to support enhanced technical expertise and operational focus. The review also identified c.$1 billion of recurring cost savings opportunities (against a 2024 baseline) across our various operating structures, which are expected to be fully delivered by the end of 2026, with more than 50% already targeted for the end of 2025.
"In our recent production report, we reiterated our expectation of meeting full year production guidance, with the ranges tightened to reflect performance to date. While our zinc and coal assets are largely operating at the required run rates to deliver full-year volumes, our copper business is currently navigating various temporary, but largely expected, operational factors, including mine sequencing, lower grades, water constraints and cobalt stockpiling. These significantly impacted H1 2025 production at Collahuasi, Antamina, Antapaccay and KCC, with all these operations expecting a substantial step-up in H2.
"Primarily reflecting weaker coal prices during the period and the impact of the lower copper production in H1 2025, Industrial Adjusted EBITDA of $3.8 billion was 17% down on H1 2024. Marketing provided an overall solid Adjusted EBIT contribution of $1.4 billion, 8% lower than H1 2024. In aggregate, Glencore's Adjusted EBITDA of $5.4 billion was 14% lower than H1 2024.
"After funding $3.2 billion of net capex, $1.8 billion of shareholder returns, and a $1.1 billion increase in non-Readily marketable inventories (RMI) working capital, via a number of commodity pre-pay/lending transactions expected to be high-returning, Net debt, including $1.0 billion of marketing lease liabilities, finished the half at $14.5 billion, up $3.2 billion from the end of 2024. With a Net debt to Adjusted EBITDA ratio of 1.08x (down to 1x, when reflecting the c.$900 million cash received on 2 July 2025 in connection with the sale of Viterra), we continue to have significant financial headroom and strength.
"We expect healthy cash flow generation and deleveraging in H2 2025, noting the 40/60 copper guidance production % split between H1 and H2, some unwind of the H1 non-RMI working capital investment, delivery of some of the cost savings above, and consideration of our regularly updated, illustrative annualised free cash flow generation at spot commodity prices, currently at a healthy c.$4 billion. Accordingly, we expect our ordinary course Net debt to meaningfully reduce by year-end.
"Upon completion of the Viterra sale in early July, we received c.$900 million in cash, as well as shares in Bunge equivalent to 16.4% of the enlarged company. Reflecting our capital allocation and leverage framework, we view these NYSE-listed Bunge shares as representing surplus capital (being warehoused for appropriate monetisation for Glencore shareholders at some point in the future), with a market value at the time of completion of c.$2.63 billion. Underpinned by the value of this shareholding, we announced a share buyback of up to $1 billion (less than 40% of the share value), to be concluded by the time of our 2025 annual results in February 2026.
"We will be paying the second tranche of our base dividend of $0.05 per share in September and incorporating the new up to $1 billion share buyback communicated in July, total announced 2025 shareholder returns increases to $3.2 billion.
"With the completion of the Viterra sales process, we have also increased our long-term through the cycle Adjusted EBIT Marketing guidance range to $2.3 to $3.5 billion. The new midpoint of $2.9 billion represents an increase of 16% from c.$2.5 billion (ex-Viterra).
"While there is much uncertainty around the impacts of geopolitics and trade in the shorter-term, we remain of the view that, in certain commodities, the scale and pace of required resource development will struggle to meet the demand projections for such materials into the future. We are well placed to participate in bridging this gap, through the flexibility embedded in both our Marketing and Industrial businesses to respond to global needs."
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US$ million |
H1 2025 |
H1 2024 |
Change % |
2024 |
|
Key statement of income and cash flows highlights1: |
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Revenue |
117,396 |
117,091 |
- |
230,944 |
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Adjusted EBITDA◊ |
5,430 |
6,335 |
(14) |
14,358 |
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Adjusted EBIT◊ |
1,801 |
2,850 |
(37) |
6,938 |
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Net loss for the period attributable to equity holders |
(655) |
(233) |
n.m. |
(1,634) |
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Loss per share (Basic) (US$) |
(0.05 ) |
(0.02) |
n.m. |
(0.13) |
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Funds from operations (FFO)2◊ |
3,147 |
4,037 |
(22) |
10,529 |
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|
US$ million |
30.06.2025 |
31.12.2024 |
Change % |
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Key financial position highlights: |
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Total assets |
132,180 |
130,460 |
1 |
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Total equity |
32,788 |
35,660 |
(8) |
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Net funding2,3◊ |
39,869 |
36,405 |
10 |
|
Net debt2,3◊ |
14,471 |
11,167 |
30 |
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Ratios: |
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Net debt to Adjusted EBITDA4◊ |
1.08 |
0.78 |
38 |
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1 Refer to basis of presentation on page 6.
2 Refer to page 10.
3 Includes $1,009 million (2024: $1,072 million) of Marketing-related lease liabilities.
4 H1 2025 ratio based on last 12 months' Adjusted EBITDA, refer to APMs section for reconciliation. This ratio reduces to 1x, when reflecting the c.$900 million cash received on 2 July 2025 in connection with the sale of Viterra to Bunge.
◊ 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 73 for definitions and reconciliations and to note 3 of the condensed consolidated interim financial statements for reconciliation of Adjusted EBIT/EBITDA.
2025 HALF-YEAR FINANCIAL SCORECARD
- $5.4 billion Adjusted EBITDA, down 14% and Industrial Adjusted EBITDA of $3.8 billion, down 17%, both primarily reflecting weaker coal (thermal and steelmaking) prices and lower copper volumes
- Marketing Adjusted EBIT of $1.4 billion, down 8%. An overall solid result against a macroeconomic environment that was heavily influenced by US tariff policy uncertainty and tensions in the Middle East
- Funds from operations (FFO) of $3.2 billion, down 22%, primarily due to the lower H1 2025 Industrial Adjusted EBITDA, compounded by interest payments becoming increasingly more weighted to H1 vs H2, given the timing of our (mainly Q2) capital market bond issuances and related coupon due dates in recent years
- Net cash purchase and sale of PP&E: $3.2 billion compared to $2.9 billion in the prior period; Ex-EVR was below H1 2024
- Net income attributable to equity holders pre-significant items: $0.6 billion; Net loss attributable to equity holders: $0.7 billion
- Adjusted EBITDA mining margins were 24% in our metals operations, 35% in steelmaking coal and 18% in energy coal
BALANCE SHEET
- After funding $3.2 billion of net capex, $1.8 billion of shareholder returns, and a $1.1 billion increase in non-RMI working capital, Net debt, including $1.0 billion of marketing lease liabilities, finished the half at $14.5 billion, up $3.2 billion from 2024 year end
- Net funding, increased to $39.9 billion (vs $36.4 billion at the end of 2024)
- Available committed liquidity of $12.6 billion; bond maturities maintained around a cap of c.$3 billion in any given year
- Net debt/Adjusted EBITDA of 1.08x, which reduces to 1x when reflecting the c.$900 million of cash proceeds received on 2 July 2025 in connection with the sale of Viterra to Bunge, provides significant financial headroom and strength.
- Spot illustrative annualised free cash flow generation of c.$4.0 billion from Adjusted EBITDA of c.$14.2 billion
To view the full report please click https://www.glencore.com/.rest/api/v1/documents/static/07647168-ed29-49b5-a379-9a3c7eb87a55/GLEN-2025-Half-Year-Report.pdf
For further information please contact:
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Investors |
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Martin Fewings |
t: +41 41 709 2880 |
m: +41 79 737 5642 |
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Media |
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Charles Watenphul |
t: +41 41 709 2462 |
m: +41 79 904 3320 |
charles.watenphul@glencore.com |
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Glencore LEI: 2138002658CPO9NBH955
Please refer to the end of this document for disclaimers 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 that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that support decarbonisation while meeting the energy needs of today.
With over 150,000 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 more than 50 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.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.
We will support the global effort to achieve the goals of the Paris Agreement through our efforts to decarbonise our own operational footprint. For more information see our 2024-2026 Climate Action Transition Plan, available on our website at glencore.com/publications.
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.
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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 and disposals); 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; anticipated productive lives of projects, 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.
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