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MarketBeat
Wed, February 18, 2026 astatine 4:41 AM CST 7 min read
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Glencore reported $13.5 billion of adjusted EBITDA for 2025 with a beardown H2 betterment (group up ~50% H1→H2; concern up 65%), arsenic metals—particularly copper and zinc—more than offset weaker vigor and coal.
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Management reiterated a long‑term copper maturation program (from ~1Mt toward ~1.6Mt by 2035, with upside >2Mt), completed the Antamina/Quechua deal, and signed a non‑binding MoU connected DRC assets portion securing a KCC onshore lease to enactment ~300,000 tpa enlargement potential.
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Balance‑sheet and superior instrumentality priorities included funds from operations of $8.7 billion, nett indebtedness fundamentally flat, a declared $2 billion dividend (>$27 cardinal returned since 2021), and CapEx guidance $26–$28 billion for 2026–2028, alongside a $1 billion HMRC outgo recorded arsenic an income taxation receivable expected to beryllium mostly recovered.
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Glencore (LON:GLEN) reported what CEO Gary Nagle described arsenic a “very bully year” for 2025, highlighted by a beardown second-half betterment and spot successful its metals business. The institution posted $13.5 cardinal of adjusted EBITDA for the year, with astir $10 billion coming from the concern part and $2.9 billion from marketing.
Nagle said the archetypal fractional of 2025 was anemic arsenic expected, but the twelvemonth ended “very strongly.” CFO Steven Kalmin underscored the second-half momentum, noting the concern saw a “50% increase” erstwhile comparing H1 to H2 crossed the group, with industrial up 65% successful the 2nd fractional and selling besides improving.
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Management attributed the concern show chiefly to metals, with Nagle calling retired copper and zinc arsenic peculiarly beardown contributors. Kalmin said the year-over-year terms variance wrong concern reflected a +1.9 publication from metals, partially offset by a -2.4 deed successful coal.
Kalmin said copper prices averaged 9% higher twelvemonth implicit year, and copper contributed $1 billion of the metals terms variance. Zinc besides improved, with Kalmin pointing to beardown zinc pricing and meaningful enactment from golden by-products, particularly astatine Kazinc. He said the zinc concern improved by astir $1 cardinal twelvemonth implicit year, including $800 cardinal from zinc itself, of which $500 million came from Kazinc.
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On the different hand, Nagle said vigor and steelmaking ember were weaker amid little prices, particularly successful the archetypal half, though helium said the institution remained “very currency generative” owed to merchandise quality. He noted ember markets improved toward the extremity of 2025 and into 2026, citing:
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