London · Delayed Price · Currency is GBP · Price in GBX Glencore Earnings Call Transcripts
Fiscal Year 2026
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The meeting reviewed strong financial results, ongoing safety improvements, and strategic copper growth plans. Shareholders and unions raised concerns about labor relations, mine closures, and environmental risks, with management emphasizing compliance, transparency, and ongoing stakeholder engagement.
Fiscal Year 2025
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2025 saw strong EBITDA growth, led by metals, especially copper and zinc, and a rebound in coal prices in H2. Portfolio optimization and asset sales strengthened the balance sheet, with over $2 billion returned to shareholders. Copper growth projects and disciplined capital allocation position the business for continued momentum.
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Aiming to become the world's largest copper producer by 2035, the company is executing a sequenced, de-risked growth plan across multiple regions, supported by a streamlined portfolio, strong cash flow from coal and marketing, and disciplined capital allocation. Operational improvements and Argentina's new investment regime further underpin confidence in delivery.
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Adjusted EBITDA for H1 2025 was $5.4 billion, with strong zinc/gold offsetting weak coal/copper. Cost savings of $1 billion annually are underway, and copper output is set to rebound in H2. Shareholder returns for 2025 total $3.2 billion, with further upside from Bunge shares.
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The meeting reviewed strong shareholder returns, strategic climate and portfolio actions, and ongoing safety improvements. Stakeholders raised concerns on environmental, social, and governance issues, with management addressing market, legal, and operational risks.
Fiscal Year 2024
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Adjusted EBITDA reached $14.4 billion, with strong metals and marketing performance offsetting weaker energy prices. Cash returns to shareholders resumed, including a $1.2 billion distribution and $1 billion buyback, while disciplined capital allocation and supply management underpin a robust outlook.
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Adjusted EBITDA for H1 2024 was $6.3 billion, with coal and custom smelting earnings down due to normalized prices and low TCRCs, while marketing EBIT reached the top end of guidance. The EVR acquisition adds significant growth potential, and capital discipline remains a priority amid ongoing market and operational challenges.