Glencore Reports Jump in Revenue and Earnings in the First Half of the Year

Revenue climbed by nearly 50 percent to $174.4 billion, the company announced on Wednesday. Adjusted operating profit (adjusted EBITDA) rose even more sharply, by 86 percent, to $10.1 billion, and adjusted EBIT more than tripled to $6.7 billion from $1.8 billion in the previous year.

All in all, after two consecutive semesters of losses, the company once again posted a substantial profit of $4.4 billion (previous year: -$655 million). CEO Gary Nagle is quoted in the press release as saying that the first half of the year was marked by energy price adjustments related to the escalation of the Middle East conflict.

Outlook and Secondary Listing

Management had already projected a marketing EBIT of $3.3 billion in last week’s production report and has now confirmed this figure. In addition, the production targets for 2026 were confirmed.

For the full year, Glencore is now well positioned to exceed the upper end of the long-term range of 2.3 to 3.5 billion in marketing EBIT. In addition, the company is on track to reach its target copper production volumes of approximately 1 million metric tons by the end of 2028 and approximately 1.6 million metric tons by 2035.

In addition, a secondary listing on the Australian Securities Exchange (ASX) is planned for this coming October. “This offers a number of compelling strategic advantages,” said Nagle. For one, the market provides access to an experienced investor base with proven expertise in the commodities sector. It also strengthens Glencore’s presence in one of its most important markets and increases its financial flexibility.