WASHINGTON (dpa-AFX) - Glencore Plc (GLEN.L, GLNCY.PK, GLCNF.PK), a commodity trading and mining company, reported Wednesday a profit in its first half, compared to prior year's loss, and adjusted EBITDA, a key earnings metric, surged from last year, driven mainly by higher commodity prices, following escalation of the Middle East conflict.
Further, the company announced a top-up special cash distribution of $8.5c/per share, alongside a new $500 million share buyback to be completed by February 2027.
The company also said it remains well positioned to reach copper production volumes of c.1 million tonnes annualised by the end of 2028 and c.1.6 million target by 2035.
The firm also intends to apply for a secondary listing on the Australian stock exchange, targeting admission in October 2026.
In the first half, income before income taxes were $4.887 billion, compared to prior year's loss of $1.130 billion.
Net income attributable to equity holders increased by more than $5 billion period on period to $4.405 billion, compared to last year's loss of $655 million. Earnings per share were $0.37, compared to loss of $0.05 last year.
The latest results included gains on disposals of non-current assets, recognition of deferred tax assets and impairments, among others.
Adjusted net income was $3.661 billion or $0.31 per share, compared to $553 million or $0.05 per share in the prior year.
Adjusted EBIT surged 269 percent from last year to $6.651 billion.
Funds from operations or FFO climbed 158 percent from last year to $8.129 billion, and adjusted EBITDA grew 86 percent year-over-year to $10.115 billion. Marketing Adjusted EBIT was $3.3 billion, up 142% compared with the prior period.
Revenue climbed 49 percent to $174.430 billion from last year's $117.396 billion.
The company said the results reflected the significantly stronger commodity price environment and solid operational performance across the portfolio.
Looking ahead, Gary Nagle, Chief Executive Officer, said, 'We've made a strong start to 2026. While global energy inventories remain relatively low and geopolitical tensions continue to create uncertainty, we expect market volatility to remain above historical norms for parts of H2 2026, albeit at lower levels than experienced during the first half.'
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