Glencore (LSE:GLEN), the diversified miner and commodities trader, said group earnings (adjusted EBITDA) rose 86% to $10.1 billion in the first half, driven by higher commodity prices and a marketing business that thrived on market disruption.
Net income attributable to equity holders climbed by more than $5 billion to $4.4 billion, reflecting gains on asset disposals, deferred tax recognition and impairments alongside the operational improvement.
Chief executive Gary Nagle said escalation of the Middle East conflict reshaped the energy complex during the period, shifting focus "towards security of supply and access to physical commodities" as constraints hit oil, refined products, LNG and freight capacity.
Marketing Adjusted EBIT jumped 142% to $3.3 billion, a near-record first-half result that Nagle attributed to the resilience of the group's logistics and risk management capabilities amid the volatility.
The Industrial segment contributed Adjusted EBITDA of $6.5 billion, up 72%, though higher costs for diesel, sulphur and sulphuric acid, exacerbated by supply-chain disruption, partially offset stronger prices.
Net debt fell $1.0 billion to $10.2 billion, in line with the group's ordinary-course cap of roughly $10 billion, after $4.0 billion of net capital expenditure.
Glencore announced a top-up special cash distribution of 8.5 cents per share, worth roughly $1 billion, alongside a new $500 million share buyback to be completed by February 2027, taking total 2026 shareholder returns to roughly $3.5 billion.
The group also confirmed plans to apply for a secondary listing on the Australian Securities Exchange, targeting admission in October, citing access to Australia's A$4.4 trillion pension pool and a resources-focused investor base.
Glencore's Alumbrera copper restart is now running ahead of schedule, with first production expected in the second half of 2027 rather than the first half of 2028.
News Intelligence what this means for the company
Glencore's first-half EBITDA surged 86% to $10.1 billion, with its marketing division posting a near-record $3.3 billion in adjusted EBIT by capitalizing on Middle East conflict-driven energy market volatility. The company is returning $3.5 billion to shareholders in 2026 while maintaining net debt at $10.2 billion—in line with its ~$10 billion ordinary-course cap—and accelerating its Alumbrera copper restart to H2 2027, signaling confidence in both near-term cash generation and medium-term production growth.
The earnings beat is heavily weighted toward one-time market disruption gains in trading rather than mining fundamentals; own-sourced copper rose 15% to 397,000 tonnes in H1 2026, but the Industrial segment's 72% EBITDA growth was partially offset by higher input costs. Shareholder returns and the ASX secondary listing signal management confidence, though the sustainability of marketing EBIT at near-record levels depends on continued energy market volatility.
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