Glencore Reports $5.4 Billion Half-Year EBITDA Amid Lower Coal Prices and Copper Output
Glencore Half-Year Report 2025 — CEO Review and Financial Highlights
Glencore’s Chief Executive Officer, Gary Nagle, announced that the company has made significant progress in optimising operations and positioning for long-term, value-accretive growth during the first half of 2025.
A comprehensive review of Glencore’s industrial portfolio identified opportunities to streamline the operating structure, optimise departmental management and reporting, and enhance technical expertise.
As part of this review, Glencore expects approximately $1 billion in recurring cost savings (against a 2024 baseline) to be fully delivered by the end of 2026, with over 50% targeted by the end of 2025.
Operational Performance
Zinc and coal assets are largely on track to meet full-year production targets.
The copper division faced temporary but expected challenges, including mine sequencing, lower ore grades, water constraints, and cobalt stockpiling. These issues reduced output in Collahuasi, Antamina, Antapaccay, and KCC during H1 2025, with production expected to improve significantly in H2.
Financial Results (H1 2025 vs H1 2024)
Metric H1 2025 H1 2024 Change
Revenue $117,396M $117,091M
Adjusted EBITDA $5,430M $6,335M ▼ 14%
Industrial Adjusted EBITDA $3,800M $4,578M ▼ 17%
Marketing Adjusted EBIT $1,400M $1,522M ▼ 8%
Net Loss (attributable to equity holders) $(655)M $(233)M n.m.
Loss per share $(0.05) $(0.02) n.m.
Funds from Operations (FFO) $3,147M $4,037M ▼ 22%
Market Environment
H1 2025 commodity markets were influenced by evolving U.S. trade policies and heightened geopolitical tensions in the Middle East. Energy markets, particularly oil and coal, were well supplied, pushing prices lower:
Newcastle thermal coal: ▼ 21%
Steelmaking coal (HCC): ▼ 33%
Brent oil: ▼ 14%
Balance Sheet and Debt
Net debt: $14.5 billion (including $1.0B marketing lease liabilities), up from $11.2B at year-end 2024.
Net debt to Adjusted EBITDA: 1.08x (reducing to 1x after accounting for ~$900M cash from the Viterra sale in July 2025).
Available committed liquidity: $12.6 billion.
Spot annualised free cash flow generation: ~$4.0 billion from ~$14.2B Adjusted EBITDA.
Capital Allocation & Shareholder Returns
Net capital expenditure: $3.2 billion.
Shareholder returns: $1.8 billion distributed in H1.
Second tranche of base dividend: $0.05 per share payable in September.
July 2025: announced an additional up to $1 billion share buyback, underpinned by the value of Glencore’s new 16.4% stake in Bunge following the Viterra sale.
Total announced 2025 shareholder returns: $3.2 billion.
With the completion of the Viterra sale, Glencore increased its long-term through-the-cycle Marketing Adjusted EBIT guidance range to $2.3–$3.5 billion per year (midpoint: $2.9B, up 16% from ~$2.5B ex-Viterra).
CEO Gary Nagle emphasised that while short-term uncertainty remains due to geopolitical and trade risks, the long-term demand outlook for certain commodities is strong. Glencore aims to leverage both its marketing and industrial capabilities to bridge the expected supply-demand gap in key resources.
