Glencore (8GCA) Q2 2026 Earnings Report

The call communicated strong financial and operational performance: a very cash-generative H1 (adjusted EBITDA $10.1bn), near-record marketing earnings, meaningful copper volume and EBITDA growth, progress across multiple copper growth projects and a prudent capital-return package backed by a strengthened balance sheet. Offsetting this were serious safety failures (four fatalities), transient but material input cost pressures (diesel, sulphur, sulphuric acid, FX), elevated working capital from market volatility and some asset-level underperformance and accounting-driven temporary cost impacts. On balance, the positive cash generation, project derisking and shareholder returns materially outweigh the challenges, though safety and cost volatility are clear near-term priorities.

Management reiterated it is on track to meet full‑year 2026 guidance, reporting H1 adjusted industrial EBITDA $6.5bn and group adjusted EBITDA $10.1bn (marketing EBIT H1 $3.3bn), funds from operations $8.1bn and closing net debt $10.2bn (pro‑forma ~ $10bn); they announced a $1.5bn shareholder top‑up ($1.0bn cash + $0.5bn buyback) and a secondary ASX listing targeted for Oct‑2026 aiming for ASX200 inclusion within 12 months (AUD1.5bn) and ASX100 (~AUD5.5bn). CapEx guidance was increased ~5% from $6.5bn to about $6.8bn (H1 industrial CapEx capitalized $3.9bn; $0.3bn to secure KCC land), and management published illustrative full‑year run‑rates including copper production ~840kt (illustrative copper EBITDA ~$6.5bn), zinc ~$1.9bn, steelmaking‑coal EBITDA ~$2.7bn (31Mt full year: 13.5Mt H1 / 17.5Mt H2) and energy coal ~$1.1bn. They reaffirmed copper targets of ~1.0Mt by 2028 and ~1.6Mt by 2035, brought Alumbrera restart forward to late‑2027, expect Collahuasi leach cathode by year‑end, and cautioned that transitory cost headwinds (diesel, sulphur/sulphuric acid) have lifted DRC input costs ~40% vs budget (sulphur +67%) while Q2 Brent averaged ~$91.3/bbl (vs $61 YTD).