Glencore(US:GLNCY) Xin Lang Cai Jing·2026-02-18 07:53Core Viewpoint - Glencore reported a decline in annual earnings despite an improvement in the second half of the year, with adjusted EBITDA for 2025 down 6% year-on-year to $13.51 billion, slightly above analyst expectations of $13.31 billion [1][4]. Group 1: Financial Performance - The company's performance was impacted by falling energy and metallurgical coal prices, although stronger metal prices, including increased zinc revenues, partially offset these effects [1][4]. - Glencore's metal trading division achieved record performance, particularly in the copper sector, where traders capitalized on trading discrepancies and arbitrage opportunities [1][4]. - The adjusted earnings for the group in the second half of last year grew nearly 50% compared to the first half, with the industrial division's adjusted earnings increasing by 65% [3][6]. Group 2: Market Conditions and Strategic Moves - The energy trading division's performance aligned with challenging market conditions [2][5]. - Negotiations with Rio Tinto for a potential merger that could have created the world's largest mining company broke down in early February due to disagreements on key terms, including the retention of the chairman and CEO positions by Rio Tinto and the simulated ownership structure of the merged entity [3][6].