Glencore H2 Earnings Call Highlights

Core Insights - Glencore reported a strong performance for 2025, with adjusted EBITDA of $13.5 billion, driven by a robust recovery in the second half of the year and strength in its metals business [2][6] - The company experienced a 50% increase in overall performance from the first half to the second half of 2025, with the industrial division seeing a 65% increase [3][6] Metals Performance - The industrial performance was primarily attributed to metals, particularly copper and zinc, which contributed positively to the overall results [4][6] - Copper prices averaged 9% higher year over year, contributing $1 billion to the metals price variance, while zinc improved by about $1 billion year over year, with significant contributions from Kazinc [5][6] Energy and Coal - Energy and steelmaking coal markets were weaker, particularly in the first half of 2025, but showed improvement towards the end of the year [6] Long-term Strategy and Financials - The company reiterated its long-term copper growth plan, aiming to increase production from approximately 1 million tons to around 1.6 million tons by 2035, with potential upside exceeding 2 million tons [6] - Financial highlights included funds from operations of $8.7 billion, a flat net debt position, a declared dividend of $2 billion, and capital expenditure guidance of $26–$28 billion for 2026–2028 [6]