Glencore has reported a strong first half of 2026 driven by higher commodity prices and market volatility that supported a significant lift in earnings and strengthening the company’s overall growth outlook.
The global resources giant delivered adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of approximately $15.2 billion for the six months to 30 June 2026, representing an 86 per cent increase on the previous corresponding period.
Glencore’s net income attributable to equity holders rose to approximately $6.6 billion, compared with a loss in the first half of 2025, while revenue increased to approximately $261.6 billion.
Glencore chief executive officer Gary Nagle said the result reflected strong operational performance, higher commodity prices and the resilience of the company’s marketing business during a period of heightened geopolitical uncertainty.
“We delivered another strong operational and financial performance for the first half of the year,” Nagle said in a statement.
“Marketing adjusted EBIT was $US3.3 billion, up 142 per cent compared with the prior period, demonstrating the resilience and responsiveness of the business amid heightened geopolitical uncertainty and market volatility.”
Converted to Australian dollars, marketing adjusted EBIT was approximately $5.0 billion.
The company’s industrial segment delivered adjusted EBITDA of $9.8 billion, up 72 per cent compared with the previous period. Glencore attributed the increase to stronger commodity prices and solid operational performance across its portfolio.
Copper remains central to Glencore’s long-term strategy, with the company targeting annualised copper production of around one million tonnes by the end of 2028 and approximately 1.6 million tonnes by 2035.
The company said progress continues across its growth pipeline, including the restart of the Alumbrera project in Argentina, which is now expected to deliver first production in the second half of 2027, ahead of its previous guidance.