Glencore Earnings Decline Despite Recovery in Second Half

Commodity giant Glencore reported a decline in full-year earnings, despite an improvement in performance in the second half.

The company said on Wednesday that adjusted EBITDA for 2025 fell 6% year-over-year to $13.51 billion. By comparison, the average analyst estimate compiled by Visible Alpha was $13.31 billion.

Glencore stated that its performance reflected lower energy and metallurgical coal prices, although stronger metal prices (including increased zinc revenue) partially offset this impact.

The company said its metal traders achieved record performance, thanks to the copper business unit, whose traders took advantage of market dislocations and arbitrage opportunities.

Glencore also noted that its energy trading division performed in line with the challenging market environment.

According to Glencore, the group’s adjusted earnings in the second half of last year grew nearly 50% compared to the first half. Adjusted earnings in its industrial division increased by 65%.

Negotiations with Rio Tinto over a deal that could have created the world’s largest mining company broke down in early February. The parties failed to agree on key terms, including Rio Tinto retaining both the chairman and CEO positions, as well as the simulated ownership structure of the merged group.

Editor: Liu Mingliang