Finance
Glencore sticks with UK listing for now, profits drop
Published by Global Banking & Finance Review®
Posted on August 6, 2025
3 min readLast updated: January 22, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on August 6, 2025
3 min readLast updated: January 22, 2026
Glencore opts to stay listed in the UK, reporting a 14% profit drop due to weaker coal prices and increased debt. Cost-saving measures are planned.
By Pratima Desai and Polina Devitt
LONDON (Reuters) -Glencore has decided against moving its UK listing to the United States, the global miner and trader said on Wednesday, as it reported a 14% drop in first-half earnings due to weaker coal prices and lower copper production, and an increase in net debt.
The decision will be a relief to London's financial markets, which have seen a string of defections as companies are attracted by often higher valuations in the United States.
CEO Gary Nagle said in February that Glencore might move its primary listing from London and that New York was under consideration. But after assessing the "material friction" costs involved in a move, he said the company had decided to remain in London for now, while keeping a watching brief.
Glencore's adjusted earnings before interest, tax, depreciation and amortisation fell to $5.43 billion in the first half of the year, in line with analysts' average forecast, from $6.34 billion last year. It also reported a large rise in net debt to $14.5 billion, up $3.2 billion from end-2024.
Glencore shares were down 4% at 288.8 pence at 0830 GMT.
"Share price is probably down because some people were positioning for a U.S. listing, maybe a re-rating and they've done a U-turn on that," said Panmure Liberum analyst Duncan Hay. "They will need a very good second half to meet guidance."
Tariffs imposed by U.S. President Donald Trump and trade wars have created economic and geopolitical uncertainty which have hit demand for commodities, particularly in top consumer China, and prices.
Glencore also said it was streamlining the operating structure of its industrial assets, aiming to optimise management as well as reporting and operational efficiencies after a review of its industrial assets.
It identified about $1 billion of recurring cost-saving opportunities across more than 300 initiatives to be delivered by the end of next year, with more than half targeted for the end of 2025.
"Headline stuff is reduction of consultant use, optimizing department management structures by, for example, combining the zinc and nickel management structure," said Chief Financial Officer Steven Kalmin.
Glencore's copper marketing department delivered strong results, with revenues boosted by factors including tight concentrate markets.
"Marketing delivered an overall solid result, against a backdrop of heightened economic uncertainty," the company said.
"Challenging energy market conditions were largely offset by an increase in the contribution from metals and minerals, with copper particularly strong, capitalising on physical trade dislocations and regional arbitrage opportunities."
Last week, Glencore revised its long-term full-year marketing earnings before interest and taxes forecast to $2.3 billion to $3.5 billion, from $2.2 billion to $3.2 billion previously, after completing the sale of its agribusiness Viterra in July.
The company said net debt had risen due to factors including $3.2 billion of net capital spending and $1.8 billion of shareholder returns, and it expected the figure to drop back towards its net debt cap of around $10 billion by year-end.
(Reporting by Pratima Desai and Polina Devitt in London and Pushkala Aripaka in Bengaluru. Editing by Sherry Jacob-Phillips and Mark Potter)
Glencore decided against moving its UK listing to the United States after assessing the 'material friction' costs involved in such a move.
Glencore reported a 14% drop in first-half earnings, with adjusted earnings before interest, tax, depreciation, and amortisation falling to $5.43 billion.
Glencore identified about $1 billion of recurring cost-saving opportunities across more than 300 initiatives, which are expected to be delivered by the end of next year.
Glencore's copper marketing department delivered strong results, benefiting from tight concentrate markets and overall solid performance amid economic uncertainty.
Glencore's net debt rose due to $3.2 billion of net capital spending and $1.8 billion of shareholder returns, although the company expects this figure to decrease in the future.
Explore more articles in the Finance category
