Glencore earnings soar on strong trading, targets Australian listing
Glencore Reports Robust First-Half 2026 Financial Results and Strategic Moves
Strong Earnings Growth Driven by Trading Volatility
LONDON, Aug 5 (Reuters) - Glencore on Wednesday reported an 86% increase in first-half earnings, boosted by strong profits from its commodity trading business as the Middle East conflict fuelled market volatility, and said it aims to secure a secondary listing in Australia.
Financial Performance Highlights
The Swiss miner and trader's adjusted earnings before interest, tax, depreciation and amortisation rose to $10.1 billion in the first half of 2026, up from $5.43 billion a year earlier and beating analysts' average forecast of $9.5 billion.
Net debt stood at $10.2 billion at the end of June, compared with $11.2 billion at the end of 2025.
Strategic Initiatives and Shareholder Returns
Australian Listing Plans
CEO Gary Nagle said in a statement that the company intended to apply for a secondary listing on the ASX after a "detailed review of opportunities to broaden our investor base and enhance trading liquidity." It is targeting admission in October.
Special Cash Distribution and Share Buybacks
Distribution from Viterra-Bunge Merger
Glencore also declared a special cash distribution of 8.5 cents per share, totalling around $1 billion, using the "surplus capital" from the Bunge shares it received when its agri business Viterra merged with the U.S. commodities trader.
Share Buyback Programme
It also announced a new $500 million share buyback to be completed by February 2027, bringing total 2026 announced shareholder returns to about $3.5 billion. It had announced a $1 billion share buyback programme for the same period of 2025.
(Reporting by Clara Denina and Tom Daly; Editing by Louise Heavens)
