South African Executive Gary Nagle-led Glencore Posts 117 Billion Half-year Revenue

Revenue held at 117.4 billion in H1 2025 despite coal price weakness and lower copper production volumes.

Industrial EBITDA fell 17 to 3.8 billion, while net loss widened to 655 million from 233 million.

Glencore announced a 1 billion buyback, targeting 3.2 billion in shareholder returns for 2025.

Glencore Plc, the Swiss commodity trading and mining giant led by South African executive Gary Nagle, reported first-half revenue of 117.4 billion for 2025 , little changed from 117.1 billion a year earlier. The company managed to hold its ground despite softer coal prices and reduced copper output, showing it can weather the pressures of a tougher global economy.

Glencores H1 2025 revenue inched up 0.26 percent to 117.4 billion, as strong marketing and metals trading offset weaker industrial output. Industrial Adjusted EBITDA dropped 17 percent to 3.8 billion, hit by falling coal prices and copper mine disruptions at Collahuasi, Antamina, Antapaccay and KCC.

Marketing Adjusted EBIT fell 8 percent to 1.4 billion, pushing overall Adjusted EBITDA down 14 percent to 5.4 billion. Net loss widened to 655 million from 233 million, with funds from operations down 22 percent to 3.2 billion.

The group spent 3.2 billion on capex, returned 1.8 billion to shareholders, and boosted non-readily marketable inventory by 1.1 billion via commodity pre-pay and lending deals. Net debt rose to 14.5 billion from 11.2 billion, equal to 1.08 Adjusted EBITDAor 1 including 900 million from Julys Viterra sale.

The company completed a review of its industrial portfolio, identifying about 1 billion in recurring cost savingsmore than half targeted for delivery by the end of 2025 and the remainder by 2026. Nagle reaffirmed full-year production guidance, with a stronger second half expected as copper output recovers and cost savings start to flow through.