Glencore introduces 2025 half-year financial scorecard

$5.4 billion Adjusted EBITDA, down 14% and Industrial Adjusted EBITDA of $3.8 billion, down 17%, both primarily reflecting weaker coal (thermal and steelmaking) prices and lower copper volumes
Marketing Adjusted EBIT of $1.4 billion, down 8%. An overall solid result against a macroeconomic environment that was heavily influenced by US tariff policy uncertainty and tensions in the Middle East
Funds from operations (FFO) of $3.2 billion, down 22%, primarily due to the lower H1 2025 Industrial Adjusted EBITDA, compounded by interest payments becoming increasingly more weighted to H1 vs H2, given the timing of our (mainly Q2) capital market bond issuances and related coupon due dates in recent years
Net cash purchase and sale of PP&E: $3.2 billion compared to $2.9 billion in the prior period; Ex-EVR was below H1 2024
Net income attributable to equity holders pre-significant items: $0.6 billion; Net loss attributable to equity holders: $0.7 billion
Adjusted EBITDA mining margins were 24% in our metals operations, 35% in steelmaking coal and 18% in energy coal

BALANCE SHEET

After funding $3.2 billion of net capex, $1.8 billion of shareholder returns, and a $1.1 billion increase in non-RMI working capital, Net debt, including $1.0 billion of marketing lease liabilities, finished the half at $14.5 billion, up $3.2 billion from 2024 year end
Net funding, increased to $39.9 billion (vs $36.4 billion at the end of 2024)
Available committed liquidity of $12.6 billion; bond maturities maintained around a cap of c.$3 billion in any given year
Net debt/Adjusted EBITDA of 1.08x, which reduces to 1x when reflecting the c.$900 million of cash proceeds received on 2 July 2025 in connection with the sale of Viterra to Bunge, provides significant financial headroom and strength.
Spot illustrative annualised free cash flow generation of c.$4.0 billion from Adjusted EBITDA of c.$14.2 billion