Slide 1: 2024 Preliminary results: Energising today, advancing tomorrow
2024 Preliminary results Energising today Advancing tomorrow
Slide 2: Important notice
Important notice Information preparation This material does not purport to contain all of the information you may wish to consider. In preparing this document, Glencore has made certain estimates and assumptions that This document does not constitute or form part of any offer or invitation to sell o
Slide 3: Overview
Financial Positioned for the Overview performance future Appendix Overview Overview 2024 Scorecard 4 2024 Portfolio Scorecard 5 2024 Preliminary Results 3
Slide 4: 2024 Scorecard
Financial Positioned for the Overview performance future Appendix 2024 Scorecard Financial ($bn) Marketing Industrial 14.4 -16% 0.78x Marketing performance at the top end of our long-term $2.2-$3.2bn Adj. EBIT Operationally, a strong year with our assets delivering full year production within origin
Slide 5: 2024 Portfolio scorecard – EVR post-acquisition update
Financial Positioned for the Overview performance future Appendix 2024 Portfolio scorecard – EVR post-acquisition update Successfully Integrated into Glencore’s global Synergies from Glencore coal marketing coal business expertise and network Strong 2024 performance – production in line Integration
Slide 6: Financial performance
Financial Positioned for the Overview performance future Appendix Financial Overview performance Financial Scorecard 7 Industrial Adj. EBITDA 8 Industrial Adj. EBITDA bridge 9 Key commodity scorecard 10 Marketing Adj. EBIT 11 Net debt & Working Capital 12 Shareholder returns 13 Business reinvestment
Slide 7: Financial scorecard
Financial Positioned for the Overview performance future Appendix Financial scorecard $bn 2024 2023 Chg Adj. EBITDA(1) 14.4 17.1 -16% Industrial Adj. EBITDA 10.6 13.2 -20% Marketing Adj. EBIT 3.2 3.5 -8% Net Income -1.6 4.3 n.m. Net Income 3.7 6.7 -45% pre-significant items Funds from operations 10.
Slide 8: Industrial: Adjusted EBITDA $10.6bn
Financial Positioned for the Overview performance future Appendix Industrial: Adjusted EBITDA $10.6bn Industrial Assets Metals and Minerals: $5.4bn Metals and Minerals: $5.8bn • Adjusted EBITDA of $10.6bn, down 20% • Period-on-period reduction primarily driven by lower energy coal pricing benchmarks
Slide 9: Industrial: Adjusted EBITDA bridge
Financial Positioned for the Overview performance future Appendix Industrial: Adjusted EBITDA bridge Volume: -$0.4bn: $bn Reflecting longwall moves and mine closures in Australian coal, along with lower SA coal volumes to match export rail capacity. Copper volumes impacted by Antapaccay geotechnical
Slide 10: Industrial: Key commodity scorecard
Financial Positioned for the Overview performance future Appendix Industrial: Key commodity scorecard Copper Zinc Steelmaking Coal Energy Coal 2023 2024 % chg 2023 2024 % chg 2023 2024 % chg 2023 2024 % chg Production(1) 1.01Mt 0.95Mt -6% 0.92Mt 0.91Mt -1% 7.5Mt 19.9Mt 165% 106.1Mt 99.6Mt -6% Unit c
Slide 11: Marketing: Adjusted EBIT $3.2bn
Financial Positioned for the Overview performance future Appendix Marketing: Adjusted EBIT $3.2bn 2024 Adjusted EBIT: $3.2bn, -8% p/p Marketing Adjusted EBIT ($bn) • Marketing Adjusted EBIT of $3.2bn came in at the top end of our long-term $2.2-$3.2bn guidance Metals and Minerals: $1.7bn Metals and
Slide 12: Capital allocation: change in Net debt & working capital
Financial Positioned for the Overview performance future Appendix Capital allocation: Balance sheet – change in Net debt & working capital 2024 movement in Net debt ($bn) (1) Leases and other, +$1.6bn Assumption Distributions, of EVR debt(2), +$1.9bn +$0.6bn Reduction in Dec 2024 non-RMI Net debt, w
Slide 13: Capital allocation: Shareholder returns
Financial Positioned for the Overview performance future Appendix Capital allocation: Shareholder returns Shareholder returns framework Proforma Net debt after adjustments Adjusted to exclude Marketing lease liabilities and reflect consideration of • 2024 Net debt: $11.2bn, up $6.3bn, heavily releva
Slide 14: Capital allocation: Business reinvestment
Financial Positioned for the Overview performance future Appendix Capital allocation: Business reinvestment 2024 Industrial capex and net purchase 2025F-2027F estimated major capex spend and sale of PP&E Copper: c.35-40% allocated to copper, comprising: • Capitalised Industrial segment capex of • Co
Slide 15: 2025 Guidance: Production
Financial Positioned for the Overview performance future Appendix 2025 Guidance: Production Key commodities 2025-2028 production guidance(1) 2024 2025F 2026F 2027F 2028F Copper (kt) 951.6 850-910(2) 930 930 1000 Cobalt (kt) 38.2 40-45(2) 45 45 65 Zinc (kt) 905.0 930-990 855 725 765 Nickel (kt) 82.3
Slide 16: 2025 Guidance: Mine unit cash costs/margins
Financial Positioned for the Overview performance future Appendix 2025 Guidance: Mine unit cash costs/margins(1) Copper (c/lb) Zinc (c/lb) Steelmaking coal ($/t) Energy coal ($/t) By-product credits By-product credits EBITDA margin EBITDA margin Copper net cash unit costs Zinc net cash unit costs St
Slide 17: 2025 Guidance: Illustrative spot annualised FCF
Financial Positioned for the Overview performance future Appendix 2025 Guidance: Illustrative spot annualised FCF(1) Industrial ($bn) Steelmaking Energy Copper(2) Zinc(3) Other Marketing(6) Group Coal(4) Coal(5) Primary production 850-910kt 930-990kt 30-35Mt 92-100Mt Production from other -90kt -155
Slide 18: Positioned for the future
Financial Positioned for the Overview performance future Appendix Positioned for Overview the future Delivering our strategy 19 2025 Priorities 22 2024 Preliminary Results 18
Slide 19: Delivering our strategy
Financial Positioned for the Overview performance future Appendix energising today | advancing tomorrow Delivering our strategy Larger Value Simplified resource accretive portfolio base M&A >20 + EVR Copper resources(2) 2024 2022 Disposals/ M+I 10.8bt 8.4bt closures @ 0.63% Cu @ 0.70% Cu to date(1)
Slide 20: Delivering our strategy: c.1Mt Cu organic growth
Financial Positioned for the Overview performance future Appendix energising today | advancing tomorrow Delivering our strategy Organic • Key copper projects progressing towards feasibility conclusions and FID growth • Updated study estimates indicate the potential for 1Mtpa of copper production Ant
Slide 21: Delivering our strategy – organic growth options
Financial Positioned for the Overview performance future Appendix energising today | advancing tomorrow Delivering our strategy – organic growth options(1,2) MARA/Alumbrera Coroccohuayco/Antapaccay Complex El Pachon Location Catamarca, Location Espinar, Location San Juan, Argentina Peru Argentina Ty
Slide 22: Delivering our strategy: 2025 Priorities
Financial Positioned for the Overview performance future Appendix energising today | advancing tomorrow Delivering our strategy 2025 Priorities Safety Marketing • Ambition to prevent work-related fatalities, • Nearer term macro uncertainties from tariff occupational diseases and injuries wherever we
Slide 23: Appendix
Financial Positioned for the Overview performance future Appendix Appendix Overview 2024 Margin/cost reconciliation 24 Coal H1/H2 margin reconciliation 25 Shareholder returns calculation 26 Industrial capex by category 27 Shareholder returns framework 28 2025 H1 Distribution timetable 29 2025 H2 Dis
Slide 24: 2024 cost/margin reconciliation
Financial Positioned for the Overview performance future Appendix 2024 cost/margin reconciliation(1) Industrial ($bn) Steelmaking Energy Copper Zinc Other Marketing Group Coal Coal Primary production 951.6kt 905.0kt 19.9Mt 99.6Mt Production from other -116.6kt -92.1kt departments Payability deductio
Slide 25: Coal H1/H2 cost/margin reconciliation
Financial Positioned for the Overview performance future Appendix Coal H1/H2 cost/margin reconciliation H1 2024 H2 2024 2024 2024(1) Wtd avg price Energy Coal Production (Mt) 47.1 52.5 99.6 NEWC Price ($/t) 130.7 139 134.8 Portfolio mix adjustment ($/t) -27.5 -41.2 -34.1 Energy Coal FOB cash cost ($
Slide 26: February 2025 announced shareholder returns calculation
Financial Positioned for the Overview performance future Appendix February 2025 announced shareholder returns calculation $bn Marketing Industrial Corporate Total Adjusted EBITDA 3.8 10.6 14.4 Unrealised inter-segment profit adjustment 0.1 0.1 Cash net interest allocation -0.9 -0.6 -1.5 Cash tax all
Slide 27: 2024 Industrial capex by category
Financial Positioned for the Overview performance future Appendix 2024 Industrial capex by category Ferro Steelmaking Energy Total Industrial Capex ($M)(1) Copper Zinc Nickel alloys Coal Coal Oil 2024 Major Equipment Overhaul 160 160 16 5 40 253 633 Infrastructure 111 115 72 4 144 117 563 Smelters/R
Slide 28: Capital allocation: Shareholder returns framework
Financial Positioned for the Overview performance future Appendix Capital allocation: Shareholder returns framework Predictable minimum shareholder returns grounded on a formulaic base distribution, topped up as the balance sheet allows Shareholder returns calculation flowsheet 1 Base Announced Base
Slide 29: 2025 H1 Distribution timetable
Financial Positioned for the Overview performance future Appendix 2025 H1 Distribution timetable 1st tranche of 2025 base distribution: ($5.0 cents/share) H1 2025 Applicable exchange rate reference date (Johannesburg Stock Exchange (JSE)) Wednesday, 16 April Applicable exchange rate announced on the
Slide 30: 2025 H2 Distribution timetable
Financial Positioned for the Overview performance future Appendix 2025 H2 Distribution timetable 2nd tranche of 2025 base distribution: ($5.0 cents/share) H2 2025 Applicable exchange rate reference date (JSE) Monday, 18 August Applicable exchange rate announced on the JSE Tuesday, 19 August Last day
Slide 31: Industrial: production outlook - copper
Financial Positioned for the Overview performance future Appendix Industrial: production outlook - copper Growing base business; declining by-product copper production from Zinc assets (Mount Isa and Kidd) • Copper business focused around long-life assets in South America and Africa • Collahuasi, An
Slide 32: Industrial: production outlook - zinc
Financial Positioned for the Overview performance future Appendix Industrial: production outlook - zinc Streamlined portfolio anchored around Australia and Kazakhstan • Key end of life closures of Lady Loretta (Australia) around the end of 2025, and Kidd (North America) and Maleevsky (Kazakhstan) in
Slide 33: Industrial: production outlook - steelmaking coal
Financial Positioned for the Overview performance future Appendix Industrial: production outlook - steelmaking coal Steady production profile over the outlook period • With the addition of EVR in July 2024, we now have a world-class steel making coal business, comprising many high-margin, long-life
Slide 34: Industrial: production outlook - energy coal
Financial Positioned for the Overview performance future Appendix Industrial: production outlook - energy coal Near-term stable production outlook • Energy coal production volumes stable over the outlook period, but expected to then trend lower towards the end of the decade • Between 2019 and 2024,
Slide 35: Footnotes
Financial Positioned for the Overview performance future Appendix Footnotes Slide 4 Slide 16 (1) Refer to basis of presentation in the Financial and Operational Review, Preliminary Results (1) Figures are based on management estimates and current portfolio (except where 2024, refer to Note 2 and Alt
Slide 36: Footnotes
Financial Positioned for the Overview performance future Appendix Footnotes Slide 19 (1) Disposals/closures include: Ernest Henry, Mopani, Cobar, BaseCore, Red Chris royalty, Minera Aguilar, Los Quenuales, Sinchi Wayra, Volcan, Kabanga, Koniambo, Mototolo, Middelburg, Yancoal stake, La Jagua, Calent
Slide 37: For more information
Financial Positioned for the Overview performance future Appendix For more information 2024 Preliminary Results 37
Slide 38: Contact information
Financial Positioned for the Overview performance future Appendix Contact information Glencore plc Baarermattstrasse 3 6340 Baar Switzerland Tel: +41 41 709 2000 E-mail: investors@glencore.com glencore.com 2024 Preliminary Results 38