Slide 1: 2025 Half-Year Results: Energising today, Advancing tomorrow
2025 Half-Year 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 2025 H1 Scorecard 4 2025 H1 Portfolio Scorecard – 5 Organisational review 2025 Half-Year Results 3
Slide 4: 2025 H1 Scorecard
Financial Positioned for the Overview performance future Appendix 2025 H1 Scorecard Financial ($bn) Marketing Industrial 5.4 -14% 1.08x* Marketing delivered an overall solid Metals and Minerals: Zinc reported a result, against a backdrop of materially stronger Adjusted EBITDA, notably Adj.EBITDA(1)
Slide 5: 2025 H1 Portfolio scorecard - organisational review
Financial Positioned for the Overview performance future Appendix 2025 H1 Portfolio scorecard - organisational review Comprehensive review of our industrial portfolio identified Estimated cost savings of $1bn p.a. vs 2024 baseline opportunities to: • streamline our operating structure Split by Depar
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 H125 H124 Chg Adj. EBITDA(1) 5.4 6.3 -14% Industrial Adj. EBITDA 3.8 4.5 -17% Marketing Adj. EBIT 1.4 1.5 -8% Net Income -0.7 -0.2 n.m. Net Income 0.6 1.5 -62% pre-significant items Funds from operations 3.2 4.
Slide 8: Industrial Adjusted EBITDA
Financial Positioned for the Overview performance future Appendix Industrial Adjusted EBITDA Adjusted EBITDA of $3.8bn, down 17% Metals and Minerals: $2.9bn Metals and Minerals: $2.4bn Primarily reflecting lower coal prices and the impact of lower copper production in H1 2025, generally due to timin
Slide 9: Industrial: Adjusted EBITDA bridge
Financial Positioned for the Overview performance future Appendix Industrial: Adjusted EBITDA bridge $bn Volume: -$1.1bn: Other: +$0.3bn: Primarily reflecting lower copper sales from Primarily reflecting Collahuasi, KCC, Antapaccay and Antamina, increased contributions from compounded somewhat by lo
Slide 10: Industrial: Key commodity scorecard
Financial Positioned for the Overview performance future Appendix Industrial: Key commodity scorecard 6 Copper Zinc Steelmaking Coal Energy Coal H125 p/p chg FY25F H125 p/p chg FY25F H125 p/p chg FY25F H125 p/p chg FY25F Production(1) 0.34Mt -26% 0.87Mt 0.47Mt 12% 0.96Mt 15.7Mt 362% 32.5Mt 48.3Mt 2%
Slide 11: Marketing Adjusted EBIT
Financial Positioned for the Overview performance future Appendix Marketing Adjusted EBIT Adjusted EBIT: $1.4bn, -8% p/p Marketing Adjusted EBIT ($bn) Overall solid result, against a macroeconomic environment that was heavily influenced by US tariff Metals and Minerals: $1.2bn Metals and Minerals $1
Slide 12: Capital allocation: Balance sheet
Financial Positioned for the Overview performance future Appendix Capital allocation: Balance sheet – change in Net debt & working capital 2025 H1 movement in Net debt ($bn) (1) Increase in Leases and Distributions and non-RMI other, buy-backs, working capital, +$0.3bn +$1.8bn +$1.1bn Net investment
Slide 13: Capital allocation: Shareholder returns
Financial Positioned for the Overview performance future Appendix Capital allocation: Shareholder returns Shareholder returns framework Illustrative proforma Net debt after adjustments Adjusted to exclude Marketing lease liabilities and reflect consideration of relevant cash • Basis 30 June adjusted
Slide 14: Capital allocation: Business reinvestment
Financial Positioned for the Overview performance future Appendix Capital allocation: Business reinvestment H1 2025 Industrial capex 2025F-2027F estimated major capex spend • Capitalised Industrial segment capex of $3.4bn Copper: c.35-40% allocated to copper, comprising: • Includes $249M non-cash fi
Slide 15: 2025 Guidance: 2025 production
Financial Positioned for the Overview performance future Appendix 2025 Guidance: 2025 production(1) Copper (kt) - H1:H2 40:60 – FY 850-890kt Zinc (kt) - H1:H2 48:52 – FY 940-980kt 600 High: 546 40 Non-Cu 52-56kt 500 515 Low: 506 Lomas Bayas: 31-34kt Antapaccay: 465 475 400 90-97kt Antamina: 300 344
Slide 16: 2025 Guidance: Mine unit cash costs/margins
Financial Positioned for the Overview performance future Appendix 2025 Guidance: Mine unit cash costs/margins(1) Copper (c/lb) Zinc (c/lb) Steelmaking coal ($/t) Energy coal ($/t) By-product credits By-product credits Adjusted EBITDA margin Adjusted EBITDA margin Copper net cash unit costs Zinc net
Slide 17: 2025 Guidance: Illustrative spot annualised FCF
Financial Positioned for the Overview performance future Appendix 2025 Guidance: Illustrative spot annualised FCF(1) Industrial ($bn) Steelmaking Energy Copper(2) Zinc(3) Other Marketing(6) Group Coal(4) Coal(5) Primary production 850-890kt 940-980kt 30-35Mt 90-96Mt Production from other -98kt -144k
Slide 18: Positioned for the future
Financial Positioned for the Overview performance future Appendix Positioned for Overview the future 2025 Priorities 19 2025 Half-Year Results 18
Slide 19: Delivering our strategy
Financial Positioned for the Overview performance future Appendix energising today | advancing tomorrow Delivering our strategy 2025 Priorities Safety Creating value for shareholders • Ambition to prevent work-related fatalities, occupational • Expected to deliver c.$1bn p.a. of recurring cost savin
Slide 20: Appendix
Financial Positioned for the Overview performance future Appendix Appendix Overview 2025 H1 Margin/cost 21 reconciliation Shareholder returns framework 22 2025 H2 Distribution timetable 23 Footnotes 24 2025 Half-Year Results 20
Slide 21: 2025 H1 cost/margin reconciliation
Financial Positioned for the Overview performance future Appendix 2025 H1 cost/margin reconciliation(1) Industrial ($bn) Steelmaking Energy Copper Zinc Other Marketing Group Coal Coal Primary production 343.9kt 465.2kt 15.7Mt 48.3Mt Production from other -44.0kt -79.0kt departments Payability deduct
Slide 22: 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 23: 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 24: Footnotes
Financial Positioned for the Overview performance future Appendix Footnotes Slide 4 Slide 17 (1) Refer to basis of presentation in the Financial and Operational Review, 2025 Half-Year (1) Figures are based on management estimates and current portfolio (except where Report, refer to Note 2 and Altern
Slide 25: For more information
Financial Positioned for the Overview performance future Appendix For more information 2025 Half-Year Results 25
Slide 26: 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 2025 Half-Year Results 26