Slide 1: 2024 Half-year results: Energising today, advancing tomorrow
2024 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 H1 Scorecard 4 H1 ESG Scorecard 5 H1 Portfolio Scorecard 6 2024 Half-Year Results 3
Slide 4: First-half scorecard
Financial Positioned for the Overview performance future Appendix First-half scorecard Financial ($bn) Marketing Industrial 6.3 -33% 3.6 -26% Annualised H1 Adjusted EBIT performance at $3.0bn: Lower earnings primarily driven by a $2.7bn lower contribution from our Adj.EBITDA(1) Net debt • reflecting
Slide 5: ESG scorecard
Financial Positioned for the Overview performance future Appendix ESG scorecard Environment Social Governance More than 90% shareholder support Our ambition is to prevent fatalities, All previously disclosed government for our 2024-2026 Climate Action occupational diseases and injuries investigation
Slide 6: Portfolio scorecard
Financial Positioned for the Overview performance future Appendix Portfolio scorecard • Transaction completion 11 July Glencore copper equivalent production growth (Mt)(5) • EVR is a leading steelmaking coal producer expected to provide significant production/earnings potential for many Base portfol
Slide 7: Financial performance
Financial Positioned for the Overview performance future Appendix Financial Overview performance Financial Scorecard 8 Industrial Adj. EBITDA 9 Industrial Adj. EBITDA bridge 10 Key commodity scorecard 11 Marketing Adj. EBIT 12 Net debt & Working Capital 13 Shareholder returns 14 Business reinvestmen
Slide 8: Financial scorecard
Financial Positioned for the Overview performance future Appendix Financial scorecard $bn H124 H123 Chg Adj. EBITDA(1) 6.3 9.4 -33% Industrial Adj. EBITDA 4.5 7.4 -39% Marketing Adj. EBIT 1.5 1.8 -16% Net Income -0.2 4.6 n.m. Net Income 1.5 4.2 -65% pre-significant items Funds from operations 4.0 3.
Slide 9: Industrial: Adjusted EBITDA $4.5bn
Financial Positioned for the Overview performance future Appendix Industrial: Adjusted EBITDA $4.5bn Industrial Assets Metals and Minerals Energy and • Adjusted EBITDA of • Adjusted EBITDA of $2.8bn, down 9% compared to the Steelmaking coal $4.5bn, down from prior period • Adjusted EBITDA of $7.4bn
Slide 10: Industrial: Adjusted EBITDA bridge
Financial Positioned for the Overview performance future Appendix Industrial: Adjusted EBITDA bridge $bn -2.8 +0.2 -0.4 +0.1 -0.1 +0.2 H1 2023 $7.4bn H1 2024 $4.5bn H123 Price Volume Cost FX Other Koniambo H124 Price: -$2.8bn: Volume: +$0.2bn: Cost: -$0.4bn: FX: +$0.1bn: Primarily weaker average ref
Slide 11: Industrial: Key commodity scorecard
Financial Positioned for the Overview performance future Appendix Industrial: Key commodity scorecard Copper Zinc Steelmaking Coal Energy Coal H124 p/p chg FY24F H124 p/p chg FY24F H124 p/p chg FY24F H124 p/p chg FY24F Production(9) 0.46Mt -5% 0.98Mt 0.42Mt -4% 0.925Mt 3.4Mt -8% 20Mt 47.2Mt -7% 102M
Slide 12: Marketing: Adjusted EBIT $1.5bn
Financial Positioned for the Overview performance future Appendix Marketing: Adjusted EBIT $1.5bn H124 Adjusted EBIT: $1.5bn, -16% p/p Marketing Adjusted EBIT ($bn) • Annualised H1 marketing performance tracking at Corp and Other Energy and Steelmaking coal Metals and Minerals $3.0bn. The lower peri
Slide 13: Capital allocation: Balance sheet – change in Net debt & working capital
Financial Positioned for the Overview performance future Appendix Capital allocation: Balance sheet – change in Net debt & working capital 2024 H1 movement in Net debt ($bn) (15) Net investments Leases & other Reduction in +$0.6bn (M&A) FFO non-RMI -$0.1bn -$4.0bn working Dec 2023 capital Distributi
Slide 14: Capital allocation: Shareholder returns
Financial Positioned for the Overview performance future Appendix Capital allocation: Shareholder returns Shareholder returns framework Proforma Net debt after cash commitments With the decision to retain the coal and Adjusted to exclude Marketing carbon steel materials business, the Net debt relate
Slide 15: Capital allocation: Business reinvestment
Financial Positioned for the Overview performance future Appendix Capital allocation: Business reinvestment H1 2024 Net purchase and sale of PP&E • $2.9bn net capex cash outflow, +15% 2024-2026 base business (ex-EVR) projected industrial capex average(18): $5.7bn p.a. (unchanged from earlier guidanc
Slide 16: Positioned for the future
Financial Positioned for the Overview performance future Appendix Positioned for Overview the future Platform for growth 17 Responsive and cash 18 generative business model 2024 Half-Year Results 16
Slide 17: EVR adds production and supports future portfolio growth
Financial Positioned for the Overview performance future Appendix energising today | advancing tomorrow EVR adds production to our current Our promising capital efficient copper portfolio and supports future portfolio growth project pipeline provides growth c.1Mt optionality(20) • Legislative intiat
Slide 18: Responsive and cash generative business model
Financial Positioned for the Overview performance future Appendix energising today | advancing tomorrow Responsive and cash generative business model • Leading copper producer with >1.0Mt per annum of mostly brownfield capital efficient growth optionality • Leading energy and steelmaking coal produc
Slide 19: Appendix
Financial Positioned for the Overview performance future Appendix Appendix Overview H124 Margin/cost reconciliation 20 Illustrative spot annualised FCF 21 Change in unit cash costs 22 2024 H2 Distribution timetable 23 Footnotes 24 2024 Half-Year Results 19
Slide 20: 2024 H1 cost/margin reconciliation
Financial Positioned for the Overview performance future Appendix 2024 H1 cost/margin reconciliation (22) Industrial ($bn) Steelmaking Energy Copper Zinc Other Marketing Group Coal Coal Primary production 462.6kt 417.2kt 3.4Mt 47.2Mt Production from other -54.1kt -42.2kt departments Payability deduc
Slide 21: Illustrative spot annualised FCF
Financial Positioned for the Overview performance future Appendix Illustrative spot annualised FCF Industrial ($bn) Steelmaking Energy Copper(24) Zinc(25) Other Marketing(28) Group Coal(26) Coal(27) Primary production(23) 950-1010kt 900-950kt 31-33Mt 98-108Mt Production from other -124.0kt -84.0kt d
Slide 22: Change in unit cash costs
Financial Positioned for the Overview performance future Appendix Change in unit cash costs Copper (c/lb) Zinc (c/lb) Steelmaking coal ($/t) Thermal coal ($/t) By-product credits By-product credits EBITDA margin EBITDA margin Copper net cash unit costs Zinc net cash unit costs Coking Coal FOB cash c
Slide 23: 2024 H2 Distribution timetable
Financial Positioned for the Overview performance future Appendix 2024 H2 Distribution timetable 2nd tranche of 2024 base distribution: ($6.5 cents/share) H2 2024 Applicable exchange rate reference date (Johannesburg Stock Exchange (JSE) 16 August Applicable exchange rate announced on the JSE 19 Aug
Slide 24: Footnotes
Financial Positioned for the Overview performance future Appendix Footnotes (1) Refer to basis of presentation in the Financial and Operational Review, 2024 Half-Year Report, refer to Note 2 and Alternative Performance Measures, 2024 Half-Year Report, for definition and reconciliation of Adjusted EB
Slide 25: 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 Half-Year Results 25