Glencore Plc · LSE:GLEN
Glencore — FY2025 Earnings Presentation
45 slides from Glencore's earnings presentation, Feb 18, 2026
Slide 1: 2025 Preliminary Results
18 February 2026 2025 Preliminary Results
Slide 2: Important notice
Important notice Sources This document does not constitute or form part of any offer or invitation to sell or issue, or any Certain statistical and other information included in this document is sourced from publicly solicitation of any offer to purchase or subscribe for any securities. This materia
Slide 3: Overview
Overview CEO – Gary Nagle
Slide 4: Financial scorecard
OVERVIEW Financial scorecard Financial ($bn) Marketing Industrial 13.5 -6% 0.83x Overall solid result, around the mid- point of our recently upgraded long- Operationally, a strong year with our core commodities delivering full year production Adj.EBITDA(1) Net debt/ term, guidance range of $2.3-$3.5
Slide 5: Operational scorecard – key commodities production guidance met
OVERVIEW Operational scorecard – key commodities production guidance met (1) Zinc (kt) Steelmaking Copper (kt) Energy coal (Mt) coal (Mt) 990 100 35 910 930 969 98 92 32.5 850 852 30 Initial Actual Initial Actual Initial Actual Initial Actual guidance guidance guidance guidance 2025 Preliminary Resu
Slide 6: Portfolio scorecard
OVERVIEW Portfolio scorecard Copper value creation Acquisition of Non-binding MOU(1) Land access RIGI approvals Feasibility study Significant increase Compañía Minera with the US package finalised(2), expected in H1 for funding for the in copper mineral Quechua S.A, owner of government-backed unlock
Slide 7: Portfolio scorecard
OVERVIEW Portfolio scorecard Monetisation Portfolio optimisation/simplification Partial sale of our Making progress on power tariff Sale of the Philippine Sale of the Century stake; relief with the South African Associated Smelting Puerto Nuevo coal export reinvestment into government, to allow the
Slide 8: Financial performance
Financial performance CFO – Steven Kalmin
Slide 9: Financial scorecard
FINANCIAL PERFORMANCE Financial scorecard $bn H1 25 H2 25 2025 2024 Chg Adj. EBITDA(1) 5.4 8.1 13.5 14.4 -6% Industrial Adj. EBITDA 3.8 6.2 9.9 10.6 -6% Marketing Adj. EBIT 1.4 1.6 2.9 3.2 -8% Net Income -0.7 1.1 0.4 -1.6 n.m. Net Income 0.6 1.8 2.3 3.7 -37% pre-significant items Cash generated by o
Slide 10: Industrial: Adjusted EBITDA
FINANCIAL PERFORMANCE Industrial: Adjusted EBITDA Adjusted EBITDA of $9.9bn, down 6% y/y Metals and Minerals: $6.0bn Metals and Minerals: $7.0bn Reduction primarily driven by lower energy and steelmaking coal prices, partially offset by stronger metals pricing, particularly in the second half, and a
Slide 11: Industrial: Adjusted EBITDA bridge
FINANCIAL PERFORMANCE Industrial: Adjusted EBITDA bridge $bn FX: +$0.1bn: Primarily weaker AUD, KZT and CAD, partially offset by a stronger ZAR -0.5 +0.0 -0.9 +0.6 -0.0 +0.1 Cost: -$0.0bn: Volume: -$0.9bn: Material cost savings Primarily reflects lower year- delivered across the on-year copper volum
Slide 12: Industrial: Key commodity scorecard
FINANCIAL PERFORMANCE Industrial: Key commodity scorecard Copper Zinc Steelmaking Coal Energy Coal 2024 2025 % chg 2024 2025 % chg 2024 2025 % chg 2024 2025 % chg Production(1) 0.95Mt 0.85Mt -11% 0.91Mt 0.97Mt 7% 19.9Mt 32.5Mt 63% 99.6Mt 98.0Mt -2% Pre-credit unit cash cost 236c/lb 238c/lb 1% 304c/l
Slide 13: Marketing
FINANCIAL PERFORMANCE Marketing Marketing Adjusted EBIT ($bn) Adjusted EBIT: $2.9bn, -8% y/y Metals and Minerals: $2.4bn Metals and Minerals $2.8bn Overall solid result, around the mid-point of our recently upgraded long-term, ‘through the cycle’, guidance range of $2.3 to $3.5bn 2024 2025 p.a. Corp
Slide 14: Capital allocation: balance sheet – change in Net debt & working capital
FINANCIAL PERFORMANCE Capital allocation: balance sheet – change in Net debt & working capital 2025 movement in Net debt ($bn) (1) Leases and other, +$0.9bn Distributions and buy-backs, Net Reduction in +$3.5bn investments non-RMI (M&A), working capital, Net capex -$1.0bn -$1.6bn FFO, cash flow, -$8
Slide 15: Capital allocation: shareholder returns
FINANCIAL PERFORMANCE Capital allocation: shareholder returns Shareholder returns framework Illustrative proforma Net debt after adjustments Excluding Marketing lease liabilities and reflecting consideration of relevant cash • $10c/share (c.$1.2bn) 2026 base cash receipts/commitments in the current
Slide 16: Capital allocation: 2025 business reinvestment
FINANCIAL PERFORMANCE Capital allocation: 2025 business reinvestment 2025 Industrial capex and net Oil purchase and sale of PP&E • $6.9bn net capex cash outflow, up Energy 3% 8% from $6.7bn in 2024, largely Coal 7% reflecting a full year of EVR 8% Copper 4% • Capitalised Industrial segment capex of
Slide 17: Capital allocation: 2026f-2028f business reinvestment
FINANCIAL PERFORMANCE Capital allocation: 2026f-2028f business reinvestment Industrial capex (ex Cu growth projects) 2026f-2028f average(1): c.$6.5bn p.a., including: Copper: c.35-40% allocated to copper, comprising: • Alumbrera restart • Collahuasi’s Ujina Growth Project (to 210ktpd) • Extensive de
Slide 18: 2026 Guidance: production
FINANCIAL PERFORMANCE 2026 Guidance: production H1:H2 48:52 H1: 390-420kt Key commodities H2: 420-450kt 2026-2029 production guidance (1) 2025 2026f (2) 2027f 2028f 2029f Copper (kt) 852 810-870 930 1000 1100 Base copper business 752 755-815 895 975 1075 NickelZinc Department 100 c.55 35 25 25 Cobal
Slide 19: 2026 Guidance: copper mine unit cash costs
FINANCIAL PERFORMANCE 2026 Guidance: copper mine unit cash costs (1) Copper (c/lb) By-product credits Streaming impact Copper net unit cash cost is expected to significantly reduce Divisional overheads over the outlook period, as copper and related by-product Operating assets production ramps up Net
Slide 20: 2026 Guidance: mine unit cash costs/margins
FINANCIAL PERFORMANCE 2026 Guidance: mine unit cash costs/margins (1) Zinc (c/lb) Steelmaking coal ($/t) Energy coal ($/t) By-product credits Adj. EBITDA margin Adj. EBITDA margin Zinc net cash unit costs Steelmaking Coal FOB cash costs Energy Coal FOB cash costs 304 272 245 32.6 226 16.6 85.9 77.6
Slide 21: 2026 Guidance: illustrative spot annualised FCF
FINANCIAL PERFORMANCE 2026 Guidance: illustrative spot annualised FCF (1) Industrial ($bn) Steelmaking Energy Copper (2) Zinc (3) Other Marketing (6) Group Coal (4) Coal (5) Primary production 840.0kt 720.0kt 32.0Mt 97.5Mt Production from other departments -50kt -66.0kt Payability deduction c.60kt -
Slide 22: Uniquely positioned
Uniquely positioned CEO – Gary Nagle
Slide 23: Our 2026 priorities
UNIQUELY POSITIONED Our 2026 priorities Safework: Focus on Organic growth: Maintain a Value creation ambition to operational derisk and strong balance for shareholders: prevent work- excellence: successfully sheet: deliver related fatalities, deliver expected progress organic commitment to predictab
Slide 24: Investment case
UNIQUELY POSITIONED Investment case Exceptional portfolio Strategic role in Amongst the best Optimised and Constant focus of copper assets and supporting the Marketing franchises simplified operating on long-term projects should energy needs of in the industry, with structures value creation positio
Slide 25: Appendix
Appendix
Slide 26: 2025 cost/margin reconciliation
APPENDIX 2025 cost/margin reconciliation (1) Industrial ($bn) Steelmaking Energy Copper Zinc Other Marketing Group Coal Coal Primary production 851.6kt 969.4kt 32.5Mt 98.0Mt Production from other departments -99.9kt -152.6kt Payability deduction -136.0kt Net relevant production 751.7kt 681.8kt 32.5M
Slide 27: February 2026 announced shareholder returns calculation
APPENDIX February 2026 announced shareholder returns calculation $bn Marketing Industrial Corporate Total Adjusted EBITDA 3.6 9.9 13.5 Unrealised inter-segment profit adjustment -0.7 -0.7 Cash net interest allocation -1.1 -0.9 -2.0 Cash tax allocation -0.2 -1.3 -0.1 -1.6 UK tax matter -1.0 -1.0 Equi
Slide 28: 2025 Industrial capex by category
APPENDIX 2025 Industrial capex by category Ferro Steelmaking Energy Total Industrial Capex ($M)(1) Copper Zinc Met Ops Nickel alloys Coal Coal Oil 2025 Major Equipment Overhaul 154 25 68 20 8 63 259 597 Infrastructure 227 106 6 40 3 110 92 585 Smelters/Refineries 47 83 149 43 25 - - 211 558 Coal Han
Slide 29: 2026 Distribution timetable
APPENDIX 2026 Distribution timetable 1st tranche of 2026 cash distribution ($8.5 cents/share) H1 2026 Applicable exchange rate reference date (Johannesburg Stock Exchange (JSE)) Wednesday, 22 April Applicable exchange rate announced on the JSE Thursday, 23 April Last day to effect removal of shares
Slide 30: Safety as a proxy for operating discipline
OPERATING MODEL Safety as a proxy for operating discipline (1) Our ambition is to prevent all work- related fatalities, occupational diseases and injuries Our SafeWork initiative supports long-term sustainable change that promotes the elimination of fatalities and serious injuries SafeWork is built
Slide 31: Overview of HSEC performance
OPERATING MODEL Overview of HSEC performance Annual work-related fatalities by department, 2015-2025 (1) 18 16 14 12 10 8 6 4 2 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Copper Special projects Oil NickelZinc Warehousing Coal Ferroalloys 3yr avg 2025 Preliminary Results 31
Slide 32: Shareholder returns framework
APPENDIX 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 distribution Full-year results Half-year results annually at the full compri
Slide 33: Strong track record of shareholder returns
APPENDIX Strong track record of shareholder returns $27.2 billion of announced shareholders returns Announced shareholder returns 2021 to 2026 ($bn) since 2021 9.3 $14.1bn $4.3bn $8.8bn 8.4 Base cash Special cash Buybacks distributions distributions 2.7 c.$7.0bn purchase of EVR in 3.6 2024 1.5 • c.1
Slide 34: Illustrative copper growth pipeline
APPENDIX Illustrative 2000 copper growth pipeline (1) ktCu + Antapaccay district, including Quechua + NewRange – 145ktpd + El Pachón – 185ktpd + Collahuasi – New Concentrator Project + NewRange – 36ktpd + Agua Rica 1500 + MUMI – Sulphides + Antapaccay – Coroccohuayco + Collahuasi – LG stockpile leac
Slide 35: Copper growth options
c.1.4Mtpa APPENDIX of copper at Copper growth options (1,4) c.$16.6k / CuEq t Antapaccay Alumbrera MUMI Project name Coroccohuayco Agua Rica district - Quechua restart Sulphides Ownership 100% 100% 100% 100% 95% Location Peru Peru Argentina Argentina DRC Average CuEq LOM 75kt Cu (total) 165ktpa (2)
Slide 36: Copper projects
APPENDIX Copper projects (1,3) Average Average Indicative LOM Cu Average LOM CuEq Capital Mine Construction Indicative Indicative first project production LOM by-prod production intensity life Country Type risk FID production Capex ($bn) (kt Cu) production (kt CuEq) $k/CuEq tonne (years) Low: restar
Slide 37: Copper project pipeline – projected to be highly capital efficient
Collahuasi - LG leach 20.0 Brownfield CREATING VALUE Antapaccay - 10.9 Coroccohuayco MUMI - 2.2 Sulphides Agua Rica 19.6 Expected capital intensity ($k/CuEq t) (1) NewRange - 19.2 36ktpd Collahuasi - New concentrator 24.4 project Antapaccay - 6.4 Quechua NewRange - 18.1 145ktpd Glencore weighted 13.
Slide 38: Industrial: Copper production outlook
APPENDIX Industrial: Copper production outlook (1) Pathway back to >1Mtpa Copper Production guidance – own source copper (kt Cu) • Copper volumes expected to trend higher over the outlook Base Cu period to reach c.1Mt by 2028f and >1Mt thereafter, reflecting: business 752 755-815 895 975 1075 NiZn D
Slide 39: Industrial: Zinc production outlook
APPENDIX Industrial: Zinc production outlook (1) Production guidance – own source zinc (kt Zn) Base Zn Streamlined portfolio anchored around Australia business Cu Dept 817 152 635-675 (2) c.65 670 60 645 70 660 70 and Kazakhstan Group 969 700-740 (2) 730 715 730 Cu Dept • Expected zinc volumes step
Slide 40: Industrial: Steelmaking coal production outlook
APPENDIX Industrial: Steelmaking coal production outlook (1) Production guidance – own source steelmaking coal (Mt) Steady production profile over the outlook period Group 32.5 30-34 (2) 33 33 34 • With the addition of EVR, we now have a top-tier steelmaking coal business, comprising high- Australia
Slide 41: Industrial: Energy coal production outlook
APPENDIX Industrial: Energy coal production outlook (1) Production guidance – own source energy coal (Mt) Near-term stable production outlook Group 98 95-100 (2) 100 100 100 • Energy coal production volumes stable over the Cerrejón outlook period, but then expected to trend lower SA domestic from th
Slide 42: Footnotes
APPENDIX Footnotes Slide 4 – Financial scorecard Slide 16 – Capital allocation: 2025 business reinvestment (1) Refer to basis of presentation in the Financial and Operational Review, Preliminary Results 2025, (1) Refer slide 28 for Capex category definitions refer to Note 2 and Alternative Performan
Slide 43: Footnotes
APPENDIX Footnotes Slide 21 – 2026 Guidance: illustrative spot annualised FCF Slide 26 – 2025 cost/margin reconciliation (1) Figures are based on management estimates and current portfolio (except where indicated). (1) Refer slide 12 for underlying data. These estimates are subject to change. Totals
Slide 44: Footnotes
APPENDIX Footnotes Slide 37 – Copper project pipeline – Projected to be highly capital efficient (1) Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change. Brownfield and greenfield peer group data sourced from Barclays (Coppe
Slide 45: Glencore plc Baarermattstrasse 3 6340 Baar
Glencore plc Baarermattstrasse 3 6340 Baar Switzerland Tel: +41 41 709 2000 E-mail: investors@glencore.com glencore.com 2025 Preliminary Results 45