Glencore Plc · LSE:GLEN
Glencore — H1 2026 Earnings Presentation
28 slides from Glencore's earnings presentation, Aug 5, 2026
Slide 1: 2026 Half-Year Results
5 August 2026 2026 Half-Year Results Restart of mining at Alumbrera 2 June 2026
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: Half-year financial scorecard
OVERVIEW Half-year financial scorecard Financial ($bn) Marketing Industrial 10.1 +86% 10.2 -9% Near record first-half result, owing to the materially disrupted energy, Operationally, a solid half-year with our teams delivering production within market guidance Adj.EBITDA(1) Net debt(1) freight and o
Slide 5: Half-year operational scorecard – well positioned for copper production
OVERVIEW Half-year operational scorecard – well positioned for copper production volumes to reach c.1Mt by 2028f and our c.1.6Mt target by 2035(1) Alumbrera restart ahead Land access package MUMI Sulphides Coroccohuayco Quechua acquisition of schedule. Mining finalised, unlocking project gated to pe
Slide 6: ASX secondary listing (GLC.AX)
OVERVIEW ASX secondary listing (GLC.AX) Timing Targeting October 2026 for ASX listing. Ambition to achieve We are applying to establish a secondary listing on the ASX minimum ASX200 inclusion within A secondary Glencore ASX listing(1) (via CDIs): 12 months • unlocks enhanced access to a deep pool of
Slide 7: Financial performance
Financial performance CFO – Steven Kalmin
Slide 8: Half-year financial scorecard
FINANCIAL PERFORMANCE Half-year financial scorecard Adjusted EBITDA(1) Net Funding(1,3) +86% +8% $10.1bn $5.4bn $42.4bn $39.4bn Industrial Adj. EBITDA(1) Net debt(1,3) +72% -9% $6.5bn $3.8bn $10.2bn $11.2bn Marketing Copper 3.0 3.6 Marketing Adj. EBIT(1) $3.3bn +142% $1.4bn Ready Marketable Inv. $32
Slide 9: Industrial: Half-year scorecard
FINANCIAL PERFORMANCE Industrial: Half-year scorecard Industrial Adjusted EBITDA of $6.5bn, up 72% p/p Primarily reflecting higher commodity prices, partially offset by impact of the Middle East (ME) conflict on input costs, and stronger producer currencies Metals & Minerals Energy & Steelmaking Coa
Slide 10: Industrial: Adjusted EBITDA bridge
FINANCIAL PERFORMANCE Industrial: Adjusted EBITDA bridge $bn +0.2 -1.1 -0.4 +0.2 +3.8 H1 2026 $6.5bn H1 2025 $3.8bn H125 Price Volume Cost FX Other H126 Price: +$3.8bn Volume: +$0.2bn Cost: -$1.1bn FX: -$0.4bn Stronger average prices for key Higher copper and Primarily reflects the impact of the ME
Slide 11: Marketing: Half-year scorecard
FINANCIAL PERFORMANCE Marketing: Half-year scorecard Marketing Adjusted EBIT of $3.3bn, up 142% p/p • Near record H1 result, owing to the materially disrupted energy, freight and other markets, creating significant dislocations and trading opportunities during the period • Mathematically delivering
Slide 12: Capital allocation: balance sheet – change in Net debt & working capital
FINANCIAL PERFORMANCE Capital allocation: balance sheet – change in Net debt & working capital Half-year 2026 movement in Net debt ($bn) (1) Leases and other, +$0.3bn $10bn ordinary course Net debt Distributions and cap buy-backs, +$1.1bn Net Increase in investments non-RMI working FFO, (M&A), capit
Slide 13: Capital allocation: shareholder returns
FINANCIAL PERFORMANCE Capital allocation: shareholder returns Shareholder returns framework Illustrative proforma Net debt after adjustments Excluding Marketing lease liabilities and reflecting consideration of relevant cash receipts/commitments in the current year • After Marketing leases and relev
Slide 14: Capital allocation: business reinvestment
FINANCIAL PERFORMANCE Capital allocation: business reinvestment 1.6 H1 2026 Industrial capex(1) Industrial capex by segment ($bn) • Capitalised Industrial segment capex of $3.9bn, up from $3.4bn, the 1.1 majority of the increase comprising copper portfolio investments to 0.9 H125 H126 0.8 secure lan
Slide 15: 2026 H1 cost/margin reconciliation
FINANCIAL PERFORMANCE 2026 H1 cost/margin reconciliation(1,2) Industrial ($bn) Steelmaking Energy Copper Zinc Other Marketing Group Coal Coal Primary production 397.0kt 365.6kt 13.5Mt 47.4Mt Production from other departments -18.5kt -39.8kt Payability deduction -55.0kt Net relevant production 378.5k
Slide 16: 2026 Guidance: mine unit cash costs/margins
FINANCIAL PERFORMANCE 2026 Guidance: mine unit cash costs/margins (1) Zinc vs Feb 26 Steelmaking coal vs Feb 26 Energy coal vs Feb 26 -$0.4c/lb guidance -$48c/lb $124.6/t guidance $122.9/t $74.9/t guidance $71.9/t • Cost guidance update primarily reflects • Modest cost estimate increase (+$1.70/t) •
Slide 17: 2026 Guidance: copper mine unit cash costs
FINANCIAL PERFORMANCE 2026 Guidance: copper mine unit cash costs(1) Copper – operating assets $203c/lb – Group, of which Net unit cash cost (c/lb)(2) Operating assets of which H126 184 EBITDA ($M) H125 FY25 H126 $161c/lb – South America South America 161 South America 1119 3485 2116 $276c/lb - Afric
Slide 18: Illustrative 2026 EBITDA
FINANCIAL PERFORMANCE Illustrative 2026 EBITDA(1) Industrial ($bn) Steelmaking Energy Copper (2) Zinc (3) Other Marketing (6) Group Coal (4) Coal (5) Primary production 840.0kt 720.0kt 31.0Mt 98.5Mt Production from other departments -37.0kt -66.0kt c.60kt Payability deduction higher -109.0kt than Ne
Slide 19: Uniquely positioned
Uniquely positioned CEO – Gary Nagle
Slide 20: 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 21: Appendix
Appendix
Slide 22: 2026 Distribution timetable
APPENDIX 2026 Distribution timetable $8.5 cents/share second tranche of 2026 cash distribution + H2 2026 $8.5 cents/share August top-up cash distribution Applicable exchange rate reference date (Johannesburg Stock Exchange (JSE)) Monday, 17 August Applicable exchange rate announced on the JSE Tuesda
Slide 23: Shareholder returns framework
APPENDIX Shareholder returns framework Predictable 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 comprises: Dis
Slide 24: Strong track record of shareholder returns
APPENDIX Strong track record of shareholder returns $28.8bn of announced shareholders returns since Announced shareholder returns 2021 to 2026 ($bn) 2021 9.3 $14.1bn $5.3bn $9.3bn 8.4 Base cash Special cash Buybacks 2.7 distributions distributions c.$7.0bn purchase of EVR in 3.6 2024 1.5 • c.1.7bn s
Slide 25: Footnotes
APPENDIX Footnotes Slide 4 – Half-Year financial scorecard Slide 11 – Marketing: Half-year scorecard (1) Adjusted measures referred to as APMs are not defined or specified under the requirements of (1) $4.9bn FY 2026 Marketing adjusted EBIT based a H2 outcome representing the midpoint of the Interna
Slide 26: Footnotes
APPENDIX Footnotes Slide 16 – Guidance: mine unit cash costs/margins Slide 18 – Illustrative 2026 EBITDA (1) Figures are based on management estimates and current portfolio (except where indicated). (1) Figures are based on management estimates and current portfolio (except where indicated). These e
Slide 27: Footnotes
APPENDIX Footnotes Slide 20 – Our 2026 priorities (1) Refer slides 16 and 17 of the 3 December 2025 Capital Markets day presentation: https://www.glencore.com/.rest/api/v1/documents/static/232063d8-4ece-45a6-ac43- 5c19c32e920a/GLEN+-+2025+CMD.pdf Slide 23 – Shareholder returns framework (1) Industri
Slide 28: Glencore plc contact details
Glencore plc Baarermattstrasse 3 6340 Baar Switzerland Tel: +41 41 709 2000 E-mail: investors@glencore.com glencore.com 2026 Half-Year Results 28