Glencore Plc Unsp/Adr (GLNCY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the Glencore 2025 Half-Year Results Conference Call and Webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star 1 1 on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw a question, please press star 1 1 again. Please be advised that this conference is being recorded. I would now like to hand the conference over to our first speaker today, Martin Fewings, Head of Investor Relations. Please go ahead. Thank you. Good morning. Thank you for joining us wherever you are. This morning, from the Glencore side, Gary Nagel, CEO, Stephen Kalman, CFO, and our Chief Operating Officer, Xavier Wagner, will be presenting today. I'll hand over to Gary now. Thanks, Martin. Good morning, everybody, and good afternoon for those dialing in from other parts of the world. Thank you for joining us for our first half results presentation 2025. The presentation is up on the website. Some of you will have it already. I think Martin sent it out to many of the analysts. And we'll skip straight to slide four, which is a familiar slide to all of you. We kept it the same format, so it allows for easy understanding of our presentation. and our results, and give you our 2025 first half scorecard. We all know this year started off with weaker commodity markets, some economic uncertainty around geopolitics, around tariffs, and we've seen, despite that, a very pleasing financial result for Glencore. Our adjusted EBITDA for the first half of the year, $5.4 billion, made up between our industrial asset business and our marketing business. focusing a lit...