Glencore Plc Unsp/Adr (GLNCY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, good morning, good afternoon. Thank you for joining us here today, either here physically or online. Welcome to our 2025 financial results. Presenting today from Glencore, Gary Nagel, CEO, and Stephen Kalman, CFO. Gary, I'll hand over to you to begin. Thanks, Martin. Morning, those in the room. Morning, morning and good afternoon, good evening, wherever you are dialing in from around the world. Thank you for joining us for our 2025 year-end results. We're going to follow a similar format to how we follow each year. Martin's got a good formula on the presentation and I think it works very well. So we'll kick off as we normally do with our financial scorecard and where we ended the year. A very good year, particularly how we started the first half of the year. We stood here this time last year and we said the first half of the year would be a week year or week half year. It was a week half year. We finished off very strongly. Those who are here for the CMD will remember the presentation that we gave and some of the updates that we gave then. But we finished the year off very nicely, a $13.5 billion adjusted EBITDA for the year. Made up across the business. On the industrial side, close to $10 billion adjusted EBITDA. Very pleasing results. The main thrust of that came from the metal side of the business. In particular, copper had a very good year. Zinc had a good year. You've seen the second half of the year. Prices were much higher. Our production was much higher. I'd like to say that we did that on purpose, that we slow played the first half and got ready for the contango in the second half of the year. I won't take credit for that, though. That wasn't us, but it did work in our favor, so sometimes better lucky than good. So a particularly strong year in metals...