Glencore PLC (LSE:GLEN) reported first-half profits below expectations despite stronger-than-forecast revenues, due to weaker coal pricing and lower copper production.
The commodity trading and mining giant revealed revenue of $117.4 billion for the first six months of 2025, almost exactly flat compared to this time last year and exceeding market expectations of $104.92 billion.
However, adjusted EBITDA fell 14% to $5.4 billion, which was shy of the $5.9 billion consensus estimate, with adjusted EBIT of $1.8 billion, down 37% and well short of the $2.56 billion expected.
Industrial EBITDA declined 17% to $3.8 billion, mainly due to weaker coal pricing and lower copper production, with the copper shortfall attributed to operational factors at several sites, including mine sequencing and water constraints.
A production rebound is expected in the second half, however.
Marketing contributed $1.4 billion in adjusted EBIT, down 8%.
Chief executive Gary Nagle chose to focus on the "significant progress in optimising the business and positioning for further value accretive growth", saying he expect healthy cash flow generation and deleveraging in the back half of the year.
A second tranche of the base dividend of $0.05 per share will be paid in September, with total announced 2025 shareholder returns increasing to $3.2 billion.
Net debt rose to $14.5 billion at period-end, reflecting capex of $3.2 billion, shareholder returns of $1.8 billion, and a $1.1 billion increase in working capital.
In July, $900 million in cash was received from the sale of agriculture business Viterra, resulting in Glencore announcing a $1 billion share buyback last month.