Glencore PLC (LSE:GLEN) reported an 86% jump in first-half earnings and announced an additional $1.5 billion of shareholder returns as it enjoyed a boost from higher commodity prices and volatile energy markets.
Underlying profit (adjusted EBITDA) rose to $10.11 billion from $5.43 billion a year earlier, on revenue that increased 49% to $174.4 billion.
The commodities group declared a special cash distribution of 8.5 cents per share, worth around $1 billion, alongside a new $500 million share buyback. This lifted total shareholder returns announced for 2026 to roughly $3.5 billion.
Glencore’s marketing division generated adjusted operating profit of $3.3 billion, as indicated in its July trading update. This was up 142% and represented a near-record first-half result as the Middle East conflict disrupted energy, freight and related markets.
Industrial adjusted earnings rose 72% to $6.5 billion, reflecting higher commodity prices and solid operating performance. The benefits were partly offset by a weaker US dollar and higher costs linked to supply-chain disruption.
Net debt fell $1 billion to $10.2 billion despite $4 billion of net capital expenditure.
Glencore also plans to seek a secondary listing in Australia in October to broaden its shareholder base and improve trading liquidity.
The group indicated full-year adjusted earnings of around $19.7 billion at current commodity prices, supported by an expected increase in second-half production volumes.
