Glencore profits surge, miner targets ASX listing in October

Glencore reported an 86% jump in first-half adjusted earnings on Wednesday, powered by its commodity trading arm capitalizing on energy market volatility triggered by the Middle East conflict, and announced plans for a secondary listing on the Australian Securities Exchange in October.

Trading Profits Drive Record Results

The London-listed miner and trader posted adjusted EBITDA of $10.1 billion for the first half of 2026, up from $5.43 billion a year earlier and beating analysts' average forecast of $9.5 billion. Net income swung to $4.4 billion from a $655 million loss in the prior-year period. Revenue climbed 49% to $174.4 billion.asktraders+1

The marketing division more than doubled its adjusted EBIT to $3.3 billion, while the industrial segment's EBITDA rose 72% to $6.5 billion. CEO Gary Nagle attributed the performance to the closure of the Strait of Hormuz chokepoint, which disrupted oil, LNG and freight markets and drove Brent crude to $120 per barrel.miningmx

"What began the year as a relatively well-supplied energy complex quickly shifted towards a focus on security of supply and access to physical commodities," Nagle said.miningmx

Australia Listing Targets Pension Capital

Glencore said it intends to apply for a secondary listing on the ASX via CHESS Depositary Interests, targeting admission in October. The company cited Australia's deep pension capital pool — the fourth-largest globally and fastest-growing among OECD nations — and a resources-focused investor base as key motivations.marketscreener+1

The move comes 12 months after Glencore abandoned plans to switch its primary listing to New York, and follows failed talks earlier this year with Rio Tinto ↗ 1.54% about a potential combination that would have created the world's largest mining company. Glencore also holds a secondary listing on the JSE in Johannesburg.wsj+1

"For Australian investors, it would provide increased access to diversified copper exposure at a time when local investment opportunities have diminished following industry consolidation," Nagle said.miningmx

Shareholder Returns and Outlook

The company declared a special cash distribution of 8.5 cents per share, totalling around $1 billion and funded by surplus capital from Bunge ↘ 4.72% shares received when its agri business Viterra merged with the U.S. commodities trader. Glencore also announced a $500 million share buyback to be completed by February 2027, bringing total 2026 announced shareholder returns to approximately $3.5 billion. Net debt fell $1 billion to $10.2 billion.lse

Glencore raised its full-year 2026 illustrative EBITDA guidance to approximately $19.7 billion. Shares rose more than 5% in London morning trading on Wednesday.asktraders