Glencore reported a net profit of $4.41 billion for the first half of 2026, a sharp recovery from a loss of $655 million during the same period last year. The company attributed this turnaround to significant adjustments in energy prices and heightened market volatility, particularly following the outbreak of conflict in the Middle East. Revenue surged nearly 49% to $174.43 billion, driven by strong performance in both trading and mining operations.
Trading and Mining Performance
The adjusted core earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 86% to $10.1 billion. The operating profit from trading activities increased nearly 142% to $3.3 billion, reflecting the impact of supply constraints on oil, liquefied natural gas, and freight capacity, according to CEO Gary Nagle. Mining operations also contributed significantly, with adjusted gross profit climbing 72% to $6.5 billion due to rising commodity prices.
Shareholders will receive a special dividend of 8.5 cents per share, totaling approximately $1 billion, and the company announced a new share buyback program worth $500 million. Overall, Glencore expects total shareholder returns to reach around $3.5 billion for the year.
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The surge in Glencore’s profits is likely to influence commodity markets, particularly in energy and mining sectors, as increased volatility may lead to higher trading volumes and prices. Investors will watch for continued fluctuations in energy prices, which could affect Glencore's performance in the second half of the year. Watch for updates on Glencore's trading strategies and market conditions as the conflict in the Middle East develops further.
Based on reporting by: oilprice.com, swissinfo.ch