Glencore (LSE:GLEN) posted a decline in full-year profit, as strength in copper prices failed to fully counter weaker contributions from its coal division.
The commodities group reported adjusted EBITDA of $13.5 billion, representing a 6% drop from the previous year. Revenue increased 7% year over year to $247.5 billion, while adjusted EBIT fell 14% to $6 billion. Earnings per share were $0.03.
“2025 was a year of significant progress, marked by a strong operational performance, continued portfolio optimisation and clear momentum for our copper-led growth strategy,” said Glencore CEO Gary Nagle.
“For the second consecutive year, we met our guidance for full year production volumes for our key commodities, reflecting the ongoing benefits of our recently optimised and simplified operating structures promoting greater accountability and delivery.”
Even with the softer earnings performance, Glencore said it plans to distribute $2 billion to shareholders, which includes an additional $800 million top-up payment.
The earnings announcement comes shortly after takeover discussions between Rio Tinto Group and Glencore broke down. The proposed tie-up, which would have created the world’s largest mining company, collapsed after the companies were unable to agree on the premium Rio Tinto would pay.
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