Glencore's full-year revenue rose 7% to $248bn ($239bn expected). Strong growth in metals and minerals, supported by higher copper and gold prices, was partly offset by declines in energy and steelmaking coal.
Underlying cash profit (EBITDA) fell 6% to $13.5bn, primarily reflecting significantly lower coal prices, partly offset by stronger metals pricing, particularly in the second half. Glencore also wrote down the value of its Cerrejón coal operations by $0.9bn.
Free cash flow was $1.8bn, down from $3.8bn in 2024. Net debt was flat year-on-year at $11.2bn.
Glencore returned $3.5bn to shareholders during 2025, including $2bn of buybacks. A further distribution of around $2bn ($0.17/share) has been proposed for 2026, paid in two instalments.
Based on current commodity prices, Glencore expects to generate around $7.0bn of free cash flow in 2026.
The shares rose 2.5% in early trading.
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Glencore key facts
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