Glencore's H1 Core Earnings Surge 86%, Plans Secondary Listing in Australia
Miles Bennett
Glencore posted $10.1 billion in adjusted EBITDA for H1 2026, up 86% year-on-year — its second-highest ever. The company announced $1.5 billion in shareholder returns and plans to seek an October secondary listing on the ASX to narrow its London valuation discount.
Where did $10.1 billion in profit come from?
Three drivers fired at once: Middle East conflict pushed energy prices higher, and Glencore's trading arm delivered "one of its best periods ever."
Coal, one of the company's biggest profit sources, rode the surge in energy-market volatility.
Copper hit a record high, lifted by AI-driven demand growth and trade tariffs. This means → Glencore captured both the energy supercycle and the new-economy metals rally simultaneously, maximizing earnings leverage.
How is the $1.5 billion being returned to shareholders?
The company declared an extra $1 billion cash distribution plus a $500 million share buyback — $1.5 billion in total.
In plain terms = one hand pays cash directly, the other buys back stock on the open market — both routes funnel profits back to shareholders.
Why list in Australia?
Glencore has long believed its London share price undervalues the business and had evaluated alternatives including New York and Sydney.
The company's market cap is roughly $85 billion, making it one of the largest FTSE 100 constituents.
CEO Gary Nagle said an Australian listing would "broaden the investor base and improve trading liquidity," targeting completion in October on the ASX.
This reflects a broader shift: major miners increasingly prefer to list closer to their resources and buyers rather than relying solely on London.
After the Rio Tinto merger collapsed, what does this move signal?
Roughly six months ago, merger talks between Glencore and Rio Tinto fell apart — the two sides could not agree on the premium Rio should pay.
A successful deal would have created the world's largest mining company.
This means → with the merger route closed, the Australian listing becomes Glencore's alternative path to narrowing the valuation gap. The market will now watch one question closely: can a secondary listing actually bring the share price closer to what the business is worth?
Content is for reference only, not financial advice.