Glencore's Earnings Fall Despite Second-Half Recovery

By Adam Whittaker

Commodities giant Glencore reported a fall in full-year earnings despite an improved performance over the second half.

The company said Wednesday that adjusted earnings before interest, taxes, depreciation and amortization fell 6% on year in 2025 to $13.51 billion. This compares with analysts' expectations of $13.31 billion, according to a consensus compiled by Visible Alpha.

Glencore said that its performance reflected lower energy and steelmaking coal prices, but that this was partially offset by stronger metals prices, including higher zinc earnings.

Its metal traders reported a record performance, driven by the copper division as traders capitalized on trade dislocations and arbitrage opportunities, it said.

Meanwhile, its energy-trading division performed in line with the challenging market conditions, Glencore said.

Glencore said group adjusted earnings were nearly 50% higher over the second half of last year compared with the first half. Adjusted earnings at its industrial division rose 65%.

The company's talks with Rio Tinto on a deal that would have created the world's largest mining company collapsed in early February. The groups failed to reach an agreement on the key terms, which included Rio Tinto retaining both the chairman and chief executive roles, and pro forma ownership of the combined group.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

February 18, 2026 02:53 ET (07:53 GMT)