Glencore raises 2026 marketing guidance ahead of secondary ASX listing

Glencore PLC on Friday said it expects full-year marketing adjusted earnings before interest and tax to exceed USD5.0 billion, as it confirmed the date of its secondary listing on the ASX.

The Baar, Switzerland-based diversified mining company said the 2026 expectation reflected its near-record first-half marketing performance, primarily driven by"materially reshaped" crude oil, refined products, gas and freight markets.

Glencore separately updated its long-term, through-the-cycle marketing adjusted earnings before interest and tax guidance methodology, with the new methodology intended to apply from 2027.

The updated methodology gives a long-term guidance range of USD2.8 billion to USD4.2 billion, with a midpoint of USD3.5 billion, compared with its previous range of USD2.3 billion to USD3.5 billion.

For 2025, the firm had reported a marketing adjusted Ebit of USD2.9 billion.

Glencore said the updated methodology incorporates the relationship between funding costs and readily marketable inventories when determining expected marketing adjusted earnings before interest and tax.

Based on readily marketable inventories of USD32.2 billion at June 30 and current marketing funding costs of about 5%, the updated methodology produces a long-term midpoint of about USD3.5 billion.

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Readily marketable inventories were 21% lower at USD25.4 billion as of June 30, 2025. Glencore said this, together with about USD300 million of lower associated funding costs, would have produced a midpoint of about USD3.2 billion under the updated methodology.

Glencore confirmed its expected first day of trading on the ASX is October 14. Each Glencore Chess Depositary Interest will represent a beneficial interest in one Glencore ordinary share, it said.

Shares in Glencore were up 1.9% at 555.90 pence per share on Friday morning in London, while in Johannesburg, shares were up 2.2% at ZAR122.46.

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