18 February 2026
If you are covering the latest financial results from Glencore, please find below a comment from Maurizio Carulli, energy and materials analyst at Quilter Cheviot:
“Glencore has delivered results slightly ahead of expectations, helping lift its share price this morning. The company reported adjusted earnings of $13.5 billion, above the market consensus of $13.1 billion. While earnings are 6% lower than last year due to weaker coal prices, performance in the second half of 2025 was almost 50% stronger than the first, showing clear momentum heading into 2026. Earnings per share came in below forecasts, but this was largely due to non‑cash impairments linked to last year’s fall in coal prices. Glencore’s balance sheet remains solid, with net debt unchanged year on year at $11.2 billion and better than analysts expected.
“Shareholders will welcome the announcement of a 7‑cent special dividend, worth around $0.8 billion, on top of an increased ordinary dividend of 10 cents per share. The special dividend is funded by the rising value of Glencore’s stake in Bunge, received as part of the sale of its Viterra agricultural business. The combined payout lifts Glencore’s dividend yield from roughly 1.5% to around 2.5%.
“The elephant in the room is obviously the failed merger talks with Rio Tinto. It is likely that Glencore will now implement its own "internal M&A", possibly IPOing its coal assets in Australia, and very likely doing partial divestments and/or partnership deals for some of its individual mines and greenfield projects, similar to the 40% minority stake sale for its two copper mines in the Democratic Republic of Congo, and agreed with a US-government-backed corporate vehicle.
“Glencore has an excellent pipeline of copper mines development projects, and investors will likely focus on that going forward.”
