Glencore Shares Surge as Profits More Than Double, Miner Unveils ASX Listing Plan

The Glencore share price has risen over 5% on Wednesday morning, touching 579.7p, after the FTSE 100 miner and commodities trader reported a sharp jump in first-half profits and announced plans for a secondary listing on the Australian Securities Exchange.

The group said Adjusted EBITDA rose 86% to $10.1 billion for H1 2026, while net income attributable to equity holders swung to $4.4 billion from a $655 million loss a year earlier. Revenue climbed 49% to $174.4 billion.

Chief Executive Gary Nagle attributed the strength to substantially higher commodity prices and a volatile energy backdrop following escalation of the Middle East conflict, which disrupted oil, LNG and freight markets. Marketing Adjusted EBIT jumped 142% to $3.3 billion, while the Industrial segment’s EBITDA rose 72% to $6.5 billion.

Net debt fell $1 billion to $10.2 billion, keeping leverage well within target. Glencore announced additional shareholder returns of c.$1.5 billion, including a special distribution funded by its Bunge stake and a new $500 million buyback, lifting total 2026 returns to c.$3.5 billion.

Perhaps most notably, Glencore said it intends to seek a secondary ASX listing via CDIs, targeting admission in October 2026, citing Australia’s deep pension capital pool and resources-focused investor base. The group also flagged progress on copper growth projects, including an accelerated restart at Alumbrera.

Glencore raised its full-year 2026 illustrative EBITDA guidance to c.$19.7 billion, reflecting continued strong pricing and expected higher H2 volumes.