Glencore Q2 2025 Earnings Call Transcript: Nagle, Fewings, Kalmin, Wagner Discuss Performance
ByAinvest
Wednesday, Aug 6, 2025 9:03 am ET1min read
GAP--
The company's Q2 2025 earnings were marked by a 17% decrease in Industrial Adjusted EBITDA and a 14% decline in overall Adjusted EBITDA compared to the same period in 2024. These decreases were primarily attributed to weaker coal prices and lower copper production during the first half of 2025. Despite these challenges, Glencore's Marketing Adjusted EBITDA remained robust, contributing $1.4 billion, a 8% decrease from the prior year [2].
The company's net debt increased to $14.5 billion, up from $11.167 billion at the end of 2024, largely due to increased net capex and shareholder returns. However, the company's net debt to Adjusted EBITDA ratio improved to 1.08x, indicating significant financial headroom and strength. The company expects healthy cash flow generation and deleveraging in the second half of 2025, with an expected reduction in net debt by year-end [2].
Glencore also reported an increase in its long-term through the cycle Adjusted EBIT Marketing guidance range to $2.3 to $3.5 billion, with the new midpoint of $2.9 billion representing a 16% increase from the previous guidance of $2.5 billion (ex-Viterra). The company remains optimistic about its ability to participate in bridging the gap between resource development and demand projections for certain commodities [2].
References:
[1] https://www.glencore.com/media-and-insights/news/2025-half-year-report
[2] https://seekingalpha.com/article/4809447-glencore-plc-glcnf-q2-2025-earnings-call-transcript
Glencore plc reported Q2 2025 earnings, with CEO Gary Nagle and CFO Steven Kalmin presenting. The company's Q2 results presentation is available on its website. No specific financial information is mentioned in the provided transcript.
Glencore plc, a leading global commodity trading and mining company, reported its Q2 2025 earnings today, with CEO Gary Nagle and CFO Steven Kalmin presenting the results. The company's Q2 results presentation is available on its website [1].The company's Q2 2025 earnings were marked by a 17% decrease in Industrial Adjusted EBITDA and a 14% decline in overall Adjusted EBITDA compared to the same period in 2024. These decreases were primarily attributed to weaker coal prices and lower copper production during the first half of 2025. Despite these challenges, Glencore's Marketing Adjusted EBITDA remained robust, contributing $1.4 billion, a 8% decrease from the prior year [2].
The company's net debt increased to $14.5 billion, up from $11.167 billion at the end of 2024, largely due to increased net capex and shareholder returns. However, the company's net debt to Adjusted EBITDA ratio improved to 1.08x, indicating significant financial headroom and strength. The company expects healthy cash flow generation and deleveraging in the second half of 2025, with an expected reduction in net debt by year-end [2].
Glencore also reported an increase in its long-term through the cycle Adjusted EBIT Marketing guidance range to $2.3 to $3.5 billion, with the new midpoint of $2.9 billion representing a 16% increase from the previous guidance of $2.5 billion (ex-Viterra). The company remains optimistic about its ability to participate in bridging the gap between resource development and demand projections for certain commodities [2].
References:
[1] https://www.glencore.com/media-and-insights/news/2025-half-year-report
[2] https://seekingalpha.com/article/4809447-glencore-plc-glcnf-q2-2025-earnings-call-transcript
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