Glencore plc (GLEN) Earnings Call Transcripts

Glencore plc's Latest Earnings Call - May 28, 2026

In the Q1 2026 earnings call, Glencore plc reported an adjusted EBITDA of $13.5 billion, driven by strong performance in its marketing business, particularly in metals. The company maintained its production guidance, signaling confidence in its operational capabilities despite challenging market conditions. Management highlighted a focus on safety and organic growth in its copper business, projecting an increase to over 1 million tonnes by 2028. No changes to dividend guidance were mentioned, maintaining a cash distribution of $0.17 per share.

Reported metrics

Guidance from management

Glencore maintained its production guidance for 2026, projecting copper production to exceed 1 million tonnes. The company remains focused on safety and operational excellence as key priorities moving forward.

What management said

As, I've noted before the role of non-exec directors is not just complete by sitting round boardroom table. Last year, Board members visited the EVR facilities in Canada, the coal, oil and alloys in South Africa. When we go on these site visits, we meet with employees, unions, we see the community and we get a 360-degree view of what's happening in each location. With that, let me turn it over to Gary for his comment...

Thanks, Gary. I can now proceed to the formal part of today's meeting. Before taking a vote on the resolutions, I invite questions from shareholders. When seeking to ask a question, please raise your hand and hold your yellow proxy card as we may only take questions from shareholders. Gentleman in the front, please.

What analysts pressed on

Analysts expressed concerns regarding labor relations, particularly in Australia, questioning Glencore's approach to negotiations and the potential for brand damage due to ongoing disputes. There were also inquiries about the company's commitment to safety and social responsibility in its operations.

Main topics on the call

• Strong Financial Performance — Glencore reported an adjusted EBITDA of $13.5 billion for 2025, which was predominantly driven by its industrial asset base. CEO Gary Nagle stated, "a very pleasing year despite challenging headwinds and economic conditi...
• Safety Initiatives — Management emphasized a commitment to safety, noting a reduction in recordable injuries but acknowledging two fatalities in 2025. Nagle remarked, "our progression to zero harm is unrelenting," underscoring the company's ...
• Copper Production Growth — Glencore aims to increase its copper production to over 1 million tonnes by the end of 2026, with a long-term target of 1.6 million tonnes by 2035. This was described as making Glencore "one of the largest copper compani...
• Marketing Business Performance — The marketing business generated nearly $3 billion in EBIT, driven primarily by metals. Nagle noted, "a very pleasing result on the marketing business," which indicates strong operational execution in this segment.

Read the full Glencore plc transcript (May 28, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 22 Glencore plc earnings call transcripts on record, spanning February 18, 2020 to August 5, 2026. Based on this history, Glencore plc reports quarterly. The most recent call on file is dated August 5, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

GLEN

Exchange

LSE

Country

GB

Sector

Materials

Industry

Metals and Mining

Calls on record

22

First call

February 18, 2020

Most recent

August 5, 2026

Reporting cadence

quarterly