Glencore raises 2026 marketing EBIT outlook above USD 5 bn, updates long-term guidance

Under the updated framework, Glencore expects long-term Marketing Adjusted EBIT in a range of about USD 2.8 billion to USD 4.2 billion, based on Readily Marketable Inventories (RMI) of USD 32.2 billion as of June 30, 2026, and current marketing funding costs of around 5 per cent.

The company said its earlier long-term guidance range of USD 2.3 billion to USD 3.5 billion was based on materially lower RMI levels and a different interest-rate environment. RMI has increased over recent years, primarily due to changes in commodity prices, inflation, commercial opportunities and the overall scale of its business.

Applying the updated long-term, through the cycle, Marketing Adj. EBIT guidance matrix, with reference to 30 June 2026s RMI of $32.2bn and our current marketing funding cost of c.5%, the long-term Marketing Adj. EBIT guidance mid-point would be c.$3.5bn, Glencore said.

The company said the revised methodology is intended to be applied from 2027. It had earlier indicated a mathematical full-year 2026 Marketing Adjusted EBIT outcome of around USD 4.9 billion, assuming second-half performance towards the top end of its previous guidance range.

We now expect full-year 2026 Marketing Adj. EBIT to exceed $5bn, the company said.

Glencore's marketing business benefited from a strong first half, which the company attributed primarily to significantly reshaped crude oil, refined products, gas and freight markets.

On the London Stock Exchange, Glencore shares were trading at around 553.90 Pence Sterling, up 1.5 per cent.

Meanwhile, Glencore is set to begin trading on the Australian Securities Exchange on October 14 under the ticker ASX:GLC through CHESS Depositary Interests, with each CDI representing a beneficial interest in one Glencore ordinary share. The ASX listing will be a secondary listing alongside its existing markets. (ANI)