Swiss mining and commodities giant Glencore reported a dramatic turnaround in its first-half 2026 results, posting net profit of $4.4 billion compared to a $655 million loss a year earlier, as the Iran war supercharged energy trading markets and lifted commodity prices across the board.
The company adjusted EBITDA surged 86 percent year-over-year to $10.1 billion, while revenue climbed 49 percent to $174.4 billion. The standout figure was the marketing division, where trading profits jumped 142 percent to $3.3 billion, driven by massive dislocations in oil, liquefied natural gas, and freight markets caused by the ongoing Middle East conflict.
Energy trading alone contributed $2.66 billion in adjusted earnings, up from just $40 million a year earlier, a staggering 66-fold increase. CEO Gary Nagle said the oil and gas department was the primary beneficiary, capitalizing on significant dislocations across LNG, oil, and shipping markets since the conflict began.
Trading volumes surged to approximately 5.2 million barrels per day of crude and fuels, roughly 24 percent above Glencore 2025 average, as the company moved aggressively to exploit price gaps between different crude grades, shipping routes, and delivery points disrupted by the war.
The industrial segment also performed strongly, with adjusted EBITDA rising 72 percent to $6.5 billion. Copper prices rose 39 percent during the period, zinc gained 22 percent, and coal earnings jumped 35 percent to $2.4 billion. Copper hit record highs, buoyed by AI-driven data center demand and trade-related supply tightness.
Glencore announced an additional $1.5 billion in shareholder returns, including a special cash distribution of 8.5 US cents per share and a $500 million share buyback. Total 2026 shareholder returns now stand at approximately $3.5 billion. The company raised its full-year 2026 illustrative EBITDA guidance to roughly $19.7 billion.
In a significant strategic move, Glencore also announced plans for a secondary listing on the Australian Securities Exchange, targeting admission in October 2026. The company cited Australia deep pension capital pool and resources-focused investor base as key motivations, with ambitions to achieve ASX 200 index inclusion within 12 months.
The results underscore how commodity traders have emerged as major winners from the Iran war, which has sent Brent crude prices above $100 per barrel and created unprecedented volatility across global energy markets. Glencore shares rose more than 4 percent following the announcement.
Glencore 2026 Half-Year Report | Investing.com: Glencore Hits 7-Week High | AskTraders: Profits More Than Double
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