Glencore plc

Okay, good morning, good afternoon. Thank you for joining us here today, either here physically or online. Welcome to our 2025 financial results. Presenting today from Glencore, Gary Nagel, CEO, and Stephen Kalman, CFO. Gary, I'll hand over to you to begin.

Thanks, Martin. Morning, those in the room. Morning, morning and good afternoon, good evening, wherever you are dialing in from around the world. Thank you for joining us for our 2025 year-end results. We're going to follow a similar format to how we follow each year. Martin's got a good formula on the presentation and I think it works very well. So we'll kick off as we normally do with our financial scorecard and where we ended the year. A very good year, particularly how we started the first half of the year. We stood here this time last year and we said the first half of the year would be a week year or week half year. It was a week half year. We finished off very strongly. Those who are here for the CMD will remember the presentation that we gave and some of the updates that we gave then. But we finished the year off very nicely, a $13.5 billion adjusted EBITDA for the year. Made up across the business. On the industrial side, close to $10 billion adjusted EBITDA. Very pleasing results. The main thrust of that came from the metal side of the business. In particular, copper had a very good year. Zinc had a good year. You've seen the second half of the year. Prices were much higher. Our production was much higher. I'd like to say that we did that on purpose, that we slow played the first half and got ready for the contango in the second half of the year. I won't take credit for that, though. That wasn't us, but it did work in our favor, so sometimes better lucky than good. So a particularly strong year in metals, particularly copper, zinc, bar product from gold kicking through in the second half of the year from our zinc operations. So very pleasing results in metals. On the flip side, the energy side and steelmaking coal, a bit weaker. We saw prices were lower, particularly the first half of the year. It has been a tougher environment we've seen for steelmaking coal. Fortunately, we produced a higher quality both steelmaking coal and energy coal, and we're still able to be very cash-generative through that business. The second, probably the last quarter of the year, things looking a bit better and even into this year. We've seen this year things in both steelmaking coal and or prices in both steelmaking coal and energy coal looking stronger. Energy coal driven largely by Indonesian cuts on exports, which has lifted prices above $120 a ton out of Newcastle. We're very pleased with what we're seeing out of Indonesia. And in fact, as Glencore, you know, we're always one to try to stay ahead, and we may even consider our own cuts, despite the higher prices, we may even consider our own cuts to continue this momentum in the market. We're very happy to see Indonesia doing what they're doing. On the steelmaking coal side, price is also higher. We've seen spot prices up to 250. The forwards in the 220s all look very good. It's largely driven by some weather impacts in Queensland, as well as stronger steel demand and steel production out of India. So that resulted in a very good result on the industrial side. As I said, close to $10 billion of adjusted EBITDA. On the marketing side, also a strong year. You'll remember our old range of 2.2 to 3.2 billion, and we were always at the middle of that range of 2.7. Steve explained how we adjusted the range last year. We're now back in the middle of the new range, so higher than the middle of the old range. And remember, the new range or the new earnings excludes any VITERA trading profits that we had back in the day. So if you look like for like, it's materially higher than what we were achieving previously. So 2.9 billion adjusted marketing EBIT for the year. Again, that was driven largely on the metal side. Copper had a number of opportunities. There were trade dislocations. There were regional arbitrage opportunities. We had a very tight concentrate market. It's all playing in, and that was not only in copper but in zinc, all playing into a very strong trading set for our metals business during 2025. On the energy and steel making coal side, a weaker trading set available. It wasn't that, we know the prices were lower, but the trading set available to us was not there for us. So it was a year of more risk off. Pleasingly, we did see those opportunities coming back in the second half of the year, and in particular from about September, October, things came back. And second half of 2025, over the first half, was annualizing closer to where we were for 2024. And we started this year off nicely as well. So on the energy side, we're seeing things coming back nicely during the year. Our operational scorecard. This is a new slide on our key commodities and where we've landed up. Very solid performance. Two years in a row, we've now achieved our guidance across our key commodities. Steve and I did our roadshow in August last year, our midterm last year, interim results last year. And needless to say, I think 99 out of 100 people would have said there's no ways we would be able to put up a slide like this. So this slide is not a slide to say I told you so. It's more a slide to call out to our operational team. Xavier's here in the room. Earl Malamud's here in the room. He runs our coal business. It's a shout-out to John Evans. It's a shout-out to Suresh. It's a shout-out to Yarpi. It's a shout-out to Colin and our entire operational team. They assured us, they assured Steve and I, they would meet our production guidance, and they did. So it's a shout out to them. I certainly hope other than Earl and Xavier, none of them are watching this and they're out in the field doing what they should be doing. But I think this is important for us, where we're reestablishing ourselves as reliable operators, ensuring we deliver what we say we're going to deliver. Moving on to our portfolio scorecard, and we're going to talk about copper first. We'll get on to some of the other parts of the business in a second. We were here in December in this room on these very comfortable chairs. We made you sit for three hours. We won't make you sit for three hours today. Don't worry. But we just thought we'd give you a quick update on where we are and some of the projects that we outlined during the COPPA presentation. We obviously covered a lot of the rest of the business. But copper was the theme, the main theme of that presentation. And we've had some nice advancements in many of those projects. You'll remember our graph that we put up where we'll see growth back to our base million tonnes a year of copper production. We'll then grow to circa 1.6 million with the potential to go well over 2 million tonnes. Depends on which level we pull and we have a number of levels we can pull and that's the joy of our business. We're not relying on one or two different operations. Multiple levels to pull and we can be able to, we are able to increase production far in excess of where we are now, and even above the 1.6 million times if that's what we want to do by 2035. So, working from left to right through the various projects, Antepacay, as you know, is our great operation in Peru. We've always spoken about the extension and expansion in Coricuaico. The entire region is a very highly mineralized region. We were able to complete the acquisition of Quechua, which is just adjacent to Coricuaico and Antipacay, and that gives us two benefits. The one benefit of that is it's very highly mineralized, and that could be an extension of Antipokai in the same way as Kurokawaiko is an extension of Antipokai. So we may choose to go into Ketra before we go into Kurokawaiko. That gives us huge optionality just within that area. It also gives us optionality that if we do build Kurokawaiko first, we have access through the Quechua deposit back to the Antipokai pit and the Antipokai concentrator. So we no longer become ransomed around any land or issues around Corocoaico. It's a huge unlock for us, very pleasing result, very big step forward in the Antipokai region. In the DRC, we signed a non-binding MOU with the U.S. government-backed Orion CMC. I was in D.C. two weeks ago to sign that. We had the Deputy Secretary of State there. We had the head of the DFC. We had a number of officials there. It's a very exciting opportunity. What does this do for us? Firstly, it's a big confidence boost for the DRC. The DRC, we've always said, is a good country to operate in. It's a good country to invest in. Does it have its challenges? Yes, every country has its challenges. But this shows that this is a country that's open for business, that companies are ready to invest in the DRC. It also shows how important the U.S. is, or how important critical minerals are in the DRC is to the U.S., that they are backing a company like Orion to invest in the DRC. So that's great. And lastly, it's a nod in our direction about the value and quality of the mines that we have there. We've got a circa $9 billion value on the two operations we have there, KCC and MUMI, which is something we've always said, because of the quality of the deposit and the the great way the mines develop, there's a long-life hard value proposition for Glencoe in it, and this has proved it through that time. So very exciting opportunity for us, still early days, it's a non-binding MOU, but work has already started on that. The other exciting news out of the DRC is that KCC, we've been talking about land for, Steve, six, seven years now? Maybe longer? Yeah. Five plus years. We talk about the land. We've been promising it for five plus years. We've now finally delivered. Thank you to our partners, Jeckamines, great partners. They were able to unlock the land packages that we need. And what does that do for us? That allows us to be able to expand the mine, as we've always said and how we explained when we sat here in December. This takes the mine back up to around 300,000 tons of copper per year. It takes the life of the mine well into the 2040s. It's a very exciting opportunity. That land gives us the chance or the infrastructure, in fact, for dumping, for tailings, for power lines, all the sort of infrastructure that will support the existing pit, be able to push the pit back and make that operation or run that operation as effectively and efficiently as we can. Moving to Argentina, we have two RIGI approvals underway at the moment. One is for Mara, one is for Pechon. Both are going very well, very constructive and good dialogue with the Argentinian government, sharing a lot of information. We expect the Mara RIGI to come through before the Pechon RIGI. It's just the way they're sequencing it in terms of and able to manage the number of RIGI applications they have. Very exciting. We expect to have – I mean, with some luck, we'll get the MARA in the first quarter, but we're being a bit conservative here and saying we'll definitely have it in the – we expect it in the first half, and Pechon will come soon after that. We've also started our work on Alambrera, which, as you know, is an enabler for the construction of MARA later and the development of MARA, and we expect first production in 2028 in Alambrera. New Range is the joint venture we have with Tech, or soon to be Anglo Tech in Minnesota. Unbelievable deposit. The resource base through work that we've done in the extra drilling with Tech, we've increased that resource base by approximately a billion tons. This now is a bigger resource base than Resolution. It's a bigger resource base than Pebble. In fact, not only that, this is a deposit that is lower capital intensity than both and quicker to market than both. So very exciting. Like the others, it also has some permitting challenges, but fortunately we're moving through those quite well. We've met with the governor of Minnesota, very supportive of the project. We've got a good team operating there, and we expect to unlock, I think we've got 20 or 21 of the 23 permits we need for the first phase. So moving along nicely, and that will be a nice project once we get that fully approved. Some of the rest of the business, we've done some monetization, we've done some portfolio optimization, some portfolio simplification. Century Aluminum for the Americans, Century Aluminium for those this side of the pond. We've sold a part stake of our shareholding in Century. It's a great company. Jesse runs a great company. We're very pro the company. We want to maintain a meaningful stake in the company, but we felt that owning in the 40s, 45, 46%, whatever it was, didn't really make sense for us in terms of being able to use that cash and recycle it into other very high IRR opportunities. So we've taken some money off the table with Century, but we do remain committed to the company at a reasonable shareholding level. But we've been able to take that money back in, reinvest that at 20-plus IRRs. Great for shareholders, great for returns, and you've seen the returns that we've announced today. Portfolio optimization, simplification, number of initiatives underway. The RP in South Africa is doing a lot of work on the power tariffs with the South African government. The South African government very supportive, great government to work with, looking to find a solution. We've announced that Lion has reopened under a temporary tariff relief and we're looking to open two other ferrochrome smelters in South Africa if we get this tariff relief from the government by the end of February. We're more than hopeful. We're confident that we'll get that. As I say, the government's been very supportive of that, and that would put our ferrochrome smelting business right up there being internationally competitive with the rest of the world. For SARS-MELTA, you'll remember when we put that on care and maintenance. That obviously comes with a cost with it. We were able to sell that to a local Filipino business. We've moved that off the books. It means it takes less management time, and clearly we don't carry any of the ongoing care and maintenance costs. And even something that perhaps you wouldn't have known about, but we have a big port, or we had a big port on the Cienega Coast just near Santa Marta in Colombia. We built that port to service our Pradeco mines back in about 2010, 2011. Given that our business now has moved entirely to the La Guajira, and we don't have operating mines in Cesar anymore, this was a port that was being underutilized. Costs were... you know, the normal cost of keeping these ports operating, even for very small volume, didn't make sense for us. So we've sold that, again, funds back into Glencore and reinvested into the business. So that's left us in a very strong position, balance sheet very strong, we've declared a dividend today of $2 billion back to shareholders, very cash generative business, very strong and very happy with the first half, for the 2025 results. And with that, Steve will take you through the financial side.

Morning all here, and it's great to be back presenting also very clean and positive results and very good momentum in the business. What we've done on this particular chart, and we'll cover almost all these numbers later on in the presentation, is to just separate out H1 and H2. just to show the significant momentum and positivity and performance that's now going through the business and continuing on into 2026 when we show some of the spot illustrative cash flow generation at Ebitda in the business. We just ran out of a little bit of runway to catch up on 2024, another month or two, and that minus 6% would have been zeroed out. It would have gone positive at the rate of Ebitda generation in the second half. So you've seen a 50% increase half and half. Across the whole business, industrial was plus 65, and even marketing, which you expect that to obviously be a more constant business throughout, had a strong second half performance as well. So very good across the business. We'll look at the variances and the like. Net funding. Been here six months ago at 14.5, explained the bridges to where we were, showed the pathway towards sort of back to 10. Here we are back at that particular level where we started the year, notwithstanding having paid CapEx distributions during the year and continue to invest within the business as well. RMI, as you would expect in this pricing environment, has gone up. Copper would have been the biggest contributor there. Start of the year was at $8,600 and copper finished the year about $12,400 or so. So that's a 44% increase. We do carry units across copper and aluminum and nickel and zinc. But that was the biggest impact across $3 billion increase that we had across the RMI. And then strong metrics generally, as I said, will cover off all these levels. But even second half annualized over $16 billion. And you'll see it spot illustrative numbers later on at 18 billion plus or so so strong Momentum across all parts of the business came to 26 If we look at the industrial side Gary's given largely the reasons as well Chronicles within the financials itself. It was a strong performance particularly on the metal side as we picked up six billion to seven billion that was the zinc business second on the podium and both in its own right in terms of business, zinc prices and the likes, but gold definitely is a significant kicker, particularly at KaZinc. But the year-on-year increase on zinc business of that billion dollars was $800 just from zinc, of which $500 million was KaZinc. And the copper business having had a slow start for the year, both in the production and general contribution sense to pick up year-over-year in financial performance, notwithstanding the inability to sell much cobalt during the year, which does delay the generation of earnings, cash flow, and contribution from that business, but it has been supportive for cobalt price itself, which will help even delivering units under the quota system, and we do produce some non-DLC cobalt as well out of Canada and Australia specifically, so that's clearly helping there as well. The coal business, Gary had spoke about those. We'll see on the waterfall bridge on the next slide, you'll see where the different elements of the business come through. But the momentum clearly in the business is, you can see a $9.9 billion industrial EBITDA across the business. What we'll see later on, spot illustrative, is at $14.6 billion. And that's all elements of the business picking up momentum in terms of production, cash flow and the like. So our metals business at $7 billion. is now spot illustrative at $11 billion. So we've got $4 billion plus there. And the energy business lagging in terms of that recovery. We do need prices to move a bit higher to have that sort of back kicking as it's done in the past, clearly. And it's performing well, but it's an earning sleeper at the moment within the business, and we do see potential from that given some positive constructs in both those markets that Gary had spoken to. So 3.7 last year on the energy at the business spot. Illustrated is now at 4.2. So it is picking up. And second, our performance was a little bit better. I think the waterfall bridge, if we go to the... The next slide across there as well. So how do we go from 10.6 up to 9.9? The negative graphs, particularly on the pricing, belies the underlying components of significantly weaker on the coal year-on-year variance, which was actually negative 2.4. Metals was a positive year-on-year variance of 1.9. And we're closing sort of even at the half year when we hear that was a negative 1 billion year-on-year. It's closed the year at negative 0.5. So if you plot the two periods, you've had positive momentum build back into price variance. Of the metals, 1.9. The copper business contributed 1 billion of that. Copper prices, average prices were up 9% year-on-year. Zinc was 0.8. And even the little custom met assets, which were... Not saying they're doing well, but there was a slight performance in the business through particularly zinc TCRCs were a little bit better. And we do recover quite a bit of free metal out of our custom smelting business. And that free metal tends to be in the precious space. So whether it's some PGM gold silver, we do pick up. There's probably a couple hundred million that got picked up year and year. On the volume variance of 0.9, that was effectively all on copper being down 11%. We'll see later on Kalawhasi, the main contributor. We dropped 68,000 tonnes year-on-year at Kaloasi from 178,000 tonnes this year to 246,000. I think Kaloasi's story during the next year or two has been well chronicled. We're going through a low phase this year, pick up a little bit now in 2026, and then you see a snap back in 2027. That is a high-margin business when it's clearly kicking in, so when you're not getting those tonnes, it does lead to quite a quite a volume variance as well. The other impact was the lack of cobalt cells, which for us flows through as a volume variance, supportive for the market longer term. We support the initiatives of the DLC government in rebalancing and and restoring value within that particular commodity given their sort of market share, we'll start seeing the benefits of delivering into the quotas this year significantly up on 2026. The cost variance of negative, actually pretty pleasing, frankly. That's not easy to deliver an outcome there. There is inflation, just general inflation. There is some even input cost inflation that would exceed normal inflation levels. We see it in some of our... Australia, the marine operation, you saw high prices across sulfur, ammonia. You've seen labor, energy, maintenance in places like Kazakhstan is a little bit up above normal inflationary levels, reagents, asset costs within DRC. It was also fairly sort of tight markets. And of the $40 billion cost base that we have across industrial business, just 1% on that is going to move you up $400 million. We've been able to neutralize that to zero. across our cost variance, and that's that billion-dollar cost reduction program and initiatives across 300 sites that we also announced that is effectively done, delivered. More than half of that was banked in 2025. We'll have all of that fully delivered by the end of 2026. That was able to keep the variance at sort of break here, but would have been even positive. We've got a few quirks in the cost line, those ferroalloys businesses that Gary said that were in care and maintenance pending the tariff relief. They've been in a standing situation. They've been in care and maintenance. We've had to continue to pay workers and the like, so there has been a cost of carry there, compensated somewhat by the high oil prices across the business, but some of the expenses get taken there. And we did impair some of our custom smelting businesses last year. The Horn and CCR in particular, so even if you've got CapEx, we have to expense CapEx now, which goes through this OpEx line as well. So that was about $100 million in each bucket, so actually quite pleased with a zero variance. You've seen EVR. That'll disappear as we move forward. This is just reflecting the fact that there was a full year of EVR compared to half a year in the previous year. Quite a busy slide, this one, but I think quite useful across all the business to give our cost, volume and profit by key department. I'll spend a bit of time on copper because we have changed a little bit of the presentation format to provide a little bit more granularity around two particular elements. If you look at the, let's start at 2024 and you'll see what I mean by 2025. We show the unit cash cost. This is after byproduct. If you look at 24, we're at 1.74. This is at the operating asset level itself. So this is the consolidation of all the businesses as they come through, the Kalawasis, the Antakais, the Antaminas, the African business and the likes. You've got 174 and then we've had a few areas on top of that that the overall Glencore business has then had to absorb. There's been the opportunity cost historically of having done streams across the business. It's been topical in the last week or so. Antamina and Antipokai. It hasn't been a big opportunity cost up until this point. It's starting to bite a little bit more with gold and silver prices the way they are. And we also had divisional overhead in the copper business that was above the asset level. All of this still went through copper, but sort of geographically, it might be worth if we just go to page 26 quickly. I'll come back. So we've given the sort of build-up back of the industrial copper. This was showing how 3.9 billion or 4.1. Historically, we might have been more like 4.3, and then we would have had 300 million down in that development projects and other. Because streaming as well as divisional overhead was in development projects and other. And in fact, even when we were here giving our spot illustrators in previous times, we did capture that, which just wasn't captured in the net cost post streams and divisional overhead. So we always had a number about 300. We effectively pushed that extra $200 now up into the unit cost. And now the only thing that's – we'll look later on with the spot illustrator – the only thing we've got now in development projects – is development projects. The other has all been pushed up into the – we've used it to sort of reflect both the cost in absolute terms and to look at the unitization of those costs as well. So we'll get back. It'll make more sense then as we work through the various numbers. But we thought that was a more transparent and granularity way of looking at the at the various costs just because it was becoming a number that was more meaningful, particularly on the streaming side of the business as well. So on that copper side, so in 2024 it was really small. We had 10 cents on divisional. That is some of the savings of those organizational and the cost savings that we delivered across the business. On the copper you've seen it going down from 10 cents to 5 cents. The team, when they did take over, they effectively moved a lot of what was central overhead across regions. They pushed it down into the regions and some of that $1 billion was delivered within the copper business and would reflect the $0.10 going down to $0.05. You can see streaming historically very little in 2024. It was $0.04 across the business as well, so that was about $75 million or so that would have been in that development projects and other line. As we go into 2025, 183 is the cost at the underlying operations. Now, to get it up to 199, there's been 11 cents on streaming. Gold and silver prices have obviously picked up. We have cut overhead on the divisional side, so that's only 5 cents. So across those two elements, that's about $300 million, which is now captured there. Previously, it would have been down in the... It doesn't change where we get to at the end of the line in terms of 3.9, but we think there's a sensible way to... present and to give that granularity around the business as well and it'll make more sense as we look forward because we showed cost 26 and then we look forward into 2028-29 where our copper business is transforming both in scale and in cost competitiveness around the business and whereas the other businesses zinc steel making coal energy coal is more steady state over the next five years or so. So I think the rest is largely self-explanatory in how that's delivered the outcomes the progression of 3.9 billion EBITDA in copper will roll into where the spot illustrative, but it's now a 6.7 billion business. Slightly higher volume and obviously better prices. Prices has clearly helped some of these. The zinc was a 2.3 billion outcome in 2023. It's now 2.5. Spot illustrative. Steel making cold 1.9. It's now also 2.5. Pricing is helping on that basis spot and energy coal. 1.5, it's still about 1.5, but you can see prices and variances and I think it's well described. If we look then marketing quickly, we will come back to some of those slides. Gary's mentioned pretty much where we're at in marketing. down a little bit, but it belies the fact that year-on-year is actually quite similar across the aggregate of metals and steelmaking and energy. One's plus four, one's sort of minus four. The base period did have 165 million of the Terra earnings. We stopped reporting that during 2025 because of the sale, which completed in July. So year-on-year, like-to-like, is actually much closer, but a strong, pleasing result. Good momentum in the second half, better performance on the energy and steelmaking side. side as well and a generally good performance. We've got used to those numbers in the threes. It's all a very solid, very strong, very cash generating business as well as it converts into cash at the Glencore level as well. If we look at net debt, we stayed still. Good results stand still. $8.7 billion of our funds from operation. That's your EBITDA, interest and tax. Maybe you haven't had a chance to look through the financials, but I'm sure you will at some point. The big tax bill that was due, which we think we'll be, we've been funding the UK government now for a bit of time. There was a one billion payment to HMRC for many, many years and legacy payments. You have to pay everything in advance. That's the way it works until ultimately there's resolutions running through a UK-Swiss bilateral resolution process around where it is. We expect to get a significant amount of that back. They've taken the most conservative, aggressive approach position around how they want to send the bill and they have assessment rights that says you've got to pay and you've had to pay and this was the year of reckoning around accumulation of quite profitable years in the oil business which is where this particularly translates. So there was a billion dollars of tax that does come through that FFO line. It's sitting as an income tax receivable. We expect a significant portion of that given the merits and our conviction in potential outcome there. So that's parked for now. We're lending, we're sort of funding services and NHS here for a while, so your thanks is well noted. On the net capex, 6.9. We'll look at a slide on CapEx. Investment profile was actually generating. That was primarily the cash portion of the Terra into Bungie transaction of July 940 was the cash. Working capital had a strong reversal from H1. We were sitting here with an outflow of 1.1. It came back 1.6. I'd say there is a bit of a sugar hit to that. I think some of that will unwind in 2026. So the Q4 price pick-up accelerated, particularly to the end of the year, did create more of a receivables-payables mismatch in favour of releasing some working capital. In a more normal environment, I would expect that some of that will go back into the balance sheet during 2026, but we'll take it for now. Distributions and buybacks, cash was 1.2, share buybacks 2 billion, dividends to minorities mainly at Kizink. was 0.3 in potential there. So how does that translate into distributions and shareholder payments? We've done a normal calculation, a billion for marketing, 25% of industrial, that's come to 1.2 for the year. And what we introduced as well, and that if you just roll that forward, that says 10.2 Pay up the distribution of 1.2. Prima facie, you're not quite at your 10. It says that's where we've got deleveraging required, 1.4. This is all in a pro forma 1st of January sense that gets you towards your 10, which is our long-term optimum target. But we did create the surplus capital warehousing, which I think is a neat... concept around our bungee stake. We've said this is subject to lock-up and the like that gets released in July. This is something that is non-core for the business. We like the business. We think there's clear value. We're working with the team. We're sitting on the board. We support it. They're performing well within their industry as well, but ultimately this is going to get monetized in some way, shape or form for Glencore Sheldon's and whatever structure and form that makes the most sense to us. That will be something that's going to be part of our thought process over the next year as we take that forward. But there's no reason why we can't already ship some of that out the door in terms of the pre-empting and distributing something in anticipation of that eventual monetization. So $4 billion was the stake as of Friday, up already $1.4 billion since the close, so that's performing very well. Conservatively, we said let's reserve $1.4 billion towards the top graph and getting back to 10, but in reality we've continued to generate cash. So then 1.4 is not needed, but just graphically you say it would make sense to just park it upstairs. But the base business continues to generate and we're going to bring down our debt levels. So all of the bungy stock is ultimately up for distribution to shareholders in due course. But for the purpose of just now and prudently, we have topped it up another 7 cents, another 0.8 billion. to get to our 2 billion and 17 cents at this particular point in time. Even with that more conservative, there's still that 1.8 billion, which we've wanted to say that still represents 45% of the remaining. So even if the bungy stock for some reason was to decline in value, there is conservative prudent capital management around how we're setting ourselves up in this. And we did that, and there was form in how we looked already post-close to already do the billion dollar buyback that we did last year was to introduce that that concept as well. On the CapEx side, $6.9 billion was the net cash for the particular year. First full year of EVR. EVR is quite capital intensive, particularly during the next year or two. Water treatments and reinvestment in fleets. I think if you look at the detailed sheets, EBR itself is a little over $1.5 billion. It does over the next three years average out to more like $1.3 billion, and then longer term tapers down more towards the billion dollars. But year on year, it's quite interesting. Even on the $7.5 billion is what's been capitalized onto the balance sheet. There's a difference between cash and – but that's – there's some leases in there. There was the big lease that we've called out over at Kazink, 249. That was already there at the first half. We've signed, and this is not a multi-20-year. This is sort of a three- and four-year lease on a hydro facility that we've been operating, Bukthamba and Kazink, for decades, frankly. And previously it was an OPEX, and now we've had to – had to capitalize that onto the balance sheet. But taking out EVR as well as KaSync, the rest of the business like-for-like was actually 10% lower, CapEx at 668. We've shown a bit of a wagon wheel around where some of that CapEx is. There's a slide later on which shows it by commodity, by category, where some of the biggest spend it's in. deferred strip costs, deferred mining, which is really just capitalized OPEX in some sense. So this is through our big open-pit operations. That was the biggest spend, 25% towards the left. That was $1.9 billion. A big part in water treatment. You can see in the sort of one of the blue bars at the bottom. That was 0.9 billion. It's primarily at EVR. They're going through really this year and peaks last year, this year, and then starts tapering off those two very large projects, which Earl's nodding in the background. He's confirming that we should peak out, and EVR is going to normalize as we move forward. In terms of capex guidance, 26 to 28, no change from CMD. Exactly sort of as you were, 6.5 average next three years. and that's including a lot of copper, including the Albrera restart. Very capital efficient. There's only two to three hundred there in the Albrera restart over the next two or three years. We've also got a Zinc business. We've got 450 of the 600 for the 80k, the gold extension, expansion, which is both in an open pit as well as an underground sense. So there you've got that business in the absence of that would have been tapering off quite steeply in the next three or four years. You've got sort of quite meaningful life in the gold deposit, which is kicking in very well at KaZinc. You can see EVR 1.3 billion, average over 26 to 28, so what we expect that is down from where we were this year. A couple of growth projects, we discussed this at the CMD, there's a real bookend of where this could come as we FID and look to bring some of those projects and what the timing sort of makes sense. There's a hypothetical, you get on with Gary's sort of chart that he put up there in December when we go up over two, that's staggering everything at the earliest possible opportunity. You would have had 4.2 billion spent in the next three years, but you get to your 1.5 billion pretty quickly, 1.5 million of copper. With no FID, you're probably cumulatively spending 500 million just to buy the land and progress and do the studies and everything else. In reality, it's going to be somewhere in between, and we'll shed light on all that as we work through the business. But absolutely no change. on that since the CMD. Also no change in guidance, 26 as you were across all the businesses. This is the chart saving I think presented at CMD. There's detailed slides 38 to 41 which does shape all the different operations across, largely steady across Zinc. Nickel steps up with OD being commissioned later on in this year. You've got your 70 towards 80. as you were across both coal businesses over this particular period, and copper you've already got. Although we flattish on overall copper, the copper business itself actually goes up from 752 to the midpoint of 785, because we dropped copper out of our zinc business, which was the micro copper operation that did stop production at Mount Ice in the middle of last year. So we do pick up units this year on the copper, And then you've got quite a big increase in 27, that's particularly Kaloasi, as that snaps back. And Africa business, even more reinforced by the land package that we've now got, was in the sort of 250s, that's across both operation, into the 300s, about 300,000 next two years, and then up to 360,000 by 2028. But just to go back to all the CMD slides, it's all in there. There's no change to anything over there. So in terms of the long layup earlier on around the copper, copper's got its own slide now on costs, which I think makes sense as we want to roll it forward because it is a business that is in quite a bit of transition growth and delivery across the business and the cobalt sort of shorter term impacts that we are having as well. The 26, you can see the The 185 is now our unit cash cost for determining EBITDA, and that's with nothing below it other than maybe 100 million, just those development projects, because we've pushed the streaming impact that 24 cents. The reason we've separated it, it's not 11 cents, it's not 4 cents. If it was still 4 cents, 11 cents, we might have kept that still down in the down in the other area, but it was just more in granularity and financial build up. We thought it made sense and transparency just to bring it all in there. So 156 is actually coming out of the assets themselves. That's where we would have been but for the streams. The streams have put 24 back in there. The overhead's nothing, divisional overhead. So 185, still a good cost structure across the business, generating 6.7 billion of EBITDA, which we'll see later on. Direction of travel, which we thought is important, by 2829 that 185 is down at 118 and 108. Now why is it there? Now you've got higher production. Look at those numbers on the bottom right. You can see the step up in copper production, including from the copper department itself. It tapers off more from nickel zinc, but copper's sort of growing from the high 700s, and then you're at a million tons, 2028, 2029, Kalewasi, Africa. Those are some of the main contributors, a bit of Alvambrera, some other tons. may obviously come through there. You get the denominator impact, you're starting to get cobalt in our assumptions more normalizing that once you're out of the quota period in 26-27, we do feel like the market that we haven't assumed that it's just back to kind of cavalier days and as much cobalt comes up, we think it's still going to be tightly controlled to make sure that there's almost sort of a price that works within a band. These are some of the assumptions that we used which we gave those I think in the CMD as well. And then at current macros and a million tons in 2028, your copper business is now a 10 billion plus EBITDA business. If you just run the same macros, same through that cost structure in 2028, 2029, it's the most transformative, clearly, of all the businesses as we look. And this is not in the never-never. This feels like it's tomorrow, frankly, by the time we start 2028. So that's pretty good. Even on the streaming side, yes, it dilutes because of the higher denominator. We've also got an anthropokai stream by 2028. We've delivered certain volumes that we actually step back up in terms of the percentage of spot gold prices that we get. I think we're 20%. There's a step up to 30%, even 10% of all that starts making a reasonable difference at that point. So I thought useful slide on the copper. It will figure someone's thinking later on. The other, the zinc, steel-made coal and energy coal. all fits onto the one slide. Zinc continues to be a massive cash generator at these sort of byproduct prices and volumes that we have, a negative 48. It's even lower than the CMD number that we put up here given the ongoing projection of macros. We were 26 cents, we're now at negative 48. So there's going to be a tick up of earnings coming out of the zinc business. And from the two sides of the coal businesses, we've got some cost increase because of currency tailwinds. So to give you some perspective, we've rolled forward Aussie dollar, we were at 65 cents early December, we've used 70.5. The South African Rand was at 17.04, it's 15.74, so we can bet some of these probably have given back some of their sort of impact. Canadian was at 140, it's now 135. So like for like at the CMD in steelmaking, we're at 118.6, we're at 122.9 now, so you're up about $4 a ton across both steelmaking and energy. That's all currency tailwinds. Not all of that has then found its way into prices. You'd expect some of that to also as cost curves move and respond to some of these prices as well. So building the team, Earl's here. They'll work on making sure that they can continue to manage as efficiently and effectively as they can and deliver some good outcomes. If we then just finish up, we do our spot illustrative slide in the usual format. I think it's useful three, four times a year. We've given production no change there. We've given updated costs to the copper business now at $6.8 billion. for 6.7 after. That previously would have been exactly as I said, we could have cut that as a 6.7 billion, less 0.3. But I think this is just a better way of presenting those numbers as well. You get down to the same number, 6.7. That's increased quite a bit since CMD days. With copper price, I mean, it was 10,850, up to closer to 13,000 at the moment. To put copper in the overall industrial, we're now getting to 50%. And I saw there was someone that put a slide up the other day, when you start being at 50%, copper contributor in your EBITDA, you should start seeing ratings multiple and expansion and interest from our business. We're at 46% and growing, back to that previous chart. You sort of roll that forward, we're going to be a copper company at some particular point in time in terms of meaningful progression portfolio shifts as we go down. So copper business, zinc has progressed from $2 billion to $2.5 billion. Given progression, again, of pricing and metrics, we used gold at $4,200, it's now $4,900. Zinc was $3,000, it's now $3,300. So macro progression. Steel-making coal is, as you were, 2.5. We picked up sort of $4 in net realisation by price and cost up $4 has taken that away. Energy coal is down because of costs having eaten more into it than the price at the moment. but we're still at a reasonable new cost. We're a business that generates quite a bit of money, given it's in cash harvesting mode. CapEx is quite efficient in that business as well. The other has picked up a little bit. Nickel, of course, prices have picked up a bit. So it was a 0.4, it's a 0.6, but it's just part of the other bucket, an overall 18.1 to 7 billion of free cash flow. So a very healthy start and good momentum across all parts of the business. With that, I'll hand back to Gary to wrap it up.