Glencore plc

Good day and thank you for standing by. Welcome to the Glencore 2026 half-year results conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star, one, one on your telephone. You will then hear an automated message advising your hand is raised. To answer your question, please press star, one, and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Martin Fairwings, Head of Investor Relations. Please go ahead.

Thank you. Good morning, good afternoon. Thank you for joining us for our first half of 2026 results. A particular welcome to those joining from Australia. Speaking today, Gary Nagel, CEO, Stephen Kalman, CFO, and also joining us is our Chief Operating Officer Xavier Bartman. I'll hand over to Gary.

Thanks Martin. Good morning from Switzerland and for those in other parts of the world, good afternoon, good evening and maybe a very early morning for those in North America and South America. We've put out our results presentation so we'll take you through that. If we move into the presentation and start on slide four which is It should be a familiar slide to all of you, is our financial scorecard, our half-year financial scorecard starting on the industrial side. Operationally, a very solid first half of the year. Our teams, our operational teams delivering production within the market guidance range. We continue to perform operationally two full years in a row within the guidance range and now through the first half year within our guidance range. restated or kept our gardens for the remainder of this year. On the industrial side, a $6.5 billion adjusted industrial EBITDA. That's driven materially by a very strong metals and minerals contribution up year on year, primarily driven by higher prices. There have been high input costs, and Steve will talk a bit about that later as we get into the costs, but a very strong metals and minerals contribution. The energy and steelmaking coal contribution also very strong. We've seen higher prices through Newcastle Energy Coal driven up by higher energy prices, and we've seen strong demand for steelmaking coal through the first half of the year. Again, some offsets through increased particularly diesel costs, and we'll go through those a little bit later. We've also seen some higher refining margins and given our refining exposure in both Singapore and particularly Cape Town, that's landed up allowing us to have a $6.5 billion adjusted industrial EBITDA for the first half of the year. On the marketing side, a $3.3 billion adjusted marketing EBIT. It's a near record first half result. I think we've only had one other half which has been higher than that. Plc Unsp Unsp Unsp Unsp Also a very strong result, lower than last year, but you will remember that last year was a record year. So very pleasing results on metals and minerals, but obviously not competing this year with a very strong oil and gas business. So the two together have allowed us to publish a financial result in adjusted EBITDA for the first half of the year of $10.1 billion adjusted EBITDA. And that's leading to a net debt of $10.2 billion. Steve will talk you through how that's made up and the contribution or how much of that is marketing leases and how we look at debt. A very cash-generative first half, funds from operations up 158% at $8.1 billion. And as a result, we're able to declare a top-up shareholder return this year of $1.5 billion. That's going to be a billion dollars of cash and the positiveness and confidence we have in our business. We're also declaring a half-a-billion-dollar buyback. of our own stock over the coming six months. Moving on to slide five, it's a bit of a scorecard update of what we presented in December of last year at our Capital Markets Day on our copper portfolio and our leading portfolio that will take production back up to a circa one million tonnes of annualised production by 2028. And then our growth portfolio, which will take us to somewhere around 1.6 million tonnes target by 2035. And of course, that could be higher should we accelerate any of the projects beyond what we currently planned. So if we go through each of these in a little bit more detail, starting on the top left with Alambrera Restart, and you would have noticed the photo, or maybe on the front cover of our presentation, is the first blast in Alambrera. The guys at the business have done a good job color coding that and color-scheming the blast in the colors of the Argentinian flag, so very proud of that. And so we are ahead of schedule, in fact, at Alhambra. We originally were expecting to see first production in the first half of 28. We now believe we'll see first production in the back end of 27, so therefore an improvement on the schedule at Alhambra. Moving on to the DRC. And we did announce this earlier in the year, but at KCC we secured the land package that was long-standing and something that we had been working for many, many years with Jeckamines to secure. We've done that in a very good manner with Jeckamines. As we explained earlier, that extends the life of mine of KCC. It improves productivity. There's certainly cost improvements as a result that comes out of that. And that gives us our pathway back to 300,000 tons of copper a year out of KCC, which underpins that million tons a year by 2028. At Mooney, we've gated the feasibility study for the sulfides. That was gated in April 2026. It will be followed by an investment committee review, and that feasibility and project remains on track and on schedule. In Peru, Antipacay, we have two boxes in Antipacay, maybe we can talk about them together. We did announce the acquisition of the Quechua land. That's completed and fully integrated within our business. The drilling program on Quechua will start soon. And at the same time on Coricawaico, permitting and land access is advancing. Having both of those within the Antipokai District gives us maximum flexibility where we can develop Coricuaico first or we may pivot and develop Quechua first and leave Coricuaico till later. It's just a hugely mineralized deposit and having more optionality within the resource base gives us material flexibility and an upside. Back to Argentina, the bigger project there which is Mara. Feasibility Engineering is underway. We will be submitting our environmental permit application in the coming weeks. As soon as that's submitted, and that takes approximately one year to get approval, but once submission is done, there are no more restrictions or limitations in terms of being awarded the RIGI. Our RIGI application is in, and we expect a RIGI award soon after the submission of the environmental application. Alpachan, which is the big greenfield project on the border of Chile and Argentina. You would have seen that the Glacier Protection Act was amended and passed into law by the Argentinian government. That removes any of the existing restrictions around the glaciers and our ability to now take that project into feasibility. A number of trade-off studies are being done. has been substantially completed. We still do drill in certain areas to make sure we're not going to build infrastructure on areas where we may want to mine later, and we're targeting environmental permit submission sometime in the first half of next year. Moving up north to the United States, the New Range Copper-Nickel Project, NorthMet, the NorthMet land acquisition package was secured toward the end of July. The federal wetland permit application has been submitted. also in July, and we're targeting to gate this to feasibility in the back end of this year. On Kaiowati, and I know Duncan spoke quite a lot about it on his call, the leaching restart is underway, and we do expect first cathode out of that leaching facility by the end of this year as well. In terms of the fourth line, the feasibility study is also underway. We approved it. The board approved it in February 2026. that work is underway and we continue to keep that on schedule. Moving on to slide six, we did announce this morning that we are going to establish a secondary listing on the Australian Stock Exchange. We're targeting a October 2026 listing and our ambition is to achieve minimum ASX 200 inclusion within 12 months. Now the ASX 200 requires one and a half billion dollars or one and a half Australian of stock held on the ASX line. We believe that is fully achievable and our vision goes well beyond the ASX 200. We believe soon thereafter we can in fact get ASX 100 inclusion, which requires approximately five and a half billion Australian dollars on the Australian line. Why do we believe we can get there? If you look at the green wagon wheel below, you can see what we've done in South Africa. A little bit like Australia, we have a secondary listing there. And organically and over time, we've built up a big shareholding in South Africa. We have approximately 8% of our register in South Africa right now, held on the JSE line. That's equivalent to just under 10 billion Australian dollars. So as a proxy for what we've done in South Africa, we can certainly see that as a read across to Australia, and there's no reason to believe why we cannot have ASX 100 inclusion in a short period of time. So why are we doing this? Well, the main reason we're doing this is actually a lot of reverse inquiry. Steve and I were down in Australia in the early half of this year, meeting with a number of investors, and there was a lot of interest in our company. very much interested in investing in our company, investing in our copper story and our copper play. As you know, the Australian Stock Exchange lacks material copper exposure, particularly with Oz Minerals and Metals Acquisition Corp no longer being listed there. There are some copper exposure plays, but they are limited now. So there's an interest in our copper pipeline, our copper project, our base copper business. But more generally in Glencore as a whole and the value creation that we're after in Glencore. We have a number of super funds who are invested already in Glencore and we've had a number of them say to us that they are restricted in terms of how much they can invest in Glencore because of internal rules around how much needs to be invested on the ASX and how much they can invest in the offshore line. And they have said to us that if there was an ASX line, they'd be able to invest a lot more in Glencore. We see the ability to access these pools of capital. There are very deep pools of capital there. The way the structure is set up around pension funds and super funds in Australia where there's a mandatory contribution to these funds. These funds keep growing every year. And Australians are smart investors. They understand the mining industry given the nature of the economy. They understand it very well and therefore they understand our business very well and there seems to be a growing demand for our stock. The other benefit of the ASX versus perhaps some other exchanges around the world is the ability to get index inclusion on a quite a mathematical and simplified basis. And as I spoke through it earlier on the slide, our ability to get into ASX 200 and ASX 100 over a period of time. So that provides us enhanced financial flexibility, having ASX securities as well. And it's really underpinned by the fact that we have a very large Australian business. We have over 17,000 direct employees. We contribute materially to the Australian economy. We produce coal, we produce copper, we produce zinc, we produce nickel. We're well known in Australia, and it makes a lot of sense for our company. And with that, I'll turn it over to Steve to take you through the financial performance.