London, February 18, 2026, 09:02 GMT — Regular session
- Glencore shares up about 3% in early London trade after full-year results and a $2 billion shareholder payout plan
- Board set a US$0.17-per-share cash distribution in two tranches, subject to a May 28 AGM vote
- Congo land-access agreement at KCC underlines the group’s copper growth push
Glencore plc (GLEN.L) shares rose about 3% to 500.45 pence by 0902 GMT on Wednesday after the Swiss-based miner and commodities trader set out a $2 billion shareholder payout with its 2025 results. Adjusted EBITDA — a measure of operating profit before interest, tax and some one-offs — fell 6% to $13.51 billion, above an analysts’ $13.3 billion consensus, and CEO Gary Nagle said “the underlying momentum in H2 was clear.” It comes weeks after rival Rio Tinto abandoned takeover talks. (MarketScreener)
Investors had been looking for a clean read on cash returns after the Rio episode, and for signs copper can carry the story while coal stays soft. Nagle called 2025 “a year of significant progress” and said the payout includes a 10-cent base distribution and a 7-cent top-up, supported by Glencore’s remaining Bunge stake, valued at $4.0 billion on Feb. 13. Net debt ended 2025 at $11.17 billion, roughly flat year on year, the company said. (Glencore)
Glencore also said it finalised a land-access agreement with state miner Gécamines for Kamoto Copper Company (KCC) in the Democratic Republic of Congo, a package it expects to expand tailings capacity and stretch the mine’s life into the mid-2040s. “This agreement will allow us to unlock the full potential of KCC,” said Mark Davis, chief operating officer for Glencore’s Copper Africa region, though the company said closing still depends on registering the leases in the mining cadastre, the official registry. (Glencore)
In a separate filing, Glencore set out a timetable for an aggregate US$0.17 per share cash distribution, split into two US$0.085 instalments in the first and second halves of 2026. The payout remains subject to shareholder approval at the annual general meeting on May 28, with the first payment due on June 3 and the second on Sept. 18. (Investegate)
Glencore said second-half copper production topped 500,000 tonnes and it now targets more than 1 million tonnes annualised by end-2028, with a longer-run goal of about 1.6 million tonnes by 2035. Full-year copper output fell 11% to 851,600 tonnes, but the company’s Johannesburg-listed shares were up 4.4% in morning trade. (London South East)
In London, the stock closed at 486 pence on Tuesday, according to Investing.com data, and traded between 493.80 and 503.05 pence on Wednesday’s session so far. Volume was about 7.5 million shares at the time of that reading. (Investing.com)
But the coal drag has not gone away. The Financial Times reported weak coal prices hit Glencore’s energy and steelmaking coal business even as metals held up better. (Financial Times)
Traders next look to the May 28 vote and the June 3 cash payment for signs the distribution plan sticks, and for any update on when the Congo mining leases are registered. Copper prices and the value of Glencore’s remaining Bunge stake will do the rest.
