Glencore PLC (GLEN.L): Q2‘26 production - solid marketing EBIT for 1H‘26 with largely unchanged 2026 production guidance

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Glencore PLC (GLEN.L): Q2‘26 production - solid marketing EBIT for 1H‘26 with largely unchanged 2026 production guidance

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29 Jul 2026 03:43:57 ET │ 14 pages

Glencore PLC (GLEN.L)

Q2'26 production - solid marketing EBIT for 1H'26 with largely

unchanged 2026 production guidance

CITI'S TAKE Buy

Price (28 Jul 26 16:30) £5.07 Q2'26 production results for Glencore came in broadly inline with copper

Target price £7.70 production at 197kt staying flat sequentially, with production for rest of

the portfolio rising sequentially. The key highlight of the results is Expected share price return 51.9%

marketing EBIT, where Glencore is guiding for $3.3 billion for 1H'26. The Expected dividend yield 3.9%

1H'26 expectations are at the top end of its full year guidance ($2.3-3.5 Expected total return 55.8%

billion), and should be a key driver for VA consensus upgrades for full year Market Cap £59,512M

marketing EBIT expectations, in our view. Elsewhere, Glencore has largely US$79,088M

maintained its full year 2026 production guidance across commodities,

with the top end of met coal production guidance lowered slightly, while

the energy coal guidance range increased marginally. Unit costs are

generally tracking ahead of the its full year guidance reflecting the lower Ephrem RaviAC

run rate of production for 1H'26. We flag that production increase in 2H'26 +44-20-7986-2462

should help the company to deliver on its full year cost guidance. ephrem.ravi@citi.com

Krishan M Agarwal

Production uptick largely on track for full year guidance — Copper production at +44-020-7986-4092

197kt stayed flat, while zinc/nickel/coal production picked up between 7-8% vs last krishan.agarwal@citi.com

quarter. We flag that Glencore has guided for 2H skew for its full year production