Glencore Plc (GLEN.L): JunQ’26 First Take: Marketing steals the spotlight. Buy

研报英文原文证据摘录

Glencore Plc (GLEN.L): JunQ’26 First Take: Marketing steals the spotlight. Buy

Equity Research

29 July 2026 | 7:40AM BST

Glencore Plc (GLEN.L): JunQ’26 First Take: Marketing steals the

spotlight. Buy

GLEN’s 2Q update is broadly positive. Copper production was marginally below Matt Greene

+44(20)7051-0489 |

expectations, although Collahuasi was largely as anticipated following AAL’s update. matt.greene@gs.com

Goldman Sachs International

The African copper assets performed well despite market concerns around diesel

Riccardo D’Agata

and sulphur availability following Middle East disruptions. Zinc and thermal coal +44(20)7051-0958 |

production exceeded expectations, while SMC disappointed, reflecting continued pit riccardo.dagata@gs.comGoldman Sachs International

sequencing/elevated stripping at EVR. As a result, SMC guidance has been lowered,

although unit cost performance remained better than expected. In contrast, the

Australian thermal coal business continues to perform strongly, with management

increasing its production guidance range, and costs have also been well contained.

Coal production remains weighted to the second half, with 52% of thermal coal and

56% of SMC volumes expected in 2H’26.

The standout surprise was Marketing, which materially exceeded expectations.

GLEN guided to 1H Marketing EBIT of $3.3bn, well above both GSe ($2.4bn) and

Visible Alpha Consensus ($2.3bn), suggesting trading conditions remained

exceptionally supportive during the period. The market had also been focused on

potential working capital movements, although management provided no

incremental commentary on the expected build in working capital or whether the

stronger Marketing performance would have any offsetting cash flow implications.