Glencore raises 2026 marketing profit view above $5 billion

Glencore announced on October 2, 2026, that it raised its full-year 2026 marketing adjusted EBIT projection to exceed $5.0 billion, up from its prior estimate of $4.9 billion. The marketing division delivered $3.3 billion in the first half of 2026, compared with $2.9 billion in marketing adjusted EBIT reported across the full year 2025.

The company also updated its long-term guidance range for marketing adjusted EBIT, setting it between $2.8 billion and $4.2 billion starting in 2027. This replaces the previous long-term range of $2.3 billion to $3.5 billion. The midpoint moves up to $3.5 billion from a simulated prior midpoint of $3.2 billion based on older inventory levels. Through the cycle, the marketing unit generates roughly 25% of group adjusted EBIT.

The updated methodology accounts for readily marketable inventories, which stood at $32.2 billion as of June 30, 2026. That represents an increase over the $25.4 billion reported on June 30, 2025, when inventory was 21% lower. Glencore applies an estimated marketing financing interest rate of 5%, reflecting a $300 million financing cost differential compared with the prior-year level.

Alongside the guidance update, Glencore expects trading to begin on the Australian Securities Exchange on October 14, 2026. The secondary listing will trade via CHESS Depositary Interests, with each depositary interest representing one ordinary share.