Global miner Glencore posted a sharp rise in first-half profit, driven by higher core commodity prices and a favourable marketing environment.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) reached $10.12 billion in January-June, up 86% year on year, while basic earnings per share stood at $0.37, compared with a loss of $0.05 in the same period last year.

Total operating revenue for the first half came in at $174.43 billion, up 49% from a year earlier, the company said in its H1 2026 operational report released on August 5.

Chief Executive Gary Nagle attributed the earnings growth to a balance sheet that met market expectations, supported by rising prices for core commodities and a favourable marketing environment.

"H1 2026 was characterised by the significant repricing of energy and closely related markets and risks, following escalation of the Middle East (ME) conflict. What began the year as a relatively well-supplied energy complex, quickly shifted towards a focus on security of supply and access to physical commodities," Nagle said. 

"Constraints across oil, refined products, LNG and freight capacity, drove heightened volatility across global energy and other markets"

As of June 30, Glencore's total assets stood at $155.45 billion, up 9% year on year, with total equity of $36.81 billion, up 10%.

Thermal coal output in January-June totaled 47.4 million tonnes, down 1.9% from a year earlier, while metallurgical coal production fell 14% to 13.5 million tonnes, according to the company's earlier production report.

Glencore slightly raised its full-year 2026 thermal coal production guidance to 96-101 million tonnes, from a previous 95-100 million tonnes. Metallurgical coal guidance was adjusted to 30-32 million tonnes, from 30-34 million tonnes.