Glencore PLC
02 October 2026
Baar, Switzerland
2 October 2026
ASX secondary listing and updated long-term Marketing Adjusted EBIT guidance range methodology
Ahead of the expected first day of trading for Glencore's Australian Securities Exchange (ASX) secondary listing (ASX:GLC) on Wednesday 14 October, a corporate compendium presentation has been published on our website, which is accessible at: glencore.com/publications
Updated Marketing guidance methodology
Included in the presentation (pages 21 and 22; also attached below) is an updated long-term, through the cycle, Marketing guidance methodology which incorporates, via a matrix, the interplay between funding costs and Readily Marketable Inventories (RMI), on expected Marketing Adj. EBIT outcomes.
Our previous long-term Marketing Adj. EBIT guidance ranges (currently $2.3bn to $3.5bn) reflected materially lower RMI levels and an interest rate environment that has more recently broken to the upside. RMI has moved progressively and materially higher over the past few years, primarily due to movements in commodity prices, inflation, the commercial opportunity set and our overall business volumes and scale.
Applying the updated long-term, through the cycle, Marketing Adj. EBIT guidance matrix, with reference to 30 June 2026's RMI of $32.2bn and our current marketing funding cost of c.5%, the long-term Marketing Adj. EBIT guidance mid-point would be c.$3.5bn (range of c.$2.8bn to c.$4.2bn). RMI at 30 June 2025 was 21% lower at $25.4bn, which, reflecting c.$0.3bn of lower associated funding costs, maps to a reduced matrix Marketing Adj. EBIT guidance mid-point of c.$3.2bn.
This new long-term methodology is intended for application from 2027. Alongside our 2026 first-half results, we highlighted a mathematical full-year 2026 Marketing Adj. EBIT outcome of c.$4.9bn, noting the near record H1 marketing performance, primarily reflecting the materially reshaped crude oil, refined products, gas and freight markets and assuming an H2 result towards the top end of our previous guidance range.
We now expect full-year 2026 Marketing Adj. EBIT to exceed $5bn.
ASX Listing
The expected first day of trading for Glencore's CHESS Depositary Interests (CDIs) will be on Wednesday, 14 October 2026.
Each Glencore CDI represents a beneficial interest in one Glencore ordinary share. Glencore has appointed Computershare Investor Services Pty Limited to manage its CDI register in Australia.
Holders of Glencore ordinary shares, or their CREST participant (in the UK) or Central Securities Depository Participant (in South Africa) as applicable, may at any time request to convert their Glencore ordinary shares into Glencore CDIs by contacting Glencore's share registry in Jersey (Computershare Investor Services (Jersey) Limited) or South Africa (Computershare Investor Proprietary Services Limited) as applicable, with conversions subject to market standard operations and, from South Africa, subject also to compliance with Exchange Control Regulations.
The contact details for Computershare's Global Transaction teams in the UK, South Africa and Australia are:
UK
Phone: +44 (0)870 702 0003 Ext.1075
Email: uk.globaltransactions@computershare.com
Fax: +44 (0)870 889 3120
South Africa
Phone: +27 (0)11 370 7778/5190
Email: za.globaltransactions@computershare.com
Australia
Phone: +61 (0) 3 9415 4000
Email: au.globaltransactions@computershare.com
Footnotes:
Slide 21 - 19-year through the cycle Marketing Adjusted EBIT track record
(1) Refer "ASX secondary listing and updated long-term Marketing Adjusted EBIT guidance range methodology" RNS release dated 2 October 2026.
(2) Refer updated Marketing guidance methodology/matrix on slide 22 for 2027 onwards.
(3) Indicative range using 30 June 2026 RMI levels and 30 September 2026 funding costs
Slide 22 - Our updated Marketing Adj. EBIT guidance range incorporates, via a matrix, an assumed correlated relationship with levels of RMI & funding costs/interest rates
(1) Long-term through the cycle
(2) Being 30 September 2026 1-Month Term SOFR plus a margin
(3) Readily Marketable Inventories - comprising the core inventories which underpin and facilitate our marketing activities, represent inventories, that in our assessment, are readily convertible into cash in the short-term due to their liquid nature, widely available markets and the fact that price risk is primarily covered either by a forward physical sale or hedge transaction. RMI ordinarily turns >10 times per year.
For further information please contact:
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Investors |
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Martin Fewings |
t: +41 41 709 28 80 |
m: +41 79 737 56 42 |
martin.fewings@glencore.com |
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m: +61 428 657 415 |
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Media |
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Charles Watenphul |
t: +41 41 709 24 62 |
m: +41 79 904 33 20 |
charles.watenphul@glencore.com |
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Francis De Rosa |
t: +61 2 8247 6352 |
m: +61 417 074 751 |
francis.de.rosa@glencore.com |
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that advance everyday life.
With over 140,000 employees and contractors and a strong footprint in over 30 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of offices.
Glencore's customers are principally industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.
Important information
This material does not purport to contain all of the information you may wish to consider. For further important information, including in connection with forward-looking statements and other cautionary information, refer to the Important notice section of Glencore's 2025 Annual Report, which is available at glencore.com/publications. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities.
Other information
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