Glencore states in line with their shareholder returns framework, a 2026 base distribution of $10c/share (c.$1.2 billion) is calculated basis 2025 cash flows.
Dividends:
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Glenvore recognises their Bunge NYSE-listed shares as surplus capital, being warehoused for appropriate monetisation for Glencore shareholders at some point in the future.
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Underpinned by the value of these shares ($4.0 billion on 13 February, reflecting an increase of $1.4 billion since close of the Viterra transaction in July 25), they are recommending a top-up cash distribution of $7c/share (c.$0.8 billion). The aggregate cash distribution of $17c/share (c.$2 billion) is intended to be paid in two equal instalments, in June and September.
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In 2025, distributions to equity holders and share buybacks increased to $3,466 million, up from $1,894 million in 2024, an 83% increase.
Other financial highlights:
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Glencore's standalone investment case is strong. Their regularly updated, illustrative annualised free cash flow generation at spot commodity prices, is currently a very healthy c.$7 billion.
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Net funding increased to $39.4 billion (vs $36.4 billion at the end of 2024), due to higher readily marketable inventories (RMI), up 12%, primarily driven by stronger metals prices, particularly copper, increasing 44% over the year from $8,653/t to $12,452/t
