Wrap Text
ASX secondary listing and updated long-term Marketing Adjusted EBIT guidance range methodology
Glencore plc
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration
number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
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
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
m: +61 428 657 415
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
Francis De Rosa t: +61 2 8247 6352 m: +61 417 074 751 francis.de.rosa@glencore.com
www.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
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal
entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where
references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for
ease of reference only and do not imply any other relationship between the companies. Likewise, the words
“we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for
them. These expressions are also used where no useful purpose is served by identifying the particular
company or companies.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 02/10/2026 10:33:00
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