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1. Accounting policies
Corporate information
Glencore plc (the \u2018Company\u2019, \u2018Parent\u2019, the \u2018Group\u2019 or \u2018Glencore\u2019) is a leading integrated producer and marketer of natural resources, with worldwide activities in the production, refinement, processing, storage, transport and marketing of metals, minerals and energy products. Glencore operates on a global scale, marketing and distributing physical commodities sourced from third party producers and own production to industrial consumers, such as those in the battery, electronic, construction, automotive, steel, energy and oil industries. Glencore also provides financing, logistics and other services to producers and consumers of commodities. In this regard, Glencore seeks to capture value throughout the commodity supply chain. Glencore\u2019s extensive experience as both a commodity producer and merchant has enabled it to build deep expertise in the markets it serves and establish enduring relationships with a broad network of suppliers and customers across multiple industries and regions.
Glencore is a publicly listed limited company incorporated in Jersey at 13 Castle Street, St Helier and domiciled in Switzerland. Its ordinary shares are traded on both the London and Johannesburg stock exchanges.
These consolidated financial statements were authorised for issue in accordance with a Directors\u2019 resolution on 10 March 2026.
Statement of compliance
The consolidated financial statements have been prepared in accordance with the recognition and measurement criteria of:
\uf0b7
United Kingdom adopted international accounting standards; and
\uf0b7
IFRS\u00ae Accounting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB).
Climate change-related considerations
The Group\u2019s 2024-2026 Climate Action Transition Plan outlines its industrial emissions (Scope 1, 2 and 3) reduction targets, relative to a restated 2019 baseline, of 15% by the end of 2026, 25% by the end of 2030 and 50% by the end of 2035, and its ambition to achieve, subject to a supportive policy environment, net zero industrial emissions by 2050. Following the approval of our 2024-2026 Climate Action Transition Plan, we completed the acquisition of a 77% interest in Elk Valley Resources (EVR). We are planning to incorporate EVR into our next Climate Action Transition Plan, recognising that the transition away from steelmaking coal for steel production will be slower than energy coal, as well as the limitations of existing technology to address Scope 3 emissions in the steelmaking sector.
We recognise that to achieve our 2050 net zero industrial emissions ambition there is a need for significant global technological evolution and advancement, and coordinated and supportive government policies, including incentives to drive accelerated uptake of lower-carbon and decarbonisation technologies, and market-based regulations governing industrial practices that drive a competitive, least-cost emissions reduction approach, most of which are not within our direct control or ability to materially influence but are critical to our ability to achieve our net zero industrial emissions ambition by the end of 2050. Our long-term ambition is therefore subject to such a supportive policy environment and, for that reason, we have expressed it as an ambition rather than a target, which is more appropriate for activities and actions deemed within our direct control.
The accounting-related measurement and disclosure items that are most impacted by our targets and initiatives, and climate change risk more generally, relate to those areas of the financial statements that are prepared under the historical cost convention and are subject to estimation uncertainties in the medium to long term. Climate change impacts can also introduce more volatility in assets and liabilities carried at fair value. Future changes to the Group\u2019s climate change strategy or realisation of global decarbonisation ambitions quicker than currently anticipated may impact some of the Group\u2019s significant judgements and key estimates and result in material changes to financial results and the carrying values of certain assets and liabilities in future reporting periods. The Group\u2019s current climate change strategy is reflected in the Group\u2019s significant judgements and key estimates, and therefore the Financial Statements, as follows:
(i) Property, plant and equipment and Intangible assets \u2013 estimation of the remaining useful economic life of assets for depreciation and amortisation purposes
Property, plant and equipment and intangible assets are depreciated/amortised to estimated residual values over the estimated useful lives of the specific assets concerned, or the estimated remaining life of the associated mine, field or lease, using a straight-line or a units of production over recoverable reserves method. The estimated useful lives of our specific assets and/or operations (and therefore the rate of depreciation/amortisation) aligns with our climate change targets and ambition. Property, plant and equipment and intangible assets policies are further covered below and within impairment and impairment reversal estimation uncertainties, together with key estimates and sensitivities pertaining to a reasonably possible change in the realisation of global decarbonisation ambitions, which could also change the useful economic lives of the related assets.
(ii) Restoration, rehabilitation and decommissioning provisions \u2013 estimation of the timing of closure and rehabilitation activities
A provision for future restoration, rehabilitation and decommissioning costs requires estimates and assumptions to be made around the relevant regulatory framework, the magnitude of the possible disturbance and the timing, extent and costs of the required closure and rehabilitation activities. Many of these rehabilitation and decommissioning events are expected to take place when the underlying commercial reserves are extracted and the operations move into closure mode. Our current estimates of the timing of these closure activities align with the trajectory of our industrial emissions reduction targets and ambition.
Sensitivities pertaining to a reasonably possible change in the realisation of global decarbonisation ambitions (i.e. the timing of the restoration, rehabilitation and decommissioning costs) of our fossil fuel-related obligations are outlined below in the key estimation uncertainty - restoration, rehabilitation and decommissioning costs.
(iii) Property, plant and equipment and Intangible assets (including the carrying value of goodwill in our coal marketing CGU) \u2013 estimation of the valuation of assets and potential impairment charges or reversals
The Group acknowledges that there is a wide range of possible energy transition scenarios, including those aligned with the Paris Agreement goals, that would indicate different outcomes for individual commodities. The decarbonisation transition could result in increasing or decreasing demand for the Group\u2019s various commodities, due to policy, regulatory (including carbon pricing mechanisms), legal, technological, market or societal responses to climate change. On the negative side, these may result in some or all of a cash-generating unit\u2019s reserves becoming uneconomic to extract and/or our coal marketing CGU no longer being able to generate returns and realise the benefits of its associated goodwill balance.
We use actual carbon prices where they exist to assess the sensitivity of our industrial assets to possible future carbon prices in order to assess the potential impacts on investment decisions as well as commodity-specific operating cost curves and related supply/ demand outcomes, arising from existing and future potential carbon pricing regulation. A key component of this analysis is to understand the potential development of a range of underlying cost curve structures over time and to consider, identify and make reasonable judgements, on the extent to which costs are likely to be passed onto the end user. Our analysis shows that under the IEA\u2019s NZE 2050 scenario, marginal supply costs would increase by at least 10% to potentially over 60%, for the range of our most relevant and material commodities. We expect the rising cost of carbon will increase operating costs, increasing the cost of production, which, in turn, would ordinarily be passed on to end users through increased commodity prices. In fact, first and second quartile (below average) emission intensity producers, where we see the weighted average of our portfolio residing, are likely to see margin expansion.
Notwithstanding the above, for energy coal and other fossil fuels, should global decarbonisation ambitions materialise along the IEA\u2019s Stated Policies Scenario or other more ambitious net zero scenario, essentially an accelerated displacement of energy coal and other fossil fuels as an energy source, the potential impact on the current carrying value of these cash-generating units is outlined below in the key estimation uncertainty \u2013 impairments and impairment reversals (Sensitivity to demand for fossil fuels). It should be noted that, under accelerated emission reduction scenarios, we would expect to see positive valuation developments within our industrial production portfolio exposed to the metals currently required to deliver such rapid decarbonisation scenarios, including copper, nickel and cobalt.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the consolidated financial statements requires management to exercise judgement and apply estimates and assumptions that affect the measurement of reported assets and liabilities, the disclosure of contingent items at the reporting date, and the recognition of revenues and expenses during the period. These estimates and assumptions are reviewed regularly and are based on historical experience, observable market data, independent valuations and industry standard modelling techniques, together with expectations of future events considered reasonable under the circumstances. Actual results may differ from these estimates and may result in material adjustments to the carrying amounts of affected assets or liabilities in future periods.
Critical accounting judgements
In the process of applying Glencore\u2019s accounting policies, management has made the following judgements based on\u00a0the relevant facts and circumstances including macro-economic conditions and, where applicable, interpretation of underlying agreements, which have the most significant effect on the amounts recognised in the consolidated financial\u00a0statements.
(i) Determination of control of subsidiaries and joint arrangements
Judgement is required to determine when Glencore has control over subsidiaries, or joint control over joint arrangements or other unincorporated arrangements. This requires an assessment of the relevant activities including those relating to operating and capital decisions, for example the approval of annual capital expenditure, the appointment, remuneration and termination of key management personnel or service providers, and when decisions in relation to those activities are under Glencore\u2019s control or require unanimous consent. See note 26 for a summary of the acquisitions of subsidiaries completed during 2025 and 2024.
Judgement is also required in determining the classification of a\u00a0joint arrangement between a joint venture or a joint operation. This assessment requires an evaluation of the rights and obligations arising from the arrangement, in particular if the joint arrangement has been structured through a separate vehicle. Management must consider whether the legal form of the separate vehicle, the contractual terms and conditions, and other relevant facts and circumstances confer upon the parties\u2019 rights to the assets and obligations for the liabilities of the arrangement.
Joint arrangements whose primary activity is supplying output to their shareholders typically result in the parties receiving substantially all of the economic benefits from the assets. Judgement is required to assess whether the terms of the offtake agreements and any related obligations indicate that the parties are, in substance, the sole source of cash flows that support the ongoing operations of the arrangement.
Certain joint arrangements that are structured through separate vehicles including Collahuasi and Viterra, are accounted for as joint ventures. The Collahuasi arrangement is primarily designed to provide output to the shareholders that share joint control, with offtake terms set at prevailing market prices. The parties are not required to fund any potential shortfalls. In management\u2019s judgement, Glencore is not the sole potential source of funding and does not have any direct or indirect obligations for the liabilities of the arrangement, but instead shares in its net assets. Accordingly, the arrangement is accounted for as a joint venture. The investment in Viterra was classified as an asset held for sale as at 31 December 2024 (see note 16) and its acquisition by Bunge Limited was completed in July 2025 (see note 26).
Different judgements in this area could materially affect how these businesses are presented in the consolidated financial statements, whether under full consolidation, the equity method, or through recognition of Glencore\u2019s share of assets, liabilities, revenue and expenses, including any jointly held assets or liabilities. Refer to note 11 for a summary of these joint arrangements.
(ii) Classification and presentation of transactions which contain a financing element (notes 21, 22 and 25)
Transactions for the purchase of commodities may include a financing element, such as extended payment terms. Under such an arrangement, a financial institution may issue a letter of credit on behalf of Glencore and settle the payable to the supplier upon delivery of product. Glencore subsequently settles its obligation directly with the financial institution, generally between 30 to 90 days after physical supply. Judgement is required to determine the most appropriate classification and presentation of these arrangements within the statements of cash flows and financial position. Management assesses the underlying economic substance and the significance of any financing element. Where the financing element is insignificant and the extension of terms remains consistent with typical market supply conditions and within the normal working capital cycle, the transactions are considered operating in nature. Accordingly, the associated cash flows are presented in operating activities and the related liabilities are recognised as trade payable. As at 31 December 2025, all payments to suppliers under such arrangements were settled by the financial institutions. At 31 December 2025, trade payables included $9,462 million (2024: $7,472 million) of liabilities arising from such arrangements. On average, settlement of these liabilities occurs 89 days (2024: 78 days) after physical supply, with outstanding balances due 41 days (2024: 33 days) after year end. There was no significant concentration of exposure to any individual financial institution. These payables are excluded from net funding and net debt as defined in the APM section. Where the economic substance indicates that the characteristics of the liability are no longer consistent with trade payables, for example, where payment terms extend beyond those typically observed in the normal operating cycle, the liability is presented as short-term borrowings, with the corresponding cash flows classified as financing activities.
(iii) Classification of physical purchase and sale contracts (notes 28 and 29)
Judgement is required to determine the appropriate classification of physical purchase and sale contracts as being measured within the scope of IFRS 9 or as executory contracts. This requires an assessment of whether the contracts to buy or sell a non-financial item can be settled net in cash or via another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments. The Group also considers whether there is a past practice of net settling similar contracts. Contracts for the physical purchase or sale of commodities that are capable of net settlement and are not entered into for the purpose of receiving or delivering the underlying item in line with the Group\u2019s expected purchase, sale or usage requirements are accounted for as derivatives within the scope of IFRS 9 and measured at fair value through profit or loss (see notes 28 and 29). Contracts entered into for the purpose of receiving or delivering the underlying item in accordance with the Group\u2019s expected purchase, sale or usage requirements, including those that are not capable of net settlement, are accounted for as executory contracts, outside the scope of IFRS 9. Differing conclusions around classification of these contracts may materially affect their presentation as financial assets or financial liabilities and the recognition of fair value movements in profit or loss. As at 31 December 2025, the net fair value of physical contracts within the scope of IFRS 9 and recognised in the statement of financial position was $807 million (2024: $1,245 million), comprising a $1,469\u00a0million forward physical asset and a $662\u00a0million forward physical liability (2024: $1,968\u00a0million forward physical asset and $723\u00a0million forward physical liability).
(iv) Various legal claims against the company \u2013 Critical judgement in relation to whether a present obligation exists (note 32).
(v) Impact of carbon pricing
In determining accounting estimates such as the recoverable amount of non-current assets, the Group has largely assumed that future increases in carbon costs will be reflected in commodity prices and therefore passed onto the end consumer. No material change to the Group\u2019s related accounting estimates is expected within the next financial year as a result of this judgement.
Key sources of estimation uncertainty
In applying Glencore\u2019s accounting policies, management is required to make key estimates and assumptions about the future as well as other judgements that involve uncertainty. These estimates and assumptions may affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the reporting date. The key estimates and assumptions that, at the reporting date, present a significant risk of potential material adjustment to the carrying amounts of assets or liabilities within the next financial year are set out below. Actual results may differ from these estimates as conditions evolve or assumptions change, and such differences may materially impact the Group\u2019s future financial results or financial position.
(i) Recognition of deferred tax assets and uncertain tax positions (note 8)
Deferred tax assets are recognised only when it is considered probable that they will be recoverable. This requires an assessment of the expected timing of reversal of deductible temporary differences and a judgement as to whether sufficient future taxable income will be available to utilise those deferred tax assets as they reverse. These judgements are subject to inherent uncertainty, and changes in assumptions regarding future profitability may result in a material increase or decrease in the amounts recognised in the consolidated statement of financial position within the next financial year. In particular, this applies to the deferred tax asset and uncertain tax position relating to the Group\u2019s DRC operations, as outlined in note\u202f8. Management reviews the recoverability of deferred tax assets and the completeness and accuracy of uncertain tax positions, including the related assumptions and estimates, on a regular basis.
(ii) Impairments and impairment reversals (note 7)
Investments in associates and joint ventures, advances and loans, property, plant and equipment, and intangible assets are tested for impairment when events or changes in circumstances indicate that the carrying amount of an individual asset or cash generating unit (CGU) may not be recoverable. CGUs to which goodwill or other indefinite life intangible assets are allocated are tested at least annually. Indicators of impairment include changes in operating or economic assumptions, revisions to reserves or mine plans, updates to supply, demand and price forecasts, and emerging risks such as climate change and the transition to a low carbon economy. An impairment loss is recognised in the consolidated statement of income when an asset\u2019s or CGU\u2019s recoverable amount is below its carrying amount. For assets or CGUs impaired in prior periods, a reversal is recognised when the recoverable amount exceeds the carrying amount. Recoverable amounts are based on discounted future cash flows using asset or CGU specific discount rates. Estimates reflect expectations about future operations and our industrial emissions reduction targets and long term ambition. They incorporate a mix of internal information and market participant inputs, including production and sales volumes, commodity prices (current levels, forward curves and trends, including the global climate trajectory), enacted carbon taxes, reserves and resources, operating costs and capital expenditure. Management reviews these estimates regularly. Changes in key assumptions, particularly a deterioration in the commodity pricing outlook, may reduce recoverable amounts and lead to impairment. Conversely, a materially improved pricing outlook or increased service potential may result in the reversal of previous impairments. All impacts are recognised in the statement of income.
In the current year, the review identified indicators of impairment or impairment reversal for various CGUs, including those arising from changes in the underlying commodity price environment most relevant to the respective operation. The Group assessed the recoverable amounts of these CGUs and as at 31 December 2025, except for those CGUs disclosed in note 7, their estimated recoverable amounts exceeded their carrying values. For certain CGUs where no impairment was recognised, but where headroom is limited, a significant deterioration or improvement in key assumptions could result in a material impairment or reversal within the next financial year. A summary of the carrying values, the key or most sensitive assumptions, and the estimated impact of reasonably possible changes in those assumptions for each CGU with limited headroom relative to its recoverable amount, is presented below. In presenting the sensitivity analysis, particularly for commodity price assumptions, a 10% change has generally been applied, as this reflects the commonly used industry benchmark. Where a different percentage is considered reasonably possible for a specific operational assumption, this has been highlighted accordingly.
Potential post-tax impairments/(reversal of impairments) resulting from changes in key assumptions
US$ million
Capital employed1
Discount
rate2
Short-to long-term
price assumptions
Decrease/(increase)
in price of 10%3
Increase/(decrease)
in discount rate of 1%
Cash-generating unit
Mutanda
1,550
14.7%
Cu: 10,600 - 10,000
367
(367)
163
(181)
Co4: 56,549 - 44,644
242
(242)
Kazzinc \u2013 Zhairem
545
12.3%
Zn: 2,850 - 2,950
133
(89)
5
21
(22)
5
Astron oil
1,097
8.3%
Margin $/bbl: 13.1-10.3
147
(26)
5
\u2013
(26)
5
1
Capital employed includes property, plant and equipment, non-current inventory, less rehabilitation provisions and net deferred tax liabilities.
2
Discount rates expressed on a real-terms, post-tax basis.
3
Across the curve.
4
Cobalt hydroxide price.
5
Illustrated impairment reversal capped at level of accumulated historical impairment, adjusted for notional depreciation since the impairment was charged. The downside sensitivities for the Astron Oil CGU take into account the headroom over carrying value, post partial reversal of impairment in 2023. This headroom is sufficient to absorb the impact of a 1% change in discount rate, hence no sensitivity is presented.

Climate change (additional illustrative disclosures)
The disclosures in note 7 related to sensitivities to key assumptions for CGUs that have been impaired in the period, together with the above disclosures related to CGUs with limited headroom, consider the effects of reasonably possible changes in key assumptions for the next financial year.
All other sensitivities below are reasonably possible changes in assumptions beyond the next financial year, and are therefore not considered key sources of estimation uncertainty at the reporting date.
Energy fossil fuels industrial operations
Our base case price assessment takes into account the short-, medium- and longer-term seaborne energy coal demand outlook. Achieving our net zero ambition by the end of 2050 assumes significant global technological evolution and advancement, and coordinated and supportive government policies, including incentives to drive accelerated uptake of lower-carbon and decarbonisation technologies, and market-based regulations governing industrial practices that drive a competitive, least-cost emissions reduction approach, most of which are not within our direct control or ability to materially influence. In particular, economic and regulatory incentivisation of such shift, whether through carbon pricing and/or incentives to drive accelerated uptake of lower-carbon and decarbonisation technologies, could result in different financial results on the same tonnage profile.
Our assessment applies a value in use methodology. Glencore continues to progress selective brownfield coal extensions or expansions at existing mines as included in our life of mine plans, while continuing to be a responsible steward of these assets, as we progress the phase-down of our global coal portfolio. We assume that through the remaining life of mines, there will continue to be a market for energy coal at a real Newcastle FOB export price of $113/tonne (6,000 NAR), South African FOB export price of $97/tonne and Colombian FOB price of $91/tonne, which represents our best current estimate of long-term pricing based on our view of projected likely supply and demand fundamentals and the industry cost structure.
Notwithstanding these assumptions, we present illustrative impairments arising under alternate price scenarios. The 2025 price sensitivities are informed by the IEA\u2019s latest World Energy Outlook 2025 (WEO 2025) climate scenarios, described below:
\uf0b7
IEA\u2019s Current Policies Scenario (CPS) (WEO 2025 prices) \u2013 a pathway based on policies and regulations that are already in place, with a cautious perspective on the speed at which new energy technologies are deployed and integrated into the energy system
\uf0b7
IEA\u2019s Stated Policies Scenario (STEPS) (WEO 2025 prices) \u2013 a pathway based on the application of a broader range of policies, including those that have been formally put forward but not yet adopted, and assuming faster uptake of new technologies than in CPS;
\uf0b7
IEA\u2019s Net Zero Emissions by 2050 Scenario (NZE) (WEO 2025 prices) \u2013 a pathway for the global energy sector to achieve net zero emissions by 2050.
In addition, for illustrative purposes, we have shown a Complete Displacement Scenario (CDS) \u2013 reflecting the impact of fossil fuels being immediately displaced as an energy source and the resulting immediate fall in commodity prices to zero.
Our life of mine planning reflects operating cash flows which are consistent with achieving our industrial emissions reduction targets and progression towards our 2050 net zero emissions ambition. Overall our industrial portfolio\u2019s energy coal production is heavily weighted towards the earlier part of these time frames. Based on the life of mine plan and remaining energy coal production as at 31 December 2025, we have illustrated this by showing the year in which 50% and 80% of saleable energy coal would be expected to be extracted under our current plans, being 2032 and 2038, respectively. If and while there is demand for coal, and it is economic to do so, we plan to continue to operate our mines to the end of their economic life and in accordance with our climate strategy.
The sensitivities are presented on price alone and assume no mitigating actions; therefore the impairments in each scenario are likely higher than would transpire. In practice, in a sustained low price environment, management would alter mine plans to cut operating and capital costs, potentially at the expense of future volumes, in order to reduce the overall NPV impact.
The CPS, STEPS and NZE sensitivity prices adopted are those included in the documentation to WEO 2025, except that IEA energy coal prices are on a delivered basis. These have been adjusted to FOB pricing on the basis of forward freight costs. Furthermore, in determining the Colombian FOB price, we have used a weighting of the IEA coastal China and IEA European Union prices to take into account that Colombian coal sold from Cerrej\u00f3n is likely to be delivered to a combination of different markets in the future.
Cash-generating unit
US$ million
Thermal Australia
South Africa
Cerrej\u00f3n
Total energy coal
Oil E&P
Base case assumptions in life of mine plan:
\u2013 LOM saleable tonnes (Glencore consolidated) (million tonnes) / (million bbls)
797
288
161
26
\u2013 projected year when 50% LOM tonnage / reserves depleted
2032
2033
2029
2032
2030
\u2013 projected year when 80% LOM tonnage / reserves depleted
2040
2039
2031
2038
2032
\u2013 long-term price (Newcastle FOB / API4 FOB / Col FOB) ($/t) / (Brent oil price) ($/bbl) (real terms)
113
97
91
65
\u2013 discount rate applied (ranges represent opencut / underground)
8.5% - 9.3%
8.2%
10.3%
9.7%
Benchmark prices over the LOM period in selected scenarios ($/t, $/bbl):
2025 - '35 - '50
2025 - '35 - '50
2025 - '35
2025 - '35
\u2013 IEA CPS
108 - 102 - 93
86 - 85 - 75
71 - 92
62 - 94
\u2013 IEA STEPS
108 - 90 - 71
86 - 71 - 58
71 - 80
62 - 84
\u2013 IEA NZE
108 - 44 - 34
86 - 38 - 30
71 - 52
62 - 35
\u2013 CDS
n.a.
n.a.
n.a.
Carrying value of non-current capital employed as at 31 December 2025
6,109
1,150
838
8,097
(12)
Impairment arising in selected scenarios:
\u2013 IEA CPS
\u2013
710
170
880
\u2013
\u2013 IEA STEPS
530
1,150
550
2,230
\u2013
\u2013 IEA NZE
6,109
1,150
838
8,097
\u2013
\u2013 CDS1
7,690
1,320
1,306
10,316
81
Breakdown of non-current capital employed as at 31 December 2025:
Property, plant and equipment and intangible assets
7,929
1,633
1,023
10,585
81
Investments in associates and other investments
489
\u2013
\u2013
489
\u2013
Deferred tax (liabilities) / assets
(728)
(313)
283
(758)
\u2013
Non-current provisions
(1,502)
(338)
(496)
(2,336)
(93)
Other non-current net assets/(liabilities)
(79)
168
28
117
\u2013
1
In this scenario, we assume the impairment of non-current assets (net of deferred tax) while non-current liabilities, including rehabilitation, would be retained on balance sheet.
Other fossil fuel-related capital employed NPV sensitivities
Cash-generating unit
US$ million
Australian steelmaking coal
Canadian steelmaking coal
Astron Energy
Coal
marketing goodwill
Base case assumptions in life of asset plan:
\u2013 LOA saleable tonnes (millions) / Refinery steady-state capacity (bbls)
66
847
100k bopd
n.a.
\u2013 projected year when 50% LOA reserves depleted
2029
2041
n.a.
n.a.
\u2013 projected year when 80% LOA reserves depleted
2032
2052
n.a.
n.a.
\u2013 long-term price (hard coking coal) ($/t) (real terms) / Refining margin $/bbl
235
235
13.1 - 10.3
n.a.
\u2013 discount rate applied (ranges represent opencut/underground)
8.5 - 9.3%
8.4%
8.3%
n.a.
\u2013 price to earnings multiple
10x
Decrease to long-term pricing/PE multiples:
\u2013 $20/t price / $1/bbl refining margin / 2x PE (20%) decrease
215
215
n.a.
8x
\u2013 $40/t price / $2/bbl refining margin / 4x PE (40%) decrease
195
195
n.a.
6x
Carrying value of non-current capital employed as at 31 December 2025
1,366
9,391
1,097
1,674
Impairment arising in selected scenarios:
\u2013 $20/t price decrease across the curve / $1/bbl refining margin / 2x PE (20%) decrease
\u2013
2,500
150
\u2013
\u2013 $40/t price decrease across the curve / $2/bbl refining margin / 4x PE (40%) decrease
180
6,400
420
\u2013
Breakdown of non-current capital employed as at 31 December 2025:
Property, plant and equipment and intangible assets
1,781
14,072
1,135
1,674
Investments in associates and other investments
2
\u2013
2
\u2013
Deferred tax liabilities
(28)
(2,663)
(5)
\u2013
Non-current provisions
(389)
(2,155)
(6)
\u2013
Other non-current net assets
\u2013
137
(29)
\u2013
Climate change \u2013 property, plant and equipment and intangible assets \u2013 estimation of the remaining useful economic life of assets for depreciation and amortisation purposes
Property, plant and equipment and intangible assets are depreciated/amortised to estimated residual values over the estimated useful lives of the specific assets concerned, or the estimated remaining life of the associated mine, field or lease, using a straight-line or a units of production over recoverable reserves method. The estimated useful lives of our specific assets and/or operations (and therefore the rate of depreciation/amortisation) aligns with, and reflects, our industrial emissions reduction targets and ambition. The current carrying value of our property, plant and equipment and intangible assets related to our fossil fuels operations is $27,654 million, and the depreciation/amortisation related to these balances recognised in 2025 was $2,955 million, implying an average accounting-determined useful life of c.9 years.
(iii) Restoration, rehabilitation and decommissioning costs (note 23)
A provision for future restoration, rehabilitation and decommissioning costs requires estimates and assumptions to\u00a0be made around the relevant regulatory framework, the magnitude of the possible disturbance and the timing, extent and costs of the required closure and rehabilitation activities. Most rehabilitation and decommissioning activities are expected to occur many years in the future. The estimates of the requirements and costs that will need to be met when these activities take place are inherently uncertain and may change materially over time.
In calculating the appropriate provision for the expected restoration, rehabilitation and/or decommissioning obligations, cost estimates of the future potential cash outflows based on current studies of the expected rehabilitation activities and timing thereof, are prepared. These forecasts are then discounted to their present value using a risk-free rate specific to the liability and the functional currency of the respective operation.
Any changes in the risk-free rate or expected future costs are initially reflected in both the provision and the asset and subsequently in the consolidated statement of income over the remaining economic life of the asset. A material change in the provision within the next financial year could arise from changes in risk-free rates, refer to the sensitivity analysis in note 23. As the actual future costs can differ from their estimates due to changes in laws, regulations, technology, costs and timing, the provisions, including the estimates and assumptions contained therein, are reviewed regularly by management. The aggregate effect of changes within the
next financial year as a result of revisions to cost and timing assumptions could be material. It is impracticable to disclose the extent of possible effects of a change in cost and timing assumptions as the assumptions are specific to individual assets.
Climate change sensitivities
As noted above, while it is not a reasonably possible change we expect over the next financial year, global ambitions seeking to drive quicker decarbonisation could result in the timing of restoration, rehabilitation and decommissioning costs related to our coal and oil closure obligations being accelerated. As at 31 December 2025, the non-current rehabilitation provision related to our coal and oil operations is $9,278 million (undiscounted) and $5,511 million (current carrying value). The weighted average maturity is 28 years.
The portion related to operating energy coal mines is $3,617 million (undiscounted) and $2,272 million (discounted). The weighted average maturity is 12 years. To illustrate the effect of quicker decarbonisation, a three-year and five-year weighted average acceleration of energy coal mines rehabilitation, with no changes to the total undiscounted cash flows, would result in an increase to the provision of $192 million and $313 million, respectively.
(iv) Valuation of Level 3 derivatives (note 29)
Level 3 derivatives are measured at fair value using valuation techniques that incorporate significant unobservable inputs. These inputs reflect management\u2019s best estimates of the assumptions that market participants would use when pricing the instruments. Due to the illiquid or long\u2011dated nature of these derivatives, changes in key unobservable inputs may result in material movements in fair value. Unrealised gains and losses arising from Level 3 valuations are recognised in profit or loss.
Adoption of new and revised standards
The following clarification revisions to existing accounting pronouncements became effective on 1 January 2025 and have been adopted by the Group.
(i) Lack of Foreign Currency Exchangeability (Amendments to IAS 21) \u2013 effective for year ends beginning on or after 1 January 2025
The amendments require entities to apply a consistent approach when assessing whether a currency is exchangeable into another and, when it is not, to determine the appropriate exchange rate and provide the related disclosures.
These amendments did not have a material impact on the Group.
(ii) International Tax Reform \u2013 Pillar Two Model Rules \u2013 effective for year ends beginning on or after 1 January 2024
Glencore falls within the scope of the Organisation for Economic Co-operation and Development (OECD) Pillar Two model rules and operates in several jurisdictions where Pillar Two Rules have been enacted, or substantively enacted. In Switzerland, where the Group\u2019s ultimate parent company is tax-resident, Pillar Two is being implemented in stages. A Qualifying Domestic Top-up Tax took effect from 1 January 2024, followed by the introduction of the Income Inclusion Rule (IIR) from 1 January 2025. In accordance with the amendments to IAS 12, Glencore applies the mandatory exception from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes. Under the Pillar Two Rules, the Group is liable to pay a top-up tax in Switzerland for the difference between its Global Anti-Base Erosion (GloBE) effective tax rate per jurisdiction and the 15% minimum tax rate.
New and revised standards not yet effective
At the date of the authorisation of this preliminary announcement, the following new and revised IFRS standards applicable to Glencore had been issued but were not yet effective:
(i) IFRS 7 & IFRS 9 Amendments to the Classification and Measurement of Financial Instruments \u2013 effective for year ends beginning on or after 1 January 2026
The amendments clarify the requirements for classification and measurement and are intended to enhance comparability and transparency in the reporting of financial instruments. Their adoption is not expected to result in any significant changes to the presentation, disclosures or measurement of items in these financial statements.
(ii) IFRS 18 Presentation and Disclosure in Financial Statements \u2013 effective for year ends beginning on or after 1 January 2027
IFRS 18 will supersede IAS 1 Presentation of Financial Statements, carrying forward many of the existing requirements from IAS 1 while introducing additional requirements. The new standard sets out revised requirements for the classification and presentation of items in the statement of profit and loss, provides new disclosures for management-defined performance measures in the notes and enhances the principles for aggregation and disaggregation in both the primary financial statements and the accompanying notes. IFRS 18 will have no impact on the recognition and measurement of assets, liabilities, income or expenses.
The Group is currently evaluating the impact of IFRS\u202f18 and notes, on a preliminary basis, that its share of income and losses from associates and joint ventures will be presented in the consolidated statement of income within the investing category rather than the operating category. As a consequence, dividends received from associates and joint ventures will be reclassified in the consolidated statement of cash flows from operating activities to investing activities. The Group\u2019s assessment is ongoing, and further changes may be required upon implementation.
Basis of preparation
The consolidated financial statements are prepared under the historical cost convention except for certain financial assets, liabilities, marketing inventories and pension obligations that are measured at revalued amounts or fair values at the end of each reporting period as explained in the accounting policies below. Historical cost is defined as the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition. The principal accounting policies adopted are set out below.
The Directors have assessed that, at the time of approving these consolidated financial statements, they have a reasonable expectation that the Group has adequate resources to continue in operational existence for 12 months from the expected date of approval of the 2025 Annual Report and Accounts. They continue therefore to adopt the going concern basis of\u00a0accounting in preparing these financial statements. The Directors have made this assessment after consideration of the Group\u2019s capital commitments, budgeted cash flows and related assumptions including the appropriate stress testing of identified uncertainties, primarily related to commodity prices and currency exchange rates, and access to undrawn credit facilities and monitoring of debt maturities. Further information on Glencore\u2019s objectives, policies and processes for managing its capital and financial risks is detailed in note 27.
All amounts are expressed in millions of United States dollars, the presentation currency of the Group, unless otherwise stated.
Principles of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries.
Control is achieved when Glencore is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, Glencore controls an investee if, and only if, it has all of the following:
\uf0b7
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
\uf0b7
Exposure, or rights, to variable returns from its involvement with the investee; and
\uf0b7
The ability to use its power over the investee to affect its returns.
When Glencore has less than a majority of the voting rights of an investee or similar rights, it considers all relevant facts and circumstances in assessing whether it has power over the investee including:
\uf0b7
The size of its voting right holding relative to the size and dispersion of other vote holders;
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Potential voting rights held versus those held by other vote holders or parties;
\uf0b7
Rights arising from other contractual arrangements; and
\uf0b7
Any additional facts and circumstances that indicate that it has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be\u00a0made, including voting patterns at previous shareholders\u2019 meetings.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or\u00a0more of the three elements of control listed above. Consolidation of a subsidiary begins when Glencore obtains control over the subsidiary and ceases when Glencore loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of income and other comprehensive income from the date Glencore gains control until the date when Glencore ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to\u00a0the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the\u00a0Group\u2019s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
Changes in Glencore\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions with any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or\u00a0received being recognised directly in equity and attributed to equity holders of Glencore.
When Glencore loses control of a subsidiary, a gain or loss is recognised in the consolidated statement of income and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if Glencore had directly disposed of the related assets or liabilities of the subsidiary (i.e.\u00a0reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9, when applicable, or\u00a0the cost on the initial recognition of an investment in an associate or a joint\u00a0venture.
Investments in associates and joint ventures
Associates and joint ventures (together \u2018Associates\u2019) in which Glencore exercises significant influence or joint control are accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Significant influence is presumed if Glencore holds between 20% and 50% of the voting rights, unless evidence exists to the contrary. A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about relevant strategic and/or key operating decisions require unanimous consent of the parties sharing\u00a0control.
Equity accounting involves Glencore recording its share of the Associate\u2019s net income and equity. Glencore\u2019s interest in an Associate is initially recorded at cost and is subsequently adjusted for Glencore\u2019s share of changes in net assets of the Associate, less any impairment in the value of individual investments. Where Glencore transacts with an Associate, unrealised profits and losses are eliminated to the extent of Glencore\u2019s interest in that\u00a0Associate.
Changes in Glencore\u2019s interests in Associates are accounted for as\u00a0a gain or loss on disposal with any difference between the amount by which the carrying value of the Associate is adjusted and the fair value of the consideration received being recognised directly in the consolidated statement of\u00a0income.
Joint operations
A joint operation is a joint arrangement in which the parties that share control have direct rights to the arrangement\u2019s assets and direct obligations for its liabilities.
When Glencore carries out activities under joint operations, it recognises in relation to its interest in the\u00a0joint operation:
Its assets, including its share of any assets held jointly;
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Its liabilities, including its share of any liabilities incurred jointly;
\uf0b7
Its revenue from the sale of its share of the output arising from the joint operation;
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Its share of the revenue from the sale of the output by the joint operation; and
\uf0b7
Its expenses, including its share of any expenses incurred\u00a0jointly.
The Group accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses.
Where Glencore transacts with a joint operation, unrealised profits and losses are eliminated to the extent of Glencore\u2019s interest in\u00a0that joint operation.
Other unincorporated arrangements
Glencore participates in unincorporated arrangements where it has the rights to its share of the assets and obligations for its share of the liabilities of the arrangement, rather than a right to the net return of the arrangement, however it does not share joint control. In such cases, Glencore accounts for its share of the assets, liabilities, revenues and expenses in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses and obligations for the liabilities relating to the arrangement, similar to a joint operation noted above.
Business combinations and goodwill
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting.
The acquisition cost is measured at fair value, comprising the acquisition\u2011date fair values of the assets transferred, the liabilities incurred to the former owners, and any equity instruments issued to obtain control. The identifiable assets and liabilities, including contingent liabilities, are recognised at their acquisition\u2011date fair values. Acquisition\u2011related costs are expensed in the consolidated statement of income as incurred.
Where a business combination is achieved in stages, Glencore\u2019s previously held interests in the acquired entity are remeasured to fair value at the acquisition date, representing the date on which Glencore obtains control. The resulting gain or loss, if any, is recognised in the consolidated statement of income.
Goodwill is measured as the excess of: (i) the consideration transferred, (ii) any non-controlling interest in the acquiree, and (iii) the fair value of any previously held equity interest, over the acquisition-date fair value of the identifiable net assets acquired.
After initial recognition, goodwill is carried at cost less any accumulated impairment losses. From the acquisition date, goodwill arising from a business combination is allocated to the CGUs (or groups of CGUs) that are expected to benefit from the synergies of the combination. These CGUs are tested for impairment annually, or more frequently if there are indicators of impairment. If the recoverable amount of a CGU is lower than its carrying amount, the resulting impairment loss is first applied to reduce the carrying amount of any goodwill allocated to the CGU, and then allocated pro-rata to the other assets within the CGU based on their carrying amounts.
Any impairment loss is recognised directly in profit or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent periods.
On disposal of the relevant CGU, the attributable amount of goodwill is included in the determination of the profit or loss on\u00a0disposal.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, Glencore reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted for additional information obtained during the \u2018measurement period\u2019, which cannot exceed one year from the acquisition date, about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that\u00a0date.
Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in another IFRS.
Similar procedures are applied in accounting for the purchases of interests in Associates and joint operations. Any goodwill arising from such purchases is included within the carrying amount of the investment in Associates, but not amortised thereafter. Any excess of Glencore\u2019s share of the net fair value of an Associate\u2019s identifiable net assets over the cost of the investment is recognised in\u00a0the consolidated statement of income in the period of acquisition.
Non-current assets held for sale and disposal groups
Non-current assets, liabilities and those included in disposal groups are classified as held for sale if their carrying amount will be\u00a0recovered principally through a sale transaction rather than through continuing use, they are available for immediate disposal and the sale is highly probable. Non-current assets, liabilities and those included in disposal groups held for sale are measured at the lower of their carrying amount or fair value less costs to sell.
Revenue recognition
Revenue is derived primarily from the sale of commodities. Depending on the agreed Incoterms (such as CFR, CIF, DAP or others), the Group may be responsible for providing services such as shipping, insurance or delivery to a specified location. In some cases, these services are provided after control of the goods has transferred to the customer. Revenue is recognised when Glencore satisfies its performance obligations, which occurs when control of the goods or services is transferred to the customer. Revenue is measured based on consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The same revenue-recognition and presentation principles apply to transactions arising from the physical settlement of forward sale contracts that are accounted for as derivatives under IFRS 9.
Revenue related to the sale of goods is recognised when the product is delivered to the destination specified by the customer, which is typically the loading vessel, the destination port or the customer\u2019s\u00a0premises and the buyer has gained control through their ability to direct the use of and obtain substantially all the benefits from the asset. Where the sale of goods is connected with an agreement to repurchase goods at a later date, revenue is recognised when the purchase terms are at prevailing market prices, the goods repurchased are readily available in the market, and the buyer gained control of the goods originally sold to them. As at 31 December 2025, the outstanding repurchase commitments under such agreements were $2,165\u00a0million (2024: $707\u00a0million). Should it be determined that control has not transferred or the buyer does not have the ability to benefit substantially from ownership of the asset, revenue is not recognised and any proceeds received are accounted for as a financing arrangement.
For certain commodities, the sales price is determined on a provisional basis at the date of sale as the final selling price is subject to\u00a0movements in market prices up to the date of final pricing, typically ranging from 30 to 90 days after initial booking (provisionally priced sales). Revenue on\u00a0provisionally priced sales is recognised based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the character of a commodity derivative.
Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are recognised as an adjustment to revenue. In all cases, fair value is estimated with reference to forward market prices and the specific terms of the contract.
Revenue from the sale of material by-products is included within revenue. Where a by-product is not regarded as significant, revenue may be credited against cost of goods sold.
Revenue related to the provision of shipping and insurance-related activities is recognised over time as the service is rendered.
Payments received for future metal (primarily gold and silver) deliveries (prepayments) are primarily accounted for as executory contracts whereby the prepayment is initially recorded as deferred revenue in the consolidated statement of financial position. The initial deferred revenue amount is unwound and revenue is recognised in the consolidated statement of income as and when Glencore physically delivers the metal and loses control of it. Where these prepayments exceed one year and contain a significant financing component, the amount of the deferred revenue is adjusted for the effects of the time value of money. Glencore applies the practical expedient not to adjust the promised consideration for the effects of time value of money if the period between delivery and the respective payment is one year or less.
Interest income is recognised using the effective interest method for debt instruments measured at amortised cost and at FVTOCI. For financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. For credit-impaired financial assets, interest income is calculated on the net carrying amount of the financial asset.
Dividend income is recognised when the right to receive payment is established, typically when the shareholder's entitlement to the dividend is confirmed.
Foreign currency translation
Glencore\u2019s reporting currency and the functional currency of\u00a0the majority of its operations is the US dollar as this is assessed to be the principal currency of the economic environment in which it\u00a0operates.
(i) Foreign currency transactions
Transactions in foreign currencies are converted into the functional currency of each entity using the exchange rate prevailing at the transaction date. Monetary assets and liabilities outstanding at year end are converted at year-end rates. Non-monetary items measured in terms of historical cost are translated using the exchange rate at the date of the transaction. The resulting exchange differences are recorded in the consolidated statement of income.
(ii) Translation of financial statements
For the purposes of consolidation, assets and liabilities of Group companies whose functional currency is in a currency other than the US dollar are translated into US dollars using year-end exchange rates, while their statements of income are translated using average rates of exchange for the year. Translation adjustments are included as a separate component of shareholders\u2019 equity and have no consolidated statement of income impact to the extent that no disposal of the foreign operation has occurred. Where an intragroup balance is, in substance, part of the Group\u2019s net investment in an entity, exchange gains and losses on that balance are taken to the currency translation reserve. Cumulative translation differences are recycled from equity and recognised as income or expense on partial disposal of the net investment in an entity, which includes repayments of capital and loans. On such partial disposals, when the Group\u2019s percentage of equity ownerships do not change, the \u2018absolute\u2019 approach is applied. Under this approach, the amounts held in the foreign currency translation reserve are reclassified to income or expense based on the proportionate share of total cumulative translation differences recognised in the net investment.
Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and are translated at the closing rate.
Borrowing costs
Borrowing costs are expensed as incurred except where they relate to the financing of a qualifying asset. In those cases, the borrowing costs are capitalised until the asset is ready for its intended use.
Employee and retirement benefits
Salaries, wages, bonuses, social security contributions, paid annual and sick leave are accrued for in the period in which the associated services are rendered by the employees of the Group.
Glencore operates a range of pension schemes that comply with the local requirements and practices of each country in which it operates. For defined contribution plans funded through contributions to separate trustee-administered funds or insurance companies, the annual expense equals the contributions required under the plans.
For defined benefit retirement plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurements comprising actuarial gains and losses, the effect of the asset ceiling (if applicable) and the return on plan assets (excluding interest) are recognised immediately in the statement of financial position with a charge or credit to other comprehensive income in the period in which they occur. Remeasurements recognised in other comprehensive income are not reclassified to the statement of income. Past service cost is recognised in profit or loss when a plan amendment or curtailment occurs, or when the Group recognises related restructuring costs or termination benefits, whichever occurs earlier. Gains or losses on the settlement of a defined benefit plan are recognised when it occurs. Net interest is calculated by applying a discount rate to the net defined benefit liability or asset.
Defined benefit costs are split into three categories:
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service costs, which includes current service cost, past service cost and gains and losses on curtailments and\u00a0settlements;
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net interest expense or income; and
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remeasurements.
The Group recognises service costs within the consolidated statement of income.
Net interest expense or income is recognised within interest expense or income in the consolidated statement of income.
Any past service cost (or gain or loss on settlement) is calculated by measuring the defined benefit liability (asset) using updated assumptions and comparing benefits offered and plan assets before and after the plan amendment (or curtailment or settlement) but ignoring the effect of the asset ceiling that may arise when the defined benefit plan is in a surplus position. The Group uses the updated assumptions from this remeasurement to determine current service cost and net interest for the remainder of the reporting period, after the change to the plan. Following a plan amendment or curtailment, net interest for the subsequent period is calculated by multiplying the net defined benefit liability (asset) as remeasured, with the discount rate used in the remeasurement, adjusted for the effect of contributions and benefit payments during the period.
The retirement benefit obligation recognised in the consolidated statement of financial position represents the deficit or surplus in the Group\u2019s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of plan refunds or reductions in future contributions.
Glencore also provides post-retirement healthcare benefits to certain employees in Canada, South Africa and the United States. These are accounted for in a similar manner to the defined benefit pension plans, but they are unfunded.
Share-based payments
(i) Equity-settled share-based payments
Equity-settled share-based payments are measured at the fair value of the awards based on the market value of the shares at the grant date. Fair value excludes the effect of non-market-based vesting conditions. The fair value is charged to the consolidated statement of income and credited to retained earnings on a straight-line basis over the period the estimated awards are expected to\u00a0vest.
At each balance sheet date, the Company revises its estimate of\u00a0the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the consolidated statement of income such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to retained earnings.
(ii) Cash-settled share-based payments
For cash-settled share-based payments, a liability is initially recognised at fair value based on the estimated number of awards that are expected to vest, adjusting for market and non-market-based performance conditions. Subsequently, at\u00a0each reporting period until the liability is settled, it is remeasured to fair value with any changes in fair value recognised in the consolidated statement of\u00a0income.
Income taxes
Income taxes consist of current and deferred income taxes. Current taxes represent income taxes expected to be payable based on enacted or substantively enacted tax rates at the period end on expected current taxable income, and any adjustment to tax payable in respect of previous years. Deferred taxes are recognised for temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable income, using enacted or\u00a0substantively enacted income tax rates which are expected to be effective at\u00a0the time of reversal of the underlying temporary difference. Deferred tax assets and unused tax\u00a0losses are only recognised to\u00a0the extent that their recoverability is probable. Deferred tax assets are reviewed at reporting period end and amended to the extent that it is no longer probable that the related benefit will be realised. To the extent that a deferred tax asset not previously recognised subsequently fulfils the criteria for recognition, an asset is then recognised.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same authority and Glencore has both the right and the intention to settle its current tax assets and liabilities on a net or simultaneous basis.
Deferred tax is not recognised on temporary differences arising on the initial recognition of assets or liabilities, unless they arise from a\u00a0business combination or affect accounting or taxable profit at the time of the transaction. Deferred tax is also not recognised on temporary differences relating to\u00a0investments in subsidiaries and associates when Glencore can control the timing of the reversal and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is recognised in respect of\u00a0fair value adjustments on acquisitions. These adjustments may relate to assets such as extraction rights that, in general, are not eligible for income tax allowances.
Current and deferred tax are recognised as an expense or income in the consolidated statement of income, except when they relate to items that are recognised outside the consolidated statement of income (whether in other comprehensive income or directly in equity) or where they arise from the initial accounting for a business combination.
Royalties, extraction taxes and other levies/taxes are treated as taxation arrangements when they have the characteristics of an income tax, including being imposed and determined in accordance with regulations established by the respective government\u2019s taxation authority and the amount payable is based on taxable income, rather than physical quantities produced or as a percentage of revenues, after adjustment for temporary differences. For such arrangements, current and deferred tax is provided on the same basis as described above. Obligations arising from royalty arrangements that do not satisfy these criteria are recognised as\u00a0current accruals and included in cost of goods sold.
Glencore assesses its liabilities and contingencies for all tax years open to audit based upon the latest information available. Inherent uncertainties exist in estimates of tax contingencies due to complexities of interpretation and changes in tax laws. For those matters where it is probable that an adjustment will be made, the Group records its best estimate of these tax liabilities, including related interest charges. Where the amount of tax payable or recoverable is uncertain due to local tax authority challenges or uncertainty regarding the appropriate treatment, judgement is required to assess the range of possible outcomes. In accordance with IFRIC 23, if it is not probable that the treatment will be accepted, the Group accounts for uncertain tax provisions. This is performed for all matters worldwide, based on the Group\u2019s judgement of the most likely amount of the liability or recovery, or where there is a wide range of possible outcomes, using the probability-weighted approach. Generally, uncertain tax treatments are assessed on an individual basis, except where they are expected to be settled collectively. A change in estimate of the likelihood of a future outflow and/or in the expected amount to be settled, is recognised in the statement of income in the period in which the change occurs. This requires application of judgement as to the possible outcome, which can change over time depending on facts and circumstances.
Property, plant and equipment
Property, plant and equipment are stated at cost, being the fair value of the consideration given to acquire or construct the asset, including directly attributable costs required to bring the asset to\u00a0the location or to a condition necessary for operation and the\u00a0direct cost of dismantling and removing the asset, less accumulated depreciation and any accumulated impairment\u00a0losses.
Property, plant and equipment are depreciated to their estimated residual value over the estimated useful life of the specific asset concerned, or the estimated remaining life of the associated mine, field or lease.
Depreciation commences when the asset is available for use. The major categories of property, plant and equipment are depreciated/amortised on a units of production (UOP) and/or straight-line basis as\u00a0follows:
Buildings
10 \u2013 45 years
Freehold land
not depreciated
Plant and equipment
3 \u2013 30 years/UOP
Right-of-use assets
2 \u2013 20 years
Mineral and petroleum rights
UOP
Deferred mining costs
UOP
(i) Mineral and petroleum rights
Mineral and petroleum reserves, resources and rights (together \u2018Mineral and petroleum rights\u2019) which can be reasonably valued,
are recognised in the assessment of fair values on acquisition. Mineral and petroleum rights for which values cannot be reasonably determined are not recognised. Exploitable Mineral and petroleum rights are amortised using the UOP basis over the commercially recoverable reserves and in certain circumstances, other mineral resources. Mineral resources are included in amortisation calculations where there is a high degree of confidence that they will be extracted in an economic\u00a0manner.
(ii) Exploration and evaluation expenditure
Exploration and evaluation expenditure relates to costs incurred in the exploration and evaluation of potential mineral and petroleum resources and includes costs such as exploration and production licences, researching and analysing historical exploration data, exploratory drilling, trenching, sampling and the costs of pre-feasibility studies. Exploration and evaluation expenditure for each area of interest is expensed as incurred, unless the expenditure is expected to be recovered through future development or sale and Glencore plans to continue significant work in that area. If the activities have not yet reached a stage that allows a reasonable assessment of commercially recoverable reserves, the expenditure is capitalised. As the intangible component (i.e. licences) represents an insignificant and indistinguishable portion of the overall expected tangible amount to be incurred and recouped from future exploitation, these costs along with other capitalised exploration and evaluation expenditure are recorded as a component of property, plant and equipment. Purchased exploration and evaluation assets are recognised at their fair value at acquisition.
As the capitalised exploration and evaluation expenditure asset is not available for use, it is not depreciated. All capitalised exploration and evaluation expenditure is monitored for indications of impairment. Where a potential impairment is\u00a0indicated, an assessment is performed for each area of interest or at the CGU level. To the extent that capitalised expenditure is not expected to be recovered it is charged to the consolidated statement of income.
Administration costs that are not directly attributable to a specific exploration area are charged to the consolidated statement of income.
Development expenditure
When commercially recoverable reserves are determined and such proposed development receives the appropriate approvals, capitalised exploration and evaluation expenditure is transferred to construction in progress, a component within the plant and equipment asset sub-category. All subsequent development expenditure is similarly capitalised, provided commercial viability conditions continue to be satisfied.
Proceeds from the sale of product extracted during the development phase are recognised in the statement of income. Upon completion of development and commencement of production, capitalised development costs are further transferred, as required, to the appropriate plant and equipment asset category and depreciated using the unit of production method (UOP) or straight-line basis.
(iii) Deferred mining costs
Mainly comprises certain capitalised costs related to underground mining as well as pre-production and in-production stripping activities as outlined below. Deferred mining costs are amortised using the UOP basis over the life of the ore body to which those costs relate.
Deferred stripping costs
Stripping costs incurred in the development of a mine (or pit) before production commences are capitalised as part of the cost of constructing the mine (or pit) and subsequently amortised over the life of the mine (or pit) on a UOP basis.
In-production stripping costs incurred to access an identifiable component of the ore body to realise benefits in the form of improved access to ore to be mined in the future (stripping activity asset), are capitalised within deferred mining costs provided all the following conditions are met:
(a)
it is probable that the future economic benefit associated with the stripping activity will be realised;
(b)
the component of the ore body for which access has been improved can be identified; and
(c)
the costs relating to the stripping activity associated with the improved access can be reliably measured.
If all these criteria are not met, production stripping costs are expensed as incurred.
The stripping activity asset is depreciated on a UOP basis over the life of the specific ore component made more accessible by the stripping activity, and is carried at cost less accumulated depreciation and impairment losses.
Leases
The Group assesses whether contracts contain a lease at inception of the contract. As lessee, the Group recognises a right-of-use asset and corresponding lease liability in the statement of financial position for all lease arrangements where it is the lessee, except for short-term leases with a term of 12 months or less and leases of low-value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.
The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. Lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, the asset and company-specific incremental borrowing rates. Lease liabilities are recognised within borrowings on the statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability, with a corresponding adjustment to the related right-of-use assets, whenever:
The lease term changes or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;
\uf0b7
The lease payments change due to the changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate; or
\uf0b7
A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of modification.
The right-of-use assets are initially recognised on the balance sheet at cost, which comprises the amount of the initial measurement of the corresponding lease liability, adjusted for any lease payments made at or prior to the commencement date of the lease, any lease incentive received and any initial direct costs incurred, and expected costs for obligations to dismantle and remove right-of-use assets when they are no longer used. Right-of-use assets are recognised within property, plant and equipment on the statement of financial position. Right-of-use assets are depreciated on a straight-line basis from the commencement date of the lease over the shorter of the useful life of the right-of-use asset or the end of the lease term.
The Group enters into lease arrangements as a lessor with respect to some of its time charter vessels. Leases for which the Group is an intermediate lessor are classified as finance or operating leases by reference to the right-of-use asset arising from the head lease. Income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of these leases.
Restoration, rehabilitation and decommissioning
Restoration, rehabilitation and decommissioning costs arising from the installation of plant and other site preparation work, discounted using a risk-free rate specific to the liability and the currency in which they are denominated to their net present value, are provided for and capitalised at the time such an obligation arises. Capitalised costs are charged to the consolidated statement of income over the life of the operation through depreciation of the asset together with the unwinding of the discount on the provision.
Costs for restoration of subsequent site disturbance, which is created on an ongoing basis during production, are provided for at their net present values and charged to the consolidated statement of income as extraction progresses.
Changes in the estimated timing of the rehabilitation or changes to the estimated future costs are accounted for prospectively by recognising an adjustment to the rehabilitation liability and a corresponding adjustment to the asset to which it relates, provided a\u00a0reduction, if any, in the provision is not greater than the depreciated capitalised cost of the related asset, in which case the capitalised cost is reduced to nil and the remaining adjustment recognised in the consolidated statement of income. In the case of closed sites, changes to estimated costs are recognised immediately in the consolidated statement of income.
Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation (calculated on a straight-line basis over their useful lives) and accumulated impairment losses, if any.
Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life. The amortisation method and period are reviewed annually and impairment testing is undertaken when circumstances indicate the carrying amount may not be recoverable. Other than goodwill, which is not amortised, Glencore has no identifiable intangible assets with an indefinite life.
The major categories of intangibles are amortised on a units of production (UOP) and/or straight-line basis as\u00a0follows:
Port allocation rights
UOP
Licences, trademarks and software
3 \u2013 20 years
Customer relationships
5 \u2013 9 years
Goodwill impairment testing
For the purpose of impairment testing, goodwill has been allocated to the CGUs, or groups of CGUs, that are expected to\u00a0benefit from the synergies of the business combination and which represent the level at which management monitors and manages the goodwill. In assessing whether an impairment is required, the carrying value of the CGU is compared with its recoverable amount. The recoverable amount is the higher of its\u00a0fair value less costs of disposal (FVLCD) and its value in use (VIU). If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro-rata basis of the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the consolidated statement of income. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.
Other investments
Equity investments, other than investments in Associates, are recorded at fair value. Glencore designates investments that are not held for trading, as at fair value through other comprehensive income (FVTOCI). As a result, changes in fair value are recorded in the consolidated statement of other comprehensive income. Dividends from these investments are recognised in the consolidated statement of income, unless the dividend represents a recovery of part of the cost of the equity investment. Investments that are held for trading are subsequently measured at fair value through profit or loss (FVTPL).
Impairment or impairment reversals
Glencore conducts an annual internal review of asset values to identify any indicators of impairment or reversal. Formal impairment tests are carried out at least annually for CGUs containing goodwill and for all other non-current assets, when events or changes in circumstances indicate the carrying value may not be recoverable.
A formal impairment or reversal test involves determining whether the carrying amounts are in excess (or below, as the case may be) of their recoverable amounts. An asset\u2019s recoverable amount is determined as the higher of its FVLCD and its VIU. Such reviews are undertaken on an asset-by-asset basis, except where assets do not generate cash flows independent of other assets, in which case the review is undertaken at the CGU level.
If the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recorded in the consolidated statement of income to reflect the asset at the lower amount.
For assets previously impaired, if their recoverable amount exceeds their carrying amount and the increase is not solely due to the passage of time, an impairment reversal is recognised in the consolidated statement of income. The reversal increases the asset\u2019s carrying amount only to the level it would have been had no impairment been\u00a0recorded in prior periods. Impairment losses on goodwill cannot be reversed.
Provisions
Provisions are recognised when Glencore has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources embodying economic benefits that can be reliably estimated will be required to settle the liability.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation, including interpretation of specific laws and likelihood of settlement. Where a provision is measured using the cash flow estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
Onerous contracts
An onerous contract is considered to exist where Glencore has a\u00a0contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract. Present obligations arising under onerous contracts are recognised and measured as provisions.
Unfavourable contracts
An unfavourable contract is considered to exist when Glencore, in a business combination, acquires a contract under which the terms of the contract require Glencore to sell or purchase products or services on terms which are economically unfavourable compared to current market terms at the time of the business combination. Unfavourable contracts are recognised at the present value of the economic loss and amortised into the statement of income over the term of\u00a0the contract.
Inventories
The majority of inventories attributable to the marketing activities are valued at fair value less costs of disposal with the remainder valued at the lower of cost or net realisable value, with costs allocated using the first-in-first-out (FIFO) method. Unrealised gains and losses from changes in fair value are reported in cost of goods sold.
Inventories held by the industrial activities are valued at the lower of cost or net realisable value. Cost is determined using FIFO or the weighted average method and comprises material costs, labour costs and allocated production-related overhead costs. Typically raw materials and consumables are measured using the FIFO method and work in progress inventories using the weighted average method. Where the production process results in more than one product being produced (joint products), cost is allocated between the various products according to the ratio of contribution of these metals to gross sales revenue. Financing and storage costs related to inventory are expensed as incurred.
Non-current inventories primarily relate to stockpiles which are not expected to be utilised within the normal operating cycle.
Physical advances and prepayments
The Group enters into physical advances and prepayment agreements with certain suppliers and customers. Where such advances and prepayments are separable from contracts to buy or sell commodities and are primarily settled in cash or another financial asset, they are initially recorded at the amount of the cash paid or received and are subsequently classified and measured as financial assets or financial liabilities at amortised cost.
Certain physically-settled advances and prepayments which are not separable from contracts to buy or sell commodities and meet the definition of a derivative, are considered prepaid commodity forward contracts and are accounted for as financial instruments measured at fair value through profit or loss.
Also see financial instruments section and derivatives and hedging activities section below.
When physically-settled advances and prepayments which are not separable from contracts to buy or sell commodities meet the own-use exemption criteria, they are classified as non-financial assets or non-financial liabilities. They are initially recorded at the amount of cash paid or received and are subsequently amortised by the relevant value of the contractual volumes of physical deliveries made.
Financial instruments
The Group recognises financial assets and financial liabilities in the consolidated statement of financial position when it becomes a party to the contractual provisions of the instrument.
Commodity purchase and sale contracts are initially assessed as contracts for non-financial items. The Group first determines whether a contract qualifies for the own-use exemption, meaning it is entered into and held to meet expected purchase, sale or usage requirements and is not routinely net-settled through contractual terms, market mechanisms or established practice. Contracts that meet this exemption are accounted for as executory contracts outside the scope of IFRS\u202f9. Such contracts may be irrevocably designated at fair value through profit or loss (FVTPL) at inception only when this eliminates or significantly reduces an accounting mismatch. Contracts that do not qualify for the own-use exemption fall within the scope of IFRS\u202f9 and are generally accounted for as derivatives measured at fair value through profit or loss. Indicators that a contract may not qualify for own use include contractual, market based or customary mechanisms that enable net settlement. Contracts that are not capable of net settlement remain executory and fall outside the scope of IFRS\u202f9.
Financial assets are initially recognised at fair value on the trade date. Subsequent measurement is determined by the Group\u2019s business model for managing the asset and the contractual characteristics of its cash flows. Financial assets held within a business model whose objective is to collect contractual cash flows, and whose contractual terms give rise to solely payments of principal and interest (SPPI), are measured at amortised cost. All other financial assets, including those with non SPPI features, are measured at fair value through profit or loss (FVTPL).
Financial liabilities within the scope of IFRS\u202f9 are initially recognised at fair value, net of transaction costs. Financial liabilities with derivative features are subsequently measured at FVTPL. All other financial liabilities are subsequently measured at amortised cost, representing the initial consideration received. Non-financial executory obligations are outside IFRS\u202f9.
Where a group of financial assets and financial liabilities measured at fair value is managed and reported to key management personnel on the basis of its net exposure to market risks, fair value is determined using the price to sell the net long position or to transfer the net short position for the relevant risk exposure. When these instruments are not presented on a net basis in the statement of financial position, any resulting portfolio level adjustments are allocated to the individual instruments within the group.
(i) Impairment of financial assets
A loss allowance for expected credit losses is recognised for all financial assets, including issued financial guarantee contracts, other than those measured at FVTPL and equity instruments designated at FVTOCI. The allowance is assessed at each reporting date and represents a probability-weighted estimate of credit losses expected over the life of the financial asset or financial guarantee contract.
The Group applies the simplified approach to measure the loss allowance for trade receivables classified at amortised cost, recognising a lifetime expected loss provision. The expected credit losses are estimated using a provision matrix by reference to past default experience and an equivalent credit rating, adjusted as appropriate for current observable data and forward-looking information.
For all other financial assets at amortised cost, the Group recognises lifetime expected credit losses only when there has been a significant increase in credit risk since initial recognition, which is determined by:
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A review of overdue balances and aging profiles;
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Comparing the risk of default at the reporting date with the risk assessed at initial recognition; and
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Considering relevant historical information together with current and forward looking quantitative and qualitative data.
For balances more than 30 days overdue, the Group presumes that a significant increase in credit risk has occurred.
If credit risk has not increased significantly since initial recognition, the Group measures the loss allowance at an amount equal to the 12-month expected credit loss. This represents the expected lifetime credit loss weighted by the probability of a default occurring within 12 months after the reporting date.
The Group considers a financial asset to be credit impaired and an event of default to have occurred, when information developed internally or obtained from external sources indicates that the debtor is unlikely to meet its obligations to the Group, without regard to any collateral held. A financial asset is also treated as being in default when it is more than 90 days past due, unless the Group has reasonable and supportable evidence that more lagging default criterion are appropriate. The Group writes off a financial asset when there is evidence that the debtor is experiencing severe financial difficulty and no realistic prospect of recovery remains.
Loss allowances for expected credit losses are recognised in the consolidated statement of income based on the classification and nature of the financial asset. Loss allowances on advances and loans measured at amortised cost, that are financial in nature and are not settled through delivery of physical commodities, are recognised under \u201cImpairments of financial assets\u201d. Loss allowances on advances and loans measured at amortised cost and linked to the settlement of physical commodities are recognised under \u201cNet expected credit losses\u201d. Loss allowances for trade receivables at amortised cost are recognised under \u201cNet expected credit losses\u201d. These amounts reflect both the initial recognition of expected credit losses and any subsequent changes, including reversals, in accordance with IFRS 9.
(ii) Derecognition of financial assets and financial liabilities
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the asset continues to be recognised in full, and the proceeds received are accounted for as a collateralised borrowing.
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired.
On derecognition of a financial asset or a financial liability in their entirety, the difference between the carrying amount of the financial asset/financial liability and the sum of the consideration receivable/payable is recognised in profit and loss. On derecognition of equity investments designated and measured at FVTOCI, the cumulative gain or loss recognised in other comprehensive income is reclassified directly to retained earnings.
Own shares
The cost of purchases of own shares is deducted from equity. Where they are purchased, issued to employees or sold, no gain or loss is recognised in the consolidated statement of income. Such gains and losses are recognised directly in equity. Any proceeds received on disposal of the shares or transfers to employees are recognised in equity.
Derivatives and hedging activities
Derivative instruments, which include physical contracts to sell or purchase commodities that do not meet the own-use exemption, are initially recognised at fair value when Glencore becomes a party to the contractual provisions of the instrument and are subsequently remeasured to fair value at the end of each reporting period. Fair values are determined using quoted market prices, dealer price quotations or using models and other valuation techniques, the key inputs for which include current market and contractual prices for the underlying instrument, time to expiry, yield curves, volatility of\u00a0the underlying instrument and counterparty\u00a0risk.
Gains and losses on derivative instruments for which hedge accounting is not applied, other than the revenue adjustment mechanism embedded within provisionally priced sales and mark-to-market movements on physical forward sales contracts, are recognised in cost of goods sold.
Those derivatives qualifying for and designated as hedges represent either (i) a Fair Value Hedge of the change in fair value of a\u00a0recognised asset or liability or an unrecognised firm commitment, or (ii) a Cash Flow Hedge of variability in cash flows relating to a recognised asset or liability or a highly probable\u00a0forecast transaction.
At the inception and on an ongoing basis, Glencore documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets the qualifying hedge effectiveness requirements.
Glencore discontinues hedge accounting when the qualifying criteria for the hedged relationship is no longer met.
A change in the fair value of derivatives designated as a Fair Value Hedge is reflected together with the change in the fair value of the hedged item in the consolidated statement of\u00a0income.
A change in the fair value of derivatives designated as a Cash Flow Hedge is initially recognised in the consolidated statement of comprehensive income and accumulated in the cash flow hedge reserve in shareholders\u2019 equity. The deferred amount is then released to the consolidated statement of income in the same periods during which the hedged transaction affects the consolidated statement of income. Hedge ineffectiveness is recorded in the consolidated statement of income when it\u00a0occurs.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in shareholders\u2019 equity and is recognised in the consolidated statement of income when the committed or forecast transaction is ultimately recognised in the consolidated statement of income. However, if a forecast or committed transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is immediately transferred to the consolidated statement of income.
Financial guarantee contracts
Corporate guarantee contracts are financial commitments that create an obligation for Glencore to meet the obligations of associates or joint ventures if those entities default.
2. Segment information
Glencore is organised and operates on a worldwide basis in two core business segments namely Marketing activities and Industrial activities, reflecting the reporting lines and structure used by Glencore\u2019s management to allocate resources and assess performance.
The business segments\u2019 contributions to the Group are primarily derived from a) the net margin or premium earned from physical Marketing activities (net sale and purchase of physical commodities) and the provision of marketing and related value-add services and b) the net margin earned from Industrial asset activities (resulting from the sale of physical commodities over the cost of production and/or cost of sales). The marketing-related operating segments have been aggregated under the Marketing reportable segment as their economic characteristics (historical and expected long-term Adjusted EBITDA margins and the nature of the marketing services provided) are similar. The industrial related operating segments have been aggregated into the Industrial reportable segment because they share similar core activities \u2013 extracting raw materials and/or processing them into saleable products and selling them at prevailing market prices. They are also exposed to similar long term economic risks, such as price movements, technological change, sovereign risk and production substitution, and they exhibit similar long term average Adjusted EBITDA margins. The economic and operational characteristics of our energy and steelmaking coal operating and commercial units are not expected to change in the foreseeable future and continue to be included within the industrial activities and marketing activities reporting segments, respectively.
\u201cCorporate and other\u201d consolidated statement of income amounts represent Group-related income and expenses (including share of Viterra earnings in 2024 and certain variable bonus charges). Statement of financial position amounts represent Group-related balances. In June 2023, Glencore and its fellow shareholders in Viterra Limited concluded an agreement with Bunge Global SA, (formerly Bunge Limited), to merge Bunge and Viterra in a cash and stock transaction. As a result, the carrying amount of the 49.9% investment in Viterra was classified as held for sale as at 31 December 2024 (see note 16). While classified as held for sale, Glencore ceased recognising its share of Viterra\u2019s income. In 2024, for both segmental and internal reporting purposes, Viterra continued to be accounted for as an equity accounted associate. In 2025, no share in earnings has been recognised on a segmental basis, reflecting the completion of the transaction in July 2025 (see note 26).
Operating segment financial performance is principally evaluated by management with reference to Adjusted EBIT/EBITDA. Adjusted EBIT is the net result of segmental revenue (revenue including Proportionate adjustments as defined in the Alternative performance measure section) less cost of goods sold and selling and administrative expenses plus share of income from associates and joint ventures, dividend income and the attributable share of Adjusted EBIT of relevant material associates and joint ventures, which are accounted for internally by means of proportionate consolidation, excluding significant items. Adjusted EBITDA consists of Adjusted EBIT plus depreciation and amortisation, including the related Proportionate adjustments. In addition, Volcan (prior to its disposal in May 2024), while a subsidiary of the Group, was accounted for under the equity method for internal reporting and analysis due to the relatively low economic ownership held by the Group.
The accounting policies of the operating segments are the same as those described in note 2 with the exception of the Antamina copper/zinc mine, the Collahuasi joint venture and Volcan. Under IAS 28 and IFRS 11, Glencore\u2019s investment in the Antamina copper/zinc mine (34% owned at 31 December 2025 and 31 December 2024) is considered to be an associate as it is not subject to joint control and the Collahuasi copper mine (44% owned at 31 December 2025 and 31 December 2024) is considered to be a joint venture. Associates and joint ventures are required to be accounted for in Glencore\u2019s financial statements under the equity method. For internal reporting and analysis, Glencore evaluates the performance of these investments under the proportionate consolidation method, reflecting Glencore\u2019s proportionate share of the revenues, expenses, assets and liabilities of the investments.
In May 2024, Glencore disposed of its 23.3% interest in Volcan (see note 26). In the prior year, up to the date of disposal, for internal reporting and analysis, management evaluated the performance of Volcan under the equity method, reflecting the Group\u2019s relatively low economic ownership in this fully ring-fenced listed entity, with its stand-alone, independent and separate capital structure.
The balances as presented for internal reporting purposes are reconciled to Glencore\u2019s statutory disclosures in the following tables and/or in the Alternative performance measures section. The Alternative performance measures section does not form part of the audited financial statements.
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These consolidated financial statements were authorised for issue in accordance with a Directors\u2019 resolution on 10 March 2026.
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Statement of compliance
The consolidated financial statements have been prepared in accordance with the recognition and measurement criteria of:
\uf0b7
United Kingdom adopted international accounting standards; and
\uf0b7
IFRS\u00ae Accounting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the consolidated financial statements requires management to exercise judgement and apply estimates and assumptions that affect the measurement of reported assets and liabilities, the disclosure of contingent items at the reporting date, and the recognition of revenues and expenses during the period. These estimates and assumptions are reviewed regularly and are based on historical experience, observable market data, independent valuations and industry standard modelling techniques, together with expectations of future events considered reasonable under the circumstances. Actual results may differ from these estimates and may result in material adjustments to the carrying amounts of affected assets or liabilities in future periods.
Critical accounting judgements
In the process of applying Glencore\u2019s accounting policies, management has made the following judgements based on\u00a0the relevant facts and circumstances including macro-economic conditions and, where applicable, interpretation of underlying agreements, which have the most significant effect on the amounts recognised in the consolidated financial\u00a0statements.
(i) Determination of control of subsidiaries and joint arrangements
Judgement is required to determine when Glencore has control over subsidiaries, or joint control over joint arrangements or other unincorporated arrangements. This requires an assessment of the relevant activities including those relating to operating and capital decisions, for example the approval of annual capital expenditure, the appointment, remuneration and termination of key management personnel or service providers, and when decisions in relation to those activities are under Glencore\u2019s control or require unanimous consent. See note 26 for a summary of the acquisitions of subsidiaries completed during 2025 and 2024.
Judgement is also required in determining the classification of a\u00a0joint arrangement between a joint venture or a joint operation. This assessment requires an evaluation of the rights and obligations arising from the arrangement, in particular if the joint arrangement has been structured through a separate vehicle. Management must consider whether the legal form of the separate vehicle, the contractual terms and conditions, and other relevant facts and circumstances confer upon the parties\u2019 rights to the assets and obligations for the liabilities of the arrangement.
Joint arrangements whose primary activity is supplying output to their shareholders typically result in the parties receiving substantially all of the economic benefits from the assets. Judgement is required to assess whether the terms of the offtake agreements and any related obligations indicate that the parties are, in substance, the sole source of cash flows that support the ongoing operations of the arrangement.
Certain joint arrangements that are structured through separate vehicles including Collahuasi and Viterra, are accounted for as joint ventures. The Collahuasi arrangement is primarily designed to provide output to the shareholders that share joint control, with offtake terms set at prevailing market prices. The parties are not required to fund any potential shortfalls. In management\u2019s judgement, Glencore is not the sole potential source of funding and does not have any direct or indirect obligations for the liabilities of the arrangement, but instead shares in its net assets. Accordingly, the arrangement is accounted for as a joint venture. The investment in Viterra was classified as an asset held for sale as at 31 December 2024 (see note 16) and its acquisition by Bunge Limited was completed in July 2025 (see note 26).
Different judgements in this area could materially affect how these businesses are presented in the consolidated financial statements, whether under full consolidation, the equity method, or through recognition of Glencore\u2019s share of assets, liabilities, revenue and expenses, including any jointly held assets or liabilities. Refer to note 11 for a summary of these joint arrangements.
(ii) Classification and presentation of transactions which contain a financing element (notes 21, 22 and 25)
Transactions for the purchase of commodities may include a financing element, such as extended payment terms. Under such an arrangement, a financial institution may issue a letter of credit on behalf of Glencore and settle the payable to the supplier upon delivery of product. Glencore subsequently settles its obligation directly with the financial institution, generally between 30 to 90 days after physical supply. Judgement is required to determine the most appropriate classification and presentation of these arrangements within the statements of cash flows and financial position. Management assesses the underlying economic substance and the significance of any financing element. Where the financing element is insignificant and the extension of terms remains consistent with typical market supply conditions and within the normal working capital cycle, the transactions are considered operating in nature. Accordingly, the associated cash flows are presented in operating activities and the related liabilities are recognised as trade payable. As at 31 December 2025, all payments to suppliers under such arrangements were settled by the financial institutions. At 31 December 2025, trade payables included $9,462 million (2024: $7,472 million) of liabilities arising from such arrangements. On average, settlement of these liabilities occurs 89 days (2024: 78 days) after physical supply, with outstanding balances due 41 days (2024: 33 days) after year end. There was no significant concentration of exposure to any individual financial institution. These payables are excluded from net funding and net debt as defined in the APM section. Where the economic substance indicates that the characteristics of the liability are no longer consistent with trade payables, for example, where payment terms extend beyond those typically observed in the normal operating cycle, the liability is presented as short-term borrowings, with the corresponding cash flows classified as financing activities.
(iii) Classification of physical purchase and sale contracts (notes 28 and 29)
Judgement is required to determine the appropriate classification of physical purchase and sale contracts as being measured within the scope of IFRS 9 or as executory contracts. This requires an assessment of whether the contracts to buy or sell a non-financial item can be settled net in cash or via another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments. The Group also considers whether there is a past practice of net settling similar contracts. Contracts for the physical purchase or sale of commodities that are capable of net settlement and are not entered into for the purpose of receiving or delivering the underlying item in line with the Group\u2019s expected purchase, sale or usage requirements are accounted for as derivatives within the scope of IFRS 9 and measured at fair value through profit or loss (see notes 28 and 29). Contracts entered into for the purpose of receiving or delivering the underlying item in accordance with the Group\u2019s expected purchase, sale or usage requirements, including those that are not capable of net settlement, are accounted for as executory contracts, outside the scope of IFRS 9. Differing conclusions around classification of these contracts may materially affect their presentation as financial assets or financial liabilities and the recognition of fair value movements in profit or loss. As at 31 December 2025, the net fair value of physical contracts within the scope of IFRS 9 and recognised in the statement of financial position was $807 million (2024: $1,245 million), comprising a $1,469\u00a0million forward physical asset and a $662\u00a0million forward physical liability (2024: $1,968\u00a0million forward physical asset and $723\u00a0million forward physical liability).
(iv) Various legal claims against the company \u2013 Critical judgement in relation to whether a present obligation exists (note 32).
(v) Impact of carbon pricing
In determining accounting estimates such as the recoverable amount of non-current assets, the Group has largely assumed that future increases in carbon costs will be reflected in commodity prices and therefore passed onto the end consumer. No material change to the Group\u2019s related accounting estimates is expected within the next financial year as a result of this judgement.
Key sources of estimation uncertainty
In applying Glencore\u2019s accounting policies, management is required to make key estimates and assumptions about the future as well as other judgements that involve uncertainty. These estimates and assumptions may affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the reporting date. The key estimates and assumptions that, at the reporting date, present a significant risk of potential material adjustment to the carrying amounts of assets or liabilities within the next financial year are set out below. Actual results may differ from these estimates as conditions evolve or assumptions change, and such differences may materially impact the Group\u2019s future financial results or financial position.
(i) Recognition of deferred tax assets and uncertain tax positions (note 8)
Deferred tax assets are recognised only when it is considered probable that they will be recoverable. This requires an assessment of the expected timing of reversal of deductible temporary differences and a judgement as to whether sufficient future taxable income will be available to utilise those deferred tax assets as they reverse. These judgements are subject to inherent uncertainty, and changes in assumptions regarding future profitability may result in a material increase or decrease in the amounts recognised in the consolidated statement of financial position within the next financial year. In particular, this applies to the deferred tax asset and uncertain tax position relating to the Group\u2019s DRC operations, as outlined in note\u202f8. Management reviews the recoverability of deferred tax assets and the completeness and accuracy of uncertain tax positions, including the related assumptions and estimates, on a regular basis.
(ii) Impairments and impairment reversals (note 7)
Investments in associates and joint ventures, advances and loans, property, plant and equipment, and intangible assets are tested for impairment when events or changes in circumstances indicate that the carrying amount of an individual asset or cash generating unit (CGU) may not be recoverable. CGUs to which goodwill or other indefinite life intangible assets are allocated are tested at least annually. Indicators of impairment include changes in operating or economic assumptions, revisions to reserves or mine plans, updates to supply, demand and price forecasts, and emerging risks such as climate change and the transition to a low carbon economy. An impairment loss is recognised in the consolidated statement of income when an asset\u2019s or CGU\u2019s recoverable amount is below its carrying amount. For assets or CGUs impaired in prior periods, a reversal is recognised when the recoverable amount exceeds the carrying amount. Recoverable amounts are based on discounted future cash flows using asset or CGU specific discount rates. Estimates reflect expectations about future operations and our industrial emissions reduction targets and long term ambition. They incorporate a mix of internal information and market participant inputs, including production and sales volumes, commodity prices (current levels, forward curves and trends, including the global climate trajectory), enacted carbon taxes, reserves and resources, operating costs and capital expenditure. Management reviews these estimates regularly. Changes in key assumptions, particularly a deterioration in the commodity pricing outlook, may reduce recoverable amounts and lead to impairment. Conversely, a materially improved pricing outlook or increased service potential may result in the reversal of previous impairments. All impacts are recognised in the statement of income.
In the current year, the review identified indicators of impairment or impairment reversal for various CGUs, including those arising from changes in the underlying commodity price environment most relevant to the respective operation. The Group assessed the recoverable amounts of these CGUs and as at 31 December 2025, except for those CGUs disclosed in note 7, their estimated recoverable amounts exceeded their carrying values. For certain CGUs where no impairment was recognised, but where headroom is limited, a significant deterioration or improvement in key assumptions could result in a material impairment or reversal within the next financial year. A summary of the carrying values, the key or most sensitive assumptions, and the estimated impact of reasonably possible changes in those assumptions for each CGU with limited headroom relative to its recoverable amount, is presented below. In presenting the sensitivity analysis, particularly for commodity price assumptions, a 10% change has generally been applied, as this reflects the commonly used industry benchmark. Where a different percentage is considered reasonably possible for a specific operational assumption, this has been highlighted accordingly.
Potential post-tax impairments/(reversal of impairments) resulting from changes in key assumptions
US$ million
Capital employed1
Discount
rate2
Short-to long-term
price assumptions
Decrease/(increase)
in price of 10%3
Increase/(decrease)
in discount rate of 1%
Cash-generating unit
Mutanda
1,550
14.7%
Cu: 10,600 - 10,000
367
(367)
163
(181)
Co4: 56,549 - 44,644
242
(242)
Kazzinc \u2013 Zhairem
545
12.3%
Zn: 2,850 - 2,950
133
(89)
5
21
(22)
5
Astron oil
1,097
8.3%
Margin $/bbl: 13.1-10.3
147
(26)
5
\u2013
(26)
5
1
Capital employed includes property, plant and equipment, non-current inventory, less rehabilitation provisions and net deferred tax liabilities.
2
Discount rates expressed on a real-terms, post-tax basis.
3
Across the curve.
4
Cobalt hydroxide price.
5
Illustrated impairment reversal capped at level of accumulated historical impairment, adjusted for notional depreciation since the impairment was charged. The downside sensitivities for the Astron Oil CGU take into account the headroom over carrying value, post partial reversal of impairment in 2023. This headroom is sufficient to absorb the impact of a 1% change in discount rate, hence no sensitivity is presented.

Climate change (additional illustrative disclosures)
The disclosures in note 7 related to sensitivities to key assumptions for CGUs that have been impaired in the period, together with the above disclosures related to CGUs with limited headroom, consider the effects of reasonably possible changes in key assumptions for the next financial year.
All other sensitivities below are reasonably possible changes in assumptions beyond the next financial year, and are therefore not considered key sources of estimation uncertainty at the reporting date.
Energy fossil fuels industrial operations
Our base case price assessment takes into account the short-, medium- and longer-term seaborne energy coal demand outlook. Achieving our net zero ambition by the end of 2050 assumes significant global technological evolution and advancement, and coordinated and supportive government policies, including incentives to drive accelerated uptake of lower-carbon and decarbonisation technologies, and market-based regulations governing industrial practices that drive a competitive, least-cost emissions reduction approach, most of which are not within our direct control or ability to materially influence. In particular, economic and regulatory incentivisation of such shift, whether through carbon pricing and/or incentives to drive accelerated uptake of lower-carbon and decarbonisation technologies, could result in different financial results on the same tonnage profile.
Our assessment applies a value in use methodology. Glencore continues to progress selective brownfield coal extensions or expansions at existing mines as included in our life of mine plans, while continuing to be a responsible steward of these assets, as we progress the phase-down of our global coal portfolio. We assume that through the remaining life of mines, there will continue to be a market for energy coal at a real Newcastle FOB export price of $113/tonne (6,000 NAR), South African FOB export price of $97/tonne and Colombian FOB price of $91/tonne, which represents our best current estimate of long-term pricing based on our view of projected likely supply and demand fundamentals and the industry cost structure.
Notwithstanding these assumptions, we present illustrative impairments arising under alternate price scenarios. The 2025 price sensitivities are informed by the IEA\u2019s latest World Energy Outlook 2025 (WEO 2025) climate scenarios, described below:
\uf0b7
IEA\u2019s Current Policies Scenario (CPS) (WEO 2025 prices) \u2013 a pathway based on policies and regulations that are already in place, with a cautious perspective on the speed at which new energy technologies are deployed and integrated into the energy system
\uf0b7
IEA\u2019s Stated Policies Scenario (STEPS) (WEO 2025 prices) \u2013 a pathway based on the application of a broader range of policies, including those that have been formally put forward but not yet adopted, and assuming faster uptake of new technologies than in CPS;
\uf0b7
IEA\u2019s Net Zero Emissions by 2050 Scenario (NZE) (WEO 2025 prices) \u2013 a pathway for the global energy sector to achieve net zero emissions by 2050.
In addition, for illustrative purposes, we have shown a Complete Displacement Scenario (CDS) \u2013 reflecting the impact of fossil fuels being immediately displaced as an energy source and the resulting immediate fall in commodity prices to zero.
Our life of mine planning reflects operating cash flows which are consistent with achieving our industrial emissions reduction targets and progression towards our 2050 net zero emissions ambition. Overall our industrial portfolio\u2019s energy coal production is heavily weighted towards the earlier part of these time frames. Based on the life of mine plan and remaining energy coal production as at 31 December 2025, we have illustrated this by showing the year in which 50% and 80% of saleable energy coal would be expected to be extracted under our current plans, being 2032 and 2038, respectively. If and while there is demand for coal, and it is economic to do so, we plan to continue to operate our mines to the end of their economic life and in accordance with our climate strategy.
The sensitivities are presented on price alone and assume no mitigating actions; therefore the impairments in each scenario are likely higher than would transpire. In practice, in a sustained low price environment, management would alter mine plans to cut operating and capital costs, potentially at the expense of future volumes, in order to reduce the overall NPV impact.
The CPS, STEPS and NZE sensitivity prices adopted are those included in the documentation to WEO 2025, except that IEA energy coal prices are on a delivered basis. These have been adjusted to FOB pricing on the basis of forward freight costs. Furthermore, in determining the Colombian FOB price, we have used a weighting of the IEA coastal China and IEA European Union prices to take into account that Colombian coal sold from Cerrej\u00f3n is likely to be delivered to a combination of different markets in the future.
Cash-generating unit
US$ million
Thermal Australia
South Africa
Cerrej\u00f3n
Total energy coal
Oil E&P
Base case assumptions in life of mine plan:
\u2013 LOM saleable tonnes (Glencore consolidated) (million tonnes) / (million bbls)
797
288
161
26
\u2013 projected year when 50% LOM tonnage / reserves depleted
2032
2033
2029
2032
2030
\u2013 projected year when 80% LOM tonnage / reserves depleted
2040
2039
2031
2038
2032
\u2013 long-term price (Newcastle FOB / API4 FOB / Col FOB) ($/t) / (Brent oil price) ($/bbl) (real terms)
113
97
91
65
\u2013 discount rate applied (ranges represent opencut / underground)
8.5% - 9.3%
8.2%
10.3%
9.7%
Benchmark prices over the LOM period in selected scenarios ($/t, $/bbl):
2025 - '35 - '50
2025 - '35 - '50
2025 - '35
2025 - '35
\u2013 IEA CPS
108 - 102 - 93
86 - 85 - 75
71 - 92
62 - 94
\u2013 IEA STEPS
108 - 90 - 71
86 - 71 - 58
71 - 80
62 - 84
\u2013 IEA NZE
108 - 44 - 34
86 - 38 - 30
71 - 52
62 - 35
\u2013 CDS
n.a.
n.a.
n.a.
Carrying value of non-current capital employed as at 31 December 2025
6,109
1,150
838
8,097
(12)
Impairment arising in selected scenarios:
\u2013 IEA CPS
\u2013
710
170
880
\u2013
\u2013 IEA STEPS
530
1,150
550
2,230
\u2013
\u2013 IEA NZE
6,109
1,150
838
8,097
\u2013
\u2013 CDS1
7,690
1,320
1,306
10,316
81
Breakdown of non-current capital employed as at 31 December 2025:
Property, plant and equipment and intangible assets
7,929
1,633
1,023
10,585
81
Investments in associates and other investments
489
\u2013
\u2013
489
\u2013
Deferred tax (liabilities) / assets
(728)
(313)
283
(758)
\u2013
Non-current provisions
(1,502)
(338)
(496)
(2,336)
(93)
Other non-current net assets/(liabilities)
(79)
168
28
117
\u2013
1
In this scenario, we assume the impairment of non-current assets (net of deferred tax) while non-current liabilities, including rehabilitation, would be retained on balance sheet.
Other fossil fuel-related capital employed NPV sensitivities
Cash-generating unit
US$ million
Australian steelmaking coal
Canadian steelmaking coal
Astron Energy
Coal
marketing goodwill
Base case assumptions in life of asset plan:
\u2013 LOA saleable tonnes (millions) / Refinery steady-state capacity (bbls)
66
847
100k bopd
n.a.
\u2013 projected year when 50% LOA reserves depleted
2029
2041
n.a.
n.a.
\u2013 projected year when 80% LOA reserves depleted
2032
2052
n.a.
n.a.
\u2013 long-term price (hard coking coal) ($/t) (real terms) / Refining margin $/bbl
235
235
13.1 - 10.3
n.a.
\u2013 discount rate applied (ranges represent opencut/underground)
8.5 - 9.3%
8.4%
8.3%
n.a.
\u2013 price to earnings multiple
10x
Decrease to long-term pricing/PE multiples:
\u2013 $20/t price / $1/bbl refining margin / 2x PE (20%) decrease
215
215
n.a.
8x
\u2013 $40/t price / $2/bbl refining margin / 4x PE (40%) decrease
195
195
n.a.
6x
Carrying value of non-current capital employed as at 31 December 2025
1,366
9,391
1,097
1,674
Impairment arising in selected scenarios:
\u2013 $20/t price decrease across the curve / $1/bbl refining margin / 2x PE (20%) decrease
\u2013
2,500
150
\u2013
\u2013 $40/t price decrease across the curve / $2/bbl refining margin / 4x PE (40%) decrease
180
6,400
420
\u2013
Breakdown of non-current capital employed as at 31 December 2025:
Property, plant and equipment and intangible assets
1,781
14,072
1,135
1,674
Investments in associates and other investments
2
\u2013
2
\u2013
Deferred tax liabilities
(28)
(2,663)
(5)
\u2013
Non-current provisions
(389)
(2,155)
(6)
\u2013
Other non-current net assets
\u2013
137
(29)
\u2013
Climate change \u2013 property, plant and equipment and intangible assets \u2013 estimation of the remaining useful economic life of assets for depreciation and amortisation purposes
Property, plant and equipment and intangible assets are depreciated/amortised to estimated residual values over the estimated useful lives of the specific assets concerned, or the estimated remaining life of the associated mine, field or lease, using a straight-line or a units of production over recoverable reserves method. The estimated useful lives of our specific assets and/or operations (and therefore the rate of depreciation/amortisation) aligns with, and reflects, our industrial emissions reduction targets and ambition. The current carrying value of our property, plant and equipment and intangible assets related to our fossil fuels operations is $27,654 million, and the depreciation/amortisation related to these balances recognised in 2025 was $2,955 million, implying an average accounting-determined useful life of c.9 years.
(iii) Restoration, rehabilitation and decommissioning costs (note 23)
A provision for future restoration, rehabilitation and decommissioning costs requires estimates and assumptions to\u00a0be made around the relevant regulatory framework, the magnitude of the possible disturbance and the timing, extent and costs of the required closure and rehabilitation activities. Most rehabilitation and decommissioning activities are expected to occur many years in the future. The estimates of the requirements and costs that will need to be met when these activities take place are inherently uncertain and may change materially over time.
In calculating the appropriate provision for the expected restoration, rehabilitation and/or decommissioning obligations, cost estimates of the future potential cash outflows based on current studies of the expected rehabilitation activities and timing thereof, are prepared. These forecasts are then discounted to their present value using a risk-free rate specific to the liability and the functional currency of the respective operation.
Any changes in the risk-free rate or expected future costs are initially reflected in both the provision and the asset and subsequently in the consolidated statement of income over the remaining economic life of the asset. A material change in the provision within the next financial year could arise from changes in risk-free rates, refer to the sensitivity analysis in note 23. As the actual future costs can differ from their estimates due to changes in laws, regulations, technology, costs and timing, the provisions, including the estimates and assumptions contained therein, are reviewed regularly by management. The aggregate effect of changes within the
next financial year as a result of revisions to cost and timing assumptions could be material. It is impracticable to disclose the extent of possible effects of a change in cost and timing assumptions as the assumptions are specific to individual assets.
Climate change sensitivities
As noted above, while it is not a reasonably possible change we expect over the next financial year, global ambitions seeking to drive quicker decarbonisation could result in the timing of restoration, rehabilitation and decommissioning costs related to our coal and oil closure obligations being accelerated. As at 31 December 2025, the non-current rehabilitation provision related to our coal and oil operations is $9,278 million (undiscounted) and $5,511 million (current carrying value). The weighted average maturity is 28 years.
The portion related to operating energy coal mines is $3,617 million (undiscounted) and $2,272 million (discounted). The weighted average maturity is 12 years. To illustrate the effect of quicker decarbonisation, a three-year and five-year weighted average acceleration of energy coal mines rehabilitation, with no changes to the total undiscounted cash flows, would result in an increase to the provision of $192 million and $313 million, respectively.
(iv) Valuation of Level 3 derivatives (note 29)
Level 3 derivatives are measured at fair value using valuation techniques that incorporate significant unobservable inputs. These inputs reflect management\u2019s best estimates of the assumptions that market participants would use when pricing the instruments. Due to the illiquid or long\u2011dated nature of these derivatives, changes in key unobservable inputs may result in material movements in fair value. Unrealised gains and losses arising from Level 3 valuations are recognised in profit or loss.
Discount rates were determined by reference to the average annual real-term return on relevant 20-year government securities.
As at 31 December 2025, the discount rates applied in calculating the restoration and rehabilitation provision are pre-tax risk-free rates specific to the liability and the functional currency of operations and are as follows: US dollar 2.2% (2024: 2.0%) and South African rand 7.5% (2024: 7.2%).
The sensitivity of the rehabilitation provision to changes in the discount rate assumptions as at 31 December 2025, assuming that all other assumptions are held constant, is set out below:
Discount rate
US$\u00a0million
Increase 1%
Decrease 1%
Decrease/(increase) in overall rehabilitation provision
1,226
(1,704)
(Decrease)/increase in property, plant and equipment
(963)
1,365
Net increase/(decrease) in statement of income
263
(339)
Effect in the following year
Decrease/(increase) in depreciation expense
36
(51)
(Increase)/decrease in interest expense
(13)
28
Net increase/(decrease) in statement of income
23
(23)
The\u00a0following table provides information on the valuation techniques and inputs used to determine the fair value of Level 3 financial assets of $684\u00a0million (2024: $1,592\u00a0million) and financial liabilities of $436\u00a0million (2024: $542\u00a0million).
US$ million
2025
2024
Other receivables and loans
Assets
21
47
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Discount rates specific to the operation; and
\u2013 Underlying business plans and forecasts.
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2024: $3 million) reduction of the current carrying value of the asset while bringing forward repayments by one year would result in a $Nil (2024: $1 million) increase.
Convertible loans
Assets
78
171
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Recoverable net assets, share price; and
\u2013 Risk-free rate, credit spread; and volatility.
A 10% increase/decrease in the share price assumption would result in a $7 million (2024: $3 million) adjustment to the current carrying value. In 2024, the valuation was sensitive to the credit spread and discount rate, where a 10% increase in the discount rate would result in a $16 million reduction to the current carrying value.
Contingent considerations
Assets
\u2013
\u2013
Liabilities
(109)
(122)
Valuation techniques and key inputs:
Discounted cash flow models
Significant and other unobservable inputs:
\u2013 Estimated production plans;
\u2013 Forecast commodity prices (coal and copper); and
\u2013 Discount rates specific to the operation.
Contingent considerations relate to business combinations completed in prior years. The valuation remains sensitive to forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2024: $6 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $7 million (2024: $7 million) adjustment to the contingent considerations.
Other financial derivative assets
Assets
160
145
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Estimated sale, equity valuation and production plans;
\u2013 Forecast copper and iron ore prices, historical prices and observed volatility; and
\u2013 Discount rates specific to the operation.
The contingent future consideration assets' valuation remains sensitive to production volumes and an 8 year (2024: 8 year) increase in the life of mine assumptions would result in a $4 million (2024: $5 million) increase to the current carrying value. A 10% increase/decrease in copper production assumptions would result in a $8 million (2024: $9 million) adjustment to the current asset carrying value. A 10% increase/decrease in equity valuation and volatility assumptions would result in an $4 million (2024: $Nil) adjustment to the current carrying value.
Swaps
Assets
34
\u2013
Liabilities
\u2013
(32)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term aluminium and alumina prices.
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $3 million (2024: $3 million) adjustment to the current carrying value.
Deferred income and other financial derivative liabilities
Assets
\u2013
\u2013
Liabilities
(142)
(144)
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Forecast nickel prices, historical prices and observed volatility;
\u2013 Tenor of option expiry beyond market liquidity; and
\u2013 Discount rate based on risk-free rate adjusted for asset specific risks.
The significant unobservable inputs represent the long-term nickel price to which the valuation remains sensitive. A 10% increase/decrease in nickel price assumptions would result in a $9 million adjustment (2024: $9 million adjustment) to the current carrying values.
US$ million
2025
2024
Physical Forwards
Assets
391
1,229
Liabilities
(78)
(94)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including:
\u2013 quality;
\u2013 geographic location;
\u2013 local supply and demand;
\u2013 customer requirements; and
\u2013 counterparty credit considerations.
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio.
The valuation of these contracts is based on observable market prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage and conversion premiums.

Complex valuation techniques are applied to calculate price estimates for longer dated portions of market curves where observable market data is limited. To address inherent calculation uncertainty, calculated price estimates are benchmarked to third-party long-term forecast macro pricing assumptions, where available, for reasonability, to ensure that valuations reflect their expected transfer value to other market participants in accordance with IFRS 13. In selecting pricing within unobservable long-term ranges, the Group considers the risks associated with realising market value over the duration of the contract.
Non-discretionary dividend obligation
Assets
\u2013
\u2013
Liabilities
(107)
(150)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term forecast coal prices;
\u2013 Discount rates using weighted average cost of capital methodology;
\u2013 Production models;
\u2013 Operating costs; and
\u2013 Capital expenditures.
The resultant liability represents a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $87 million (2024: $81 million) adjustment to the current carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "
(ii) Classification and presentation of transactions which contain a financing element (notes 21, 22 and 25)
Transactions for the purchase of commodities may include a financing element, such as extended payment terms. Under such an arrangement, a financial institution may issue a letter of credit on behalf of Glencore and settle the payable to the supplier upon delivery of product. Glencore subsequently settles its obligation directly with the financial institution, generally between 30 to 90 days after physical supply. Judgement is required to determine the most appropriate classification and presentation of these arrangements within the statements of cash flows and financial position. Management assesses the underlying economic substance and the significance of any financing element. Where the financing element is insignificant and the extension of terms remains consistent with typical market supply conditions and within the normal working capital cycle, the transactions are considered operating in nature. Accordingly, the associated cash flows are presented in operating activities and the related liabilities are recognised as trade payable. As at 31 December 2025, all payments to suppliers under such arrangements were settled by the financial institutions. At 31 December 2025, trade payables included $9,462 million (2024: $7,472 million) of liabilities arising from such arrangements. On average, settlement of these liabilities occurs 89 days (2024: 78 days) after physical supply, with outstanding balances due 41 days (2024: 33 days) after year end. There was no significant concentration of exposure to any individual financial institution. These payables are excluded from net funding and net debt as defined in the APM section. Where the economic substance indicates that the characteristics of the liability are no longer consistent with trade payables, for example, where payment terms extend beyond those typically observed in the normal operating cycle, the liability is presented as short-term borrowings, with the corresponding cash flows classified as financing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSupplierFinanceArrangementsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "
(ii) Classification and presentation of transactions which contain a financing element (notes 21, 22 and 25)
Transactions for the purchase of commodities may include a financing element, such as extended payment terms. Under such an arrangement, a financial institution may issue a letter of credit on behalf of Glencore and settle the payable to the supplier upon delivery of product. Glencore subsequently settles its obligation directly with the financial institution, generally between 30 to 90 days after physical supply. Judgement is required to determine the most appropriate classification and presentation of these arrangements within the statements of cash flows and financial position. Management assesses the underlying economic substance and the significance of any financing element. Where the financing element is insignificant and the extension of terms remains consistent with typical market supply conditions and within the normal working capital cycle, the transactions are considered operating in nature. Accordingly, the associated cash flows are presented in operating activities and the related liabilities are recognised as trade payable. As at 31 December 2025, all payments to suppliers under such arrangements were settled by the financial institutions. At 31 December 2025, trade payables included $9,462 million (2024: $7,472 million) of liabilities arising from such arrangements. On average, settlement of these liabilities occurs 89 days (2024: 78 days) after physical supply, with outstanding balances due 41 days (2024: 33 days) after year end. There was no significant concentration of exposure to any individual financial institution. These payables are excluded from net funding and net debt as defined in the APM section. Where the economic substance indicates that the characteristics of the liability are no longer consistent with trade payables, for example, where payment terms extend beyond those typically observed in the normal operating cycle, the liability is presented as short-term borrowings, with the corresponding cash flows classified as financing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRangeOfPaymentDueDatesOfFinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "
(ii) Classification and presentation of transactions which contain a financing element (notes 21, 22 and 25)
Transactions for the purchase of commodities may include a financing element, such as extended payment terms. Under such an arrangement, a financial institution may issue a letter of credit on behalf of Glencore and settle the payable to the supplier upon delivery of product. Glencore subsequently settles its obligation directly with the financial institution, generally between 30 to 90 days after physical supply. Judgement is required to determine the most appropriate classification and presentation of these arrangements within the statements of cash flows and financial position. Management assesses the underlying economic substance and the significance of any financing element. Where the financing element is insignificant and the extension of terms remains consistent with typical market supply conditions and within the normal working capital cycle, the transactions are considered operating in nature. Accordingly, the associated cash flows are presented in operating activities and the related liabilities are recognised as trade payable. As at 31 December 2025, all payments to suppliers under such arrangements were settled by the financial institutions. At 31 December 2025, trade payables included $9,462 million (2024: $7,472 million) of liabilities arising from such arrangements. On average, settlement of these liabilities occurs 89 days (2024: 78 days) after physical supply, with outstanding balances due 41 days (2024: 33 days) after year end. There was no significant concentration of exposure to any individual financial institution. These payables are excluded from net funding and net debt as defined in the APM section. Where the economic substance indicates that the characteristics of the liability are no longer consistent with trade payables, for example, where payment terms extend beyond those typically observed in the normal operating cycle, the liability is presented as short-term borrowings, with the corresponding cash flows classified as financing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationRelatingToSupplierFinanceArrangementsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "
(ii) Classification and presentation of transactions which contain a financing element (notes 21, 22 and 25)
Transactions for the purchase of commodities may include a financing element, such as extended payment terms. Under such an arrangement, a financial institution may issue a letter of credit on behalf of Glencore and settle the payable to the supplier upon delivery of product. Glencore subsequently settles its obligation directly with the financial institution, generally between 30 to 90 days after physical supply. Judgement is required to determine the most appropriate classification and presentation of these arrangements within the statements of cash flows and financial position. Management assesses the underlying economic substance and the significance of any financing element. Where the financing element is insignificant and the extension of terms remains consistent with typical market supply conditions and within the normal working capital cycle, the transactions are considered operating in nature. Accordingly, the associated cash flows are presented in operating activities and the related liabilities are recognised as trade payable. As at 31 December 2025, all payments to suppliers under such arrangements were settled by the financial institutions. At 31 December 2025, trade payables included $9,462 million (2024: $7,472 million) of liabilities arising from such arrangements. On average, settlement of these liabilities occurs 89 days (2024: 78 days) after physical supply, with outstanding balances due 41 days (2024: 33 days) after year end. There was no significant concentration of exposure to any individual financial institution. These payables are excluded from net funding and net debt as defined in the APM section. Where the economic substance indicates that the characteristics of the liability are no longer consistent with trade payables, for example, where payment terms extend beyond those typically observed in the normal operating cycle, the liability is presented as short-term borrowings, with the corresponding cash flows classified as financing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "
(ii) Classification and presentation of transactions which contain a financing element (notes 21, 22 and 25)
Transactions for the purchase of commodities may include a financing element, such as extended payment terms. Under such an arrangement, a financial institution may issue a letter of credit on behalf of Glencore and settle the payable to the supplier upon delivery of product. Glencore subsequently settles its obligation directly with the financial institution, generally between 30 to 90 days after physical supply. Judgement is required to determine the most appropriate classification and presentation of these arrangements within the statements of cash flows and financial position. Management assesses the underlying economic substance and the significance of any financing element. Where the financing element is insignificant and the extension of terms remains consistent with typical market supply conditions and within the normal working capital cycle, the transactions are considered operating in nature. Accordingly, the associated cash flows are presented in operating activities and the related liabilities are recognised as trade payable. As at 31 December 2025, all payments to suppliers under such arrangements were settled by the financial institutions. At 31 December 2025, trade payables included $9,462 million (2024: $7,472 million) of liabilities arising from such arrangements. On average, settlement of these liabilities occurs 89 days (2024: 78 days) after physical supply, with outstanding balances due 41 days (2024: 33 days) after year end. There was no significant concentration of exposure to any individual financial institution. These payables are excluded from net funding and net debt as defined in the APM section. Where the economic substance indicates that the characteristics of the liability are no longer consistent with trade payables, for example, where payment terms extend beyond those typically observed in the normal operating cycle, the liability is presented as short-term borrowings, with the corresponding cash flows classified as financing activities.
Changes in liabilities arising from financing activities
Liabilities arising from financing activities are those for which cash flows are classified in the Group's consolidated cash flow statement as cash flows from financing activities. The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "
Key sources of estimation uncertainty
In applying Glencore\u2019s accounting policies, management is required to make key estimates and assumptions about the future as well as other judgements that involve uncertainty. These estimates and assumptions may affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the reporting date. The key estimates and assumptions that, at the reporting date, present a significant risk of potential material adjustment to the carrying amounts of assets or liabilities within the next financial year are set out below. Actual results may differ from these estimates as conditions evolve or assumptions change, and such differences may materially impact the Group\u2019s future financial results or financial position.
(i) Recognition of deferred tax assets and uncertain tax positions (note 8)
Deferred tax assets are recognised only when it is considered probable that they will be recoverable. This requires an assessment of the expected timing of reversal of deductible temporary differences and a judgement as to whether sufficient future taxable income will be available to utilise those deferred tax assets as they reverse. These judgements are subject to inherent uncertainty, and changes in assumptions regarding future profitability may result in a material increase or decrease in the amounts recognised in the consolidated statement of financial position within the next financial year. In particular, this applies to the deferred tax asset and uncertain tax position relating to the Group\u2019s DRC operations, as outlined in note\u202f8. Management reviews the recoverability of deferred tax assets and the completeness and accuracy of uncertain tax positions, including the related assumptions and estimates, on a regular basis.
(ii) Impairments and impairment reversals (note 7)
Investments in associates and joint ventures, advances and loans, property, plant and equipment, and intangible assets are tested for impairment when events or changes in circumstances indicate that the carrying amount of an individual asset or cash generating unit (CGU) may not be recoverable. CGUs to which goodwill or other indefinite life intangible assets are allocated are tested at least annually. Indicators of impairment include changes in operating or economic assumptions, revisions to reserves or mine plans, updates to supply, demand and price forecasts, and emerging risks such as climate change and the transition to a low carbon economy. An impairment loss is recognised in the consolidated statement of income when an asset\u2019s or CGU\u2019s recoverable amount is below its carrying amount. For assets or CGUs impaired in prior periods, a reversal is recognised when the recoverable amount exceeds the carrying amount. Recoverable amounts are based on discounted future cash flows using asset or CGU specific discount rates. Estimates reflect expectations about future operations and our industrial emissions reduction targets and long term ambition. They incorporate a mix of internal information and market participant inputs, including production and sales volumes, commodity prices (current levels, forward curves and trends, including the global climate trajectory), enacted carbon taxes, reserves and resources, operating costs and capital expenditure. Management reviews these estimates regularly. Changes in key assumptions, particularly a deterioration in the commodity pricing outlook, may reduce recoverable amounts and lead to impairment. Conversely, a materially improved pricing outlook or increased service potential may result in the reversal of previous impairments. All impacts are recognised in the statement of income.
In the current year, the review identified indicators of impairment or impairment reversal for various CGUs, including those arising from changes in the underlying commodity price environment most relevant to the respective operation. The Group assessed the recoverable amounts of these CGUs and as at 31 December 2025, except for those CGUs disclosed in note 7, their estimated recoverable amounts exceeded their carrying values. For certain CGUs where no impairment was recognised, but where headroom is limited, a significant deterioration or improvement in key assumptions could result in a material impairment or reversal within the next financial year. A summary of the carrying values, the key or most sensitive assumptions, and the estimated impact of reasonably possible changes in those assumptions for each CGU with limited headroom relative to its recoverable amount, is presented below. In presenting the sensitivity analysis, particularly for commodity price assumptions, a 10% change has generally been applied, as this reflects the commonly used industry benchmark. Where a different percentage is considered reasonably possible for a specific operational assumption, this has been highlighted accordingly.
Potential post-tax impairments/(reversal of impairments) resulting from changes in key assumptions
US$ million
Capital employed1
Discount
rate2
Short-to long-term
price assumptions
Decrease/(increase)
in price of 10%3
Increase/(decrease)
in discount rate of 1%
Cash-generating unit
Mutanda
1,550
14.7%
Cu: 10,600 - 10,000
367
(367)
163
(181)
Co4: 56,549 - 44,644
242
(242)
Kazzinc \u2013 Zhairem
545
12.3%
Zn: 2,850 - 2,950
133
(89)
5
21
(22)
5
Astron oil
1,097
8.3%
Margin $/bbl: 13.1-10.3
147
(26)
5
\u2013
(26)
5
1
Capital employed includes property, plant and equipment, non-current inventory, less rehabilitation provisions and net deferred tax liabilities.
2
Discount rates expressed on a real-terms, post-tax basis.
3
Across the curve.
4
Cobalt hydroxide price.
5
Illustrated impairment reversal capped at level of accumulated historical impairment, adjusted for notional depreciation since the impairment was charged. The downside sensitivities for the Astron Oil CGU take into account the headroom over carrying value, post partial reversal of impairment in 2023. This headroom is sufficient to absorb the impact of a 1% change in discount rate, hence no sensitivity is presented.

Climate change (additional illustrative disclosures)
The disclosures in note 7 related to sensitivities to key assumptions for CGUs that have been impaired in the period, together with the above disclosures related to CGUs with limited headroom, consider the effects of reasonably possible changes in key assumptions for the next financial year.
All other sensitivities below are reasonably possible changes in assumptions beyond the next financial year, and are therefore not considered key sources of estimation uncertainty at the reporting date.
Energy fossil fuels industrial operations
Our base case price assessment takes into account the short-, medium- and longer-term seaborne energy coal demand outlook. Achieving our net zero ambition by the end of 2050 assumes significant global technological evolution and advancement, and coordinated and supportive government policies, including incentives to drive accelerated uptake of lower-carbon and decarbonisation technologies, and market-based regulations governing industrial practices that drive a competitive, least-cost emissions reduction approach, most of which are not within our direct control or ability to materially influence. In particular, economic and regulatory incentivisation of such shift, whether through carbon pricing and/or incentives to drive accelerated uptake of lower-carbon and decarbonisation technologies, could result in different financial results on the same tonnage profile.
Our assessment applies a value in use methodology. Glencore continues to progress selective brownfield coal extensions or expansions at existing mines as included in our life of mine plans, while continuing to be a responsible steward of these assets, as we progress the phase-down of our global coal portfolio. We assume that through the remaining life of mines, there will continue to be a market for energy coal at a real Newcastle FOB export price of $113/tonne (6,000 NAR), South African FOB export price of $97/tonne and Colombian FOB price of $91/tonne, which represents our best current estimate of long-term pricing based on our view of projected likely supply and demand fundamentals and the industry cost structure.
Notwithstanding these assumptions, we present illustrative impairments arising under alternate price scenarios. The 2025 price sensitivities are informed by the IEA\u2019s latest World Energy Outlook 2025 (WEO 2025) climate scenarios, described below:
\uf0b7
IEA\u2019s Current Policies Scenario (CPS) (WEO 2025 prices) \u2013 a pathway based on policies and regulations that are already in place, with a cautious perspective on the speed at which new energy technologies are deployed and integrated into the energy system
\uf0b7
IEA\u2019s Stated Policies Scenario (STEPS) (WEO 2025 prices) \u2013 a pathway based on the application of a broader range of policies, including those that have been formally put forward but not yet adopted, and assuming faster uptake of new technologies than in CPS;
\uf0b7
IEA\u2019s Net Zero Emissions by 2050 Scenario (NZE) (WEO 2025 prices) \u2013 a pathway for the global energy sector to achieve net zero emissions by 2050.
In addition, for illustrative purposes, we have shown a Complete Displacement Scenario (CDS) \u2013 reflecting the impact of fossil fuels being immediately displaced as an energy source and the resulting immediate fall in commodity prices to zero.
Our life of mine planning reflects operating cash flows which are consistent with achieving our industrial emissions reduction targets and progression towards our 2050 net zero emissions ambition. Overall our industrial portfolio\u2019s energy coal production is heavily weighted towards the earlier part of these time frames. Based on the life of mine plan and remaining energy coal production as at 31 December 2025, we have illustrated this by showing the year in which 50% and 80% of saleable energy coal would be expected to be extracted under our current plans, being 2032 and 2038, respectively. If and while there is demand for coal, and it is economic to do so, we plan to continue to operate our mines to the end of their economic life and in accordance with our climate strategy.
The sensitivities are presented on price alone and assume no mitigating actions; therefore the impairments in each scenario are likely higher than would transpire. In practice, in a sustained low price environment, management would alter mine plans to cut operating and capital costs, potentially at the expense of future volumes, in order to reduce the overall NPV impact.
The CPS, STEPS and NZE sensitivity prices adopted are those included in the documentation to WEO 2025, except that IEA energy coal prices are on a delivered basis. These have been adjusted to FOB pricing on the basis of forward freight costs. Furthermore, in determining the Colombian FOB price, we have used a weighting of the IEA coastal China and IEA European Union prices to take into account that Colombian coal sold from Cerrej\u00f3n is likely to be delivered to a combination of different markets in the future.
Cash-generating unit
US$ million
Thermal Australia
South Africa
Cerrej\u00f3n
Total energy coal
Oil E&P
Base case assumptions in life of mine plan:
\u2013 LOM saleable tonnes (Glencore consolidated) (million tonnes) / (million bbls)
797
288
161
26
\u2013 projected year when 50% LOM tonnage / reserves depleted
2032
2033
2029
2032
2030
\u2013 projected year when 80% LOM tonnage / reserves depleted
2040
2039
2031
2038
2032
\u2013 long-term price (Newcastle FOB / API4 FOB / Col FOB) ($/t) / (Brent oil price) ($/bbl) (real terms)
113
97
91
65
\u2013 discount rate applied (ranges represent opencut / underground)
8.5% - 9.3%
8.2%
10.3%
9.7%
Benchmark prices over the LOM period in selected scenarios ($/t, $/bbl):
2025 - '35 - '50
2025 - '35 - '50
2025 - '35
2025 - '35
\u2013 IEA CPS
108 - 102 - 93
86 - 85 - 75
71 - 92
62 - 94
\u2013 IEA STEPS
108 - 90 - 71
86 - 71 - 58
71 - 80
62 - 84
\u2013 IEA NZE
108 - 44 - 34
86 - 38 - 30
71 - 52
62 - 35
\u2013 CDS
n.a.
n.a.
n.a.
Carrying value of non-current capital employed as at 31 December 2025
6,109
1,150
838
8,097
(12)
Impairment arising in selected scenarios:
\u2013 IEA CPS
\u2013
710
170
880
\u2013
\u2013 IEA STEPS
530
1,150
550
2,230
\u2013
\u2013 IEA NZE
6,109
1,150
838
8,097
\u2013
\u2013 CDS1
7,690
1,320
1,306
10,316
81
Breakdown of non-current capital employed as at 31 December 2025:
Property, plant and equipment and intangible assets
7,929
1,633
1,023
10,585
81
Investments in associates and other investments
489
\u2013
\u2013
489
\u2013
Deferred tax (liabilities) / assets
(728)
(313)
283
(758)
\u2013
Non-current provisions
(1,502)
(338)
(496)
(2,336)
(93)
Other non-current net assets/(liabilities)
(79)
168
28
117
\u2013
1
In this scenario, we assume the impairment of non-current assets (net of deferred tax) while non-current liabilities, including rehabilitation, would be retained on balance sheet.
Other fossil fuel-related capital employed NPV sensitivities
Cash-generating unit
US$ million
Australian steelmaking coal
Canadian steelmaking coal
Astron Energy
Coal
marketing goodwill
Base case assumptions in life of asset plan:
\u2013 LOA saleable tonnes (millions) / Refinery steady-state capacity (bbls)
66
847
100k bopd
n.a.
\u2013 projected year when 50% LOA reserves depleted
2029
2041
n.a.
n.a.
\u2013 projected year when 80% LOA reserves depleted
2032
2052
n.a.
n.a.
\u2013 long-term price (hard coking coal) ($/t) (real terms) / Refining margin $/bbl
235
235
13.1 - 10.3
n.a.
\u2013 discount rate applied (ranges represent opencut/underground)
8.5 - 9.3%
8.4%
8.3%
n.a.
\u2013 price to earnings multiple
10x
Decrease to long-term pricing/PE multiples:
\u2013 $20/t price / $1/bbl refining margin / 2x PE (20%) decrease
215
215
n.a.
8x
\u2013 $40/t price / $2/bbl refining margin / 4x PE (40%) decrease
195
195
n.a.
6x
Carrying value of non-current capital employed as at 31 December 2025
1,366
9,391
1,097
1,674
Impairment arising in selected scenarios:
\u2013 $20/t price decrease across the curve / $1/bbl refining margin / 2x PE (20%) decrease
\u2013
2,500
150
\u2013
\u2013 $40/t price decrease across the curve / $2/bbl refining margin / 4x PE (40%) decrease
180
6,400
420
\u2013
Breakdown of non-current capital employed as at 31 December 2025:
Property, plant and equipment and intangible assets
1,781
14,072
1,135
1,674
Investments in associates and other investments
2
\u2013
2
\u2013
Deferred tax liabilities
(28)
(2,663)
(5)
\u2013
Non-current provisions
(389)
(2,155)
(6)
\u2013
Other non-current net assets
\u2013
137
(29)
\u2013
Climate change \u2013 property, plant and equipment and intangible assets \u2013 estimation of the remaining useful economic life of assets for depreciation and amortisation purposes
Property, plant and equipment and intangible assets are depreciated/amortised to estimated residual values over the estimated useful lives of the specific assets concerned, or the estimated remaining life of the associated mine, field or lease, using a straight-line or a units of production over recoverable reserves method. The estimated useful lives of our specific assets and/or operations (and therefore the rate of depreciation/amortisation) aligns with, and reflects, our industrial emissions reduction targets and ambition. The current carrying value of our property, plant and equipment and intangible assets related to our fossil fuels operations is $27,654 million, and the depreciation/amortisation related to these balances recognised in 2025 was $2,955 million, implying an average accounting-determined useful life of c.9 years.
(iii) Restoration, rehabilitation and decommissioning costs (note 23)
A provision for future restoration, rehabilitation and decommissioning costs requires estimates and assumptions to\u00a0be made around the relevant regulatory framework, the magnitude of the possible disturbance and the timing, extent and costs of the required closure and rehabilitation activities. Most rehabilitation and decommissioning activities are expected to occur many years in the future. The estimates of the requirements and costs that will need to be met when these activities take place are inherently uncertain and may change materially over time.
In calculating the appropriate provision for the expected restoration, rehabilitation and/or decommissioning obligations, cost estimates of the future potential cash outflows based on current studies of the expected rehabilitation activities and timing thereof, are prepared. These forecasts are then discounted to their present value using a risk-free rate specific to the liability and the functional currency of the respective operation.
Any changes in the risk-free rate or expected future costs are initially reflected in both the provision and the asset and subsequently in the consolidated statement of income over the remaining economic life of the asset. A material change in the provision within the next financial year could arise from changes in risk-free rates, refer to the sensitivity analysis in note 23. As the actual future costs can differ from their estimates due to changes in laws, regulations, technology, costs and timing, the provisions, including the estimates and assumptions contained therein, are reviewed regularly by management. The aggregate effect of changes within the
next financial year as a result of revisions to cost and timing assumptions could be material. It is impracticable to disclose the extent of possible effects of a change in cost and timing assumptions as the assumptions are specific to individual assets.
Climate change sensitivities
As noted above, while it is not a reasonably possible change we expect over the next financial year, global ambitions seeking to drive quicker decarbonisation could result in the timing of restoration, rehabilitation and decommissioning costs related to our coal and oil closure obligations being accelerated. As at 31 December 2025, the non-current rehabilitation provision related to our coal and oil operations is $9,278 million (undiscounted) and $5,511 million (current carrying value). The weighted average maturity is 28 years.
The portion related to operating energy coal mines is $3,617 million (undiscounted) and $2,272 million (discounted). The weighted average maturity is 12 years. To illustrate the effect of quicker decarbonisation, a three-year and five-year weighted average acceleration of energy coal mines rehabilitation, with no changes to the total undiscounted cash flows, would result in an increase to the provision of $192 million and $313 million, respectively.
(iv) Valuation of Level 3 derivatives (note 29)
Level 3 derivatives are measured at fair value using valuation techniques that incorporate significant unobservable inputs. These inputs reflect management\u2019s best estimates of the assumptions that market participants would use when pricing the instruments. Due to the illiquid or long\u2011dated nature of these derivatives, changes in key unobservable inputs may result in material movements in fair value. Unrealised gains and losses arising from Level 3 valuations are recognised in profit or loss.
Discount rates were determined by reference to the average annual real-term return on relevant 20-year government securities.
As at 31 December 2025, the discount rates applied in calculating the restoration and rehabilitation provision are pre-tax risk-free rates specific to the liability and the functional currency of operations and are as follows: US dollar 2.2% (2024: 2.0%) and South African rand 7.5% (2024: 7.2%).
The sensitivity of the rehabilitation provision to changes in the discount rate assumptions as at 31 December 2025, assuming that all other assumptions are held constant, is set out below:
Discount rate
US$\u00a0million
Increase 1%
Decrease 1%
Decrease/(increase) in overall rehabilitation provision
1,226
(1,704)
(Decrease)/increase in property, plant and equipment
(963)
1,365
Net increase/(decrease) in statement of income
263
(339)
Effect in the following year
Decrease/(increase) in depreciation expense
36
(51)
(Increase)/decrease in interest expense
(13)
28
Net increase/(decrease) in statement of income
23
(23)
The\u00a0following table provides information on the valuation techniques and inputs used to determine the fair value of Level 3 financial assets of $684\u00a0million (2024: $1,592\u00a0million) and financial liabilities of $436\u00a0million (2024: $542\u00a0million).
US$ million
2025
2024
Other receivables and loans
Assets
21
47
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Discount rates specific to the operation; and
\u2013 Underlying business plans and forecasts.
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2024: $3 million) reduction of the current carrying value of the asset while bringing forward repayments by one year would result in a $Nil (2024: $1 million) increase.
Convertible loans
Assets
78
171
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Recoverable net assets, share price; and
\u2013 Risk-free rate, credit spread; and volatility.
A 10% increase/decrease in the share price assumption would result in a $7 million (2024: $3 million) adjustment to the current carrying value. In 2024, the valuation was sensitive to the credit spread and discount rate, where a 10% increase in the discount rate would result in a $16 million reduction to the current carrying value.
Contingent considerations
Assets
\u2013
\u2013
Liabilities
(109)
(122)
Valuation techniques and key inputs:
Discounted cash flow models
Significant and other unobservable inputs:
\u2013 Estimated production plans;
\u2013 Forecast commodity prices (coal and copper); and
\u2013 Discount rates specific to the operation.
Contingent considerations relate to business combinations completed in prior years. The valuation remains sensitive to forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2024: $6 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $7 million (2024: $7 million) adjustment to the contingent considerations.
Other financial derivative assets
Assets
160
145
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Estimated sale, equity valuation and production plans;
\u2013 Forecast copper and iron ore prices, historical prices and observed volatility; and
\u2013 Discount rates specific to the operation.
The contingent future consideration assets' valuation remains sensitive to production volumes and an 8 year (2024: 8 year) increase in the life of mine assumptions would result in a $4 million (2024: $5 million) increase to the current carrying value. A 10% increase/decrease in copper production assumptions would result in a $8 million (2024: $9 million) adjustment to the current asset carrying value. A 10% increase/decrease in equity valuation and volatility assumptions would result in an $4 million (2024: $Nil) adjustment to the current carrying value.
Swaps
Assets
34
\u2013
Liabilities
\u2013
(32)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term aluminium and alumina prices.
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $3 million (2024: $3 million) adjustment to the current carrying value.
Deferred income and other financial derivative liabilities
Assets
\u2013
\u2013
Liabilities
(142)
(144)
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Forecast nickel prices, historical prices and observed volatility;
\u2013 Tenor of option expiry beyond market liquidity; and
\u2013 Discount rate based on risk-free rate adjusted for asset specific risks.
The significant unobservable inputs represent the long-term nickel price to which the valuation remains sensitive. A 10% increase/decrease in nickel price assumptions would result in a $9 million adjustment (2024: $9 million adjustment) to the current carrying values.
US$ million
2025
2024
Physical Forwards
Assets
391
1,229
Liabilities
(78)
(94)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including:
\u2013 quality;
\u2013 geographic location;
\u2013 local supply and demand;
\u2013 customer requirements; and
\u2013 counterparty credit considerations.
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio.
The valuation of these contracts is based on observable market prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage and conversion premiums.

Complex valuation techniques are applied to calculate price estimates for longer dated portions of market curves where observable market data is limited. To address inherent calculation uncertainty, calculated price estimates are benchmarked to third-party long-term forecast macro pricing assumptions, where available, for reasonability, to ensure that valuations reflect their expected transfer value to other market participants in accordance with IFRS 13. In selecting pricing within unobservable long-term ranges, the Group considers the risks associated with realising market value over the duration of the contract.
Non-discretionary dividend obligation
Assets
\u2013
\u2013
Liabilities
(107)
(150)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term forecast coal prices;
\u2013 Discount rates using weighted average cost of capital methodology;
\u2013 Production models;
\u2013 Operating costs; and
\u2013 Capital expenditures.
The resultant liability represents a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $87 million (2024: $81 million) adjustment to the current carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "Key sources of estimation uncertaintyIn applying Glencore\u2019s accounting policies, management is required to make key estimates and assumptions about the future as well as other judgements that involve uncertainty. These estimates and assumptions may affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the reporting date. The key estimates and assumptions that, at the reporting date, present a significant risk of potential material adjustment to the carrying amounts of assets or liabilities within the next financial year are set out below. Actual results may differ from these estimates as conditions evolve or assumptions change, and such differences may materially impact the Group\u2019s future financial results or financial position.(i) Recognition of deferred tax assets and uncertain tax positions (note 8)Deferred tax assets are recognised only when it is considered probable that they will be recoverable. This requires an assessment of the expected timing of reversal of deductible temporary differences and a judgement as to whether sufficient future taxable income will be available to utilise those deferred tax assets as they reverse. These judgements are subject to inherent uncertainty, and changes in assumptions regarding future profitability may result in a material increase or decrease in the amounts recognised in the consolidated statement of financial position within the next financial year. In particular, this applies to the deferred tax asset and uncertain tax position relating to the Group\u2019s DRC operations, as outlined in note\u202f8. Management reviews the recoverability of deferred tax assets and the completeness and accuracy of uncertain tax positions, including the related assumptions and estimates, on a regular basis.(ii) Impairments and impairment reversals (note 7)Investments in associates and joint ventures, advances and loans, property, plant and equipment, and intangible assets are tested for impairment when events or changes in circumstances indicate that the carrying amount of an individual asset or cash generating unit (CGU) may not be recoverable. CGUs to which goodwill or other indefinite life intangible assets are allocated are tested at least annually. Indicators of impairment include changes in operating or economic assumptions, revisions to reserves or mine plans, updates to supply, demand and price forecasts, and emerging risks such as climate change and the transition to a low carbon economy. An impairment loss is recognised in the consolidated statement of income when an asset\u2019s or CGU\u2019s recoverable amount is below its carrying amount. For assets or CGUs impaired in prior periods, a reversal is recognised when the recoverable amount exceeds the carrying amount. Recoverable amounts are based on discounted future cash flows using asset or CGU specific discount rates. Estimates reflect expectations about future operations and our industrial emissions reduction targets and long term ambition. They incorporate a mix of internal information and market participant inputs, including production and sales volumes, commodity prices (current levels, forward curves and trends, including the global climate trajectory), enacted carbon taxes, reserves and resources, operating costs and capital expenditure. Management reviews these estimates regularly. Changes in key assumptions, particularly a deterioration in the commodity pricing outlook, may reduce recoverable amounts and lead to impairment. Conversely, a materially improved pricing outlook or increased service potential may result in the reversal of previous impairments. All impacts are recognised in the statement of income.In the current year, the review identified indicators of impairment or impairment reversal for various CGUs, including those arising from changes in the underlying commodity price environment most relevant to the respective operation. The Group assessed the recoverable amounts of these CGUs and as at 31 December 2025, except for those CGUs disclosed in note 7, their estimated recoverable amounts exceeded their carrying values. For certain CGUs where no impairment was recognised, but where headroom is limited, a significant deterioration or improvement in key assumptions could result in a material impairment or reversal within the next financial year. A summary of the carrying values, the key or most sensitive assumptions, and the estimated impact of reasonably possible changes in those assumptions for each CGU with limited headroom relative to its recoverable amount, is presented below. In presenting the sensitivity analysis, particularly for commodity price assumptions, a 10% change has generally been applied, as this reflects the commonly used industry benchmark. Where a different percentage is considered reasonably possible for a specific operational assumption, this has been highlighted accordingly.Potential post-tax impairments/(reversal of impairments) resulting from changes in key assumptionsUS$ millionCapital employed1Discount rate2Short-to long-termprice assumptionsDecrease/(increase)in price of 10%3Increase/(decrease)in discount rate of 1%Cash-generating unitMutanda1,55014.7%Cu: 10,600 - 10,000367(367)163(181)Co4: 56,549 - 44,644242(242)Kazzinc \u2013 Zhairem54512.3%Zn: 2,850 - 2,950133(89)521(22)5Astron oil1,0978.3%Margin $/bbl: 13.1-10.3147(26)5\u2013(26)51Capital employed includes property, plant and equipment, non-current inventory, less rehabilitation provisions and net deferred tax liabilities.2Discount rates expressed on a real-terms, post-tax basis.3Across the curve.4Cobalt hydroxide price.5Illustrated impairment reversal capped at level of accumulated historical impairment, adjusted for notional depreciation since the impairment was charged. The downside sensitivities for the Astron Oil CGU take into account the headroom over carrying value, post partial reversal of impairment in 2023. This headroom is sufficient to absorb the impact of a 1% change in discount rate, hence no sensitivity is presented.Climate change (additional illustrative disclosures)The disclosures in note 7 related to sensitivities to key assumptions for CGUs that have been impaired in the period, together with the above disclosures related to CGUs with limited headroom, consider the effects of reasonably possible changes in key assumptions for the next financial year.All other sensitivities below are reasonably possible changes in assumptions beyond the next financial year, and are therefore not considered key sources of estimation uncertainty at the reporting date. Energy fossil fuels industrial operationsOur base case price assessment takes into account the short-, medium- and longer-term seaborne energy coal demand outlook. Achieving our net zero ambition by the end of 2050 assumes significant global technological evolution and advancement, and coordinated and supportive government policies, including incentives to drive accelerated uptake of lower-carbon and decarbonisation technologies, and market-based regulations governing industrial practices that drive a competitive, least-cost emissions reduction approach, most of which are not within our direct control or ability to materially influence. In particular, economic and regulatory incentivisation of such shift, whether through carbon pricing and/or incentives to drive accelerated uptake of lower-carbon and decarbonisation technologies, could result in different financial results on the same tonnage profile.Our assessment applies a value in use methodology. Glencore continues to progress selective brownfield coal extensions or expansions at existing mines as included in our life of mine plans, while continuing to be a responsible steward of these assets, as we progress the phase-down of our global coal portfolio. We assume that through the remaining life of mines, there will continue to be a market for energy coal at a real Newcastle FOB export price of $113/tonne (6,000 NAR), South African FOB export price of $97/tonne and Colombian FOB price of $91/tonne, which represents our best current estimate of long-term pricing based on our view of projected likely supply and demand fundamentals and the industry cost structure.Notwithstanding these assumptions, we present illustrative impairments arising under alternate price scenarios. The 2025 price sensitivities are informed by the IEA\u2019s latest World Energy Outlook 2025 (WEO 2025) climate scenarios, described below:\uf0b7IEA\u2019s Current Policies Scenario (CPS) (WEO 2025 prices) \u2013 a pathway based on policies and regulations that are already in place, with a cautious perspective on the speed at which new energy technologies are deployed and integrated into the energy system\uf0b7IEA\u2019s Stated Policies Scenario (STEPS) (WEO 2025 prices) \u2013 a pathway based on the application of a broader range of policies, including those that have been formally put forward but not yet adopted, and assuming faster uptake of new technologies than in CPS;\uf0b7IEA\u2019s Net Zero Emissions by 2050 Scenario (NZE) (WEO 2025 prices) \u2013 a pathway for the global energy sector to achieve net zero emissions by 2050.In addition, for illustrative purposes, we have shown a Complete Displacement Scenario (CDS) \u2013 reflecting the impact of fossil fuels being immediately displaced as an energy source and the resulting immediate fall in commodity prices to zero. Our life of mine planning reflects operating cash flows which are consistent with achieving our industrial emissions reduction targets and progression towards our 2050 net zero emissions ambition. Overall our industrial portfolio\u2019s energy coal production is heavily weighted towards the earlier part of these time frames. Based on the life of mine plan and remaining energy coal production as at 31 December 2025, we have illustrated this by showing the year in which 50% and 80% of saleable energy coal would be expected to be extracted under our current plans, being 2032 and 2038, respectively. If and while there is demand for coal, and it is economic to do so, we plan to continue to operate our mines to the end of their economic life and in accordance with our climate strategy.The sensitivities are presented on price alone and assume no mitigating actions; therefore the impairments in each scenario are likely higher than would transpire. In practice, in a sustained low price environment, management would alter mine plans to cut operating and capital costs, potentially at the expense of future volumes, in order to reduce the overall NPV impact.The CPS, STEPS and NZE sensitivity prices adopted are those included in the documentation to WEO 2025, except that IEA energy coal prices are on a delivered basis. These have been adjusted to FOB pricing on the basis of forward freight costs. Furthermore, in determining the Colombian FOB price, we have used a weighting of the IEA coastal China and IEA European Union prices to take into account that Colombian coal sold from Cerrej\u00f3n is likely to be delivered to a combination of different markets in the future.Cash-generating unitUS$ millionThermal AustraliaSouth AfricaCerrej\u00f3nTotal energy coalOil E&PBase case assumptions in life of mine plan:\u2013 LOM saleable tonnes (Glencore consolidated) (million tonnes) / (million bbls)79728816126\u2013 projected year when 50% LOM tonnage / reserves depleted20322033202920322030\u2013 projected year when 80% LOM tonnage / reserves depleted20402039203120382032\u2013 long-term price (Newcastle FOB / API4 FOB / Col FOB) ($/t) / (Brent oil price) ($/bbl) (real terms)113979165\u2013 discount rate applied (ranges represent opencut / underground)8.5% - 9.3%8.2%10.3%9.7%Benchmark prices over the LOM period in selected scenarios ($/t, $/bbl):2025 - '35 - '502025 - '35 - '502025 - '352025 - '35\u2013 IEA CPS108 - 102 - 9386 - 85 - 7571 - 9262 - 94\u2013 IEA STEPS108 - 90 - 7186 - 71 - 5871 - 8062 - 84\u2013 IEA NZE108 - 44 - 3486 - 38 - 3071 - 5262 - 35\u2013 CDSn.a.n.a.n.a.Carrying value of non-current capital employed as at 31 December 20256,1091,1508388,097(12)Impairment arising in selected scenarios:\u2013 IEA CPS\u2013710170880\u2013\u2013 IEA STEPS5301,1505502,230\u2013\u2013 IEA NZE6,1091,1508388,097\u2013\u2013 CDS17,6901,3201,30610,31681Breakdown of non-current capital employed as at 31 December 2025:Property, plant and equipment and intangible assets7,9291,6331,02310,58581Investments in associates and other investments489\u2013\u2013489\u2013Deferred tax (liabilities) / assets(728)(313)283(758)\u2013Non-current provisions(1,502)(338)(496)(2,336)(93)Other non-current net assets/(liabilities)(79)16828117\u20131In this scenario, we assume the impairment of non-current assets (net of deferred tax) while non-current liabilities, including rehabilitation, would be retained on balance sheet.Other fossil fuel-related capital employed NPV sensitivitiesCash-generating unitUS$ millionAustralian steelmaking coalCanadian steelmaking coalAstron EnergyCoalmarketing goodwillBase case assumptions in life of asset plan:\u2013 LOA saleable tonnes (millions) / Refinery steady-state capacity (bbls)66847100k bopdn.a.\u2013 projected year when 50% LOA reserves depleted20292041n.a.n.a.\u2013 projected year when 80% LOA reserves depleted20322052n.a.n.a.\u2013 long-term price (hard coking coal) ($/t) (real terms) / Refining margin $/bbl23523513.1 - 10.3n.a.\u2013 discount rate applied (ranges represent opencut/underground)8.5 - 9.3%8.4%8.3%n.a.\u2013 price to earnings multiple10xDecrease to long-term pricing/PE multiples:\u2013 $20/t price / $1/bbl refining margin / 2x PE (20%) decrease215215n.a.8x\u2013 $40/t price / $2/bbl refining margin / 4x PE (40%) decrease195195n.a.6xCarrying value of non-current capital employed as at 31 December 20251,3669,3911,0971,674Impairment arising in selected scenarios:\u2013 $20/t price decrease across the curve / $1/bbl refining margin / 2x PE (20%) decrease\u20132,500150\u2013\u2013 $40/t price decrease across the curve / $2/bbl refining margin / 4x PE (40%) decrease1806,400420\u2013Breakdown of non-current capital employed as at 31 December 2025:Property, plant and equipment and intangible assets1,78114,0721,1351,674Investments in associates and other investments2\u20132\u2013Deferred tax liabilities(28)(2,663)(5)\u2013Non-current provisions(389)(2,155)(6)\u2013Other non-current net assets\u2013137(29)\u2013Climate change \u2013 property, plant and equipment and intangible assets \u2013 estimation of the remaining useful economic life of assets for depreciation and amortisation purposesProperty, plant and equipment and intangible assets are depreciated/amortised to estimated residual values over the estimated useful lives of the specific assets concerned, or the estimated remaining life of the associated mine, field or lease, using a straight-line or a units of production over recoverable reserves method. The estimated useful lives of our specific assets and/or operations (and therefore the rate of depreciation/amortisation) aligns with, and reflects, our industrial emissions reduction targets and ambition. The current carrying value of our property, plant and equipment and intangible assets related to our fossil fuels operations is $27,654 million, and the depreciation/amortisation related to these balances recognised in 2025 was $2,955 million, implying an average accounting-determined useful life of c.9 years.(iii) Restoration, rehabilitation and decommissioning costs (note 23)A provision for future restoration, rehabilitation and decommissioning costs requires estimates and assumptions to\u00a0be made around the relevant regulatory framework, the magnitude of the possible disturbance and the timing, extent and costs of the required closure and rehabilitation activities. Most rehabilitation and decommissioning activities are expected to occur many years in the future. The estimates of the requirements and costs that will need to be met when these activities take place are inherently uncertain and may change materially over time. In calculating the appropriate provision for the expected restoration, rehabilitation and/or decommissioning obligations, cost estimates of the future potential cash outflows based on current studies of the expected rehabilitation activities and timing thereof, are prepared. These forecasts are then discounted to their present value using a risk-free rate specific to the liability and the functional currency of the respective operation. Any changes in the risk-free rate or expected future costs are initially reflected in both the provision and the asset and subsequently in the consolidated statement of income over the remaining economic life of the asset. A material change in the provision within the next financial year could arise from changes in risk-free rates, refer to the sensitivity analysis in note 23. As the actual future costs can differ from their estimates due to changes in laws, regulations, technology, costs and timing, the provisions, including the estimates and assumptions contained therein, are reviewed regularly by management. The aggregate effect of changes within the next financial year as a result of revisions to cost and timing assumptions could be material. It is impracticable to disclose the extent of possible effects of a change in cost and timing assumptions as the assumptions are specific to individual assets.Climate change sensitivitiesAs noted above, while it is not a reasonably possible change we expect over the next financial year, global ambitions seeking to drive quicker decarbonisation could result in the timing of restoration, rehabilitation and decommissioning costs related to our coal and oil closure obligations being accelerated. As at 31 December 2025, the non-current rehabilitation provision related to our coal and oil operations is $9,278 million (undiscounted) and $5,511 million (current carrying value). The weighted average maturity is 28 years.The portion related to operating energy coal mines is $3,617 million (undiscounted) and $2,272 million (discounted). The weighted average maturity is 12 years. To illustrate the effect of quicker decarbonisation, a three-year and five-year weighted average acceleration of energy coal mines rehabilitation, with no changes to the total undiscounted cash flows, would result in an increase to the provision of $192 million and $313 million, respectively.(iv) Valuation of Level 3 derivatives (note 29)Level 3 derivatives are measured at fair value using valuation techniques that incorporate significant unobservable inputs. These inputs reflect management\u2019s best estimates of the assumptions that market participants would use when pricing the instruments. Due to the illiquid or long\u2011dated nature of these derivatives, changes in key unobservable inputs may result in material movements in fair value. Unrealised gains and losses arising from Level 3 valuations are recognised in profit or loss.Rehabilitation costsThe rehabilitation provision represents the estimated costs to restore and rehabilitate sites generally upon the completion of production activities. These obligations will be settled when rehabilitation commences, typically at the end of a project\u2019s life. The timing of settlement ranges from sites currently under rehabilitation to those with expected closure periods exceeding 50 years. The weighted average remaining life of all sites, based on their expected closure periods, is approximately 27 years (2024: 26 years).The projected undiscounted rehabilitation cash flows are as follows:US$ million0-5 years5-15 years15-25 years25-35 years>35 yearsTotal undiscounted31 December 20253,7314,3432,4591,4794,12416,13631 December 20243,5854,5472,7231,5183,95916,332 US$ million20252024Undiscounted rehabilitation costs16,13616,332Impact of discounting(5,775)(5,445)Present value of rehabilitation costs10,36110,887Attributable to:Operating sites6,4496,713Closed sites3,9124,174Total rehabilitation costs10,36110,887Discount rates were determined by reference to the average annual real-term return on relevant 20-year government securities.As at 31 December 2025, the discount rates applied in calculating the restoration and rehabilitation provision are pre-tax risk-free rates specific to the liability and the functional currency of operations and are as follows: US dollar 2.2% (2024: 2.0%) and South African rand 7.5% (2024: 7.2%).The sensitivity of the rehabilitation provision to changes in the discount rate assumptions as at 31 December 2025, assuming that all other assumptions are held constant, is set out below:Discount rateUS$\u00a0millionIncrease 1%Decrease 1%Decrease/(increase) in overall rehabilitation provision1,226(1,704)(Decrease)/increase in property, plant and equipment(963)1,365Net increase/(decrease) in statement of income263(339)Effect in the following yearDecrease/(increase) in depreciation expense36(51)(Increase)/decrease in interest expense(13)28Net increase/(decrease) in statement of income23(23)The\u00a0following table provides information on the valuation techniques and inputs used to determine the fair value of Level 3 financial assets of $684\u00a0million (2024: $1,592\u00a0million) and financial liabilities of $436\u00a0million (2024: $542\u00a0million). US$ million20252024Other receivables and loansAssets2147Liabilities\u2013\u2013Valuation techniques and key inputs:Discounted cash flow modelSignificant and other unobservable inputs:\u2013 Discount rates specific to the operation; and\u2013 Underlying business plans and forecasts.The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2024: $3 million) reduction of the current carrying value of the asset while bringing forward repayments by one year would result in a $Nil (2024: $1 million) increase.Convertible loansAssets78171Liabilities\u2013\u2013Valuation techniques and key inputs:Discounted cash flow and option pricing modelsSignificant and other unobservable inputs:\u2013 Recoverable net assets, share price; and\u2013 Risk-free rate, credit spread; and volatility.A 10% increase/decrease in the share price assumption would result in a $7 million (2024: $3 million) adjustment to the current carrying value. In 2024, the valuation was sensitive to the credit spread and discount rate, where a 10% increase in the discount rate would result in a $16 million reduction to the current carrying value.Contingent considerationsAssets\u2013\u2013Liabilities(109)(122)Valuation techniques and key inputs:Discounted cash flow modelsSignificant and other unobservable inputs:\u2013 Estimated production plans;\u2013 Forecast commodity prices (coal and copper); and\u2013 Discount rates specific to the operation.Contingent considerations relate to business combinations completed in prior years. The valuation remains sensitive to forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2024: $6 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $7 million (2024: $7 million) adjustment to the contingent considerations.Other financial derivative assetsAssets160145Liabilities\u2013\u2013Valuation techniques and key inputs:Discounted cash flow and option pricing modelsSignificant and other unobservable inputs:\u2013 Estimated sale, equity valuation and production plans;\u2013 Forecast copper and iron ore prices, historical prices and observed volatility; and\u2013 Discount rates specific to the operation.The contingent future consideration assets' valuation remains sensitive to production volumes and an 8 year (2024: 8 year) increase in the life of mine assumptions would result in a $4 million (2024: $5 million) increase to the current carrying value. A 10% increase/decrease in copper production assumptions would result in a $8 million (2024: $9 million) adjustment to the current asset carrying value. A 10% increase/decrease in equity valuation and volatility assumptions would result in an $4 million (2024: $Nil) adjustment to the current carrying value.SwapsAssets34\u2013Liabilities\u2013(32)Valuation techniques and key inputs:Discounted cash flow modelSignificant and other unobservable inputs:\u2013 Long-term aluminium and alumina prices.The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $3 million (2024: $3 million) adjustment to the current carrying value.Deferred income and other financial derivative liabilitiesAssets\u2013\u2013Liabilities(142)(144)Valuation techniques and key inputs:Discounted cash flow and option pricing modelsSignificant and other unobservable inputs:\u2013 Forecast nickel prices, historical prices and observed volatility;\u2013 Tenor of option expiry beyond market liquidity; and\u2013 Discount rate based on risk-free rate adjusted for asset specific risks.The significant unobservable inputs represent the long-term nickel price to which the valuation remains sensitive. A 10% increase/decrease in nickel price assumptions would result in a $9 million adjustment (2024: $9 million adjustment) to the current carrying values.US$ million20252024Physical ForwardsAssets3911,229Liabilities(78)(94)Valuation techniques and key inputs:Discounted cash flow modelSignificant and other unobservable inputs:Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including:\u2013 quality;\u2013 geographic location;\u2013 local supply and demand;\u2013 customer requirements; and\u2013 counterparty credit considerations.These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio.The valuation of these contracts is based on observable market prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage and conversion premiums.Complex valuation techniques are applied to calculate price estimates for longer dated portions of market curves where observable market data is limited. To address inherent calculation uncertainty, calculated price estimates are benchmarked to third-party long-term forecast macro pricing assumptions, where available, for reasonability, to ensure that valuations reflect their expected transfer value to other market participants in accordance with IFRS 13. In selecting pricing within unobservable long-term ranges, the Group considers the risks associated with realising market value over the duration of the contract.Non-discretionary dividend obligationAssets\u2013\u2013Liabilities(107)(150)Valuation techniques and key inputs:Discounted cash flow modelSignificant and other unobservable inputs:\u2013 Long-term forecast coal prices;\u2013 Discount rates using weighted average cost of capital methodology;\u2013 Production models;\u2013 Operating costs; and\u2013 Capital expenditures.The resultant liability represents a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $87 million (2024: $81 million) adjustment to the current carrying value.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "
(iii) Restoration, rehabilitation and decommissioning costs (note 23)
A provision for future restoration, rehabilitation and decommissioning costs requires estimates and assumptions to\u00a0be made around the relevant regulatory framework, the magnitude of the possible disturbance and the timing, extent and costs of the required closure and rehabilitation activities. Most rehabilitation and decommissioning activities are expected to occur many years in the future. The estimates of the requirements and costs that will need to be met when these activities take place are inherently uncertain and may change materially over time.
In calculating the appropriate provision for the expected restoration, rehabilitation and/or decommissioning obligations, cost estimates of the future potential cash outflows based on current studies of the expected rehabilitation activities and timing thereof, are prepared. These forecasts are then discounted to their present value using a risk-free rate specific to the liability and the functional currency of the respective operation.
Any changes in the risk-free rate or expected future costs are initially reflected in both the provision and the asset and subsequently in the consolidated statement of income over the remaining economic life of the asset. A material change in the provision within the next financial year could arise from changes in risk-free rates, refer to the sensitivity analysis in note 23. As the actual future costs can differ from their estimates due to changes in laws, regulations, technology, costs and timing, the provisions, including the estimates and assumptions contained therein, are reviewed regularly by management. The aggregate effect of changes within the
next financial year as a result of revisions to cost and timing assumptions could be material. It is impracticable to disclose the extent of possible effects of a change in cost and timing assumptions as the assumptions are specific to individual assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "
Adoption of new and revised standards
The following clarification revisions to existing accounting pronouncements became effective on 1 January 2025 and have been adopted by the Group.
(i) Lack of Foreign Currency Exchangeability (Amendments to IAS 21) \u2013 effective for year ends beginning on or after 1 January 2025
The amendments require entities to apply a consistent approach when assessing whether a currency is exchangeable into another and, when it is not, to determine the appropriate exchange rate and provide the related disclosures.
These amendments did not have a material impact on the Group.
(ii) International Tax Reform \u2013 Pillar Two Model Rules \u2013 effective for year ends beginning on or after 1 January 2024
Glencore falls within the scope of the Organisation for Economic Co-operation and Development (OECD) Pillar Two model rules and operates in several jurisdictions where Pillar Two Rules have been enacted, or substantively enacted. In Switzerland, where the Group\u2019s ultimate parent company is tax-resident, Pillar Two is being implemented in stages. A Qualifying Domestic Top-up Tax took effect from 1 January 2024, followed by the introduction of the Income Inclusion Rule (IIR) from 1 January 2025. In accordance with the amendments to IAS 12, Glencore applies the mandatory exception from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes. Under the Pillar Two Rules, the Group is liable to pay a top-up tax in Switzerland for the difference between its Global Anti-Base Erosion (GloBE) effective tax rate per jurisdiction and the 15% minimum tax rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "
Adoption of new and revised standards
The following clarification revisions to existing accounting pronouncements became effective on 1 January 2025 and have been adopted by the Group.
(i) Lack of Foreign Currency Exchangeability (Amendments to IAS 21) \u2013 effective for year ends beginning on or after 1 January 2025
The amendments require entities to apply a consistent approach when assessing whether a currency is exchangeable into another and, when it is not, to determine the appropriate exchange rate and provide the related disclosures.
These amendments did not have a material impact on the Group.
(ii) International Tax Reform \u2013 Pillar Two Model Rules \u2013 effective for year ends beginning on or after 1 January 2024
Glencore falls within the scope of the Organisation for Economic Co-operation and Development (OECD) Pillar Two model rules and operates in several jurisdictions where Pillar Two Rules have been enacted, or substantively enacted. In Switzerland, where the Group\u2019s ultimate parent company is tax-resident, Pillar Two is being implemented in stages. A Qualifying Domestic Top-up Tax took effect from 1 January 2024, followed by the introduction of the Income Inclusion Rule (IIR) from 1 January 2025. In accordance with the amendments to IAS 12, Glencore applies the mandatory exception from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes. Under the Pillar Two Rules, the Group is liable to pay a top-up tax in Switzerland for the difference between its Global Anti-Base Erosion (GloBE) effective tax rate per jurisdiction and the 15% minimum tax rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "
(ii) International Tax Reform \u2013 Pillar Two Model Rules \u2013 effective for year ends beginning on or after 1 January 2024
Glencore falls within the scope of the Organisation for Economic Co-operation and Development (OECD) Pillar Two model rules and operates in several jurisdictions where Pillar Two Rules have been enacted, or substantively enacted. In Switzerland, where the Group\u2019s ultimate parent company is tax-resident, Pillar Two is being implemented in stages. A Qualifying Domestic Top-up Tax took effect from 1 January 2024, followed by the introduction of the Income Inclusion Rule (IIR) from 1 January 2025. In accordance with the amendments to IAS 12, Glencore applies the mandatory exception from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes. Under the Pillar Two Rules, the Group is liable to pay a top-up tax in Switzerland for the difference between its Global Anti-Base Erosion (GloBE) effective tax rate per jurisdiction and the 15% minimum tax rate.
The Group\u2019s exposure to Pillar Two top-up tax amounts to $21 million (2024: $Nil) and mainly relates to business activities in the US.
", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "(ii) International Tax Reform \u2013 Pillar Two Model Rules \u2013 effective for year ends beginning on or after 1 January 2024Glencore falls within the scope of the Organisation for Economic Co-operation and Development (OECD) Pillar Two model rules and operates in several jurisdictions where Pillar Two Rules have been enacted, or substantively enacted. In Switzerland, where the Group\u2019s ultimate parent company is tax-resident, Pillar Two is being implemented in stages. A Qualifying Domestic Top-up Tax took effect from 1 January 2024, followed by the introduction of the Income Inclusion Rule (IIR) from 1 January 2025. In accordance with the amendments to IAS 12, Glencore applies the mandatory exception from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes. Under the Pillar Two Rules, the Group is liable to pay a top-up tax in Switzerland for the difference between its Global Anti-Base Erosion (GloBE) effective tax rate per jurisdiction and the 15% minimum tax rate. The Group\u2019s exposure to Pillar Two top-up tax amounts to $21 million (2024: $Nil) and mainly relates to business activities in the US.", "dimensions": { "concept": "ifrs-full:StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "
New and revised standards not yet effective
At the date of the authorisation of this preliminary announcement, the following new and revised IFRS standards applicable to Glencore had been issued but were not yet effective:
(i) IFRS 7 & IFRS 9 Amendments to the Classification and Measurement of Financial Instruments \u2013 effective for year ends beginning on or after 1 January 2026
The amendments clarify the requirements for classification and measurement and are intended to enhance comparability and transparency in the reporting of financial instruments. Their adoption is not expected to result in any significant changes to the presentation, disclosures or measurement of items in these financial statements.
(ii) IFRS 18 Presentation and Disclosure in Financial Statements \u2013 effective for year ends beginning on or after 1 January 2027
IFRS 18 will supersede IAS 1 Presentation of Financial Statements, carrying forward many of the existing requirements from IAS 1 while introducing additional requirements. The new standard sets out revised requirements for the classification and presentation of items in the statement of profit and loss, provides new disclosures for management-defined performance measures in the notes and enhances the principles for aggregation and disaggregation in both the primary financial statements and the accompanying notes. IFRS 18 will have no impact on the recognition and measurement of assets, liabilities, income or expenses.
The Group is currently evaluating the impact of IFRS\u202f18 and notes, on a preliminary basis, that its share of income and losses from associates and joint ventures will be presented in the consolidated statement of income within the investing category rather than the operating category. As a consequence, dividends received from associates and joint ventures will be reclassified in the consolidated statement of cash flows from operating activities to investing activities. The Group\u2019s assessment is ongoing, and further changes may be required upon implementation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "
Basis of preparation
The consolidated financial statements are prepared under the historical cost convention except for certain financial assets, liabilities, marketing inventories and pension obligations that are measured at revalued amounts or fair values at the end of each reporting period as explained in the accounting policies below. Historical cost is defined as the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the time of their acquisition. The principal accounting policies adopted are set out below.
The Directors have assessed that, at the time of approving these consolidated financial statements, they have a reasonable expectation that the Group has adequate resources to continue in operational existence for 12 months from the expected date of approval of the 2025 Annual Report and Accounts. They continue therefore to adopt the going concern basis of\u00a0accounting in preparing these financial statements. The Directors have made this assessment after consideration of the Group\u2019s capital commitments, budgeted cash flows and related assumptions including the appropriate stress testing of identified uncertainties, primarily related to commodity prices and currency exchange rates, and access to undrawn credit facilities and monitoring of debt maturities. Further information on Glencore\u2019s objectives, policies and processes for managing its capital and financial risks is detailed in note 27.
All amounts are expressed in millions of United States dollars, the presentation currency of the Group, unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "
The Directors have assessed that, at the time of approving these consolidated financial statements, they have a reasonable expectation that the Group has adequate resources to continue in operational existence for 12 months from the expected date of approval of the 2025 Annual Report and Accounts. They continue therefore to adopt the going concern basis of\u00a0accounting in preparing these financial statements. The Directors have made this assessment after consideration of the Group\u2019s capital commitments, budgeted cash flows and related assumptions including the appropriate stress testing of identified uncertainties, primarily related to commodity prices and currency exchange rates, and access to undrawn credit facilities and monitoring of debt maturities. Further information on Glencore\u2019s objectives, policies and processes for managing its capital and financial risks is detailed in note 27.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "
All amounts are expressed in millions of United States dollars, the presentation currency of the Group, unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-32": { "value": "
Principles of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries.
Control is achieved when Glencore is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, Glencore controls an investee if, and only if, it has all of the following:
\uf0b7
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
\uf0b7
Exposure, or rights, to variable returns from its involvement with the investee; and
\uf0b7
The ability to use its power over the investee to affect its returns.
When Glencore has less than a majority of the voting rights of an investee or similar rights, it considers all relevant facts and circumstances in assessing whether it has power over the investee including:
\uf0b7
The size of its voting right holding relative to the size and dispersion of other vote holders;
\uf0b7
Potential voting rights held versus those held by other vote holders or parties;
\uf0b7
Rights arising from other contractual arrangements; and
\uf0b7
Any additional facts and circumstances that indicate that it has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be\u00a0made, including voting patterns at previous shareholders\u2019 meetings.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or\u00a0more of the three elements of control listed above. Consolidation of a subsidiary begins when Glencore obtains control over the subsidiary and ceases when Glencore loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of income and other comprehensive income from the date Glencore gains control until the date when Glencore ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to\u00a0the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the\u00a0Group\u2019s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
Changes in Glencore\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions with any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or\u00a0received being recognised directly in equity and attributed to equity holders of Glencore.
When Glencore loses control of a subsidiary, a gain or loss is recognised in the consolidated statement of income and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if Glencore had directly disposed of the related assets or liabilities of the subsidiary (i.e.\u00a0reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9, when applicable, or\u00a0the cost on the initial recognition of an investment in an associate or a joint\u00a0venture.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "
Principles of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries.
Control is achieved when Glencore is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, Glencore controls an investee if, and only if, it has all of the following:
\uf0b7
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
\uf0b7
Exposure, or rights, to variable returns from its involvement with the investee; and
\uf0b7
The ability to use its power over the investee to affect its returns.
When Glencore has less than a majority of the voting rights of an investee or similar rights, it considers all relevant facts and circumstances in assessing whether it has power over the investee including:
\uf0b7
The size of its voting right holding relative to the size and dispersion of other vote holders;
\uf0b7
Potential voting rights held versus those held by other vote holders or parties;
\uf0b7
Rights arising from other contractual arrangements; and
\uf0b7
Any additional facts and circumstances that indicate that it has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be\u00a0made, including voting patterns at previous shareholders\u2019 meetings.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or\u00a0more of the three elements of control listed above. Consolidation of a subsidiary begins when Glencore obtains control over the subsidiary and ceases when Glencore loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of income and other comprehensive income from the date Glencore gains control until the date when Glencore ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to\u00a0the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the\u00a0Group\u2019s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
Changes in Glencore\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions with any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or\u00a0received being recognised directly in equity and attributed to equity holders of Glencore.
When Glencore loses control of a subsidiary, a gain or loss is recognised in the consolidated statement of income and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if Glencore had directly disposed of the related assets or liabilities of the subsidiary (i.e.\u00a0reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9, when applicable, or\u00a0the cost on the initial recognition of an investment in an associate or a joint\u00a0venture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-34": { "value": "
Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to\u00a0the non-controlling interests, even if this results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the\u00a0Group\u2019s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
Changes in Glencore\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions with any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or\u00a0received being recognised directly in equity and attributed to equity holders of Glencore.
When Glencore loses control of a subsidiary, a gain or loss is recognised in the consolidated statement of income and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill) and liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if Glencore had directly disposed of the related assets or liabilities of the subsidiary (i.e.\u00a0reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9, when applicable, or\u00a0the cost on the initial recognition of an investment in an associate or a joint\u00a0venture.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-35": { "value": "All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Where Glencore transacts with an Associate, unrealised profits and losses are eliminated to the extent of Glencore\u2019s interest in that\u00a0Associate.
Where Glencore transacts with a joint operation, unrealised profits and losses are eliminated to the extent of Glencore\u2019s interest in\u00a0that joint operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-36": { "value": "
Investments in associates and joint ventures
Associates and joint ventures (together \u2018Associates\u2019) in which Glencore exercises significant influence or joint control are accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Significant influence is presumed if Glencore holds between 20% and 50% of the voting rights, unless evidence exists to the contrary. A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about relevant strategic and/or key operating decisions require unanimous consent of the parties sharing\u00a0control.
Equity accounting involves Glencore recording its share of the Associate\u2019s net income and equity. Glencore\u2019s interest in an Associate is initially recorded at cost and is subsequently adjusted for Glencore\u2019s share of changes in net assets of the Associate, less any impairment in the value of individual investments. Where Glencore transacts with an Associate, unrealised profits and losses are eliminated to the extent of Glencore\u2019s interest in that\u00a0Associate.
Changes in Glencore\u2019s interests in Associates are accounted for as\u00a0a gain or loss on disposal with any difference between the amount by which the carrying value of the Associate is adjusted and the fair value of the consideration received being recognised directly in the consolidated statement of\u00a0income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-37": { "value": "
Investments in associates and joint ventures
Associates and joint ventures (together \u2018Associates\u2019) in which Glencore exercises significant influence or joint control are accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Significant influence is presumed if Glencore holds between 20% and 50% of the voting rights, unless evidence exists to the contrary. A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about relevant strategic and/or key operating decisions require unanimous consent of the parties sharing\u00a0control.
Equity accounting involves Glencore recording its share of the Associate\u2019s net income and equity. Glencore\u2019s interest in an Associate is initially recorded at cost and is subsequently adjusted for Glencore\u2019s share of changes in net assets of the Associate, less any impairment in the value of individual investments. Where Glencore transacts with an Associate, unrealised profits and losses are eliminated to the extent of Glencore\u2019s interest in that\u00a0Associate.
Changes in Glencore\u2019s interests in Associates are accounted for as\u00a0a gain or loss on disposal with any difference between the amount by which the carrying value of the Associate is adjusted and the fair value of the consideration received being recognised directly in the consolidated statement of\u00a0income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-38": { "value": "
Investments in associates and joint ventures
Associates and joint ventures (together \u2018Associates\u2019) in which Glencore exercises significant influence or joint control are accounted for using the equity method. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Significant influence is presumed if Glencore holds between 20% and 50% of the voting rights, unless evidence exists to the contrary. A joint venture is a joint arrangement whereby the parties that have
joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control over an arrangement, which exists only when decisions about relevant strategic and/or key operating decisions require unanimous consent of the parties sharing\u00a0control.
Equity accounting involves Glencore recording its share of the Associate\u2019s net income and equity. Glencore\u2019s interest in an Associate is initially recorded at cost and is subsequently adjusted for Glencore\u2019s share of changes in net assets of the Associate, less any impairment in the value of individual investments. Where Glencore transacts with an Associate, unrealised profits and losses are eliminated to the extent of Glencore\u2019s interest in that\u00a0Associate.
Changes in Glencore\u2019s interests in Associates are accounted for as\u00a0a gain or loss on disposal with any difference between the amount by which the carrying value of the Associate is adjusted and the fair value of the consideration received being recognised directly in the consolidated statement of\u00a0income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "
Business combinations and goodwill
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting.
The acquisition cost is measured at fair value, comprising the acquisition\u2011date fair values of the assets transferred, the liabilities incurred to the former owners, and any equity instruments issued to obtain control. The identifiable assets and liabilities, including contingent liabilities, are recognised at their acquisition\u2011date fair values. Acquisition\u2011related costs are expensed in the consolidated statement of income as incurred.
Where a business combination is achieved in stages, Glencore\u2019s previously held interests in the acquired entity are remeasured to fair value at the acquisition date, representing the date on which Glencore obtains control. The resulting gain or loss, if any, is recognised in the consolidated statement of income.
Goodwill is measured as the excess of: (i) the consideration transferred, (ii) any non-controlling interest in the acquiree, and (iii) the fair value of any previously held equity interest, over the acquisition-date fair value of the identifiable net assets acquired.
After initial recognition, goodwill is carried at cost less any accumulated impairment losses. From the acquisition date, goodwill arising from a business combination is allocated to the CGUs (or groups of CGUs) that are expected to benefit from the synergies of the combination. These CGUs are tested for impairment annually, or more frequently if there are indicators of impairment. If the recoverable amount of a CGU is lower than its carrying amount, the resulting impairment loss is first applied to reduce the carrying amount of any goodwill allocated to the CGU, and then allocated pro-rata to the other assets within the CGU based on their carrying amounts.
Any impairment loss is recognised directly in profit or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent periods.
On disposal of the relevant CGU, the attributable amount of goodwill is included in the determination of the profit or loss on\u00a0disposal.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, Glencore reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted for additional information obtained during the \u2018measurement period\u2019, which cannot exceed one year from the acquisition date, about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that\u00a0date.
Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in another IFRS.
Similar procedures are applied in accounting for the purchases of interests in Associates and joint operations. Any goodwill arising from such purchases is included within the carrying amount of the investment in Associates, but not amortised thereafter. Any excess of Glencore\u2019s share of the net fair value of an Associate\u2019s identifiable net assets over the cost of the investment is recognised in\u00a0the consolidated statement of income in the period of acquisition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-40": { "value": "
Business combinations and goodwill
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting.
The acquisition cost is measured at fair value, comprising the acquisition\u2011date fair values of the assets transferred, the liabilities incurred to the former owners, and any equity instruments issued to obtain control. The identifiable assets and liabilities, including contingent liabilities, are recognised at their acquisition\u2011date fair values. Acquisition\u2011related costs are expensed in the consolidated statement of income as incurred.
Where a business combination is achieved in stages, Glencore\u2019s previously held interests in the acquired entity are remeasured to fair value at the acquisition date, representing the date on which Glencore obtains control. The resulting gain or loss, if any, is recognised in the consolidated statement of income.
Goodwill is measured as the excess of: (i) the consideration transferred, (ii) any non-controlling interest in the acquiree, and (iii) the fair value of any previously held equity interest, over the acquisition-date fair value of the identifiable net assets acquired.
After initial recognition, goodwill is carried at cost less any accumulated impairment losses. From the acquisition date, goodwill arising from a business combination is allocated to the CGUs (or groups of CGUs) that are expected to benefit from the synergies of the combination. These CGUs are tested for impairment annually, or more frequently if there are indicators of impairment. If the recoverable amount of a CGU is lower than its carrying amount, the resulting impairment loss is first applied to reduce the carrying amount of any goodwill allocated to the CGU, and then allocated pro-rata to the other assets within the CGU based on their carrying amounts.
Any impairment loss is recognised directly in profit or loss. An impairment loss recognised for goodwill is not able to be reversed in subsequent periods.
On disposal of the relevant CGU, the attributable amount of goodwill is included in the determination of the profit or loss on\u00a0disposal.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, Glencore reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted for additional information obtained during the \u2018measurement period\u2019, which cannot exceed one year from the acquisition date, about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that\u00a0date.
Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in another IFRS.
Similar procedures are applied in accounting for the purchases of interests in Associates and joint operations. Any goodwill arising from such purchases is included within the carrying amount of the investment in Associates, but not amortised thereafter. Any excess of Glencore\u2019s share of the net fair value of an Associate\u2019s identifiable net assets over the cost of the investment is recognised in\u00a0the consolidated statement of income in the period of acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-41": { "value": "
Goodwill is measured as the excess of: (i) the consideration transferred, (ii) any non-controlling interest in the acquiree, and (iii) the fair value of any previously held equity interest, over the acquisition-date fair value of the identifiable net assets acquired.
After initial recognition, goodwill is carried at cost less any accumulated impairment losses. From the acquisition date, goodwill arising from a business combination is allocated to the CGUs (or groups of CGUs) that are expected to benefit from the synergies of the combination. These CGUs are tested for impairment annually, or more frequently if there are indicators of impairment. If the recoverable amount of a CGU is lower than its carrying amount, the resulting impairment loss is first applied to reduce the carrying amount of any goodwill allocated to the CGU, and then allocated pro-rata to the other assets within the CGU based on their carrying amounts.
Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation (calculated on a straight-line basis over their useful lives) and accumulated impairment losses, if any.
Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life. The amortisation method and period are reviewed annually and impairment testing is undertaken when circumstances indicate the carrying amount may not be recoverable. Other than goodwill, which is not amortised, Glencore has no identifiable intangible assets with an indefinite life.
The major categories of intangibles are amortised on a units of production (UOP) and/or straight-line basis as\u00a0follows:
Port allocation rights
UOP
Licences, trademarks and software
3 \u2013 20 years
Customer relationships
5 \u2013 9 years
Goodwill impairment testing
For the purpose of impairment testing, goodwill has been allocated to the CGUs, or groups of CGUs, that are expected to\u00a0benefit from the synergies of the business combination and which represent the level at which management monitors and manages the goodwill. In assessing whether an impairment is required, the carrying value of the CGU is compared with its recoverable amount. The recoverable amount is the higher of its\u00a0fair value less costs of disposal (FVLCD) and its value in use (VIU). If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro-rata basis of the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the consolidated statement of income. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-42": { "value": "
Non-current assets held for sale and disposal groups
Non-current assets, liabilities and those included in disposal groups are classified as held for sale if their carrying amount will be\u00a0recovered principally through a sale transaction rather than through continuing use, they are available for immediate disposal and the sale is highly probable. Non-current assets, liabilities and those included in disposal groups held for sale are measured at the lower of their carrying amount or fair value less costs to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "
Non-current assets held for sale and disposal groups
Non-current assets, liabilities and those included in disposal groups are classified as held for sale if their carrying amount will be\u00a0recovered principally through a sale transaction rather than through continuing use, they are available for immediate disposal and the sale is highly probable. Non-current assets, liabilities and those included in disposal groups held for sale are measured at the lower of their carrying amount or fair value less costs to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "
Revenue recognition
Revenue is derived primarily from the sale of commodities. Depending on the agreed Incoterms (such as CFR, CIF, DAP or others), the Group may be responsible for providing services such as shipping, insurance or delivery to a specified location. In some cases, these services are provided after control of the goods has transferred to the customer. Revenue is recognised when Glencore satisfies its performance obligations, which occurs when control of the goods or services is transferred to the customer. Revenue is measured based on consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The same revenue-recognition and presentation principles apply to transactions arising from the physical settlement of forward sale contracts that are accounted for as derivatives under IFRS 9.
Revenue related to the sale of goods is recognised when the product is delivered to the destination specified by the customer, which is typically the loading vessel, the destination port or the customer\u2019s\u00a0premises and the buyer has gained control through their ability to direct the use of and obtain substantially all the benefits from the asset. Where the sale of goods is connected with an agreement to repurchase goods at a later date, revenue is recognised when the purchase terms are at prevailing market prices, the goods repurchased are readily available in the market, and the buyer gained control of the goods originally sold to them. As at 31 December 2025, the outstanding repurchase commitments under such agreements were $2,165\u00a0million (2024: $707\u00a0million). Should it be determined that control has not transferred or the buyer does not have the ability to benefit substantially from ownership of the asset, revenue is not recognised and any proceeds received are accounted for as a financing arrangement.
For certain commodities, the sales price is determined on a provisional basis at the date of sale as the final selling price is subject to\u00a0movements in market prices up to the date of final pricing, typically ranging from 30 to 90 days after initial booking (provisionally priced sales). Revenue on\u00a0provisionally priced sales is recognised based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the character of a commodity derivative.
Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are recognised as an adjustment to revenue. In all cases, fair value is estimated with reference to forward market prices and the specific terms of the contract.
Revenue from the sale of material by-products is included within revenue. Where a by-product is not regarded as significant, revenue may be credited against cost of goods sold.
Revenue related to the provision of shipping and insurance-related activities is recognised over time as the service is rendered.
Payments received for future metal (primarily gold and silver) deliveries (prepayments) are primarily accounted for as executory contracts whereby the prepayment is initially recorded as deferred revenue in the consolidated statement of financial position. The initial deferred revenue amount is unwound and revenue is recognised in the consolidated statement of income as and when Glencore physically delivers the metal and loses control of it. Where these prepayments exceed one year and contain a significant financing component, the amount of the deferred revenue is adjusted for the effects of the time value of money. Glencore applies the practical expedient not to adjust the promised consideration for the effects of time value of money if the period between delivery and the respective payment is one year or less.
Interest income is recognised using the effective interest method for debt instruments measured at amortised cost and at FVTOCI. For financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. For credit-impaired financial assets, interest income is calculated on the net carrying amount of the financial asset.
Dividend income is recognised when the right to receive payment is established, typically when the shareholder's entitlement to the dividend is confirmed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "
Revenue related to the sale of goods is recognised when the product is delivered to the destination specified by the customer, which is typically the loading vessel, the destination port or the customer\u2019s\u00a0premises and the buyer has gained control through their ability to direct the use of and obtain substantially all the benefits from the asset. Where the sale of goods is connected with an agreement to repurchase goods at a later date, revenue is recognised when the purchase terms are at prevailing market prices, the goods repurchased are readily available in the market, and the buyer gained control of the goods originally sold to them. As at 31 December 2025, the outstanding repurchase commitments under such agreements were $2,165\u00a0million (2024: $707\u00a0million). Should it be determined that control has not transferred or the buyer does not have the ability to benefit substantially from ownership of the asset, revenue is not recognised and any proceeds received are accounted for as a financing arrangement.
For certain commodities, the sales price is determined on a provisional basis at the date of sale as the final selling price is subject to\u00a0movements in market prices up to the date of final pricing, typically ranging from 30 to 90 days after initial booking (provisionally priced sales). Revenue on\u00a0provisionally priced sales is recognised based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the character of a commodity derivative.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-46": { "value": "
Interest income is recognised using the effective interest method for debt instruments measured at amortised cost and at FVTOCI. For financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. For credit-impaired financial assets, interest income is calculated on the net carrying amount of the financial asset.
Dividend income is recognised when the right to receive payment is established, typically when the shareholder's entitlement to the dividend is confirmed.
Borrowing costs are expensed as incurred except where they relate to the financing of a qualifying asset. In those cases, the borrowing costs are capitalised until the asset is ready for its intended use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-47": { "value": "
Interest income is recognised using the effective interest method for debt instruments measured at amortised cost and at FVTOCI. For financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset. For credit-impaired financial assets, interest income is calculated on the net carrying amount of the financial asset.
Dividend income is recognised when the right to receive payment is established, typically when the shareholder's entitlement to the dividend is confirmed.
Borrowing costs are expensed as incurred except where they relate to the financing of a qualifying asset. In those cases, the borrowing costs are capitalised until the asset is ready for its intended use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-48": { "value": "
Foreign currency translation
Glencore\u2019s reporting currency and the functional currency of\u00a0the majority of its operations is the US dollar as this is assessed to be the principal currency of the economic environment in which it\u00a0operates.
(i) Foreign currency transactions
Transactions in foreign currencies are converted into the functional currency of each entity using the exchange rate prevailing at the transaction date. Monetary assets and liabilities outstanding at year end are converted at year-end rates. Non-monetary items measured in terms of historical cost are translated using the exchange rate at the date of the transaction. The resulting exchange differences are recorded in the consolidated statement of income.
(ii) Translation of financial statements
For the purposes of consolidation, assets and liabilities of Group companies whose functional currency is in a currency other than the US dollar are translated into US dollars using year-end exchange rates, while their statements of income are translated using average rates of exchange for the year. Translation adjustments are included as a separate component of shareholders\u2019 equity and have no consolidated statement of income impact to the extent that no disposal of the foreign operation has occurred. Where an intragroup balance is, in substance, part of the Group\u2019s net investment in an entity, exchange gains and losses on that balance are taken to the currency translation reserve. Cumulative translation differences are recycled from equity and recognised as income or expense on partial disposal of the net investment in an entity, which includes repayments of capital and loans. On such partial disposals, when the Group\u2019s percentage of equity ownerships do not change, the \u2018absolute\u2019 approach is applied. Under this approach, the amounts held in the foreign currency translation reserve are reclassified to income or expense based on the proportionate share of total cumulative translation differences recognised in the net investment.
Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and are translated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-49": { "value": "
Glencore\u2019s reporting currency and the functional currency of\u00a0the majority of its operations is the US dollar as this is assessed to be the principal currency of the economic environment in which it\u00a0operates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-50": { "value": "
Borrowing costs
Borrowing costs are expensed as incurred except where they relate to the financing of a qualifying asset. In those cases, the borrowing costs are capitalised until the asset is ready for its intended use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-51": { "value": "
Borrowing costs
Borrowing costs are expensed as incurred except where they relate to the financing of a qualifying asset. In those cases, the borrowing costs are capitalised until the asset is ready for its intended use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-52": { "value": "
Employee and retirement benefits
Salaries, wages, bonuses, social security contributions, paid annual and sick leave are accrued for in the period in which the associated services are rendered by the employees of the Group.
Glencore operates a range of pension schemes that comply with the local requirements and practices of each country in which it operates. For defined contribution plans funded through contributions to separate trustee-administered funds or insurance companies, the annual expense equals the contributions required under the plans.
For defined benefit retirement plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each annual reporting period. Remeasurements comprising actuarial gains and losses, the effect of the asset ceiling (if applicable) and the return on plan assets (excluding interest) are recognised immediately in the statement of financial position with a charge or credit to other comprehensive income in the period in which they occur. Remeasurements recognised in other comprehensive income are not reclassified to the statement of income. Past service cost is recognised in profit or loss when a plan amendment or curtailment occurs, or when the Group recognises related restructuring costs or termination benefits, whichever occurs earlier. Gains or losses on the settlement of a defined benefit plan are recognised when it occurs. Net interest is calculated by applying a discount rate to the net defined benefit liability or asset.
Defined benefit costs are split into three categories:
\uf0b7
service costs, which includes current service cost, past service cost and gains and losses on curtailments and\u00a0settlements;
\uf0b7
net interest expense or income; and
\uf0b7
remeasurements.
The Group recognises service costs within the consolidated statement of income.
Net interest expense or income is recognised within interest expense or income in the consolidated statement of income.
Any past service cost (or gain or loss on settlement) is calculated by measuring the defined benefit liability (asset) using updated assumptions and comparing benefits offered and plan assets before and after the plan amendment (or curtailment or settlement) but ignoring the effect of the asset ceiling that may arise when the defined benefit plan is in a surplus position. The Group uses the updated assumptions from this remeasurement to determine current service cost and net interest for the remainder of the reporting period, after the change to the plan. Following a plan amendment or curtailment, net interest for the subsequent period is calculated by multiplying the net defined benefit liability (asset) as remeasured, with the discount rate used in the remeasurement, adjusted for the effect of contributions and benefit payments during the period.
The retirement benefit obligation recognised in the consolidated statement of financial position represents the deficit or surplus in the Group\u2019s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of plan refunds or reductions in future contributions.
Glencore also provides post-retirement healthcare benefits to certain employees in Canada, South Africa and the United States. These are accounted for in a similar manner to the defined benefit pension plans, but they are unfunded.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-53": { "value": "
Share-based payments
(i) Equity-settled share-based payments
Equity-settled share-based payments are measured at the fair value of the awards based on the market value of the shares at the grant date. Fair value excludes the effect of non-market-based vesting conditions. The fair value is charged to the consolidated statement of income and credited to retained earnings on a straight-line basis over the period the estimated awards are expected to\u00a0vest.
At each balance sheet date, the Company revises its estimate of\u00a0the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the consolidated statement of income such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to retained earnings.
(ii) Cash-settled share-based payments
For cash-settled share-based payments, a liability is initially recognised at fair value based on the estimated number of awards that are expected to vest, adjusting for market and non-market-based performance conditions. Subsequently, at\u00a0each reporting period until the liability is settled, it is remeasured to fair value with any changes in fair value recognised in the consolidated statement of\u00a0income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-54": { "value": "
Income taxes
Income taxes consist of current and deferred income taxes. Current taxes represent income taxes expected to be payable based on enacted or substantively enacted tax rates at the period end on expected current taxable income, and any adjustment to tax payable in respect of previous years. Deferred taxes are recognised for temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable income, using enacted or\u00a0substantively enacted income tax rates which are expected to be effective at\u00a0the time of reversal of the underlying temporary difference. Deferred tax assets and unused tax\u00a0losses are only recognised to\u00a0the extent that their recoverability is probable. Deferred tax assets are reviewed at reporting period end and amended to the extent that it is no longer probable that the related benefit will be realised. To the extent that a deferred tax asset not previously recognised subsequently fulfils the criteria for recognition, an asset is then recognised.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same authority and Glencore has both the right and the intention to settle its current tax assets and liabilities on a net or simultaneous basis.
Deferred tax is not recognised on temporary differences arising on the initial recognition of assets or liabilities, unless they arise from a\u00a0business combination or affect accounting or taxable profit at the time of the transaction. Deferred tax is also not recognised on temporary differences relating to\u00a0investments in subsidiaries and associates when Glencore can control the timing of the reversal and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is recognised in respect of\u00a0fair value adjustments on acquisitions. These adjustments may relate to assets such as extraction rights that, in general, are not eligible for income tax allowances.
Current and deferred tax are recognised as an expense or income in the consolidated statement of income, except when they relate to items that are recognised outside the consolidated statement of income (whether in other comprehensive income or directly in equity) or where they arise from the initial accounting for a business combination.
Royalties, extraction taxes and other levies/taxes are treated as taxation arrangements when they have the characteristics of an income tax, including being imposed and determined in accordance with regulations established by the respective government\u2019s taxation authority and the amount payable is based on taxable income, rather than physical quantities produced or as a percentage of revenues, after adjustment for temporary differences. For such arrangements, current and deferred tax is provided on the same basis as described above. Obligations arising from royalty arrangements that do not satisfy these criteria are recognised as\u00a0current accruals and included in cost of goods sold.
Glencore assesses its liabilities and contingencies for all tax years open to audit based upon the latest information available. Inherent uncertainties exist in estimates of tax contingencies due to complexities of interpretation and changes in tax laws. For those matters where it is probable that an adjustment will be made, the Group records its best estimate of these tax liabilities, including related interest charges. Where the amount of tax payable or recoverable is uncertain due to local tax authority challenges or uncertainty regarding the appropriate treatment, judgement is required to assess the range of possible outcomes. In accordance with IFRIC 23, if it is not probable that the treatment will be accepted, the Group accounts for uncertain tax provisions. This is performed for all matters worldwide, based on the Group\u2019s judgement of the most likely amount of the liability or recovery, or where there is a wide range of possible outcomes, using the probability-weighted approach. Generally, uncertain tax treatments are assessed on an individual basis, except where they are expected to be settled collectively. A change in estimate of the likelihood of a future outflow and/or in the expected amount to be settled, is recognised in the statement of income in the period in which the change occurs. This requires application of judgement as to the possible outcome, which can change over time depending on facts and circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-55": { "value": "
Income taxes
Income taxes consist of current and deferred income taxes. Current taxes represent income taxes expected to be payable based on enacted or substantively enacted tax rates at the period end on expected current taxable income, and any adjustment to tax payable in respect of previous years. Deferred taxes are recognised for temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable income, using enacted or\u00a0substantively enacted income tax rates which are expected to be effective at\u00a0the time of reversal of the underlying temporary difference. Deferred tax assets and unused tax\u00a0losses are only recognised to\u00a0the extent that their recoverability is probable. Deferred tax assets are reviewed at reporting period end and amended to the extent that it is no longer probable that the related benefit will be realised. To the extent that a deferred tax asset not previously recognised subsequently fulfils the criteria for recognition, an asset is then recognised.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same authority and Glencore has both the right and the intention to settle its current tax assets and liabilities on a net or simultaneous basis.
Deferred tax is not recognised on temporary differences arising on the initial recognition of assets or liabilities, unless they arise from a\u00a0business combination or affect accounting or taxable profit at the time of the transaction. Deferred tax is also not recognised on temporary differences relating to\u00a0investments in subsidiaries and associates when Glencore can control the timing of the reversal and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is recognised in respect of\u00a0fair value adjustments on acquisitions. These adjustments may relate to assets such as extraction rights that, in general, are not eligible for income tax allowances.
Current and deferred tax are recognised as an expense or income in the consolidated statement of income, except when they relate to items that are recognised outside the consolidated statement of income (whether in other comprehensive income or directly in equity) or where they arise from the initial accounting for a business combination.
Royalties, extraction taxes and other levies/taxes are treated as taxation arrangements when they have the characteristics of an income tax, including being imposed and determined in accordance with regulations established by the respective government\u2019s taxation authority and the amount payable is based on taxable income, rather than physical quantities produced or as a percentage of revenues, after adjustment for temporary differences. For such arrangements, current and deferred tax is provided on the same basis as described above. Obligations arising from royalty arrangements that do not satisfy these criteria are recognised as\u00a0current accruals and included in cost of goods sold.
Glencore assesses its liabilities and contingencies for all tax years open to audit based upon the latest information available. Inherent uncertainties exist in estimates of tax contingencies due to complexities of interpretation and changes in tax laws. For those matters where it is probable that an adjustment will be made, the Group records its best estimate of these tax liabilities, including related interest charges. Where the amount of tax payable or recoverable is uncertain due to local tax authority challenges or uncertainty regarding the appropriate treatment, judgement is required to assess the range of possible outcomes. In accordance with IFRIC 23, if it is not probable that the treatment will be accepted, the Group accounts for uncertain tax provisions. This is performed for all matters worldwide, based on the Group\u2019s judgement of the most likely amount of the liability or recovery, or where there is a wide range of possible outcomes, using the probability-weighted approach. Generally, uncertain tax treatments are assessed on an individual basis, except where they are expected to be settled collectively. A change in estimate of the likelihood of a future outflow and/or in the expected amount to be settled, is recognised in the statement of income in the period in which the change occurs. This requires application of judgement as to the possible outcome, which can change over time depending on facts and circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-56": { "value": "
Royalties, extraction taxes and other levies/taxes are treated as taxation arrangements when they have the characteristics of an income tax, including being imposed and determined in accordance with regulations established by the respective government\u2019s taxation authority and the amount payable is based on taxable income, rather than physical quantities produced or as a percentage of revenues, after adjustment for temporary differences. For such arrangements, current and deferred tax is provided on the same basis as described above. Obligations arising from royalty arrangements that do not satisfy these criteria are recognised as\u00a0current accruals and included in cost of goods sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-57": { "value": "
Property, plant and equipment
Property, plant and equipment are stated at cost, being the fair value of the consideration given to acquire or construct the asset, including directly attributable costs required to bring the asset to\u00a0the location or to a condition necessary for operation and the\u00a0direct cost of dismantling and removing the asset, less accumulated depreciation and any accumulated impairment\u00a0losses.
Property, plant and equipment are depreciated to their estimated residual value over the estimated useful life of the specific asset concerned, or the estimated remaining life of the associated mine, field or lease.
Depreciation commences when the asset is available for use. The major categories of property, plant and equipment are depreciated/amortised on a units of production (UOP) and/or straight-line basis as\u00a0follows:
Buildings
10 \u2013 45 years
Freehold land
not depreciated
Plant and equipment
3 \u2013 30 years/UOP
Right-of-use assets
2 \u2013 20 years
Mineral and petroleum rights
UOP
Deferred mining costs
UOP
(i) Mineral and petroleum rights
Mineral and petroleum reserves, resources and rights (together \u2018Mineral and petroleum rights\u2019) which can be reasonably valued,
are recognised in the assessment of fair values on acquisition. Mineral and petroleum rights for which values cannot be reasonably determined are not recognised. Exploitable Mineral and petroleum rights are amortised using the UOP basis over the commercially recoverable reserves and in certain circumstances, other mineral resources. Mineral resources are included in amortisation calculations where there is a high degree of confidence that they will be extracted in an economic\u00a0manner.
(ii) Exploration and evaluation expenditure
Exploration and evaluation expenditure relates to costs incurred in the exploration and evaluation of potential mineral and petroleum resources and includes costs such as exploration and production licences, researching and analysing historical exploration data, exploratory drilling, trenching, sampling and the costs of pre-feasibility studies. Exploration and evaluation expenditure for each area of interest is expensed as incurred, unless the expenditure is expected to be recovered through future development or sale and Glencore plans to continue significant work in that area. If the activities have not yet reached a stage that allows a reasonable assessment of commercially recoverable reserves, the expenditure is capitalised. As the intangible component (i.e. licences) represents an insignificant and indistinguishable portion of the overall expected tangible amount to be incurred and recouped from future exploitation, these costs along with other capitalised exploration and evaluation expenditure are recorded as a component of property, plant and equipment. Purchased exploration and evaluation assets are recognised at their fair value at acquisition.
As the capitalised exploration and evaluation expenditure asset is not available for use, it is not depreciated. All capitalised exploration and evaluation expenditure is monitored for indications of impairment. Where a potential impairment is\u00a0indicated, an assessment is performed for each area of interest or at the CGU level. To the extent that capitalised expenditure is not expected to be recovered it is charged to the consolidated statement of income.
Administration costs that are not directly attributable to a specific exploration area are charged to the consolidated statement of income.
Development expenditure
When commercially recoverable reserves are determined and such proposed development receives the appropriate approvals, capitalised exploration and evaluation expenditure is transferred to construction in progress, a component within the plant and equipment asset sub-category. All subsequent development expenditure is similarly capitalised, provided commercial viability conditions continue to be satisfied.
Proceeds from the sale of product extracted during the development phase are recognised in the statement of income. Upon completion of development and commencement of production, capitalised development costs are further transferred, as required, to the appropriate plant and equipment asset category and depreciated using the unit of production method (UOP) or straight-line basis.
(iii) Deferred mining costs
Mainly comprises certain capitalised costs related to underground mining as well as pre-production and in-production stripping activities as outlined below. Deferred mining costs are amortised using the UOP basis over the life of the ore body to which those costs relate.
Deferred stripping costs
Stripping costs incurred in the development of a mine (or pit) before production commences are capitalised as part of the cost of constructing the mine (or pit) and subsequently amortised over the life of the mine (or pit) on a UOP basis.
In-production stripping costs incurred to access an identifiable component of the ore body to realise benefits in the form of improved access to ore to be mined in the future (stripping activity asset), are capitalised within deferred mining costs provided all the following conditions are met:
(a)
it is probable that the future economic benefit associated with the stripping activity will be realised;
(b)
the component of the ore body for which access has been improved can be identified; and
(c)
the costs relating to the stripping activity associated with the improved access can be reliably measured.
If all these criteria are not met, production stripping costs are expensed as incurred.
The stripping activity asset is depreciated on a UOP basis over the life of the specific ore component made more accessible by the stripping activity, and is carried at cost less accumulated depreciation and impairment losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-58": { "value": "
Property, plant and equipment are depreciated to their estimated residual value over the estimated useful life of the specific asset concerned, or the estimated remaining life of the associated mine, field or lease.
Depreciation commences when the asset is available for use. The major categories of property, plant and equipment are depreciated/amortised on a units of production (UOP) and/or straight-line basis as\u00a0follows:
Buildings
10 \u2013 45 years
Freehold land
not depreciated
Plant and equipment
3 \u2013 30 years/UOP
Right-of-use assets
2 \u2013 20 years
Mineral and petroleum rights
UOP
Deferred mining costs
UOP
Right-of-use assets are depreciated on a straight-line basis from the commencement date of the lease over the shorter of the useful life of the right-of-use asset or the end of the lease term.
Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life. The amortisation method and period are reviewed annually and impairment testing is undertaken when circumstances indicate the carrying amount may not be recoverable. Other than goodwill, which is not amortised, Glencore has no identifiable intangible assets with an indefinite life.
The major categories of intangibles are amortised on a units of production (UOP) and/or straight-line basis as\u00a0follows:
Port allocation rights
UOP
Licences, trademarks and software
3 \u2013 20 years
Customer relationships
5 \u2013 9 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-59": { "value": "
(i) Mineral and petroleum rights
Mineral and petroleum reserves, resources and rights (together \u2018Mineral and petroleum rights\u2019) which can be reasonably valued,
are recognised in the assessment of fair values on acquisition. Mineral and petroleum rights for which values cannot be reasonably determined are not recognised. Exploitable Mineral and petroleum rights are amortised using the UOP basis over the commercially recoverable reserves and in certain circumstances, other mineral resources. Mineral resources are included in amortisation calculations where there is a high degree of confidence that they will be extracted in an economic\u00a0manner.
(ii) Exploration and evaluation expenditure
Exploration and evaluation expenditure relates to costs incurred in the exploration and evaluation of potential mineral and petroleum resources and includes costs such as exploration and production licences, researching and analysing historical exploration data, exploratory drilling, trenching, sampling and the costs of pre-feasibility studies. Exploration and evaluation expenditure for each area of interest is expensed as incurred, unless the expenditure is expected to be recovered through future development or sale and Glencore plans to continue significant work in that area. If the activities have not yet reached a stage that allows a reasonable assessment of commercially recoverable reserves, the expenditure is capitalised. As the intangible component (i.e. licences) represents an insignificant and indistinguishable portion of the overall expected tangible amount to be incurred and recouped from future exploitation, these costs along with other capitalised exploration and evaluation expenditure are recorded as a component of property, plant and equipment. Purchased exploration and evaluation assets are recognised at their fair value at acquisition.
As the capitalised exploration and evaluation expenditure asset is not available for use, it is not depreciated. All capitalised exploration and evaluation expenditure is monitored for indications of impairment. Where a potential impairment is\u00a0indicated, an assessment is performed for each area of interest or at the CGU level. To the extent that capitalised expenditure is not expected to be recovered it is charged to the consolidated statement of income.
Administration costs that are not directly attributable to a specific exploration area are charged to the consolidated statement of income.
Development expenditure
When commercially recoverable reserves are determined and such proposed development receives the appropriate approvals, capitalised exploration and evaluation expenditure is transferred to construction in progress, a component within the plant and equipment asset sub-category. All subsequent development expenditure is similarly capitalised, provided commercial viability conditions continue to be satisfied.
Proceeds from the sale of product extracted during the development phase are recognised in the statement of income. Upon completion of development and commencement of production, capitalised development costs are further transferred, as required, to the appropriate plant and equipment asset category and depreciated using the unit of production method (UOP) or straight-line basis.
(iii) Deferred mining costs
Mainly comprises certain capitalised costs related to underground mining as well as pre-production and in-production stripping activities as outlined below. Deferred mining costs are amortised using the UOP basis over the life of the ore body to which those costs relate.
Deferred stripping costs
Stripping costs incurred in the development of a mine (or pit) before production commences are capitalised as part of the cost of constructing the mine (or pit) and subsequently amortised over the life of the mine (or pit) on a UOP basis.
In-production stripping costs incurred to access an identifiable component of the ore body to realise benefits in the form of improved access to ore to be mined in the future (stripping activity asset), are capitalised within deferred mining costs provided all the following conditions are met:
(a)
it is probable that the future economic benefit associated with the stripping activity will be realised;
(b)
the component of the ore body for which access has been improved can be identified; and
(c)
the costs relating to the stripping activity associated with the improved access can be reliably measured.
If all these criteria are not met, production stripping costs are expensed as incurred.
The stripping activity asset is depreciated on a UOP basis over the life of the specific ore component made more accessible by the stripping activity, and is carried at cost less accumulated depreciation and impairment losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-60": { "value": "
(i) Mineral and petroleum rights
Mineral and petroleum reserves, resources and rights (together \u2018Mineral and petroleum rights\u2019) which can be reasonably valued,
are recognised in the assessment of fair values on acquisition. Mineral and petroleum rights for which values cannot be reasonably determined are not recognised. Exploitable Mineral and petroleum rights are amortised using the UOP basis over the commercially recoverable reserves and in certain circumstances, other mineral resources. Mineral resources are included in amortisation calculations where there is a high degree of confidence that they will be extracted in an economic\u00a0manner.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-61": { "value": "
(i) Mineral and petroleum rights
Mineral and petroleum reserves, resources and rights (together \u2018Mineral and petroleum rights\u2019) which can be reasonably valued,
are recognised in the assessment of fair values on acquisition. Mineral and petroleum rights for which values cannot be reasonably determined are not recognised. Exploitable Mineral and petroleum rights are amortised using the UOP basis over the commercially recoverable reserves and in certain circumstances, other mineral resources. Mineral resources are included in amortisation calculations where there is a high degree of confidence that they will be extracted in an economic\u00a0manner.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningRightsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-62": { "value": "
(ii) Exploration and evaluation expenditure
Exploration and evaluation expenditure relates to costs incurred in the exploration and evaluation of potential mineral and petroleum resources and includes costs such as exploration and production licences, researching and analysing historical exploration data, exploratory drilling, trenching, sampling and the costs of pre-feasibility studies. Exploration and evaluation expenditure for each area of interest is expensed as incurred, unless the expenditure is expected to be recovered through future development or sale and Glencore plans to continue significant work in that area. If the activities have not yet reached a stage that allows a reasonable assessment of commercially recoverable reserves, the expenditure is capitalised. As the intangible component (i.e. licences) represents an insignificant and indistinguishable portion of the overall expected tangible amount to be incurred and recouped from future exploitation, these costs along with other capitalised exploration and evaluation expenditure are recorded as a component of property, plant and equipment. Purchased exploration and evaluation assets are recognised at their fair value at acquisition.
As the capitalised exploration and evaluation expenditure asset is not available for use, it is not depreciated. All capitalised exploration and evaluation expenditure is monitored for indications of impairment. Where a potential impairment is\u00a0indicated, an assessment is performed for each area of interest or at the CGU level. To the extent that capitalised expenditure is not expected to be recovered it is charged to the consolidated statement of income.
Administration costs that are not directly attributable to a specific exploration area are charged to the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-63": { "value": "
Development expenditure
When commercially recoverable reserves are determined and such proposed development receives the appropriate approvals, capitalised exploration and evaluation expenditure is transferred to construction in progress, a component within the plant and equipment asset sub-category. All subsequent development expenditure is similarly capitalised, provided commercial viability conditions continue to be satisfied.
Proceeds from the sale of product extracted during the development phase are recognised in the statement of income. Upon completion of development and commencement of production, capitalised development costs are further transferred, as required, to the appropriate plant and equipment asset category and depreciated using the unit of production method (UOP) or straight-line basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-64": { "value": "
Deferred stripping costs
Stripping costs incurred in the development of a mine (or pit) before production commences are capitalised as part of the cost of constructing the mine (or pit) and subsequently amortised over the life of the mine (or pit) on a UOP basis.
In-production stripping costs incurred to access an identifiable component of the ore body to realise benefits in the form of improved access to ore to be mined in the future (stripping activity asset), are capitalised within deferred mining costs provided all the following conditions are met:
(a)
it is probable that the future economic benefit associated with the stripping activity will be realised;
(b)
the component of the ore body for which access has been improved can be identified; and
(c)
the costs relating to the stripping activity associated with the improved access can be reliably measured.
If all these criteria are not met, production stripping costs are expensed as incurred.
The stripping activity asset is depreciated on a UOP basis over the life of the specific ore component made more accessible by the stripping activity, and is carried at cost less accumulated depreciation and impairment losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-65": { "value": "
Leases
The Group assesses whether contracts contain a lease at inception of the contract. As lessee, the Group recognises a right-of-use asset and corresponding lease liability in the statement of financial position for all lease arrangements where it is the lessee, except for short-term leases with a term of 12 months or less and leases of low-value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease.
The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. Lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, the asset and company-specific incremental borrowing rates. Lease liabilities are recognised within borrowings on the statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability, with a corresponding adjustment to the related right-of-use assets, whenever:
The lease term changes or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;
\uf0b7
The lease payments change due to the changes in an index or rate or a change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate; or
\uf0b7
A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of modification.
The right-of-use assets are initially recognised on the balance sheet at cost, which comprises the amount of the initial measurement of the corresponding lease liability, adjusted for any lease payments made at or prior to the commencement date of the lease, any lease incentive received and any initial direct costs incurred, and expected costs for obligations to dismantle and remove right-of-use assets when they are no longer used. Right-of-use assets are recognised within property, plant and equipment on the statement of financial position. Right-of-use assets are depreciated on a straight-line basis from the commencement date of the lease over the shorter of the useful life of the right-of-use asset or the end of the lease term.
The Group enters into lease arrangements as a lessor with respect to some of its time charter vessels. Leases for which the Group is an intermediate lessor are classified as finance or operating leases by reference to the right-of-use asset arising from the head lease. Income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Amounts due from lessees under finance leases are recognised as receivables at the amount of the Group\u2019s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group\u2019s net investment outstanding in respect of these leases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-66": { "value": "
Restoration, rehabilitation and decommissioning
Restoration, rehabilitation and decommissioning costs arising from the installation of plant and other site preparation work, discounted using a risk-free rate specific to the liability and the currency in which they are denominated to their net present value, are provided for and capitalised at the time such an obligation arises. Capitalised costs are charged to the consolidated statement of income over the life of the operation through depreciation of the asset together with the unwinding of the discount on the provision.
Costs for restoration of subsequent site disturbance, which is created on an ongoing basis during production, are provided for at their net present values and charged to the consolidated statement of income as extraction progresses.
Changes in the estimated timing of the rehabilitation or changes to the estimated future costs are accounted for prospectively by recognising an adjustment to the rehabilitation liability and a corresponding adjustment to the asset to which it relates, provided a\u00a0reduction, if any, in the provision is not greater than the depreciated capitalised cost of the related asset, in which case the capitalised cost is reduced to nil and the remaining adjustment recognised in the consolidated statement of income. In the case of closed sites, changes to estimated costs are recognised immediately in the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-67": { "value": "
Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation (calculated on a straight-line basis over their useful lives) and accumulated impairment losses, if any.
Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life. The amortisation method and period are reviewed annually and impairment testing is undertaken when circumstances indicate the carrying amount may not be recoverable. Other than goodwill, which is not amortised, Glencore has no identifiable intangible assets with an indefinite life.
The major categories of intangibles are amortised on a units of production (UOP) and/or straight-line basis as\u00a0follows:
Port allocation rights
UOP
Licences, trademarks and software
3 \u2013 20 years
Customer relationships
5 \u2013 9 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-68": { "value": "
Goodwill impairment testing
For the purpose of impairment testing, goodwill has been allocated to the CGUs, or groups of CGUs, that are expected to\u00a0benefit from the synergies of the business combination and which represent the level at which management monitors and manages the goodwill. In assessing whether an impairment is required, the carrying value of the CGU is compared with its recoverable amount. The recoverable amount is the higher of its\u00a0fair value less costs of disposal (FVLCD) and its value in use (VIU). If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro-rata basis of the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the consolidated statement of income. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.
Impairment or impairment reversals
Glencore conducts an annual internal review of asset values to identify any indicators of impairment or reversal. Formal impairment tests are carried out at least annually for CGUs containing goodwill and for all other non-current assets, when events or changes in circumstances indicate the carrying value may not be recoverable.
A formal impairment or reversal test involves determining whether the carrying amounts are in excess (or below, as the case may be) of their recoverable amounts. An asset\u2019s recoverable amount is determined as the higher of its FVLCD and its VIU. Such reviews are undertaken on an asset-by-asset basis, except where assets do not generate cash flows independent of other assets, in which case the review is undertaken at the CGU level.
If the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recorded in the consolidated statement of income to reflect the asset at the lower amount.
For assets previously impaired, if their recoverable amount exceeds their carrying amount and the increase is not solely due to the passage of time, an impairment reversal is recognised in the consolidated statement of income. The reversal increases the asset\u2019s carrying amount only to the level it would have been had no impairment been\u00a0recorded in prior periods. Impairment losses on goodwill cannot be reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-69": { "value": "
Goodwill impairment testing
For the purpose of impairment testing, goodwill has been allocated to the CGUs, or groups of CGUs, that are expected to\u00a0benefit from the synergies of the business combination and which represent the level at which management monitors and manages the goodwill. In assessing whether an impairment is required, the carrying value of the CGU is compared with its recoverable amount. The recoverable amount is the higher of its\u00a0fair value less costs of disposal (FVLCD) and its value in use (VIU). If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro-rata basis of the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the consolidated statement of income. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.
Impairment or impairment reversals
Glencore conducts an annual internal review of asset values to identify any indicators of impairment or reversal. Formal impairment tests are carried out at least annually for CGUs containing goodwill and for all other non-current assets, when events or changes in circumstances indicate the carrying value may not be recoverable.
A formal impairment or reversal test involves determining whether the carrying amounts are in excess (or below, as the case may be) of their recoverable amounts. An asset\u2019s recoverable amount is determined as the higher of its FVLCD and its VIU. Such reviews are undertaken on an asset-by-asset basis, except where assets do not generate cash flows independent of other assets, in which case the review is undertaken at the CGU level.
If the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recorded in the consolidated statement of income to reflect the asset at the lower amount.
For assets previously impaired, if their recoverable amount exceeds their carrying amount and the increase is not solely due to the passage of time, an impairment reversal is recognised in the consolidated statement of income. The reversal increases the asset\u2019s carrying amount only to the level it would have been had no impairment been\u00a0recorded in prior periods. Impairment losses on goodwill cannot be reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-70": { "value": "
Goodwill impairment testing
For the purpose of impairment testing, goodwill has been allocated to the CGUs, or groups of CGUs, that are expected to\u00a0benefit from the synergies of the business combination and which represent the level at which management monitors and manages the goodwill. In assessing whether an impairment is required, the carrying value of the CGU is compared with its recoverable amount. The recoverable amount is the higher of its\u00a0fair value less costs of disposal (FVLCD) and its value in use (VIU). If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro-rata basis of the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the consolidated statement of income. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-71": { "value": "
Other investments
Equity investments, other than investments in Associates, are recorded at fair value. Glencore designates investments that are not held for trading, as at fair value through other comprehensive income (FVTOCI). As a result, changes in fair value are recorded in the consolidated statement of other comprehensive income. Dividends from these investments are recognised in the consolidated statement of income, unless the dividend represents a recovery of part of the cost of the equity investment. Investments that are held for trading are subsequently measured at fair value through profit or loss (FVTPL).
Financial instruments
The Group recognises financial assets and financial liabilities in the consolidated statement of financial position when it becomes a party to the contractual provisions of the instrument.
Commodity purchase and sale contracts are initially assessed as contracts for non-financial items. The Group first determines whether a contract qualifies for the own-use exemption, meaning it is entered into and held to meet expected purchase, sale or usage requirements and is not routinely net-settled through contractual terms, market mechanisms or established practice. Contracts that meet this exemption are accounted for as executory contracts outside the scope of IFRS\u202f9. Such contracts may be irrevocably designated at fair value through profit or loss (FVTPL) at inception only when this eliminates or significantly reduces an accounting mismatch. Contracts that do not qualify for the own-use exemption fall within the scope of IFRS\u202f9 and are generally accounted for as derivatives measured at fair value through profit or loss. Indicators that a contract may not qualify for own use include contractual, market based or customary mechanisms that enable net settlement. Contracts that are not capable of net settlement remain executory and fall outside the scope of IFRS\u202f9.
Financial assets are initially recognised at fair value on the trade date. Subsequent measurement is determined by the Group\u2019s business model for managing the asset and the contractual characteristics of its cash flows. Financial assets held within a business model whose objective is to collect contractual cash flows, and whose contractual terms give rise to solely payments of principal and interest (SPPI), are measured at amortised cost. All other financial assets, including those with non SPPI features, are measured at fair value through profit or loss (FVTPL).
Financial liabilities within the scope of IFRS\u202f9 are initially recognised at fair value, net of transaction costs. Financial liabilities with derivative features are subsequently measured at FVTPL. All other financial liabilities are subsequently measured at amortised cost, representing the initial consideration received. Non-financial executory obligations are outside IFRS\u202f9.
Where a group of financial assets and financial liabilities measured at fair value is managed and reported to key management personnel on the basis of its net exposure to market risks, fair value is determined using the price to sell the net long position or to transfer the net short position for the relevant risk exposure. When these instruments are not presented on a net basis in the statement of financial position, any resulting portfolio level adjustments are allocated to the individual instruments within the group.
Derivatives and hedging activities
Derivative instruments, which include physical contracts to sell or purchase commodities that do not meet the own-use exemption, are initially recognised at fair value when Glencore becomes a party to the contractual provisions of the instrument and are subsequently remeasured to fair value at the end of each reporting period. Fair values are determined using quoted market prices, dealer price quotations or using models and other valuation techniques, the key inputs for which include current market and contractual prices for the underlying instrument, time to expiry, yield curves, volatility of\u00a0the underlying instrument and counterparty\u00a0risk.
Gains and losses on derivative instruments for which hedge accounting is not applied, other than the revenue adjustment mechanism embedded within provisionally priced sales and mark-to-market movements on physical forward sales contracts, are recognised in cost of goods sold.
Those derivatives qualifying for and designated as hedges represent either (i) a Fair Value Hedge of the change in fair value of a\u00a0recognised asset or liability or an unrecognised firm commitment, or (ii) a Cash Flow Hedge of variability in cash flows relating to a recognised asset or liability or a highly probable\u00a0forecast transaction.
At the inception and on an ongoing basis, Glencore documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets the qualifying hedge effectiveness requirements.
Glencore discontinues hedge accounting when the qualifying criteria for the hedged relationship is no longer met.
A change in the fair value of derivatives designated as a Fair Value Hedge is reflected together with the change in the fair value of the hedged item in the consolidated statement of\u00a0income.
A change in the fair value of derivatives designated as a Cash Flow Hedge is initially recognised in the consolidated statement of comprehensive income and accumulated in the cash flow hedge reserve in shareholders\u2019 equity. The deferred amount is then released to the consolidated statement of income in the same periods during which the hedged transaction affects the consolidated statement of income. Hedge ineffectiveness is recorded in the consolidated statement of income when it\u00a0occurs.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in shareholders\u2019 equity and is recognised in the consolidated statement of income when the committed or forecast transaction is ultimately recognised in the consolidated statement of income. However, if a forecast or committed transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is immediately transferred to the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-72": { "value": "
Other investments
Equity investments, other than investments in Associates, are recorded at fair value. Glencore designates investments that are not held for trading, as at fair value through other comprehensive income (FVTOCI). As a result, changes in fair value are recorded in the consolidated statement of other comprehensive income. Dividends from these investments are recognised in the consolidated statement of income, unless the dividend represents a recovery of part of the cost of the equity investment. Investments that are held for trading are subsequently measured at fair value through profit or loss (FVTPL).
Financial instruments
The Group recognises financial assets and financial liabilities in the consolidated statement of financial position when it becomes a party to the contractual provisions of the instrument.
Commodity purchase and sale contracts are initially assessed as contracts for non-financial items. The Group first determines whether a contract qualifies for the own-use exemption, meaning it is entered into and held to meet expected purchase, sale or usage requirements and is not routinely net-settled through contractual terms, market mechanisms or established practice. Contracts that meet this exemption are accounted for as executory contracts outside the scope of IFRS\u202f9. Such contracts may be irrevocably designated at fair value through profit or loss (FVTPL) at inception only when this eliminates or significantly reduces an accounting mismatch. Contracts that do not qualify for the own-use exemption fall within the scope of IFRS\u202f9 and are generally accounted for as derivatives measured at fair value through profit or loss. Indicators that a contract may not qualify for own use include contractual, market based or customary mechanisms that enable net settlement. Contracts that are not capable of net settlement remain executory and fall outside the scope of IFRS\u202f9.
Financial assets are initially recognised at fair value on the trade date. Subsequent measurement is determined by the Group\u2019s business model for managing the asset and the contractual characteristics of its cash flows. Financial assets held within a business model whose objective is to collect contractual cash flows, and whose contractual terms give rise to solely payments of principal and interest (SPPI), are measured at amortised cost. All other financial assets, including those with non SPPI features, are measured at fair value through profit or loss (FVTPL).
Financial liabilities within the scope of IFRS\u202f9 are initially recognised at fair value, net of transaction costs. Financial liabilities with derivative features are subsequently measured at FVTPL. All other financial liabilities are subsequently measured at amortised cost, representing the initial consideration received. Non-financial executory obligations are outside IFRS\u202f9.
Where a group of financial assets and financial liabilities measured at fair value is managed and reported to key management personnel on the basis of its net exposure to market risks, fair value is determined using the price to sell the net long position or to transfer the net short position for the relevant risk exposure. When these instruments are not presented on a net basis in the statement of financial position, any resulting portfolio level adjustments are allocated to the individual instruments within the group.
(i) Impairment of financial assets
A loss allowance for expected credit losses is recognised for all financial assets, including issued financial guarantee contracts, other than those measured at FVTPL and equity instruments designated at FVTOCI. The allowance is assessed at each reporting date and represents a probability-weighted estimate of credit losses expected over the life of the financial asset or financial guarantee contract.
The Group applies the simplified approach to measure the loss allowance for trade receivables classified at amortised cost, recognising a lifetime expected loss provision. The expected credit losses are estimated using a provision matrix by reference to past default experience and an equivalent credit rating, adjusted as appropriate for current observable data and forward-looking information.
For all other financial assets at amortised cost, the Group recognises lifetime expected credit losses only when there has been a significant increase in credit risk since initial recognition, which is determined by:
\uf0b7
A review of overdue balances and aging profiles;
\uf0b7
Comparing the risk of default at the reporting date with the risk assessed at initial recognition; and
\uf0b7
Considering relevant historical information together with current and forward looking quantitative and qualitative data.
For balances more than 30 days overdue, the Group presumes that a significant increase in credit risk has occurred.
If credit risk has not increased significantly since initial recognition, the Group measures the loss allowance at an amount equal to the 12-month expected credit loss. This represents the expected lifetime credit loss weighted by the probability of a default occurring within 12 months after the reporting date.
The Group considers a financial asset to be credit impaired and an event of default to have occurred, when information developed internally or obtained from external sources indicates that the debtor is unlikely to meet its obligations to the Group, without regard to any collateral held. A financial asset is also treated as being in default when it is more than 90 days past due, unless the Group has reasonable and supportable evidence that more lagging default criterion are appropriate. The Group writes off a financial asset when there is evidence that the debtor is experiencing severe financial difficulty and no realistic prospect of recovery remains.
Loss allowances for expected credit losses are recognised in the consolidated statement of income based on the classification and nature of the financial asset. Loss allowances on advances and loans measured at amortised cost, that are financial in nature and are not settled through delivery of physical commodities, are recognised under \u201cImpairments of financial assets\u201d. Loss allowances on advances and loans measured at amortised cost and linked to the settlement of physical commodities are recognised under \u201cNet expected credit losses\u201d. Loss allowances for trade receivables at amortised cost are recognised under \u201cNet expected credit losses\u201d. These amounts reflect both the initial recognition of expected credit losses and any subsequent changes, including reversals, in accordance with IFRS 9.
(ii) Derecognition of financial assets and financial liabilities
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the asset continues to be recognised in full, and the proceeds received are accounted for as a collateralised borrowing.
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired.
On derecognition of a financial asset or a financial liability in their entirety, the difference between the carrying amount of the financial asset/financial liability and the sum of the consideration receivable/payable is recognised in profit and loss. On derecognition of equity investments designated and measured at FVTOCI, the cumulative gain or loss recognised in other comprehensive income is reclassified directly to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-73": { "value": "
Other investments
Equity investments, other than investments in Associates, are recorded at fair value. Glencore designates investments that are not held for trading, as at fair value through other comprehensive income (FVTOCI). As a result, changes in fair value are recorded in the consolidated statement of other comprehensive income. Dividends from these investments are recognised in the consolidated statement of income, unless the dividend represents a recovery of part of the cost of the equity investment. Investments that are held for trading are subsequently measured at fair value through profit or loss (FVTPL).
Financial assets are initially recognised at fair value on the trade date. Subsequent measurement is determined by the Group\u2019s business model for managing the asset and the contractual characteristics of its cash flows. Financial assets held within a business model whose objective is to collect contractual cash flows, and whose contractual terms give rise to solely payments of principal and interest (SPPI), are measured at amortised cost. All other financial assets, including those with non SPPI features, are measured at fair value through profit or loss (FVTPL).
Where a group of financial assets and financial liabilities measured at fair value is managed and reported to key management personnel on the basis of its net exposure to market risks, fair value is determined using the price to sell the net long position or to transfer the net short position for the relevant risk exposure. When these instruments are not presented on a net basis in the statement of financial position, any resulting portfolio level adjustments are allocated to the individual instruments within the group.
(i) Impairment of financial assets
A loss allowance for expected credit losses is recognised for all financial assets, including issued financial guarantee contracts, other than those measured at FVTPL and equity instruments designated at FVTOCI. The allowance is assessed at each reporting date and represents a probability-weighted estimate of credit losses expected over the life of the financial asset or financial guarantee contract.
The Group applies the simplified approach to measure the loss allowance for trade receivables classified at amortised cost, recognising a lifetime expected loss provision. The expected credit losses are estimated using a provision matrix by reference to past default experience and an equivalent credit rating, adjusted as appropriate for current observable data and forward-looking information.
For all other financial assets at amortised cost, the Group recognises lifetime expected credit losses only when there has been a significant increase in credit risk since initial recognition, which is determined by:
\uf0b7
A review of overdue balances and aging profiles;
\uf0b7
Comparing the risk of default at the reporting date with the risk assessed at initial recognition; and
\uf0b7
Considering relevant historical information together with current and forward looking quantitative and qualitative data.
For balances more than 30 days overdue, the Group presumes that a significant increase in credit risk has occurred.
If credit risk has not increased significantly since initial recognition, the Group measures the loss allowance at an amount equal to the 12-month expected credit loss. This represents the expected lifetime credit loss weighted by the probability of a default occurring within 12 months after the reporting date.
The Group considers a financial asset to be credit impaired and an event of default to have occurred, when information developed internally or obtained from external sources indicates that the debtor is unlikely to meet its obligations to the Group, without regard to any collateral held. A financial asset is also treated as being in default when it is more than 90 days past due, unless the Group has reasonable and supportable evidence that more lagging default criterion are appropriate. The Group writes off a financial asset when there is evidence that the debtor is experiencing severe financial difficulty and no realistic prospect of recovery remains.
Loss allowances for expected credit losses are recognised in the consolidated statement of income based on the classification and nature of the financial asset. Loss allowances on advances and loans measured at amortised cost, that are financial in nature and are not settled through delivery of physical commodities, are recognised under \u201cImpairments of financial assets\u201d. Loss allowances on advances and loans measured at amortised cost and linked to the settlement of physical commodities are recognised under \u201cNet expected credit losses\u201d. Loss allowances for trade receivables at amortised cost are recognised under \u201cNet expected credit losses\u201d. These amounts reflect both the initial recognition of expected credit losses and any subsequent changes, including reversals, in accordance with IFRS 9.
(ii) Derecognition of financial assets and financial liabilities
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the asset continues to be recognised in full, and the proceeds received are accounted for as a collateralised borrowing.
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired.
On derecognition of a financial asset or a financial liability in their entirety, the difference between the carrying amount of the financial asset/financial liability and the sum of the consideration receivable/payable is recognised in profit and loss. On derecognition of equity investments designated and measured at FVTOCI, the cumulative gain or loss recognised in other comprehensive income is reclassified directly to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-74": { "value": "
Other investments
Equity investments, other than investments in Associates, are recorded at fair value. Glencore designates investments that are not held for trading, as at fair value through other comprehensive income (FVTOCI). As a result, changes in fair value are recorded in the consolidated statement of other comprehensive income. Dividends from these investments are recognised in the consolidated statement of income, unless the dividend represents a recovery of part of the cost of the equity investment. Investments that are held for trading are subsequently measured at fair value through profit or loss (FVTPL).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-75": { "value": "
Provisions
Provisions are recognised when Glencore has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources embodying economic benefits that can be reliably estimated will be required to settle the liability.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation, including interpretation of specific laws and likelihood of settlement. Where a provision is measured using the cash flow estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
Onerous contracts
An onerous contract is considered to exist where Glencore has a\u00a0contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract. Present obligations arising under onerous contracts are recognised and measured as provisions.
Unfavourable contracts
An unfavourable contract is considered to exist when Glencore, in a business combination, acquires a contract under which the terms of the contract require Glencore to sell or purchase products or services on terms which are economically unfavourable compared to current market terms at the time of the business combination. Unfavourable contracts are recognised at the present value of the economic loss and amortised into the statement of income over the term of\u00a0the contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-76": { "value": "
Inventories
The majority of inventories attributable to the marketing activities are valued at fair value less costs of disposal with the remainder valued at the lower of cost or net realisable value, with costs allocated using the first-in-first-out (FIFO) method. Unrealised gains and losses from changes in fair value are reported in cost of goods sold.
Inventories held by the industrial activities are valued at the lower of cost or net realisable value. Cost is determined using FIFO or the weighted average method and comprises material costs, labour costs and allocated production-related overhead costs. Typically raw materials and consumables are measured using the FIFO method and work in progress inventories using the weighted average method. Where the production process results in more than one product being produced (joint products), cost is allocated between the various products according to the ratio of contribution of these metals to gross sales revenue. Financing and storage costs related to inventory are expensed as incurred.
Non-current inventories primarily relate to stockpiles which are not expected to be utilised within the normal operating cycle.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-77": { "value": "
Physical advances and prepayments
The Group enters into physical advances and prepayment agreements with certain suppliers and customers. Where such advances and prepayments are separable from contracts to buy or sell commodities and are primarily settled in cash or another financial asset, they are initially recorded at the amount of the cash paid or received and are subsequently classified and measured as financial assets or financial liabilities at amortised cost.
Certain physically-settled advances and prepayments which are not separable from contracts to buy or sell commodities and meet the definition of a derivative, are considered prepaid commodity forward contracts and are accounted for as financial instruments measured at fair value through profit or loss.
Also see financial instruments section and derivatives and hedging activities section below.
When physically-settled advances and prepayments which are not separable from contracts to buy or sell commodities meet the own-use exemption criteria, they are classified as non-financial assets or non-financial liabilities. They are initially recorded at the amount of cash paid or received and are subsequently amortised by the relevant value of the contractual volumes of physical deliveries made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-78": { "value": "
Financial instruments
The Group recognises financial assets and financial liabilities in the consolidated statement of financial position when it becomes a party to the contractual provisions of the instrument.
Commodity purchase and sale contracts are initially assessed as contracts for non-financial items. The Group first determines whether a contract qualifies for the own-use exemption, meaning it is entered into and held to meet expected purchase, sale or usage requirements and is not routinely net-settled through contractual terms, market mechanisms or established practice. Contracts that meet this exemption are accounted for as executory contracts outside the scope of IFRS\u202f9. Such contracts may be irrevocably designated at fair value through profit or loss (FVTPL) at inception only when this eliminates or significantly reduces an accounting mismatch. Contracts that do not qualify for the own-use exemption fall within the scope of IFRS\u202f9 and are generally accounted for as derivatives measured at fair value through profit or loss. Indicators that a contract may not qualify for own use include contractual, market based or customary mechanisms that enable net settlement. Contracts that are not capable of net settlement remain executory and fall outside the scope of IFRS\u202f9.
Financial assets are initially recognised at fair value on the trade date. Subsequent measurement is determined by the Group\u2019s business model for managing the asset and the contractual characteristics of its cash flows. Financial assets held within a business model whose objective is to collect contractual cash flows, and whose contractual terms give rise to solely payments of principal and interest (SPPI), are measured at amortised cost. All other financial assets, including those with non SPPI features, are measured at fair value through profit or loss (FVTPL).
Financial liabilities within the scope of IFRS\u202f9 are initially recognised at fair value, net of transaction costs. Financial liabilities with derivative features are subsequently measured at FVTPL. All other financial liabilities are subsequently measured at amortised cost, representing the initial consideration received. Non-financial executory obligations are outside IFRS\u202f9.
Where a group of financial assets and financial liabilities measured at fair value is managed and reported to key management personnel on the basis of its net exposure to market risks, fair value is determined using the price to sell the net long position or to transfer the net short position for the relevant risk exposure. When these instruments are not presented on a net basis in the statement of financial position, any resulting portfolio level adjustments are allocated to the individual instruments within the group.
Derivatives and hedging activities
Derivative instruments, which include physical contracts to sell or purchase commodities that do not meet the own-use exemption, are initially recognised at fair value when Glencore becomes a party to the contractual provisions of the instrument and are subsequently remeasured to fair value at the end of each reporting period. Fair values are determined using quoted market prices, dealer price quotations or using models and other valuation techniques, the key inputs for which include current market and contractual prices for the underlying instrument, time to expiry, yield curves, volatility of\u00a0the underlying instrument and counterparty\u00a0risk.
Gains and losses on derivative instruments for which hedge accounting is not applied, other than the revenue adjustment mechanism embedded within provisionally priced sales and mark-to-market movements on physical forward sales contracts, are recognised in cost of goods sold.
Those derivatives qualifying for and designated as hedges represent either (i) a Fair Value Hedge of the change in fair value of a\u00a0recognised asset or liability or an unrecognised firm commitment, or (ii) a Cash Flow Hedge of variability in cash flows relating to a recognised asset or liability or a highly probable\u00a0forecast transaction.
At the inception and on an ongoing basis, Glencore documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets the qualifying hedge effectiveness requirements.
Glencore discontinues hedge accounting when the qualifying criteria for the hedged relationship is no longer met.
A change in the fair value of derivatives designated as a Fair Value Hedge is reflected together with the change in the fair value of the hedged item in the consolidated statement of\u00a0income.
A change in the fair value of derivatives designated as a Cash Flow Hedge is initially recognised in the consolidated statement of comprehensive income and accumulated in the cash flow hedge reserve in shareholders\u2019 equity. The deferred amount is then released to the consolidated statement of income in the same periods during which the hedged transaction affects the consolidated statement of income. Hedge ineffectiveness is recorded in the consolidated statement of income when it\u00a0occurs.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in shareholders\u2019 equity and is recognised in the consolidated statement of income when the committed or forecast transaction is ultimately recognised in the consolidated statement of income. However, if a forecast or committed transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is immediately transferred to the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-79": { "value": "
Financial liabilities within the scope of IFRS\u202f9 are initially recognised at fair value, net of transaction costs. Financial liabilities with derivative features are subsequently measured at FVTPL. All other financial liabilities are subsequently measured at amortised cost, representing the initial consideration received. Non-financial executory obligations are outside IFRS\u202f9.
Where a group of financial assets and financial liabilities measured at fair value is managed and reported to key management personnel on the basis of its net exposure to market risks, fair value is determined using the price to sell the net long position or to transfer the net short position for the relevant risk exposure. When these instruments are not presented on a net basis in the statement of financial position, any resulting portfolio level adjustments are allocated to the individual instruments within the group.
(ii) Derecognition of financial assets and financial liabilities
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the asset continues to be recognised in full, and the proceeds received are accounted for as a collateralised borrowing.
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired.
On derecognition of a financial asset or a financial liability in their entirety, the difference between the carrying amount of the financial asset/financial liability and the sum of the consideration receivable/payable is recognised in profit and loss. On derecognition of equity investments designated and measured at FVTOCI, the cumulative gain or loss recognised in other comprehensive income is reclassified directly to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-80": { "value": "
(i) Impairment of financial assets
A loss allowance for expected credit losses is recognised for all financial assets, including issued financial guarantee contracts, other than those measured at FVTPL and equity instruments designated at FVTOCI. The allowance is assessed at each reporting date and represents a probability-weighted estimate of credit losses expected over the life of the financial asset or financial guarantee contract.
The Group applies the simplified approach to measure the loss allowance for trade receivables classified at amortised cost, recognising a lifetime expected loss provision. The expected credit losses are estimated using a provision matrix by reference to past default experience and an equivalent credit rating, adjusted as appropriate for current observable data and forward-looking information.
For all other financial assets at amortised cost, the Group recognises lifetime expected credit losses only when there has been a significant increase in credit risk since initial recognition, which is determined by:
\uf0b7
A review of overdue balances and aging profiles;
\uf0b7
Comparing the risk of default at the reporting date with the risk assessed at initial recognition; and
\uf0b7
Considering relevant historical information together with current and forward looking quantitative and qualitative data.
For balances more than 30 days overdue, the Group presumes that a significant increase in credit risk has occurred.
If credit risk has not increased significantly since initial recognition, the Group measures the loss allowance at an amount equal to the 12-month expected credit loss. This represents the expected lifetime credit loss weighted by the probability of a default occurring within 12 months after the reporting date.
The Group considers a financial asset to be credit impaired and an event of default to have occurred, when information developed internally or obtained from external sources indicates that the debtor is unlikely to meet its obligations to the Group, without regard to any collateral held. A financial asset is also treated as being in default when it is more than 90 days past due, unless the Group has reasonable and supportable evidence that more lagging default criterion are appropriate. The Group writes off a financial asset when there is evidence that the debtor is experiencing severe financial difficulty and no realistic prospect of recovery remains.
Loss allowances for expected credit losses are recognised in the consolidated statement of income based on the classification and nature of the financial asset. Loss allowances on advances and loans measured at amortised cost, that are financial in nature and are not settled through delivery of physical commodities, are recognised under \u201cImpairments of financial assets\u201d. Loss allowances on advances and loans measured at amortised cost and linked to the settlement of physical commodities are recognised under \u201cNet expected credit losses\u201d. Loss allowances for trade receivables at amortised cost are recognised under \u201cNet expected credit losses\u201d. These amounts reflect both the initial recognition of expected credit losses and any subsequent changes, including reversals, in accordance with IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-81": { "value": "
(ii) Derecognition of financial assets and financial liabilities
The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the asset continues to be recognised in full, and the proceeds received are accounted for as a collateralised borrowing.
The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or have expired.
On derecognition of a financial asset or a financial liability in their entirety, the difference between the carrying amount of the financial asset/financial liability and the sum of the consideration receivable/payable is recognised in profit and loss. On derecognition of equity investments designated and measured at FVTOCI, the cumulative gain or loss recognised in other comprehensive income is reclassified directly to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-82": { "value": "
Own shares
The cost of purchases of own shares is deducted from equity. Where they are purchased, issued to employees or sold, no gain or loss is recognised in the consolidated statement of income. Such gains and losses are recognised directly in equity. Any proceeds received on disposal of the shares or transfers to employees are recognised in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-83": { "value": "
Derivatives and hedging activities
Derivative instruments, which include physical contracts to sell or purchase commodities that do not meet the own-use exemption, are initially recognised at fair value when Glencore becomes a party to the contractual provisions of the instrument and are subsequently remeasured to fair value at the end of each reporting period. Fair values are determined using quoted market prices, dealer price quotations or using models and other valuation techniques, the key inputs for which include current market and contractual prices for the underlying instrument, time to expiry, yield curves, volatility of\u00a0the underlying instrument and counterparty\u00a0risk.
Gains and losses on derivative instruments for which hedge accounting is not applied, other than the revenue adjustment mechanism embedded within provisionally priced sales and mark-to-market movements on physical forward sales contracts, are recognised in cost of goods sold.
Those derivatives qualifying for and designated as hedges represent either (i) a Fair Value Hedge of the change in fair value of a\u00a0recognised asset or liability or an unrecognised firm commitment, or (ii) a Cash Flow Hedge of variability in cash flows relating to a recognised asset or liability or a highly probable\u00a0forecast transaction.
At the inception and on an ongoing basis, Glencore documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets the qualifying hedge effectiveness requirements.
Glencore discontinues hedge accounting when the qualifying criteria for the hedged relationship is no longer met.
A change in the fair value of derivatives designated as a Fair Value Hedge is reflected together with the change in the fair value of the hedged item in the consolidated statement of\u00a0income.
A change in the fair value of derivatives designated as a Cash Flow Hedge is initially recognised in the consolidated statement of comprehensive income and accumulated in the cash flow hedge reserve in shareholders\u2019 equity. The deferred amount is then released to the consolidated statement of income in the same periods during which the hedged transaction affects the consolidated statement of income. Hedge ineffectiveness is recorded in the consolidated statement of income when it\u00a0occurs.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in shareholders\u2019 equity and is recognised in the consolidated statement of income when the committed or forecast transaction is ultimately recognised in the consolidated statement of income. However, if a forecast or committed transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is immediately transferred to the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-84": { "value": "
Derivatives and hedging activities
Derivative instruments, which include physical contracts to sell or purchase commodities that do not meet the own-use exemption, are initially recognised at fair value when Glencore becomes a party to the contractual provisions of the instrument and are subsequently remeasured to fair value at the end of each reporting period. Fair values are determined using quoted market prices, dealer price quotations or using models and other valuation techniques, the key inputs for which include current market and contractual prices for the underlying instrument, time to expiry, yield curves, volatility of\u00a0the underlying instrument and counterparty\u00a0risk.
Gains and losses on derivative instruments for which hedge accounting is not applied, other than the revenue adjustment mechanism embedded within provisionally priced sales and mark-to-market movements on physical forward sales contracts, are recognised in cost of goods sold.
Those derivatives qualifying for and designated as hedges represent either (i) a Fair Value Hedge of the change in fair value of a\u00a0recognised asset or liability or an unrecognised firm commitment, or (ii) a Cash Flow Hedge of variability in cash flows relating to a recognised asset or liability or a highly probable\u00a0forecast transaction.
At the inception and on an ongoing basis, Glencore documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets the qualifying hedge effectiveness requirements.
Glencore discontinues hedge accounting when the qualifying criteria for the hedged relationship is no longer met.
A change in the fair value of derivatives designated as a Fair Value Hedge is reflected together with the change in the fair value of the hedged item in the consolidated statement of\u00a0income.
A change in the fair value of derivatives designated as a Cash Flow Hedge is initially recognised in the consolidated statement of comprehensive income and accumulated in the cash flow hedge reserve in shareholders\u2019 equity. The deferred amount is then released to the consolidated statement of income in the same periods during which the hedged transaction affects the consolidated statement of income. Hedge ineffectiveness is recorded in the consolidated statement of income when it\u00a0occurs.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in shareholders\u2019 equity and is recognised in the consolidated statement of income when the committed or forecast transaction is ultimately recognised in the consolidated statement of income. However, if a forecast or committed transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is immediately transferred to the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-85": { "value": "
Those derivatives qualifying for and designated as hedges represent either (i) a Fair Value Hedge of the change in fair value of a\u00a0recognised asset or liability or an unrecognised firm commitment, or (ii) a Cash Flow Hedge of variability in cash flows relating to a recognised asset or liability or a highly probable\u00a0forecast transaction.
At the inception and on an ongoing basis, Glencore documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets the qualifying hedge effectiveness requirements.
Glencore discontinues hedge accounting when the qualifying criteria for the hedged relationship is no longer met.
A change in the fair value of derivatives designated as a Fair Value Hedge is reflected together with the change in the fair value of the hedged item in the consolidated statement of\u00a0income.
A change in the fair value of derivatives designated as a Cash Flow Hedge is initially recognised in the consolidated statement of comprehensive income and accumulated in the cash flow hedge reserve in shareholders\u2019 equity. The deferred amount is then released to the consolidated statement of income in the same periods during which the hedged transaction affects the consolidated statement of income. Hedge ineffectiveness is recorded in the consolidated statement of income when it\u00a0occurs.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in shareholders\u2019 equity and is recognised in the consolidated statement of income when the committed or forecast transaction is ultimately recognised in the consolidated statement of income. However, if a forecast or committed transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is immediately transferred to the consolidated statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-86": { "value": "
Financial guarantee contracts
Corporate guarantee contracts are financial commitments that create an obligation for Glencore to meet the obligations of associates or joint ventures if those entities default.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-87": { "value": "
2. Segment information
Glencore is organised and operates on a worldwide basis in two core business segments namely Marketing activities and Industrial activities, reflecting the reporting lines and structure used by Glencore\u2019s management to allocate resources and assess performance.
The business segments\u2019 contributions to the Group are primarily derived from a) the net margin or premium earned from physical Marketing activities (net sale and purchase of physical commodities) and the provision of marketing and related value-add services and b) the net margin earned from Industrial asset activities (resulting from the sale of physical commodities over the cost of production and/or cost of sales). The marketing-related operating segments have been aggregated under the Marketing reportable segment as their economic characteristics (historical and expected long-term Adjusted EBITDA margins and the nature of the marketing services provided) are similar. The industrial related operating segments have been aggregated into the Industrial reportable segment because they share similar core activities \u2013 extracting raw materials and/or processing them into saleable products and selling them at prevailing market prices. They are also exposed to similar long term economic risks, such as price movements, technological change, sovereign risk and production substitution, and they exhibit similar long term average Adjusted EBITDA margins. The economic and operational characteristics of our energy and steelmaking coal operating and commercial units are not expected to change in the foreseeable future and continue to be included within the industrial activities and marketing activities reporting segments, respectively.
\u201cCorporate and other\u201d consolidated statement of income amounts represent Group-related income and expenses (including share of Viterra earnings in 2024 and certain variable bonus charges). Statement of financial position amounts represent Group-related balances. In June 2023, Glencore and its fellow shareholders in Viterra Limited concluded an agreement with Bunge Global SA, (formerly Bunge Limited), to merge Bunge and Viterra in a cash and stock transaction. As a result, the carrying amount of the 49.9% investment in Viterra was classified as held for sale as at 31 December 2024 (see note 16). While classified as held for sale, Glencore ceased recognising its share of Viterra\u2019s income. In 2024, for both segmental and internal reporting purposes, Viterra continued to be accounted for as an equity accounted associate. In 2025, no share in earnings has been recognised on a segmental basis, reflecting the completion of the transaction in July 2025 (see note 26).
Operating segment financial performance is principally evaluated by management with reference to Adjusted EBIT/EBITDA. Adjusted EBIT is the net result of segmental revenue (revenue including Proportionate adjustments as defined in the Alternative performance measure section) less cost of goods sold and selling and administrative expenses plus share of income from associates and joint ventures, dividend income and the attributable share of Adjusted EBIT of relevant material associates and joint ventures, which are accounted for internally by means of proportionate consolidation, excluding significant items. Adjusted EBITDA consists of Adjusted EBIT plus depreciation and amortisation, including the related Proportionate adjustments. In addition, Volcan (prior to its disposal in May 2024), while a subsidiary of the Group, was accounted for under the equity method for internal reporting and analysis due to the relatively low economic ownership held by the Group.
The accounting policies of the operating segments are the same as those described in note 2 with the exception of the Antamina copper/zinc mine, the Collahuasi joint venture and Volcan. Under IAS 28 and IFRS 11, Glencore\u2019s investment in the Antamina copper/zinc mine (34% owned at 31 December 2025 and 31 December 2024) is considered to be an associate as it is not subject to joint control and the Collahuasi copper mine (44% owned at 31 December 2025 and 31 December 2024) is considered to be a joint venture. Associates and joint ventures are required to be accounted for in Glencore\u2019s financial statements under the equity method. For internal reporting and analysis, Glencore evaluates the performance of these investments under the proportionate consolidation method, reflecting Glencore\u2019s proportionate share of the revenues, expenses, assets and liabilities of the investments.
In May 2024, Glencore disposed of its 23.3% interest in Volcan (see note 26). In the prior year, up to the date of disposal, for internal reporting and analysis, management evaluated the performance of Volcan under the equity method, reflecting the Group\u2019s relatively low economic ownership in this fully ring-fenced listed entity, with its stand-alone, independent and separate capital structure.
The balances as presented for internal reporting purposes are reconciled to Glencore\u2019s statutory disclosures in the following tables and/or in the Alternative performance measures section. The Alternative performance measures section does not form part of the audited financial statements.
During the year, the Group implemented organisational changes within its Industrial business. These changes have no impact on the overall metrics reported for the Industrial activities segment. As part of this reorganisation, Koniambo and Pasar were transferred from \u2018Metals and minerals\u2019 to \u2018Corporate and other\u2019. Comparative figures for 2024 have been restated accordingly, see the reconciliation table below.
Where applicable, intra-segment sales and transfers are recorded as if they were conducted with independent third parties, using arm\u2019s length commercial terms.
2025
Marketing
activities
Industrial
activities
Inter-segment
eliminations
US$ million
Total
Revenue
Metals and minerals
102,602
38,824
(25,875)
115,551
Energy and steelmaking coal
116,954
20,686
(2,168)
135,472
Corporate and other
\u2013
1,754
(1,480)
274
Revenue \u2013 segmental
219,556
61,264
(29,523)
251,297
Proportionate adjustment \u2013 revenue1
\u2013
(3,762)
\u2013
(3,762)
Revenue \u2013 reported measure
219,556
57,502
(29,523)
247,535
Metals and minerals
Adjusted EBITDA
2,926
7,017
\u2013
9,943
Depreciation and amortisation
(108)
(3,143)
\u2013
(3,251)
Proportionate adjustment \u2013 depreciation1
\u2013
(761)
\u2013
(761)
Adjusted EBIT
2,818
3,113
\u2013
5,931
Energy and steelmaking coal
Adjusted EBITDA
1,148
3,706
\u2013
4,854
Depreciation and amortisation
(534)
(2,955)
\u2013
(3,489)
Adjusted EBIT
614
751
\u2013
1,365
Corporate and other
Adjusted EBITDA
(511)
(775)
\u2013
(1,286)
Depreciation and amortisation
\u2013
(32)
\u2013
(32)
Adjusted EBIT
(511)
(807)
\u2013
(1,318)
Total Adjusted EBITDA
3,563
9,948
\u2013
13,511
Total depreciation and amortisation
(642)
(6,130)
\u2013
(6,772)
Total depreciation proportionate adjustment
\u2013
(761)
\u2013
(761)
Total Adjusted EBIT2
2,921
3,057
\u2013
5,978
Share of associates' significant items1,3
(7)
Unrealised inter-segment profit elimination adjustments4
(660)
Gain on disposals of non-current assets
223
Other expense \u2013 net
(642)
Impairments
(1,189)
Interest expense \u2013 net
(2,729)
Income tax expense
(201)
Proportionate adjustment \u2013 net finance and income tax expense1
(653)
Profit for the year
120
1
Refer to segment information on the previous page and APMs section for definitions.
2
Includes share of loss from associates, pre-significant items, of $29 million from Marketing activities and share of income from associates, pre-significant items, of $202 million from Industrial activities.
3
Share of associates\u2019 significant items represent Glencore\u2019s share of significant charges recognised directly by its associates.
4
Represents the required adjustment to eliminate unrealised profit or losses arising on inter-segment transactions, i.e. before ultimate sale to a third party. For Glencore, such adjustments arise on the sale of product, in the ordinary course of business, from its Industrial to Marketing operations. Management assesses segment performance prior to any such adjustments, as if the sales were to third parties.
2024
Marketing
activities
Industrial
activities1
Inter-segment
eliminations
US$ million
Total
Revenue
Metals and minerals2
82,819
33,708
(21,468)
95,059
Energy and steelmaking coal
118,504
22,315
(2,664)
138,155
Corporate and other2
\u2013
3,051
(1,849)
1,202
Revenue \u2013 segmental
201,323
59,074
(25,981)
234,416
Proportionate adjustment \u2013 revenue3
\u2013
(3,472)
\u2013
(3,472)
Revenue \u2013 reported measure
201,323
55,602
(25,981)
230,944
Metals and minerals
Adjusted EBITDA
2,436
5,967
\u2013
8,403
Depreciation and amortisation
(61)
(3,239)
\u2013
(3,300)
Proportionate adjustment \u2013 depreciation3
\u2013
(822)
\u2013
(822)
Adjusted EBIT
2,375
1,906
\u2013
4,281
Energy and steelmaking coal
Adjusted EBITDA
1,447
5,316
\u2013
6,763
Depreciation and amortisation
(539)
(2,672)
\u2013
(3,211)
Adjusted EBIT
908
2,644
\u2013
3,552
Corporate and other
Adjusted EBITDA4
(92)
(716)
\u2013
(808)
Depreciation and amortisation
\u2013
(87)
\u2013
(87)
Adjusted EBIT
(92)
(803)
\u2013
(895)
Total Adjusted EBITDA
3,791
10,567
\u2013
14,358
Total depreciation and amortisation
(600)
(5,998)
\u2013
(6,598)
Total depreciation proportionate adjustment
\u2013
(822)
\u2013
(822)
Total Adjusted EBIT5
3,191
3,747
\u2013
6,938
Share of associates' significant items3,6
113
Viterra share in earnings post-held for sale classification4
(165)
Unrealised inter-segment profit elimination adjustments7
45
EVR inventory fair value adjustment8
(444)
Loss on disposals of non-current assets
(337)
Other expense \u2013 net
(1,926)
Impairments
(2,266)
Interest expense \u2013 net
(2,334)
Income tax expense
(1,696)
Proportionate adjustment \u2013 net finance and income tax expense3
(622)
Loss for the year
(2,694)
1
As noted above, certain line items were restated via reallocation from their prior year presentation within \u2018Metals and minerals\u2019 to \u2018Corporate and other\u2019. See the reconciliation table below.
2
In connection with (1) above, inter-segmental revenue eliminations were restated via reallocation from their prior year presentation within \u2018Metals and minerals\u2019 to \u2018Corporate and other\u2019 ($1,849 million).
3
Refer to segment information on the previous page and APMs section for definitions.
4
Marketing activities include $165 million (pre-significant items) representing Glencore\u2019s equity accounted share of Viterra. Although the investment was classified as held for sale as at 31 December 2024, Viterra continued to be included as an equity-accounted associate for segment and internal reporting purposes. See the Segment information note above.
5
Includes share in earnings from associates, pre-significant items, of $190 million from Marketing activities and $240 million from Industrial activities.
6
Share of associates\u2019 significant items represent Glencore\u2019s share of significant income recognised directly by its associates, notably Century.
7
Represents the required adjustment to eliminate unrealised profit or losses arising on inter-segment transactions, i.e. before ultimate sale to a third party. For Glencore, such adjustments arise on the sale of product, in the ordinary course of business, from its Industrial to Marketing operations. Management assesses segment performance prior to any such adjustments, as if the sales were to third parties.
8
Represents the upward fair value related adjustment made in respect of inventory acquired as part of the EVR acquisition (see note 26) which, following the acquisition, was sold in the ordinary course. For internal reporting and analysis purposes, management assesses EVR\u2019s performance as the inventory is sold, at the underlying operational margins then realised.
2025
Marketing
activities
Industrial
activities
Corporate
and other
US$ million
Total
Current assets
44,826
19,259
\u2013
64,085
Current liabilities
(39,379)
(9,217)
\u2013
(48,596)
Allocatable current capital employed
5,447
10,042
\u2013
15,489
Property, plant and equipment
1,604
47,700
\u2013
49,304
Intangible assets
5,155
615
\u2013
5,770
Investments in associates and other investments
4,001
9,757
\u2013
13,758
Non-current advances and loans
1,905
1,416
\u2013
3,321
Inventories
\u2013
1,073
\u2013
1,073
Allocatable non-current capital employed
12,665
60,561
\u2013
73,226
Other assets1
4,888
4,888
Other liabilities2
(59,997)
(59,997)
Total net assets
18,112
70,603
(55,109)
33,606
Capital expenditure
Metals and minerals
177
4,347
\u2013
4,524
Energy and steelmaking coal
357
3,201
\u2013
3,558
Corporate and other
\u2013
22
\u2013
22
Capital expenditure \u2013 segmental
534
7,570
\u2013
8,104
Proportionate adjustment \u2013 capital expenditure3
\u2013
(1,212)
\u2013
(1,212)
Capital expenditure \u2013 reported measure4
534
6,358
\u2013
6,892
2024
Marketing
activities
Industrial
activities5
Corporate
and other
US$ million
Total
Current assets
35,247
18,286
\u2013
53,533
Current liabilities
(27,863)
(9,003)
\u2013
(36,866)
Allocatable current capital employed
7,384
9,283
\u2013
16,667
Property, plant and equipment
1,296
48,910
\u2013
50,206
Intangible assets
5,192
736
\u2013
5,928
Investments in associates and other investments
654
9,118
\u2013
9,772
Non-current advances and loans
1,658
1,460
\u2013
3,118
Inventories
\u2013
517
\u2013
517
Allocatable non-current capital employed
8,800
60,741
\u2013
69,541
Other assets1
7,386
7,386
Other liabilities2
(57,934)
(57,934)
Total net assets
16,184
70,024
(50,548)
35,660
Capital expenditure
Metals and minerals
138
4,681
\u2013
4,819
Energy and steelmaking coal
903
2,270
\u2013
3,173
Corporate and other
\u2013
167
\u2013
167
Capital expenditure \u2013 segmental
1,041
7,118
\u2013
8,159
Proportionate adjustment \u2013 capital expenditure3
\u2013
(1,345)
\u2013
(1,345)
Capital expenditure \u2013 reported measure4
1,041
5,773
\u2013
6,814
1
Other assets include non-current financial assets, deferred tax assets, cash and cash equivalents and assets held for sale.
2
Other liabilities include borrowings, non-current deferred income, deferred tax liabilities, non-current provisions, non-current post-retirement and other employee benefits, non-current financial liabilities and liabilities held for sale.
3
Refer to APMs section for definitions.
4
Includes $870 million (2024: $1,103 million), comprising $425 million (2024: $929 million) in Marketing activities and $445 million (2024: $174 million) in Industrial activities, of \u2018right-of-use assets\u2019 capitalised in accordance with IFRS 16 \u2013 Leases.
5
As noted above, certain line items were restated via reallocation from their prior year presentation within \u2018Metals and minerals\u2019 to \u2018Corporate and other\u2019. See the reconciliation table below.
2024 Restatement reconciliation \u2013 Industrial activities segment
During the year, as noted above, the Group implemented organisational changes within its Industrial business. This included the reallocation of certain non-producing assets, principally Koniambo and Pasar, from \u2018Metals and minerals\u2019 to \u2018Corporate and other\u2019. These changes have no impact on the overall metrics reported for the Industrial activities segment. Comparative figures for 2024 have been restated accordingly, see the reconciliation table below.
US$ million
Industrial activities as previously reported
Restatement
Industrial activities Restated
Revenue
Metals and minerals
36,753
(3,045)
33,708
Energy and steelmaking coal
22,315
\u2013
22,315
Corporate and other
6
3,045
3,051
Revenue - segmental
59,074
\u2013
59,074
Proportionate adjustment \u2013 revenue
(3,472)
\u2013
(3,472)
Revenue - reported measure
55,602
\u2013
55,602
Metals and minerals
Adjusted EBITDA
5,844
123
5,967
Depreciation and amortisation
(3,307)
68
(3,239)
Proportionate adjustment \u2013 depreciation
(822)
\u2013
(822)
Adjusted EBIT
1,715
191
1,906
Energy and steelmaking coal
Adjusted EBITDA
5,316
\u2013
5,316
Depreciation and amortisation
(2,672)
\u2013
(2,672)
Adjusted EBIT
2,644
\u2013
2,644
Corporate and other
Adjusted EBITDA
(593)
(123)
(716)
Depreciation and amortisation
(19)
(68)
(87)
Adjusted EBIT
(612)
(191)
(803)
Total Adjusted EBITDA
10,567
\u2013
10,567
Total depreciation and amortisation
(5,998)
\u2013
(5,998)
Total depreciation proportionate adjustment
(822)
\u2013
(822)
Total Adjusted EBIT
3,747
\u2013
3,747
Capital expenditure
Metals and minerals
4,769
(88)
4,681
Energy and steelmaking coal
2,270
\u2013
2,270
Corporate and other
79
88
167
Capital expenditure \u2013 segmental
7,118
\u2013
7,118
Proportionate adjustment \u2013 capital expenditure
(1,345)
\u2013
(1,345)
Capital expenditure \u2013 reported measure
5,773
\u2013
5,773
Geographical information
US$ million
2025
2024
Revenue from third parties1
The Americas
39,193
41,543
Europe
66,843
63,308
Asia
121,574
108,762
Africa
12,330
11,695
Oceania
7,595
5,636
247,535
230,944
Non-current assets2
The Americas
33,249
32,894
Europe
7,892
7,921
Asia
2,668
2,715
Africa
9,041
8,692
Oceania
13,320
13,733
66,170
65,955
1
Revenue by geographical destination is based on the country of incorporation of the sales counterparty, however this may not necessarily be the country of the counterparty\u2019s ultimate parent and/or final destination of product. Revenue from third parties comprise revenue in Singapore of $34,617 million (2024: $27,740 million), China of $31,407 million (2024: $27,556 million), UK of $27,623 million (2024: $25,264 million) and US of $22,922 million (2024: $24,505 million).
2
Non-current assets are non-current assets excluding other investments, advances and loans, other financial assets and deferred tax assets. Non-current assets comprise assets in Canada of $18,068 million (2024: $17,237 million), Australia of $13,320 million (2024: $13,733 million) and Peru of $5,449 million (2024: $5,270 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-88": { "value": "
2. Segment information
Glencore is organised and operates on a worldwide basis in two core business segments namely Marketing activities and Industrial activities, reflecting the reporting lines and structure used by Glencore\u2019s management to allocate resources and assess performance.
The business segments\u2019 contributions to the Group are primarily derived from a) the net margin or premium earned from physical Marketing activities (net sale and purchase of physical commodities) and the provision of marketing and related value-add services and b) the net margin earned from Industrial asset activities (resulting from the sale of physical commodities over the cost of production and/or cost of sales). The marketing-related operating segments have been aggregated under the Marketing reportable segment as their economic characteristics (historical and expected long-term Adjusted EBITDA margins and the nature of the marketing services provided) are similar. The industrial related operating segments have been aggregated into the Industrial reportable segment because they share similar core activities \u2013 extracting raw materials and/or processing them into saleable products and selling them at prevailing market prices. They are also exposed to similar long term economic risks, such as price movements, technological change, sovereign risk and production substitution, and they exhibit similar long term average Adjusted EBITDA margins. The economic and operational characteristics of our energy and steelmaking coal operating and commercial units are not expected to change in the foreseeable future and continue to be included within the industrial activities and marketing activities reporting segments, respectively.
\u201cCorporate and other\u201d consolidated statement of income amounts represent Group-related income and expenses (including share of Viterra earnings in 2024 and certain variable bonus charges). Statement of financial position amounts represent Group-related balances. In June 2023, Glencore and its fellow shareholders in Viterra Limited concluded an agreement with Bunge Global SA, (formerly Bunge Limited), to merge Bunge and Viterra in a cash and stock transaction. As a result, the carrying amount of the 49.9% investment in Viterra was classified as held for sale as at 31 December 2024 (see note 16). While classified as held for sale, Glencore ceased recognising its share of Viterra\u2019s income. In 2024, for both segmental and internal reporting purposes, Viterra continued to be accounted for as an equity accounted associate. In 2025, no share in earnings has been recognised on a segmental basis, reflecting the completion of the transaction in July 2025 (see note 26).
Operating segment financial performance is principally evaluated by management with reference to Adjusted EBIT/EBITDA. Adjusted EBIT is the net result of segmental revenue (revenue including Proportionate adjustments as defined in the Alternative performance measure section) less cost of goods sold and selling and administrative expenses plus share of income from associates and joint ventures, dividend income and the attributable share of Adjusted EBIT of relevant material associates and joint ventures, which are accounted for internally by means of proportionate consolidation, excluding significant items. Adjusted EBITDA consists of Adjusted EBIT plus depreciation and amortisation, including the related Proportionate adjustments. In addition, Volcan (prior to its disposal in May 2024), while a subsidiary of the Group, was accounted for under the equity method for internal reporting and analysis due to the relatively low economic ownership held by the Group.
The accounting policies of the operating segments are the same as those described in note 2 with the exception of the Antamina copper/zinc mine, the Collahuasi joint venture and Volcan. Under IAS 28 and IFRS 11, Glencore\u2019s investment in the Antamina copper/zinc mine (34% owned at 31 December 2025 and 31 December 2024) is considered to be an associate as it is not subject to joint control and the Collahuasi copper mine (44% owned at 31 December 2025 and 31 December 2024) is considered to be a joint venture. Associates and joint ventures are required to be accounted for in Glencore\u2019s financial statements under the equity method. For internal reporting and analysis, Glencore evaluates the performance of these investments under the proportionate consolidation method, reflecting Glencore\u2019s proportionate share of the revenues, expenses, assets and liabilities of the investments.
In May 2024, Glencore disposed of its 23.3% interest in Volcan (see note 26). In the prior year, up to the date of disposal, for internal reporting and analysis, management evaluated the performance of Volcan under the equity method, reflecting the Group\u2019s relatively low economic ownership in this fully ring-fenced listed entity, with its stand-alone, independent and separate capital structure.
The balances as presented for internal reporting purposes are reconciled to Glencore\u2019s statutory disclosures in the following tables and/or in the Alternative performance measures section. The Alternative performance measures section does not form part of the audited financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-89": { "value": "
During the year, the Group implemented organisational changes within its Industrial business. These changes have no impact on the overall metrics reported for the Industrial activities segment. As part of this reorganisation, Koniambo and Pasar were transferred from \u2018Metals and minerals\u2019 to \u2018Corporate and other\u2019. Comparative figures for 2024 have been restated accordingly, see the reconciliation table below.
1
As noted above, certain line items were restated via reallocation from their prior year presentation within \u2018Metals and minerals\u2019 to \u2018Corporate and other\u2019. See the reconciliation table below.
2
In connection with (1) above, inter-segmental revenue eliminations were restated via reallocation from their prior year presentation within \u2018Metals and minerals\u2019 to \u2018Corporate and other\u2019 ($1,849 million).
5
As noted above, certain line items were restated via reallocation from their prior year presentation within \u2018Metals and minerals\u2019 to \u2018Corporate and other\u2019. See the reconciliation table below.
2024 Restatement reconciliation \u2013 Industrial activities segment
During the year, as noted above, the Group implemented organisational changes within its Industrial business. This included the reallocation of certain non-producing assets, principally Koniambo and Pasar, from \u2018Metals and minerals\u2019 to \u2018Corporate and other\u2019. These changes have no impact on the overall metrics reported for the Industrial activities segment. Comparative figures for 2024 have been restated accordingly, see the reconciliation table below.
US$ million
Industrial activities as previously reported
Restatement
Industrial activities Restated
Revenue
Metals and minerals
36,753
(3,045)
33,708
Energy and steelmaking coal
22,315
\u2013
22,315
Corporate and other
6
3,045
3,051
Revenue - segmental
59,074
\u2013
59,074
Proportionate adjustment \u2013 revenue
(3,472)
\u2013
(3,472)
Revenue - reported measure
55,602
\u2013
55,602
Metals and minerals
Adjusted EBITDA
5,844
123
5,967
Depreciation and amortisation
(3,307)
68
(3,239)
Proportionate adjustment \u2013 depreciation
(822)
\u2013
(822)
Adjusted EBIT
1,715
191
1,906
Energy and steelmaking coal
Adjusted EBITDA
5,316
\u2013
5,316
Depreciation and amortisation
(2,672)
\u2013
(2,672)
Adjusted EBIT
2,644
\u2013
2,644
Corporate and other
Adjusted EBITDA
(593)
(123)
(716)
Depreciation and amortisation
(19)
(68)
(87)
Adjusted EBIT
(612)
(191)
(803)
Total Adjusted EBITDA
10,567
\u2013
10,567
Total depreciation and amortisation
(5,998)
\u2013
(5,998)
Total depreciation proportionate adjustment
(822)
\u2013
(822)
Total Adjusted EBIT
3,747
\u2013
3,747
Capital expenditure
Metals and minerals
4,769
(88)
4,681
Energy and steelmaking coal
2,270
\u2013
2,270
Corporate and other
79
88
167
Capital expenditure \u2013 segmental
7,118
\u2013
7,118
Proportionate adjustment \u2013 capital expenditure
(1,345)
\u2013
(1,345)
Capital expenditure \u2013 reported measure
5,773
\u2013
5,773
During the year, the Company restructured its share capital by converting its ordinary shares with a nominal value of $0.01 each into ordinary shares with no par value, following approval by shareholders at the Annual General Meeting and in accordance with the Companies (Jersey) Law 1991. As a result, the share capital and share premium balances were reclassified and combined into a single stated capital account. This reclassification did not affect the total value of shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-90": { "value": "
3. Revenue
US$ million
2025
2024
Sale of commodities
244,873
227,538
Freight, storage and other services
2,662
3,406
Total
247,535
230,944
Revenue is principally derived from the sale of commodities, recognised once control of the goods has transferred from Glencore to the buyer. Revenue from the sale of commodities includes an increase of $790\u00a0million (2024: decrease of $519\u00a0million) due to mark-to-market related adjustments on provisionally priced sales arrangements, recognised within our Marketing segment. Revenue derived from freight, storage and other services is recognised over time as the service is rendered. Revenue is measured based on the consideration specified in the customer contract and excludes amounts collected on behalf of third parties. This is consistent with the revenue information disclosed for each reportable segment (see note 2).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-91": { "value": "
3. Revenue
US$ million
2025
2024
Sale of commodities
244,873
227,538
Freight, storage and other services
2,662
3,406
Total
247,535
230,944
Revenue is principally derived from the sale of commodities, recognised once control of the goods has transferred from Glencore to the buyer. Revenue from the sale of commodities includes an increase of $790\u00a0million (2024: decrease of $519\u00a0million) due to mark-to-market related adjustments on provisionally priced sales arrangements, recognised within our Marketing segment. Revenue derived from freight, storage and other services is recognised over time as the service is rendered. Revenue is measured based on the consideration specified in the customer contract and excludes amounts collected on behalf of third parties. This is consistent with the revenue information disclosed for each reportable segment (see note 2).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-92": { "value": "
4. Gain/(loss) on disposals of non-current assets
US$ million
Notes
2025
2024
Loss on derecognition of non-controlling interest on disposal of Volcan
26
\u2013
(472)
Gain on sale of Viterra
26
5
\u2013
Gain on sale of stake in Century Aluminum
11
205
\u2013
Net gain on sale of other investments/operations
14
48
Net (loss)/gain on disposal of property, plant and equipment
(1)
87
Total
223
(337)
2025
Disposal of Viterra
In June 2023, Glencore and its fellow shareholders in Viterra Limited, concluded an agreement with Bunge Global SA (Bunge) to merge Bunge and Viterra in a cash and stock transaction. In July 2025, the acquisition of Viterra by Bunge completed. Under the terms of the agreement, Glencore received $2.6 billion in Bunge shares and $940 million in cash for its c.50% stake in Viterra, resulting in a 16.4% shareholding in the enlarged company.
Disposal of Century Aluminum
In November 2025, Glencore divested 9 million shares of Century Aluminum for $272 million in cash, reducing its ownership stake to 36.6%.
2024
Disposal of Volcan
In May 2024, Glencore completed the disposal of its 23.3% interest in Volcan. The net loss on disposal includes derecognition to the statement of income of the previously recognised book value of the non-controlling interest equity balance ($282 million), which largely related to non-controlling interests\u2019 share of historical losses (see note 26).
5. Other income/(expense)
Together with foreign exchange movements and mark-to-market valuations, other net income/(expense) includes other items that, due to their nature and variable financial impact or infrequency of the events giving rise to these items, are reported separately from operating segment results.
Net changes in mark-to-market valuations
Primarily relates to movements on interests in investments and loans (see notes 11, 12 and 14) and the ARM Coal non-discretionary dividend obligation (see note 29), all carried at FVTPL.
Net foreign exchange losses
2024 net foreign exchange losses included realised foreign currency losses of $345 million (see page 137) recognised on the restructuring and partial repayment of ZAR-denominated intragroup debt and return of capital that were part of the Group\u2019s net investment in its South African operations. These repayments are considered a partial disposal of a net investment in a subsidiary, and thus a proportionate share of the total accumulated foreign exchange translation losses recognised in the net investment were recycled to the statement of income upon these repayments.
Legal and government proceedings
$154\u00a0million (2024: $295 million) relating to various legal matters and related costs, including in respect of the legal and government proceedings (see note 32) and monitorships $41 million (2024: $85 million). In March 2025, the US Department of Justice terminated Glencore\u2019s monitorships.
Closed sites rehabilitation provisioning
Comprises movements in restoration, rehabilitation and decommissioning estimates related to sites that are no longer operational of $160 million (2024: $450 million) and assets that have been fully impaired of $23 million (2024: $420 million) (see note 7).
Closure and severance costs
Closure and severance costs were primarily incurred at operations in South Africa. 2024 comprised costs primarily associated with the care and maintenance status of Koniambo\u2019s operations in New Caledonia. Also see notes 7 and 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-93": { "value": "
5. Other income/(expense)
US$ million
Notes
2025
2024
Net changes in mark-to-market valuations
82
115
Other income
111
76
Total other income
193
191
Net foreign exchange losses
(91)
(445)
Legal and government proceedings
(154)
(295)
Closed sites rehabilitation provisioning
(183)
(870)
Closure and severance costs
(47)
(194)
Acquisition related expenses
26
\u2013
(41)
Other expenses
(360)
(272)
Total other expenses
(835)
(2,117)
Total other expenses \u2013 net
(642)
(1,926)
Net changes in mark-to-market valuations
Primarily relates to movements on interests in investments and loans (see notes 11, 12 and 14) and the ARM Coal non-discretionary dividend obligation (see note 29), all carried at FVTPL.
Net foreign exchange losses
2024 net foreign exchange losses included realised foreign currency losses of $345 million (see page 137) recognised on the restructuring and partial repayment of ZAR-denominated intragroup debt and return of capital that were part of the Group\u2019s net investment in its South African operations. These repayments are considered a partial disposal of a net investment in a subsidiary, and thus a proportionate share of the total accumulated foreign exchange translation losses recognised in the net investment were recycled to the statement of income upon these repayments.
Legal and government proceedings
$154\u00a0million (2024: $295 million) relating to various legal matters and related costs, including in respect of the legal and government proceedings (see note 32) and monitorships $41 million (2024: $85 million). In March 2025, the US Department of Justice terminated Glencore\u2019s monitorships.
Closed sites rehabilitation provisioning
Comprises movements in restoration, rehabilitation and decommissioning estimates related to sites that are no longer operational of $160 million (2024: $450 million) and assets that have been fully impaired of $23 million (2024: $420 million) (see note 7).
Closure and severance costs
Closure and severance costs were primarily incurred at operations in South Africa. 2024 comprised costs primarily associated with the care and maintenance status of Koniambo\u2019s operations in New Caledonia. Also see notes 7 and 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-94": { "value": "
Net foreign exchange losses
2024 net foreign exchange losses included realised foreign currency losses of $345 million (see page 137) recognised on the restructuring and partial repayment of ZAR-denominated intragroup debt and return of capital that were part of the Group\u2019s net investment in its South African operations. These repayments are considered a partial disposal of a net investment in a subsidiary, and thus a proportionate share of the total accumulated foreign exchange translation losses recognised in the net investment were recycled to the statement of income upon these repayments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-95": { "value": "
6. Interest income/(expense)
US$ million
Notes
2025
2024
Bank deposits and other financial assets
510
569
Loans to associates
7
18
Interest income
517
587
Interest expense for financial liabilities not classified at FVTPL
Capital market notes
(1,586)
(1,638)
Revolving credit facilities
(221)
(260)
Lease liabilities
9
(160)
(143)
Other bank loans
(354)
(304)
Less: capitalised interest
9
68
76
Other interest
(299)
(264)
(2,552)
(2,533)
Other interest expense
Post-retirement employee benefits
24
(12)
(17)
Deferred income
22
(82)
(84)
Restoration and rehabilitation
23
(538)
(204)
Other provisions
23
(43)
(47)
Other accretion interest
(19)
(36)
(694)
(388)
Interest expense
(3,246)
(2,921)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-96": { "value": "
6. Interest income/(expense)
US$ million
Notes
2025
2024
Bank deposits and other financial assets
510
569
Loans to associates
7
18
Interest income
517
587
Interest expense for financial liabilities not classified at FVTPL
Capital market notes
(1,586)
(1,638)
Revolving credit facilities
(221)
(260)
Lease liabilities
9
(160)
(143)
Other bank loans
(354)
(304)
Less: capitalised interest
9
68
76
Other interest
(299)
(264)
(2,552)
(2,533)
Other interest expense
Post-retirement employee benefits
24
(12)
(17)
Deferred income
22
(82)
(84)
Restoration and rehabilitation
23
(538)
(204)
Other provisions
23
(43)
(47)
Other accretion interest
(19)
(36)
(694)
(388)
Interest expense
(3,246)
(2,921)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-97": { "value": "
6. Interest income/(expense)
US$ million
Notes
2025
2024
Bank deposits and other financial assets
510
569
Loans to associates
7
18
Interest income
517
587
Interest expense for financial liabilities not classified at FVTPL
Capital market notes
(1,586)
(1,638)
Revolving credit facilities
(221)
(260)
Lease liabilities
9
(160)
(143)
Other bank loans
(354)
(304)
Less: capitalised interest
9
68
76
Other interest
(299)
(264)
(2,552)
(2,533)
Other interest expense
Post-retirement employee benefits
24
(12)
(17)
Deferred income
22
(82)
(84)
Restoration and rehabilitation
23
(538)
(204)
Other provisions
23
(43)
(47)
Other accretion interest
(19)
(36)
(694)
(388)
Interest expense
(3,246)
(2,921)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-98": { "value": "
6. Interest income/(expense)
US$ million
Notes
2025
2024
Bank deposits and other financial assets
510
569
Loans to associates
7
18
Interest income
517
587
Interest expense for financial liabilities not classified at FVTPL
Capital market notes
(1,586)
(1,638)
Revolving credit facilities
(221)
(260)
Lease liabilities
9
(160)
(143)
Other bank loans
(354)
(304)
Less: capitalised interest
9
68
76
Other interest
(299)
(264)
(2,552)
(2,533)
Other interest expense
Post-retirement employee benefits
24
(12)
(17)
Deferred income
22
(82)
(84)
Restoration and rehabilitation
23
(538)
(204)
Other provisions
23
(43)
(47)
Other accretion interest
(19)
(36)
(694)
(388)
Interest expense
(3,246)
(2,921)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-99": { "value": "
6. Interest income/(expense)
US$ million
Notes
2025
2024
Bank deposits and other financial assets
510
569
Loans to associates
7
18
Interest income
517
587
Interest expense for financial liabilities not classified at FVTPL
Capital market notes
(1,586)
(1,638)
Revolving credit facilities
(221)
(260)
Lease liabilities
9
(160)
(143)
Other bank loans
(354)
(304)
Less: capitalised interest
9
68
76
Other interest
(299)
(264)
(2,552)
(2,533)
Other interest expense
Post-retirement employee benefits
24
(12)
(17)
Deferred income
22
(82)
(84)
Restoration and rehabilitation
23
(538)
(204)
Other provisions
23
(43)
(47)
Other accretion interest
(19)
(36)
(694)
(388)
Interest expense
(3,246)
(2,921)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-100": { "value": "
6. Interest income/(expense)
US$ million
Notes
2025
2024
Bank deposits and other financial assets
510
569
Loans to associates
7
18
Interest income
517
587
Interest expense for financial liabilities not classified at FVTPL
Capital market notes
(1,586)
(1,638)
Revolving credit facilities
(221)
(260)
Lease liabilities
9
(160)
(143)
Other bank loans
(354)
(304)
Less: capitalised interest
9
68
76
Other interest
(299)
(264)
(2,552)
(2,533)
Other interest expense
Post-retirement employee benefits
24
(12)
(17)
Deferred income
22
(82)
(84)
Restoration and rehabilitation
23
(538)
(204)
Other provisions
23
(43)
(47)
Other accretion interest
(19)
(36)
(694)
(388)
Interest expense
(3,246)
(2,921)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-101": { "value": "
7. Impairments
US$\u00a0million
Notes
2025
2024
(Impairments)/reversal of impairments of non-financial assets
Property, plant and equipment and intangible assets
9/10
(1,126)
(1,942)
Advances and loans \u2013 current and non-current
12/14
(3)
52
Inventory and other
261
(368)
(868)
(2,258)
Impairments of financial assets
Advances and loans \u2013 current and non-current
12/14
(321)
(8)
(321)
(8)
Total impairments1
(1,189)
(2,266)
1
Impairments recognised during the year are allocated to Glencore\u2019s operating segments as follows: Marketing activities impairments of $297 million (2024: reversal of impairments of $38 million) and Industrial activities impairments of $892 million (2024: $2,304 million).
As part of its regular portfolio review, Glencore assesses whether indicators that a cash-generating unit (CGU) or asset may be impaired exist, or whether a previously recognised impairment may no longer be required.
The recoverable amounts of property, plant and equipment and intangible assets were determined using fair value less costs of disposal (FVLCD) or, in certain cases, value in use (VIU). Both FVLCD and VIU were estimated using discounted cash flow models based on the most recently approved financial budgets, supported by each operation\u2019s life of asset plans. The models incorporate a combination of internal information and market participant inputs, including the latest reserve and resource estimates, relevant operating and capital cost assumptions, and, where available, market forecasts for commodity prices and foreign exchange rates. Cash flows were discounted using operation specific post-tax real discount rates ranging from 8.0% to 15.1% (2024: 7.6% to 14.2%). The valuations are most sensitive to commodity price assumptions, and changes in pricing outlook may result in further impairments or reversals. Both FVLCD and VIU used Level\u202f3 valuation techniques in each year. Sensitivity analysis was performed on commodity price assumptions using a 10% change, reflecting a typical industry deviation parameter, and on discount rates using a 1% variation, representing a reasonable range given current economic conditions. Where higher sensitivities are reasonably possible for specific operational assumptions, these have been identified accordingly.
The following significant impairment charges were recognised following the impairment assessment:
2025
Property, plant and equipment and intangible assets
2025 impairment/
(reversal of impairment)
Post-tax impairments/(reversal of impairments) resulting from changes in key assumptions
US$ million
pre tax
post tax
Capital employed1
Discount
rate2
Short-to long-term
key price assumption
Decrease/(increase)
in price of 10%3
Increase/(decrease)
in discount rate of 1%
Cash-generating unit
Cerrej\u00f3n
859
558
838
10.3%
Col 6000 NAR: 85-91
591
(546)
22
(22)
Coal South Africa
378
283
1,150
8.2%
API4: 97
576
(573)
52
(55)
Ferroalloys
88
64
633
9.6%
\u2013
\u2013
\u2013
\u2013
Mt Isa - Zinc
(132)
(93)
818
11.2%
Zn: 2,850 - 2,950
36
\u2013
4
\u2013
\u2013
McArthur River - Zinc
(41)
(23)
952
10.2%
Zn: 2,850 - 2,950
154
\u2013
4
\u2013
\u2013
Various other
(26)
(8)
\u2013
\u2013
\u2013
\u2013
\u2013
1,126
781
4,391
1,357
(1,119)
74
(77)
1
Estimated recoverable capital employed, post impairment. Capital employed includes property, plant and equipment, non-current inventory, less rehabilitation provisions and net deferred tax liabilities.
2
Discount rates expressed on a real terms, post-tax basis.
3
Across the curve.
4
Illustrated impairment reversal capped at level of accumulated historical impairment, adjusted for notional depreciation since the impairment was charged. Historical impairments at the Mount Isa Zinc and McArthur River CGUs have been fully reversed, hence no further impairment reversal is possible. Similarly, the downside scenarios for Mount Isa Zinc and McArthur River take into account the headroom over carrying value, post-reversal of impairment. This headroom is sufficient to absorb the impact of a 1% change in discount rate, hence no sensitivity is presented.
\uf0b7
$859 million, Cerrej\u00f3n coal CGU (Industrial activities segment). In March 2025, Cerrej\u00f3n announced the reduction of production by 5-10 million tonnes per annum, reflecting an oversupplied Atlantic seaborne thermal coal market.
\uf0b7
$378 million, Coal SA CGU (Industrial activities segment). The South African rand strengthened significantly against the US dollar during 2025. As the CGU\u2019s functional currency is ZAR, this resulted in a higher carrying value of capital employed when translated in US dollar terms. However, as the CGU\u2019s revenue is heavily US dollar denominated, there was no corresponding uplift in expected cash flows, accounting for the majority of the impairment.
\uf0b7
$88 million, Ferroalloys CGU (Industrial activities segment). In H1\u202f2025, the Boshoek and Wonderkop smelters were suspended following a review of the sustainability of the Ferroalloys business\u2019s smelting operations. The decision reflected continued weakness in the ferrochrome market, which rendered ongoing production at these facilities uneconomic. As a result, the property, plant and equipment associated with these smelters were fully impaired. The wider CGU remains unimpaired; accordingly no sensitivity analysis is presented.
Reversal of impairment:
\uf0b7
$132 million reversal of impairment, Mount Isa Zinc CGU (Industrial activities segment), and $41 million reversal of impairment, McArthur River Zinc CGU (Industrial activities segment). Following the improvement in zinc and precious metal prices, the Group reversed the remaining impairments previously recorded for these CGUs.
\uf0b7
The balance of net impairment reversals of $26 million on property, plant and equipment reflects an impairment reversal of $13 million in the Marketing activities segment and $13 million in the Industrial activities segment. No items were individually material. These movements mainly reflect assets no longer required for use or projects discontinued following changes in production and development plans, as well as reversals arising from remeasurement to fair value less costs to sell.
Inventory and other
$261 million reversal of impairment on inventory and other. Certain ore stockpiles containing copper and cobalt at the KCC CGU (Industrial activities segment) were impaired in 2022 ($113 million) and 2024 ($148 million). Following the recent improvement in metal prices, these stockpiles have been reassessed as fully recoverable, and the previously recognised impairments have been reversed in full.
Advances and loans current and non-current
Net impairments of $324 million were recognised on advances and loans following adverse changes in the financial position of multiple counterparties, with no single impairment considered individually material.
2024
Property, plant and equipment and intangible assets
2024 impairment/
(reversal of impairment)
Impairments/(reversal of impairments) resulting from changes in key assumptions
US$ million
pre tax
post tax
Capital employed1
Discount
rate2
Short-to long-term
price assumption
Decrease/(increase)
in price of 10%3
Increase/(decrease)
in discount rate of 1%
Cash-generating unit
Coal South Africa
611
446
1,294
9.7%
API4:99-95
496
(428)
5
53
(63)
Koniambo4
279
279
(349)
890
725
945
Custom Zinc/Copper metallurgical operations
CEZ4
148
110
(4)
Pasar4
406
406
(281)
CCR / Horne4
847
632
(245)
1,401
1,148
(530)
Zinc/Lead mining operations
Mt Isa - Zinc
(195)
(136)
828
11.0%
Zn: 2,578 - 2,750
371
(102)
5
43
(47)
Nordenham Zinc5
(288)
(161)
1,019
10.1%
Zn: 2,578 - 2,750
347
(27)
5
77
(27)
5
Kazzinc - Zhairem
(96)
(77)
583
12.1%
Zn: 2,578 - 2,750
139
(104)
5
19
(18)
(579)
(374)
2,430
Various other
230
174
\u2013
1,942
1,673
2,845
1,353
(661)
192
(155)
1
Estimated recoverable capital employed, post impairment. Capital employed includes property, plant and equipment, non-current inventory, less rehabilitation provisions and net deferred tax liabilities.
2
Discount rates expressed on a real terms, post-tax basis.
3
Across the curve.
4
The estimated recoverable value of Koniambo and Custom Zinc/Copper metallurgical operations was estimated to be de minimis. No reasonably possible change in assumptions would materially impact this value, hence no sensitivity analysis was presented.
5
Illustrated impairment reversal capped at level of accumulated historical impairment, adjusted for notional depreciation since the impairment was charged.
\uf0b7
$611 million, South Africa Coal CGU (Industrial activities segment). Due to weaker non-Pacific demand, export growth from Indonesia and stronger LNG supply growth, thermal coal price forecasts trended lower over H1 2024. As a result, our long-term South African coal export price assumption (API4) reduced from $118/t to $95/t (down 19%). These lower price assumptions, together with ongoing export logistics challenges, significantly impacted Coal SA\u2019s expected overall returns.
\uf0b7
$553 million, Koniambo CGU (Industrial activities segment). On 12 February 2024, we announced that Koniambo would transition to care and maintenance, with Glencore continuing to fund the business over a six-month period to support the critical activities required to maintain integrity of the assets, while running a process to identify a potential new industrial partner and/or possibly an outright sale. Given the continuing challenging nickel market environment, the remaining property, plant and equipment ($279 million) and related spare-parts inventory ($140 million) were fully impaired. Contract termination and employee severance related costs of $134 million (see note 6) were recognised.
\uf0b7
$1,487 million, various custom zinc and copper metallurgical operations (Industrial activities segment). Over 2024, zinc and copper metallurgical economics came under extreme pressure as increasing smelter capacity, coupled with constrained zinc and copper concentrate markets and mine supply, drove smelter treatment charge (TC) revenue streams to record lows and at times, even negative. Over the short- to medium-term, it was anticipated that mine supply will continue to be constrained and as a result, the valuations of the above custom metallurgical operations were fully impaired, with their longer-term business cases being strategically evaluated. To this effect, property, plant and equipment related balances at each of the operations, totalling $1,401 million, were fully impaired and an inventory impairment of $86 million was recognised.
Reversal of impairment:
\uf0b7
$579 million impairment reversals at various zinc and lead mining operations (Industrial activities segment). As noted above, 2024 was characterised by record low zinc and copper TC realisations. Contrary to custom metallurgical operations, a low TC outlook is a positive development for zinc/lead and copper concentrate producing mines. As a result, estimated valuations for our zinc mines, that were previously impaired, increased and partial reversals of the previous years\u2019 impairments were recognised.
\uf0b7
The balance of impairment charges of $230 million on property, plant and equipment (none of which were individually material) relate to specific assets ($216 million in the Industrial activities segment and $14 million in the Marketing activities segment) where utilisation was no longer required or to projects no longer progressed due to changes in production and development plans.
Advances and loans current and non-current
A net impairment charge of $44 million was recognised on advances and loans, with no single item considered individually material. The net movement reflected changes in the financial position of several counterparties and the final settlement of selected outstanding loans. This included an $8 million impairment within Industrial activities and a $52 million impairment reversal within Marketing activities.
9. Property, plant and equipment
2025
US$ million
Notes
Freehold land and buildings
Plant and equipment
Right-of-use assets
Mineral and petroleum rights
Exploration
and
evaluation
Deferred mining costs
Total
Gross carrying amount:
1 January 2025
7,065
54,968
4,203
36,382
968
17,884
121,470
Business combination
26
57
124
75
16
\u2013
\u2013
272
Disposal of subsidiaries
26
(102)
(973)
(3)
\u2013
\u2013
(4)
(1,082)
Additions
37
4,257
870
56
63
1,594
6,877
Disposals
(47)
(965)
(713)
(112)
\u2013
(820)
(2,657)
Effect of foreign currency exchange movements
23
450
4
259
\u2013
80
816
Other movements1
922
(1,298)
(9)
(343)
(60)
237
(551)
31 December 2025
7,955
56,563
4,427
36,258
971
18,971
125,145
Accumulated depreciation and impairment:
1 January 2025
3,599
33,587
2,296
18,859
391
12,532
71,264
Disposal of subsidiaries
26
(102)
(905)
(3)
\u2013
\u2013
(4)
(1,014)
Disposals
(40)
(914)
(695)
(93)
\u2013
(817)
(2,559)
Depreciation
376
2,779
878
1,245
5
1,333
6,616
Impairment
7
220
573
(11)
125
\u2013
126
1,033
Effect of foreign currency exchange movements
11
220
5
223
\u2013
36
495
Other movements1
47
(69)
8
15
\u2013
5
6
31 December 2025
4,111
35,271
2,478
20,374
396
13,211
75,841
Net book value 31 December 2025
3,844
21,292
1,949
15,884
575
5,760
49,304
1
Primarily consists of decreases in rehabilitation provision of $498 million and reclassifications within the various property, plant and equipment headings.
2024
US$ million
Notes
Freehold land and buildings
Plant and equipment
Right-of-use assets
Mineral and petroleum rights
Exploration and
evaluation
Deferred mining costs
Total
Gross carrying amount:
1 January 2024
6,619
47,785
3,510
28,516
813
16,154
103,397
Business combination
26
196
4,710
144
8,040
\u2013
\u2013
13,090
Additions
30
4,231
1,103
25
137
1,268
6,794
Disposals
(13)
(627)
(543)
(64)
\u2013
(35)
(1,282)
Effect of foreign currency exchange movements
(12)
(161)
(5)
(61)
\u2013
(19)
(258)
Other movements1
245
(970)
(6)
(74)
18
516
(271)
31 December 2024
7,065
54,968
4,203
36,382
968
17,884
121,470
Accumulated depreciation and impairment:
1 January 2024
3,143
30,677
1,935
16,511
392
11,506
64,164
Disposals
(10)
(574)
(512)
(64)
\u2013
(34)
(1,194)
Depreciation
320
2,451
823
1,482
1
1,364
6,441
Impairment
7
137
1,005
46
1,019
\u2013
(278)
1,929
Effect of foreign currency exchange movements
(3)
(53)
(3)
(49)
1
(7)
(114)
Other movements1
12
81
7
(40)
(3)
(19)
38
31 December 2024
3,599
33,587
2,296
18,859
391
12,532
71,264
Net book value 31 December 2024
3,466
21,381
1,907
17,523
577
5,352
50,206
1
Primarily consists of decreases in rehabilitation provision of $28 million and reclassifications within the various property, plant and equipment headings and intangible assets.
10. Intangible assets
2025
US$\u00a0million
Notes
Goodwill
Port allocation rights
Licences, trademarks
and software
Customer relationships
and other
Total
Cost:
1 January 2025
13,134
1,014
677
741
15,566
Additions
\u2013
\u2013
15
\u2013
15
Disposals
\u2013
\u2013
(37)
(20)
(57)
Effect of foreign currency exchange movements
\u2013
144
10
17
171
Other movements
\u2013
\u2013
10
(19)
(9)
31 December 2025
13,134
1,158
675
719
15,686
Accumulated amortisation and impairment:
1 January 2025
8,134
469
420
615
9,638
Disposals
\u2013
\u2013
(37)
(20)
(57)
Amortisation expense1
\u2013
60
59
37
156
Impairment
7
\u2013
93
(1)
1
93
Effect of foreign currency exchange movements
\u2013
73
4
12
89
Other movements
\u2013
\u2013
2
(5)
(3)
31 December 2025
8,134
695
447
640
9,916
Net book value 31 December 2025
5,000
463
228
79
5,770
1
Recognised in cost of goods sold.
2024
US$\u00a0million
Notes
Goodwill
Port allocation rights
Licences, trademarks
and software
Customer relationships
and other
Total
Cost:
1 January 2024
13,134
1,049
559
775
15,517
Business combination
26
\u2013
\u2013
7
\u2013
7
Additions
\u2013
\u2013
16
4
20
Disposals
\u2013
(1)
(9)
(7)
(17)
Effect of foreign currency exchange movements
\u2013
(34)
(17)
(32)
(83)
Other movements
\u2013
\u2013
121
1
122
31 December 2024
13,134
1,014
677
741
15,566
Accumulated amortisation and impairment:
1 January 2024
8,134
407
382
592
9,515
Disposals
\u2013
\u2013
(8)
(7)
(15)
Amortisation expense1
\u2013
65
41
51
157
Impairment
7
\u2013
13
\u2013
\u2013
13
Effect of foreign currency exchange movements
\u2013
(16)
(7)
(21)
(44)
Other movements
\u2013
\u2013
12
\u2013
12
31 December 2024
8,134
469
420
615
9,638
Net book value 31 December 2024
5,000
545
257
126
5,928
1
Recognised in cost of goods sold.
Goodwill impairment testing
Given the nature of each CGU\u2019s activities, fair value information is generally difficult to obtain unless negotiations with potential purchasers or similar transactions are underway. Consequently:
\uf0b7
The recoverable amount for each Marketing CGU is determined using a FVLCD approach, applying a price-to-earnings multiple derived from historical financial performance, including factors such as marketing volumes handled and operating, interest and tax charges. The price-to-earnings multiple of 10 times (2024: 10 times) is derived from observable market data for broadly comparable businesses; and
\uf0b7
Glencore believes that no reasonably possible changes in the above key assumptions would cause the recoverable amount of any Marketing CGU to fall below its carrying value within the next 12 months. The FVLCD calculations for these CGUs used Level 3 valuation techniques in\u00a0both years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-102": { "value": "
8. Income taxes
Income taxes consist of the following:
US$ million
2025
2024
Current income tax expense
(993)
(1,870)
Adjustments in respect of prior year current income tax
(19)
(46)
Deferred income tax credit
811
445
Adjustments in respect of prior year deferred income tax
\u2013
(225)
Total tax expense reported in the statement of income
(201)
(1,696)
Deferred income tax expense recognised directly in other comprehensive income
(25)
(43)
Total tax expense recognised directly in other comprehensive income
(25)
(43)
The Group\u2019s exposure to Pillar Two top-up tax amounts to $21 million (2024: $Nil) and mainly relates to business activities in the US.
The effective Group tax rate is different from the statutory Swiss income tax rate applicable to the Company for the following reasons:
US$ million
2025
2024
Income/(loss) before income taxes
321
(998)
Less: Share of income from associates and joint ventures
(1,267)
(1,417)
Parent Company\u2019s and subsidiaries\u2019 loss before income tax and attribution
(946)
(2,415)
Income tax credit calculated at the Swiss income tax rate of 12% (2024: 12%)
114
290
Tax effects of:
Different tax rates from the standard Swiss income tax rate
(156)
(577)
Tax-exempt income
318
322
Items not tax deductible
(750)
(499)
Foreign exchange fluctuations
203
(270)
Changes in tax rates
2
(5)
Utilisation and changes in recognition of tax losses and temporary differences
323
3
Tax and capital losses not recognised
(239)
(712)
Adjustments in respect of prior years
(19)
(271)
Other
3
23
Income tax expense
(201)
(1,696)
The non-tax deductible items of $750\u00a0million (2024: $499\u00a0million) primarily relate to financing costs, impairments and various other expenses.
The impact of tax-exempt income of $318\u00a0million (2024: $322\u00a0million) primarily relates to non-taxable dividends, income that is not effectively connected to the taxable jurisdiction, and various other\u00a0items.
The tax impact of foreign exchange fluctuations relates to the foreign currency movements on deferred tax balances where the underlying tax balances are denominated in a currency different to the functional currency determined for accounting purposes.
Refer to the APM section for significant items, including non-recurring adjustments.
Deferred taxes
Deferred taxes as at 31\u00a0December\u00a02025 and 2024 are attributable to the items in the table below:
US$ million
2025
Recognised in the statement of income
Recognised in other comprehensive income
Business combination and disposal of subsidiaries
Foreign currency exchange movements
Other
2024
Deferred tax assets1
Tax losses carried forward
902
23
\u2013
\u2013
1
\u2013
878
Other
639
314
(8)
\u2013
3
\u2013
330
Total
1,541
337
(8)
\u2013
4
\u2013
1,208
Deferred tax liabilities1
Depreciation and amortisation
(4,445)
347
\u2013
\u2013
(69)
\u2013
(4,723)
Mark-to-market valuations
(238)
45
(7)
\u2013
\u2013
\u2013
(276)
Other
(137)
82
(10)
\u2013
(1)
\u2013
(208)
Total
(4,820)
474
(17)
\u2013
(70)
\u2013
(5,207)
Total Deferred tax - net
(3,279)
811
(25)
\u2013
(66)
\u2013
(3,999)
US$ million
2024
Recognised in the statement of income
Recognised in other comprehensive income
Business combination and disposal of subsidiaries
Foreign currency exchange movements
Other
2023
Deferred tax assets1
Tax losses carried forward
878
(291)
\u2013
\u2013
(1)
\u2013
1,170
Other
330
161
(40)
\u2013
(6)
(5)
220
Total
1,208
(130)
(40)
\u2013
(7)
(5)
1,390
Deferred tax liabilities1
Depreciation and amortisation
(4,723)
474
\u2013
(3,130)
11
19
(2,097)
Mark-to-market valuations
(276)
31
(1)
\u2013
\u2013
\u2013
(306)
Other
(208)
(155)
(2)
512
9
(5)
(567)
Total
(5,207)
350
(3)
(2,618)
20
14
(2,970)
Total Deferred tax - net
(3,999)
220
(43)
(2,618)
13
9
(1,580)
1
Asset and liability positions in the same category reflect the impact of tax assets and liabilities arising in local tax jurisdictions that cannot be offset against tax assets and liabilities arising in other tax jurisdictions.
Deferred tax assets are net of $237 million (2024: $272 million) of uncertain tax liabilities related to tax estimation and judgement uncertainties with respect to various open tax disputes discussed below.
Deferred tax assets are recognised for tax losses carried forward only to the extent that realisation of the related tax benefit is probable. As at 31 December 2025, $1,569 million (2024: $1,298 million) of deferred tax assets related to available loss carry forwards have been recognised, of which $902\u00a0million (2024: $878\u00a0million) are disclosed as deferred tax assets with the remaining balance being offset against deferred tax liabilities arising in the same tax entity. This balance is primarily comprised of:
\uf0b7
$252 million (2024: $195 million) in entities domiciled in the DRC;
\uf0b7
$344million (2024: $363 million) in entities domiciled in Switzerland; and
\uf0b7
$184 million (2024: $250 million) in entities domiciled in the US.
In evaluating whether it is probable that taxable profits will be earned in future accounting periods prior to any tax loss expiry as may be the case, relevant evidence was considered, including possible changes in the tax legislation, approved budgets, forecasts and business plans and, in certain cases, analysis of historical operating results. The recognised losses carried forward in the DRC primarily relate to historical development and financing-related costs at KCC and for those in Switzerland and the US, to non-recurring events. The forecasts are consistent with those prepared and used internally for business planning and impairment testing purposes. Following this evaluation, it was determined there would be sufficient taxable income generated to realise the benefit of the deferred tax assets.
Income tax receivable / payable
US$ million
2025
2024
Income tax receivable
2,733
1,495
Income tax payable
(2,135)
(1,951)
Net income tax receivable/(payable)
598
(456)
Income tax judgements and uncertain tax liabilities
The Group\u2019s open tax matters span multiple jurisdictions and relate mainly to legacy transfer pricing issues that have been unresolved for several years and may take several more to conclude. In recognising provisions for these exposures, the Group considered a range of possible outcomes to determine the best estimate of the amount to provide. As at 31 December 2025, the Group has recognised $1,943 million (2024: $1,777 million) of uncertain tax liabilities in respect of potential adverse outcomes on these open matters. Of this amount $237 million (2024: $272 million) has been recognised net of deferred tax assets, with the balance of $1,706 million (2024: $1,505 million) recognised as an income tax payable. The increase in the total uncertain tax position during the year reflects new assessments issued and ongoing discussions at the administrative stage.
UK Tax Audit
In current and previous periods, HMRC issued formal transfer pricing, unallowable purposes and diverted profits tax assessments for the 2008-2022 tax years, amounting to $2,063 million (2024: $1,201 million). The Group has appealed these assessments, and continues to vigorously contest them, supported by legal opinions obtained over the years and detailed analyses conducted in support of its positions and the policies applied. The Group has therefore not fully provided for the amounts assessed. The matter is now proceeding through the Mutual Agreement Process, pursuant to article 24 of the Switzerland \u2013 United Kingdom 1977 Income Tax Treaty. Management does not expect a significant risk of material changes in estimates related to this matter within the next financial year.
DRC Tax Audit
As a matter of course, various tax authorities in the DRC issue draft assessments that adjust revenue, disallow costs and other items, and raise customs-related claims for alleged non-compliance or incorrect coding on certain filings. Upon receipt of such draft assessments, the Group engages with the tax authorities to defend its filing positions. As at 31 December 2025, various technical discussions and challenges remain ongoing, the outcomes of which are uncertain. Accordingly, there is a risk that the ultimate resolution could materially impact the recognised balances within the next financial year. Given the nature of these matters, it is impractical to provide meaningful sensitivity estimates of the potential downside variances.
Chile Tax Audit
The Group is contesting tax claims in Chile of $2.7 billion relating to the 2018 dissolution of a Group subsidiary as part of an internal reorganisation. The Chilean tax authority has asserted claims for tax, interest and penalties. Although the first-instance tax court ruled in the authority\u2019s favour, the Group has lodged an appeal. As the Court of Appeal may hear the appeal and rule in 2026, depending on the ruling, it is possible that there could be a material impact on the Group\u2019s financial statements in 2026. However, in the event of an adverse ruling by the Court of Appeal, appeals to the Chilean Supreme Court are likely to follow and therefore we expect the appeals processes to run for several years. Taking into account all the available evidence, including the opinion of legal experts, we remain of the view that the claim lacks legal merit and that the Group has robust defences; accordingly, no provision has been recognised in respect of this matter.
Available gross tax losses
Available gross tax losses carried forward, capital losses and deductible temporary differences, for which no deferred tax assets have been recognised in the consolidated financial statements, are detailed below and will expire as follows:
US$ million
2025
2024
1 year
5
182
2 years
7,331
4
3 years
80
7,298
Thereafter
3,259
4,605
Unlimited
25,056
20,034
Total
35,731
32,123
As at 31\u00a0December\u00a02025, unremitted earnings of $59,462 million (2024: $54,975\u00a0million) have been retained by subsidiaries for reinvestment. No deferred income tax liabilities have been recognised for withholding tax and other taxes that would be payable on the unremitted earnings of certain foreign subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-103": { "value": "
Deferred taxes
Deferred taxes as at 31\u00a0December\u00a02025 and 2024 are attributable to the items in the table below:
US$ million
2025
Recognised in the statement of income
Recognised in other comprehensive income
Business combination and disposal of subsidiaries
Foreign currency exchange movements
Other
2024
Deferred tax assets1
Tax losses carried forward
902
23
\u2013
\u2013
1
\u2013
878
Other
639
314
(8)
\u2013
3
\u2013
330
Total
1,541
337
(8)
\u2013
4
\u2013
1,208
Deferred tax liabilities1
Depreciation and amortisation
(4,445)
347
\u2013
\u2013
(69)
\u2013
(4,723)
Mark-to-market valuations
(238)
45
(7)
\u2013
\u2013
\u2013
(276)
Other
(137)
82
(10)
\u2013
(1)
\u2013
(208)
Total
(4,820)
474
(17)
\u2013
(70)
\u2013
(5,207)
Total Deferred tax - net
(3,279)
811
(25)
\u2013
(66)
\u2013
(3,999)
US$ million
2024
Recognised in the statement of income
Recognised in other comprehensive income
Business combination and disposal of subsidiaries
Foreign currency exchange movements
Other
2023
Deferred tax assets1
Tax losses carried forward
878
(291)
\u2013
\u2013
(1)
\u2013
1,170
Other
330
161
(40)
\u2013
(6)
(5)
220
Total
1,208
(130)
(40)
\u2013
(7)
(5)
1,390
Deferred tax liabilities1
Depreciation and amortisation
(4,723)
474
\u2013
(3,130)
11
19
(2,097)
Mark-to-market valuations
(276)
31
(1)
\u2013
\u2013
\u2013
(306)
Other
(208)
(155)
(2)
512
9
(5)
(567)
Total
(5,207)
350
(3)
(2,618)
20
14
(2,970)
Total Deferred tax - net
(3,999)
220
(43)
(2,618)
13
9
(1,580)
1
Asset and liability positions in the same category reflect the impact of tax assets and liabilities arising in local tax jurisdictions that cannot be offset against tax assets and liabilities arising in other tax jurisdictions.
Deferred tax assets are net of $237 million (2024: $272 million) of uncertain tax liabilities related to tax estimation and judgement uncertainties with respect to various open tax disputes discussed below.
Deferred tax assets are recognised for tax losses carried forward only to the extent that realisation of the related tax benefit is probable. As at 31 December 2025, $1,569 million (2024: $1,298 million) of deferred tax assets related to available loss carry forwards have been recognised, of which $902\u00a0million (2024: $878\u00a0million) are disclosed as deferred tax assets with the remaining balance being offset against deferred tax liabilities arising in the same tax entity. This balance is primarily comprised of:
\uf0b7
$252 million (2024: $195 million) in entities domiciled in the DRC;
\uf0b7
$344million (2024: $363 million) in entities domiciled in Switzerland; and
\uf0b7
$184 million (2024: $250 million) in entities domiciled in the US.
In evaluating whether it is probable that taxable profits will be earned in future accounting periods prior to any tax loss expiry as may be the case, relevant evidence was considered, including possible changes in the tax legislation, approved budgets, forecasts and business plans and, in certain cases, analysis of historical operating results. The recognised losses carried forward in the DRC primarily relate to historical development and financing-related costs at KCC and for those in Switzerland and the US, to non-recurring events. The forecasts are consistent with those prepared and used internally for business planning and impairment testing purposes. Following this evaluation, it was determined there would be sufficient taxable income generated to realise the benefit of the deferred tax assets.
Available gross tax losses
Available gross tax losses carried forward, capital losses and deductible temporary differences, for which no deferred tax assets have been recognised in the consolidated financial statements, are detailed below and will expire as follows:
US$ million
2025
2024
1 year
5
182
2 years
7,331
4
3 years
80
7,298
Thereafter
3,259
4,605
Unlimited
25,056
20,034
Total
35,731
32,123
As at 31\u00a0December\u00a02025, unremitted earnings of $59,462 million (2024: $54,975\u00a0million) have been retained by subsidiaries for reinvestment. No deferred income tax liabilities have been recognised for withholding tax and other taxes that would be payable on the unremitted earnings of certain foreign subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-104": { "value": "
Income tax judgements and uncertain tax liabilities
The Group\u2019s open tax matters span multiple jurisdictions and relate mainly to legacy transfer pricing issues that have been unresolved for several years and may take several more to conclude. In recognising provisions for these exposures, the Group considered a range of possible outcomes to determine the best estimate of the amount to provide. As at 31 December 2025, the Group has recognised $1,943 million (2024: $1,777 million) of uncertain tax liabilities in respect of potential adverse outcomes on these open matters. Of this amount $237 million (2024: $272 million) has been recognised net of deferred tax assets, with the balance of $1,706 million (2024: $1,505 million) recognised as an income tax payable. The increase in the total uncertain tax position during the year reflects new assessments issued and ongoing discussions at the administrative stage.
UK Tax Audit
In current and previous periods, HMRC issued formal transfer pricing, unallowable purposes and diverted profits tax assessments for the 2008-2022 tax years, amounting to $2,063 million (2024: $1,201 million). The Group has appealed these assessments, and continues to vigorously contest them, supported by legal opinions obtained over the years and detailed analyses conducted in support of its positions and the policies applied. The Group has therefore not fully provided for the amounts assessed. The matter is now proceeding through the Mutual Agreement Process, pursuant to article 24 of the Switzerland \u2013 United Kingdom 1977 Income Tax Treaty. Management does not expect a significant risk of material changes in estimates related to this matter within the next financial year.
DRC Tax Audit
As a matter of course, various tax authorities in the DRC issue draft assessments that adjust revenue, disallow costs and other items, and raise customs-related claims for alleged non-compliance or incorrect coding on certain filings. Upon receipt of such draft assessments, the Group engages with the tax authorities to defend its filing positions. As at 31 December 2025, various technical discussions and challenges remain ongoing, the outcomes of which are uncertain. Accordingly, there is a risk that the ultimate resolution could materially impact the recognised balances within the next financial year. Given the nature of these matters, it is impractical to provide meaningful sensitivity estimates of the potential downside variances.
Chile Tax Audit
The Group is contesting tax claims in Chile of $2.7 billion relating to the 2018 dissolution of a Group subsidiary as part of an internal reorganisation. The Chilean tax authority has asserted claims for tax, interest and penalties. Although the first-instance tax court ruled in the authority\u2019s favour, the Group has lodged an appeal. As the Court of Appeal may hear the appeal and rule in 2026, depending on the ruling, it is possible that there could be a material impact on the Group\u2019s financial statements in 2026. However, in the event of an adverse ruling by the Court of Appeal, appeals to the Chilean Supreme Court are likely to follow and therefore we expect the appeals processes to run for several years. Taking into account all the available evidence, including the opinion of legal experts, we remain of the view that the claim lacks legal merit and that the Group has robust defences; accordingly, no provision has been recognised in respect of this matter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-105": { "value": "
9. Property, plant and equipment
2025
US$ million
Notes
Freehold land and buildings
Plant and equipment
Right-of-use assets
Mineral and petroleum rights
Exploration
and
evaluation
Deferred mining costs
Total
Gross carrying amount:
1 January 2025
7,065
54,968
4,203
36,382
968
17,884
121,470
Business combination
26
57
124
75
16
\u2013
\u2013
272
Disposal of subsidiaries
26
(102)
(973)
(3)
\u2013
\u2013
(4)
(1,082)
Additions
37
4,257
870
56
63
1,594
6,877
Disposals
(47)
(965)
(713)
(112)
\u2013
(820)
(2,657)
Effect of foreign currency exchange movements
23
450
4
259
\u2013
80
816
Other movements1
922
(1,298)
(9)
(343)
(60)
237
(551)
31 December 2025
7,955
56,563
4,427
36,258
971
18,971
125,145
Accumulated depreciation and impairment:
1 January 2025
3,599
33,587
2,296
18,859
391
12,532
71,264
Disposal of subsidiaries
26
(102)
(905)
(3)
\u2013
\u2013
(4)
(1,014)
Disposals
(40)
(914)
(695)
(93)
\u2013
(817)
(2,559)
Depreciation
376
2,779
878
1,245
5
1,333
6,616
Impairment
7
220
573
(11)
125
\u2013
126
1,033
Effect of foreign currency exchange movements
11
220
5
223
\u2013
36
495
Other movements1
47
(69)
8
15
\u2013
5
6
31 December 2025
4,111
35,271
2,478
20,374
396
13,211
75,841
Net book value 31 December 2025
3,844
21,292
1,949
15,884
575
5,760
49,304
1
Primarily consists of decreases in rehabilitation provision of $498 million and reclassifications within the various property, plant and equipment headings.
Plant and equipment includes expenditure for construction in progress of $6,105\u00a0million (2024: $5,789\u00a0million). Depreciation expenses included in cost of goods sold are $6,547\u00a0million (2024: $6,384\u00a0million) and in selling and administrative expenses, $69\u00a0million (2024: $57\u00a0million).
During 2025, $68\u00a0million (2024: $76\u00a0million) of interest was capitalised. The rate used to determine the amount of borrowing costs eligible for capitalisation was 6.2% (2024: 8.0%).
As at 31 December 2025, with the exception of leases, no property, plant or equipment was pledged as security for borrowings (2024: $Nil).
2024
US$ million
Notes
Freehold land and buildings
Plant and equipment
Right-of-use assets
Mineral and petroleum rights
Exploration and
evaluation
Deferred mining costs
Total
Gross carrying amount:
1 January 2024
6,619
47,785
3,510
28,516
813
16,154
103,397
Business combination
26
196
4,710
144
8,040
\u2013
\u2013
13,090
Additions
30
4,231
1,103
25
137
1,268
6,794
Disposals
(13)
(627)
(543)
(64)
\u2013
(35)
(1,282)
Effect of foreign currency exchange movements
(12)
(161)
(5)
(61)
\u2013
(19)
(258)
Other movements1
245
(970)
(6)
(74)
18
516
(271)
31 December 2024
7,065
54,968
4,203
36,382
968
17,884
121,470
Accumulated depreciation and impairment:
1 January 2024
3,143
30,677
1,935
16,511
392
11,506
64,164
Disposals
(10)
(574)
(512)
(64)
\u2013
(34)
(1,194)
Depreciation
320
2,451
823
1,482
1
1,364
6,441
Impairment
7
137
1,005
46
1,019
\u2013
(278)
1,929
Effect of foreign currency exchange movements
(3)
(53)
(3)
(49)
1
(7)
(114)
Other movements1
12
81
7
(40)
(3)
(19)
38
31 December 2024
3,599
33,587
2,296
18,859
391
12,532
71,264
Net book value 31 December 2024
3,466
21,381
1,907
17,523
577
5,352
50,206
1
Primarily consists of decreases in rehabilitation provision of $28 million and reclassifications within the various property, plant and equipment headings and intangible assets.
Leases
The Group leases various assets including land and buildings and plant and equipment. As at 31 December 2025, the net book value of recognised right-of use assets relating to land and buildings was $487\u00a0million (2024: $426\u00a0million) and plant and equipment was $1,462\u00a0million (2024: $1,481\u00a0million). The depreciation charge for the period relating to these assets was $72\u00a0million (2024: $59\u00a0million) and $806\u00a0million (2024: $764\u00a0million), respectively.
Disclosure of amounts recognised as lease liabilities in the statement of financial position and cash outflows for leases in the year are included within note 21; their maturity analysis is reflected in note 27.
Amounts recognised in the statement of income are detailed below:
US$ million
2025
2024
Depreciation on right-of-use assets
(878)
(823)
Interest expense on lease liabilities
(160)
(143)
Expense relating to short-term leases1
(763)
(974)
Expense relating to low-value leases1
(5)
(10)
Expense relating to variable lease payments not included in the measurement of the lease liability1
(5)
(13)
Income from subleasing right-of-use assets
221
275
Total
(1,590)
(1,688)
1
The Group incurred total lease-related payments amounting to $1,684\u00a0million (2024: $1,841\u00a0million). These include payments arising from lease obligations of $911 million (2024: $844 million) as well as those directly recognised in the statement of income.
At 31 December 2025, the Group was committed to $251\u00a0million (2024: $266 million) in short-term leases that qualify for the recognition exemption and $101\u00a0million (2024: $Nil) in respect of contractually agreed leases that had not yet commenced and will be capitalised upon commencement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-106": { "value": "
9. Property, plant and equipment
2025
US$ million
Notes
Freehold land and buildings
Plant and equipment
Right-of-use assets
Mineral and petroleum rights
Exploration
and
evaluation
Deferred mining costs
Total
Gross carrying amount:
1 January 2025
7,065
54,968
4,203
36,382
968
17,884
121,470
Business combination
26
57
124
75
16
\u2013
\u2013
272
Disposal of subsidiaries
26
(102)
(973)
(3)
\u2013
\u2013
(4)
(1,082)
Additions
37
4,257
870
56
63
1,594
6,877
Disposals
(47)
(965)
(713)
(112)
\u2013
(820)
(2,657)
Effect of foreign currency exchange movements
23
450
4
259
\u2013
80
816
Other movements1
922
(1,298)
(9)
(343)
(60)
237
(551)
31 December 2025
7,955
56,563
4,427
36,258
971
18,971
125,145
Accumulated depreciation and impairment:
1 January 2025
3,599
33,587
2,296
18,859
391
12,532
71,264
Disposal of subsidiaries
26
(102)
(905)
(3)
\u2013
\u2013
(4)
(1,014)
Disposals
(40)
(914)
(695)
(93)
\u2013
(817)
(2,559)
Depreciation
376
2,779
878
1,245
5
1,333
6,616
Impairment
7
220
573
(11)
125
\u2013
126
1,033
Effect of foreign currency exchange movements
11
220
5
223
\u2013
36
495
Other movements1
47
(69)
8
15
\u2013
5
6
31 December 2025
4,111
35,271
2,478
20,374
396
13,211
75,841
Net book value 31 December 2025
3,844
21,292
1,949
15,884
575
5,760
49,304
1
Primarily consists of decreases in rehabilitation provision of $498 million and reclassifications within the various property, plant and equipment headings.
2024
US$ million
Notes
Freehold land and buildings
Plant and equipment
Right-of-use assets
Mineral and petroleum rights
Exploration and
evaluation
Deferred mining costs
Total
Gross carrying amount:
1 January 2024
6,619
47,785
3,510
28,516
813
16,154
103,397
Business combination
26
196
4,710
144
8,040
\u2013
\u2013
13,090
Additions
30
4,231
1,103
25
137
1,268
6,794
Disposals
(13)
(627)
(543)
(64)
\u2013
(35)
(1,282)
Effect of foreign currency exchange movements
(12)
(161)
(5)
(61)
\u2013
(19)
(258)
Other movements1
245
(970)
(6)
(74)
18
516
(271)
31 December 2024
7,065
54,968
4,203
36,382
968
17,884
121,470
Accumulated depreciation and impairment:
1 January 2024
3,143
30,677
1,935
16,511
392
11,506
64,164
Disposals
(10)
(574)
(512)
(64)
\u2013
(34)
(1,194)
Depreciation
320
2,451
823
1,482
1
1,364
6,441
Impairment
7
137
1,005
46
1,019
\u2013
(278)
1,929
Effect of foreign currency exchange movements
(3)
(53)
(3)
(49)
1
(7)
(114)
Other movements1
12
81
7
(40)
(3)
(19)
38
31 December 2024
3,599
33,587
2,296
18,859
391
12,532
71,264
Net book value 31 December 2024
3,466
21,381
1,907
17,523
577
5,352
50,206
1
Primarily consists of decreases in rehabilitation provision of $28 million and reclassifications within the various property, plant and equipment headings and intangible assets.
Leases
The Group leases various assets including land and buildings and plant and equipment. As at 31 December 2025, the net book value of recognised right-of use assets relating to land and buildings was $487\u00a0million (2024: $426\u00a0million) and plant and equipment was $1,462\u00a0million (2024: $1,481\u00a0million). The depreciation charge for the period relating to these assets was $72\u00a0million (2024: $59\u00a0million) and $806\u00a0million (2024: $764\u00a0million), respectively.
Disclosure of amounts recognised as lease liabilities in the statement of financial position and cash outflows for leases in the year are included within note 21; their maturity analysis is reflected in note 27.
Amounts recognised in the statement of income are detailed below:
US$ million
2025
2024
Depreciation on right-of-use assets
(878)
(823)
Interest expense on lease liabilities
(160)
(143)
Expense relating to short-term leases1
(763)
(974)
Expense relating to low-value leases1
(5)
(10)
Expense relating to variable lease payments not included in the measurement of the lease liability1
(5)
(13)
Income from subleasing right-of-use assets
221
275
Total
(1,590)
(1,688)
1
The Group incurred total lease-related payments amounting to $1,684\u00a0million (2024: $1,841\u00a0million). These include payments arising from lease obligations of $911 million (2024: $844 million) as well as those directly recognised in the statement of income.
At 31 December 2025, the Group was committed to $251\u00a0million (2024: $266 million) in short-term leases that qualify for the recognition exemption and $101\u00a0million (2024: $Nil) in respect of contractually agreed leases that had not yet commenced and will be capitalised upon commencement.
21. Borrowings
US$ million
Notes
2025
2024
Non-current borrowings
Capital market notes
23,396
19,867
Amount drawn under revolving credit facilities
1,810
3,310
Lease liabilities
1,255
1,231
EVR partners and JV loan
\u2013
407
Other bank loans
531
449
Total non-current borrowings
26,992
25,264
Current borrowings
Secured inventory/receivables/other facilities
11/13/14
2,029
2,885
Amount drawn under revolving credit facilities
150
150
US commercial paper
1,810
857
Capital market notes
2,925
3,163
Lease liabilities
648
611
Other bank loans1
6,932
5,177
Total current borrowings
14,494
12,843
Total borrowings
41,486
38,107
1
Comprises various uncommitted bilateral bank credit facilities and other financings.
Changes in liabilities arising from financing activities
Liabilities arising from financing activities are those for which cash flows are classified in the Group's consolidated cash flow statement as cash flows from financing activities. The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes.
2025
US$ million
Borrowings
excluding
lease
liabilities
Lease
liabilities
Total borrowings
Cross currency and interest rate swaps and net margins1
Total liabilities arising from financing activities
1 January 2025
36,265
1,842
38,107
79
38,186
Cash related movements2
Proceeds from issuance of capital market notes
5,451
\u2013
5,451
\u2013
5,451
Repayment of capital market notes
(3,256)
\u2013
(3,256)
62
(3,194)
Repayment of revolving credit facilities
(1,500)
\u2013
(1,500)
\u2013
(1,500)
Proceeds from other non-current borrowings
95
\u2013
95
\u2013
95
Repayment of other non-current borrowings
(12)
\u2013
(12)
\u2013
(12)
Repayment of lease liabilities
\u2013
(911)
(911)
\u2013
(911)
Margin receipts in respect of financing related hedging activities
\u2013
\u2013
\u2013
1,045
1,045
Proceeds from US commercial papers
953
\u2013
953
\u2013
953
Proceeds from current borrowings
559
\u2013
559
\u2013
559
2,290
(911)
1,379
1,107
2,486
Non-cash related movements
Borrowings acquired in business combinations3
\u2013
74
74
\u2013
74
Borrowings disposed of on disposal of subsidiaries3
\u2013
(2)
(2)
\u2013
(2)
Fair value adjustment to fair value hedged borrowings
337
\u2013
337
\u2013
337
Fair value movement of hedging derivatives
\u2013
\u2013
\u2013
(1,099)
(1,099)
Foreign exchange movements
889
47
936
\u2013
936
Additions and other non-cash movements to lease liabilities
\u2013
853
853
\u2013
853
Interest on convertible bonds
6
\u2013
6
\u2013
6
Conversion of EVR minority partners' loans to equity
(251)
\u2013
(251)
\u2013
(251)
Other movements
47
\u2013
47
\u2013
47
1,028
972
2,000
(1,099)
901
31 December 2025
39,583
1,903
41,486
87
41,573
1
The currency and interest rate swaps are reported on the statement of financial position within the headings \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 (see note 27) and margin calls paid/received within accounts receivable/payable (see notes 14 and 25).
2
See consolidated statement of cash flows.
3
See note 26.
2024
US$ million
Borrowings
excluding
lease
liabilities
Lease
liabilities
Total borrowings
Cross currency and interest rate swaps and net margins1
Total liabilities arising from financing activities
1 January 2024
30,733
1,508
32,241
55
32,296
Cash related movements2
Proceeds from issuance of capital market notes
4,797
\u2013
4,797
\u2013
4,797
Repayment of capital market notes
(2,829)
\u2013
(2,829)
23
(2,806)
Proceeds from revolving credit facilities
1,995
\u2013
1,995
\u2013
1,995
Repayment of other non-current borrowings
(137)
\u2013
(137)
\u2013
(137)
Repayment of lease liabilities
\u2013
(844)
(844)
\u2013
(844)
Margin payments in respect of financing related hedging activities
\u2013
\u2013
\u2013
(693)
(693)
Payments of US commercial papers
(187)
\u2013
(187)
\u2013
(187)
Proceeds from current borrowings
1,916
\u2013
1,916
\u2013
1,916
5,555
(844)
4,711
(670)
4,041
Non-cash related movements
Borrowings acquired in business combinations3
411
159
570
\u2013
570
Fair value adjustment to fair value hedged borrowings
(12)
\u2013
(12)
\u2013
(12)
Fair value movement of hedging derivatives
\u2013
\u2013
\u2013
694
694
Foreign exchange movements
(399)
(52)
(451)
\u2013
(451)
Additions and other non-cash movements to lease liabilities
\u2013
1,071
1,071
\u2013
1,071
Interest on convertible bonds
23
\u2013
23
\u2013
23
Other movements
(46)
\u2013
(46)
\u2013
(46)
(23)
1,178
1,155
694
1,849
31 December 2024
36,265
1,842
38,107
79
38,186
1
The currency and interest rate swaps are reported on the statement of financial position within the headings \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 (see note 27) and margin calls paid/received within accounts receivable/payable (see notes 14 and 25).
2
See consolidated statement of cash flows.
3
See note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-107": { "value": "
9. Property, plant and equipment
2025
US$ million
Notes
Freehold land and buildings
Plant and equipment
Right-of-use assets
Mineral and petroleum rights
Exploration
and
evaluation
Deferred mining costs
Total
Gross carrying amount:
1 January 2025
7,065
54,968
4,203
36,382
968
17,884
121,470
Business combination
26
57
124
75
16
\u2013
\u2013
272
Disposal of subsidiaries
26
(102)
(973)
(3)
\u2013
\u2013
(4)
(1,082)
Additions
37
4,257
870
56
63
1,594
6,877
Disposals
(47)
(965)
(713)
(112)
\u2013
(820)
(2,657)
Effect of foreign currency exchange movements
23
450
4
259
\u2013
80
816
Other movements1
922
(1,298)
(9)
(343)
(60)
237
(551)
31 December 2025
7,955
56,563
4,427
36,258
971
18,971
125,145
Accumulated depreciation and impairment:
1 January 2025
3,599
33,587
2,296
18,859
391
12,532
71,264
Disposal of subsidiaries
26
(102)
(905)
(3)
\u2013
\u2013
(4)
(1,014)
Disposals
(40)
(914)
(695)
(93)
\u2013
(817)
(2,559)
Depreciation
376
2,779
878
1,245
5
1,333
6,616
Impairment
7
220
573
(11)
125
\u2013
126
1,033
Effect of foreign currency exchange movements
11
220
5
223
\u2013
36
495
Other movements1
47
(69)
8
15
\u2013
5
6
31 December 2025
4,111
35,271
2,478
20,374
396
13,211
75,841
Net book value 31 December 2025
3,844
21,292
1,949
15,884
575
5,760
49,304
1
Primarily consists of decreases in rehabilitation provision of $498 million and reclassifications within the various property, plant and equipment headings.
2024
US$ million
Notes
Freehold land and buildings
Plant and equipment
Right-of-use assets
Mineral and petroleum rights
Exploration and
evaluation
Deferred mining costs
Total
Gross carrying amount:
1 January 2024
6,619
47,785
3,510
28,516
813
16,154
103,397
Business combination
26
196
4,710
144
8,040
\u2013
\u2013
13,090
Additions
30
4,231
1,103
25
137
1,268
6,794
Disposals
(13)
(627)
(543)
(64)
\u2013
(35)
(1,282)
Effect of foreign currency exchange movements
(12)
(161)
(5)
(61)
\u2013
(19)
(258)
Other movements1
245
(970)
(6)
(74)
18
516
(271)
31 December 2024
7,065
54,968
4,203
36,382
968
17,884
121,470
Accumulated depreciation and impairment:
1 January 2024
3,143
30,677
1,935
16,511
392
11,506
64,164
Disposals
(10)
(574)
(512)
(64)
\u2013
(34)
(1,194)
Depreciation
320
2,451
823
1,482
1
1,364
6,441
Impairment
7
137
1,005
46
1,019
\u2013
(278)
1,929
Effect of foreign currency exchange movements
(3)
(53)
(3)
(49)
1
(7)
(114)
Other movements1
12
81
7
(40)
(3)
(19)
38
31 December 2024
3,599
33,587
2,296
18,859
391
12,532
71,264
Net book value 31 December 2024
3,466
21,381
1,907
17,523
577
5,352
50,206
1
Primarily consists of decreases in rehabilitation provision of $28 million and reclassifications within the various property, plant and equipment headings and intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-108": { "value": "
9. Property, plant and equipment
2025
US$ million
Notes
Freehold land and buildings
Plant and equipment
Right-of-use assets
Mineral and petroleum rights
Exploration
and
evaluation
Deferred mining costs
Total
Gross carrying amount:
1 January 2025
7,065
54,968
4,203
36,382
968
17,884
121,470
Business combination
26
57
124
75
16
\u2013
\u2013
272
Disposal of subsidiaries
26
(102)
(973)
(3)
\u2013
\u2013
(4)
(1,082)
Additions
37
4,257
870
56
63
1,594
6,877
Disposals
(47)
(965)
(713)
(112)
\u2013
(820)
(2,657)
Effect of foreign currency exchange movements
23
450
4
259
\u2013
80
816
Other movements1
922
(1,298)
(9)
(343)
(60)
237
(551)
31 December 2025
7,955
56,563
4,427
36,258
971
18,971
125,145
Accumulated depreciation and impairment:
1 January 2025
3,599
33,587
2,296
18,859
391
12,532
71,264
Disposal of subsidiaries
26
(102)
(905)
(3)
\u2013
\u2013
(4)
(1,014)
Disposals
(40)
(914)
(695)
(93)
\u2013
(817)
(2,559)
Depreciation
376
2,779
878
1,245
5
1,333
6,616
Impairment
7
220
573
(11)
125
\u2013
126
1,033
Effect of foreign currency exchange movements
11
220
5
223
\u2013
36
495
Other movements1
47
(69)
8
15
\u2013
5
6
31 December 2025
4,111
35,271
2,478
20,374
396
13,211
75,841
Net book value 31 December 2025
3,844
21,292
1,949
15,884
575
5,760
49,304
1
Primarily consists of decreases in rehabilitation provision of $498 million and reclassifications within the various property, plant and equipment headings.
Depreciation expenses included in cost of goods sold are $6,547\u00a0million (2024: $6,384\u00a0million) and in selling and administrative expenses, $69\u00a0million (2024: $57\u00a0million).
2024
US$ million
Notes
Freehold land and buildings
Plant and equipment
Right-of-use assets
Mineral and petroleum rights
Exploration and
evaluation
Deferred mining costs
Total
Gross carrying amount:
1 January 2024
6,619
47,785
3,510
28,516
813
16,154
103,397
Business combination
26
196
4,710
144
8,040
\u2013
\u2013
13,090
Additions
30
4,231
1,103
25
137
1,268
6,794
Disposals
(13)
(627)
(543)
(64)
\u2013
(35)
(1,282)
Effect of foreign currency exchange movements
(12)
(161)
(5)
(61)
\u2013
(19)
(258)
Other movements1
245
(970)
(6)
(74)
18
516
(271)
31 December 2024
7,065
54,968
4,203
36,382
968
17,884
121,470
Accumulated depreciation and impairment:
1 January 2024
3,143
30,677
1,935
16,511
392
11,506
64,164
Disposals
(10)
(574)
(512)
(64)
\u2013
(34)
(1,194)
Depreciation
320
2,451
823
1,482
1
1,364
6,441
Impairment
7
137
1,005
46
1,019
\u2013
(278)
1,929
Effect of foreign currency exchange movements
(3)
(53)
(3)
(49)
1
(7)
(114)
Other movements1
12
81
7
(40)
(3)
(19)
38
31 December 2024
3,599
33,587
2,296
18,859
391
12,532
71,264
Net book value 31 December 2024
3,466
21,381
1,907
17,523
577
5,352
50,206
1
Primarily consists of decreases in rehabilitation provision of $28 million and reclassifications within the various property, plant and equipment headings and intangible assets.
10. Intangible assets
2025
US$\u00a0million
Notes
Goodwill
Port allocation rights
Licences, trademarks
and software
Customer relationships
and other
Total
Cost:
1 January 2025
13,134
1,014
677
741
15,566
Additions
\u2013
\u2013
15
\u2013
15
Disposals
\u2013
\u2013
(37)
(20)
(57)
Effect of foreign currency exchange movements
\u2013
144
10
17
171
Other movements
\u2013
\u2013
10
(19)
(9)
31 December 2025
13,134
1,158
675
719
15,686
Accumulated amortisation and impairment:
1 January 2025
8,134
469
420
615
9,638
Disposals
\u2013
\u2013
(37)
(20)
(57)
Amortisation expense1
\u2013
60
59
37
156
Impairment
7
\u2013
93
(1)
1
93
Effect of foreign currency exchange movements
\u2013
73
4
12
89
Other movements
\u2013
\u2013
2
(5)
(3)
31 December 2025
8,134
695
447
640
9,916
Net book value 31 December 2025
5,000
463
228
79
5,770
1
Recognised in cost of goods sold.
2024
US$\u00a0million
Notes
Goodwill
Port allocation rights
Licences, trademarks
and software
Customer relationships
and other
Total
Cost:
1 January 2024
13,134
1,049
559
775
15,517
Business combination
26
\u2013
\u2013
7
\u2013
7
Additions
\u2013
\u2013
16
4
20
Disposals
\u2013
(1)
(9)
(7)
(17)
Effect of foreign currency exchange movements
\u2013
(34)
(17)
(32)
(83)
Other movements
\u2013
\u2013
121
1
122
31 December 2024
13,134
1,014
677
741
15,566
Accumulated amortisation and impairment:
1 January 2024
8,134
407
382
592
9,515
Disposals
\u2013
\u2013
(8)
(7)
(15)
Amortisation expense1
\u2013
65
41
51
157
Impairment
7
\u2013
13
\u2013
\u2013
13
Effect of foreign currency exchange movements
\u2013
(16)
(7)
(21)
(44)
Other movements
\u2013
\u2013
12
\u2013
12
31 December 2024
8,134
469
420
615
9,638
Net book value 31 December 2024
5,000
545
257
126
5,928
1
Recognised in cost of goods sold.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-109": { "value": "
During 2025, $68\u00a0million (2024: $76\u00a0million) of interest was capitalised. The rate used to determine the amount of borrowing costs eligible for capitalisation was 6.2% (2024: 8.0%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-110": { "value": "
10. Intangible assets
2025
US$\u00a0million
Notes
Goodwill
Port allocation rights
Licences, trademarks
and software
Customer relationships
and other
Total
Cost:
1 January 2025
13,134
1,014
677
741
15,566
Additions
\u2013
\u2013
15
\u2013
15
Disposals
\u2013
\u2013
(37)
(20)
(57)
Effect of foreign currency exchange movements
\u2013
144
10
17
171
Other movements
\u2013
\u2013
10
(19)
(9)
31 December 2025
13,134
1,158
675
719
15,686
Accumulated amortisation and impairment:
1 January 2025
8,134
469
420
615
9,638
Disposals
\u2013
\u2013
(37)
(20)
(57)
Amortisation expense1
\u2013
60
59
37
156
Impairment
7
\u2013
93
(1)
1
93
Effect of foreign currency exchange movements
\u2013
73
4
12
89
Other movements
\u2013
\u2013
2
(5)
(3)
31 December 2025
8,134
695
447
640
9,916
Net book value 31 December 2025
5,000
463
228
79
5,770
1
Recognised in cost of goods sold.
2024
US$\u00a0million
Notes
Goodwill
Port allocation rights
Licences, trademarks
and software
Customer relationships
and other
Total
Cost:
1 January 2024
13,134
1,049
559
775
15,517
Business combination
26
\u2013
\u2013
7
\u2013
7
Additions
\u2013
\u2013
16
4
20
Disposals
\u2013
(1)
(9)
(7)
(17)
Effect of foreign currency exchange movements
\u2013
(34)
(17)
(32)
(83)
Other movements
\u2013
\u2013
121
1
122
31 December 2024
13,134
1,014
677
741
15,566
Accumulated amortisation and impairment:
1 January 2024
8,134
407
382
592
9,515
Disposals
\u2013
\u2013
(8)
(7)
(15)
Amortisation expense1
\u2013
65
41
51
157
Impairment
7
\u2013
13
\u2013
\u2013
13
Effect of foreign currency exchange movements
\u2013
(16)
(7)
(21)
(44)
Other movements
\u2013
\u2013
12
\u2013
12
31 December 2024
8,134
469
420
615
9,638
Net book value 31 December 2024
5,000
545
257
126
5,928
1
Recognised in cost of goods sold.
Goodwill
The carrying amount of goodwill has been allocated to cash-generating units (CGUs), or groups of CGUs as follows:
US$\u00a0million
2025
2024
Metals and minerals marketing business
3,326
3,326
Coal marketing business
1,674
1,674
Total
5,000
5,000
Metals and minerals and coal marketing businesses
Goodwill of $3,326\u00a0million and $1,674\u00a0million was recognised in connection with previous business combinations and was allocated to the metals and minerals marketing and coal marketing CGUs, respectively, based on the annual synergies expected to accrue to the respective marketing CGUs as a result of increased volumes, blending opportunities and freight and logistics arbitrage opportunities.
Goodwill impairment testing
Given the nature of each CGU\u2019s activities, fair value information is generally difficult to obtain unless negotiations with potential purchasers or similar transactions are underway. Consequently:
\uf0b7
The recoverable amount for each Marketing CGU is determined using a FVLCD approach, applying a price-to-earnings multiple derived from historical financial performance, including factors such as marketing volumes handled and operating, interest and tax charges. The price-to-earnings multiple of 10 times (2024: 10 times) is derived from observable market data for broadly comparable businesses; and
\uf0b7
Glencore believes that no reasonably possible changes in the above key assumptions would cause the recoverable amount of any Marketing CGU to fall below its carrying value within the next 12 months. The FVLCD calculations for these CGUs used Level 3 valuation techniques in\u00a0both years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-111": { "value": "
10. Intangible assets
2025
US$\u00a0million
Notes
Goodwill
Port allocation rights
Licences, trademarks
and software
Customer relationships
and other
Total
Cost:
1 January 2025
13,134
1,014
677
741
15,566
Additions
\u2013
\u2013
15
\u2013
15
Disposals
\u2013
\u2013
(37)
(20)
(57)
Effect of foreign currency exchange movements
\u2013
144
10
17
171
Other movements
\u2013
\u2013
10
(19)
(9)
31 December 2025
13,134
1,158
675
719
15,686
Accumulated amortisation and impairment:
1 January 2025
8,134
469
420
615
9,638
Disposals
\u2013
\u2013
(37)
(20)
(57)
Amortisation expense1
\u2013
60
59
37
156
Impairment
7
\u2013
93
(1)
1
93
Effect of foreign currency exchange movements
\u2013
73
4
12
89
Other movements
\u2013
\u2013
2
(5)
(3)
31 December 2025
8,134
695
447
640
9,916
Net book value 31 December 2025
5,000
463
228
79
5,770
1
Recognised in cost of goods sold.
2024
US$\u00a0million
Notes
Goodwill
Port allocation rights
Licences, trademarks
and software
Customer relationships
and other
Total
Cost:
1 January 2024
13,134
1,049
559
775
15,517
Business combination
26
\u2013
\u2013
7
\u2013
7
Additions
\u2013
\u2013
16
4
20
Disposals
\u2013
(1)
(9)
(7)
(17)
Effect of foreign currency exchange movements
\u2013
(34)
(17)
(32)
(83)
Other movements
\u2013
\u2013
121
1
122
31 December 2024
13,134
1,014
677
741
15,566
Accumulated amortisation and impairment:
1 January 2024
8,134
407
382
592
9,515
Disposals
\u2013
\u2013
(8)
(7)
(15)
Amortisation expense1
\u2013
65
41
51
157
Impairment
7
\u2013
13
\u2013
\u2013
13
Effect of foreign currency exchange movements
\u2013
(16)
(7)
(21)
(44)
Other movements
\u2013
\u2013
12
\u2013
12
31 December 2024
8,134
469
420
615
9,638
Net book value 31 December 2024
5,000
545
257
126
5,928
1
Recognised in cost of goods sold.
Port allocation rights
Port allocation rights represent contractual entitlements, recognised through previous business combinations, to export specified annual volumes of thermal coal through the Richards Bay Coal Terminal in South Africa. These rights are amortised on a units of production basis.
Licences, trademarks and software
Intangibles, related to internally developed technology and patents were recognised in previous business combinations and are amortised over the estimated economic life of the technology, which ranges between 3 and 20 years.
Customer relationships
Customer relationships represent intangible assets arising from long-standing customer arrangements recognised in previous business combinations. These assets are amortised on a straight-line basis over their estimated useful lives, which range from 5 to 9 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-112": { "value": "
10. Intangible assets
2025
US$\u00a0million
Notes
Goodwill
Port allocation rights
Licences, trademarks
and software
Customer relationships
and other
Total
Cost:
1 January 2025
13,134
1,014
677
741
15,566
Additions
\u2013
\u2013
15
\u2013
15
Disposals
\u2013
\u2013
(37)
(20)
(57)
Effect of foreign currency exchange movements
\u2013
144
10
17
171
Other movements
\u2013
\u2013
10
(19)
(9)
31 December 2025
13,134
1,158
675
719
15,686
Accumulated amortisation and impairment:
1 January 2025
8,134
469
420
615
9,638
Disposals
\u2013
\u2013
(37)
(20)
(57)
Amortisation expense1
\u2013
60
59
37
156
Impairment
7
\u2013
93
(1)
1
93
Effect of foreign currency exchange movements
\u2013
73
4
12
89
Other movements
\u2013
\u2013
2
(5)
(3)
31 December 2025
8,134
695
447
640
9,916
Net book value 31 December 2025
5,000
463
228
79
5,770
1
Recognised in cost of goods sold.
2024
US$\u00a0million
Notes
Goodwill
Port allocation rights
Licences, trademarks
and software
Customer relationships
and other
Total
Cost:
1 January 2024
13,134
1,049
559
775
15,517
Business combination
26
\u2013
\u2013
7
\u2013
7
Additions
\u2013
\u2013
16
4
20
Disposals
\u2013
(1)
(9)
(7)
(17)
Effect of foreign currency exchange movements
\u2013
(34)
(17)
(32)
(83)
Other movements
\u2013
\u2013
121
1
122
31 December 2024
13,134
1,014
677
741
15,566
Accumulated amortisation and impairment:
1 January 2024
8,134
407
382
592
9,515
Disposals
\u2013
\u2013
(8)
(7)
(15)
Amortisation expense1
\u2013
65
41
51
157
Impairment
7
\u2013
13
\u2013
\u2013
13
Effect of foreign currency exchange movements
\u2013
(16)
(7)
(21)
(44)
Other movements
\u2013
\u2013
12
\u2013
12
31 December 2024
8,134
469
420
615
9,638
Net book value 31 December 2024
5,000
545
257
126
5,928
1
Recognised in cost of goods sold.
Goodwill
The carrying amount of goodwill has been allocated to cash-generating units (CGUs), or groups of CGUs as follows:
US$\u00a0million
2025
2024
Metals and minerals marketing business
3,326
3,326
Coal marketing business
1,674
1,674
Total
5,000
5,000
Metals and minerals and coal marketing businesses
Goodwill of $3,326\u00a0million and $1,674\u00a0million was recognised in connection with previous business combinations and was allocated to the metals and minerals marketing and coal marketing CGUs, respectively, based on the annual synergies expected to accrue to the respective marketing CGUs as a result of increased volumes, blending opportunities and freight and logistics arbitrage opportunities.
Goodwill impairment testing
Given the nature of each CGU\u2019s activities, fair value information is generally difficult to obtain unless negotiations with potential purchasers or similar transactions are underway. Consequently:
\uf0b7
The recoverable amount for each Marketing CGU is determined using a FVLCD approach, applying a price-to-earnings multiple derived from historical financial performance, including factors such as marketing volumes handled and operating, interest and tax charges. The price-to-earnings multiple of 10 times (2024: 10 times) is derived from observable market data for broadly comparable businesses; and
\uf0b7
Glencore believes that no reasonably possible changes in the above key assumptions would cause the recoverable amount of any Marketing CGU to fall below its carrying value within the next 12 months. The FVLCD calculations for these CGUs used Level 3 valuation techniques in\u00a0both years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-113": { "value": "
11. Investments in associates, joint ventures and other investments
Investments in associates and joint ventures
US$\u00a0million
Notes
2025
2024
1 January
9,304
8,823
Additions
154
83
Disposals
(137)
(6)
Share of income from associates and joint ventures
1,267
1,417
Share of other comprehensive income/(loss) from associates and joint ventures
52
(99)
Reclassification to other investments
\u2013
(100)
Dividends received
(617)
(812)
Other movements
\u2013
(2)
31 December
10,023
9,304
Of which:
Investments in associates
5,524
5,269
Investments in joint ventures
4,499
4,035
As at 31 December 2025, the carrying value of the Group\u2019s listed associates was $598 million (2024: $668 million), primarily comprising Century Aluminum at $277\u00a0million (2024: $323\u00a0million) and PT CITA at $238\u00a0million (2024: $227\u00a0million). The equivalent fair value of the Group\u2019s listed associates, calculated using publicly available market price quotations (Level 1 fair value measurement) was $1,794 million (2024: $1,096 million). As at 31 December 2025, Glencore\u2019s investment in Century Aluminum was pledged under a loan facility, with proceeds of $300\u00a0million (2024: $175 million) recognised in current borrowings (see note 21).
Additions
In March 2025, Glencore acquired a 20% non-controlling equity stake in CAPGC Pte. Ltd. for $147\u00a0million. Concurrently, CAPGC acquired 100% of the shares in Aster Chemicals and Energy Pte Ltd. which now operates the integrated oil refining and petrochemicals business in Singapore, purchased from Shell.
Reclassification to other investments
In H2 2024, MAC Copper (previously Metals Acquisition Corp) completed a share placement, which resulted in Glencore\u2019s equity interest being diluted to below 20% thereby losing its ability to exert significant influence over the investment. As a result, the Group ceased applying the equity method of accounting and recognised the investment as a financial asset at fair value through profit or loss. In October 2025, Glencore disposed of its investment in MAC Copper. See Other Investments below.
2025 Details of material associates and joint ventures
Summarised financial information for Glencore\u2019s associates and joint ventures, presented on a 100% basis, is set out below.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Non-current assets
6,901
6,901
9,617
9,617
16,518
Current assets
2,638
2,638
1,964
1,964
4,602
Non-current liabilities
(2,792)
(2,792)
(1,824)
(1,824)
(4,616)
Current liabilities
(1,233)
(1,233)
(1,740)
(1,740)
(2,973)
The above assets and liabilities include the following:
Cash and cash equivalents
113
113
231
231
344
Current financial liabilities1
(263)
(263)
(1,046)
(1,046)
(1,309)
Non-current financial liabilities1
(1,232)
(1,232)
(88)
(88)
(1,320)
Net assets 31 December 2025
5,514
5,514
8,017
8,017
13,531
Glencore's ownership interest
33.8%
44.0%
Acquisition fair value and other adjustments
1,394
1,394
972
972
2,366
Carrying value
3,258
3,258
4,499
4,499
7,757
1
Financial liabilities exclude trade, other payables and provisions.
Summarised profit and loss information for Glencore\u2019s material associates and joint ventures, presented on a 100% investee basis and including Group adjustments for accounting-policy alignment and fair-value adjustments, is set out below for the year ended 31 December 2025.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Revenue
5,609
5,609
4,240
4,240
9,849
Income for the year
1,884
1,884
1,052
1,052
2,936
Other comprehensive loss
\u2013
\u2013
(24)
(24)
(24)
Total comprehensive income
1,884
1,884
1,028
1,028
2,912
Glencore's share of dividends paid
481
481
\u2013
\u2013
481
The above income for the year includes the following:
Depreciation and amortisation
(1,338)
(1,338)
(702)
(702)
(2,040)
Interest income1
68
68
15
15
83
Interest expense2
(112)
(112)
(75)
(75)
(187)
Income tax expense
(980)
(980)
(638)
(638)
(1,618)
1
Includes foreign exchange gains and other income of $64 million.
2
Includes foreign exchange losses and other expenses of $93 million.
2024 Details of material associates and joint ventures
Summarised financial information for Glencore\u2019s associates and joint ventures, presented on a 100% basis, is set out below.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Non-current assets
7,011
7,011
8,445
8,445
15,456
Current assets
1,651
1,651
1,931
1,931
3,582
Non-current liabilities
(2,942)
(2,942)
(2,602)
(2,602)
(5,544)
Current liabilities
(978)
(978)
(836)
(836)
(1,814)
The above assets and liabilities include the following:
Cash and cash equivalents
105
105
520
520
625
Current financial liabilities1
(206)
(206)
(21)
(21)
(227)
Non-current financial liabilities1
(1,184)
(1,184)
(1,075)
(1,075)
(2,259)
Net assets 31 December 2024
4,742
4,742
6,938
6,938
11,680
Glencore's ownership interest
33.8%
44.0%
Acquisition fair value and other adjustments
1,499
1,499
982
982
2,481
Carrying value
3,102
3,102
4,035
4,035
7,137
1
Financial liabilities exclude trade, other payables and provisions.
Summarised profit and loss information for Glencore\u2019s material associates and joint ventures, presented on a 100% investee basis and including Group adjustments for accounting-policy alignment and fair-value adjustments, is set out below for the year ended 31\u00a0December\u00a02024.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Revenue
4,685
4,685
4,819
4,819
9,504
Income for the year
1,140
1,140
1,507
1,507
2,647
Other comprehensive loss
\u2013
\u2013
(24)
(24)
(24)
Total comprehensive income
1,140
1,140
1,483
1,483
2,623
Glencore's share of dividends paid
430
430
168
168
598
The above (loss)/income for the year includes the following:
Depreciation and amortisation
(1,557)
(1,557)
(672)
(672)
(2,229)
Interest income1
7
7
74
74
81
Interest expense2
(42)
(42)
(40)
(40)
(82)
Income tax expense
(692)
(692)
(997)
(997)
(1,689)
1
Includes foreign exchange gains and other income of $56 million.
2
Includes foreign exchange losses and other expenses of $8 million.
Aggregate information of associates and joint ventures that are not individually material:
US$ million
2025
2024
The Group's share of income
167
369
The Group's share of other comprehensive income/(loss)
63
(88)
The Group's share of total comprehensive income
230
281
Aggregate carrying value of the Group's interests
2,266
2,167
Corporate guarantees in favour of associates and joint ventures as at 31 December 2025 were $587 million (2024: $226 million). No amounts have been claimed or\u00a0provided as at 31 December 2025. Glencore\u2019s share of joint ventures\u2019 capital commitments was $179\u00a0million (2024: $202 million).
Refer to note 35 for further details of the Group\u2019s principal associates and joint ventures.
Country of incorporation
% interest 2025
% interest 2024
Main activity
Principal associates
Newcastle Coal Shippers Pty Limited9
Australia
64.4
64.4
Coal terminal
GS Coal Holdings Pty Ltd
Australia
50.0
50.0
Coal production
Century Aluminum Company10
USA
36.6
45.9
Aluminium production
Alumina do Norte do Brasil S.A
Brazil
33.0
33.0
Alumina production
Minera\u00e7\u00e3o Rio do Norte S.A.
Brazil
45.0
45.0
Bauxite production
PT CITA Mineral Investindo Tbk
Indonesia
31.6
31.7
Alumina production
Aquarius Energy Limited
Jersey
49.0
49.0
Oil storage
CAPGC Pte. Ltd.
Singapore
20.0
\u2013
Oil refining complex
G500 Network, Sociedad Anonima Promotora de Inversiones de Capital Variable
Mexico
50.0
50.0
Oil distribution
Compania Minera Antamina S.A.
Peru
33.8
33.8
Zinc/Copper production
9
Glencore holds 61.5% (2024: 61.5%) of the voting rights.
10
Represents the Group\u2019s economic interest in Century, comprising 36.6% (2024: 42.9%) voting interest and Nil% non-voting interest (2024: 2.9%). Century is publicly traded on NASDAQ under the symbol CENX.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-114": { "value": "
11. Investments in associates, joint ventures and other investments
Investments in associates and joint ventures
US$\u00a0million
Notes
2025
2024
1 January
9,304
8,823
Additions
154
83
Disposals
(137)
(6)
Share of income from associates and joint ventures
1,267
1,417
Share of other comprehensive income/(loss) from associates and joint ventures
52
(99)
Reclassification to other investments
\u2013
(100)
Dividends received
(617)
(812)
Other movements
\u2013
(2)
31 December
10,023
9,304
Of which:
Investments in associates
5,524
5,269
Investments in joint ventures
4,499
4,035
As at 31 December 2025, the carrying value of the Group\u2019s listed associates was $598 million (2024: $668 million), primarily comprising Century Aluminum at $277\u00a0million (2024: $323\u00a0million) and PT CITA at $238\u00a0million (2024: $227\u00a0million). The equivalent fair value of the Group\u2019s listed associates, calculated using publicly available market price quotations (Level 1 fair value measurement) was $1,794 million (2024: $1,096 million). As at 31 December 2025, Glencore\u2019s investment in Century Aluminum was pledged under a loan facility, with proceeds of $300\u00a0million (2024: $175 million) recognised in current borrowings (see note 21).
Additions
In March 2025, Glencore acquired a 20% non-controlling equity stake in CAPGC Pte. Ltd. for $147\u00a0million. Concurrently, CAPGC acquired 100% of the shares in Aster Chemicals and Energy Pte Ltd. which now operates the integrated oil refining and petrochemicals business in Singapore, purchased from Shell.
Reclassification to other investments
In H2 2024, MAC Copper (previously Metals Acquisition Corp) completed a share placement, which resulted in Glencore\u2019s equity interest being diluted to below 20% thereby losing its ability to exert significant influence over the investment. As a result, the Group ceased applying the equity method of accounting and recognised the investment as a financial asset at fair value through profit or loss. In October 2025, Glencore disposed of its investment in MAC Copper. See Other Investments below.
2025 Details of material associates and joint ventures
Summarised financial information for Glencore\u2019s associates and joint ventures, presented on a 100% basis, is set out below.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Non-current assets
6,901
6,901
9,617
9,617
16,518
Current assets
2,638
2,638
1,964
1,964
4,602
Non-current liabilities
(2,792)
(2,792)
(1,824)
(1,824)
(4,616)
Current liabilities
(1,233)
(1,233)
(1,740)
(1,740)
(2,973)
The above assets and liabilities include the following:
Cash and cash equivalents
113
113
231
231
344
Current financial liabilities1
(263)
(263)
(1,046)
(1,046)
(1,309)
Non-current financial liabilities1
(1,232)
(1,232)
(88)
(88)
(1,320)
Net assets 31 December 2025
5,514
5,514
8,017
8,017
13,531
Glencore's ownership interest
33.8%
44.0%
Acquisition fair value and other adjustments
1,394
1,394
972
972
2,366
Carrying value
3,258
3,258
4,499
4,499
7,757
1
Financial liabilities exclude trade, other payables and provisions.
Summarised profit and loss information for Glencore\u2019s material associates and joint ventures, presented on a 100% investee basis and including Group adjustments for accounting-policy alignment and fair-value adjustments, is set out below for the year ended 31 December 2025.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Revenue
5,609
5,609
4,240
4,240
9,849
Income for the year
1,884
1,884
1,052
1,052
2,936
Other comprehensive loss
\u2013
\u2013
(24)
(24)
(24)
Total comprehensive income
1,884
1,884
1,028
1,028
2,912
Glencore's share of dividends paid
481
481
\u2013
\u2013
481
The above income for the year includes the following:
Depreciation and amortisation
(1,338)
(1,338)
(702)
(702)
(2,040)
Interest income1
68
68
15
15
83
Interest expense2
(112)
(112)
(75)
(75)
(187)
Income tax expense
(980)
(980)
(638)
(638)
(1,618)
1
Includes foreign exchange gains and other income of $64 million.
2
Includes foreign exchange losses and other expenses of $93 million.
Summarised financial information for Glencore\u2019s associates and joint ventures, presented on a 100% basis, is set out below.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Non-current assets
7,011
7,011
8,445
8,445
15,456
Current assets
1,651
1,651
1,931
1,931
3,582
Non-current liabilities
(2,942)
(2,942)
(2,602)
(2,602)
(5,544)
Current liabilities
(978)
(978)
(836)
(836)
(1,814)
The above assets and liabilities include the following:
Cash and cash equivalents
105
105
520
520
625
Current financial liabilities1
(206)
(206)
(21)
(21)
(227)
Non-current financial liabilities1
(1,184)
(1,184)
(1,075)
(1,075)
(2,259)
Net assets 31 December 2024
4,742
4,742
6,938
6,938
11,680
Glencore's ownership interest
33.8%
44.0%
Acquisition fair value and other adjustments
1,499
1,499
982
982
2,481
Carrying value
3,102
3,102
4,035
4,035
7,137
1
Financial liabilities exclude trade, other payables and provisions.
Summarised profit and loss information for Glencore\u2019s material associates and joint ventures, presented on a 100% investee basis and including Group adjustments for accounting-policy alignment and fair-value adjustments, is set out below for the year ended 31\u00a0December\u00a02024.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Revenue
4,685
4,685
4,819
4,819
9,504
Income for the year
1,140
1,140
1,507
1,507
2,647
Other comprehensive loss
\u2013
\u2013
(24)
(24)
(24)
Total comprehensive income
1,140
1,140
1,483
1,483
2,623
Glencore's share of dividends paid
430
430
168
168
598
The above (loss)/income for the year includes the following:
Depreciation and amortisation
(1,557)
(1,557)
(672)
(672)
(2,229)
Interest income1
7
7
74
74
81
Interest expense2
(42)
(42)
(40)
(40)
(82)
Income tax expense
(692)
(692)
(997)
(997)
(1,689)
1
Includes foreign exchange gains and other income of $56 million.
2
Includes foreign exchange losses and other expenses of $8 million.
Aggregate information of associates and joint ventures that are not individually material:
US$ million
2025
2024
The Group's share of income
167
369
The Group's share of other comprehensive income/(loss)
63
(88)
The Group's share of total comprehensive income
230
281
Aggregate carrying value of the Group's interests
2,266
2,167
Corporate guarantees in favour of associates and joint ventures as at 31 December 2025 were $587 million (2024: $226 million). No amounts have been claimed or\u00a0provided as at 31 December 2025. Glencore\u2019s share of joint ventures\u2019 capital commitments was $179\u00a0million (2024: $202 million).
Refer to note 35 for further details of the Group\u2019s principal associates and joint ventures.
Country of incorporation
% interest 2025
% interest 2024
Main activity
Principal joint ventures5
Viterra Group6
Jersey
\u2013
49.9
Agriculture business
Compania Minera Dona Ines de Collahuasi SCM
Chile
44.0
44.0
Copper production
Principal joint operations and other unincorporated arrangements7
Bulga Joint Venture
Australia
85.9
85.9
Coal production
Hail Creek Joint Venture
Australia
84.7
84.7
Coal production
Hunter Valley Operations Joint Venture
Australia
49.0
49.0
Coal production
Oaky Creek Coal Joint Venture
Australia
55.0
55.0
Coal production
United Wambo Joint Venture
Australia
47.5
47.5
Coal production
Neptune Bulk Terminals (Canada) Ltd.
Canada
35.9
35.7
Coal terminal
Goedgevonden Joint Venture8
South Africa
74.0
74.0
Coal production
Glencore Merafe Chrome Pooling and Sharing Joint Venture
South Africa
79.5
79.5
Ferroalloys production
Rhovan Pooling and Sharing Joint Venture8
South Africa
74.0
74.0
Vanadium production
NewRange Copper Nickel LLC
USA
50.0
50.0
Copper project
5
The principal joint arrangements are accounted for as joint ventures as the shareholder agreements do not provide the Group the ability to solely control the entities.
6
In July 2025, the acquisition of Viterra by Bunge completed, whereby Glencore received a 16.4% shareholding in Bunge. See note 26.
7
Classified as joint operations under IFRS 11, as these joint arrangements convey a direct right to a share of the underlying operations\u2019 assets, liabilities, revenues and expenses. The Hail Creek interest is an \u2018other unincorporated arrangement\u2019 accounted for similar to a joint operation.
8
Glencore has the ability to exercise control over Goedgevonden Joint Venture and Rhovan Joint Venture as a result of shareholder agreements which results in the joint ventures being fully consolidated.
Country of incorporation
% interest 2025
% interest 2024
Main activity
Principal associates
Newcastle Coal Shippers Pty Limited9
Australia
64.4
64.4
Coal terminal
GS Coal Holdings Pty Ltd
Australia
50.0
50.0
Coal production
Century Aluminum Company10
USA
36.6
45.9
Aluminium production
Alumina do Norte do Brasil S.A
Brazil
33.0
33.0
Alumina production
Minera\u00e7\u00e3o Rio do Norte S.A.
Brazil
45.0
45.0
Bauxite production
PT CITA Mineral Investindo Tbk
Indonesia
31.6
31.7
Alumina production
Aquarius Energy Limited
Jersey
49.0
49.0
Oil storage
CAPGC Pte. Ltd.
Singapore
20.0
\u2013
Oil refining complex
G500 Network, Sociedad Anonima Promotora de Inversiones de Capital Variable
Mexico
50.0
50.0
Oil distribution
Compania Minera Antamina S.A.
Peru
33.8
33.8
Zinc/Copper production
9
Glencore holds 61.5% (2024: 61.5%) of the voting rights.
10
Represents the Group\u2019s economic interest in Century, comprising 36.6% (2024: 42.9%) voting interest and Nil% non-voting interest (2024: 2.9%). Century is publicly traded on NASDAQ under the symbol CENX.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-115": { "value": "
11. Investments in associates, joint ventures and other investments
Investments in associates and joint ventures
US$\u00a0million
Notes
2025
2024
1 January
9,304
8,823
Additions
154
83
Disposals
(137)
(6)
Share of income from associates and joint ventures
1,267
1,417
Share of other comprehensive income/(loss) from associates and joint ventures
52
(99)
Reclassification to other investments
\u2013
(100)
Dividends received
(617)
(812)
Other movements
\u2013
(2)
31 December
10,023
9,304
Of which:
Investments in associates
5,524
5,269
Investments in joint ventures
4,499
4,035
As at 31 December 2025, the carrying value of the Group\u2019s listed associates was $598 million (2024: $668 million), primarily comprising Century Aluminum at $277\u00a0million (2024: $323\u00a0million) and PT CITA at $238\u00a0million (2024: $227\u00a0million). The equivalent fair value of the Group\u2019s listed associates, calculated using publicly available market price quotations (Level 1 fair value measurement) was $1,794 million (2024: $1,096 million). As at 31 December 2025, Glencore\u2019s investment in Century Aluminum was pledged under a loan facility, with proceeds of $300\u00a0million (2024: $175 million) recognised in current borrowings (see note 21).
Additions
In March 2025, Glencore acquired a 20% non-controlling equity stake in CAPGC Pte. Ltd. for $147\u00a0million. Concurrently, CAPGC acquired 100% of the shares in Aster Chemicals and Energy Pte Ltd. which now operates the integrated oil refining and petrochemicals business in Singapore, purchased from Shell.
Reclassification to other investments
In H2 2024, MAC Copper (previously Metals Acquisition Corp) completed a share placement, which resulted in Glencore\u2019s equity interest being diluted to below 20% thereby losing its ability to exert significant influence over the investment. As a result, the Group ceased applying the equity method of accounting and recognised the investment as a financial asset at fair value through profit or loss. In October 2025, Glencore disposed of its investment in MAC Copper. See Other Investments below.
2025 Details of material associates and joint ventures
Summarised financial information for Glencore\u2019s associates and joint ventures, presented on a 100% basis, is set out below.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Non-current assets
6,901
6,901
9,617
9,617
16,518
Current assets
2,638
2,638
1,964
1,964
4,602
Non-current liabilities
(2,792)
(2,792)
(1,824)
(1,824)
(4,616)
Current liabilities
(1,233)
(1,233)
(1,740)
(1,740)
(2,973)
The above assets and liabilities include the following:
Cash and cash equivalents
113
113
231
231
344
Current financial liabilities1
(263)
(263)
(1,046)
(1,046)
(1,309)
Non-current financial liabilities1
(1,232)
(1,232)
(88)
(88)
(1,320)
Net assets 31 December 2025
5,514
5,514
8,017
8,017
13,531
Glencore's ownership interest
33.8%
44.0%
Acquisition fair value and other adjustments
1,394
1,394
972
972
2,366
Carrying value
3,258
3,258
4,499
4,499
7,757
1
Financial liabilities exclude trade, other payables and provisions.
Summarised profit and loss information for Glencore\u2019s material associates and joint ventures, presented on a 100% investee basis and including Group adjustments for accounting-policy alignment and fair-value adjustments, is set out below for the year ended 31 December 2025.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Revenue
5,609
5,609
4,240
4,240
9,849
Income for the year
1,884
1,884
1,052
1,052
2,936
Other comprehensive loss
\u2013
\u2013
(24)
(24)
(24)
Total comprehensive income
1,884
1,884
1,028
1,028
2,912
Glencore's share of dividends paid
481
481
\u2013
\u2013
481
The above income for the year includes the following:
Depreciation and amortisation
(1,338)
(1,338)
(702)
(702)
(2,040)
Interest income1
68
68
15
15
83
Interest expense2
(112)
(112)
(75)
(75)
(187)
Income tax expense
(980)
(980)
(638)
(638)
(1,618)
1
Includes foreign exchange gains and other income of $64 million.
2
Includes foreign exchange losses and other expenses of $93 million.
2024 Details of material associates and joint ventures
Summarised financial information for Glencore\u2019s associates and joint ventures, presented on a 100% basis, is set out below.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Non-current assets
7,011
7,011
8,445
8,445
15,456
Current assets
1,651
1,651
1,931
1,931
3,582
Non-current liabilities
(2,942)
(2,942)
(2,602)
(2,602)
(5,544)
Current liabilities
(978)
(978)
(836)
(836)
(1,814)
The above assets and liabilities include the following:
Cash and cash equivalents
105
105
520
520
625
Current financial liabilities1
(206)
(206)
(21)
(21)
(227)
Non-current financial liabilities1
(1,184)
(1,184)
(1,075)
(1,075)
(2,259)
Net assets 31 December 2024
4,742
4,742
6,938
6,938
11,680
Glencore's ownership interest
33.8%
44.0%
Acquisition fair value and other adjustments
1,499
1,499
982
982
2,481
Carrying value
3,102
3,102
4,035
4,035
7,137
1
Financial liabilities exclude trade, other payables and provisions.
Summarised profit and loss information for Glencore\u2019s material associates and joint ventures, presented on a 100% investee basis and including Group adjustments for accounting-policy alignment and fair-value adjustments, is set out below for the year ended 31\u00a0December\u00a02024.
US$ million
Antamina
Total
material
associates
Collahuasi
Total
material
joint
ventures
Total
material
associates
and
joint
ventures
Revenue
4,685
4,685
4,819
4,819
9,504
Income for the year
1,140
1,140
1,507
1,507
2,647
Other comprehensive loss
\u2013
\u2013
(24)
(24)
(24)
Total comprehensive income
1,140
1,140
1,483
1,483
2,623
Glencore's share of dividends paid
430
430
168
168
598
The above (loss)/income for the year includes the following:
Depreciation and amortisation
(1,557)
(1,557)
(672)
(672)
(2,229)
Interest income1
7
7
74
74
81
Interest expense2
(42)
(42)
(40)
(40)
(82)
Income tax expense
(692)
(692)
(997)
(997)
(1,689)
1
Includes foreign exchange gains and other income of $56 million.
2
Includes foreign exchange losses and other expenses of $8 million.
Aggregate information of associates and joint ventures that are not individually material:
US$ million
2025
2024
The Group's share of income
167
369
The Group's share of other comprehensive income/(loss)
63
(88)
The Group's share of total comprehensive income
230
281
Aggregate carrying value of the Group's interests
2,266
2,167
Corporate guarantees in favour of associates and joint ventures as at 31 December 2025 were $587 million (2024: $226 million). No amounts have been claimed or\u00a0provided as at 31 December 2025. Glencore\u2019s share of joint ventures\u2019 capital commitments was $179\u00a0million (2024: $202 million).
Refer to note 35 for further details of the Group\u2019s principal associates and joint ventures.
Country of incorporation
% interest 2025
% interest 2024
Main activity
Principal joint ventures5
Viterra Group6
Jersey
\u2013
49.9
Agriculture business
Compania Minera Dona Ines de Collahuasi SCM
Chile
44.0
44.0
Copper production
Principal joint operations and other unincorporated arrangements7
Bulga Joint Venture
Australia
85.9
85.9
Coal production
Hail Creek Joint Venture
Australia
84.7
84.7
Coal production
Hunter Valley Operations Joint Venture
Australia
49.0
49.0
Coal production
Oaky Creek Coal Joint Venture
Australia
55.0
55.0
Coal production
United Wambo Joint Venture
Australia
47.5
47.5
Coal production
Neptune Bulk Terminals (Canada) Ltd.
Canada
35.9
35.7
Coal terminal
Goedgevonden Joint Venture8
South Africa
74.0
74.0
Coal production
Glencore Merafe Chrome Pooling and Sharing Joint Venture
South Africa
79.5
79.5
Ferroalloys production
Rhovan Pooling and Sharing Joint Venture8
South Africa
74.0
74.0
Vanadium production
NewRange Copper Nickel LLC
USA
50.0
50.0
Copper project
5
The principal joint arrangements are accounted for as joint ventures as the shareholder agreements do not provide the Group the ability to solely control the entities.
6
In July 2025, the acquisition of Viterra by Bunge completed, whereby Glencore received a 16.4% shareholding in Bunge. See note 26.
7
Classified as joint operations under IFRS 11, as these joint arrangements convey a direct right to a share of the underlying operations\u2019 assets, liabilities, revenues and expenses. The Hail Creek interest is an \u2018other unincorporated arrangement\u2019 accounted for similar to a joint operation.
8
Glencore has the ability to exercise control over Goedgevonden Joint Venture and Rhovan Joint Venture as a result of shareholder agreements which results in the joint ventures being fully consolidated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-116": { "value": "
Corporate guarantees in favour of associates and joint ventures as at 31 December 2025 were $587 million (2024: $226 million). No amounts have been claimed or\u00a0provided as at 31 December 2025. Glencore\u2019s share of joint ventures\u2019 capital commitments was $179\u00a0million (2024: $202 million).
31. Future commitments
Capital expenditure for the acquisition of property, plant and equipment is generally funded through the cash flow generated by the respective industrial businesses. As at 31 December\u00a02025, $1,140\u00a0million (2024: $1,598\u00a0million), of which 91% (2024: 92%) relates to expenditure to be incurred over the next year, was contractually committed for the acquisition of property, plant and\u00a0equipment.
Certain exploration tenements and licences require Glencore to spend a minimum amount per year on development activities, a significant portion of which would have been incurred in the ordinary course of operations. As at 31 December 2025, $229\u00a0million (2024: $202\u00a0million) of such development expenditures are yet to be incurred, of which 54% (2024: 40%) are for commitments to be settled over the next year.
As part of Glencore\u2019s ordinary sourcing and procurement of physical commodities and other ordinary marketing obligations, the selling party may request that a financial institution act as either a) the paying party upon the delivery of product and qualifying documents through the issuance of a letter of credit or b) the guarantor by way of issuing a bank guarantee accepting responsibility for Glencore\u2019s contractual obligations. Similarly, Glencore is required to post rehabilitation and pension guarantees in respect of some of these future, primarily industrial, long-term obligations. As at 31 December 2025, $7,945\u00a0million (2024: $6,974\u00a0million) of procurement and $6,430\u00a0million (2024: $5,739\u00a0million) of rehabilitation and pension commitments have been issued on behalf of Glencore, which will generally be settled simultaneously with the payment for such commodity and rehabilitation and pension obligations.
Astron related commitments
As part of the regulatory approval process relating to the acquisition of Astron Energy, Glencore and Astron Energy entered into certain commitments (subject to variation for good cause) with the South Africa Competition Tribunal and the South African Economic Development Department, including the investment of ZAR 6.0 billion ($362 million) in the Cape Town based oil refinery and related projects, in line with which Astron Energy has made several investments amounting to ZAR 4.6 billion ($278 million) in qualifying expenditure as at 31 March 2025, being the most recent reporting cycle against the commitment. The timeline for fulfilment of this expenditure is by September 2027.
FincoEnergies Group
In December 2025, Glencore entered into an agreement to acquire a 70% controlling interest in the FincoEnergies Group, a Netherlands-based supplier of fuels and decarbonisation services, for an expected consideration of c.$145 million subject to adjustments for working capital and net debt. The transaction is subject to customary regulatory approvals and is expected to complete in Q2 2026.
32. Contingent liabilities
The Group is subject to various legal and government proceedings as detailed below. These contingent liabilities are reviewed on a regular basis and where appropriate and feasible, an estimate is made of the potential financial impact on the Group. As at 31 December 2025 and 2024, it was not feasible to make such an assessment.
Legal and government proceedings
Under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, a provision is recognised when Glencore has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits, will be required to settle the obligation, and a reliable estimate can be made of the amount. A contingent liability arises from a past event and is disclosed when the obligation is possible but not probable, or when the obligation exists but cannot be measured with sufficient reliability. If it is unclear whether a present obligation exists, the past event is considered to give rise to a present obligation if, based on all available evidence, it is more likely than not that such an obligation existed at the reporting date.
Investigations by regulatory and enforcement authorities
On 5 August 2024, the Group announced that Office of the Attorney General of Switzerland (OAG) closed its criminal investigation against Glencore International AG (GIAG) with a summary penalty order and an abandonment order. GIAG was sentenced to a fine of CHF 2 million and the OAG imposed a compensation claim in the amount of $150 million. The parallel investigation by the Dutch Prosecution Service was also concluded, and the case was dismissed following the resolution of the OAG investigation. These resolutions follow the resolutions of the investigations of the US Department of Justice and UK Serious Fraud Office in 2022.
The Group notes that other authorities may commence investigations against the Group in connection with the resolved investigations. In September 2024, the Company was notified by the Economic Crime and Confiscation Unit (ECCU) of the Law Officers\u2019 Department, Jersey that it was investigating the Company in respect of (i) the corrupt activities and related money laundering of the Group; and (ii) the accuracy of assurances, representations and warranties given to all parties involved in the approval, issuance and promotion of the initial public offering prospectus of the Company in 2011. The investigation appears to be related to the same underlying facts as the concluded resolutions with the other authorities.
At 31 December 2025, taking account of all available evidence, the Board concluded that, with respect to the Jersey investigation and other potential investigations, it is not probable that a present obligation existed at the end of the reporting period. The timing and amount, if any, of the possible financial effects (such as fines, penalties or damages, which could be material) or other consequences, including external costs, from the Jersey investigation and any other potential investigations and any change in their scope is not currently possible to predict or estimate.
On 10 July 2024, Environment and Climate Change Canada laid five charges against EVR Operations Limited (formerly Teck Coal Limited) for contraventions of subsection 36(3) of the Fisheries Act over the period of 1 January 2018 to 30 September 2023. Under the Fisheries Act, each day on which a contravention occurs, or continues, constitutes a separate offence and the applicable fine range for this case is a minimum of CAD 1 million per offence and a maximum of CAD 12 million per offence. At 31 December 2025, taking account of all available evidence, the Board concluded that, with respect to the charges, it is not probable that a present obligation existed at the end of the reporting period. The timing and amount, if any, of the possible financial effects (such as fines or damages, which could be material) or other consequences, including external costs, from the charges is not currently possible to predict or estimate.
Claims against the Company in connection with investigations by regulatory and enforcement authorities
Claims are being pursued against the Group in the United Kingdom in connection with the various government investigations, constituting claims on behalf of current and former shareholders. The claims are, inter alia, made under s90 of the Financial Services and Markets Act 2000 (FSMA) relating to prospectus liability, while certain claimants currently include s90A FSMA claims relating to misstatements in other information published by the Company and/or dishonest delay in publishing information. The bases for the claims are that the prospectuses issued in 2011 and 2013 and other published information by the Company were untrue, misleading or contained omissions.
The Group may be the subject of further legal claims brought by other parties in connection with the government investigations, including collective, group or representative actions.
In respect of these claims, taking into account all available evidence, the Board does not consider it probable that a present obligation existed in relation to these claims or potential claims as at the balance sheet date, and the amount of any financial effects, which could be material, is not currently possible to predict or estimate.\u00a0
Claims in respect of Horne smelter
In October 2023, two individuals (Plaintiffs) filed Motion for Authorization of a Class Action and to Obtain the Status of Representatives against Glencore and the Attorney General of Qu\u00e9bec, as representative of the Government of the Province of Qu\u00e9bec (Qu\u00e9bec Government) regarding Glencore\u2019s Horne Smelter situated in the city of Rouyn-Noranda, in the Province of Qu\u00e9bec, Canada.\u00a0The Plaintiffs allege that Glencore caused prejudice to the proposed class by releasing contaminants into the environment, while fully aware of the risks and dangers to public health. The Plaintiffs also allege that the Qu\u00e9bec Government committed a fault and caused prejudice to the proposed class in that it tolerated and authorised these emissions. Taking into account all available evidence, the Board does not consider it probable that a present obligation existed at the balance sheet date in relation to this claim, and the amount of any financial effects, which could be material, is not currently possible to predict or estimate.
Other legal proceedings
Other claims and unresolved disputes are pending against Glencore. However, based on the Group\u2019s current assessment of these matters any future individually material financial obligations are considered to be remote.
Environmental contingencies
Glencore\u2019s operations are subject to various environmental laws and regulations. Glencore is not aware of any material non-compliance with those laws and regulations. Glencore accrues for environmental contingencies when such contingencies are probable and reasonably estimable. Such accruals are adjusted as new information develops or circumstances change. Recoveries of environmental remediation costs from insurance companies and other parties are recorded as assets when the recoveries are virtually certain. At this time, Glencore is unaware of any material environmental incidents at its locations. Any potential liability arising from environmental incidents in the ordinary course of the Group\u2019s business would not usually be expected to have a material adverse effect on its consolidated income, financial position or cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-117": { "value": "
Corporate guarantees in favour of associates and joint ventures as at 31 December 2025 were $587 million (2024: $226 million). No amounts have been claimed or\u00a0provided as at 31 December 2025. Glencore\u2019s share of joint ventures\u2019 capital commitments was $179\u00a0million (2024: $202 million).
31. Future commitments
Capital expenditure for the acquisition of property, plant and equipment is generally funded through the cash flow generated by the respective industrial businesses. As at 31 December\u00a02025, $1,140\u00a0million (2024: $1,598\u00a0million), of which 91% (2024: 92%) relates to expenditure to be incurred over the next year, was contractually committed for the acquisition of property, plant and\u00a0equipment.
Certain exploration tenements and licences require Glencore to spend a minimum amount per year on development activities, a significant portion of which would have been incurred in the ordinary course of operations. As at 31 December 2025, $229\u00a0million (2024: $202\u00a0million) of such development expenditures are yet to be incurred, of which 54% (2024: 40%) are for commitments to be settled over the next year.
As part of Glencore\u2019s ordinary sourcing and procurement of physical commodities and other ordinary marketing obligations, the selling party may request that a financial institution act as either a) the paying party upon the delivery of product and qualifying documents through the issuance of a letter of credit or b) the guarantor by way of issuing a bank guarantee accepting responsibility for Glencore\u2019s contractual obligations. Similarly, Glencore is required to post rehabilitation and pension guarantees in respect of some of these future, primarily industrial, long-term obligations. As at 31 December 2025, $7,945\u00a0million (2024: $6,974\u00a0million) of procurement and $6,430\u00a0million (2024: $5,739\u00a0million) of rehabilitation and pension commitments have been issued on behalf of Glencore, which will generally be settled simultaneously with the payment for such commodity and rehabilitation and pension obligations.
Astron related commitments
As part of the regulatory approval process relating to the acquisition of Astron Energy, Glencore and Astron Energy entered into certain commitments (subject to variation for good cause) with the South Africa Competition Tribunal and the South African Economic Development Department, including the investment of ZAR 6.0 billion ($362 million) in the Cape Town based oil refinery and related projects, in line with which Astron Energy has made several investments amounting to ZAR 4.6 billion ($278 million) in qualifying expenditure as at 31 March 2025, being the most recent reporting cycle against the commitment. The timeline for fulfilment of this expenditure is by September 2027.
FincoEnergies Group
In December 2025, Glencore entered into an agreement to acquire a 70% controlling interest in the FincoEnergies Group, a Netherlands-based supplier of fuels and decarbonisation services, for an expected consideration of c.$145 million subject to adjustments for working capital and net debt. The transaction is subject to customary regulatory approvals and is expected to complete in Q2 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-118": { "value": "
Other investments
Other investments comprise equity investments, other than associates, recorded at fair value.
2025
US$ million
FVTOCI1
FVTPL2
Total
1 January
350
118
468
Additions3
2,840
1
2,841
Disposals4
(65)
(130)
(195)
Changes in mark-to-market valuations
596
25
621
Total
3,721
14
3,735
2024
US$ million
FVTOCI1
FVTPL2
Total
1 January
387
126
513
Additions
145
10
155
Disposals
(115)
(121)
(236)
Changes in mark-to-market valuations
(67)
3
(64)
Reclassification from associates and joint ventures
\u2013
100
100
Total
350
118
468
1
FVTOCI - Fair value through other comprehensive income.
2
FVTPL - Fair value through profit or loss.
3
In July 2025, the acquisition of Viterra by Bunge completed, whereby Glencore received $2.6 billion in Bunge shares. See note 26.
4
In October 2025, Glencore disposed of its FVTPL investment in MAC Copper.
Dividend income from equity investments designated at fair value through other comprehensive income amounted to $56\u00a0million for the year ended 31 December 2025 (2024: $7\u00a0million).
Refer to note 35 for further details of the Group\u2019s principal other investments.
Country of incorporation
% interest 2025
% interest 2024
Main activity
Other investments
Shenzhen Energy Gas Investment Holding Co. Ltd
China
7.8
7.8
Energy distribution
MAC Copper Limited.11
Jersey
\u2013
12.1
Zinc/Copper production
PT Trimegah Bangun Persada Tbk
Indonesia
7.2
3.9
Nickel production
Bunge Global SA6
Switzerland
16.4
\u2013
Agriculture business
11
In October 2025, Glencore disposed of its investment in MAC Copper Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-119": { "value": "
Other investments
Other investments comprise equity investments, other than associates, recorded at fair value.
2025
US$ million
FVTOCI1
FVTPL2
Total
1 January
350
118
468
Additions3
2,840
1
2,841
Disposals4
(65)
(130)
(195)
Changes in mark-to-market valuations
596
25
621
Total
3,721
14
3,735
2024
US$ million
FVTOCI1
FVTPL2
Total
1 January
387
126
513
Additions
145
10
155
Disposals
(115)
(121)
(236)
Changes in mark-to-market valuations
(67)
3
(64)
Reclassification from associates and joint ventures
\u2013
100
100
Total
350
118
468
1
FVTOCI - Fair value through other comprehensive income.
2
FVTPL - Fair value through profit or loss.
3
In July 2025, the acquisition of Viterra by Bunge completed, whereby Glencore received $2.6 billion in Bunge shares. See note 26.
4
In October 2025, Glencore disposed of its FVTPL investment in MAC Copper.
Dividend income from equity investments designated at fair value through other comprehensive income amounted to $56\u00a0million for the year ended 31 December 2025 (2024: $7\u00a0million).
Refer to note 35 for further details of the Group\u2019s principal other investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-120": { "value": "
Other investments
Other investments comprise equity investments, other than associates, recorded at fair value.
2025
US$ million
FVTOCI1
FVTPL2
Total
1 January
350
118
468
Additions3
2,840
1
2,841
Disposals4
(65)
(130)
(195)
Changes in mark-to-market valuations
596
25
621
Total
3,721
14
3,735
2024
US$ million
FVTOCI1
FVTPL2
Total
1 January
387
126
513
Additions
145
10
155
Disposals
(115)
(121)
(236)
Changes in mark-to-market valuations
(67)
3
(64)
Reclassification from associates and joint ventures
\u2013
100
100
Total
350
118
468
1
FVTOCI - Fair value through other comprehensive income.
2
FVTPL - Fair value through profit or loss.
3
In July 2025, the acquisition of Viterra by Bunge completed, whereby Glencore received $2.6 billion in Bunge shares. See note 26.
4
In October 2025, Glencore disposed of its FVTPL investment in MAC Copper.
Dividend income from equity investments designated at fair value through other comprehensive income amounted to $56\u00a0million for the year ended 31 December 2025 (2024: $7\u00a0million).
Refer to note 35 for further details of the Group\u2019s principal other investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-121": { "value": "
Other investments
Other investments comprise equity investments, other than associates, recorded at fair value.
2025
US$ million
FVTOCI1
FVTPL2
Total
1 January
350
118
468
Additions3
2,840
1
2,841
Disposals4
(65)
(130)
(195)
Changes in mark-to-market valuations
596
25
621
Total
3,721
14
3,735
2024
US$ million
FVTOCI1
FVTPL2
Total
1 January
387
126
513
Additions
145
10
155
Disposals
(115)
(121)
(236)
Changes in mark-to-market valuations
(67)
3
(64)
Reclassification from associates and joint ventures
\u2013
100
100
Total
350
118
468
1
FVTOCI - Fair value through other comprehensive income.
2
FVTPL - Fair value through profit or loss.
3
In July 2025, the acquisition of Viterra by Bunge completed, whereby Glencore received $2.6 billion in Bunge shares. See note 26.
4
In October 2025, Glencore disposed of its FVTPL investment in MAC Copper.
Dividend income from equity investments designated at fair value through other comprehensive income amounted to $56\u00a0million for the year ended 31 December 2025 (2024: $7\u00a0million).
Refer to note 35 for further details of the Group\u2019s principal other investments.
12. Advances and loans
US$ million
Notes
2025
2024
Financial assets at amortised cost
Loans to associates
137
133
Advances and loans1
1,394
1,276
Deferred consideration
\u2013
32
Rehabilitation trust fund2
208
160
1,739
1,601
Financial assets at fair value through profit or loss
Prepaid commodity forward contracts3
28
98
270
Other non-current receivables and loans
28
184
79
Convertible loans
28
14
171
296
520
Non-financial assets
Pension surpluses
24
463
381
Advances repayable with product
328
360
Land rights prepayment
150
150
Supply fee prepayment
214
\u2013
Other tax and other non-current receivables
131
106
1,286
997
Total
3,321
3,118
1
Net of $424\u00a0million (2024: $Nil) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
2
The balance has been assessed for impairment and is deemed recoverable.
3
Net of $1,021\u00a0million (2024: $820\u00a0million) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
Financial assets at fair value through profit or loss
Prepaid commodity forward contracts
Physically settled advances and prepayments that are inseparable from commodity purchase or sale contracts, and that do not qualify for the own\u2011use exemption, fall within the scope of IFRS\u202f9 and are recognised as financial instruments and measured at fair value through profit or loss.
Other non-current receivables and loans
During 2025, fair value movements of $3 million (2024: $6 million) were recognised in net changes in mark-to-market valuations (see note 5).
Convertible loans
During 2025, fair value movements of negative $79 million (2024: $48 million) were recognised in net changes in mark-to-market valuations (see note 5).
14. Accounts receivable
US$ million
Notes
2025
2024
Financial assets at amortised cost
Trade receivables
2,279
3,083
Margin calls paid and other broker balances
6,018
3,392
Receivables from associates
179
194
Deferred consideration
\u2013
35
Advances and loans1
1,000
767
9,476
7,471
Financial assets at fair value through profit or loss
Trade receivables with derivative features
28
11,149
7,795
Prepaid commodity forward contracts2
28
598
499
Other receivables and loans
28
156
122
Convertible loans
28
64
\u2013
11,967
8,416
Non-financial assets
Advances repayable with product
422
353
Supply fee prepayment
50
\u2013
Other tax and other current receivables3
1,911
1,541
2,383
1,894
Total
23,826
17,781
1
Net of $221\u00a0million (2024: $15\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
2
Net of $526\u00a0million (2024: $355\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
3
Comprises sales and other tax receivables of $1,755\u00a0million (2024: $1,393\u00a0million) and other receivables of $156\u00a0million (2024: $148\u00a0million).
Financial assets at fair value through profit or loss
Trade receivables with derivative features
Trade receivables whose contractual cash flows do not meet the SPPI criterion, for example, those containing derivative features, are measured at FVTPL. All other trade receivables are measured at amortised cost.
Prepaid commodity forward contracts
Physically settled advances and prepayments that are inseparable from commodity purchase or sale contracts, and that do not qualify for the own-use exemption, fall within the scope of IFRS\u202f9 and are recognised as financial instruments and measured at fair value through profit or loss.
Other receivables and loans
During 2025, fair value movements of negative $21 million (2024: $27 million) were recognised in net changes in mark-to-market valuations (see note 5).
Convertible loans
During 2025, fair value movements of $24 million (2024: $Nil) were recognised in net changes in mark-to-market valuations (see note 5).
25. Accounts payable
US$ million
Notes
2025
2024
Financial liabilities at amortised cost
Trade payables
5,551
4,905
Margin calls received and other broker balances
687
667
Associated companies
1,351
794
Other payables and accrued liabilities
785
709
8,374
7,075
Financial liabilities at fair value through profit or loss
Trade payables with derivative features
28
24,986
19,967
Other payables
28
\u2013
15
24,986
19,982
Non-financial liabilities
Other payables and accrued liabilities1
1,611
1,356
Other tax and other payables
643
555
2,254
1,911
Total
35,614
28,968
1
Primarily comprised of employee benefit accruals.
Trade payables are obligations to pay for goods and services. Trade payables typically have maturities up to 90 days depending on the type of material and the geographic area in which the purchase transaction occurs and the agreed terms. The carrying value of trade payables approximates fair value.
28. Financial instruments
Fair value of financial instruments
The following tables present the carrying amounts and fair values of Glencore\u2019s financial instruments. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date, under current market conditions. Where available, quoted market prices have been used to determine fair values. Where such prices are not available, fair values have been estimated by discounting expected cash flows using prevailing market interest and exchange rates. These estimates have been determined using observable market data and appropriate valuation techniques, but may not reflect the actual amounts that could be realised in the normal course of business.
Financial assets and liabilities are presented by class in the tables below and at their carrying values, which generally approximate their fair values with the exception of $39,583\u00a0million (2024: $36,265\u00a0million) of borrowings, the fair value of which at 31 December 2025 was $39,756 million (2024: $36,091 million). An amount of $6,939 million (2024: $5,842 million) represents the listed portion of the borrowings portfolio, measured using quoted prices in active markets (Level 1 fair value measurement). A further $32,817 million (2024: $30,249 million) is measured using observable market data.
2025
Amortised
cost
FVTPL1
FVTOCI2
US$ million
Total
Assets
Other investments
\u2013
14
3,721
3,735
Non-current other financial assets
\u2013
402
\u2013
402
Advances and loans
1,739
296
\u2013
2,035
Accounts receivable
9,476
11,967
\u2013
21,443
Other financial assets
\u2013
4,274
\u2013
4,274
Cash and cash equivalents
2,945
\u2013
\u2013
2,945
Total financial assets
14,160
16,953
3,721
34,834
Liabilities
Borrowings
41,486
\u2013
\u2013
41,486
Non-current other financial liabilities
\u2013
1,220
\u2013
1,220
Accounts payable
8,374
24,986
\u2013
33,360
Deferred income
\u2013
2,628
\u2013
2,628
Other financial liabilities
\u2013
7,217
\u2013
7,217
Total financial liabilities
49,860
36,051
\u2013
85,911
2024
Amortised
cost
FVTPL1
FVTOCI2
Total
US$ million
Assets
Other investments
\u2013
118
350
468
Non-current other financial assets
\u2013
197
\u2013
197
Advances and loans
1,601
520
\u2013
2,121
Accounts receivable
7,471
8,416
\u2013
15,887
Other financial assets
\u2013
4,389
\u2013
4,389
Cash and cash equivalents
2,389
\u2013
\u2013
2,389
Total financial assets
11,461
13,640
350
25,451
Liabilities
Borrowings
38,107
\u2013
\u2013
38,107
Non-current other financial liabilities
\u2013
2,033
\u2013
2,033
Accounts payable
7,075
19,982
\u2013
27,057
Deferred income
\u2013
1,642
\u2013
1,642
Other financial liabilities
\u2013
2,835
\u2013
2,835
Total financial liabilities
45,182
26,492
\u2013
71,674
1
FVTPL \u2013 Fair value through profit or loss.
2
FVTOCI \u2013 Fair value through other comprehensive income.
Offsetting of financial assets and liabilities
In accordance with IAS 32 the Group reports financial assets and liabilities on a net basis in the consolidated statement of financial position only if there is a legally enforceable right to offset the recognised amounts and an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. The financial assets and liabilities subject to offsetting, enforceable master netting and similar agreements as at 31 December 2025 and 2024 were as follows:
Amounts not subject to netting agreements
Total as presented
in the consolidated
statement
of financial position

Amounts eligible for set off
under netting agreements

Related amounts not set off
under netting agreements
2025
Gross
amount
Amounts
offset
Net
amount
Financial
instruments
Financial
collateral
Net
amount
US$ million
Derivative assets1
15,752
(12,721)
3,031
(2,274)
(427)
330
1,645
4,676
Derivative liabilities1
(20,060)
12,721
(7,339)
2,274
4,681
(384)
(1,098)
(8,437)
Accounts receivable
2,624
(718)
1,906
Accounts payable
(6,500)
718
(5,782)
Amounts
not subject
to netting
agreements
Total as
presented
in the
consolidated
statement
of financial
position

Amounts eligible for set off
under netting agreements

Related amounts not set off
under netting agreements
2024
Gross
amount
Amounts
offset
Net
amount
Financial
instruments
Financial
collateral
Net
amount
US$ million
Derivative assets1
11,215
(8,766)
2,449
(1,196)
(527)
726
2,137
4,586
Derivative liabilities1
(12,583)
8,766
(3,817)
1,196
2,455
(166)
(1,051)
(4,868)
Accounts receivable
2,952
(211)
2,741
Accounts payable
(6,239)
211
(6,028)
1
Presented within current and non-current other financial assets and other financial liabilities.
For the financial assets and liabilities subject to enforceable master netting or similar arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities in the ordinary course of business. Where practical reasons prevent net settlement, financial assets and liabilities may be settled on a gross basis, however, each party to the master netting or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to make payment when due or failure by a party to perform any obligation required by the agreement (other than payment), if such failure is not remedied within periods of 30 to 60\u00a0days after notice of such failure is given to the party or bankruptcy.
29. Fair value measurements
Fair values are primarily determined using quoted market prices or standard pricing models incorporating observable market inputs where available. The fair values are presented to reflect the expected gross future cash in/outflows. Glencore classifies the fair value measurements of its financial instruments into a three-level hierarchy based on the observability and source of the inputs used in the valuation:
Level 1
Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities accessible at the measurement date; or
Level 2
Inputs other than those included in Level 1 that are observable, either directly (as prices) or indirectly (derived from prices) for the asset or liability; or
Level 3
Unobservable inputs for the assets or liabilities, for which Glencore uses internally developed models and market-based assumptions.
Level 1 classifications primarily include futures with a tenor of less than one year and listed options. Level 2 classifications mainly comprise longer-dated futures (tenor greater than one year), OTC options, swaps, and physical forward transactions, where fair values are derived primarily from exchange quotations and readily observable broker quotes. Level 3 classifications primarily include physical forward transactions whose fair values are derived predominantly from internal valuation models incorporating exchange traded and broker quotes as well as market-based estimates for factors such as location, quality, and credit differentials. They also include certain financial liabilities linked to the fair value of specific mining operations. In cases where observable market inputs are not available and Level 3 fair values are applied, it is possible that the use of a different valuation model or assumptions could result in a materially different estimate of fair value.
Derivative transactions are entered into under master netting agreements or long-form confirmations, which provide the legal right to offset amounts due to and from a common counterparty in the event of default, insolvency, or bankruptcy.
The following tables reflect the fair values of the derivative financial instruments including trade related financial and physical forward purchase and sale commitments by type of contract and non-current other financial assets and liabilities as at 31 December 2025 and 2024. Other assets and liabilities which are measured at fair value on a recurring basis include marketing inventories, other investments, cash and cash equivalents. There are no non-recurring fair value measurements requiring disclosure under IFRS Accounting Standards as issued by IASB.
Financial assets
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
11,149
\u2013
11,149
Prepaid commodity forward contracts
\u2013
598
\u2013
598
Convertible loans
\u2013
\u2013
64
64
Other receivables and loans
\u2013
148
8
156
Non-current prepaid commodity forward contracts
\u2013
98
\u2013
98
Other non-current receivables and loans
\u2013
171
13
184
Non-current convertible loan
\u2013
\u2013
14
14
Other investments
3,597
138
\u2013
3,735
Financial assets
3,597
12,302
99
15,998
Other financial assets
Commodity-related contracts
Futures
2,126
164
\u2013
2,290
Options
23
79
\u2013
102
Swaps
361
19
34
414
Physical forwards
\u2013
1,078
391
1,469
Financial contracts
Cross-currency swaps
\u2013
8
\u2013
8
Foreign currency and interest rate contracts
\u2013
42
\u2013
42
Derivative netting
(51)
Current other financial assets
2,510
1,390
425
4,274
Non-current other financial assets
Cross-currency swaps
\u2013
148
\u2013
148
Foreign currency and interest rate contracts
\u2013
94
\u2013
94
Other financial derivative assets
\u2013
\u2013
160
160
Non-current other financial assets
\u2013
242
160
402
Total
6,107
13,934
684
20,674
Financial assets
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
7,795
\u2013
7,795
Prepaid commodity forward contracts
\u2013
499
\u2013
499
Other receivables and loans
\u2013
93
29
122
Non-current prepaid commodity forward contracts
\u2013
270
\u2013
270
Other non-current receivables and loans
\u2013
61
18
79
Non-current convertible loan
\u2013
\u2013
171
171
Other investments
356
112
\u2013
468
Financial assets
356
8,830
218
9,404
Other financial assets
Commodity-related contracts
Futures
1,250
313
\u2013
1,563
Options
38
71
\u2013
109
Swaps
286
447
\u2013
733
Physical forwards
\u2013
739
1,229
1,968
Financial contracts
Cross-currency swaps
\u2013
21
\u2013
21
Foreign currency and interest rate contracts
\u2013
176
\u2013
176
Derivative netting
(181)
Current other financial assets
1,574
1,767
1,229
4,389
Non-current other financial assets
Cross-currency swaps
\u2013
16
\u2013
16
Foreign currency and interest rate contracts
\u2013
36
\u2013
36
Other financial derivative assets
\u2013
\u2013
145
145
Non-current other financial assets
\u2013
52
145
197
Total
1,930
10,649
1,592
13,990
Financial liabilities
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
24,986
\u2013
24,986
Financial liabilities
\u2013
24,986
\u2013
24,986
Other financial liabilities
Commodity-related contracts
Futures
3,196
1,794
\u2013
4,990
Options
324
19
\u2013
343
Swaps
295
705
\u2013
1,000
Physical forwards
\u2013
584
78
662
Financial contracts
Cross-currency swaps
\u2013
133
\u2013
133
Other financial derivative liabilities
\u2013
\u2013
2
2
Foreign currency and interest rate contracts
\u2013
138
\u2013
138
Derivative netting
(51)
Current other financial liabilities
3,815
3,373
80
7,217
Non-current other financial liabilities
Cross-currency swaps
\u2013
298
\u2013
298
Foreign currency and interest rate contracts
\u2013
501
\u2013
501
Non-discretionary dividend obligation1
\u2013
\u2013
107
107
Other financial derivative liabilities
\u2013
102
27
129
Contingent considerations
\u2013
76
109
185
Non-current other financial liabilities
\u2013
977
243
1,220
Deferred income
Current deferred income
\u2013
2,201
26
2,227
Non-current deferred income
\u2013
314
87
401
Deferred income
\u2013
2,515
113
2,628
Total
3,815
31,851
436
36,051
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
19,967
\u2013
19,967
Non-discretionary dividend obligation1
\u2013
\u2013
15
15
Financial liabilities
\u2013
19,967
15
19,982
Other financial liabilities
Commodity-related contracts
Futures
1,383
281
\u2013
1,664
Options
150
1
\u2013
151
Swaps
189
94
32
315
Physical forwards
\u2013
629
94
723
Financial contracts
Cross-currency swaps
\u2013
77
\u2013
77
Foreign currency and interest rate contracts
\u2013
86
\u2013
86
Derivative netting
(181)
Current other financial liabilities
1,722
1,168
126
2,835
Non-current other financial liabilities
Cross-currency swaps
\u2013
962
\u2013
962
Foreign currency and interest rate contracts
\u2013
753
\u2013
753
Non-discretionary dividend obligation1
\u2013
\u2013
135
135
Other financial derivative liabilities
\u2013
\u2013
61
61
Contingent considerations
\u2013
\u2013
122
122
Non-current other financial liabilities
\u2013
1,715
318
2,033
Deferred income
Current deferred income
\u2013
1,559
\u2013
1,559
Non-current deferred income
\u2013
\u2013
83
83
Deferred income
\u2013
1,559
83
1,642
Total
1,722
24,409
542
26,492
1
A ZAR denominated derivative liability payable to ARM Coal, a partner in one of the Group\u2019s principal coal joint operations based in South Africa. The liability arises from ARM Coal\u2019s rights as an investor to a share of agreed free cash flows from certain coal operations in South Africa and is valued based on those cash flows using a risk-adjusted discount rate. The derivative liability is settled over the life of those operations with a modelled mine life of 13 years as at 31 December 2025 (2024: 13 years).
The following table reflects the net changes in fair value of Level 3 other financial assets and other financial liabilities:
US$ million
Contingent considerations
Convertible loans
Physical
forwards
Swaps
Other
Total
Level 3
1 January 2025
(122)
171
1,135
(32)
(102)
1,050
Total gain recognised in revenue
\u2013
\u2013
158
22
\u2013
180
Total (loss)/gain recognised in cost of goods sold
\u2013
\u2013
(45)
24
\u2013
(21)
Transfers out of Level 3
\u2013
\u2013
(326)
\u2013
\u2013
(326)
Fair value recognised in other income/(expense)
8
(15)
\u2013
\u2013
123
116
Realised
5
(78)
(609)
20
(89)
(751)
31 December 2025
(109)
78
313
34
(68)
248
1 January 2024
(47)
136
870
4
(215)
748
Total loss recognised in revenue
\u2013
\u2013
(21)
(8)
\u2013
(29)
Total gain/(loss) recognised in cost of goods sold
\u2013
\u2013
637
(26)
44
655
Acquisition
\u2013
75
\u2013
\u2013
(141)
(66)
Fair value recognised in other income/(expense)
(19)
(40)
\u2013
\u2013
210
151
Realised
(56)
\u2013
(351)
(2)
\u2013
(409)
31 December 2024
(122)
171
1,135
(32)
(102)
1,050
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year. During the year, physical forward derivatives of $326 million (2024: $Nil) were reclassified from Level 3 to Level 2, as the passage of time brought certain physical contracts closer to delivery, resulting in pricing falling within a range supported by observable market inputs.
Glencore has entered into long-term physical forward contracts that extend over periods where observable pricing is limited. Due to the long-dated nature of these contracts, transaction prices may not represent the best evidence of fair value. In these circumstances, fair values are determined by extrapolating observable forward commodity prices. Where such estimates form a significant component of the overall contract value, resulting gains or losses are deferred. As at 31 December 2025, a deferred gain of $0.6 billion (2024: $Nil) related to such contracts, which remain unrecognised in the statement of income and will be recognised over the term of the respective contracts as observable market inputs emerge and the associated risks unwind.
Fair value of financial assets/financial liabilities
Some of the Group\u2019s financial assets and financial liabilities are measured at fair value at the end of each reporting period.
Futures, options and swaps classified as Level 1 financial assets and liabilities are measured using quoted prices in an active market.
Accounts receivable and payables, and certain futures, options, swaps, physical forwards, cross-currency swaps, foreign currency, interest rate contracts and deferred income classified as Level 2 financial assets and liabilities are measured using discounted cash flow models. Key inputs include observable quoted prices sourced from exchanges or traded reference indices in active markets for identical assets or liabilities. Prices are adjusted by a discount rate which captures the time value of money and counterparty credit considerations, as required.
Given the extent to which the Group recognises financial instrument assets and liabilities at fair value, the preparation of the Group\u2019s consolidated financial statements requires management to consider on an ongoing basis, the key valuation metrics and judgements involved in the determination of the fair value of financial instruments. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Management reviewed the key valuation metrics, assumptions and methodologies involved in the determination of the Level 3 fair value of financial instruments and determined that the valuations were materially reasonable.
The\u00a0following table provides information on the valuation techniques and inputs used to determine the fair value of Level 3 financial assets of $684\u00a0million (2024: $1,592\u00a0million) and financial liabilities of $436\u00a0million (2024: $542\u00a0million).
US$ million
2025
2024
Other receivables and loans
Assets
21
47
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Discount rates specific to the operation; and
\u2013 Underlying business plans and forecasts.
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2024: $3 million) reduction of the current carrying value of the asset while bringing forward repayments by one year would result in a $Nil (2024: $1 million) increase.
Convertible loans
Assets
78
171
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Recoverable net assets, share price; and
\u2013 Risk-free rate, credit spread; and volatility.
A 10% increase/decrease in the share price assumption would result in a $7 million (2024: $3 million) adjustment to the current carrying value. In 2024, the valuation was sensitive to the credit spread and discount rate, where a 10% increase in the discount rate would result in a $16 million reduction to the current carrying value.
Contingent considerations
Assets
\u2013
\u2013
Liabilities
(109)
(122)
Valuation techniques and key inputs:
Discounted cash flow models
Significant and other unobservable inputs:
\u2013 Estimated production plans;
\u2013 Forecast commodity prices (coal and copper); and
\u2013 Discount rates specific to the operation.
Contingent considerations relate to business combinations completed in prior years. The valuation remains sensitive to forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2024: $6 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $7 million (2024: $7 million) adjustment to the contingent considerations.
Other financial derivative assets
Assets
160
145
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Estimated sale, equity valuation and production plans;
\u2013 Forecast copper and iron ore prices, historical prices and observed volatility; and
\u2013 Discount rates specific to the operation.
The contingent future consideration assets' valuation remains sensitive to production volumes and an 8 year (2024: 8 year) increase in the life of mine assumptions would result in a $4 million (2024: $5 million) increase to the current carrying value. A 10% increase/decrease in copper production assumptions would result in a $8 million (2024: $9 million) adjustment to the current asset carrying value. A 10% increase/decrease in equity valuation and volatility assumptions would result in an $4 million (2024: $Nil) adjustment to the current carrying value.
Swaps
Assets
34
\u2013
Liabilities
\u2013
(32)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term aluminium and alumina prices.
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $3 million (2024: $3 million) adjustment to the current carrying value.
Deferred income and other financial derivative liabilities
Assets
\u2013
\u2013
Liabilities
(142)
(144)
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Forecast nickel prices, historical prices and observed volatility;
\u2013 Tenor of option expiry beyond market liquidity; and
\u2013 Discount rate based on risk-free rate adjusted for asset specific risks.
The significant unobservable inputs represent the long-term nickel price to which the valuation remains sensitive. A 10% increase/decrease in nickel price assumptions would result in a $9 million adjustment (2024: $9 million adjustment) to the current carrying values.
US$ million
2025
2024
Physical Forwards
Assets
391
1,229
Liabilities
(78)
(94)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including:
\u2013 quality;
\u2013 geographic location;
\u2013 local supply and demand;
\u2013 customer requirements; and
\u2013 counterparty credit considerations.
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio.
The valuation of these contracts is based on observable market prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage and conversion premiums.

Complex valuation techniques are applied to calculate price estimates for longer dated portions of market curves where observable market data is limited. To address inherent calculation uncertainty, calculated price estimates are benchmarked to third-party long-term forecast macro pricing assumptions, where available, for reasonability, to ensure that valuations reflect their expected transfer value to other market participants in accordance with IFRS 13. In selecting pricing within unobservable long-term ranges, the Group considers the risks associated with realising market value over the duration of the contract.
Non-discretionary dividend obligation
Assets
\u2013
\u2013
Liabilities
(107)
(150)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term forecast coal prices;
\u2013 Discount rates using weighted average cost of capital methodology;
\u2013 Production models;
\u2013 Operating costs; and
\u2013 Capital expenditures.
The resultant liability represents a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $87 million (2024: $81 million) adjustment to the current carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-122": { "value": "
Other investments
Other investments comprise equity investments, other than associates, recorded at fair value.
2025
US$ million
FVTOCI1
FVTPL2
Total
1 January
350
118
468
Additions3
2,840
1
2,841
Disposals4
(65)
(130)
(195)
Changes in mark-to-market valuations
596
25
621
Total
3,721
14
3,735
2024
US$ million
FVTOCI1
FVTPL2
Total
1 January
387
126
513
Additions
145
10
155
Disposals
(115)
(121)
(236)
Changes in mark-to-market valuations
(67)
3
(64)
Reclassification from associates and joint ventures
\u2013
100
100
Total
350
118
468
1
FVTOCI - Fair value through other comprehensive income.
2
FVTPL - Fair value through profit or loss.
3
In July 2025, the acquisition of Viterra by Bunge completed, whereby Glencore received $2.6 billion in Bunge shares. See note 26.
4
In October 2025, Glencore disposed of its FVTPL investment in MAC Copper.
28. Financial instruments
Fair value of financial instruments
The following tables present the carrying amounts and fair values of Glencore\u2019s financial instruments. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date, under current market conditions. Where available, quoted market prices have been used to determine fair values. Where such prices are not available, fair values have been estimated by discounting expected cash flows using prevailing market interest and exchange rates. These estimates have been determined using observable market data and appropriate valuation techniques, but may not reflect the actual amounts that could be realised in the normal course of business.
Financial assets and liabilities are presented by class in the tables below and at their carrying values, which generally approximate their fair values with the exception of $39,583\u00a0million (2024: $36,265\u00a0million) of borrowings, the fair value of which at 31 December 2025 was $39,756 million (2024: $36,091 million). An amount of $6,939 million (2024: $5,842 million) represents the listed portion of the borrowings portfolio, measured using quoted prices in active markets (Level 1 fair value measurement). A further $32,817 million (2024: $30,249 million) is measured using observable market data.
2025
Amortised
cost
FVTPL1
FVTOCI2
US$ million
Total
Assets
Other investments
\u2013
14
3,721
3,735
Non-current other financial assets
\u2013
402
\u2013
402
Advances and loans
1,739
296
\u2013
2,035
Accounts receivable
9,476
11,967
\u2013
21,443
Other financial assets
\u2013
4,274
\u2013
4,274
Cash and cash equivalents
2,945
\u2013
\u2013
2,945
Total financial assets
14,160
16,953
3,721
34,834
Liabilities
Borrowings
41,486
\u2013
\u2013
41,486
Non-current other financial liabilities
\u2013
1,220
\u2013
1,220
Accounts payable
8,374
24,986
\u2013
33,360
Deferred income
\u2013
2,628
\u2013
2,628
Other financial liabilities
\u2013
7,217
\u2013
7,217
Total financial liabilities
49,860
36,051
\u2013
85,911
2024
Amortised
cost
FVTPL1
FVTOCI2
Total
US$ million
Assets
Other investments
\u2013
118
350
468
Non-current other financial assets
\u2013
197
\u2013
197
Advances and loans
1,601
520
\u2013
2,121
Accounts receivable
7,471
8,416
\u2013
15,887
Other financial assets
\u2013
4,389
\u2013
4,389
Cash and cash equivalents
2,389
\u2013
\u2013
2,389
Total financial assets
11,461
13,640
350
25,451
Liabilities
Borrowings
38,107
\u2013
\u2013
38,107
Non-current other financial liabilities
\u2013
2,033
\u2013
2,033
Accounts payable
7,075
19,982
\u2013
27,057
Deferred income
\u2013
1,642
\u2013
1,642
Other financial liabilities
\u2013
2,835
\u2013
2,835
Total financial liabilities
45,182
26,492
\u2013
71,674
1
FVTPL \u2013 Fair value through profit or loss.
2
FVTOCI \u2013 Fair value through other comprehensive income.
29. Fair value measurements
Fair values are primarily determined using quoted market prices or standard pricing models incorporating observable market inputs where available. The fair values are presented to reflect the expected gross future cash in/outflows. Glencore classifies the fair value measurements of its financial instruments into a three-level hierarchy based on the observability and source of the inputs used in the valuation:
Level 1
Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities accessible at the measurement date; or
Level 2
Inputs other than those included in Level 1 that are observable, either directly (as prices) or indirectly (derived from prices) for the asset or liability; or
Level 3
Unobservable inputs for the assets or liabilities, for which Glencore uses internally developed models and market-based assumptions.
Level 1 classifications primarily include futures with a tenor of less than one year and listed options. Level 2 classifications mainly comprise longer-dated futures (tenor greater than one year), OTC options, swaps, and physical forward transactions, where fair values are derived primarily from exchange quotations and readily observable broker quotes. Level 3 classifications primarily include physical forward transactions whose fair values are derived predominantly from internal valuation models incorporating exchange traded and broker quotes as well as market-based estimates for factors such as location, quality, and credit differentials. They also include certain financial liabilities linked to the fair value of specific mining operations. In cases where observable market inputs are not available and Level 3 fair values are applied, it is possible that the use of a different valuation model or assumptions could result in a materially different estimate of fair value.
Derivative transactions are entered into under master netting agreements or long-form confirmations, which provide the legal right to offset amounts due to and from a common counterparty in the event of default, insolvency, or bankruptcy.
The following tables reflect the fair values of the derivative financial instruments including trade related financial and physical forward purchase and sale commitments by type of contract and non-current other financial assets and liabilities as at 31 December 2025 and 2024. Other assets and liabilities which are measured at fair value on a recurring basis include marketing inventories, other investments, cash and cash equivalents. There are no non-recurring fair value measurements requiring disclosure under IFRS Accounting Standards as issued by IASB.
Financial assets
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
11,149
\u2013
11,149
Prepaid commodity forward contracts
\u2013
598
\u2013
598
Convertible loans
\u2013
\u2013
64
64
Other receivables and loans
\u2013
148
8
156
Non-current prepaid commodity forward contracts
\u2013
98
\u2013
98
Other non-current receivables and loans
\u2013
171
13
184
Non-current convertible loan
\u2013
\u2013
14
14
Other investments
3,597
138
\u2013
3,735
Financial assets
3,597
12,302
99
15,998
Other financial assets
Commodity-related contracts
Futures
2,126
164
\u2013
2,290
Options
23
79
\u2013
102
Swaps
361
19
34
414
Physical forwards
\u2013
1,078
391
1,469
Financial contracts
Cross-currency swaps
\u2013
8
\u2013
8
Foreign currency and interest rate contracts
\u2013
42
\u2013
42
Derivative netting
(51)
Current other financial assets
2,510
1,390
425
4,274
Non-current other financial assets
Cross-currency swaps
\u2013
148
\u2013
148
Foreign currency and interest rate contracts
\u2013
94
\u2013
94
Other financial derivative assets
\u2013
\u2013
160
160
Non-current other financial assets
\u2013
242
160
402
Total
6,107
13,934
684
20,674
Financial assets
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
7,795
\u2013
7,795
Prepaid commodity forward contracts
\u2013
499
\u2013
499
Other receivables and loans
\u2013
93
29
122
Non-current prepaid commodity forward contracts
\u2013
270
\u2013
270
Other non-current receivables and loans
\u2013
61
18
79
Non-current convertible loan
\u2013
\u2013
171
171
Other investments
356
112
\u2013
468
Financial assets
356
8,830
218
9,404
Other financial assets
Commodity-related contracts
Futures
1,250
313
\u2013
1,563
Options
38
71
\u2013
109
Swaps
286
447
\u2013
733
Physical forwards
\u2013
739
1,229
1,968
Financial contracts
Cross-currency swaps
\u2013
21
\u2013
21
Foreign currency and interest rate contracts
\u2013
176
\u2013
176
Derivative netting
(181)
Current other financial assets
1,574
1,767
1,229
4,389
Non-current other financial assets
Cross-currency swaps
\u2013
16
\u2013
16
Foreign currency and interest rate contracts
\u2013
36
\u2013
36
Other financial derivative assets
\u2013
\u2013
145
145
Non-current other financial assets
\u2013
52
145
197
Total
1,930
10,649
1,592
13,990
Financial liabilities
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
24,986
\u2013
24,986
Financial liabilities
\u2013
24,986
\u2013
24,986
Other financial liabilities
Commodity-related contracts
Futures
3,196
1,794
\u2013
4,990
Options
324
19
\u2013
343
Swaps
295
705
\u2013
1,000
Physical forwards
\u2013
584
78
662
Financial contracts
Cross-currency swaps
\u2013
133
\u2013
133
Other financial derivative liabilities
\u2013
\u2013
2
2
Foreign currency and interest rate contracts
\u2013
138
\u2013
138
Derivative netting
(51)
Current other financial liabilities
3,815
3,373
80
7,217
Non-current other financial liabilities
Cross-currency swaps
\u2013
298
\u2013
298
Foreign currency and interest rate contracts
\u2013
501
\u2013
501
Non-discretionary dividend obligation1
\u2013
\u2013
107
107
Other financial derivative liabilities
\u2013
102
27
129
Contingent considerations
\u2013
76
109
185
Non-current other financial liabilities
\u2013
977
243
1,220
Deferred income
Current deferred income
\u2013
2,201
26
2,227
Non-current deferred income
\u2013
314
87
401
Deferred income
\u2013
2,515
113
2,628
Total
3,815
31,851
436
36,051
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
19,967
\u2013
19,967
Non-discretionary dividend obligation1
\u2013
\u2013
15
15
Financial liabilities
\u2013
19,967
15
19,982
Other financial liabilities
Commodity-related contracts
Futures
1,383
281
\u2013
1,664
Options
150
1
\u2013
151
Swaps
189
94
32
315
Physical forwards
\u2013
629
94
723
Financial contracts
Cross-currency swaps
\u2013
77
\u2013
77
Foreign currency and interest rate contracts
\u2013
86
\u2013
86
Derivative netting
(181)
Current other financial liabilities
1,722
1,168
126
2,835
Non-current other financial liabilities
Cross-currency swaps
\u2013
962
\u2013
962
Foreign currency and interest rate contracts
\u2013
753
\u2013
753
Non-discretionary dividend obligation1
\u2013
\u2013
135
135
Other financial derivative liabilities
\u2013
\u2013
61
61
Contingent considerations
\u2013
\u2013
122
122
Non-current other financial liabilities
\u2013
1,715
318
2,033
Deferred income
Current deferred income
\u2013
1,559
\u2013
1,559
Non-current deferred income
\u2013
\u2013
83
83
Deferred income
\u2013
1,559
83
1,642
Total
1,722
24,409
542
26,492
1
A ZAR denominated derivative liability payable to ARM Coal, a partner in one of the Group\u2019s principal coal joint operations based in South Africa. The liability arises from ARM Coal\u2019s rights as an investor to a share of agreed free cash flows from certain coal operations in South Africa and is valued based on those cash flows using a risk-adjusted discount rate. The derivative liability is settled over the life of those operations with a modelled mine life of 13 years as at 31 December 2025 (2024: 13 years).
The following table reflects the net changes in fair value of Level 3 other financial assets and other financial liabilities:
US$ million
Contingent considerations
Convertible loans
Physical
forwards
Swaps
Other
Total
Level 3
1 January 2025
(122)
171
1,135
(32)
(102)
1,050
Total gain recognised in revenue
\u2013
\u2013
158
22
\u2013
180
Total (loss)/gain recognised in cost of goods sold
\u2013
\u2013
(45)
24
\u2013
(21)
Transfers out of Level 3
\u2013
\u2013
(326)
\u2013
\u2013
(326)
Fair value recognised in other income/(expense)
8
(15)
\u2013
\u2013
123
116
Realised
5
(78)
(609)
20
(89)
(751)
31 December 2025
(109)
78
313
34
(68)
248
1 January 2024
(47)
136
870
4
(215)
748
Total loss recognised in revenue
\u2013
\u2013
(21)
(8)
\u2013
(29)
Total gain/(loss) recognised in cost of goods sold
\u2013
\u2013
637
(26)
44
655
Acquisition
\u2013
75
\u2013
\u2013
(141)
(66)
Fair value recognised in other income/(expense)
(19)
(40)
\u2013
\u2013
210
151
Realised
(56)
\u2013
(351)
(2)
\u2013
(409)
31 December 2024
(122)
171
1,135
(32)
(102)
1,050
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year. During the year, physical forward derivatives of $326 million (2024: $Nil) were reclassified from Level 3 to Level 2, as the passage of time brought certain physical contracts closer to delivery, resulting in pricing falling within a range supported by observable market inputs.
Glencore has entered into long-term physical forward contracts that extend over periods where observable pricing is limited. Due to the long-dated nature of these contracts, transaction prices may not represent the best evidence of fair value. In these circumstances, fair values are determined by extrapolating observable forward commodity prices. Where such estimates form a significant component of the overall contract value, resulting gains or losses are deferred. As at 31 December 2025, a deferred gain of $0.6 billion (2024: $Nil) related to such contracts, which remain unrecognised in the statement of income and will be recognised over the term of the respective contracts as observable market inputs emerge and the associated risks unwind.
Fair value of financial assets/financial liabilities
Some of the Group\u2019s financial assets and financial liabilities are measured at fair value at the end of each reporting period.
Futures, options and swaps classified as Level 1 financial assets and liabilities are measured using quoted prices in an active market.
Accounts receivable and payables, and certain futures, options, swaps, physical forwards, cross-currency swaps, foreign currency, interest rate contracts and deferred income classified as Level 2 financial assets and liabilities are measured using discounted cash flow models. Key inputs include observable quoted prices sourced from exchanges or traded reference indices in active markets for identical assets or liabilities. Prices are adjusted by a discount rate which captures the time value of money and counterparty credit considerations, as required.
Given the extent to which the Group recognises financial instrument assets and liabilities at fair value, the preparation of the Group\u2019s consolidated financial statements requires management to consider on an ongoing basis, the key valuation metrics and judgements involved in the determination of the fair value of financial instruments. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Management reviewed the key valuation metrics, assumptions and methodologies involved in the determination of the Level 3 fair value of financial instruments and determined that the valuations were materially reasonable.
The\u00a0following table provides information on the valuation techniques and inputs used to determine the fair value of Level 3 financial assets of $684\u00a0million (2024: $1,592\u00a0million) and financial liabilities of $436\u00a0million (2024: $542\u00a0million).
US$ million
2025
2024
Other receivables and loans
Assets
21
47
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Discount rates specific to the operation; and
\u2013 Underlying business plans and forecasts.
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2024: $3 million) reduction of the current carrying value of the asset while bringing forward repayments by one year would result in a $Nil (2024: $1 million) increase.
Convertible loans
Assets
78
171
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Recoverable net assets, share price; and
\u2013 Risk-free rate, credit spread; and volatility.
A 10% increase/decrease in the share price assumption would result in a $7 million (2024: $3 million) adjustment to the current carrying value. In 2024, the valuation was sensitive to the credit spread and discount rate, where a 10% increase in the discount rate would result in a $16 million reduction to the current carrying value.
Contingent considerations
Assets
\u2013
\u2013
Liabilities
(109)
(122)
Valuation techniques and key inputs:
Discounted cash flow models
Significant and other unobservable inputs:
\u2013 Estimated production plans;
\u2013 Forecast commodity prices (coal and copper); and
\u2013 Discount rates specific to the operation.
Contingent considerations relate to business combinations completed in prior years. The valuation remains sensitive to forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2024: $6 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $7 million (2024: $7 million) adjustment to the contingent considerations.
Other financial derivative assets
Assets
160
145
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Estimated sale, equity valuation and production plans;
\u2013 Forecast copper and iron ore prices, historical prices and observed volatility; and
\u2013 Discount rates specific to the operation.
The contingent future consideration assets' valuation remains sensitive to production volumes and an 8 year (2024: 8 year) increase in the life of mine assumptions would result in a $4 million (2024: $5 million) increase to the current carrying value. A 10% increase/decrease in copper production assumptions would result in a $8 million (2024: $9 million) adjustment to the current asset carrying value. A 10% increase/decrease in equity valuation and volatility assumptions would result in an $4 million (2024: $Nil) adjustment to the current carrying value.
Swaps
Assets
34
\u2013
Liabilities
\u2013
(32)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term aluminium and alumina prices.
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $3 million (2024: $3 million) adjustment to the current carrying value.
Deferred income and other financial derivative liabilities
Assets
\u2013
\u2013
Liabilities
(142)
(144)
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Forecast nickel prices, historical prices and observed volatility;
\u2013 Tenor of option expiry beyond market liquidity; and
\u2013 Discount rate based on risk-free rate adjusted for asset specific risks.
The significant unobservable inputs represent the long-term nickel price to which the valuation remains sensitive. A 10% increase/decrease in nickel price assumptions would result in a $9 million adjustment (2024: $9 million adjustment) to the current carrying values.
US$ million
2025
2024
Physical Forwards
Assets
391
1,229
Liabilities
(78)
(94)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including:
\u2013 quality;
\u2013 geographic location;
\u2013 local supply and demand;
\u2013 customer requirements; and
\u2013 counterparty credit considerations.
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio.
The valuation of these contracts is based on observable market prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage and conversion premiums.

Complex valuation techniques are applied to calculate price estimates for longer dated portions of market curves where observable market data is limited. To address inherent calculation uncertainty, calculated price estimates are benchmarked to third-party long-term forecast macro pricing assumptions, where available, for reasonability, to ensure that valuations reflect their expected transfer value to other market participants in accordance with IFRS 13. In selecting pricing within unobservable long-term ranges, the Group considers the risks associated with realising market value over the duration of the contract.
Non-discretionary dividend obligation
Assets
\u2013
\u2013
Liabilities
(107)
(150)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term forecast coal prices;
\u2013 Discount rates using weighted average cost of capital methodology;
\u2013 Production models;
\u2013 Operating costs; and
\u2013 Capital expenditures.
The resultant liability represents a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $87 million (2024: $81 million) adjustment to the current carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-123": { "value": "
Other investments
Other investments comprise equity investments, other than associates, recorded at fair value.
2025
US$ million
FVTOCI1
FVTPL2
Total
1 January
350
118
468
Additions3
2,840
1
2,841
Disposals4
(65)
(130)
(195)
Changes in mark-to-market valuations
596
25
621
Total
3,721
14
3,735
12. Advances and loans
US$ million
Notes
2025
2024
Financial assets at amortised cost
Loans to associates
137
133
Advances and loans1
1,394
1,276
Deferred consideration
\u2013
32
Rehabilitation trust fund2
208
160
1,739
1,601
Financial assets at fair value through profit or loss
Prepaid commodity forward contracts3
28
98
270
Other non-current receivables and loans
28
184
79
Convertible loans
28
14
171
296
520
Non-financial assets
Pension surpluses
24
463
381
Advances repayable with product
328
360
Land rights prepayment
150
150
Supply fee prepayment
214
\u2013
Other tax and other non-current receivables
131
106
1,286
997
Total
3,321
3,118
1
Net of $424\u00a0million (2024: $Nil) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
2
The balance has been assessed for impairment and is deemed recoverable.
3
Net of $1,021\u00a0million (2024: $820\u00a0million) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
Financial assets at amortised cost
Loans to associates
Loans to associates generally bear interest at applicable floating market rates plus a premium.
Advances and loans
Represent various financing facilities, predominantly marketing related and secured against specific assets and/or future counterparty production proceeds. Secured financing arrangements are separable from contracts to buy or sell commodities and are primarily settled in cash or another financial asset. They are interest bearing and on average, are repaid over a three-year period.
Rehabilitation trust fund
Glencore makes contributions to controlled funds established to meet the costs of its restoration and rehabilitation liabilities, primarily in South Africa. These funds are not available for the general purposes of the Group and there is no present obligation to make any further contributions.
Loss allowances of financial assets at amortised cost
The Group determines the Expected Credit Loss (ECL) on loans to associates, advances and loans (at amortised cost) and deferred consideration by applying probability-weighted scenarios of default and loss severity specific to each material exposure. ECL allowances are measured as either 12-month ECLs, reflecting historical default experience adjusting for forward-looking information, or as lifetime ECLs reflecting that the asset is credit impaired. The movement in the loss allowance for financial assets classified at amortised cost is detailed below:
2025
Loans to associates
Advances and loans and deferred consideration
US$ million
12-Month ECL
Lifetime ECL1
Total
12-Month ECL
Lifetime ECL2
Total
Total
Gross carrying value
1 January 2025
18
175
193
464
1,241
1,705
1,898
Increase during the period
8
2
10
420
292
712
722
Decrease during the period
(7)
\u2013
(7)
(92)
(126)
(218)
(225)
Effect of foreign currency exchange movements
\u2013
10
10
6
\u2013
6
16
Other movements
10
(20)
(10)
(82)
(33)
(115)
(125)
31 December 2025
29
167
196
716
1,374
2,090
2,286
Allowance for credit loss
1 January 2025
\u2013
60
60
43
354
397
457
Released during the period3
\u2013
(2)
(2)
(11)
(11)
(22)
(24)
Charged during the period3
1
\u2013
1
37
357
394
395
Effect of foreign currency exchange movements
\u2013
\u2013
\u2013
\u2013
(23)
(23)
(23)
Other movements
\u2013
\u2013
\u2013
(17)
(33)
(50)
(50)
31 December 2025
1
58
59
52
644
696
755
Net carrying value 31 December 2025
28
109
137
664
730
1,394
1,531
2024
Loans to associates
Advances and loans and deferred consideration
US$ million
12-Month ECL
Lifetime ECL1
Total
12-Month ECL
Lifetime ECL2
Total
Total
Gross carrying value
1 January 2024
16
200
216
522
1,234
1,756
1,972
Increase during the period
3
\u2013
3
217
101
318
321
Decrease during the period
(1)
(26)
(27)
(264)
(175)
(439)
(466)
Effect of foreign currency exchange movements
\u2013
(9)
(9)
(7)
\u2013
(7)
(16)
Other movements
\u2013
10
10
(4)
81
77
87
31 December 2024
18
175
193
464
1,241
1,705
1,898
Allowances for credit loss
1 January 2024
\u2013
79
79
28
305
333
412
Released during the period3
\u2013
(20)
(20)
(2)
(39)
(41)
(61)
Charged during the period3
\u2013
\u2013
\u2013
19
98
117
117
Effect of foreign currency exchange movements
\u2013
(1)
(1)
(1)
\u2013
(1)
(2)
Other movements
\u2013
2
2
(1)
(10)
(11)
(9)
31 December 2024
\u2013
60
60
43
354
397
457
Net carrying value 31 December 2024
18
115
133
421
887
1,308
1,441
1
Gross carrying amount comprises stage 2 receivables of $127\u00a0million (2024: $117\u00a0million) and stage 3 receivables of $40\u00a0million (2024: $58\u00a0million). Allowance for credit losses comprises stage 2 credit losses of $31\u00a0million (2024: $31\u00a0million) and stage 3 credit losses of $27\u00a0million (2024: $29\u00a0million).
2
Gross carrying amount comprises stage 2 receivables of $1,156\u00a0million (2024: $840\u00a0million) and stage 3 receivables of $218\u00a0million (2024: $401\u00a0million). Allowance for credit losses comprises stage 2 credit losses of $509\u00a0million (2024: $174\u00a0million) and stage 3 credit losses $135\u00a0million (2024: $180\u00a0million).
3
$231\u00a0million (2024: $8\u00a0million) recognised as impairment (see note 7) and the balancing charge of $140\u00a0million (2024: $48\u00a0million) recognised in net expected credit losses.
Financial assets at fair value through profit or loss
Prepaid commodity forward contracts
Physically settled advances and prepayments that are inseparable from commodity purchase or sale contracts, and that do not qualify for the own\u2011use exemption, fall within the scope of IFRS\u202f9 and are recognised as financial instruments and measured at fair value through profit or loss.
Other non-current receivables and loans
During 2025, fair value movements of $3 million (2024: $6 million) were recognised in net changes in mark-to-market valuations (see note 5).
Convertible loans
During 2025, fair value movements of negative $79 million (2024: $48 million) were recognised in net changes in mark-to-market valuations (see note 5).
14. Accounts receivable
US$ million
Notes
2025
2024
Financial assets at amortised cost
Trade receivables
2,279
3,083
Margin calls paid and other broker balances
6,018
3,392
Receivables from associates
179
194
Deferred consideration
\u2013
35
Advances and loans1
1,000
767
9,476
7,471
Financial assets at fair value through profit or loss
Trade receivables with derivative features
28
11,149
7,795
Prepaid commodity forward contracts2
28
598
499
Other receivables and loans
28
156
122
Convertible loans
28
64
\u2013
11,967
8,416
Non-financial assets
Advances repayable with product
422
353
Supply fee prepayment
50
\u2013
Other tax and other current receivables3
1,911
1,541
2,383
1,894
Total
23,826
17,781
1
Net of $221\u00a0million (2024: $15\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
2
Net of $526\u00a0million (2024: $355\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
3
Comprises sales and other tax receivables of $1,755\u00a0million (2024: $1,393\u00a0million) and other receivables of $156\u00a0million (2024: $148\u00a0million).
Financial assets at amortised cost
Trade receivables
Trade receivables that are held to collect are measured at amortised cost
The average credit period on sales of goods is 18 days (2024: 17 days). The carrying value of trade receivables approximates fair value.
The Group applies the simplified approach to measure ECL allowances for trade receivables classified at amortised cost, using the lifetime ECL provision method. ECL allowances are estimated using a provision matrix that considers past default experience and credit ratings, adjusted as appropriate for current observable data. ECL provisions are recognised in \u2018net expected credit losses\u2019 in the consolidated statement of income. During the period, a release of $3 million (2024: $133 million charge) was recognised. The table below reflects the risk profile of trade receivables based on the Group\u2019s provision matrix.
US$ million
Trade receivables \u2013 days past due
As at 31 December 2025
Current
<30
31 \u2013 60
61 \u2013 90
>90
Total
Gross carrying amount
2,000
109
46
13
122
2,290
Weighted average expected credit loss rate
0.48%
0.69%
0.61%
1.03%
1.26%
Lifetime expected credit loss
(9)
(1)
\u2013
\u2013
(1)
(11)
Total
1,991
108
46
13
121
2,279
US$ million
Trade receivables \u2013 days past due
As at 31 December 2024
Current
<30
31 \u2013 60
61 \u2013 90
>90
Total
Gross carrying amount
2,812
113
51
32
89
3,097
Weighted average expected credit loss rate
0.44%
0.63%
0.73%
1.09%
1.16%
Lifetime expected credit loss
(12)
(1)
\u2013
\u2013
(1)
(14)
Total
2,800
112
51
32
88
3,083
The Group determines ECLs on receivables from associates, deferred consideration and other receivables (at amortised cost) by applying probability-weighted scenarios of default and loss severity to each material underlying balance. ECLs are measured as either 12-month ECLs, reflecting historical default experience adjusting for forward-looking information, or as lifetime ECLs reflecting that the asset is credit impaired. The movement in the loss allowances is reflected below:
2025
Receivables from associates
Advances and loans and deferred consideration
US$ million
12-Month ECL
Lifetime ECL1
Total
12-Month ECL
Lifetime ECL2
Total
Total
Gross carrying value
1 January 2025
164
37
201
777
285
1,062
1,263
Increase during the period
42
\u2013
42
513
65
578
620
Decrease during the period
(54)
\u2013
(54)
(302)
(86)
(388)
(442)
Effect of foreign currency exchange movements
(2)
1
(1)
33
5
38
37
Other movements
30
(30)
\u2013
(15)
97
82
82
31 December 2025
180
8
188
1,006
366
1,372
1,560
Allowance for credit loss
1 January 2025
\u2013
7
7
37
223
260
267
Released during the period3
\u2013
\u2013
\u2013
(4)
(16)
(20)
(20)
Charged during the period3
1
\u2013
1
21
101
122
123
Utilised during the period
\u2013
\u2013
\u2013
\u2013
(40)
(40)
(40)
Effect of foreign currency exchange movements
\u2013
1
1
\u2013
\u2013
\u2013
1
Other movements
\u2013
\u2013
\u2013
(8)
58
50
50
31 December 2025
1
8
9
46
326
372
381
Net carrying value 31 December 2025
179
\u2013
179
960
40
1,000
1,179
2024
Receivables from associates
Advances and loans and deferred consideration
US$ million
12-Month ECL
Lifetime ECL1
Total
12-Month ECL
Lifetime ECL2
Total
Total
Gross carrying value
1 January 2024
342
127
469
929
399
1,328
1,797
Increase during the period
57
\u2013
57
387
34
421
478
Decrease during the period
(199)
(113)
(312)
(512)
(155)
(667)
(979)
Assumed in business combination
\u2013
\u2013
\u2013
6
\u2013
6
6
Effect of foreign currency exchange movements
\u2013
\u2013
\u2013
(18)
(1)
(19)
(19)
Other movements
(36)
23
(13)
(15)
8
(7)
(20)
31 December 2024
164
37
201
777
285
1,062
1,263
Allowance for credit loss
1 January 2024
\u2013
117
117
21
184
205
322
Released during the period3
\u2013
(15)
(15)
(12)
(5)
(17)
(32)
Charged during the period3
\u2013
\u2013
\u2013
32
16
48
48
Utilised during the period
\u2013
(89)
(89)
(1)
(49)
(50)
(139)
Effect of foreign currency exchange movements
\u2013
(5)
(5)
(1)
\u2013
(1)
(6)
Other movements
\u2013
(1)
(1)
(2)
77
75
74
31 December 2024
\u2013
7
7
37
223
260
267
Net carrying value 31 December 2024
164
30
194
740
62
802
996
1
Gross carrying value comprises stage 3 receivables of $8\u00a0million (2024: $37\u00a0million). Allowance for credit losses comprises stage 3 credit losses of $8\u00a0million (2024: $7\u00a0million).
2
Gross carrying value comprises stage 2 receivables of $61\u00a0million (2024: $62\u00a0million) and stage 3 receivables of $305\u00a0million (2024: $223\u00a0million). Allowance for credit loss comprises stage 2 credit losses of $29\u00a0million (2024: $35\u00a0million) and stage 3 credit losses of $297\u00a0million (2024: $188\u00a0million).
3
$90\u00a0million recognised as impairment (2024: $3\u00a0million) (see note 7), $Nil (2024: $8 million) in loss on disposal of non-current assets (see note 4) and the balancing charge of $13\u00a0million (2024: $5\u00a0million) was recognised in net expected credit losses.
Financial assets at fair value through profit or loss
Trade receivables with derivative features
Trade receivables whose contractual cash flows do not meet the SPPI criterion, for example, those containing derivative features, are measured at FVTPL. All other trade receivables are measured at amortised cost.
Prepaid commodity forward contracts
Physically settled advances and prepayments that are inseparable from commodity purchase or sale contracts, and that do not qualify for the own-use exemption, fall within the scope of IFRS\u202f9 and are recognised as financial instruments and measured at fair value through profit or loss.
Other receivables and loans
During 2025, fair value movements of negative $21 million (2024: $27 million) were recognised in net changes in mark-to-market valuations (see note 5).
Convertible loans
During 2025, fair value movements of $24 million (2024: $Nil) were recognised in net changes in mark-to-market valuations (see note 5).
21. Borrowings
US$ million
Notes
2025
2024
Non-current borrowings
Capital market notes
23,396
19,867
Amount drawn under revolving credit facilities
1,810
3,310
Lease liabilities
1,255
1,231
EVR partners and JV loan
\u2013
407
Other bank loans
531
449
Total non-current borrowings
26,992
25,264
Current borrowings
Secured inventory/receivables/other facilities
11/13/14
2,029
2,885
Amount drawn under revolving credit facilities
150
150
US commercial paper
1,810
857
Capital market notes
2,925
3,163
Lease liabilities
648
611
Other bank loans1
6,932
5,177
Total current borrowings
14,494
12,843
Total borrowings
41,486
38,107
1
Comprises various uncommitted bilateral bank credit facilities and other financings.
Changes in liabilities arising from financing activities
Liabilities arising from financing activities are those for which cash flows are classified in the Group's consolidated cash flow statement as cash flows from financing activities. The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes.
2025
US$ million
Borrowings
excluding
lease
liabilities
Lease
liabilities
Total borrowings
Cross currency and interest rate swaps and net margins1
Total liabilities arising from financing activities
1 January 2025
36,265
1,842
38,107
79
38,186
Cash related movements2
Proceeds from issuance of capital market notes
5,451
\u2013
5,451
\u2013
5,451
Repayment of capital market notes
(3,256)
\u2013
(3,256)
62
(3,194)
Repayment of revolving credit facilities
(1,500)
\u2013
(1,500)
\u2013
(1,500)
Proceeds from other non-current borrowings
95
\u2013
95
\u2013
95
Repayment of other non-current borrowings
(12)
\u2013
(12)
\u2013
(12)
Repayment of lease liabilities
\u2013
(911)
(911)
\u2013
(911)
Margin receipts in respect of financing related hedging activities
\u2013
\u2013
\u2013
1,045
1,045
Proceeds from US commercial papers
953
\u2013
953
\u2013
953
Proceeds from current borrowings
559
\u2013
559
\u2013
559
2,290
(911)
1,379
1,107
2,486
Non-cash related movements
Borrowings acquired in business combinations3
\u2013
74
74
\u2013
74
Borrowings disposed of on disposal of subsidiaries3
\u2013
(2)
(2)
\u2013
(2)
Fair value adjustment to fair value hedged borrowings
337
\u2013
337
\u2013
337
Fair value movement of hedging derivatives
\u2013
\u2013
\u2013
(1,099)
(1,099)
Foreign exchange movements
889
47
936
\u2013
936
Additions and other non-cash movements to lease liabilities
\u2013
853
853
\u2013
853
Interest on convertible bonds
6
\u2013
6
\u2013
6
Conversion of EVR minority partners' loans to equity
(251)
\u2013
(251)
\u2013
(251)
Other movements
47
\u2013
47
\u2013
47
1,028
972
2,000
(1,099)
901
31 December 2025
39,583
1,903
41,486
87
41,573
1
The currency and interest rate swaps are reported on the statement of financial position within the headings \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 (see note 27) and margin calls paid/received within accounts receivable/payable (see notes 14 and 25).
2
See consolidated statement of cash flows.
3
See note 26.
2024
US$ million
Borrowings
excluding
lease
liabilities
Lease
liabilities
Total borrowings
Cross currency and interest rate swaps and net margins1
Total liabilities arising from financing activities
1 January 2024
30,733
1,508
32,241
55
32,296
Cash related movements2
Proceeds from issuance of capital market notes
4,797
\u2013
4,797
\u2013
4,797
Repayment of capital market notes
(2,829)
\u2013
(2,829)
23
(2,806)
Proceeds from revolving credit facilities
1,995
\u2013
1,995
\u2013
1,995
Repayment of other non-current borrowings
(137)
\u2013
(137)
\u2013
(137)
Repayment of lease liabilities
\u2013
(844)
(844)
\u2013
(844)
Margin payments in respect of financing related hedging activities
\u2013
\u2013
\u2013
(693)
(693)
Payments of US commercial papers
(187)
\u2013
(187)
\u2013
(187)
Proceeds from current borrowings
1,916
\u2013
1,916
\u2013
1,916
5,555
(844)
4,711
(670)
4,041
Non-cash related movements
Borrowings acquired in business combinations3
411
159
570
\u2013
570
Fair value adjustment to fair value hedged borrowings
(12)
\u2013
(12)
\u2013
(12)
Fair value movement of hedging derivatives
\u2013
\u2013
\u2013
694
694
Foreign exchange movements
(399)
(52)
(451)
\u2013
(451)
Additions and other non-cash movements to lease liabilities
\u2013
1,071
1,071
\u2013
1,071
Interest on convertible bonds
23
\u2013
23
\u2013
23
Other movements
(46)
\u2013
(46)
\u2013
(46)
(23)
1,178
1,155
694
1,849
31 December 2024
36,265
1,842
38,107
79
38,186
1
The currency and interest rate swaps are reported on the statement of financial position within the headings \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 (see note 27) and margin calls paid/received within accounts receivable/payable (see notes 14 and 25).
2
See consolidated statement of cash flows.
3
See note 26.
25. Accounts payable
US$ million
Notes
2025
2024
Financial liabilities at amortised cost
Trade payables
5,551
4,905
Margin calls received and other broker balances
687
667
Associated companies
1,351
794
Other payables and accrued liabilities
785
709
8,374
7,075
Financial liabilities at fair value through profit or loss
Trade payables with derivative features
28
24,986
19,967
Other payables
28
\u2013
15
24,986
19,982
Non-financial liabilities
Other payables and accrued liabilities1
1,611
1,356
Other tax and other payables
643
555
2,254
1,911
Total
35,614
28,968
1
Primarily comprised of employee benefit accruals.
Trade payables are obligations to pay for goods and services. Trade payables typically have maturities up to 90 days depending on the type of material and the geographic area in which the purchase transaction occurs and the agreed terms. The carrying value of trade payables approximates fair value.
28. Financial instruments
Fair value of financial instruments
The following tables present the carrying amounts and fair values of Glencore\u2019s financial instruments. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date, under current market conditions. Where available, quoted market prices have been used to determine fair values. Where such prices are not available, fair values have been estimated by discounting expected cash flows using prevailing market interest and exchange rates. These estimates have been determined using observable market data and appropriate valuation techniques, but may not reflect the actual amounts that could be realised in the normal course of business.
Financial assets and liabilities are presented by class in the tables below and at their carrying values, which generally approximate their fair values with the exception of $39,583\u00a0million (2024: $36,265\u00a0million) of borrowings, the fair value of which at 31 December 2025 was $39,756 million (2024: $36,091 million). An amount of $6,939 million (2024: $5,842 million) represents the listed portion of the borrowings portfolio, measured using quoted prices in active markets (Level 1 fair value measurement). A further $32,817 million (2024: $30,249 million) is measured using observable market data.
2025
Amortised
cost
FVTPL1
FVTOCI2
US$ million
Total
Assets
Other investments
\u2013
14
3,721
3,735
Non-current other financial assets
\u2013
402
\u2013
402
Advances and loans
1,739
296
\u2013
2,035
Accounts receivable
9,476
11,967
\u2013
21,443
Other financial assets
\u2013
4,274
\u2013
4,274
Cash and cash equivalents
2,945
\u2013
\u2013
2,945
Total financial assets
14,160
16,953
3,721
34,834
Liabilities
Borrowings
41,486
\u2013
\u2013
41,486
Non-current other financial liabilities
\u2013
1,220
\u2013
1,220
Accounts payable
8,374
24,986
\u2013
33,360
Deferred income
\u2013
2,628
\u2013
2,628
Other financial liabilities
\u2013
7,217
\u2013
7,217
Total financial liabilities
49,860
36,051
\u2013
85,911
2024
Amortised
cost
FVTPL1
FVTOCI2
Total
US$ million
Assets
Other investments
\u2013
118
350
468
Non-current other financial assets
\u2013
197
\u2013
197
Advances and loans
1,601
520
\u2013
2,121
Accounts receivable
7,471
8,416
\u2013
15,887
Other financial assets
\u2013
4,389
\u2013
4,389
Cash and cash equivalents
2,389
\u2013
\u2013
2,389
Total financial assets
11,461
13,640
350
25,451
Liabilities
Borrowings
38,107
\u2013
\u2013
38,107
Non-current other financial liabilities
\u2013
2,033
\u2013
2,033
Accounts payable
7,075
19,982
\u2013
27,057
Deferred income
\u2013
1,642
\u2013
1,642
Other financial liabilities
\u2013
2,835
\u2013
2,835
Total financial liabilities
45,182
26,492
\u2013
71,674
1
FVTPL \u2013 Fair value through profit or loss.
2
FVTOCI \u2013 Fair value through other comprehensive income.
Offsetting of financial assets and liabilities
In accordance with IAS 32 the Group reports financial assets and liabilities on a net basis in the consolidated statement of financial position only if there is a legally enforceable right to offset the recognised amounts and an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. The financial assets and liabilities subject to offsetting, enforceable master netting and similar agreements as at 31 December 2025 and 2024 were as follows:
Amounts not subject to netting agreements
Total as presented
in the consolidated
statement
of financial position

Amounts eligible for set off
under netting agreements

Related amounts not set off
under netting agreements
2025
Gross
amount
Amounts
offset
Net
amount
Financial
instruments
Financial
collateral
Net
amount
US$ million
Derivative assets1
15,752
(12,721)
3,031
(2,274)
(427)
330
1,645
4,676
Derivative liabilities1
(20,060)
12,721
(7,339)
2,274
4,681
(384)
(1,098)
(8,437)
Accounts receivable
2,624
(718)
1,906
Accounts payable
(6,500)
718
(5,782)
Amounts
not subject
to netting
agreements
Total as
presented
in the
consolidated
statement
of financial
position

Amounts eligible for set off
under netting agreements

Related amounts not set off
under netting agreements
2024
Gross
amount
Amounts
offset
Net
amount
Financial
instruments
Financial
collateral
Net
amount
US$ million
Derivative assets1
11,215
(8,766)
2,449
(1,196)
(527)
726
2,137
4,586
Derivative liabilities1
(12,583)
8,766
(3,817)
1,196
2,455
(166)
(1,051)
(4,868)
Accounts receivable
2,952
(211)
2,741
Accounts payable
(6,239)
211
(6,028)
1
Presented within current and non-current other financial assets and other financial liabilities.
For the financial assets and liabilities subject to enforceable master netting or similar arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities in the ordinary course of business. Where practical reasons prevent net settlement, financial assets and liabilities may be settled on a gross basis, however, each party to the master netting or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to make payment when due or failure by a party to perform any obligation required by the agreement (other than payment), if such failure is not remedied within periods of 30 to 60\u00a0days after notice of such failure is given to the party or bankruptcy.
29. Fair value measurements
Fair values are primarily determined using quoted market prices or standard pricing models incorporating observable market inputs where available. The fair values are presented to reflect the expected gross future cash in/outflows. Glencore classifies the fair value measurements of its financial instruments into a three-level hierarchy based on the observability and source of the inputs used in the valuation:
Level 1
Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities accessible at the measurement date; or
Level 2
Inputs other than those included in Level 1 that are observable, either directly (as prices) or indirectly (derived from prices) for the asset or liability; or
Level 3
Unobservable inputs for the assets or liabilities, for which Glencore uses internally developed models and market-based assumptions.
Level 1 classifications primarily include futures with a tenor of less than one year and listed options. Level 2 classifications mainly comprise longer-dated futures (tenor greater than one year), OTC options, swaps, and physical forward transactions, where fair values are derived primarily from exchange quotations and readily observable broker quotes. Level 3 classifications primarily include physical forward transactions whose fair values are derived predominantly from internal valuation models incorporating exchange traded and broker quotes as well as market-based estimates for factors such as location, quality, and credit differentials. They also include certain financial liabilities linked to the fair value of specific mining operations. In cases where observable market inputs are not available and Level 3 fair values are applied, it is possible that the use of a different valuation model or assumptions could result in a materially different estimate of fair value.
Derivative transactions are entered into under master netting agreements or long-form confirmations, which provide the legal right to offset amounts due to and from a common counterparty in the event of default, insolvency, or bankruptcy.
The following tables reflect the fair values of the derivative financial instruments including trade related financial and physical forward purchase and sale commitments by type of contract and non-current other financial assets and liabilities as at 31 December 2025 and 2024. Other assets and liabilities which are measured at fair value on a recurring basis include marketing inventories, other investments, cash and cash equivalents. There are no non-recurring fair value measurements requiring disclosure under IFRS Accounting Standards as issued by IASB.
Financial assets
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
11,149
\u2013
11,149
Prepaid commodity forward contracts
\u2013
598
\u2013
598
Convertible loans
\u2013
\u2013
64
64
Other receivables and loans
\u2013
148
8
156
Non-current prepaid commodity forward contracts
\u2013
98
\u2013
98
Other non-current receivables and loans
\u2013
171
13
184
Non-current convertible loan
\u2013
\u2013
14
14
Other investments
3,597
138
\u2013
3,735
Financial assets
3,597
12,302
99
15,998
Other financial assets
Commodity-related contracts
Futures
2,126
164
\u2013
2,290
Options
23
79
\u2013
102
Swaps
361
19
34
414
Physical forwards
\u2013
1,078
391
1,469
Financial contracts
Cross-currency swaps
\u2013
8
\u2013
8
Foreign currency and interest rate contracts
\u2013
42
\u2013
42
Derivative netting
(51)
Current other financial assets
2,510
1,390
425
4,274
Non-current other financial assets
Cross-currency swaps
\u2013
148
\u2013
148
Foreign currency and interest rate contracts
\u2013
94
\u2013
94
Other financial derivative assets
\u2013
\u2013
160
160
Non-current other financial assets
\u2013
242
160
402
Total
6,107
13,934
684
20,674
Financial assets
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
7,795
\u2013
7,795
Prepaid commodity forward contracts
\u2013
499
\u2013
499
Other receivables and loans
\u2013
93
29
122
Non-current prepaid commodity forward contracts
\u2013
270
\u2013
270
Other non-current receivables and loans
\u2013
61
18
79
Non-current convertible loan
\u2013
\u2013
171
171
Other investments
356
112
\u2013
468
Financial assets
356
8,830
218
9,404
Other financial assets
Commodity-related contracts
Futures
1,250
313
\u2013
1,563
Options
38
71
\u2013
109
Swaps
286
447
\u2013
733
Physical forwards
\u2013
739
1,229
1,968
Financial contracts
Cross-currency swaps
\u2013
21
\u2013
21
Foreign currency and interest rate contracts
\u2013
176
\u2013
176
Derivative netting
(181)
Current other financial assets
1,574
1,767
1,229
4,389
Non-current other financial assets
Cross-currency swaps
\u2013
16
\u2013
16
Foreign currency and interest rate contracts
\u2013
36
\u2013
36
Other financial derivative assets
\u2013
\u2013
145
145
Non-current other financial assets
\u2013
52
145
197
Total
1,930
10,649
1,592
13,990
Financial liabilities
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
24,986
\u2013
24,986
Financial liabilities
\u2013
24,986
\u2013
24,986
Other financial liabilities
Commodity-related contracts
Futures
3,196
1,794
\u2013
4,990
Options
324
19
\u2013
343
Swaps
295
705
\u2013
1,000
Physical forwards
\u2013
584
78
662
Financial contracts
Cross-currency swaps
\u2013
133
\u2013
133
Other financial derivative liabilities
\u2013
\u2013
2
2
Foreign currency and interest rate contracts
\u2013
138
\u2013
138
Derivative netting
(51)
Current other financial liabilities
3,815
3,373
80
7,217
Non-current other financial liabilities
Cross-currency swaps
\u2013
298
\u2013
298
Foreign currency and interest rate contracts
\u2013
501
\u2013
501
Non-discretionary dividend obligation1
\u2013
\u2013
107
107
Other financial derivative liabilities
\u2013
102
27
129
Contingent considerations
\u2013
76
109
185
Non-current other financial liabilities
\u2013
977
243
1,220
Deferred income
Current deferred income
\u2013
2,201
26
2,227
Non-current deferred income
\u2013
314
87
401
Deferred income
\u2013
2,515
113
2,628
Total
3,815
31,851
436
36,051
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
19,967
\u2013
19,967
Non-discretionary dividend obligation1
\u2013
\u2013
15
15
Financial liabilities
\u2013
19,967
15
19,982
Other financial liabilities
Commodity-related contracts
Futures
1,383
281
\u2013
1,664
Options
150
1
\u2013
151
Swaps
189
94
32
315
Physical forwards
\u2013
629
94
723
Financial contracts
Cross-currency swaps
\u2013
77
\u2013
77
Foreign currency and interest rate contracts
\u2013
86
\u2013
86
Derivative netting
(181)
Current other financial liabilities
1,722
1,168
126
2,835
Non-current other financial liabilities
Cross-currency swaps
\u2013
962
\u2013
962
Foreign currency and interest rate contracts
\u2013
753
\u2013
753
Non-discretionary dividend obligation1
\u2013
\u2013
135
135
Other financial derivative liabilities
\u2013
\u2013
61
61
Contingent considerations
\u2013
\u2013
122
122
Non-current other financial liabilities
\u2013
1,715
318
2,033
Deferred income
Current deferred income
\u2013
1,559
\u2013
1,559
Non-current deferred income
\u2013
\u2013
83
83
Deferred income
\u2013
1,559
83
1,642
Total
1,722
24,409
542
26,492
1
A ZAR denominated derivative liability payable to ARM Coal, a partner in one of the Group\u2019s principal coal joint operations based in South Africa. The liability arises from ARM Coal\u2019s rights as an investor to a share of agreed free cash flows from certain coal operations in South Africa and is valued based on those cash flows using a risk-adjusted discount rate. The derivative liability is settled over the life of those operations with a modelled mine life of 13 years as at 31 December 2025 (2024: 13 years).
The following table reflects the net changes in fair value of Level 3 other financial assets and other financial liabilities:
US$ million
Contingent considerations
Convertible loans
Physical
forwards
Swaps
Other
Total
Level 3
1 January 2025
(122)
171
1,135
(32)
(102)
1,050
Total gain recognised in revenue
\u2013
\u2013
158
22
\u2013
180
Total (loss)/gain recognised in cost of goods sold
\u2013
\u2013
(45)
24
\u2013
(21)
Transfers out of Level 3
\u2013
\u2013
(326)
\u2013
\u2013
(326)
Fair value recognised in other income/(expense)
8
(15)
\u2013
\u2013
123
116
Realised
5
(78)
(609)
20
(89)
(751)
31 December 2025
(109)
78
313
34
(68)
248
1 January 2024
(47)
136
870
4
(215)
748
Total loss recognised in revenue
\u2013
\u2013
(21)
(8)
\u2013
(29)
Total gain/(loss) recognised in cost of goods sold
\u2013
\u2013
637
(26)
44
655
Acquisition
\u2013
75
\u2013
\u2013
(141)
(66)
Fair value recognised in other income/(expense)
(19)
(40)
\u2013
\u2013
210
151
Realised
(56)
\u2013
(351)
(2)
\u2013
(409)
31 December 2024
(122)
171
1,135
(32)
(102)
1,050
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year. During the year, physical forward derivatives of $326 million (2024: $Nil) were reclassified from Level 3 to Level 2, as the passage of time brought certain physical contracts closer to delivery, resulting in pricing falling within a range supported by observable market inputs.
Glencore has entered into long-term physical forward contracts that extend over periods where observable pricing is limited. Due to the long-dated nature of these contracts, transaction prices may not represent the best evidence of fair value. In these circumstances, fair values are determined by extrapolating observable forward commodity prices. Where such estimates form a significant component of the overall contract value, resulting gains or losses are deferred. As at 31 December 2025, a deferred gain of $0.6 billion (2024: $Nil) related to such contracts, which remain unrecognised in the statement of income and will be recognised over the term of the respective contracts as observable market inputs emerge and the associated risks unwind.
Fair value of financial assets/financial liabilities
Some of the Group\u2019s financial assets and financial liabilities are measured at fair value at the end of each reporting period.
Futures, options and swaps classified as Level 1 financial assets and liabilities are measured using quoted prices in an active market.
Accounts receivable and payables, and certain futures, options, swaps, physical forwards, cross-currency swaps, foreign currency, interest rate contracts and deferred income classified as Level 2 financial assets and liabilities are measured using discounted cash flow models. Key inputs include observable quoted prices sourced from exchanges or traded reference indices in active markets for identical assets or liabilities. Prices are adjusted by a discount rate which captures the time value of money and counterparty credit considerations, as required.
Given the extent to which the Group recognises financial instrument assets and liabilities at fair value, the preparation of the Group\u2019s consolidated financial statements requires management to consider on an ongoing basis, the key valuation metrics and judgements involved in the determination of the fair value of financial instruments. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Management reviewed the key valuation metrics, assumptions and methodologies involved in the determination of the Level 3 fair value of financial instruments and determined that the valuations were materially reasonable.
The\u00a0following table provides information on the valuation techniques and inputs used to determine the fair value of Level 3 financial assets of $684\u00a0million (2024: $1,592\u00a0million) and financial liabilities of $436\u00a0million (2024: $542\u00a0million).
US$ million
2025
2024
Other receivables and loans
Assets
21
47
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Discount rates specific to the operation; and
\u2013 Underlying business plans and forecasts.
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2024: $3 million) reduction of the current carrying value of the asset while bringing forward repayments by one year would result in a $Nil (2024: $1 million) increase.
Convertible loans
Assets
78
171
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Recoverable net assets, share price; and
\u2013 Risk-free rate, credit spread; and volatility.
A 10% increase/decrease in the share price assumption would result in a $7 million (2024: $3 million) adjustment to the current carrying value. In 2024, the valuation was sensitive to the credit spread and discount rate, where a 10% increase in the discount rate would result in a $16 million reduction to the current carrying value.
Contingent considerations
Assets
\u2013
\u2013
Liabilities
(109)
(122)
Valuation techniques and key inputs:
Discounted cash flow models
Significant and other unobservable inputs:
\u2013 Estimated production plans;
\u2013 Forecast commodity prices (coal and copper); and
\u2013 Discount rates specific to the operation.
Contingent considerations relate to business combinations completed in prior years. The valuation remains sensitive to forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2024: $6 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $7 million (2024: $7 million) adjustment to the contingent considerations.
Other financial derivative assets
Assets
160
145
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Estimated sale, equity valuation and production plans;
\u2013 Forecast copper and iron ore prices, historical prices and observed volatility; and
\u2013 Discount rates specific to the operation.
The contingent future consideration assets' valuation remains sensitive to production volumes and an 8 year (2024: 8 year) increase in the life of mine assumptions would result in a $4 million (2024: $5 million) increase to the current carrying value. A 10% increase/decrease in copper production assumptions would result in a $8 million (2024: $9 million) adjustment to the current asset carrying value. A 10% increase/decrease in equity valuation and volatility assumptions would result in an $4 million (2024: $Nil) adjustment to the current carrying value.
Swaps
Assets
34
\u2013
Liabilities
\u2013
(32)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term aluminium and alumina prices.
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $3 million (2024: $3 million) adjustment to the current carrying value.
Deferred income and other financial derivative liabilities
Assets
\u2013
\u2013
Liabilities
(142)
(144)
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Forecast nickel prices, historical prices and observed volatility;
\u2013 Tenor of option expiry beyond market liquidity; and
\u2013 Discount rate based on risk-free rate adjusted for asset specific risks.
The significant unobservable inputs represent the long-term nickel price to which the valuation remains sensitive. A 10% increase/decrease in nickel price assumptions would result in a $9 million adjustment (2024: $9 million adjustment) to the current carrying values.
US$ million
2025
2024
Physical Forwards
Assets
391
1,229
Liabilities
(78)
(94)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including:
\u2013 quality;
\u2013 geographic location;
\u2013 local supply and demand;
\u2013 customer requirements; and
\u2013 counterparty credit considerations.
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio.
The valuation of these contracts is based on observable market prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage and conversion premiums.

Complex valuation techniques are applied to calculate price estimates for longer dated portions of market curves where observable market data is limited. To address inherent calculation uncertainty, calculated price estimates are benchmarked to third-party long-term forecast macro pricing assumptions, where available, for reasonability, to ensure that valuations reflect their expected transfer value to other market participants in accordance with IFRS 13. In selecting pricing within unobservable long-term ranges, the Group considers the risks associated with realising market value over the duration of the contract.
Non-discretionary dividend obligation
Assets
\u2013
\u2013
Liabilities
(107)
(150)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term forecast coal prices;
\u2013 Discount rates using weighted average cost of capital methodology;
\u2013 Production models;
\u2013 Operating costs; and
\u2013 Capital expenditures.
The resultant liability represents a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $87 million (2024: $81 million) adjustment to the current carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-124": { "value": "
12. Advances and loans
US$ million
Notes
2025
2024
Financial assets at amortised cost
Loans to associates
137
133
Advances and loans1
1,394
1,276
Deferred consideration
\u2013
32
Rehabilitation trust fund2
208
160
1,739
1,601
Financial assets at fair value through profit or loss
Prepaid commodity forward contracts3
28
98
270
Other non-current receivables and loans
28
184
79
Convertible loans
28
14
171
296
520
Non-financial assets
Pension surpluses
24
463
381
Advances repayable with product
328
360
Land rights prepayment
150
150
Supply fee prepayment
214
\u2013
Other tax and other non-current receivables
131
106
1,286
997
Total
3,321
3,118
1
Net of $424\u00a0million (2024: $Nil) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
2
The balance has been assessed for impairment and is deemed recoverable.
3
Net of $1,021\u00a0million (2024: $820\u00a0million) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
14. Accounts receivable
US$ million
Notes
2025
2024
Financial assets at amortised cost
Trade receivables
2,279
3,083
Margin calls paid and other broker balances
6,018
3,392
Receivables from associates
179
194
Deferred consideration
\u2013
35
Advances and loans1
1,000
767
9,476
7,471
Financial assets at fair value through profit or loss
Trade receivables with derivative features
28
11,149
7,795
Prepaid commodity forward contracts2
28
598
499
Other receivables and loans
28
156
122
Convertible loans
28
64
\u2013
11,967
8,416
Non-financial assets
Advances repayable with product
422
353
Supply fee prepayment
50
\u2013
Other tax and other current receivables3
1,911
1,541
2,383
1,894
Total
23,826
17,781
1
Net of $221\u00a0million (2024: $15\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
2
Net of $526\u00a0million (2024: $355\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
3
Comprises sales and other tax receivables of $1,755\u00a0million (2024: $1,393\u00a0million) and other receivables of $156\u00a0million (2024: $148\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-125": { "value": "
12. Advances and loans
US$ million
Notes
2025
2024
Financial assets at amortised cost
Loans to associates
137
133
Advances and loans1
1,394
1,276
Deferred consideration
\u2013
32
Rehabilitation trust fund2
208
160
1,739
1,601
Financial assets at fair value through profit or loss
Prepaid commodity forward contracts3
28
98
270
Other non-current receivables and loans
28
184
79
Convertible loans
28
14
171
296
520
Non-financial assets
Pension surpluses
24
463
381
Advances repayable with product
328
360
Land rights prepayment
150
150
Supply fee prepayment
214
\u2013
Other tax and other non-current receivables
131
106
1,286
997
Total
3,321
3,118
1
Net of $424\u00a0million (2024: $Nil) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
2
The balance has been assessed for impairment and is deemed recoverable.
3
Net of $1,021\u00a0million (2024: $820\u00a0million) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
Financial assets at amortised cost
Loans to associates
Loans to associates generally bear interest at applicable floating market rates plus a premium.
Advances and loans
Represent various financing facilities, predominantly marketing related and secured against specific assets and/or future counterparty production proceeds. Secured financing arrangements are separable from contracts to buy or sell commodities and are primarily settled in cash or another financial asset. They are interest bearing and on average, are repaid over a three-year period.
Rehabilitation trust fund
Glencore makes contributions to controlled funds established to meet the costs of its restoration and rehabilitation liabilities, primarily in South Africa. These funds are not available for the general purposes of the Group and there is no present obligation to make any further contributions.
Financial assets at fair value through profit or loss
Prepaid commodity forward contracts
Physically settled advances and prepayments that are inseparable from commodity purchase or sale contracts, and that do not qualify for the own\u2011use exemption, fall within the scope of IFRS\u202f9 and are recognised as financial instruments and measured at fair value through profit or loss.
Other non-current receivables and loans
During 2025, fair value movements of $3 million (2024: $6 million) were recognised in net changes in mark-to-market valuations (see note 5).
Convertible loans
During 2025, fair value movements of negative $79 million (2024: $48 million) were recognised in net changes in mark-to-market valuations (see note 5).
Non-financial assets
Advances repayable with product
Physically settled advances and prepayments that are inseparable from commodity purchase or sale contracts, and which qualify for the own-use exemption, are treated as non-financial assets and subject to impairment assessment.
Land rights prepayment
In August 2020, KCC advanced $150 million to La G\u00e9n\u00e9rale des Carri\u00e8res et des Mines (G\u00e9camines), to acquire a comprehensive land package covering areas adjacent to KCC\u2019s existing mining concessions for $250 million. If the closing conditions as prescribed in the agreement are not fulfilled, KCC has the right to accrue interest on the prepaid amount, terminate the agreement and, if funds are not returned, offset against future amounts owing by KCC to G\u00e9camines. The balance of the consideration is due five days after the respective closing conditions of each area to be transferred are satisfied. During 2025, activities and discussions to facilitate access to the land packages continued.
Supply fee prepayment
During the year, Glencore entered into a long-term framework agreement with an associate, under which it will pay an annual supply fee in exchange for exclusive rights to feedstock supply and refined oil product offtake. The fee, covering an initial multi-year period, was paid in advance and is being amortised in line with the supply and product offtake volumes. Of the amount prepaid, $214 million relates to periods after 12 months and is presented within Advances and loans, and $50 million relates to the next 12 months and is included within Accounts receivable (see note 14).
Non-current inventory
Non-current inventories valued at the lower of cost or net realisable value are not expected to be utilised or sold within the normal operating cycle and are therefore classified as non-current inventory.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-126": { "value": "
12. Advances and loans
US$ million
Notes
2025
2024
Financial assets at amortised cost
Loans to associates
137
133
Advances and loans1
1,394
1,276
Deferred consideration
\u2013
32
Rehabilitation trust fund2
208
160
1,739
1,601
Financial assets at fair value through profit or loss
Prepaid commodity forward contracts3
28
98
270
Other non-current receivables and loans
28
184
79
Convertible loans
28
14
171
296
520
Non-financial assets
Pension surpluses
24
463
381
Advances repayable with product
328
360
Land rights prepayment
150
150
Supply fee prepayment
214
\u2013
Other tax and other non-current receivables
131
106
1,286
997
Total
3,321
3,118
1
Net of $424\u00a0million (2024: $Nil) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
2
The balance has been assessed for impairment and is deemed recoverable.
3
Net of $1,021\u00a0million (2024: $820\u00a0million) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
14. Accounts receivable
US$ million
Notes
2025
2024
Financial assets at amortised cost
Trade receivables
2,279
3,083
Margin calls paid and other broker balances
6,018
3,392
Receivables from associates
179
194
Deferred consideration
\u2013
35
Advances and loans1
1,000
767
9,476
7,471
Financial assets at fair value through profit or loss
Trade receivables with derivative features
28
11,149
7,795
Prepaid commodity forward contracts2
28
598
499
Other receivables and loans
28
156
122
Convertible loans
28
64
\u2013
11,967
8,416
Non-financial assets
Advances repayable with product
422
353
Supply fee prepayment
50
\u2013
Other tax and other current receivables3
1,911
1,541
2,383
1,894
Total
23,826
17,781
1
Net of $221\u00a0million (2024: $15\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
2
Net of $526\u00a0million (2024: $355\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
3
Comprises sales and other tax receivables of $1,755\u00a0million (2024: $1,393\u00a0million) and other receivables of $156\u00a0million (2024: $148\u00a0million).
Financial assets at amortised cost
Trade receivables
Trade receivables that are held to collect are measured at amortised cost
The average credit period on sales of goods is 18 days (2024: 17 days). The carrying value of trade receivables approximates fair value.
The Group applies the simplified approach to measure ECL allowances for trade receivables classified at amortised cost, using the lifetime ECL provision method. ECL allowances are estimated using a provision matrix that considers past default experience and credit ratings, adjusted as appropriate for current observable data. ECL provisions are recognised in \u2018net expected credit losses\u2019 in the consolidated statement of income. During the period, a release of $3 million (2024: $133 million charge) was recognised. The table below reflects the risk profile of trade receivables based on the Group\u2019s provision matrix.
US$ million
Trade receivables \u2013 days past due
As at 31 December 2025
Current
<30
31 \u2013 60
61 \u2013 90
>90
Total
Gross carrying amount
2,000
109
46
13
122
2,290
Weighted average expected credit loss rate
0.48%
0.69%
0.61%
1.03%
1.26%
Lifetime expected credit loss
(9)
(1)
\u2013
\u2013
(1)
(11)
Total
1,991
108
46
13
121
2,279
US$ million
Trade receivables \u2013 days past due
As at 31 December 2024
Current
<30
31 \u2013 60
61 \u2013 90
>90
Total
Gross carrying amount
2,812
113
51
32
89
3,097
Weighted average expected credit loss rate
0.44%
0.63%
0.73%
1.09%
1.16%
Lifetime expected credit loss
(12)
(1)
\u2013
\u2013
(1)
(14)
Total
2,800
112
51
32
88
3,083
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-127": { "value": "
12. Advances and loans
US$ million
Notes
2025
2024
Financial assets at amortised cost
Loans to associates
137
133
Advances and loans1
1,394
1,276
Deferred consideration
\u2013
32
Rehabilitation trust fund2
208
160
1,739
1,601
Financial assets at fair value through profit or loss
Prepaid commodity forward contracts3
28
98
270
Other non-current receivables and loans
28
184
79
Convertible loans
28
14
171
296
520
Non-financial assets
Pension surpluses
24
463
381
Advances repayable with product
328
360
Land rights prepayment
150
150
Supply fee prepayment
214
\u2013
Other tax and other non-current receivables
131
106
1,286
997
Total
3,321
3,118
1
Net of $424\u00a0million (2024: $Nil) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
2
The balance has been assessed for impairment and is deemed recoverable.
3
Net of $1,021\u00a0million (2024: $820\u00a0million) provided by various banks, the repayment terms of which are contingent upon the future delivery of contractual production.
Financial assets at fair value through profit or loss
Prepaid commodity forward contracts
Physically settled advances and prepayments that are inseparable from commodity purchase or sale contracts, and that do not qualify for the own\u2011use exemption, fall within the scope of IFRS\u202f9 and are recognised as financial instruments and measured at fair value through profit or loss.
Other non-current receivables and loans
During 2025, fair value movements of $3 million (2024: $6 million) were recognised in net changes in mark-to-market valuations (see note 5).
Convertible loans
During 2025, fair value movements of negative $79 million (2024: $48 million) were recognised in net changes in mark-to-market valuations (see note 5).
28. Financial instruments
Fair value of financial instruments
The following tables present the carrying amounts and fair values of Glencore\u2019s financial instruments. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date, under current market conditions. Where available, quoted market prices have been used to determine fair values. Where such prices are not available, fair values have been estimated by discounting expected cash flows using prevailing market interest and exchange rates. These estimates have been determined using observable market data and appropriate valuation techniques, but may not reflect the actual amounts that could be realised in the normal course of business.
Financial assets and liabilities are presented by class in the tables below and at their carrying values, which generally approximate their fair values with the exception of $39,583\u00a0million (2024: $36,265\u00a0million) of borrowings, the fair value of which at 31 December 2025 was $39,756 million (2024: $36,091 million). An amount of $6,939 million (2024: $5,842 million) represents the listed portion of the borrowings portfolio, measured using quoted prices in active markets (Level 1 fair value measurement). A further $32,817 million (2024: $30,249 million) is measured using observable market data.
2025
Amortised
cost
FVTPL1
FVTOCI2
US$ million
Total
Assets
Other investments
\u2013
14
3,721
3,735
Non-current other financial assets
\u2013
402
\u2013
402
Advances and loans
1,739
296
\u2013
2,035
Accounts receivable
9,476
11,967
\u2013
21,443
Other financial assets
\u2013
4,274
\u2013
4,274
Cash and cash equivalents
2,945
\u2013
\u2013
2,945
Total financial assets
14,160
16,953
3,721
34,834
Liabilities
Borrowings
41,486
\u2013
\u2013
41,486
Non-current other financial liabilities
\u2013
1,220
\u2013
1,220
Accounts payable
8,374
24,986
\u2013
33,360
Deferred income
\u2013
2,628
\u2013
2,628
Other financial liabilities
\u2013
7,217
\u2013
7,217
Total financial liabilities
49,860
36,051
\u2013
85,911
2024
Amortised
cost
FVTPL1
FVTOCI2
Total
US$ million
Assets
Other investments
\u2013
118
350
468
Non-current other financial assets
\u2013
197
\u2013
197
Advances and loans
1,601
520
\u2013
2,121
Accounts receivable
7,471
8,416
\u2013
15,887
Other financial assets
\u2013
4,389
\u2013
4,389
Cash and cash equivalents
2,389
\u2013
\u2013
2,389
Total financial assets
11,461
13,640
350
25,451
Liabilities
Borrowings
38,107
\u2013
\u2013
38,107
Non-current other financial liabilities
\u2013
2,033
\u2013
2,033
Accounts payable
7,075
19,982
\u2013
27,057
Deferred income
\u2013
1,642
\u2013
1,642
Other financial liabilities
\u2013
2,835
\u2013
2,835
Total financial liabilities
45,182
26,492
\u2013
71,674
1
FVTPL \u2013 Fair value through profit or loss.
2
FVTOCI \u2013 Fair value through other comprehensive income.
29. Fair value measurements
Fair values are primarily determined using quoted market prices or standard pricing models incorporating observable market inputs where available. The fair values are presented to reflect the expected gross future cash in/outflows. Glencore classifies the fair value measurements of its financial instruments into a three-level hierarchy based on the observability and source of the inputs used in the valuation:
Level 1
Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities accessible at the measurement date; or
Level 2
Inputs other than those included in Level 1 that are observable, either directly (as prices) or indirectly (derived from prices) for the asset or liability; or
Level 3
Unobservable inputs for the assets or liabilities, for which Glencore uses internally developed models and market-based assumptions.
Level 1 classifications primarily include futures with a tenor of less than one year and listed options. Level 2 classifications mainly comprise longer-dated futures (tenor greater than one year), OTC options, swaps, and physical forward transactions, where fair values are derived primarily from exchange quotations and readily observable broker quotes. Level 3 classifications primarily include physical forward transactions whose fair values are derived predominantly from internal valuation models incorporating exchange traded and broker quotes as well as market-based estimates for factors such as location, quality, and credit differentials. They also include certain financial liabilities linked to the fair value of specific mining operations. In cases where observable market inputs are not available and Level 3 fair values are applied, it is possible that the use of a different valuation model or assumptions could result in a materially different estimate of fair value.
Derivative transactions are entered into under master netting agreements or long-form confirmations, which provide the legal right to offset amounts due to and from a common counterparty in the event of default, insolvency, or bankruptcy.
The following tables reflect the fair values of the derivative financial instruments including trade related financial and physical forward purchase and sale commitments by type of contract and non-current other financial assets and liabilities as at 31 December 2025 and 2024. Other assets and liabilities which are measured at fair value on a recurring basis include marketing inventories, other investments, cash and cash equivalents. There are no non-recurring fair value measurements requiring disclosure under IFRS Accounting Standards as issued by IASB.
Financial assets
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
11,149
\u2013
11,149
Prepaid commodity forward contracts
\u2013
598
\u2013
598
Convertible loans
\u2013
\u2013
64
64
Other receivables and loans
\u2013
148
8
156
Non-current prepaid commodity forward contracts
\u2013
98
\u2013
98
Other non-current receivables and loans
\u2013
171
13
184
Non-current convertible loan
\u2013
\u2013
14
14
Other investments
3,597
138
\u2013
3,735
Financial assets
3,597
12,302
99
15,998
Other financial assets
Commodity-related contracts
Futures
2,126
164
\u2013
2,290
Options
23
79
\u2013
102
Swaps
361
19
34
414
Physical forwards
\u2013
1,078
391
1,469
Financial contracts
Cross-currency swaps
\u2013
8
\u2013
8
Foreign currency and interest rate contracts
\u2013
42
\u2013
42
Derivative netting
(51)
Current other financial assets
2,510
1,390
425
4,274
Non-current other financial assets
Cross-currency swaps
\u2013
148
\u2013
148
Foreign currency and interest rate contracts
\u2013
94
\u2013
94
Other financial derivative assets
\u2013
\u2013
160
160
Non-current other financial assets
\u2013
242
160
402
Total
6,107
13,934
684
20,674
Financial assets
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
7,795
\u2013
7,795
Prepaid commodity forward contracts
\u2013
499
\u2013
499
Other receivables and loans
\u2013
93
29
122
Non-current prepaid commodity forward contracts
\u2013
270
\u2013
270
Other non-current receivables and loans
\u2013
61
18
79
Non-current convertible loan
\u2013
\u2013
171
171
Other investments
356
112
\u2013
468
Financial assets
356
8,830
218
9,404
Other financial assets
Commodity-related contracts
Futures
1,250
313
\u2013
1,563
Options
38
71
\u2013
109
Swaps
286
447
\u2013
733
Physical forwards
\u2013
739
1,229
1,968
Financial contracts
Cross-currency swaps
\u2013
21
\u2013
21
Foreign currency and interest rate contracts
\u2013
176
\u2013
176
Derivative netting
(181)
Current other financial assets
1,574
1,767
1,229
4,389
Non-current other financial assets
Cross-currency swaps
\u2013
16
\u2013
16
Foreign currency and interest rate contracts
\u2013
36
\u2013
36
Other financial derivative assets
\u2013
\u2013
145
145
Non-current other financial assets
\u2013
52
145
197
Total
1,930
10,649
1,592
13,990
Financial liabilities
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
24,986
\u2013
24,986
Financial liabilities
\u2013
24,986
\u2013
24,986
Other financial liabilities
Commodity-related contracts
Futures
3,196
1,794
\u2013
4,990
Options
324
19
\u2013
343
Swaps
295
705
\u2013
1,000
Physical forwards
\u2013
584
78
662
Financial contracts
Cross-currency swaps
\u2013
133
\u2013
133
Other financial derivative liabilities
\u2013
\u2013
2
2
Foreign currency and interest rate contracts
\u2013
138
\u2013
138
Derivative netting
(51)
Current other financial liabilities
3,815
3,373
80
7,217
Non-current other financial liabilities
Cross-currency swaps
\u2013
298
\u2013
298
Foreign currency and interest rate contracts
\u2013
501
\u2013
501
Non-discretionary dividend obligation1
\u2013
\u2013
107
107
Other financial derivative liabilities
\u2013
102
27
129
Contingent considerations
\u2013
76
109
185
Non-current other financial liabilities
\u2013
977
243
1,220
Deferred income
Current deferred income
\u2013
2,201
26
2,227
Non-current deferred income
\u2013
314
87
401
Deferred income
\u2013
2,515
113
2,628
Total
3,815
31,851
436
36,051
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
19,967
\u2013
19,967
Non-discretionary dividend obligation1
\u2013
\u2013
15
15
Financial liabilities
\u2013
19,967
15
19,982
Other financial liabilities
Commodity-related contracts
Futures
1,383
281
\u2013
1,664
Options
150
1
\u2013
151
Swaps
189
94
32
315
Physical forwards
\u2013
629
94
723
Financial contracts
Cross-currency swaps
\u2013
77
\u2013
77
Foreign currency and interest rate contracts
\u2013
86
\u2013
86
Derivative netting
(181)
Current other financial liabilities
1,722
1,168
126
2,835
Non-current other financial liabilities
Cross-currency swaps
\u2013
962
\u2013
962
Foreign currency and interest rate contracts
\u2013
753
\u2013
753
Non-discretionary dividend obligation1
\u2013
\u2013
135
135
Other financial derivative liabilities
\u2013
\u2013
61
61
Contingent considerations
\u2013
\u2013
122
122
Non-current other financial liabilities
\u2013
1,715
318
2,033
Deferred income
Current deferred income
\u2013
1,559
\u2013
1,559
Non-current deferred income
\u2013
\u2013
83
83
Deferred income
\u2013
1,559
83
1,642
Total
1,722
24,409
542
26,492
1
A ZAR denominated derivative liability payable to ARM Coal, a partner in one of the Group\u2019s principal coal joint operations based in South Africa. The liability arises from ARM Coal\u2019s rights as an investor to a share of agreed free cash flows from certain coal operations in South Africa and is valued based on those cash flows using a risk-adjusted discount rate. The derivative liability is settled over the life of those operations with a modelled mine life of 13 years as at 31 December 2025 (2024: 13 years).
The following table reflects the net changes in fair value of Level 3 other financial assets and other financial liabilities:
US$ million
Contingent considerations
Convertible loans
Physical
forwards
Swaps
Other
Total
Level 3
1 January 2025
(122)
171
1,135
(32)
(102)
1,050
Total gain recognised in revenue
\u2013
\u2013
158
22
\u2013
180
Total (loss)/gain recognised in cost of goods sold
\u2013
\u2013
(45)
24
\u2013
(21)
Transfers out of Level 3
\u2013
\u2013
(326)
\u2013
\u2013
(326)
Fair value recognised in other income/(expense)
8
(15)
\u2013
\u2013
123
116
Realised
5
(78)
(609)
20
(89)
(751)
31 December 2025
(109)
78
313
34
(68)
248
1 January 2024
(47)
136
870
4
(215)
748
Total loss recognised in revenue
\u2013
\u2013
(21)
(8)
\u2013
(29)
Total gain/(loss) recognised in cost of goods sold
\u2013
\u2013
637
(26)
44
655
Acquisition
\u2013
75
\u2013
\u2013
(141)
(66)
Fair value recognised in other income/(expense)
(19)
(40)
\u2013
\u2013
210
151
Realised
(56)
\u2013
(351)
(2)
\u2013
(409)
31 December 2024
(122)
171
1,135
(32)
(102)
1,050
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year. During the year, physical forward derivatives of $326 million (2024: $Nil) were reclassified from Level 3 to Level 2, as the passage of time brought certain physical contracts closer to delivery, resulting in pricing falling within a range supported by observable market inputs.
Glencore has entered into long-term physical forward contracts that extend over periods where observable pricing is limited. Due to the long-dated nature of these contracts, transaction prices may not represent the best evidence of fair value. In these circumstances, fair values are determined by extrapolating observable forward commodity prices. Where such estimates form a significant component of the overall contract value, resulting gains or losses are deferred. As at 31 December 2025, a deferred gain of $0.6 billion (2024: $Nil) related to such contracts, which remain unrecognised in the statement of income and will be recognised over the term of the respective contracts as observable market inputs emerge and the associated risks unwind.
Fair value of financial assets/financial liabilities
Some of the Group\u2019s financial assets and financial liabilities are measured at fair value at the end of each reporting period.
Futures, options and swaps classified as Level 1 financial assets and liabilities are measured using quoted prices in an active market.
Accounts receivable and payables, and certain futures, options, swaps, physical forwards, cross-currency swaps, foreign currency, interest rate contracts and deferred income classified as Level 2 financial assets and liabilities are measured using discounted cash flow models. Key inputs include observable quoted prices sourced from exchanges or traded reference indices in active markets for identical assets or liabilities. Prices are adjusted by a discount rate which captures the time value of money and counterparty credit considerations, as required.
Given the extent to which the Group recognises financial instrument assets and liabilities at fair value, the preparation of the Group\u2019s consolidated financial statements requires management to consider on an ongoing basis, the key valuation metrics and judgements involved in the determination of the fair value of financial instruments. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Management reviewed the key valuation metrics, assumptions and methodologies involved in the determination of the Level 3 fair value of financial instruments and determined that the valuations were materially reasonable.
The\u00a0following table provides information on the valuation techniques and inputs used to determine the fair value of Level 3 financial assets of $684\u00a0million (2024: $1,592\u00a0million) and financial liabilities of $436\u00a0million (2024: $542\u00a0million).
US$ million
2025
2024
Other receivables and loans
Assets
21
47
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Discount rates specific to the operation; and
\u2013 Underlying business plans and forecasts.
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2024: $3 million) reduction of the current carrying value of the asset while bringing forward repayments by one year would result in a $Nil (2024: $1 million) increase.
Convertible loans
Assets
78
171
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Recoverable net assets, share price; and
\u2013 Risk-free rate, credit spread; and volatility.
A 10% increase/decrease in the share price assumption would result in a $7 million (2024: $3 million) adjustment to the current carrying value. In 2024, the valuation was sensitive to the credit spread and discount rate, where a 10% increase in the discount rate would result in a $16 million reduction to the current carrying value.
Contingent considerations
Assets
\u2013
\u2013
Liabilities
(109)
(122)
Valuation techniques and key inputs:
Discounted cash flow models
Significant and other unobservable inputs:
\u2013 Estimated production plans;
\u2013 Forecast commodity prices (coal and copper); and
\u2013 Discount rates specific to the operation.
Contingent considerations relate to business combinations completed in prior years. The valuation remains sensitive to forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2024: $6 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $7 million (2024: $7 million) adjustment to the contingent considerations.
Other financial derivative assets
Assets
160
145
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Estimated sale, equity valuation and production plans;
\u2013 Forecast copper and iron ore prices, historical prices and observed volatility; and
\u2013 Discount rates specific to the operation.
The contingent future consideration assets' valuation remains sensitive to production volumes and an 8 year (2024: 8 year) increase in the life of mine assumptions would result in a $4 million (2024: $5 million) increase to the current carrying value. A 10% increase/decrease in copper production assumptions would result in a $8 million (2024: $9 million) adjustment to the current asset carrying value. A 10% increase/decrease in equity valuation and volatility assumptions would result in an $4 million (2024: $Nil) adjustment to the current carrying value.
Swaps
Assets
34
\u2013
Liabilities
\u2013
(32)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term aluminium and alumina prices.
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $3 million (2024: $3 million) adjustment to the current carrying value.
Deferred income and other financial derivative liabilities
Assets
\u2013
\u2013
Liabilities
(142)
(144)
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Forecast nickel prices, historical prices and observed volatility;
\u2013 Tenor of option expiry beyond market liquidity; and
\u2013 Discount rate based on risk-free rate adjusted for asset specific risks.
The significant unobservable inputs represent the long-term nickel price to which the valuation remains sensitive. A 10% increase/decrease in nickel price assumptions would result in a $9 million adjustment (2024: $9 million adjustment) to the current carrying values.
US$ million
2025
2024
Physical Forwards
Assets
391
1,229
Liabilities
(78)
(94)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including:
\u2013 quality;
\u2013 geographic location;
\u2013 local supply and demand;
\u2013 customer requirements; and
\u2013 counterparty credit considerations.
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio.
The valuation of these contracts is based on observable market prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage and conversion premiums.

Complex valuation techniques are applied to calculate price estimates for longer dated portions of market curves where observable market data is limited. To address inherent calculation uncertainty, calculated price estimates are benchmarked to third-party long-term forecast macro pricing assumptions, where available, for reasonability, to ensure that valuations reflect their expected transfer value to other market participants in accordance with IFRS 13. In selecting pricing within unobservable long-term ranges, the Group considers the risks associated with realising market value over the duration of the contract.
Non-discretionary dividend obligation
Assets
\u2013
\u2013
Liabilities
(107)
(150)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term forecast coal prices;
\u2013 Discount rates using weighted average cost of capital methodology;
\u2013 Production models;
\u2013 Operating costs; and
\u2013 Capital expenditures.
The resultant liability represents a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $87 million (2024: $81 million) adjustment to the current carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-128": { "value": "
Loss allowances of financial assets at amortised cost
The Group determines the Expected Credit Loss (ECL) on loans to associates, advances and loans (at amortised cost) and deferred consideration by applying probability-weighted scenarios of default and loss severity specific to each material exposure. ECL allowances are measured as either 12-month ECLs, reflecting historical default experience adjusting for forward-looking information, or as lifetime ECLs reflecting that the asset is credit impaired. The movement in the loss allowance for financial assets classified at amortised cost is detailed below:
2025
Loans to associates
Advances and loans and deferred consideration
US$ million
12-Month ECL
Lifetime ECL1
Total
12-Month ECL
Lifetime ECL2
Total
Total
Gross carrying value
1 January 2025
18
175
193
464
1,241
1,705
1,898
Increase during the period
8
2
10
420
292
712
722
Decrease during the period
(7)
\u2013
(7)
(92)
(126)
(218)
(225)
Effect of foreign currency exchange movements
\u2013
10
10
6
\u2013
6
16
Other movements
10
(20)
(10)
(82)
(33)
(115)
(125)
31 December 2025
29
167
196
716
1,374
2,090
2,286
Allowance for credit loss
1 January 2025
\u2013
60
60
43
354
397
457
Released during the period3
\u2013
(2)
(2)
(11)
(11)
(22)
(24)
Charged during the period3
1
\u2013
1
37
357
394
395
Effect of foreign currency exchange movements
\u2013
\u2013
\u2013
\u2013
(23)
(23)
(23)
Other movements
\u2013
\u2013
\u2013
(17)
(33)
(50)
(50)
31 December 2025
1
58
59
52
644
696
755
Net carrying value 31 December 2025
28
109
137
664
730
1,394
1,531
2024
Loans to associates
Advances and loans and deferred consideration
US$ million
12-Month ECL
Lifetime ECL1
Total
12-Month ECL
Lifetime ECL2
Total
Total
Gross carrying value
1 January 2024
16
200
216
522
1,234
1,756
1,972
Increase during the period
3
\u2013
3
217
101
318
321
Decrease during the period
(1)
(26)
(27)
(264)
(175)
(439)
(466)
Effect of foreign currency exchange movements
\u2013
(9)
(9)
(7)
\u2013
(7)
(16)
Other movements
\u2013
10
10
(4)
81
77
87
31 December 2024
18
175
193
464
1,241
1,705
1,898
Allowances for credit loss
1 January 2024
\u2013
79
79
28
305
333
412
Released during the period3
\u2013
(20)
(20)
(2)
(39)
(41)
(61)
Charged during the period3
\u2013
\u2013
\u2013
19
98
117
117
Effect of foreign currency exchange movements
\u2013
(1)
(1)
(1)
\u2013
(1)
(2)
Other movements
\u2013
2
2
(1)
(10)
(11)
(9)
31 December 2024
\u2013
60
60
43
354
397
457
Net carrying value 31 December 2024
18
115
133
421
887
1,308
1,441
1
Gross carrying amount comprises stage 2 receivables of $127\u00a0million (2024: $117\u00a0million) and stage 3 receivables of $40\u00a0million (2024: $58\u00a0million). Allowance for credit losses comprises stage 2 credit losses of $31\u00a0million (2024: $31\u00a0million) and stage 3 credit losses of $27\u00a0million (2024: $29\u00a0million).
2
Gross carrying amount comprises stage 2 receivables of $1,156\u00a0million (2024: $840\u00a0million) and stage 3 receivables of $218\u00a0million (2024: $401\u00a0million). Allowance for credit losses comprises stage 2 credit losses of $509\u00a0million (2024: $174\u00a0million) and stage 3 credit losses $135\u00a0million (2024: $180\u00a0million).
3
$231\u00a0million (2024: $8\u00a0million) recognised as impairment (see note 7) and the balancing charge of $140\u00a0million (2024: $48\u00a0million) recognised in net expected credit losses.
The Group determines ECLs on receivables from associates, deferred consideration and other receivables (at amortised cost) by applying probability-weighted scenarios of default and loss severity to each material underlying balance. ECLs are measured as either 12-month ECLs, reflecting historical default experience adjusting for forward-looking information, or as lifetime ECLs reflecting that the asset is credit impaired. The movement in the loss allowances is reflected below:
2025
Receivables from associates
Advances and loans and deferred consideration
US$ million
12-Month ECL
Lifetime ECL1
Total
12-Month ECL
Lifetime ECL2
Total
Total
Gross carrying value
1 January 2025
164
37
201
777
285
1,062
1,263
Increase during the period
42
\u2013
42
513
65
578
620
Decrease during the period
(54)
\u2013
(54)
(302)
(86)
(388)
(442)
Effect of foreign currency exchange movements
(2)
1
(1)
33
5
38
37
Other movements
30
(30)
\u2013
(15)
97
82
82
31 December 2025
180
8
188
1,006
366
1,372
1,560
Allowance for credit loss
1 January 2025
\u2013
7
7
37
223
260
267
Released during the period3
\u2013
\u2013
\u2013
(4)
(16)
(20)
(20)
Charged during the period3
1
\u2013
1
21
101
122
123
Utilised during the period
\u2013
\u2013
\u2013
\u2013
(40)
(40)
(40)
Effect of foreign currency exchange movements
\u2013
1
1
\u2013
\u2013
\u2013
1
Other movements
\u2013
\u2013
\u2013
(8)
58
50
50
31 December 2025
1
8
9
46
326
372
381
Net carrying value 31 December 2025
179
\u2013
179
960
40
1,000
1,179
2024
Receivables from associates
Advances and loans and deferred consideration
US$ million
12-Month ECL
Lifetime ECL1
Total
12-Month ECL
Lifetime ECL2
Total
Total
Gross carrying value
1 January 2024
342
127
469
929
399
1,328
1,797
Increase during the period
57
\u2013
57
387
34
421
478
Decrease during the period
(199)
(113)
(312)
(512)
(155)
(667)
(979)
Assumed in business combination
\u2013
\u2013
\u2013
6
\u2013
6
6
Effect of foreign currency exchange movements
\u2013
\u2013
\u2013
(18)
(1)
(19)
(19)
Other movements
(36)
23
(13)
(15)
8
(7)
(20)
31 December 2024
164
37
201
777
285
1,062
1,263
Allowance for credit loss
1 January 2024
\u2013
117
117
21
184
205
322
Released during the period3
\u2013
(15)
(15)
(12)
(5)
(17)
(32)
Charged during the period3
\u2013
\u2013
\u2013
32
16
48
48
Utilised during the period
\u2013
(89)
(89)
(1)
(49)
(50)
(139)
Effect of foreign currency exchange movements
\u2013
(5)
(5)
(1)
\u2013
(1)
(6)
Other movements
\u2013
(1)
(1)
(2)
77
75
74
31 December 2024
\u2013
7
7
37
223
260
267
Net carrying value 31 December 2024
164
30
194
740
62
802
996
1
Gross carrying value comprises stage 3 receivables of $8\u00a0million (2024: $37\u00a0million). Allowance for credit losses comprises stage 3 credit losses of $8\u00a0million (2024: $7\u00a0million).
2
Gross carrying value comprises stage 2 receivables of $61\u00a0million (2024: $62\u00a0million) and stage 3 receivables of $305\u00a0million (2024: $223\u00a0million). Allowance for credit loss comprises stage 2 credit losses of $29\u00a0million (2024: $35\u00a0million) and stage 3 credit losses of $297\u00a0million (2024: $188\u00a0million).
3
$90\u00a0million recognised as impairment (2024: $3\u00a0million) (see note 7), $Nil (2024: $8 million) in loss on disposal of non-current assets (see note 4) and the balancing charge of $13\u00a0million (2024: $5\u00a0million) was recognised in net expected credit losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-129": { "value": "
13. Inventories
US$ million
2025
2024
Inventory at fair value less costs of disposal
16,181
13,816
Raw materials and consumables
5,219
5,079
Semi-finished products
5,748
5,046
Finished goods
5,734
5,639
Inventory at the lower of cost or net realisable value
16,701
15,764
Total current inventory
32,882
29,580
Raw materials and consumables
1,073
517
Inventory at the lower of cost or net realisable value
1,073
517
Total non-current inventory
1,073
517
Current inventory
The amount of inventories and related ancillary costs recognised as an expense during the period was $222,164\u00a0million (2024: $208,030\u00a0million).
Fair value of inventories is predominantly determined using Level 2 inputs, based on observable market prices from exchanges, traded reference indices or market survey services, adjusted for relevant location and quality differentials. There are no significant unobservable inputs in the fair value measurement of such inventories.
Inventories of $299 million (2024: $144 million) are classified as Level 3 fair value measurements. These valuations are based on observable market prices obtained from exchanges, traded reference indices, or market survey services, adjusted for significant unobservable inputs including location and quality differentials. Movements during the year comprise unrealised losses of $44 million (2024: $5 million), recognised in cost of goods sold, purchases of $408 million (2024: $196 million) and sales of $209 million (2024: $263 million). A 10% change in pricing assumptions would result in a $5 million (2024: $6 million) adjustment to the current carrying value.
Glencore has a number of dedicated financing facilities that fund a portion of its inventories. In each case, the inventory has not been derecognised as the Group has not transferred control. Proceeds received under these arrangements are recognised as current borrowings (see note 21). As at 31 December 2025, the total value of inventory pledged under such facilities was $1,394\u00a0million (2024: $1,896\u00a0million) with corresponding proceeds recognised in current borrowings totalling $1,288\u00a0million (2024: $1,611\u00a0million).
Non-current inventory
Non-current inventories valued at the lower of cost or net realisable value are not expected to be utilised or sold within the normal operating cycle and are therefore classified as non-current inventory.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-130": { "value": "
14. Accounts receivable
US$ million
Notes
2025
2024
Financial assets at amortised cost
Trade receivables
2,279
3,083
Margin calls paid and other broker balances
6,018
3,392
Receivables from associates
179
194
Deferred consideration
\u2013
35
Advances and loans1
1,000
767
9,476
7,471
Financial assets at fair value through profit or loss
Trade receivables with derivative features
28
11,149
7,795
Prepaid commodity forward contracts2
28
598
499
Other receivables and loans
28
156
122
Convertible loans
28
64
\u2013
11,967
8,416
Non-financial assets
Advances repayable with product
422
353
Supply fee prepayment
50
\u2013
Other tax and other current receivables3
1,911
1,541
2,383
1,894
Total
23,826
17,781
1
Net of $221\u00a0million (2024: $15\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
2
Net of $526\u00a0million (2024: $355\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
3
Comprises sales and other tax receivables of $1,755\u00a0million (2024: $1,393\u00a0million) and other receivables of $156\u00a0million (2024: $148\u00a0million).
Financial assets at amortised cost
Trade receivables
Trade receivables that are held to collect are measured at amortised cost
The average credit period on sales of goods is 18 days (2024: 17 days). The carrying value of trade receivables approximates fair value.
The Group applies the simplified approach to measure ECL allowances for trade receivables classified at amortised cost, using the lifetime ECL provision method. ECL allowances are estimated using a provision matrix that considers past default experience and credit ratings, adjusted as appropriate for current observable data. ECL provisions are recognised in \u2018net expected credit losses\u2019 in the consolidated statement of income. During the period, a release of $3 million (2024: $133 million charge) was recognised. The table below reflects the risk profile of trade receivables based on the Group\u2019s provision matrix.
US$ million
Trade receivables \u2013 days past due
As at 31 December 2025
Current
<30
31 \u2013 60
61 \u2013 90
>90
Total
Gross carrying amount
2,000
109
46
13
122
2,290
Weighted average expected credit loss rate
0.48%
0.69%
0.61%
1.03%
1.26%
Lifetime expected credit loss
(9)
(1)
\u2013
\u2013
(1)
(11)
Total
1,991
108
46
13
121
2,279
US$ million
Trade receivables \u2013 days past due
As at 31 December 2024
Current
<30
31 \u2013 60
61 \u2013 90
>90
Total
Gross carrying amount
2,812
113
51
32
89
3,097
Weighted average expected credit loss rate
0.44%
0.63%
0.73%
1.09%
1.16%
Lifetime expected credit loss
(12)
(1)
\u2013
\u2013
(1)
(14)
Total
2,800
112
51
32
88
3,083
The Group determines ECLs on receivables from associates, deferred consideration and other receivables (at amortised cost) by applying probability-weighted scenarios of default and loss severity to each material underlying balance. ECLs are measured as either 12-month ECLs, reflecting historical default experience adjusting for forward-looking information, or as lifetime ECLs reflecting that the asset is credit impaired. The movement in the loss allowances is reflected below:
Financial assets at fair value through profit or loss
Trade receivables with derivative features
Trade receivables whose contractual cash flows do not meet the SPPI criterion, for example, those containing derivative features, are measured at FVTPL. All other trade receivables are measured at amortised cost.
Prepaid commodity forward contracts
Physically settled advances and prepayments that are inseparable from commodity purchase or sale contracts, and that do not qualify for the own-use exemption, fall within the scope of IFRS\u202f9 and are recognised as financial instruments and measured at fair value through profit or loss.
Other receivables and loans
During 2025, fair value movements of negative $21 million (2024: $27 million) were recognised in net changes in mark-to-market valuations (see note 5).
Convertible loans
During 2025, fair value movements of $24 million (2024: $Nil) were recognised in net changes in mark-to-market valuations (see note 5).
Non-financial assets
Advances repayable with product
Physically settled advances and prepayments that are inseparable from commodity purchase or sale contracts, and which qualify for the own-use exemption, are treated as non-financial assets and subject to impairment assessment.
Glencore has a number of dedicated financing facilities that fund a portion of its receivables. The receivables have not been derecognised, as the Group retains the principal risks and rewards of ownership. Proceeds received under these arrangements are recognised as current borrowings (see note 21). As at 31 December 2025, trade receivables pledged under such facilities totalled $607\u00a0million (2024: $1,235\u00a0million) with corresponding proceeds recognised as current borrowings totalling $441\u00a0million (2024: $1,099\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-131": { "value": "
US$ million
Notes
2025
2024
Financial assets at amortised cost
Trade receivables
2,279
3,083
Margin calls paid and other broker balances
6,018
3,392
Receivables from associates
179
194
Deferred consideration
\u2013
35
Advances and loans1
1,000
767
9,476
7,471
Financial assets at fair value through profit or loss
Trade receivables with derivative features
28
11,149
7,795
Prepaid commodity forward contracts2
28
598
499
Other receivables and loans
28
156
122
Convertible loans
28
64
\u2013
11,967
8,416
Non-financial assets
Advances repayable with product
422
353
Supply fee prepayment
50
\u2013
Other tax and other current receivables3
1,911
1,541
2,383
1,894
Total
23,826
17,781
1
Net of $221\u00a0million (2024: $15\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
2
Net of $526\u00a0million (2024: $355\u00a0million) provided by banks, the repayment terms of which are contingent upon and connected to the future delivery of contractual production over the next 12 months.
3
Comprises sales and other tax receivables of $1,755\u00a0million (2024: $1,393\u00a0million) and other receivables of $156\u00a0million (2024: $148\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-132": { "value": "
15. Cash and cash equivalents
US$\u00a0million
2025
2024
Bank and cash on hand
2,104
1,700
Deposits and treasury bills
841
689
Total
2,945
2,389
Cash and cash equivalents comprise cash held at bank, cash in hand and short-term bank deposits with an original maturity of three months or less when acquired. The carrying amount of these assets approximates their fair value.
As at 31 December 2025, $91\u00a0million (2024: $222\u00a0million) was restricted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-133": { "value": "
Cash and cash equivalents comprise cash held at bank, cash in hand and short-term bank deposits with an original maturity of three months or less when acquired. The carrying amount of these assets approximates their fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-134": { "value": "
As at 31 December 2025, $91\u00a0million (2024: $222\u00a0million) was restricted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-135": { "value": "
16. Assets and liabilities held for sale
Net assets held for sale are measured at their carrying amount, being the lower of carrying amount and fair value less costs to sell. As at 31 December 2024, the carrying amounts of assets and liabilities held for sale were lower than their fair value less costs to sell, hence no losses were recognised in the statement of income for the period.
The carrying value of the assets and liabilities classified as held for sale are detailed below:
US$ million
2025
2024
Non-current assets
Investments in associates and joint ventures
\u2013
3,592
Total net assets held for sale
\u2013
3,592
Viterra
On 2 July 2025, the acquisition of Viterra by Bunge completed. Under the terms of the agreement, Glencore received $2.6 billion in Bunge shares and $940 million in cash for its c.50% stake in Viterra, resulting in a 16.4% shareholding in the enlarged company. See note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-136": { "value": "
16. Assets and liabilities held for sale
Net assets held for sale are measured at their carrying amount, being the lower of carrying amount and fair value less costs to sell. As at 31 December 2024, the carrying amounts of assets and liabilities held for sale were lower than their fair value less costs to sell, hence no losses were recognised in the statement of income for the period.
The carrying value of the assets and liabilities classified as held for sale are detailed below:
US$ million
2025
2024
Non-current assets
Investments in associates and joint ventures
\u2013
3,592
Total net assets held for sale
\u2013
3,592
Viterra
On 2 July 2025, the acquisition of Viterra by Bunge completed. Under the terms of the agreement, Glencore received $2.6 billion in Bunge shares and $940 million in cash for its c.50% stake in Viterra, resulting in a 16.4% shareholding in the enlarged company. See note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-137": { "value": "
17. Share capital and reserves
Number
of ordinary shares1 (thousand)
Share capital (US$\u00a0million)
Share
premium
(US$\u00a0million)
Stated
capital (US$\u00a0million)
Authorised:
31 December 2025 an unlimited number of Ordinary shares with no par value
\u2013
Issued and fully paid up:
1 January 2024 \u2013 Ordinary shares
13,550,000
136
28,369
\u2013
Distributions paid (see note 19)
\u2013
\u2013
(1,580)
\u2013
31 December 2024 \u2013 Ordinary shares
13,550,000
136
26,789
\u2013
Own shares cancelled during the year
(325,000)
(3)
(1,361)
\u2013
Distributions paid (see note 19)
\u2013
\u2013
(1,192)
\u2013
Conversion to Ordinary shares with no par value
\u2013
(133)
(24,236)
24,369
Stated capital cancelled during the year
(213,135)
\u2013
\u2013
(1,016)
31 December 2025 \u2013 Ordinary shares
13,011,865
\u2013
\u2013
23,353
1
As at 31 December 2024, consists of 50,000,000 authorised Ordinary shares with a par value of $0.01 each.
During the year, the Company restructured its share capital by converting its ordinary shares with a nominal value of $0.01 each into ordinary shares with no par value, following approval by shareholders at the Annual General Meeting and in accordance with the Companies (Jersey) Law 1991. As a result, the share capital and share premium balances were reclassified and combined into a single stated capital account. This reclassification did not affect the total value of shareholders\u2019 equity.
Other reserves
US$\u00a0million
Foreign currency translation reserve
Cash flow
hedge reserve
Net
unrealised
gain/(loss)
Net ownership
changes in
subsidiaries
Total
1 January 2025
(2,671)
(43)
(888)
(2,209)
(5,811)
Exchange gain on translation of foreign operations
284
\u2013
\u2013
\u2013
284
Items recycled to the statement of income
(11)
\u2013
\u2013
\u2013
(11)
Loss on cash flow hedges, net of tax
\u2013
(77)
\u2013
\u2013
(77)
Gain on equity investments accounted for at fair value through other comprehensive income, net of tax
\u2013
\u2013
589
\u2013
589
Change in ownership interest in subsidiaries (see note 34)
\u2013
\u2013
\u2013
(2)
(2)
Realisation of FVTOCI movements
\u2013
\u2013
(37)
\u2013
(37)
31 December 2025
(2,398)
(120)
(336)
(2,211)
(5,065)
1 January 2024
(2,846)
(42)
(1,522)
(2,622)
(7,032)
Exchange loss on translation of foreign operations
(170)
\u2013
\u2013
\u2013
(170)
Items recycled to the statement of income on restructuring of intragroup debt (see note 5)
345
\u2013
\u2013
\u2013
345
Loss on cash flow hedges, net of tax
\u2013
(1)
\u2013
\u2013
(1)
Loss on equity investments accounted for at fair value through other comprehensive income, net of tax
\u2013
\u2013
(63)
\u2013
(63)
Change in ownership interest in subsidiaries (see note 34)
\u2013
\u2013
3
413
416
Loss due to changes in credit risk on financial liabilities accounted for at fair value through profit or loss
\u2013
\u2013
(5)
\u2013
(5)
Realisation of FVTOCI movements
\u2013
\u2013
699
\u2013
699
31 December 2024
(2,671)
(43)
(888)
(2,209)
(5,811)
The translation adjustment reserve is used to capture the cumulative impact of foreign currency translation adjustments arising from the Group\u2019s non-USD denominated functional currency subsidiaries.
The cash flow hedge reserve is used to accumulate the gains and losses from the effective portion of hedging instruments contained within hedge relationships until the hedged item impacts profit or loss. The cost of hedging is recorded within the cash flow hedge reserve due to its immaterial amount.
The net unrealised gain/loss reserve is used to accumulate the gains and losses associated with the remeasurement of the Group\u2019s investments carried at FVTOCI and changes in credit risk on financial liabilities measured at FVTPL.
The net ownership changes in subsidiaries reserve is used to capture equity movements arising from changes in the Group\u2019s ownership in its subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-138": { "value": "
17. Share capital and reserves
Number
of ordinary shares1 (thousand)
Share capital (US$\u00a0million)
Share
premium
(US$\u00a0million)
Stated
capital (US$\u00a0million)
Authorised:
31 December 2025 an unlimited number of Ordinary shares with no par value
\u2013
Issued and fully paid up:
1 January 2024 \u2013 Ordinary shares
13,550,000
136
28,369
\u2013
Distributions paid (see note 19)
\u2013
\u2013
(1,580)
\u2013
31 December 2024 \u2013 Ordinary shares
13,550,000
136
26,789
\u2013
Own shares cancelled during the year
(325,000)
(3)
(1,361)
\u2013
Distributions paid (see note 19)
\u2013
\u2013
(1,192)
\u2013
Conversion to Ordinary shares with no par value
\u2013
(133)
(24,236)
24,369
Stated capital cancelled during the year
(213,135)
\u2013
\u2013
(1,016)
31 December 2025 \u2013 Ordinary shares
13,011,865
\u2013
\u2013
23,353
1
As at 31 December 2024, consists of 50,000,000 authorised Ordinary shares with a par value of $0.01 each.
During the year, the Company restructured its share capital by converting its ordinary shares with a nominal value of $0.01 each into ordinary shares with no par value, following approval by shareholders at the Annual General Meeting and in accordance with the Companies (Jersey) Law 1991. As a result, the share capital and share premium balances were reclassified and combined into a single stated capital account. This reclassification did not affect the total value of shareholders\u2019 equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-139": { "value": "
Treasury Shares
Trust Shares
Total
Number
of shares
(thousand)
Own
shares
(US$\u00a0million)
Number
of shares
(thousand)
Own
shares
(US$\u00a0million)
Number
of shares
(thousand)
Own
shares
(US$\u00a0million)
Own shares:
1 January 2024
1,330,453
(7,254)
46,135
(246)
1,376,588
(7,500)
Purchased during the year
18,835
(110)
25,000
(120)
43,835
(230)
Disposed during the year
\u2013
\u2013
(27,678)
146
(27,678)
146
31 December 2024
1,349,288
(7,364)
43,457
(220)
1,392,745
(7,584)
1 January 2025
1,349,288
(7,364)
43,457
(220)
1,392,745
(7,584)
Purchased during the year
456,956
(1,842)
40,001
(150)
496,957
(1,992)
Disposed during the year
\u2013
\u2013
(44,749)
207
(44,749)
207
Own shares cancelled during the year
(538,135)
2,380
\u2013
\u2013
(538,135)
2,380
31 December 2025
1,268,109
(6,826)
38,709
(163)
1,306,818
(6,989)
Own shares
Own shares comprise Glencore plc shares acquired under share buyback programmes (Treasury Shares) and shares held by the Group\u2019s employee benefit trust (Trust) to satisfy potential future settlements of awards under the Group\u2019s employee incentive plan (Trust Shares).
Trust Shares have been acquired either through stock market purchases or through the transfer of Treasury Shares from the Company. The Trust may hold, in aggregate, up to 5% of the Company\u2019s issued share capital at any given time and is permitted to sell these shares. The Trust has waived its right to receive distributions on the shares it holds. Administrative costs related to the Trust are expensed in the period in which they are incurred.
During the year, Glencore repurchased $1 billion of shares under a share buyback programme announced in February 2025. In July 2025, Glencore announced an additional share buyback programme of up to $1 billion effected in accordance with the terms of the authorities granted by shareholders at the 2025 Annual General Meeting and the General Meeting held in August 2025, which has also been completed. As at 31 December 2025, $842 million of shares had been repurchased and a further $48 million of shares were repurchased in January 2026. No liability has been recognised in respect of this share buyback programme as the terms of the arrangement do not result in a contractual obligation.
In line with its policy to maintain Treasury Shares below 10% of total issued stated capital, Glencore cancelled 538 million Treasury Shares during the year.
As at 31 December\u00a02025, 1,306,817,536 shares (2024: 1,392,745,352 shares), including Treasury Shares of 1,268,109,041 (2024: 1,349,288,041 shares), equivalent to 10.04% (2024: 10.28%) of the stated capital (2024: issued share capital), were held at a cost of $6,989\u00a0million (2024: $7,584\u00a0million), with a market value of $7,142 million (2024: $6,163 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-140": { "value": "
Other reserves
US$\u00a0million
Foreign currency translation reserve
Cash flow
hedge reserve
Net
unrealised
gain/(loss)
Net ownership
changes in
subsidiaries
Total
1 January 2025
(2,671)
(43)
(888)
(2,209)
(5,811)
Exchange gain on translation of foreign operations
284
\u2013
\u2013
\u2013
284
Items recycled to the statement of income
(11)
\u2013
\u2013
\u2013
(11)
Loss on cash flow hedges, net of tax
\u2013
(77)
\u2013
\u2013
(77)
Gain on equity investments accounted for at fair value through other comprehensive income, net of tax
\u2013
\u2013
589
\u2013
589
Change in ownership interest in subsidiaries (see note 34)
\u2013
\u2013
\u2013
(2)
(2)
Realisation of FVTOCI movements
\u2013
\u2013
(37)
\u2013
(37)
31 December 2025
(2,398)
(120)
(336)
(2,211)
(5,065)
1 January 2024
(2,846)
(42)
(1,522)
(2,622)
(7,032)
Exchange loss on translation of foreign operations
(170)
\u2013
\u2013
\u2013
(170)
Items recycled to the statement of income on restructuring of intragroup debt (see note 5)
345
\u2013
\u2013
\u2013
345
Loss on cash flow hedges, net of tax
\u2013
(1)
\u2013
\u2013
(1)
Loss on equity investments accounted for at fair value through other comprehensive income, net of tax
\u2013
\u2013
(63)
\u2013
(63)
Change in ownership interest in subsidiaries (see note 34)
\u2013
\u2013
3
413
416
Loss due to changes in credit risk on financial liabilities accounted for at fair value through profit or loss
\u2013
\u2013
(5)
\u2013
(5)
Realisation of FVTOCI movements
\u2013
\u2013
699
\u2013
699
31 December 2024
(2,671)
(43)
(888)
(2,209)
(5,811)
The translation adjustment reserve is used to capture the cumulative impact of foreign currency translation adjustments arising from the Group\u2019s non-USD denominated functional currency subsidiaries.
The cash flow hedge reserve is used to accumulate the gains and losses from the effective portion of hedging instruments contained within hedge relationships until the hedged item impacts profit or loss. The cost of hedging is recorded within the cash flow hedge reserve due to its immaterial amount.
The net unrealised gain/loss reserve is used to accumulate the gains and losses associated with the remeasurement of the Group\u2019s investments carried at FVTOCI and changes in credit risk on financial liabilities measured at FVTPL.
The net ownership changes in subsidiaries reserve is used to capture equity movements arising from changes in the Group\u2019s ownership in its subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-141": { "value": "
18. Earnings per share
US$ million
2025
2024
Income/(loss) attributable to equity holders of the Parent for basic earnings per share
363
(1,634)
Weighted average number of shares for the purposes of basic earnings per share (thousand)
11,929,671
12,152,042
Effect of dilution:
Equity-settled share-based payments (thousand)1
131,377
120,020
Weighted average number of shares for the purposes of diluted earnings per share (thousand)
12,061,048
12,272,062
Basic earnings/(loss) per share (US$)
0.03
(0.13)
Diluted earnings/(loss) per share (US$)
0.03
(0.13)
Headline earnings
Headline earnings is a Johannesburg Stock Exchange (JSE) defined performance measure. The calculation of basic and diluted earnings per share, based on headline earnings as determined by the requirements of the Circular 1/2023 as issued by the South\u00a0African Institute of Chartered Accountants (SAICA), is reconciled using the following data:
US$ million
2025
2024
Income/(loss) attributable to equity holders of the Parent for basic earnings per share
363
(1,634)
Net (gain)/loss on disposals of non-current assets2
(223)
337
Net (gain)/loss on disposals of non-current assets \u2013 non-controlling interest
12
1
Net (gain)/loss on disposals of non-current assets \u2013 tax
5
3
Impairments3
1,669
1,983
Impairments \u2013 non-controlling interest
(73)
(239)
Impairments \u2013 tax
(345)
(271)
Headline and diluted earnings for the year
1,408
180
Headline earnings per share (US$)
0.12
0.01
Diluted headline earnings per share (US$)
0.12
0.01
1
These equity-settled share-based payments could potentially dilute basic earnings per share in the future, but did not impact diluted loss per share in 2024 because they were anti-dilutive.
2
See note 4.
3
Comprises of impairments of property, plant and equipment and intangible assets, investments, advances and loans (see note 7) and Glencore\u2019s share of impairments booked directly by associates (see note 2).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-142": { "value": "
19. Distributions
US$ million
2025
2024
Paid during the year:
First tranche distribution \u2013 $0.05 per ordinary share (2024: $0.065)
600
790
Second tranche distribution \u2013 $0.05 per ordinary share (2024: $0.065)
592
790
Total
1,192
1,580
The proposed distribution in respect of the year ended 31 December 2025 of $0.17 per ordinary share amounting to some $2.0\u00a0billion is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. Such declared distribution is expected to be paid equally ($0.085 each) in June 2026 and September 2026.
A distribution of $0.10\u00a0per ordinary share amounting to $1,192\u00a0million was paid in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-143": { "value": "0.17", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-144": { "value": "2000000000.0", "decimals": -9, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-145": { "value": "0.1", "decimals": 1, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-146": { "value": "
20. Share-based payments
Number of
awards
granted
(thousands)
Fair value at
grant date
(US$ million)
Number
of awards
outstanding 2025
(thousands)
Number
of awards
outstanding 2024
(thousands)
Expense
recognised 2025
(US$ million)
Expense
recognised
2024
(US$ million)
Deferred awards
2018 Series
12,891
65
\u2013
1,170
\u2013
1
2019 Series
10,791
37
\u2013
\u2013
\u2013
\u2013
2021 Series
21,327
94
\u2013
217
\u2013
\u2013
2022 Series
6,719
40
316
316
1
1
2023 Series
37,889
204
334
33,036
1
(1)
2024 Series
5,535
34
3,444
5,475
14
10
2025 Series
40,266
142
39,418
\u2013
51
\u2013
135,418
43,512
40,214
67
11
Performance share awards
2018 Series
28,499
104
\u2013
833
\u2013
1
2019 Series
29,705
90
\u2013
632
\u2013
\u2013
2020 Series
33,583
104
311
466
\u2013
1
2021 Series
27,012
130
\u2013
6,651
1
13
2022 Series
25,580
166
5,377
14,430
14
38
2023 Series
27,642
157
15,953
24,646
39
81
2024 Series1
40,015
189
37,932
32,148
91
4
2025 Series
28,292
135
28,292
\u2013
7
\u2013
240,328
87,865
79,806
152
138
Total
375,746
131,377
120,020
219
149
1
During the current year 7,809,008 shares were granted as performance share awards for the 2024 series, increasing the fair value by $34 million.
Until 2021, deferred awards were made under the Company\u2019s Deferred Bonus Plan and performance share awards were made under the Company\u2019s Performance Share Plan. In May 2021, the Company introduced a single Incentive Plan which replaced these plans, and under which both deferred awards and performance share awards continue to be made.
Deferred awards
Under a deferred award the payment of a portion of a participant\u2019s annual bonus is deferred for a period of one to seven years as an award of either ordinary shares (\u2018Bonus Share Award\u2019) or cash. Awards vest over a specified period, subject to continued employment and forfeiture for malus events. The Bonus Share Awards may be satisfied, at Glencore\u2019s option, in shares by the issue of new ordinary shares, by the transfer of ordinary shares held in treasury or by the transfer of ordinary shares purchased in the market or in cash, with a value equal to the market value of the award at settlement, including distributions paid between award and settlement. Glencore currently intends to settle all Bonus Share Awards in shares. The associated expense is recorded in the statement of income/loss as part of the expense for performance bonuses. The fair value at grant date is determined as the monthly volume-weighted average share price (VWAP) of Glencore plc prior to the respective award date.
Performance Share awards
Performance share awards vest in tranches over a specified period, subject to continued employment and forfeiture for malus events. At grant date, each award is equivalent to one ordinary share of Glencore. Awards vest in one, two or three tranches on 31 January or 30 June of the years following the year of grant, as the case may be. The awards may be satisfied, at Glencore\u2019s option, in shares by the issue of new ordinary shares, by the transfer of ordinary shares held in treasury or by the transfer of ordinary shares purchased in the market or in cash, with a value equal to the market value of the award at vesting, including distributions paid between award and vesting. Glencore currently intends to settle these awards in shares. The fair value at grant date is determined as the monthly VWAP of Glencore plc prior to the respective award date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-147": { "value": "
21. Borrowings
US$ million
Notes
2025
2024
Non-current borrowings
Capital market notes
23,396
19,867
Amount drawn under revolving credit facilities
1,810
3,310
Lease liabilities
1,255
1,231
EVR partners and JV loan
\u2013
407
Other bank loans
531
449
Total non-current borrowings
26,992
25,264
Current borrowings
Secured inventory/receivables/other facilities
11/13/14
2,029
2,885
Amount drawn under revolving credit facilities
150
150
US commercial paper
1,810
857
Capital market notes
2,925
3,163
Lease liabilities
648
611
Other bank loans1
6,932
5,177
Total current borrowings
14,494
12,843
Total borrowings
41,486
38,107
1
Comprises various uncommitted bilateral bank credit facilities and other financings.
Changes in liabilities arising from financing activities
Liabilities arising from financing activities are those for which cash flows are classified in the Group's consolidated cash flow statement as cash flows from financing activities. The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes.
2025
US$ million
Borrowings
excluding
lease
liabilities
Lease
liabilities
Total borrowings
Cross currency and interest rate swaps and net margins1
Total liabilities arising from financing activities
1 January 2025
36,265
1,842
38,107
79
38,186
Cash related movements2
Proceeds from issuance of capital market notes
5,451
\u2013
5,451
\u2013
5,451
Repayment of capital market notes
(3,256)
\u2013
(3,256)
62
(3,194)
Repayment of revolving credit facilities
(1,500)
\u2013
(1,500)
\u2013
(1,500)
Proceeds from other non-current borrowings
95
\u2013
95
\u2013
95
Repayment of other non-current borrowings
(12)
\u2013
(12)
\u2013
(12)
Repayment of lease liabilities
\u2013
(911)
(911)
\u2013
(911)
Margin receipts in respect of financing related hedging activities
\u2013
\u2013
\u2013
1,045
1,045
Proceeds from US commercial papers
953
\u2013
953
\u2013
953
Proceeds from current borrowings
559
\u2013
559
\u2013
559
2,290
(911)
1,379
1,107
2,486
Non-cash related movements
Borrowings acquired in business combinations3
\u2013
74
74
\u2013
74
Borrowings disposed of on disposal of subsidiaries3
\u2013
(2)
(2)
\u2013
(2)
Fair value adjustment to fair value hedged borrowings
337
\u2013
337
\u2013
337
Fair value movement of hedging derivatives
\u2013
\u2013
\u2013
(1,099)
(1,099)
Foreign exchange movements
889
47
936
\u2013
936
Additions and other non-cash movements to lease liabilities
\u2013
853
853
\u2013
853
Interest on convertible bonds
6
\u2013
6
\u2013
6
Conversion of EVR minority partners' loans to equity
(251)
\u2013
(251)
\u2013
(251)
Other movements
47
\u2013
47
\u2013
47
1,028
972
2,000
(1,099)
901
31 December 2025
39,583
1,903
41,486
87
41,573
1
The currency and interest rate swaps are reported on the statement of financial position within the headings \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 (see note 27) and margin calls paid/received within accounts receivable/payable (see notes 14 and 25).
2
See consolidated statement of cash flows.
3
See note 26.
2024
US$ million
Borrowings
excluding
lease
liabilities
Lease
liabilities
Total borrowings
Cross currency and interest rate swaps and net margins1
Total liabilities arising from financing activities
1 January 2024
30,733
1,508
32,241
55
32,296
Cash related movements2
Proceeds from issuance of capital market notes
4,797
\u2013
4,797
\u2013
4,797
Repayment of capital market notes
(2,829)
\u2013
(2,829)
23
(2,806)
Proceeds from revolving credit facilities
1,995
\u2013
1,995
\u2013
1,995
Repayment of other non-current borrowings
(137)
\u2013
(137)
\u2013
(137)
Repayment of lease liabilities
\u2013
(844)
(844)
\u2013
(844)
Margin payments in respect of financing related hedging activities
\u2013
\u2013
\u2013
(693)
(693)
Payments of US commercial papers
(187)
\u2013
(187)
\u2013
(187)
Proceeds from current borrowings
1,916
\u2013
1,916
\u2013
1,916
5,555
(844)
4,711
(670)
4,041
Non-cash related movements
Borrowings acquired in business combinations3
411
159
570
\u2013
570
Fair value adjustment to fair value hedged borrowings
(12)
\u2013
(12)
\u2013
(12)
Fair value movement of hedging derivatives
\u2013
\u2013
\u2013
694
694
Foreign exchange movements
(399)
(52)
(451)
\u2013
(451)
Additions and other non-cash movements to lease liabilities
\u2013
1,071
1,071
\u2013
1,071
Interest on convertible bonds
23
\u2013
23
\u2013
23
Other movements
(46)
\u2013
(46)
\u2013
(46)
(23)
1,178
1,155
694
1,849
31 December 2024
36,265
1,842
38,107
79
38,186
1
The currency and interest rate swaps are reported on the statement of financial position within the headings \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 (see note 27) and margin calls paid/received within accounts receivable/payable (see notes 14 and 25).
2
See consolidated statement of cash flows.
3
See note 26.
Capital Market Notes
US$\u00a0million
Maturity
2025
2024
CAD 750 million 4.045% coupon bonds
Oct 2032
535
\u2013
Canadian dollar bonds
535
\u2013
Euro 500 million 3.75% coupon bonds
Apr 2026
\u2013
510
Euro 500 million 1.50% coupon bonds
Oct 2026
\u2013
494
Euro 950 million 1.125% coupon bonds
Mar 2028
1,114
983
Euro 600 million 0.75% coupon bonds
Mar 2029
642
549
Euro 600 million 4.154% coupon bonds
Apr 2031
711
629
Euro 750 million 3.750% coupon bonds
Feb 2032
871
\u2013
Euro 500 million 3.668% coupon bonds
Oct 2032
579
\u2013
Euro 500 million 1.25% coupon bonds
Mar 2033
457
402
Eurobonds
4,374
3,567
GBP 500 million 3.125% coupon bonds
Mar 2026
\u2013
599
Sterling bonds
\u2013
599
CHF 225 million 1.00% coupon bonds
Mar 2027
284
249
CHF 150 million 0.50% coupon bonds
Sep 2028
186
161
CHF 150 million 2.215% coupon bonds
Jan 2030
195
171
Swiss Franc bonds
665
581
US$ 600 million 1.625% coupon bonds
Apr 2026
\u2013
572
US$ 1,000 million 4.00% coupon bonds
Mar 2027
982
955
US$ 50 million 4.00% coupon bonds
Mar 2027
50
50
US$ 350 million variable coupon bonds
Apr 2027
350
349
US$ 800 million 5.338% coupon bonds
Apr 2027
807
801
US$ 500 million 3.875% coupon bonds
Oct 2027
488
472
US$ 550 million 4.907% coupon bonds
Apr 2028
554
\u2013
US$ 500 million 5.40% coupon bonds
May 2028
499
487
US$ 750 million 6.125% coupon bonds
Oct 2028
768
755
US$ 750 million 4.875% coupon bonds
Mar 2029
727
701
US$ 1,100 million 5.371% coupon bonds
Apr 2029
1,118
1,094
US$ 750 million 5.186% coupon bonds
Apr 2030
758
\u2013
US$ 1,000 million 2.50% coupon bonds
Sep 2030
996
995
US$ 750 million 6.375% coupon bonds
Oct 2030
774
756
US$ 600 million 2.85% coupon bonds
Apr 2031
534
506
US$ 750 million 2.625% coupon bonds
Sep 2031
662
628
US$ 500 million 5.70% coupon bonds
May 2033
483
466
US$ 1,000 million 6.50% coupon bonds
Oct 2033
1,036
1,009
US$ 1,250 million 5.634% coupon bonds
Apr 2034
1,260
1,225
US$ 1,200 million 5.673% coupon bonds
Apr 2035
1,207
\u2013
US$ 250 million 6.20% coupon bonds
Jun 2035
265
266
US$ 500 million 6.90% coupon bonds
Nov 2037
567
571
US$ 497 million 6.00% coupon bonds
Nov 2041
531
532
US$ 468 million 5.30% coupon bonds
Oct 2042
472
472
US$ 500 million 3.875% coupon bonds
Apr 2051
496
496
US$ 500 million 3.375% coupon bonds
Sep 2051
489
489
US$ 500 million 5.893% coupon bonds
Apr 2054
454
473
US$ 500 million 6.141% coupon bonds
Apr 2055
495
\u2013
US$ bonds
17,822
15,120
Total non-current bonds
23,396
19,867
Euro 750 million 1.75% coupon bonds
Mar 2025
\u2013
773
Euro 500 million 3.75% coupon bonds
Apr 2026
585
\u2013
Euro 500 million 1.50% coupon bonds
Oct 2026
576
\u2013
GBP 500 million 3.125% coupon bonds
Mar 2026
671
\u2013
CHF 250 million 0.35% coupon bonds
Sep 2025
\u2013
276
US$ 625 million non-dilutive convertible bonds
Mar 2025
\u2013
619
US$ 500 million 4.00% coupon bonds
Apr 2025
\u2013
496
US$ 1,000 million 1.625% coupon bonds
Sep 2025
\u2013
999
US$ 600 million 1.625% coupon bonds
Apr 2026
594
\u2013
US$ 500 million variable coupon bonds
Oct 2026
499
\u2013
Total current bonds
2,925
3,163
2025 Bond activities
\uf0b7
In April 2025, issued:
\u2013
18-month $500 million, variable coupon bond
\u2013
3-year $550 million, 4.907% coupon bond
\u2013
5-year $750 million, 5.186% coupon bond
\u2013
10-year $1,200 million, 5.673% coupon bond
\u2013
30-year $500 million, 6.141% coupon bond
\uf0b7
In June 2025, issued:
\u2013
7-year EUR 750 million, 3.750% coupon bond
\uf0b7
In October 2025, issued:
\u2013
7-year CAD 750 million, 4.045% coupon bond
\u2013
7-year EUR 500 million, 3.668% coupon bond
2024 Bond activities
\uf0b7
In January 2024, issued:
\u2013
6-year CHF 150 million, 2.215% coupon bond
\uf0b7
In April 2024, issued:
\u2013
7-year EUR 600 million, 4.154% coupon bond
\u2013
3-year $350 million, variable coupon bond
\u2013
3-year $800 million, 5.338% coupon bond
\u2013
5-year $1,100 million, 5.371% coupon bond
\u2013
10-year $1,250 million, 5.634% coupon bond
\u2013
30-year $500 million, 5.893% coupon bond
Committed revolving credit facilities
Glencore extended its core syndicated revolving credit facilities in March 2025 (effective May 2025).
As at 31 December 2025, the facilities comprise:
\uf0b7
$9,385 million one-year revolving credit facility with a one-year borrower\u2019s term-out option (to May 2027); and
\uf0b7
$3,900 million medium-term revolving credit facility (to May 2030).
As in previous years, these committed unsecured facilities contain no financial covenants, no rating triggers, no material adverse change clauses and no external factor clauses.
Secured facilities
US$\u00a0million
Maturity1
Interest
2025
2024
Syndicated uncommitted metals and oil
inventory/receivables facilities
Mar 2026
SOFR + 65 bps
1,143
1,600
Other secured facilities1
Feb 2026
4.5%
886
1,285
Total
2,029
2,885
Current
2,029
2,885
Non-current
\u2013
\u2013
1
Comprises various facilities. The maturity and interest detail represent the weighted average of the various debt balances outstanding at year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-148": { "value": "
21. Borrowings
US$ million
Notes
2025
2024
Non-current borrowings
Capital market notes
23,396
19,867
Amount drawn under revolving credit facilities
1,810
3,310
Lease liabilities
1,255
1,231
EVR partners and JV loan
\u2013
407
Other bank loans
531
449
Total non-current borrowings
26,992
25,264
Current borrowings
Secured inventory/receivables/other facilities
11/13/14
2,029
2,885
Amount drawn under revolving credit facilities
150
150
US commercial paper
1,810
857
Capital market notes
2,925
3,163
Lease liabilities
648
611
Other bank loans1
6,932
5,177
Total current borrowings
14,494
12,843
Total borrowings
41,486
38,107
1
Comprises various uncommitted bilateral bank credit facilities and other financings.
Changes in liabilities arising from financing activities
Liabilities arising from financing activities are those for which cash flows are classified in the Group's consolidated cash flow statement as cash flows from financing activities. The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes.
2025
US$ million
Borrowings
excluding
lease
liabilities
Lease
liabilities
Total borrowings
Cross currency and interest rate swaps and net margins1
Total liabilities arising from financing activities
1 January 2025
36,265
1,842
38,107
79
38,186
Cash related movements2
Proceeds from issuance of capital market notes
5,451
\u2013
5,451
\u2013
5,451
Repayment of capital market notes
(3,256)
\u2013
(3,256)
62
(3,194)
Repayment of revolving credit facilities
(1,500)
\u2013
(1,500)
\u2013
(1,500)
Proceeds from other non-current borrowings
95
\u2013
95
\u2013
95
Repayment of other non-current borrowings
(12)
\u2013
(12)
\u2013
(12)
Repayment of lease liabilities
\u2013
(911)
(911)
\u2013
(911)
Margin receipts in respect of financing related hedging activities
\u2013
\u2013
\u2013
1,045
1,045
Proceeds from US commercial papers
953
\u2013
953
\u2013
953
Proceeds from current borrowings
559
\u2013
559
\u2013
559
2,290
(911)
1,379
1,107
2,486
Non-cash related movements
Borrowings acquired in business combinations3
\u2013
74
74
\u2013
74
Borrowings disposed of on disposal of subsidiaries3
\u2013
(2)
(2)
\u2013
(2)
Fair value adjustment to fair value hedged borrowings
337
\u2013
337
\u2013
337
Fair value movement of hedging derivatives
\u2013
\u2013
\u2013
(1,099)
(1,099)
Foreign exchange movements
889
47
936
\u2013
936
Additions and other non-cash movements to lease liabilities
\u2013
853
853
\u2013
853
Interest on convertible bonds
6
\u2013
6
\u2013
6
Conversion of EVR minority partners' loans to equity
(251)
\u2013
(251)
\u2013
(251)
Other movements
47
\u2013
47
\u2013
47
1,028
972
2,000
(1,099)
901
31 December 2025
39,583
1,903
41,486
87
41,573
1
The currency and interest rate swaps are reported on the statement of financial position within the headings \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 (see note 27) and margin calls paid/received within accounts receivable/payable (see notes 14 and 25).
2
See consolidated statement of cash flows.
3
See note 26.
2024
US$ million
Borrowings
excluding
lease
liabilities
Lease
liabilities
Total borrowings
Cross currency and interest rate swaps and net margins1
Total liabilities arising from financing activities
1 January 2024
30,733
1,508
32,241
55
32,296
Cash related movements2
Proceeds from issuance of capital market notes
4,797
\u2013
4,797
\u2013
4,797
Repayment of capital market notes
(2,829)
\u2013
(2,829)
23
(2,806)
Proceeds from revolving credit facilities
1,995
\u2013
1,995
\u2013
1,995
Repayment of other non-current borrowings
(137)
\u2013
(137)
\u2013
(137)
Repayment of lease liabilities
\u2013
(844)
(844)
\u2013
(844)
Margin payments in respect of financing related hedging activities
\u2013
\u2013
\u2013
(693)
(693)
Payments of US commercial papers
(187)
\u2013
(187)
\u2013
(187)
Proceeds from current borrowings
1,916
\u2013
1,916
\u2013
1,916
5,555
(844)
4,711
(670)
4,041
Non-cash related movements
Borrowings acquired in business combinations3
411
159
570
\u2013
570
Fair value adjustment to fair value hedged borrowings
(12)
\u2013
(12)
\u2013
(12)
Fair value movement of hedging derivatives
\u2013
\u2013
\u2013
694
694
Foreign exchange movements
(399)
(52)
(451)
\u2013
(451)
Additions and other non-cash movements to lease liabilities
\u2013
1,071
1,071
\u2013
1,071
Interest on convertible bonds
23
\u2013
23
\u2013
23
Other movements
(46)
\u2013
(46)
\u2013
(46)
(23)
1,178
1,155
694
1,849
31 December 2024
36,265
1,842
38,107
79
38,186
1
The currency and interest rate swaps are reported on the statement of financial position within the headings \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 (see note 27) and margin calls paid/received within accounts receivable/payable (see notes 14 and 25).
2
See consolidated statement of cash flows.
3
See note 26.
Capital Market Notes
US$\u00a0million
Maturity
2025
2024
CAD 750 million 4.045% coupon bonds
Oct 2032
535
\u2013
Canadian dollar bonds
535
\u2013
Euro 500 million 3.75% coupon bonds
Apr 2026
\u2013
510
Euro 500 million 1.50% coupon bonds
Oct 2026
\u2013
494
Euro 950 million 1.125% coupon bonds
Mar 2028
1,114
983
Euro 600 million 0.75% coupon bonds
Mar 2029
642
549
Euro 600 million 4.154% coupon bonds
Apr 2031
711
629
Euro 750 million 3.750% coupon bonds
Feb 2032
871
\u2013
Euro 500 million 3.668% coupon bonds
Oct 2032
579
\u2013
Euro 500 million 1.25% coupon bonds
Mar 2033
457
402
Eurobonds
4,374
3,567
GBP 500 million 3.125% coupon bonds
Mar 2026
\u2013
599
Sterling bonds
\u2013
599
CHF 225 million 1.00% coupon bonds
Mar 2027
284
249
CHF 150 million 0.50% coupon bonds
Sep 2028
186
161
CHF 150 million 2.215% coupon bonds
Jan 2030
195
171
Swiss Franc bonds
665
581
US$ 600 million 1.625% coupon bonds
Apr 2026
\u2013
572
US$ 1,000 million 4.00% coupon bonds
Mar 2027
982
955
US$ 50 million 4.00% coupon bonds
Mar 2027
50
50
US$ 350 million variable coupon bonds
Apr 2027
350
349
US$ 800 million 5.338% coupon bonds
Apr 2027
807
801
US$ 500 million 3.875% coupon bonds
Oct 2027
488
472
US$ 550 million 4.907% coupon bonds
Apr 2028
554
\u2013
US$ 500 million 5.40% coupon bonds
May 2028
499
487
US$ 750 million 6.125% coupon bonds
Oct 2028
768
755
US$ 750 million 4.875% coupon bonds
Mar 2029
727
701
US$ 1,100 million 5.371% coupon bonds
Apr 2029
1,118
1,094
US$ 750 million 5.186% coupon bonds
Apr 2030
758
\u2013
US$ 1,000 million 2.50% coupon bonds
Sep 2030
996
995
US$ 750 million 6.375% coupon bonds
Oct 2030
774
756
US$ 600 million 2.85% coupon bonds
Apr 2031
534
506
US$ 750 million 2.625% coupon bonds
Sep 2031
662
628
US$ 500 million 5.70% coupon bonds
May 2033
483
466
US$ 1,000 million 6.50% coupon bonds
Oct 2033
1,036
1,009
US$ 1,250 million 5.634% coupon bonds
Apr 2034
1,260
1,225
US$ 1,200 million 5.673% coupon bonds
Apr 2035
1,207
\u2013
US$ 250 million 6.20% coupon bonds
Jun 2035
265
266
US$ 500 million 6.90% coupon bonds
Nov 2037
567
571
US$ 497 million 6.00% coupon bonds
Nov 2041
531
532
US$ 468 million 5.30% coupon bonds
Oct 2042
472
472
US$ 500 million 3.875% coupon bonds
Apr 2051
496
496
US$ 500 million 3.375% coupon bonds
Sep 2051
489
489
US$ 500 million 5.893% coupon bonds
Apr 2054
454
473
US$ 500 million 6.141% coupon bonds
Apr 2055
495
\u2013
US$ bonds
17,822
15,120
Total non-current bonds
23,396
19,867
Euro 750 million 1.75% coupon bonds
Mar 2025
\u2013
773
Euro 500 million 3.75% coupon bonds
Apr 2026
585
\u2013
Euro 500 million 1.50% coupon bonds
Oct 2026
576
\u2013
GBP 500 million 3.125% coupon bonds
Mar 2026
671
\u2013
CHF 250 million 0.35% coupon bonds
Sep 2025
\u2013
276
US$ 625 million non-dilutive convertible bonds
Mar 2025
\u2013
619
US$ 500 million 4.00% coupon bonds
Apr 2025
\u2013
496
US$ 1,000 million 1.625% coupon bonds
Sep 2025
\u2013
999
US$ 600 million 1.625% coupon bonds
Apr 2026
594
\u2013
US$ 500 million variable coupon bonds
Oct 2026
499
\u2013
Total current bonds
2,925
3,163
2025 Bond activities
\uf0b7
In April 2025, issued:
\u2013
18-month $500 million, variable coupon bond
\u2013
3-year $550 million, 4.907% coupon bond
\u2013
5-year $750 million, 5.186% coupon bond
\u2013
10-year $1,200 million, 5.673% coupon bond
\u2013
30-year $500 million, 6.141% coupon bond
\uf0b7
In June 2025, issued:
\u2013
7-year EUR 750 million, 3.750% coupon bond
\uf0b7
In October 2025, issued:
\u2013
7-year CAD 750 million, 4.045% coupon bond
\u2013
7-year EUR 500 million, 3.668% coupon bond
2024 Bond activities
\uf0b7
In January 2024, issued:
\u2013
6-year CHF 150 million, 2.215% coupon bond
\uf0b7
In April 2024, issued:
\u2013
7-year EUR 600 million, 4.154% coupon bond
\u2013
3-year $350 million, variable coupon bond
\u2013
3-year $800 million, 5.338% coupon bond
\u2013
5-year $1,100 million, 5.371% coupon bond
\u2013
10-year $1,250 million, 5.634% coupon bond
\u2013
30-year $500 million, 5.893% coupon bond
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-149": { "value": "
Changes in liabilities arising from financing activities
Liabilities arising from financing activities are those for which cash flows are classified in the Group's consolidated cash flow statement as cash flows from financing activities. The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes.
2025
US$ million
Borrowings
excluding
lease
liabilities
Lease
liabilities
Total borrowings
Cross currency and interest rate swaps and net margins1
Total liabilities arising from financing activities
1 January 2025
36,265
1,842
38,107
79
38,186
Cash related movements2
Proceeds from issuance of capital market notes
5,451
\u2013
5,451
\u2013
5,451
Repayment of capital market notes
(3,256)
\u2013
(3,256)
62
(3,194)
Repayment of revolving credit facilities
(1,500)
\u2013
(1,500)
\u2013
(1,500)
Proceeds from other non-current borrowings
95
\u2013
95
\u2013
95
Repayment of other non-current borrowings
(12)
\u2013
(12)
\u2013
(12)
Repayment of lease liabilities
\u2013
(911)
(911)
\u2013
(911)
Margin receipts in respect of financing related hedging activities
\u2013
\u2013
\u2013
1,045
1,045
Proceeds from US commercial papers
953
\u2013
953
\u2013
953
Proceeds from current borrowings
559
\u2013
559
\u2013
559
2,290
(911)
1,379
1,107
2,486
Non-cash related movements
Borrowings acquired in business combinations3
\u2013
74
74
\u2013
74
Borrowings disposed of on disposal of subsidiaries3
\u2013
(2)
(2)
\u2013
(2)
Fair value adjustment to fair value hedged borrowings
337
\u2013
337
\u2013
337
Fair value movement of hedging derivatives
\u2013
\u2013
\u2013
(1,099)
(1,099)
Foreign exchange movements
889
47
936
\u2013
936
Additions and other non-cash movements to lease liabilities
\u2013
853
853
\u2013
853
Interest on convertible bonds
6
\u2013
6
\u2013
6
Conversion of EVR minority partners' loans to equity
(251)
\u2013
(251)
\u2013
(251)
Other movements
47
\u2013
47
\u2013
47
1,028
972
2,000
(1,099)
901
31 December 2025
39,583
1,903
41,486
87
41,573
1
The currency and interest rate swaps are reported on the statement of financial position within the headings \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 (see note 27) and margin calls paid/received within accounts receivable/payable (see notes 14 and 25).
2
See consolidated statement of cash flows.
3
See note 26.
2024
US$ million
Borrowings
excluding
lease
liabilities
Lease
liabilities
Total borrowings
Cross currency and interest rate swaps and net margins1
Total liabilities arising from financing activities
1 January 2024
30,733
1,508
32,241
55
32,296
Cash related movements2
Proceeds from issuance of capital market notes
4,797
\u2013
4,797
\u2013
4,797
Repayment of capital market notes
(2,829)
\u2013
(2,829)
23
(2,806)
Proceeds from revolving credit facilities
1,995
\u2013
1,995
\u2013
1,995
Repayment of other non-current borrowings
(137)
\u2013
(137)
\u2013
(137)
Repayment of lease liabilities
\u2013
(844)
(844)
\u2013
(844)
Margin payments in respect of financing related hedging activities
\u2013
\u2013
\u2013
(693)
(693)
Payments of US commercial papers
(187)
\u2013
(187)
\u2013
(187)
Proceeds from current borrowings
1,916
\u2013
1,916
\u2013
1,916
5,555
(844)
4,711
(670)
4,041
Non-cash related movements
Borrowings acquired in business combinations3
411
159
570
\u2013
570
Fair value adjustment to fair value hedged borrowings
(12)
\u2013
(12)
\u2013
(12)
Fair value movement of hedging derivatives
\u2013
\u2013
\u2013
694
694
Foreign exchange movements
(399)
(52)
(451)
\u2013
(451)
Additions and other non-cash movements to lease liabilities
\u2013
1,071
1,071
\u2013
1,071
Interest on convertible bonds
23
\u2013
23
\u2013
23
Other movements
(46)
\u2013
(46)
\u2013
(46)
(23)
1,178
1,155
694
1,849
31 December 2024
36,265
1,842
38,107
79
38,186
1
The currency and interest rate swaps are reported on the statement of financial position within the headings \u2018Other financial assets\u2019 and \u2018Other financial liabilities\u2019 (see note 27) and margin calls paid/received within accounts receivable/payable (see notes 14 and 25).
2
See consolidated statement of cash flows.
3
See note 26.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-150": { "value": "
22. Deferred income
US$\u00a0million
Notes
Unfavourable contracts
Prepayments
Prepayments at FVTPL1
(see note 28)
Total
1 January 2025
128
1,125
1,642
2,895
Additions
\u2013
39
3,063
3,102
Accretion in the year
\u2013
82
\u2013
82
Revenue recognised in the year
(29)
(179)
(2,067)
(2,275)
Acquired in business combination
26
\u2013
5
\u2013
5
Effect of foreign currency exchange difference
5
1
1
7
Mark-to-market
\u2013
\u2013
(11)
(11)
31 December 2025
104
1,073
2,628
3,805
Current
34
173
2,227
2,434
Non-current
70
900
401
1,371
1 January 2024
197
1,253
888
2,338
Additions
\u2013
39
1,595
1,634
Accretion in the year
\u2013
84
\u2013
84
Revenue recognised in the year
(67)
(250)
(853)
(1,170)
Effect of foreign currency exchange difference
(2)
(1)
\u2013
(3)
Mark-to-market
\u2013
\u2013
12
12
31 December 2024
128
1,125
1,642
2,895
Current
33
194
1,559
1,786
Non-current
95
931
83
1,109
1
FVTPL \u2013 Fair value through profit or loss.
Unfavourable contracts
As part of several business combinations, Glencore recognised liabilities arising from assumed contractual agreements that required the delivery of coal volumes over periods extending to 2032 at fixed prices that were lower than the market prices on the relevant acquisition dates.
These amounts are released to revenue as the underlying commodities are delivered to the buyers, over the life of the respective contracts at rates consistent with the extrapolated forward price curves at the time of the acquisitions.
Prepayments
Prepayments comprise various short- to long-term product supply agreements whereby an upfront prepayment is received in exchange for the future delivery of a product. The arrangements are accounted for as executory contracts whereby the advance payment is recorded as deferred revenue. Revenue is recognised in the consolidated statement of income as specific products are delivered, at the implied forward price curve at the time of transaction execution together with an accretion expense, representing the time value of the prepayment received.
Prepayments related to long term streaming agreements for the future delivery of gold and/or silver from our Antamina and Antapaccay operations comprise the majority of this balance. Under these agreements, Glencore received an upfront payment as well as ongoing amounts equal to 20% of the prevailing spot silver or gold price, as applicable. At Antapaccay, this ongoing payment increases to 30% of the spot gold price once certain delivery thresholds have been reached. As at 31 December 2025, outstanding product delivery obligations totaled $903 million (2024: $959 million), of which $45 million (2024: $63 million) are due within 12 months.
Prepayments at FVTPL
Prepayments at FVPTL comprise various short- to long-term product supply agreements accounted for as financial instruments, whereby an upfront prepayment is received in exchange for the future delivery of a specific product or financial asset which is not separable from the contract to sell the commodities. Revenue is recognised in the consolidated statement of income as specific products are delivered or the financial obligation is settled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-151": { "value": "
23. Provisions
US$\u00a0million
Notes
Rehabilitation costs
Onerous contracts
Other
provisions
Total
1 January 2025
10,887
382
771
12,040
Utilised
(500)
(135)
(106)
(741)
Assumed in business combination
26
1
\u2013
\u2013
1
Disposal of subsidiaries
26
(316)
\u2013
\u2013
(316)
Adjustments to rehabilitation assets
(498)
\u2013
\u2013
(498)
Currency translation adjustment
65
\u2013
18
83
Recognised in the statement of income
Additions
247
74
210
531
Released
(64)
(94)
(78)
(236)
Accretion
538
20
23
581
Effect of foreign currency exchange movements
1
2
10
13
31 December 2025
10,361
249
848
11,458
Current
787
101
308
1,196
Non-current
9,574
148
540
10,262
1 January 2024
8,180
320
713
9,213
Utilised
(520)
(147)
(243)
(910)
Assumed in business combination
26
2,202
66
75
2,343
Adjustments to rehabilitation assets
(28)
\u2013
\u2013
(28)
Currency translation adjustment
(15)
\u2013
(30)
(45)
Recognised in the statement of income
Additions
1,020
173
298
1,491
Released
(126)
(55)
(56)
(237)
Accretion
204
25
22
251
Effect of foreign currency exchange movements
(30)
\u2013
(8)
(38)
31 December 2024
10,887
382
771
12,040
Current
812
189
325
1,326
Non-current
10,075
193
446
10,714
Rehabilitation costs
The rehabilitation provision represents the estimated costs to restore and rehabilitate sites generally upon the completion of production activities. These obligations will be settled when rehabilitation commences, typically at the end of a project\u2019s life. The timing of settlement ranges from sites currently under rehabilitation to those with expected closure periods exceeding 50 years. The weighted average remaining life of all sites, based on their expected closure periods, is approximately 27 years (2024: 26 years).
The projected undiscounted rehabilitation cash flows are as follows:
US$ million
0-5 years
5-15 years
15-25 years
25-35 years
>35 years
Total undiscounted
31 December 2025
3,731
4,343
2,459
1,479
4,124
16,136
31 December 2024
3,585
4,547
2,723
1,518
3,959
16,332
US$ million
2025
2024
Undiscounted rehabilitation costs
16,136
16,332
Impact of discounting
(5,775)
(5,445)
Present value of rehabilitation costs
10,361
10,887
Attributable to:
Operating sites
6,449
6,713
Closed sites
3,912
4,174
Total rehabilitation costs
10,361
10,887
Discount rates were determined by reference to the average annual real-term return on relevant 20-year government securities.
As at 31 December 2025, the discount rates applied in calculating the restoration and rehabilitation provision are pre-tax risk-free rates specific to the liability and the functional currency of operations and are as follows: US dollar 2.2% (2024: 2.0%) and South African rand 7.5% (2024: 7.2%).
The sensitivity of the rehabilitation provision to changes in the discount rate assumptions as at 31 December 2025, assuming that all other assumptions are held constant, is set out below:
Discount rate
US$\u00a0million
Increase 1%
Decrease 1%
Decrease/(increase) in overall rehabilitation provision
1,226
(1,704)
(Decrease)/increase in property, plant and equipment
(963)
1,365
Net increase/(decrease) in statement of income
263
(339)
Effect in the following year
Decrease/(increase) in depreciation expense
36
(51)
(Increase)/decrease in interest expense
(13)
28
Net increase/(decrease) in statement of income
23
(23)
Onerous contracts
Onerous contracts liabilities relate to contracted take-or-pay commitments for coal logistics capacity, where the fixed prices and volumes exceeded forecasted usage and prevailing market prices as at the acquisition date. The provision is released to costs of goods sold as the underlying commitments are fulfilled.
Other provisions
Other provisions comprise amounts for possible demurrage, closure and severance, mine concession and construction-related claims and various other individually immaterial legal matters. No individually material provisions are included within this balance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-152": { "value": "
US$\u00a0million
Notes
Rehabilitation costs
Onerous contracts
Other
provisions
Total
1 January 2025
10,887
382
771
12,040
Utilised
(500)
(135)
(106)
(741)
Assumed in business combination
26
1
\u2013
\u2013
1
Disposal of subsidiaries
26
(316)
\u2013
\u2013
(316)
Adjustments to rehabilitation assets
(498)
\u2013
\u2013
(498)
Currency translation adjustment
65
\u2013
18
83
Recognised in the statement of income
Additions
247
74
210
531
Released
(64)
(94)
(78)
(236)
Accretion
538
20
23
581
Effect of foreign currency exchange movements
1
2
10
13
31 December 2025
10,361
249
848
11,458
Current
787
101
308
1,196
Non-current
9,574
148
540
10,262
1 January 2024
8,180
320
713
9,213
Utilised
(520)
(147)
(243)
(910)
Assumed in business combination
26
2,202
66
75
2,343
Adjustments to rehabilitation assets
(28)
\u2013
\u2013
(28)
Currency translation adjustment
(15)
\u2013
(30)
(45)
Recognised in the statement of income
Additions
1,020
173
298
1,491
Released
(126)
(55)
(56)
(237)
Accretion
204
25
22
251
Effect of foreign currency exchange movements
(30)
\u2013
(8)
(38)
31 December 2024
10,887
382
771
12,040
Current
812
189
325
1,326
Non-current
10,075
193
446
10,714
Discount rates were determined by reference to the average annual real-term return on relevant 20-year government securities.
As at 31 December 2025, the discount rates applied in calculating the restoration and rehabilitation provision are pre-tax risk-free rates specific to the liability and the functional currency of operations and are as follows: US dollar 2.2% (2024: 2.0%) and South African rand 7.5% (2024: 7.2%).
The sensitivity of the rehabilitation provision to changes in the discount rate assumptions as at 31 December 2025, assuming that all other assumptions are held constant, is set out below:
Discount rate
US$\u00a0million
Increase 1%
Decrease 1%
Decrease/(increase) in overall rehabilitation provision
1,226
(1,704)
(Decrease)/increase in property, plant and equipment
(963)
1,365
Net increase/(decrease) in statement of income
263
(339)
Effect in the following year
Decrease/(increase) in depreciation expense
36
(51)
(Increase)/decrease in interest expense
(13)
28
Net increase/(decrease) in statement of income
23
(23)
Onerous contracts
Onerous contracts liabilities relate to contracted take-or-pay commitments for coal logistics capacity, where the fixed prices and volumes exceeded forecasted usage and prevailing market prices as at the acquisition date. The provision is released to costs of goods sold as the underlying commitments are fulfilled.
Other provisions
Other provisions comprise amounts for possible demurrage, closure and severance, mine concession and construction-related claims and various other individually immaterial legal matters. No individually material provisions are included within this balance.
32. Contingent liabilities
The Group is subject to various legal and government proceedings as detailed below. These contingent liabilities are reviewed on a regular basis and where appropriate and feasible, an estimate is made of the potential financial impact on the Group. As at 31 December 2025 and 2024, it was not feasible to make such an assessment.
Legal and government proceedings
Under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, a provision is recognised when Glencore has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits, will be required to settle the obligation, and a reliable estimate can be made of the amount. A contingent liability arises from a past event and is disclosed when the obligation is possible but not probable, or when the obligation exists but cannot be measured with sufficient reliability. If it is unclear whether a present obligation exists, the past event is considered to give rise to a present obligation if, based on all available evidence, it is more likely than not that such an obligation existed at the reporting date.
Investigations by regulatory and enforcement authorities
On 5 August 2024, the Group announced that Office of the Attorney General of Switzerland (OAG) closed its criminal investigation against Glencore International AG (GIAG) with a summary penalty order and an abandonment order. GIAG was sentenced to a fine of CHF 2 million and the OAG imposed a compensation claim in the amount of $150 million. The parallel investigation by the Dutch Prosecution Service was also concluded, and the case was dismissed following the resolution of the OAG investigation. These resolutions follow the resolutions of the investigations of the US Department of Justice and UK Serious Fraud Office in 2022.
The Group notes that other authorities may commence investigations against the Group in connection with the resolved investigations. In September 2024, the Company was notified by the Economic Crime and Confiscation Unit (ECCU) of the Law Officers\u2019 Department, Jersey that it was investigating the Company in respect of (i) the corrupt activities and related money laundering of the Group; and (ii) the accuracy of assurances, representations and warranties given to all parties involved in the approval, issuance and promotion of the initial public offering prospectus of the Company in 2011. The investigation appears to be related to the same underlying facts as the concluded resolutions with the other authorities.
At 31 December 2025, taking account of all available evidence, the Board concluded that, with respect to the Jersey investigation and other potential investigations, it is not probable that a present obligation existed at the end of the reporting period. The timing and amount, if any, of the possible financial effects (such as fines, penalties or damages, which could be material) or other consequences, including external costs, from the Jersey investigation and any other potential investigations and any change in their scope is not currently possible to predict or estimate.
On 10 July 2024, Environment and Climate Change Canada laid five charges against EVR Operations Limited (formerly Teck Coal Limited) for contraventions of subsection 36(3) of the Fisheries Act over the period of 1 January 2018 to 30 September 2023. Under the Fisheries Act, each day on which a contravention occurs, or continues, constitutes a separate offence and the applicable fine range for this case is a minimum of CAD 1 million per offence and a maximum of CAD 12 million per offence. At 31 December 2025, taking account of all available evidence, the Board concluded that, with respect to the charges, it is not probable that a present obligation existed at the end of the reporting period. The timing and amount, if any, of the possible financial effects (such as fines or damages, which could be material) or other consequences, including external costs, from the charges is not currently possible to predict or estimate.
Claims against the Company in connection with investigations by regulatory and enforcement authorities
Claims are being pursued against the Group in the United Kingdom in connection with the various government investigations, constituting claims on behalf of current and former shareholders. The claims are, inter alia, made under s90 of the Financial Services and Markets Act 2000 (FSMA) relating to prospectus liability, while certain claimants currently include s90A FSMA claims relating to misstatements in other information published by the Company and/or dishonest delay in publishing information. The bases for the claims are that the prospectuses issued in 2011 and 2013 and other published information by the Company were untrue, misleading or contained omissions.
The Group may be the subject of further legal claims brought by other parties in connection with the government investigations, including collective, group or representative actions.
In respect of these claims, taking into account all available evidence, the Board does not consider it probable that a present obligation existed in relation to these claims or potential claims as at the balance sheet date, and the amount of any financial effects, which could be material, is not currently possible to predict or estimate.\u00a0
Claims in respect of Horne smelter
In October 2023, two individuals (Plaintiffs) filed Motion for Authorization of a Class Action and to Obtain the Status of Representatives against Glencore and the Attorney General of Qu\u00e9bec, as representative of the Government of the Province of Qu\u00e9bec (Qu\u00e9bec Government) regarding Glencore\u2019s Horne Smelter situated in the city of Rouyn-Noranda, in the Province of Qu\u00e9bec, Canada.\u00a0The Plaintiffs allege that Glencore caused prejudice to the proposed class by releasing contaminants into the environment, while fully aware of the risks and dangers to public health. The Plaintiffs also allege that the Qu\u00e9bec Government committed a fault and caused prejudice to the proposed class in that it tolerated and authorised these emissions. Taking into account all available evidence, the Board does not consider it probable that a present obligation existed at the balance sheet date in relation to this claim, and the amount of any financial effects, which could be material, is not currently possible to predict or estimate.
Other legal proceedings
Other claims and unresolved disputes are pending against Glencore. However, based on the Group\u2019s current assessment of these matters any future individually material financial obligations are considered to be remote.
Environmental contingencies
Glencore\u2019s operations are subject to various environmental laws and regulations. Glencore is not aware of any material non-compliance with those laws and regulations. Glencore accrues for environmental contingencies when such contingencies are probable and reasonably estimable. Such accruals are adjusted as new information develops or circumstances change. Recoveries of environmental remediation costs from insurance companies and other parties are recorded as assets when the recoveries are virtually certain. At this time, Glencore is unaware of any material environmental incidents at its locations. Any potential liability arising from environmental incidents in the ordinary course of the Group\u2019s business would not usually be expected to have a material adverse effect on its consolidated income, financial position or cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-153": { "value": "
24. Personnel costs and employee benefits
US$\u00a0million
Notes
Post-retirement employee benefits
Other employee entitlements
Total
1 January 2025
536
228
764
Utilised
(66)
(10)
(76)
Actuarial gain
(82)
\u2013
(82)
Currency translation adjustment
2
2
4
Recognised in the statement of income
Additions
173
21
194
Released
(1)
(1)
(2)
Accretion
12
\u2013
12
Effect of foreign currency exchange movements
16
8
24
31 December 2025
590
248
838
1 January 2024
551
249
800
Utilised
(109)
(7)
(116)
Assumed in business combination
26
47
\u2013
47
Actuarial gain
(71)
\u2013
(71)
Currency translation adjustment
(1)
\u2013
(1)
Recognised in the statement of income
Additions
122
2
124
Released
(6)
(7)
(13)
Accretion
17
\u2013
17
Effect of foreign currency exchange movements
(14)
(9)
(23)
31 December 2024
536
228
764
The provision for post-retirement employee benefits includes pension plan liabilities of $228\u00a0million (2024: $186\u00a0million) and post-retirement medical plan liabilities of $362\u00a0million (2024: $350\u00a0million).
The other employee entitlements provision represents the value of employee entitlements due to employees upon their termination of employment. The associated expenditure will be incurred in line with the timing of employees exercising their entitlement.
Total personnel costs, which include salaries, wages, social security, other personnel costs and share-based payments, incurred for the years ended 31\u00a0December 2025 and 2024, were $7,110\u00a0million and $6,429\u00a0million, respectively. Personnel costs related to consolidated industrial subsidiaries of $5,187 million (2024: $4,943 million) are included in cost of goods sold. Other personnel costs, including deferred bonus and performance share plans, are included in selling and administrative expenses.
The Company and certain subsidiaries sponsor various pension schemes in accordance with local regulations and practices. Eligibility for participation in the various plans is either based on completion of a specified period of continuous service, or date of hire. These schemes include both defined contribution and defined benefit plans.
Defined contribution plans
Glencore\u2019s contributions under these plans amounted to $209\u00a0million in 2025 (2024: $191\u00a0million).
Post-retirement medical plans
The Company participates in a number of post-retirement medical plans in Canada, US and South Africa, which provide coverage for prescription drugs, medical, dental, hospital and life insurance to eligible retirees. Almost all of the post-retirement medical plans in the Group are unfunded.
Defined benefit pension plans
The Company operates defined benefit plans in various countries, the main locations being Canada, Switzerland, UK and the US. Approximately 68% of the present value of the pension obligations accrued relates to the defined benefit plans in Canada, which are pension plans that provide benefits to members in the form of a guaranteed level of pension payable for life. Contributions to the Canadian plans are made to meet or exceed minimum funding requirements based on provincial statutory requirements and associated federal taxation rules.
The majority of benefit payments are from trustee-administered funds; however, there are also a number of unfunded plans where Glencore meets the benefit payments as they fall due. Plan assets held in trusts are governed by local regulations and practices in each country. Responsibility for the governance of the plans, including oversight of investment decisions and contribution schedules, lies with Glencore. Glencore has set up committees to assist in the management of the plans and has also appointed experienced, independent professional experts such as investment managers, actuaries, custodians, and trustees.
The movement in the defined benefit pension and post-retirement medical plans over the year is as follows:
Defined benefit pension plans
US$ million
Notes
Post-retirement
medical plans
Present value
of defined
benefit
obligation
Fair value
of plan
assets1
Net liability
for defined
benefit
pension plans
1 January 2025
350
2,284
(2,479)
(195)
Current service cost
8
64
\u2013
64
Past service cost \u2013 plan amendments
(3)
5
\u2013
5
Interest expense/(income)
19
103
(110)
(7)
Total expense/(income) recognised in consolidated statement of income
24
172
(110)
62
Gain on plan assets, excluding amounts included
in interest expense \u2013 net
\u2013
\u2013
(30)
(30)
Gain from change in demographic assumptions
\u2013
(4)
\u2013
(4)
Gain from change in financial assumptions
(7)
(64)
\u2013
(64)
Gain from actuarial experience
(4)
(4)
\u2013
(4)
Change in asset ceiling
\u2013
\u2013
31
31
Actuarial (gains)/losses recognised in consolidated
statement of comprehensive income
(11)
(72)
1
(71)
Employer contributions
\u2013
\u2013
(46)
(46)
Employee contributions
\u2013
5
(5)
\u2013
Benefits paid directly by the Company
(20)
(8)
8
\u2013
Benefits paid from plan assets
\u2013
(144)
144
\u2013
Net cash (outflow)/inflow
(20)
(147)
101
(46)
Disposal of business
26
\u2013
(11)
27
16
Exchange differences
19
132
(133)
(1)
31 December 2025
362
2,358
(2,593)
(235)
Of which:
Pension surpluses
12
\u2013
(463)
Pension deficits
362
228
2
Fair value of plan assets is presented net of $54 million of irrevocable surplus relating to asset ceiling.
The actual return on plan assets for the defined benefit pension plans amounted to a gain of $273\u00a0million (2024: $13\u00a0million), comprising interest income and the re-measurement of plan assets, including exchange differences.
During the next financial year, the Group expects to make a contribution of $75 million in respect of the defined benefit pension and post-retirement medical plans across all countries, including current service costs and contributions required by pension legislation. Contributions over the next five years for the Canadian plans only, based on the most recently filed actuarial reports, approximate $166 million. Future funding requirements and contributions are reviewed and adjusted on an annual basis.
Defined benefit pension plans
US$ million
Notes
Post-retirement
medical plans
Present value
of defined
benefit
obligation
Fair value
of plan
assets1
Net liability
for defined
benefit
pension plans
1 January 2024
331
2,119
(2,088)
31
Current service cost
8
51
\u2013
51
Past service cost \u2013 plan amendments
\u2013
3
\u2013
3
Settlement of pension plan
\u2013
(123)
119
(4)
Interest expense/(income)
23
90
(96)
(6)
Total expense recognised in consolidated statement of income
31
21
23
44
Gain on plan assets, excluding amounts included
in interest expense \u2013 net
\u2013
\u2013
(90)
(90)
Gain from change in demographic assumptions
\u2013
(2)
\u2013
(2)
Loss from change in financial assumptions
2
13
\u2013
13
Gain from actuarial experience
(4)
(2)
\u2013
(2)
Change in asset ceiling
\u2013
\u2013
12
12
Actuarial (gains)/losses recognised in consolidated
statement of comprehensive income
(2)
9
(78)
(69)
Employer contributions
\u2013
\u2013
(90)
(90)
Employee contributions
\u2013
4
(4)
\u2013
Benefits paid directly by the Company
(19)
(7)
7
\u2013
Benefits paid from plan assets
\u2013
(110)
110
\u2013
Net cash (outflow)/inflow
(19)
(113)
23
(90)
Acquisition of business
26
37
408
(532)
(124)
Exchange differences
(28)
(160)
173
13
31 December 2024
350
2,284
(2,479)
(195)
Of which:
Pension surpluses
12
\u2013
(381)
Pension deficits
350
186
1
Fair value of plan assets is presented net of $20 million of irrevocable surplus relating to asset ceiling.
The majority of the Company\u2019s defined benefit obligation relates to its Canadian plans. The breakdown below provides details of the Canadian plans for both the statement of financial position and the weighted average duration of the defined benefit obligation as at 31\u00a0December 2025 and 2024. As at 31 December 2025, the net liability of each of the Group\u2019s defined benefit plans outside Canada was less than $93 million (2024: $97 million).
2025
US$ million
Canada
Other
Total
Post-retirement medical plans
Present value of defined benefit obligation
313
49
362
of which: amounts owing to active members
100
8
108
of which: amounts owing to pensioners
213
41
254
Defined benefit pension plans
Present value of defined benefit obligation
1,611
747
2,358
of which: amounts owing to active members
409
459
868
of which: amounts owing to non-active members
31
133
164
of which: amounts owing to pensioners
1,171
155
1,326
Fair value of plan assets
(1,947)
(646)
(2,593)
Net defined benefit (asset)/liability at 31 December 2025
(336)
101
(235)
Of which:
Pension surpluses
(387)
(76)
(463)
Pension deficits
51
177
228
Weighted average duration of defined benefit obligation \u2013 years
12
12
12
2024
US$ million
Canada
Other
Total
Post-retirement medical plans
Present value of defined benefit obligation
307
43
350
of which: amounts owing to active members
107
8
115
of which: amounts owing to pensioners
200
35
235
Defined benefit pension plans
Present value of defined benefit obligation
1,584
700
2,284
of which: amounts owing to active members
411
419
830
of which: amounts owing to non-active members
28
128
156
of which: amounts owing to pensioners
1,145
153
1,298
Fair value of plan assets
(1,874)
(605)
(2,479)
Net defined benefit (asset)/liability at 31 December 2024
(290)
95
(195)
Of which:
Pension surpluses
(344)
(37)
(381)
Pension deficits
54
132
186
Weighted average duration of defined benefit obligation \u2013 years
12
12
12
Estimated future benefit payments for the Canadian plans, incorporating expected future service but excluding plan expenses, through to 2035 are presented below:
US$ million
Post-retirement
medical plans
Defined benefit
pension plans
Total
2026
19
114
133
2027
19
113
132
2028
19
112
131
2029
19
111
130
2030
19
110
129
2031-2035
96
531
627
Total
191
1,091
1,282
The plan assets consist of the following:
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Cash and short-term investments
25
\u2013
\u2013
25
23
\u2013
\u2013
23
Fixed income
1,172
\u2013
\u2013
1,172
952
\u2013
\u2013
952
Equities
726
\u2013
\u2013
726
820
\u2013
\u2013
820
Real estate
\u2013
\u2013
191
191
\u2013
\u2013
209
209
Other
347
\u2013
132
479
342
\u2013
133
475
Total
2,270
\u2013
323
2,593
2,137
\u2013
342
2,479
The fair value of plan assets includes no Glencore financial instruments and no property or other assets used by Glencore. For many plans, which represent a significant portion of total plan assets, asset-liability matching strategies are applied. Under these strategies, fixed-income investments are broadly aligned with the duration of the plan liabilities, and the allocation to fixed-income assets increases as the funding level improves. The asset mix for each plan reflects the nature and expected development of its liabilities and is informed by long-term economic conditions, market risk, expected investment returns and the outcomes of formal asset-mix studies, including sensitivity and scenario analysis, performed periodically.
Through its defined benefit plans, Glencore is exposed to a number of risks, the most significant of which are detailed below:
Asset volatility: Plan liabilities are calculated using discount rates set in reference to corporate bond yields; if plan assets underperform this yield, a deficit is created. The funded plans hold a significant allocation to equities, which are expected to outperform bonds over the long term but can introduce short-term volatility. Given the long-term nature of the plan liabilities, Glencore considers a continued allocation to equities to be an appropriate element of its strategy for managing the plans efficiently.
Change in bond yields: A decrease in bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans\u2019 bond holdings.
Inflation risk: Some of the plans\u2019 benefit obligations are linked to inflation, and higher inflation will lead to higher liabilities, although, in\u00a0most cases, caps on the level of inflationary increases are in place to protect the plan against extreme inflation.
Life expectancy: As the majority of the plans provide lifetime benefits, any increase in members\u2019 life expectancy results in an increase in the corresponding defined benefit obligation.
Salary increases: Some plans provide benefits to active members that are linked to their salaries; accordingly, higher salary growth results in higher defined benefit obligations.
Principal weighted-average actuarial assumptions used were as follows:
Post-retirement medical plans
Defined benefit pension plans
2025
2024
2025
2024
Discount rate
5.5%
5.4%
4.4%
4.2%
Future salary increases
\u2013
\u2013
2.5%
2.5%
Future pension increases
\u2013
\u2013
0.4%
0.4%
Ultimate medical cost trend rate
4.4%
4.4%
\u2013
\u2013
Mortality assumptions are based on the most recent standard mortality tables applicable to each country. As at 31\u00a0December 2025, these tables indicate life expectancies at age 65 ranging from 16 to 23 years for males (2024: 16 to 23) and 20 to 25 years for females (2024: 20 to 25). Assumptions for each country are reviewed regularly and are adjusted where necessary to reflect changes in experience and actuarial advice.
The table below presents the sensitivity of the defined benefit obligation to changes in principal assumptions as at 31\u00a0December\u00a02025. Each sensitivity is determined by adjusting one assumption in isolation, with all other assumptions held constant and without considering correlation between assumptions.
Increase/(decrease) in pension obligation
US$ million
Post-retirement medical plans
Defined benefit pension plans
Total
Discount rate
Increase by 100 basis points
(39)
(228)
(267)
Decrease by 100 basis points
47
281
328
Rate of future salary increase
Increase by 100 basis points
\u2013
29
29
Decrease by 100 basis points
\u2013
(28)
(28)
Rate of future pension benefit increase
Increase by 100 basis points
\u2013
29
29
Decrease by 100 basis points
\u2013
(21)
(21)
Medical cost trend rate
Increase by 100 basis points
32
\u2013
32
Decrease by 100 basis points
(27)
\u2013
(27)
Life expectancy
Increase in longevity by one year
10
53
63
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-154": { "value": "
25. Accounts payable
US$ million
Notes
2025
2024
Financial liabilities at amortised cost
Trade payables
5,551
4,905
Margin calls received and other broker balances
687
667
Associated companies
1,351
794
Other payables and accrued liabilities
785
709
8,374
7,075
Financial liabilities at fair value through profit or loss
Trade payables with derivative features
28
24,986
19,967
Other payables
28
\u2013
15
24,986
19,982
Non-financial liabilities
Other payables and accrued liabilities1
1,611
1,356
Other tax and other payables
643
555
2,254
1,911
Total
35,614
28,968
1
Primarily comprised of employee benefit accruals.
Trade payables are obligations to pay for goods and services. Trade payables typically have maturities up to 90 days depending on the type of material and the geographic area in which the purchase transaction occurs and the agreed terms. The carrying value of trade payables approximates fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-155": { "value": "
25. Accounts payable
US$ million
Notes
2025
2024
Financial liabilities at amortised cost
Trade payables
5,551
4,905
Margin calls received and other broker balances
687
667
Associated companies
1,351
794
Other payables and accrued liabilities
785
709
8,374
7,075
Financial liabilities at fair value through profit or loss
Trade payables with derivative features
28
24,986
19,967
Other payables
28
\u2013
15
24,986
19,982
Non-financial liabilities
Other payables and accrued liabilities1
1,611
1,356
Other tax and other payables
643
555
2,254
1,911
Total
35,614
28,968
1
Primarily comprised of employee benefit accruals.
Trade payables are obligations to pay for goods and services. Trade payables typically have maturities up to 90 days depending on the type of material and the geographic area in which the purchase transaction occurs and the agreed terms. The carrying value of trade payables approximates fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-156": { "value": "
25. Accounts payable
US$ million
Notes
2025
2024
Financial liabilities at amortised cost
Trade payables
5,551
4,905
Margin calls received and other broker balances
687
667
Associated companies
1,351
794
Other payables and accrued liabilities
785
709
8,374
7,075
Financial liabilities at fair value through profit or loss
Trade payables with derivative features
28
24,986
19,967
Other payables
28
\u2013
15
24,986
19,982
Non-financial liabilities
Other payables and accrued liabilities1
1,611
1,356
Other tax and other payables
643
555
2,254
1,911
Total
35,614
28,968
1
Primarily comprised of employee benefit accruals.
Trade payables are obligations to pay for goods and services. Trade payables typically have maturities up to 90 days depending on the type of material and the geographic area in which the purchase transaction occurs and the agreed terms. The carrying value of trade payables approximates fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-157": { "value": "
25. Accounts payable
US$ million
Notes
2025
2024
Financial liabilities at amortised cost
Trade payables
5,551
4,905
Margin calls received and other broker balances
687
667
Associated companies
1,351
794
Other payables and accrued liabilities
785
709
8,374
7,075
Financial liabilities at fair value through profit or loss
Trade payables with derivative features
28
24,986
19,967
Other payables
28
\u2013
15
24,986
19,982
Non-financial liabilities
Other payables and accrued liabilities1
1,611
1,356
Other tax and other payables
643
555
2,254
1,911
Total
35,614
28,968
1
Primarily comprised of employee benefit accruals.
Trade payables are obligations to pay for goods and services. Trade payables typically have maturities up to 90 days depending on the type of material and the geographic area in which the purchase transaction occurs and the agreed terms. The carrying value of trade payables approximates fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-158": { "value": "
26. Acquisition and disposal of subsidiaries and other entities
2025 Acquisitions
In 2025, Glencore completed the acquisition of various businesses, none of which are individually material. The fair values are provisional and will be finalised within 12 months of the acquisition dates. Adjustments may be required to the provisional fair values of acquired plant and equipment, borrowings, provisions and deferred taxes.
From the date of acquisition, the operations contributed $8 million of revenue and $17 million of losses after tax for the period ended 31 December 2025.
The net cash used in the acquisition of subsidiaries and the provisional fair value of assets acquired and liabilities assumed on the acquisition date are detailed below:
US$ million
Total
Non-current assets
Property, plant and equipment
272
272
Current assets
Inventories
4
Accounts receivable1
3
Prepaid expenses
24
Cash and cash equivalents
9
40
Non-current liabilities
Borrowings
(74)
Other non-current financial liabilities
(68)
Provisions
(1)
(143)
Current liabilities
Accounts payable
(19)
Deferred income
(5)
(24)
Total fair value of net assets acquired
145
Cash and cash equivalents paid
(29)
Less: amounts previously recognised as convertible loan
(116)
Net (gain)/loss on acquisition
\u2013
Cash and cash equivalents paid
(29)
Cash and cash equivalents acquired
9
Net cash used in acquisition of subsidiaries
(20)
1
There is no material difference between the gross contractual amounts for accounts receivable and their fair value.
2024 Acquisitions
EVR
In July 2024, Glencore acquired 100% of Elk Valley Resources Ltd., the owner of a 77% interest in EVR, a steelmaking coal business based in southeast British Columbia, Canada. Total consideration amounted to $7,152\u202fmillion, inclusive of working capital balances. The acquisition accounting has now been finalised, with no adjustments to the previously reported provisional fair values.
Net cash used in the acquisition of subsidiaries and the fair value of assets acquired and liabilities assumed on the acquisition date are detailed below:
US$ million
EVR
Other
Total
Non-current assets
Property, plant and equipment
13,088
2
13,090
Intangible assets
7
\u2013
7
Advances and loans1
157
\u2013
157
13,252
2
13,254
Current assets
Inventories
1,092
\u2013
1,092
Accounts receivable2
482
1
483
Prepaid expenses
31
\u2013
31
Cash and cash equivalents
189
\u2013
189
1,794
1
1,795
Non-controlling interest
(1,652)
\u2013
(1,652)
Non-current liabilities
Borrowings3
(508)
\u2013
(508)
Deferred tax liabilities
(2,618)
\u2013
(2,618)
Provisions
(2,122)
(8)
(2,130)
Post-retirement and other employee benefits
(47)
\u2013
(47)
(5,295)
(8)
(5,303)
Current liabilities
Borrowings3
(62)
\u2013
(62)
Accounts payable
(678)
(3)
(681)
Provisions
(207)
(6)
(213)
(947)
(9)
(956)
Total fair value of net assets acquired
7,152
(14)
7,138
Consideration (paid)/received
(7,152)
14
(7,138)
Net (gain)/loss on acquisition
\u2013
\u2013
\u2013
Cash and cash equivalents (paid)/received
(7,152)
14
(7,138)
Cash and cash equivalents acquired
189
\u2013
189
Net cash (used)/received in acquisition of subsidiaries
(6,963)
14
(6,949)
1
Includes $134 million of pension surpluses.
2
There is no material difference between the gross contractual amounts for accounts receivable and their fair value.
3
Comprises EVR minority partners and JV loan of $411 million and lease liabilities of $159 million.
The acquisition was accounted for as a business combination in accordance with IFRS 3. As Glencore has the ability to control the key strategic, operating and capital decisions of EVR, it is required to account for the acquisition using the full consolidation method in accordance with IFRS 10. The 23% non-controlling interest has been measured at its proportionate share of the net identifiable assets acquired.
Had the acquisition taken place effective 1 January 2024, the operation would have contributed additional revenue of $3,523 million and additional profit after tax of $537 million. From the date of acquisition, the operation contributed $2,258 million of revenue and $65 million of losses after tax for the period ended 31 December 2024.
Acquisition-related costs amounted to $41 million (see note 5).
2025 Disposals
The carrying value of the assets and liabilities over which control was lost, together with the consideration receivable, are detailed below:
US$ million
Viterra1
Pasar Group
Total
Non-current assets
Property, plant and equipment
\u2013
68
68
Investments in associates and joint ventures
3,532
3
3,535
Advances and loans
\u2013
16
16
3,532
87
3,619
Current assets
Inventories
\u2013
82
82
Accounts receivable
\u2013
2
2
Income tax receivable
\u2013
1
1
Prepaid expenses
\u2013
3
3
Cash and cash equivalents
\u2013
10
10
\u2013
98
98
Non-current liabilities
Borrowings
\u2013
(2)
(2)
Provisions
\u2013
(310)
(310)
\u2013
(312)
(312)
Current liabilities
Accounts payable
\u2013
(9)
(9)
Provisions
\u2013
(6)
(6)
\u2013
(15)
(15)
Total fair value of net assets/(liabilities) disposed
3,532
(142)
3,390
Consideration (received)/paid
(940)
47
(893)
Future consideration
\u2013
95
95
Other investment received
(2,597)
\u2013
(2,597)
Net (gain)/loss on disposal
(5)
\u2013
(5)
Cash and cash equivalents received/(paid)
940
(47)
893
Less: cash and cash equivalents disposed
\u2013
(10)
(10)
Net cash received/(used) in disposal
940
(57)
883
1
As at 31 December 2024, total assets and liabilities were presented as current assets and liabilities \u2018held for sale\u2019 (see note 16).
Viterra
On 2 July 2025, the acquisition of Viterra by Bunge completed. Under the terms of the agreement, Glencore received $2.6 billion in Bunge shares and $940 million in cash for its c.50% stake in Viterra, resulting in a 16.4% shareholding in the enlarged company. The transaction has now been finalised. See note 11.
Pasar Group
In September 2025, Glencore disposed of its 78.2% controlling interest in the Philippine Associated Smelting and Refining Corporation (Pasar) Group (Industrial activities segment), a copper processing business in the Philippines, for a payment of $142 million. The amount, subject to adjustments related to the recovery of certain working capital items, is payable to the purchaser over a five-year period.
2024 Disposals
The carrying value of the assets and liabilities over which control was lost, together with the consideration receivable, are detailed below:
US$ million
Volcan
Non-current assets
Property, plant and equipment
1,284
Intangible assets
10
Investments in associates and joint ventures
148
Other investments
34
Advances and loans
31
Deferred tax assets
47
1,554
Current assets
Inventories
51
Accounts receivable
86
Income tax receivable
20
Prepaid expenses
4
Cash and cash equivalents
42
203
Non-current liabilities
Borrowings
(631)
Deferred tax liabilities
(98)
Provisions
(361)
(1,090)
Current liabilities
Borrowings
(161)
Accounts payable
(273)
Deferred income
(7)
Provisions
(12)
Income tax payable
(4)
(457)
Carrying value of net assets disposed
210
Cash and cash equivalents received
(20)
Non-controlling interest share of loss
190
Derecognition of non-controlling interest and items recycled to the statement of income
282
Net loss on disposal
472
Cash and cash equivalents received
20
Less: cash and cash equivalents disposed
(42)
Net cash used in disposal
(22)
Volcan
In May 2024, Glencore disposed of its 23.3% interest in Volcan (Industrial activities segment), a listed zinc/silver mining entity in Peru for $20 million in cash. The net loss on disposal includes the derecognition to the statement of income of the previously recognised non-controlling interests\u2019 equity balance, largely relating to the non-controlling interests\u2019 share of historical impairments and losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-159": { "value": "
27. Financial and capital risk management
Financial risks arising in the normal course of Glencore\u2019s operations include market risk (commodity price, interest rate and currency risk), credit risk (including performance risk) and liquidity risk. Glencore\u2019s policy is to identify these exposures and, where appropriate, actively manage them to support the Group\u2019s capital objectives and ensure continued financial strength and flexibility. For management of margin-related risks within the industrial portfolio, refer to the net present value at risk disclosure below.
Glencore\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to protect its financial security and flexibility by using derivative financial instruments where possible to substantially hedge these financial risks. Glencore\u2019s finance and risk professionals, working in coordination with the commodity departments, monitor, manage and report regularly to executive management and the Board on the Group\u2019s financial exposures and the effectiveness of the risk-management framework.
Glencore\u2019s objectives in managing its \u2018capital attributable to equity holders\u2019 include preserving its overall financial health and strength for the benefit of all stakeholders, maintaining an optimal capital structure in order to provide a high degree of financial flexibility at an attractive cost of capital and safeguarding its ability to continue as a going concern, while generating sustainable, appropriately risk-adjusted, long-term profitability. Central to meeting these objectives is maintaining investment grade credit rating status. Glencore\u2019s current credit ratings are A3 from Moody\u2019s and BBB+ from S&P.
Distribution policy and other capital management initiatives
Glencore\u2019s base cash distribution policy comprises two components: (1) a fixed $1 billion distribution and (2) a variable component equal to 25% of adjusted equity free cash flow generated by the industrial assets in the preceding year. Distributions are expected to be declared annually by the Board alongside the preliminary full-year results and when declared, are typically paid in two equal instalments in May/June and September. In line with the Group\u2019s \u2018through-the-cycle\u2019 net debt objective of around $10 billion (excluding Marketing lease liabilities), and taking into account the cyclical nature of the industry and other relevant factors, the Board may, at various times during the year, also declare additional top-up cash distributions, and/or undertake share buyback programmes.\u00a0Although distributions are declared and paid in US dollars, shareholders may elect to receive payment in Pounds Sterling, Euros or Swiss Francs at the applicable exchange rates near the payment date. Shareholders on the JSE receive distributions in South African Rand.
Commodity price risk
Glencore is exposed to commodity price movements on inventory it holds and forward-priced purchase and sales contracts. A substantial portion of this exposure is managed through futures and options traded on global commodity exchanges and, where available, in over-the-counter markets. These hedging and risk management activities are an integral part of Glencore\u2019s marketing model, and related positions are recognised within other financial assets and liabilities with derivative counterparties, including clearing brokers and exchanges. Although Glencore seeks to substantially hedge the commodity price risks within its marketing business, hedging instruments may not fully match the characteristics of the underlying physical exposures. Differences in contract terms, liquidity or market structure therefore create residual basis risk. Managing this residual risk is a core focus for Glencore, with active monitoring and mitigation, as required.
During the year, the Group implemented cash flow hedges, using a collar strategy, to manage exposure to gold price volatility on specific forecast sales of its own production. The hedges extend over three years and consist of purchased put options and written call options, covering approximately 100,000 ounces per year. At the reporting date, these instruments had a fair value liability of $35 million, recognised within \u2018Other financial liabilities\u2019. The effective portion of the hedges was recorded in Other Comprehensive Income, resulting in a cumulative unrealised loss of $35 million. Hedge effectiveness was assessed throughout the year, with the hedging relationships deemed fully effective, with no ineffectiveness recognised.
Value at risk
One of the key tools Glencore uses to monitor and manage market risk, principally commodity price risk within its physical marketing activities, is value at risk (VaR). VaR provides an estimate of the potential loss on risk positions over a defined time horizon, at a specified confidence level, based on historical price movements. The VaR methodology is a statistically based, probability-driven approach that incorporates market volatility and recognises diversification effects by capturing offsetting positions and correlations across commodities and markets. This allows Glencore to measure risk consistently across its portfolio and to aggregate exposures into a single, comparable risk metric.
Glencore applies a Monte Carlo based VaR model at a 95% confidence level, using weighted historical data over a one-day horizon. Following its annual review in H2 2025, the Board confirmed the Group\u2019s consolidated VaR limit at $200 million (one day 95% confidence), equivalent to approximately 0.6% of total equity. There were no limit breaches in 2025.
Position sheets are regularly distributed and monitored and daily Monte Carlo simulations are applied to the various business groups\u2019 net marketing positions to determine potential losses.
Market risk VaR (one-day 95% confidence level) ranges and year-end positions were as follows:
US$ million
2025
2024
Year-end position1
81
28
Average during the year
67
53
High during the year
118
76
Low during the year
42
28
1
Current year includes Alumina. 2024 year-end position including Alumina was $47 million.
VaR does not represent actual gains or losses that may be recorded, nor should it be viewed as a prediction of future market movements or indicative of potential impacts on earnings. VaR has inherent limitations, including its reliance on historical data to estimate future events, its inability to fully capture market illiquidity and its exclusion of extreme tail risks. Recognising these limitations, Glencore supplements VaR with a range of forward-looking stress tests, benchmarks it against an alternative historical-simulation VaR model, and back-tests calculated VaR against hypothetical portfolio returns for the following business day. These additional tools help Glencore to maintain a comprehensive and robust understanding of its market risk exposures.
As at 31 December 2025, Glencore\u2019s VaR model covered its activities across key base metals, bulk commodities, freight and energy products, including aluminium, nickel, copper, zinc, cobalt, thermal and steelmaking coal, iron ore, gold, silver, oil, gas and related products and captured all open-priced positions subject to price risk, including inventories. Due to the lack of a liquid terminal market, Glencore does not include a VaR calculation for risks associated with some metal concentrates and minor ores and metals. Alternative measures are used to monitor exposures related to these products.
Net present value at risk
Glencore\u2019s future cash flows related to its forecast Industrial production activities are also exposed to commodity price movements. Glencore manages this exposure through a combination of portfolio diversification, occasional shorter-term hedging via futures and options transactions, insurance products and continuous internal monitoring, reporting and quantification of the underlying operations\u2019 estimated cash flows and valuations.
Interest rate risk
Glencore is exposed to interest rate risk arising from fluctuations in prevailing market rates, which can affect the value of its assets and liabilities and the cash flows associated with them. The primary method of managing this exposure is by matching the interest rate characteristics of assets and liabilities. In addition, Glencore uses interest rate swaps and other derivatives with terms that closely mirror the underlying exposures to further hedge interest-rate risk. Details of the swap instruments used are provided below.
Floating rate debt, predominantly used to fund fast-turning working capital (interest is internally charged on the funding of this working capital) is primarily based on Secured Overnight Funding Rate (SOFR) plus an appropriate premium. Accordingly, prevailing market interest rates are continuously factored into transactional pricing and terms.
Assuming the amount of floating rate liabilities at the reporting period end were outstanding for the whole year, interest rates were 100 basis points higher/lower and all other variables held constant, Glencore\u2019s income for the year ended 31\u00a0December 2025 would decrease/increase by $342 million (2024: $290 million).
Currency risk
The US dollar is the predominant functional currency of the Group. Currency risk is the risk of loss from movements in exchange rates related to transactions and balances in currencies other than the US dollar. Such transactions include operating expenditure, capital expenditure and to a lesser extent purchases and sales in currencies other than the functional currency. Purchases or sales of commodities concluded in currencies other than the functional currency, apart from certain limited domestic sales at industrial operations which act as a hedge against local operating costs, are ordinarily economically hedged through forward exchange contracts. Consequently, foreign exchange movements against the US dollar on recognised transactions would have an immaterial financial impact. Glencore enters into currency hedging transactions with leading financial\u00a0institutions.
Glencore\u2019s debt-related payments (both principal and interest) are primarily denominated in or swapped into US dollars, using hedging instruments. Glencore\u2019s operating expenses, being a small portion of its revenue base, are incurred in a mix of currencies of which the US dollar, Swiss franc, British pound, Canadian dollar, Australian dollar, Euro, Kazakhstan tenge, Colombian peso, Peruvian sol, Chilean peso and South African rand are the predominant currencies.
Glencore has issued bonds denominated in Euro, Swiss Franc, Canadian dollars and Sterling (see note 21). To hedge the foreign currency risk on principal and interest cash flows, the Group entered into cross-currency swaps designated as fair value or cash flow hedges, as appropriate. The swaps are structured to match the critical terms of the underlying bonds, and the hedges are expected to be highly effective, with changes in the value of the swaps and the hedged items moving in opposite directions in response to exchange-rate movements. Potential hedge ineffectiveness may arise primarily from changes in credit spreads that do not perfectly align between the hedged items and the hedging instruments. The fair value and notional amounts of these derivatives are set out below and directly reflect the accumulated fair value hedge adjustments and foreign exchange effects shown in the hedged items table:
Notional amounts
Average FX
rates
Carrying amount
Assets
(Note 29)
Carrying amount
Liabilities
(Note 29)
Average maturity1
US$ million
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Cross-currency swap agreements
Cash flow hedges \u2013 currency risk
Eurobonds
1,130
1,130
1.19
1.19
\u2013
\u2013
10
111
2028
2028
Swiss franc bonds
248
504
1.10
1.06
44
37
\u2013
\u2013
2027
2026
1,378
1,634
44
37
10
111
Fair value hedges \u2013 currency and interest rate risk
Eurobonds
4,667
4,045
1.19
1.18
79
\u2013
408
822
2030
2028
Canadian dollar bonds
538
\u2013
0.72
\u2013
\u2013
\u2013
3
\u2013
2032
\u2013
Sterling bonds
663
663
1.33
1.33
\u2013
\u2013
10
86
2026
2026
Swiss franc bonds
341
341
1.14
1.14
32
\u2013
\u2013
19
2029
2029
6,209
5,049
111
\u2013
421
927
Interest rate swap agreements
Fair value hedges \u2013 interest rate risk
US$ bonds
13,850
11,850
94
36
527
781
2031
2030
20,059
16,899
205
36
948
1,708
21,437
18,533
249
73
958
1,819
1
Refer to note 21 for details.
The carrying amounts of the fair value hedged items are as\u00a0follows:
Carrying amount of the
hedged item
(Note 21)
Of which,
accumulated fair value
hedge adjustments and FX
US$ million
2025
2024
2025
2024
Currency and interest rate risk
Eurobonds
4,421
3,358
(329)
(820)
Canadian dollar bonds
535
\u2013
(3)
\u2013
Swiss franc bonds
381
333
32
(19)
Sterling bonds
670
599
(10)
(85)
6,007
4,290
(310)
(924)
Interest rate risk
US$ bonds
13,705
11,398
(433)
(744)
19,712
15,688
(743)
(1,668)
Credit risk
Credit risk arises from the possibility that counterparties may fail to meet their obligations within agreed terms. Glencore\u2019s principal sources of credit exposure include cash and cash equivalents, receivables and advances, derivative instruments and non-current advances and loans. Credit risk is managed through an established process of counterparty assessment, monitoring and regular reporting. Cash and margin balances are placed with a diversified group of highly rated financial institutions, and are considered to carry low credit risk at the reporting date.
Credit risk on receivables and advances is mitigated by the breadth and diversity of Glencore\u2019s customer base across industries and geographies, and through the use of credit enhancements, such as letters of credit, collateral, netting arrangements and insurance, where appropriate. Trade-related financial transactions are typically executed under master netting agreements or long-form confirmations enabling the offset of balances with the same counterparty in the event of default.
Glencore continuously monitors counterparty credit quality through internal reviews and a credit-scoring process incorporating public credit ratings where available. Exposures to counterparties lacking public investment-grade ratings or equivalent internal ratings are typically enhanced to investment grade through credit-support arrangements, including letters of credit or insurance. The Group\u2019s customer base is highly diversified, with no customer representing more than 3.6% of trade receivables (after credit enhancements) or more than 2.2% of revenue for the year ended 31\u00a0December 2025 (2024: 3.8% and 3.2% respectively; see notes 3 and 14).
The maximum exposure to credit risk (including performance risk \u2013 see below), without considering netting arrangements or the benefit of collateral or other credit enhancements, is equal to the carrying amount of Glencore\u2019s financial assets (see\u00a0note 28) and physically settled advances (see notes 12 and 14).
Management information used to monitor credit risk reflects the distribution of financial assets subject to IFRS\u202f9 impairment review across the Group\u2019s credit-rating categories. The total balance of these assets as at 31 December 2025 was $11,881\u00a0million (2024: $8,378\u00a0million) (see notes 12, 14 and 15).
in %
2025
2024
AAA to AA-
9
4
A+ to A-
51
51
BBB+ to BBB-
10
10
BB+ to BB-
8
8
B+ to B-
4
10
CCC+ and below
18
17
Movements in credit losses for accounts receivable and advances and loans are reflected in notes 12 and 14.
Performance risk
Performance risk, forming part of the broader credit-risk exposure described above, arises on forward physical purchase and sale contracts with fixed-price attributes and reflects the possibility that counterparties may be unwilling or unable to fulfil their future contractual delivery obligations to or from Glencore. Glencore assesses, monitors and reports performance risk as part of its overall credit-management framework. This risk is mitigated by the Group\u2019s broad market presence, its diversified supplier and customer base and the fact that key pricing elements for the vast majority of commodities in Glencore\u2019s portfolio is not fixed beyond three months. Industry practice has also shifted towards shorter-term fixed price contract periods, both to limit performance-risk exposure and to reflect the increasing depth, transparency and liquidity of spot commodity markets, and their associated derivative products and indices.
Liquidity risk
Liquidity risk is the risk that Glencore may be unable to meet its payment obligations when due or may be unable to access funding on acceptable terms to support existing or planned commitments. Prudent liquidity management requires maintaining sufficient cash and cash equivalents together with access to committed funding facilities. Glencore maintains an internal minimum liquidity threshold of $3 billion (2024: $3 billion), comprising cash and available undrawn committed credit facilities. This liquidity threshold has proactively and intentionally been substantially exceeded in recent years, primarily reflecting the more volatile market backdrop. Glencore\u2019s strong credit profile, diversified funding sources and substantial committed credit facilities provide robust liquidity headroom. As part of its liquidity planning, the Group monitors and forecasts capital expenditure, working capital requirements, proposed investments and upcoming refinancing needs well in advance (see notes 1, 12, 21, 22 and 25).
As at 31\u00a0December 2025, Glencore had available undrawn committed credit facilities and cash amounting to $12,900\u00a0million (2024: $11,547\u00a0million), refer to Other reconciliations section. The maturity profile of Glencore\u2019s financial liabilities based on their contractual terms, is presented in the table below.
The liquidity risk associated with physical forward purchase obligations represents the gross contractual cash outflows expected to be paid upon transfer of control of the underlying commodity. Expected gross cash inflows from corresponding physical forward sales are not shown in the table below, but would broadly offset these outflows, plus an appropriate margin.
The gross liquidity risk relating to cross-currency swaps entered into for the purposes of hedging foreign currency and interest rate risks arising from the Group\u2019s non-US dollar denominated bonds is also presented below. The amounts reflect the expected gross settlement of the US dollar pay leg of these swaps. The inflows from the related foreign currency receive leg of these swaps are not presented in the below table, but would approximate the foreign currency equivalent of the US dollar pay leg. Counterparty settlement date risk related to these swaps is limited, as the Group has entered into margining arrangements for both the outflow and inflow legs of the swap.
2025
US$ million
After 5 years
Due 3 - 5 years
Due 2 - 3 years
Due 1 - 2 years
Due 0 - 1 year
Total
Non-derivative financial liabilities
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items
12,783
5,265
3,121
4,825
13,938
39,932
Expected future interest payments
4,409
1,478
904
1,040
1,258
9,089
Lease liabilities \u2013 undiscounted
716
306
312
459
786
2,579
Securities lending arrangements1
\u2013
\u2013
\u2013
\u2013
855
855
Accounts payable
\u2013
\u2013
\u2013
\u2013
33,360
33,360
Derivative financial liabilities
Physical forward purchases
18,545
13,513
30,147
33,363
60,350
155,918
Cross-currency swaps
3,476
1,277
1,519
490
2,195
8,957
Other financial liabilities
730
161
64
169
6,422
7,546
Total
40,659
22,000
36,067
40,346
119,164
258,236
2024
US$ million
After 5 years
Due 3 - 5 years
Due 2 - 3 years
Due 1 - 2 years
Due 0 - 1 year
Total
Non-derivative financial liabilities
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items
10,716
5,137
2,970
6,539
12,274
37,636
Expected future interest payments
3,765
1,247
809
963
1,040
7,824
Lease liabilities \u2013 undiscounted
607
319
293
439
746
2,404
Securities lending arrangements1
\u2013
\u2013
\u2013
\u2013
728
728
Accounts payable
\u2013
\u2013
\u2013
\u2013
27,057
27,057
Derivative financial liabilities
Physical forward purchases
7,012
29,786
28,209
42,878
102,570
210,455
Cross-currency swaps
1,588
2,246
406
2,126
1,363
7,729
Other financial liabilities
914
224
162
75
2,035
3,410
Total
24,602
38,959
32,849
53,020
147,813
297,243
1
Glencore enters into financial instruments which require the posting of cash collateral with brokers. As part of its working capital management, Glencore has satisfied certain of its cash collateral obligations with US treasury bills acquired through securities lending arrangements. As at 31 December 2025, $855 million (2024: $728 million) of US treasury bills were held in respect of such arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-160": { "value": "
27. Financial and capital risk management
Financial risks arising in the normal course of Glencore\u2019s operations include market risk (commodity price, interest rate and currency risk), credit risk (including performance risk) and liquidity risk. Glencore\u2019s policy is to identify these exposures and, where appropriate, actively manage them to support the Group\u2019s capital objectives and ensure continued financial strength and flexibility. For management of margin-related risks within the industrial portfolio, refer to the net present value at risk disclosure below.
Glencore\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to protect its financial security and flexibility by using derivative financial instruments where possible to substantially hedge these financial risks. Glencore\u2019s finance and risk professionals, working in coordination with the commodity departments, monitor, manage and report regularly to executive management and the Board on the Group\u2019s financial exposures and the effectiveness of the risk-management framework.
Glencore\u2019s objectives in managing its \u2018capital attributable to equity holders\u2019 include preserving its overall financial health and strength for the benefit of all stakeholders, maintaining an optimal capital structure in order to provide a high degree of financial flexibility at an attractive cost of capital and safeguarding its ability to continue as a going concern, while generating sustainable, appropriately risk-adjusted, long-term profitability. Central to meeting these objectives is maintaining investment grade credit rating status. Glencore\u2019s current credit ratings are A3 from Moody\u2019s and BBB+ from S&P.
Distribution policy and other capital management initiatives
Glencore\u2019s base cash distribution policy comprises two components: (1) a fixed $1 billion distribution and (2) a variable component equal to 25% of adjusted equity free cash flow generated by the industrial assets in the preceding year. Distributions are expected to be declared annually by the Board alongside the preliminary full-year results and when declared, are typically paid in two equal instalments in May/June and September. In line with the Group\u2019s \u2018through-the-cycle\u2019 net debt objective of around $10 billion (excluding Marketing lease liabilities), and taking into account the cyclical nature of the industry and other relevant factors, the Board may, at various times during the year, also declare additional top-up cash distributions, and/or undertake share buyback programmes.\u00a0Although distributions are declared and paid in US dollars, shareholders may elect to receive payment in Pounds Sterling, Euros or Swiss Francs at the applicable exchange rates near the payment date. Shareholders on the JSE receive distributions in South African Rand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-161": { "value": "
Commodity price risk
Glencore is exposed to commodity price movements on inventory it holds and forward-priced purchase and sales contracts. A substantial portion of this exposure is managed through futures and options traded on global commodity exchanges and, where available, in over-the-counter markets. These hedging and risk management activities are an integral part of Glencore\u2019s marketing model, and related positions are recognised within other financial assets and liabilities with derivative counterparties, including clearing brokers and exchanges. Although Glencore seeks to substantially hedge the commodity price risks within its marketing business, hedging instruments may not fully match the characteristics of the underlying physical exposures. Differences in contract terms, liquidity or market structure therefore create residual basis risk. Managing this residual risk is a core focus for Glencore, with active monitoring and mitigation, as required.
During the year, the Group implemented cash flow hedges, using a collar strategy, to manage exposure to gold price volatility on specific forecast sales of its own production. The hedges extend over three years and consist of purchased put options and written call options, covering approximately 100,000 ounces per year. At the reporting date, these instruments had a fair value liability of $35 million, recognised within \u2018Other financial liabilities\u2019. The effective portion of the hedges was recorded in Other Comprehensive Income, resulting in a cumulative unrealised loss of $35 million. Hedge effectiveness was assessed throughout the year, with the hedging relationships deemed fully effective, with no ineffectiveness recognised.
Value at risk
One of the key tools Glencore uses to monitor and manage market risk, principally commodity price risk within its physical marketing activities, is value at risk (VaR). VaR provides an estimate of the potential loss on risk positions over a defined time horizon, at a specified confidence level, based on historical price movements. The VaR methodology is a statistically based, probability-driven approach that incorporates market volatility and recognises diversification effects by capturing offsetting positions and correlations across commodities and markets. This allows Glencore to measure risk consistently across its portfolio and to aggregate exposures into a single, comparable risk metric.
Glencore applies a Monte Carlo based VaR model at a 95% confidence level, using weighted historical data over a one-day horizon. Following its annual review in H2 2025, the Board confirmed the Group\u2019s consolidated VaR limit at $200 million (one day 95% confidence), equivalent to approximately 0.6% of total equity. There were no limit breaches in 2025.
Position sheets are regularly distributed and monitored and daily Monte Carlo simulations are applied to the various business groups\u2019 net marketing positions to determine potential losses.
Market risk VaR (one-day 95% confidence level) ranges and year-end positions were as follows:
US$ million
2025
2024
Year-end position1
81
28
Average during the year
67
53
High during the year
118
76
Low during the year
42
28
1
Current year includes Alumina. 2024 year-end position including Alumina was $47 million.
VaR does not represent actual gains or losses that may be recorded, nor should it be viewed as a prediction of future market movements or indicative of potential impacts on earnings. VaR has inherent limitations, including its reliance on historical data to estimate future events, its inability to fully capture market illiquidity and its exclusion of extreme tail risks. Recognising these limitations, Glencore supplements VaR with a range of forward-looking stress tests, benchmarks it against an alternative historical-simulation VaR model, and back-tests calculated VaR against hypothetical portfolio returns for the following business day. These additional tools help Glencore to maintain a comprehensive and robust understanding of its market risk exposures.
As at 31 December 2025, Glencore\u2019s VaR model covered its activities across key base metals, bulk commodities, freight and energy products, including aluminium, nickel, copper, zinc, cobalt, thermal and steelmaking coal, iron ore, gold, silver, oil, gas and related products and captured all open-priced positions subject to price risk, including inventories. Due to the lack of a liquid terminal market, Glencore does not include a VaR calculation for risks associated with some metal concentrates and minor ores and metals. Alternative measures are used to monitor exposures related to these products.
Net present value at risk
Glencore\u2019s future cash flows related to its forecast Industrial production activities are also exposed to commodity price movements. Glencore manages this exposure through a combination of portfolio diversification, occasional shorter-term hedging via futures and options transactions, insurance products and continuous internal monitoring, reporting and quantification of the underlying operations\u2019 estimated cash flows and valuations.
Interest rate risk
Glencore is exposed to interest rate risk arising from fluctuations in prevailing market rates, which can affect the value of its assets and liabilities and the cash flows associated with them. The primary method of managing this exposure is by matching the interest rate characteristics of assets and liabilities. In addition, Glencore uses interest rate swaps and other derivatives with terms that closely mirror the underlying exposures to further hedge interest-rate risk. Details of the swap instruments used are provided below.
Floating rate debt, predominantly used to fund fast-turning working capital (interest is internally charged on the funding of this working capital) is primarily based on Secured Overnight Funding Rate (SOFR) plus an appropriate premium. Accordingly, prevailing market interest rates are continuously factored into transactional pricing and terms.
Assuming the amount of floating rate liabilities at the reporting period end were outstanding for the whole year, interest rates were 100 basis points higher/lower and all other variables held constant, Glencore\u2019s income for the year ended 31\u00a0December 2025 would decrease/increase by $342 million (2024: $290 million).
Currency risk
The US dollar is the predominant functional currency of the Group. Currency risk is the risk of loss from movements in exchange rates related to transactions and balances in currencies other than the US dollar. Such transactions include operating expenditure, capital expenditure and to a lesser extent purchases and sales in currencies other than the functional currency. Purchases or sales of commodities concluded in currencies other than the functional currency, apart from certain limited domestic sales at industrial operations which act as a hedge against local operating costs, are ordinarily economically hedged through forward exchange contracts. Consequently, foreign exchange movements against the US dollar on recognised transactions would have an immaterial financial impact. Glencore enters into currency hedging transactions with leading financial\u00a0institutions.
Glencore\u2019s debt-related payments (both principal and interest) are primarily denominated in or swapped into US dollars, using hedging instruments. Glencore\u2019s operating expenses, being a small portion of its revenue base, are incurred in a mix of currencies of which the US dollar, Swiss franc, British pound, Canadian dollar, Australian dollar, Euro, Kazakhstan tenge, Colombian peso, Peruvian sol, Chilean peso and South African rand are the predominant currencies.
Glencore has issued bonds denominated in Euro, Swiss Franc, Canadian dollars and Sterling (see note 21). To hedge the foreign currency risk on principal and interest cash flows, the Group entered into cross-currency swaps designated as fair value or cash flow hedges, as appropriate. The swaps are structured to match the critical terms of the underlying bonds, and the hedges are expected to be highly effective, with changes in the value of the swaps and the hedged items moving in opposite directions in response to exchange-rate movements. Potential hedge ineffectiveness may arise primarily from changes in credit spreads that do not perfectly align between the hedged items and the hedging instruments. The fair value and notional amounts of these derivatives are set out below and directly reflect the accumulated fair value hedge adjustments and foreign exchange effects shown in the hedged items table:
Notional amounts
Average FX
rates
Carrying amount
Assets
(Note 29)
Carrying amount
Liabilities
(Note 29)
Average maturity1
US$ million
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Cross-currency swap agreements
Cash flow hedges \u2013 currency risk
Eurobonds
1,130
1,130
1.19
1.19
\u2013
\u2013
10
111
2028
2028
Swiss franc bonds
248
504
1.10
1.06
44
37
\u2013
\u2013
2027
2026
1,378
1,634
44
37
10
111
Fair value hedges \u2013 currency and interest rate risk
Eurobonds
4,667
4,045
1.19
1.18
79
\u2013
408
822
2030
2028
Canadian dollar bonds
538
\u2013
0.72
\u2013
\u2013
\u2013
3
\u2013
2032
\u2013
Sterling bonds
663
663
1.33
1.33
\u2013
\u2013
10
86
2026
2026
Swiss franc bonds
341
341
1.14
1.14
32
\u2013
\u2013
19
2029
2029
6,209
5,049
111
\u2013
421
927
Interest rate swap agreements
Fair value hedges \u2013 interest rate risk
US$ bonds
13,850
11,850
94
36
527
781
2031
2030
20,059
16,899
205
36
948
1,708
21,437
18,533
249
73
958
1,819
1
Refer to note 21 for details.
The carrying amounts of the fair value hedged items are as\u00a0follows:
Carrying amount of the
hedged item
(Note 21)
Of which,
accumulated fair value
hedge adjustments and FX
US$ million
2025
2024
2025
2024
Currency and interest rate risk
Eurobonds
4,421
3,358
(329)
(820)
Canadian dollar bonds
535
\u2013
(3)
\u2013
Swiss franc bonds
381
333
32
(19)
Sterling bonds
670
599
(10)
(85)
6,007
4,290
(310)
(924)
Interest rate risk
US$ bonds
13,705
11,398
(433)
(744)
19,712
15,688
(743)
(1,668)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-162": { "value": "
Currency risk
The US dollar is the predominant functional currency of the Group. Currency risk is the risk of loss from movements in exchange rates related to transactions and balances in currencies other than the US dollar. Such transactions include operating expenditure, capital expenditure and to a lesser extent purchases and sales in currencies other than the functional currency. Purchases or sales of commodities concluded in currencies other than the functional currency, apart from certain limited domestic sales at industrial operations which act as a hedge against local operating costs, are ordinarily economically hedged through forward exchange contracts. Consequently, foreign exchange movements against the US dollar on recognised transactions would have an immaterial financial impact. Glencore enters into currency hedging transactions with leading financial\u00a0institutions.
Glencore\u2019s debt-related payments (both principal and interest) are primarily denominated in or swapped into US dollars, using hedging instruments. Glencore\u2019s operating expenses, being a small portion of its revenue base, are incurred in a mix of currencies of which the US dollar, Swiss franc, British pound, Canadian dollar, Australian dollar, Euro, Kazakhstan tenge, Colombian peso, Peruvian sol, Chilean peso and South African rand are the predominant currencies.
Glencore has issued bonds denominated in Euro, Swiss Franc, Canadian dollars and Sterling (see note 21). To hedge the foreign currency risk on principal and interest cash flows, the Group entered into cross-currency swaps designated as fair value or cash flow hedges, as appropriate. The swaps are structured to match the critical terms of the underlying bonds, and the hedges are expected to be highly effective, with changes in the value of the swaps and the hedged items moving in opposite directions in response to exchange-rate movements. Potential hedge ineffectiveness may arise primarily from changes in credit spreads that do not perfectly align between the hedged items and the hedging instruments. The fair value and notional amounts of these derivatives are set out below and directly reflect the accumulated fair value hedge adjustments and foreign exchange effects shown in the hedged items table:
Notional amounts
Average FX
rates
Carrying amount
Assets
(Note 29)
Carrying amount
Liabilities
(Note 29)
Average maturity1
US$ million
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Cross-currency swap agreements
Cash flow hedges \u2013 currency risk
Eurobonds
1,130
1,130
1.19
1.19
\u2013
\u2013
10
111
2028
2028
Swiss franc bonds
248
504
1.10
1.06
44
37
\u2013
\u2013
2027
2026
1,378
1,634
44
37
10
111
Fair value hedges \u2013 currency and interest rate risk
Eurobonds
4,667
4,045
1.19
1.18
79
\u2013
408
822
2030
2028
Canadian dollar bonds
538
\u2013
0.72
\u2013
\u2013
\u2013
3
\u2013
2032
\u2013
Sterling bonds
663
663
1.33
1.33
\u2013
\u2013
10
86
2026
2026
Swiss franc bonds
341
341
1.14
1.14
32
\u2013
\u2013
19
2029
2029
6,209
5,049
111
\u2013
421
927
Interest rate swap agreements
Fair value hedges \u2013 interest rate risk
US$ bonds
13,850
11,850
94
36
527
781
2031
2030
20,059
16,899
205
36
948
1,708
21,437
18,533
249
73
958
1,819
1
Refer to note 21 for details.
The carrying amounts of the fair value hedged items are as\u00a0follows:
Carrying amount of the
hedged item
(Note 21)
Of which,
accumulated fair value
hedge adjustments and FX
US$ million
2025
2024
2025
2024
Currency and interest rate risk
Eurobonds
4,421
3,358
(329)
(820)
Canadian dollar bonds
535
\u2013
(3)
\u2013
Swiss franc bonds
381
333
32
(19)
Sterling bonds
670
599
(10)
(85)
6,007
4,290
(310)
(924)
Interest rate risk
US$ bonds
13,705
11,398
(433)
(744)
19,712
15,688
(743)
(1,668)
The liquidity risk associated with physical forward purchase obligations represents the gross contractual cash outflows expected to be paid upon transfer of control of the underlying commodity. Expected gross cash inflows from corresponding physical forward sales are not shown in the table below, but would broadly offset these outflows, plus an appropriate margin.
The gross liquidity risk relating to cross-currency swaps entered into for the purposes of hedging foreign currency and interest rate risks arising from the Group\u2019s non-US dollar denominated bonds is also presented below. The amounts reflect the expected gross settlement of the US dollar pay leg of these swaps. The inflows from the related foreign currency receive leg of these swaps are not presented in the below table, but would approximate the foreign currency equivalent of the US dollar pay leg. Counterparty settlement date risk related to these swaps is limited, as the Group has entered into margining arrangements for both the outflow and inflow legs of the swap.
2025
US$ million
After 5 years
Due 3 - 5 years
Due 2 - 3 years
Due 1 - 2 years
Due 0 - 1 year
Total
Non-derivative financial liabilities
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items
12,783
5,265
3,121
4,825
13,938
39,932
Expected future interest payments
4,409
1,478
904
1,040
1,258
9,089
Lease liabilities \u2013 undiscounted
716
306
312
459
786
2,579
Securities lending arrangements1
\u2013
\u2013
\u2013
\u2013
855
855
Accounts payable
\u2013
\u2013
\u2013
\u2013
33,360
33,360
Derivative financial liabilities
Physical forward purchases
18,545
13,513
30,147
33,363
60,350
155,918
Cross-currency swaps
3,476
1,277
1,519
490
2,195
8,957
Other financial liabilities
730
161
64
169
6,422
7,546
Total
40,659
22,000
36,067
40,346
119,164
258,236
2024
US$ million
After 5 years
Due 3 - 5 years
Due 2 - 3 years
Due 1 - 2 years
Due 0 - 1 year
Total
Non-derivative financial liabilities
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items
10,716
5,137
2,970
6,539
12,274
37,636
Expected future interest payments
3,765
1,247
809
963
1,040
7,824
Lease liabilities \u2013 undiscounted
607
319
293
439
746
2,404
Securities lending arrangements1
\u2013
\u2013
\u2013
\u2013
728
728
Accounts payable
\u2013
\u2013
\u2013
\u2013
27,057
27,057
Derivative financial liabilities
Physical forward purchases
7,012
29,786
28,209
42,878
102,570
210,455
Cross-currency swaps
1,588
2,246
406
2,126
1,363
7,729
Other financial liabilities
914
224
162
75
2,035
3,410
Total
24,602
38,959
32,849
53,020
147,813
297,243
1
Glencore enters into financial instruments which require the posting of cash collateral with brokers. As part of its working capital management, Glencore has satisfied certain of its cash collateral obligations with US treasury bills acquired through securities lending arrangements. As at 31 December 2025, $855 million (2024: $728 million) of US treasury bills were held in respect of such arrangements.
28. Financial instruments
Fair value of financial instruments
The following tables present the carrying amounts and fair values of Glencore\u2019s financial instruments. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date, under current market conditions. Where available, quoted market prices have been used to determine fair values. Where such prices are not available, fair values have been estimated by discounting expected cash flows using prevailing market interest and exchange rates. These estimates have been determined using observable market data and appropriate valuation techniques, but may not reflect the actual amounts that could be realised in the normal course of business.
Financial assets and liabilities are presented by class in the tables below and at their carrying values, which generally approximate their fair values with the exception of $39,583\u00a0million (2024: $36,265\u00a0million) of borrowings, the fair value of which at 31 December 2025 was $39,756 million (2024: $36,091 million). An amount of $6,939 million (2024: $5,842 million) represents the listed portion of the borrowings portfolio, measured using quoted prices in active markets (Level 1 fair value measurement). A further $32,817 million (2024: $30,249 million) is measured using observable market data.
2025
Amortised
cost
FVTPL1
FVTOCI2
US$ million
Total
Assets
Other investments
\u2013
14
3,721
3,735
Non-current other financial assets
\u2013
402
\u2013
402
Advances and loans
1,739
296
\u2013
2,035
Accounts receivable
9,476
11,967
\u2013
21,443
Other financial assets
\u2013
4,274
\u2013
4,274
Cash and cash equivalents
2,945
\u2013
\u2013
2,945
Total financial assets
14,160
16,953
3,721
34,834
Liabilities
Borrowings
41,486
\u2013
\u2013
41,486
Non-current other financial liabilities
\u2013
1,220
\u2013
1,220
Accounts payable
8,374
24,986
\u2013
33,360
Deferred income
\u2013
2,628
\u2013
2,628
Other financial liabilities
\u2013
7,217
\u2013
7,217
Total financial liabilities
49,860
36,051
\u2013
85,911
2024
Amortised
cost
FVTPL1
FVTOCI2
Total
US$ million
Assets
Other investments
\u2013
118
350
468
Non-current other financial assets
\u2013
197
\u2013
197
Advances and loans
1,601
520
\u2013
2,121
Accounts receivable
7,471
8,416
\u2013
15,887
Other financial assets
\u2013
4,389
\u2013
4,389
Cash and cash equivalents
2,389
\u2013
\u2013
2,389
Total financial assets
11,461
13,640
350
25,451
Liabilities
Borrowings
38,107
\u2013
\u2013
38,107
Non-current other financial liabilities
\u2013
2,033
\u2013
2,033
Accounts payable
7,075
19,982
\u2013
27,057
Deferred income
\u2013
1,642
\u2013
1,642
Other financial liabilities
\u2013
2,835
\u2013
2,835
Total financial liabilities
45,182
26,492
\u2013
71,674
1
FVTPL \u2013 Fair value through profit or loss.
2
FVTOCI \u2013 Fair value through other comprehensive income.
29. Fair value measurements
Fair values are primarily determined using quoted market prices or standard pricing models incorporating observable market inputs where available. The fair values are presented to reflect the expected gross future cash in/outflows. Glencore classifies the fair value measurements of its financial instruments into a three-level hierarchy based on the observability and source of the inputs used in the valuation:
Level 1
Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities accessible at the measurement date; or
Level 2
Inputs other than those included in Level 1 that are observable, either directly (as prices) or indirectly (derived from prices) for the asset or liability; or
Level 3
Unobservable inputs for the assets or liabilities, for which Glencore uses internally developed models and market-based assumptions.
Level 1 classifications primarily include futures with a tenor of less than one year and listed options. Level 2 classifications mainly comprise longer-dated futures (tenor greater than one year), OTC options, swaps, and physical forward transactions, where fair values are derived primarily from exchange quotations and readily observable broker quotes. Level 3 classifications primarily include physical forward transactions whose fair values are derived predominantly from internal valuation models incorporating exchange traded and broker quotes as well as market-based estimates for factors such as location, quality, and credit differentials. They also include certain financial liabilities linked to the fair value of specific mining operations. In cases where observable market inputs are not available and Level 3 fair values are applied, it is possible that the use of a different valuation model or assumptions could result in a materially different estimate of fair value.
Derivative transactions are entered into under master netting agreements or long-form confirmations, which provide the legal right to offset amounts due to and from a common counterparty in the event of default, insolvency, or bankruptcy.
The following tables reflect the fair values of the derivative financial instruments including trade related financial and physical forward purchase and sale commitments by type of contract and non-current other financial assets and liabilities as at 31 December 2025 and 2024. Other assets and liabilities which are measured at fair value on a recurring basis include marketing inventories, other investments, cash and cash equivalents. There are no non-recurring fair value measurements requiring disclosure under IFRS Accounting Standards as issued by IASB.
Financial assets
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
11,149
\u2013
11,149
Prepaid commodity forward contracts
\u2013
598
\u2013
598
Convertible loans
\u2013
\u2013
64
64
Other receivables and loans
\u2013
148
8
156
Non-current prepaid commodity forward contracts
\u2013
98
\u2013
98
Other non-current receivables and loans
\u2013
171
13
184
Non-current convertible loan
\u2013
\u2013
14
14
Other investments
3,597
138
\u2013
3,735
Financial assets
3,597
12,302
99
15,998
Other financial assets
Commodity-related contracts
Futures
2,126
164
\u2013
2,290
Options
23
79
\u2013
102
Swaps
361
19
34
414
Physical forwards
\u2013
1,078
391
1,469
Financial contracts
Cross-currency swaps
\u2013
8
\u2013
8
Foreign currency and interest rate contracts
\u2013
42
\u2013
42
Derivative netting
(51)
Current other financial assets
2,510
1,390
425
4,274
Non-current other financial assets
Cross-currency swaps
\u2013
148
\u2013
148
Foreign currency and interest rate contracts
\u2013
94
\u2013
94
Other financial derivative assets
\u2013
\u2013
160
160
Non-current other financial assets
\u2013
242
160
402
Total
6,107
13,934
684
20,674
Financial assets
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
7,795
\u2013
7,795
Prepaid commodity forward contracts
\u2013
499
\u2013
499
Other receivables and loans
\u2013
93
29
122
Non-current prepaid commodity forward contracts
\u2013
270
\u2013
270
Other non-current receivables and loans
\u2013
61
18
79
Non-current convertible loan
\u2013
\u2013
171
171
Other investments
356
112
\u2013
468
Financial assets
356
8,830
218
9,404
Other financial assets
Commodity-related contracts
Futures
1,250
313
\u2013
1,563
Options
38
71
\u2013
109
Swaps
286
447
\u2013
733
Physical forwards
\u2013
739
1,229
1,968
Financial contracts
Cross-currency swaps
\u2013
21
\u2013
21
Foreign currency and interest rate contracts
\u2013
176
\u2013
176
Derivative netting
(181)
Current other financial assets
1,574
1,767
1,229
4,389
Non-current other financial assets
Cross-currency swaps
\u2013
16
\u2013
16
Foreign currency and interest rate contracts
\u2013
36
\u2013
36
Other financial derivative assets
\u2013
\u2013
145
145
Non-current other financial assets
\u2013
52
145
197
Total
1,930
10,649
1,592
13,990
Financial liabilities
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
24,986
\u2013
24,986
Financial liabilities
\u2013
24,986
\u2013
24,986
Other financial liabilities
Commodity-related contracts
Futures
3,196
1,794
\u2013
4,990
Options
324
19
\u2013
343
Swaps
295
705
\u2013
1,000
Physical forwards
\u2013
584
78
662
Financial contracts
Cross-currency swaps
\u2013
133
\u2013
133
Other financial derivative liabilities
\u2013
\u2013
2
2
Foreign currency and interest rate contracts
\u2013
138
\u2013
138
Derivative netting
(51)
Current other financial liabilities
3,815
3,373
80
7,217
Non-current other financial liabilities
Cross-currency swaps
\u2013
298
\u2013
298
Foreign currency and interest rate contracts
\u2013
501
\u2013
501
Non-discretionary dividend obligation1
\u2013
\u2013
107
107
Other financial derivative liabilities
\u2013
102
27
129
Contingent considerations
\u2013
76
109
185
Non-current other financial liabilities
\u2013
977
243
1,220
Deferred income
Current deferred income
\u2013
2,201
26
2,227
Non-current deferred income
\u2013
314
87
401
Deferred income
\u2013
2,515
113
2,628
Total
3,815
31,851
436
36,051
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
19,967
\u2013
19,967
Non-discretionary dividend obligation1
\u2013
\u2013
15
15
Financial liabilities
\u2013
19,967
15
19,982
Other financial liabilities
Commodity-related contracts
Futures
1,383
281
\u2013
1,664
Options
150
1
\u2013
151
Swaps
189
94
32
315
Physical forwards
\u2013
629
94
723
Financial contracts
Cross-currency swaps
\u2013
77
\u2013
77
Foreign currency and interest rate contracts
\u2013
86
\u2013
86
Derivative netting
(181)
Current other financial liabilities
1,722
1,168
126
2,835
Non-current other financial liabilities
Cross-currency swaps
\u2013
962
\u2013
962
Foreign currency and interest rate contracts
\u2013
753
\u2013
753
Non-discretionary dividend obligation1
\u2013
\u2013
135
135
Other financial derivative liabilities
\u2013
\u2013
61
61
Contingent considerations
\u2013
\u2013
122
122
Non-current other financial liabilities
\u2013
1,715
318
2,033
Deferred income
Current deferred income
\u2013
1,559
\u2013
1,559
Non-current deferred income
\u2013
\u2013
83
83
Deferred income
\u2013
1,559
83
1,642
Total
1,722
24,409
542
26,492
1
A ZAR denominated derivative liability payable to ARM Coal, a partner in one of the Group\u2019s principal coal joint operations based in South Africa. The liability arises from ARM Coal\u2019s rights as an investor to a share of agreed free cash flows from certain coal operations in South Africa and is valued based on those cash flows using a risk-adjusted discount rate. The derivative liability is settled over the life of those operations with a modelled mine life of 13 years as at 31 December 2025 (2024: 13 years).
The following table reflects the net changes in fair value of Level 3 other financial assets and other financial liabilities:
US$ million
Contingent considerations
Convertible loans
Physical
forwards
Swaps
Other
Total
Level 3
1 January 2025
(122)
171
1,135
(32)
(102)
1,050
Total gain recognised in revenue
\u2013
\u2013
158
22
\u2013
180
Total (loss)/gain recognised in cost of goods sold
\u2013
\u2013
(45)
24
\u2013
(21)
Transfers out of Level 3
\u2013
\u2013
(326)
\u2013
\u2013
(326)
Fair value recognised in other income/(expense)
8
(15)
\u2013
\u2013
123
116
Realised
5
(78)
(609)
20
(89)
(751)
31 December 2025
(109)
78
313
34
(68)
248
1 January 2024
(47)
136
870
4
(215)
748
Total loss recognised in revenue
\u2013
\u2013
(21)
(8)
\u2013
(29)
Total gain/(loss) recognised in cost of goods sold
\u2013
\u2013
637
(26)
44
655
Acquisition
\u2013
75
\u2013
\u2013
(141)
(66)
Fair value recognised in other income/(expense)
(19)
(40)
\u2013
\u2013
210
151
Realised
(56)
\u2013
(351)
(2)
\u2013
(409)
31 December 2024
(122)
171
1,135
(32)
(102)
1,050
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year. During the year, physical forward derivatives of $326 million (2024: $Nil) were reclassified from Level 3 to Level 2, as the passage of time brought certain physical contracts closer to delivery, resulting in pricing falling within a range supported by observable market inputs.
Glencore has entered into long-term physical forward contracts that extend over periods where observable pricing is limited. Due to the long-dated nature of these contracts, transaction prices may not represent the best evidence of fair value. In these circumstances, fair values are determined by extrapolating observable forward commodity prices. Where such estimates form a significant component of the overall contract value, resulting gains or losses are deferred. As at 31 December 2025, a deferred gain of $0.6 billion (2024: $Nil) related to such contracts, which remain unrecognised in the statement of income and will be recognised over the term of the respective contracts as observable market inputs emerge and the associated risks unwind.
Fair value of financial assets/financial liabilities
Some of the Group\u2019s financial assets and financial liabilities are measured at fair value at the end of each reporting period.
Futures, options and swaps classified as Level 1 financial assets and liabilities are measured using quoted prices in an active market.
Accounts receivable and payables, and certain futures, options, swaps, physical forwards, cross-currency swaps, foreign currency, interest rate contracts and deferred income classified as Level 2 financial assets and liabilities are measured using discounted cash flow models. Key inputs include observable quoted prices sourced from exchanges or traded reference indices in active markets for identical assets or liabilities. Prices are adjusted by a discount rate which captures the time value of money and counterparty credit considerations, as required.
Given the extent to which the Group recognises financial instrument assets and liabilities at fair value, the preparation of the Group\u2019s consolidated financial statements requires management to consider on an ongoing basis, the key valuation metrics and judgements involved in the determination of the fair value of financial instruments. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Management reviewed the key valuation metrics, assumptions and methodologies involved in the determination of the Level 3 fair value of financial instruments and determined that the valuations were materially reasonable.
The\u00a0following table provides information on the valuation techniques and inputs used to determine the fair value of Level 3 financial assets of $684\u00a0million (2024: $1,592\u00a0million) and financial liabilities of $436\u00a0million (2024: $542\u00a0million).
US$ million
2025
2024
Other receivables and loans
Assets
21
47
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Discount rates specific to the operation; and
\u2013 Underlying business plans and forecasts.
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2024: $3 million) reduction of the current carrying value of the asset while bringing forward repayments by one year would result in a $Nil (2024: $1 million) increase.
Convertible loans
Assets
78
171
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Recoverable net assets, share price; and
\u2013 Risk-free rate, credit spread; and volatility.
A 10% increase/decrease in the share price assumption would result in a $7 million (2024: $3 million) adjustment to the current carrying value. In 2024, the valuation was sensitive to the credit spread and discount rate, where a 10% increase in the discount rate would result in a $16 million reduction to the current carrying value.
Contingent considerations
Assets
\u2013
\u2013
Liabilities
(109)
(122)
Valuation techniques and key inputs:
Discounted cash flow models
Significant and other unobservable inputs:
\u2013 Estimated production plans;
\u2013 Forecast commodity prices (coal and copper); and
\u2013 Discount rates specific to the operation.
Contingent considerations relate to business combinations completed in prior years. The valuation remains sensitive to forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2024: $6 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $7 million (2024: $7 million) adjustment to the contingent considerations.
Other financial derivative assets
Assets
160
145
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Estimated sale, equity valuation and production plans;
\u2013 Forecast copper and iron ore prices, historical prices and observed volatility; and
\u2013 Discount rates specific to the operation.
The contingent future consideration assets' valuation remains sensitive to production volumes and an 8 year (2024: 8 year) increase in the life of mine assumptions would result in a $4 million (2024: $5 million) increase to the current carrying value. A 10% increase/decrease in copper production assumptions would result in a $8 million (2024: $9 million) adjustment to the current asset carrying value. A 10% increase/decrease in equity valuation and volatility assumptions would result in an $4 million (2024: $Nil) adjustment to the current carrying value.
Swaps
Assets
34
\u2013
Liabilities
\u2013
(32)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term aluminium and alumina prices.
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $3 million (2024: $3 million) adjustment to the current carrying value.
Deferred income and other financial derivative liabilities
Assets
\u2013
\u2013
Liabilities
(142)
(144)
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Forecast nickel prices, historical prices and observed volatility;
\u2013 Tenor of option expiry beyond market liquidity; and
\u2013 Discount rate based on risk-free rate adjusted for asset specific risks.
The significant unobservable inputs represent the long-term nickel price to which the valuation remains sensitive. A 10% increase/decrease in nickel price assumptions would result in a $9 million adjustment (2024: $9 million adjustment) to the current carrying values.
US$ million
2025
2024
Physical Forwards
Assets
391
1,229
Liabilities
(78)
(94)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including:
\u2013 quality;
\u2013 geographic location;
\u2013 local supply and demand;
\u2013 customer requirements; and
\u2013 counterparty credit considerations.
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio.
The valuation of these contracts is based on observable market prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage and conversion premiums.

Complex valuation techniques are applied to calculate price estimates for longer dated portions of market curves where observable market data is limited. To address inherent calculation uncertainty, calculated price estimates are benchmarked to third-party long-term forecast macro pricing assumptions, where available, for reasonability, to ensure that valuations reflect their expected transfer value to other market participants in accordance with IFRS 13. In selecting pricing within unobservable long-term ranges, the Group considers the risks associated with realising market value over the duration of the contract.
Non-discretionary dividend obligation
Assets
\u2013
\u2013
Liabilities
(107)
(150)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term forecast coal prices;
\u2013 Discount rates using weighted average cost of capital methodology;
\u2013 Production models;
\u2013 Operating costs; and
\u2013 Capital expenditures.
The resultant liability represents a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $87 million (2024: $81 million) adjustment to the current carrying value.
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Credit risk
Credit risk arises from the possibility that counterparties may fail to meet their obligations within agreed terms. Glencore\u2019s principal sources of credit exposure include cash and cash equivalents, receivables and advances, derivative instruments and non-current advances and loans. Credit risk is managed through an established process of counterparty assessment, monitoring and regular reporting. Cash and margin balances are placed with a diversified group of highly rated financial institutions, and are considered to carry low credit risk at the reporting date.
Credit risk on receivables and advances is mitigated by the breadth and diversity of Glencore\u2019s customer base across industries and geographies, and through the use of credit enhancements, such as letters of credit, collateral, netting arrangements and insurance, where appropriate. Trade-related financial transactions are typically executed under master netting agreements or long-form confirmations enabling the offset of balances with the same counterparty in the event of default.
Glencore continuously monitors counterparty credit quality through internal reviews and a credit-scoring process incorporating public credit ratings where available. Exposures to counterparties lacking public investment-grade ratings or equivalent internal ratings are typically enhanced to investment grade through credit-support arrangements, including letters of credit or insurance. The Group\u2019s customer base is highly diversified, with no customer representing more than 3.6% of trade receivables (after credit enhancements) or more than 2.2% of revenue for the year ended 31\u00a0December 2025 (2024: 3.8% and 3.2% respectively; see notes 3 and 14).
The maximum exposure to credit risk (including performance risk \u2013 see below), without considering netting arrangements or the benefit of collateral or other credit enhancements, is equal to the carrying amount of Glencore\u2019s financial assets (see\u00a0note 28) and physically settled advances (see notes 12 and 14).
Management information used to monitor credit risk reflects the distribution of financial assets subject to IFRS\u202f9 impairment review across the Group\u2019s credit-rating categories. The total balance of these assets as at 31 December 2025 was $11,881\u00a0million (2024: $8,378\u00a0million) (see notes 12, 14 and 15).
in %
2025
2024
AAA to AA-
9
4
A+ to A-
51
51
BBB+ to BBB-
10
10
BB+ to BB-
8
8
B+ to B-
4
10
CCC+ and below
18
17
Movements in credit losses for accounts receivable and advances and loans are reflected in notes 12 and 14.
Performance risk
Performance risk, forming part of the broader credit-risk exposure described above, arises on forward physical purchase and sale contracts with fixed-price attributes and reflects the possibility that counterparties may be unwilling or unable to fulfil their future contractual delivery obligations to or from Glencore. Glencore assesses, monitors and reports performance risk as part of its overall credit-management framework. This risk is mitigated by the Group\u2019s broad market presence, its diversified supplier and customer base and the fact that key pricing elements for the vast majority of commodities in Glencore\u2019s portfolio is not fixed beyond three months. Industry practice has also shifted towards shorter-term fixed price contract periods, both to limit performance-risk exposure and to reflect the increasing depth, transparency and liquidity of spot commodity markets, and their associated derivative products and indices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-164": { "value": "
Liquidity risk
Liquidity risk is the risk that Glencore may be unable to meet its payment obligations when due or may be unable to access funding on acceptable terms to support existing or planned commitments. Prudent liquidity management requires maintaining sufficient cash and cash equivalents together with access to committed funding facilities. Glencore maintains an internal minimum liquidity threshold of $3 billion (2024: $3 billion), comprising cash and available undrawn committed credit facilities. This liquidity threshold has proactively and intentionally been substantially exceeded in recent years, primarily reflecting the more volatile market backdrop. Glencore\u2019s strong credit profile, diversified funding sources and substantial committed credit facilities provide robust liquidity headroom. As part of its liquidity planning, the Group monitors and forecasts capital expenditure, working capital requirements, proposed investments and upcoming refinancing needs well in advance (see notes 1, 12, 21, 22 and 25).
As at 31\u00a0December 2025, Glencore had available undrawn committed credit facilities and cash amounting to $12,900\u00a0million (2024: $11,547\u00a0million), refer to Other reconciliations section. The maturity profile of Glencore\u2019s financial liabilities based on their contractual terms, is presented in the table below.
The liquidity risk associated with physical forward purchase obligations represents the gross contractual cash outflows expected to be paid upon transfer of control of the underlying commodity. Expected gross cash inflows from corresponding physical forward sales are not shown in the table below, but would broadly offset these outflows, plus an appropriate margin.
The gross liquidity risk relating to cross-currency swaps entered into for the purposes of hedging foreign currency and interest rate risks arising from the Group\u2019s non-US dollar denominated bonds is also presented below. The amounts reflect the expected gross settlement of the US dollar pay leg of these swaps. The inflows from the related foreign currency receive leg of these swaps are not presented in the below table, but would approximate the foreign currency equivalent of the US dollar pay leg. Counterparty settlement date risk related to these swaps is limited, as the Group has entered into margining arrangements for both the outflow and inflow legs of the swap.
2025
US$ million
After 5 years
Due 3 - 5 years
Due 2 - 3 years
Due 1 - 2 years
Due 0 - 1 year
Total
Non-derivative financial liabilities
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items
12,783
5,265
3,121
4,825
13,938
39,932
Expected future interest payments
4,409
1,478
904
1,040
1,258
9,089
Lease liabilities \u2013 undiscounted
716
306
312
459
786
2,579
Securities lending arrangements1
\u2013
\u2013
\u2013
\u2013
855
855
Accounts payable
\u2013
\u2013
\u2013
\u2013
33,360
33,360
Derivative financial liabilities
Physical forward purchases
18,545
13,513
30,147
33,363
60,350
155,918
Cross-currency swaps
3,476
1,277
1,519
490
2,195
8,957
Other financial liabilities
730
161
64
169
6,422
7,546
Total
40,659
22,000
36,067
40,346
119,164
258,236
2024
US$ million
After 5 years
Due 3 - 5 years
Due 2 - 3 years
Due 1 - 2 years
Due 0 - 1 year
Total
Non-derivative financial liabilities
Borrowings excluding lease liabilities, fair value hedge adjustments and other non-cash items
10,716
5,137
2,970
6,539
12,274
37,636
Expected future interest payments
3,765
1,247
809
963
1,040
7,824
Lease liabilities \u2013 undiscounted
607
319
293
439
746
2,404
Securities lending arrangements1
\u2013
\u2013
\u2013
\u2013
728
728
Accounts payable
\u2013
\u2013
\u2013
\u2013
27,057
27,057
Derivative financial liabilities
Physical forward purchases
7,012
29,786
28,209
42,878
102,570
210,455
Cross-currency swaps
1,588
2,246
406
2,126
1,363
7,729
Other financial liabilities
914
224
162
75
2,035
3,410
Total
24,602
38,959
32,849
53,020
147,813
297,243
1
Glencore enters into financial instruments which require the posting of cash collateral with brokers. As part of its working capital management, Glencore has satisfied certain of its cash collateral obligations with US treasury bills acquired through securities lending arrangements. As at 31 December 2025, $855 million (2024: $728 million) of US treasury bills were held in respect of such arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-165": { "value": "
28. Financial instruments
Fair value of financial instruments
The following tables present the carrying amounts and fair values of Glencore\u2019s financial instruments. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date, under current market conditions. Where available, quoted market prices have been used to determine fair values. Where such prices are not available, fair values have been estimated by discounting expected cash flows using prevailing market interest and exchange rates. These estimates have been determined using observable market data and appropriate valuation techniques, but may not reflect the actual amounts that could be realised in the normal course of business.
Financial assets and liabilities are presented by class in the tables below and at their carrying values, which generally approximate their fair values with the exception of $39,583\u00a0million (2024: $36,265\u00a0million) of borrowings, the fair value of which at 31 December 2025 was $39,756 million (2024: $36,091 million). An amount of $6,939 million (2024: $5,842 million) represents the listed portion of the borrowings portfolio, measured using quoted prices in active markets (Level 1 fair value measurement). A further $32,817 million (2024: $30,249 million) is measured using observable market data.
2025
Amortised
cost
FVTPL1
FVTOCI2
US$ million
Total
Assets
Other investments
\u2013
14
3,721
3,735
Non-current other financial assets
\u2013
402
\u2013
402
Advances and loans
1,739
296
\u2013
2,035
Accounts receivable
9,476
11,967
\u2013
21,443
Other financial assets
\u2013
4,274
\u2013
4,274
Cash and cash equivalents
2,945
\u2013
\u2013
2,945
Total financial assets
14,160
16,953
3,721
34,834
Liabilities
Borrowings
41,486
\u2013
\u2013
41,486
Non-current other financial liabilities
\u2013
1,220
\u2013
1,220
Accounts payable
8,374
24,986
\u2013
33,360
Deferred income
\u2013
2,628
\u2013
2,628
Other financial liabilities
\u2013
7,217
\u2013
7,217
Total financial liabilities
49,860
36,051
\u2013
85,911
2024
Amortised
cost
FVTPL1
FVTOCI2
Total
US$ million
Assets
Other investments
\u2013
118
350
468
Non-current other financial assets
\u2013
197
\u2013
197
Advances and loans
1,601
520
\u2013
2,121
Accounts receivable
7,471
8,416
\u2013
15,887
Other financial assets
\u2013
4,389
\u2013
4,389
Cash and cash equivalents
2,389
\u2013
\u2013
2,389
Total financial assets
11,461
13,640
350
25,451
Liabilities
Borrowings
38,107
\u2013
\u2013
38,107
Non-current other financial liabilities
\u2013
2,033
\u2013
2,033
Accounts payable
7,075
19,982
\u2013
27,057
Deferred income
\u2013
1,642
\u2013
1,642
Other financial liabilities
\u2013
2,835
\u2013
2,835
Total financial liabilities
45,182
26,492
\u2013
71,674
1
FVTPL \u2013 Fair value through profit or loss.
2
FVTOCI \u2013 Fair value through other comprehensive income.
29. Fair value measurements
Fair values are primarily determined using quoted market prices or standard pricing models incorporating observable market inputs where available. The fair values are presented to reflect the expected gross future cash in/outflows. Glencore classifies the fair value measurements of its financial instruments into a three-level hierarchy based on the observability and source of the inputs used in the valuation:
Level 1
Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities accessible at the measurement date; or
Level 2
Inputs other than those included in Level 1 that are observable, either directly (as prices) or indirectly (derived from prices) for the asset or liability; or
Level 3
Unobservable inputs for the assets or liabilities, for which Glencore uses internally developed models and market-based assumptions.
Level 1 classifications primarily include futures with a tenor of less than one year and listed options. Level 2 classifications mainly comprise longer-dated futures (tenor greater than one year), OTC options, swaps, and physical forward transactions, where fair values are derived primarily from exchange quotations and readily observable broker quotes. Level 3 classifications primarily include physical forward transactions whose fair values are derived predominantly from internal valuation models incorporating exchange traded and broker quotes as well as market-based estimates for factors such as location, quality, and credit differentials. They also include certain financial liabilities linked to the fair value of specific mining operations. In cases where observable market inputs are not available and Level 3 fair values are applied, it is possible that the use of a different valuation model or assumptions could result in a materially different estimate of fair value.
Derivative transactions are entered into under master netting agreements or long-form confirmations, which provide the legal right to offset amounts due to and from a common counterparty in the event of default, insolvency, or bankruptcy.
The following tables reflect the fair values of the derivative financial instruments including trade related financial and physical forward purchase and sale commitments by type of contract and non-current other financial assets and liabilities as at 31 December 2025 and 2024. Other assets and liabilities which are measured at fair value on a recurring basis include marketing inventories, other investments, cash and cash equivalents. There are no non-recurring fair value measurements requiring disclosure under IFRS Accounting Standards as issued by IASB.
Financial assets
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
11,149
\u2013
11,149
Prepaid commodity forward contracts
\u2013
598
\u2013
598
Convertible loans
\u2013
\u2013
64
64
Other receivables and loans
\u2013
148
8
156
Non-current prepaid commodity forward contracts
\u2013
98
\u2013
98
Other non-current receivables and loans
\u2013
171
13
184
Non-current convertible loan
\u2013
\u2013
14
14
Other investments
3,597
138
\u2013
3,735
Financial assets
3,597
12,302
99
15,998
Other financial assets
Commodity-related contracts
Futures
2,126
164
\u2013
2,290
Options
23
79
\u2013
102
Swaps
361
19
34
414
Physical forwards
\u2013
1,078
391
1,469
Financial contracts
Cross-currency swaps
\u2013
8
\u2013
8
Foreign currency and interest rate contracts
\u2013
42
\u2013
42
Derivative netting
(51)
Current other financial assets
2,510
1,390
425
4,274
Non-current other financial assets
Cross-currency swaps
\u2013
148
\u2013
148
Foreign currency and interest rate contracts
\u2013
94
\u2013
94
Other financial derivative assets
\u2013
\u2013
160
160
Non-current other financial assets
\u2013
242
160
402
Total
6,107
13,934
684
20,674
Financial assets
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial assets
Trade receivables
\u2013
7,795
\u2013
7,795
Prepaid commodity forward contracts
\u2013
499
\u2013
499
Other receivables and loans
\u2013
93
29
122
Non-current prepaid commodity forward contracts
\u2013
270
\u2013
270
Other non-current receivables and loans
\u2013
61
18
79
Non-current convertible loan
\u2013
\u2013
171
171
Other investments
356
112
\u2013
468
Financial assets
356
8,830
218
9,404
Other financial assets
Commodity-related contracts
Futures
1,250
313
\u2013
1,563
Options
38
71
\u2013
109
Swaps
286
447
\u2013
733
Physical forwards
\u2013
739
1,229
1,968
Financial contracts
Cross-currency swaps
\u2013
21
\u2013
21
Foreign currency and interest rate contracts
\u2013
176
\u2013
176
Derivative netting
(181)
Current other financial assets
1,574
1,767
1,229
4,389
Non-current other financial assets
Cross-currency swaps
\u2013
16
\u2013
16
Foreign currency and interest rate contracts
\u2013
36
\u2013
36
Other financial derivative assets
\u2013
\u2013
145
145
Non-current other financial assets
\u2013
52
145
197
Total
1,930
10,649
1,592
13,990
Financial liabilities
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
24,986
\u2013
24,986
Financial liabilities
\u2013
24,986
\u2013
24,986
Other financial liabilities
Commodity-related contracts
Futures
3,196
1,794
\u2013
4,990
Options
324
19
\u2013
343
Swaps
295
705
\u2013
1,000
Physical forwards
\u2013
584
78
662
Financial contracts
Cross-currency swaps
\u2013
133
\u2013
133
Other financial derivative liabilities
\u2013
\u2013
2
2
Foreign currency and interest rate contracts
\u2013
138
\u2013
138
Derivative netting
(51)
Current other financial liabilities
3,815
3,373
80
7,217
Non-current other financial liabilities
Cross-currency swaps
\u2013
298
\u2013
298
Foreign currency and interest rate contracts
\u2013
501
\u2013
501
Non-discretionary dividend obligation1
\u2013
\u2013
107
107
Other financial derivative liabilities
\u2013
102
27
129
Contingent considerations
\u2013
76
109
185
Non-current other financial liabilities
\u2013
977
243
1,220
Deferred income
Current deferred income
\u2013
2,201
26
2,227
Non-current deferred income
\u2013
314
87
401
Deferred income
\u2013
2,515
113
2,628
Total
3,815
31,851
436
36,051
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
19,967
\u2013
19,967
Non-discretionary dividend obligation1
\u2013
\u2013
15
15
Financial liabilities
\u2013
19,967
15
19,982
Other financial liabilities
Commodity-related contracts
Futures
1,383
281
\u2013
1,664
Options
150
1
\u2013
151
Swaps
189
94
32
315
Physical forwards
\u2013
629
94
723
Financial contracts
Cross-currency swaps
\u2013
77
\u2013
77
Foreign currency and interest rate contracts
\u2013
86
\u2013
86
Derivative netting
(181)
Current other financial liabilities
1,722
1,168
126
2,835
Non-current other financial liabilities
Cross-currency swaps
\u2013
962
\u2013
962
Foreign currency and interest rate contracts
\u2013
753
\u2013
753
Non-discretionary dividend obligation1
\u2013
\u2013
135
135
Other financial derivative liabilities
\u2013
\u2013
61
61
Contingent considerations
\u2013
\u2013
122
122
Non-current other financial liabilities
\u2013
1,715
318
2,033
Deferred income
Current deferred income
\u2013
1,559
\u2013
1,559
Non-current deferred income
\u2013
\u2013
83
83
Deferred income
\u2013
1,559
83
1,642
Total
1,722
24,409
542
26,492
1
A ZAR denominated derivative liability payable to ARM Coal, a partner in one of the Group\u2019s principal coal joint operations based in South Africa. The liability arises from ARM Coal\u2019s rights as an investor to a share of agreed free cash flows from certain coal operations in South Africa and is valued based on those cash flows using a risk-adjusted discount rate. The derivative liability is settled over the life of those operations with a modelled mine life of 13 years as at 31 December 2025 (2024: 13 years).
The following table reflects the net changes in fair value of Level 3 other financial assets and other financial liabilities:
US$ million
Contingent considerations
Convertible loans
Physical
forwards
Swaps
Other
Total
Level 3
1 January 2025
(122)
171
1,135
(32)
(102)
1,050
Total gain recognised in revenue
\u2013
\u2013
158
22
\u2013
180
Total (loss)/gain recognised in cost of goods sold
\u2013
\u2013
(45)
24
\u2013
(21)
Transfers out of Level 3
\u2013
\u2013
(326)
\u2013
\u2013
(326)
Fair value recognised in other income/(expense)
8
(15)
\u2013
\u2013
123
116
Realised
5
(78)
(609)
20
(89)
(751)
31 December 2025
(109)
78
313
34
(68)
248
1 January 2024
(47)
136
870
4
(215)
748
Total loss recognised in revenue
\u2013
\u2013
(21)
(8)
\u2013
(29)
Total gain/(loss) recognised in cost of goods sold
\u2013
\u2013
637
(26)
44
655
Acquisition
\u2013
75
\u2013
\u2013
(141)
(66)
Fair value recognised in other income/(expense)
(19)
(40)
\u2013
\u2013
210
151
Realised
(56)
\u2013
(351)
(2)
\u2013
(409)
31 December 2024
(122)
171
1,135
(32)
(102)
1,050
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the year. During the year, physical forward derivatives of $326 million (2024: $Nil) were reclassified from Level 3 to Level 2, as the passage of time brought certain physical contracts closer to delivery, resulting in pricing falling within a range supported by observable market inputs.
Glencore has entered into long-term physical forward contracts that extend over periods where observable pricing is limited. Due to the long-dated nature of these contracts, transaction prices may not represent the best evidence of fair value. In these circumstances, fair values are determined by extrapolating observable forward commodity prices. Where such estimates form a significant component of the overall contract value, resulting gains or losses are deferred. As at 31 December 2025, a deferred gain of $0.6 billion (2024: $Nil) related to such contracts, which remain unrecognised in the statement of income and will be recognised over the term of the respective contracts as observable market inputs emerge and the associated risks unwind.
Fair value of financial assets/financial liabilities
Some of the Group\u2019s financial assets and financial liabilities are measured at fair value at the end of each reporting period.
Futures, options and swaps classified as Level 1 financial assets and liabilities are measured using quoted prices in an active market.
Accounts receivable and payables, and certain futures, options, swaps, physical forwards, cross-currency swaps, foreign currency, interest rate contracts and deferred income classified as Level 2 financial assets and liabilities are measured using discounted cash flow models. Key inputs include observable quoted prices sourced from exchanges or traded reference indices in active markets for identical assets or liabilities. Prices are adjusted by a discount rate which captures the time value of money and counterparty credit considerations, as required.
Given the extent to which the Group recognises financial instrument assets and liabilities at fair value, the preparation of the Group\u2019s consolidated financial statements requires management to consider on an ongoing basis, the key valuation metrics and judgements involved in the determination of the fair value of financial instruments. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Management reviewed the key valuation metrics, assumptions and methodologies involved in the determination of the Level 3 fair value of financial instruments and determined that the valuations were materially reasonable.
The\u00a0following table provides information on the valuation techniques and inputs used to determine the fair value of Level 3 financial assets of $684\u00a0million (2024: $1,592\u00a0million) and financial liabilities of $436\u00a0million (2024: $542\u00a0million).
US$ million
2025
2024
Other receivables and loans
Assets
21
47
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Discount rates specific to the operation; and
\u2013 Underlying business plans and forecasts.
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2024: $3 million) reduction of the current carrying value of the asset while bringing forward repayments by one year would result in a $Nil (2024: $1 million) increase.
Convertible loans
Assets
78
171
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Recoverable net assets, share price; and
\u2013 Risk-free rate, credit spread; and volatility.
A 10% increase/decrease in the share price assumption would result in a $7 million (2024: $3 million) adjustment to the current carrying value. In 2024, the valuation was sensitive to the credit spread and discount rate, where a 10% increase in the discount rate would result in a $16 million reduction to the current carrying value.
Contingent considerations
Assets
\u2013
\u2013
Liabilities
(109)
(122)
Valuation techniques and key inputs:
Discounted cash flow models
Significant and other unobservable inputs:
\u2013 Estimated production plans;
\u2013 Forecast commodity prices (coal and copper); and
\u2013 Discount rates specific to the operation.
Contingent considerations relate to business combinations completed in prior years. The valuation remains sensitive to forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2024: $6 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $7 million (2024: $7 million) adjustment to the contingent considerations.
Other financial derivative assets
Assets
160
145
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Estimated sale, equity valuation and production plans;
\u2013 Forecast copper and iron ore prices, historical prices and observed volatility; and
\u2013 Discount rates specific to the operation.
The contingent future consideration assets' valuation remains sensitive to production volumes and an 8 year (2024: 8 year) increase in the life of mine assumptions would result in a $4 million (2024: $5 million) increase to the current carrying value. A 10% increase/decrease in copper production assumptions would result in a $8 million (2024: $9 million) adjustment to the current asset carrying value. A 10% increase/decrease in equity valuation and volatility assumptions would result in an $4 million (2024: $Nil) adjustment to the current carrying value.
Swaps
Assets
34
\u2013
Liabilities
\u2013
(32)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term aluminium and alumina prices.
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $3 million (2024: $3 million) adjustment to the current carrying value.
Deferred income and other financial derivative liabilities
Assets
\u2013
\u2013
Liabilities
(142)
(144)
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Forecast nickel prices, historical prices and observed volatility;
\u2013 Tenor of option expiry beyond market liquidity; and
\u2013 Discount rate based on risk-free rate adjusted for asset specific risks.
The significant unobservable inputs represent the long-term nickel price to which the valuation remains sensitive. A 10% increase/decrease in nickel price assumptions would result in a $9 million adjustment (2024: $9 million adjustment) to the current carrying values.
US$ million
2025
2024
Physical Forwards
Assets
391
1,229
Liabilities
(78)
(94)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including:
\u2013 quality;
\u2013 geographic location;
\u2013 local supply and demand;
\u2013 customer requirements; and
\u2013 counterparty credit considerations.
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio.
The valuation of these contracts is based on observable market prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage and conversion premiums.

Complex valuation techniques are applied to calculate price estimates for longer dated portions of market curves where observable market data is limited. To address inherent calculation uncertainty, calculated price estimates are benchmarked to third-party long-term forecast macro pricing assumptions, where available, for reasonability, to ensure that valuations reflect their expected transfer value to other market participants in accordance with IFRS 13. In selecting pricing within unobservable long-term ranges, the Group considers the risks associated with realising market value over the duration of the contract.
Non-discretionary dividend obligation
Assets
\u2013
\u2013
Liabilities
(107)
(150)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term forecast coal prices;
\u2013 Discount rates using weighted average cost of capital methodology;
\u2013 Production models;
\u2013 Operating costs; and
\u2013 Capital expenditures.
The resultant liability represents a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $87 million (2024: $81 million) adjustment to the current carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-166": { "value": "
Offsetting of financial assets and liabilities
In accordance with IAS 32 the Group reports financial assets and liabilities on a net basis in the consolidated statement of financial position only if there is a legally enforceable right to offset the recognised amounts and an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously. The financial assets and liabilities subject to offsetting, enforceable master netting and similar agreements as at 31 December 2025 and 2024 were as follows:
Amounts not subject to netting agreements
Total as presented
in the consolidated
statement
of financial position

Amounts eligible for set off
under netting agreements

Related amounts not set off
under netting agreements
2025
Gross
amount
Amounts
offset
Net
amount
Financial
instruments
Financial
collateral
Net
amount
US$ million
Derivative assets1
15,752
(12,721)
3,031
(2,274)
(427)
330
1,645
4,676
Derivative liabilities1
(20,060)
12,721
(7,339)
2,274
4,681
(384)
(1,098)
(8,437)
Accounts receivable
2,624
(718)
1,906
Accounts payable
(6,500)
718
(5,782)
Amounts
not subject
to netting
agreements
Total as
presented
in the
consolidated
statement
of financial
position

Amounts eligible for set off
under netting agreements

Related amounts not set off
under netting agreements
2024
Gross
amount
Amounts
offset
Net
amount
Financial
instruments
Financial
collateral
Net
amount
US$ million
Derivative assets1
11,215
(8,766)
2,449
(1,196)
(527)
726
2,137
4,586
Derivative liabilities1
(12,583)
8,766
(3,817)
1,196
2,455
(166)
(1,051)
(4,868)
Accounts receivable
2,952
(211)
2,741
Accounts payable
(6,239)
211
(6,028)
1
Presented within current and non-current other financial assets and other financial liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-167": { "value": "In accordance with IAS 32 the Group reports financial assets and liabilities on a net basis in the consolidated statement of financial position only if there is a legally enforceable right to offset the recognised amounts and an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-168": { "value": "
Financial liabilities
2025
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
24,986
\u2013
24,986
Financial liabilities
\u2013
24,986
\u2013
24,986
Other financial liabilities
Commodity-related contracts
Futures
3,196
1,794
\u2013
4,990
Options
324
19
\u2013
343
Swaps
295
705
\u2013
1,000
Physical forwards
\u2013
584
78
662
Financial contracts
Cross-currency swaps
\u2013
133
\u2013
133
Other financial derivative liabilities
\u2013
\u2013
2
2
Foreign currency and interest rate contracts
\u2013
138
\u2013
138
Derivative netting
(51)
Current other financial liabilities
3,815
3,373
80
7,217
Non-current other financial liabilities
Cross-currency swaps
\u2013
298
\u2013
298
Foreign currency and interest rate contracts
\u2013
501
\u2013
501
Non-discretionary dividend obligation1
\u2013
\u2013
107
107
Other financial derivative liabilities
\u2013
102
27
129
Contingent considerations
\u2013
76
109
185
Non-current other financial liabilities
\u2013
977
243
1,220
Deferred income
Current deferred income
\u2013
2,201
26
2,227
Non-current deferred income
\u2013
314
87
401
Deferred income
\u2013
2,515
113
2,628
Total
3,815
31,851
436
36,051
2024
US$ million
Level 1
Level 2
Level 3
Total
Financial liabilities
Trade payables
\u2013
19,967
\u2013
19,967
Non-discretionary dividend obligation1
\u2013
\u2013
15
15
Financial liabilities
\u2013
19,967
15
19,982
Other financial liabilities
Commodity-related contracts
Futures
1,383
281
\u2013
1,664
Options
150
1
\u2013
151
Swaps
189
94
32
315
Physical forwards
\u2013
629
94
723
Financial contracts
Cross-currency swaps
\u2013
77
\u2013
77
Foreign currency and interest rate contracts
\u2013
86
\u2013
86
Derivative netting
(181)
Current other financial liabilities
1,722
1,168
126
2,835
Non-current other financial liabilities
Cross-currency swaps
\u2013
962
\u2013
962
Foreign currency and interest rate contracts
\u2013
753
\u2013
753
Non-discretionary dividend obligation1
\u2013
\u2013
135
135
Other financial derivative liabilities
\u2013
\u2013
61
61
Contingent considerations
\u2013
\u2013
122
122
Non-current other financial liabilities
\u2013
1,715
318
2,033
Deferred income
Current deferred income
\u2013
1,559
\u2013
1,559
Non-current deferred income
\u2013
\u2013
83
83
Deferred income
\u2013
1,559
83
1,642
Total
1,722
24,409
542
26,492
1
A ZAR denominated derivative liability payable to ARM Coal, a partner in one of the Group\u2019s principal coal joint operations based in South Africa. The liability arises from ARM Coal\u2019s rights as an investor to a share of agreed free cash flows from certain coal operations in South Africa and is valued based on those cash flows using a risk-adjusted discount rate. The derivative liability is settled over the life of those operations with a modelled mine life of 13 years as at 31 December 2025 (2024: 13 years).
US$ million
2025
2024
Other receivables and loans
Assets
21
47
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Discount rates specific to the operation; and
\u2013 Underlying business plans and forecasts.
The valuation remains sensitive to repayment cash flows dependent upon the underlying business plans and forecasts. A one-year delay in the underlying cash flows would result in a $1 million (2024: $3 million) reduction of the current carrying value of the asset while bringing forward repayments by one year would result in a $Nil (2024: $1 million) increase.
Convertible loans
Assets
78
171
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Recoverable net assets, share price; and
\u2013 Risk-free rate, credit spread; and volatility.
A 10% increase/decrease in the share price assumption would result in a $7 million (2024: $3 million) adjustment to the current carrying value. In 2024, the valuation was sensitive to the credit spread and discount rate, where a 10% increase in the discount rate would result in a $16 million reduction to the current carrying value.
Contingent considerations
Assets
\u2013
\u2013
Liabilities
(109)
(122)
Valuation techniques and key inputs:
Discounted cash flow models
Significant and other unobservable inputs:
\u2013 Estimated production plans;
\u2013 Forecast commodity prices (coal and copper); and
\u2013 Discount rates specific to the operation.
Contingent considerations relate to business combinations completed in prior years. The valuation remains sensitive to forecast production estimates and coal prices. Should production volumes increase/decrease by 10% the value of the liability would increase/decrease by $6 million (2024: $6 million), and for any given quarter, should coal prices be lower than the royalty trigger, no amounts would be due under the price contingent royalty arrangement. A 10% increase/decrease in copper price assumptions would result in a $7 million (2024: $7 million) adjustment to the contingent considerations.
Other financial derivative assets
Assets
160
145
Liabilities
\u2013
\u2013
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Estimated sale, equity valuation and production plans;
\u2013 Forecast copper and iron ore prices, historical prices and observed volatility; and
\u2013 Discount rates specific to the operation.
The contingent future consideration assets' valuation remains sensitive to production volumes and an 8 year (2024: 8 year) increase in the life of mine assumptions would result in a $4 million (2024: $5 million) increase to the current carrying value. A 10% increase/decrease in copper production assumptions would result in a $8 million (2024: $9 million) adjustment to the current asset carrying value. A 10% increase/decrease in equity valuation and volatility assumptions would result in an $4 million (2024: $Nil) adjustment to the current carrying value.
Swaps
Assets
34
\u2013
Liabilities
\u2013
(32)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term aluminium and alumina prices.
The significant unobservable inputs represent the long-term aluminium and alumina prices to which the valuation remains sensitive. A 10% increase/decrease in price assumptions would result in a $3 million (2024: $3 million) adjustment to the current carrying value.
Deferred income and other financial derivative liabilities
Assets
\u2013
\u2013
Liabilities
(142)
(144)
Valuation techniques and key inputs:
Discounted cash flow and option pricing models
Significant and other unobservable inputs:
\u2013 Forecast nickel prices, historical prices and observed volatility;
\u2013 Tenor of option expiry beyond market liquidity; and
\u2013 Discount rate based on risk-free rate adjusted for asset specific risks.
The significant unobservable inputs represent the long-term nickel price to which the valuation remains sensitive. A 10% increase/decrease in nickel price assumptions would result in a $9 million adjustment (2024: $9 million adjustment) to the current carrying values.
US$ million
2025
2024
Physical Forwards
Assets
391
1,229
Liabilities
(78)
(94)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
Valuation of the Group\u2019s commodity physical forward contracts categorised within this level is based on observable market prices that are adjusted by unobservable differentials, as required, including:
\u2013 quality;
\u2013 geographic location;
\u2013 local supply and demand;
\u2013 customer requirements; and
\u2013 counterparty credit considerations.
These unobservable inputs generally represent 1%\u201330% of the overall value of the instruments. The valuation prices are applied consistently to value physical forward sale and purchase contracts, and changing a particular input to reasonably possible alternative assumptions does not result in a material change in the underlying value of the portfolio.
The valuation of these contracts is based on observable market prices that are adjusted by unobservable differentials which collectively represent, but are not limited to, transportation, storage and conversion premiums.

Complex valuation techniques are applied to calculate price estimates for longer dated portions of market curves where observable market data is limited. To address inherent calculation uncertainty, calculated price estimates are benchmarked to third-party long-term forecast macro pricing assumptions, where available, for reasonability, to ensure that valuations reflect their expected transfer value to other market participants in accordance with IFRS 13. In selecting pricing within unobservable long-term ranges, the Group considers the risks associated with realising market value over the duration of the contract.
Non-discretionary dividend obligation
Assets
\u2013
\u2013
Liabilities
(107)
(150)
Valuation techniques and key inputs:
Discounted cash flow model
Significant and other unobservable inputs:
\u2013 Long-term forecast coal prices;
\u2013 Discount rates using weighted average cost of capital methodology;
\u2013 Production models;
\u2013 Operating costs; and
\u2013 Capital expenditures.
The resultant liability represents a discounted cash flow valuation of the underlying mining operation. Increases/decreases in forecast coal prices will result in an increase/decrease to the value of the liability though this will be partially offset by associated increases/decreases in the assumed production levels, operating costs and capital expenditures, which are inherently linked to forecast coal prices. The significant unobservable inputs represent the long-term forecast commodity prices to which the valuation remains sensitive. A 10% increase/decrease in coal price assumptions would result in a $87 million (2024: $81 million) adjustment to the current carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-169": { "value": "
30. Auditor\u2019s remuneration
US$\u00a0million
2025
2024
Remuneration in respect of the audit of Glencore's consolidated financial statements
29
31
Other audit fees, primarily in respect of audits of accounts of subsidiaries
9
6
Audit-related assurance services1
3
3
Total audit and related assurance fees
41
40
Other assurance services2
\u2013
1
Total non-audit fees
\u2013
1
Total professional fees
41
41
1
Audit-related assurance services primarily related to interim reviews of the Group\u2019s half-year accounts as well as bond issuances and comfort letters.
2
Other assurance services primarily comprises assurance in respect of certain aspects of the Group\u2019s sustainability reporting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-170": { "value": "
32. Contingent liabilities
The Group is subject to various legal and government proceedings as detailed below. These contingent liabilities are reviewed on a regular basis and where appropriate and feasible, an estimate is made of the potential financial impact on the Group. As at 31 December 2025 and 2024, it was not feasible to make such an assessment.
Legal and government proceedings
Under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, a provision is recognised when Glencore has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits, will be required to settle the obligation, and a reliable estimate can be made of the amount. A contingent liability arises from a past event and is disclosed when the obligation is possible but not probable, or when the obligation exists but cannot be measured with sufficient reliability. If it is unclear whether a present obligation exists, the past event is considered to give rise to a present obligation if, based on all available evidence, it is more likely than not that such an obligation existed at the reporting date.
Investigations by regulatory and enforcement authorities
On 5 August 2024, the Group announced that Office of the Attorney General of Switzerland (OAG) closed its criminal investigation against Glencore International AG (GIAG) with a summary penalty order and an abandonment order. GIAG was sentenced to a fine of CHF 2 million and the OAG imposed a compensation claim in the amount of $150 million. The parallel investigation by the Dutch Prosecution Service was also concluded, and the case was dismissed following the resolution of the OAG investigation. These resolutions follow the resolutions of the investigations of the US Department of Justice and UK Serious Fraud Office in 2022.
The Group notes that other authorities may commence investigations against the Group in connection with the resolved investigations. In September 2024, the Company was notified by the Economic Crime and Confiscation Unit (ECCU) of the Law Officers\u2019 Department, Jersey that it was investigating the Company in respect of (i) the corrupt activities and related money laundering of the Group; and (ii) the accuracy of assurances, representations and warranties given to all parties involved in the approval, issuance and promotion of the initial public offering prospectus of the Company in 2011. The investigation appears to be related to the same underlying facts as the concluded resolutions with the other authorities.
At 31 December 2025, taking account of all available evidence, the Board concluded that, with respect to the Jersey investigation and other potential investigations, it is not probable that a present obligation existed at the end of the reporting period. The timing and amount, if any, of the possible financial effects (such as fines, penalties or damages, which could be material) or other consequences, including external costs, from the Jersey investigation and any other potential investigations and any change in their scope is not currently possible to predict or estimate.
On 10 July 2024, Environment and Climate Change Canada laid five charges against EVR Operations Limited (formerly Teck Coal Limited) for contraventions of subsection 36(3) of the Fisheries Act over the period of 1 January 2018 to 30 September 2023. Under the Fisheries Act, each day on which a contravention occurs, or continues, constitutes a separate offence and the applicable fine range for this case is a minimum of CAD 1 million per offence and a maximum of CAD 12 million per offence. At 31 December 2025, taking account of all available evidence, the Board concluded that, with respect to the charges, it is not probable that a present obligation existed at the end of the reporting period. The timing and amount, if any, of the possible financial effects (such as fines or damages, which could be material) or other consequences, including external costs, from the charges is not currently possible to predict or estimate.
Claims against the Company in connection with investigations by regulatory and enforcement authorities
Claims are being pursued against the Group in the United Kingdom in connection with the various government investigations, constituting claims on behalf of current and former shareholders. The claims are, inter alia, made under s90 of the Financial Services and Markets Act 2000 (FSMA) relating to prospectus liability, while certain claimants currently include s90A FSMA claims relating to misstatements in other information published by the Company and/or dishonest delay in publishing information. The bases for the claims are that the prospectuses issued in 2011 and 2013 and other published information by the Company were untrue, misleading or contained omissions.
The Group may be the subject of further legal claims brought by other parties in connection with the government investigations, including collective, group or representative actions.
In respect of these claims, taking into account all available evidence, the Board does not consider it probable that a present obligation existed in relation to these claims or potential claims as at the balance sheet date, and the amount of any financial effects, which could be material, is not currently possible to predict or estimate.\u00a0
Claims in respect of Horne smelter
In October 2023, two individuals (Plaintiffs) filed Motion for Authorization of a Class Action and to Obtain the Status of Representatives against Glencore and the Attorney General of Qu\u00e9bec, as representative of the Government of the Province of Qu\u00e9bec (Qu\u00e9bec Government) regarding Glencore\u2019s Horne Smelter situated in the city of Rouyn-Noranda, in the Province of Qu\u00e9bec, Canada.\u00a0The Plaintiffs allege that Glencore caused prejudice to the proposed class by releasing contaminants into the environment, while fully aware of the risks and dangers to public health. The Plaintiffs also allege that the Qu\u00e9bec Government committed a fault and caused prejudice to the proposed class in that it tolerated and authorised these emissions. Taking into account all available evidence, the Board does not consider it probable that a present obligation existed at the balance sheet date in relation to this claim, and the amount of any financial effects, which could be material, is not currently possible to predict or estimate.
Other legal proceedings
Other claims and unresolved disputes are pending against Glencore. However, based on the Group\u2019s current assessment of these matters any future individually material financial obligations are considered to be remote.
Environmental contingencies
Glencore\u2019s operations are subject to various environmental laws and regulations. Glencore is not aware of any material non-compliance with those laws and regulations. Glencore accrues for environmental contingencies when such contingencies are probable and reasonably estimable. Such accruals are adjusted as new information develops or circumstances change. Recoveries of environmental remediation costs from insurance companies and other parties are recorded as assets when the recoveries are virtually certain. At this time, Glencore is unaware of any material environmental incidents at its locations. Any potential liability arising from environmental incidents in the ordinary course of the Group\u2019s business would not usually be expected to have a material adverse effect on its consolidated income, financial position or cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-171": { "value": "
Under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, a provision is recognised when Glencore has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits, will be required to settle the obligation, and a reliable estimate can be made of the amount. A contingent liability arises from a past event and is disclosed when the obligation is possible but not probable, or when the obligation exists but cannot be measured with sufficient reliability. If it is unclear whether a present obligation exists, the past event is considered to give rise to a present obligation if, based on all available evidence, it is more likely than not that such an obligation existed at the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-172": { "value": "
33. Related party transactions
In the normal course of business, Glencore enters into various arm\u2019s length transactions with related parties, including fixed price commitments to sell and to purchase commodities, forward sale and purchase contracts, agency agreements and management service agreements. Outstanding balances at period end are unsecured and settlement occurs in cash (see notes 12, 14 and 25). No guarantees have been provided or received for any related party receivables or payables.
All transactions between Glencore and its subsidiaries are eliminated on consolidation along with any unrealised profits and losses. In 2025, sales and purchases with associates and joint ventures amounted to $2,681\u00a0million (2024: $2,591\u00a0million) and $6,246\u00a0million (2024: $6,324\u00a0million), respectively.
Remuneration of key management personnel
Glencore\u2019s key management personnel are the members of the Board of Directors, CEO, and the following members of our Group Leadership: our CFO, General Counsel, Chief Operating Officer, Head of Corporate Affairs, Head of Human Resources and Head of Sustainability. The remuneration of Directors and other members of key management personnel recognised in the consolidated statement of income including salaries and other current employee benefits amounted to $31 million (2024: $29 million). Amounts expensed relating to long-term benefits or share-based payments to key management personnel amounted to $11 million (2024: $8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-173": { "value": "
Remuneration of key management personnel
Glencore\u2019s key management personnel are the members of the Board of Directors, CEO, and the following members of our Group Leadership: our CFO, General Counsel, Chief Operating Officer, Head of Corporate Affairs, Head of Human Resources and Head of Sustainability. The remuneration of Directors and other members of key management personnel recognised in the consolidated statement of income including salaries and other current employee benefits amounted to $31 million (2024: $29 million). Amounts expensed relating to long-term benefits or share-based payments to key management personnel amounted to $11 million (2024: $8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-174": { "value": "
34. Principal subsidiaries with material non-controlling interests
Non-controlling interest is comprised of the following:
US$ million
2025
2024
EVR
2,111
1,688
Kazzinc
1,117
1,125
Koniambo
(7,724)
(7,231)
KCC
(1,071)
(969)
Other
313
378
Total
(5,254)
(5,009)
Renewal of KCC\u2019s mining licence and 5% dilution
In 2024, KCC renewed its mining permits for an additional period of 15 years. The renewal of the mining permits triggered the transfer of 5% of Glencore\u2019s equity interest in KCC to the DRC government in accordance with the DRC Mining Code, which resulted in an equal and opposite movement in non-controlling interests and change in ownership interests in subsidiaries of $454 million.
2025 Details of principal subsidiaries with material non-controlling interests
Summarised financial information in respect of Glencore\u2019s subsidiaries that have material non-controlling interest as at 31\u00a0December\u00a02025 and 2024, reflecting 100% of the underlying subsidiary\u2019s relevant figures, is set out below.
US$\u00a0million
EVR
Kazzinc
Koniambo
KCC
31 December 2025
Non-current receivables from Group entities
\u2013
\u2013
\u2013
3
Other non-current assets
14,259
2,267
\u2013
3,962
Current receivables from Group entities
203
\u2013
\u2013
\u2013
Other current assets
1,287
2,163
43
1,735
Total assets
15,749
4,430
43
5,700
Non-current payables to Group entities
4,000
\u2013
17,233
4,577
Other non-current liabilities
4,936
273
750
194
Current payables to Group entities
414
\u2013
\u2013
36
Other current liabilities
1,009
461
78
3,271
Total liabilities
10,359
734
18,061
8,078
Net assets/(liabilities)
5,390
3,696
(18,018)
(2,378)
Equity attributable to owners of the Company
3,279
2,579
(10,294)
(1,307)
Non-controlling interest
2,111
1,117
(7,724)
(1,071)
Non-controlling interest %
22.6%
30.3%
51.0%
30.0%
2025
Revenue
4,425
5,107
1
1,831
Expenses
(4,211)
(4,333)
(967)
(2,170)
Net gain/(loss) for the year
214
774
(966)
(339)
Gain/(loss) attributable to owners of the Company
49
540
(473)
(237)
Gain/(loss) attributable to non-controlling interests
165
234
(493)
(102)
Total comprehensive gain/(loss) for the year
214
774
(966)
(339)
Dividends paid to non-controlling interests
\u2013
(242)
\u2013
\u2013
Net cash inflow/(outflow) from operating activities
1,253
1,332
(19)
130
Net cash outflow from investing activities
(1,328)
(268)
\u2013
(448)
Net cash inflow/(outflow) from financing activities
6
(981)
\u2013
303
Total net cash (outflow)/inflow
(69)
83
(19)
(15)
2024 Detailsof principal subsidiaries with material non-controlling interests
US$\u00a0million
EVR1
Kazzinc
Koniambo
KCC2
31 December 2024
Non-current receivables from Group entities
\u2013
\u2013
\u2013
3
Other non-current assets
13,486
2,372
\u2013
3,765
Current receivables from Group entities
400
2
\u2013
\u2013
Other current assets
1,330
2,045
99
1,179
Total assets
15,216
4,419
99
4,947
Non-current payables to Group entities
4,000
\u2013
16,315
4,315
Other non-current liabilities
5,251
200
744
190
Current payables to Group entities
150
38
\u2013
33
Other current liabilities
920
460
91
2,450
Total liabilities
10,321
698
17,150
6,988
Net assets/(liabilities)
4,895
3,721
(17,051)
(2,041)
Equity attributable to owners of the Company
3,207
2,596
(9,820)
(1,072)
Non-controlling interest
1,688
1,125
(7,231)
(969)
Non-controlling interest %
23.0%
30.3%
51.0%
30.0%
2024
Revenue
2,258
4,199
143
1,949
Expenses
(2,289)
(3,891)
(1,735)
(3,102)
Net gain/(loss) for the year
(31)
308
(1,592)
(1,153)
Gain/(loss) attributable to owners of the Company
(65)
246
(780)
(1,010)
Gain/(loss) attributable to non-controlling interests
34
62
(812)
(143)
Total comprehensive gain/(loss) for the year
(31)
308
(1,592)
(1,153)
Dividends paid to non-controlling interests
\u2013
(61)
\u2013
\u2013
Net cash inflow/(outflow) from operating activities
339
1,037
(124)
263
Net cash outflow from investing activities
(534)
(237)
\u2013
(385)
Net cash inflow/(outflow) from financing activities
251
(431)
109
103
Total net cash inflow/(outflow)
56
369
(15)
(19)
1
Comprises 6 months of income and expenses since acquisition in July 2024.
2
Prior year figures have been restated to account for an intercompany debt to equity transaction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-175": { "value": "
35. Principal operating, finance and industrial subsidiaries and investments
Country of incorporation
% interest 2025
% interest 2024
Main activity
Principal subsidiaries
Industrial activities
Glencore El Pachon Limited
Argentina
100.0
100.0
Copper project
Minera Agua Rica Alumbrera Limited
Argentina
100.0
100.0
Copper project
Compania Minera Lomas Bayas
Chile
100.0
100.0
Copper production
Complejo Metalurgico Altonorte SA
Chile
100.0
100.0
Copper production
Compania Minera Antapaccay S.A.
Peru
100.0
100.0
Copper production
Compania Minera Quechua S.A.
Peru
100.0
\u2013
Copper project
Pasar Group1
Philippines
\u2013
78.2
Copper production
Glencore Recycling LLC
USA
100.0
100.0
Copper production
Kamoto Copper Company SA
DRC
70.0
70.0
Copper/Cobalt production
Mutanda Group
DRC
95.0
95.0
Copper/Cobalt production
Mount Isa Mines Limited
Australia
100.0
100.0
Copper/Zinc/Lead production
Kazzinc Ltd
Kazakhstan
69.7
69.7
Copper/Zinc/Lead production
Zhayremsky Gorno-Obogatitelny Kombinat JSC
Kazakhstan
69.7
69.7
Copper/Zinc/Lead production
Altyntau Kokshetau JSC
Kazakhstan
69.7
69.7
Gold production
Britannia Refined Metals Limited
UK
100.0
100.0
Lead production
Murrin Murrin Operations Pty Ltd
Australia
100.0
100.0
Nickel production
Koniambo Nickel S.A.S.2
New Caledonia
49.0
49.0
Nickel production
Glencore Nikkelverk AS
Norway
100.0
100.0
Nickel production
McArthur River Mining Pty. Ltd.
Australia
100.0
100.0
Zinc production
Canadian Electrolytic Zinc Limited
Canada
100.0
100.0
Zinc production
Nordenhamer Zinkh\u00fctte GmbH
Germany
100.0
100.0
Zinc production
Asturiana de Zinc S.A.U.
Spain
100.0
100.0
Zinc production
Portovesme S.r.L.
Italy
100.0
100.0
Zinc/Lead production
1
In 2025, Glencore completed the sale of its stake in the Pasar Group. See note 26.
2
The Group has control of Koniambo Nickel S.A.S. as a result of the ability to direct the key activities of the operation and to appoint key management personnel provided by the terms of the financing arrangements underlying the Koniambo project.
Country of incorporation
% interest 2025
% interest 2024
Main activity
Industrial activities
Enex Liddell Pty Limited
Australia
100.0
100.0
Coal production
Mangoola Coal Operations Pty Limited
Australia
100.0
100.0
Coal production
Mt Owen Pty Limited
Australia
100.0
100.0
Coal production
NC Coal Company Pty Limited
Australia
100.0
100.0
Coal production
Oakbridge Pty Limited
Australia
98.2
98.2
Coal production
Ravensworth Operations Pty Limited
Australia
100.0
100.0
Coal production
Rolleston Coal Holdings Pty Limited
Australia
100.0
100.0
Coal production
Ulan Coal Mines Pty Limited
Australia
100.0
100.0
Coal production
Elk Valley Mining Limited Partnership
Canada
77.4
77.0
Coal production
Prodeco Group
Colombia
100.0
100.0
Coal production
Umcebo Mining (Pty) Ltd3
South Africa
48.7
48.7
Coal production
ARM Coal (Proprietary) Limited4
South Africa
49.0
49.0
Coal production
Carbones del Cerrej\u00f3n Limited
Anguilla
100.0
100.0
Coal production
Glencore Exploration Cameroon Ltd.
Bermuda
100.0
100.0
Oil production
Glencore Exploration (EG) Limited
Bermuda
100.0
100.0
Oil production
Astron Energy (Pty) Ltd
South Africa
68.0
68.0
Oil refining / distribution
Marketing activities and other operating and finance
Xstrata Limited
UK
100.0
100.0
Holding
Glencore Australia Investment Holdings Pty Ltd
Australia
100.0
100.0
Holding
Glencore Operations Australia Pty Limited
Australia
100.0
100.0
Holding
Glencore Queensland Pty Limited
Australia
100.0
100.0
Holding
Glencore Investment Pty Limited
Australia
100.0
100.0
Holding
Glencore Australia Holdings Pty Limited
Australia
100.0
100.0
Finance
Glencore Finance (Bermuda) Ltd.
Bermuda
100.0
100.0
Finance
ALE Combust\u00edveis S.A.
Brazil
100.0
100.0
Oil distribution
Glencore Finance (Canada) Limited
Canada
100.0
100.0
Finance
Glencore Finance (Europe) Limited
Jersey
100.0
100.0
Finance
Glencore Capital Finance Designated Activity Company
Ireland
100.0
100.0
Finance
Finges Investment B.V.
Netherlands
100.0
100.0
Finance
Glencore (Schweiz) AG
Switzerland
100.0
100.0
Finance
Glencore Group Funding AG (Ltd/SA)
Switzerland
100.0
100.0
Finance
Glencore Funding LLC
USA
100.0
100.0
Finance
Glencore Australia Oil Pty Limited
Australia
100.0
100.0
Operating
Glencore Canada Corporation
Canada
100.0
100.0
Operating
Glencore Chile SpA
Chile
100.0
100.0
Operating
Glencore China Ltd.
China
100.0
100.0
Operating
Glencore Energy Mx SA de CV
Mexico
100.0
100.0
Operating
Glencore Singapore Pte. Ltd.
Singapore
100.0
100.0
Operating
ST Shipping and Transport Pte. Ltd.
Singapore
100.0
100.0
Operating
Glencore AG (Ltd/SA)
Switzerland
100.0
100.0
Operating
Glencore International AG (Ltd/SA)
Switzerland
100.0
100.0
Operating
Glencore Commodities Ltd
UK
100.0
100.0
Operating
Glencore Energy UK Ltd.
UK
100.0
100.0
Operating
Glencore UK Ltd.
UK
100.0
100.0
Operating
Glencore Energy USA LLC
USA
100.0
\u2013
Operating
3
Although Glencore holds less than 50% of the voting rights, it has the ability to exercise control over Umcebo as a result of shareholder agreements which provide Glencore the ability to control the board of directors.
4
Although Glencore holds 47.5% (2024: 47.5%) of the voting rights, it has the ability to exercise control over ARM as a result of shareholder agreements which provide Glencore the ability to control the board of directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-176": { "value": "
35. Principal operating, finance and industrial subsidiaries and investments
Country of incorporation
% interest 2025
% interest 2024
Main activity
Principal subsidiaries
Industrial activities
Glencore El Pachon Limited
Argentina
100.0
100.0
Copper project
Minera Agua Rica Alumbrera Limited
Argentina
100.0
100.0
Copper project
Compania Minera Lomas Bayas
Chile
100.0
100.0
Copper production
Complejo Metalurgico Altonorte SA
Chile
100.0
100.0
Copper production
Compania Minera Antapaccay S.A.
Peru
100.0
100.0
Copper production
Compania Minera Quechua S.A.
Peru
100.0
\u2013
Copper project
Pasar Group1
Philippines
\u2013
78.2
Copper production
Glencore Recycling LLC
USA
100.0
100.0
Copper production
Kamoto Copper Company SA
DRC
70.0
70.0
Copper/Cobalt production
Mutanda Group
DRC
95.0
95.0
Copper/Cobalt production
Mount Isa Mines Limited
Australia
100.0
100.0
Copper/Zinc/Lead production
Kazzinc Ltd
Kazakhstan
69.7
69.7
Copper/Zinc/Lead production
Zhayremsky Gorno-Obogatitelny Kombinat JSC
Kazakhstan
69.7
69.7
Copper/Zinc/Lead production
Altyntau Kokshetau JSC
Kazakhstan
69.7
69.7
Gold production
Britannia Refined Metals Limited
UK
100.0
100.0
Lead production
Murrin Murrin Operations Pty Ltd
Australia
100.0
100.0
Nickel production
Koniambo Nickel S.A.S.2
New Caledonia
49.0
49.0
Nickel production
Glencore Nikkelverk AS
Norway
100.0
100.0
Nickel production
McArthur River Mining Pty. Ltd.
Australia
100.0
100.0
Zinc production
Canadian Electrolytic Zinc Limited
Canada
100.0
100.0
Zinc production
Nordenhamer Zinkh\u00fctte GmbH
Germany
100.0
100.0
Zinc production
Asturiana de Zinc S.A.U.
Spain
100.0
100.0
Zinc production
Portovesme S.r.L.
Italy
100.0
100.0
Zinc/Lead production
1
In 2025, Glencore completed the sale of its stake in the Pasar Group. See note 26.
2
The Group has control of Koniambo Nickel S.A.S. as a result of the ability to direct the key activities of the operation and to appoint key management personnel provided by the terms of the financing arrangements underlying the Koniambo project.
Country of incorporation
% interest 2025
% interest 2024
Main activity
Industrial activities
Enex Liddell Pty Limited
Australia
100.0
100.0
Coal production
Mangoola Coal Operations Pty Limited
Australia
100.0
100.0
Coal production
Mt Owen Pty Limited
Australia
100.0
100.0
Coal production
NC Coal Company Pty Limited
Australia
100.0
100.0
Coal production
Oakbridge Pty Limited
Australia
98.2
98.2
Coal production
Ravensworth Operations Pty Limited
Australia
100.0
100.0
Coal production
Rolleston Coal Holdings Pty Limited
Australia
100.0
100.0
Coal production
Ulan Coal Mines Pty Limited
Australia
100.0
100.0
Coal production
Elk Valley Mining Limited Partnership
Canada
77.4
77.0
Coal production
Prodeco Group
Colombia
100.0
100.0
Coal production
Umcebo Mining (Pty) Ltd3
South Africa
48.7
48.7
Coal production
ARM Coal (Proprietary) Limited4
South Africa
49.0
49.0
Coal production
Carbones del Cerrej\u00f3n Limited
Anguilla
100.0
100.0
Coal production
Glencore Exploration Cameroon Ltd.
Bermuda
100.0
100.0
Oil production
Glencore Exploration (EG) Limited
Bermuda
100.0
100.0
Oil production
Astron Energy (Pty) Ltd
South Africa
68.0
68.0
Oil refining / distribution
Marketing activities and other operating and finance
Xstrata Limited
UK
100.0
100.0
Holding
Glencore Australia Investment Holdings Pty Ltd
Australia
100.0
100.0
Holding
Glencore Operations Australia Pty Limited
Australia
100.0
100.0
Holding
Glencore Queensland Pty Limited
Australia
100.0
100.0
Holding
Glencore Investment Pty Limited
Australia
100.0
100.0
Holding
Glencore Australia Holdings Pty Limited
Australia
100.0
100.0
Finance
Glencore Finance (Bermuda) Ltd.
Bermuda
100.0
100.0
Finance
ALE Combust\u00edveis S.A.
Brazil
100.0
100.0
Oil distribution
Glencore Finance (Canada) Limited
Canada
100.0
100.0
Finance
Glencore Finance (Europe) Limited
Jersey
100.0
100.0
Finance
Glencore Capital Finance Designated Activity Company
Ireland
100.0
100.0
Finance
Finges Investment B.V.
Netherlands
100.0
100.0
Finance
Glencore (Schweiz) AG
Switzerland
100.0
100.0
Finance
Glencore Group Funding AG (Ltd/SA)
Switzerland
100.0
100.0
Finance
Glencore Funding LLC
USA
100.0
100.0
Finance
Glencore Australia Oil Pty Limited
Australia
100.0
100.0
Operating
Glencore Canada Corporation
Canada
100.0
100.0
Operating
Glencore Chile SpA
Chile
100.0
100.0
Operating
Glencore China Ltd.
China
100.0
100.0
Operating
Glencore Energy Mx SA de CV
Mexico
100.0
100.0
Operating
Glencore Singapore Pte. Ltd.
Singapore
100.0
100.0
Operating
ST Shipping and Transport Pte. Ltd.
Singapore
100.0
100.0
Operating
Glencore AG (Ltd/SA)
Switzerland
100.0
100.0
Operating
Glencore International AG (Ltd/SA)
Switzerland
100.0
100.0
Operating
Glencore Commodities Ltd
UK
100.0
100.0
Operating
Glencore Energy UK Ltd.
UK
100.0
100.0
Operating
Glencore UK Ltd.
UK
100.0
100.0
Operating
Glencore Energy USA LLC
USA
100.0
\u2013
Operating
3
Although Glencore holds less than 50% of the voting rights, it has the ability to exercise control over Umcebo as a result of shareholder agreements which provide Glencore the ability to control the board of directors.
4
Although Glencore holds 47.5% (2024: 47.5%) of the voting rights, it has the ability to exercise control over ARM as a result of shareholder agreements which provide Glencore the ability to control the board of directors.
Country of incorporation
% interest 2025
% interest 2024
Main activity
Principal joint ventures5
Viterra Group6
Jersey
\u2013
49.9
Agriculture business
Compania Minera Dona Ines de Collahuasi SCM
Chile
44.0
44.0
Copper production
Principal joint operations and other unincorporated arrangements7
Bulga Joint Venture
Australia
85.9
85.9
Coal production
Hail Creek Joint Venture
Australia
84.7
84.7
Coal production
Hunter Valley Operations Joint Venture
Australia
49.0
49.0
Coal production
Oaky Creek Coal Joint Venture
Australia
55.0
55.0
Coal production
United Wambo Joint Venture
Australia
47.5
47.5
Coal production
Neptune Bulk Terminals (Canada) Ltd.
Canada
35.9
35.7
Coal terminal
Goedgevonden Joint Venture8
South Africa
74.0
74.0
Coal production
Glencore Merafe Chrome Pooling and Sharing Joint Venture
South Africa
79.5
79.5
Ferroalloys production
Rhovan Pooling and Sharing Joint Venture8
South Africa
74.0
74.0
Vanadium production
NewRange Copper Nickel LLC
USA
50.0
50.0
Copper project
5
The principal joint arrangements are accounted for as joint ventures as the shareholder agreements do not provide the Group the ability to solely control the entities.
6
In July 2025, the acquisition of Viterra by Bunge completed, whereby Glencore received a 16.4% shareholding in Bunge. See note 26.
7
Classified as joint operations under IFRS 11, as these joint arrangements convey a direct right to a share of the underlying operations\u2019 assets, liabilities, revenues and expenses. The Hail Creek interest is an \u2018other unincorporated arrangement\u2019 accounted for similar to a joint operation.
8
Glencore has the ability to exercise control over Goedgevonden Joint Venture and Rhovan Joint Venture as a result of shareholder agreements which results in the joint ventures being fully consolidated.
Country of incorporation
% interest 2025
% interest 2024
Main activity
Principal associates
Newcastle Coal Shippers Pty Limited9
Australia
64.4
64.4
Coal terminal
GS Coal Holdings Pty Ltd
Australia
50.0
50.0
Coal production
Century Aluminum Company10
USA
36.6
45.9
Aluminium production
Alumina do Norte do Brasil S.A
Brazil
33.0
33.0
Alumina production
Minera\u00e7\u00e3o Rio do Norte S.A.
Brazil
45.0
45.0
Bauxite production
PT CITA Mineral Investindo Tbk
Indonesia
31.6
31.7
Alumina production
Aquarius Energy Limited
Jersey
49.0
49.0
Oil storage
CAPGC Pte. Ltd.
Singapore
20.0
\u2013
Oil refining complex
G500 Network, Sociedad Anonima Promotora de Inversiones de Capital Variable
Mexico
50.0
50.0
Oil distribution
Compania Minera Antamina S.A.
Peru
33.8
33.8
Zinc/Copper production
9
Glencore holds 61.5% (2024: 61.5%) of the voting rights.
10
Represents the Group\u2019s economic interest in Century, comprising 36.6% (2024: 42.9%) voting interest and Nil% non-voting interest (2024: 2.9%). Century is publicly traded on NASDAQ under the symbol CENX.
Country of incorporation
% interest 2025
% interest 2024
Main activity
Other investments
Shenzhen Energy Gas Investment Holding Co. Ltd
China
7.8
7.8
Energy distribution
MAC Copper Limited.11
Jersey
\u2013
12.1
Zinc/Copper production
PT Trimegah Bangun Persada Tbk
Indonesia
7.2
3.9
Nickel production
Bunge Global SA6
Switzerland
16.4
\u2013
Agriculture business
11
In October 2025, Glencore disposed of its investment in MAC Copper Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-177": { "value": "
36. Subsequent events
On 3 February 2026, we announced that we signed a non-binding Memorandum of Understanding to potentially sell 40% of our interests in our DRC copper and cobalt assets to the US government-backed Orion Critical Mineral Consortium. The proposed transaction remains subject to due diligence, the execution of legally binding documentation and any applicable regulatory approvals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138002658CPO9NBH955", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }