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5 August 2026 2026 Half - Year Results GLENCORE Restart of mining at Alumbrera 2 June 2026
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22026 Half-Year Results Sources Certain statistical and other information included in this document is sourced from publicly available third-party sources. This information presents the view of those third parties and may not necessarily correspond to the views held by Glencore. Glencore has not independently verified such information and expressly disclaims any responsibility for, or liability in respect of, and makes no representation or guarantee in relation to, such information (including, without limitation, as to its accuracy, completeness or whether it is current). Glencore cautions readers against undue reliance on any of the industry, market or other third-party data or information contained in this document. Information preparation In preparing this document, Glencore has made certain estimates and assumptions that may affect the information presented. Certain information is derived from management accounts, is unaudited and based on information Glencore has available to it at the time of preparation. Figures throughout this document are subject to rounding adjustments. The information presented is subject to change at any time without notice and we do not intend to update this information except as required. This document contains alternative performance measures which reflect how Glencore’s management assesses certain aspects of the performance of the Group, including results that exclude certain items included in our reported results. These alternative performance measures should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance or position reported in accordance with IFRS. Such measures may not be uniformly defined by all companies, including those in the Group’s industry. Accordingly, the alternative performance measures presentedmay not be comparable with similarly titled measures disclosed by other companies. Further detailscan be found in the Appendix to this presentation and in the section of our 2026 Half-Year Results entitled ‘Alternative Performance Measures’ which is available on our website at glencore.com/publications. Subject to any terms implied by law which cannot be excluded, Glencore accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by any person as a result of any error, omission or misrepresentation in information in this document. Other information The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. Important notice This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities.This material does not purport to contain all of the information you may wish to consider. Cautionary statement regarding forward-looking information Certain descriptions in this document are oriented towards future events and therefore contains statements that are, or may be deemed to be, “forward-looking statements” which are prospective in nature. Such statements may include, without limitation, statements in respect of trends in commodity prices and currency exchange rates; demand for commodities; reserves and resources and production forecasts; expectations, plans, strategies and objectives of management; expectations regarding financial performance, results of operations and cash flows; climate scenarios; sustainability (including, without limitation, environmental, social and governance) performance-related goals, ambitions, targets, intentions and aspirations; approval of certain projects and consummation and impacts of certain transactions (including, without limitation, acquisitions, disposals or other corporate transactions); closures or divestments of certain assets, operations or facilities (including, without limitation, associated costs); capital costs and scheduling; operating costs and supply of materials and skilled employees; financings; permitting, anticipated project timelines, productive lives of mines and facilities; provisions and contingent liabilities; and tax, legal and regulatory developments. The information in this document provides an insight into how we currently intend to direct the management of our businesses and assets and to deploy our capital to help us implement our strategy. The matters disclosed in this document are a ‘point in time’ disclosure only. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial conditions and discussions of strategy, and reflect judgments, assumptions, estimates and other information available as at the date of this document or the date of the corresponding planning or scenario analysis process. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from any future events, results, performance, achievements or other outcomes expressed or implied by such forward-looking statements. Important factors that could impact these uncertainties include, without limitation, those disclosed in the risk management section of our latest Annual Report and Half-Year Report, which can each be found on our website. These risks and uncertainties may materially affect the timing and feasibility of particular developments. Readers, including, without limitation, investors and prospective investors, should review and consider these risks and uncertainties (as well as the other risks identified in this document) when considering the information contained in this document.No statement in this document is intended as any kind of forecast (including, without limitation, a profit forecast or a profit estimate), guarantee or prediction of future events or performance and past performance cannot be relied on as a guide to future performance. Except as required by applicable rules or laws or regulations, Glencore is not under any obligation, and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, see the “Important notice” section of our 2026 Half-Year Results, which can be found on our website at glencore.com/publications.
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Overview CEO – Gary Nagle
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42026 Half-Year Results OVERVIEW Half-year financial scorecard Financial ($bn) Industrial Operationally, a solid half-year with our teams delivering production within market guidance ranges • Strong Metals and Minerals contribution (+$2.1bn p/p), primarily due to higher prices, partially offset by increased input costs, including landed prices for diesel, sulphur and sulphuric acid • Energy and Steelmaking Coal Adj. EBITDA up 35% to $2.4bn, with energy coal benefitting from tighter LNG supply, while steelmaking coal saw healthy demand. Partial offset from increased diesel costs. Strong oil performance on the back of higher refining margins Marketing Near record first-half result, owing to the materially disrupted energy, freight and other markets, creating significant dislocation and trading opportunities • Exceptionally strong performance from our Oil and Gas business, given the materially reshaped crude oil, refined products, gas and freight markets • Strong Metals and Minerals performance, albeit 23% below the record prior period 10.1 +86% Adj.EBITDA(1) 10.2 -9% Net debt(1) 6.5 +72% Adj. Industrial EBITDA(1) 8.1 +158% Funds from operations(1) 3.3 +142% Adj. Marketing EBIT(1) 1.5 August top-up shareholder returns(2)
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52026 Half-Year Results OVERVIEW Half-year operational scorecard – well positioned for copper production volumes to reach c.1Mt by 2028f and our c.1.6Mt target by 2035(1) Land access package finalised, unlocking LOM extension, productivity, cost improvements and the pathway to c.300ktpa copper (a) Alumbrera restart ahead of schedule. Mining restarted June 2026 with first production expected H2 2027 vs H1 2028 initial guidance MUMI Sulphides project gated to feasibility study in April 2026, with Group Investment Committee review to follow(a) Coroccohuayco permitting and land access advancing Quechua acquisition completed with district integration underway Agua Rica feasibility engineering underway. Environmental permitting submission expected to be filed in the coming weeks. RIGI approval expected shortly thereafter Una compañía PACHÓN El Pachón – Glacier Protection Act amendment passed into law. Trade-off studies and drilling campaign completed. Targeting environmental permitting submission in H1 2027 NorthMet land acquisition package secured. Federal wetland permit application submitted and state environmental review requested in July. Targeting gate to feasibility in Q4 2026 Leaching restart underway at Rosario Sur on oxide and mixed ores. First cathode targeted for Q4 2026 New concentrator project (ACP) feasibility study underway following board approval in February 2026. Notes: (a) Orion CMC minority sale process underway(2)
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62026 Half-Year Results OVERVIEW ASX secondary listing (GLC.AX) We are applying to establish a secondary listing on the ASX A secondary Glencore ASX listing(1) (via CDIs): • unlocks enhanced access to a deep pool of investors with a strong understanding of resources – a CDI makes Glencore materially more accessible for domestic focused Australian investors • unlocks broader access to a structurally growing capital pool - Australia’s pension market (currently c.A$4.4 trillion(2)) is forecast to grow to c.A$12.4 trillion by 2045(3) • allows more straightforward index inclusion than most other major exchanges – ASX300 inclusion from a free float market cap of c.A$600 million (4) • provides material additional ASX copper exposure for local investors, offsetting losses to M&A in recent years • provides enhanced financial flexibility having ASX securities as currency • is supported by our longstanding Australian operational footprint – we have been active in Australia for more than 25 years Timing Targeting October 2026 for ASX listing. Ambition to achieve minimum ASX200 inclusion within 12 months 92% c.8% JSE Ownership equivalent to A$9.5 billion market cap (6) LSE Current GLEN exchange holdings(5)
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Financial performance CFO – Steven Kalmin
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82026 Half-Year Results Note: Totals may not add due to rounding FINANCIAL PERFORMANCE Half-year financial scorecard 3.0 0.8 1.10.9 0.7 3.6 Marketing Copper Other Energy coal Steelmaking coalZinc H1 2026 $10.1bn Adj. EBITDA +86% $5.4bn Adjusted EBITDA(1) $10.1bn +72% $3.8bn Industrial Adj. EBITDA(1) $6.5bn +142% $1.4bn Marketing Adj. EBIT(1) $3.3bn vs -$0.7bn Net Income(1) $4.4bn +158% $3.1bn FFO(1) $8.1bn +8% $39.4bn Net Funding(1,3) $42.4bn -9% $11.2bn Net debt(1,3) $10.2bn +14% $28.2bn Ready Marketable Inv. $32.2bn +8% $12.9bn Committed liquidity $14.0bn -33% 0.83x Net debt/Adj. EBITDA(1,4) 0.56x +26% $3.2bn Net capex cashflow(2) $4.0bn Steady Credit Ratings(5) A3, BBB+ H1 25H1 26
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92026 Half-Year Results Adj. EBITDA mining margins H126 H125 Steelmaking coal 38% 35% Energy coal 19% 18% Energy & Steelmaking coal 27% 26 % Note: Totals may not add due to rounding, refer to the APMs section of the 2026 Half-Year Report for further information FINANCIAL PERFORMANCE Industrial: Half-year scorecard • Energy coal prices benefitted from tighter LNG supply, while seaborne steelmaking coal saw healthy demand, particularly in the second quarter • Significant additional diesel costs given size of our truck fleet • Oil recorded a strong result (+c.$0.3bn) on the back of higher refining margins • Strong first half, primarily due to higher metal prices • Supported by higher copper and cobalt sales (DRC and Antamina), tempered by currently lower gold production at Kazzinc as it transitions to new areas • Partially offset by increased input costs, including landed prices for diesel, sulphur and sulphuric acid Industrial Adjusted EBITDA of $6.5bn, up 72% p/p Primarily reflecting higher commodity prices, partially offset by impact of the Middle East (ME) conflict on input costs, and stronger producer currencies +86% $2.4bn Metals & Minerals $4.5bn Adj. EBITDA +35% $1.7bn Energy & Steelmaking Coal $2.4bn Adj. EBITDA Adj. EBITDA mining margins H126 H125 Copper 52% 36% Zinc (inc. Integrated Smelting) 21% 19% Metals & Minerals 36% 24%
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102026 Half-Year Results Note: Totals may not add due to rounding, refer to the APMs section of the 2026 Half-Year Report for further information FINANCIAL PERFORMANCE Industrial: Adjusted EBITDA bridge H1 2025 $3.8bn +3.8 +0.2 -1.1 -0.4 +0.2 H1 2026 $6.5bn H125 Price Volume Cost FX Other H126 $bn Price: +$3.8bn Stronger average prices for key primary commodities and by- products: copper +39%, zinc +22%, gold +52%, cobalt +100%, NEWC energy coal +24%, steelmaking coal (PHCC) +28% Volume: +$0.2bn Higher copper and cobalt sales, partially offset by lower gold production at Kazzinc, and steelmaking coal at EVR Cost: -$1.1bn Primarily reflects the impact of the ME conflict on energy inputs (mainly diesel) at our copper and coal business units, together with significant secondary ME impacts at our DRC copper assets and Murrin Murrin in relation to sulphur and sulphuric acid FX: -$0.4bn Primarily stronger AUD and ZAR, both up c.10% Other: +$0.2bn Primarily increased oil contribution, aided by stronger refining margins
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112026 Half-Year Results FINANCIAL PERFORMANCE Marketing: Half-year scorecard -23% $1.6bn Metals & Minerals $1.2bn Adj.EBIT +$2.6bn Energy & Steelmaking Coal $2.7bn Adj.EBIT Marketing Adjusted EBIT of $3.3bn, up 142% p/p • Near record H1 result, owing to the materially disrupted energy, freight and other markets, creating significant dislocations and trading opportunities during the period • Mathematically delivering a H2 result from the middle to the top-end of our long-term $2.3-$3.5bn p.a. guidance range, would see a full year Adjusted Marketing EBIT between $4.7 to $5.0bn • Exceptionally strong performance from our oil business, given the materially reshaped crude oil, refined products, gas and freight markets during the period • Notable coal contribution due to higher demand/lower LNG availability • A strong half-year performance, albeit 23% below the record prior period • Continued tight metals concentrate markets supported earnings 3.2 1.6 2.3 1.9 2.1 2.4 2.8 2.5 2.8 2.9 2.4 2.4 3.3 3.7 6.4 3.5 3.2 2.9 3.3 4.9(1) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 H126 2026f COVID Russia Ukraine ME conflict China slowdownGFC 19-year track record of strong cash generation through the cycle Long-term Marketing Adjusted EBIT performance ($ billion) Xstrata Acquisition Long-term through the cycle guidance range Viterra sale - 50%
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122026 Half-Year Results Dec 2025 Net debt, $11.2bn FFO, -$8.1bn Net investments (M&A), -$0.2bn Jun 2026 Net debt, $10.2bn Leases and other, +$0.3bn Note: Totals may not add due to rounding FINANCIAL PERFORMANCE Capital allocation: balance sheet – change in Net debt & working capital Half-year 2026 movement in Net debt ($bn) (1) Net capex cash flow, +$4.0bn Increase in non-RMI working capital, +$1.9bn Distributions and buy-backs, +$1.1bn Jun 2026 Net debt excluding Marketing leases, $9.0bn • +$0.4bn non-RMI inventories • +$1.2bn net margin calls / commodity related contracts (futures swaps and physical forwards) • +$0.3bn net other, including rehab spending Includes c.$1.2bn of Marketing lease liabilities, representing primarily chartered vessels and various storage facilities, where more than 60% of such commitments expire within 2 years $10bn ordinary course Net debt cap
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132026 Half-Year Results Note: Totals may not add due to rounding FINANCIAL PERFORMANCE Capital allocation: shareholder returns Shareholder returns framework • After Marketing leases and relevant cash commitment adjustments, Net debt finishes the period in line with our ordinary course of business net debt cap of c.$10bn (1) • Consistent with prior practice, recognising our Bunge NYSE-listed shares as surplus capital, we announce today a top-up special cash distribution of $8.5c/share (c.$1bn) alongside a $500M buyback (2) • 2026 announced shareholder returns of c.$3.5bn, comprises $10c/share base + $7c/share top-up distribution from FY25 results (c.$2bn) + new $8.5c/share cash (c.$1bn) and a $500M buyback Illustrative proforma Net debt after adjustments Excluding Marketing lease liabilities and reflecting consideration of relevant cash receipts/commitments in the current year Surplus capital warehousing $10bn ordinary course Net debt cap Net debt ex- Marketing lease liabilities at 30 Jun 26, $9.0bn(3) Balance of February 2026 announced cash distribution, payable September 2026 $8.5c/share (c.$1.0bn) Net debt, c.$10.0bn(1) Value of Bunge shares, $3.5bn(4) August 2026 top-up, $8.5c/share cash (c.$1bn) +$500M buyback Remaining surplus capital, c.$2.0bn c.$3.5 billion of announced 2026 shareholder returns: Base: $10c/share Special: $15.5c/share Buyback: $500M
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142026 Half-Year Results 26-28f Industrial capex: c.$6.8bn(2) p.a. FINANCIAL PERFORMANCE Capital allocation: business reinvestment Copper Zinc Nickel Energy Coal Oil Ferro alloys Steelmaking Coal (3) H1 2026 Industrial capex(1) • Capitalised Industrial segment capex of $3.9bn, up from $3.4bn, the majority of the increase comprising copper portfolio investments to secure land access to support copper growth and operational flexibility • 3-year 2026f-2028f average capex (ex-Cu growth projects) up c.5% to account for significant, higher than general CPI, inflationary factors (industrial capital goods, weaker US dollar, higher energy costs, etc) 1.1 0.4 0.8 0.6 0.5 1.6 0.3 0.9 0.5 0.6 Copper Zinc Steelmaking coal Energy coal Other H125 H126 Industrial capex by segment ($bn) Industrial capex (ex Cu growth projects) 2026f-2028f avg(2): c.$6.8bn p.a., including: Copper: c.35-40% allocated to copper, comprising: • Alumbrera restart • Collahuasi’s Ujina Growth Project (to 210ktpd) • Extensive deferred stripping at KCC, Antapaccay, Collahuasi and Antamina • KCC/Antapaccay fleet renewals, Antamina fleet and tailings investments Nickel: Completion of Onaping Depth project in 2026 Zinc: ATK Gold (Kazzinc) life extension via both opencut and underground development Steelmaking coal: c.$1.4bn average EVR capex over 2026f-2028f • EVR water treatment; expected to add >50 million litres per day of treatment capacity by 2027 • Extra haul trucks/shovels to deliver significant increase in material movement capacity • Extensive deferred stripping Energy coal: Fleet renewals and deferred stripping Copper growth projects (H1 2026) • $0.1bn capitalised in relation to MARA, El Pachón and NewRange • $0.3bn spent to secure land access at KCC and Antapaccay/Coroccohuayco +c.5% from c.$6.5bn p.a. in February 2026
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152026 Half-Year Results Industrial ($bn) Copper Zinc Steelmaking Coal Energy Coal Other Marketing Group Primary production 397.0kt 365.6kt 13.5Mt 47.4Mt Production from other departments -18.5kt -39.8kt Payability deduction -55.0kt Net relevant production 378.5kt 270.8kt 13.5Mt 47.4Mt Net relevant sales(a) 388.0kt 261.0kt 13.5Mt 47.4Mt Realised price 576.0c/lb 148.9c/lb 236.8/t 127.9/t Portfolio mix adjustment -29.9/t -34.0/t Portfolio adjusted realisation 206.9/t 93.9/t Net unit cash cost -208.4c/lb(3) 8.5c/lb -127.0/t -76.1/t Streaming impact 22.2c/lb Divisional overheads 2.3c/lb Operating assets – net unit cash cost -183.9c/lb Margin per unit 367.6c/lb 157.4c/lb Margin per unit ($)(b) 8104/t 3470/t 79.9/t 17.8/t Base Adj.EBITDA ($bn)(a*b) 3.1 0.9 1.1 0.8 0.6 3.6 10.2 Development projects(4) -0.1 -0.1 Adjusted EBITDA ($bn) 3.0 0.9 1.1 0.8 0.6 3.6 10.1 2025 H1 Adjusted EBITDA ($bn) 1.1 0.9 0.9 0.7 0.1 1.7 5.4 Totals may not add due to rounding. FINANCIAL PERFORMANCE 2026 H1 cost/margin reconciliation(1,2) Other Adj.EBITDA $bn Ferroalloys 0.2 Nickel 0.2 Aluminium - Custom Met 0.1 Oil 0.4 Corporate/Other -0.3
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162026 Half-Year Results FINANCIAL PERFORMANCE 2026 Guidance: mine unit cash costs/margins (1) 2 -25 -9 -0.4 269 251 291 254 272 226 283 254 H125 2025 H126 2026f Zinc net cash unit costs By-product credits 108.4 109.1 127.0 124.6 58.7 59.5 79.9 86.4 H125 2025 H126 2026f Adj. EBITDA margin Steelmaking Coal FOB cash costs 65.0 65.3 76.1 74.9 13.6 14.9 17.8 19.8 H125 2025 H126 2026f Adj. EBITDA margin Energy Coal FOB cash costs • Cost guidance update primarily reflects reduced by-product credits from lower gold ($4096/oz vs $4854/oz) and silver ($58.7/oz vs $82.2/oz) prices • 2026f reflects the sale of Kidd on 1 June 2026 • Higher zinc volumes (ex-Kidd) partially mitigate higher energy costs arising from the ME conflict • Modest cost estimate increase (+$1.70/t) mainly reflects the impact of higher energy and consumables, partially offset by favourable FX (CAD) • FY26 improvement vs H126 reflects the H2 volume weighting at EVR • Updated estimated Adj. EBITDA margin of $86.4/t vs $59.5/t in 2025 • Increased estimate (+$3.00/t) primarily reflects higher energy costs and royalties • FY26 improvement vs H126 benefits from H2 volume uplift + assumed lower half- on-half average diesel prices • Updated estimated Adj. EBITDA margin of $19.8/t vs $14.9/t in 2025 vs Feb 26 guidance -$48c/lb Zinc -$0.4c/lb vs Feb 26 guidance $122.9/t Steelmaking coal $124.6/t vs Feb 26 guidance $71.9/t Energy coal $74.9/t
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172026 Half-Year Results 90 110 130 150 170 190 210 Feb.26 Apr.26 Jun.26 Aug.26 Oct.26 Dec.26 Fuel - DRC Fuel - South America Sulphuric acid - DRC Sulphur - DRC External/Temporary FINANCIAL PERFORMANCE 2026 Guidance: copper mine unit cash costs(1) Copper – operating assets $203c/lb – Group, of which $161c/lb – South America $276c/lb - Africa Updated 2026f operating asset net unit cash cost vs original guidance • As noted in our half-year production report, cobalt contained in mixed ore is increasingly being held in solution rather than pr ocessed and dried into saleable cobalt hydroxide, for sale at a future date as export regulations evolve • Cobalt in solution is capitalised at a lower value than hydroxide, creating a temporary increased derived cost impact of 11c/lb vs February 2026 guidance, which will reverse as the material is eventually processed and sold • Following the Middle East conflict, landed input costs for diesel, freight, sulphuric acid and sulphur have risen. The full year cost assumptions fall disproportionately on the African copper business, given location and processing methods • Q2 focus was on security of supply procurement in the DRC to avoid controllable production losses • Lower gold, silver and cobalt hydroxide price assumptions contribute to reduced overall FY 2026 vs H1 2026 by-product credits Landed input costs (Feb 2026=100)(3) Landed cost represents product price, freight, taxes and duties Net unit cash cost (c/lb)(2) H126 Operating assets of which 184 South America 161 Africa 222 EBITDA ($M) H125 FY25 H126 South America 1119 3485 2116 Africa 45 601 1031 Copper unit cash cost (c/lb)(4) 225 183 184 155 203 39 39 70 48 52 280 238 278 232 277 241 199 208 184 225 H125 2025 H126 Feb 2026 guidance Updated 2026 By-product credits Divisional overheads Streaming impact Operating assets - net unit cash cost Net unit cash cost 232 +11 +4 +15 +4 +11 277 Feb guidance pre- credit cash cost Fuel Sulphur Sulphuric acid Other opex Cobalt inventory movement Aug guidance pre- credit cash cost 268
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182026 Half-Year Results Industrial ($bn) Copper (2) Zinc (3) Steelmaking Coal (4) Energy Coal (5) Other Marketing (6) Group Primary production 840.0kt 720.0kt 31.0Mt 98.5Mt Production from other departments -37.0kt -66.0kt Payability deduction -109.0kt Net relevant production 803.0kt 546.0kt 31.0Mt 98.5Mt Net relevant sales (a) 810.0kt 561.0kt 31.0Mt 98.5Mt Modeled realised price 591.0c/lb 153.1c/lb 238.4/t 126.4/t Portfolio mix adjustment -27.4/t -31.7/t Portfolio adjusted realisation 211.0/t 94.7/t Net unit cash cost -225.1c/lb 0.4c/lb -124.6/t -74.9/t Streaming impact 18.6c/lb Divisional overheads 3.1c/lb Operating assets – net unit cash cost -203.4c/lb Margin per unit 365.9c/lb 153.5c/lb Margin per unit ($)(b) 8067/t 3384/t 86.4/t 19.8/t Base Adj. EBITDA ($bn) (a*b) 6.5 1.9 2.7 1.9 1.3 5.6 19.9 Development projects(7) -0.2 -0.2 Adjusted EBITDA ($bn) 6.3 1.9 2.7 1.9 1.3 5.6 19.7 FINANCIAL PERFORMANCE Illustrative 2026 EBITDA(1) c.60kt higher than 2025 Annualising H1 Other Adj. EBITDA
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Uniquely positioned CEO – Gary Nagle
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202026 Half-Year Results UNIQUELY POSITIONED Our 2026 priorities Safework: ambition to prevent work- related fatalities, occupational diseases and injuries Focus on operational excellence: deliver expected operational volumes with disciplined cost management Maintain a strong balance sheet: commitment to minimum strong BBB/Baa credit ratings through the cycle Value creation for shareholders: deliver predictable base shareholder returns, topped up, as and when our framework allows Organic growth: derisk and successfully progress organic growth volumes • A3 and BBB+ credit ratings • $3.5bn announced shareholder returns in 2026 • ASX listing targeted for October 2026 • Well positioned for c.1.0Mt of copper production by 2028f and c.1.6Mt by 2035(1) • Alumbrera restart ahead of schedule • H1 production delivered within guidance, FY26 on track • Cost impacts most broadly felt at our DRC business, with our coal portfolio having to absorb materially higher diesel costs • Tragically four work- related fatalities from two incidents over the year to date
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Appendix
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222026 Half-Year Results APPENDIX 2026 Distribution timetable $8.5 cents/share second tranche of 2026 cash distribution + $8.5 cents/share August top-up cash distribution H2 2026 Applicable exchange rate reference date (Johannesburg Stock Exchange (JSE)) Monday, 17 August Applicable exchange rate announced on the JSE Tuesday, 18 August Last day to effect removal of shares cum distribution between Jersey and JSE registers at commencement of trade Tuesday, 25 August Last time to trade on JSE to be recorded in the register on record date Tuesday, 25 August H2 Ex-Distribution date (JSE) Wednesday, 26 August H2 Ex-Distribution date (Jersey) Thursday, 27 August H2 Distribution Record Date for JSE Friday, 28 August H2 Distribution Record Date in Jersey Friday, 28 August Removal of shares between the Jersey and JSE registers permissible from Tuesday, 1 September Deadline for return of currency election form (Shareholders on Jersey Register only) Tuesday, 1 September Applicable exchange rate reference date (Jersey) Monday, 7 September H2 Distribution payment date Friday, 18 September
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232026 Half-Year Results APPENDIX Shareholder returns framework Predictable shareholder returns grounded on a formulaic base distribution, topped up as the balance sheet allows 1 Base Distribution Top-up Shareholder Returns Announced annually at the full year results and based on the prior year cash flows Then paid in two equal payments in H1 and H2 $1.0bn Related to Marketing cash flows ($bn) 25% of Industrial attributable adjusted equity cash flows (1) Base distribution increased, as appropriate, by additional “top- up” shareholder payments reflecting the maintenance, in the ordinary course of business, of a c.$10bn (2) Net debt cap Full-year results Is period end Net debt <$10bn ?(2) No Declare BD (3) Yes Is period end Net debt + BD <$10bn ? (2) No Yes Declare BD Is period end Net debt <$10bn ?(2) No No additional returns Yes Is period end Net debt + 2nd payment of BD <$10bn ? (2) No Yes No additional returns Declare BD + top-up to increase Net debt back to the c.$10bn cap Top-up shareholder returns to increase Net debt back to the c.$10bn cap Shareholder returns calculation flowsheet Half-year results Base distribution comprises: 2
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242026 Half-Year Results Note: Totals may not add due to rounding APPENDIX Strong track record of shareholder returns 1.6 3.4 5.1 1.6 1.2 1.2 0.5 1.5 1.5 1.8 0.7 3.6 2.7 1.9 0.52.8 8.4 9.3 1.6 3.1 3.5 2021 2022 2023 2024 2025 2026 Base cash distribution Special cash distribution Buybacks Announced shareholder returns 2021 to 2026 ($bn)$28.8bn of announced shareholders returns since 2021 • c.1.7bn shares repurchased as at 30 June 2026 – equivalent to c.14.4% of current shares eligible for distributions (1) • Shareholder returns since 2021 represent c.33% of Glencore’s current market cap (2) $14.1bn Base cash distributions $5.3bn Special cash distributions $9.3bn Buybacks c.$7.0bn purchase of EVR in 2024
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252026 Half-Year Results APPENDIX Footnotes Slide 4 – Half-Year financial scorecard (1) Adjusted measures referred to as APMs are not defined or specified under the requirements of International Financial Reporting Standards; refer to the APMs section of the 2026 Half -Year Report for definitions and reconciliations and to note 3 of the condensed consolidated interim financial statements for reconciliation of Adjusted EBIT/EBITDA. (2) August top-up shareholder return comprises a top-up special distribution of $8.5c/share (c.$1bn) along with a $500M buyback, expected to be completed by the time of the Group’s full year results announcement in February 2027, subject to market conditions Slide 5 – Half-year operational scorecard – positioning us for copper production volumes to reach c.1Mt by 2028f and our c.1.6Mt target by 2035 (1) Refer slides 16 and 17 of the 3 December 2025 Capital Markets day presentation: https://www.glencore.com/.rest/api/v1/documents/static/232063d8 -4ece-45a6-ac43- 5c19c32e920a/GLEN+-+2025+CMD.pdf (2) The proposed transaction with Orion CMC remains subject to due diligence, the execution of legally binding documentation and any applicable regulatory approvals. Orion CMC is an investment consortium led by Orion Resource Partners LP, and includes the U.S. International Development Finance Corporation Slide 6 – ASX secondary listing (GLC.AX) (1) A Glencore secondary listing on the ASX would be in the form of a Foreign Exempt Listing (2) Refer Quarterly superannuation performance statistics highlights - March 2026 | APRA (3) Refer page 6 of Dynamics of the Australian Superannuation System, June 2026, https://www.deloitte.com/content/dam/assets-zone1/au/en/docs/industries/financial - services/2026/dynamics-of-super-report.pdf (4) ASX index inclusion subject to S&P methodology which looks at free float and liquidity amongst other factors (S&P/ASX Australian Indices Methodology, January 2026 ). To be considered for ASX 300 index inclusion, a stock must rank above position number 274, estimated at c.A$600M in Q2 2026. To be considered for ASX 200 index inclusion, a stock must rank above position number 179, estimated at c.A$1.5bn in Q2 2026. To be considered for ASX 100 index inclusion, a stock must rank above position number 84, estimated at c.A$5.5bn in Q2 2026 (5) Source: Glencore June 2026 share register (6) A$9.5 billion value derived from JSE ownership of c.908 million shares (as at end June 2026) at a GBP share price of 543 pence, converted to AUD at a GBP/AUD rate of 1.9208 , as at 31 July 2026 Slide 8 – Half-year financial scorecard (1) Adjusted measures referred to as APMs are not defined or specified under the requirements of International Financial Reporting Standards; refer to the APMs section of the 2026 Half -Year Report for definitions and reconciliations and to note 3 of the condensed consolidated interim financial statements for reconciliation of Adjusted EBIT/EBITDA (2) Net capex cash flow refers to net purchase and sale of property, plant and equipment (3) Prior period as at end December 2025 (4) Adj. EBITDA based on last twelve months (5) Commitment to minimum strong BBB/Baa ratings Slide 11 – Marketing: Half-year scorecard (1) $4.9bn FY 2026 Marketing adjusted EBIT based a H2 outcome representing the midpoint of the middle and the top-end of our long-term $2.3-$3.5bn p.a. EBIT guidance range along with the H1 2026 Adjusted EBIT of $3.3bn. Refer to the APMs section of the 2026 Half -Year Report and to note 3 of the condensed consolidated interim financial statements for reconciliation of Adjusted EBIT Slide 12 – Capital allocation: balance sheet – change in Net debt & working capital (1) Refer to Financial and Operational Review, 2026 Half -Year Report. Totals may not add due to rounding. Refer to the APMs section of the 2026 Half -Year Report and to note 3 of the condensed consolidated interim financial statements for reconciliation of Adjusted EBIT Slide 13 – Capital allocation: shareholder returns (1) Refer slide 25 Shareholder returns framework. We consider “top- up” shareholder returns, as appropriate, reflecting the maintenance in the ordinary course of business of a c.$10 billion Net debt cap (2) Expected to be completed by the time of the Group’s full year results announcement in February 2027, subject to market conditions (3) $10.2 billion as reported, less $1.2 billion of Marketing lease liabilities (4) Value of Bunge shares as at 31 July 2026 (32.8M shares at $106.23) Slide 14 – Capital allocation: 2026f-2028f business reinvestment (1) Refer Industrial Activities, 2026 Half-Year Report (2) 2026F-2028F figures are based on current portfolio and subject to change (3) Steelmaking coal segment represents EVR only. Capex for Australian steelmaking coal is included in the energy coal segment Slide 15 – 2026 H1 cost/margin reconciliation (1) Refer Half-Year Production Report 2026 (2) Refer Industrial Activities, Half-Year Report 2026 (3) Net unit cash cost (post by-product credits) of $208.4c/lb comprises $183.9c/lb of operating assets net unit cash cost plus 22.2c/ lb streaming impact (Antamina and Antapaccay) and 2.3c/lb of direct copper division overhead (4) Development projects include: MARA, El Pachón and NewRange
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262026 Half-Year Results APPENDIX Footnotes Slide 16 – Guidance: mine unit cash costs/margins (1) Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change Slide 17 – Guidance: copper mine unit cash costs (1) Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change (2) Operating assets - net unit cash cost excluding cobalt inventory movement (3) Glencore estimates and calculations, H1 actual data, H2 projected (4) Copper unit cash costs: Slide 18 – Illustrative 2026 EBITDA (1) Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change. Totals may not add due to rounding (2) Copper illustrative Adjusted EBITDA calculated basis 2026 production guidance adjusted for copper produced by other departments and net relevant sales. Relevant forecast copper price of $591c/lb (basis realised LME copper price year to date and Jul -Dec forward curve), adjusted for 96% payability. By-products and FX refer note 8 below. Unit cost guidance includes by -products, TC/RCs, freight and royalties. Guided net unit cash cost $225c/ lb comprises $203c/lb of operating assets net units cash cost plus 19c/lb streaming impact for Antamina and Antapaccay precious metals streams and 3c/lb of allocatable copper division overhead. (3) Zinc illustrative annualised Adjusted EBITDA calculated basis 2026 production guidance adjusted for zinc produced by other departments and net relevant sales less payability adjustment. Relevant forecast zinc price of $153c/ lb (basis realised LME zinc price year to date and Jul-Dec forward curve). By-products and FX refer note 8 below. Cost guidance includes a credit for by-products (4) Steelmaking Coal illustrative Adjusted EBITDA calculated basis mid -point of 2026 production guidance. Relevant forecast PHCC price of $238.4/t (basis realised PHCC year to date and Jul- Dec forward curve), less $27.4/t portfolio mix adjustment and Steelmaking coal portfolio FOB unit cash cost of $124.6/t, giving a $86.4/t margin to be applied across overall forecast group mid- point of production guidance of 31Mt (5) Energy Coal illustrative Adjusted EBITDA calculated basis mid -point of 2026 production guidance. Relevant forecast NEWC price of $126.4/t (basis realised PHCC year to date and Jul- Dec forward curve), less $31.7/t portfolio mix adjustment and Thermal FOB mine costs of $74.9/t, giving a $19.8/t margin to be applied across overall forecast group mid- point of production guidance of 98.5Mt 6) Illustrative Marketing Adjusted EBITDA of $5.6bn is calculated basis a H2 outcome representing the midpoint of the middle and the top- end of our long-term $2.3-$3.5bn p.a. EBIT guidance range, and the H1 2026 Adjusted EBIT of $3.3bn, adjusted for c.$700M p.a. of Marketing D+A 7) Development projects include: MARA, El Pachón and NewRange 8) Selected currencies and commodity prices end June 2026: Original Revised Copper costs and realisations (c/lb) H125 2025 H126 2026f 2026r Relevant sales (kt) 311.0 749.0 388.0 810.0 810.0 Realised/modelled price(a) 410.1 446.6 576.0 567.1 591.0 Unit costs ex by-products 280.0 238.1 278.3 232.3 277.2 By-product credits -39.5 -38.9 -70.0 -48.1 -52.1 Net unit cash cost(b) 240.6 199.2 208.4 184.2 225.1 Streaming impact -5.9 -10.7 -22.2 -24.3 -18.6 Divisional overheads -9.6 -6.0 -2.3 -4.5 -3.1 Operating assets - net unit cash cost 225.1 182.6 183.8 155.5 203.4 - Africa 353.4 281.4 221.7 196.2 275.6 - South America 168.2 129.0 160.7 131.7 161.3 Copper margin(a-b) 169.6 247.4 367.6 382.8 365.9 Zinc mine costs and realisations (c/lb) H125 2025 H126 2026f Relevant sales (kt) 337 684 261 561 Realised/modelled price 124.9 128.6 148.9 153.1 Unit costs ex by-products 271.5 226.2 282.9 253.9 By-product credits 269.2 251.6 291.4 254.3 Net unit cash cost 2.3 -25.4 -8.5 -0.4 Zinc margin 122.6 154.0 157.4 153.5 Coal mine costs and realisations ($/t) H125 2025 H126 2026f Energy coal relevant sales (Mt) 48.3 98.0 47.4 98.5 Realised/modeled coal price 102.5 105.4 127.9 126.4 Energy portfolio mix adjustment 23.9 25.1 34.0 31.7 Adjusted realised/modelled price 78.6 80.3 93.9 94.7 FOB unit cash cost 65.0 65.3 76.1 74.9 Energy coal margin 13.6 14.9 17.8 19.8 SMC coal relevant sales (Mt) 15.7 32.5 13.5 31.0 Realised/modeled price 184.7 188.3 236.8 238.4 SMC portfolio mix adjustment 17.6 19.6 29.9 27.4 Adjusted realised/modelled price 167.1 168.7 206.9 211.0 FOB unit cash cost 108.4 109.1 127.0 124.6 SMC coal margin 58.7 59.5 79.9 86.4 Lead $/t 1917 Gold $/oz 4096 Silver $/oz 58.7 Cobalt metal $/lb 25.6 Cobalt hydroxide payability 97.5% Oil - Brent US$/bbl 72.3 Australian Dollar USDAUD 1.45 Canadian Dollar USDCAD 1.42 Chilean Peso USDCLP 921 Colombian Peso USDCOP 3435 Kazakhstani Tenge USDKZT 485 Peruvian Nuevo Sol USDPEN 3.41 South African Rand USDZAR 16.49
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272026 Half-Year Results APPENDIX Footnotes Slide 20 – Our 2026 priorities (1) Refer slides 16 and 17 of the 3 December 2025 Capital Markets day presentation: https://www.glencore.com/.rest/api/v1/documents/static/232063d8 -4ece-45a6-ac43- 5c19c32e920a/GLEN+-+2025+CMD.pdf Slide 23 – Shareholder returns framework (1) Industrial attributable adjusted equity cash flows defined as Industrial Adjusted EBITDA less Industrial capex, tax, interest and distributions to minorities. (2) Excluding Marketing lease liabilities and consideration of relevant cash receipts/commitments in the current year. The net debt cap may be flexed temporarily up to $16 billion for M&A opportunities, subject to accelerated deleveraging to reposition net debt back to optimal levels. (3) BD = Base Distribution Slide 24 – Strong track record of shareholder returns (1) Shares eligible for distributions, as at 2 July 2026, were 11,737,979,492. Shares bought back since 1 July 2021: 1,688,721,582 million (2) Based on Market capitalisation of $86.0 billion as at 31 July 2026
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282026 Half-Year Results Glencore plc Baarermattstrasse 3 6340 Baar Switzerland Tel: +41 41 709 2000 E-mail: investors@glencore.com glencore.com