Shares of Glencore plc advanced in early London trading on Wednesday, February 18, 2026, after the multinational commodity trading and mining company detailed a substantial capital return program alongside its full-year earnings. The stock climbed roughly 3% to 500.45 pence by 0902 GMT, building on a previous close of 486 pence. Trading volume was active, with around 7.5 million shares changing hands during the session, as the market digested the dual announcements of shareholder returns and strategic project advancement.
Financial Performance and Shareholder Returns
Glencore reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $13.51 billion for the 2025 fiscal year. This figure represents a 6% decline from the prior year but surpassed the average analyst forecast of $13.3 billion. Chief Executive Gary Nagle characterized the period as "a year of significant progress," highlighting a clear underlying operational momentum during the second half. The company's net debt position remained largely stable, ending the year at $11.17 billion.
The centerpiece of the announcement was a proposed $2 billion distribution to shareholders. The plan entails a total cash payment of US$0.17 per share, to be executed in two equal instalments of US$0.085. The first payment is scheduled for June 3, 2026, followed by a second on September 18, 2026. This distribution strategy incorporates a base payment of 10 cents per share supplemented by a 7-cent top-up, partially funded by the value of Glencore's remaining stake in Bunge Limited, which was valued at approximately $4.0 billion as of February 13. The entire proposal is contingent on shareholder approval at the Annual General Meeting scheduled for May 28.
Strategic Focus on Copper Growth
Concurrently, Glencore disclosed the finalization of a critical land-access agreement with state-owned miner Gécamines for the Kamoto Copper Company (KCC) operation in the Democratic Republic of Congo. This agreement is a pivotal component of the company's strategy to bolster its copper portfolio. The package is expected to facilitate the expansion of tailings capacity and extend the productive life of the KCC mine into the mid-2040s.
Mark Davis, Glencore's Chief Operating Officer for Copper Africa, stated the agreement will "allow us to unlock the full potential of KCC." The completion of the deal remains subject to the formal registration of the mining leases in the official DRC mining cadastre. This development follows weeks after mining rival Rio Tinto terminated preliminary takeover discussions with Glencore, an event that had left investors seeking clarity on the company's capital allocation and commodity focus.
Production Targets and Market Context
The company provided updated production guidance, underscoring its commitment to copper. While full-year 2025 copper output decreased by 11% to 851,600 tonnes, production in the second half exceeded 500,000 tonnes. Glencore now aims to achieve an annualized run-rate of more than 1 million tonnes by the end of 2028, with a longer-term ambition of approximately 1.6 million tonnes by 2035. The positive news resonated in other listings, with Glencore's Johannesburg-traded shares rising 4.4%.
Investor sentiment had been weighing Glencore's ability to generate cash returns following the abandoned Rio Tinto talks, alongside the narrative of copper driving future growth while the legacy coal business faces headwinds. The Financial Times noted that weak coal prices continued to pressure Glencore's energy and steelmaking coal divisions, even as its metals segment demonstrated relative resilience.
Forward Outlook
The market's immediate focus now shifts to the May 28 shareholder vote on the distribution plan and the subsequent June cash payment. Further updates will be awaited regarding the formal registration of the Congo mining leases. The company's financial flexibility and the execution of its copper growth strategy will also be influenced by future copper prices and the market valuation of its remaining Bunge stake.
Glencore's announcements represent a concerted effort to balance immediate shareholder rewards with long-term strategic investment in a key commodity. The proposed $2 billion payout provides a tangible return, while the Congo agreement lays the groundwork for sustained copper production growth, positioning the company to capitalize on expected demand from the global energy transition.
