February 18, 2026 [Reuters]- Glencore, fresh from a failed takeover approach from bigger rival Rio Tinto, reported slightly lower 2025 core earnings on Wednesday, and said it would return $2 billion to shareholders.

Talks to forge a $240 billion global mining giant were called off earlier this month over differences on valuation and ownership.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 6% to $13.51 billion last year, above analysts’ consensus estimate of $13.3 billion, marking the third consecutive decline for the Swiss-based miner and commodity trader, following two record years.

Glencore’s share price opened 2.5% higher and are up around 19% since the start of the year.

“Despite a modestly lower year-on-year adjusted EBITDA outcome, the underlying momentum in H2 was clear,” said Chief Executive Gary Nagle. He said a 49% increase in core profits in the second half of last year reflected higher metals prices and improved production volumes, especially of copper.

Copper is critical for power, construction and the green energy transition and mining companies are competing to expand their production through organic growth and deals. Benchmark copper prices surged more than 40% last year.

CEO STILL BACKS INDUSTRY CONSOLIDATION

Nagle, who has repeatedly called for industry consolidation to bring more investment to the sector and create value, said his views have not changed on the matter when asked about his position after the failed Rio Tinto deal.

“I do believe that consolidation can be good for our shareholders, and obviously, it can be good for the shareholders of any other company that we decide to do a transaction with,” he told reporters.

The $2 billion payout means shareholders will get 17 cents per share compared with 18 cents last year, with a 10-cent base payout coming from the 2025 cash flow and a 7-cent top-up supported by the rising value of Glencore’s stake in agricultural trader Bunge.

In July, Glencore began a review of its industrial assets to save $1 billion in costs by the end of 2026, which involved about 1,000 job cuts.

Since taking the helm in 2021, Nagle has divested or closed 35 operations raising $6.5 billion, and the company is now in talks to sell 40% of its copper and cobalt business in the Democratic Republic of Congo to a U.S.-backed consortium.

On Wednesday, Glencore said it had finalised a land access agreement with the DRC’s state miner Gecamines for its Kamoto Copper Company operations. The agreement will extend the mine’s life, improve productivity, reduce costs and secure long-term access to key ore zones previously restricted by ownership and licensing disputes.

Glencore will participate in Project Vault, a U.S. initiative to stockpile critical minerals, Nagle also said. The project has $10 billion in seed funding from the U.S. Export-Import Bank and $2 billion in private investment, including international trading houses.