Glencore 2025 Annual Report
Press Release
Explore our 2025 Group Reporting Glossary at glencore.com/group-reporting-glossary-2025 and 2025 Basis of Reporting at: glencore.com/basis-of-reporting-2025. Our full annual reporting suite will be available at glencore.com/publications
Please refer to the end of this document for an important notice concerning this report, including with regard to forward-looking statements.
◊ Alternative performance measures
We include certain adjusted financial and other measures in this report, which are alternative performance measures (APMs) and are not defined or specified under the requirements of International Financial Reporting Standards; refer to the Alternative performance measures section beginning on page 231 for definitions, explanation of use and reconciliations. APMs are identified by the ◊ symbol.
References to emissions
‘Glencore’s emissions’, ‘industrial emissions’ or ‘our emissions’ means CO2e emissions from our industrial assets as used to calculate progress against our emissions reduction targets (including scope 1, 2, and 3) which is defined by reference to our organisational boundary of operational control.
Our 2024-2026 Climate Action Transition Plan (2024-2026 CATP) outlines further important information regarding our climate-related strategy and is available on our website at glencore.com/ publications. We are currently assessing how best to integrate EVR into our climate strategy, recognising that the transition away from steelmaking coal for steel production will be slower than thermal coal. Our performance against our targets in this report is therefore presented excluding EVR. Metrics excluding EVR are indicated throughout this report with the * symbol.
To assist the reader’s understanding of climate-related terms contained in this Annual Report as well as the basis for our approach and the definitions of certain non-financial metrics, refer to the 2024-2026 CATP, the 2025 Group Reporting Glossary and the 2025 Basis of Reporting, which are available on our website.
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