2025 Annual Results: Chairman's statement

In an environment marked by heightened geopolitical tension and rapid change, Trafigura’s role in global supply chains has again been highly relevant for our customers and the business delivered a highly creditable performance. The Group’s diversified business model, global logistics capabilities and long-standing counterparty relationships continue to be fundamental to our success. These strengths have enabled the company to record a strong financial performance, manage unpredictable market conditions and maintain continuity of supply where it is needed most.

Leadership and Board changes

On 1 January 2025, I stepped into the role of Non‑Executive Chairman, after 24 years at Trafigura, the last six of which as Executive Chairman and CEO. It is an honour to continue supporting the Group during this next chapter of its development, working closely with the Board and the leadership team to ensure strong governance, long-term resilience and a focus on responsible growth.

I am delighted that Richard Holtum succeeded me as CEO on the same date. Together with the Executive Committee, Richard is continuing to drive a high-performance culture across the global Group and has the full support of the Board as he continues to strengthen the business and to lead with discipline and drive.

Effective governance remains a key focus for the Group and 2026 will bring important changes to our Board.

In December 2025, Andrew Vickerman is retiring from the Board after 15 years of service. Andrew has been instrumental in advancing Trafigura’s responsibility agenda, including through his long tenure as Chair of the ESG Committee and Chair of the independent non-profit Trafigura Foundation. His commitment, insight and steady stewardship have helped shape the company’s approach to environmental and social performance, as well as contributing to the overall governance of the Group. On behalf of the Board, I would like to recognise Andrew’s valuable contribution and thank him for his dedication to Trafigura’s success over many years.

From 1 January 2026, we will welcome Sergio Rial to the Board as an independent Non-Executive Director. Sergio brings extensive international experience from the financial services, food and energy sectors, having previously served in senior roles at ABN Amro, Cargill, and Banco Santander. He is the current Chair of Vibra Energia SA, a major Brazilian distributor of petroleum derivatives and biofuels.

Looking ahead

Around the world, commodity markets are being reshaped by geopolitics, industrial policy, the energy transition and shifting regional alliances. These forces highlight the importance of companies like Trafigura – organisations with the capability and reach to connect supply with demand efficiently, reliably and responsibly.

The Board remains firmly focused on supporting the company’s long-term resilience, investing in systems that enhance risk management and the intelligent use of data and artificial intelligence, securing the best talent and managing succession planning, maintaining our focus on sustainability, and ensuring that the company continues to engage openly with its stakeholders.

I would like to thank all our staff across the global Group for their commitment, professionalism and performance in a year of significant change and achievement.

As we look to the year ahead, the Board will continue to support Richard and the Executive Committee in building on our strong foundations, deepening our operational excellence and ensuring that Trafigura continues to play a vital role in global commodity supply chains.