2026 Half Year Report: Chief Executive Officer's review

Trafigura performed strongly throughout the first half of 2026, with net profit exceeding USD4 billion. The result reflected broad-based contributions from each of our major commercial divisions: Oil and Petroleum Products, Metals and Minerals; and Gas, Power and Renewables. 

The foundations for this performance were laid early in the financial year. The three months to the end of December 2025 marked our second-strongest first quarter on record, and earnings remained strong throughout the period.

This was achieved in a demanding environment, particularly from the end of February 2026, when markets experienced heightened volatility and supply disruptions arising from the conflict in the Middle East. These developments also had a direct impact on parts of our own business. Our operational staff in the region managed extremely difficult operating conditions while maintaining a firm focus on safety, business continuity and support for customers.

Higher energy and power prices have placed additional pressure on energy-intensive industrial assets. This has been challenging for Nyrstar’s smelters, which were already operating in highly difficult market conditions and remained loss-making during the period.

As we have seen during COVID-19 and later following the outbreak of the war in Ukraine, periods of disruption reinforce our relevance to customers.

When supply chains are under strain, our teams work harder and move faster to identify solutions and manage increased risks. Our results are driven by the complexity and cost of delivering those solutions, rather than by elevated commodity prices. 

We also continued to focus on creating a simpler, smarter, and sharper company. We have rebalanced our asset portfolio and simplified our corporate structure. Risk management remains central to the business, particularly in the current environment, supported by continued strengthening of our governance and internal controls. Each of these steps makes the business not only clearer in its core priorities, but sharper in how it responds in a volatile, competitive environment. We continued to advance AI adoption across the company, building a smarter organisation.

The pressures that have built up across commodity markets and global supply chains in recent months will take time to unwind. We enter the second half of 2026 with a strong balance sheet, robust liquidity and a shipping fleet and logistics network capable of responding quickly to changing conditions.

These results demonstrate the value of the diversified platform we have built, and the importance of disciplined execution. 

Ultimately, sustained high performance is driven by people. Across our global offices, I would like to recognise the outstanding efforts of our staff in responding to rapidly changing conditions with skill, professionalism and commitment. I am confident they will continue to do so in the months ahead.