2026 Half Year Report: Financial review

The six-month period to the end of March 2026 saw Trafigura deliver a robust financial performance, reflecting the resilience of a well-diversified business operating within a disciplined financial and risk management framework. Net profit reached USD4,090 million.

Following a very strong first quarter to the end of December 2025, a substantial portion of the period's profits had already been secured before the conflict in the Middle East began at the end of February 2026, leaving the Group well positioned to respond when conditions changed.

This reflected not only strong near-term performance, but also several years of sustained effort to strengthen the business. Since 2022, we have implemented a series of measures to enhance the Group's financial resilience, drawing on lessons from the volatility experienced due to the full-scale invasion of Ukraine, including improvements to margin management, liquidity and market risk controls.

Liquidity at the end of March 2026 was USD19.4 billion – almost USD5 billion higher than at the end of September 2025. This figure is the strongest in the Group's history, comprising USD7.7 billion of immediately available cash and USD11.7 billion of undrawn committed facilities.

This includes a USD3 billion contingent liquidity facility arranged with our banking partners in early March 2026 – one we have not needed to draw on, but which reflects our proactive and prudent approach to liquidity management.

Over the period we successfully refinanced and upsized a number of committed unsecured syndicated loans, including the flagship Asian and European revolving credit facilities.

As markets normalise, liquidity will be managed at more typical, lower levels, but the capacity to build and sustain this buffer rapidly is a competitive advantage.

Strong profitability translated directly into balance sheet strength, underpinned by our ongoing commitment to maintaining a robust capital base in an uncertain and volatile environment. Group equity increased to USD17.5 billion, up from USD16.2 billion at the end of September 2025, with net profit more than offsetting distributions to shareholders.

We have continued to rebalance our asset portfolio, a factor behind the approximately USD700 million of impairment charges against fixed and financial assets recorded in the first half, spread across a range of assets and businesses, including Nyrstar. The story here is one of active asset management and discipline. The decision to divest certain assets demonstrates that we are willing to rationalise our portfolio.

The sale of Nyrstar's assets in Tennessee facilitated a major investment by Korea Zinc and a US government-led joint venture to develop a USD7.4 billion multi-metals smelter at the Clarksville site — a meaningful contribution to US supply chain security in critical metals such as zinc, germanium and gallium.

With regards to investments, the acquisition of French fuel supplier Armorine by our subsidiary Greenergy reflects the other side of that discipline: investing selectively in opportunities adjacent to our existing businesses where we see compelling long-term value.

Operational and Financial Review

Over the period, revenue rose 19 percent to USD141,862 million, on the back of higher average commodity prices and growth in traded volumes. The Group generated underlying EBITDA of USD7,921 million, compared with USD3,930 million in the first half of 2025, driven by robust demand for our supply chain solutions in challenging and uncertain market conditions.

Total traded volumes of oil and petroleum products, including natural gas and LNG, were 8.7 million barrels per day, growing 21 percent compared to the first half of 2025, as exports from key regions increased – supported by strong global demand.

In non-ferrous metals, volumes were 9.9 million metric tonnes, a similar level to the prior year, reflecting a continued focus on higher margin business. Bulk mineral volumes totalled 46.0 million metric tonnes, compared to 43.4 million tonnes in the same period last year.

In the Energy segment, which encompasses oil, gas, shipping, power and renewables trading, as well as associated asset operations, Trafigura benefited from strong demand for its supply chain and logistics services. Trafigura was also a significant participant in releases from the United States Strategic Petroleum Reserve.

We have continued to invest in our shipping fleet, including the largest fleet of oil tankers in the industry. This scale gives us the flexibility to respond swiftly and effectively to market disruptions and to serve third-party customers as well as our own trading operations.

In metals, minerals and bulk commodities, one of the strongest performances on record was driven by supportive supply and demand fundamentals in refined metals and concentrates.

In terms of balance sheet position, as of 31 March 2026, the consolidated balance sheet totalled USD111,317 million, 40 percent above the USD79,494 million recorded at the end of September 2025. The expansion was primarily driven by significantly higher period-end commodity prices as well as higher volumes.

The Group's strong first-half performance generated operating cashflow before working capital charges of USD7,883 million, compared with USD3,937 million in the same period in 2025.

Operating cashflow before working capital changes is, we believe, the most reliable measure of the Group's financial performance because the level of working capital is predominantly determined by prevailing commodity prices and is financed under the Group's self-liquidating finance lines.

Outlook

Performance in the second half to date has been good, although the external environment is difficult to forecast. Ongoing geopolitical tensions and market volatility mean there are a wide range of potential outcomes.

Regardless of how the external environment evolves, our approach will not change. We will remain focused on our core physical trading activities, the continued optimisation of our asset portfolio and disciplined risk management.

With record liquidity and a strong balance sheet, the Group is well positioned to respond to opportunities and risks as they emerge.