Trafigura publishes 2025 Annual Results

Singapore, 9 December 2025 – Trafigura Group Pte Ltd (“Trafigura” or “the Group”), a global leader in the commodities industry, today announced its financial results for the 12-month period ending 30 September 2025.

Chief Executive Officer, Richard Holtum, commented:

“The 2025 financial year again demonstrated the value of our diversified business model, global scale and deep physical presence. Group profitability remained extremely resilient, with net income of USD2.7 billion broadly consistent with the previous year. All three core trading divisions delivered excellent results in a challenging environment, driven by sustained demand for our services and a disciplined approach to capturing opportunities.”

Performance

Net profit for the year was USD2,666 million, down just three percent from FY2024. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) exceeded USD8 billion for the fourth consecutive year. Of significance this year was the strong performance of the Group’s metals trading business.

Group equity stood at USD16,172 million at the end of September 2025, representing more than 20 percent of total assets.

In terms of divisional performance, the Group’s Energy segment, which includes Oil and Petroleum Products, Gas, Power and Renewables, associated freight and operating assets, delivered a good result despite unpredictable market conditions. It generated revenue of USD166,980 million (representing 70 percent of total Group revenue) and an operating profit before depreciation and amortisation of USD6,091 million, slightly down from USD6,229 million in the previous year.

At 358 million metric tonnes in FY2025, or an average of 7.6 million barrels per day, total traded volumes of oil and petroleum products, including natural gas and LNG, were around 10 percent above the previous year’s level.

The Group’s Metals and Minerals segment, which includes bulk commodities, associated freight and operating assets, generated revenue of USD73,288 million (representing 30 percent of total Group revenue) and an operating profit before depreciation and amortisation of USD2,016 million, up from USD1,963 million.

Non-ferrous metals volumes decreased by 11 percent and bulk mineral volumes by 17 percent respectively as the segment prioritised profitable flows.

Total assets increased by four percent in FY2025 to USD79,494 million, as higher inventories and trade receivables were largely offset by lower right-of-use assets and cash and cash equivalents.

Impairments of fixed and financial assets of USD843 million were lower than USD1,074 million in FY2024. During the year, the Group recognised fixed asset impairment charges totalling USD340.5 million, in relation to Nyrstar Australia, Myra Falls mining, Greenergy’s closure of its Immingham plant and a number of other assets.

Risk Management and Controls

Strengthening the Group’s risk management framework and internal controls was a key priority in FY2025. The Group advanced recommendations from the external review following the serious misconduct by individuals in the Mongolian oil business and implemented a broad set of policy, process and oversight improvements. These efforts were supported by a global training and communication programme for all employees, which reinforced personal accountability and promoted clear channels to raise concerns or identify improvements.

Together, these initiatives are enhancing controls, improving coordination and increasing the overall efficiency of processes across the Group.

Management and Board Changes

Effective 1 July 2025, the Group expanded the Executive Committee to include Jiri Zrust, Global Head of Operating Assets, and Igor Marin, Global Head of Gas, Power and Renewables. In addition, Chris Afia, a longstanding senior leader within the Oil division, was appointed Chief Risk Officer following the departure of Ignacio Moyano.

From 1 January 2026, Trafigura 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.

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.

Outlook

Looking ahead, the market environment in FY2026 remains highly subject to change, with evolving trade policies, moderating global demand growth in some commodities and ongoing supply-side disruptions. Trafigura’s diversified business model, logistics capabilities and disciplined approach to capital allocation will be as important as ever in the year ahead in maintaining resilience to external risks and the ability to capture opportunities.