Strong metals trading as Trafigura publishes annual results
(Posted on 09/12/25)
Trafigura Group Pte Ltd, a global leader in the commodities industry, has 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.”
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.
In terms of divisional performance, 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.
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.
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.
Group equity stood at USD16,172 million at the end of September 2025, representing more than 20 percent of total assets.
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.
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