Link: https://links.sgx.com/1.0.0/corporate-announcements/BM0Y8Q4VCD6BOAE6/65ca9fddf35f940f8160d312c6763b12b213354baf65763e86999b2b2e3758b3

Summary:

• Group net profit for FY2025 came in at USD2.7 billion, just 3 percent below FY2024, with underlying EBITDA steady at USD8.2 billion for a fourth consecutive year above USD8 billion.

• Revenue slipped 1 percent to USD240.3 billion as lower average commodity prices were largely offset by a roughly 10 percent increase in oil and petroleum product trading volumes to 358 million tonnes.

• Total assets rose to USD79.5 billion while Group equity remained robust at USD16.2 billion, keeping adjusted leverage at a negative 0.40 and supporting a series of landmark financings, including a USD500 million public bond and a USD390 million US private placement.

• Metals, Minerals and Bulk Commodities delivered a particularly strong contribution, with operating profit before depreciation and amortisation up to USD2.0 billion, even as non‑ferrous and bulk volumes were deliberately trimmed to prioritise margin over tonnage.

• The newly created Operating Assets division booked USD340.5 million of fixed-asset impairments but tightened governance across refineries, smelters, terminals and power plants, including Nyrstar Australia, Greenergy’s Immingham facility and the Burnside terminal divestment.

• Trafigura expanded its global financing footprint with Asian RCF refinancings, a RMB1.5 billion Panda bond, ECA-backed structures and US EXIM‑insured facilities, ending the year with USD14.6 billion of immediately available liquidity headroom.

• Leadership transitioned smoothly as long-time executive Jeremy Weir became Non‑Executive Chairman and Richard Holtum took over as CEO, with management emphasising a “simpler, smarter and sharper” organisation and a reinforced risk framework after misconduct issues in the Mongolian oil business.

• The group sees FY2026 shaped by complex geopolitics, record oil supply growth and ongoing trade frictions, but expects its diversified platform in energy, metals and gas/power to keep demand for its services resilient amid structural drivers like the energy transition and AI‑linked power needs.