Our performance

A message from our CFO

Guided by disciplined risk management and a long‑standing focus on diversification, Mercuria delivered another year of strong performance in 2025 while advancing its structural evolution across the group’s core businesses. It was a year of transition and integration — embedding metals, LNG, and shipping into our global operational and risk framework — alongside continued expansion of energy transition activities, gas, and power. Despite the normalization following exceptional prior years, we reported robust results and a continuation of consecutive profitable quarters since inception, reaffirming our track record of capital discipline and consistency.

We continued to build on our diversified platform, with balanced contributions from oil and non‑oil businesses and metals now representing roughly one‑fifth of turnover. The integration of physical trading capabilities across metals and LNG, combined with enhanced risk and systems frameworks, has strengthened our resilience and positioned Mercuria to capture long‑term opportunities supporting the energy transition, critical minerals, and AI infrastructure.

We also expanded our geographic footprint, opening offices in Latin America and Central Asia to deepen local relationships and broaden operational reach. As we continue to invest dynamically across our global portfolio, we remain committed to prudent balance sheet management, sustainable growth, and creating long‑term value through integration, innovation, and disciplined execution.

Guillaume Vermersch

Group CFO

Financial Performance Overview

As of 31 December 2025. All figures in US$ billions.

GROSS REVENUE

$128bn

NET INCOME

$1.43bn

TOTAL EQUITY

$6.3bn

Gross revenues

Total equity