Rio Tinto: Step-change in performance delivering higher shareholder returns

Rio Tinto Chief Executive Simon Trott said: “We achieved a step-change in performance in the first half, which, alongside favourable commodity prices, delivered a 28 per cent increase in underlying EBITDA and a 75 per cent rise in free cash flow.

“Our continued investment in growth drove a 3 per cent increase in copper equivalent production¹ and further strengthened our portfolio diversification, with Copper, Aluminium and Lithium contributing more than 50 per cent of underlying EBITDA.

“Our strong performance is underpinned by accelerating productivity across the business. We have already banked $870 million of productivity benefits and are on track to reach an annualised run-rate of $1.8 billion by year-end, with significantly more to come as our multi-year program continues to scale.

“Our strong cash flow and balance sheet allow us to declare a $3.4 billion interim ordinary dividend, up 43 per cent, as we continue to invest in high-returning growth.”

1. Executive Summary

• +3% CuEq production growth¹ in the first half underpinned by strong operational delivery with higher production across key commodities and execution of major growth projects in iron ore (Simandou) and lithium.

• Step-change in financial performance, generating underlying EBITDA³ of $14.8 billion (+28%), and free cash flow³ of $3.8 billion (+75%).

• Profit after tax attributable to owners of Rio Tinto of $6.7 billion (+47%), with underlying earnings³ of $6.9 billion (+43%) driving an underlying return on capital employed (ROCE)³ of 17%. Taxes and government royalties were $5.6 billion².

• Strong cash generation with $9.2 billion of operating cash flow (+32%) supporting continued investment in our world-class growth pipeline, while maintaining a strong balance sheet.

• Interim ordinary dividend of $3.4 billion (+43%), with an interim payout ratio of 50%.

2. Our strategic pillars – maximising our potential

Transforming the way we work to deliver a step-change in performance.

People and Safety first

• We tragically lost two colleagues in the first half, at Simandou and Kennecott. Safety remains our highest priority. We are sharpening our focus on safety at every level, simplifying and strengthening our standards to concentrate on what matters most, reinforced by discipline in compliance. Our all-injury frequency rate (AIFR) for H1 2026 was 0.40.

• The Rio Tinto Management Operating System (MOS) was launched 1 July. It is an integrated system defining our common approach to safety, risk and standards; people and leadership; and planning and performance.

Operational excellence

• +3% CuEq¹ production growth in H1, driven by strong operational performance and continued ramp-up of our major growth projects, including copper from Oyu Tolgoi. Pilbara achieved its highest H1 iron ore production since 2018 and our aluminium operations sustained their strong performance.

• Productivity program gaining momentum²: $1.3 billion annualised run rate achieved in H1, with $0.87 billion banked year-to-date. Target to reach $1.8 billion annualised run rate by the end of 2026. This program supports our pathway to deliver a ~3% production uplift in copper equivalent volumes and ~4% CAGR reduction in operating unit costs through to 2030³.

Project execution

• Simandou: achieved first high-grade iron ore sales in April. SimFer mine construction and port infrastructure are both now more than three quarters complete, with full rail commissioning achieved in Q1.

• Pilbara: three iron ore replacement mines are on budget and on track for first ore in 2027.

• Lithium: achieved first production at Fénix 1B and Sal de Vida ahead of plan, while construction of Rincon full scale plant is progressing, supporting ramp-up towards ~200 ktpa LCE⁴ capacity by 2028.

Capital discipline

• $5–10 billion of cash release on track through portfolio management, infrastructure and other mechanisms. Opportunities to release around $5 billion by the end of 2026 are being progressed⁵.

• Strong balance sheet supports 50% payout ratio for interim dividend.

Sustainability and social licence

• Decarbonisation: Pathway to reduce Scope 1 and 2 emissions by 50% by 2030 vs 2018 baseline⁶. This is dependent on the timely delivery of third party projects to underpin those solutions and completion of commercial discussions, neither of which can be guaranteed by that date.
  • CO₂ emissions: 15.9 Mt CO₂e Scope 1 and 2 emissions in H1 2026 equivalent to a 14% reduction vs 2018 baseline⁶.

  • Oyu Tolgoi Copper: Reached the half-way point of its trial of eight 91t battery swappable battery-electric haul trucks, in partnership with China’s State Power Investment Corporation since October 2025.

  • Pilbara Iron Ore: Developments include:
    • Electrification of mining fleet: Partnered with BHP and Caterpillar to trial battery-electric haul trucks at the mine site. Commenced a 12 month trial of battery electric loaders under real operating conditions. Technology availability remains the major constraint.

    • Renewable diesel: Use was successfully validated in Pilbara in 2025. Pongamia pilot continues in Queensland, seeking to establish a new biofuel supply chain.

    • Renewable electricity: Reached financial close on a 75MW solar project with Yindjibarndi Energy Corporation (YEC) under a 30-year Power Purchase Agreement. Construction starts in 2026 with commissioning expected in 2028.

  • Pacific Aluminium: In March, secured A$2 billion government funding package over 10 years for Boyne Smelters to potentially extend operations to at least 2040, building on A$7.5 billion of new renewable energy and storage arrangements underwritten with developers in Queensland.

  • Gladstone alumina refineries: In July, signed a five-year bio-pellet offtake agreement with SuperChar to reduce reliance on fossil fuels.

¹ Based on total cost of sales of our operations, divided by sales volumes in copper equivalent terms on a Rio Tinto consolidated basis, stated in 2024 real terms. ² YTD productivity benefits realised of $870m are operational productivity improvements resulting in an uplift in production, or cost improvements from cost savings or improved cost efficiencies. All figures are on a consolidated basis. ³ From a 2024 baseline. ⁴ LCE = Lithium Carbonate Equivalent. ⁵ Timing and proceeds subject to market conditions and execution. ⁶ The 2018 baseline changes over time to reflect changes in portfolio ownership and updates to our greenhouse gas emissions reporting methodology.

The 2026 half year results release is available here

This announcement is authorised for release to the market by Matthew Whyte, Rio Tinto’s Group Company Secretary.

UK LEI: 213800YOEO5OQ72G2R82

AU LEI: 529900X2VMAQT2PE0V24

Forward-looking statements

This report includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this report, including, without limitation, those regarding Rio Tinto’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto’s products, production forecasts and reserve and resource positions), are forward-looking statements. The words “intend”, “aim”, “project”, “anticipate”, “estimate”, “plan”, “believes”, “expects”, “may”, “should”, “will”, “target”, “set to” or similar expressions, commonly identify such forward-looking statements.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rio Tinto, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Rio Tinto’s present and future business strategies and the environment in which Rio Tinto will operate in the future. Among the important factors that could cause Rio Tinto’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, but are not limited to: an inability to live up to Rio Tinto’s values and any resultant damage to its reputation; the impacts of geopolitics on trade and investment; the impacts of climate change and the transition to a low-carbon future; an inability to successfully execute and/or realise value from acquisitions and divestments; the level of new ore resources, including the results of exploration programmes and/or acquisitions; disruption to strategic partnerships that play a material role in delivering growth, production, cash or market positioning; damage to Rio Tinto’s relationships with communities and governments; an inability to attract and retain requisite skilled people; declines in commodity prices and adverse exchange rate movements; an inability to raise sufficient funds for capital investment; inadequate estimates of ore resources and reserves; delays or overruns of large and complex projects; changes in tax regulation; safety incidents or major hazard events; cyber breaches; physical impacts from climate change; the impacts of water scarcity; natural disasters; an inability to successfully manage the closure, reclamation and rehabilitation of sites; the impacts of civil unrest; the impacts of the global pandemics; breaches of Rio Tinto’s policies, standards and procedures, laws or regulations; trade tensions between the world’s major economies; increasing societal and investor expectations, in particular with regard to environmental, social and governance considerations; the impacts of technological advancements; and such other risks identified in Rio Tinto’s most recent Annual Report and accounts in Australia and the United Kingdom and the most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the “SEC”) or Form 6-Ks furnished to, or filed with, the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this report. Rio Tinto expressly disclaims any obligation or undertaking (except as required by applicable law, the UK Listing Rules, the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and the Listing Rules of the Australian Securities Exchange) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Rio Tinto’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Nothing in this report should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share.

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