Right commodities, world-class assets, strong execution

SYDNEY, Australia--(BUSINESS WIRE)--July 28, 2026-- 

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 production(1) 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%. 
 
Six months ended 30 June                      2026            2025  Change 
Net cash generated from operating 
 activities (US$ millions)                   9,173           6,924     32% 
Rio Tinto Share of Capital 
 Investment(3) (US$ millions)                5,037           4,504     12% 
Free cash flow(3) (US$ millions)             3,834           2,185     75% 
Consolidated sales revenue (US$ 
 millions)                                  31,028          26,873     15% 
Underlying EBITDA(3) (US$ millions)         14,826          11,547     28% 
Underlying earnings(3) (US$ millions)        6,851           4,807     43% 
Profit after tax attributable to 
 owners of Rio Tinto (net earnings) 
 (US$ millions)                              6,664           4,528     47% 
Underlying earnings per share (EPS)(3) 
 (US cents)                                  421.4           296.0     42% 
Ordinary dividend per share (US cents)       211.0           148.0     43% 
Underlying return on capital employed 
 (ROCE)(3)                                     17%             14%    +3pp 
                                        At 30 June  At 31 December 
                                              2026            2025 
Net debt(3) (US$ millions)                  14,061          14,362    (2)% 
(1) Copper equivalent volume = Rio Tinto's share of production volume / 
Volume conversion factor x Product price ($/t) / Copper price ($/t). 
Prices are based on long-term consensus prices. (2) In H1 2025, taxes and 
government royalties were $4.8 billion. (3) This financial performance 
indicator is a non-IFRS (as defined below) measure which is reconciled to 
directly comparable IFRS financial measures (non-IFRS measures). It is 
used internally by management to assess the performance of the business 
and is therefore considered relevant to readers of this document. It is 
presented here to give more clarity around the underlying business 
performance of the Group's operations. For more information on our use of 
non-IFRS financial measures in this report, see the section entitled 
"Alternative performance measures" (APMs) and the detailed reconciliations 
on pages 64 to 71. We have refined our definition of free cash flow to 
include Rio Tinto share of capital investment effective from our H1 2026 
financial results. 
 
 

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