Rio Tinto (LSE:RIO) (ASX:RIO):

6% CuEq production uplift YoY, delivering on strategy through focus on our four objectives

Rio Tinto Chief Executive Jakob Stausholm said: "We are delivering very resilient financial results with an improving operational performance helped by our increasingly diversified portfolio. Underlying EBITDA of $11.5 billion and operating cash flow of $6.9 billion, despite a 13% lower iron ore price, demonstrate the growing contribution from our Aluminium and Copper businesses and our Pilbara operations' strong recovery from the four cyclones in the first quarter. We are reporting underlying earnings of $4.8 billion (after taxes and government royalties of $4.8 billion).

"Our strong cash flow enables us to maintain our practice of a 50% interim payout with a $2.4 billion ordinary dividend, as we continue our disciplined investment in profitable growth while retaining a strong balance sheet.

"We are well positioned to generate value from our best-in-class project execution, together with growing demand for our products, now and over the coming decades. We remain on track to deliver strong mid-term production growth, with solid foundations in place and a diverse pipeline of options for the future."

1. Executive Summary

• We’re pleased to have announced Simon Trott as Chief Executive with effect from 25 August 2025.
• Very resilient financials with stable net cash generated from operating activities of $6.9 billion and underlying EBITDA of $11.5 billion, despite a 13% lower iron ore price¹ and the impact of the cyclones in Q1, underpinned by our improving operational performance, diversifying portfolio and a rising contribution from our Aluminium and Copper businesses.
• Profit after tax attributable to owners of Rio Tinto of $4.5 billion (referred to as "net earnings" throughout this release).
• Interim ordinary dividend of $2.4 billion, a 50% payout, in line with our practice.
• Successful delivery of projects: Simandou first shipment accelerated to around November 2025, Western Range iron ore opened on time and on budget and construction commenced at Hope Downs 2 and Brockman Syncline 1 following receipt of all necessary approvals. Arcadium Lithium acquisition closed ahead of schedule in March and we enriched our lithium pipeline through two new agreements in Chile with Codelco and ENAMI².

2. Progress against our four objectives

Best Operator

Safety: remains our top priority. We are committed to having a safe work environment, preventing catastrophic events and injuries.

• 0.39 All Injury Frequency Rate (AIFR).
• Improving operational performance:
  • The Safe Production System (SPS) rolled out at 36 sites.
  • Bauxite: Record H1 production as Amrun and Gove continue to outperform.
  • Copper: 54% YoY increase in production at Oyu Tolgoi in H1 with SPS building in long-term capability through the underground ramp-up.
  • Iron Ore Pilbara: Strongest Q2 production since 2018; 5Mtpa system capacity uplift from SPS in place, however utilisation restricted for the period affected by the cyclones.

Impeccable ESG

• Decarbonisation: on track to reduce Scope 1 and 2 emissions by 50% by 2030 relative to our 2018 equity emissions baseline¹. Committed to helping our customers and suppliers achieve net zero by 2050.
  • CO2 emissions: 15.6 Mt CO2e scope 1 & 2 emissions in H1 2025 equivalent to 14% vs 2018 baseline.
  • Spend: $72 million capital expenditure and $181 million operational expenditure.
  • Pacific Aluminium: we delivered the third tranche of our Gladstone operations energy solution, signing two new agreements to purchase 90% of the solar (600MWac) and battery storage (600MW/ 2,400MWh) capacity to be installed by Edify Energy.
  • Pilbara iron ore: NeoSmelt technology to produce low-emission iron, joined by Woodside Energy and Mitsui Iron Ore Development together with A$19.8 million from Australian Renewable Energy Agency.
• Modern Slavery Statement: published in May, refers an independent Human Rights Impact Assessment in Guinea and details steps taken to address the recommendations. The report highlights our commitment to preventing modern slavery within our operations and supply chains.

Excel in development

We continue to make significant progress:

• Simandou: first shipment accelerated to around November 2025.
• Pilbara: Western Range: officially opened in June, on time and on budget.
• Pilbara: Brockman Syncline 1 & Hope Downs 2: following Traditional Owner support, received all necessary State and Federal Government approvals by June. Commencement of main construction works now enabled.
• Lithium: completed acquisition of Arcadium for $6.7 billion² in March; integration of Rio Tinto Lithium is on track; enriched our lithium pipeline through two new agreements in Chile with Codelco and ENAMI³.

Social licence

We continue to strive to deepen trust and relationships, particularly with Indigenous peoples as we invest in cultural knowledge.

• Puutu Kunti Kurrama and Pinikura (PKKP): co-management agreement signed in May with PKKP, providing the overarching framework for Rio Tinto’s iron ore operations on PKKP Country and formalises how they engage on proposals affecting heritage and social surroundings throughout the mine lifecycle. It will ensure knowledge-sharing and joint design are at the centre of Rio Tinto’s operations on PKKP Country.
• Pilbara Western Range: First project with co-designed Social, Cultural and Heritage Management Plan with the Yinhawangka Traditional Owners.

1. We have adjusted our 2018 baseline and 2023 emissions to exclude emissions reductions achieved by divesting assets and allow increases associated with acquisitions. In 2023, we restated prior year emissions numbers and our 2018 baseline following an update to our GHG reporting methodology. Further detail on these changes in reporting is available in our Scope 1, 2 and 3 Emissions Calculation Methodology.
2. This includes $6.3 billion paid to Arcadium's shareholders, $0.4 billion paid to their convertible loan note holders.
3. Subject to regulatory approvals and other closing conditions.

The 2025 half year results release is available here

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

LEI: 213800YOEO5OQ72G2R82

Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State

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