Rio Tinto (NYSE: RIO) H1 2026 earnings and dividend jump
Rio Tinto reported sharply improved results for the six months ended 30 June 2026. Consolidated sales revenue rose 15% to $31.0 billion, underlying EBITDA increased 28% to $14.8 billion, and net earnings attributable to shareholders grew 47% to $6.7 billion, with underlying earnings of $6.9 billion and a 17% underlying ROCE.
Operating cash flow was $9.2 billion, up 32%, supporting $5.0 billion of capital investment and free cash flow of $3.8 billion, up 75%. Net debt was $14.1 billion and the net gearing ratio 16%. The board declared an interim ordinary dividend of $3.4 billion, or 211.0 US cents per share, maintaining a 50% payout ratio.
Copper underlying EBITDA rose 84% to $5.7 billion on stronger prices and the Oyu Tolgoi ramp-up; Aluminium & Lithium EBITDA increased 38% to $3.3 billion, while Iron Ore EBITDA was broadly flat at $6.8 billion despite record Pilbara first-half production. A productivity programme has banked $870 million of benefits and reached a $1.3 billion annualised run rate. Scope 1 and 2 emissions in H1 2026 were 15.9 Mt CO₂e, 14% below the 2018 baseline, although the group reported two workplace fatalities and an all-injury frequency rate of 0.40.
Positive
- Half-year consolidated sales revenue increased 15% to $31.0 billion, with underlying EBITDA up 28% to $14.8 billion and net earnings up 47% to $6.7 billion.
- Free cash flow rose 75% to $3.8 billion on operating cash flow of $9.2 billion, while net debt edged down to $14.1 billion and net gearing to 16%.
- Strong segment performance included Copper underlying EBITDA up 84% to $5.7 billion and Aluminium & Lithium EBITDA up 38% to $3.3 billion, with record Pilbara first-half iron ore production.
- Shareholder returns increased, with an interim ordinary dividend of $3.4 billion (211.0 US cents per share) reflecting a 43% year-on-year rise and a 50% payout ratio.
Negative
- None.
Filing Explained
Liquidity supports reported obligations, while a 2027 accounting change is expected to alter financial-statement presentation.
As a Form 6-K, the filing furnishes material interim information: Rio Tinto reports unaudited financial statements for the six months ended
The filing says IFRS 18 will apply from
Oyu Tolgoi paid
Simandou remains in construction and ramp-up: the mine and port were about
Key Figures
Consolidated sales revenue: 31,028 US$m
Underlying EBITDA: 14,826 US$m
Net earnings: 6,664 US$m
+5 more
8 metrics
Consolidated sales revenue
31,028 US$m
Consolidated sales revenue for the six months ended 30 June 2026
Underlying EBITDA
14,826 US$m
Underlying EBITDA in H1 2026, 28% higher than 11,547 US$m in H1 2025
Net earnings
6,664 US$m
Profit after tax attributable to owners of Rio Tinto for H1 2026
Free cash flow
3,834 US$m
Free cash flow for the six months ended 30 June 2026 versus 2,185 US$m in 2025
Net cash from operating activities
9,173 US$m
Net cash generated from operating activities during H1 2026
Interim dividend per share
211.0 US cents per share
Interim ordinary dividend per share declared for 2026 half year
Net debt
14,061 US$m
Net debt at 30 June 2026 compared with 14,362 US$m at 31 December 2025
Scope 1 and 2 emissions
15.9 Mt CO2e
H1 2026 Scope 1 and 2 greenhouse gas emissions, 14% below 2018 baseline
Key Terms
underlying EBITDA, free cash flow, copper equivalent production, net gearing ratio, +2 more
6 terms
underlying EBITDA financial
"Underlying EBITDA: increased by 28% to $14.8 billion, demonstrating resilience."
Earnings before interest, taxes, depreciation and amortization (EBITDA) that has been adjusted to remove one-time, exceptional or non-operational items so it reflects a company's recurring operating profit. It aims to show the cash-generating core business by stripping out unusual gains or costs, similar to removing a one-off windfall from a household budget to see regular income and expenses; exact exclusions can vary between companies.
free cash flow financial
"Free cash flow3 of $3.8 billion (+75%) supported by strong cash generation."
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
copper equivalent production financial
"Our continued investment in growth drove a 3 per cent increase in copper equivalent production."
net gearing ratio financial
"Net gearing ratio1 (net debt to total capital): 16% at 30 June 2026."
Scope 1 and 2 emissions regulatory
"Pathway to reduce Scope 1 and 2 emissions by 50% by 2030 vs 2018 baseline."
Scope 1 and 2 emissions are the greenhouse gases a company produces directly (scope 1) — for example from company-owned vehicles or factories — and the emissions tied to the energy it buys, like electricity or steam (scope 2). Think of scope 1 as the smoke from your own campfire and scope 2 as the pollution from the power plant supplying your home. Investors watch these metrics because they reveal operational carbon risk, potential regulatory or cost exposure, and reputation factors that can affect future profits.
all-injury frequency rate other
"Our all-injury frequency rate (AIFR) for H1 2026 was 0.40."
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FAQ
How did Rio Tinto (RIO) perform financially in the first half of 2026?
Rio Tinto generated $31.0 billion in revenue and $14.8 billion in underlying EBITDA in H1 2026. Net earnings to shareholders were $6.7 billion and underlying earnings $6.9 billion, supported by stronger commodity prices, higher volumes and productivity gains.
What were Rio Tinto (RIO)'s cash flow and free cash flow in H1 2026?
Net cash from operating activities was $9.2 billion, up 32% year on year. After $5.0 billion of Rio Tinto share of capital investment and lease payments, free cash flow reached $3.8 billion, a 75% increase compared with the first half of 2025.
How did Rio Tinto (RIO)'s main segments perform in the half year 2026?
Copper underlying EBITDA rose to $5.7 billion (up 84%), Iron Ore delivered $6.8 billion of underlying EBITDA, and Aluminium & Lithium generated $3.3 billion (up 38%). Pilbara iron ore production grew 6%, and lithium volumes rose 53% versus H1 2025.
What shareholder returns did Rio Tinto (RIO) announce for H1 2026?
The board declared an interim ordinary dividend of $3.4 billion, equal to 211.0 US cents per share. This represents a 43% increase on the prior interim dividend and maintains a 50% payout ratio on ordinary dividends in line with stated practice.
What is Rio Tinto (RIO)'s debt and balance sheet position at 30 June 2026?
Net debt stood at $14.1 billion, slightly lower than year-end 2025, with a net gearing ratio of 16%. Total financing liabilities were $23.1 billion, cash and equivalents $9.1 billion, and the weighted average debt maturity around 11 years.
What productivity and growth initiatives is Rio Tinto (RIO) executing?
A multi-year productivity programme has delivered $870 million of benefits year-to-date and reached a $1.3 billion annualised run rate, targeting $1.8 billion by year-end. Major growth projects include Simandou iron ore, Oyu Tolgoi underground copper and multiple lithium developments in Argentina and Canada.
What are Rio Tinto (RIO)'s key safety and decarbonisation metrics for H1 2026?
The group reported an all-injury frequency rate of 0.40 and two workplace fatalities. Scope 1 and 2 emissions were 15.9 Mt CO₂e, a 14% reduction versus a 2018 baseline, and the company reiterated its pathway to a 50% cut in these emissions by 2030.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
29 July 2026
Commission file number: | Commission file number: | ||||
| ABN 96 004 458 404 | |||||
| (Translation of registrant’s name into English) | (Translation of registrant’s name into English) | ||||
(Address of principal executive offices) | (Address of principal executive offices) | ||||
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F X Form 40-F ___
EXHIBITS
| 99.1 | 29 July 2026 | Rio Tinto - 2026 interim results | |||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorised.
Rio Tinto plc (Registrant) | Rio Tinto Limited (Registrant) | ||||||||||||||||
| By | /s/ Peter Cunningham | By | /s/ Peter Cunningham | ||||||||||||||
| Name | Peter Cunningham | Name | Peter Cunningham | ||||||||||||||
| Title | Chief Financial Officer | Title | Chief Financial Officer | ||||||||||||||
| Date | 29 July 2026 | Date | 29 July 2026 | ||||||||||||||
Page 1 Rio Tinto 2026 Form 6-K
Exhibit 99.1
Rio Tinto Group
Unaudited Condensed Consolidated Interim Financial Report
for the six months ended 30 June 2026
TABLE OF CONTENTS
Interim results 2026 | 2 |
Market data | 4 |
Financial performance | 5 |
Shareholders returns | 12 |
Review of operations | 13 |
Capital projects | 20 |
Future growth options | 23 |
Directors’ report for the half year ended 30 June 2026 | 25 |
Unaudited condensed consolidated interim financial statements | 26 |
Rio Tinto financial information by business unit | 51 |
Alternative performance measures | 54 |
Forward-looking statements | 62 |
About Rio Tinto | 63 |
This document includes portions of the previously published results of announcement of Rio Tinto (as defined on page
63) as of, and for the six months ended 30 June 2026, announced on 29 July 2026. In the document we use non-IFRS
(as defined below) measures which are reconciled to directly comparable International Financial Reporting Standards
(IFRS) financial measures ("Non-IFRS Measures"). For more information on our use of non-IFRS financial measures in
this report, see the section entitled “Alternative performance measures” and the detailed reconciliations on pages 54 to
61. Our financial results are prepared in accordance with IFRS - see page 33 for further information. This document
does not update or otherwise supplement the information contained in the previously published results announcement
although certain information that is outdated or has been superseded has been removed, and in some cases modified,
to preserve accuracy for the purposes of this filing.
Page 2 Rio Tinto 2026 Form 6-K
2026 half year results
29 July 2026
Step-change in performance delivering higher shareholder returns
Right commodities, world-class assets, strong execution
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."
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 Investment3 (US$ millions) | 5,037 | 4,504 | 12% |
Free cash flow3 (US$ millions) | 3,834 | 2,185 | 75% |
Consolidated sales revenue (US$ millions) | 31,028 | 26,873 | 15% |
Underlying EBITDA3 (US$ millions) | 14,826 | 11,547 | 28% |
Underlying earnings3 (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 2026 | At 31 December 2025 | ||
Net debt3 (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 54 to 61. We have refined our definition
of free cash flow to include Rio Tinto share of capital investment effective from our H1 2026 financial results.
Page 3 Rio Tinto 2026 Form 6-K
Our strategic pillars - maximising our potential
Transforming the way we work to deliver a step-change in performance.
H1 2026 highlights | |
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. |
1Based 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. 2YTD productivity benefits realised of $870m are operational productivity improvements resulting in an uplift in
production, or cost improvements from cost savings or improved cost efficiencies. All figures are on a consolidated basis.3 From a 2024
baseline. 4LCE = Lithium Carbonate Equivalent. 5Timing and proceeds subject to market conditions and execution. 6 The 2018 baseline
changes over time to reflect changes in portfolio ownership and updates to our greenhouse gas emissions reporting methodology.
Page 4 Rio Tinto 2026 Form 6-K
Market data
Index prices
Index prices | Start of H1 (01/01/26) | End of H1 (30/06/26) | % change Start - end H1 | H1 2026 average | H1 2025 average | % change YoY |
Iron ore ($/dmt CFR China)1 | 106 | 99 | (7)% | 105 | 101 | +4% |
Iron ore ($/dmt FOB WA)2 | 97 | 86 | (11)% | 92 | 92 | —% |
Iron ore ($/dmt CFR China, 65% index)3 | 121 | 115 | (5)% | 122 | 113 | +8% |
Copper (LME spot, c/lb) | 570 | 605 | +6% | 593 | 428 | +39% |
Alumina ($/t FOB Australia)4 | 304 | 330 | +9% | 308 | 434 | (29)% |
Aluminium (LME spot, $/t) | 2,986 | 3,106 | +4% | 3,382 | 2,539 | +33% |
Bauxite Australia HT ($/dmt CIF China)5 | 58 | 58 | —% | 56 | 77 | (27)% |
Lithium carbonate (spot, $/t CIF China, Japan & Korea)6 | 14,500 | 19,400 | +34% | 20,714 | 9,197 | +125% |
1 Monthly average Platts (CFR) index for 61% iron fines from 1 January 2026. H1 2025 is the monthly average Platts (CFR) index for
62% iron fines.
2 Monthly average Platts 61% Fe, FOB Western Australia $/dmt (derived from Platts 61% Fe, CFR China index). H1 2025 is the
monthly average based on 62% Fe.
3 Monthly average Fastmarkets Iron ore 65% Fe Brazil-origin fines, CFR Qingdao, $/dmt.
4 Platts alumina FOB Australia, smelter grade alumina.
5 CM Group Australia-origin high temperature bauxite CIF China.
6 Fastmarkets index for Lithium carbonate min 99.5% Li2CO3 battery grade.
Average realised prices achieved for our major commodities
Units | H1 2026 | H1 2025 | |
Pilbara iron ore1 | FOB, $/wmt | 85.2 | 83.2 |
Pilbara iron ore2 | FOB, $/dmt | 92.6 | 90.5 |
IOC pellets | FOB, $/wmt | 124.9 | 129.9 |
Copper3 | US c/lb | 591 | 436 |
Aluminium4 | Metal, $/t | 4,343 | 3,125 |
Lithium carbonate equivalent5 | LCE, $/t | 18,960 | 15,580 |
1 Pilbara average realised price excludes the impact of certain joint venture arrangements. Including these, realised prices for H1 2026
would have been $1.1/wmt lower (H1 2025, $0.7/wmt).
2 Assumes 8% moisture.
3 Average realised price for all units sold. Realised price does not include the impact of provisional pricing adjustments, which positively
impacted revenues in H1 2026 by $235 million (H1 2025 positive impact of $266 million).
4 LME plus all-in premiums (product and market). The US Midwest premium adapted to tariff levels in 2025, fully compensating for the
50% tariff after an initial period.
5 Realised lithium carbonate equivalent price is calculated as total lithium revenue divided by total lithium carbonate equivalent (LCE)
volume sold, and therefore represents a blended average across products and contracts rather than a spot or index reference. A
portion of volumes is sold under longer term customer contracts, with realisations recognised on a lagged basis, so realised prices may
not move in line with, or over the same period as, movements in the reference index price. Lithium results are consolidated from the
date of acquisition of Arcadium Lithium (March 2025); accordingly, the H1 2025 comparative reflects the post-acquisition period only
and excludes January and February 2025.
Page 5 Rio Tinto 2026 Form 6-K
Financial performance
Income Statement
Financial results from our diversified portfolio
To provide additional insight into the performance of our business, we report underlying EBITDA
and underlying earnings. Underlying EBITDA and underlying earnings are non-IFRS measures.
For definitions and a detailed reconciliation of underlying EBITDA and underlying earnings to the
nearest IFRS measures, see pages 38 and 56, respectively.
The principal factors explaining the movements in underlying EBITDA are set out in this table.
US$bn | |
2025 first half underlying EBITDA | 11.5 |
Prices | 3.6 |
Exchange rates | (0.7) |
General inflation | (0.4) |
Energy | (0.3) |
Volumes and mix | 1.2 |
Operating cash unit costs | 0.3 |
Exploration and evaluation expenditure (net of profit from disposal of interests in undeveloped projects) | (0.1) |
Non-cash costs/other | (0.2) |
Change in underlying EBITDA | 3.3 |
2026 first half underlying EBITDA | 14.8 |
Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.
•Underlying EBITDA: increased by 28% to $14.8 billion, demonstrating the resilience of our
diversified portfolio and continued focus on operational excellence and cost discipline. The
uplift was driven by a $3.6 billion benefit from stronger commodity prices and $1.5 billion
from higher volumes and operating cash unit cost improvements, underpinned by our
productivity program (+$0.87 billion benefit), along with growth in copper. These benefits
outweighed the impact of foreign exchange headwinds, inflation and elevated energy and
aluminium raw material prices.
•Strong commodity prices drove the $3.6 billion underlying EBITDA uplift, led by
benchmark prices for copper (+39%), gold (+53%), aluminium (+33%), along with iron ore
prices remaining resilient (+2% realised price). These gains were marginally offset by
weaker bauxite prices.
•Exchange rates reduced underlying EBITDA by $0.7 billion: on average, the US dollar
weakened by 11% against the Australian dollar and by 2% against the Canadian dollar.
•General inflation (-$0.4 billion) & energy prices (-$0.3 billion): includes general inflation
on our cost base (-$0.3 billion) mainly across Australia and Canada, an update to the
inflation rate assumption used for closure and remediation provisions for closed or fully
impaired sites (-$0.2 billion), along with elevated energy prices resulting from supply
disruptions (-$0.3 billion).
•Volumes and mix contributed a $1.2 billion benefit: underpinned by a 3% increase in
copper equivalent production, driven by a combination of targeted actions taken as part of
our productivity program, a continued focus on operational excellence and delivery of growth
projects.
◦$0.3 billion volume uplift captured in H1 from our productivity program: with
initiatives targeted to improve system performance in the Pilbara, accelerate
underground development at Oyu Tolgoi through increasing drawbell development
rates by 15%, increasing molybdenum volumes at Kennecott, along with aluminium
cast house product mix optimisation and targeted throughput improvements at Kitimat.
Page 6 Rio Tinto 2026 Form 6-K
◦a further $0.9 billion volume uplift driven by growth projects: with higher copper
and gold volumes delivered by the ongoing ramp-up of Oyu Tolgoi and growth in
Argentinian lithium operations. These gains were partially offset by reduced copper
volumes at Escondida due to planned mine sequencing and lower bauxite volumes
following the weather disruptions in Q1.
•Operating cash unit cost improvement delivered a net $0.3 billion benefit: reflecting the
outcomes of our productivity program and continued cost discipline across our assets.
◦Productivity program delivered $0.5 billion unit cost improvements: by a
combination of improvements in cost efficiencies on delivering an uplift to volumes
(described above), along with targeted actions to optimise our cost base through cost
savings and improved cost efficiencies. The latter is being delivered across our
business through improvements in labour productivity and a sharper focus on
contractor management and discipline on discretionary spend.
◦Other underlying changes in operating cash unit costs of -$0.3 billion were
driven by cost inefficiencies on lower copper production volumes at Kennecott,
Escondida, Iron Ore Company of Canada (IOC) and at our bauxite operations. This
also included elevated aluminium raw material costs, primarily coke.
•Investment in exploration and evaluation was $0.1 billion higher in 2026 reflecting
continued investment in future growth: as we accelerated investment in our copper
growth options, primarily through the advancement of orebody knowledge and geotechnical
data collection activities at Resolution and including completion of the land exchange in H1
2026.
•Non-cash costs/other -$0.2 billion: includes updates to closure, remediation and other
provisions (-$0.3 billion),and one-off costs associated with implementing our productivity
improvement program (-$0.1 billion). This is offset by higher EBITDA in the Pilbara (+$0.2
billion) as the impact of the cyclones in H1 2026 was less than the impact in H1 2025.
Net earnings
The principal factors explaining the movements in underlying earnings and net earnings are set
out below.
Net earnings and underlying earnings refer to amounts attributable to the owners of Rio Tinto. The
net profit attributable to the owners of Rio Tinto in H1 2026 was $6.7 billion (H1 2025: $4.5 billion).
US$bn | |
2025 first half net earnings | 4.5 |
Changes in underlying EBITDA (see above) | 3.3 |
Increase in depreciation and amortisation (pre-tax) in underlying earnings | (0.6) |
Decrease in interest and finance items (pre-tax) in underlying earnings | 0.1 |
Increase in tax on underlying earnings | (0.2) |
Increase in underlying earnings attributable to outside interests | (0.5) |
Total changes in underlying earnings | 2.0 |
Changes in items excluded from underlying earnings (see below) | 0.1 |
Movement in net impairment charges | 0.1 |
2026 first half net earnings | 6.7 |
Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.
•Underlying EBITDA +$3.3 billion: reflecting stronger commodity prices, higher volumes
and productivity improvements.
•Increase in depreciation -$0.6 billion: primarily reflecting the commissioning and ramp-
up of major projects, including low carbon aluminium AP60, Oyu Tolgoi copper
underground and Western Range in Pilbara.
Page 7 Rio Tinto 2026 Form 6-K
•Higher taxes -0.2 billion: reflecting higher pre-tax earnings, partly offset by a lower
effective tax rate of 25.2% (H1 2025: 34.5%). The lower effective tax rate reflected the
utilisation of previously unrecognised deferred tax assets and a variation in the geographic
spread of earnings.
•Outside interest -$0.5 billion: representing increased amounts attributable to non-
controlling interests on higher earnings at Oyu Tolgoi.
Items excluded from underlying earnings
The differences between underlying and net earnings are set out in this table (all numbers are
after tax and exclude amounts attributable to non-controlling interests).
2026 | 2025 | |
Six months ended 30 June | US$bn | US$bn |
Underlying earnings | 6.9 | 4.8 |
Items excluded from underlying earnings | ||
Net Impairment charges | — | (0.1) |
Foreign exchange losses on net debt, intragroup balances and derivatives excluded from underlying earnings | (0.2) | (0.2) |
Total items excluded from underlying earnings | (0.2) | (0.3) |
Net earnings | 6.7 | 4.5 |
Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.
On page 56 there is a detailed reconciliation from net earnings to underlying earnings, including
pre-tax amounts and additional explanatory notes. The differences between profit after tax and
underlying EBITDA are set out in the table on page 38.
•Foreign exchange and derivative losses -$0.2 billion: includes post-tax losses on
intragroup balances of $0.3 billion (30 June 2025: $0.5 billion loss) primarily as a result of
the Australian dollar strengthening against the US dollar compared to the 31 December
2025 spot rate offset by post-tax gains relating to foreign exchange on external net debt and
derivative gains of $0.1 billion (30 June 2025: $0.2 billion gain).
Net earnings and underlying earnings refer to amounts attributable to the owners of Rio Tinto.
Page 8 Rio Tinto 2026 Form 6-K
Underlying EBITDA by product group
Underlying EBITDA | |||
2026 | 2025 | Change | |
Six months ended 30 June | US$bn | US$bn (restated) | % |
Copper | 5.7 | 3.1 | 84% |
Iron Ore | 6.8 | 6.9 | (1)% |
Aluminium & Lithium | 3.3 | 2.4 | 38% |
Reportable segments total | 15.8 | 12.4 | 28% |
Simandou iron ore project | (0.05) | (0.02) | NA |
Other operations | (0.2) | 0.1 | NA |
Central pension costs, share-based payments, insurance and derivatives | 0.2 | — | NA |
Restructuring, project and one-off costs | (0.4) | (0.3) | 15% |
Other central costs | (0.4) | (0.4) | —% |
Central exploration and evaluation | (0.1) | (0.1) | 0% |
Total | 14.8 | 11.5 | 28% |
Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals and year-on-year changes.
Underlying EBITDA and underlying earnings are non-IFRS measures used by management to assess the performance of the business
and provide additional information which investors may find useful. 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 54 to 61.
Financial information has been recast in accordance with the organisational restructure announced on 27 August 2025.
•Other Operations: includes Rio Tinto Iron & Titanium, Borates, Diamonds and closed sites
under management. Underlying EBITDA was lower by $0.3 billion principally driven by
changes in our closure assumptions, including the inflation rate assumption applied. This
also reflects the weaker US dollar, weaker market demand for titanium dioxide feedstocks
and a wind-down of operations at Diavik, partially offset by productivity benefits of $0.1
billion.
•Central pension costs, share-based payments, insurance and derivatives netted to an
income of $0.2 billion: mainly associated with the premiums paid by the business to our
captive insurers, along with net unrealised gains on the Group’s commodity derivatives.
•Restructuring, project and one-off costs $0.4 billion: includes one-off costs associated
with implementing the change to our operating model to streamline the organisation,
implementing a major upgrade of our ERP system, along with other investment in corporate
projects.
•Other central costs $0.4 billion were flat year-on-year. Cost savings of $0.1 billion were
delivered, reflecting strong cost control as we progressed the streamlining of central
functions with cost savings evident from the second quarter. About half of this benefit was
offset by the impact of foreign exchange, with the remainder relating to the impact of the
Arcadium acquisition and timing of central costs incurred.
•Central exploration and evaluation $0.1 billion: relating to our strong portfolio of
exploration projects across 16 countries relating to six commodities. 77% of the spend
related to the exploration of Copper as we continue to sharpen our focus and simplify the
portfolio.
Page 9 Rio Tinto 2026 Form 6-K
Strong cash flow generation with disciplined investment
2026 | 2025 | |
Six months ended 30 June | US$bn | US$bn (restated) |
Net cash generated from operating activities | 9.2 | 6.9 |
Rio Tinto share of capital investment | (5.0) | (4.5) |
Lease principal payments | (0.3) | (0.2) |
Free cash flow¹ | 3.8 | 2.2 |
Dividends paid to equity shareholders | (4.2) | (3.8) |
Acquisition of Arcadium (including acquired net debt) | — | (7.6) |
Incremental partner funding | 0.4 | 0.2 |
Other | 0.3 | (0.1) |
Movement in net debt¹ | 0.3 | (9.1) |
Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.
•$9.2 billion of net cash generated from operating activities: reflecting the higher
underlying EBITDA and a 62% underlying EBITDA cash conversion rate, up 2% from 2025.
There was a working capital cash outflow of $1.6 billion, reflecting higher iron ore inventories
together with normal seasonal movements in amounts due to JV partners and employees
and a $443 million Oyu Tolgoi tax payment. This followed the assessment issued by the
Mongolian Tax Authority relating to the 2021 and 2022 tax years, with Oyu Tolgoi reserving
its right to dispute the payment. These assessments are inconsistent with the Oyu Tolgoi
Investment Agreement and applicable Mongolian legislation and we are taking relevant
steps including engaging in discussions with the Government of Mongolia to resolve this
matter.
•$5.0 billion of Rio Tinto share of capital investment (reconciled below): comprised $1.3
billion of growth, $1.9 billion of replacement, $1.8 billion of sustaining and $0.04 billion of
decarbonisation capital (in addition to $0.1 billion of decarbonisation operational
expenditure). We continue to fund our capital program in accordance with our disciplined
capital allocation framework.
•$4.2 billion dividends paid: reflected payment of the 2025 final ordinary dividend.
•$0.4 billion incremental partner funding: in the current period this includes the difference
between the cash funding received from Chalco Iron Ore Holdings (CIOH) and when funding
is credited to Rio Tinto Share of Capital Investment as capital expenditure occurs, along with
$0.1 billion of funding received from our partners in Resolution.
•$14.1 billion net debt1 at 30 June 2026: the above movements resulted in a reduction in
net debt¹ of $0.3 billion in H1 2026.
1 This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS
financial measures
(non-IFRS measures). It is used internally by management to assess the performance of the business and is therefore considered
relevant to readers of this document. It is presented here to give more clarity around the underlying business performance of the
Group’s operations. For more information on our use of non-IFRS financial measures in this report, see the section entitled “Alternative
performance measures” (APMs) and the detailed reconciliations on pages 54 to 61.
Page 10 Rio Tinto 2026 Form 6-K
Rio Tinto share of capital investment
Six months ended 30 June | 2026 US$m | 2025 US$m restated(a) |
Purchases of property, plant and equipment and intangible assets | 5,947 | 4,734 |
Less: Sales of property, plant and equipment and intangible assets | (207) | (7) |
Funding provided by the Group to equity accounted units (EAUs) (b) | — | 331 |
Less: Capital contributions received/due from non-controlling interests or third parties (c) | (703) | (554) |
Rio Tinto share of capital investment (a) | 5,037 | 4,504 |
(a)In the second half of 2025, we revised the calculation of “Rio Tinto share of capital investment” to include “sales of property, plant
and equipment and intangible assets”. Accordingly, we have adjusted prior period comparatives for comparability.
(b)In 2025, funding provided by the group to EAUs relates to funding of WCS Rail and Port Holding Entities (WCS) in relation to the
Simandou project, consisting of a direct equity investment in WCS of US$148 million and loans provided totalling US$183 million.
(c)We received US$898 million (30 June 2025: US$667 million) from Chalco Iron Ore Holdings Ltd (CIOH) of which US$525 million
(30 June 2025: US$456 million) relates to CIOH’s 47% share of capital expenditure incurred on the Simandou project on an
accrual basis and, in 2025, associated funding provided by the Group to EAUs during the period. We also received
US$127 million (30 June 2025: US$89 million) from Investissement Québec (IQ) in respect of their share of capital expenditure
incurred on the Nemaska lithium development project. The equivalent amount, on an accruals basis, of US$120 million (30 June
2025: US$98 million) is included in Rio Tinto share of capital investment.
Page 11 Rio Tinto 2026 Form 6-K
Retaining a strong balance sheet
•Net debt1: $14.1 billion at 30 June 2026 decreased by $0.3 billion compared to 2025 year
end.
•Net gearing ratio1 (net debt to total capital): 16% at 30 June 2026 (31 December 2025:
18%). See page 60.
•Total financing liabilities including net debt derivatives: $23.1 billion at 30 June 2026
(31 December 2025: $23.6 billion) and the weighted average maturity was 11 years. At
30 June 2026, 76% of these liabilities were at floating interest rates (81% excluding leases).
The maximum amount within non-current borrowings maturing in any one calendar year is
$2.9 billion, which matures in 2028.
•Cash and cash equivalent plus other short-term highly liquid investments: $9.1 billion
at 30 June 2026 (31 December 2025: $9.2 billion).
•Provision for closure costs: $18.9 billion at 30 June 2026 (31 December 2025:
$17.8 billion). The key movements explaining the increase were:
◦+$0.2 billion due to a weakening of the US dollar against local currencies at 30 June
2026
◦+$0.4 billion from amortisation of the discount on provisions
◦+$0.9 billion from net increases to existing and new provisions including +$0.5bn
relating to the change in inflation rate assumption (of which +$0.2bn was charged to
the income statement in the period).
◦partly offset by -$0.5 billion spend against the provision as we advanced our closure
activities at Argyle, ERA (under a Management Service Agreement), the Gove
alumina refinery and other legacy sites.
1 This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS
financial measures (non-IFRS measures). It is used internally by management to assess the performance of the business and is
therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying business
performance of the Group’s operations. For more information on our use of non-IFRS financial measures in this report, see the section
entitled “Alternative performance measures” (APMs) and the detailed reconciliations on pages 54 to 61.
Page 12 Rio Tinto 2026 Form 6-K
Shareholder returns
50% payout ratio on the ordinary dividend, in line with our practice
2026 US$bn | 2025 US$bn | |
Ordinary dividend | ||
Interim⁽ª⁾ | 3.4 | 2.9 |
Payout ratio on ordinary dividend | 50% | 50% |
(a)Based on weighted average number of shares and declared dividends per share for the respective periods and excluding foreign
exchange impacts on payment. Financial figures are rounded to the nearest $100 million, hence small differences may result in
the totals.
Ordinary dividend per share declared | 2026 | 2025 |
Interim (US cents) | 211 | 148 |
Final dividend calendar | 2026 |
2025 Interim dividend Ex-dividend date for Rio Tinto plc and Rio Tinto Limited ordinary shares | 13 August |
2025 Interim dividend Ex-dividend date for Rio Tinto plc ADRs | 14 August |
Record date | 14 August |
Payment date | 24 September |
The Board is committed to maintaining an appropriate balance between cash returns to
shareholders and investment in the business, with the intention of maximising long-term
shareholder value while maintaining a strong balance sheet.
The Board expects total cash returns to shareholders over the longer term to be in a range of 40%
to 60% of underlying earnings in aggregate through the cycle. Both Rio Tinto plc and Rio Tinto
Limited dividends are declared in US dollars.
Page 13 Rio Tinto 2026 Form 6-K
Review of operations
Copper
Six months ended 30 June | 2026 | 2025 | Change |
Copper production ('000 tonnes) (consolidated basis)1 | 442 | 438 | 1% |
Gold production - mined ('000 oz - Rio Tinto share) | 250 | 192 | 30% |
Segmental revenue (US$ millions) | 8,622 | 6,208 | 39% |
Average realised copper price (US cents per pound)2 | 591 | 436 | 35% |
Underlying EBITDA (US$ millions) | 5,713 | 3,105 | 84% |
Net cash generated from operating activities (US$ millions)3 | 3,910 | 1,577 | 148% |
Rio Tinto share of capital investment (US$ millions)4 | 756 | 831 | (9)% |
Free cash flow (US$ millions)5 | 3,149 | 742 | 325% |
Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result in the year-on-
year change.
1.Includes Oyu Tolgoi and Kennecott on a 100% consolidated basis, and Escondida on an equity share basis.
2.Average realised price for all units sold. Realised price does not include the impact of provisional pricing adjustments, which
positively impacted revenues in H1 2026 by $235 million (H1 2025 positive impact of $266 million).
3.Net cash generated from operating activities excludes the operating cash flows of equity accounted units (EAUs) but includes
dividends from EAUs (Escondida).
4.Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding
provided by the group to equity accounted units for its share of investment, net of sales of property, plant and equipment and
intangible assets and capital contributions received/due from non-controlling interests or third parties on an accruals basis. It
excludes capital spend directly undertaken by the EAU. For further detail refer to page 58 of the APM section.
5.Free cash flow is defined as net cash generated from operating activities minus Rio Tinto share of capital investment and lease
principal payments.
Financial performance
•Underlying EBITDA: Delivered a record H1 with underlying EBITDA increasing 84% to $5.7
billion, underpinned by significantly stronger copper, gold and silver prices across the
portfolio contributing to a $2 billion increase. Operationally, the continued ramp-up of Oyu
Tolgoi further supported by the productivity program that increased drawbell development
rates by 15% and accelerated underground development, delivering higher production of
copper, gold and silver, partially offset by lower volumes at Escondida and Kennecott.
Despite strong cost management, inflation and energy price headwinds along with cost
inefficiencies from the lower copper volumes from Kennecott and Escondida, translated to a
marginal increase in gross operating cash unit costs before by products. Exploration
expenditure rose as we advanced orebody knowledge and geotechnical data collection
activities at Resolution (we fund 55%) following completion of the land exchange in March.
•Unit costs: Copper C1 net unit costs were negative (-24.7 US cents per pound), driven by
strong operational performance with improved copper and gold volumes, higher gold prices
and continued productivity improvements.
•Capital investment: 9% decrease YoY. At Oyu Tolgoi while the major underground project
has been completed, we continue to invest in development capital to support the
advancement of Panels 0, 2 North and 2 South as the mine continues to ramp up to an
average of 500 thousand tonnes1 of copper per year.
•Cash flow: Operating cash flow improved significantly, reflecting the strong earnings and
robust cash generation, including a higher dividend from Escondida. During H1, Oyu Tolgoi
made a $443 million tax payment following the assessment issued by the Mongolian Tax
Authority relating to the 2021 and 2022 tax years, reserving its right to dispute the payment.
(refer to page 9). Despite this significant cash outflow, we delivered substantially stronger
free cash flow and cash conversion.
1The 500 thousand tonne per annum copper production target (stated as recoverable metal) for the Oyu Tolgoi underground and open pit
mines for the years 2028 to 2036 was previously reported in a release to the ASX dated 11 July 2023 “Investor site visit to Oyu Tolgoi
copper mine, Mongolia”. All material assumptions underpinning that production target and those production profiles continue to apply and
have not materially changed.
Page 14 Rio Tinto 2026 Form 6-K
Review of operations
•Production: 1% increase in H1, driven by a 31% YoY increase from Oyu Tolgoi largely
offsetting lower production at Kennecott and Escondida. At Escondida lower concentrate
production due to expected lower grade from mine sequencing was partially offset by higher
refined copper production from improved leaching performance.
•Oyu Tolgoi: delivered higher production in H1 driven by the continued ramp-up of
underground operations, higher grades and improved recoveries, despite the impact of
planned concentrator maintenance.
◦During H1, the Government of Mongolia agreed to commence work on the Entrée
licence transfer for Panel 1. While this process continues, mine development
advanced with Panels 0 and 2 North followed by Panel 2 South. Panel 1 is expected
to be the final panel brought into production. Mine plan options will continue to be
assessed and optimised as appropriate.
•Kennecott: lower production in H1 reflecting reduced availability of high quality copper
concentrate and mine sequencing adjustments associated with geotechnical management,
together with the impact of planned concentrator maintenance and the temporary shutdown
following the fatality in the first quarter.
◦Following a flash converting furnace breach in late June, the smelter will continue
producing marketable copper matte. As a result, refined copper and gold production
will be lower in H2, full year total production including copper contained in matte
remains unchanged.
Page 15 Rio Tinto 2026 Form 6-K
Iron Ore
Six months ended 30 June | 2026 | 2025 | Change |
Pilbara production (million tonnes — 100%) | 162.3 | 153.5 | 6% |
Pilbara shipments (million tonnes — 100%) | 157.7 | 150.6 | 5% |
Salt production (million tonnes — Rio Tinto share)¹ | 2.1 | 2.2 | (4)% |
IOC pellets and concentrates sales (million tonnes — 100%) | 6.5 | 7.9 | (19)% |
Simandou sales (million tonnes — 100%)1,2 | 0.4 | NA | NA |
Segmental revenue (US$ millions) | 14,027 | 13,478 | 4% |
Average Pilbara iron ore realised price (US$ per dry metric tonne, FOB basis)3 | 92.6 | 90.5 | 2% |
Average IOC pellets realised price (US$ per wet metric tonne, FOB basis) | 125 | 130 | (4)% |
Underlying EBITDA (US$ millions) | 6,769 | 6,861 | (1)% |
Net cash generated from operating activities (US$ millions) | 5,186 | 4,776 | 9% |
Rio Tinto share of capital investment (US$ millions)4 - excludes Simandou project | 2,139 | 1,595 | 34% |
Free cash flow (US$ millions)5 | 2,980 | 3,125 | (5)% |
Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result in the year-on-
year change. Financial information has been recast in accordance with the organisational restructure announced on 27 August 2025.
1.Dampier Salt is reported within Iron Ore, reflecting management responsibility. The Simandou iron ore project in Guinea reports to
the Chief Safety & Technical Officer and financial information is reported outside the Reportable segments. It is therefore not
included in the financial information presented, although an operational update is provided below for completeness.
2.There is a ~2-3 month lag between mine gate production and sales for railing, shipping to China and tertiary crushing
3.Assumes 8% moisture. Pilbara average realised price excludes the impact of certain joint venture arrangements. Including these,
realised prices for H1 2026 would have been $1.1/wmt lower (H1 2025, $0.7/wmt).
4.Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding
provided by the group to equity accounted units for its share of investment, net of sales of property, plant and equipment and
intangible assets and capital contributions received/due from non-controlling interests or third parties on an accruals basis. It
excludes capital spend directly undertaken by the EAU. For further detail refer to page 58 of the APM section.
5.Free cash flow is defined as net cash generated from operating activities minus Rio Tinto share of capital investment and lease
principal payments.
Financial performance
•Underlying EBITDA: Pilbara delivered a strong H1 financial performance, with underlying
EBITDA increasing 5% YoY to $7.0 billion (from $6.7 billion in H1 2025). The increase was
driven by an improved realised price, reflecting a resilient iron ore market, and our highest
first half iron ore shipments since we set a record in 2018. These gains helped to offset the
stronger Australian dollar, inflation and elevated energy costs associated with the Middle
East conflict. Overall, underlying EBITDA for the Iron Ore product group was broadly flat YoY
reflecting a reduced contribution from IOC and higher evaluation projects expenditure.
•Pilbara unit costs: increased by $0.7/t YoY to $25.0/t inclusive of inflation. This also
reflected a $2.1/t headwind from the stronger Australian dollar and a $0.8/t impact from
elevated diesel price, together with a higher work index. These headwinds were
substantially offset by cost and volume benefits delivered through our ongoing productivity
program that improved system resilience and availability, by increasing plan operating time,
delivering higher volumes and displacing higher cost production.
•Capital investment: increased 34% YoY, reflecting continued investment in Pilbara projects.
Construction is advancing across the replacement mines at Brockman Syncline 1, Hope
Downs 2 and West Angelas, with first production on track for 2027 for all three. Scheduled
upgrades to port infrastructure are also underway to improve system flexibility and prepare
for Rhodes Ridge.
•Cash flow: Net cash generated from operating activities increased 9% to $5.2 billion with
EBITDA cash conversion improving to 77% (from 70% in H1 2025). This demonstrated
strong operational delivery and disciplined working capital management despite the
temporary built-up of inventory at Pilbara following the cyclone impact in Q1. Increased
capital investment reduced free cash flow by 5% to $3.0 billion.
Page 16 Rio Tinto 2026 Form 6-K
•Pilbara pricing:
% of total shipments | H1 2026 | H1 2025 |
Average index for the month | 82% | 80% |
Quarterly lag | 9% | 10% |
Quarterly average & others | 9% | 10% |
FOB pricing | 26% | 26% |
•Pilbara average prices:
Units | H1 2026 | H1 2025 | % change YoY | |
Platts 61% index1 | FOB, $/dmt | 92.0 | 92.0 | —% |
Pilbara iron ore2 | FOB, $/wmt | 85.2 | 83.2 | 2% |
Pilbara iron ore3 | FOB, $/dmt | 92.6 | 90.5 | 2% |
1.H1 2025 is the monthly average Platts (CFR) index for 62% iron fines.
2.Pilbara average realised price excludes the impact of certain joint venture arrangements. Including these, realised prices for H1
2026 would have been $1.1/wmt lower (H1 2025, $0.7/wmt).
3.Assumes 8% moisture.
•Freight revenue: Segmental revenue for our Pilbara operations included freight revenue of
$1.3 billion (H1 2025: $0.8 billion).
Review of operations
•Pilbara: Production increased 6% to the highest first half since the record achieved in 2018.
The successful implementation of our ongoing productivity improvement program more than
offset tropical cyclone impacts in Q1. Sales increased 4% underpinned by strong system
performance and healthy stock levels, with around half of the 8 Mt of weather-related
impacts in the first quarter expected to be recovered during the year. SP10 sales volumes
declined by 65%, representing only 10% of total iron ore sales (29% in H1 2025) as we
successfully implemented our product strategy.
•Iron Ore Company of Canada: H1 production was 22% lower than H1 2025. A multi-year
program targeting pit and asset health is in implementation and is delivering early
improvements, including a 14% quarter-on-quarter increase in total material movement in
Q2. We continue to monitor and evaluate the impact from recent forest fires in Canada.
•Simandou: Construction is progressing to plan with the SimFer mine and port ~77% and
85% complete, respectively. Commissioning of key infrastructure remains on track through
2026, supporting ramp-up towards full production rates. 2.2 Mt was shipped to China in H1,
with sales of 0.4 Mt at an average grade of 65.8% Fe. At the end of June, there was 7.6 Mt
of uncrushed ore at the mine, which contributes to 9.6 Mt across the entire system, including
Guinea port, on ships and in China ports.
•Portside business: Total iron ore sales in China at our portside were 5.5 Mt (16.3 Mt in H1
2025), of which 94% were either screened or blended in Chinese ports. The decrease in
sales reflects lower SP10 shipments.
•Inventory levels at portside: 6.1 Mt at June, including 3.4 Mt of Pilbara product.
Page 17 Rio Tinto 2026 Form 6-K
Aluminium & Lithium
Six months ended 30 June | 2026 | 2025 | Change |
Bauxite production ('000 tonnes — Rio Tinto share) | 28,480 | 30,610 | (7)% |
Alumina production ('000 tonnes — Rio Tinto share)1 | 4,040 | 3,735 | 8% |
Aluminium production ('000 tonnes — Rio Tinto share) | 1,676 | 1,671 | —% |
Lithium carbonate equivalent (LCE) production ('000 tonnes — Rio Tinto share)2 | 27.3 | 17.8 | 53% |
Segmental revenue (US$ millions) | 9,969 | 8,061 | 24% |
Underlying EBITDA (US$ millions) | 3,311 | 2,398 | 38% |
Net cash generated from operating activities (US$ millions) | 2,156 | 1,777 | 21% |
Rio Tinto share of capital investment (US$ millions)3 | 1,514 | 1,188 | 27% |
Free cash flow (US$ millions)4 | 609 | 567 | 7% |
Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result in the year-on-
year change. Financial information has been recast in accordance with the organisational restructure announced on 27 August 2025.
1.QAL production now included on a 100% basis.
2.H1 2025 represents production since March following completion of the Arcadium acquisition. Q1 2025 LCE production was 5.6kt
(6.5kt on a 100% basis); LCE shipments were 3.8kt (5.0kt on a 100% basis).
3.Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding
provided by the group to equity accounted units for its share of investment, net of sales of property, plant and equipment and
intangible assets and capital contributions received/due from non-controlling interests or third parties on an accruals basis. It
excludes capital spend directly undertaken by the EAU. For further detail refer to page 58 of the APM section.
4.Free cash flow is defined as net cash generated from operating activities minus Rio Tinto share of capital investment and lease
principal payments.
Aluminium & Lithium underlying EBITDA rose 38% to $3.3 billion, primarily driven by higher prices,
productivity benefits and an uplift in lithium volumes, as outlined below.
Further detail of the financial and operating performance of the Aluminium & Lithium product group
is set out below, including separate analysis for each of the key products within this operating
segment.
Aluminium
Six months ended 30 June | 2026 | 2025 | Change |
Segmental revenue (US$ millions)1 | 9,401 | 7,753 | 21% |
Average realised aluminium price (US$ per tonne) | 4,343 | 3,125 | 39% |
Underlying EBITDA (US$ millions) | 3,093 | 2,356 | 31% |
Net cash generated from operating activities (US$ millions) | 2,072 | 1,881 | 10% |
Rio Tinto share of capital investment (US$ millions)2 | 887 | 756 | 17% |
Free cash flow (US$ millions)3 | 1,159 | 1,106 | 5% |
1.H1 2026 freight revenue for Bauxite business was $226 million (H1 2025: $234 million).
2.Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding
provided by the group to equity accounted units for its share of investment, net of sales of property, plant and equipment and
intangible assets and capital contributions received/due from non-controlling interests or third parties on an accruals basis. It
excludes capital spend directly undertaken by the EAU. For further detail refer to page 58 of the APM section.
3.Free cash flow is defined as net cash generated from operating activities minus Rio Tinto share of capital investment and lease
principal payments.
Financial performance
•Underlying EBITDA: strong H1 financial performance with underlying EBITDA increasing
31% to $3.1 billion. Earnings were underpinned by a tight aluminium market with a structural
supply deficit driving higher LME prices and elevated regional market premiums offsetting
the full impact of US tariff. Weaker bauxite prices partially offset these benefits. We
continued to achieve strong aluminium production and recovered well in bauxite following
Q1 weather disruption. The productivity program delivered a further $130 million of benefits
Page 18 Rio Tinto 2026 Form 6-K
through sharpening contractor management at the smelters, optimising cast house mix and
improving technical throughput, helping offset headwinds from inflation, higher energy and
raw material costs and impact of a stronger Australian and Canadian dollar.
•Capital investment: increased by ~$100 million YoY driven by continued investments in the
low-carbon AP60 aluminium smelter, with first production achieved in March as planned. We
also continued investments at our Weipa Southern operations on Queensland's Cape York
Peninsula, Australia.
•Cash flow: our integrated aluminium business continued to demonstrate strong cash
generation with net cash generated from operating activities increasing 10% to $2.1 billion.
Free cash flow improved 5% to $1.2 billion.
•Realised price:
$/tonne | H1 2026 | H1 2025 | H1 2026 vs H1 2025 |
Average realised prices including premiums for value- added products (VAP) | 4,343 | 3,125 | +39% |
Average LME price | 3,382 | 2,539 | +33% |
Average product premiums for VAP sales1 | 355 | 292 | +22% |
1 Our VAP sales were 41% of primary metal sold in H1 2026 (H1 2025: 46%).
H1 2025 | H2 2025 | H1 2026 | |
Total Rio Tinto Aluminium (RTA) shipments US destination, kt | 723 | 630 | 585 |
Total RTA tariff cost, $m | 321 | 709 | 773 |
Average Midwest premium duty paid1, $/tonne | 855 | 1,731 | 2,406 |
Average realised tariff costs - US destination, $/tonne | 444 | 1,126 | 1,322 |
1 Midwest premium duty paid applies to approximately 40% of our total volumes in H1 2026 (55% in H1 2025).
Review of operations
•Bauxite: production recovered strongly in Q2 following significant weather disruptions in Q1,
supported by maximising plant operating time at Weipa and higher plant utilisation at Gove.
Around half of the 0.9 mt production impact from the weather is expected to be recovered
over the remainder of the year.
•Alumina: 8% YoY increase in production, with QAL now included at 100% (from 80% in
2025) partially offset by weather and reliability events at Yarwun and Vaudreuil. At Yarwun,
we announced we will reduce production by 40% from October 2026 to extend its life until
2035 and allow time to explore further life-extension and modernisation options.
•Aluminium: production remained resilient in H1, with higher output from Kitimat, NZAS and
AP60 largely offsetting the planned closure of Arvida. Kitimat continued to ramp up to
nameplate capacity as improved hydrological conditions supported higher hydro power
output while NZAS operated at full capacity. The transition from Arvida to AP60 progressed
to plan with the final potlines closed in June and AP60 continuing its ramp-up towards full
capacity by the end of 2026.
Page 19 Rio Tinto 2026 Form 6-K
Lithium
Six months ended 30 June | 2026 | 2025 | Change |
Segmental revenue (US$ millions) | 568 | 308 | 84% |
Average realised lithium carbonate equivalent price (US$ per tonne)1 | 18,960 | 15,580 | 22% |
Underlying EBITDA (US$ millions) | 218 | 42 | 419% |
Net cash generated from operating activities (US$ millions) | 84 | (104) | NA |
Rio Tinto share of capital investment (US$ millions)2 | 627 | 432 | 45% |
Free cash flow (US$ millions) | (551) | (538) | (2)% |
1.Realised lithium carbonate equivalent price is calculated as total lithium revenue divided by total lithium carbonate equivalent (LCE)
volume sold, and therefore represents a blended average across products and contracts rather than a spot or index reference. A
portion of volumes is sold under longer term customer contracts, with realisations recognised on a lagged basis, so realised prices
may not move in line with, or over the same period as, movements in the reference index price. Lithium results are consolidated
from the date of acquisition of Arcadium Lithium (March 2025); accordingly, the H1 2025 comparative reflects the post-acquisition
period only and excludes January and February 2025.
2.Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding
provided by the group to equity accounted units for its share of investment, net of sales of property, plant and equipment and
intangible assets and capital contributions received/due from non-controlling interests or third parties on an accruals basis. It
excludes capital spend directly undertaken by the EAU. For further detail refer to page 58 of the APM section.
Financial performance
•Underlying EBITDA: solid H1 with underlying EBITDA increasing more than fourfold to $0.2
billion, supported by a 22% rise in realised lithium prices and a 53% increase in volumes,
benefiting from a full six months of Arcadium (vs four months in H1 2025).
•Capital investment: invested $0.6 billion as we continued the development of our growth
projects, achieving first production at Fenix 1B and Sal de Vida ahead of schedule in Q2.
•Cash flow: Net operating cashflow reflected continued investment in working capital and the
ramp-up of new operations. Capital investment associated with commissioning and
developing our lithium growth projects resulted in free cash flow of negative $0.6 billion
broadly in line with prior year as the business continued to invest in future production
capacity.
Review of operations
•Lithium: delivered a strong H1 despite weather impacts in Q1. Development projects
progress maintained strong momentum, with first production achieved ahead of plan at both
Fénix 1B and Sal de Vida as mentioned above. The Rincon starter plant continued to ramp
up, as we focused on reactor stability.
Page 20 Rio Tinto 2026 Form 6-K
Capital projects
Project (Rio Tinto 100% owned unless otherwise stated) | Total capital cost (100% unless otherwise stated) | Capital remaining to be spent from 1 July 2026 | Status/Milestones |
Copper | |||
Project: Kennecott open pit extension Location: Utah, United States Ownership: Rio Tinto (100%) Approval: 2019 To note: The project scope includes mine stripping activities and some infrastructure development, including tailings facility expansion. The project will allow mining to continue into a new area of the orebody between 2026 and 2032. | $1.8bn | $0.6bn | •Stripping will continue through 2027 with sustainable ore production from the second phase of the pushback expected to be reached in H2 2027. |
Project: Kennecott North Rim Skarn (NRS) underground development1 Location: Utah, United States Ownership: Rio Tinto (100%) Capacity: around 250 kt through to 20332 Approval: June 2023 First production: Achieved Q4 2025 To note: Original approval for $0.5bn with a further $0.1bn approved in December 2024 for additional infrastructure and geotechnical controls. | $0.6bn | $0.3bn | •Underground production was impacted by the safety stand-down, geotechnical remediation following a rockfall and maintenance constraints. This resulted in lower development and ore movement than planned in Q2. |
Iron ore | |||
Project: Brockman (Brockman Syncline 1) Location: WA, Australia Ownership: 100% Capacity: 34 Mtpa Approval: March 2025 Planned first production: 2027 To note: The project is to extend the life of the Brockman regions in WA. | $1.8bn | $0.8bn | •Bulk earthworks progressed, with critical path items advancing and key areas handed over to the structural/mechanical construction contractor. •First production remains on track for 2027. |
Project: Hope Downs 2 (incl. Bedded Hilltop) Location: WA, Australia Ownership: Rio Tinto (50%) and Hancock Prospecting (50%) Capacity: 31 Mtpa Approval: June 2025 Planned first production: 2027 To note: The project is to extend the life of the Hope Downs 1 operation in WA. | $0.8bn (Rio Tinto share) | $0.2bn (Rio Tinto share) | •Achieved first ore from Hope Downs 2 in February 2026 via road train, ahead of schedule. •Construction remains ahead of plan, with strong progress across civil works, haul roads and non- process infrastructure. •Key infrastructure nearing completion (due in July 2026), including Hope Downs 2 Satellite Facility. •First production from haulage remains on track for 2027. |
Project: West Angelas Sustaining Location: WA, Australia Ownership: Rio Tinto (53%), Mitsui Iron Ore (33%) and Nippon Steel (14%) Capacity: 35 Mtpa Approval: October 2025 Planned first production: 2027 To note: The project is to extend the life of the West Angelas hub in WA. | $0.4bn (Rio Tinto share) | $0.3bn (Rio Tinto share) | •Construction activities progressed in line with plan. •First production remains on track for 2027. |
Page 21 Rio Tinto 2026 Form 6-K
Project (Rio Tinto 100% owned unless otherwise stated) | Total capital cost (100% unless otherwise stated) | Capital remaining to be spent from 1 July 2026 | Status/Milestones |
Iron ore | |||
Project: Simandou Location: Guinea, Africa SimFer mine ownership: SimFer (85%), Government of Guinea (GoG) (15%) SimFer mine capacity: 60 Mtpa3 (27 Mtpa RT share) Approval: July 2024 Start date: first shipment in December 2025 To note: Investment in the Simandou high-grade iron ore project in Guinea in partnership with CIOH, a Chinalco-led consortium (the SimFer joint venture) and co-development of the rail and port infrastructure with Winning Consortium Simandou4 (WCS), Baowu and the Republic of Guinea (the partners) for the export of up to 120 Mtpa of iron ore mined by SimFer's and WCS's respective mining concessions5. The SimFer joint venture will develop, own and operate a 60 Mtpa3 mine in blocks 3 & 4. WCS will construct the project's ~536 kilometre shared dual track main line, a 16 kilometre spur connecting its mine to the mainline as well as the WCS barge port, while SimFer will construct the ~70 kilometre spur line, connecting its mining concession to the main rail line, and the transhipment vessel (TSV) port. | $6.2bn (Rio Tinto share) | $1.7 bn (Rio Tinto share) | •Ore continues being railed from the SimFer mine to the main rail line via the SimFer rail spur and shipped through the WCS port while construction of the SimFer port is finalised. Commissioning of common rail infrastructure completed in Q1 2026. Commissioning of key infrastructure remains targeted through 2026, supporting ramp up toward full production rates during H2 2028. •Non-managed infrastructure – our partners confirm that construction is progressing well and is on track. •SimFer mine is progressing to plan, with ~77% completed - bulk earthworks and permanent facilities construction continue, with critical systems nearing completion and first ore through the primary crusher expected in Q4 2026, aligned with plan. •SimFer rail infrastructure sees an expanding locomotive fleet supporting ramp-up of operations. •SimFer port and marine infrastructure continue to progress to plan, with 85% completed - fabrication and assembly of trans-shipment vessels advancing and commissioning activities building toward operational readiness. SimFer port commissioning is expected in Q1 2027. •Workforce across all the SimFer scope of mine, rail and port is 19,460 with 76% Guinean participation. |
Aluminium | |||
Project: Low-carbon AP60 aluminium smelter Location: Quebec, Canada Ownership: Rio Tinto (100%) Capacity: Project will add 96 new AP60 pots, increasing AP60 capacity by 160,000 tonnes of primary aluminium per annum Approval: June 2023 Start date: First hot metal achieved in March 2026. To note: The investment includes up to $113 million of financial support from the Quebec government. This new capacity is expected to be in addition to 30,000 tonnes of new recycling capacity at Arvida, which has been rescheduled to open in Q4 2026. | $1.5bn | $0.15bn | •First hot metal achieved in March 2026. •Commissioning commenced in May 2026, with system handovers continuing through staged verification to support the plant commissioning. •Construction progressing toward completion, with works largely concentrated in remaining brownfield and replacement areas, overall progress (~97%) nearing finalisation. •The smelter ramp up will continue throughout 2026. |
Lithium | |||
Project: Rincon expansion Location: Salta province, Argentina Ownership: Rio Tinto (100%) Capacity: 60ktpa (battery grade lithium carbonate) Approval: December 2024 Planned first production: 2028 with three-year ramp-up to full capacity To note: Project consists of the 3ktpa starter plant and 57ktpa expansion program. The mine is expected to have a 40-year6 life and operate in the first quartile of the cost curve. | $2.5bn | $1.9bn | •Construction of full scale plant is progressing across key areas, including camp, utilities and pipelines, with works advancing toward planned development milestones. •The project remains in early execution, with initial construction focused on site establishment, enabling works and supporting infrastructure for future expansion. |
Page 22 Rio Tinto 2026 Form 6-K
Project (Rio Tinto 100% owned unless otherwise stated) | Total capital cost (100% unless otherwise stated) | Capital remaining to be spent from 1 July 2026 | Status/Milestones |
Lithium | |||
Project: Fénix expansion (1B) Location: Catamarca province, Argentina Ownership: Rio Tinto (100%) Capacity: 10ktpa LCE (battery grade lithium carbonate) First production: achieved in Q2 2026 To note: product is carbonate, chloride | $0.7bn | $0.1bn | •First production achieved in Q2, ahead of plan. •Plant remains in commissioning phase. |
Project: Sal de Vida Location: Catamarca province, Argentina Ownership: Rio Tinto (100%) Capacity: 15ktpa LCE First production: achieved in Q2 2026 To note: product is carbonate | $0.7bn | $0.1bn | •First production achieved in Q2, ahead of plan. •Plant remains in commissioning phase. |
Project: Nemaska Lithium Location: Quebec, Canada Ownership: Following the respective equity investments made by Rio Tinto and the Government of Québec, through Investissement Québec, in Nemaska Lithium since March 2025, Rio Tinto now holds a 53.9% stake in Nemaska Lithium, while the Government of Québec holds 46.1% of the company. Capacity: 28ktpa LCE (100%) First production: planned in 2028 To note: product is integrated lithium hydroxide. | $1.1bn (Rio Tinto share) | $0.3bn (Rio Tinto share) | •Following the in-depth review of the Bécancour project, a decision to slow the pace of construction during 2026 was made in Q1. •Some activities at the Bécancour site continue (asset preservation, maintaining site integrity) during the optimisation period, while others have been paused or deferred, with a temporary reduction in contractor workforce levels. •We remain committed to the Bécancour project. Engineering for the Bécancour facility has been completed and construction is now more than 70% advanced. •Whabouchi and Galaxy mines: we are continuing a strategic business and capital discipline review with our partners in Canada to decide which of the two mines we will develop. We now expect to make a decision in H2 2026 (previously H1), to ensure an integrated solution for spodumene supply to Bécancour is available by 2028. |
1.The NRS Mineral Resources and Ore Reserves, together with the Lower Commercial Skarn (LCS) Mineral Resources and Ore
Reserves, form the Underground Skarns Mineral Resources and Ore Reserves.
2.The 250 thousand tonne copper production target for the Kennecott underground mines over the years 2023 to 2033 was
previously reported in a release to the Australian Securities Exchange (ASX) dated 20 June 2023 "Rio Tinto invests to strengthen
copper supply in US”. All material assumptions underpinning that production target continue to apply and have not materially
changed.
3.The estimated annualised capacity of approximately 60 million dry tonnes per annum iron ore for the Simandou life of mine
schedule was previously reported in a release to the Australian Securities Exchange (ASX) dated 6 December 2023 titled “Investor
Seminar 2023”. Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not
materially changed.
4.Rio Tinto SimFer UK Limited (which is wholly owned by the Group) holds a 53% interest in SimFer Jersey Limited (SimFer Jersey)
which in turn, has an 85% interest in SimFer S.A., the company that will carry out the Simandou mining operations in Guinea. The
group consolidates the entities that are developing the SimFer scope of rail and port infrastructure and the transhipment vessels.
Rio Tinto’s share of funding this construction is 53%. The WCS Rail and WCS Port businesses are accounted for under the equity
method with SimFer Jersey funding 34% of the construction. Once constructed all rail and port infrastructure assets will be
transferred to La Compagnie du Transguinéen S.A., a company in which SimFer Jersey has a 42.5% shareholding.
5.WCS holds the mining concession for Blocks 1 & 2, while SimFer holds the mining concession for Blocks 3 & 4. SimFer and WCS
will independently develop their mines.
6.The production target of approximately 53 kt of battery grade lithium carbonate per year for a period of 40 years was previously
reported in a release to the ASX dated 4 December 2024 titled “Rincon Project Mineral Resources and Ore Reserves: Table 1”.
Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not materially
changed. Plans are in place to build for a capacity of 60 kt of battery grade lithium carbonate per year with debottlenecking and
improvement programs scheduled to unlock this additional throughput. Capacity of 60 ktpa is comprised of 3 ktpa starter plant,
50 ktpa full scale plant and 7 ktpa additional optimisation.
Page 23 Rio Tinto 2026 Form 6-K
Future options
Project | Status |
Copper: Resolution | |
Location: Arizona, US Ownership: Rio Tinto (55%), BHP (45%) To note: proposed underground copper mine in the Copper Triangle, in Arizona. | •Following completion of the congressionally mandated land exchange in March, project development continued to advance permitting, enabling works, data gathering and technical studies. •Commenced initial underground development, including expansion of the existing mining station at ~6,800 feet below ground, representing an important step toward future access to the orebody. •Commenced surface drilling in newly accessible areas following the land exchange, with underground drilling scheduled to commence in Q3 to support further resource definition and geological data collection. •Progressed key land exchange commitments, including mitigation, monitoring and engagement measures and ongoing collaboration with Native American Tribes, local communities and regulators. A long-term water agreement with the Town of Superior was approved including a commitment of more than $20 million to help protect and enhance the community’s water future. |
Copper: Winu | |
Location: WA, Australia Ownership: Rio Tinto (70%), Sumitomo Metal Mining (SMM) (30%) To note: In late 2017, we discovered copper-gold mineralisation at the Winu project (Paterson Province in Western Australia). In 2021, we reported our first Indicated Mineral Resource. The pathway remains subject to regulatory and other required approvals. Project Agreement negotiations with Nyangumarta and the Martu Traditional Owner Groups remain our priority. | •The feasibility study is progressing and is on track for completion around the end of 2026. •Engagement with the Western Australia EPA is ongoing to finalise the Environmental Review Document for publication. •The project is focused on concluding agreements with the Nyangumarta and Martu Traditional Owner groups during 2026. •The project is progressing towards declaring an Ore Reserve, contingent on the completion and validation of all relevant modifying factors. |
Copper: La Granja | |
Location: Cajamarca, Peru Ownership: Rio Tinto (45%), First Quantum Minerals (55%) To note: In August 2023, we completed a transaction to form a joint venture with First Quantum Minerals (FQM) that will work to unlock the development of the La Granja project, one of the largest undeveloped copper deposits in the world, with potential to be a large, long-life operation. FQM acquired its stake for $105m. It will invest up to a further $546m into the joint venture to sole fund capital and operational costs to take the project through a feasibility study and toward development. | •An updated technical report was published by the operator, First Quantum, in May 2026 outlining a materially updated Mineral Resource estimate1. The project now hosts 4.8Bt @ 0.48% Cu Measured & Indicated for 23.0Mt contained copper, plus 5.2Bt @ 0.40% Cu Inferred for another 20.7Mt Cu. •Further project development is focused on advancing the permitting process. Key priorities include the progression of baseline environmental and social studies, continued stakeholder engagement, and preparation for the Detailed Environmental Impact Assessment, which is scheduled to commence in 2026. |
Page 24 Rio Tinto 2026 Form 6-K
Project | Status |
Iron Ore: Rhodes Ridge | |
Location: WA, Australia Ownership: Rio Tinto (50%), Mitsui & Co. (40%), AMB Holdings Pty Ltd (10%)2 Capacity: 40 to 50 Mtpa First ore: end of decade To note: The Rhodes Ridge Joint Venture has approved a feasibility study to progress development of the first phase of the Rhodes Ridge project. The feasibility study will assess development of an operation with initial annual production capacity of 40 to 50 Mtpa. This study commenced in Q1 2026 as planned, and is expected to conclude in 2029. The development will use Rio Tinto’s rail, port and power infrastructure. Following completion of the pre-feasibility study and with the environmental referral planned, we aim to progress toward reporting an initial Ore Reserve for Rhodes Ridge in 2026, contingent on continued review of all relevant modifying factors. | •The feasibility study remains on track to be completed in 2029 subject to relevant approvals. |
Aluminium: Arctial partnership | |
Location: Finland To note: Partnership agreement formed in 2025 with the Swedish investment company Vargas, Mitsubishi Corporation and other international and local industry partners to study a low carbon aluminium greenfield opportunity in Finland. As the strategic industrial partner, Rio Tinto will provide the Arctial partnership with access to its proven industry-leading AP60 technology and assist in what would be the first AP60 deployment in an aluminium smelter outside Quebec, Canada. | •The EIA was submitted in May 2026 and public hearings have commenced. Upon completion of the pre-feasibility study, the JV partners have decided to proceed with more detailed technical, commercial and financial planning. |
Bauxite: Kangwinan | |
Location: Queensland, Australia To note: Proposed expansion to increase annual bauxite production capacity from Rio Tinto’s Weipa Southern operations, by up to 20 million tonnes, in addition to the current 23 million tonnes, and expand export capacity through the Amrun port. This would largely replace the tonnages lost when Gove and Andoom come to the end of their mine lives. Early works commenced in May 2025, with first production targeted as early as 2029. | •Continuing to progress through studies, approvals and early works. Final investment decision targeted around the end of 2026. |
Lithium | |
Location: Argentina | •Developing the blueprint in 2026 for two future hubs, targeting $30/kg capital intensity with a 30-month timeline for development and <$5/kg C1 operating costs. |
Location: Atacama region, Chile To note: •Binding agreement to form a joint venture (JV) with Codelco to develop and operate the high-grade Salar de Maricunga project. •Binding agreement with ENAMI to form a JV to develop the Salares Altoandinos project. | •Expected agreement closure now expected in late 2026 / early 2027 (for both Maricunga and Altoandinos), subject to receipt of all applicable regulatory approvals and satisfaction of other customary closing conditions. |
1.The La Granja Mineral Resource estimate is sourced from First Quantum Minerals Ltd. Quote from the First Quantum release:
“the Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI
43-101”) with an effective date of December 31, 2025.”
2.Mitsui holds its 40% interest through an entity named SPC Blue Pty Ltd and AMB holds its 10% interest through Rhodes Ridge
Mining (No 1) Pty Ltd, a wholly owned subsidiary of Wright Prospecting Pty Ltd, that is managed and controlled by AMB.
Page 25 Rio Tinto 2026 Form 6-K
DIRECTORS’ REPORT
for the half year ended 30 June 2026
Review of operations and important events
A detailed review of the Group's operations, the results of those operations during the half year
ended 30 June 2026 and likely future developments are given on pages 2 to 24. Important events
that have occurred during the period and up until the date of this report are set out below.
Financial
On 26 March 2026, we published our 2025 Taxes and Royalties Paid Report. Rio Tinto paid
US$9.9 billion of taxes and royalties and a further US$1.9 billion on behalf of its employees during
2025.
On 27 May 2026, we published our report on payments to governments made by Rio Tinto and its
subsidiary undertakings for the year ended 31 December 2025 as required under the UK's Report
on Payments to Governments Regulations 2014 (as amended in December 2015).
Operations
On 9 January 2026, we announced that we had been engaging in preliminary discussions with
Glencore plc about a possible combination with some, or all, of their businesses.
On 5 February 2026, we announced that we were no longer considering a possible merger, or
other business combination, with Glencore plc, as Rio Tinto had determined that it could not reach
an agreement that would deliver value to its shareholders
On 25 March 2026, we announced that Rio Tinto, the Queensland Government and the
Commonwealth Government had struck a landmark partnership to secure a long-term future for
the Boyne aluminium smelter at Gladstone and ensure it remains internationally cost-competitive
beyond its current power contract.
People
On 14 May 2026, we announced that Trudi Charles would succeed Isabelle Deschamps as Chief
Legal Officer, Governance & Corporate Affairs.
Rio Tinto 2025 Annual General Meetings (AGMs)
The annual general meetings of Rio Tinto plc and Rio Tinto Limited were held contemporaneously
on 6 May 2026.
Risk factors
The risks that could materially impact our ability to deliver on our strategic priorities are set out on
pages 91 to 99 of the Annual Report on Form 20-F 2025 for the financial year ended 31 December
2025 (the "2025 Form 20-F") filed with the SEC. These remain broadly consistent with the risks
faced by the Group at the end of the first half of 2026.
Dominic Barton
Chair
29 July 2026
Page 26 Rio Tinto 2026 Form 6-K
Rio Tinto Group
Unaudited Condensed Consolidated Interim Financial Statements for the
six months ended 30 June 2026
Contents
Interim financial statements | Page number |
Consolidated income statement | 27 |
Consolidated statement of comprehensive income | 28 |
Consolidated cash flow statement | 29 |
Consolidated balance sheet | 30 |
Consolidated statement of changes in equity | 31 |
Selected explanatory notes to the interim financial statements | ||
1 | Basis of preparation | 33 |
2 | Changes in accounting policies | 34 |
3 | Segmental information | 36 |
4 | Segmental information – additional information | 39 |
5 | Impairment | 40 |
6 | Taxation | 41 |
7 | Acquisitions and disposals | 42 |
8 | Cash and cash equivalents | 44 |
9 | Close-down, restoration and environmental provisions | 44 |
10 | Financial instruments | 45 |
11 | Commitments and contingencies | 48 |
12 | Events after the balance sheet date | 50 |
Page 27 Rio Tinto 2026 Form 6-K
Consolidated income statement
Six months ended 30 June | Note | 2026 US$m | 2025 US$m |
Consolidated operations | |||
Consolidated sales revenue | 3,4 | ||
Net operating costs (excluding items disclosed separately) | ( | ( | |
Net impairment charges | 5 | ( | |
Gains on disposal of interests in business | |||
Exploration and evaluation expenditure (net of profit from disposal of interests in undeveloped projects) | ( | ( | |
Operating profit | |||
Share of profit after tax of equity accounted units | |||
Profit before finance items and taxation | |||
Finance items | |||
Net exchange losses on external net debt and intragroup balances | ( | ( | |
Gains on derivatives not qualifying for hedge accounting | |||
Finance income | |||
Finance costs | ( | ( | |
Amortisation of discount on provisions | ( | ( | |
( | ( | ||
Profit before taxation | |||
Taxation | 6 | ( | ( |
Profit after tax for the period | |||
– attributable to owners of Rio Tinto (net earnings) | |||
– attributable to non-controlling interests | |||
Basic earnings per share | |||
Diluted earnings per share |
The notes on pages 33 to 50 are an integral part of these unaudited condensed consolidated
interim financial statements.
Page 28 Rio Tinto 2026 Form 6-K
Consolidated statement of comprehensive income
Six months ended 30 June | 2026 US$m | 2025 US$m | |
Profit after tax for the period | |||
Other comprehensive income | |||
Items that will not be reclassified to the income statement: | |||
Remeasurement gains on pension and post-retirement healthcare plans | |||
Changes in the fair value of equity investments held at fair value through other comprehensive income (FVOCI) | |||
Tax relating to these components of other comprehensive income | ( | ( | |
Share of other comprehensive (losses)/gains of equity accounted units, net of tax | ( | ||
Items that have been/may be subsequently reclassified to the income statement: | |||
Currency translation adjustment(a) | |||
Fair value movements: | |||
– Cash flow hedge gains | |||
– Cash flow hedge losses/(gains) transferred to the income statement | ( | ||
Net change in costs of hedging reserve | |||
Tax relating to these components of other comprehensive income | ( | ||
Share of other comprehensive (loss)/income of equity accounted units, net of tax | ( | ||
Total other comprehensive income for the period, net of tax | |||
Total comprehensive income for the period | |||
– attributable to owners of Rio Tinto | |||
– attributable to non-controlling interests |
(a)Excludes a currency translation gain of US$89 million (2025: gain of US$153 million) arising on Rio Tinto Limited’s share capital
for the six months ended 30 June 2026, which is recognised in the consolidated statement of changes in equity. Refer to the
consolidated statement of changes in equity on page 31.
Page 29 Rio Tinto 2026 Form 6-K
Consolidated cash flow statement
Six months ended 30 June | Note | 2026 US$m | 2025 US$m |
Cash flows from consolidated operations(a) | |||
Dividends from equity accounted units | |||
Cash flows from operations | |||
Net interest paid | ( | ( | |
Dividends paid to holders of non-controlling interests in subsidiaries | ( | ( | |
Tax paid | ( | ( | |
Net cash generated from operating activities | |||
Cash flows from investing activities | |||
Purchases of property, plant and equipment and intangible assets(b) | ( | ( | |
Sales of property, plant and equipment and intangible assets | |||
Acquisitions of subsidiaries, joint ventures and associates, net of cash acquired | ( | ( | |
Purchases of financial assets | ( | ( | |
Sales of financial assets | |||
Net funding of equity accounted units(b) | ( | ( | |
Other investing cash flows | ( | ||
Net cash used in investing activities | ( | ( | |
Cash flows before financing activities | ( | ||
Cash flows from financing activities | |||
Equity dividends paid to owners of Rio Tinto | ( | ( | |
Proceeds from additional borrowings, net of issue costs(c) | |||
Repayment of borrowings and associated derivatives | ( | ( | |
Lease principal payments | ( | ( | |
Proceeds from issue of equity to non-controlling interests(b) | |||
Other financing cash flows | |||
Net cash (used in)/from financing activities | ( | ||
Effects of exchange rates on cash and cash equivalents | ( | ||
Net increase in cash and cash equivalents | |||
Opening cash and cash equivalents less overdrafts | |||
Closing cash and cash equivalents less overdrafts | 8 |
(a) Cash flows from consolidated operations | 2026 US$m | 2025 US$m | ||
Profit after tax for the period | ||||
Adjustments for: | ||||
– Taxation | 6 | |||
– Finance items | ||||
– Share of profit after tax of equity accounted units | ( | ( | ||
– Gains on disposal of interests in business | ( | |||
– Net impairment charges | 5 | |||
– Depreciation and amortisation | ||||
– Provisions (including exchange differences on provisions) | ||||
Utilisation of other provisions | ( | ( | ||
Utilisation of provisions for close-down and restoration | 9 | ( | ( | |
Utilisation of provisions for post-retirement benefits and other employment costs | ( | ( | ||
Change in inventories | ( | ( | ||
Change in receivables and other assets | ( | ( | ||
Change in trade and other payables | ( | ( | ||
Other items | ( | ( | ||
b | (b) | In 2026, our net cash outflow in relation to the Simandou iron ore project, excluding cash generated from operating activities, was US$ for purchases of property, plant and equipment and cash inflows of US$ cash calls by SimFer Jersey Limited (30 June 2025: US$ million as net funding of equity accounted units for the funding of shared infrastructure in the WCS Rail and Port Holding Entities. |
c | (c) | In 2026, we drew down US$ 2025, we drew down on our US$ repaid on 19 March 2025 following our US$ 2025. Refer to note 10 for further details. |
Page 30 Rio Tinto 2026 Form 6-K
Consolidated balance sheet
As at | Note | 30 June 2026 US$m | 31 December 2025 US$m |
Non-current assets | |||
Goodwill | |||
Intangible assets | |||
Property, plant and equipment | |||
Investments in equity accounted units | |||
Inventories | |||
Deferred tax assets | |||
Receivables and other assets | |||
Other financial assets | |||
Current assets | |||
Inventories | |||
Receivables and other assets | |||
Tax recoverable | |||
Other financial assets | |||
Cash and cash equivalents | 8 | ||
Total assets | |||
Current liabilities | |||
Borrowings | ( | ( | |
Leases | ( | ( | |
Other financial liabilities | ( | ( | |
Trade and other payables | ( | ( | |
Tax payable | ( | ( | |
Close-down, restoration and environmental provisions | 9 | ( | ( |
Provisions for post-retirement benefits and other employment costs | ( | ( | |
Other provisions | ( | ( | |
( | ( | ||
Non-current liabilities | |||
Borrowings | ( | ( | |
Leases | ( | ( | |
Other financial liabilities | ( | ( | |
Trade and other payables | ( | ( | |
Tax payable | ( | ( | |
Deferred tax liabilities | ( | ( | |
Close-down, restoration and environmental provisions | 9 | ( | ( |
Provisions for post-retirement benefits and other employment costs | ( | ( | |
Other provisions | ( | ( | |
( | ( | ||
Total liabilities | ( | ( | |
Net assets | |||
Capital and reserves | |||
Share capital(a) | |||
– Rio Tinto plc | |||
– Rio Tinto Limited | |||
Share premium account | |||
Other reserves | |||
Retained earnings | |||
Equity attributable to owners of Rio Tinto | |||
Attributable to non-controlling interests | |||
Total equity |
(a)At 30 June 2026, Rio Tinto plc had 1,255.0 million ordinary shares in issue and held by the public, and Rio Tinto Limited had 371.8
million shares in issue and held by the public. There were no cross holdings of shares between Rio Tinto Limited and Rio Tinto plc
in either period presented.
Page 31 Rio Tinto 2026 Form 6-K
Consolidated statement of changes in equity
Six months ended 30 June 2026 | Attributable to owners of Rio Tinto | ||||||
Share capital US$m | Share premium account US$m | Other reserves US$m | Retained earnings US$m | Total US$m | Non- controlling interests US$m | Total equity US$m | |
Opening balance | |||||||
Total comprehensive income for the period(a) | — | — | |||||
Currency translation arising on Rio Tinto Limited's share capital | — | — | — | — | |||
Dividends(b) | — | — | — | ( | ( | ( | ( |
Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees(c) | — | — | ( | ( | ( | — | ( |
Change in equity interest held by Rio Tinto | — | — | — | ( | ( | ||
Treasury shares reissued and other movements | — | ( | — | ||||
Equity issued to holders of non-controlling interests(d) | — | — | — | — | — | ||
Employee share awards charged to the income statement | — | — | — | ||||
Transfer of cumulative fair value gains on FVOCI equity investments to retained earnings upon disposal(e) | — | — | ( | — | |||
Closing balance | |||||||
Six months ended 30 June 2025 | Attributable to owners of Rio Tinto | ||||||
Share capital US$m | Share premium account US$m | Other reserves US$m | Retained earnings US$m | Total US$m | Non- controlling interests US$m | Total equity US$m | |
Opening balance | |||||||
Total comprehensive income for the period(a) | — | — | |||||
Currency translation arising on Rio Tinto Limited's share capital | — | — | — | — | |||
Dividends(b) | — | — | — | ( | ( | ( | ( |
Newly consolidated operations | — | — | — | — | — | ||
Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees(c) | — | — | ( | ( | ( | — | ( |
Change in equity interest held by Rio Tinto | — | — | — | ( | ( | ||
Treasury shares reissued and other movements | — | — | — | — | |||
Equity issued to holders of non-controlling interests(d) | — | — | — | — | — | ||
Employee share awards charged to the income statement | — | — | — | ||||
Closing balance | |||||||
Page 32 Rio Tinto 2026 Form 6-K
Consolidated statement of changes in equity (continued)
(a)Refer to the Consolidated statement of comprehensive income for further details. Adjustments to other reserves include currency
translation attributable to owners of Rio Tinto, other than that arising on Rio Tinto Limited’s share capital.
Six months ended 30 June | 2026 US cents | 2025 US cents | |
Dividends per share: Ordinary - paid during the period | |||
Ordinary dividends per share: announced with the results for the period |
(c)Net of contributions received from employees for share awards.
(d)Refer to the consolidated cash flow statement for further details.
(e)During the period ended 30 June 2026, the Group disposed of certain investments that were designated as an equity investment
at FVOCI. On disposal, the cumulative gains recognised in the FVOCI reserve were transferred directly to retained earnings. In
accordance with IFRS 9, no gains or losses have been recognised in the Consolidated income statement in relation to these
investments.
Page 33 Rio Tinto 2026 Form 6-K
Selected explanatory notes to the interim financial statements
1.Basis of preparation
The unaudited condensed consolidated interim financial statements included in this report have
been prepared in accordance with International Accounting Standards (IAS) 34 "Interim Financial
Reporting" as issued by the International Accounting Standards Board (IASB).
These unaudited condensed consolidated interim financial statements do not include all of the
information required for a full annual financial report and are to be read in conjunction with the
Group’s annual financial statements for the year ended 31 December 2025.
The 2025 annual financial statements were prepared on a going concern basis in accordance with
International Financial Reporting Standards (IFRS Accounting Standards) as issued by the IASB
and interpretations issued from time to time by the IFRS Interpretations Committee (IFRS IC)
which were mandatory at 31 December 2025.
The above accounting standards and interpretations are collectively referred to as 'IFRS' in this
report and contain the principles we use to create our accounting policies. Where necessary,
adjustments are made to the locally reported assets, liabilities, and results of subsidiaries, joint
arrangements and associates to bring their accounting policies in line with ours for consistent
reporting.
Management has prepared detailed cash flow forecasts for the next 18 months and has updated
life-of-mine plan models with longer-term cash flow projections. These forecasts demonstrate that
the Group has sufficient cash, other liquid resources and undrawn credit facilities to enable it to
meet its obligations as they fall due. As such, the Directors considered it appropriate to adopt the
going concern basis of accounting in preparing the interim financial information.
Page 34 Rio Tinto 2026 Form 6-K
2.Changes in accounting policies
The unaudited condensed consolidated interim financial statements have been prepared on the
basis of accounting policies, methods of computation and presentation consistent with those
applied in the financial statements for the year ended 31 December 2025, except for the
accounting requirements set out below, effective as at 1 January 2026.
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 "Financial
Instruments" and IFRS 7 "Financial Instruments: Disclosures")
We adopted amendments to IFRS 9 and IFRS 7 which help companies better report the financial
effects of nature-dependent electricity contracts, which are often structured as power purchase
agreements. The amendments include: clarifying the application of the “own-use” requirements,
permitting hedge accounting if these contracts are used as hedging instruments; and adding new
disclosure requirements to enable investors to understand the effect of these contracts on a
company’s financial performance and cash flows. The amendments do not have a material impact
on the Group.
Classification and Measurement of Financial Instruments (Amendments to IFRS 9
"Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures")
We adopted the amendments to IFRS 9 and IFRS 7 which clarify the timing of recognition and
derecognition of financial assets and financial liabilities and introduced a derecognition exception
for financial liabilities settled using an electronic payment system. The amendments also
introduced additional disclosures for investments in equity instruments designated at fair value
through other comprehensive income ( FVOCI) and financial instruments not measured at fair
value through profit and loss (FVTPL) with certain contingent features. The amendments do not
have a material impact on the Group.
Annual Improvements to IFRS Accounting Standards (Amendments to IAS 7 “Statement of
Cash Flows” and IFRS 10 “Consolidated Financial Statements”
In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance
of IFRS accounting standards. We adopted the amendments, which include clarifications,
simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of
International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its
accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10
Consolidated Financial Statements and IAS 7 Statements of Cash Flows. The amendments do not
have a material impact on the Group.
Page 35 Rio Tinto 2026 Form 6-K
2.Changes in accounting policies (continued)
New standards or amendments issued but not yet effective
During the six months ended 30 June 2026, we have not early adopted any amendments,
standards or interpretations that have been issued but are not yet effective.
IFRS 18 “Presentation and Disclosure in Financial Statements” is effective for annual
reporting periods beginning on or after from 1 January 2027 and will replace IAS 1 “Presentation
of Financial Statements”. It sets out new requirements for the presentation of financial statements
and for disclosures in the notes in response to investor demands for better information about an
entity’s financial performance. We have not early adopted the new standard, which was endorsed
by the UK Endorsement Board on 10 December 2025.
IFRS 18 requires entities to classify all income and expenses into five categories in the statement
of profit or loss, namely the operating, investing, financing, discontinued operations and income
tax categories, depending on the main business activities, with consequential amendments
introduced to the cash flow statement. Management-defined performance measures (MPMs),
which are subtotals of income and expenses not specified by IFRS Accounting Standards and
used in public communications, must be disclosed in a single note within the financial statements.
The standard also provides enhanced guidance on the grouping (aggregation and
disaggregation), description and location of information for better clarity.
Based on analysis to date, we expect that the adoption of IFRS 18 will change the current
structure of the consolidated income statement, and how the operating profit is calculated. Under
IFRS 18, net interest related to pension and healthcare benefits currently included within operating
profit will be reclassified to the financing category. Other adjustments include reclassifying interest
income from receivables to the operating category rather than financing items, and transferring
sub-lease income currently included within operating profit to the investing category. Finance
income and foreign exchange gains or losses on bank balances currently included within financing
items will move to the investing category.
Within the statement of cash flows, dividends received from equity-accounted units and interest
received will be presented as investing activities, while dividends paid to holders of non-controlling
interests and interest paid will be classified as financing activities.
In addition, we are assessing the grouping of items on the basis of similar and dissimilar
characteristics in the financial statements. Based on the assessment to date, we expect further
disaggregation of net operating costs in the consolidated income statement.
APMs that meet the criteria for MPMs under the new standard include underlying EBITDA,
underlying earnings, and calculated earnings for underlying 'return on capital employed' (ROCE)
(the numerator in underlying ROCE).
We continue to advance with assessing the impact of adopting the new standard and to monitor
guidance on judgmental areas including the classification of foreign exchange differences arising
from intragroup balances. The actual impacts of adopting the new standard on 1 January 2027
may change to those identified above as we finalise the assessments and implement changes to
processes and controls.
IFRS 19 "Subsidiaries without Public Accountability: Disclosures" is a new accounting
standard that allows eligible subsidiaries to apply IFRS accounting standards with reduced
disclosure requirements, effective from 1 January 2027. It does not have any impact on our
consolidated financial statements.
Page 36 Rio Tinto 2026 Form 6-K
3.Segmental information
Our reportable segmental structure is principally based on product groups (PG) - which we have
determined to be our operating segments - whose leaders, together with global support functions
leaders, make up the Executive Committee. The Executive Committee members each report
directly to our Chief Executive who is the chief operating decision maker (CODM) and is
responsible for allocating resources and assessing performance of the operating segments. The
CODM’s primary measure of performance is underlying EBITDA (as defined on page 38).
Reportable segment | Principal activities |
Aluminium & Lithium | Bauxite mining; alumina refining; aluminium smelting and recycling; mining and processing of lithium. |
Copper | Mining and refining of copper, gold, silver, molybdenum, other by-products and exploration activities. |
Iron Ore | Iron ore mining and salt production in Western Australia; iron concentrate and pellets from the Iron Ore Company of Canada. |
During the period, Management responsibility of the closed Gove Refinery moved from the
Group's central closure team (forms part of "Other operations", outside of reportable segments) to
the Aluminium and Lithium product group.
In the second half of 2025, the Group’s reportable segments were updated to reflect the
organisational restructure announced on 27 August 2025 which simplified our product group
structure to 3 businesses: Aluminium & Lithium, Copper and Iron Ore. The unified Iron Ore
portfolio integrated Rio Tinto’s Western Australian Iron Ore operations with the Iron Ore Company
of Canada and will include the Simandou project in Guinea upon its completion. Management
responsibility during the build phase of the Simandou iron ore project remains under the Chief
Safety & Technical Officer. While this sits outside of reportable segments until completion of the
project, we continue to show this separately due to the significance of funding and spend on the
project. Accordingly comparative information has been restated.
In the prior period, we acquired Arcadium Lithium plc (Arcadium). Following the acquisition, our
Lithium business, comprising Arcadium and Rincon (previously included within the Minerals
product group), was combined with the previous Aluminium product group to form the Aluminium &
Lithium product group.
The Borates and Iron & Titanium businesses were placed under strategic review in the second
half of 2025 and were moved to the Chief Commercial Officer's portfolio. Along with Diamonds,
which is pending mine closure, these businesses are now presented below reportable segments,
as part of “Other Operations”.
Page 37 Rio Tinto 2026 Form 6-K
3.Segmental information (continued)
2026 | 2025 | |||
Six months ended 30 June | Segmental revenue(b) US$m | Underlying EBITDA(c) US$m | Segmental revenue(b) US$m Restated(a) | Underlying EBITDA(c) US$m Restated(a) |
Aluminium & Lithium | ||||
Copper | ||||
Iron Ore | ||||
Reportable segments total | ||||
Simandou iron ore project | ( | ( | ||
Other operations | ( | |||
Inter-segment transactions | ( | ( | ( | |
Share of equity accounted units(d) | ( | ( | ||
Central pension costs, share-based payments, insurance and derivatives | ( | |||
Restructuring, project and one-off costs | ( | ( | ||
Central costs | ( | ( | ||
Central exploration and evaluation expenditures | ( | ( | ||
Consolidated sales revenue | ||||
Underlying EBITDA(e) | ||||
(a) | During the period, Management responsibility of the closed Gove Refinery moved from the Group's central closure team (as part of "Other operations") to the Aluminium and Lithium product group. In the second half of 2025, the Group's reportable segments were updated to reflect the organisational restructure announced on 27 August 2025. Accordingly comparative information has been restated. |
(b) | Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units (EAUs) in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. |
(c) | Underlying EBITDA (calculated on page 38) is reported to provide greater understanding of the underlying business performance of Rio Tinto's operations. |
(d) | Consolidated sales revenue includes subsidiary sales of US$ units which are not included in segmental revenue. Segmental revenue includes the Group’s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$ are not included in consolidated sales revenue. |
(e) | Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in 30 June 2026 was US$ central exploration and Other operations and |
Page 38 Rio Tinto 2026 Form 6-K
3.Segmental information (continued)
Reconciliation of profit after tax to underlying EBITDA
amortisation adjusted to exclude the EBITDA impact of items which do not reflect the underlying
performance of our reportable segments.
with similar items, are of a nature and size to require exclusion in order to provide additional
insight into the underlying business performance.
The following items are excluded from profit after tax in arriving at underlying EBITDA in each
period irrespective of materiality:
–all depreciation and amortisation in subsidiaries and the corresponding share of profit in
EAUs
–all taxation and finance items in subsidiaries and the corresponding share of profit in EAUs
–unrealised gains and losses on embedded derivatives not qualifying for hedge accounting
(including foreign exchange)
–net gains and losses on consolidation or disposal of interests in businesses
–net impairment charges and reversals including corresponding amounts in share of profit in
EAUs
–the underlying EBITDA of discontinued operations
–adjustments to closure provisions where the adjustment is associated with an impairment
charge and for legacy sites where the disturbance or environmental contamination relates
to the pre-acquisition period.
In addition, there is a final judgemental category which includes, where applicable, other credits
and charges that, individually or in aggregate if of a similar type, are of a nature or size to require
exclusion in order to provide additional insight into underlying business performance. For the
periods ended 30 June 2026 and 30 June 2025, there were no items in this category.
Six months ended 30 June | 2026 US$m | 2025 US$m |
Profit after tax for the period | ||
Taxation | ||
Profit before taxation | ||
Depreciation and amortisation in subsidiaries, excluding capitalised depreciation(a) | ||
Depreciation and amortisation in equity accounted units | ||
Finance items in subsidiaries | ||
Taxation and finance items in equity accounted units | ||
Unrealised gains on embedded commodity and currency derivatives not qualifying for hedge accounting (including foreign exchange) | ( | ( |
Net impairment charges(b) | ||
Impairment reversal included within share of profit after tax of equity accounted units(c) | ( | |
Gains on disposal of interests in businesses | ( | |
Change in closure estimates (non-operating and fully impaired sites) | ||
Underlying EBITDA |
(a)Depreciation and amortisation in subsidiaries for the period ended 30 June 2026 is net of capitalised depreciation of US$219
million (30 June 2025: US$113 million).
(b)Refer to note 5 for further details.
(c)This relates to the Rio Tinto share of impairment reversal recorded at Porto Trombetas (MRN), an equity accounted unit. It is
represented by a pre-tax impairment reversal of US$22 million and an associated tax charge of US$7 million. The net amount of
US$15 million is included in share of profit after tax of equity accounted units.
Page 39 Rio Tinto 2026 Form 6-K
Six months ended 30 June | 2026 % | 2025 % | 2026 US$m | 2025 US$m |
Greater China | ||||
US | ||||
Japan | ||||
Asia (excluding Greater China, Japan and South Korea) | ||||
Europe (excluding UK and Netherlands) | ||||
Canada | ||||
Netherlands | ||||
South Korea | ||||
Australia | ||||
UK | ||||
Other countries | ||||
Consolidated sales revenue |
(a)Consolidated sales revenue by geographical destination is based on the ultimate country of the product’s
destination, if known. Where the ultimate destination is not known, we have defaulted to the shipping address of the
Six months ended 30 June | Revenue from contracts with customers 2026 US$m | Other revenue 2026 US$m | Consolidated sales revenue(a) 2026 US$m | Revenue from contracts with customers 2025 US$m | Other revenue 2025 US$m | Consolidated sales revenue(a) 2025 US$m |
Iron ore | ( | ( | ||||
Aluminium, alumina and bauxite | ||||||
Copper | ||||||
Industrial minerals (comprising titanium dioxide slag, zircon, borates and salt) | ( | |||||
Gold | ( | |||||
Lithium | ||||||
Other products and freight services(b) | ( | ( | ||||
Consolidated sales revenue | ( |
(a)Consolidated sales revenue includes both revenue from contracts with customers, accounted for under IFRS 15
“Revenue from Contracts with Customers”, and subsequent movements in provisionally priced receivables,
accounted for under IFRS 9, and included in “Other revenue” above.
(b)“Other products and freight services” includes metallic co-products, diamonds, molybdenum, silver and other
commodities.
Page 40 Rio Tinto 2026 Form 6-K
2026 | 2025 | ||||
Six months ended 30 June | Pre-tax amount US$m | Taxation US$m | Non- controlling interest US$m | Net amount US$m | Pre-tax amount US$m |
Other operations – RTITQO | ( | ||||
Aluminium – Porto Trombetas (MRN) | |||||
Net impairment reversals/(charges) | ( | ||||
Allocated as: | |||||
Property, plant and equipment | ( | ||||
Share of profit after tax of equity accounted units | |||||
Net impairment reversals/(charges) | ( | ||||
Madagascar Minerals (QMM)
In 2025, we progressed a business transformation at RTITQO in response to challenging market
conditions for our products at the Sorel site, including TiO2 and metallics. This transformation,
which includes the adjustment of the business footprint to projected demand, was expected to
take up to 24 months to complete its core components. At 30 June 2025, we identified these
conditions as an impairment trigger and performed an impairment test for the cash-generating unit
which comprises the mines and processing facilities at RTITQO (in Canada) and QMM (in
Madagascar).
We expected the transformation program to result in significant improvements in operating costs,
including opportunities to reduce carbon emissions and therefore carbon costs. However, for the
purpose of performing the impairment test, risk adjustments were applied to reduce the forecast
cash flows to reflect a market participant perspective that the value of the projected initiates may
not fully deliver the expected benefit.
Using a fair value less cost of disposal methodology and discounting real-terms post-tax cash
flows at an effective rate of 7.6 % we determined the recoverable amount to be US$1,780 million.
This resulted in a pre-tax impairment charge during the six months ended 30 June 2025 of
US$122 million (post-tax US$86 million) and was allocated to property, plant and equipment in
Canada.
During 2026, market conditions have remained challenging and therefore we have tested the
assets again for impairment. The testing parameters were not materially different and no
impairment charge or impairment reversal was identified.
Page 41 Rio Tinto 2026 Form 6-K
Six months ended 30 June | 2026 US$m | 2025 US$m |
Profit before taxation(a) | ||
Prima facie tax payable at UK rate of | ||
Higher rate of taxation of | ||
Other tax rates applicable outside the UK and Australia(b) | ( | ( |
Tax effect of profit from equity accounted units and related expenses(a) | ( | ( |
Impact of changes in tax rates | ||
Resource depletion allowances | ( | |
Recognition of previously unrecognised deferred tax assets | ( | ( |
Write-down of previously recognised deferred tax assets | ||
Utilisation of previously unrecognised deferred tax assets | ( | ( |
Unrecognised current period operating losses(c) | ||
Adjustments in respect of prior periods | ||
Other items(d) | ||
Total taxation charge |
(a)The Group profit before tax includes profit after tax of equity accounted units. Consequently, the tax effect on the
profit from equity accounted units is included as a separate reconciling item in this prima facie tax reconciliation.
(b)As a UK headquartered and listed Group, the reconciliation of expected tax on accounting profit to tax charge uses
the UK corporate tax rate to calculate the prima facie tax payable. Rio Tinto is also listed in Australia, and the
reconciliation includes the impact of the higher tax rate in Australia where a significant proportion of the Group's
profits are currently earned. The impact of other tax rates applicable outside the UK and Australia is also included.
The weighted average statutory corporate tax rate on profit before tax is approximately 28 % (30 June 2025: 30 %).
(c)Current-period unrecognised deferred tax assets include operating losses and other costs incurred by the Group for
which no tax benefit is currently recognised due to uncertainty regarding the availability of suitable taxable profits in
future periods.
(d)Other items includes less than US$1 million (30 June 2025: less than US$1 million) current tax expense related to
Pillar Two measures; the global minimum tax of 15% formulated by the Organisation for Economic Co-operation
and Development (OECD).
Page 42 Rio Tinto 2026 Form 6-K
There were no material acquisitions during the 6 months ended 30 June 2026.
Acquisitions - 30 June 2025
Arcadium Lithium plc
On 9 October 2024, Rio Tinto and Arcadium Lithium plc (Arcadium Lithium) announced a definitive
agreement under which Rio Tinto would acquire 100 % of Arcadium Lithium in an all-cash
transaction for $5.85 per share (the “transaction”). On 6 March 2025, the transaction was
completed following the sanctioning of the Scheme of Arrangement by the Royal Court of Jersey
and receipt of final regulatory approvals. On completion, the acquisition established Rio Tinto as a
leader in supplying energy transition materials, with one of the world's largest lithium resource
bases.
The transaction was accounted for as business combination under IFRS 3 “Business
the date of acquisition were not material.
value of acquired assets and liabilities, which were provisionally reported at 30 June 2025. The
following table summarises the final purchase price allocation for the Arcadium transaction:
Identifiable assets acquired and liabilities assumed | Final fair values at 6 March 2025 US$m |
Intangible assets | |
Property, plant and equipment (including mineral interests) | |
Cash and cash equivalents | |
Borrowings(a) | ( |
Close-down, restoration and environmental provisions | ( |
Other provisions | ( |
Other assets and liabilities | |
Deferred tax liabilities (net of deferred tax assets) | ( |
Net assets | |
Non-controlling interest (NCI)(b) | ( |
Goodwill | |
Net attributable assets (including Goodwill) |
(a)Borrowings includes a US$200 million loan advanced by Rio Tinto to Arcadium Lithium in January 2025, prior to the transaction
completing.
(b)NCI relates to the Olaroz lithium carbonate mine in Argentina and the Nemaska Lithium development project in Canada, of which
Arcadium Lithium holds interests of 66.5 % and 50 %, respectively. It has been valued at the pro rata share of the net identifiable
assets.
Page 43 Rio Tinto 2026 Form 6-K
7. Acquisition and disposals (continued)
Presentation in cash flow statement | 6 March 2025 US$m |
Cash payment in consideration of equity to shareholders of Arcadium Lithium plc | |
less: cash and cash equivalents balance acquired | ( |
Acquisitions of subsidiaries, joint ventures and associates, net of cash acquired |
Total cash paid on 6 March 2025 was US$6,701 million, including US$6,301 million paid in
consideration of equity to the shareholders of Arcadium Lithium plc and US$400 million paid to
holders of convertible loan notes. As a result of the acquisition, the Group's net debt increased by
US$7,607 million. This comprises US$7,407 million change in net debt on acquisition plus
US$200 million advanced to Arcadium Lithium prior to acquisition.
Impact of the acquisition on net debt | 6 March 2025 US$m |
Borrowings of Arcadium Lithium | |
less: convertible loan notes settled on change of control | ( |
less: cash and cash equivalents acquired | ( |
less: loan advanced to Arcadium prior to acquisition | ( |
Acquired net debt | |
Cash payment in consideration of equity to shareholders of Arcadium Lithium plc | |
Cash payment to settle convertible loan notes | |
Change in net debt on acquisition |
Transaction costs of US$77 million were recognised as an expense and included in operating
expenses in the statement of profit or loss and were presented as part of operating cash flows in
the statement of cash flows.
There were no material disposals of businesses during the 6 months ended 30 June 2026.
Divestment of 30 % of Winu copper-gold project
On 8 May 2025, Rio Tinto entered into a binding joint venture agreement with Sumitomo Metal
Mining Co (SMM) to deliver the Winu copper-gold project (Winu), located in the Great Sandy
Desert region of Western Australia. The transaction was subsequently completed in second half of
2025, forming the Winu Joint Venture. We received an initial US$195 million in cash consideration
for the sale of our 30 % share of the project's assets and liabilities, and recognised a pre-tax gain
of US$196 million in the income statement. A further US$235 million in deferred consideration to
be received is contingent on future milestones; as at 30 June 2026, we have not recognised any
additional consideration and this will be reassessed at each reporting period.
impact on profit or loss in the periods presented.
Page 44 Rio Tinto 2026 Form 6-K
differs from cash and cash equivalents on our balance sheet as per the following reconciliation:
Closing cash and cash equivalents less overdrafts | 30 June 2026 | 31 December 2025 | 30 June 2025 |
US$m | US$m | US$m | |
Balance per consolidated balance sheet | |||
Bank overdrafts repayable on demand (unsecured) | ( | ( | |
Balance per Group cash flow statement |
30 June 2026(a) | 31 December 2025 | |
US$m | US$m | |
Opening balance | ||
Adjustment on currency translation | ||
Adjustments to mining properties/right of use assets: | ||
– changes to existing and new provisions | ||
Charged/(credited) to profit: | ||
– increases to existing and new provisions | ||
– decreases and unused amounts reversed | ( | ( |
– exchange losses/(gains) on provisions | ( | |
– amortisation of discount | ||
Utilised in the period | ( | ( |
Newly consolidated operations | ||
Transfers and other movements | ( | |
Closing balance | ||
Balance sheet analysis: | ||
Current | ||
Non-current | ||
Total |
(a)Close-down, restoration and environmental provisions at 30 June 2026 have not been adjusted for closure-related
receivables amounting to US$411 million (31 December 2025: US$394 million) due from the ERA trust fund and
other financial assets held for the purposes of meeting closure obligations. These are included within “Receivables
and other assets” on the balance sheet.
Page 45 Rio Tinto 2026 Form 6-K
Valuation hierarchy of financial instruments carried at fair value on a recurring basis
30 June 2026 and 31 December 2025.
All instruments shown as being held at fair value have been classified as fair value through the profit and loss unless specifically footnoted.
30 June 2026 | 31 December 2025 | |||||||||
Held at fair value | Held at amortised cost US$m | Total US$m | Held at fair value | Held at amortised cost US$m | Total US$m | |||||
Level 1(a) US$m | Level 2(b) US$m | Level 3(c) US$m | Level 1(a) US$m | Level 2(b) US$m | Level 3(c) US$m | |||||
Assets | ||||||||||
Cash and cash equivalents(d) | ||||||||||
Investments in equity shares and funds(e) | ||||||||||
Other investments, including loans(f) | ||||||||||
Trade and other financial receivables(g) | ||||||||||
Loans to equity accounted units | ||||||||||
Forward, option and embedded derivative contracts: designated as hedges(h) | ||||||||||
Forward, option and embedded derivative contracts, not designated as hedges(h) | ||||||||||
Derivatives related to net debt(i) | ||||||||||
Liabilities | ||||||||||
Trade and other financial payables(j) | ( | ( | ( | ( | ( | ( | ||||
Forward, option and embedded derivatives contracts, designated as hedges(h) | ( | ( | ( | ( | ||||||
Forward, option and embedded derivatives contracts, not designated as hedges(h) | ( | ( | ( | ( | ( | ( | ||||
Derivatives related to net debt(i) | ( | ( | ( | ( | ||||||
Other financial liabilities | ( | ( | ( | ( | ||||||
(a)Valuation is based on unadjusted quoted prices in active markets for identical financial instruments.
(b)Valuation is based on inputs that are observable for the financial instruments, which include market quoted FX rates, credit default spread, quoted prices for similar instruments or
identical instruments in markets which are not considered to be active, or inputs, either directly or indirectly based on observable market data. Valuation techniques include
discounted cash flows or closely related listed product, as appropriate.
Page 46 Rio Tinto 2026 Form 6-K
electricity or commodity prices, energy volume or mine production, using valuation techniques such as discounted
cash flows or option pricing models, as appropriate. The change in valuation of our level 3 instruments for the period
to 30 June 2026 and 31 December 2025 is as follows:
30 June 2026 | 31 December 2025 | |
Level 3 financial assets and liabilities | US$m | US$m |
Opening balance | ||
Currency translation adjustments | ||
Total realised (losses)/gains included in net operating costs | ( | |
Total unrealised gains included in net operating costs | ||
Total unrealised gains/(losses) transferred into other comprehensive income through cash flow hedges | ( | |
Additions/acquisitions of financial assets and liabilities | ||
Disposals/maturity of financial assets and liabilities | ( | |
Closing balance | ||
Net gains included in the income statement for assets and liabilities held at period end |
(d)Our Cash and cash equivalents of US$8,913 million (31 December 2025: US$8,872 million) includes US$2,788
million (31 December 2025: US$3,725 million) relating to money market funds which are treated as FVTPL under
IFRS 9 with the fair value movements reported as finance income.
(e)Investments in equity shares and funds include US$186 million (31 December 2025: US$240 million) of equity
shares, not held for trading, where we have irrevocably elected to present fair value gains and losses on revaluation
in other comprehensive income. The election is made at an individual investment level.
(f)Other investments, including loans, covers cash deposits in rehabilitation funds, government bonds, managed
investment funds and royalty receivables. Royalty receivables include amounts arising from our previously divested
coal businesses with a fair value of US$266 million (31 December 2025: US$275 million).
(g)Trade receivables include provisionally priced invoices. The related revenue is initially based on forward market
selling prices for the quotation periods stipulated in the contracts with changes between the provisional price and
the final price recorded separately within “Other revenue”. The selling price can be measured reliably for the
Group's products, as it operates in active and freely traded commodity markets. At 30 June 2026, US$938 million
(31 December 2025: US$1,431 million) of provisionally priced receivables were recognised.
(h)Level 3 derivatives mainly consist of derivatives embedded in electricity purchase contracts linked to the LME,
Midwest premium and billet premium with terms expiring between 2029 and 2036 (31 December 2025: 2026 and
2036), as well as renewable power purchase agreements which are linked to forward electricity prices with terms
expiring between 2026 and 2054 (31 December 2025: 2026 and 2054).
(i)Net debt derivatives include interest rate swaps and cross-currency swaps.
(j)Trade and other financial payables comprise trade payables, other financial payables, accruals and amounts due to
equity accounted units.
There were no material transfers between level 1 and level 2, or between level 2 and level 3 in the
current or prior period.
Sensitivity analysis in respect of level 3 financial instruments
For assets/(liabilities) classified under level 3, the effect of changing the significant unobservable
inputs on carrying value has been calculated using a movement that we deem to be reasonably
probable.
Net derivative assets related to our renewable power purchase agreements have a fair value of
US$248 million at 30 June 2026 (2025: net assets of US$29 million). The fair value is calculated
as the present value of the future contracted cash flows using risk-adjusted forecast prices
including credit adjustments.
Page 47 Rio Tinto 2026 Form 6-K
10. Financial instruments (continued)
A 10 % increase in forecast electricity prices over the remaining term of the contracts would result
in a US$540 million (2025: US$520 million) increase in fair value, and a 10 % decrease in forecast
electricity prices would result in a US$540 million (2025: US$521 million) decrease in fair value.
To value long-term aluminium embedded power derivatives, we use unobservable inputs when the
term of the derivative extends beyond observable market prices. Changing the level 3 inputs to
reasonably possible alternative assumptions does not change the fair value significantly, taking
into account the expected remaining term of contracts for either reported period. The fair value of
these derivatives is a net liability of US$284 million at 30 June 2026 (2025: US$320 million).
which are not carried at an amount which approximates their fair value as at 30 June 2026 and
31 December 2025. The fair values of some of our financial instruments approximate their
carrying values because of their short maturity, or because they carry floating rates of interest.
30 June 2026 | 31 December 2025 | |||
Carrying value US$m | Fair value US$m | Carrying value US$m | Fair value US$m | |
Listed bonds(a) | ||||
Oyu Tolgoi project finance | ||||
Rincon funding facility(b) | ||||
Other | ||||
Total borrowings (including overdrafts) | ||||
(a)In 2025, we issued US$9 billion of fixed and floating rate SEC-registered debt securities. The bonds consist of eight tranches of
varying principal amount, tenor and coupon. One tranche consisting of US$500 million three-year notes is priced at a floating rate
coupon of Compounded SOFR plus 0.84 % maturing in 2028, with the remaining seven tranches priced at fixed coupons ranging
between 4.375 % and 5.875 % and maturity dates ranging between 2027 and 2065.
(b)On 11 March 2026, we secured a US$1,175 million funding facility (the 'facility') from four international lenders, comprising the
International Finance Corporation, Inter-American Development Bank Invest, Export Finance Australia and the Japan Bank for
International Cooperation, to support the development of the Rincon lithium project in Argentina's Salta Province. The facility has a
transaction costs was US$158 million.
Borrowings relating to listed bonds are categorised as level 1 in the fair value hierarchy while
those relating to project finance drawn down by Oyu Tolgoi (OT) use a number of level 3 valuation
inputs. Our remaining borrowings have a fair value measured by discounting estimated cash flows
with an applicable market quoted yield, and are categorised as level 2 in the fair value hierarchy.
The Group’s borrowings of US$21,414 million (31 December 2025: US$21,931 million) include
US$3,451 million (31 December 2025: US$3,795 million) of subsidiary entity borrowings that are
subject to various financial and general covenants, including, in some cases, environmental and
social covenants; the non-compliance with these covenants, if not remediated, would permit the
lender to immediately call the loan and borrowings. This includes our project finance borrowings in
OT and Rincon funding facility which require the maintenance of certain debt-to-equity ratios and
OT also requires maintenance of a debt service coverage ratio. Based on our forecasting, we
consider this risk of non-compliance with these covenants to be remote. The covenants with all
respective borrowers were in compliance as at 30 June 2026 and are expected to be in
compliance within 12 months after the reporting date.
Page 48 Rio Tinto 2026 Form 6-K
outflow of funds from the Group for the satisfaction of obligations, including those under
contractual arrangements (eg undertakings related to supplier agreements) not provided for on the
balance sheet, where the likelihood of the contingent liabilities, guarantees or indemnities being
called is assessed as possible rather than probable or remote.
Disclosure is made for material contingent liabilities unless the possibility of any loss arising is
considered remote based on our judgement and legal advice. These are quantified unless, in our
judgement, the amount cannot be reliably estimated. The unit of account for claims is the matter
taken as a whole and therefore when a provision has been recorded for the best estimate of the
cost to settle the obligation there is no further contingent liability component. This means that
when a provision is recognised for the best estimate of the expenditure required to settle the
present obligation from a single past event, a further contingent liability is not reported for the
maximum potential exposure in excess of that already provided.
We have not established provisions for certain additional legal claims in cases where we have
assessed that a payment is either not probable or cannot be reliably estimated. A number of our
companies are, and will likely continue to be, subject to various legal proceedings and
investigations that arise from time to time. As a result, the Group may become subject to
substantial liabilities that could affect our business, financial position and reputation. Litigation is
inherently unpredictable and large judgments may at times occur. The Group may in the future
incur judgments or enter into settlements of claims that could lead to material cash outflows. We
do not believe that any of these proceedings will have a materially adverse effect on our financial
position.
Contingent liabilities - subsidiaries, joint operations, joint ventures and associates
Contingent liabilities, indemnities and other performance guarantees were US$338 million at
30 June 2026 (31 December 2025: US$322 million).
There were no
associates.
The current status of contingent liabilities where it is not practicable to provide a reliable estimate
of possible financial exposure is:
Litigation matter | Latest update |
2011 Contractual payments in Guinea | In 2023, we resolved a previously self-disclosed investigation by the SEC into certain contractual payments totalling US$ consultant who had provided advisory services in 2011, relating to the Simandou project in the Republic of Guinea. In August 2023, the UK Serious Fraud Office closed its case and announced that the Australian Federal Police maintains a live investigation into the matter. Rio Tinto continues to co-operate fully with relevant authorities. At 30 June 2026, the outcome of this investigation remains uncertain, but it could ultimately expose the Group to material financial cost. No provision has been recognised for the investigation. We believe this case is unwarranted and will defend the allegation vigorously. |
Page 49 Rio Tinto 2026 Form 6-K
We continue to modernise agreements with Traditional Owners. Where appropriate, provisions
have been recognised within “Other provisions” based on our current best estimate of the past
financial component. This process remains ongoing, and estimates may be refined in future
periods as additional information becomes available. Future impacts arising from agreement
modernisation will be recognised as incurred.
Close-down, restoration and environmental provisions are not recognised for those operations that
have no known restrictions on their lives as the date of closure cannot be reliably estimated. This
applies primarily to our Canadian aluminium smelters, which are not dependent upon a specific
orebody and have access to indefinite-lived power from owned hydropower stations with water
rights permitted by local governments. In these instances, a closure obligation may exist at the
reporting date. However, due to the indefinite nature of asset lives, it is not possible to arrive at a
sufficiently reliable estimate for the purposes of recognising a provision. Close-down, restoration
and environmental provisions are recognised at these operations for separately identifiable
closure activities which can be reasonably estimated, such as the demolition and removal of fixed
structures after a predetermined period. Any contingent liability for these assets will crystallise into
a closure provision if and when a decision is taken to cease operations.
Our capital commitments include:
–open purchase orders for managed operations and non-managed tolling entities.
–expenditure on major projects already authorised by our Investment Committee for non-
managed operations.
Our capital commitments do not include those relating to lease obligations.
The capital commitments for Simandou are reported on a 100% basis for the SimFer mine and the
SimFer scope of infrastructure as managed operations. The Group’s share of EAU capital
commitments reported in relation to WCS Rail and Port Holding Entities represents SimFer Jersey
Limited’s 34 % funding of those EAUs, inclusive of funding due from non-controlling interests.
Capital commitments, excluding the Group's share of joint venture capital commitments, were
US$7,495 million (31 December 2025: US$8,173 million).
The Group's share of joint venture capital commitments was US$656 million at 30 June 2026
(31 December 2025: US$737 million).
Page 50 Rio Tinto 2026 Form 6-K
12. Events after the balance sheet date
There were no significant events identified after the balance sheet date.
Page 51 Rio Tinto 2026 Form 6-K
Financial information by business unit
Segmental revenue(a) for the six months ended 30 June | Underlying EBITDA(a) for the six months ended 30 June | Depreciation and amortisation for the six months ended 30 June | |||||
Rio Tinto interest % | 2026 US$m | 2025 US$m Restated | 2026 US$m | 2025 US$m Restated | 2026 US$m | 2025 US$m Restated | |
Aluminium & Lithium | |||||||
Bauxite | (b) | 1,479 | 2,030 | 464 | 1,049 | 187 | 153 |
Alumina | (c) | 1,528 | 2,287 | (2) | 898 | 67 | 62 |
North American Aluminium | (d) | 5,537 | 3,844 | 1,979 | 494 | 460 | 386 |
Pacific Aluminium | (e) | 2,239 | 1,633 | 733 | 99 | 100 | 86 |
Evaluation projects/other | (f) | 262 | 297 | (170) | (142) | – | – |
Intra-segment | (1,644) | (2,338) | 89 | (42) | – | – | |
Aluminium | 9,401 | 7,753 | 3,093 | 2,356 | 814 | 687 | |
Lithium | (g) | 568 | 308 | 218 | 42 | 142 | 113 |
Total Aluminium & Lithium segment | 9,969 | 8,061 | 3,311 | 2,398 | 956 | 800 | |
Copper | |||||||
Kennecott | 100% | 1,719 | 1,483 | 781 | 560 | 272 | 306 |
Escondida | 30% | 2,739 | 2,205 | 2,109 | 1,602 | 249 | 232 |
Oyu Tolgoi | 66% | 4,090 | 1,916 | 3,189 | 1,252 | 490 | 330 |
Evaluation projects/other | 74 | 604 | (366) | (309) | 1 | 1 | |
Total Copper segment | 8,622 | 6,208 | 5,713 | 3,105 | 1,012 | 869 | |
Iron Ore | |||||||
Pilbara | (h) | 12,794 | 11,786 | 7,007 | 6,678 | 1,409 | 1,087 |
Iron Ore Company of Canada | 58.7% | 855 | 1,074 | 108 | 202 | 139 | 121 |
Dampier Salt | 68.4% | 121 | 135 | (6) | 36 | 8 | 7 |
Evaluation projects/other | (i) | 646 | 1,575 | (360) | (165) | 1 | 1 |
Intra-segment | (i) | (389) | (1,092) | 20 | 110 | – | – |
Total Iron Ore segment | 14,027 | 13,478 | 6,769 | 6,861 | 1,557 | 1,216 | |
Reportable segments total | 32,618 | 27,747 | 15,793 | 12,364 | 3,525 | 2,885 | |
Simandou iron ore project | (j) | 68 | – | (48) | (21) | 22 | 5 |
Rio Tinto Iron & Titanium | (k) | 714 | 897 | 35 | 111 | 108 | 118 |
Rio Tinto Borates | 100% | 433 | 415 | 145 | 109 | 36 | 31 |
Diamonds | (l) | 118 | 162 | (72) | (55) | 4 | 3 |
Other operations | (m)(n) | 660 | 188 | (337) | (87) | 188 | 162 |
Inter-segment transactions | (320) | (8) | (1) | – | |||
Central pension costs, share-based payments, insurance and derivatives | 214 | (17) | |||||
Restructuring, project and one-off costs | (368) | (320) | |||||
Central costs | (425) | (427) | 63 | 56 | |||
Central exploration and evaluation | (110) | (110) | |||||
Net interest | |||||||
Underlying EBITDA | 14,826 | 11,547 | |||||
Reconciliation to consolidated income statement | |||||||
Share of EAUs sales and inter-subsidiary/ EAUs sales | (3,263) | (2,528) | |||||
Items excluded from underlying EBITDA | 71 | 141 | |||||
Net impairment charges | – | (122) | |||||
Impairment reversals included within share of profit after tax of EAUs | 22 | – | |||||
Depreciation and amortisation in subsidiaries excluding capitalised depreciation | (3,394) | (2,845) | |||||
Depreciation and amortisation in EAUs | (333) | (303) | (333) | (302) | |||
Taxation and finance items in EAUs | (918) | (730) | |||||
Finance items | (961) | (951) | |||||
Consolidated sales revenue/profit before taxation/depreciation and amortisation | 31,028 | 26,873 | 9,313 | 6,737 | 3,613 | 2,958 | |
Page 52 Rio Tinto 2026 Form 6-K
Financial information by business unit (continued)
Rio Tinto share of capital investment(a) for the six months ended 30 June | Operating assets(o) as at | ||||
Rio Tinto interest % | 2026 US$m | 2025 US$m Restated | 30 June 2026 US$m | 31 December 2025 US$m Restated | |
Aluminium & Lithium | |||||
Bauxite | (b) | 117 | 66 | 2,384 | 2,105 |
Alumina | (c) | 100 | 119 | 605 | 689 |
North American Aluminium | (d) | 619 | 524 | 11,114 | 11,411 |
Pacific Aluminium | (e) | 51 | 46 | 807 | 736 |
Evaluation projects/other | (f) | – | – | 529 | 281 |
Intra-segment | – | 1 | 95 | 78 | |
Aluminium | 887 | 756 | 15,534 | 15,300 | |
Lithium | (g) | 627 | 432 | 10,596 | 9,783 |
Total Aluminium & Lithium segment | 1,514 | 1,188 | 26,130 | 25,083 | |
Copper | |||||
Kennecott | 100% | 260 | 289 | 2,549 | 2,589 |
Escondida | 30% | – | – | 3,490 | 3,316 |
Oyu Tolgoi | 66% | 494 | 541 | 16,530 | 16,857 |
Evaluation projects/other | 2 | 1 | 219 | 230 | |
Total Copper segment | 756 | 831 | 22,788 | 22,992 | |
Iron Ore | |||||
Pilbara | (h) | 2,038 | 1,434 | 21,629 | 20,427 |
Iron Ore Company of Canada | 58.7% | 92 | 148 | 1,353 | 1,394 |
Dampier Salt | 68.4% | 9 | 13 | 111 | 94 |
Evaluation projects/other | (i) | – | – | 782 | 804 |
Intra-segment | (i) | – | – | (93) | (105) |
Total Iron Ore segment | 2,139 | 1,595 | 23,782 | 22,614 | |
Reportable segments total | 4,409 | 3,614 | 72,700 | 70,689 | |
Simandou iron ore project | (j) | 592 | 514 | 4,852 | 4,158 |
Rio Tinto Iron & Titanium | (k) | 158 | 105 | 3,313 | 3,270 |
Rio Tinto Borates | 100% | 23 | 26 | 412 | 438 |
Diamonds | (l) | (8) | 3 | (99) | (106) |
Other operations | (m)(n) | (165) | 19 | (715) | (718) |
Inter-segment transactions | (4) | (3) | |||
Other items | 28 | 223 | (937) | (1,163) | |
Total | 5,037 | 4,504 | 79,522 | 76,565 | |
Add back: Capital contributions received/due from non-controlling interests or third parties | 703 | 554 | |||
Less: Funding provided by the Group to EAUs | – | (331) | |||
Add back: Sales of property, plant and equipment and intangible assets | 207 | 7 | |||
Total purchases of property, plant & equipment and intangible assets as per cash flow statement | 5,947 | 4,734 | |||
Add: Net debt | (14,061) | (14,362) | |||
Equity attributable to owners of Rio Tinto | 65,461 | 62,203 | |||
Page 53 Rio Tinto 2026 Form 6-K
Financial information by business unit (continued)
Business units are classified according to the Group’s
management structure. Our management structure is based on
product groups together with global support functions whose
leaders make up the Executive Committee. The Executive
Committee members each report directly to our Chief
Executive who is the chief operating decision maker and is
responsible for allocating resources and assessing
performance of the operating segments. Finance costs and net
debt are managed on a Group-wide basis and are therefore
excluded from the segmental results
During the second half of 2025, the financial information by
business unit was updated to reflect the organisational
restructure announced on 27 August 2025. Accordingly, the
comparative information for the six months ended 30 June
2025 has been restated.
On 6 March 2025, we acquired Arcadium Lithium plc, and its
results are included in the Aluminium & Lithium product group
as part of "Lithium", together with Rincon.
The disclosures in this note include certain alternative
performance measures (non-IFRS measures). For more
information on the non-IFRS measures used by the Group,
including definitions and calculations, refer to the section titled
alternative performance measures (pages 54 to 61).
Ownership interests are 100% unless otherwise shown.
(a) | Segmental revenue and Underlying EBITDA are defined and calculated within the Alternative Performance Measures section on page 54. Rio Tinto share of capital investment is defined and calculated on page 58 |
(b) | Bauxite represents the Group’s interest in Gove and Weipa, Porto Trombetas (22%) and Sangaredi (22.9%). |
(c) | Alumina represents the Group’s interest in Jonquière (Vaudreuil), Yarwun, Queensland Alumina (80% equity and 20% additional tolling capacity in the income statement) and São Luis (Alumar) (10%). |
(d) | North American Aluminium represents the Group’s interest in Alma, Arvida, Arvida AP60, Grande-Baie, ISAL, Kitimat, Laterrière, Alouette (40%), Bécancour (25.1%), Sohar (20%) and Matalco (50%). |
(e) | Pacific Aluminium represents the Group’s interest in Bell Bay, Boyne Island (73.5%), Tiwai Point and Tomago (51.6%). |
(f) | During the period, Management responsibility of the closed Gove Refinery moved from the Group's central closure team to the Aluminium and Lithium product group. Accordingly, comparative information has been restated. |
(g) | Lithium represents the Group’s interest in Rincon and, following the acquisition of Arcadium Lithium on 6 March 2025, the following operating mines: Olaroz (67%), Hombre Muerto, assets under construction in Argentina and Canada (Nemaska 53.9% from 18 February 2026, previously 50%), undeveloped properties and downstream processing facilities in Argentina, Canada, US, UK, China, and Japan (75%). |
(h) | Pilbara represents the Group’s holding in Hamersley, Hope Downs Joint Venture (50%), Western Range Joint Venture (54%) and Robe River Iron Associates (65%). The Group’s net beneficial interest in Robe River Iron Associates is 53%, as 30% is held through a 60% owned subsidiary and 35% is held through a 100% owned subsidiary. |
(i) | Segmental revenue, Underlying EBITDA, and Operating assets within Evaluation projects/other include activities relating to the shipment and blending of Pilbara and IOC iron ore inventories held portside in China and sold to domestic customers. Transactions between Pilbara or IOC and our portside trading business are eliminated through the Iron Ore “intra-segment” line. |
(j) | Rio Tinto SimFer UK Limited (which is wholly owned by the Group) holds a 53% interest in SimFer Jersey Limited (SimFer Jersey) which in turn, has an 85% interest in SimFer S.A., the company that will carry out the Simandou mining operations in Guinea. The group consolidates the entities that are developing the SimFer scope of rail and port infrastructure and the transhipment vessels. Rio Tinto’s share of funding this construction is 53%. The WCS Rail and WCS Port businesses are accounted for under the equity method with SimFer Jersey funding 34% of the construction. Once constructed all rail and port infrastructure assets will be transferred to La Compagnie du Transguinéen S.A., a company in which SimFer Jersey has a 42.5% shareholding. |
(k) | Includes our interests in Rio Tinto Iron and Titanium Quebec Operations, QIT Madagascar Minerals (QMM, economic interest of 85%) and Richards Bay Minerals (attributable interest of 74%). |
(l) | Relates to our 100% interest in the Diavik diamond mine and diamond marketing operations. |
(m) | Other operations includes our 98.43% interest in Energy Resources of Australia, sites being rehabilitated under the management of Rio Tinto Closure, Rio Tinto Marine, and the remaining legacy liabilities of Rio Tinto Coal Australia. These include provisions for onerous contracts, in relation to rail infrastructure capacity, partly offset by financial assets and receivables relating to contingent royalties and disposal proceeds. |
(n) | From 1 January 2026, Other operations also includes balances relating to our third-party marketing business, as part of the expanded remit of the Chief Commercial Officer. |
(o) | Operating assets of the Group represents equity attributable to Rio Tinto adjusted for net debt. Operating assets of subsidiaries, joint operations and the Group’s share relating to equity accounted units are made up of net assets adjusted for net debt and post-retirement assets and liabilities, net of tax. Operating assets are stated after the deduction of non-controlling interests; these are calculated by reference to the net assets of the relevant companies (ie inclusive of such companies’ debt and amounts due to or from Rio Tinto Group companies). |
Page 54 Rio Tinto 2026 Form 6-K
Alternative performance measures
The Group presents certain alternative performance measures (non-IFRS measures) which are
reconciled to directly comparable IFRS financial measures below. These non-IFRS measures,
hereinafter referred to as alternative performance measures (APMs), are used by management to
assess the performance of the business and provide additional information, which investors may
find useful. APMs are presented in order to give further insight into the underlying business
performance of the Group's operations.
APMs are not consistently defined and calculated by all companies, including those in the Group’s
industry. Accordingly, these measures used by the Group may not be comparable with similarly
titled measures and disclosures made by other companies. Consequently, these APMs should not
be regarded as a substitute for the IFRS measures and should be considered supplementary to
those measures.
The following tables present the Group's key financial measures not defined according to IFRS
and a reconciliation between those APMs and their nearest respective IFRS measures.
APMs derived from the income statement
The following income statement measures are used by the Group to provide greater
understanding of the underlying business performance of its operations and to enhance
comparability of reporting periods. They indicate the underlying commercial and operating
performance of our assets including revenue generation, productivity and cost management.
Segmental revenue
Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of
equity accounted units (EAUs) in proportion to our equity interest (after adjusting for sales to/from
subsidiaries).
Underlying EBITDA
Underlying EBITDA represents profit before taxation, net finance items, depreciation and
amortisation adjusted to exclude the EBITDA impact of items which do not reflect the underlying
performance of our reportable segments.
The reconciliation of profit after tax to underlying EBITDA can be found in the segmental
information note on page 38.
Underlying EBITDA margin
Underlying EBITDA margin is defined as underlying EBITDA divided by the aggregate of
consolidated sales revenue and our share of equity account unit sales after eliminations.
Six months ended 30 June | 2026 US$m | 2025 US$m |
Underlying EBITDA | 14,826 | 11,547 |
Consolidated sales revenue | 31,028 | 26,873 |
Share of equity accounted unit sales and inter-subsidiary/equity accounted unit sales eliminations | 3,263 | 2,528 |
34,291 | 29,401 | |
Underlying EBITDA margin | 43% | 39% |
Page 55 Rio Tinto 2026 Form 6-K
Alternative performance measures (continued)
Underlying earnings
Underlying earnings represents net earnings attributable to the owners of Rio Tinto, adjusted to
exclude items that do not reflect the underlying performance of the Group’s operations.
Exclusions from underlying earnings are those gains and losses that, individually or in aggregate
with similar items, are of a nature and size to require exclusion in order to provide additional
insight into underlying business performance.
The following items are excluded from net earnings in arriving at underlying earnings in each
period irrespective of materiality:
•net (gains)/losses on consolidation or disposal of interests in businesses
•net impairment charges and reversals
•(profit)/loss after tax from discontinued operations
•exchange and derivative gains and losses. This adjustment includes exchange (gains)/losses
on external net debt and intragroup balances, unrealised (gains)/losses on currency and
interest rate derivatives not qualifying for hedge accounting, unrealised (gains)/losses on
certain commodity derivatives not qualifying for hedge accounting, and unrealised (gains)/
losses on embedded derivatives not qualifying for hedge accounting
•adjustments to closure provisions where the adjustment is associated with an impairment
charge, or for legacy sites where the disturbance or environmental contamination relates to the
pre-acquisition period.
In addition, there is a final judgemental category which includes, where applicable, other credits
and charges that, individually or in aggregate if of a similar type, are of a nature or size to require
exclusion in order to provide additional insight into underlying business performance. For the
periods ended 30 June 2026 and 30 June 2025, there were no items in this category.
Exclusions from underlying earnings relating to equity accounted units are stated after tax and
included in the column “Pre-tax”.
Page 56 Rio Tinto 2026 Form 6-K
Alternative performance measures (continued)
Reconciliation of net earnings to underlying earnings
Six months ended 30 June | Pre-tax 2026 US$m | Taxation 2026 US$m | Non- controlling interests 2026 US$m | Net amount 2026 US$m | Net amount 2025 US$m |
Net earnings | 9,313 | (2,119) | (530) | 6,664 | 4,528 |
Items excluded from underlying earnings | |||||
Net impairment charges (note 5) | – | – | – | – | 86 |
Impairment reversal included within share of profit after tax of equity accounted units (note 5) | (15) | — | — | (15) | – |
(Gains)/losses on consolidation and disposal of interests in businesses | (19) | – | – | (19) | – |
Foreign exchange and derivative losses/(gains): | |||||
– Exchange losses on external net debt, intragroup balances and derivatives(a) | 288 | (20) | 3 | 271 | 300 |
– Gains on currency and interest rate derivatives not qualifying for hedge accounting(b) | (8) | 2 | – | (6) | (11) |
– Gains on embedded commodity derivatives not qualifying for hedge accounting(c) | (74) | 15 | – | (59) | (99) |
Change in closure estimates (non-operating and fully impaired sites)(d) | 16 | (1) | – | 15 | 3 |
Total excluded from underlying earnings | 188 | (4) | 3 | 187 | 279 |
Underlying earnings | 9,501 | (2,123) | (527) | 6,851 | 4,807 |
(a)Exchange losses on external net debt, intragroup balances and derivatives includes post-tax losses on intragroup balances of
US$286 million (30 June 2025: US$528 million losses) offset by post-tax gains on external net debt of US$15 million (30 June
2025: US$228 million gains), primarily as a result of the Australian dollar strengthening against the US dollar compared to the
31 December 2025 spot rate.
(b)Valuation changes on currency and interest rate derivatives, which are ineligible for hedge accounting, other than those
embedded in commercial contracts, and the currency revaluation of embedded US dollar derivatives contained in contracts held
by entities whose functional currency is not the US dollar.
(c)Valuation changes on derivatives, embedded in commercial contracts (such as power purchase arrangements) that do not qualify
for hedge accounting but for which there will be an offsetting change in future Group earnings.
(d)In 2026, the charge relates to inflationary increases to the closure provisions for non-operating and fully impaired sites in excess
of the unwind of the discount. In 2025, the charge to the income statement relates to change in timing of underlying closure cash
flows for legacy sites where the environmental damage preceded ownership by Rio Tinto.
Page 57 Rio Tinto 2026 Form 6-K
Alternative performance measures (continued)
Basic underlying earnings per share
Basic underlying earnings per share is calculated as underlying earnings divided by the weighted
average number of shares outstanding during the period.
Six months ended 30 June | 2026 | 2025 |
Net earnings (US$ million) | 6,664 | 4,528 |
Weighted average number of shares (millions) | 1,625.8 | 1,623.8 |
Basic earnings per ordinary share (cents) | 409.9 | 278.8 |
Items excluded from underlying earnings per share (cents)(a) | 11.5 | 17.2 |
Basic underlying earnings per ordinary share (cents) | 421.4 | 296.0 |
(a)Calculation of items excluded from underlying earnings per share.
Six months ended 30 June | 2026 | 2025 |
Items excluded from underlying earnings (US$m) | 187.0 | 279.0 |
Weighted average number of shares (millions) | 1,625.8 | 1,623.8 |
Items excluded from underlying earnings per share (cents) | 11.5 | 17.2 |
We have provided basic underlying earnings per share as this allows the comparability of financial
performance adjusted to exclude items which do not reflect the underlying performance of the
Group's operations.
Payout ratio
The payout ratio is used by us to guide the dividend policy we implemented in 2016, under which
we have sought to return 40-60% of underlying earnings, on average through the cycle, to
shareholders as dividends. It is calculated as total equity dividends per share to owners of
Rio Tinto declared in respect of the financial year divided by underlying earnings per share (as
defined above). Dividends declared usually include an interim dividend paid in the year, and a final
dividend paid after the end of the year. Any special dividends declared in respect of the financial
year are also included.
Six months ended 30 June | 2026 (cents) | 2025 (cents) |
Interim dividend declared per share | 211.0 | 148.0 |
Underlying earnings per share | 421.4 | 296.0 |
Payout ratio | 50% | 50% |
Page 58 Rio Tinto 2026 Form 6-K
Alternative performance measures (continued)
APMs derived from cash flow statement
Rio Tinto share of capital investment
Rio Tinto’s share of capital investment represents our economic investment in capital projects.
The measure is based upon purchases of property, plant and equipment and intangible assets net
of sales of property, plant and equipment and intangible assets, adjusted to deduct equity or
shareholder loan financing provided to partially owned subsidiaries by non-controlling interests in
respect of major capital projects in the period and contributions from other third parties. In
circumstances where the funding to be provided by non-controlling interests is not received in the
same period as the underlying capital investment, this adjustment is applied in the period in which
the underlying capital investment is made, not when the funding is received. Where funding which
would otherwise be provided directly by shareholders is replaced with project financing, an
adjustment is also made to deduct the share of project financing attributable to the non-controlling
interest. This adjustment is not made in cases where Rio Tinto has unilaterally guaranteed this
project financing. Lastly, funding contributed by the Group to equity accounted units for its share of
investment in their major capital projects is added to the measure. No adjustment is made where
the expenditure is funded from the operating cash flows or debt of the EAU.
Six months ended 30 June | 2026 US$m | 2025 US$m Adjusted(a) |
Purchases of property, plant and equipment and intangible assets | 5,947 | 4,734 |
Less: Sales of property, plant and equipment and intangible assets | (207) | (7) |
Funding provided by the group to EAUs(b) | — | 331 |
Less: Capital contributions received/due from non-controlling interests or third parties(c) | (703) | (554) |
Rio Tinto share of capital investment(a) | 5,037 | 4,504 |
(a)In the second half of 2025, we revised the calculation of “Rio Tinto share of capital investment” to include “sales of property, plant
and equipment and intangible assets”. Accordingly, we have adjusted prior period comparatives for comparability.
(b)In 2025, funding provided by the group to EAUs relates to funding of WCS Rail and Port Holding Entities (WCS) in relation to the
Simandou project, consisting of a direct equity investment in WCS of US$148 million and loans provided totalling US$183 million.
(c)We received US$898 million (30 June 2025: US$667 million) from Chalco Iron Ore Holdings Ltd (CIOH) of which US$525 million
(30 June 2025: US$456 million) relates to CIOH’s 47% share of capital expenditure incurred on the Simandou project on an
accrual basis and, in 2025, associated funding provided by the Group to EAUs during the period. We also received
US$127 million (30 June 2025: US$89 million) from Investissement Québec (IQ) in respect of their share of capital expenditure
incurred on the Nemaska lithium development project. The equivalent amount, on an accruals basis, of US$120 million (30 June
2025: US$98 million) is included in Rio Tinto share of capital investment.
Page 59 Rio Tinto 2026 Form 6-K
Alternative performance measures (continued)
Free cash flow
Free cash flow is defined as net cash generated from operating activities minus Rio Tinto share of
capital investment and lease principal payments.
This measures the net cash returned by the business after the expenditure of sustaining and
development capital, and can be used for shareholder returns, reducing debt and other investing/
financing activities.
Six months ended 30 June 2026 (US$m) | Aluminium & Lithium | Copper | Iron Ore | Other operations | Total |
Net cash generated from operating activities | 2,156 | 3,910 | 5,186 | (2,079) | 9,173 |
Less: Rio Tinto share of capital investment | (1,514) | (756) | (2,139) | (628) | (5,037) |
Less: Lease principal payments | (33) | (5) | (67) | (197) | (302) |
Free cash flow | 609 | 3,149 | 2,980 | (2,904) | 3,834 |
Adjusted(a) | |||||
Six months ended 30 June 2025 (US$m) | Aluminium & Lithium | Copper | Iron Ore | Other operations | Total |
Net cash generated from operating activities | 1,777 | 1,577 | 4,776 | (1,206) | 6,924 |
Less: Rio Tinto share of capital investment | (1,188) | (831) | (1,595) | (890) | (4,504) |
Less: Lease principal payments | (22) | (4) | (56) | (153) | (235) |
Free cash flow | 567 | 742 | 3,125 | (2,249) | 2,185 |
a.During the period, we have revised the calculation of "Free cash flow" to better reflect our economic share of Free cash flow. The
updated calculation now includes Rio Tinto share of capital investment in place of purchases of property, plant and equipment and
intangible assets less sales of those assets. Accordingly, the comparative information for the six months ended 30 June 2025 has
been restated.
Page 60 Rio Tinto 2026 Form 6-K
Alternative performance measures (continued)
APMs derived from the balance sheet
Net debt
Net debt is total borrowings plus lease liabilities less cash and cash equivalents and other liquid
investments, adjusted for derivatives related to net debt.
Net debt measures how we are managing our balance sheet and capital structure.
Six months ended 30 June 2026 | ||||||
Financial liabilities | ||||||
Borrowings excluding overdrafts (a) US$m | Lease liabilities (b) US$m | Derivatives related to net debt (c) US$m | Cash and cash equivalents including overdrafts (a) US$m | Other investments (d) US$m | Net debt US$m | |
At 1 January | (21,924) | (1,586) | (80) | 8,865 | 363 | (14,362) |
Foreign exchange adjustment | 10 | (6) | (10) | (24) | 15 | (15) |
Net cash movements excluding exchange movements | 257 | 302 | – | 72 | (237) | 394 |
Other non-cash movements | 243 | (148) | (173) | – | – | (78) |
At 30 June | (21,414) | (1,438) | (263) | 8,913 | 141 | (14,061) |
(a)Borrowings excluding overdrafts of US$21,414 million (31 December 2025: US$21,924 million) differs from Borrowings on the
balance sheet as it excludes bank overdrafts of nil (31 December 2025: US$7 million) which has been included in cash and cash
equivalents for the net debt reconciliation.
(b)Other non-cash movements in lease liabilities include the net impact of additions, modifications and terminations during the
period.
(c)Included within derivatives related to net debt are interest rate and cross-currency interest rate swaps that are in hedge
relationships with the Group’s debt.
(d)Other investments includes US$141 million (31 December 2025: US$363 million) of term deposits with a maturity greater than 3
months.
Net gearing ratio
Net gearing ratio is defined as net debt divided by the sum of net debt and total equity at the end
of each period. It demonstrates the degree to which the Group’s operations are funded by debt
versus equity.
30 June 2026 US$m | 31 December 2025 US$m | |
Net debt | 14,061 | 14,362 |
Total equity | 71,700 | 67,024 |
Net debt plus total equity | 85,761 | 81,386 |
Net gearing ratio | 16% | 18% |
Page 61 Rio Tinto 2026 Form 6-K
Alternative performance measures (continued)
Underlying return on capital employed
Underlying return on capital employed (ROCE) is defined as underlying earnings excluding net
interest divided by average capital employed (operating assets).
Underlying ROCE measures how efficiently we generate profits from investment in our portfolio of
assets.
Six months ended 30 June | 2026 US$m | 2025 US$m |
Profit after tax attributable to owners of Rio Tinto (net earnings) | 6,664 | 4,528 |
Items added back to derive underlying earnings | 187 | 279 |
Underlying earnings | 6,851 | 4,807 |
Add/(deduct): | ||
Finance income per the income statement | (193) | (248) |
Finance costs per the income statement | 429 | 544 |
Tax on finance cost | (38) | (57) |
Non-controlling interest share of net finance costs | (258) | (285) |
Net interest cost in equity accounted units (Rio Tinto share) | — | 28 |
Net interest | (60) | (18) |
Calculated earnings for underlying ROCE | 6,791 | 4,789 |
Annualised adjusted underlying earnings | 13,582 | 9,578 |
Equity attributable to owners of Rio Tinto - beginning of the period | 62,203 | 55,246 |
Net debt - beginning of the period | 14,362 | 5,491 |
Operating assets - beginning of the period | 76,565 | 60,737 |
Equity attributable to owners of Rio Tinto - end of the period | 65,461 | 58,203 |
Net debt - end of the period | 14,061 | 14,597 |
Operating assets - end of the period | 79,522 | 72,800 |
Average operating assets | 78,043 | 66,769 |
Underlying return on capital employed | 17% | 14% |
Page 62 Rio Tinto 2026 Form 6-K
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, standard 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 2025 Form 20-F 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.
Page 63 Rio Tinto 2026 Form 6-K
About Rio Tinto
Rio Tinto is a leading global mining and materials company headquartered in the UK. We have a
dual-listed structure, with the businesses of Rio Tinto plc, listed on the London Stock Exchange
and the New York Stock Exchange, and Rio Tinto Limited, listed on the Australian Stock
Exchange, managed as one company with a single board of directors.
Rio Tinto’s business is finding, mining, and processing mineral resources. Major products includes
iron ore, aluminium, copper and lithium. Activities span the world and are strongly represented in
Australia and North America, with significant businesses in Asia, Europe, Africa and South
America.
Contacts | Please direct all enquiries to media.enquiries@riotinto.com |
Media Relations, United Kingdom Matthew Klar M +44 7796 630 637 David Outhwaite M +44 7787 597 493 | Media Relations, Australia Matt Chambers M +61 433 525 739 Alesha Anderson M +61 434 868 118 Rachel Pupazzoni M +61 438 875 469 Bruce Tobin M +61 419 103 454 | Media Relations, Canada Malika Cherry M +1 418 592 7293 Vanessa Damha M +1 514 715 2152 |
Investor Relations, United Kingdom Rachel Arellano M +44 7584 609 644 David Ovington M +44 7920 010 978 Laura Brooks M +44 7826 942 797 Weiwei Hu M +44 7825 907 230 | Investor Relations, Australia Tom Gallop M +61 439 353 948 Eddie Gan-Och M +61 477 599 714 | Media Relations, US & Latin America Jesse Riseborough M +1 202 394 9480 |
Rio Tinto plc 6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000 Registered in England No. 719885 | Rio Tinto Limited Level 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404 |
riotinto.com
This announcement is authorised for release to the market by Rio Tinto’s Group Company
Secretary.
UK LEI: 213800YOEO5OQ72G2R82
AU LEI: 529900X2VMAQT2PE0V24
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