Rio Tinto Plc (LON:RIO) has announced its half year results 2026.
Rio Tinto Chief Executive Simon Trott said: “We achieved a step-change in performance in the first half, which, alongside favourable commodity prices, delivered a 28 per cent increase in underlying EBITDA and a 75 per cent rise in free cash flow.
“Our continued investment in growth drove a 3 per cent increase in copper equivalent production1 and further strengthened our portfolio diversification, with Copper, Aluminium and Lithium contributing more than 50 per cent of underlying EBITDA.
“Our strong performance is underpinned by accelerating productivity across the business. We have already banked $870 million of productivity benefits and are on track to reach an annualised run-rate of $1.8 billion by year-end, with significantly more to come as our multi-year program continues to scale.
“Our strong cash flow and balance sheet allow us to declare a $3.4 billion interim ordinary dividend, up 43 per cent, as we continue to invest in high-returning growth.”
1. Executive Summary
• +3% CuEq production growth1 in the first half underpinned by strong operational delivery with higher production across key commodities and execution of major growth projects in iron ore (Simandou) and lithium.
• Step-change in financial performance, generating underlying EBITDA3 of $14.8 billion (+28%), and free cash flow3 of $3.8 billion (+75%).
• Profit after tax attributable to owners of Rio Tinto of $6.7 billion (+47%), with underlying earnings3 of $6.9 billion (+43%) driving an underlying return on capital employed (ROCE)3 of 17%. Taxes and government royalties were $5.6 billion2.
• Strong cash generation with $9.2 billion of operating cash flow (+32%) supporting continued investment in our world-class growth pipeline, while maintaining a strong balance sheet.
• Interim ordinary dividend of $3.4 billion (+43%), with an interim payout ratio of 50%.
| Six months ended 30 June | 2026 | 2025 | Change |
| Net cash generated from operating activities (US$ 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 64 to 71. We have refined our definition of free cash flow to include Rio Tinto share of capital investment effective from our H1 2026 financial results.
2. Our strategic pillars – maximising our potential
Transforming the way we work to deliver a step-change in performance.
| 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.
3. Guidance
2026 production and sales guidance maintained
| Production and sales2 | Units | H1 2026 | 2026 Guidance1 |
| Copper production (consolidated) | kt | 442 | 800 – 870 |
| Total iron ore sales3 | Mt4 | 164.5 | 343 – 366 |
| Pilbara sales (100% basis) | Mt4 | 157.7 | 323 – 338 |
| Simandou sales (100% basis) | Mt4 | 0.4 | 5 – 10 |
| IOC5 sales (100% basis) | Mt4 | 6.5 | 15 – 18 |
| Aluminium & Lithium | |||
| Bauxite production | Mt | 28.5 | 58 – 61 |
| Alumina production6 | Mt | 4.0 | 7.6 – 8.0 |
| Aluminium production7 | Mt | 1.68 | 3.25 – 3.45 |
| Lithium carbonate equivalent (LCE) production8 | kt | 27.3 | 61 – 64 |
1. Guidance remains subject to weather impacts. Pilbara iron ore guidance remains subject to the timing of approvals for planned mining areas and heritage clearances.
2. Rio Tinto share unless otherwise stated.
3. Includes all shipments from Pilbara and IOC, including those to our Portside trading business; excludes shipments from our Portside trading business. It also includes Simandou sales, where there is a ~2-3 month lag between mine gate production and sales for railing, shipping to China and tertiary crushing.
4. Wet metric tonnes.
5. Iron Ore Company of Canada.
6. QAL production now included on a 100% basis.
7. Includes primary aluminium only.
8. 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).
Unit cost guidance maintained
| H1 2026 | 2026 Guidance | |
| Pilbara iron ore unit cash costs, free on board (FOB) basis – US$ per wet metric tonne | 25.0 | 23.5 – 25.01 |
| Australian dollar exchange rate | 0.70 | 0.67 |
| Copper C1 net unit costs (Kennecott, Oyu Tolgoi and Escondida) – US cents per lb | (24.7) | 30-502 |
• Pilbara unit cost guidance: Diesel prices increased from ~$85/bbl to ~$140/bbl during H1, resulting in a ~$0.8/t YoY increase in unit costs in H1. A US$10/bbl increase in diesel price is estimated to impact full year Pilbara unit costs by ~$0.15/t3.
• Copper C1 net unit costs reduced: Guidance range reduced to US 30 – 50c/lb on 15 July (from US 65 – 75c/lb) due to higher than expected gold prices and productivity improvements.
1. Subject to the impact of higher diesel prices and foreign exchange.
2. Gold price assumption is $4,026/oz (spot price as at 30 June 2026).
3. There will be timing differences between market rates and realised diesel prices due to contractual agreements.
Share of capital investment guidance maintained1
| $bn | H1 2026 | 2026 Guidance |
| Growth capital | 1.3 | Up to 3.0 |
| Sustaining capital | 1.8 | ~4.0 |
| Replacement capital | 1.9 | ~3-4 |
| Decarbonisation capital | 0.04 | ~0.2 |
| Total Group | 5.0 | Up to 11 |
| Effective tax rate | 25.2 % | ~25% (previously ~30%) |
1. Based on an Australian dollar exchange rate of 0.67.
Other guidance for 2026
Effective tax rate guidance lowered
• The full year 2026 effective tax rate on underlying earnings is expected to be ~25% (prior guidance ~30%). In H1 2026, the rate was 25.2% (34.5% in H1 2025), reflecting the utilisation of previously unrecognised deferred tax assets and geographic spread of profits. The effective tax rate is expected to return to ~30% from 2027.
Exploration and Evaluation expense (E&E) maintained
• Our reported E&E expenditure is expected to be up to $1.0 billion in 2026, including spend associated with the land exchange for Resolution. The expected investment on a Rio Tinto share basis (net of JV partner share), remains in line with previous guidance of ~$0.8bn.
• Pre-tax and pre-divestment expenditure on E&E charged to the profit and loss account in H1 2026 was $480 million compared with $334 million in 2025, as we progress our next generation growth options at Resolution (we fund 55%) and Winu. Approximately 57% of the spend was by the Copper product group, 25% by central exploration and other operations and 18% by the Iron Ore product group.
Closure activities cash spend maintained
• Annual cash expenditure on closure activities is expected to be approximately $1 billion over the coming years as rehabilitation continues across our operations and progress work at Argyle, Diavik, Energy Resources of Australia (ERA) (under a Management Service Agreement), the Gove alumina refinery and other legacy sites, together with progressive closure activity across our operations.
• Annual spend will vary from year to year as we execute individual programs of work and optimise investment across the portfolio. All these amounts are fully provided for within the Group’s provision for closure costs of $18.9 billion as of 30 June 2026.
4. Price and exchange rate sensitivities
The following sensitivities give the estimated effect on underlying EBITDA, assuming that each price or exchange rate moved in isolation. The relationship between currencies and commodity prices is a complex one; movements in exchange rates can affect movements in commodity prices and vice versa. The exchange rate sensitivities quoted here include the effect on operating costs of movements in exchange rates, but do not include the effect of the revaluation of foreign currency working capital. They should be used with care.
| Average publishedprice/exchange rate for H1 2026 | US$ million impact on12 monthsunderlying EBITDAof a 10% changein prices/exchange rates | |
| Aluminium (LME) – US$ per tonne | 3,382 | 1,260 |
| Copper (LME) – US cents per pound | 593 | 1,134 |
| Gold – US$ per troy ounce | 4,693 | 291 |
| Iron ore realised price (FOB basis) – US$ per dry metric tonne | 92.6 | 2,344 |
| Lithium carbonate (spot, $/t CIF China, Japan & Korea) | 20,714 | 131 |
| Australian dollar against the US dollar | 0.70 | 1,210 |
| Canadian dollar against the US dollar | 0.73 | 301 |
| Oil (Brent) – US per barrel | 92 | 175 |
5. Market data
Index prices
| Index prices | Start of H1(01/01/26) | End of H1(30/06/26) | % changeStart – end H1 | H1 2026 average | H1 2025 average | % change YoY |
| Iron ore ($/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.
