Slide 1: Notice to ASX: 2024 Full year results presentation
Notice to ASX 2024 Full year results presentation 19 February 2025 Rio Tinto’s 2024 full year results presentation will be given at 8.00pm (19 February GMT) / 7.00am (20 February AEDT) by our Chief Executive, Jakob Stausholm and Chief Financial Officer, Peter Cunningham. The presentation slides are
Slide 2: Notice to ASX Contacts
Notice to ASX Contacts Please direct all enquiries to media.enquiries@riotinto.com Media Relations, Media Relations, Media Relations, United Kingdom Australia Canada David Outhwaite Matt Chambers Simon Letendre M +44 7787 597 493 M +61 433 525 739 M +1 514 796 4973 Michelle Lee Malika Cherry M +61 4
Slide 3: 2024 Full Year Results
For personal use only 2024 Full Year Results 19 February 2025 ©2025, Rio Tinto, All Rights Reserved Oyu Tolgoi, Mongolia
Slide 4: Cautionary and supporting statements
Cautionary and supporting statements This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (together with their subsidiaries,“Rio Tinto”). By accessing/attending this presentation you acknowledge that you have read and understood the following statements. For personal use only F
Slide 5: Jakob Stausholm, Chief Executive
For personal use only Jakob Stausholm Chief Executive We continue to build on our momentum, with another set of strong operational and financial results. Simandou, Guinea ©2025, Rio Tinto, All Rights Reserved 3
Slide 6: We have excellent momentum on our value-adding growth
We have excellent momentum on our value-adding growth Copper equivalent production1 For personal use only ↑ ~4%2 Best Operator Simandou rail loop, Guinea YoY ↑ 1% Intensifying our focus following strong operating ↑ 3% YoY results in 2024 YoY ↑ 1% YoY Impeccable ESG Substantial progress in emissions
Slide 7: Strong operational and financial results
Strong operational and financial results1 Sales volumes (CuEq)2 Underlying EBITDA For personal use only 3% $23.3 bn Year-on-year change 2% year-on-year Strong performance Underpinned by our increasingly Net operating cash flow by product group,% 16% diversified portfolio 5% 3%3% 4% 21% 58% 12% 14% I
Slide 8: Peter Cunningham, Chief Financial Officer
For personal use only Peter Cunningham Chief Financial Officer Gove, Australia ©2025, Rio Tinto, All Rights Reserved 6
Slide 9: Strong financial performance
Strong financial performance For personal use only Resilient financials $bn, except where stated 2024 2023 Comparison Despite 11% decrease in iron ore price2 Consolidated sales revenue 53.7 54.0 -1% Underlying EBITDA 23.3 23.9 -2% Strong cash generation Underlying ROCE 18% 20% -2pp Supported by effe
Slide 10: Well positioned to deliver materials for the energy transition
Well positioned to deliver materials for the energy transition China commodity demand For personal use only (Mt) 1 Property – weakness offset by other sectors Finished steel Copper Aluminium semis +1% +20% +21% 869 876 17 50 2 Consumer & industry – supportive 26 1 90 14 42 9 Energy transition1 ▪ Shi
Slide 11: Greater diversification & cost discipline drive our financial strength
Greater diversification & cost discipline drive our financial strength Resilient underlying EBITDA $bn For personal use only 23.9 23.3 Underlying EBITDA Only 2% decrease despite 11% lower iron ore price Capitalising on our diversifying portfolio Iron ore Aluminium Higher prices for copper, bauxite &
Slide 12: Solid operational execution and disciplined cost management
Solid operational execution and disciplined cost management Underlying EBITDA $bn For personal use only External -$1.3bn Controllables +$0.7bn 23.9 23.3 1.6 22.6 0.3 0.1 0.1 0.3 0.1 0.2 Aluminium1 +0.8 Energy +0.2 Copper +0.7 Aluminium1 +0.2 Copper +0.6 Aluminium Iron Ore -0.5 Copper +0.3 +0.5 raw m
Slide 13: Rising contribution from aluminium and copper to our results
Rising contribution from aluminium and copper to our results Iron Ore Aluminium Copper Minerals For personal use only Focused productivity Strong bauxite and aluminium Oyu Tolgoi successfully Weaker markets, and cost control production, favourable pricing ramping up challenges at IOC $bn, except whe
Slide 14: Best Operator is delivering excellent results for bauxite
Best Operator is delivering excellent results for bauxite For personal use only Bauxite production Mt +8% Guidance SPS driven improvements since 2021 59 57 - 59 55 56 54 55 55 ▪ 7%1 uplift in production ▪ 2024 exceeded guidance - annual records at Gove and Amrun ▪ ~90% improvement in bauxite 55 56 5
Slide 15: Best Operator excellence at Oyu Tolgoi
Best Operator excellence at Oyu Tolgoi 2025 – pivotal year of transformation with increasing production and grade For personal use only 2024: achieved all ramp-up milestones to date 2025: complete core underground infrastructure 124 of 124 First ore Shaft 3 & 4 Q2 2025 Q3 2025 Q4 2025 Panel 0 drawbe
Slide 16: Finding solutions to complex challenges
Finding solutions to complex challenges For personal use only Stabilising operations Maximising capacity Deepening partnerships Decarbonising for value Kennecott: rebuilt smelter and Gudai-Darri: demonstrated 50Mtpa Winu: derisked with trusted partner Boyne: concluded agreements achieved 78% increas
Slide 17: Retaining a strong balance sheet as we invest in our future
Retaining a strong balance sheet as we invest in our future Share of capital investment and net debt ~11 ~10-11 $bn For personal use only 9.5 7.4 6.8 7.0 6.2 5.5 5.5 4.2 4.2 3.7 0.7 -1.6 2019 2020 2021 2022 2023 2024 2025F Mid-term guidance Sustaining Replacement Decarbonisation Growth Net debt Cred
Slide 18: Committed to consistent shareholder returns
Committed to consistent shareholder returns For personal use only Policy of 40-60% of underlying earnings on average through the cycle Payout ratio (%)1 60% payout for ordinary 60 60 60 60 60 60 60 60 60 dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 Consistently at top end Ordinary dividend
Slide 19: Jakob Stausholm, Chief Executive
For personal use only Jakob Stausholm Chief Executive Oyu Tolgoi, Mongolia ©2025, Rio Tinto, All Rights Reserved 17
Slide 20: Continued successful execution in 2024
Continued successful execution in 2024 For personal use only Momentum Excelling in Portfolio towards project diversification Best Operator development well underway Bauxite: production up 7%1 Oyu Tolgoi copper-gold: critical milestones Creating a world-class lithium business Aluminium: stable perfor
Slide 21: Accelerating growth in 2025 and beyond
Accelerating growth in 2025 and beyond For personal use only 2025 2024 - 2033 ~4%1 growth at mid-point of guidance Ambition for ~3%2 CAGR production growth Copper ramp-up Iron ore cornerstone Ambition for 1Mtpa of copper this Growth in high-grade iron ore decade Oyu Tolgoi: >50% production Pilbara:
Slide 22: Material progress in reducing our emissions
Material progress in reducing our emissions Our emissions reductions since 2018 (indexed)1 Record year for project approvals to meet future targets (Mt CO2e) For personal use only Global emissions Rio Tinto emissions Meeting targets 120 4 On track to achieve 50% CO2 3.6 reduction by 2030, supported
Slide 23: Excellent team on track to deliver significant future growth
We have an excellent team, and together we are on track to deliver significant future growth, creating value at each step For personal use only Excellent growth Leadership in Delivering consistent shareholder momentum project development value as we diversify our portfolio Rincon, Argentina ©2025, R
Slide 24: For personal use only
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Slide 25: Appendix
Appendix For personal use only Simandou, Guinea ©2025, Rio Tinto, All Rights Reserved 23
Slide 26: Other financials appendix
For personal use only Other financials appendix ©2025, Rio Tinto, All Rights Reserved 24
Slide 27: Debt maturity profile
Debt maturity profile At 31 December 20241 For personal use only $m 2,000 • €417m bond with 2.875% coupon 1,500 matured in December 2024 • No further corporate bond maturities until 2028 1,000 • At 31 December weighted average outstanding debt maturity of corporate bonds ~15 years (~11 years for Gro
Slide 28: Simplified earnings by Business Unit for 2024
Simplified earnings by Business Unit for 2024 For personal use only Atlantic Aluminium Pacific Aluminium Copper Pilbara Sales volume 2,240kt 1,049kt 756kt5 284.6Mt8 Average benchmark price $2,419/t $2,419/t 415c/lb6 $98.4/dmt9 Premiums, provisional pricing, by-product sales, product mix, other $483/
Slide 29: Iron Ore
Iron Ore For personal use only Financial metrics 2023 2025 Shipments3 2025 ($bn) 2024 comparison guidance (Mt, 100% basis) guidance 2024 2023 2022 2021 2020 Segmental revenue 29.3 -9% Pilbara Blend 185.9 201.5 203.9 202.9 232.7 EBITDA 16.2 -19% Robe Valley 31.9 29.3 25.5 25.2 30.3 Margin (FOB)3 65%
Slide 30: Aluminium
Aluminium For personal use only Financial metrics 2023 Production 2025 ($bn) 2024 comparison (Mt, Rio Tinto share) guidance 2024 2023 2022 2021 2020 Segmental revenue 13.7 +11% Bauxite 57 – 59 58.7 54.6 54.6 54.3 56.1 EBITDA 3.7 +61% Alumina 7.4 – 7.8 7.3 7.5 7.5 7.9 8.0 Margin (integrated operation
Slide 31: Composition of alumina and aluminium production costs
Composition of alumina and aluminium production costs Production cash costs For personal use only Input Inventory FY24 Annual H1 2023 H2 2023 H1 2024 H2 2024 Costs (Index price) Flow3 Cost Sensitivity Alumina refining 100% 100% 100% 100% 100% 100% Caustic Soda1 ($/t) 424 369 376 430 3 – 4 months $11
Slide 32: Copper
Copper For personal use only Financial metrics 2023 2025 Production 2025 ($bn) 2024 comparison guidance (kt, Rio Tinto share) guidance 2024 2023 2022 2021 2020 Mined copper Segmental revenue 9.3 +39% 697 620 607 602 627 (consolidated basis)5 EBITDA1 3.4 +75% Refined copper 248 175 209 202 155 Margin
Slide 33: Minerals
Minerals For personal use only Financial metrics Production 2025 ($bn) 2024 2023 comparison (Rio Tinto share) guidance 2024 2023 2022 2021 2020 Segmental revenue 5.5 -7% IOC (Mt) 9.7 – 11.4 9.4 9.7 10.3 9.7 10.4 EBITDA 1.1 -24% Borates – B2O3 content (kt) ~0.5Mt 504 495 532 488 480 Margin (product g
Slide 34: Net debt reconciliation, including Simandou investments
Net debt reconciliation, including Simandou investments $bn For personal use only Net debt as of December 2023 (4.2) Net operating cashflow 15.6 Capital expenditure (9.6) Includes $1.8bn Simandou capex Lease principal payments (0.5) Free cash flow 5.6 Funding to WCS rail and port entities, • $431m d
Slide 35: Guidance
For personal use only Guidance ©2025, Rio Tinto, All Rights Reserved 33
Slide 36: Production guidance
Production guidance 2024 Actual 2025 Guidance For personal use only Pilbara iron ore shipments1 (100% basis) 328.6Mt 323 – 338Mt Copper Copper consolidated 792.6kt 780 – 850kt3 Mined Copper (consolidated basis)2 697.1kt Refined Copper 248.3kt Aluminium Bauxite 58.7Mt 57 – 59Mt Alumina 7.3Mt 7.4 – 7.
Slide 37: Group level financial guidance
Group level financial guidance For personal use only 2024 Actual 2025F Mid-term (per year) Share of capital investment Total Group $9.6bn ~$11bn ~$10-11bn Growth capital $2.6bn ~$3.0bn Sustaining capital $4.2bn ~$4.0bn Including Pilbara sustaining1 $2bn ~$2.0bn Replacement capital $2.5bn ~$3-4bn Dec
Slide 38: Common acronyms and definitions
Common acronyms Definitions $ United States dollar FTE Full time equivalent RT Share Rio Tinto Share Calculated The levelised marginal cost of abatement at abatement a zero carbon price Standard & Poor’s For personal use only B2O3 Boric oxide FY Full Year S&P carbon price Calculation: bbl one barrel
Slide 39: Useful reference material
Useful reference material For personal use only Annual Report 2024 Annual Report 2024 Annual Results 2024 - release Annual results 2024 Quarterly operations review Quarterly operation review Investor Seminars Investor Seminars Sustainability Sustainability Presentations and webcasts Presentations Fa
Slide 40: Contacts
Contacts For personal use only Investor Relations, United Kingdom Investor Relations, Australia Rachel Arellano Tom Gallop M +44 7584 609 644 M +61 439 353 948 David Ovington Amar Jambaa M +44 7920 010 978 M +61 472 865 948 Laura Brooks M +44 7826 942 797 Weiwei Hu M +44 7825 907 230 Rio Tinto plc R