Rio Tinto Plc · LSE:RIO

Rio Tinto — FY2024 Earnings Presentation

38 slides from Rio Tinto's earnings presentation, Feb 19, 2025

Slide 2: 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. Forward-looking stateme
Slide 3: Jakob Stausholm, Chief Executive
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 4: We have excellent momentum on our value-adding growth
We have excellent momentum on our value-adding growth Copper equivalent production1 ↑ ~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 reductions and record
Slide 5: Strong operational and financial results
Strong operational and financial results1 Sales volumes (CuEq)2 Underlying EBITDA 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% Iron ore Strategic inve
Slide 7: Strong financial performance
Strong financial performance 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 effective working capital
Slide 8: Well positioned to deliver materials for the energy transition
Well positioned to deliver materials for the energy transition China commodity demand (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 ▪ Shifting to advanced manu
Slide 9: Greater diversification & cost discipline drive our financial strength
Greater diversification & cost discipline drive our financial strength Resilient underlying EBITDA $bn 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 & aluminium, Copper ris
Slide 10: Solid operational execution and disciplined cost management
Solid operational execution and disciplined cost management Underlying EBITDA $bn 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 material Iron ore2 -2.9
Slide 11: Rising contribution from aluminium and copper to our results
Rising contribution from aluminium and copper to our results Iron Ore Aluminium Copper Minerals Focused productivity Strong bauxite and aluminium Oyu Tolgoi successfully Weaker markets, and cost control production, favourable pricing ramping up challenges at IOC $bn, except where stated 2024 vs 2023
Slide 12: Best Operator is delivering excellent results for bauxite
Best Operator is delivering excellent results for bauxite 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 54 55 55 59 underlying
Slide 13: Best Operator excellence at Oyu Tolgoi
Best Operator excellence at Oyu Tolgoi 2025 – pivotal year of transformation with increasing production and grade 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 drawbells on conveyor to ven
Slide 14: Finding solutions to complex challenges
Finding solutions to complex challenges 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% increase in refined run-rate
Slide 15: 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 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 Credit rating S&P A Mainta
Slide 16: Committed to consistent shareholder returns
Committed to consistent shareholder returns 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 of our policy 9-year t
Slide 18: Continued successful execution in 2024
Continued successful execution in 2024 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 performance and successfully
Slide 19: Accelerating growth in 2025 and beyond
Accelerating growth in 2025 and beyond 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: another 5Mt SPS uplift
Slide 20: 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) Global emissions Rio Tinto emissions Meeting targets 120 4 On track to achieve 50% CO2 3.6 reduction by 2030, supported by 90% renewable elect
Slide 21: We have an 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 Excellent growth Leadership in Delivering consistent shareholder momentum project development value as we diversify our portfolio Rincon, Argentina ©2025, Rio Tinto, All Rights R
Slide 22: Rio Tinto
RioTinto
Slide 25: Debt maturity profile
Debt maturity profile At 31 December 20241 $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 Group debt) 500 • Liquidi
Slide 26: Simplified earnings by Business Unit for 2024
Simplified earnings by Business Unit for 2024 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/t2 $273/t2 77c/lb $(1)
Slide 27: Iron Ore
Iron Ore Financial metrics 2023 2025 Shipments3 2025 ($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% -4pp Yandicoogina 46.0
Slide 28: Aluminium
Aluminium Financial metrics 2023 Production 2025 ($bn) 2024 comparison (Mt, Rio Tinto share) guidance 2024 2023 2022 2021 2020 Segmental revenue 13.7 +11% Bauxite 57 – 59 58.7 54.6 54.6 54.3 56.1 EBITDA 3.7 +61% Alumina 7.4 – 7.8 7.3 7.5 7.5 7.9 8.0 Margin (integrated operations) 30% +9pp Aluminium
Slide 29: Composition of alumina and aluminium production costs
Composition of alumina and aluminium production costs Production cash costs Input Inventory FY24 Annual H1 2023 H2 2023 H1 2024 H2 2024 Costs (Index price) Flow3 Cost Sensitivity Alumina refining 100% 100% 100% 100% 100% 100% Caustic Soda1 ($/t) 424 369 376 430 3 – 4 months $11m per $10/t 13% 13% 13
Slide 30: Copper
Copper Financial metrics 2023 2025 Production 2025 ($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 (integrated operation
Slide 31: Minerals
Minerals 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 group Titanium dioxide
Slide 32: Net debt reconciliation, including Simandou investments
Net debt reconciliation, including Simandou investments $bn 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 direct equity investmen
Slide 34: Production guidance
Production guidance 2024 Actual 2025 Guidance 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 – 7.8Mt Aluminium 3.3Mt 3.
Slide 35: Group level financial guidance
Group level financial guidance 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 Decarbonisation capital $
Slide 36: Definitions and common acronyms
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 B2O3 Boric oxide FY Full Year S&P Standard & Poor’s carbon price Calculation: bbl one barrel GJ Gigajoules T Tonne
Slide 37: Useful reference material
Useful reference material 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 Fact Book Fact Book Fina
Slide 38: Contacts
Contacts 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 Rio Tinto Limited 6 St

Rio Tinto Group — FY2024 Earnings Presentation on 6ix

Rio Tinto — FY2024 Earnings Presentation

Slide 1: 2024 Full Year Results

Slide 2: Cautionary and supporting statements

Slide 3: Jakob Stausholm, Chief Executive

Slide 4: We have excellent momentum on our value-adding growth

Slide 5: Strong operational and financial results

Slide 6: Peter Cunningham, Chief Financial Officer

Slide 7: Strong financial performance

Slide 8: Well positioned to deliver materials for the energy transition

Slide 9: Greater diversification & cost discipline drive our financial strength

Slide 10: Solid operational execution and disciplined cost management

Slide 11: Rising contribution from aluminium and copper to our results

Slide 12: Best Operator is delivering excellent results for bauxite

Slide 13: Best Operator excellence at Oyu Tolgoi

Slide 14: Finding solutions to complex challenges

Slide 15: Retaining a strong balance sheet as we invest in our future

Slide 16: Committed to consistent shareholder returns

Slide 17: Jakob Stausholm, Chief Executive

Slide 18: Continued successful execution in 2024

Slide 19: Accelerating growth in 2025 and beyond

Slide 20: Material progress in reducing our emissions

Slide 21: We have an excellent team, on track to deliver significant future growth

Slide 22: Rio Tinto

Slide 23: Appendix

Slide 24: Other financials appendix

Slide 25: Debt maturity profile

Slide 26: Simplified earnings by Business Unit for 2024

Slide 27: Iron Ore

Slide 28: Aluminium

Slide 29: Composition of alumina and aluminium production costs

Slide 30: Copper

Slide 31: Minerals

Slide 32: Net debt reconciliation, including Simandou investments

Slide 33: Guidance

Slide 34: Production guidance

Slide 35: Group level financial guidance

Slide 36: Definitions and common acronyms

Slide 37: Useful reference material

Slide 38: Contacts