Rio Tinto Plc · LSE:RIO
Rio Tinto — H1 2025 Earnings Presentation
42 slides from Rio Tinto's earnings presentation, Jul 30, 2025
Slide 1: Notice to ASX: 2025 Half Year Results Presentation
Notice to ASX 2025 Half Year Results Presentation 30 July 2025 The Rio Tinto 2025 half year results presentation will be given today at 9:30am (BST) / 6:30pm (AEST) by Rio Tinto Chief Executive, Jakob Stausholm and Chief Financial Officer, Peter Cunningham. The presentation slides are attached and w
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 Matthew Klar Matt Chambers Simon Letendre M +44 7796 630 637 M +61 433 525 739 M +1 514 796 4973 David Outhwaite Bruce Tobin Malika Ch
Slide 3: 2025 Half Year Results
For personal use only 2025 Half Year Results 30 July 2025 Western Range, Pilbara, June 2025 ©2025, Rio Tinto, All Rights Reserved 1
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
Jakob Stausholm For personal use only Chief Executive “ We are delivering very resilient financial results, with an improving operational performance helped by our increasingly diversified portfolio.” ©2025, Rio Tinto, All Rights Reserved Oyu Tolgoi, Mongolia 3
Slide 6: Strategic investment and best-in-class project execution drives our growth
Strategic investment and best-in-class project execution drives our growth For personal use only H1 2025 CuEq production4 growth 6% 5 vs H1 2024 Best Operator Impeccable ESG Excel in development Social licence Mid-term CuEq production4 Bauxite Aluminium Simandou high-grade iron ore PKKP3 co-manageme
Slide 7: Very resilient financial results from our diversifying portfolio
Very resilient financial results from our diversifying portfolio1 Production volumes (CuEq)2 Sales volumes (CuEq)2 Underlying EBITDA 6% 4% $11.5bn For personal use only -5% Strong production • Copper and bauxite production performance offsetting 13% Operating cash flow3 reduction in iron ore price (
Slide 8: Peter Cunningham, Chief Financial Officer
For personal use only Peter Cunningham Chief Financial Officer ©2025, Rio Tinto, All Rights Reserved Simandou, Guinea, July 2025 6
Slide 9: Financial performance
Financial performance For personal use only $bn, except where stated H1 2025 H1 2024 Comparison • Diversified model drives resilience Consolidated sales revenue 26.9 26.8 0% despite 13% lower iron ore price3 Underlying EBITDA 11.5 12.1 -5% • Consistent cash generation Underlying earnings 4.8 5.8 -16
Slide 10: Commodity prices
Commodity prices Index 100 = average prices since 2010, real, 12-month moving average1 300 Iron ore 62% Fe (Platts CFR China) Copper LME Aluminium LME Lithium For personal use only Price as of 25 July 2025 250 • Copper and aluminium average prices trended upwards in H1 2025 200 • Copper and aluminiu
Slide 11: Operational levers ensuring financial strength
Operational levers ensuring financial strength More diverse contribution Safe Production System - driving For personal use only efficiency and cost discipline • Optimising our employee base to Underlying EBITDA $bn drive efficiency 12.1 11.5 – Group Operational FTEs1 have decreased by 2% since H1 20
Slide 12: Strong operational performance offsetting external headwinds
Strong operational performance offsetting external headwinds Underlying EBITDA $bn For personal use only External -$0.8bn Controllables +$0.2bn 12.1 11.3 0.2 0.0 11.5 (0.8) 0.7 (0.6) 0.2 (0.2) Iron ore1 -2.0 General inflation -0.2 Copper +0.8 Aluminium +0.2 Closure discount -0.2 Aluminium2 +0.7 Ener
Slide 13: Significant uplift from Aluminium and Copper
Significant uplift from Aluminium and Copper Iron Ore Aluminium Copper Minerals For personal use only Strong recovery from Step change in Oyu Tolgoi ramp-up continues Focused on weather impacts financial performance on plan operational stability $bn, except where stated H1 2025 vs H1 2024 H1 2025 vs
Slide 14: Iron ore industry structure has proven more resilient than expected
Iron ore industry structure has proven more resilient than expected Iron ore industry cost curve in 20241 For personal use only Contestable market only, 62% Fe fines equivalent basis, $/dmt Demand 2024 Industry structure 150 • Costs have exceeded expectations 125 • Producers globally face depletion
Slide 15: Our disciplined approach to capital allocation is unchanged
Our disciplined approach to capital allocation is unchanged Share of capital investment Net debt EBITDA to interest cover $bn $bn Ratio For personal use only 16 50 Net Debt (US$bn, LHS) 12 45 14 EBITDA to interest cover ~10-11 (ratio, RHS) 40 10 12 35 10 8 30 8 25 6 20 6 4 15 4 10 2 2 5 0 0 0 2 2022
Slide 16: Committed to consistent shareholder returns as we grow our business
Committed to consistent shareholder returns as we grow our business Capital investment CuEq production1 $bn ↑ ~5%2 20 5200 For personal use only YoY ↑ 1% 16 ↑ 3% 5000 YoY ↑ 1% YoY 4800 12 YoY 4600 8 4400 • Capital investment has 4 4200 delivered four consecutive 0 4000 years of production growth 201
Slide 17: Jakob Stausholm, Chief Executive
Jakob Stausholm For personal use only Chief Executive ©2025, Rio Tinto, All Rights Reserved Rincon, Argentina 15
Slide 18: The energy transition continues to drive growth today
The energy transition continues to drive growth today Solid underlying fundamentals… drive commodity demand growth… particularly for lithium For personal use only Global growth Global commodity demand Global battery demand by end-use YoY4 H1 2025 YoY4 GWh 2024-25 +38% growth 784 GDP1 +2.8% Copper 13
Slide 19: Lithium demand will require substantial greenfield investments
Lithium demand will require substantial greenfield investments Demand growth Current market prices New production For personal use only will rebalance the market are unsustainable will need to be incentivised Lithium commissioned supply and demand balance Lithium carbonate cost curve in 2025 Lithium
Slide 20: Partner of choice, and best in class project delivery
Partner of choice, and best in class project delivery Pilbara replacement projects Oyu Tolgoi AP60 For personal use only Rincon Arcadium On track: ~3%1 CAGR production ambition 2024 – 2033f Nuevo Cobre Salar de Maricunga Resolution Salares Altoandinos Simandou 1 Ambition for compound annual growth r
Slide 21: Simandou – our progress
For personal use only Simandou – our progress Largest greenfield integrated mine and infrastructure investment in Africa ©2025, Rio Tinto, All Rights Reserved 19
Slide 22: Looking towards our next chapter
For personal use only Looking towards our next chapter ©2025, Rio Tinto, All Rights Reserved 20
Slide 23: Q&A
For personal use only Q&A ©2025, Rio Tinto, All Rights Reserved Gudai Darri, Pilbara 21
Slide 24: Rio Tinto
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Slide 25: Appendix
Appendix For personal use only ©2025, Rio Tinto, All Rights Reserved Oyu Tolgoi, Mongolia 23
Slide 26: Other financials
For personal use only Other financials ©2025, Rio Tinto, All Rights Reserved 24
Slide 27: Debt maturity profile
Debt maturity profile At 30 June 20251 $m For personal use only • Issued US$9bn public bonds 3,000 to finance the acquisition of Arcadium Lithium and for 2,500 general corporate purposes • No corporate bond maturities 2,000 until 2027 • Weighted average debt maturity 1,500 of corporate bonds ~14 yea
Slide 28: Simplified earnings by Business Unit for H1 2025
Simplified earnings by Business Unit for H1 2025 Atlantic Aluminium Pacific Aluminium Copper Pilbara For personal use only Sales volume 1,077kt 564kt 435kt5 132.5Mt9 Average benchmark price $2,539/t $2,539/t 428c/lb6 $92/dmt10 Premiums, provisional pricing, by-product sales, product mix, other $726/
Slide 29: Iron Ore
Iron Ore Financial metrics H1 2025 H1 2024 2025 Shipments3 2025 H1 2025 2024 2023 2022 2021 2020 For personal use only ($bn) comparison guidance (Mt, 100% basis) guidance Segmental revenue 12.5 -18% Pilbara Blend 73.2 185.9 201.5 203.9 202.9 232.7 EBITDA 6.7 -24% Robe Valley 14.0 31.9 29.3 25.5 25.2
Slide 30: Aluminium
Aluminium Financial metrics H1 2025 H1 2024 Production 2025 H1 2025 2024 2023 2022 2021 2020 For personal use only ($bn) comparison (Mt, Rio Tinto share) guidance Segmental revenue 7.8 +20% Bauxite 57 – 594 30.6 58.7 54.6 54.6 54.3 56.1 EBITDA 2.4 +50% Alumina 7.4 – 7.8 3.7 7.3 7.5 7.5 7.9 8 Margin
Slide 31: Composition of alumina and aluminium production costs
Composition of alumina and aluminium production costs Production cash costs For personal use only Alumina refining Input Inventory FY25 Annual 100% 100% 100% 100% H1 2024 H2 2024 H1 2025 12% 12% 12% 11% Costs (Index price) Flow3 Cost Sensitivity 17% 17% 17% 19% 3–4 Caustic Soda1 ($/t) 376 430 445 $1
Slide 32: Copper
Copper Financial metrics1 H1 2025 H1 2024 2025 Production 2025 H1 2025 2024 2023 2022 2021 2020 guidance For personal use only ($bn) comparison guidance (kt, Rio Tinto share) Mined copper Segmental revenue 6.2 +41% 415 697 620 607 602 627 (consolidated basis)6 EBITDA 3.1 +69% Refined copper 110 248
Slide 33: Minerals
Minerals Financial metrics H1 2025 H1 2024 Production 2025 H1 2025 2024 2023 2022 2021 2020 guidance For personal use only ($bn) Comparison (Rio Tinto share) Segmental revenue 2.9 +5% IOC (Mt) 9.7 – 11.4 4.8 9.4 9.7 10.3 9.7 10.4 EBITDA 0.3 -58% Lithium (kt) 183 Margin (product group 14% -20pp Borat
Slide 34: Cash flow reconciliation
Cash flow reconciliation Statutory Reconciling Underlying Cash Flow as at 30 June 2025 (US$m) cash flow items cash flow Profit after tax for the year / Underlying EBITDA 4,536 11,547 Utilisation of provisions Adjustments for: For personal use only Close down and restoration (150) Taxation 2,201 Post
Slide 35: Net debt reconciliation, including Simandou investments
Net debt reconciliation, including Simandou investments $bn For personal use only Net debt as of December 2024 (5.5) Operating cash flow 6.9 Capital expenditure (4.7) Includes $0.8bn Simandou capex Lease principal payments (0.2) Free cash flow 2.0 Acquisition of Arcadium (including acquired net debt
Slide 36: Guidance
For personal use only Guidance ©2025, Rio Tinto, All Rights Reserved 34
Slide 37: Production guidance
Production guidance 2025 2025 Production guidance1 Unit cost guidance For personal use only Pilbara iron ore shipments2 (100% basis) 323 – 338Mt3 Pilbara iron ore unit cash costs, free on board (FOB) basis, $/tonne 23.0 – 24.506 Copper Copper C1 net unit costs (includes Kennecott, Oyu Tolgoi and Upd
Slide 38: Group level financial guidance
Group level financial guidance 2025f Mid-term (per year) For personal use only Share of capital investment Total Group ~$11bn ~$10-11bn Growth capital ~$3.0bn Sustaining capital ~$4.0bn Including Pilbara sustaining1 ~$2.0bn Replacement capital ~$3-4bn Decarbonisation capital ~$0.3bn Effective tax ra
Slide 39: Common acronyms
Common acronyms $ United States dollar FCF Free cash flow PFS Pre-feasibility Study B2O3 Boric oxide FOB Free On Board ROCE Return on capital employed For personal use only bbl one barrel FTE Full time equivalent Q Quarter BESS Battery energy storage system FY Full Year SPS Safe Production System Bn
Slide 40: 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 Fi
Slide 41: Contacts
Contacts Investor Relations, United Kingdom Investor Relations, Australia For personal use only Rachel Arellano +44 7584 609 644 Tom Gallop +61 439 353 948 David Ovington +44 7920 010 978 Phoebe Lee +61 413 557 780 Laura Brooks +44 7826 942 797 Weiwei Hu +44 7825 907 230 Rio Tinto plc Rio Tinto Limi
Slide 42: Rio Tinto
RioTinto Ajuo asn jeuossad J04