Rio Tinto Plc · LSE:RIO
Rio Tinto — H1 2026 Earnings Presentation
35 slides from Rio Tinto's earnings presentation, Jul 29, 2026
Slide 1: 2026 Half Year Results
For personal use only 2026 Half Year Results 29 July 2026 Oyu Tolgoi, Mongolia
Slide 2: Cautionary and supporting statements
Cautionary and supporting statements This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited economies; increasing societal and investor expectations, in particular with found on the Rio Tinto website. (together with their subsidiaries, “Rio Tinto”). By accessing/attending this re
Slide 3: Simon Trott, CEO
Simon Trott For personal use only CEO Dampier, Australia
Slide 4: Why invest in Rio Tinto
Our strategy Why invest in Rio Tinto For personal use only Leading exposure to biggest trends Right commodities and world-class assets Driving outstanding performance Operational excellence | Growth delivery | Capital efficiency and discipline Industry leading returns and growth for our shareholders
Slide 5: Maximising our potential
Our strategy Maximising our potential For personal use only Driving outstanding performance Operational excellence Growth delivery Capital efficiency and discipline Value generated in H1 20261 CuEq production2 Underlying EBITDA Free cash flow Interim dividend +3% $14.8bn | +28% $3.8bn | +75% $3.4bn
Slide 6: Driving outstanding performance: stronger, sharper, simpler
Driving outstanding performance: stronger, sharper, simpler Trebling run rate to end of 2026 End of 2026 target Substantially Productivity benefits more to come… For personal use only $1.8bn As at end June 2026 (expected run rate)2 As at Dec 2025 $870m banked 3 $650m 1 80+ initiatives (executed run
Slide 7: Driving outstanding performance: operational excellence
Driving outstanding performance: operational excellence Making a difference to the way we work: some examples For personal use only Copper Iron Ore Aluminium Initiative #10: faster development Initiative #23: improved system Initiative #65: sharpened contractor rates at Oyu Tolgoi underground resili
Slide 8: Driving outstanding performance: growth delivery
Driving outstanding performance: growth delivery #1 copper EBITDA growth since 20201 – with Oyu Tolgoi still ramping up Copper: a leading low cost scale producer with highest EBITDA 2030F 2030+ growth1,2 Progressing large For personal use only Bubble size shows attributable 2025 copper production3 T
Slide 9: Right commodities and world-class assets
Right commodities and world-class assets Asset quality drives resilience and amplifies upside Leading returns ~85% of Product Group 2025 EBITDA from our Tier 1 assets2 For personal use only Copper Iron Ore Aluminium Lithium A leading low-cost #1 global #1 integrated #1 pipeline of producer at scale
Slide 10: Leading exposure to biggest trends
Leading exposure to biggest trends Providing more of what the world needs Electrification AI & Digital Infrastructure Traditional Demand1 For personal use only Copper Lithium Aluminium, Steel Aluminium Electric motor Power battery Exterior building Exterior cladding Wire and harness Window frames El
Slide 11: Driving outstanding performance: capital efficiency and discipline
Driving outstanding performance: capital efficiency and discipline Relentless focus to deliver on our promises Rio Tinto delivers For personal use only Maintaining a strong balance sheet Single A • Strategic flexibility, resilience and optionality credit rating Disciplined Up to $10bn1 • Growth 2024
Slide 12: Peter Cunningham, CFO
For personal use only Peter Cunningham CFO Kennecott, Utah
Slide 13: Step-change in financial performance
Step-change in financial performance 57% of underlying EBITDA from Copper, Aluminium and Lithium2 $bn, except where stated Underlying EBITDA by commodity2 For personal use only H1 2026 H1 2025 Comparison H1 2026 Underlying EBITDA 14.8 11.5 +28% Lithium 1% Cash flow from operations 9.2 6.9 +32% Share
Slide 14: Step-change in financial performance, +28% in underlying EBITDA
Driving outstanding performance: operational excellence Step-change in financial performance, +28% in underlying EBITDA Underlying EBITDA $bn For personal use only External +$2.1bn Controllables +$1.2bn 3.6 0.53 0.9 14.8 13.6 0.34 11.5 (0.7) (0.3) (0.2) (0.3) (0.6) Productivity benefits +$0.87bn H1
Slide 15: Increasing diversification, Copper EBITDA growing 84%
Driving outstanding performance: operational excellence Increasing diversification, Copper EBITDA growing 84% $bn, except where stated For personal use only Copper Iron Ore1 Aluminium Lithium H1 2026 vs H1 2025 H1 2026 vs H1 2025 H1 2026 vs H1 2025 H1 2026 vs H1 2025 Production 442kt2 +1% 170Mt3 +5%
Slide 16: Capital allocation framework
Driving outstanding performance: capital efficiency and discipline Capital allocation framework 2024 – 2030F For personal use only Cash flow generated • CuEq volume growth1: +3% CAGR • CuEq unit cost reduction2: -4% CAGR • ~$7 - 8bn per year Re-investment capital • Sustaining, replacement, decarboni
Slide 17: Investing to build a stronger business
Driving outstanding performance: capital efficiency and discipline Investing to build a stronger business Capex guidance 2026/27 2028+ For personal use only (maintained) Up to $11bn1 Up to $10bn1,2 Sustaining ~$4bn • Safety • Asset integrity & reliability ~$4bn • Maintained investment Average IRR of
Slide 18: Strong balance sheet
Driving outstanding performance: capital efficiency and discipline Strong balance sheet For personal use only Credit rating EBITDA to interest cover1 Net debt1 Debt repayment profile S&P A 2028 – 2030 $7bn Moody’s A1 29x $14.1bn 2031 – 2040 2041+ $8bn $6bn Fitch A Improving: retain Balanced: support
Slide 19: Investing in growth while delivering consistent returns
Driving outstanding performance: capital efficiency and discipline Investing in growth while delivering consistent returns For personal use only 2026 interim Returns policy 40-60% 10-year track record paying out at 60% $3.4bn of underlying earnings on at top end of policy 50% payout average through
Slide 20: Simon Trott, CEO
For personal use only Simon Trott CEO Rincon, Argentina
Slide 21: Why invest in Rio Tinto
Our strategy Why invest in Rio Tinto For personal use only Leading exposure to biggest trends Right commodities and world-class assets Driving outstanding performance Operational excellence | Growth delivery | Capital efficiency and discipline Industry leading returns and growth for our shareholders
Slide 22: Our mission
Our mission For personal use only Stronger, sharper, Most valued metals simpler way of working and mining business Cape Lambert, Western Australia
Slide 23: Q&A
For personal use only Q&A Gudai-Darri, Australia
Slide 24: Appendix
For personal use only Appendix Yarwun, Gladstone
Slide 25: Copper
Copper Financial metrics 2025 2026 Production ($bn) H1 2026 comparison guidance For personal use only (kt, Rio Tinto share) 2026 guidance H1 2026 2025 2024 Copper Segmental revenue 8.6 +39% 800-870 442 883 793 (consolidated basis) EBITDA 5.7 +84% Gold (mined, koz) NA 250 464 282 Margin (integrated 7
Slide 26: Iron Ore
Iron Ore Financial metrics H1 2025 2026 Sales 2026 H1 2026 2025 2024 ($bn) H1 2026 comparison4 guidance (Mt, 100% basis) guidance For personal use only Segmental revenue 14.0 +4% Pilbara Blend 107.7 193.7 185.9 EBITDA 6.8 -1% Robe Valley 14.8 28.2 31.9 Margin (FOB)3 61 % 0pp Yandicoogina 19.8 43.2 4
Slide 27: Aluminium
Aluminium Financial metrics 2025 Production 2026 For personal use only ($bn) H1 2026 comparison4 (Mt, Rio Tinto share) guidance H1 2026 2025 2024 Segmental revenue 9.4 +21% Bauxite 58-61 28.5 62.4 58.7 EBITDA 3.1 +31% Alumina5 7.6-8.0 4.0 7.6 7.3 Aluminium excl. Operating cash flow 2.1 +10% 3.25 – 3
Slide 28: Lithium
Lithium Financial metrics 2025 Production 2026 H1 2026 2025 guidance For personal use only ($bn) H1 2026 comparison (LCE kt, Rio Tinto share) Segmental revenue 0.6 +84% Lithium 61-64 27.3 45.72 EBITDA 0.2 +419% Operating cash flow 0.1 N/A RT Share of Capital Investment 0.6 +45% Free cash flow (0.6)
Slide 29: Net debt reconciliation
Net debt reconciliation $bn For personal use only Net debt as of December 2025 (14.4) Net operating cashflow 9.1 RT Share of Capital (5.0) Lease principal payments (0.3) Free cash flow 3.8 Incremental partner funding1 0.4 Dividend (4.2) Other 0.3 Movement in net debt 0.3 Net debt as of 30 June 2026
Slide 30: Cash flow reconciliation
Cash flow reconciliation Cash Flow for six months ended 30 June 2026 Statutory Reconciling Underlying (US$m) cash flow items cash flow Profit after tax for the period/ Underlying EBITDA 7,194 14,826 Adjustments for: Utilisation of provisions For personal use only Taxation 2,119 Post-retirement benef
Slide 31: Simplified EBITDA by Business Unit for H1 2026
Simplified EBITDA by Business Unit for H1 2026 Pilbara Atlantic Aluminium Pacific Aluminium Copper For personal use only Sales volume 137.2Mt2 1,083kt 581kt 440kt8 Average benchmark price $92/dmt3 $3,382/t $3,382/t 593c/lb9 Premiums, provisional pricing, by-product sales, product mix, other $(0.6)/d
Slide 32: Simandou historical spend and remaining commitment
Simandou historical spend and remaining commitment Remaining from Per 2023 Capital Markets Day (CMD) US$bn 2022/23 2024 2025 H1 2026 Total disclosures (slide 78) 1 July 2026 SimFer Mine, TSV, SimFer Rail and Port For personal use only Purchases of PPE (0.3) (1.8) (2.2) (1.1) (2.5) (8.0) E&E expendit
Slide 33: Simandou End-to-End Value Chain
Simandou End-to-End Value Chain Targeting ~75-to-90-day cycle to China 5-15 DAYS 45 DAYS 25-30 DAYS For personal use only MINE OPERATIONS RAIL PORT OPERATIONS TSV & MARINE CHINA PORTS TERTIARY CRUSHING + SALES2 GUINEA TERTIARY CRUSHING Main rail line WCS built rail CHINA PORTS 552km SALES2 Mine Cona
Slide 34: List of Acronyms & Units
List of Acronyms & Units Abbreviation Meaning Abbreviation Meaning AI Artificial intelligence IOC Iron Ore Company of Canada CuEq Copper equivalent IRR Internal Rate of Return For personal use only DLE Direct Lithium Extraction kt Kilotonnes BESS Battery energy storage systems ktpa Kilotonnes per an
Slide 35: For personal use only
For personal use only