Rio Tinto Plc · LSE:RIO

Rio Tinto — H1 2025 Earnings Presentation

40 slides from Rio Tinto's earnings presentation, Aug 30, 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 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 4: Strategic investment and best-in-class project execution drives our growth
Strategic investment and best-in-class project execution drives our growth 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-management agreement growth on
Slide 5: 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 -5% Strong production • Copper and bauxite production performance offsetting 13% Operating cash flow3 reduction in iron ore price (-$14/t)4 3% 2% Iron Or
Slide 7: Financial performance
Financial performance $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% • Disciplined capita
Slide 8: 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 Price as of 25 July 2025 250 • Copper and aluminium average prices trended upwards in H1 2025 200 • Copper and aluminium spot prices trading
Slide 9: Operational levers ensuring financial strength
Operational levers ensuring financial strength More diverse contribution Safe Production System - driving 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 20242, while delivering
Slide 10: Strong operational performance offsetting external headwinds
Strong operational performance offsetting external headwinds Underlying EBITDA $bn 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 Energy prices +0.1 Alumini
Slide 11: Significant uplift from Aluminium and Copper
Significant uplift from Aluminium and Copper Iron Ore Aluminium Copper Minerals 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 H1 2024 H1 2025 vs H1
Slide 12: 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 Contestable market only, 62% Fe fines equivalent basis, $/dmt Demand 2024 Industry structure 150 • Costs have exceeded expectations 125 • Producers globally face depletion 100 • Approximately 40
Slide 13: 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 $bn Ratio 16 50 Net Debt (US$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 2023 2024 H1 2025 202
Slide 14: 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 YoY 5200 ↑ 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 2018 2019 2020 2021 2022
Slide 16: 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 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 13Mt +3% 1% 566 29% 106%
Slide 17: Lithium demand will require substantial greenfield investments
Lithium demand will require substantial greenfield investments Demand growth Current market prices New production will rebalance the market are unsustainable will need to be incentivised Lithium commissioned supply and demand balance Lithium carbonate cost curve in 2025 Lithium incentive curve in 20
Slide 18: Partner of choice, and best in class project delivery
Partner of choice, and best in class project delivery Pilbara replacement projects Oyu Tolgoi AP60 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 rate (CAGR) for copper
Slide 22: Rio Tinto
RioTinto
Slide 25: Debt maturity profile
Debt maturity profile At 30 June 20251 $m • 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 years (~12 years for Grou
Slide 26: Simplified earnings by Business Unit for H1 2025
Simplified earnings by Business Unit for H1 2025 Atlantic Aluminium Pacific Aluminium Copper Pilbara 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/t2 $319/t2 156c/lb $(2
Slide 27: Iron Ore
Iron Ore Financial metrics H1 2025 H1 2024 2025 Shipments3 2025 H1 2025 2024 2023 2022 2021 2020 ($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 30.3 Margin (FOB)3 61
Slide 28: Aluminium
Aluminium Financial metrics H1 2025 H1 2024 Production 2025 H1 2025 2024 2023 2022 2021 2020 ($bn) comparison (Mt, Rio Tinto share) guidance Segmental revenue 7.8 +20% Bauxite 57 – 594 30.6 58.7 54.6 54.6 54.3 56.1 EBITDA 2.4 +50% Alumina 7.4 – 7.8 3.7 7.3 7.5 7.5 7.9 8 Margin (integrated operations
Slide 29: Composition of alumina and aluminium production costs
Composition of alumina and aluminium production costs Production cash costs Alumina refining Input Inventory FY25 Annual 100% 100% 100% 100% H1 2024 H2 2024 H1 2025 12% 12% 12% 11% Costs (Index price) Flow3 Cost Sensitivity 17% 17% 17% 19% 3–4 Caustic Soda1 ($/t) 376 430 445 $11m per $10/t 33% 32% 3
Slide 30: Copper
Copper Financial metrics1 H1 2025 H1 2024 2025 Production 2025 H1 2025 2024 2023 2022 2021 2020 ($bn) comparison guidance (kt, Rio Tinto share) guidance Mined copper Segmental revenue 6.2 +41% 415 697 620 607 602 627 (consolidated basis)6 EBITDA 3.1 +69% Refined copper 110 248 175 209 202 155 Copper
Slide 31: Minerals
Minerals Financial metrics H1 2025 H1 2024 Production 2025 H1 2025 2024 2023 2022 2021 2020 ($bn) Comparison (Rio Tinto share) guidance Segmental revenue 2.9 +5% IOC (Mt) 9.7 – 11.4 4.8 9.4 9.7 10.3 9.7 10.4 EBITDA 0.3 -58% Lithium (kt) 183 Margin (product group 14% -20pp Borates – B2O3 content (kt)
Slide 32: Cash flow reconciliation
Cash flow reconciliation Statutory Reconciling Underlying Cash Flow as at 30 June 2025 (US$m) cash flow items cash flow Profit after tax for the year / Underlying EBITDA 4,536 11,547 Utilisation of provisions Adjustments for: Close down and restoration (150) Taxation 2,201 Post-retirement benefits a
Slide 33: Net debt reconciliation, including Simandou investments
Net debt reconciliation, including Simandou investments $bn 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) (7.6) Funding to WCS
Slide 35: Production guidance
Production guidance 2025 2025 Production guidance1 Unit cost guidance 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 Updated 110 – 130 Escondi
Slide 36: Group level financial guidance
Group level financial guidance 2025f Mid-term (per year) 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 rate ~33%2 ~30% Total re
Slide 37: 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 bbl one barrel FTE Full time equivalent Q Quarter BESS Battery energy storage system FY Full Year SPS Safe Production System Bn Billion GJ Gigajoules
Slide 38: 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 Financial calendar Finan
Slide 39: Contacts
Contacts Investor Relations, United Kingdom Investor Relations, Australia 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 Limited 6 St James’s Squar
Slide 40: Rio Tinto
RioTinto

Rio Tinto Group — H1 2025 Earnings Presentation on 6ix

Rio Tinto — H1 2025 Earnings Presentation

Slide 1: 2025 Half Year Results

Slide 2: Cautionary and supporting statements

Slide 3: Jakob Stausholm, Chief Executive

Slide 4: Strategic investment and best-in-class project execution drives our growth

Slide 5: Very resilient financial results from our diversifying portfolio

Slide 6: Peter Cunningham, Chief Financial Officer

Slide 7: Financial performance

Slide 8: Commodity prices

Slide 9: Operational levers ensuring financial strength

Slide 10: Strong operational performance offsetting external headwinds

Slide 11: Significant uplift from Aluminium and Copper

Slide 12: Iron ore industry structure has proven more resilient than expected

Slide 13: Our disciplined approach to capital allocation is unchanged

Slide 14: Committed to consistent shareholder returns as we grow our business

Slide 15: Jakob Stausholm, Chief Executive

Slide 16: The energy transition continues to drive growth today

Slide 17: Lithium demand will require substantial greenfield investments

Slide 18: Partner of choice, and best in class project delivery

Slide 19: Simandou – our progress

Slide 20: Looking towards our next chapter

Slide 21: Q&A

Slide 22: Rio Tinto

Slide 23: Appendix

Slide 24: Other financials

Slide 25: Debt maturity profile

Slide 26: Simplified earnings by Business Unit for H1 2025

Slide 27: Iron Ore

Slide 28: Aluminium

Slide 29: Composition of alumina and aluminium production costs

Slide 30: Copper

Slide 31: Minerals

Slide 32: Cash flow reconciliation

Slide 33: Net debt reconciliation, including Simandou investments

Slide 34: Guidance

Slide 35: Production guidance

Slide 36: Group level financial guidance

Slide 37: Common acronyms

Slide 38: Useful reference material

Slide 39: Contacts

Slide 40: Rio Tinto