Rio Tinto Plc · LSE:RIO
Rio Tinto — FY2025 Earnings Presentation
30 slides from Rio Tinto's earnings presentation, Feb 19, 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results 19 February 2026 Oyu Tolgoi, Mongolia
Slide 2: Cautionary statements
Cautionary statements This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited to successfully manage the closure, reclamation and rehabilitation of sites; Reference to consensus figures are not based on Rio Tinto’s own opinions, (together with their subsidiaries, “Rio Tinto”). By
Slide 3: Simon Trott, CEO
Simon Trott CEO Weipa, Australia
Slide 4: Safety share
Safety share Simandou , Guinea
Slide 5: Solid 2025 results
• +8% YoY CuEq production 2 Solid 2025 results 1 Industry leading production growth • Annual production records for copper and bauxite, record Pilbara mine production since April 5% CuEq unit • Volume driven efficiencies • Copper C1 net unit costs of 67 USc /lb, - 53% cost 3 reduction Value through
Slide 6: Right assets in the right commodities
Right assets in the right commodities Right commodities Operational excellence Project execution Capital discipline Demand 1 growth Production growth Deliver world - leading projects Strong balance sheet 2025 - 2035F 2 • On track for 3% CAGR • Oyu Tolgoi underground CuEq 3,4 production (2024 – proje
Slide 7: Peter Cunningham, CFO
Peter Cunningham CFO Western Range, Australia
Slide 8: Solid financials
Solid financials $ bn, except where stated • Right assets in the right 2025 2024 Comparison commodities Consolidated sales revenue 57.6 53.7 +7% • Underpinned by operational Underlying EBITDA 25.4 23.3 +9% excellence Cash flow from operations 16.8 15.6 +8% • Continued capital discipline Share of cap
Slide 9: Rallying copper, aluminium and lithium; resilient iron ore
Rallying copper, aluminium and lithium; resilient iron ore Iron ore 1 CFR index Copper LME 3 Aluminium LME 3 Lithium carbonate 5 - 6% YoY 2 +9% YoY 2 +9% YoY 2 - 24% YoY 2 3,000 2,400 16,000 140 620 14,000 2,750 1,800 540 120 12,000 460 2,500 1,200 10,000 100 380 2,250 600 8,000 80 2,000 0 6,000 300
Slide 10: Capturing value from our diversifying commodity mix
Capturing value from our diversifying commodity mix Underlying EBITDA by commodity $bn 25.4 23.3 +20% • Underlying EBITDA up 9% YoY despite 6% lower iron ore price 1 +114% • Capturing value from higher prices for copper, gold, bauxite and aluminium as our volumes grow - 11% • Actively optimising our
Slide 11: Strict focus on operational excellence
Strict focus on operational excellence $650m p.a. productivity benefits 2 2026 – next phase examples Pilbara: optimising system for crusher and excavator Examples utilisation, and reduced shutdown spend Stronger • Copper: re- scoped Copper: productivity of underground equipment and 2025 average oper
Slide 12: Delivering volume uplift and gaining cost reduction momentum
Delivering volume uplift and gaining cost reduction momentum Underlying EBITDA $bn External - $0.4bn Controllables +$2.5bn 2.9 0.8 25.4 23.3 0.1 22.9 - (0.4) (0.7) (0.3) (0.5) 2024 Prices Exchange Inflation & Subtotal Volumes Cash unit Temporary Pilbara Other 2025 underlying rates market driven and
Slide 13: Standout copper growth
Standout copper growth $ bn, except where stated Iron Ore Copper Aluminium Lithium 2025 vs 2024 6 2025 vs 2024 2025 vs 2024 2025 vs 2024 7 Production (Mt) 327.3 1 0% 0.9 2 11% 3.4 3 3% 0.05 4 n/a Underlying EBITDA 15.2 (11)% 7.4 114% 4.4 20% 0.2 n/a Free cash flow 6.1 (31)% 2.8 437% 1.9 45% (1.5) n/
Slide 14: Making disciplined, value-driven decisions for the business
Making disciplined, value - driven decisions for the business Share of capital investment $bn 11.4 Up to 11 Up to 10 1 9.5 • 2026 to 2027: • Simandou and lithium projects • Replacement projects in the Pilbara (iron ore) and Amrun (bauxite) • Mid- term: we expect capex to decline to less than $10 bil
Slide 15: Strong balance sheet
Strong balance sheet Net debt and EBITDA to interest cover $bn; ratio 46x EBITDA to interest cover Net debt 34x 35x 25x 14.4 4.2 4.2 5.5 2022 2023 2024 2025 Credit rating S&P A Maintaining Moody’s A2 A1 single A Fitch 1 A 1 Unsolicited rating until March 2025. Solicited rating since March 2025. ©202
Slide 16: Delivering consistent shareholder returns
Delivering consistent shareholder returns 2025 60% Returns policy 40 - 60% 10- year of underlying earnings on payout for ordinary dividend track record of paying at top average through the cycle $6.5 billion end of policy (60%) ©2026, Rio Tinto, All Rights Reserved | 2025 Full Year Results 16
Slide 17: Simon Trott, CEO
Simon Trott CEO Fenix, Argentina
Slide 18: Implementing our stronger, sharper and simpler way of working
Implementing our stronger , sharper and simpler way of working Announced at CMD 2025 2026 key focus areas • Streamlining the organisation: • Devolving accountability to the frontline to deliver further 1 Simplify $650m 1 p.a. productivity and cost savings in productivity benefits • Operational disci
Slide 19: Most valued metals and mining business
Our mission Stronger , sharper , Most valued metals simpler way of working and mining business Cape Lambert, Western Australia
Slide 20: Q&A
Q&A Oyu Tolgoi, Mongolia
Slide 21: Appendix
Appendix Saguenay –Lac - Saint - Jean, Québec
Slide 22: Iron Ore
Iron Ore Financial metrics 2024 2026 Shipments3 2026 ($bn) 2025 comparison4 guidance (Mt, 100% basis) guidance 2025 2024 2023 2022 2021 Segmental revenue 29.0 -8 % Pilbara Blend 193.7 185.9 201.5 203.9 202.9 EBITDA 15.2 -11 % Robe Valley 28.2 31.9 29.3 25.5 25.2 Margin (FOB)3 62 % -3pp Yandicoogina
Slide 23: Aluminium
Aluminium Financial metrics 2024 Production 2026 ($bn) 2025 Comparison (Mt, Rio Tinto share) guidance 2025 2024 2023 2022 2021 Segmental revenue 16.1 +18% Bauxite 58 – 61 62.4 58.7 54.6 54.6 54.3 EBITDA 4.4 +20% Alumina4 7.6 - 8.0 7.6 7.3 7.5 7.5 7.9 Margin (integrated operations) 30% - pp Aluminium
Slide 24: Lithium
Lithium Financial metrics 2024 Production 2026 ($bn) 2025 Comparison1 (LCEqkt, Rio Tinto share) guidance 2025 20241 Segmental revenue 0.9 n/a Lithium 61 - 64 572 EBITDA 0.2 n/a n/a Operating cash flow (0.1) n/a Capex (excl. EAUs) 1.4 Free cash flow (1.5) n/a 1 2024 is unrepresentative given acquisit
Slide 25: Copper
Copper Financial metrics 2024 2026 Production 2026 ($bn) 2025 Comparison guidance (kt, Rio Tinto share) guidance 2025 2024 2023 2022 2021 Copper Segmental revenue 13.7 +48 % 800 - 870 883 793 608 596 610 (consolidated basis) EBITDA 7.4 +114 % Margin (operations) 63 % +14pp Operating cash flow 4.7 +8
Slide 26: Net debt reconciliation, including Simandou investments
Net debt reconciliation, including Simandou investments $bn1 Net debt as of December 2024 (5.5) Net operating cashflow 16.8 Capital expenditure (12.3) Includes $2.2bn Simandou capex Lease principal payments (0.5) Free cash flow 4.0 Acquisition of Arcadium (including acquired net debt)2 (7.6) Funding
Slide 27: Cash flow reconciliation
Cash flow reconciliation Statutory Reconciling Underlying Utilisation of provisions Cash Flow as at 31 December 2025 (US$m) cash flow items cash flow Post-retirement benefits and other employee provisions (183) Profit after tax for the year / Underlying EBITDA 10,249 25,363 Close down and restoratio
Slide 28: Simplified earnings by Business Unit for 2025
Simplified earnings by Business Unit for 2025 Atlantic Aluminium Pacific Aluminium Copper Pilbara Sales volume 2,187kt 1,155kt 848kt 5 286.5Mt 9 Average benchmark price $2,632/t $2,632/t 451c/lb 6 $92.5/dmt 10 Premiums, provisional pricing, by - product sales, product mix, other $899/t 2 $283/t 2 20
Slide 29: List of Acronyms
List of Acronyms Abbreviation Meaning Abbreviation Meaning BESS Battery energy storage systems kt Kilotonnes bn Billion ktpa Kilotonnes per annum CAGR Compound annual g rowth rate LCE Lithium c arbonate equivalent Capex Capital expenditure LCEq Lithium c arbonate equivalent (equivalent basis) CBIX C
Slide 30: Rio Tinto
RioTinto