Rio Tinto 2026 half year results

29 July 2026

Step-change in performance delivering higher shareholder returns

Right commodities, world-class assets, strong execution 

Rio Tinto Chief Executive Simon Trott said: "We achieved a step-change in performance in the first half, which, alongside favourable commodity prices, delivered a 28 per cent increase in underlying EBITDA and a 75 per cent rise in free cash flow.

"Our continued investment in growth drove a 3 per cent increase in copper equivalent production¹ and further strengthened our portfolio diversification, with Copper, Aluminium and Lithium contributing more than 50 per cent of underlying EBITDA.

"Our strong performance is underpinned by accelerating productivity across the business. We have already banked $870 million of productivity benefits and are on track to reach an annualised run-rate of $1.8 billion by year-end, with significantly more to come as our multi-year program continues to scale.

"Our strong cash flow and balance sheet allow us to declare a $3.4 billion interim ordinary dividend, up 43 per cent, as we continue to invest in high-returning growth."

1.   Executive Summary 

•     +3% CuEq production growth¹ in the first half underpinned by strong operational delivery with higher production across key commodities and execution of major growth projects in iron ore (Simandou) and lithium.

•     Step-change in financial performance, generating underlying EBITDA³ of $14.8 billion (+28%), and free cash flow³ of $3.8 billion (+75%).

•     Profit after tax attributable to owners of Rio Tinto of $6.7 billion (+47%), with underlying earnings³ of $6.9 billion (+43%) driving an underlying return on capital employed (ROCE)³ of 17%. Taxes and government royalties were $5.6 billion².

•     Strong cash generation with $9.2 billion of operating cash flow (+32%) supporting continued investment in our world-class growth pipeline, while maintaining a strong balance sheet.

•     Interim ordinary dividend of $3.4 billion (+43%), with an interim payout ratio of 50%.

¹ Copper equivalent volume = Rio Tinto's share of production volume / Volume conversion factor x Product price ($/t) / Copper price ($/t). Prices are based on long-term consensus prices. ² In H1 2025, taxes and government royalties were $4.8 billion.

³ This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS financial measures (non-IFRS measures). It is used internally by management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying business performance of the Group's operations. For more information on our use of non-IFRS financial measures in this report, see the section entitled "Alternative performance measures" (APMs) and the detailed reconciliations on pages 64 to 71. We have refined our definition of free cash flow to include Rio Tinto share of capital investment effective from our H1 2026 financial results.

2. Our strategic pillars - maximising our potential

Transforming the way we work to deliver a step-change in performance.

¹Based on total cost of sales of our operations, divided by sales volumes in copper equivalent terms on a Rio Tinto consolidated basis, stated in 2024 real terms. ²YTD productivity benefits realised of $870m are operational productivity improvements resulting in an uplift in production, or cost improvements from cost savings or improved cost efficiencies. All figures are on a consolidated basis.³ From a 2024 baseline. ⁴LCE = Lithium Carbonate Equivalent. ⁵Timing and proceeds subject to market conditions and execution. ⁶ The 2018 baseline changes over time to reflect changes in portfolio ownership and updates to our greenhouse gas emissions reporting methodology.

3. Guidance

2026 production and sales guidance maintained

1.   Guidance remains subject to weather impacts. Pilbara iron ore guidance remains subject to the timing of approvals for planned mining areas and heritage clearances.

2.   Rio Tinto share unless otherwise stated.

3.   Includes all shipments from Pilbara and IOC, including those to our Portside trading business; excludes shipments from our Portside trading business. It also includes Simandou sales, where there is a ~2-3 month lag between mine gate production and sales for railing, shipping to China and tertiary crushing.

4.   Wet metric tonnes.

5.   Iron Ore Company of Canada.

6.   QAL production now included on a 100% basis. 

7.   Includes primary aluminium only.

8.   H1 2025 represents production since March following completion of the Arcadium acquisition.  Q1 2025 LCE production was 5.6kt (6.5kt on a 100% basis); LCE shipments were 3.8kt  (5.0kt on a 100% basis).

Unit cost guidance maintained

•     Pilbara unit cost guidance: Diesel prices increased from ~$85/bbl to ~$140/bbl during H1, resulting in a ~$0.8/t YoY increase in unit costs in H1. A US$10/bbl increase in diesel price is estimated to impact full year Pilbara unit costs by ~$0.15/t³.

•     Copper C1 net unit costs reduced: Guidance range reduced to US 30 - 50c/lb on 15 July (from US 65 - 75c/lb) due to higher than expected gold prices and productivity improvements.

1.   Subject to the impact of higher diesel prices and foreign exchange.

2.   Gold price assumption is $4,026/oz (spot price as at 30 June 2026).

3.   There will be timing differences between market rates and realised diesel prices due to contractual agreements.

Share of capital investment guidance maintained¹

1.   Based on an Australian dollar exchange rate of 0.67.

Other guidance for 2026

Effective tax rate guidance lowered

•     The full year 2026 effective tax rate on underlying earnings is expected to be ~25% (prior guidance ~30%). In H1 2026, the rate was 25.2% (34.5% in H1 2025), reflecting the utilisation of previously unrecognised deferred tax assets and geographic spread of profits. The effective tax rate is expected to return to ~30% from 2027.

Exploration and Evaluation expense (E&E) maintained 

•     Our reported E&E expenditure is expected to be up to $1.0 billion in 2026, including spend associated with the land exchange for Resolution. The expected investment on a Rio Tinto share basis (net of JV partner share), remains in line with previous guidance of ~$0.8bn.

•     Pre-tax and pre-divestment expenditure on E&E charged to the profit and loss account in H1 2026 was $480 million compared with $334 million in 2025, as we progress our next generation growth options at Resolution (we fund 55%) and Winu. Approximately 57% of the spend was by the Copper product group, 25% by central exploration and other operations and 18% by the Iron Ore product group.     

Closure activities cash spend maintained

•     Annual cash expenditure on closure activities is expected to be approximately $1 billion over the coming years as rehabilitation continues across our operations and progress work at Argyle, Diavik, Energy Resources of Australia (ERA) (under a Management Service Agreement), the Gove alumina refinery and other legacy sites, together with progressive closure activity across our operations.

•     Annual spend will vary from year to year as we execute individual programs of work and optimise investment across the portfolio. All these amounts are fully provided for within the Group's provision for closure costs of $18.9 billion as of 30 June 2026.

4. Price and exchange rate sensitivities

The following sensitivities give the estimated effect on underlying EBITDA, assuming that each price or exchange rate moved in isolation. The relationship between currencies and commodity prices is a complex one; movements in exchange rates can affect movements in commodity prices and vice versa. The exchange rate sensitivities quoted here include the effect on operating costs of movements in exchange rates, but do not include the effect of the revaluation of foreign currency working capital. They should be used with care.

5. Market data

Index prices

¹ Monthly average Platts (CFR) index for 61% iron fines from 1 January 2026. H1 2025 is the monthly average Platts (CFR) index for 62% iron fines.

² Monthly average Platts 61% Fe, FOB Western Australia $/dmt (derived from Platts 61% Fe, CFR China index). H1 2025 is the monthly average based on 62% Fe.
³ Monthly average Fastmarkets Iron ore 65% Fe Brazil-origin fines, CFR Qingdao, $/dmt.
⁴ Platts alumina FOB Australia, smelter grade alumina.

⁵ CM Group Australia-origin high temperature bauxite CIF China.

⁶ Fastmarkets index for Lithium carbonate min 99.5% Li₂CO₃ battery grade.

Average realised prices achieved for our major commodities

¹ Pilbara average realised price excludes the impact of certain joint venture arrangements. Including these, realised prices for H1 2026 would have been $1.1/wmt lower (H1 2025, $0.7/wmt).

² Assumes 8% moisture.

³ Average realised price for all units sold. Realised price does not include the impact of provisional pricing adjustments, which positively impacted revenues in H1 2026 by $235 million (H1 2025 positive impact of $266 million). 

⁴ LME plus all-in premiums (product and market). The US Midwest premium adapted to tariff levels in 2025, fully compensating for the 50% tariff after an initial period.

⁵ Realised lithium carbonate equivalent price is calculated as total lithium revenue divided by total lithium carbonate equivalent (LCE) volume sold, and therefore represents a blended average across products and contracts rather than a spot or index reference. A portion of volumes is sold under longer term customer contracts, with realisations recognised on a lagged basis, so realised prices may not move in line with, or over the same period as, movements in the reference index price. Lithium results are consolidated from the date of acquisition of Arcadium Lithium (March 2025); accordingly, the H1 2025 comparative reflects the post-acquisition period only and excludes January and February 2025.

6. Financial performance

6.1 Income Statement

Financial results from our diversified portfolio

To provide additional insight into the performance of our business, we report underlying EBITDA and underlying earnings. Underlying EBITDA and underlying earnings are non-IFRS measures. For definitions and a detailed reconciliation of underlying EBITDA and underlying earnings to the nearest IFRS measures, see pages 43 and 66, respectively.

The principal factors explaining the movements in underlying EBITDA are set out in this table.

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.

•     Underlying EBITDA: increased by 28% to $14.8 billion, demonstrating the resilience of our diversified portfolio and continued focus on operational excellence and cost discipline. The uplift was driven by a $3.6 billion benefit from stronger commodity prices and $1.5 billion from higher volumes and operating cash unit cost improvements, underpinned by our productivity program (+$0.87 billion benefit), along with growth in copper. These benefits outweighed the impact of foreign exchange headwinds, inflation and elevated energy and aluminium raw material prices.

•     Strong commodity prices drove the $3.6 billion underlying EBITDA uplift, led by benchmark prices for copper (+39%), gold (+53%), aluminium (+33%), along with iron ore prices remaining resilient (+2% realised price). These gains were marginally offset by weaker bauxite prices.

•     Exchange rates reduced underlying EBITDA by $0.7 billion: on average, the US dollar weakened by 11% against the Australian dollar and by 2% against the Canadian dollar. A table of prices and exchange rates is included on page 72.

•     General inflation (-$0.4 billion) & energy prices (-$0.3 billion):  includes general inflation on our cost base (-$0.3 billion) mainly across Australia and Canada, an update to the inflation rate assumption used for closure and remediation provisions for closed or fully impaired sites (-$0.2 billion), along with elevated energy prices resulting from supply disruptions (-$0.3 billion).

•     Volumes and mix contributed a $1.2 billion benefit: underpinned by a 3% increase in copper equivalent production, driven by a combination of targeted actions taken as part of our productivity program, a continued focus on operational excellence and delivery of growth projects.

◦     $0.3 billion volume uplift captured in H1 from our productivity program: with initiatives targeted to improve system performance in the Pilbara, accelerate underground development at Oyu Tolgoi through increasing drawbell development rates by 15%, increasing molybdenum volumes at Kennecott, along with aluminium cast house product mix optimisation and targeted throughput improvements at Kitimat.

◦     a further $0.9 billion volume uplift driven by growth projects: with higher copper and gold volumes delivered by the ongoing ramp-up of Oyu Tolgoi and growth in Argentinian lithium operations. These gains were partially offset by reduced copper volumes at Escondida due to planned mine sequencing and lower bauxite volumes following the weather disruptions in Q1.

•     Operating cash unit cost improvement delivered a net $0.3 billion benefit: reflecting the outcomes of our productivity program and continued cost discipline across our assets.

◦     Productivity program delivered $0.5 billion unit cost improvements:  by a combination of improvements in cost efficiencies on delivering an uplift to volumes (described above), along with targeted actions to optimise our cost base through cost savings and improved cost efficiencies. The latter is being delivered across our business through improvements in labour productivity and a sharper focus on contractor management and discipline on discretionary spend. 

◦     Other underlying changes in operating cash unit costs of -$0.3 billion were driven by cost inefficiencies on lower copper production volumes at Kennecott, Escondida, Iron Ore Company of Canada (IOC) and at our bauxite operations. This also included elevated aluminium raw material costs, primarily coke.

•     Investment in exploration and evaluation was $0.1 billion higher in 2026 reflecting continued investment in future growth:  as we accelerated investment in our copper growth options, primarily through the advancement of orebody knowledge and geotechnical data collection activities at Resolution and including completion of the land exchange in H1 2026.

•     Non-cash costs/other -$0.2 billion: includes updates to closure, remediation and other provisions (-$0.3 billion),and one-off costs associated with implementing our productivity improvement program (-$0.1 billion). This is offset by higher EBITDA in the Pilbara (+$0.2 billion) as the impact of the cyclones in H1 2026 was less than the impact in H1 2025.

Net earnings

The principal factors explaining the movements in underlying earnings and net earnings are set out below.

Net earnings and underlying earnings refer to amounts attributable to the owners of Rio Tinto. The net profit attributable to the owners of Rio Tinto in H1 2026 was $6.7 billion (H1 2025: $4.5 billion).

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.

•     Underlying EBITDA +$3.3 billion: reflecting stronger commodity prices, higher volumes and productivity improvements.

•     Increase in depreciation -$0.6 billion: primarily reflecting the commissioning and ramp-up of major projects, including low carbon aluminium AP60, Oyu Tolgoi copper underground and Western Range in Pilbara.

•     Higher taxes -0.2 billion: reflecting higher pre-tax earnings, partly offset by a lower effective tax rate of 25.2% (H1 2025: 34.5%). The lower effective tax rate reflected the utilisation of previously unrecognised deferred tax assets and a variation in the geographic spread of earnings.

•     Outside interest -$0.5 billion: representing increased amounts attributable to non-controlling interests on higher earnings at Oyu Tolgoi.

Items excluded from underlying earnings

The differences between underlying and net earnings are set out in this table (all numbers are after tax and exclude amounts attributable to non-controlling interests).

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.

On page 66 there is a detailed reconciliation from net earnings to underlying earnings, including pre-tax amounts and additional explanatory notes. The differences between profit after tax and underlying EBITDA are set out in the table on page 43.

•     Foreign exchange and derivative losses -$0.2 billion: includes post-tax losses on intragroup balances of $0.3 billion (30 June 2025: $0.5 billion loss) primarily as a result of the Australian dollar strengthening against the US dollar compared to the 31 December 2025 spot rate offset by post-tax gains relating to foreign exchange on external net debt and derivative gains of $0.1 billion (30 June 2025: $0.2 billion gain).

Net earnings and underlying earnings refer to amounts attributable to the owners of Rio Tinto.

Underlying EBITDA by product group

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals and year-on-year changes. Underlying EBITDA and underlying earnings are non-IFRS measures used by management to assess the performance of the business and provide additional information which investors may find useful. For more information on our use of non-IFRS financial measures in this report, see the section entitled "Alternative performance measures" (APMs) and the detailed reconciliations on pages 64 to 71. Financial information has been recast in accordance with the organisational restructure announced on 27 August 2025.

•     Other Operations: includes Rio Tinto Iron & Titanium, Borates, Diamonds and closed sites under management. Underlying EBITDA was lower by $0.3 billion principally driven by changes in our closure assumptions, including the inflation rate assumption applied. This also reflects the weaker US dollar, weaker market demand for titanium dioxide feedstocks and a wind-down of operations at Diavik, partially offset by productivity benefits of $0.1 billion.

•     Central pension costs, share-based payments, insurance and derivatives netted to an income of $0.2 billion: mainly associated with the premiums paid by the business to our captive insurers, along with net unrealised gains on the Group's commodity derivatives.

•     Restructuring, project and one-off costs $0.4 billion: includes one-off costs associated with implementing the change to our operating model to streamline the organisation, implementing a major upgrade of our ERP system, along with other investment in corporate projects.

•     Other central costs $0.4 billion were flat year-on-year. Cost savings of $0.1 billion were delivered, reflecting strong cost control as we progressed the streamlining of central functions with cost savings evident from the second quarter. About half of this benefit was offset by the impact of foreign exchange, with the remainder relating to the impact of the Arcadium acquisition and timing of central costs incurred.

•     Central exploration and evaluation $0.1 billion: relating to our strong portfolio of exploration projects across 16 countries relating to six commodities. 77% of the spend related to the exploration of Copper as we continue to sharpen our focus and simplify the portfolio.

6.2 Strong cash flow generation with disciplined investment

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.

•  $9.2 billion of net cash generated from operating activities: reflecting the higher underlying EBITDA and a 62% underlying EBITDA cash conversion rate, up 2% from 2025. There was a working capital cash outflow of $1.6 billion, reflecting higher iron ore inventories together with normal seasonal movements in amounts due to JV partners and employees and a $443 million Oyu Tolgoi tax payment. This followed the assessment issued by the Mongolian Tax Authority relating to the 2021 and 2022 tax years, with Oyu Tolgoi reserving its right to dispute the payment. These assessments are inconsistent with the Oyu Tolgoi Investment Agreement and applicable Mongolian legislation and we are taking relevant steps including engaging in discussions with the Government of Mongolia to resolve this matter.

•  $5.0 billion of Rio Tinto share of capital investment (reconciled below): comprised $1.3 billion of growth, $1.9 billion of replacement, $1.8 billion of sustaining and $0.04 billion of decarbonisation capital (in addition to $0.1 billion of decarbonisation operational expenditure). We continue to fund our capital program in accordance with our disciplined capital allocation framework.

•  $4.2 billion dividends paid: reflected payment of the 2025 final ordinary dividend.

•  $0.4 billion incremental partner funding: in the current period this includes the difference between the cash funding received from Chalco Iron Ore Holdings (CIOH) and when funding is credited to Rio Tinto Share of Capital Investment as capital expenditure occurs, along with $0.1 billion of funding received from our partners in Resolution.

•  $14.1 billion net debt¹ at 30 June 2026: the above movements resulted in a reduction in net debt¹ of $0.3 billion in H1 2026.

¹ This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS financial measures
(non-IFRS measures). It is used internally by management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying business performance of the Group's operations. For more information on our use of non-IFRS financial measures in this report, see the section entitled "Alternative performance measures" (APMs) and the detailed reconciliations on pages 64 to 71.

Rio Tinto share of capital investment

(a)   In the second half of 2025, we revised the calculation of "Rio Tinto share of capital investment" to include "sales of property, plant and equipment and intangible assets". Accordingly, we have adjusted prior period comparatives for comparability.

(b)   In 2025, funding provided by the group to EAUs relates to funding of WCS Rail and Port Holding Entities (WCS) in relation to the Simandou project, consisting of a direct equity investment in WCS of US$148 million and loans provided totalling US$183 million.

(c)   We received US$898 million (30 June 2025: US$667 million) from Chalco Iron Ore Holdings Ltd (CIOH) of which US$525 million (30 June 2025: US$456 million) relates to CIOH's 47% share of capital expenditure incurred on the Simandou project on an accrual basis and, in 2025, associated funding provided by the Group to EAUs during the period. We also received US$127 million (30 June 2025: US$89 million) from Investissement Québec (IQ) in respect of their share of capital expenditure incurred on the Nemaska lithium development project. The equivalent amount, on an accruals basis, of US$120 million (30 June 2025: US$98 million) is included in Rio Tinto share of capital investment.

6.3 Retaining a strong balance sheet

•     Net debt¹: $14.1 billion at 30 June 2026 decreased by $0.3 billion compared to 2025 year end.

•     Net gearing ratio¹ (net debt to total capital): 16% at 30 June 2026 (31 December 2025: 18%). See page 70.

•     Total financing liabilities including net debt derivatives: $23.1 billion at 30 June 2026  (31 December 2025: $23.6 billion) and the weighted average maturity was 11 years. At 30 June 2026, 76% of these liabilities were at floating interest rates (81% excluding leases). The maximum amount within non-current borrowings maturing in any one calendar year is $2.9 billion, which matures in 2028.

•     Cash and cash equivalent plus other short-term highly liquid investments: $9.1 billion at 30 June 2026 (31 December 2025: $9.2 billion).

•     Provision for closure costs: $18.9 billion at 30 June 2026 (31 December 2025: $17.8 billion). The key movements explaining the increase were:

◦     +$0.2 billion due to a weakening of the US dollar against local currencies at 30 June 2026

◦     +$0.4 billion from amortisation of the discount on provisions

◦     +$0.9 billion from net increases to existing and new provisions including +$0.5bn relating to the change in inflation rate assumption (of which +$0.2bn was charged to the income statement in the period).

◦     partly offset by -$0.5 billion spend against the provision as we advanced our closure activities at Argyle, ERA (under a Management Service Agreement), the Gove alumina refinery and other legacy sites.

¹ This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS financial measures (non-IFRS measures). It is used internally by management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying business performance of the Group's operations. For more information on our use of non-IFRS financial measures in this report, see the section entitled "Alternative performance measures" (APMs) and the detailed reconciliations on pages 64 to 71.

6.4 Shareholder returns

50% payout ratio on the ordinary dividend, in line with our practice

a.     Based on weighted average number of shares and declared dividends per share for the respective periods and excluding foreign exchange impacts on payment. Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.

The 2026 interim ordinary dividend to be paid to our Rio Tinto Limited shareholders will be fully franked. The Board expects Rio Tinto Limited to be in a position to pay fully franked dividends for the foreseeable future.

The Board is committed to maintaining an appropriate balance between cash returns to shareholders and investment in the business, with the intention of maximising long-term shareholder value while maintaining a strong balance sheet.

The Board expects total cash returns to shareholders over the longer term to be in a range of 40% to 60% of underlying earnings in aggregate through the cycle. Both Rio Tinto plc and Rio Tinto Limited dividends are declared in US dollars.

7. Review of operations

Copper

Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result in the year-on-year change.

1.   Includes Oyu Tolgoi and Kennecott on a 100% consolidated basis, and Escondida on an equity share basis.

2.   Average realised price for all units sold. Realised price does not include the impact of provisional pricing adjustments, which positively impacted revenues in H1 2026 by $235 million (H1 2025 positive impact of $266 million).

3.   Net cash generated from operating activities excludes the operating cash flows of equity accounted units (EAUs) but includes dividends from EAUs (Escondida).

4.   Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding provided by the group to equity accounted units for its share of investment, net of sales of property, plant and equipment and intangible assets and capital contributions received/due from non-controlling interests or third parties on an accruals basis. It excludes capital spend directly undertaken by the EAU. For further detail refer to page 68 of the APM section.

5.   Free cash flow is defined as net cash generated from operating activities minus Rio Tinto share of capital investment and lease principal payments.

Financial performance

•     Underlying EBITDA: Delivered a record H1 with underlying EBITDA increasing 84% to $5.7 billion, underpinned by significantly stronger copper, gold and silver prices across the portfolio contributing to a $2 billion increase. Operationally, the continued ramp-up of Oyu Tolgoi further supported by the productivity program that increased drawbell development rates by 15% and accelerated underground development, delivering higher production of copper, gold and silver, partially offset by lower volumes at Escondida and Kennecott. Despite strong cost management, inflation and energy price headwinds along with cost inefficiencies from the lower copper volumes from Kennecott and Escondida, translated to a marginal increase in gross operating cash unit costs before by products. Exploration expenditure rose as we advanced orebody knowledge and geotechnical data collection activities at Resolution (we fund 55%) following completion of the land exchange in March.

•     Unit costs: Copper C1 net unit costs were negative (-24.7 US cents per pound), driven by strong operational performance with improved copper and gold volumes, higher gold prices and continued productivity improvements.

•     Capital investment: 9% decrease YoY. At Oyu Tolgoi while the major underground project has been completed, we continue to invest in development capital to support the advancement of Panels 0, 2 North and 2 South as the mine continues to ramp up to an average of 500 thousand tonnes¹ of copper per year. 

•     Cash flow: Operating cash flow improved significantly, reflecting the strong earnings and robust cash generation, including a higher dividend from Escondida. During H1, Oyu Tolgoi made a $443 million tax payment following the assessment issued by the Mongolian Tax Authority relating to the 2021 and 2022 tax years, reserving its right to dispute the payment. (refer to page 11). Despite this significant cash outflow, we delivered substantially stronger free cash flow and cash conversion.

¹The 500 thousand tonne per annum copper production target (stated as recoverable metal) for the Oyu Tolgoi underground and open pit mines for the years 2028 to 2036 was previously reported in a release to the ASX dated 11 July 2023 "Investor site visit to Oyu Tolgoi copper mine, Mongolia". All material assumptions underpinning that production target and those production profiles continue to apply and have not materially changed.

Review of operations

•     Production: 1% increase in H1, driven by a 31% YoY increase from Oyu Tolgoi largely offsetting lower production at Kennecott and Escondida. At Escondida lower concentrate production due to expected lower grade from mine sequencing was partially offset by higher refined copper production from improved leaching performance.

•     Oyu Tolgoi: delivered higher production in H1 driven by the continued ramp-up of underground operations, higher grades and improved recoveries, despite the impact of planned concentrator maintenance.

◦     During H1, the Government of Mongolia agreed to commence work on the Entrée licence transfer for Panel 1. While this process continues, mine development advanced with Panels 0 and 2 North followed by Panel 2 South. Panel 1 is expected to be the final panel brought into production. Mine plan options will continue to be assessed and optimised as appropriate. 

•     Kennecott: lower production in H1 reflecting reduced availability of high quality copper concentrate and mine sequencing adjustments associated with geotechnical management, together with the impact of planned concentrator maintenance and the temporary shutdown following the fatality in the first quarter.

◦     Following a flash converting furnace breach in late June, the smelter will continue producing marketable copper matte. As a result, refined copper and gold production will be lower in H2, full year total production including copper contained in matte remains unchanged.  

Iron Ore

Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result in the year-on-year change. Financial information has been recast in accordance with the organisational restructure announced on 27 August 2025.

1.   Dampier Salt is reported within Iron Ore, reflecting management responsibility. The Simandou iron ore project in Guinea reports to the Chief Safety & Technical Officer and financial information is reported outside the Reportable segments. It is therefore not included in the financial information presented, although an operational update is provided below for completeness.

2.   There is a ~2-3 month lag between mine gate production and sales for railing, shipping to China and tertiary crushing

3.   Assumes 8% moisture. Pilbara average realised price excludes the impact of certain joint venture arrangements. Including these, realised prices for H1 2026 would have been $1.1/wmt lower (H1 2025, $0.7/wmt).

4.   Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding provided by the group to equity accounted units for its share of investment, net of sales of property, plant and equipment and intangible assets and capital contributions received/due from non-controlling interests or third parties on an accruals basis. It excludes capital spend directly undertaken by the EAU. For further detail refer to page 68 of the APM section.

5.   Free cash flow is defined as net cash generated from operating activities minus Rio Tinto share of capital investment and lease principal payments.

Financial performance

•     Underlying EBITDA: Pilbara delivered a strong H1 financial performance, with underlying EBITDA increasing 5% YoY to $7.0 billion (from $6.7 billion in H1 2025). The increase was driven by an improved realised price, reflecting a resilient iron ore market, and our highest first half iron ore shipments since we set a record in 2018. These gains helped to offset the stronger Australian dollar, inflation and elevated energy costs associated with the Middle East conflict. Overall, underlying EBITDA for the Iron Ore product group was broadly flat YoY reflecting a reduced contribution from IOC and higher evaluation projects expenditure.  

•    Pilbara unit costs: increased by $0.7/t YoY to $25.0/t inclusive of inflation. This also reflected a $2.1/t headwind from the stronger Australian dollar and a $0.8/t impact from elevated diesel price, together with a higher work index. These headwinds were substantially offset by cost and volume benefits delivered through our ongoing productivity program that improved system resilience and availability, by increasing plan operating time, delivering higher volumes and displacing higher cost production.

•     Capital investment: increased 34% YoY, reflecting continued investment in Pilbara projects. Construction is advancing across the replacement mines at Brockman Syncline 1, Hope Downs 2 and West Angelas, with first production on track for 2027 for all three. Scheduled upgrades to port infrastructure are also underway to improve system flexibility and prepare for Rhodes Ridge.

•     Cash flow: Net cash generated from operating activities increased 9% to $5.2 billion with EBITDA cash conversion improving to 77% (from 70% in H1 2025). This demonstrated strong operational delivery and disciplined working capital management despite the temporary built-up of inventory at Pilbara following the cyclone impact in Q1. Increased capital investment reduced free cash flow by 5% to $3.0 billion. 

•     Pilbara pricing:

•     Pilbara average prices:

1.   H1 2025 is the monthly average Platts (CFR) index for 62% iron fines.

2.   Pilbara average realised price excludes the impact of certain joint venture arrangements. Including these, realised prices for H1 2026 would have been $1.1/wmt lower (H1 2025, $0.7/wmt).

3.   Assumes 8% moisture.

•     Freight revenue: Segmental revenue for our Pilbara operations included freight revenue of $1.3 billion (H1 2025: $0.8 billion).

Review of operations

•     Pilbara: Production increased 6% to the highest first half since the record achieved in 2018. The successful implementation of our ongoing productivity improvement program more than offset tropical cyclone impacts in Q1. Sales increased 4% underpinned by strong system performance and healthy stock levels, with around half of the 8 Mt of weather-related impacts in the first quarter expected to be recovered during the year. SP10 sales volumes declined by 65%, representing only 10% of total iron ore sales (29% in H1 2025) as we successfully implemented our product strategy.

•     Iron Ore Company of Canada: H1 production was 22% lower than H1 2025. A multi-year program targeting pit and asset health is in implementation and is delivering early improvements, including a 14% quarter-on-quarter increase in total material movement in Q2. We continue to monitor and evaluate the impact from recent forest fires in Canada.

•     Simandou: Construction is progressing to plan with the SimFer mine and port ~77% and 85% complete, respectively. Commissioning of key infrastructure remains on track through 2026, supporting ramp-up towards full production rates. 2.2 Mt was shipped to China in H1, with sales of 0.4 Mt at an average grade of 65.8% Fe. At the end of June, there was 7.6 Mt of uncrushed ore at the mine, which contributes to 9.6 Mt across the entire system, including Guinea port, on ships and in China ports.

•     Portside business: Total iron ore sales in China at our portside were 5.5 Mt (16.3 Mt in H1 2025), of which 94% were either screened or blended in Chinese ports. The decrease in sales reflects lower SP10 shipments.

•     Inventory levels at portside: 6.1 Mt at June, including 3.4 Mt of Pilbara product.

Aluminium & Lithium

Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result in the year-on-year change. Financial information has been recast in accordance with the organisational restructure announced on 27 August 2025.

1.   QAL production now included on a 100% basis.

2.   H1 2025 represents production since March following completion of the Arcadium acquisition.  Q1 2025 LCE production was 5.6kt (6.5kt on a 100% basis); LCE shipments were 3.8kt  (5.0kt on a 100% basis).

3.   Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding provided by the group to equity accounted units for its share of investment, net of sales of property, plant and equipment and intangible assets and capital contributions received/due from non-controlling interests or third parties on an accruals basis. It excludes capital spend directly undertaken by the EAU. For further detail refer to page 68 of the APM section.

4.   Free cash flow is defined as net cash generated from operating activities minus Rio Tinto share of capital investment and lease principal payments.

Aluminium & Lithium underlying EBITDA rose 38% to $3.3 billion, primarily driven by higher prices, productivity benefits and an uplift in lithium volumes, as outlined below.

Further detail of the financial and operating performance of the Aluminium & Lithium product group is set out below, including separate analysis for each of the key products within this operating segment.

Aluminium

1.   H1 2026 freight revenue for Bauxite business was $226 million (H1 2025: $234 million).

2.   Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding provided by the group to equity accounted units for its share of investment, net of sales of property, plant and equipment and intangible assets and capital contributions received/due from non-controlling interests or third parties on an accruals basis. It excludes capital spend directly undertaken by the EAU. For further detail refer to page 68 of the APM section.

3.   Free cash flow is defined as net cash generated from operating activities minus Rio Tinto share of capital investment and lease principal payments.

Financial performance

•     Underlying EBITDA:  strong H1 financial performance with underlying EBITDA increasing 31% to $3.1 billion. Earnings were underpinned by a tight aluminium market with a structural supply deficit driving higher LME prices and elevated regional market premiums offsetting the full impact of US tariff. Weaker bauxite prices partially offset these benefits. We continued to achieve strong aluminium production and recovered well in bauxite following Q1 weather disruption. The productivity program delivered a further $130 million of benefits through sharpening contractor management at the smelters, optimising cast house mix and improving technical throughput, helping offset headwinds from inflation, higher energy and raw material costs and impact of a stronger Australian and Canadian dollar.

•     Capital investment: increased by ~$100 million YoY driven by continued investments in the low-carbon AP60 aluminium smelter, with first production achieved in March as planned. We also continued investments at our Weipa Southern operations on Queensland's Cape York Peninsula, Australia.

•     Cash flow: our integrated aluminium business continued to demonstrate strong cash generation with net cash generated from operating activities increasing 10% to $2.1 billion. Free cash flow improved 5% to $1.2 billion.

•     Realised price:

¹  Our VAP sales were 41% of primary metal sold in H1 2026 (H1 2025: 46%).

¹ Midwest premium duty paid applies to approximately 40% of our total volumes in H1 2026 (55% in H1 2025).

Review of operations

•     Bauxite: production recovered strongly in Q2 following significant weather disruptions in Q1, supported by maximising plant operating time at Weipa and higher plant utilisation at Gove. Around half of the 0.9 mt production impact from the weather is expected to be recovered over the remainder of the year. 

•     Alumina: 8% YoY increase in production, with QAL now included at 100% (from 80% in 2025) partially offset by weather and reliability events at Yarwun and Vaudreuil. At Yarwun, we announced we will reduce production by 40% from October 2026 to extend its life until 2035 and allow time to explore further life-extension and modernisation options.

•     Aluminium: production remained resilient in H1, with higher output from Kitimat, NZAS and AP60 largely offsetting the planned closure of Arvida. Kitimat continued to ramp up to nameplate capacity as improved hydrological conditions supported higher hydro power output while NZAS operated at full capacity. The transition from Arvida to AP60 progressed to plan with the final potlines closed in June and AP60 continuing its ramp-up towards full capacity by the end of 2026.

Lithium

1.   Realised lithium carbonate equivalent price is calculated as total lithium revenue divided by total lithium carbonate equivalent (LCE) volume sold, and therefore represents a blended average across products and contracts rather than a spot or index reference. A portion of volumes is sold under longer term customer contracts, with realisations recognised on a lagged basis, so realised prices may not move in line with, or over the same period as, movements in the reference index price. Lithium results are consolidated from the date of acquisition of Arcadium Lithium (March 2025); accordingly, the H1 2025 comparative reflects the post-acquisition period only and excludes January and February 2025.

2.   Rio Tinto share of capital investment represents purchases of property, plant and equipment and intangible assets and funding provided by the group to equity accounted units for its share of investment, net of sales of property, plant and equipment and intangible assets and capital contributions received/due from non-controlling interests or third parties on an accruals basis. It excludes capital spend directly undertaken by the EAU. For further detail refer to page 68 of the APM section..

Financial performance

•     Underlying EBITDA: solid H1 with underlying EBITDA increasing more than fourfold to $0.2 billion, supported by a 22% rise in realised lithium prices and a 53% increase in volumes, benefiting from a full six months of Arcadium (vs four months in H1 2025).

•     Capital investment: invested $0.6 billion as we continued the development of our growth projects, achieving first production at Fenix 1B and Sal de Vida ahead of schedule in Q2.

•     Cash flow: Net operating cashflow reflected continued investment in working capital and the ramp-up of new operations. Capital investment associated with commissioning and developing our lithium growth projects resulted in free cash flow of negative $0.6 billion broadly in line with prior year as the business continued to invest in future production capacity.

Review of operations

•     Lithium: delivered a strong H1 despite weather impacts in Q1. Development projects progress maintained strong momentum, with first production achieved ahead of plan at both Fénix 1B and Sal de Vida as mentioned above. The Rincon starter plant continued to ramp up, as we focused on reactor stability.

8. Capital projects

1.   The NRS Mineral Resources and Ore Reserves, together with the Lower Commercial Skarn (LCS) Mineral Resources and Ore Reserves, form the Underground Skarns Mineral Resources and Ore Reserves.

2.   The 250 thousand tonne copper production target for the Kennecott underground mines over the years 2023 to 2033 was previously reported in a release to the Australian Securities Exchange (ASX) dated 20 June 2023 "Rio Tinto invests to strengthen copper supply in US". All material assumptions underpinning that production target continue to apply and have not materially changed.

3.   The estimated annualised capacity of approximately 60 million dry tonnes per annum iron ore for the Simandou life of mine schedule was previously reported in a release to the Australian Securities Exchange (ASX) dated 6 December 2023 titled "Investor Seminar 2023". Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not materially changed.

4.   Rio Tinto SimFer UK Limited (which is wholly owned by the Group) holds a 53% interest in SimFer Jersey Limited (SimFer Jersey) which in turn, has an 85% interest in SimFer S.A., the company that will carry out the Simandou mining operations in Guinea. The group consolidates the entities that are developing the SimFer scope of rail and port infrastructure and the transhipment vessels. Rio Tinto's share of funding this construction is 53%. The WCS Rail and WCS Port businesses are accounted for under the equity method with SimFer Jersey funding 34% of the construction. Once constructed all rail and port infrastructure assets will be transferred to La Compagnie du Transguinéen S.A., a company in which SimFer Jersey has a 42.5% shareholding.

5.   WCS holds the mining concession for Blocks 1 & 2, while SimFer holds the mining concession for Blocks 3 & 4. SimFer and WCS will independently develop their mines.

6.   The production target of approximately 53 kt of battery grade lithium carbonate per year for a period of 40 years was previously reported in a release to the ASX dated 4 December 2024 titled "Rincon Project Mineral Resources and Ore Reserves: Table 1". Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not materially changed. Plans are in place to build for a capacity of 60 kt of battery grade lithium carbonate per year with debottlenecking and improvement programs scheduled to unlock this additional throughput. Capacity of 60 ktpa is comprised of 3 ktpa starter plant, 50 ktpa full scale plant and 7 ktpa additional optimisation.

9. Future options

1.     The La Granja Mineral Resource estimate is sourced from First Quantum Minerals Ltd. Quote from the First Quantum release: "the Report was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") with an effective date of December 31, 2025."

2.     Mitsui holds its 40% interest through an entity named SPC Blue Pty Ltd and AMB holds its 10% interest through Rhodes Ridge Mining (No 1) Pty Ltd, a wholly owned subsidiary of Wright Prospecting Pty Ltd, that is managed and controlled by AMB.

DIRECTORS' REPORT

for the half year ended 30 June 2026

Review of operations and important events

A detailed review of the Group's operations, the results of those operations during the half year ended 30 June 2026 and likely future developments are given on pages 1 to 26. Important events that have occurred during the period and up until the date of this report are set out below.

Financial

On 26 March 2026, we published our 2025 Taxes and Royalties Paid Report. Rio Tinto paid US$9.9 billion of taxes and royalties and a further US$1.9 billion on behalf of its employees during 2025.

On 27 May 2026, we published our report on payments to governments made by Rio Tinto and its subsidiary undertakings for the year ended 31 December 2025 as required under the UK's Report on Payments to Governments Regulations 2014 (as amended in December 2015). 

Operations

On 9 January 2026, we announced that we had been engaging in preliminary discussions with Glencore plc about a possible combination with some, or all, of their businesses.

On 5 February 2026, we announced that we were no longer considering a possible merger, or other business combination, with Glencore plc, as Rio Tinto had determined that it could not reach an agreement that would deliver value to its shareholders

On 25 March 2026, we announced that Rio Tinto, the Queensland Government and the Commonwealth Government had struck a landmark partnership to secure a long-term future for the Boyne aluminium smelter at Gladstone and ensure it remains internationally cost-competitive beyond its current power contract.

People

On 14 May 2026, we announced that Trudi Charles would succeed Isabelle Deschamps as Chief Legal Officer, Governance & Corporate Affairs.

Rio Tinto 2025 Annual General Meetings (AGMs)

The annual general meetings of Rio Tinto plc and Rio Tinto Limited were held contemporaneously on 6 May 2026.

Directors

The Directors serving on the Boards of Rio Tinto plc and Rio Tinto Limited as at 30 June 2026 were as follows:

Notes - (A&R) Audit & Risk Committee, (P&R) People & Remuneration Committee, (N&G) Nominations and Governance Committee, (S) Sustainability Committee.

Dividend

The 2025 final dividend, equivalent to 254.0 US cents per share, was paid on 16 April 2026 to holders of Rio Tinto plc and Rio Tinto Limited ordinary shares and Rio Tinto plc ADR holders. Rio Tinto plc shareholders received 191.77 pence per share for the final dividend and Rio Tinto Limited shareholders received 367.08 Australian cents per share for the final dividend based on the applicable exchange rates on 7 April 2026. ADR holders receive dividends at the declared rate in US dollars.

The 2026 interim dividend, equivalent to 211 US cents per share will be paid on 24 September 2026 to Rio Tinto Limited, Rio Tinto plc and Rio Tinto plc ADR shareholders on the register at the close of business on 14 August 2026. The ex-dividend date for the 2026 interim dividend for Rio Tinto Limited and Rio Tinto plc is 13 August 2026. For holders of Rio Tinto plc ADRs, the ex- dividend date is 14 August 2026.

Principal risks and uncertainties

The principal risks and uncertainties that could materially impact our ability to deliver on our strategic priorities are set out on pages 91 to 99 of the 2025 Annual Report. These remain broadly consistent with the risks and uncertainties faced by the Group at the end of the first half of 2026.

We continue to monitor and respond to changes in our risk profile, including those arising from changes in the macroeconomic and geopolitical environment.

Publication of half year results

In accordance with the UK Financial Conduct Authority's Disclosure Guidance & Transparency Rules and the Australian Securities Exchange Listing Rules, the half year results will be made public and are available on the Rio Tinto Group website.

Auditor's independence declaration

KPMG, the auditors of Rio Tinto Limited, have provided the auditor's independence declaration as required under section 307C of the Corporations Act 2001 in Australia. This has been reproduced on page 60 and forms part of this report.

The Directors' report is made in accordance with a resolution of the Board.

Dominic Barton

Chair

29 July 2026

Condensed consolidated interim financial statements for the
six months ended 30 June 2026

Contents

Consolidated income statement

The notes on pages 37 to 55 are an integral part of these condensed consolidated interim financial statements.

Consolidated statement of comprehensive income

(a)   Excludes a currency translation gain of US$89 million (2025: gain of US$153 million) arising on Rio Tinto Limited's share capital for the six months ended 30 June 2026, which is recognised in the consolidated statement of changes in equity. Refer to the consolidated statement of changes in equity on page 35.

Consolidated cash flow statement

Consolidated balance sheet

(a)   At 30 June 2026, Rio Tinto plc had 1,255.0 million ordinary shares in issue and held by the public, and Rio Tinto Limited had 371.8 million shares in issue and held by the public. There were no cross holdings of shares between Rio Tinto Limited and Rio Tinto plc in either period presented.

As required to be disclosed under the ASX Listing Rules, the net tangible assets per share amounted to US$35.26 (31 December 2025: US$33.24).

Consolidated statement of changes in equity

Consolidated statement of changes in equity (continued)

(a)     Refer to the Consolidated statement of comprehensive income for further details. Adjustments to other reserves include currency translation attributable to owners of Rio Tinto, other than that arising on Rio Tinto Limited's share capital.

(b)     Dividends per share announced or paid during the period are summarised below:

(c)   Net of contributions received from employees for share awards.

(d)   Refer to the consolidated cash flow statement for further details.

(e)   During the period ended 30 June 2026, the Group disposed of certain investments that were designated as an equity investment at FVOCI. On disposal, the cumulative gains recognised in the FVOCI reserve were transferred directly to retained earnings. In accordance with IFRS 9, no gains or losses have been recognised in the Consolidated income statement in relation to these investments.

Selected explanatory notes to the interim financial statement

1.   Basis of preparation

The condensed consolidated interim financial statements included in this report have been prepared in accordance with International Accounting Standards (IAS) 34 "Interim Financial Reporting" as issued by the International Accounting Standards Board (IASB) and as adopted for use in the United Kingdom (UK), the UK law (United Kingdom Companies Act 2006) applicable to companies reporting under International Financial Reporting Standards (IFRS Accounting Standards), applicable Australian law (Australian Corporations Act 2001) and in accordance with an order, under section 340 of the Corporations Act 2001, issued by the Australian Securities and Investments Commission (ASIC) on 11 July 2024 (ASIC class order).

These condensed consolidated interim financial statements represent a 'condensed set of financial statements' as referred to in the Disclosure Guidance and Transparency Rules sourcebook (DTR) issued by the Financial Conduct Authority (FCA) applicable to interim financial reporting. Accordingly, they do not include all of the information required for a full annual financial report and are to be read in conjunction with the Group's annual financial statements for the year ended 31 December 2025.

The 2025 annual financial statements were prepared on a going concern basis in accordance with UK-adopted international accounting standards, applicable UK law and applicable Australian law as amended by the ASIC class order and to meet IFRS Accounting Standards as issued by the IASB and interpretations issued from time to time by the IFRS Interpretations Committee (IFRS IC) which were mandatory at 31 December 2025.

The above accounting standards and interpretations are collectively referred to as 'IFRS' in this report and contain the principles we use to create our accounting policies. Where necessary, adjustments are made to the locally reported assets, liabilities, and results of subsidiaries, joint arrangements and associates to bring their accounting policies in line with ours for consistent reporting.

These condensed consolidated interim financial statements are unaudited and do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information as at 31 December 2025 included in this report has been extracted from the full financial statements filed with the Registrar of Companies. The Auditors' report on these full financial statements was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis of matter and did not contain statements under section 498 (2) (regarding adequacy of accounting records and returns), or under section 498 (3) (regarding provision of necessary information and explanations) of the Companies Act 2006.

Going concern

Management has prepared detailed cash flow forecasts for the next 18 months and has updated life-of-mine plan models with longer-term cash flow projections. These forecasts demonstrate that the Group has sufficient cash, other liquid resources and undrawn credit facilities to enable it to meet its obligations as they fall due. As such, the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the interim financial information.

1.   Basis of preparation (continued)

Alternative performance measures

We present certain non-IFRS financial measures (non-IFRS measures), which are reconciled to directly comparable IFRS financial measures on pages 64 to 71 of this report. These non-IFRS measures herein, referred to as alternative performance measures (APMs), are used by management to assess the performance of the business and may therefore be useful to investors. They are not a substitute for the IFRS measures and should be considered supplementary to those measures.

Reconciliation with Australian Accounting Standards

Our financial statements have been prepared in accordance with IFRS, as defined in the "Basis of preparation" section on page 37, which differs in certain respects from the version of IFRS that is applicable in Australia, referred to as Australian Accounting Standards (AAS). We are required to disclose the effect of the adjustments to our consolidated income statement, consolidated total comprehensive income/(loss) and consolidated shareholders' funds if our accounts were prepared under the version of IFRS that is applicable in Australia. This is in order to satisfy the obligations of Rio Tinto Limited to prepare consolidated accounts under Australian company law, as amended by an order issued by the Australian Securities and Investments Commission on 11 July 2024.

Prior to 1 January 2004, our financial statements were prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP). Under IFRS, goodwill on acquisitions prior to 1998, which was eliminated directly against equity in the Group's UK GAAP financial statements, has not been reinstated. This was permitted under the rules governing the transition to IFRS set out in IFRS 1. The equivalent Australian Standard, AASB 1, does not provide for the netting of goodwill against equity. As a consequence, shareholders' funds under AAS include the residue of such goodwill, which amounted to US$380 million at 30 June 2026 (31 December 2025: US$381 million).

Save for the exception described above, the Group's financial statements prepared in accordance with IFRS are consistent with the requirements of AAS.

2.   Changes in accounting policies

The condensed consolidated interim financial statements have been prepared on the basis of accounting policies, methods of computation and presentation consistent with those applied in the financial statements for the year ended 31 December 2025, except for the accounting requirements set out below, effective as at 1 January 2026.

New standards and amendments applicable for the current period

Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 "Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures")

We adopted amendments to IFRS 9 and IFRS 7 which help companies better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements. The amendments include: clarifying the application of the "own-use" requirements, permitting hedge accounting if these contracts are used as hedging instruments; and adding new disclosure requirements to enable investors to understand the effect of these contracts on a company's financial performance and cash flows. The amendments do not have a material impact on the Group.

Classification and Measurement of Financial Instruments (Amendments to IFRS 9 "Financial Instruments" and IFRS 7 "Financial Instruments: Disclosures")

We adopted the amendments to IFRS 9 and IFRS 7 which clarify the timing of recognition and derecognition of financial assets and financial liabilities and introduced a derecognition exception for financial liabilities settled using an electronic payment system. The amendments also introduced additional disclosures for investments in equity instruments designated at fair value through other comprehensive income ( FVOCI) and financial instruments not measured at fair value through profit and loss (FVTPL) with certain contingent features. The amendments do not have a material impact on the Group.

Annual Improvements to IFRS Accounting Standards (Amendments to IAS 7 "Statement of Cash Flows" and IFRS 10 "Consolidated Financial Statements"

In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRS accounting standards. We adopted the amendments, which include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows. The amendments do not have a material impact on the Group.

2.   Changes in accounting policies (continued)

New standards or amendments issued but not yet effective

During the six months ended 30 June 2026, we have not early adopted any amendments, standards or interpretations that have been issued but are not yet effective. 

IFRS 18 "Presentation and Disclosure in Financial Statements" is effective for annual reporting periods beginning on or after from 1 January 2027 and will replace IAS 1 "Presentation of Financial Statements". It sets out new requirements for the presentation of financial statements and for disclosures in the notes in response to investor demands for better information about an entity's financial performance. We have not early adopted the new standard, which was endorsed by the UK Endorsement Board on 10 December 2025.

IFRS 18 requires entities to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories, depending on the main business activities, with consequential amendments introduced to the cash flow statement. Management-defined performance measures (MPMs), which are subtotals of income and expenses not specified by IFRS Accounting Standards and used in public communications, must be disclosed in a single note within the financial statements. The standard also provides enhanced guidance on the grouping (aggregation and disaggregation), description and location of information for better clarity.

Based on analysis to date, we expect that the adoption of IFRS 18 will change the current structure of the consolidated income statement, and how the operating profit is calculated. Under IFRS 18, net interest related to pension and healthcare benefits currently included within operating profit will be reclassified to the financing category. Other adjustments include reclassifying interest income from receivables to the operating category rather than financing items, and transferring sub-lease income currently included within operating profit to the investing category. Finance income and foreign exchange gains or losses on bank balances currently included within financing items will move to the investing category.

Within the statement of cash flows, dividends received from equity-accounted units and interest received will be presented as investing activities, while dividends paid to holders of non-controlling interests and interest paid will be classified as financing activities.

In addition, we are assessing the grouping of items on the basis of similar and dissimilar characteristics in the financial statements. Based on the assessment to date, we expect further disaggregation of net operating costs in the consolidated income statement.

APMs that meet the criteria for MPMs under the new standard include underlying EBITDA, underlying earnings, and calculated earnings for underlying 'return on capital employed' (ROCE) (the numerator in underlying ROCE).

We continue to advance with assessing the impact of adopting the new standard and to monitor guidance on judgmental areas including the classification of foreign exchange differences arising from intragroup balances. The actual impacts of adopting the new standard on 1 January 2027 may change to those identified above as we finalise the assessments and implement changes to processes and controls.

IFRS 19 "Subsidiaries without Public Accountability: Disclosures" is a new accounting standard that allows eligible subsidiaries to apply IFRS accounting standards with reduced disclosure requirements, effective from 1 January 2027. It does not have any impact on our consolidated financial statements.

3.   Segmental information

Our reportable segmental structure is principally based on product groups (PG) - which we have determined to be our operating segments - whose leaders, together with global support functions leaders, make up the Executive Committee. The Executive Committee members each report directly to our Chief Executive who is the chief operating decision maker (CODM) and is responsible for allocating resources and assessing performance of the operating segments. The CODM's primary measure of performance is underlying EBITDA (as defined on page 43).

Our reportable segments are as follows.

During the period, Management responsibility of the closed Gove Refinery moved from the Group's central closure team (forms part of "Other operations", outside of reportable segments) to the Aluminium and Lithium product group.

In the second half of 2025, the Group's reportable segments were updated to reflect the organisational restructure announced on 27 August 2025 which simplified our product group structure to 3 businesses: Aluminium & Lithium, Copper and Iron Ore. The unified Iron Ore portfolio integrated Rio Tinto's Western Australian Iron Ore operations with the Iron Ore Company of Canada and will include the Simandou project in Guinea upon its completion. Management responsibility during the build phase of the Simandou iron ore project remains under the Chief Safety & Technical Officer. While this sits outside of reportable segments until completion of the project, we continue to show this separately due to the significance of funding and spend on the project. Accordingly comparative information has been restated.

In the prior period, we acquired Arcadium Lithium plc (Arcadium). Following the acquisition, our Lithium business, comprising Arcadium and Rincon (previously included within the Minerals product group), was combined with the previous Aluminium product group to form the Aluminium & Lithium product group.

The Borates and Iron & Titanium businesses were placed under strategic review in the second half of 2025 and were moved to the Chief Commercial Officer's portfolio. Along with Diamonds, which is pending mine closure, these businesses are now presented below reportable segments, as part of "Other Operations".

3.   Segmental information (continued)

3.   Segmental information (continued)

Reconciliation of profit after tax to underlying EBITDA

Underlying EBITDA represents profit before taxation, net finance items, depreciation and amortisation adjusted to exclude the EBITDA impact of items which do not reflect the underlying performance of our reportable segments.

Items excluded from profit after tax are those gains and losses that, individually or in aggregate with similar items, are of a nature and size to require exclusion in order to provide additional insight into the underlying business performance.

The following items are excluded from profit after tax in arriving at underlying EBITDA in each period irrespective of materiality:

-    all depreciation and amortisation in subsidiaries and the corresponding share of profit in EAUs

-    all taxation and finance items in subsidiaries and the corresponding share of profit in EAUs

-    unrealised gains and losses on embedded derivatives not qualifying for hedge accounting (including foreign exchange)

-    net gains and losses on consolidation or disposal of interests in businesses

-    net impairment charges and reversals including corresponding amounts in share of profit in EAUs

-    the underlying EBITDA of discontinued operations

-    adjustments to closure provisions where the adjustment is associated with an impairment charge and for legacy sites where the disturbance or environmental contamination relates to the pre-acquisition period.

In addition, there is a final judgemental category which includes, where applicable, other credits and charges that, individually or in aggregate if of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance. For the periods ended 30 June 2026 and 30 June 2025, there were no items in this category.

(a)   Depreciation and amortisation in subsidiaries for the period ended 30 June 2026 is net of capitalised depreciation of US$219 million (30 June 2025: US$113 million).

(b)   Refer to note 5 for further details.

(c)   This relates to the Rio Tinto share of impairment reversal recorded at Porto Trombetas (MRN), an equity accounted unit. It is represented by a pre-tax impairment reversal of US$22 million and an associated tax charge of US$7 million. The net amount of US$15 million is included in share of profit after tax of equity accounted units.

4. Segmental information - additional information

Consolidated sales revenue by destination^(a)

(a)   Consolidated sales revenue by geographical destination is based on the ultimate country of the product's destination, if known. Where the ultimate destination is not known, we have defaulted to the shipping address of the customer. Rio Tinto is domiciled in both the UK and Australia.

Consolidated sales revenue by product

(a)   Consolidated sales revenue includes both revenue from contracts with customers, accounted for under IFRS 15 "Revenue from Contracts with Customers", and subsequent movements in provisionally priced receivables, accounted for under IFRS 9, and included in "Other revenue" above.

(b)   "Other products and freight services" includes metallic co-products, diamonds, molybdenum, silver and other commodities.

5. Impairment

Other operations - Rio Tinto Iron and Titanium Quebec Operations (RTITQO) and QIT Madagascar Minerals (QMM)

In 2025, we progressed a business transformation at RTITQO in response to challenging market conditions for our products at the Sorel site, including TiO₂ and metallics. This transformation, which includes the adjustment of the business footprint to projected demand, was expected to take up to 24 months to complete its core components. At 30 June 2025, we identified these conditions as an impairment trigger and performed an impairment test for the cash-generating unit which comprises the mines and processing facilities at RTITQO (in Canada) and QMM (in Madagascar).

We expected the transformation program to result in significant improvements in operating costs, including opportunities to reduce carbon emissions and therefore carbon costs. However, for the purpose of performing the impairment test, risk adjustments were applied to reduce the forecast cash flows to reflect a market participant perspective that the value of the projected initiates may not fully deliver the expected benefit.

Using a fair value less cost of disposal methodology and discounting real-terms post-tax cash flows at an effective rate of 7.6% we determined the recoverable amount to be US$1,780 million. This resulted in a pre-tax impairment charge during the six months ended 30 June 2025 of US$122 million  (post-tax US$86 million) and was allocated to property, plant and equipment in Canada.

During 2026, market conditions have remained challenging and therefore we have tested the assets again for impairment. The testing parameters were not materially different and no impairment charge or impairment reversal was identified.

6. Taxation

Prima facie tax reconciliation