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Rio Tinto Group (RIO) investor relations material
Rio Tinto Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 8% increase in copper equivalent production in 2025, with record output in copper and bauxite, and industry-leading production growth.
Underlying EBITDA rose 9% to $25.4 billion, with record copper EBITDA of $7.4 billion, and a 60% payout ratio returning $6.5 billion to shareholders.
Maintained a 10-year track record of ordinary dividends at the top end of the payout range.
Major projects executed, including Oyu Tolgoi underground completion, Simandou's first iron ore shipment, and lithium projects targeting 200,000 tons per annum by 2028.
Focused on operational excellence, cost reduction, and disciplined capital allocation to drive growth and shareholder value.
Financial highlights
Underlying EBITDA increased 9% year-over-year to $25.4 billion, driven by higher copper and aluminum prices and volumes.
Consolidated sales revenue increased 7% to $57.6 billion, and cash flow from operations grew 8% to $16.8 billion.
Net debt rose to $14.4 billion after the Arcadium acquisition, with gearing at 18%.
CapEx reached $11.4 billion, with peak spend on Simandou ($1.6 billion) and lithium projects ($1 billion).
Iron ore EBITDA was $15.2 billion, copper EBITDA $7.4 billion, and aluminum EBITDA $4.4 billion.
Outlook and guidance
Targeting 3% CAGR in copper equivalent production through 2030, with growth led by copper, aluminum, and lithium.
2026 guidance: iron ore shipments 323–338Mt, copper production 800–870kt, bauxite 58–61Mt, lithium 61–64kt LCE.
CapEx guidance remains up to $11 billion for the next two years, stepping down to less than $10 billion in the mid-term.
Ongoing focus on productivity improvements and cost reductions, with aggregate improvements expected to materially exceed the $650 million run rate in 2026.
Targeting 4% CAGR reduction in unit costs through 2030.
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Frequently asked questions
A Global Mining Titan
Established in 1873, the Rio Tinto Group has evolved from a single copper mine in Spain to a global powerhouse in the mining sector. As one of the world's leading natural resources companies, its operations encompass the extraction and processing of diverse minerals including aluminium, copper, diamonds, gold, iron ore, and uranium. Spanning six continents and 35 countries, Rio Tinto is an influential player in the global mining landscape, contributing to economies, societies, and the supply chains of various industries. The company has its headquarters in London, but a large part of its operations takes place in Australia.
Red River
The history of the Rio Tinto Group is a narrative of evolution and expansion. It started in 1873 when a consortium of investors acquired the rich copper mines on the banks of the Rio Tinto River in Andalusia, Spain. Over the course of the 20th century, the company extended its reach globally, investing in a diverse array of mineral interests. A significant restructuring in the 1990s led to the formation of a dual-listed company structure, creating UK-based Rio Tinto plc and Australia-based Rio Tinto Limited.
Operations
Rio Tinto's business strategy revolves around owning and operating large, long-life, low-cost, expandable mines, known for their use of technology. Its operations include not just mining but also refining, particularly in the aluminium sector. The company manages an expansive network of mines, processing facilities, and transportation infrastructure. Improving its operations is a key priority for the company, and Rio Tinto continuously seeks new technologies and methodologies to improve its operations.
Some key competitors operating in the same industry are names like Glencore, Anglo American, and BHP.
A Land Down Under
Australia represents the cornerstone of Rio Tinto's operations, particularly the iron ore-rich region of Pilbara in Western Australia. As the hub of the company's iron ore business, Pilbara boasts the world's largest integrated portfolio of iron ore assets. Additionally, Rio Tinto’s aluminium business, one of the world's largest, is also primarily operated out of Australia. The nation's wealth of natural resources, coupled with a stable political environment and proximity to key Asian markets, especially China, has been instrumental in Rio Tinto's growth and profitability.
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