Rio Tinto: Solid results underpinned by +8% CuEq production and sharper cost discipline in Commodity News 20/02/2026 Rio Tinto Chief Executive Simon Trott said: “Safety remains our highest priority. We are deeply committed to learning from the tragic death of one of our colleagues at the Simandou project last weekend and I will be spending time with the team on the ground, as we fully investigate how this happened. “Our solid financial results demonstrate clear progress as we embed our stronger, sharper and simpler way of working. We achieved an 8% uplift in CuEq production1 driven by the ongoing ramp-up of the Oyu Tolgoi underground copper mine and record iron ore production since April from our Pilbara operations. This strong operational performance, together with a diversifying portfolio and firm cost discipline, underpinned a 9% increase in underlying EBITDA to $25.4 billion and operating cash flow of $16.8 billion. We delivered stable underlying earnings of $10.9 billion, after taxes and government royalties of $10.4 billion2. “We continue to invest in delivering industry-leading, value-accretive growth, supported by our disciplined capital allocation and best-in-class project execution. We remain on track to achieve 3% CAGR in CuEq1 production to 2030. At the same time, the structural cost improvements underway today position us for higher margins and cash flow. With a high-quality pipeline, anchored in copper, we have clear visibility to extend this growth profile well into the next decade. “Our strong cash flow and balance sheet enable us to sustain a 60% payout ratio with a $6.5 billion ordinary dividend, making it the tenth consecutive year at the top end of the range.” Executive Summary Net cash generated from operating activities of $16.8 billion up 8% and underlying EBITDA of $25.4 billion up 9%. Results were underpinned by our operational excellence and disciplined cost management, and rising contributions from copper and aluminium. Profit after tax attributable to owners of Rio Tinto of $10.0 billion. Ordinary dividend of $6.5 billion, a 60% payout, ten-year track record at top end of range. Key project execution milestones in 2025: Oyu Tolgoi copper underground development project now complete Simandou high grade iron ore first ore shipment in December Western Range iron ore replacement mine opened on time and on budget Construction commenced at three further Pilbara iron ore brownfield mines Arcadium acquisition closed ahead of schedule in March: focused on delivering in-flight lithium projects in Argentina and Canada 2. Our strategy – Delivering industry-leading value Our strategy is built on a diversified portfolio of world-class assets and projects in the right commodities. It centres on the priorities of a great metals and mining business: operational excellence, project execution and capital discipline, underpinned by our people, social licence and partnerships. We are focused on the fundamentals of value creation and implementing our stronger, sharper, simpler way of working. 2025 highlights People and Safety first Our all-injury frequency rate (AIFR) for 2025 was 0.37, consistent with 2024. We are strengthening safety through front-line focus, simplification and accountability. Operational excellence On our pathway to deliver 4% CAGR unit cost improvement to 2030 Volume driven efficiencies: Copper: +11% YoY, driven by ongoing ramp-up of Oyu Tolgoi +61% YoY Aluminium: uplift cross the value chain, with record annu