• 8% uplift in CuEq1 production driven by Oyu Tolgoi and record iron ore
• Underlying EBITDA up 9% to $25.4 billion, operating cash flow of $16.8 billion
• Ordinary dividend of $6.5 billion, 60% payout ratio, 10-year track record

Rio Tinto delivered solid financial results in 2025, underpinned by operational excellence and disciplined cost management. The company achieved an 8% uplift in CuEq1 production, driven by the ongoing ramp-up of the Oyu Tolgoi underground copper mine and record iron ore production from its Pilbara operations. This strong operational performance, together with a diversifying portfolio and firm cost discipline, resulted in a 9% increase in underlying EBITDA to $25.4 billion and operating cash flow of $16.8 billion. Rio Tinto maintained stable underlying earnings of $10.9 billion, after taxes and government royalties of $10.4 billion. The company continued to invest in delivering industry-leading, value-accretive growth, with key project execution milestones in 2025, including the completion of the Oyu Tolgoi copper underground development project, the first ore shipment from the Simandou high-grade iron ore project, and the opening of the Western Range iron ore replacement mine. Rio Tinto's strong cash flow and balance sheet enabled the company to sustain a 60% payout ratio with a $6.5 billion ordinary dividend, marking the tenth consecutive year at the top end of the range.

Rio Tinto provided the following guidance for 2026: Pilbara iron ore sales of 323-338 Mt, Simandou iron ore sales of 5-10 Mt, copper production of 800-870 kt, bauxite production of 58-61 Mt, alumina production of 7.6-8.0 Mt, aluminium production of 3.25-3.45 Mt, and lithium carbonate equivalent (LCE) production of 61-64 kt. The company's effective tax rate is expected to be around 30%.