Rio Tinto lifts profit 47% and boosts interim dividend 43% on price surge

• Rio Tinto (ASX:RIO) lifted underlying EBITDA 28% to US$14.8 billion and net earnings 47% to US$6.7 billion in the half year to 30 June 2026.
• The miner generated US$9.2 billion in operating cash flow and free cash flow of US$3.8 billion, supporting a 43% increase in the interim ordinary dividend to US$3.4 billion.
• Rio Tinto (ASX:RIO) said growth in copper equivalent volumes, productivity gains and diversification into Copper, Aluminium and Lithium, now more than half of underlying EBITDA, underpin its strategy and 2026 guidance.

Rio Tinto (ASX:RIO) reported first‑half 2026 underlying EBITDA of US$14.8 billion, up 28% on a year earlier, and net earnings attributable to shareholders of US$6.7 billion, up 47%, as stronger commodity prices and higher volumes drove a step‑change in performance.

The company said copper equivalent production rose 3% in the half, supported by ramp‑ups at Oyu Tolgoi and Arcadium Lithium assets.

Benchmark prices for copper, aluminium and gold increased between 33% and 53% year on year, partially offset by weaker bauxite prices and a stronger Australian dollar.

“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,” said Rio Tinto Chief Executive Simon Trott.

Rio Tinto reported operating cash flow of US$9.2 billion, up 32%, and free cash flow of US$3.8 billion, up 75%, after US$5.0 billion of capital investment and US$0.3 billion of lease payments.

Management have stated productivity initiatives have banked US$870 million of benefits and are targeting an annualised run‑rate of US$1.8 billion by year‑end.

Copper underlying EBITDA rose 84% to US$5.7 billion, Aluminium & Lithium underlying EBITDA increased 38% to US$3.3 billion, and Iron Ore EBITDA was broadly flat at US$6.8 billion, reflecting strong Pilbara shipments and pricing but softer contributions from Iron Ore Company of Canada and higher evaluation spending.

The company maintained 2026 production guidance, including 800–870kt of consolidated copper and 343–366Mt of total iron ore sales and highlighted progress across major projects such as Simandou, Pilbara replacement mines and lithium expansions at Rincon, Fénix and Sal de Vida.

And lowered its 2026 effective tax rate guidance on underlying earnings to about 25% before expecting a return to around 30% from 2027.