First half revenue grew 15% to $31.0bn helped by a 3% increase in production and favourable commodity prices.
Underlying cash profit (EBITDA) was up 28% to $14.8bn, helped by strong pricing and efficiency gains, though this was slightly worse than expected. Iron ore profits dipped by 1%, also coming in below expectations, but this was more than offset by growth elsewhere. Copper was the stand-out, with profits up 84% and ahead of expectations.
Free cash flow rose 75% to $3.8bn largely due to operational performance. Net debt fell 2% to $14.1bn. The interim dividend was raised 43% to $2.11 per share.
Operational guidance for 2026 was broadly unchanged although the expected tax rate has been reduced.
The shares were up 2.3% in early trading.
Our view
HL view to follow.
Rio Tinto key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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