Rio Tinto (RIO) has reported a significant lift in financial performance for the first half of 2026, driven by higher output across its core commodity suite and operational improvements. The mining major posted an underlying EBITDA of $14.8 billion, a 28 per cent increase over the same period in 2025. Free cash flow also saw a substantial rise, growing 75 per cent to $3.8 billion, supported by stronger commodity prices and expanded operational margins.

"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."

"Our strong performance is underpinned by accelerating productivity across the business. We have already banked $870 million of productivity benefits and are on track to reach an annualised run-rate of $1.8 billion by year-end, with significantly more to come as our multi-year program continues to scale."

— Simon Trott, Chief Executive

The company achieved a 3 per cent year-on-year increase in copper equivalent production for the first half. While output growth remains steady, the rate of increase moderated compared to the 9 per cent year-on-year growth observed in the first quarter of 2026. This performance was supported by the ongoing ramp-up of the Oyu Tolgoi copper project and the successful commencement of sales from the Simandou iron ore development.

Operational growth remains a priority as the company progresses its development pipeline. In the Pilbara region, three iron ore replacement projects are currently on budget and remain on track to deliver their first ore in 2027. This development is part of a broader push to maintain volume as the company works toward its long-term production and cost targets.

Financial discipline remains central to the group's current strategy, with the board declaring an interim ordinary dividend of $3.4 billion, representing a 43 per cent increase over the prior year. The company maintained its full-year production and sales guidance across all primary commodities, noting that its strong balance sheet continues to support both this dividend payout and its ongoing investment in the growth pipeline. The reduction in the effective tax rate to 25 per cent for 2026 also provided a tailwind to earnings this half, though management expects this rate to return to 30 per cent in 2027. By focusing on productivity and rigorous capital allocation, the producer aims to sustain its current momentum through the remainder of the year.

Read the full announcement: Rio Tinto 2026 half year results