Net debt reached $14.4 billion following the Arcadium acquisition then declined in H2 due to robust operating cash flow, resulting in an 18% gearing ratio consistent with the company’s Single A credit target. Management reaffirmed its dividend policy of returning 40%–60% of underlying earnings and noted a 10-year track record of payouts at the top end of that range.

Underlying EBITDA rose 9% year-on-year to $25.4 billion, while underlying earnings reached $10.9 billion. Rio Tinto will return 60% of those earnings, or $6.5 billion, to shareholders and achieved an industry-leading 8% increase in copper-equivalent production, setting annual records for both copper and bauxite.

Iron ore EBITDA fell 11% to $15.2 billion with unit costs at $23.50 per ton and 2026 guidance of $23.50–25 per ton. Copper emerged as the standout, with EBITDA more than doubling to $7.4 billion, shipments up 60% at Oyu Tolgoi and unit costs down 53%. Aluminum EBITDA climbed 20%, underpinned by smelting stability and record bauxite output.

Rio Tinto unlocked a $650 million run rate of productivity benefits by streamlining operations, with further savings expected through 2028. Capital expenditure reached $11 billion in 2025, including $1.6 billion at Simandou and $1 billion for lithium projects, with guidance maintained. Operations at Simandou halted after a fatality, triggering an independent safety investigation and the appointment of an external advisory panel.