Improved operational performance with 5% volume uplift supports underlying EBITDA of $11.7 billion and interim dividend of 177 US cents per share

• Net cash generated from operating activities of $7.0 billion.
• Profit after tax attributable to owners of Rio Tinto (referred to as "net earnings" throughout this release) of $5.1 billion, after $0.8 billion of impairments relating to our Australian alumina refineries.
• Underlying EBITDA of $11.7 billion and underlying earnings of $5.7 billion, leading to an interim dividend of $2.9 billion, a 50% payout, in line with our practice.

LONDON--(BUSINESS WIRE)--Rio Tinto (LSE:RIO) (ASX:RIO):

Six months ended 30 June	2023	2022	Change
Net cash generated from operating activities (US$ millions)	6,975	10,474	(33)%
Purchases of property, plant and equipment and intangible assets (US$ millions)	3,001	3,146	(5)%
Free cash flow^1 (US$ millions)	3,769	7,146	(47)%
Consolidated sales revenue (US$ millions)	26,667	29,775	(10)%
Underlying EBITDA^1 (US$ millions)	11,728	15,597	(25)%
Profit after tax attributable to owners of Rio Tinto (net earnings)^2 (US$ millions)	5,117	8,943	(43)%
Underlying earnings per share (EPS)^1 2 (US cents)	352.9	534.9	(34)%
Ordinary dividend per share (US cents)	177.0	267.0	(34)%
Underlying return on capital employed (ROCE)^1	20%	34%
	At 30 June 2023	At 31 Dec 2022
Net debt^1 (US$ millions)	4,350	4,188

Rio Tinto Chief Executive Jakob Stausholm said: "We have a clear pathway to building an even stronger Rio Tinto and continue to gain momentum in our strategy to set the business up for long-term success. We are making good progress on pursuing our four objectives as we build further momentum in our Pilbara iron ore business, mindful that we need to raise our game across many of our other operations.

"Our disciplined investment in lifting the health of our assets and focus on culture, mindset and relationships is delivering results, with our Pilbara iron ore business consistently improving its performance with five consecutive quarters of year-on-year growth. We are taking real steps to shape our portfolio for the future, with first sustainable production from Oyu Tolgoi underground, just as we doubled our exposure through the acquisition of Turquoise Hill Resources. Last week we signed an agreement to form the Matalco aluminium joint venture to enter the exciting and fast growing aluminium recycling industry in North America. And the Simandou iron ore project in Guinea is advancing at pace, with final approvals expected later this year.

"Our robust financials, despite softer market conditions, are driven by the quality of our assets and our great people, delivering underlying EBITDA of $11.7 billion, free cash flow of $3.8 billion and underlying earnings of $5.7 billion, after taxes and government royalties of $4.1 billion. Our balance sheet strength enables us to continue to invest with discipline while also paying an interim ordinary dividend of $2.9 billion, a 50% payout, in line with our practice.

"We will continue paying attractive dividends and investing in the long-term strength of our business as we sustain and grow our portfolio, while contributing to society's drive to net zero."

The 2023 Half Year Results release is available here.

¹ This financial performance indicator is a non-IFRS (as defined below) measure, which is reconciled to directly comparable IFRS financial measures (non-IFRS measures). It is used internally by management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying business performance of the Group’s operations. For more information on our use of non-IFRS financial measures in this report, see the section entitled “Alternative performance measures” (APM) and the detailed reconciliations on pages 71 to 80. Our financial results are prepared in accordance with IFRS — see page 39 for further information. Footnotes are set out in full on page 25.

2 Comparative information has been restated to reflect the adoption of narrow scope amendments to IAS12 'Income Taxes', refer to page 41 for details.