Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) reported flat underlying earnings of $10.9 billion for 2025 as stronger copper and aluminium performance offset weaker iron ore prices.
Net cash generated from operating activities increased 8% to $16.8 billion, while consolidated sales revenue rose 7% to $57.6 billion.
The group said the overall neutral impact of price movements reflected the growing importance of its diversified portfolio, as a 6% lower realised iron ore price of $90 per dry metric tonne was offset by higher prices for bauxite, alumina, aluminium, copper and gold.
Copper equivalent production increased 8%, driven by a 61% rise in output at the Oyu Tolgoi underground mine and higher grades at Escondida.
Copper shipments rose 12%, contributing to a $2.9 billion uplift from volumes, while underlying EBITDA from the copper division more than doubled to $7.4 billion.
Iron ore underlying EBITDA fell 11% to $15.2 billion, reflecting lower prices despite resilient Pilbara shipments and record production since April.
Operating unit costs declined 5% in 2024 real terms, delivering a $0.8 billion benefit from cash unit cost improvements as higher copper, bauxite and alumina volumes enhanced efficiencies.
General inflation reduced EBITDA by $0.5 billion, partly offset by lower diesel prices.
Free cash flow declined 28% to $4 billion as purchases of property, plant and equipment rose 28% to $12.3 billion, reflecting continued investment in growth projects.
Net debt increased to $14.4 billion from $5.5 billion after the group issued $9 billion of bonds to fund the Arcadium acquisition and for general corporate purposes.
The board declared a dividend of $6.5 billion, equivalent to 402 US cents per share and a 60% payout ratio, marking the tenth consecutive year at the top end of its payout range.