Rio Tinto reported a sharp rise in first-half 2026 earnings, with underlying EBITDA climbing 28% year-over-year to $14.8 billion, driven by higher commodity prices and increased production, according to a company statement.

Consolidated sales revenue rose 15% to $31.0 billion, while profit after tax attributable to Rio Tinto shareholders increased 47% to $6.7 billion. Underlying earnings reached $6.9 billion, up 43%, with underlying earnings per share of 421.4 U.S. cents. The underlying return on capital employed rose to 17% from 14% a year earlier.

Free cash flow jumped 75% to $3.8 billion, and net cash from operating activities increased 32% to $9.2 billion. Net debt stood at $14.1 billion as of June 30, 2026, down slightly from $14.4 billion at year-end 2025.

The company declared an interim ordinary dividend of $3.4 billion, or 211.0 U.S. cents per share, a 43% increase from the prior-year period, at a 50% payout ratio.

Copper equivalent production grew 3% in the first half. Copper, Aluminium, and Lithium together contributed more than 50% of underlying EBITDA. The Pilbara iron ore operations recorded their highest first-half production since 2018.

Rio Tinto said its productivity program reached an annualized run rate of $1.3 billion in the first half, with $870 million in benefits realized year-to-date. The company is targeting an annualized run rate of $1.8 billion by year-end 2026.

On project execution, the company said its Simandou iron ore project recorded first sales in April, with mine construction and port infrastructure each more than three-quarters complete. Lithium projects Fénix 1B and Sal de Vida achieved first production ahead of schedule.

The company also reported two workplace fatalities during the period, at its Simandou and Kennecott sites.

Rio Tinto chief executive Simon Trott said the results reflected a "step-change in performance" alongside favorable commodity prices. Taxes and government royalties totaled $5.6 billion in the period, compared with $4.8 billion in the first half of 2025.