MS-Rio Tinto Limited 1HCY25：Softer earnings vs. expectations, copper cost guidance improved...-20250730

Income Statement - Central costs higher: EBITDA of US$11.5b was +0.8% or US$89m higher vs. MSe (+2% or US$244m higher vs. Cons), despite revenue coming inUS$469m higher vs. MSe (US$1230m higher vs. Cons) indicating higher costsduring the half vs. analyst forecasts (Central and restructuring costs coming in at:US$764 vs. MSe: 496m). Underlying NPAT of US$4807mn was -4.3%/-4.3% vsMSe/Cons driven by higher depreciation and taxes.

Cash Flow Statement - Taxes and Working Capital better: Operating cash of US$6924mn was +11.0%/US$684m higher vs. MSe, but -3.6% vs Cons, driven by US$400 lower taxes, working Cap $400m better. In addition, capex of US$4734mnwas -5.6% (US$280m) better vs. MSe and -11.8% vs. Cons which drive a FCF of US$1.96bn was +US$925m/+US$187m vs MSe/Cons.