H1 2023 EBITDA Overview and Oyu Tolgoi Outlook

Cash conversion impacted by working capital movements $bn, except where stated H1 2023 H1 2022 Comparison Underlying EBITDA Tax paid Working capital outflow 11.7 15.6 -25% (2.4) (3.8) -37% (0.9) (0.4) +125% EAUS¹ (EBITDA net of dividends) (0.8) (0.4) +100% Other (0.6) (0.5) +20% Net cash generated from operating activities 7.0 10.4 -33% Capital expenditure (net) (3.0) (3.1) -3% Lease principal payments (0.2) (0.2) -% Free Cash Flow 3.8 7.1 -46% Cash conversion² 60% 67% -7 pp 1EAU = Equity Accounted Unit | 2Cash conversion is Net cash generated from operating activities divided by underlying EBITDA Rio Tinto ©2023, Rio Tinto, All Rights Reserved Working capital outflow of $0.9bn in H1 2023 reflected: Build in blasted and mine stocks in the Pilbara to support system health Seasonally higher spares and stores. Lower payables due to timing of spend and normal volatility in amounts due to JV partners and employees Lower dividends from Escondida 11

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