RBC Expects Rio Tinto to Maintain FY26 Outlook in H1 Report; Price Target, Estimates Updated

04:26 AM EDT, 07/16/2026 (MT Newswires) -- RBC Capital Markets expects Rio Tinto Group (RIO.L) to keep its full-year 2026 outlook unchanged during its half-year earnings presentation, following a second-quarter operational update that was "broadly in line" with forecasts. "We forecast underlying EBITDA of $14.87bn (+28% pcp), [net profit after tax] of $6.4bn (+34% pcp) and an interim [dividend per share] of 254 UScps (50% payout). We do not foresee any changes to 2026 guidance and expect the focus to be on the slower-than-expected ramp-up of Simandou; Pilbara iron ore unit costs and price realisations; Kennecott underground return to full rates; Mongolian tax dispute process; Sal de Vida and Fénix 1B ramp-up; potential asset divestments (i.e. TiO2 and Borates)," the research firm said Wednesday. Against this backdrop, analysts trimmed their price target to 61 pounds sterling from 63 pounds, with an underperform rating. RBC also cut its 2026 EBITDA projection by 1%, while lowering its forecasts for both 2027 and 2028 by 3%. Rio Tinto is scheduled to publish its first-half results on July 28, London time.