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BHP Group (BHP) investor relations material
BHP Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record iron ore and copper production, with copper volumes up 28% over three years and exceeding 2 Mt in FY25.
Maintained sector-leading margins, strong cash flow, and robust returns, leveraging a strong balance sheet for organic growth.
Resequenced growth project pipeline to optimize capital allocation; updated Jansen Stage 1 capex and extended Stage 2 timeline.
Contributed nearly $47B globally through wages, taxes, royalties, and community investments.
Achieved gender balance in the workforce, with 41.3% female representation.
Financial highlights
Underlying EBITDA reached US$26.0bn with a 53% margin, continuing a 20-year trend above 50%.
Return on capital employed reached 20.6%.
Paid $10B in taxes and royalties against an underlying attributable profit of $10.2B.
Final dividend of $0.60 per share, totaling $5.6B for the year, with a payout ratio of 60%.
Net operating cash flow totaled US$18.7bn; capital and exploration expenditure was US$9.8bn.
Outlook and guidance
Average production growth of 2.2% per annum projected over the next decade, assuming project execution.
FY26 copper production guidance: Escondida 1,150–1,250kt, Copper SA 300–320kt, Spence 230–250kt.
WAIO iron ore production guidance: 258–269Mt for FY26, with medium-term target >305Mtpa.
Capital and exploration spend expected at $11B for FY 2026 and 2027, averaging $10B per year over the medium term, $1B lower than previous guidance.
Net debt target range revised to $10B–$20B, reflecting improved business strength.
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