BHP Group (BHP) investor relations material

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.