BHP Group
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BHP Group (BHP) investor relations material

BHP Group Q2 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 TU earnings summary20 Jan, 2026

Executive summary

  • Achieved record operational performance in copper and iron ore, with copper prices up 32% and iron ore prices up 4% year-over-year.

  • Increased FY26 copper production guidance, with Escondida and Antamina both raising their outlooks.

  • WAIO delivered record first-half production and shipments; steelmaking coal and energy coal production also increased.

  • Jansen potash project remains on track for mid-2027 production, with updated cost estimates provided.

  • China’s commodity demand remains resilient, while India is emerging as a key demand driver.

Financial highlights

  • Group net debt as of 31 December 2025 expected between $14–15 billion.

  • Negative EBITDA reported for WA Nickel and Potash segments for HY26.

  • Adjusted effective tax rate for HY26 expected within 36–40% guidance range.

  • Average realised copper price $5.28/lb (+32% YoY), iron ore $84.71/wmt (+4% YoY), steelmaking coal $188.58/t (-9% YoY), energy coal $95.76/t (-23% YoY).

  • Capital and exploration expenditure for HY26 was $2.3–2.4 billion.

Outlook and guidance

  • FY26 copper production guidance increased to 1,900–2,000 kt (from 1,800–2,000 kt); Escondida 1,200–1,275 kt; Antamina 140–150 kt.

  • Iron ore guidance unchanged at 258–269 Mt; WAIO 251–262 Mt.

  • Steelmaking coal guidance 18–20 Mt, now expected in the lower half of the range due to geotechnical challenges.

  • Energy coal guidance 14–16 Mt, now expected in the upper half of the range.

  • FY26 unit cost guidance unchanged for all assets; Escondida at bottom end, BMA at upper half of range.

Escondida FY27 production outlook
Working capital impact on cash flow
Outlook for challenged coal and nickel assets
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Frequently asked questions

BHP Group engages in the exploration, development, production, and processing of iron ore, metallurgical coal, and copper. Its Petroleum segment is involved in the exploration, development, and production of oil and gas. The company's Copper segment operates Carmen de Andacollo and Escondida mines that produce copper concentrates and cathodes, as well as produces molybdenum concentrate. The company was founded in 1851 and is headquartered in Melbourne, Australia.

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