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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.
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H2 2025 earnings summary18 Aug, 2025

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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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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