Delivered strong operational and financial performance in H1 2026, with production and results within guidance and benefiting from higher commodity prices and a favorable marketing environment.
Adjusted EBITDA rose 86% year-over-year to $10.1 billion, driven by robust metals, minerals, and energy markets, and exceptional oil and gas trading.
Net income increased 8% to $4.4 billion, with funds from operations up 158% to $8.1 billion.
Announced $3.5 billion in 2026 shareholder returns, including a $1 billion special cash distribution and $500 million buyback.
Confirmed secondary ASX listing targeted for October 2026 to broaden investor access and financial flexibility.
Revenue increased 49% year-over-year to $174.4 billion in H1 2026.
Adjusted industrial EBITDA reached $6.5 billion, up 72% year-over-year, led by higher commodity prices and increased copper/cobalt sales.
Marketing Adjusted EBIT surged 142% to $3.3 billion, reflecting market dislocations and trading opportunities, mainly from energy.
Net debt reduced to $10.2 billion, with net debt/Adjusted EBITDA at 0.56x, supported by strong cash generation.
Adjusted EBIT rose 269% to $6.7 billion; FFO up 158% to $8.1 billion.
On track to meet full-year production and cost guidance, with copper production targeted at 1 million tons by 2028 and 1.6 million tons by 2035.
Full-year Marketing Adjusted EBIT expected between $4.7–5.6 billion, at the upper end of long-term guidance.
Copper mine unit cash costs guided at $2.03/lb for 2026, with higher input costs in Africa due to regional conflict.
Industrial capex (excluding copper growth) forecast at $6.8 billion per annum for 2026–2028, up 5% due to inflation.
Continued strong cash generation and disciplined capital allocation anticipated.
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