BHP Group (BHP) H1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance, with copper contributing over 50% of Group EBITDA for the first time, driven by record production, cost control, and favorable prices.

• Interim dividend of $0.73 per share declared, representing a 60% payout ratio and totaling $3.7 billion.

• Significant value unlocked through WAIO and Antamina agreements, with a pathway to unlock up to $10 billion for reinvestment or returns.

• Jansen Stage 1 potash project is 75% complete, targeting first production mid-CY27, with strong progress at Escondida and Vicuña JV.

• Maintained a clear strategy focused on attractive commodities, disciplined capital allocation, and social value.

Financial highlights

• Underlying EBITDA grew 25% to $15.5 billion, with a margin of 58%.

• Underlying attributable profit reached $6.2 billion, up 22% year-over-year; return on capital employed at 24%.

• Net operating cash flow was $9.4 billion, up 13% year-over-year.

• Group production increased 2%, unit costs improved by 4.5% despite inflation and currency pressures.

• Copper EBITDA hit a record $8 billion at a 66% margin.

Outlook and guidance

• Raised copper production guidance for this and next year, with FY26 guidance at 1,900–2,000kt and medium-term target of ~2.5Mtpa CuEq by FY35.

• WAIO iron ore production guidance at 258–269Mt for FY26; medium-term >305Mt.

• Projected $60 billion in attributable free cash flow over the next 5 years at spot prices; even in a prolonged low-price scenario, expects $10 billion free cash flow.

• Group capex guidance at ~$11 billion for FY26, with ~40% allocated to growth.

• Targeting compound annual copper-equivalent production growth of 3%-4% through 2035.