BHP Group (BHP) H2 2026 earnings summary

Executive summary

• Delivered strong operational and financial results, with record copper and iron ore production, sector-leading margins, and copper contributing over 54% of Group EBITDA for the first time.

• Maintained focus on safety, with ongoing investigations into recent fatalities and continued efforts to eliminate high-potential injuries through technology and risk controls.

• Accelerated performance through operational excellence, technology adoption, and disciplined capital allocation, driving productivity, cost improvements, and over $5 billion in savings since FY20.

• Robust balance sheet with net debt at $8.7 billion, supporting $8.7 billion in dividends and strong shareholder returns.

• Strengthened foundations in safety, social value, and talent, with deepened partnerships and record Indigenous procurement spend.

Financial highlights

• Underlying EBITDA rose 27% to $33 billion, with a margin near 60%; underlying attributable profit increased 30% to $13.2 billion.

• Net operating cash flow increased 17% to $21.8 billion, free cash flow up 83% to $9.8 billion, and net debt reduced to $8.7 billion.

• Full-year dividend reached $8.7 billion, highest in four years, with a payout ratio up to 72%.

• Copper contributed over half of annual EBITDA for the first time, with record $18.2 billion EBITDA at a 70% margin.

• Return on capital employed reached 26%.

Outlook and guidance

• Projected 3%-4% annual copper equivalent growth to FY35, with copper expected to grow around 5% per year.

• CapEx expected to average $11 billion per year over the medium term, with more than half allocated to copper.

• Copper production guidance for FY27: Escondida 1,650–1,800 kt, Copper SA 290–320 kt; iron ore >305 Mtpa medium-term.

• Jansen potash project Stage 1 is 84% complete, targeting first production in mid-CY27; Stage 2 investment estimate increased to $6.9 billion.

• At spot prices, forecast to generate $50 billion in free cash flow over five years; $15 billion even in downside scenarios.