BHP Group (BHP) Q1 2027 TU earnings summary

Executive summary

• FY27 production guidance remained unchanged; copper output fell on planned grade declines, maintenance and disruptions, while bulk commodities had a strong start.

• Two colleagues died in incidents at Escondida and Peak Downs; investigations are underway.

• Higher commodity prices supported earnings, with realised copper prices 53% above Q1 FY26.

Financial highlights

• Realised prices: copper US$7.01/lb, +53% YoY; steelmaking coal US$242.82/t, +34%; energy coal US$116.60/t, +23%.

• Iron ore realised price was US$76.27/wmt, down 9% YoY.

• Q1 FY27 minerals exploration and evaluation expenditure was US$87m, including US$67m expensed; prior-year figures were US$90m and US$76m, respectively.

Outlook and guidance

• FY27 production guidance was unchanged: copper 1,650–1,800 kt; iron ore 260–272 Mt; BMA steelmaking coal 18.5–20.5 Mt; NSWEC energy coal 14–16 Mt.

• FY27 guidance remained 253–264 Mt for WAIO, 1,000–1,100 kt for Escondida, 290–320 kt for Copper South Australia, and 210–230 kt for Spence.

• Copper guidance at Spence is weighted to H2; BMA volumes are weighted to H2 and NSWEC volumes to H1.

• Jansen Stage 1 remained on track for first potash production in mid-CY27; project completion reached 87%.