BHP Group (BHP) Q2 2026 TU earnings summary

Executive summary

• Achieved record operational performance in copper and iron ore, with copper prices up 32% and iron ore prices up 4% year-over-year.

• Increased FY26 copper production guidance, with Escondida and Antamina both raising their outlooks.

• WAIO delivered record first-half production and shipments; steelmaking coal and energy coal production also increased.

• Jansen potash project remains on track for mid-2027 production, with updated cost estimates provided.

• China’s commodity demand remains resilient, while India is emerging as a key demand driver.

Financial highlights

• Group net debt as of 31 December 2025 expected between $14–15 billion.

• Negative EBITDA reported for WA Nickel and Potash segments for HY26.

• Adjusted effective tax rate for HY26 expected within 36–40% guidance range.

• Average realised copper price $5.28/lb (+32% YoY), iron ore $84.71/wmt (+4% YoY), steelmaking coal $188.58/t (-9% YoY), energy coal $95.76/t (-23% YoY).

• Capital and exploration expenditure for HY26 was $2.3–2.4 billion.

Outlook and guidance

• FY26 copper production guidance increased to 1,900–2,000 kt (from 1,800–2,000 kt); Escondida 1,200–1,275 kt; Antamina 140–150 kt.

• Iron ore guidance unchanged at 258–269 Mt; WAIO 251–262 Mt.

• Steelmaking coal guidance 18–20 Mt, now expected in the lower half of the range due to geotechnical challenges.

• Energy coal guidance 14–16 Mt, now expected in the upper half of the range.

• FY26 unit cost guidance unchanged for all assets; Escondida at bottom end, BMA at upper half of range.