BHP Group (BHP) Q3 2026 TU earnings summary

Executive summary

• Achieved record material mined and concentrator throughput at Escondida and record production at WAIO, reflecting operational consistency and portfolio strength in a dynamic environment.

• Copper and iron ore segments delivered strong performance, with copper production expected in the upper half of FY26 guidance and iron ore on track.

• Completed major asset transactions, including a $4.8bn realization from the Antamina silver streaming deal and Carajás divestment.

• CEO transition announced: Brandon Craig to succeed Mike Henry as CEO from July 2026.

Financial highlights

• Copper production for YTD Mar FY26 was 1,461 kt, down 3% year-over-year, but average realized copper price rose 31% to $5.47/lb.

• Iron ore production increased 2% to 197 Mt YTD, with average realized price up 2% to $84.91/wmt.

• Steelmaking coal production up 1% to 13.0 Mt YTD, with stable average realized price at $200.25/t.

• Energy coal production up 11% to 12.2 Mt YTD, with average realized price down 15% to $99.04/t.

Outlook and guidance

• FY26 copper production guidance maintained at 1,900–2,000 kt, now expected in the upper half of the range.

• Escondida and Antamina copper guidance raised; Spence guidance lowered due to ore complexity.

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

• Steelmaking coal guidance unchanged at 18–20 Mt, with production expected in the lower half of the range.

• Energy coal guidance unchanged at 14–16 Mt, with production expected in the upper half of the range.