Copper drives over half of BHP (NYSE: BHP) EBITDA as group confirms HY2026 dividend
Rhea-AI Filing Summary
BHP Group Limited provides a detailed update on its HY2026 performance and growth plans for the half year ended 31 December 2025. Copper drove more than 50% of Group underlying EBITDA for the first time, supported by strong margins and record first-half iron ore production and shipments at WAIO.
The Board declared an interim dividend of 73 cents per share, representing a 60% payout ratioUS$14.7 billion with gearing of 20.9%, and ROCE for HY26 is reported at 23.6%.
The company outlines an ambitious copper growth pipeline, targeting about 2.5 Mtpa copper equivalent by FY35 from copper assets, underpinned by lower-risk organic projects. Jansen Stage 1 potash is 75% complete, with total investment of US$8.4 billion and first production expected in mid‑CY27. BHP also details extensive long‑term copper, potash and iron ore growth options and reiterates its focus on safety, sustainability, and climate‑related goals.
Positive
- None.
Negative
- None.
Insights
BHP leans harder into copper growth while maintaining dividends and a solid balance sheet.
BHP emphasises copper as its primary earnings engine, with more than half of Group underlying EBITDA now from copper. Guidance points to around 1.9–2.0 Mt of copper production in FY26, with multiple organic projects supporting a path to roughly 2.5 Mtpa copper equivalent by FY35.
The company maintains capital discipline alongside growth. Net debt of
Strategically, BHP is positioning as the "world’s largest copper producer" with sector‑leading margins and a multi‑asset growth pipeline, including Vicuña and Copper South Australia phases. Actual value creation will depend on execution, permitting and commodity prices, and subsequent filings may provide more granular financial results and project milestones.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
17 February 2026
BHP GROUP LIMITED
(ABN 49 004 028 077)
(Exact name of Registrant as specified in its charter)
VICTORIA, AUSTRALIA
(Jurisdiction of incorporation or organisation)
171 COLLINS STREET, MELBOURNE,
VICTORIA 3000 AUSTRALIA
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☒ Form 20-F ☐ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ☐ Yes ☒ No
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a
Exchange release
17 February 2026
BHP HY2026 Results Presentation
Attached are the presentation slides for BHP’s HY2026
Results Presentation by the Chief Executive Officer and Chief Financial Officer.
The presentation slides and a video of this presentation are available at:
https://www.bhp.com/financial-results
Authorised for release by Stefanie Wilkinson, Group Company Secretary.
BHP Group Limited ABN 49 004 028 077
Contacts
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Adam Sanderson
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Li Hua
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BHP Group Limited
ABN 49 004 028 077
LEI WZE1WSENV6JSZFK0JC28
Registered in Australia
Level 18, 171 Collins Street, Melbourne, Victoria 3000 Australia
Tel: +61 1300 55 4757
Fax: +61 3 9609 3015
BHP Group is headquartered in Australia
bhp.com
BHP Group Limited ABN 49 004 028 077
Stability + Growth = Value
Half year ended
31 December 2025
Escondida
Disclaimer
The information in this presentation is
current as at 17 February 2026. It is in summary form and is not necessarily complete. It should be read together with the BHP Results for the half year ended 31 December 2025. Forward-looking statements
This presentation contains forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements other than statements of historical
or present facts, including: statements regarding: trends in commodity prices and currency exchange rates; demand for
commodities; global market conditions;
reserves and resources estimates; development and production forecasts; guidance; expectations, plans, strategies and objectives of management; climate scenarios; approval of projects and consummation of transactions; closure, divestment,
acquisition or integration of certain assets, ventures, operations or facilities (including associated costs or benefits); anticipated production or construction commencement dates; capital costs and scheduling; operating costs, and availability of
materials and skilled employees; anticipated productive lives of projects, mines and facilities; the availability, implementation and adoption of new technologies, including artificial intelligence; provisions and contingent liabilities; and tax,
legal and other regulatory developments.
Forward-looking statements may be identified by the use of terminology, including, but not limited to, ‘aim’,
‘ambition’, ‘anticipate’, ‘aspiration’, ‘believe’, ‘commit’, ‘continue’, ‘could’, ‘desire’, ‘ensure’, ‘estimate’,
‘expect’, ‘forecast’, ‘goal’, ‘guidance’, ‘intend’, ‘likely’, ‘may’, ‘milestone’, ‘must’, ‘need’, ‘objective’,
‘outlook’, ‘pathways’, ‘plan’, ‘project’, ‘schedule’, ‘seek’, ‘should’, ‘strategy’, ‘target’, ‘trend’, ‘will’,
‘would’ or similar words. These statements discuss future expectations or performance, or provide other forward-looking information.
Forward-looking
statements are based on management’s expectations and reflect judgements, assumptions, estimates and other information available as at the date of this presentation.
These statements do not represent guarantees or predictions of future financial or operational performance, and involve known and unknown risks, uncertainties and other factors,
many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. BHP cautions against reliance on any forward-looking statements.
For example, our future revenues from our assets, projects or mines described in this presentation will be based, in part, on the market price of the commodities produced, which
may vary significantly from current levels or those reflected in our reserves and resources estimates. These variations, if materially adverse, may affect the timing or the feasibility of the development of a particular project, the expansion of
certain facilities or mines, or the continuation of existing assets.
Other factors that may affect our future operations and performance, including the actual
construction or production commencement dates, revenues, costs or production output and anticipated lives of assets, mines or facilities include our ability to profitably produce and deliver the products extracted to applicable markets; the
development and use of new technologies and related risks; the impact of economic and geopolitical factors, including foreign currency exchange rates on the market prices of the commodities we produce and competition in the markets in which we
operate; activities of government authorities in or impacting the countries where we sell our products and in the countries where we are exploring or developing projects, facilities or mines, including increases in taxes and royalties or
implementation or expansion of trade or export restrictions; changes in environmental and other regulations; political or geopolitical uncertainty and conflicts; labour unrest; weather, climate variability or other manifestations of climate change;
and other factors identified in the risk factors discussed in section 8.1 of the Operating and Financial Review (OFR) in the BHP Annual Report 2025 and BHP’s filings with the
U.S. Securities and Exchange Commission (the ‘SEC’) (including in Annual Reports on Form 20-F) which are available on the
SEC’s website at www.sec.gov .
Except as required by applicable regulations or by law, BHP does not undertake to publicly update or review any
forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance.
Emissions and energy consumption data
Due to the inherent uncertainty and
limitations in measuring greenhouse gas (GHG) emissions and operational energy consumption under the calculation methodologies used in the preparation of such data, all GHG emissions and operational energy consumption data or references to GHG
emissions and operational energy consumption volumes (including ratios or percentages) in this presentation are estimates. There may also be differences in the manner that third parties calculate or report GHG emissions or operational energy
consumption data compared to BHP, which means third-party data may not be comparable to our data. For information on how we calculate our GHG emissions, refer to the BHP GHG Emissions Calculation Methodology 2025, available at bhp.com. Numbers
presented may not add up precisely to the totals provided due to rounding.
Presentation of data
Unless expressly stated otherwise: variance analysis relates to the relative performance of BHP and/or its operations during the half year ended 31 December 2025 compared with
the half year ended 31 December 2024; references to Underlying EBITDA margin excludes third-party products; data from subsidiaries are shown on a 100% basis and data from equity accounted investments and other operations is presented, with the
exception of net operating assets, reflecting BHP’s share; medium-term refers to a five-year horizon, unless otherwise noted. Throughout this presentation, production volumes and financials for the operations from BHP’s acquisition of OZ
Minerals Limited (OZL) during FY23 are for the period of 1 May to 30 June 2023, whilst the acquisition completion date was 2 May 2023. Data in relation to the Daunia and Blackwater mines is shown for the period up to completion on
2 April 2024, unless expressly stated otherwise. Unless expressly stated otherwise, for information and data in this presentation related to BHP’s social value or sustainability position or performance: former OZL operations that form
part of BHP’s Copper South Australia asset and the West Musgrave Project are included for FY24 and FY25 but excluded for prior financial years; former OZL Brazil assets are excluded; and all such information and data excludes BHP’s
interest in non-operated assets. All footnote content (except in the Annexures) is contained on slide 27 and 28.
Non-IFRS information
We use various Non-IFRS information to reflect our underlying
performance. For further information, the reconciliation of non-IFRS financial information to our statutory measures, reasons for usefulness and calculation methodology, please refer to ‘Non-IFRS financial information’ in the BHP Financial Report
for the half year ended 31 December 2025.
No offer of securities
Nothing in this presentation should be construed as
either an offer or a solicitation of an offer to buy or sell BHP securities, in any jurisdiction, or be treated or relied upon as a recommendation or advice by BHP.
Reliance on third party information
The views expressed in this presentation
contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should
not be relied upon as a recommendation or forecast by BHP.
No financial or investment advice – South Africa
BHP does not provide any financial or investment ‘advice’ as that term is defined in the South African Financial Advisory and Intermediary Services Act, 37 of 2002, and
we strongly recommend that you seek professional advice.
BHP and its subsidiaries
In this presentation, the terms ‘BHP’, the ‘Company, the ‘Group’, ‘BHP Group’, ‘our business’, ‘organisation’,
‘we’, ‘us’, ‘our’ and ourselves’ refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to Note 28 ‘Subsidiaries’ of the Financial Statements in the
BHP Annual Report 2025 for a list of our significant subsidiaries. Those terms do not include non-operated assets. Our non-operated assets include Antamina, Samarco,
Resolution and Vicuña. This presentation covers BHP’s functions and assets (including those under exploration, projects in development or execution phases, sites and operations that are closed or in the closure phase) that have been
wholly owned and operated by BHP or that have been owned as a joint venture1 operated by BHP (referred to in this presentation as ‘operated assets’ or ‘operations’) from 1 July 2025 to 31 December 2025 unless
otherwise stated. BHP also holds interests in assets that are owned as a joint venture but not operated by BHP (referred to in this presentation as ‘non-operated joint ventures’ or ‘non-operated assets’). Notwithstanding that this presentation may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise.
1. References in this presentation to a ‘joint venture’ are used for convenience to collectively describe assets that are not wholly owned by BHP. Such references are
not intended to characterise the legal relationship between the owners of the asset.
Financial results
17 February 2026 2
Stability + Growth = Value
Half year ended
31 December 2025
Mike Henry
Chief Executive Officer
Copper SA
Strong HY26 performance
Operational excellence;
strong margins, cash flows and growth; >50% of Group EBITDA from Copper1
FY26 copper production guidance increased; FY27 guidance increased at Escondida
Record first half production and shipments at WAIO
Interim dividend of 73 US
cents per share, 60% payout ratio
US$6.3 bn unlocked for value via WAIO and Antamina agreements; pathway to ~US$10 bn2
Lower risk organic copper projects; targeting ~2.5 Mtpa CuEq by FY35 from copper assets3
Jansen Stage 1: 75% complete; total investment US$8.4 bn; 1st production mid-CY274
[GRAPHIC APPEARS HERE]Note: WAIO – Western Australian Iron Ore; CuEq – copper equivalent.
Financial results 17 February 2026
4
Progress in health and safety performance
Strong
safety and risk management practices enhanced by technology
Continuous improvement in key safety metrics
Reduction in High-potential injury frequency
5% vs FY25
20% vs H2 FY25
Using technology, increase in hazards identified
15% vs H1 FY25
High-potential injury frequency (HPIF)5
(Frequency)
0.30
0.25
0.20
0.15
0.10
0.05
[GRAPHIC APPEARS HERE]
0.00
H1 H2 FY20
H1 H2 FY21
H1 H2 FY22
H1 H2 FY23
[GRAPHIC APPEARS HERE]H1 H2 FY24
H1 H2 FY25
H1 FY26
HPI frequency Fatality
An attractive investment case
Stability + growth =
increased shareholder value
Best in class track record in meeting guidance6
Copper EBITDA contribution more than doubled since FY23 to 51%
>50%
Average EBITDA
margins past 25 years7
Strong balance sheet adds resilience through the cycle
Middle of net debt target range and
~0.5x Net Debt / LTM EBITDA
~US$10 bn
Capital to be unlocked2
~30% increase in copper production over the last 4 years8 Strong cash generation derisks project funding through the cycle
~70% of market cap distributed as returns10
50% minimum dividend policy, with additional
returns every year since CAF established
3 – 4%
Attributable CuEq CAGR
to 20359
>US$110 bn
Shareholder returns over past 10 years10
Note: LTM – Last twelve months; CAGR – Compound Annual Growth Rate; CAF – Capital Allocation Framework.
Operational excellence delivered across our portfolio
Increased production guidance relative to competitors in copper and a track record of generating real cost declines at WAIO
Increasing copper production guidance as competitors cut theirs …
(Mt, change in copper
production guidance over last 12 months11)
Cumulative BHP increase to 2027
… and continuing to generate best in class real cost declines at WAIO
(US$/t, unit cost12)
25
0.1
(0.3)
(0.7)
~0.2 Mt
Competitor 1
Competitor 2/3 Competitor 4/5/6
Competitor 7
20
Competitor 8
Competitor 9
15
(1.1)
(1.5)
Cumulative competitor
decrease to 2027
~1.5 Mt
2025 2026 2027
10
BHP C1
(Competitor 1, C1 basis)
Competitor 1
(C1 reported)
Competitor 2
(FOB reported)
FY22 Last reported Inflation applied to FY22 unit cost
Source: BHP analysis, publicly
available reports.
Capitalising on higher copper prices and delivering growth
BHP has the highest copper price leverage of its diversified competitors, combined with sector leading growth13
Highest EBITDA leverage to current copper prices13 …
(% change from US$1/lb increase in
copper price) (x, Net debt/EBITDA)
… coupled with the highest growth rate amongst our competitors13
(CAGR FY27 – 35)
25.0 1.25
20.0 1.00
15.0 0.75
10.0 0.50
5.0 0.25
0.0
Diversified competitor 1
Diversified competitor 2
Diversified competitor 3
BHP
0.00
High returning growth from tier 1 assets
History of strong operational
performance underpins confidence in delivery
Comparatively lower risk growth than many of our competitors
EPS
EBITDA
Net debt to EBITDA
Source: BHP analysis, Barclays broker reports, publicly
available reports.
Strong returns supported by disciplined capital allocation
A decade of disciplined capital allocation… …has delivered returns >US$110 bn (~70% of market capitalisation10)
Announced shareholder returns
(US$ bn)
40
30
20
10
0
FY17 FY18 FY19FY20FY21FY22FY23FY24FY25FY26
Financial performance
Half year ended
31 December 2025
Vandita Pant
Chief Financial Officer
Western Australia Iron Ore
Higher earnings and cash flow
Sector leading
margins14 deliver consistent shareholder returns
Summary financials15
Underlying EBITDA of US$15.5 bn 25%
– Underlying EBITDA margin of 58%
7pp
– 23.6% ROCE 3pp
Adjusted effective tax rate of 36.6%
– Adjusted effective tax rate including royalties of 43.0%
Underlying attributable
profit of US$6.2 bn 22%
Net operating cash flow of US$9.4 bn 13%
US$5.3 bn of
capital and exploration expenditure
Dividends determined of US$3.7 bn (dividend payout ratio of 60%)
Net debt of US$14.7 bn (Net debt / LTM EBITDA of 0.5x)
Exceptional items of US$0.6 bn (after
tax)
Income statement16
(US$ bn, Underlying)
30
25
20
15
10
5
0
Portfolio strength and operational excellence
Operational performance and strong prices resulted in record copper EBITDA and contribution to group earnings
Earnings variance and drivers
(US$ bn)
20
15
10
5
0
Continued track record of operational delivery
Iron Ore
Production:
134 Mt
2%
EBITDA
margin:
62%
Copper
Production:
984 kt
1,163 kt
CuEq
17
2%
By
-
products
Gold:
262
koz
|
Silver: 8.7
M
oz
|
Uranium:
1.7
kt
|
Zinc: 63.0 kt
Steelmaking coal
18
Iron Ore
Copper
Energy
coal
18
BMA
p
roduction:
9.2 Mt
2%
BMA EBITDA
margin:
15%
NSWEC
p
roduction:
8.1 Mt
10%
Leveraging
the BHP Operating System (BOS)
Copper contributed 51% of H1 FY26 Group EBITDA,
with EBITDA margins of >60% in Copper and Iron
Ore
Increased FY26 copper production guidance, while several
competitors decreased theirs
Increased FY26 production guidance at Escondida and
Antamina, with Copper SA
and Spence on track to
deliver FY26 production guidance
WAIO: record first
half production and shipments
H1 FY26 unit costs
~
4.5
%
19
lower across our major assets;
with
Escondida
16%
and Copper SA
53
%
✓
Note: WAIO
–
Western Australia Iron Ore; Copper SA
–
Copper South Australia; BMA
–
BHP Mitsubishi Alliance; NSWEC
–
New South Wa
les Energy Coal. Arrow indicates movement relative to H1 FY25.
Financial results
17 February 2026
13
Diversification delivers growth and resilient cash flow
BHP’s diversification supports positive free cash flow generation through the cycle, allowing us to fund our growth and pay a return
Five-year cumulative free cash flow20,21
(US$ bn, attributable basis, FY26-30 inclusive)
~$60 bn
120
90
60
30
0
(30)
(60)
Spot (maintained 5 years) Consensus (maintained 5 years) 3-year low (maintained 5 years)
Iron ore NOCF
Copper & potash NOCF
Copper & potash capex
Iron ore capex
NOJVs investing CF
Coal, Group and Unallocated items NOCF
Copper $6.00/lb $4.80/lb $3.50/lb
Iron ore $108/t $90/t$80/t
Potash $350/t $340/t$280/t
Note: NOCF – Net Operating Cash Flow. CF – Cash Flow. Copper price sensitivity also includes Gold, Silver and Uranium
by-products price sensitivity. All other commodity prices are at FY26 – 29 and long-term UBS average consensus at December 2025 across all scenarios.
A disciplined and targeted approach to capital allocation
Maximising value through our well-established framework, delivering strong shareholder returns and growth
US$2 bn WAIO infrastructure
agreement
2
R
etain full operational control and
ownership of power assets
T
ariff linked
to BHP’s share of
WAIO inland power consumption
over a 25
-
year period
~US$4.3 bn Antamina silver stream
22
Unlocks value from elevated prices in
a non
-
core commodity for BHP
Realised proceeds approach
consensus NAV
23
of BHP’s entire
Antamina stake
Not expected to increase reported
debt levels
Potential to unlock up to ~US$10 bn in undervalued capital
2
;
US$6.3 bn achieved already
Infrastructure
linked transactions
Substantial by
-
products
Non
-
core assets
Future growth investments
Proceeds to be assessed under the capital
allocation framework (CAF)
Strong balance sheet Minimum 50% payout ratio dividend
Excess cash
Balance sheet
Additional dividends
Buy-backs
Organic development
Acquisitions/ (Divestments)
Business update
Half year ended 31 December
2025
Mike Henry
Chief Executive Officer
Copper SA
Tier 1 assets: large, low-cost, long-life and expandable
World’s largest copper producer24
66%
EBITDA margin in H1 FY26
51%
of Group EBITDA
World’s highest margin
major iron ore business25
62%
EBITDA margin in H1 FY26
290 Mtpa
+US$10/t higher FCF generation than closest Pilbara competitor
Developing Canada’s
largest
potash project4
8.5 Mtpa
~10% of global supply
~US$1 bn pa EBITDA
Per stage at EBITDA margins >60%
[GRAPHIC APPEARS HERE][GRAPHIC APPEARS
HERE]Copper Potash Iron oreSteelmaking coal
World’s leading
steelmaking coal business26
>90% PHCC
BMA is one of the world’s largest producers of Premium Hard Coking Coal27
WAIO: Delivering <US$17.50/t unit costs
Infrastructure upgrades and BHP Operating System (BOS) drive lower unit costs
Supply chain excellence delivers higher cash flow
US$10/t higher free
cashflow than next closest Pilbara competitor
Delivered US$10-15 bn more free cash flow than competitors since FY2028
Expanding cost leadership vs peers and consensus
(FOB unit costs, nominal
US$/wmt)29
Executing plans to lower unit costs to US$17.50/t
6th Car Dumper
(end of FY28): Optimises maintenance windows, enhances blending and screening at port
Rail network: uplift rail capacity via reduction in cycle times
Moving from 80% to >95% autonomous haulage
Productivity improvements across mines and
commercial sourcing via BOS
Enhanced mine planning and permitting
HY26 Supply chain optimisation
Mine site productivity
Medium term unit cost guidance
Consensus medium term unit costs
Pilbara competitor (medium term guidance)
Jansen: Tier 1 operation – 18 months from first production
A high-quality asset in an attractive commodity, project cost estimate has increased to US$8.4 bn
Potash is an attractive commodity
70% demand growth expected by 2050
Offers commodity and geographic diversification
Demand stands to benefit from global
megatrends
(MOP demand, Mt)
160
120
Jansen is a tier 1 asset4
Jansen is expected to be first quartile cost
operation once ramped up
Stage 1 EBITDA of ~$1 bn pa at >60% margin
Potash cost curve in 203531
(US$/t FOB Vancouver Real Jan 2026)
Jansen project update
Jansen Stage 1 (JS1) project cost increased to
US$8.4 bn from US$5.7 bn at sanction
Actions taken are showing positive results
JS1: 75% complete, first
production mid-CY27
with a 2-year ramp up
Operations are on track to deliver a safe and efficient production ramp-up
Jansen Stage 2: 14% complete, first production FY31
– expenditure under review, update
in Q4 FY26
80
40
0
2021 Population LivingApplicationRecycled30 Others302050025%50%75%100%
growth standards potash
Source: BHP; CRU; Fertecon; Argus. Source : BHP analysis
2025; CRU. Jansen relates to stages 1 and 2
Copper assets: Growing attributable CuEq to ~2.5 Mtpa3
Attractive, low-risk pathway to deliver a ~40% increase in attributable copper production to ~2 Mtpa by mid 2030s
Attributable copper equivalent production32
(Mt)
3.0
2.5
2.0
1.5
1.0
0.5
Additional growth options
Resolution*
Antamina Life Extension Gold, uranium, silver upside
0.0
FY26 Escondida New Concentrator 33
Vicuña Stages I + II 34
Copper SA Phase 1
(~500 ktpa Cu) 35
Others net of grade decline36
Mid 2030s Copper SA Phase 2
(~650 ktpa Cu) 37
Vicuña Stage III 37
Note: FY26 attributable copper production based on FY26 guidance. CuEq production based on internal analysis using UBS long-term consensus prices as of December 2025: copper
$4.37/lb, gold $2,824/oz, silver $34/oz, zinc $1.21/lb, uranium $73/lb. Some project estimates include a proportion of Inferred Resources. *Pending further drilling required for resource definition.
Escondida: Continuing to outperform
Strong
operational performance and capital efficient improvement initiatives have driven increased production guidance
Operational excellence delivering short-term and
medium-term improvements
FY26 (+50 kt) and FY27 (+100 kt) guidance increased
– Record throughput, +13% higher vs H2 FY23
– Improved
recoveries, utilising technology and reagents
Medium term guidance38 remains at 900 – 1,000 kt
New concentrator on track to deliver longer term growth
New concentrator project to add 220
– 260 ktpa39 copper
from FY32
ENC DIA permit application for new
concentrator on track for H2 FY26 submission, FID targeted for CY27 – CY28
Escondida production guidance upgraded38
(Cu kt)
1,400
1,200
1,000
800
600
FY23 FY24 FY25FY26FY27FY28FY29FY30FY31FY32-40
Actual production Production baseline
Prior guidance
mid-point 2024 site tour
Guidance range
New Concentrator
Vicuña: Developing a potential top 5 copper / gold district
A staged approach to developing the largest copper project at 47 Mt41 contained Cu resource Stage I FID ready to unlock the Vicuña district
RIGI application submitted in December 2025, potential to secure
40 years of fiscal certainty
Significant resource upside: 9 Mt Cu added to Filo last 9 months,
equivalent
to 1.5x “Josemaria”
Potential Stage I sanction as early as end of 2026
2026 budget for Vicuna ~US$0.8 bn, with capital investment
US$7 – 8 bn42 for Stage I
from sanction
Stage I first production expected in CY30, at average ~300 ktpa CuEq43 with first quartile all-in-sustaining cost44. Stages II and III producing in early and mid-2030s, respectively.
Notes:
Vicuña is a non-operated joint venture.
All Vicuña numbers presented on a 100% basis.
Cu production 43
Gold
and silver by-product 43
Copper equivalent production includes estimated production rates and contribution from by-products, as well as potential impacts from our exploration program. Copper equivalency calculated using Vicuña metal prices of US$4.60/lb Cu, US$3,300/oz Au and US$40/oz Ag, using the formula: {(Cu
(t) produced*$10,141+Au (oz) produced*$3,300+Ag (oz) produced*40 ) / $10,141/t Cu)}. Stage I ~300ktpa CuEq includes ~200ktpa of copper, ~375kozpa of gold and ~1.5Mozpa of silver. Based on first 5 full years of production, prior to Stage III
expansion. Incremental additional production from Stage II based on first 10 full years, averaging ~50ktpa of copper, ~125kozpa of gold and ~22Mozpa of silver. Stage I+II+III: ~800ktpa CuEq includes ~500ktpa of copper, ~800kozpa of gold and ~20Mozpa
of silver. On a 100% basis, first 25 years of commercial production beginning in the first full year of operations average ~400kt copper, ~700koz gold, ~20Moz silver.
Copper SA: Pathway to a copper, gold and uranium giant
Resource and track record of operational excellence provides basis for growth towards almost 1 Mtpa CuEq production52
100%-owned, Tier 1 polymetallic resource
– Top 15 copper producing asset in CY2548
– ~400 koz gold production (annualised); top 5 ASX producer48
–
~5% of global annual uranium production48
Operating consistency since FY22
– Average Olympic Dam copper production of ~215 ktpa
– Unit costs
materially improved – highly leveraged to by-product prices
Highly attractive growth pathway at competitive capital
intensities
Unit cost49
(US$/lb)
3.00
2.25
1.50
0.75
CuEq production50
(kt)
1,000
750
500
250
0.00 0
FY22 FY23 FY24FY25FY26FY35FY40
Copper By-product (CuEq) Unit costs
Why BHP?
Sector-leading margins14 and attractive
returns from growth
>50%
Average EBITDA margin over past 25 years7
>20%
ROCE over the past 5 years
>US$110 bn
Shareholder returns over the past 10 years10
3 – 4%
CuEq Production CAGR to 20359
World’s highest margin
major iron ore business25
62%
EBITDA margin in H1 FY26
290 Mtpa
+US$10/t higher FCF generation than closest Pilbara competitor
World’s largest copper producer & resource24
51%
of Group EBITDA1
66%
EBITDA margin in H1 FY26
Developing Canada’s
largest potash project4
8.5 Mtpa
~10% of global supply
~US$1 bn pa
EBITDA per stage
Average EBITDA margins >60%
BHP
Appendix
Footnotes
Slide 4: Copper contributed 51% of the
Group’s underlying EBITDA for the first time since the Copper division began reporting independently in FY13.
Slide 4 / Slide 6 / Slide 15: BHP has entered
into a binding agreement with Global Infrastructure Partners (GIP), in relation to BHP’s share of Western Australia Iron Ore’s (WAIO) inland power network. Completion is expected towards the end of FY2026, subject to certain regulatory
approvals including Foreign Investment Review Board approval. The potential to unlock up to ~US$10 bn in undervalued capital through infrastructure linked transactions, substantial by-products, non-core assets and future growth investments represents our current aspiration and is not intended to be a projection or forecast.
Slide 4 and 20: The pathways across copper represents our current aspirations, and is not intended to be a projection, forecast or production target. Includes
potential increases in production rates, as well as potential production from non-operated joint ventures and exploration programs. The pathway is subject to the completion of technical studies to support
Mineral Resource and Ore Reserves estimates, capital allocation, regulatory approvals, market capacity, and, in certain cases, the development of exploration assets, in which factors are uncertain.
Slide 4 and 17: First production from Jansen Stage 1 is expected to be delivered in mid-CY27. Jansen Stage 2 production is expected in FY31.
Jansen Stage 1 and Stage 2 is forecast to be first quartile once it reaches full production (8.5 Mtpa), and contribute US$1 bn EBITDA pa per stage at long-term consensus price of US$431/t, real 1 Jan 2026 using an average of CRU and Argus long-term
prices.
Slide 5: High-potential injuries are recordable injuries and first aid cases where there was the potential for a fatality. HPIF is combined employee and
contractor frequency per 1 million hours worked. HY25 data for HPIF restated due to ongoing verification activities resulting in the reclassification of 1 HPI after the HY25 reporting period. This definition is independent of the Queensland
Coal definition of “high potential incident” which is defined in the Queensland Coal Health and Safety legislation.
Slide 6: Best track record in
meeting guidance compared to diversified miners over a 10-year period. Source: BHP analysis and broker reports.
Slide 6 /
Slide 24: BHP underlying EBITDA margin (excluding third party products). On a total operations basis. 25-year average includes all half-year reporting periods from HY02 to HY26 (inclusive). Underlying EBITDA
margin is non-IFRS information. There may be differences in the
manner that third parties calculate or report this
information compared to BHP, which means third-party data may not be comparable to our data. For further information refer to ‘Non-IFRS financial information’ in the BHP Financial Report for the
half year ended 31 December 2025.
Slide 6: CY2025 copper production compared to CY2021. Includes both organic and inorganic growth.
Slide 6 / Slide 8 / Slide 24: Compound annual growth rate FY27 to FY35 based on attributable copper equivalent production, excluding NSWEC, Carajás and WA Nickel, fixed at
long term UBS consensus prices as of December 2025: copper US$4.37/lb, gold US$2,824/oz, iron ore US$84/t, steelmaking coal US$199/t, potash US$352/t. Copper CAGR includes both copper and by-products from the
copper assets.
Slide 6 / Slide 9 / Slide 26: Based on announced shareholder returns paid from FY17 – FY26 inclusive of the H1 FY26 dividend announced. Market
capitalisation of US$154.1 bn on 31 December 2025.
Slide 7: Production downgrades and upgrades announced in the last 12 months for calendar years 2025-2027 as
of 5 February 2026. Key competitors include six of the seven largest Cu producers: namely Codelco, Freeport-McMoRan, Glencore, Southern Copper, Rio Tinto and Anglo American; as well as Teck, First Quantum Minerals and Ivanhoe Mines. Cumulative
competitor decrease includes the impact of all increases and decreases to guidance.
Slide 7: BHP internal analysis based on WAIO reported C1 unit costs adjusted
for reported inventory movements, compared to publicly available unit costs last reported by major competitors (including Fortescue and Rio Tinto). US CPI inflation between FY22 and 31 December 2025 applied to BHP and Fortescue FY22 unit cost.
Rio Tinto reports on a calendar year basis, and last reported unit costs at H1 CY25. As a result US CPI inflation between FY22 and 30 June 2025 applied to Rio Tinto FY22 unit cost.
Slide 8: EBITDA and EPS leverage to copper prices based on a +US$1/lb change to copper price sensitivity. All other commodity prices held constant. Sensitivity applied to CY26 for
competitors and FY26 for BHP. Sensitivity applied to company and portfolio structure as 30 January 2026. Sector leading growth: BHP analysis based on Visible Alpha consensus FY27 – FY35 CAGR as of 29 January 2026. Competitors include
Vale, Rio Tinto, Glencore (excl. Marketing).
Slide 11 and 24: BHP underlying EBITDA margin (excluding third party products). Peer data compiled from publicly
available information (e.g. company reports). Peers include: Anglo American, Glencore (excl. Marketing), Rio Tinto, Vale.
Slide 11: We use various non-IFRS financial information to reflect our underlying financial performance. For further information on the reconciliations of certain non-IFRS financial information
measures to our statutory measures, reasons for usefulness and calculation methodology, please refer to non-IFRS financial information. Adjusted effective tax rate and Adjusted effective tax rate including
royalties: excludes the influence of exchange rate movements and exceptional items (refer to half year Financial Statements Note 2 ‘Exceptional items’).
Slide 11 and 12: Operating costs net of other income and of profit/(loss) from equity accounted investments, related impairments and expenses. D&A: represents
depreciation and amortisation expense and net impairments. Tax: includes foreign exchange movements in tax expense. Price: net of price-linked royalties.
Slide 13:
By-product CuEq from copper assets does not include molybdenum or lead. Based on HY26 realised prices.
Slide 13: Total
revenue from energy coal sales, including BMA and NSWEC, was US$784 m (HY25: US$955 m).
Slide 13: Calculated on a copper equivalent production weighted average
basis, based on FY25 average realised prices for major assets including Escondida, Spence, Copper SA, WAIO and BMA.
Slide 14:
Post-tax, unlevered free cash flow for BHP Group, after subtracting dividends paid to non controlling interests. Operating Cash Flow includes positive cash contributions from Antamina JV. NOJVs investing CF
includes cash flow contributions into Vicuna JV, Resolution JV as well as Samarco obligations classified as investing CF.
Slide 14: BHP internal analysis for spot,
consensus and 3-year low scenarios based on 6 January 2026 spot prices, average of FY26-29 consensus prices and long-term consensus commodity price forecasts
respectively. 3-year low prices based on CY23-25 inclusive. Analysis uses medium-term production guidance disclosed in slide 44.
Slide 15: US$4 bn Silver streaming agreement relating to our share of Antamina’s future silver production.
Slide 15: Antamina NAV – Net asset value obtained from Visible Alpha on 12 February 2026.
Slide 17: BHP copper production data calculated on a reported basis for the 2025 calendar year (on a reported basis as reported in BHP’s Operational Reviews released in
CY25). BHP production calendarised. Competitor reported copper production data compiled from Wood Mackenzie and publicly available information (company reports). Competitors include: Anglo American, Antofagasta, Codelco, Freeport, Glencore, Rio
Tinto, Southern Copper, Teck.
Slide 17: Represents WAIO EBITDA margin based on iron ore (US$/wmt, FOB) sales linked to index pricing. Lowest cost major iron ore
business based on BHP internal analysis based on WAIO C1 reported unit costs compared to publicly available unit costs reported by major competitors (including Fortescue and Rio Tinto), adjusted based on publicly available financial information. Mid-point of WAIO (100% basis) FY26 iron ore guidance.
Slide 17: BMA production on a 100% basis and PHCC production based on Wood
Mackenzie 2025 Q4 dataset.
Slide 17: PHCC production based on Wood Mackenzie 2025 Q4 dataset.
Slide 18: Source: BHP analysis, publicly available reports. Competitors include Rio Tinto, FMG, Vale.
Slide 18: Source: BHP analysis, publicly available reports. Competitor increased from FY23 to FY29 via forecast US CPI inflation as ‘medium term unit cost guidance’
quoted on in 2023 real terms; competitor unit costs exclude private royalties.
Slide 19: Recycled potash from crops and manure. Others include changes in crop
mix & physiology, other forms of potash (non-MOP sources) and supply chain losses as well as stock change.
Footnotes
Slide 19: FOB operating cost including
royalties in 2035; X axis production in % terms. Source: BHP internal analysis, macroeconomic assumptions and CRU.
Slide 20: FY26 attributable copper production
based on FY26 guidance. CuEq production based on internal analysis using UBS long-term consensus prices as of December 2025: copper $4.37/lb, gold $2,824/oz, silver $34/oz, zinc $1.21/lb, uranium $73/lb. Some project estimates include a proportion
of Inferred Resources.
Slide 20 and 21: Total production out of the facility. Average after ramp-up—FY34 to FY43 ENC
specific production. Overall incremental average is 150—180 ktpa.
Slide 20 and 21: Expected production based on Vicuña Integrated Technical Report
2026. Refer to slide 22.
Slide 20 and 23: Copper SA Phase 1 growth to ~500 ktpa and subsequent Phase 2 growth to ~650 ktpa subject to regulatory approvals, market
capacity and, in certain cases, the development of exploration assets, which factors are uncertain.
Slide 20: Includes grade decline at Escondida, Escondida Lagua
Seca Expansion (LSE), Spence chalcopyrite leaching (SCPY), the potential restart at Cerro Colorado and Antamina JV.
Slide 20: Represents incremental potential
production from Copper SA Phase 2, Resolution JV (subject to ongoing litigation and further studies) and Vicuña JV (based on Vicuña Integrated Technical Report 2026).
Slide 21: Indicative payable copper production capacity. Medium-term refers to an average for FY28 – FY31.
Slide 21: Based on FY34 to FY43 average production.
Slide 21: IRR based on low and high
potential capex ranges at $4.50/lb copper consensus price (real 2024) based on the median of long-term forecasts from 2024 BHP Chile Site Tour from Bank of America, Barrenjoey, Citi, Deutsche Bank, Goldman Sachs, JPMorgan and UBS.
Slide 22: Vicuña is a non-operated JV. Vicuña resource of 47 Mt contained copper, up from 38Mt as reported 30 June 2025.
Vicuña estimates are based on the technical report on a 100% basis, attached to this release. That report was prepared in accordance with the Australasian Code for Public Reporting of Technical Assessments and Valuations of Mineral Assets
(VALMIN Code, 2015 edition) and has not been prepared in accordance with Subpart 1300 of Regulation S-K (S-K 1300). Accordingly, the information may differ from that
reported in information that BHP files with the U.S. Securities and Exchange Commission (SEC). U.S. investors are advised to refer to the mineral resources and minerals reserves presented in our annual report on Form
20-F, filed with the SEC, which presents estimates prepared in accordance with SEC regulations Subpart 1300 of Regulation S-K
(S-K 1300). The development of Vicuña, and any estimated production, expenditures and returns, are subject to regulatory approvals, market capacity and the development of exploration assets, which
factors are uncertain. The estimates are not intended to be a projection, forecast or target. Largest copper project is based on S&P Capital IQ Reserves & Resources data as of 30 June 2025.
Slide 22: Vicuña study did not estimate a range for Stage I capex. BHP applied a range of -5% to +10%.
Slide 22: Copper equivalent production includes estimated production rates and contribution from by-products, as well as potential impacts
from our exploration program. Copper equivalency calculated using Vicuña metal prices of US$4.60/lb Cu, US$3,300/oz Au and US$40/oz Ag, using the formula: {(Cu (t) produced*$10,141+Au (oz) produced*$3,300+Ag (oz) produced*40 ) /
$10,141/t Cu)}. Stage I ~300ktpa CuEq includes ~200ktpa of copper, ~375kozpa of gold and ~1.5Mozpa of silver. Based on first 5 full years of production, prior to Stage III expansion. Incremental additional production from Stage II based on first 10
full years, averaging ~50ktpa of copper, ~125kozpa of gold and ~22Mozpa of silver. Stage I+II+III: ~800ktpa CuEq includes ~500ktpa of copper, ~800kozpa of gold and ~20Mozpa of silver. On a 100% basis, first 25 years of commercial production
beginning in the first full year of operations average ~400kt copper, ~700koz gold, ~20Moz silver.
Slide 22: Life of mine averages (0.74/lb C1 and 1.38/lb AISC).
Slide 22: Real basis, inclusive of Stages I, II and III. Calculations based on the Vicuña technical report price deck: Cu $4.60/lb, gold $3,300/oz, silver
$40. Potential life of mine based on Mineral Resources only.
Slide 22: Vicuña has the potential to be a top 5 copper & gold producer based on 10-year average once Stage III fully ramped up with ~500ktpa Cu and ~800kozpa Au.
Slide 22: Indicative production output based on
CY/FY2026 guidance. Escondida comprises FY26 copper guidance and by-product volumes based on internal estimates, run at fixed long-term consensus prices: copper US$4.37/lb, gold US$2,824/oz, silver
US$33.84/troy oz.
Slide 23: Source: Uranium: McKinsey and Company, Minespans Q4 2025. Copper: Cru Asset Platform 2025. Gold: S&P Global January 2026.
Slide 23: Copper SA unit costs shown as reported by BHP. This is a different basis to 1st quartile opex costs, which represent C1 costs per WoodMac Dec-25.
Slide 23: FY22 onwards calculated using UBS long-term consensus prices as of December 2025: copper $4.37/lb, gold
$2,824/oz, silver $34/oz, uranium $73/lb.
Slide 23: The pathway to increase potential production at Copper South Australia is subject to regulatory approvals,
market capacity and, in certain cases, the development of exploration assets, which factors are uncertain. The pathways across copper represents our current aspirations, and is not intended to be a projection, forecast or production target. Copper
equivalent production includes potential increases in production rates and contribution from by-products, as well as potential impacts from our exploration program.
Positively leveraged to global megatrends
Multi-generational assets in commodities critical to global megatrends
Global
megatrends Traditional demand
Copper the largest contributor to EBITDA for the first time
Operational records and strong prices result in record half-year copper EBITDA
Population
growth
Increased living standards
Urbanisation
Data centres and AI
Iron ore
Steelmaking coal
[GRAPHIC APPEARS HERE]
Copper
EBITDA by commodity1
(%) 100
75
50
25
Decarbonisation and the Energy transition
Potash
0
FY16 FY17 FY18FY19FY20FY21FY22FY23FY24FY25HY26
Iron ore Coal Copper Nickel Petroleum
1. Percentage contribution to Group Underlying
EBITDA, excluding Group and unallocated items for FY24 onwards.
Best suite of organic copper projects
A portfolio
of low capital intensity, high returning organic copper growth projects which can be sequenced and optimised
Estimated capital expenditure (US$
bn1) Estimated capital intensity
(US$k/t CuEq1) Potential FID (Final Investment Decision) Potential first production (year)Potential production profile
(ktpa Cu)2
Projects
Escondida New Concentrator
Construction of new concentrator to replace Los Colorados US$4.4 – 5.9 US$15 – 21CY27 – 28CY31 – 32220 – 260
235 – 280 CuEq
Vicuña (100%) – Stage I
Construction of district mill US$7 – 83 US$20 – 30~CY26CY30~200
~300 CuEq
Spence chalcopyrite leaching (SCPY & ripios dump)
Sulphide leaching
technology to extend cathode production life US$0.6 – 0.9 US$10 – 16CY26CY2840 – 60
40 – 60 CuEq
Copper SA Phase 1 Growth
Smelter and Refinery Expansion4 US$3.1 – 4.0 Not
applicableCY27CY32380—500 Cu
590 – 750 CuEq
Copper SA Phase 1
Growth
Mines and Concentrators (Carrapateena and Olympic Dam)5 US$5.4 – 6.9 US$16 – 21CY27 | CY29CY29 ~220 Cu
~330 CuEq
Cerro Colorado restart US$2.3 – 3.2
Application of leaching technology to restart operations US$23 – 32 CY28 – 31CY31 – 3485 – 100
85 – 100 CuEq
Vicuña (100%) – All Stages ~US$18
Stages I, II and III US$20 – 30 CY27-2030sCY30-mid 2030s~500
~800 CuEq
Copper SA Phase 2 Growth US$4.5 – 5.8
Mines and Concentrators (i.e. Oak Dam, OD Deeps) US$20 – 26 CY32CY38~190 Cu
~230
CuEq
All estimated capital expenditures and capital intensities are quoted on a real basis (1 Jan 2026), except for Escondida, Spence and Cerro Colorado estimated
capital expenditures which are quoted on a nominal basis to align with the BHP Chile Site Visit in November 2024. Capital expenditure excludes commercial commitment investments (for example leases and outsourced infrastructure).
Production outputs based on 10-year average for all projects except for Vicuña (100%) – Stage I, which uses production outputs
based on a 5-year average due to Stage 1 production post-5 years not reported separately from Stage 3 production in Vicuña study. Potential CuEq
production profiles are calculated using UBS long-term consensus prices as of December 2025: copper $4.37/lb, gold $2,824/oz, silver $34/oz, zinc $1.21/lb, uranium $73/lb, except
for Vicuña JV, which is calculated based on the Vicuña metal prices of copper $4.60/lb, gold
$3,300/oz and silver $40/oz and Escondida which is
calculated consistently with the BHP Chile Site Visit in November 2024 at $4.50/lb copper consensus price (real 2024) based on the median of long-term forecasts from Bank of America, Barrenjoey, Citi, Deutsche Bank, Goldman Sachs, JPMorgan and UBS.
Vicuña did not estimate a range for Stage 1 capex. BHP applied a range of -5% to +10%.
Smelter sizing subject to Final Investment Decision, with remaining concentrate sold to market. Copper SA Phase 1 Growth potential production figures disclosed are non-cumulative.
FID for Carrapateena in CY27 and Olympic Dam in CY29. First production at Carrapateena. Carrapateena metrics
representative of 12Mtpa Block cave.
Significant copper asset by-product contribution
Copper asset growth could deliver a ~60% increase in by-product production on a copper equivalent basis by the mid 2030s
Attributable by-product CuEq production at copper assets by commodity1
(kt)
600
500
400
300
200
100
Attributable by-product CuEq
production from each copper asset1
(kt)
600
500
400
300
200
100
Potential to add up to ~200 ktpa of additional CuEq
by-product production by mid 2030s
By-products represent 15 – 20% of
total copper asset CuEq production
Copper SA and Vicuña resources have
significant by-product exposure, particularly to gold
0
FY26 FY35
Gold Silver Uranium Zinc Molybdenum
0
FY26 FY35
Escondida Pampa Norte Copper SA
Antamina JV Vicuña JV
Attributable CuEq production based on internal estimates includes by-products from Escondida (57.5%), Pampa Norte, Copper SA, Antamina JV
(33.75%) and Vicuña JV (50%). Analysis run at fixed long-term UBS consensus prices: copper US$4.37/lb, gold US$2,824/oz, silver US$33.84/troy oz, molybdenum US$16.26/lb, zinc US$1.21/lb, uranium US$73.03/lb.
Copper pure play FCF break-even prices
Our
break-even copper price is ~US$1.40/lb vs copper pure plays’ at ~US$4.00/lb
FCF break-even copper price1
(US$/lb)
6.00
5.00
4.00
3.00
2.00
1.00
0.00
Cu producer #1 Cu producer #2 Cu producer #3AverageCu producer #4Cu producer #5Cu producer #6BHP
Source: Scotiabank, company reports, copper producers include ANTO, FM, CS, FCX, LUN, HBM.
Average of CY/FY 2026 and 2027.
FCF break-even copper price at consensus iron
ore US$90/t and potash US$340/t.
Confidence in project execution and commissioning
Jansen is an outlier in our otherwise strong track record
BHP project
delivery vs industry (2010 – 2025)1,2
(Average variance %, execution capex vs. sanction estimate)
+100%
Over last 15 years:
+75%
+50%
+25%
Jansen 1
BHP has completed ~US$35 bn of significant projects within a portfolio average of ~3% vs sanction estimate3
[GRAPHIC APPEARS HERE]
Mining industry average ~37%2
0%
BHP including
Jansen Stage 1
BHP excluding
Jansen Stage 1
Mining industry
BHP projects include projects >US$100m completed and delivered within 2013–2025 (mid-execution 2012–2024) period, normalised
to 2025 basis (escalation factor: WoodMac; BHP). Jansen Stage 2 (mid-execution post 2025) is excluded.
Mining industry
2016–2027 (mid-execution 2015–2024) execution capital sourced from Capital IQ, company annual reports and press releases, and BHP analysis.
BHP projects include projects >US$100m completed and delivered within 2013–2025 period, normalised to 2025 basis (escalation factor: WoodMac; BHP). Jansen Stage 1 and
Stage 2 (mid-execution post 2025) are excluded.
Valuing the world’s largest copper producer
Potential for significant value creation as BHP continues to grow our copper business and increase our copper exposure
In last 3 years:
– Multiples of copper pure play companies have increased from
~6.5x to ~9.5x2
– BHP’s copper % of EBITDA has
increased by ~30% points to >50%3
EV/EBITDA multiple of copper producers increases as
copper’s contribution to group consolidated EBITDA increases
Market valuation of copper producing mining companies
(Valuation multiple, EV / CY26 EBITDA1)
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
Copper pure play 2
Copper pure play 3
Copper pure play 4 Copper pure play 5
3.0
2.0
0% 25% 50%75%100%
LTM EBITDA
(% copper)
Excludes business areas with negative LTM EBITDA, data is as per latest available in company reports to 30 June 2025. Diversified miners include Rio Tinto, Glencore, Vale and
proforma Anglo Teck. Indicative copper contribution to EBITDA shown at ~100% for copper-specific players (First Quantum, Lundin, Antofagasta, Freeport) as company / analysts do not provide divisional EBITDA given immateriality of contribution from
non copper producing assets.
Source: FactSet, broker reports, company disclosures (9 Jan 2026). Trendline excludes BHP and Vale.
EV/CY2023 EBITDA vs EV/CY2026 EBITDA for copper-specific players FQM, Lundin, Antofagasta, Freeport.
HY23 vs HY26 BHP Copper segment contribution to Group EBITDA.
Return on Capital Employed
ROCE of 23.6% for HY26
ROCE
(%)
55
50
45
40
35
ROCE by asset
(%)
60
50
40
30
30
25
20
20
15
10 10
5
0
FY20 FY21 FY22FY23FY24FY25FY26
Half year results (total) Full
year results (total)
0
0 10 2030405060
Average capital employed
(US$ bn)
Note: ROCE represents profit after tax excluding exceptional items and net finance costs (after tax), which are annualised for half year results, divided by average capital
employed. Average capital employed is net assets less net debt for the last two reporting periods.
Antamina: average capital employed represents BHP’s equity
interest.
Note: NSWEC has not been shown as ROCE is distorted by negative capital employed due to the rehabilitation provision being the primary balance remaining
on Balance Sheet following previous impairments. Jansen has not been shown as it is under development. Western Australia Nickel ROCE has not been shown following the Group’s decision to temporarily suspend operations
Sequencing capital spend (excluding NOJVs)
Medium-term group capex guidance of US$10bn per annum; ~40% of which is growth capex
Group capex by classification
(US$ bn) 12.0
10.0
8.0
6.0
4.0
2.0
Growth capital by commodity
(US$ bn) 5.0
4.0
3.0
2.0
1.0
0.0
FY26 FY27 Medium term
[GRAPHIC APPEARS HERE]Growth projects include:
Exploration Potash Copper Steelmaking
0.0
FY25 FY26 FY27Medium term
[GRAPHIC APPEARS HERE] Deferred stripping Baseline
sustaining
Non-recurring sustaining Growth and exploration
Note: Medium term refers to FY28 – FY30 average.
[GRAPHIC APPEARS HERE]Baseline
sustaining includes ‘maintenance and decarbonisation capital’ for the purposes of the Capital Allocation Framework. In FY26, this is expected
to be
~US$1.6 bn (FY25 US$1.8 bn).
Capital and exploration expenditure guidance is subject to movements in exchange rates. SRE – Smelter and Refinery Expansion;
WAIO – Western Australia Iron Ore.
Total capex to reflect NOJVs
Capital profile
reflects the inclusion of attributable capital investment to grow in future-facing commodities
Capital expenditure1 by commodity
(US$ bn, Cumulative capex FY26 – FY30)
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
Capex (consolidated)
Vicuña JV + Resolution JV
Capex (consolidated
+ NOJVs) 2
NCI 3
Capex (attributable)
Cumulative capital expenditure guidance announced in FY25.
Cumulative capital expenditure
consolidated on an accounting basis including NOJVs investing cashflows funded by BHP.
NCI – Non controlling interests include Escondida and WAIO.
Samarco: a decade of reparation
BHP Brasil has
been and remains dedicated to supporting reparation and compensation on the ground
US$5.8 bn
incurred by Samarco on reparation, compensation and payment of instalments to Public Authorities since October 2024
~625 k
people have received approximately
~US$6.5bn in compensation and financial aid since the 2015 Fundão dam failure
US$5.3 bn
provision at HY26. Reflects ~US$1 bn spent in HY26 on implementing the Brazil Agreement and an updated assessment of Brazil Agreement obligations and the UK group
action
R$10.9 bn (US$1.9 bn) paid since
October 2024
~R$7.6 bn (~US$1.4 bn), inclusive of inflation, to be paid in H2 FY26
~R$8 bn (~US$1.5 bn)
allocated for eligible Traditional and Indigenous communities
R$12.3 bn (US$2.3 bn) incurred in HY26
~300k claims under new compensation system have already been paid. No proof of damages required.
Community resettlement ~99% complete; 385 families have received the keys to their new properties
BHP intends to appeal the English High Court’s decision finding BHP liable under
Brazilian law
~ 40% claimants in the UK group action have already been
compensated in Brazil and signed full releases which were upheld by the UK court
Subject to BHP’s appeal, a second stage trial will decide whether losses
claimed by the claimants were caused by the dam failure. This trial is currently scheduled for April 2027 to March 2028.
Note: Amounts shown are total
disbursements by Samarco on a 100% basis, which includes cash outflows as well as accruals relevant to the period from when the agreement was signed on 25 October 2024 to 31 December 2025. New compensation system payments reflect payments
to 31 December 2025.
Future financial obligations are shown on a real, undiscounted and 100% basis and will accrue inflation at IPCA inflation rate. Payments
are made in Brazilian Reais.
Social value highlights
Driving shareholder value
through opening up opportunities, increasing resilience and reducing risk
0.40 tonnes of CO2-e per tonne of crude steel for
100 per cent ore-based production (no scrap), as defined by the International Energy Agency (IEA) and implemented in ResponsibleSteel International Standard V2.0 (‘near zero’ performance level
4 threshold). IEA (2022),
Achieving Net Zero Heavy Industry Sectors in G7 Members, IEA, Paris, License: CC BY 4.0.
Safety and social value indicators
We continue to
emphasise the safety culture that must be present every day to eliminate fatalities and serious injuries at BHP
Key safety indicators1 Target/Goal
HY26FY25HY25
Fatalities Zero work-related fatalities 000
High-potential
injury (HPI) frequency2 Year-on-year improvement in HPI frequency 0.080.090.07
Total recordable injury frequency (TRIF)2 Year-on-year improvement in TRIF
4.34.54.3
Social value: key indicators scorecard1 Target/Goal HY26FY25HY25
Operational GHG emissions (MtCO2-e)3 Reduce operational GHG emissions by at least 30% from FY20 levels by FY30 4.48.74.4
Value chain GHG emissions (Scope 3):
Committed funding in steelmaking partnerships and
ventures to
date (US$m) Steelmaking: 2030 goal to support industry to develop steel production technology capable of 30% lower GHG emissions intensity
relative to conventional blast furnace steelmaking, with widespread adoption expected post-CY30 171
Value chain GHG emissions: Maritime transportation: 2030 goal to support 40% GHG emissions intensity reduction of BHP-chartered
shipping of BHP products 46.64444
Reduction in GHG emissions intensity of BHP-chartered shipping of our products from CY08
(%)4
Social investment (US$m BHP equity share) Voluntary investment focused on the six pillars of our social value framework 61.4127.837.4
Indigenous procurement spend (US$m) Key metric for part of our 2030 Indigenous partnerships goal, to support the delivery of mutually beneficial outcomes 490853452
Female representation5 (%) Aspirational goal for gender balanced employee workforce6 by the end of CY25 41.241.338.9
Indigenous employee participation5,7 (%) Australia: aim to achieve 9.7% by the end of FY27 9.09.08.6
Chile: aim to maintain 10.0% by the end of FY26 11.8 10.510.0
Canada: aim to achieve
20.0% by the end of FY26 21.4 17.810.4
Area under nature-positive management practices8 (%) Create nature-positive9 outcomes by having at least 30% of
the land and water we steward10 under conservation, restoration or regenerative practices. In doing so we focus on areas of highest ecosystem value both within and outside our own operational footprint, in partnership with Indigenous peoples and
local communities. 1.51.51.3
Data includes former OZL (except former OZL Brazil assets), except where specified otherwise. Data is subject to non financial
assurance review.
Combined employee and contractor frequency per 1 million hours worked. FY25 H1 data for HPIF restated due to ongoing verification activities
resulting in the reclassification of 1 HPI after the FY25 H1 reporting period.
Our operational GHG emissions are the Scopes 1 and 2 emissions from our operated
assets. Baseline year data and performance data has been adjusted for acquisitions, divestments and methodology changes up to the end of FY25. HY25 data has been restated primarily due to the finalisation of surrender of Renewable Energy
Certificates (RECs), as updated within the reporting of our FY25 results. We are transitioning to a residual mix factor (RMF) for market-based reporting of Scope 2 emissions as applicable for our Australian operated assets during FY26, with the
baselines year data to be adjusted accordingly, and this will be reflected in the reporting of FY26 results.
Baseline year data and performance data have been
adjusted to only include voyages associated with the transportation of commodities currently in BHP’s portfolio due to the data availability challenges of adjusting by asset or operation for CY08 and subsequent year data. GHG emissions
intensity calculations currently include the transportation of copper, iron ore, steelmaking coal, energy coal, molybdenum, uranium and nickel.
Based on a
‘point in time’ snapshot of employees as at the end of the relevant reporting period.
We define gender balance as a minimum 40% women and 40% men in
line with the definitions used by entities such as the International Labour Organization.
Indigenous employee participation for Australia is at Minerals Australia
operations; for Chile is at Minerals Americas operations in Chile; and for Canada is at the Jansen Potash project and operations in Canada.
Area under stewardship
that has a formal management plan that includes conservation, restoration or regenerative practices. This metric is measured on an annual basis and an update will be provided in the full year results for FY26. HY25 data restated primarily due to
identification of additional former OZL land holdings and areas where we hold sub-surface mineral rights.
Nature-positive
is defined by the TNFD Glossary version 1.0 as ‘A high-level goal and concept describing a future state of nature (e.g. biodiversity, ecosystem services and natural capital) which is greater than the current state’. We understand it to
include land and water management practices that halt and reverse nature loss – that is, supporting healthy, functioning ecosystems.
Excluding areas we hold
under greenfield exploration licences (or equivalent tenements), which are outside the area of influence of our existing mine operations. 30% will be calculated based on the areas of land and water that we steward at the end of FY30.
Balance sheet
Net debt of US$14.7 bn and gearing
of 20.9%
Movements in net debt
(US$ bn)
20
Debt maturity profile2
(US$ bn)
10
16
0.6
14.7 8
12 6
8 4
4 2
0
FY25 Free cash
Dividends
Dividends
Other
H1 FY26
0
H2 FY26 FY27 FY28FY29FY30FY31—FY40 Post FY41
% of portfolio
Capital markets 89%
Asset financing 11%
NCIs: dividends paid to
non-controlling interests of US$1.0 bn predominantly relate to Escondida.
Debt maturity profile: all debt balances are
represented in notional USD inception values and based on financial years; as at 31 December 2025; subsidiary debt is presented in accordance with IFRS 10 and IFRS 11.
Key Underlying EBITDA sensitivities
Approximate
impact1 on HY26 Underlying EBITDA of changes of: US$ m
US$1/t on iron ore price2 117
US$1/t on steelmaking coal price 6
US¢1/lb on copper price2 20
US$1/t on energy coal price2,3 7
AUD (US¢1/A$) operations4 77
CLP (US¢0.10/CLP) operations4 13
EBITDA sensitivities: assumes total volume exposed
to price; determined on the basis of BHP’s existing portfolio.
EBITDA sensitivities: excludes impact of equity accounted investments.
EBITDA sensitivities: includes domestic sales.
EBITDA sensitivities: based on average exchange
rate for the period applied to exposed revenue and operating costs.
BHP guidance
Copper production (kt) 1,900
– 2,000 (summary of operated assets below, includes Antamina 140 – 150kt in FY26e).
Copper production (kt, 100% basis) 1,200 – 1,275 1,000
– 1,100900 – 1,000Medium-term for Escondida refers to an average for a period from FY28—FY31
Unit cash costs (US$/lb) 1.20 – 1.50
1.50 – 1.80FY26e guided to bottom end of range. Medium-term for Escondida refers to an average for a period from FY27 – FY31.
Excludes freight and
government royalties; net of by-product credits; based on an exchange rate of USD/CLP 940.
Copper production (kt) 230
– 250 ~235
Unit cash costs (US$/lb) 2.10 – 2.40 2.05 – 2.35Excludes freight; net of by-product
credits; based on an exchange rate of USD/CLP 940.
Copper production (kt) 310 – 340
Unit cash costs (US$/lb) 1.00 – 1.50 Based on an exchange rate of AUD/USD 0.65. Calculated using the following assumptions for
by-products: gold US$2,900/oz,
and uranium US$70/lb.
Iron ore production (Mt) 258 – 269 WAIO 251 – 262 Mt, Samarco 7.0 – 7.5 Mt (FY26e guided to upper half of range).
Iron ore production (Mt, 100% basis) 284 – 296 >305
Unit cash costs
(US$/t) 18.25 – 19.75 <17.50Excludes freight and government royalties, based on an exchange rate of AUD/USD 0.65
Sustaining capital expenditure
(US$/t) ~6.5 Medium-term average; +/- 50% in any given year. Excludes costs associated CD6, operational decarbonisation, automation programs.
Production (Mt,
100% basis) 36 – 40 43 – 45FY26e guided to lower half of range.
Unit cash costs (US$/t) 116 – 128 <110FY26e guided to upper half
of range. Excludes freight and royalties; based on an exchange rate of AUD/USD 0.65.
Production (Mt) 14 – 16 FY26e guided to upper half of range.
Note: Medium-term refers to a five-year horizon, unless otherwise noted.
BHP guidance (continued)
Competent Person Statement: Vicuña Mineral Resources
Vicuña Mineral Resources Competent Person Statement
The information in this slide
relates to the Vicuña Mineral Resources as at 31 December 2025. The Mineral Resource estimates for the Vicuña Project were prepared by Luke Evans, Sean D. Horan and Paul Daigle.
The Vicuña Mineral Resources are reported on an in-situ basis and in accordance with the “Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves, 2012” (“The JORC Code 2012 Edition”)
as documented in the Technical Assessment Report
for the Vicuña Joint Venture.
Mr Evans is a full-time employee of SLR Consulting (Canada). Mr Evans has sufficient experience that is relevant to the style
of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves’. Mr Evans consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Mr
Horan is a full-time employee of Resource Modeling Solution Ltd. Mr Horan has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Horan consents to the inclusion in the report of the matters based on his information
in the form and context in which it appears.
Mr Daigle is a full-time employee of AGP Mining Consultants Inc. Mr Daigle has sufficient experience that is relevant
to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Mr Daigle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Measured Resources Indicated Resources Inferred ResourcesTotal ResourcesContained Metal
Deposit
Material type
Mt Cu
% Au g/t Ag g/t
Mt Cu
% Au g/t Ag g/t
Mt Cu
% Au g/t Ag g/t
Mt Cu
% Au g/t Ag g/tCuAuAg
kt Moz Moz
Filo del Sol Sulphide ----1,7300.460.3468,7200.340.18310,5000.360.213
Copper Oxide - ---4670.320.2734310.230.2028980.280.242
Gold
Oxide - ---301-0.253711-0.1831,010-0.203
Silver Oxide - ---710.360.36120950.080.14351660.200.2371
Josemaria Sulphide 6480.330.2519610.250.1516830.220.1112,2900.260.171
Total
Vicuña 648 0.330.2513,5300.340.27610,6000.300.18314,8000.310.20446,600971,780
Mineral Resources are reported on a 100% basis. The Vicuña
project is a 50:50 joint venture between Lundin Mining and BHP Canada. BHP Canada’s attributable interest in the Mineral Resource estimate is 50%.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BHP Group Limited | ||||||
| Date: 17 February 2026 | By: | /s/ Stefanie Wilkinson | ||||
| Name: | Stefanie Wilkinson | |||||
| Title: | Group General Counsel and Group Company Secretary | |||||
FAQ
What are the key highlights from BHP (BHP) HY2026 performance?
How much is BHP’s HY2026 interim dividend and payout ratio?
What is BHP’s copper growth target mentioned in the HY2026 update?
What is the status of BHP’s Jansen Stage 1 potash project?
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How much value has BHP unlocked through recent agreements?
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