• Operational excellence drives record copper production and margins
• Copper contributes over 50% of Group Underlying EBITDA for first time
• Robust cash flows and balance sheet support growth investments and shareholder returns

BHP Group Limited has reported a strong set of financial results for the half-year ended 31 December 2025. The company achieved operational excellence across its portfolio, delivering record performance in copper and iron ore production. Copper contributed over 50% of Group Underlying EBITDA for the first time, driven by strong production and disciplined cost control. The company's Western Australia Iron Ore (WAIO) business also strengthened its position as the world's lowest-cost major iron ore producer. Underlying EBITDA increased by 25% to US$15.5 billion, with an Underlying EBITDA margin of 58%. Underlying Attributable profit also increased by more than 20% to US$6.2 billion. The company's strong cash flow generation and balance sheet strength have enabled it to continue investing in its growth pipeline, including the Jansen potash project in Canada and expansion projects at Escondida and Copper SA. BHP also announced several strategic transactions, including a valuable silver streaming agreement and an agreement related to its share of WAIO's power consumption, which will unlock over US$6 billion in cash. Looking ahead, the company expects the global economic backdrop to remain supportive for its key commodities, reinforcing the importance of its low-cost, diversified portfolio and productivity focus.

BHP expects its global adjusted effective tax rate to be within the guidance range of 36% to 40% for FY26. The company's capital and exploration expenditure guidance remains unchanged at ~US$11 billion per annum in FY26 and FY27, and ~US$10 billion on average each year between FY28 and FY30.

BHP is optimistic about the global economic outlook, with expectations of around 3% growth in CY26. The company sees the potential economic conditions as supportive for its key commodities, reinforcing the importance of its focus on productivity and cost discipline to deliver resilient returns through the cycle. BHP's growth pipeline, including expansion of existing Tier 1 assets and greenfield projects, positions the company well to capture the forecast higher long-term copper prices.