Bhp Group Ltd · ASX:BHP
Bhp — FY2026 Earnings Presentation
56 slides from Bhp's earnings presentation, Aug 18, 2026
Slide 1: Accelerating performance, delivering growth
Accelerating performance, delivering growth Full year ended 30 June 2026 Brandon Craig Chief Executive Officer Copper South Australia
Slide 2: Disclaimer
Disclaimer The information in this presentation is current as at 18 August 2026. It is in summary form and is not necessarily complete. It should be read together with the BHP Results for the year ended 30 June 2026. Forward-looking statements This presentation contains forward-looking statements, w
Slide 3: Safety remains our top priority
Safety remains our top priority Reducing exposure to risk through autonomy, discipline and technology High-potential injury frequency (HPIF)2 We are saddened by a coworker losing their life while at (Frequency) work at Peak Downs, BMA, in July this year 0.25 Investigations are under way into the cir
Slide 4: Operational excellence driving value, growth and returns
Operational excellence driving value, growth and returns Strong performance, sector leading ~60% margins3 and attractive shareholder returns World’s biggest ~2 Mt copper production, world’s largest copper producer2 miner1 Combined with record production at WAIO 54% 70% Copper segment EBITDA margin3
Slide 5: Mining remains undervalued
Mining remains undervalued The demand for commodities is more broad-based than prior cycles, especially for copper Monthly price performance Mining ~5% Mining <2% Copper demand and supply, 2001 – 2040 (Index, 31 January 1995 = 100) (Mt) 3,600 MSCI MSCI World1 World1 Persistent structural deficit cou
Slide 6: Asset quality and commodity selection are key to value
Asset quality and commodity selection are key to value Value creation in mining begins with producing the right commodities from the best, tier 1 assets Commodity attractiveness Asset attractiveness Steep Scale / size Exposed to Cost curve Expandable / Long life4 cost curve1 (US$)2 ‘mega trends’ qua
Slide 7: The next decade: more velocity and ambition, same discipline
The next decade: more velocity and ambition, same discipline 3 – 4% CuEq production Maximising BHP’s full potential will require us to leverage BOS, technology and partnerships to drive productivity and deliver consistent growth growth CAGR to FY351 Accelerating Delivering disciplined Strengthening
Slide 8: BOS is driving operational improvement
BOS is driving operational improvement Embedding BOS has helped identify ~7,000 cost improvement initiatives since 2020, generating ~$5 bn in initial year savings, with more to come BHP Operational Excellence Index (OEI)1 65 Aspirational target Further embedding BOS will generate additional savings
Slide 9: Technology will amplify BHP's competitive advantages
Technology will amplify BHP’s competitive advantages BHP’s data, scale and BOS competitive advantages will drive accelerated commissioning, productivity improvement and growth EBITDA generated from technology Faster project commissioning Accelerated production growth Improved productivity (US$ m per
Slide 10: Creating programmatic growth
Creating programmatic growth … Focused on delivering this generation’s high-quality growth projects and developing the next 1 Delivering a high-quality growth portfolio … 2 … and generating incremental programmatic growth FY27-30 FY27-35 Total Group production (CuEq) ~3% 3 – 4% Building pathways for
Slide 11: … which is not being fully valued yet
… which is not being fully valued yet BHP’s growth projects expected to deliver 3 – 4% CuEq CAGR to FY35 – backed up by a bankable track record of meeting guidance BHP consistently meets its production guidance … … but our growth program is still not fully reflected (Average divergence of actual pro
Slide 12: Financial performance
Financial performance Full year ended 30 June 2026 Vandita Pant Chief Financial Officer Western Australia Iron Ore
Slide 13: Driving earnings through delivery
Driving earnings through delivery Sector leading margins1 deliver consistent shareholder returns Summary financials2 Income statement (US$ bn, Underlying) • Underlying EBITDA of US$32.9 bn 27% 70 ‒ Underlying EBITDA margin of 59% 6pp 58.8 ‒ 26% ROCE 6pp 60 Taxes and royalties: US$12.3 bn4 • Ad
Slide 14: Macro tailwinds reinforced by operational excellence
Macro tailwinds reinforced by operational excellence Improved earnings reflect strong commodity prices, reliable volumes and cost discipline Earnings variance and drivers, year-on-year comparison (US$ bn) 40 External US$5.6 bn Controllable / Operational US$1.3 bn • Underlying EBITDA increased U
Slide 15: Strong performance achieved across the portfolio
Strong performance achieved across the portfolio Operational records demonstrate the quality, scale and reliability of our assets Copper Production: 1,953 kt Cu 3% EBITDA margin: 343 kt by-product CuEq1 5% 70% ✓ Delivered ~2 Mt of copper production for the second consecutive year, with strong pe
Slide 16: BOS has contributed to improved operational performance
BOS has contributed to improved operational performance WAIO, Copper SA and Escondida have recorded significant improvements in operational performance with higher BOS embedment (~60 OEI) WAIO’s rail productivity Copper SA’s operational stability Escondida’s concentrator throughput Inflow has improv
Slide 17: WAIO continues to be the industry's lowest cost producer
WAIO continues to be the industry’s lowest cost producer WAIO has delivered real cost decline since introducing BOS, compounding to a FY26 real cost saving of ~$120 m pa Pilbara iron ore unit cost performance FY26/CY25 real cost performance vs baseline (US$/t, unit cost1) (US$ m2) 25 200 Real cost i
Slide 18: Turning operational excellence into margin expansion …
Turning operational excellence into margin expansion … Best in class operatorship of tier 1 assets drives increasing margins Copper price and AISC (Escondida vs marginal producer)1 Iron ore price and AISC (WAIO vs marginal producer)2,3 (US$/lb, real 2026) (US$/dmt, real 2026) 6.00 240 5.00 200 4.00
Slide 19: … and resilient cash flow through the cycle
… and resilient cash flow through the cycle BHP’s portfolio and operational excellence supports growth and shareholder returns through the cycle Five-year cumulative free cash flow1,2 (US$ bn, nominal, attributable basis, FY27 – 31 inclusive) ~$50 bn 115 ~$35 bn 90 ~$15 bn 65 Iron ore NOCF 40 Copper
Slide 20: Enhancing returns through disciplined capital allocation
Enhancing returns through disciplined capital allocation Maximising value through our well-established capital allocation framework, delivering strong shareholder returns and growth Portfolio Sector leading Average EBITDA margin >50% the past 25 years1 margins Operating Capital productivity producti
Slide 21: A capex program set to deliver 5% p.a. copper growth
A capex program set to deliver 5% p.a.1 copper growth ~$11 bn pa total capex includes avg. ~$4 bn pa growth capex, of which >55% is copper focused, or 66% when NOJV project investment is included Group capex by classification2,3 Growth capital by commodity (US$ bn, nominal) (US$ bn, nominal) 12.0 5.
Slide 22: BHP's copper capex program is self-funded
BHP’s copper capex program is self-funded Copper segment’s operating cash flows are expected to more than fund all capital needed to reach ~2 Mtpa attributable copper by mid 2030s Copper segment cumulative free cash flow (FCF)1 at consensus prices (US$ bn, attributable basis, nominal)2,3 24 • Our Co
Slide 23: Business update
Business update Full year ended 30 June 2026 Brandon Craig Chief Executive Officer Western Australia Iron Ore
Slide 24: WAIO and BMA: tier 1 assets underpin resilience
WAIO and BMA: tier 1 assets underpin resilience Resilient demand, increasing production and lower costs underpin strong cash flows to fund growth and returns WAIO: premier iron ore assets globally BMA: higher-quality steelmaking coal • Lowest cost major producer for 7th year; +$10/t more FCF1 than c
Slide 25: The attractiveness of Jansen and potash
The attractiveness of Jansen and potash Jansen is a tier 1, BHP style asset and adding potash exposure will increase BHP’s portfolio diversification FY26 EBITDA margin1,2 vs life of mine3 Various commodity price correlations to iron ore4 (10-year period ending 30 June 2026) 80% Escondida 0.5 70% Jan
Slide 26: BHP's project delivery track record is solid
BHP’s project delivery track record is solid Continuing to embed BOS within projects will drive further improvement Project delivery track record1 (2016 – 2026) • BHP’s project delivery track record is solid 100% ‒ 80% of projects on time and on budget since 2016 Combined projects capex (US$ bn)2 ‒
Slide 27: Expanding the world's largest copper business
Expanding the world’s largest copper business Attractive pathway to deliver a ~50% increase in attributable copper equivalent production to ~2.5 Mtpa by mid 2030s Attributable copper equivalent production Copper By-products (Mt) 3.0 ~50% CuEq ~2.0 Mtpa Cu incl 80% ~2.5 Mtpa CuEq* by-products Add
Slide 28: Escondida: world-class asset quality and operating capability
Escondida: world-class asset quality and operating capability The world’s largest copper asset, underpinned by performance and attractive long-term growth New concentrator on track for first production CY31 – 32 Escondida production guidance4 (Cu kt) • DIA permit application submitted and admitted 1
Slide 29: Copper SA: growing production, cash flow and returns
Copper SA: growing production, cash flow and returns Strong operational performance delivered record EBITDA and free cash flow, positioning Copper SA to accelerate future growth • Operational consistency delivers strong financial performance Unit cost CuEq production1 (US$/lb) (kt) ‒ Record material
Slide 30: Vicuña: advancing to Stage I FID
Vicuña: advancing to Stage I FID Successful delivery of key milestones continues as the project approaches sanction Stage I – key project milestones Stage I Stages II-III will be optimised for expansion RIGI PEELP received ✓ Capex US$20-30k/t1 Embedded infrastructure optionality ✓ ✔ Mill (~175 ktpd
Slide 31: BHP: an attractive investment case
BHP: an attractive investment case Accelerating performance and delivering growth will generate shareholder value Our investment case Tier 1 assets, in attractive commodities, operated exceptionally well Sector-leading margins1 and attractive returns from growth Operational excellence >50% >20% >US$
Slide 32: Slide 32
Slide 33: Appendix
Appendix BHP
Slide 34: Footnotes
Footnotes Slide 3 – Safety remains our top priority (4) Long life is estimated based on Ore Reserves and Mineral Resources and subject to full conversion of resources into reserves and (1) Hazards where there was the potential for a fatality. A hazard is a source or situation with the potential for
Slide 35: Footnotes
Footnotes Slide 13 – Driving earnings through delivery (1) BHP underlying EBITDA margin (excluding third party products). Peer data compiled from publicly available information (e.g. Slide 20 – Enhancing returns through disciplined capital allocation company reports). Peers include: Anglo American,
Slide 36: Footnotes
Footnotes Slide 25 – The attractiveness of Jansen and potash Slide 30 – Vicuña: Advancing to Stage 1 FID (1) Escondida, Copper SA and WAIO EBITDA margins reflect underlying EBITDA margins for FY26. Jansen reflects an approximate (1) Capex on a real basis. Inclusive of Stages I, II and III. Potential
Slide 37: Footnotes
Footnotes Forward-looking production information, assumptions and copper equivalent methodology Only information expressly identified as production guidance or a production target constitutes BHP production guidance or a production target, as applicable. Unless otherwise stated, information is not i
Slide 38: Commodity exposure aligned with long-term value creation
Commodity exposure aligned with long-term value creation A portfolio increasingly shaped by future facing commodities, with copper EBITDA contribution exceeding 50% Global megatrends… … drive our choices… … as we focus our portfolio on attractive commodities EBITDA by commodity1 (%) 100 Iron ore Pop
Slide 39: Strong returns supported by disciplined capital allocation
Strong returns supported by disciplined capital allocation A decade of disciplined capital allocation… ..has delivered returns of >US$115 bn to our shareholders Portfolio US$61 bn US$29 bn US$20 bn US$5 bn Minimum dividend Additional dividends Petroleum demerger Buy-backs Announced shareholder retur
Slide 40: Best suite of organic copper projects
Best suite of organic copper projects A portfolio of low capital intensity, high returning organic copper growth projects which can be sequenced and optimised Estimated capital Estimated capital Potential FID Potential first Potential expenditure intensity (Final Investment production production pro
Slide 41: NOJV capital investment focused on copper
NOJV capital investment focused on copper Capital profile reflects the inclusion of attributable capital investment to grow in future-facing commodities Capital expenditure1 (US$ bn, cumulative capex FY27 – FY31) 70 Copper Projects in execution and under study that could 60 deliver ~2 Mtpa of attrib
Slide 42: BOS: significant value upside from existing asset base
BOS: significant value upside from existing asset base Embedding BOS within Escondida has delivered higher throughput and production despite flat grades since FY24 Escondida Operational Excellence Index (OEI)1 Escondida’s productivity improvements have outperformed grade and McKinsey benchmarking2 S
Slide 43: BOS makes improvement an everyday priority
BOS makes improvement an everyday priority ~7,000 productivity improvement initiatives have been delivered across the enterprise, driving >US$5 bn of initial year cost savings Cost improvement examples Cost saving (US$m p.a.) - Improved congestion at four key mine intersections, improving traffic fl
Slide 44: Copper pure play FCF break-even prices
Copper pure play FCF break-even prices Our break-even copper price is ~US$1.70/lb vs copper pure plays’ at ~US$4.60/lb, now near long-term consensus price FCF break-even copper price1 (US$/lb) 6.00 Copper long-term 5.00 consensus price $4.76/lb 2 4.00 3.00 2.00 ~$1.70/lb3 1.00 0.00 Cu producer #1 Cu
Slide 45: Significant copper asset by-product contribution
Significant copper asset by-product contribution Copper asset growth could deliver a ~80% increase in by-product production on a copper equivalent basis by the mid 2030s Attributable by-product CuEq production Attributable by-product CuEq production at copper assets by commodity1 from each copper as
Slide 46: Return on Capital Employed
Return on Capital Employed ROCE of 26% for FY26 ROCE ROCE by asset (%) (%) 55 70 50 Antamina1 60 45 Escondida 40 50 35 WAIO 40 30 25 30 20 20 Pampa 15 Norte Copper 10 South Australia 10 5 BMA 0 0 FY20 FY21 FY22 FY23 FY24 FY25 FY26 0 10 20 30 40 50 60 Average capital employed Half year results (total
Slide 47: Balance sheet
Balance sheet Net debt of US$8.7 bn and gearing of 13.4% Movements in net debt Debt maturity profile3 (US$ bn) (US$ bn) 20 10 16 8 12.9 (9.8) 2.4 (4.3) 12 6 6.8 8.7 0.7 8 4 4 2 0 0 FY25 Free cash Dividends Dividends Portfoio Mgt Other FY26 FY27 FY28 FY29 FY30 FY31 FY32 - FY42 Post FY43 1 flow paid p
Slide 48: Key Underlying EBITDA sensitivities
Key Underlying EBITDA sensitivities Approximate impact1 on FY26 Underlying EBITDA of changes of: US$ m US$1/t on iron ore price2 230 US$1/t on steelmaking coal price 12 US¢1/lb on copper price2 39 US$1/t on energy coal price2,3 15 AUD (AUD/US$0.01) operations4 154 CLP (USD/CLP10) operations4 27 1. E
Slide 49: BHP guidance
BHP guidance Copper FY27e Medium-term Copper production (kt) 1,650 – 1,800 (summary of operated assets below, includes Antamina 120 – 140kt in FY27e). Escondida Copper production (kt, 100% basis) 1,000 – 1,100 900 – 1,000 Unit cash costs (US$/lb) 1.20 – 1.50 1.30 – 1.60 Excludes freight and governme
Slide 50: BHP guidance (continued)
BHP guidance (continued) Group FY27e Capital and exploration expenditure (US$ bn) ~11 Split by category: Deferred stripping 1.0 Baseline sustaining 3.2 Non-recurring sustaining 2.7 Growth 3.8 Exploration 0.3 Split by segment: Copper 5.4 Iron ore 3.1 Coal 0.5 Potash 2.0 Financial results 18 August 20
Slide 51: Samarco: over a decade of reparation
Samarco: over a decade of reparation BHP Brasil has been and remains dedicated to supporting reparation and compensation on the ground US$7.8 bn ~632k FY27 US$0.9 bn incurred by Samarco on reparation, compensation and payment of people have received approximately ~US$6.6 bn in compensation FY28 US$0
Slide 52: FY26 climate performance and highlights
FY26 climate performance and highlights We remain committed to pursuing our targets and goals Tangible operational GHG emissions reductions and advancing trials to de-risk technology for future deployment GHG 33% 1ppt vs FY251 Energy Electrification & Operational GHG emissions below FY20 baseline
Slide 53: Social value FY26
Social value FY26 Driving shareholder value through opening up opportunities, increasing resilience and reducing risk Our social value framework Decarbonisation Healthy Indigenous Safe, inclusive Thriving, Responsible environment partnerships and future ready empowered supply chains workforce commun
Slide 54: Safety and social value indicators
Safety and social value indicators Strengthening safety and pursuing our social value goals Key safety indicators Target/Goal FY26 FY25 Fatalities Zero work-related fatalities 0 0 High-potential injury (HPI) frequency1 Year-on-year improvement in HPI frequency 0.07 0.09 Total recordable injury frequ
Slide 55: Competent Person Statement: Copper Mineral Resources
Competent Person Statement: Copper Mineral Resources Copper Mineral Resources Competent Person Statement The information in this slide relates to Copper Mineral Resources as at 30 June 2026. Mineral Resources are inclusive of Ore Reserves and is based on information compiled by Marcelo Cortes as Com
Slide 56: Competent Person Statement: Copper Mineral Resources
Competent Person Statement: Copper Mineral Resources Compiled Copper Mineral Resources as at 30 June 2026 Measured Resources Indicated Resources Inferred Resources Total Resources Deposit Material type Contained Metal BHP interest % Mt %Cu Mt %Cu Mt %Cu Mt %Cu (Cu kt) Copper operations Escondida Oxi