Bhp Group Ltd · ASX:BHP
Bhp — BMO Global Metals, Mining & Critical Minerals Conference 2026
12 slides from Bhp's conference presentation, Feb 23, 2026
Slide 1: BMO Global Metals, Mining & Critical Minerals Conference
BMO Global Metals, Mining & Critical Minerals Conference Mike Henry, Chief Executive Officer Escondida
Slide 2: Disclaimer
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 st
Slide 3: Strong HY26 performance
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% p
Slide 4: An attractive investment case
An attractive investment case Stability + growth = increased shareholder value Best in class track record in meeting guidance5 >50% Operational excellence Average EBITDA Copper EBITDA contribution more than doubled since FY23 to 51% margins past 25 years6 Disciplined capital Strong balance she
Slide 5: Operational excellence delivered across our portfolio
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 … … and continuing to generate best in class real cost dec
Slide 6: Diversification delivers growth and resilient cash flow
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 flow12,13 (US$ bn, attributable basis, FY26-30 inclusive) 120 ~$60 bn 90 ~$30 bn
Slide 7: Strong returns supported by disciplined capital allocation
Strong returns supported by disciplined capital allocation A decade of disciplined capital allocation… …has delivered returns >US$110 bn (~70% of market capitalisation14) Portfolio US$58 bn US$28 bn US$20 bn US$5 bn Minimum dividend Additional dividends Petroleum demerger Buy-backs Announced shareho
Slide 8: Vicuña: Developing a potential top 5 copper / gold district
Vicuña: Developing a potential top 5 copper / gold district A staged approach to developing the largest copper project at 47 Mt15 contained Cu resource Stage I FID ready to unlock the Vicuña district Stage I Stages II-III will be optimised for expansion • RIGI application submitted in December 2025,
Slide 9: Why BHP?
Why BHP? Our investment case Tier 1 assets, in attractive commodities positively leveraged to global megatrends Sector-leading margins22 and attractive returns from growth Operational excellence >50% >20% >US$110 bn 3 – 4% Average EBITDA margin ROCE over the Shareholder returns over CuEq Production
Slide 10: Appendix
Appendix BHP
Slide 11: Copper assets: Growing attributable CuEq to ~2.5 Mtpa
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 production25 (Mt) By-products: 3.0 +490 kt CuEq 2.5 Additional growth options By-products: +300 kt C
Slide 12: Footnotes
Footnotes 1. Slide 3: Copper contributed 51% of the Group’s underlying EBITDA for the first time since the Copper division began reporting independently in FY13. 2. Slide 3: BHP has entered into a binding agreement with Global Infrastructure Partners (GIP), in relation to BHP’s share of Western Aust
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