Bhp Group Ltd · ASX:BHP
Bhp — FY2026 Earnings Presentation
44 slides from Bhp's earnings presentation, Aug 18, 2026
Slide 1: Financial results for the year ended 30 June 2026
Financial results for the year ended 30 June 2026 Presentation & speech 18 August 2026
Slide 2: Accelerating performance, delivering growth
BHP INVESTOR Brandon Craig Slide 1: Accelerating performance, delivering growth1 Welcome to today’s presentation of BHP’s results for the 2026 financial year. My name is Brandon Craig, and I’m joined by our Chief Financial Officer, Vandita Pant. As Chief Executive Officer, it is a pleasure for me to
Slide 3: Disclaimer
BHP INVESTOR Slide 2: Disclaimer But none of that matters if our people don't go home safely. So let me start with that. 2
Slide 4: Safety remains our top priority
BHP INVESTOR Slide 3: Safety remains our top priority Only a few weeks ago, a colleague of ours, working for a contracting partner, never made it home. His loss is deeply felt across BHP, the mining community in the Bowen Basin, and in particular at Peak Downs Mine. Our thoughts are with his loved o
Slide 5: Operational excellence driving value, growth and returns
BHP INVESTOR Slide 4: Operational excellence driving value, growth and returns Turning now to our results. BHP’s 2026 financial year performance consolidates our position as the world’s leading mining company 1. We are the world’s largest copper producer2, and for the second consecutive year we prod
Slide 6: Mining remains undervalued
BHP INVESTOR Slide 5: Mining remains undervalued The world has always relied on mining – and today is no different. Yet despite this, mining now represents a much smaller share of global equity markets than it did just 15 years ago. A lot of capital is flowing into Artificial Intelligence, data cent
Slide 7: Asset quality and commodity selection are key to value
BHP INVESTOR Slide 6: Asset quality and commodity selection are key to value It is also why we have been so deliberate in our portfolio choices over decades. It is central to value creation. BHP commodities must benefit from global megatrends and have sufficiently diverse demand drivers for resilien
Slide 8: The next decade: more velocity and ambition, same discipline
BHP INVESTOR Slide 7: The next decade: more velocity and ambition, same discipline Now, as good as BHP’s position is today, we have always challenged ourselves to do better. That means focusing on three priorities. • Accelerating performance – leveraging the BHP Operating System and technology – to
Slide 9: BOS is driving operational improvement
BHP INVESTOR Slide 8: BOS is driving operational improvement It has been seven years since we implemented the BHP Operating System. BOS creates a safer and more productive workplace, and enables continuously improving performance. It’s about culture, systems and behaviours, as much as underlying ope
Slide 10: Technology will amplify BHP's competitive advantages
BHP INVESTOR Slide 9: Technology will amplify BHP’s competitive advantages And while BOS creates the foundation for performance improvement, technology accelerates it. Simply, BOS and technology are mutually reinforcing. Technology is already creating value across our business. By the end of 2026, t
Slide 11: Creating programmatic growth
BHP INVESTOR Slide 10: Creating programmatic growth…2 While I am passionate about the potential to accelerate performance improvement, I’m also focused on value- accretive volume growth. Our world-class portfolio of high-quality growth projects is estimated to deliver 3 to 4% per year growth over 20
Slide 12: …which is not being fully valued yet
BHP INVESTOR Slide 11: …which is not being fully valued yet Now, while investors understand the quality of BHP’s portfolio, we believe there is more value to be recognised in the growth we have ahead of us. For example, many in the investment community model growth of around 2% per year3 through to
Slide 13: Financial performance
BHP INVESTOR Vandita Pant Slide 12: Financial performance Thanks, Brandon. This has been another great year financially. Our portfolio delivered high margins and strong cash flow, which allowed us to invest in our growth and deliver very healthy shareholder returns. Let me take you through the numbe
Slide 14: Driving earnings through delivery
BHP INVESTOR Slide 13: Driving earnings through delivery Underlying EBITDA for the year was US$33 billion, up 27%, with a margin of almost 60%. Underlying attributable profit was US$13 billion, up 30%. And return on capital employed was 26%. After exceptional items, including a US$2.3 billion non-ca
Slide 15: Macro tailwinds reinforced by operational excellence
BHP INVESTOR Slide 14: Macro tailwinds reinforced by operational excellence The earnings waterfall reflects a familiar theme. While higher prices were a clear tailwind – up 35% for copper and 3% for iron ore – our operational performance and cost discipline enabled us to fully capture that benefit.
Slide 16: Strong performance achieved across the portfolio
BHP INVESTOR Slide 15: Strong performance achieved across the portfolio This strong performance was achieved across the portfolio. Our copper business generated a record US$18 billion of EBITDA – 54% of the Group total – at a margin of 70%. Our operational performance, combined with a US$4.5 billion
Slide 17: BOS has contributed to improved operational performance
BHP INVESTOR Slide 16: BOS has contributed to improved operational performance This slide shows the clear correlation between BOS and performance. The higher the OEI, the more stable and more productive our operations. And this can be seen across assets, processes and over time. It’s this last point
Slide 18: WAIO continues to be the industry's lowest cost producer
BHP INVESTOR Slide 17: WAIO continues to be the industry’s lowest cost producer Take WAIO as an example. It has remained the world's lowest-cost major iron ore producer for a 7th consecutive year. And it has reduced costs in real terms post-Covid – the only major producer to do so1. In 2026 alone, t
Slide 19: Turning operational excellence into margin expansion
BHP INVESTOR Slide 18: Turning operational excellence into margin expansion… Why are we so focused on operational excellence? Firstly, because it provides resilience through the cycle. In addition, inflationary environments drive higher marginal costs, resulting in higher commodity prices across the
Slide 20: …and resilient cash flow through the cycle
BHP INVESTOR Slide 19: …and resilient cash flow through the cycle Our diversified portfolio, by design, is another competitive advantage. It supports resilient cash flow across market conditions. That allows us to invest in growth and deliver strong returns to shareholders. As this slide shows, at s
Slide 21: Enhancing returns through disciplined capital allocation
BHP INVESTOR Slide 20: Enhancing returns through disciplined capital allocation Our Capital Allocation Framework – CAF – is how we maximise value from that cash. The discipline it instils has served shareholders well for over a decade now. The foundation of CAF is our consistently strong margins and
Slide 22: A capex program set to deliver 5% p.a. copper growth
BHP INVESTOR Slide 21: A capex program set to deliver 5% p.a. copper growth We now expect capex of around US$11 billion per year, on average, over the medium term. This is in nominal terms, at constant FX rates3. This reflects updated estimates for Jansen Stage 2 and changes in FX, partly offset by
Slide 23: BHP's copper capex program is self-funded
BHP INVESTOR Slide 22: BHP’s copper capex program is self-funded An important feature of our copper capex program is that it is entirely self-funding at consensus prices1,3. This is a result of being the largest copper producer, which provides a large base of cash flows today, and our approach to se
Slide 24: Business update
BHP INVESTOR Brandon Craig Slide 23: Business update Thanks, Vandita. For BHP, the implications are clear. The world needs more of the commodities we produce. But the key question is where they will come from. 23
Slide 25: WAIO and BMA: tier 1 assets underpin resilience
BHP INVESTOR Slide 24: WAIO and BMA: tier 1 assets underpin resilience WAIO is an asset I know well, and which continues to deliver year in, year out. At this asset, we have delivered real cost discipline, which is reflected in unit costs, margins and free cash flow. It is worth repeating – WAIO pro
Slide 26: The attractiveness of Jansen and potash
BHP INVESTOR Slide 25: The attractiveness of Jansen and potash Jansen will add an attractive new earnings stream, and we are very focused on its delivery. Stage 1 remains on track for first production mid next calendar year. And we firmly believe it will be another tier 1 asset for BHP – very large,
Slide 27: BHP's project delivery track record is solid
BHP INVESTOR Slide 26: BHP’s project delivery track record is solid Now, growth only creates value if we deliver it well. Project delivery is therefore a core part of my agenda. We have a solid track record in this area. Over the past decade, around 80% of our projects have come in on time and on bu
Slide 28: Expanding the world's largest copper business
BHP INVESTOR Slide 27: Expanding the world’s largest copper business3 While potash broadens our portfolio, copper remains our largest and most important growth opportunity. Our lower-risk pathway represents growth of around 50% by the mid-2030s, to around 2.5 million tonnes per year of attributable
Slide 29: Escondida: world-class asset quality and operating capability
BHP INVESTOR Slide 28: Escondida: world-class asset quality and operating capability …Assets like Escondida, which continues to perform strongly. It remains a world-class copper asset that we intend to invest in further. We have just approved around US$500 million in pre-commitment funding1 for Esco
Slide 30: Copper SA: growing production, cash flow and returns
BHP INVESTOR Slide 29: Copper SA: growing production, cash flow and returns At Copper South Australia: • we delivered the highest production at Olympic Dam in 20 years; and • our unit costs declined to just 32 cents per pound, benefiting from US$2.3 billion of by-product revenue. As a result, we set
Slide 31: Vicuña: advancing to Stage 1 FID
BHP INVESTOR Slide 30: Vicuña: advancing to Stage 1 FID4 We are also progressing the next generation of copper mines – notably, the Vicuña Joint Venture with Lundin Mining. During the half, Vicuña received environmental approval for Stage 1 as well as approval under Argentina’s RIGI scheme – which p
Slide 32: BHP: an attractive investment case
BHP INVESTOR Slide 31: BHP: an attractive investment case So, in closing, BHP is a company in tremendous health. We are delivering operationally, financially, have an industry-leading growth pipeline, and we are investing in the project capability to deliver it for value. This is a platform for succ
Slide 33: Appendix
BHP INVESTOR Appendix Slide 34: Footnotes 32
Slide 34: Footnotes
BHP INVESTOR Slide 35: Footnotes Slide 36: Footnotes 33
Slide 35: Commodity exposure aligned with long-term value creation
BHP INVESTOR Slide 37: Footnotes Slide 38: Commodity exposure aligned with long-term value creation 34
Slide 36: Strong returns supported by disciplined capital allocation
BHP INVESTOR Slide 39: Strong returns supported by disciplined capital allocation Slide 40: Best suite of organic copper projects 35
Slide 37: NOJV capital investment focused on copper
BHP INVESTOR Slide 41: NOJV capital investment focused on copper Slide 42: BOS: significant value upside from existing asset base 36
Slide 38: BOS makes improvement an everyday priority
BHP INVESTOR Slide 43: BOS makes improvement an everyday priority Slide 44: Copper pure play FCF break-even prices 37
Slide 39: Significant copper asset by-product contribution
BHP INVESTOR Slide 45: Significant copper asset by-product contribution Slide 46: Return on Capital Employed 38
Slide 40: Balance sheet
BHP INVESTOR Slide 47: Balance sheet Slide 48: Key Underlying EBITDA sensitivities 39
Slide 41: BHP guidance
BHP INVESTOR Slide 49: BHP guidance Slide 50: BHP guidance (continued) 40
Slide 42: Samarco: over a decade of reparation
BHP INVESTOR Slide 51: Samarco: over a decade of reparation Slide 52: FY26 climate performance and highlights 41
Slide 43: Social value FY26
BHP INVESTOR Slide 53: Social value FY26 Slide 54: Safety and social value indicators 42
Slide 44: Competent Person Statement – Copper Mineral Resources
BHP INVESTOR Slide 55: Competent Person Statement – Copper Mineral Resources Slide 56: Competent Person Statement – Copper Mineral Resources 43