Bhp Group Ltd · ASX:BHP
Bhp — H1 FY2026 Earnings Presentation
35 slides from Bhp's earnings presentation, Feb 17, 2026
Slide 1: Financial results for the half year ended 31 December 2025
Financial results for the half year ended 31 December 2025 Presentation & speech 17 February 2026
Slide 2: Stability + Growth = Value
BHP INVESTOR Mike Henry Slide 1: Stability + Growth = Value Thank you for joining us to hear about BHP’s December 2025 half year results. I’m joined by our Chief Financial Officer, Vandita Pant. 1
Slide 3: Disclaimer
BHP INVESTOR Slide 2: Disclaimer 2
Slide 4: Stability + Growth = Value
BHP INVESTOR Slide 3: Stability + Growth = Value This has been another good half both operationally and financially. Our strong performance on production delivery and cost control, coupled with a strong commodity price environment, has underpinned continued balance sheet strength and growth in cash
Slide 5: Strong HY26 performance
BHP INVESTOR Slide 4: Strong HY26 performance This half, we set operational records in copper and iron ore at a time of high commodity prices – and we did it safely. At Escondida we raised copper production guidance for this year and next, and we remain on track to meet full year guidance across the
Slide 6: Progress in health and safety performance
BHP INVESTOR Slide 5: Progress in health and safety performance Of course, nothing matters more than safety. Key safety metrics improved during the half, with a lower high-potential injury frequency and improved hazard identification. Most importantly, no-one lost their life on the job5. Alongside t
Slide 7: An attractive investment case
BHP INVESTOR Slide 6: An attractive investment case BHP’s strategy remains clear and simple. We invest in highly attractive commodities, operate world-class assets excellently, allocate capital with discipline, and offer a distinctive approach to social value. Our track record is compelling. • Margi
Slide 8: Operational excellence delivered across our portfolio
BHP INVESTOR Slide 7: Operational excellence delivered across our portfolio At our assets5, our prioritisation of safety, operational reliability and continuous improvement is enabled through our BHP Operating System – or BOS. BOS empowers our teams to identify opportunities and act on them quickly.
Slide 9: Capitalising on higher copper prices and delivering growth
BHP INVESTOR Slide 8: Capitalising on higher copper prices and delivering growth Why are we so focused on operational performance? Because it’s incumbent on us to generate maximum value for the capital we have deployed in the business. It has also positioned us to derive maximum benefit from this pe
Slide 10: Strong returns supported by disciplined capital allocation
BHP INVESTOR Slide 9: Strong returns supported by disciplined capital allocation Now of course not all dollars get reinvested in growth. We have a clear Capital Allocation Framework that has ensured attractive cash returns to shareholders are protected. In doing so, this has ensured better disciplin
Slide 11: Financial performance
BHP INVESTOR Vandita Pant Slide 10: Financial performance Thanks, Mike. Our strong operational performance is reflected in our healthy set of financial results. 10
Slide 12: Higher earnings and cash flow
BHP INVESTOR Slide 11: Higher earnings and cash flow Our Underlying EBITDA grew by 25%, with an increased margin of 58%. Our Underlying attributable profit was US$6.2 billion, and our return on capital employed was 24% – both up significantly over the past year. Every six months, we assess sharehold
Slide 13: Portfolio strength and operational excellence
BHP INVESTOR Slide 12: Portfolio strength and operational excellence As you can see on this slide, we delivered well in the areas we can control. This enabled us to fully capture the benefit of higher copper, gold and iron ore prices. Across the group, production increased 2% 8 and unit costs improv
Slide 14: Continued track record of operational delivery
BHP INVESTOR Slide 13: Continued track record of operational delivery These financial results are the outcome of the strong performance Mike has mentioned, from across our business. In Copper, we generated a record US$8 billion of EBITDA in the half – over half the Group total – at a margin of 66%10
Slide 15: Diversification delivers growth and resilient cash flow
BHP INVESTOR Slide 14: Diversification delivers growth and resilient cash flow Now, BHP is, by design, a diversified miner – rather than focused on a single commodity. This is our competitive advantage. Our diversified portfolio helps deliver consistently strong cash flow, which supports investment
Slide 16: A disciplined and targeted approach to capital allocation
BHP INVESTOR Slide 15: A disciplined and targeted approach to capital allocation Now let me talk about our Capital Allocation Framework, which ensures all uses of capital compete to maximise value and returns for our shareholders. You’re all familiar with the framework so I won’t go through it in de
Slide 17: Business update
BHP INVESTOR Mike Henry Slide 16: Business update Thanks, Vandita. Let me briefly share our view on the markets, before I take you through our growth plans. Commodities saw healthy demand in 2025, supported by more favourable trade outcomes than expected, supportive policy and improved confidence. D
Slide 18: Tier assets: large, low-cost, long-life and expandable
BHP INVESTOR Slide 17: Tier 1 assets: large, low-cost, long-life and expandable Our success over time has been underpinned by our ability to regularly reshape our portfolio for the future, and we have done so yet again in recent years. Our world-class assets are large, long-life, low-cost and have o
Slide 19: WAIO: Conviction in delivering <US$17.50/t unit costs
BHP INVESTOR Slide 18: WAIO: Conviction in delivering <US$17.50/t unit costs In iron ore, we set about positioning ourselves for fiercer competition in iron ore markets. We became the world’s lowest cost major iron ore producer and we have maintained, and in fact, grown that position over the past s
Slide 20: Jansen: Tier operation – months from first production
BHP INVESTOR Slide 19: Jansen: Tier 1 operation – 18 months from first production In January, we completed a detailed review of the cost and schedule estimates for Jansen Stage 1. First production remains on track for mid-2027, but we updated our cost estimate to US$8.4 billion. We believe our Janse
Slide 21: Copper assets: Growing attributable CuEq to ~2.5 Mtpa
BHP INVESTOR Slide 20: Copper assets: Growing attributable CuEq to ~2.5 Mtpa In copper, we are already the world’s largest producer, and we have clear plans to increase our production. Our lower-risk pathway represents production growth of around 40% by 2035. This is capital efficient, predominantly
Slide 22: Escondida: Continuing to outperform
BHP INVESTOR Slide 21: Escondida: Continuing to outperform Escondida continues to perform strongly, and we are progressing towards submitting the application for the environmental permit12 for the new concentrator within the next 6 months. A final investment decision remains on track for 2027 or 202
Slide 23: Vicuña: Developing a top copper / gold district
BHP INVESTOR Slide 22: Vicuña: Developing a top 5 copper / gold district Also in South America, the Vicuña Joint Venture with Lundin Mining is advancing rapidly. Vicuña recently applied for Argentina’s RIGI scheme, which would provide 40 years of greater stability and improved economic conditions fo
Slide 24: Copper SA: Pathway to a copper, gold and uranium giant
BHP INVESTOR Slide 23: Copper SA: Pathway to a copper, gold and uranium giant Finally, at Copper South Australia we are progressing our plan to unlock the full potential of this polymetallic resource. If it were a standalone business, today Copper South Australia would be a global top-15 copper prod
Slide 25: Why BHP?
BHP INVESTOR Slide 24: Why BHP? In closing… We have a clear and simple strategy, proven over many years. We are delivering strong, stable operational and financial results. And, from our position as the world’s largest copper producer today, we have a clear path to significantly grow our production.
Slide 26: Appendix
BHP INVESTOR Appendix Slide 27: Footnotes 25
Slide 27: Footnotes
BHP INVESTOR Slide 28: Footnotes Slide 29: Positively leveraged to global megatrends 26
Slide 28: Copper the largest contributor to EBITDA for the first time
BHP INVESTOR Slide 30: Copper the largest contributor to EBITDA for the first time Slide 31: Best suite of organic copper projects 27
Slide 29: Significant copper asset by-product contribution
BHP INVESTOR Slide 32: Significant copper asset by-product contribution Slide 33: Total capex to reflect NOJVs 28
Slide 30: Copper pureplay FCF break-even prices
BHP INVESTOR Slide 34: Copper pureplay FCF break-even prices Slide 35: Confidence in project execution and commissioning 29
Slide 31: Valuing the world’s largest copper producer
BHP INVESTOR Slide 36: Valuing the world’s largest copper producer Slide 37: Return on Capital Employed 30
Slide 32: Sequencing capital spend
BHP INVESTOR Slide 38: Sequencing capital spend Slide 39: Samarco: a decade of reparation 31
Slide 33: Social value highlights
BHP INVESTOR Slide 40: Social value highlights Slide 41: Safety and social value indicators 32
Slide 34: Balance sheet
BHP INVESTOR Slide 42: Balance sheet Slide 43: Key Underlying EBITDA sensitivities 33
Slide 35: BHP guidance
BHP INVESTOR Slide 44: BHP guidance Slide 45: BHP guidance (continued) 34