Slide 1: BHP HY2026 Results Presentation
Exchange release 17 February 2026 BHP HY2026 Results Presentation Attached are the presentation slides for BHP’s HY2026 Results Presentation by the Chief Executive Officer and Chief Financial Officer. For personal use only The presentation slides and a video of this presentation are available at: ht
Slide 2: Contacts
Contacts Media Investor Relations media.relations@bhp.com investor.relations@bhp.com Australia and Asia Australia and Asia Gabrielle Notley John-Paul Santamaria +61 411 071 715 +61 499 006 018 For personal use only Europe, Middle East and Africa Europe, Middle East and Africa Amanda Saunders Adam Sa
Slide 3: Stability + Growth = Value
For personal use only Stability + Growth = Value Half year ended 31 December 2025 Escondida
Slide 4: 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 5: Mike Henry, Chief Executive Officer
For personal use only Stability + Growth = Value Half year ended 31 December 2025 Mike Henry Chief Executive Officer Copper SA
Slide 6: Strong HY26 performance
Strong HY26 performance Operational excellence; strong margins, cash flows and growth; >50% of Group EBITDA from Copper1 For personal use only FY26 copper production guidance increased; FY27 guidance increased at Escondida Record first half production and shipments at WAIO Interim dividend of 73 US
Slide 7: Progress in health and safety performance
Progress in health and safety performance Strong safety and risk management practices enhanced by technology • Continuous improvement in key safety metrics High-potential injury frequency (HPIF)5 For personal use only (Frequency) • Reduction in High-potential injury frequency 0.30 5% vs FY25 0.25
Slide 8: An attractive investment case
An attractive investment case Stability + growth = increased shareholder value Best in class track record in meeting guidance6 >50% For personal use only Operational excellence Average EBITDA Copper EBITDA contribution more than doubled since FY23 to 51% margins past 25 years7 Disciplined capita
Slide 9: 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 10: Capitalising on higher copper prices and delivering growth
Capitalising on higher copper prices and delivering growth BHP has the highest copper price leverage of its diversified competitors, combined with sector leading growth13 Highest EBITDA leverage to current copper prices13 … … coupled with the highest growth rate amongst our competitors13 (% change f
Slide 11: 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 capitalisation10) US$58 bn US$28 bn US$20 bn US$5 bn For personal use only Portfolio Minimum dividend Additional dividends Petroleum demerger Buy-b
Slide 12: Financial performance
For personal use only Financial performance Half year ended 31 December 2025 Vandita Pant Chief Financial Officer Western Australia Iron Ore
Slide 13: Higher earnings and cash flow
Higher earnings and cash flow Sector leading margins14 deliver consistent shareholder returns Summary financials15 Income statement16 (US$ bn, Underlying) For personal use only • Underlying EBITDA of US$15.5 bn 25% 30 27.9 Taxes and ‒ Underlying EBITDA margin of 58% 7pp royalties: US$5.8 bn 25 ‒
Slide 14: Portfolio strength and operational excellence
Portfolio strength and operational excellence Operational performance and strong prices resulted in record copper EBITDA and contribution to group earnings Earnings variance and drivers (US$ bn) For personal use only Year-on-year comparison Current year reconciliation 20 External US$2.5 bn Controlla
Slide 15: Continued track record of operational delivery
Continued track record of operational delivery Iron Ore Leveraging the BHP Operating System (BOS) Production: 134 Mt 2% continues to enable operational outperformance For personal use only EBITDA margin: 62% Copper ✓ Copper contributed 51% of H1 FY26 Group EBITDA, with EBITDA margins of >60% in Co
Slide 16: Diversification delivers growth and resilient cash flow
Diversification delivers growth and resilient cash flow BHP’s diversification supports positive free cash flow generation through the cycle, allowing us to fund our growth and pay a return Five-year cumulative free cash flow20,21 (US$ bn, attributable basis, FY26-30 inclusive) For personal use only
Slide 17: A disciplined and targeted approach to capital allocation
A disciplined and targeted approach to capital allocation Maximising value through our well-established framework, delivering strong shareholder returns and growth Potential to unlock up to ~US$10 bn in undervalued capital2; For personal use only Portfolio US$6.3 bn achieved already Infrastructure
Slide 18: Business update
For personal use only Business update Half year ended 31 December 2025 Mike Henry Chief Executive Officer Copper SA
Slide 19: Tier 1 assets: large, low-cost, long-life and expandable
Tier 1 assets: large, low-cost, long-life and expandable World’s highest margin World’s largest copper major iron ore business25 For personal use only producer24 66% 62% EBITDA margin in H1 FY26 EBITDA margin in H1 FY26 Jansen 290 Mtpa 51% +US$10/t higher FCF generation of Group EBITDA than closest
Slide 20: WAIO: Delivering <US$17.50/t unit costs
WAIO: Delivering <US$17.50/t unit costs Infrastructure upgrades and BHP Operating System (BOS) drive lower unit costs Supply chain excellence delivers higher cash flow Expanding cost leadership vs peers and consensus (FOB unit costs, nominal US$/wmt)29 For personal use only • US$10/t higher free cas
Slide 21: Jansen: Tier 1 operation – months from first production
Jansen: Tier 1 operation – 18 months from first production A high-quality asset in an attractive commodity, project cost estimate has increased to US$8.4 bn Potash is an attractive commodity Jansen is a tier 1 asset4 Jansen project update For personal use only • 70% demand growth expected by 2050 •
Slide 22: Copper assets: Growing attributable CuEq to ~2.5 Mtpa
Copper assets: Growing attributable CuEq to ~2.5 Mtpa3 Attractive, low-risk pathway to deliver a ~40% increase in attributable copper production to ~2 Mtpa by mid 2030s Attributable copper equivalent production32 (Mt) For personal use only By-products: 3.0 +490 kt CuEq 2.5 Additional growth options
Slide 23: Escondida: Continuing to outperform
Escondida: Continuing to outperform Strong operational performance and capital efficient improvement initiatives have driven increased production guidance Operational excellence delivering short-term and Escondida production guidance upgraded38 medium-term improvements (Cu kt) For personal use only
Slide 24: Vicuña: Developing a potential top copper / gold district
Vicuña: Developing a potential top 5 copper / gold district A staged approach to developing the largest copper project at 47 Mt41 contained Cu resource Stage I FID ready to unlock the Vicuña district Stage I Stages II-III will be optimised for expansion For personal use only • RIGI application submi
Slide 25: Copper SA: Pathway to a copper, gold and uranium giant
Copper SA: Pathway to a copper, gold and uranium giant Resource and track record of operational excellence provides basis for growth towards almost 1 Mtpa CuEq production52 • 100%-owned, Tier 1 polymetallic resource Unit cost49 CuEq production50 (US$/lb) (kt) For personal use only ‒ Top 15 copper pr
Slide 26: Why BHP?
Why BHP? Our investment case Tier 1 assets, in attractive commodities positively leveraged to global megatrends For personal use only Sector-leading margins14 and attractive returns from growth Operational excellence >50% >20% >US$110 bn 3 – 4% Average EBITDA margin ROCE over the Shareholder returns
Slide 27: For personal use only
For personal use only
Slide 28: Appendix
For personal use only Appendix
Slide 29: Footnotes
Footnotes 1. Slide 4: Copper contributed 51% of the Group’s underlying EBITDA for the first time since the Copper division began reporting independently in FY13. 2. Slide 4 / Slide 6 / Slide 15: BHP has entered into a binding agreement with Global Infrastructure Partners (GIP), in relation to BHP’s
Slide 30: Footnotes
Footnotes 31. Slide 19: FOB operating cost including royalties in 2035; X axis production in % terms. Source: BHP internal analysis, macroeconomic assumptions and CRU. 32. Slide 20: FY26 attributable copper production based on FY26 guidance. CuEq production based on internal analysis using UBS long-
Slide 31: Positively leveraged to global megatrends
Positively leveraged to global megatrends Multi-generational assets in commodities critical to global megatrends Global megatrends Traditional demand For personal use only GHG Decarbonisation and the Data centres Urbanisation and Increased Population Energy transition and AI living standards growth
Slide 32: Copper the largest contributor to EBITDA for the first time
Copper the largest contributor to EBITDA for the first time Operational records and strong prices result in record half-year copper EBITDA Global megatrends… … drive our choices… … as we focus our portfolio on attractive commodities For personal use only EBITDA by commodity1 (%) 100 Iron ore Populat
Slide 33: 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 34: Significant copper asset by-product contribution
Significant copper asset by-product contribution Copper asset growth could deliver a ~60% increase in by-product production on a copper equivalent basis by the mid 2030s Attributable by-product CuEq production Attributable by-product CuEq production For personal use only at copper assets by commodit
Slide 35: Copper pure play FCF break-even prices
Copper pure play FCF break-even prices Our break-even copper price is ~US$1.40/lb vs copper pure plays’ at ~US$4.00/lb FCF break-even copper price1 (US$/lb) For personal use only 6.00 5.00 4.00 3.00 2.00 ~$1.40/lb2 1.00 0.00 Cu producer #1 Cu producer #2 Cu producer #3 Average Cu producer #4 Cu prod
Slide 36: Confidence in project execution and commissioning
Confidence in project execution and commissioning Jansen is an outlier in our otherwise strong track record BHP project delivery vs industry (2010 – 2025)1,2 For personal use only (Average variance %, execution capex vs. sanction estimate) +100% Over last 15 years: +75% • BHP has completed ~US$35 bn
Slide 37: Valuing the world's largest copper producer
Valuing the world’s largest copper producer Potential for significant value creation as BHP continues to grow our copper business and increase our copper exposure • In last 3 years: Market valuation of copper producing mining companies (Valuation multiple, EV / CY26 EBITDA1) For personal use only ‒
Slide 38: Return on Capital Employed
Return on Capital Employed ROCE of 23.6% for HY26 ROCE ROCE by asset (%) (%) For personal use only 55 60 50 Antamina1 45 50 Escondida 40 WAIO 40 35 30 30 25 20 20 Pampa 15 Norte 10 Copper 10 South Australia 5 BMA 0 0 FY20 FY21 FY22 FY23 FY24 FY25 FY26 0 10 20 30 40 50 60 Average capital employed Hal
Slide 39: Sequencing capital spend (excluding NOJVs)
Sequencing capital spend (excluding NOJVs) Medium-term group capex guidance of US$10bn per annum; ~40% of which is growth capex Group capex by classification Growth capital by commodity (US$ bn) (US$ bn) For personal use only 12.0 5.0 Exploration 4.0 10.0 3.0 Potash 8.0 2.0 Copper 1.0 6.0 Steelmakin
Slide 40: Total capex to reflect NOJVs
Total capex to reflect NOJVs Capital profile reflects the inclusion of attributable capital investment to grow in future-facing commodities Capital expenditure1 by commodity For personal use only (US$ bn, Cumulative capex FY26 – FY30) 70.0 Copper Projects in execution and under study that could 60.0
Slide 41: Samarco: a decade of reparation
Samarco: a decade of reparation BHP Brasil has been and remains dedicated to supporting reparation and compensation on the ground US$5.8 bn ~625 k US$5.3 bn For personal use only incurred by Samarco on reparation, people have received approximately provision at HY26. Reflects ~US$1 bn compensation a
Slide 42: Social value highlights
Social value highlights Driving shareholder value through opening up opportunities, increasing resilience and reducing risk Our social value framework For personal use only Decarbonisation Healthy Indigenous Safe, inclusive Thriving, Responsible environment partnerships and future ready empowered su
Slide 43: Safety and social value indicators
Safety and social value indicators We continue to emphasise the safety culture that must be present every day to eliminate fatalities and serious injuries at BHP Key safety indicators1 Target/Goal HY26 FY25 HY25 Fatalities Zero work-related fatalities 0 0 0 High-potential injury (HPI) frequency2 Yea
Slide 44: Balance sheet
Balance sheet Net debt of US$14.7 bn and gearing of 20.9% Movements in net debt Debt maturity profile2 (US$ bn) (US$ bn) For personal use only 20 10 16 8 0.6 14.7 1.0 (2.9) 3.1 12.9 12 6 8 4 4 2 0 0 FY25 Free cash Dividends Dividends Other H1 FY26 H2 FY26 FY27 FY28 FY29 FY30 FY31 - FY40 Post FY41 fl
Slide 45: Key Underlying EBITDA sensitivities
Key Underlying EBITDA sensitivities Approximate impact1 on HY26 Underlying EBITDA of changes of: US$ m For personal use only US$1/t on iron ore price2 117 US$1/t on steelmaking coal price 6 US¢1/lb on copper price2 20 US$1/t on energy coal price2,3 7 AUD (US¢1/A$) operations4 77 CLP (US¢0.10/CLP) op
Slide 46: BHP guidance
BHP guidance Copper FY26e FY27e Medium-term Copper production (kt) 1,900 – 2,000 (summary of operated assets below, includes Antamina 140 – 150kt in FY26e). Escondida Copper production (kt, 100% basis) 1,200 – 1,275 1,000 – 1,100 900 – 1,000 Medium-term for Escondida refers to an average for a perio
Slide 47: BHP guidance (continued)
BHP guidance (continued) Group FY26e Capital and exploration expenditure (US$ bn) ~11 Cash basis. For personal use only Split by category: Deferred stripping 1.1 Baseline sustaining 3.2 Non-recurring sustaining 2.7 Growth and Exploration 4.0 Split by segment: Copper 5.1 Iron ore 3.3 Coal 0.5 Potash
Slide 48: Competent Person Statement: Vicuña Mineral Resources
Competent Person Statement: Vicuña Mineral Resources Vicuña Mineral Resources Competent Person Statement The information in this slide relates to the Vicuña Mineral Resources as at 31 December 2025. The Mineral Resource estimates for the Vicuña Project were prepared by Luke Evans, Sean D. Horan and