Slide 1: BHP FY2025 Results Presentation
Exchange release 19 August 2025 BHP FY2025 Results Presentation Attached are the presentation slides for BHP’s FY2025 Results Presentation by the Chief Executive Officer and Chief Financial Officer. The presentation slides and a video of this presentation are available at: https://www.bhp.com/financ
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 Mobile : +61 411 071 715 +61 499 006 018 Europe, Middle East and Africa Europe, Middle East and Africa Amanda Saunders James Bell Mobile :
Slide 3: Resilience and growth
Resilience and growth Full year ended 30 June 2025 Copper SA
Slide 4: Disclaimer
Disclaimer The information in this presentation is current as at 19 August 2025. 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 2025. Forward-looking statements This presentation contains forward-looking statements, w
Slide 5: Performance summary
Performance summary Full year ended 30 June 2025 Mike Henry Chief Executive Officer Western Australia Iron Ore
Slide 6: A winning strategy
A winning strategy Highly attractive commodities, growing value through operational excellence, disciplined capital allocation and distinctive social value Focus on commodities positively leveraged to megatrends… … in which BHP has large, high-quality, long-life assets Jansen Resolution JV GHG Popul
Slide 7: A strong FY25
A strong FY25 A year of continued operational excellence, record production and solid financial results Achieved FY25 production guidance; records in iron ore and copper >2 Mt7 of copper production in FY25; 28% growth delivered across FY22-257 Another year of sector-leading margins1, strong cash flo
Slide 8: Driving improved safety and health
Driving improved safety and health Focused on enhancing safety culture and leadership, and using technology to keep our people safe Performance: High-potential injury frequency (HPIF)10 (Frequency) • Year-on-year improvement on key safety metrics 0.35 • Reduction in HPIF10 – 0.09 (FY25) vs 0.11 (FY2
Slide 9: Financial performance
Financial performance Full year ended 30 June 2025 Vandita Pant Chief Financial Officer BMA
Slide 10: Strong financial performance
Strong financial performance Supports final dividend of 60 US cents per share Summary financials Income statement (US$ bn, Underlying) • Underlying EBITDA of US$26.0 bn 60 ‒ Underlying EBITDA margin of 53% 51.3 Taxes and ‒ 20.6% ROCE 50 royalties: US$9.9 bn • Adjusted effective tax rate of 37.2%11 4
Slide 11: Delivering well in the areas we control
Delivering well in the areas we control Strong operational performance partially offsets weaker commodity prices Earnings variance and drivers (US$ bn) Year-on-year comparison Current year reconciliation 40 External US$(3.7) bn Controllable US$0.7 bn FY25 income statement impacts 35 29.0 30 2.2 0.4
Slide 12: Strong operating performance across the group
Strong operating performance across the group Iron ore Operational excellence is consistently delivering Production: 263 Mt as we leverage the BHP Operating System (BOS) EBITDA margin: 63% Copper ✓ Record iron ore production, with WAIO producing 290 Mt (100%), overcoming cyclone and storm impacts
Slide 13: A disciplined and targeted approach to capital allocation
A disciplined and targeted approach to capital allocation Maximising value though our well-established, disciplined approach to capital allocation and targeted capital optimisation initiatives Sharper focus on dynamic capital allocation, prioritisation and project excellence Portfolio to optimise de
Slide 14: Optimised capital expenditure profile
Optimised capital expenditure profile Forecast group capex reduces by ~US$1 bn per annum in medium term with continued flexibility to adjust spend for value Group capex by classification (US$ bn, nominal) 12.0 Growth and exploration ~US$1 bn reduction Stable at ~40% of capital expenditure in the med
Slide 15: Putting our strong balance sheet to work
Putting our strong balance sheet to work A stronger and more resilient business has improved debt servicing capacity and provides investment options Net debt target range revised to US$10 to 20 bn Leverage remains low (Net debt, US$ bn) (Net debt / LTM EBITDA, x) (Illustrative net debt scenario / LT
Slide 16: Strategic and business update
Strategic and business update Full year ended 30 June 2025 Mike Henry Chief Executive Officer Chilean copper
Slide 17: A reshaped portfolio to leverage global megatrends
A reshaped portfolio to leverage global megatrends Long-term value creation starts with focusing on commodities with resilient demand and steep cost curves Global megatrends… … drive our choices… … as we focus our portfolio on attractive commodities EBITDA by commodity21 Exposure to copper and potas
Slide 18: Our assets have distinct competitive advantages
Our assets have distinct competitive advantages A unique portfolio of world class, tier 1 assets with distinct competitive advantages in cost, product quality and scale FY25 C1 unit cost: WAIO 5-year average ROCE of ~65% and strong FCF US$17.29/t19 Products priced based on PLV One of the largest pro
Slide 19: A more resilient portfolio with a proven track record
A more resilient portfolio with a proven track record Our unique track record of continuous operational excellence has generated stable and consistent financial performance Our track record of operational excellence… … has supported industry-leading margins1 through the cycle Lowest Highest (Underly
Slide 20: Proactively sequencing growth projects to improve returns
Proactively sequencing growth projects to improve returns Optimises capital deployment while maintaining an aspirational pathway towards ~2 Mtpa of attributable copper production29 We have sequenced our major projects Illustrative timeline FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35+ Productiv
Slide 21: Jansen: Project update
Jansen: Project update A high-quality asset in an attractive commodity Stage 1 • Capex estimated8 to increase from US$5.7 bn to US$7.0 – 7.4 bn ‒ Estimated cost increase driven by: • inflationary and real cost escalation pressures • design development and scope changes • lower productivity outcomes
Slide 22: WAIO: Investing in long-term resilience
WAIO: Investing in long-term resilience High returning investment in additional car dumper • Strong FCF generation: ~$7/t better than nearest competitor Investment to sustain sector-leading iron ore business • Lowest cost operator: medium term guidance <US$17.50/t provides expected resilience throug
Slide 23: Escondida: Growth program optimisation continues
Escondida: Growth program optimisation continues Delivers improved capital efficiency, production and value • Extend and optimise existing Los Colorados concentrator beyond FY29 to Optimised Escondida medium term production profile33 increase 400 kt of copper production over 2027-2031. Optimisation
Slide 24: Copper SA: Aspiration to double copper production
Copper SA: Aspiration to double copper production Large copper resource38 with significant by-products, 100% owned Strong free cashflow supports growth program • Improved operational performance: ‒ >300 ktpa copper production, >450 ktpa copper equivalent production39 in FY25 ‒ Low unit cost position
Slide 25: Vicuña: Advancing development in stages
Vicuña: Advancing development in stages Staged approach to support earlier cash generation of a potential pathway to being a future top 10 copper asset Q1 CY26 Integrated technical report Potential development stages • Most advanced project in district Josemaria • Large-scale open pit to provide inf
Slide 26: Set to deliver strong growth
Set to deliver strong growth Our attractive growth options are expected to generate significant value Production aspiration has pathway to deliver increased copper and potash exposure Strong baseline production over the medium term42… (Attributable copper equivalent potential production based on con
Slide 27: Why BHP?
Why BHP? The most resilient long-term portfolio of assets, in highly attractive commodities, Winning strategy and growing value through being excellent at operations, with disciplined capital allocation and distinctive social value Best track record of delivering World’s lowest-cost major Operationa
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Slide 29: Footnotes
Footnotes 1. Slide 4 / Slide 5 / Slide 17 / Slide 25: BHP underlying EBITDA margin (excluding third party products). Peer data compiled from publicly available information (e.g. company reports). Peers include: Anglo American, Glencore (exc. Marketing), Rio Tinto, Vale. Underlying EBITDA margin is n
Slide 30: Footnotes
Footnotes 33. Slide 21: Indicative payable copper production capacity. 34. Slide 21: Chilean copper refers to Escondida and Pampa Norte, excluding exploration. Chilean growth program includes Escondida new concentrator, Laguna Seca expansion, Spence throughput and recovery increase as well as potent
Slide 31: Appendix
BHP Appendix
Slide 32: On track to achieve our 2030 decarbonisation target & goals
On track to achieve our 2030 decarbonisation target & goals Unchanged focus on delivery for operational and value chain decarbonisation Performance: Projected pathway to operational GHG emissions medium-term target GHG emissions (MtCO2-e)3 • Operational GHG emissions 36% below FY20 baseline, adjuste
Slide 33: Our operating model enables rapid unlock of AI benefits
Our operating model enables rapid unlock of AI benefits Over a decade of standardisation and aggregating of process optimisation capability across our end-to-end value chains • Our organisational structure, systems and 1SAP approach have Delivering tangible examples with AI pilots across the portfol
Slide 34: Sequencing capital spend
Sequencing capital spend Forecast group capex reduces by ~$1 bn per annum over medium term; proportion of growth capex increases to ~40% Group capex by classification Growth capital by commodity (US$ bn) (US$ bn) 12.0 5.0 Exploration 4.0 10.0 3.0 Potash 8.0 2.0 Copper 1.0 6.0 Steelmaking 0.0 FY26 FY
Slide 35: Return on Capital Employed
Return on Capital Employed ROCE of 20.6% for FY25 ROCE ROCE by asset (%) (%) 55 50 50 45 40 Escondida 40 Antamina1 35 30 30 25 WAIO 20 20 Pampa 15 Norte 10 Copper 10 South Australia 5 BMA 0 0 FY19 FY20 FY21 FY22 FY23 FY24 FY25 0 10 20 30 40 50 Average capital employed Half year results (total) Full
Slide 36: Exceptional items
Exceptional items Consolidated Financial Consolidated Financial Exceptional FY25 US$m Statements excluding Exceptional items commentary Statements items Exceptional items Revenue 51,262 − 51,262 Other income 368 − 368 Expenses excluding net finance costs, (26,671) (621) (26,050) Related to Western A
Slide 37: Samarco delivering on Brazilian Agreement
Samarco delivering on Brazilian Agreement Samarco has taken over the compensation, resettlement and environmental recovery actions • Samarco has incurred R$21 bn on reparation, compensation and payment of instalments to Public Authorities since October 2024 • Includes ~R$5.5 bn paid directly to impa
Slide 38: Social value
Social value Delivering on our framework with tangible results Our social value framework Decarbonisation Healthy Indigenous Safe, inclusive Thriving, Responsible environment partnerships and future ready empowered supply chains workforce communities Operational GHG Nature Indigenous Female Total ec
Slide 39: 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 FY25 FY24 Fatalities Zero work-related fatalities 0 1 High-potential injury (HPI) frequency2 Year-on-ye
Slide 40: Balance sheet
Balance sheet Net debt of US$12.9 bn and gearing of 19.8% Movements in net debt Debt maturity profile2 (US$ bn) (US$ bn) 16 8 0.8 12.9 1.9 12 6 6.4 9.1 (5.3) 8 4 4 2 0 0 FY24 Free cash Dividends Dividends Other FY25 FY26 FY27 FY28 FY29 FY30 FY31 - FY40 Post FY41 flow paid paid to NCI 1 movements US$
Slide 41: BHP guidance
BHP guidance Copper FY26e Medium-term Copper production (kt) 1,800 – 2,000 (summary of operated assets below, includes Antamina 120 – 140kt). Escondida Copper production (kt, 100% basis) 1,150 – 1,250 900 – 1,000 Medium-term for Escondida refers to an average for a period from FY27 - FY31 Unit cash
Slide 42: BHP guidance (continued)
BHP guidance (continued) Group FY26e Capital and exploration expenditure (US$ bn) ~11 Cash basis. 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 1.9 Other 0.2 Financia
Slide 43: Key Underlying EBITDA sensitivities
Key Underlying EBITDA sensitivities Approximate impact1 on FY25 Underlying EBITDA of changes of: US$ m US$1/t on iron ore price2 232 US$1/t on steelmaking coal price 11 US¢1/lb on copper price2 42 US$1/t on energy coal price2,3 14 AUD (US¢1/A$) operations4 160 CLP (US¢0.10/CLP) operations4 27 1. EBI
Slide 44: Competent Person Statement: Escondida Mineral Resources
Competent Person Statement: Escondida Mineral Resources Compiled Escondida and Escondida Projects Mineral Resources as at 30 June 2025 Measured Resources Indicated Resources Inferred Resources Total Resources Deposit Material Type BHP Interest (%) Contained Metal Tonnes (Mt) % Cu Tonnes (Mt) % Cu To
Slide 45: Competent Person Statements: WAIO and Vicuña Mineral Resources
Competent Person Statement: WAIO Mineral Resources Compiled Western Australia Iron Ore Mineral Resources as at 30 June 2025 Measured Resources Indicated Resources Inferred Resources Total Resources Deposit Material Type BHP Interest (%) Tonnes (Mt) % Fe Tonnes (Mt) % Fe Tonnes (Mt) % Fe Tonnes (Mt)
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