BHP Group Limited (BHP) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and thank you for joining us to hear about BHP's results for the 2025 financial year. I'm joined by our Chief Financial Officer, Vandita Pant. This year again demonstrated BHP's resilience, strength and operational excellence. Our strategy remains clear and simple. We choose to be in highly attractive commodities with resilient demand and steep cost curves. We own world-class assets that are large, long-life, low-cost and with options to grow. We operate them excellently, generating maximum possible shareholder value for the capital deployed. And we bring a differentiated approach and focus to creating social value with those around us. Our results continue to prove the value of this strategy. Against the backdrop of our strategy, we continuously refine our plans to optimize for risk, value, and growth. As we'll go through shortly, we've refined the sequencing of some of our projects. Assuming these projects proceed, it could deliver average production growth of 2.2% per annum over the next decade. We've reduced our capital spend by $1 billion per year over the medium term, and we've revised our target net debt range to $10 to $20 billion to reflect the significant improvement in our business and portfolio since it was last set. But before we get into these, let's look at our results. 2025 has been another strong year. We delivered on our full-year guidance across our suite of businesses and achieved record iron ore and copper production. In copper, we produced more than 2 million tonnes, having grown volumes by 28% over the past three years. Our operational results have underpinned another year of sector-leading margins and strong cash flows, resulting in a final dividend of 60 US cents per share. And this takes our full-year dividend to $5.6 billion. The crea...