BHP Group Limited (BHP) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.215 Hello and thank you for joining us to hear about BHP's results for the 2025 financial 00:00:04.215 -- 00:00:08.999 year. I'm joined by our Chief Financial Officer, Vandita Pant. 00:00:08.999 -- 00:00:15.024 This year again demonstrated BHP's resilience, strength and operational excellence. 00:00:15.024 -- 00:00:19.649 Our strategy remains clear and simple. We choose to be in highly attractive commodities 00:00:19.649 -- 00:00:22.311 with resilient demand and steep cost curves. 00:00:22.311 -- 00:00:28.381 We own world-class assets that are large, long-life, low-cost and with options to grow. 00:00:28.381 -- 00:00:32.814 We operate them excellently, generating maximum possible shareholder value for the capital 00:00:32.814 -- 00:00:37.929 deployed. And we bring a differentiated approach and focus to creating social 00:00:37.929 -- 00:00:43.957 value with those around us. Our results continue to prove the value of this strategy. 00:00:43.957 -- 00:00:48.087 Against the backdrop of our strategy, we continuously refine our plans to optimize for 00:00:48.087 -- 00:00:52.879 risk, value, and growth. As we'll go through shortly, we've refined the sequencing of 00:00:52.879 -- 00:00:54.964 some of our projects. 00:00:54.964 -- 00:00:59.876 Assuming these projects proceed, it could deliver average production growth of 2.2% per 00:00:59.876 -- 00:01:04.507 annum over the next decade. We've reduced our capital spend by $1 billion per year over 00:01:04.507 -- 00:01:09.975 the medium term, and we've revised our target net debt range to $10 to $20 billion to 00:01:09.975 -- 00:01:15.704 reflect the significant improvement in our business and portfolio since it was last set. 00:01:15.704 -- 00:01:19.040 But before we get into these, let's look a...