18 August 2026

Safety

Operational performance

Eliminating fatalities remains our highest priority

Record iron ore and ~2 Mt copper production

We are deeply saddened by the loss of a coworker at BMA's Peak Downs mine in July 2026. Investigations are underway and the learnings will be used to reinforce our approach to eliminate fatalities across BHP.

We remain focused on reducing risk exposure through the deployment of technology, strengthening our contractor management framework, and continuing to mature and deepen our BOS capability and field leadership.

We produced ~2 Mt of copper for the second consecutive year, cementing our position as the world’s largest copper producer,[i] and WAIO achieved record iron ore production and shipments.

We demonstrated strong cost management in a challenging macro-economic environment. Escondida delivered a 10% decrease in unit costs while Copper SA achieved a 73% reduction, aided by strong by-product contribution, and we maintained our industry-leading unit cost position at WAIO for the seventh consecutive year.[ii]

Earnings and margins

Cashflow and balance sheet

Attributable profit

US$9.8 bn Up 9%

FY25 US$9.0 bn

Net operating cashflow

US$21.8 bn Up 17%

FY25 US$18.7 bn

Strong operational performance and disciplined cost control, combined with higher realised prices, generated ~US$10 bn of Attributable profit (>US$13 bn Underlying attributable profit,[iii] a 30% increase on FY25).

Copper delivered record Underlying EBITDAiii of >US$18 bn (54% of Group Underlying EBITDA) with a 70% Underlying EBITDA margin,iii and US$6.9 bn of free cash flow.iii,[iv]

Iron ore generated >US$14 bn of Underlying EBITDA, with an Underlying EBITDA margin of 61%.

BHP’s portfolio of tier one assets generated ~US$22 bn of net operating cashflow, and after investing in growth, in line with our Capital Allocation Framework (CAF), we delivered ~US$10 bn of free cash flow.iii In addition, we received silver streaming proceeds of US$4.3 bn and in August 2026, Global Infrastructure Partners provided US$2.0 bn in relation to BHP’s share of WAIO’s inland power consumption.

Our balance sheet remains strong with net debtiii of US$8.7 bn (FY25:US$12.9 bn), which is below our net debt target range of between US$10 bn and US$20 bn, representing a netdebt/Underlying EBITDA ratio of 0.3x[v] and a gearing ratioiii of 13.4%.

Growth and strategic partnerships

Shareholder value and returns

Capital and exploration expenditureiii

US$10.3 bn Up 5%

FY25 US$9.8 bn

Fully franked final dividend

US$0.99 per share

72% payout ratio

We are continuing to invest in our significant pipeline of organic growth projects across the portfolio which we expect will deliver attributable copper equivalent production to a CAGR of 3 – 4% between FY27 – FY35.[vi] We are also exploring longer term growth partnerships across the portfolio. Vicuña, a non-operated JV with Lundin Mining, remains on track for a potential Stage 1 final investment decision (FID) as early as end of CY26.

We have determined a final dividend of US$5.0 bn. This brings total cash returns to shareholders announced for the year to US$8.7 bn, which is US$1.72 per share fully franked, the highest in four years. Including this dividend, we will have returned >US$115 bn to shareholders since the introduction of the CAF in 2016.

Our operations continue to generate strong returns on investments with Underlying Return on Capital Employed (ROCE) of 26.1%.iii

Decarbonisation

Safe, inclusive, and future-ready workforce

Operational GHG emissions[vii]

Down 33% vs FY20 baseline

FY25 Down 34% vs FY20 baseline

Female representation[viii]

41.5% Up 0.2% pts

FY25 41.3%

We remain on track to achieve our target to reduce our operational GHG emissions by at least 30% from FY20 levels by FY30, through structural abatement, as based on our current operational GHG emissions forecast for FY30 and methodologies for GHG emissions accounting. As previously noted, we expect our operational GHG emissions reduction progress to be non-linear.

A key part of our progress since FY20 has come from the purchase of renewable electricity globally with 80% of our operated assets electricity now supplied by renewables.[ix] In FY26, stable emissions performance at WAIO and Escondida partially offset higher emissions at BMA and NSWEC reflecting increased production and higher methane intensity.

We maintained gender balance in our global employee base. We also strengthened our focus on increasing the representation of women in leadership, achieving 39.3% women in leadership roles across BHP (FY25: 36.5%).

Healthy environment

Area under stewardship[x] that has a formal management plan

Indigenous partnerships

Record Indigenous procurement spend

246 k hectares

Up 148 k hectares since FY25

US$1.0 bn Up 18%

FY25 US$853 m

We progressed our Healthy environment goal through the Jackboot project at Copper SA. We also delivered our first preliminary baseline natural capital account, at BMA.

We achieved record spend with Indigenous partners. This is a threefold increase since FY23. We also released our first Chile Indigenous Peoples Plan and remained on track with our Australian Reconciliation Action Plan and Canada Indigenous Partnerships Plan.

Responsible supply chains

Thriving, empowered communities

Towards Sustainable Mining (TSM)

Strong performance in TSM

Total economic contribution[xi]

US$50.8 bn

FY25 US$46.8 bn

In FY26, BHP Corporate, BMA, WAIO and Olympic Dam completed external verification demonstrating strong environmental, social and governance practices against a credible international standard.

During the year, we contributed US$44 bn to suppliers, contractors, employees, governments and voluntary investment in social projects across the communities where we operate. This was 87% of our total economic contribution with shareholder payments of US$6.8 bn (13%).

Detailed information on social value is included in Appendix 1 and OFR 9 in the Annual Report

Revenue

US$58.8 bn Up 15%

FY25 US$51.3 bn

Attributable profit

US$9.8 bn Up 9%

FY25 US$9.0 bn

Underlying attributable profit

US$13.2 bn Up 30%

FY25 US$10.2 bn

Profit from operations

US$23.9 bn Up 23%

FY25 US$19.5 bn

Underlying EBITDA

US$32.9 bn Up 27%

FY25 US$26.0 bn

Underlying EBITDA margin

59%

FY25 53%

Adjusted effective tax rate

36.5%

FY25 37.2%

FY27e 35 – 40%

We delivered strong volumes in a constructive price environment to increase revenue by US$7.5 bn. Our operational performance ensured we capitalised on higher copper, iron ore and steelmaking coal prices.

Operational consistency was delivered alongside strong cost management with unit costsiii 6.1% lower across our major assets,[xii] despite headwinds from inflation (4.0% in Australia and 3.7% in Chile), higher diesel prices and global supply chain disruptions.

Escondida delivered a 10% decrease in unit costs while Copper SA achieved a 73% reduction, supported by increased gold and silver by-product credits. WAIO maintained its position as the lowest cost major iron ore producer globally.ii

Underlying EBITDA increased ~US$7 bn to ~US$33 bn. Copper contributed 54% (FY25: 45%) of Group Underlying EBITDA, increasing to a record of >US$18 bn. This was the first year that the majority of Group Underlying EBITDA was generated from Copper.

Our Underlying EBITDA margin increased 6% points to 59%, the highest in four years, maintaining our 25-year average Underlying EBITDA margin >50%.[xiii] In Copper, we achieved an Underlying EBITDA margin of 70%, an increase of 11% points from FY25.

For further details see
Underlying EBITDA waterfall.

BHP continues to be one of the largest corporate taxpayers in Australia and Chile, with total payments to governments of US$12.4 bn (FY25: US$10.4 bn).

Our adjusted effective tax rate was marginally lower than FY25 at 36.5%. The adjusted effective tax rate for FY27 is expected to be between 35% and 40%.

Operating costs included US$2.9 bn of revenue and production-based royalties. Including these payments, our adjusted effective tax rate was 42.9% (FY25: 44.6%).

For further details see Adjusted effective tax rate.

Attributable profit increased 9% to ~US$10 bn. Adjusting for exceptional items, including the US$2.3 bn impairment recognised in relation to our investment in the Jansen project and US$1.1 bn related to the Samarco dam failure, Underlying attributable profit increased 30% to US$13.2 bn.

For further details see
Note 3 – Exceptional items and
Note 4 – Significant events – Samarco dam failure.

Detailed financial information is included in Appendix 1 and OFR 5 in the Annual Report

Net operating cash flow

US$21.8 bn Up 17%

FY25 US$18.7 bn

Capital and exploration expenditure

US$10.3 bn Up 5%

FY25 US$9.8 bn

FY27e ~US$11 bn[xiv]

Free cash flow

US$9.8 bn Up 83%

FY25 US$5.3 bn

Net debt

US$8.7 bn

FY25 US$12.9 bn

HY26 US$14.7 bn

Gearing ratio

13.4%

FY25 19.8%

HY26 20.9%

Net operating cash flow increased 17% due to the combination of strong operational performance and cost management, and higher realised prices.

We continued to invest with discipline in line with our Capital Allocation Framework (CAF) as we advanced our significant pipeline of organic growth projects.

We invested US$10.3 bn in capital and exploration projects primarily across Chile, Canada and Australia. This included US$4.7 bn in Copper as we progressed our growth programs at Escondida and Copper SA. We also invested US$1.8 bn capital in our Jansen potash project and expect to commence first production from Stage 1 in mid-CY27.

Capital and exploration expenditure guidance remains unchanged at ~US$11 bn in FY27 and is now expected to be ~US$11 bn in FY28 and on average each year between FY29 and FY31xiv reflecting the expected higher cost of completing Jansen Stage 2 (announced in June) and the impact of higher foreign exchange rates, partially offset by capital efficiency.

Vicuña, a non-operated JV with Lundin Mining on the Argentina-Chile border, remains on track to spend ~US$800 m (100% basis) in CY26 to advance project studies and mine plan optimisation, in preparation for a potential Stage 1 FID as early as end of CY26.

As a result of strong operating cash flow and disciplined capital allocation, free cash flow increased 83% to US$9.8 bn.

Our balance sheet remains strong with net debt of US$8.7 bn (30 June 2025: US$12.9 bn), representing a net debt / Underlying EBITDA ratio of 0.3xiii and a gearing ratio of 13.4%.

Increased operating cash flow and active capital management, including the proceeds received from the Antamina silver streaming transaction of US$4.3 bn, and proceeds from asset sales of US$0.8 bn, more than offset the:

• Payment of dividends to BHP shareholders of US$6.8 bn, and to non-controlling interests of US$2.4bn; and
• US$2.0 bn in Samarco settlement obligations (BHP equity share) related to the Brazil Agreement.

In August, BHP completed a transaction with Global Infrastructure Partners (GIP) in relation to BHP’s share of WAIO’s inland power consumption, via a new UK transaction with the same commercial effect as the agreement announced on 9 December 2025 (and that agreement has been terminated). GIP has provided US$2 bn in funding for a 49% stake in a partnership. BHP retains full operational control of WAIO, including its inland power infrastructure and the new agreement does not affect ownership of any WAIO assets, including the WAIO inland power infrastructure. We see the potential to unlock up to an additional ~US$3.5 bn through active capital portfolio and asset management.[xv]

Our net debt target range remains unchanged at between US$10 bn and US$20 bn. Our global credit ratings[xvi] also remained unchanged in FY26. Moody’s rating is A1(stable)/P-1 and Fitch’s rating is A (stable)/F1 (long-term/short-term respectively).

For further details see Net debt waterfall.

Detailed financial information is included in Appendix 1 and OFR 5 in the Annual Report

Final dividend

99 US cps

Fully franked

72% payout ratio

Underlying return on capital employed (ROCE)

26.1%

FY25 20.6%

Earnings per share – basic

193.6 US cps

FY25 177.8 US cps

Earnings per share – Underlyingiii

260.0 US cps

FY25 200.2 US cps

Our operations continued to generate very strong Underlying ROCE, with our largest assets, Escondida and WAIO, delivering 53% and 41% respectively.

A final dividend of US$0.99 per share (US$5.0 bn) has been determined, equivalent to a 72% payout ratio, with a payment date to shareholders of 23 September 2026.

This brings total cash returns to shareholders announced for the year to US$8.7 bn, the highest in four years, extending our track record of strong returns while balancing investment in growth. Including the FY26 final dividend determined, we will have returned >US$115 bn to shareholders since the introduction of the Capital Allocation Framework in 2016.

Events in respect of the final dividend

Date

Announcement of currency conversion into RAND

28 August 2026

Last day to trade cum dividend on Johannesburg Stock Exchange (JSE)

1 September 2026

Ex-dividend Date JSE

2 September 2026

Ex-dividend Date Australian Securities Exchange (ASX) and London Stock Exchange (LSE)

3 September 2026

Ex-dividend Date New York Stock Exchange (NYSE)

4 September 2026

Record Date

4 September 2026

Announcement of currency conversion into AUD, GBP and NZD

7 September 2026

DRP and Currency Election date

7 September 20261

Payment Date

23 September 2026

DRP Allocation Date2

8 October 2026

Detailed financial information on all business segments in the Financial performance summary

Production

1,953 kt Down 3%

FY25 2,017 kt

FY27e 1,650 – 1,800 kt

Average realised price

US$5.74/lb Up 35%

FY25 US$4.25/lb

Commodity review and outlook

Spot copper prices on average were 26% higher in FY26, with H2 FY26 experiencing increases of nearly 40% as copper moved to >US$13,000/t (US$5.90/lb). The copper price continues to be supported by strong fundamentals on the demand and supply side, driven by a compelling narrative for copper-intensive sectors, particularly electrification and data centres and the risk of future supply deficits.

Underlying EBITDA

US$18.2 bn Up 48%

FY25 US$12.3 bn

54% contribution to the Group’s Underlying EBITDA

70% Underlying EBITDA margin

Underlying ROCE

26%

FY25 17%

Capital and exploration expenditure

US$4.7 bn

FY25 US$4.5 bn

FY27e ~US$5.4 bn

Global demand is expected to grow at around 2.8% in CY26, a little slower than previously expected due to the impact of the Middle East conflict, but at a greater pace than the 2.1% growth experienced in CY25. Multiple countries have seen copper consumption negatively impacted due to the Middle East conflict, this includes indirect impacts due to the integrated nature of global supply-chains – for example, a lack of gas to heat copper for fabrication, or a lack of plastics for wire insulation. In the US however, copper demand growth is accelerating as unprecedented investment into data centres boosts requirements for power networks, cabling, and electrical equipment.

Recovery in production from previously disrupted mining operations and new supply additions are expected to lead to solid production growth. However, given the robust demand outlook, the market is likely to remain tight and require additional copper units to remain in balance. These units could be supplied through increased scrap recovery and novel sources, such as pyrites and gold concentrates, while substitution and thrifting act to reduce the quantity of copper required. However, supply risks remain, with further disruptions, the slow development pipeline, grade declines, trade barriers, fragmented scrap supply-chains, and rising scrap collection costs all substantial headwinds.

Copper fundamentals remain attractive. Demand is expected to grow from ~34 Mtpa today to >50 Mtpa by CY50, driven by traditional economic growth (home building, electrical equipment and household appliances), energy transition (renewables and electric vehicles) and digital (artificial intelligence and data centres). Current expectations are that copper demand associated with investment in data centres could grow around sixfold between 2024 and 2050, up to around 3 Mtpa.

Operational and project development challenges will place upward pressure on industry costs, potentially resulting in a higher and steeper copper cost curve.

Segment outlook

FY26 was a milestone year for BHP as the majority of the Group’s EBITDA (54%, FY25: 45%) was delivered by the copper-producing assets for the first time. Total Copper Underlying EBITDA increased by 48% to a record US$18.2 bn (FY25: US$12.3 bn).

This was supported by strong contributions from by-products at our copper assets, with 571 koz of gold, 17.9 Moz of silver and 3.6 kt of uranium production across the portfolio in FY26, delivering total by-product revenue of US$4.5 bn,[xviii] up 45% from FY25.

We remain the world’s largest copper producing company,i with FY27 Group copper guidance of between 1,650 and 1,800 kt.

We have a high-quality pipeline of organic copper growth projects, including:

• At Escondida, we approved pre-commitment funding of ~US$0.5 bn (BHP share) for the New Concentrator project in August 2026, enabling further engineering, permitting and execution readiness activities ahead of a potential FID in CY27 – CY28. The new concentrator is expected to deliver 230 – 270 ktpa copper production capacity at a capital intensity of US$19 – 22k/t CuEq and will have a higher production capacity than the existing Los Colorados concentrator. [xix]
• In South Australia, we are progressing a number of projects at our 100%-owned Copper SA asset that we expect will increase copper production to ~500 ktpa (~770 ktpa CuEq) in the first phase and contribute to our strategy to deliver up to 650ktpa copper production (~1MtpaCuEq) in the second phase. We are assessing options to accelerate the expansion project at Olympic Dam and expect the first phase growth projects at our mines and concentrators to be at competitive capital intensities of US$18 – 23k/t CuEq.[xx]

• In South America, the Vicuña non-operated JV continued to advance its technical studies, mine planning and infrastructure development activities. In June, Vicuña received approval for the inclusion of the Josemaria and Filo del Sol deposits into Argentina’s Incentive Regime for Large Investments (RIGI) under the Long-Term Strategic Export Projects designation (PEELP). In August, Vicuña signed a royalty agreement with the province of San Juan. Vicuña is the first mining project to be granted the RIGI PEELP status which provides significant economic benefits and fiscal certainty for 40 years. Development of the Stage 1 mill, with initial production from the Josemaria deposit, would set up the district for development of Filo del Sol in Stages 2 and 3 later in the 2030s. Vicuña remains on track for a potential Stage 1 FID as early as end of CY26, with the potential to produce ~200ktpa copper (~300ktpa CuEq) on a 100% basis.[xxi]
• BHP has declared a Mineral Resource for the Resolution Copper project, a non-operated JV between Rio Tinto (55% and operator) and BHP (45%) in the United States, of 1.86Bt at 1.52% copper.[xxii] This represents one of the largest high‑grade copper resources globally, with the potential to develop into a significant copper producer in North America. Following completion of the land exchange in March 2026, the JV announced US$0.5 bn of funding (100% basis) over the next two years to progress drilling and development works.
• At Spence, the Concentrator Upgrade Recovery project was sanctioned in June 2026, with first production expected during FY28. The Spence Chalcopyrite Leaching project was also sanctioned in June 2026 with first production expected in CY28.
• At Cerro Colorado, an Environmental Impact Assessment (EIA) was submitted in June 2026, setting out a potential plan to restart operations and extend the mine life for an additional 20 years. The project aims to leverage existing resources and proven BHP chloride leaching technology to produce copper cathodes.
• In Peru, we hold a 33.75% share in the Antamina non-operated JV, a top 10 global copper producer.[xxiii] Antamina is expected to deliver between 120 and 140 kt of copper in FY27.

We estimate these projects could increase our attributable copper production to ~2 Mtpa (~2.5 Mtpa CuEq) by FY35;vi an increase of ~40% above current attributable copper production levels.

Copper production

Unit cost1,2

Underlying EBITDA

1,261 kt Down3%

US$1.07/lb Down10%

US$12.4 bn Up 45%

FY25 1,305 kt

FY27e 1,000 – 1,100 kt

Medium-term3 900 – 1,000 ktpa

FY25 US$1.19/lb

FY27e US$1.20 – US$1.50/lb

Medium-term3 US$1.30 – US$1.60/lb

FY25 US$8.6 bn

1Based on exchange rates of: FY26 USD/CLP 920 (realised); FY25 USD/CLP 951 (realised); FY27 and medium-term USD/CLP 890 (guidance).

2Refer to OFR 8 – Non-IFRS information for detailed unit cost reconciliation.

3Medium-term refers to an average for FY28 – FY31.

Financial performance

Underlying EBITDA increased 45% driven by higher average realised copper, gold and silver prices, which had a favourable impact of US$4.6 bn (net of price linked costs). This was partially offset by lower sales volumes due to planned grade decline.

Strong operational performance and productivity gains resulted in record concentrator throughput and material mined in FY26, partially offsetting some of the impacts of planned grade decline. Increased by-product credits and continued management focus on delivering incremental cost productivity has delivered a 10% reduction in unit costs.

Asset outlook

The BHP Operating System is generating incremental and sustainable improvements in productivity and performance, which is reflected in the asset’s guidance and growth outlook. This includes a 21% uplift in material mined and 6% increase in concentrator throughput from FY24 performance, to record levels in FY26.

Production for FY27 is expected to be between 1,000 and 1,100 kt and concentrator feed grade is expected to be ~0.70%. FY27 unit costs are expected to be between US$1.20/lb and US$1.50/lb.[xxiv] Medium term production guidance remains between 900 and 1,000 ktpa for FY28 to FY31, with unit cost guidance between US$1.30/lb and US$1.60/lb.xxiv

The New Concentrator project is central to the Escondida growth program and the Environmental Impact Declaration (DIA) permit for the project was submitted in March 2026. The project economics have improved, and the scope further refined, with a 50 Mtpa capacity concentrator (45 Mtpa previously) now expected to deliver 230 – 270 ktpa of copper production (220 – 260ktpa previously) or 260 – 300 ktpa CuEq production (235 – 280 ktpa previously).xix The capital estimate for the project is US$5.4 – 6.3 bn (previously US$4.4 – 5.9 bn), predominantly as a result of the increased production capacity and further design maturity. The project is expected to be delivered with a competitive capital intensity of US$19 – 22k/t CuEq (previously US$15 – 21k/t CuEq) and an improved IRR of 16 – 18% (previously 13 – 16%).xix The new concentrator remains on track towards an expected FID by CY27 – 28, and potential first production between CY31 – 32.

Full SaL leaching continues to perform well, and combined with additional sulphide leach pad irrigation, this contributed to the 21% increase in cathode production in FY26. We continue to study various novel leaching technologies, with each at different stages of evaluation, with particular focus on sulphide leaching technologies.

Spence copper production

Spence unit cost1,2

Underlying EBITDA

213 kt Down 21%

US$2.15/lb Up 4%

US$1.6 bn Up 23%

FY25 268 kt

FY27e 210 – 230 kt

Medium-term3 ~235 ktpa

FY25 US$2.07/lb

FY27e US$2.40 – US$2.70/lb

Medium-term3 US$2.10 – US$2.40/lb

FY25 US$1.3 bn

1Based on exchange rates of: FY26 USD/CLP 920 (realised); FY25 USD/CLP 951 (realised); FY27 and medium-term USD/CLP 890 (guidance).

2Refer to OFR 8 – Non-IFRS information for detailed unit cost reconciliation.

3Medium-term refers to an average for FY28 – FY31.

Financial performance

Underlying EBITDA increased 23% driven by higher average realised copper and silver prices, which had a favourable impact of US$0.7 bn. This was partially offset by lower sales volumes in line with planned lower feed grade at the cathode plant, as we progress deeper into the hypogene mineralisation of the ore body and the ongoing challenges with processing complex ore at the concentrator.

Unit costs at Spence increased by 4% due to lower sales volumes, partially offset by increased by-product credits.

Asset outlook

Production at Spence for FY27 is expected to be between 210 and 230 kt as we continue to manage ore variability via blending at the concentrator, before planned concentrator upgrades come online in FY28. FY27 unit costs are expected to be between US$2.40/lb and US$2.70/lb.xxiv

Production is expected to average ~235 ktpa over the medium term, with delivery and ramp-up of the Concentrator Upgrade Recovery and Spence Chalcopyrite Leaching projects required to achieve and sustain this performance. Medium term unit costs are expected to be between US$2.10/lb and US$2.40/lb.xxiv

The Concentrator Upgrade Recovery project, which upgrades the flotation circuit to increase residence time and improve recoveries, was sanctioned in June 2026, with first production expected during FY28. Once commissioned, we expect the project will enable more effective management of Spence’s ore complexity and variability.

The Spence Chalcopyrite Leaching project was also sanctioned in June 2026. The project includes the implementation of BHP’s sulphide leaching technology, Simple Approach to Leaching 2 (SaL2), to enable processing of hypogene ores and extend cathode production life, with first production expected in CY28.

In June 2026, Spence signed a memorandum of understanding (MoU) with Sierra Gorda SCM, with the purpose of identifying and evaluating opportunities for technical and commercial collaboration aimed at improving the efficiency and competitiveness of their respective operations in compliance with applicable laws and regulations.

Cerro Colorado submitted an Environmental Impact Assessment (EIA) in June 2026, setting out a potential plan to restart operations and extend the mine life for an additional 20 years. The capital estimate for the Cerro Colorado restart project has improved to US$1.4 – 2.0 bn (US$2.3 – 3.2 bn previously), with a competitive capital intensity of US$16 – 22k/t CuEq (US$23 – 32k/t CuEq previously) and could deliver 74 – 80 ktpa of copper production (85 – 100 ktpa previously).xix The FID for the restart is expected between CY28 – 31, with first production potentially occurring between CY31 – 34.

Copper production

Unit cost1,2

Underlying EBITDA

321 kt Up 2%

US$0.32/lb Down 73%

US$3.2 bn Up 65%

FY25 316 kt

FY27e 290 – 320 kt

FY25 US$1.18/lb

FY27e US$0.30 – US$0.80/lb

FY25 US$1.9 bn

1Based on exchange rates of: FY26 AUD/USD 0.68 (realised); FY25 AUD/USD 0.65 (realised); FY27e AUD/USD 0.70 (guidance) and prices for by-products of: gold US$4,300/oz, and uranium US$80/lb (guidance).

2Refer to OFR 8 – Non-IFRS information for detailed unit cost reconciliation.

Financial performance

Underlying EBITDA increased 65% to US$3.2 bn as a result of higher average realised prices for copper, which had a favourable impact of US$0.8 bn (net of price linked costs).

In addition to higher copper revenue, Copper SA delivered strong cost performance with a 73% reduction in unit costs, driven by favourable gold, silver and uranium by-product credits, and inventory movements. This was partially offset by wet weather impacting sales volumes at Prominent Hill, inflationary pressures, and a stronger Australian dollar.

In FY26, Copper SA generated ~US$1 bn of free cash flow net of capital project investments.iv

Asset outlook

Production for FY27 is expected to be between 290 and 320 kt, reflecting a planned increase in anode inventory to supply the refinery during the smelter campaign maintenance in H1 FY28 and the safe resumption of the Carrapateena conveyor belt. FY27 unit costs are expected to be between US$0.30/lb and US$0.80/lb.xxiv

Copper SA has evolved into a globally significant copper province, consistently delivering ~320 ktpa copper production over the past three years (>450 ktpa CuEq including gold, silver and uranium production). Momentum is building across the business as we explore options to further accelerate delivery of ~500 ktpa of copper production (~770 ktpa CuEq) for Phase 1, and contribute to the strategy to deliver up to 650 ktpa copper production (~1 Mtpa CuEq):xx

• At Prominent Hill, the Operations Expansion (PHOX) project remains on track for completion in H2 FY27, with commissioning of the overland conveyor and hoist winder now underway. PHOX is expected to extend the mine life to the mid-2040s.
• At Carrapateena, the decline to the base of the block cave is complete. Mine development for the underground infrastructure footprint is scheduled to commence in H1 FY27. The Project is expected to increase throughput up to 12Mtpa, with block cave ramp-up scheduled to commence in FY30.
• At Olympic Dam:

– We plan to execute the Smelter Campaign Maintenance 2027 (SCM27) program in H1 FY28 following an extended six-year operating period. SCM27 includes enabling works to facilitate the tie-in of the potential Smelter and Refinery Expansion.

– The Southern Mining Area Decline continues to progress with the completion of the box cut and the commencement of lateral development in September 2025. It is expected to unlock up to 2.5 Mtpa of additional vertical capacity and support future mine expansion options, with completion on track for H2 FY28.

– We awarded a design and supply contract to China Nerin Engineering for key processing facilities, as part of the potential Smelter and Refinery Expansion. The project remains on track for a potential FID in CY27. Phase 1 would involve a transition to a two-stage smelter configuration (which is better suited to the assets’ mineralogy) with concentrate smelting capacity of 1,100 to 1,400 ktpa.

– We are assessing the potential to accelerate the mine and concentrator expansion including the potential for a 10 Mt block cave. The project remains on track for a potential FID in CY29.

At Oak Dam, we have 4 drill rigs currently in operation. We are seeking government approvals to begin execution activities on twin underground access declines and targeting a potential FID in CY27.

During FY26, we agreed on key amendments to the Olympic Dam Indenture with the South Australian Government, providing a modernised regulatory framework and a pathway to expand Olympic Dam mining tenure to support future growth investment decisions. The Indenture amendments will become effective on a date to be set by the State Government, in consultation with BHP.

Production

265 Mt Up1%

FY25 263 Mt

FY27e 260 – 272 Mt

Average realised price (WAIO)

US$84.56/wmt Up 3%

FY25 US$82.13/wmt

Underlying EBITDA

US$14.5 bn Up 1%

FY25 US$14.4 bn

43% contribution to the Group’s Underlying EBITDA

61% Underlying EBITDA margin

Underlying ROCE (WAIO)

41%

FY25 43%

Capital and exploration expenditure (WAIO)

US$3.2 bn

FY25 US$2.7 bn

FY27e ~US$3.1 bn

Commodity review and outlook

Iron ore prices (Argus 62% Fe iron ore fines CFR China) averaged US$105/dmt in FY26, up 4%, supported by resilient Chinese demand and elevated cost support from higher energy and freight costs due to the Middle East conflict. In response to the changing quality of mainstream mid-grade iron ore fines, Price Reporting Agencies (PRAs) introduced new 61% Fe indices. The Argus 61% Fe index averaged US$104/dmt in H2 FY26, up 3% from H1 FY26.

Chinese iron ore demand remains resilient, with seaborne iron ore net imports increasing 6% (an annualised rate of ~1.2 Btpa in H2 FY26) in response to weaker domestic iron ore supply and scrap. Domestic iron ore production has been constrained by environmental and safety restrictions, while scrap availability is limited amid subdued construction activity. Elsewhere, iron ore demand was more mixed, with consumption continuing to expand in India and emerging Asian economies, following the commissioning of new Blast Furnace (BF) capacity. Developed Asia and Europe also showed signs of recovery, the latter driven by the Carbon Border Adjustment Mechanism incentivised domestic steel production. In contrast, imports into the Middle East fell sharply, although a gradual recovery is likely if conflict-related tensions ease.

Looking ahead, we maintain our view that China’s real steel production will plateau around the 1 Btpa level for the rest of the decade. In the medium-term, scrap will play an increasingly important role in steelmaking and result in a declining profile for Chinese pig iron production. In the long run, the seaborne iron ore trade is likely to undergo steady diversification as demand grows in emerging economies.

India, historically a major iron ore exporter, saw imports grow to 12 Mt in CY25 and this has continued into CY26 with imports rising further. This trend reinforces the view that India is undergoing a structural shift towards net imports, as domestic iron ore supply lagging behind steel capacity growth – with some market expectations of imports above 80 Mt by 2030.

Seaborne supply is expected to rise as production from existing supply basins normalises and new capacity comes online, including Simandou in Guinea. However, declining grades and resource depletion will require significant investment from incumbent producers simply to maintain current output and could support future fundamentals.

Segment outlook

Over the last 7 years, we have remained the lowest cost major iron ore producer globally and are focused on extending our industry leading cost position at WAIO.

We plan to increase production to >305 Mtpa (100% basis) by Q4 FY28 and sustain this level over the medium term, while reducing WAIO unit costs to <US$19.00/t.xxiv We will achieve this through a range of low-capital, high-returning projects. These include the sixth car dumper (CD6) sanctioned in August 2025, uplifting rail capacity through reduced cycle times, increasing autonomous haulage and driving further productivity improvements across the supply chain through the BHP Operating System. We have completed several low capital intensity projects on time and on budget (including CD3 and South Flank) and are progressing with the next sustaining mine Ministers North, and the Western Ridge Crusher project. These investments continue to create resilience and reliability across our supply chain.

In Brazil, the Samarco Board approved the phase 3 project in H1 FY26. Samarco will invest US$2.4 bn (100% basis) to lift production capacity to ~26 Mtpa (100% basis) through the staged recommissioning of remaining latent capacity in concentrator and pelletising plant infrastructure across CY28 and CY29, helping to support the local community through jobs, investment and taxes.

Iron ore production

Unit cost1,2

Underlying EBITDA

257 Mt 0%

US$19.66/t Up 6%

C1 US$16.40/t3

US$14.7 bn Up 2%

FY25 257 Mt

FY27e 253 – 264 Mt (286 – 298 Mt, 100% basis)

Medium-term5 >305 Mtpa (100% basis)

FY25 US$18.56/t

FY27e US$20.25 – US$21.75/t4

Medium-term5 <US$19.00/t

FY25 US$14.4 bn

1Based on exchange rates of: FY26 AUD/USD 0.68 (realised); FY25 AUD/USD 0.65 (realised); FY27 and medium-term AUD/USD 0.70 (guidance).

2Refer to OFR 8 – Non-IFRS information for detailed unit cost reconciliation.

3C1 cash costs have been restated to include inventory movements, aligning the methodology with competitor reporting. C1 unit costs for FY25 were US$16.16/t. WAIO C1 unit cost excludes third party royalties of US$1.99/t (FY25: US$1.56/t), depletion of production stripping US$0.95/t (FY25: US$0.95/t), combined with exploration expenses, marketing purchases, demurrage, exchange rate gains/losses, and other income US$0.31/t (FY25: US$(0.11)/t).

4FY27 unit cost guidance is subject to movements in the diesel benchmark.

5Sustained production of >305 Mtpa (100% basis) from Q4 FY28. We expect to achieve production of >305 Mt and unit costs of <US$19.00/t in FY29.

Financial performance

Underlying EBITDA increased primarily due to:

• Higher average realised prices for iron ore which increased 3%; and
• Record production and shipments (100% basis) as a result of strong supply chain performance across our mine, rail and port operations.

WAIO further strengthened its industry leading cost position with a C1 unit cost of US$16.40/t.ii The increase in costs was primarily due to a stronger Australian dollar and the impact of the Middle East crisis on diesel costs, which was partially offset by productivity improvements across the supply chain. In FY26, WAIO consumed ~630 ML of diesel (BHP share). The Singapore 10ppm Gasoil benchmark (diesel benchmark) increased ~30% in FY26, including a 60% increase in H2 FY26 (vs H1 FY26).

Asset outlook

Production for FY27 is expected to be between 253 and 264 Mt (286 and 298 Mt on a 100% basis) and includes the renewal of CD4 in H1 FY27. FY27 unit costs are expected to be between US$20.25/t and US$21.75/t, subject to movements in the diesel benchmark.xxiv Every US$10/bbl change in the diesel benchmark is estimated to have an ~US$0.15/t impact on unit costs.

WAIO’s industry-leading cost position and operational reliability support resilient earnings and cash generation. To sustain this strong performance, we have commenced execution of CD6 and related infrastructure at Port Hedland and continue to progress the Rail Technology Programme (RTP1) to increase rail operation capacity. These projects will create the capacity to maintain production of >305 Mtpa (100% basis) from Q4 FY28. CD6 is expected to offset the production impact from planned major car dumper renewals beginning in FY29, while also enhancing ore blending and screening capability at the port.

Sustained production of >305 Mtpa (100% basis) over the medium term will be supported by Ministers North (project execution approved in June 2026 for an investment of ~US$0.9 bn (100% basis)) which is expected to deliver ~20 Mtpa once ramped up, and the Western Ridge Crusher project which replaces production from the depleting orebodies around Newman (first production H1 FY27; capital intensity of US$38/t). We expect average annual sustaining capital expenditure over the medium term to be ~US$7.00/t,[xxv] excluding costs associated with CD6, operational decarbonisation and automation programs.

With ongoing improvements across our mines, rail and port infrastructure, and strong resource optionality, we have a potential pathway to grow WAIO beyond 305 Mtpa (100% basis) should market conditions prove supportive.

We are also focused on unlocking high returning growth through innovative partnerships. BHP has entered into an agreement with Rio Tinto to explore opportunities to mine up to 200Mt of iron ore from the shared tenure boundary between BHP’s Yandi and Rio Tinto’s Yandicoogina mines that was previously inaccessible. Subject to approvals and a final investment decision, first ore is anticipated early next decade.

We progressed trials of what we consider to be the most advanced battery-electric heavy haulage technologies available globally with two Cat® 793 XE Early Learner battery-electric haul trucks at our Jimblebar mine. As part of ongoing trials in FY27, we expect to commission high-power static charging infrastructure and Caterpillar's Dynamic Energy Transfer technology at the Jimblebar test facility.

We also commenced trials of two Wabtec battery-electric locomotives in Port Hedland and took delivery of two Progress Rail battery-electric locomotives for testing in FY27. Once locomotives from both OEM’s are in trial, we expect to be one of the first mining companies globally to conduct side-by-side evaluations of battery-electric heavy-haul locomotive technologies from two suppliers within the same operating environment.

Iron ore production

Samarco settlement cash impact

7.8 Mt Up 25%

US$2.0 bn1

FY25 6.4 Mt2

FY27e 7.5 – 8.0 Mt

FY27e3 ~US$0.9 bn

FY28e3 ~US$0.5 bn

1. The Samarco settlement cash impact including proceeds received from forward exchange hedging contracts was US$1.6 bn.
2. As of Q1 FY26, Samarco is reported on a dry metric tonne (dmt) basis. Prior periods have been restated from wet metric tonne (wmt) to dmt for consistency.
3. Payments will be made in Brazilian Reais. BHP Brasil’s expected payments up to FY28 have been hedged to protect against potential FX volatility.

Performance

Samarco production increased 25% to 7.8 Mt (15.6 Mt on a 100% basis) due to better than planned concentrator performance.

Production for FY27 is expected to be between 7.5 and 8.0 Mt (15 and 16 Mt on a 100% basis).

Financials

BHP has supported extensive remediation and compensation efforts in Brazil since 2015. In October 2024, BHP Billiton Brasil Ltda (BHP Brasil) (a subsidiary of BHP Group Limited), Vale S.A. (Vale) and Samarco Mineração S.A. (Samarco) entered into a R$170 bn comprehensive agreement with Brazil public authorities and public defenders for a full and final settlement of key claims in Brazil in relation to the dam failure (Brazil Agreement). The Brazil Agreement does not resolve all individual claims or claims outside Brazil.

Since 2015, BHP Brasil, Vale and Samarco have provided US$17.3 bn (100% basis) for reparation and compensation to affected people and to Public Authorities in Brazil. In total, compensation and financial aid have been paid to ~632,000 people who have received ~US$6.6 bn (100% basis). Additionally, remediation of the environment affected by the dam failure is substantially complete and resettlement of the communities of Novo Bento Rodrigues and Paracatu is ~99.8% complete.

Samarco, BHP Brasil and Vale continue to implement the Brazil Agreement for reparation of the impacts of the dam failure, including water sanitation, the public health system, economic recovery, local infrastructure, collective damages for affected Indigenous and Traditional Communities and Brazilian Municipalities and income support for the most vulnerable people in the affected regions.

Samarco had paid ~310,000 claims as at 30 June 2026 under the Definitive Indemnity Program (PID) established as part of the Brazil Agreement.

The Samarco dam failure provision stands at US$5.2 bn as at 30 June 2026, down from US$5.8 bn at 30 June 2025. This reflects the net impact of spend over the year, movements in foreign exchange rates, updates to our cost estimates to reflect the Brazil Agreement, updates from the UK group action, and the impacts of discounting.

For further information, please see Note 4 – Significant events – Samarco dam failure for the Samarco dam failure provision.

Production

Steelmaking coal

18.6 Mt Up 3%

FY25 18.0 Mt

FY27e 18.5 – 20.5 Mt

Energy coal

16.4 Mt Up 9%

FY25 15.0 Mt

FY27e 14 – 16 Mt

Average realised price

Steelmaking coal

US$210.21/t Up 8%

FY25 US$193.82/t

Energy coal – export

US$104.28/t Down 3%

FY25 US$107.80/t

Underlying EBITDA

US$0.83 bn Up 45%

FY25 US$0.57 bn

3% contribution to the Group’s Underlying EBITDA

15% Underlying EBITDA margin

Capital and exploration expenditure

US$0.4 bn

FY25 US$0.5 bn

FY27e ~US$0.5 bn

Commodity review and outlook – Steelmaking coal

Steelmaking coal prices (PLV FOB Aus) rebounded by 28% in H2 FY26, supported by a recovery in seaborne demand and supply shocks.

Indian pig iron production growth remained robust, sustaining the country’s position as the largest seaborne steelmaking coal importer.

The Middle East conflict temporarily impacted steelmaking coal markets through higher energy prices and gas shortages, encouraging the diversion of semi-soft coking coals into power generation and reducing supply available to steelmakers.

In May, a tragic mine accident in China triggered widespread coal mine suspensions, causing a domestic shortage of Premium Hard Coking Coal (PHCC) and creating a regional price differential whereby seaborne PHCC imports were cheaper than domestic coal. Given China’s scale in coal production and demand, policy developments in China remain a key determinant for seaborne coal dynamics.

Outside of China, supply increased through restarts and new mine ramp-ups in Australia, US and Russia. Barring any adverse impact from conflicts and abnormal weather, and in a supportive price environment, this trend is likely to continue in the near term.

Over the longer term, we expect that higher quality steelmaking coals, such as those produced by our BMA assets, will attract a premium due to their greater ability to enable lower greenhouse gas emission intensity of blast furnaces. In addition, robust hard coking coal imports from emerging Asian economies such as India, will lead to growing and resilient demand for decades to come. The scarcity value of higher quality steelmaking coals may increase over time, particularly given the restrictive royalty regime in the major seaborne supply region of Queensland is not supportive of long-term capital investment in steelmaking coal assets in Queensland.

Segment outlook

BMA remains one of the largest suppliers of higher-quality steelmaking coal in the global seaborne market.[xxvi] To deliver on our medium-term operational targets at BMA, we remain focused on improving supply chain resilience by rebuilding raw coal inventory levels, while normalising strip ratios and further improving productivity.

At New South Wales Energy Coal (NSWEC) we are progressing rehabilitation in line with our plan to cease mining by the end of FY30. We are focused on extracting value from the asset, while also progressing studies on future land use, and supporting the community as it prepares for when BHP ceases mining.

Steelmaking coal production

Unit cost1,2

Underlying EBITDA

18.6 Mt Up 3%

US$134.05/t Up 5%

US$0.70 bn Up 19%

FY25 18.0 Mt

FY27e 37 – 41 Mt (100% basis)

Medium-term 43 – 45 Mtpa (100% basis)

FY25 US$127.50/t

FY27e US$126 – US$137/t3

Medium-term <US$120/t

FY25 US$0.59 bn

1Based on exchange rates of: FY26 AUD/USD 0.68 (realised); FY25 AUD/USD 0.65 (realised); FY27 and medium-term AUD/USD 0.70 (guidance).

2Refer to OFR 8 – Non-IFRS information for detailed unit cost reconciliation.

3FY27 unit cost guidance is subject to movements in the diesel benchmark.

Financial performance

Underlying EBITDA increased 19% due to higher average realised prices for steelmaking coal and higher sales volumes reflecting solid underlying performance from the open cut mines, the highest stripping performance in five years and improved wet weather performance.

BMA delivered strong controllable cost performance, which partially offset the impacts of a stronger Australian dollar, inflation, and the Middle East crisis on diesel prices. In FY26, BMA consumed ~330 ML of diesel (BHP share). The Singapore 10ppm Gasoil benchmark (diesel benchmark) increased ~30% in FY26, including a 60% increase in H2 FY26 (vs H1 FY26).

Asset outlook

Production for FY27 is expected to be between 18.5 and 20.5 Mt (37 and 41 Mt on a 100% basis), weighted to the second half. FY27 unit costs are expected to be between US$126 and US$137/t, subject to movements in the diesel benchmark.xxiv Every US$10/bbl change in the diesel benchmark is estimated to have an ~US$1.10/t impact on unit costs.

BMA has steadily improved operational performance and value chain stability, with production increasing ~10% over the past two years. This focus will continue with raw coal inventory levels expected to reach sustainable levels in CY27, along with normalising strip ratio over the medium term.

With stable raw coal inventory, normalised strip ratios and improved wet weather operational performance, BMA expects to deliver production of 43 – 45 Mtpa (100% basis) and to reduce unit costs to <US$120/t over the medium term.xxiv

Energy coal production

Underlying EBITDA

16.4 Mt Up 9%

US$0.23 bn Up 48%

FY25 15.0 Mt

FY27e 14 – 16 Mt

FY25 US$0.16 bn

Financial performance

Underlying EBITDA increased 48% reflecting higher sales volumes in line with increased bypass coal due to mine sequencing and progression into lower strip ratio areas as part of BHP’s pathway to cease mining by FY30. This was further supported by strong cost performance as we continue to focus on maximising value while meeting closure commitments for stakeholders.

This strong operational performance was largely offset by lower realised energy coal prices and external factors, including a stronger Australian dollar, inflationary pressures and higher fuel costs.

Asset outlook

Production for FY27 is expected to be between 14 and 16 Mt.

Mining is expected to continue through lower strip ratio areas as part of BHP’s pathway to cease mining as planned by the end of FY30. Progressive rehabilitation activities continue in parallel with mining operations as BHP advances closure planning and prepares the site to allow for future land uses.

We continue to study potential uses for the Mt Arthur Coal site after BHP ceases mining. On 14 July 2026, the NSW Government announced the proposed Mt Arthur Coal Mine Transformation Precinct Master Plan and rezoning proposal, a key step in enabling a range of future uses of land and infrastructure to generate long-term jobs and economic prosperity for the region following the end to mining by BHP at Mt Arthur Coal. Technical and related studies are ongoing with third parties to explore a potential pumped hydro energy storage opportunity that could be progressed by others.

Capital and exploration expenditure

US$1.8 bn

FY25 US$1.6 bn

FY27e ~US$2.0 bn

Commodity review and outlook

In FY26, potash spot prices have moved 23% higher to US$342/t Vancouver FOB. This increase was supported by strong demand, driven by biofuel mandates in Southeast Asia, a re-stocking cycle in China and improving demand in Brazil. This has been underpinned by early settlement of the CY26 Chinese annual contract and India settling their CY26 contract at a multi-year high.

Fertiliser markets were heavily affected by the Middle East conflict, particularly nitrogen and phosphate, owing to their exposure to natural gas, urea and sulphuric-acid feedstocks. Muriate of Potash (MOP) is not directly impacted by these feedstocks and therefore the impact has mostly been limited to increasing freight costs, resulting in delivered prices moving higher in response. The relative price movements across the fertiliser complex have further consolidated potash’s affordability, reinforcing its value proposition for growers and supporting demand resilience. However, farmers continue to face elevated overall input costs despite potash's relative affordability.

The recent price rally is expected to be tempered in CY27 amidst moderating demand in price-sensitive regions and sufficient supply.

Longer term, we continue to believe that potash will benefit from durable trends: rising population, improving diets, reduced availability of arable land, and the need to correct the persistent global potassium deficit in agricultural soils. These attractive demand fundamentals will cement the role of potash as a commodity pillar within BHP's portfolio over the long term.

Business outlook

Jansen Stage 1 (JS1) is achieving its critical path milestones set in the updated January 2026 cost and schedule estimate, and first production remains on track for mid-CY27.

In June 2026, BHP completed a detailed review of cost and schedule estimates for Stage 2 of the Jansen potash project (JS2) and confirmed that the total investment estimate for JS2 increased from US$4.9 bn to US$6.9 bn (including contingencies) with first production estimated in late-FY31.[xxvii]

Given the higher forecast capital intensity for the Jansen project (including Stages 1 and 2 and potential future expansions), we recognised an impairment charge of US$2.3 bn (before and after tax) in FY26 in relation to our investment to date in the Jansen project.

Jansen is a world class asset and is expected to operate at the low end of the cost curve when fully ramped up.

Progress

Production target date

Estimated project expenditurexxvii

84%

Mid-CY27

US$8.4 bn

First production is expected to be achieved in mid-CY27, in line with the original schedule, followed by a two-year ramp-up period to deliver 4.15 Mtpa of production.

Progress

Production target date

Estimated project expenditurexxvii

16%

Late-FY31

US$6.9 bn

First production is expected in late-FY31, followed by a two-year ramp-up period to deliver 4.36 Mtpa of production.

Exploration expenditure[xxviii]

US$408 m

FY25 US$396 m

Exploration is focused on the discovery of material new copper resources that meet clear value thresholds. Early-stage greenfield exploration is advanced through a combination of direct execution and partnerships, including strategic alliances and the Xplor accelerator program. We also support value uplift of existing assets through selective brownfield exploration. Together, these activities support a pipeline of future growth options and play a critical role in ensuring BHP has a high-quality portfolio of growth options capable of supporting consistent, programmatic growth.

Greenfield exploration activities were advanced in Australia, Botswana, Canada, Norway, Peru, Serbia and the United States, while brownfield exploration was focused in Chile and the United States.

The 2026 cohort of BHP's Xplor program is underway, with work programs for all 10 selected companies in flight. The cohort is geographically diverse and brings together explorers and technology providers with the goal of accelerating innovation in mineral exploration.

The definitive agreements signed with Faraday provide a pathway for the development by Faraday of a new copper hub in Arizona, combining existing infrastructure and mineral inventory at San Manuel with Faraday’s adjacent Copper Creek project. Consolidated development will support future investment, employment opportunities, and help advance domestic US copper supply. Including shares acquired through a private placement completed in March 2026, BHP’s overall shareholding in Faraday will increase to ~32.5% on a non-diluted basis at completion, which is expected in Q1 FY27, subject to satisfaction of customary closing conditions. BHP also holds interests in other projects within the broader Arizona copper district, including at Resolution and Globe-Miami.

Financial Report for the year ended 30 June 2026

Year ended 30 June

2026
US$M

2025
US$M

Change
%

Revenue

58,760

51,262

15%

Profit from operations

23,869

19,464

23%

Attributable profit

9,833

9,019

9%

Basic earnings per share (cents)

193.6

177.8

9%

Dividend per ordinary share determined in respect of the period (cents)

172

110

56%

Net operating cash flow

21,778

18,692

17%

Capital and exploration expenditure

10,257

9,794

5%

Net debt

8,694

12,924

(33%)

Underlying EBITDA

32,947

25,978

27%

Underlying attributable profit

13,204

10,157

30%

Underlying basic earnings per ordinary share (cents)

260.0

200.2

30%

Year ended
30 June 2026
US$M

Revenue2

Underlying
EBITDA3

Underlying
EBIT3

Exceptional
items4

Net
operating
assets3

Capital
expenditure

Exploration
gross

Exploration
to profit

Copper

Escondida

17,054

12,440

11,265

15,126

2,121

Pampa Norte5

2,857

1,560

1,075

5,654

866

Antamina6

2,522

1,762

1,626

1,788

437

Copper South Australia7

6,011

3,203

2,392

18,383

1,523

Other6

113

(101)

(162)

2,518

293

Total Copper from Group production

28,557

18,864

16,196

−

43,469

5,240

Third-party products

2,996

68

68

−

−

−

Total Copper

31,553

18,932

16,264

−

43,469

5,240

162

162

Adjustment for equity accounted investments6

(2,522)

(745)

(603)

−

−

(684)

(6)

(6)

Total Copper statutory result

29,031

18,187

15,661

−

43,469

4,556

156

156

Iron Ore

Western Australia Iron Ore

23,726

14,667

12,479

22,361

3,048

Samarco8

−

−

−

(4,874)

−

Other

138

(139)

(166)

(368)

−

Total Iron Ore from Group production

23,864

14,528

12,313

(365)

17,119

3,048

Third-party products

19

1

1

−

−

−

Total Iron Ore

23,883

14,529

12,314

(365)

17,119

3,048

122

77

Adjustment for equity accounted investments

−

−

−

−

−

−

−

−

Total Iron Ore statutory result

23,883

14,529

12,314

(365)

17,119

3,048

122

77

Coal

BHP Mitsubishi Alliance

3,876

702

161

6,421

370

New South Wales Energy Coal9

1,851

342

112

(300)

39

Other

−

(100)

(130)

(17)

6

Total Coal from Group production

5,727

944

143

−

6,104

415

Third-party products

−

−

−

−

−

−

Total Coal

5,727

944

143

−

6,104

415

28

13

Adjustment for equity accounted investments9

(137)

(112)

(85)

−

−

−

−

−

Total Coal statutory result

5,590

832

58

−

6,104

415

28

13

Group and unallocated items

Potash

−

(326)

(328)

8,735

1,814

−

−

Western Australia Nickel10

245

(255)

(283)

(297)

−

12

12

Other11

11

(20)

(782)

(1,400)

16

90

89

Total Group and unallocated items

256

(601)

(1,393)

(2,406)

7,038

1,830

102

101

Inter-segment adjustment

−

−

−

−

−

−

−

−

Total Group

58,760

32,947

26,640

(2,771)

73,730

9,849

408

347

Year ended
30 June 2025
US$M

Revenue2

Underlying
EBITDA3

Underlying
EBIT3

Exceptional
items4

Net
operating
assets3

Capital
expenditure

Exploration
gross

Exploration
to profit

Copper

Escondida

13,177

8,593

7,558

14,093

2,390

Pampa Norte5

2,726

1,270

696

5,051

675

Antamina6

1,562

1,002

827

1,661

395

Copper South Australia7

4,655

1,936

1,247

17,337

1,205

Other6

127

(100)

(174)

2,742

201

Total Copper from Group production

22,247

12,701

10,154

−

40,884

4,866

Third-party products

1,845

91

91

−

−

−

Total Copper

24,092

12,792

10,245

−

40,884

4,866

142

142

Adjustment for equity accounted investments6

(1,562)

(466)

(289)

−

−

(474)

(3)

(3)

Total Copper statutory result

22,530

12,326

9,956

−

40,884

4,392

139

139

Iron Ore

Western Australia Iron Ore

22,767

14,394

12,171

20,959

2,609

Samarco8

−

−

−

(5,522)

−

Other

124

(2)

(28)

(185)

8

Total Iron Ore from Group production

22,891

14,392

12,143

(321)

15,252

2,617

Third-party products

28

4

4

−

−

−

Total Iron Ore

22,919

14,396

12,147

(321)

15,252

2,617

104

65

Adjustment for equity accounted investments

−

−

−

−

−

−

−

−

Total Iron Ore statutory result

22,919

14,396

12,147

(321)

15,252

2,617

104

65

Coal

BHP Mitsubishi Alliance

3,422

591

101

6,536

402

New South Wales Energy Coal9

1,773

303

193

(121)

106

Other

−

(173)

(203)

(58)

17

Total Coal from Group production

5,195

721

91

−

6,357

525

Third-party products

−

−

−

−

−

−

Total Coal

5,195

721

91

−

6,357

525

15

4

Adjustment for equity accounted investments9

(149)

(148)

(124)

−

−

−

−

−

Total Coal statutory result

5,046

573

(33)

−

6,357

525

15

4

Group and unallocated items

Potash

−

(284)

(286)

8,524

1,642

1

1

Western Australia Nickel10

758

(589)

(589)

(210)

176

28

28

Other11

9

(444)

(955)

(2,020)

46

109

109

Total Group and unallocated items

767

(1,317)

(1,830)

(455)

6,294

1,864

138

138

Inter-segment adjustment

−

−

−

−

−

−

−

−

Total Group

51,262

25,978

20,240

(776)

68,787

9,398

396

346

US$M

Total Group

Copper

Iron ore

Coal

Group and unallocated

FY25

25,978

12,326

14,396

573

(1,317)

Net price impact

7,311

6,693

452

173

(7)

Change in sales prices

7,710

6,929

563

218

-

Price linked costs

(399)

(236)

(111)

(45)

(7)

Movements in royalties associated with changes in prices

Changes in volumes

(1,167)

(1,415)

34

214

-

Escondida: Record material mined and record concentrator throughput combined with improved recoveries from operational enhancements are more than offset by planned lower concentrator feed grade of 0.90% (FY25: 1.02%) and timing of sales due to sea swells at the port impacting shipments.

Spence: Lower planned grades at both the concentrator and cathode plant, combined with challenges with processing complex ore at the concentrator.

WAIO: Record production as a result of strong operational performance across the supply chain. Record material mined with South Flank exceeding annual nameplate capacity, a drawdown of inventory at the Central Pilbara Hub, improved Car Dumper performance following the completion of the CD3 rebuild, and planned reduction in tie-in activity on the multi-year Rail Technology Program (RTP1).

BMA: Primarily strong operational performance at the open cut operations, delivering the highest stripping volumes in five years, combined with improved wet weather performance enabling BMA to partially mitigate the impacts of higher-than-average rainfall including Tropical Cyclone Koji, weather-related mine sequencing impacts on yield, ongoing geotechnical challenges at Broadmeadow, and Saraji South being placed into care and maintenance.

NSWEC: Increased bypass coal due to mine sequencing combined with mining lower strip ratio areas as part of BHP’s plans to cease mining by FY30.

Change in controllable cash costs

1,191

749

168

212

62

Operating cash costs

1,118

677

176

220

45

Escondida: Primarily net favourable inventory movements mainly due to timing of shipments and non-recurrence of one-off labour related costs in FY25.

Spence and Copper SA: Net favourable inventory movements primarily due to timing of shipments.

WAIO: Net favourable inventory movements primarily driven by strong performance at the mines partially offset by a drawdown of inventory at the Central Pilbara Hub.

BMA: Net favourable raw coal inventory movement reflecting continuing focus on strengthening supply chain stability and resilience.

NSWEC: Net favourable inventory movements primarily due to prior period impacts of reduced truck availability and unfavourable weather conditions.

G&U: Primarily non-recurrence of Copper SA integration activities in prior period.

Exploration and business development

73

72

(8)

(8)

17

Change in other costs

(1,586)

(550)

(536)

(409)

(91)

Exchange rates

(798)

(245)

(316)

(209)

(28)

Inflation on costs

(675)

(316)

(147)

(149)

(63)

Inflation rate of 4.0% for Australia and 3.7% for Chile (FY25: 2.4% for Australia and 4.6% for Chile)

Fuel, energy, and consumable price movements

(209)

(89)

(69)

(51)

-

Escondida, Spence and Copper SA: Primarily higher diesel and acid prices as a result of the conflict in the Middle East.

WAIO: Primarily higher diesel price as a result of the conflict in the Middle East.

BMA and NSWEC: Primarily higher diesel price as a result of the conflict in the Middle East.

Non-Cash

96

100

(4)

-

-

Escondida: Lower stripping depletion combined with higher stripping capitalisation reflecting phase of mine plan.

Change in other

1,220

384

15

69

752

Asset sales

100

90

2

7

1

Ceased and sold operations

476

(47)

-

52

471

Other coal: Revaluation of deferred and contingent consideration in relation to the Blackwater and Daunia divestment due to price movements.

WAN: Operations transitioned into temporary suspension in December 2024 as planned.

Legacy assets: Non-recurrence of change in closure provision in FY25.

Other

644

341

13

10

280

Antamina: Higher profit driven by higher copper prices and higher production as a result of higher feed grades and improved operational performance.

Partially offset by Copper SA: non-recurrence of self-insurance claim related to the weather-related power outage at Olympic Dam in FY25.

G&U: Higher recovery of freight costs caused by movements in the freight index on continuous voyage charter (CVC) voyages combined with non-recurrence of self-insurance claim related to the weather-related power outage at Olympic Dam in FY25.

FY26

32,947

18,187

14,529

832

(601)

Average
FY26

Average
FY25

As at
30 June
2026

As at
30 June
2025

As at
30 June
2024

Australian dollar (AUD/USD)

0.68

0.65

0.69

0.65

0.67

Chilean peso (CLP/USD)

920

951

922

936

944

FY27e1

FY26

FY25

Capital and exploration expenditure

US$B

US$B

US$B

Deferred stripping

1.0

1.1

1.1

Baseline sustaining2

3.2

3.5

3.6

Non-recurring sustaining

2.7

2.4

2.2

Growth

3.8

2.8

2.6

Exploration

0.3

0.4

0.4

Total

~11.0

10.3

9.8

Commodity

Project and ownership

Capacity

Estimated project expenditure1
US$M

First production
target date

Progress

Potash

Jansen Stage 1
(Canada)
100%

Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa

8,400

Mid-CY27

Project is 84% complete

Potash

Jansen Stage 2
(Canada)
100%

Development of additional mining districts, completion of the second shaft hoist infrastructure, expansion of processing facilities and addition of rail cars to facilitate production of an incremental 4.36 Mtpa

6,900

Late-FY31

Project is 16% complete

Production

Medium-term guidance

FY27 guidance

FY26

v FY25

Copper (kt)

1,650– 1,800

1,952.8

(3%)

Escondida (kt)

900 – 1,0001

1,000 – 1,100

1,261.2

(3%)

Pampa Norte (kt)

~2351

210 – 230

212.6

(21%)

Copper South Australia (kt)

290 – 320

320.7

2%

Antamina (kt)

120 – 140

151.5

27%

Carajás (kt)2

–

6.8

(28%)

Iron ore (Mt)

260 – 272

264.7

1%

WAIO (Mt)

253 – 264

256.9

0%

WAIO (100% basis) (Mt)

>3053

286 – 298

291.2

0%

Samarco (Mt)

7.5 – 8.0

7.8

25%

Steelmaking coal – BMA (Mt)

21.5 – 22.54

18.5 – 20.5

18.6

3%

BMA (100% basis) (Mt)

43 – 454

37 – 41

37.3

3%

Energy coal – NSWEC (Mt)

14 – 16

16.4

9%

Unit cost1

Medium-term
guidance2

FY27
guidance3

FY26 at
guidance
exchange
rates4

FY265

FY256

FY26
v FY25

Escondida (US$/lb)

1.30 – 1.60

1.20 – 1.50

1.05

1.07

1.19

(10%)

Spence (US$/lb)

2.10 – 2.40

2.40 – 2.70

2.12

2.15

2.07

4%

Copper South Australia (US$/lb)

–

0.30 – 0.80

0.97

0.32

1.18

(73%)

WAIO (US$/t)7

<19.00

20.25 – 21.75

18.87

19.66

18.56

6%

BMA (US$/t)

<120

126 – 137

127.20

134.05

127.50

5%

Target/Goal

FY26

FY25

Fatalities

Zero work-related fatalities

0

0

High-potential injury (HPI) frequency[1]

Year-on-year improvement in HPI frequency

0.07

0.09

Total recordable injury frequency (TRIF)1

Year-on-year improvement in TRIF

4.5

4.5

Target/Goal

FY26

FY25

Operational GHG emissions (MtCO2-e)[2]

Reduce operational GHG emissions by at least 30% from FY20 levels by FY30

9.4

9.3

Value chain GHG emissions (Scope 3):

Committed funding in steelmaking partnerships and ventures to date (US$m)[3]

Steelmaking: 2030 goal to support industry to develop steel production technology capable of 30% lower GHG emissions intensity relative to conventional blast furnace steelmaking, with widespread adoption expected post-CY30

186

171

Value chain GHG emissions:

Reduction in GHG emissions intensity of BHP-chartered shipping of our products from CY08 (%)[4]

Maritime transportation: 2030 goal to support 40% GHG emissions intensity reduction of BHP-chartered shipping of BHP products

46

44

Indigenous procurement spend (US$m)

Key metric for part of our 2030 Indigenous partnerships goal, to support the delivery of mutually beneficial outcomes

1,007

853

Female representation[5] (%)

Gender balanced employee workforce[6]

41.5

41.3

Indigenous employee participation7,[7] (%)

Australia: aim to achieve 9.7% by the end of FY27

9.3

9.0

Chile: aim to maintain 10.0% by the end of FY26

11.7

10.5

Canada: aim to achieve 20.0% by the end of FY26

20.2

17.8

Area under stewardship[8],9 that has a formal management plan that includes conservation, restoration or regenerative practices (Ha)

Contribute to global nature-positive action by having at least 2 million hectares of the land and water we steward8,[9] under conservation, restoration or regenerative practices by FY30.

This is an area approximately equivalent to 30% of the land and water we stewarded9 as at FY23. In doing so we will take into account areas of highest ecosystem value both within and outside our own operational footprint, in partnership with Indigenous peoples and local communities.[10]

246k

98k

Area under stewardship8,9 that has a formal management plan that includes conservation, restoration or regenerative practices (%)[11]

3.8

1.5

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