BHP Group Limited (ASX:BHP), a constituent of the S&P/ASX 200 and one of the world's largest resources companies, released its FY26 full-year results on 18 August 2026. For the first time in BHP's history, copper contributed more than half of Group Underlying EBITDA — delivering record copper Underlying EBITDA of more than $18 billion with a 70% Underlying EBITDA margin, and approximately $2 million tonnes of copper production for the second consecutive year. Underlying EBITDA increased to approximately $33 billion, attributable profit was $9.8 billion (up 9%), and a final Dividend of 99 US cents per share was declared, the largest in four years.

About the Company

BHP Group Limited is the world's largest Mining company by market capitalisation, with a portfolio spanning copper, iron ore, steelmaking coal, nickel, and potash. The company's principal Assets are the Escondida copper mine in Chile (the world's largest copper mine), Western Australian Iron Ore (WAIO, including Mount Whaleback and multiple Pilbara operations), Copper South Australia, BMA Coal in Queensland, and the Jansen potash project in Saskatchewan, Canada (Stage 1 under construction). BHP is the world's largest copper producer and the second-largest iron ore producer globally.

FY26 Results

Underlying EBITDA was approximately $33 billion, up materially from FY25. Attributable profit was $9.8 billion (up 9% on FY25's $9.0 billion). Underlying attributable profit was more than $13 billion, up 30% on FY25. Net operating cashflow was $21.8 billion (up 17%). Free Cash Flow was approximately $10 billion after investing in growth. Net Debt fell to $8.7 billion (FY25: $12.9 billion), below the target range of $10-20 billion. Net debt/Underlying EBITDA was 0.3x and gearing was 13.4%. Copper delivered record Underlying EBITDA of more than $18 billion, representing 54% of Group Underlying EBITDA, with a 70% Underlying EBITDA Margin and $6.9 billion of free cash flow — the first time copper has contributed more than half of Group earnings. WAIO achieved record iron ore production and shipments, generating more than $14 billion of Underlying EBITDA with a 61% margin. Escondida delivered a 10% decrease in unit costs; Copper SA achieved a 73% reduction aided by by-product contribution. WAIO maintained industry-leading unit cost position for the seventh consecutive year. Jansen potash (Stage 1) is 84% complete and on track for first production in mid-CY2027. BHP approved $0.5 billion in pre-commitment funding for a new concentrator at Escondida ahead of a final Investment decision expected in CY27-28. The Ministers North iron ore mine (new Pilbara mine) was announced to sustain WAIO production above 305 Mtpa. Silver streaming proceeds of $4.3 billion received. Global Infrastructure Partners provided $2.0 billion in relation to BHP's share of WAIO's inland power consumption.

Distribution

BHP declared a final dividend of 99 US cents per share, fully franked, for FY26 — the largest final dividend in four years. Total dividends for FY26 represent a significant return of capital consistent with BHP's Capital Allocation Framework.

Index Context

BHP is the largest company in the S&P/ASX 200 by Market Capitalisation and a benchmark holding for all major Australian Equity funds. For S&P/ASX 200 investors, BHP provides primary exposure to global copper Demand (driven by electrification and energy transition), iron ore demand (driven by Chinese and Indian steel production), and emerging potash exposure (driven by global food security and agricultural productivity). The shift in BHP's Earnings mix toward copper — now more than half of Underlying EBITDA — represents a structural repositioning toward a metal with stronger long-term demand growth prospects than iron ore.

Material Risks and Uncertainties

BHP's iron ore operations generate over $14 billion in Underlying EBITDA and remain highly cash generative at current prices, but are exposed to any slowdown in Chinese or global steel demand, or to pricing pressure from Pilbara competitor Supply increases. Copper's contribution is now material enough that Escondida operational disruptions (water, labour, community relations in Chile) or copper price movements would have a significant Group earnings impact. Jansen potash's first production expected mid-CY2027 is approaching but remains subject to construction and commissioning risk. The Escondida new concentrator pre-commitment funding ($0.5 billion) will be followed by a Final Investment Decision in CY27-28, representing a significant future capital commitment.

Upcoming Milestones

Jansen Stage 1 first production, expected in mid-CY2027, will be BHP's first entry into a new Commodity (potash) for many years and a key strategic milestone. The Escondida concentrator Final Investment Decision (expected CY27-28) will determine the scale and timing of the next major Escondida capacity expansion. Ministers North approval and construction commencement will sustain WAIO production into the next decade. The ongoing development at Vicuña (copper, Argentina/Chile border) and Resolution (copper, Arizona) represent the longer-dated copper pipeline options. BHP's AI and autonomy initiatives — including autonomous drilling, processing, rail, and haulage — will continue to be implemented across WAIO and copper operations.