Earnings release
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Operational review for the half year ended 31 December 2025 Strong operational performance and increased copper production guidance capitalising on strong prices “BHP delivered another half of very strong performance with operational records at our copper and iron ore assets. This was achieved safely and in a positive commodity price environment, with copper prices up 32% and iron ore prices 4% higher year on year. We have increased FY26 group copper production guidance off the back of stronger delivery across our assets. Our flagship copper operation, Escondida, achieved record concentrator throughput and we have increased the FY26 production guidance range. Antamina has also lifted its production guidance, and Spence and Copper SA are tracking to plan, with Copper SA achieving record refined gold output. In iron ore, WAIO achieved record first half production and shipments, positioning us well ahead of the typically wet third quarter. Volumes from Samarco rose as a result of strong operational performance at the second concentrator following its restart at the end of H1 FY25. We also announced a transaction with Global Infrastructure Partners involving WAIO’s inland power network which, once completed, will see us realise proceeds of ~US$2 bn while retaining ownership and operational control in an innovative and value accretive transaction. Steelmaking coal production increased, supported by a five-year high stripping performance at BMA, and energy coal was up 10%. The Jansen potash project in Canada is on track to begin production in mid-2027. Jansen will be a long life, low cost and scalable asset that will add a new, future facing commodity to BHP’s portfolio, which we expect will generate value for shareholders over many decades. We have separately provided an updated cost estimate for Jansen Stage 1 today. China’s commodity demand remains resilient, supported by targeted policy measures and solid exports. Momentum moderated in H2 CY25, notably in construction, manufacturing and infrastructure investments. India is emerging as a key engine of demand, with strong domestic activity sustaining steel and rising copper needs. Forecast global growth in 2026 is around 3%, creating a positive backdrop for commodity demand. BHP enters the second half of FY26 with strong operating momentum. We’re investing for the decade ahead, with a significant copper growth pipeline and a pathway to ~2 Mt of attributable copper production in the 2030s.” Mike Henry, BHP Chief Executive Officer Summary Operational excellence Copper growth Strong performance. Guidance upgrades Capitalising on stronger prices At Escondida, we achieved record concentrator throughput, while Copper SA delivered record material mined. WAIO achieved record H1 production and shipments. Production at BMA increased 2%, while NSWEC production increased 10%. FY26 production guidance has increased for Group copper, Escondida and Antamina. NSWEC and Samarco are also now guiding to the upper half of their ranges, while BMA is now guiding to the lower half due to ongoing geotechnical challenges at Broadmeadow. FY26 unit cost guidance remains unchanged for all assets, with Escondida now guiding to the bottom end and BMA guiding to the upper half of their respective ranges. We have increased our FY26 copper production guidance, which enables us to further capitalise on record copper prices. The strong copper price is being driven by healthy demand and by supply disruptions at a number of competitors. We are also advancing our copper growth options. In December, Vicuña submitted its application for the Incentive Regime for Large Investments (RIGI) in Argentina. Vicuña remains on track to complete its integrated technical report in Q1 CY26. In Chile, the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator, the centre piece of the growth program, remains on track to be submitted in H2 FY26. Disciplined capital management Social value Extracting greater returns from our assets Progressing decarbonisation in the Pilbara In December, BHP entered into a US$2 bn infrastructure agreement with Global Infrastructure Partners involving WAIO’s power consumption. This innovative arrangement strengthens our balance sheet flexibility, supports long-term value creation and enhances BHP’s shareholder value. In November, two battery-electric haul trucks arrived at BHP’s Jimblebar iron ore mine in the Pilbara, marking the start of on-site testing of Caterpillar’s battery-electric technology. Australia’s first purpose-built battery-electric heavy haulage locomotives also arrived in WA for trials on the WAIO rail network. Production Quarter performance YTD performance FY26 guidance Q2 FY26 v Q1 FY26 v Q2 FY25 HY26 v HY25 Previous Current Change Copper (kt) 490.5 (1%) (4%) 984.1 0% 1,800 – 2,000 1,900 – 2,000 Increased Escondida (kt) 317.2 (4%) (7%) 646.1 0% 1,150 – 1,250 1,200 – 1,275 Increased Pampa Norte (Spence) (kt) 57.7 3% (13%) 113.5 (10%) 230 – 250 230 – 250 – Copper South Australia (kt) 75.1 3% 5% 147.7 2% 310 – 340 310 – 340 – Antamina (kt) 38.2 13% 25% 72.1 8% 120 – 140 140 – 150 Increased Carajás (kt) 2.3 (2%) (22%) 4.7 (12%) – – – Iron ore (Mt) 69.7 9% 5% 133.8 2% 258 – 269 258 – 269 – WAIO (Mt) 67.8 9% 5% 129.8 1% 251 – 262 251 – 262 – WAIO (100% basis) (Mt) 76.3 9% 4% 146.6 1% 284 – 296 284 – 296 – Samarco (Mt) 1.9 (6%) 34% 4.0 48% 7 – 7.5 7 – 7.5 Upper half Steelmaking coal – BMA (Mt)ii 4.3 (12%) (3%) 9.2 2% 18 – 20 18 – 20 BMA (100% basis) (Mt)ii 8.6 (12%) (3%) 18.3 2% 36 – 40 36 – 40 Lower half Energy coal – NSWEC (Mt) 4.6 31% 25% 8.1 10% 14 – 16 14 – 16 Upper half 20 January 2026 For personal use only
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BHP | Operational review for the half year ended 31 December 2025 2 Summary of disclosures BHP expects its financial results for the first half of FY26 (HY26) to reflect certain items summarised in the table below. The table does not provide a comprehensive list of all items impacting the period. The financial statements are the subject of ongoing work that will not be finalised until the release of the financial results on 17 February 2026. Accordingly, the information in the table below contains preliminary information that is subject to update and finalisation. Description HY26 impacti (US$M) Classificationii Unit costs (at guidance FX) At HY26, unit costs at Escondida and Spence are expected to be at the bottom end of their respective guidance ranges. Unit costs at Copper SA and WAIO are expected to be within their respective guidance ranges. Unit costs at BMA are expected to be in the upper half of its guidance range due to higher planned major maintenance in the first half. - Operating costs For FY26, unit cost guidance remains unchanged for all assets, with unit costs at Escondida now expected to be at the bottom end of its guidance range, while BMA is expected to be in the upper half of its unit cost range – refer to page 6. - Operating costs Average realised exchange rates for HY26 of AUD/USD 0.66 (guidance rate AUD/USD 0.65) and USD/CLP 947 (guidance rate USD/CLP 940) - Income statement Negative EBITDA for WA Nickel ~100 EBITDA Negative EBITDA for Potash ~150 EBITDA The Group’s adjusted effective tax rate for HY26 is expected to be within the FY26 guidance range of 36 – 40% - Taxation expense Cash flow statement Increase in working capital (lower operating cash flow) 2,300 – 2,400 Operating cash flow Net cash tax paid 3,600 – 3,700 Operating cash flow Dividends received from equity-accounted investments ~350 Operating cash flow Capital and exploration expenditure ~5,300 Investing cash flow Cash outflow of BHP Brasil’s obligations relating to the Samarco dam failure ~1,100 Investing cash flow Proceeds received from sale of assets 100 – 200 Investing cash flow Payment of the H2 FY25 dividend ~3,100 Financing cash flow Dividends paid to non-controlling interests ~1,000 Financing cash flow Balance sheet The Group’s net debt balance as at 31 December 2025 is expected to be between US$14 and US$15 bn. - Net debt Exceptional items Financial impact of the Samarco dam failure Refer footnoteiii Exceptional item i Amounts are not tax effected, unless otherwise noted. ii There will be a corresponding balance sheet, cash flow and/or income statement impact as relevant, unless otherwise noted. iii Financial impact is the subject of ongoing work and is not yet finalised. See iron ore section for further information on Samarco operations. Further information in Appendix 1 Detailed production and sales information for all operations in Appendix 2 For personal use only
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BHP | Operational review for the half year ended 31 December 2025 3 Segment and asset performance | FY26 YTD v FY25 YTD Copper Production 984 kt 0% HY25 987 kt FY26e 1,900 – 2,000 kt Average realised price US$5.28/lb 32% HY25 US$3.99/lb Total copper production was broadly in line at 984 kt. Copper production guidance for FY26 has increased to between 1,900 and 2,000 kt (from between 1,800 and 2,000 kt previously). Escondida 646 kt 0% (100% basis) Strong operational performance, with record concentrator throughput and improved recoveries driven by operational enhancements, including the introduction of new reagents. This was partially offset by planned lower concentrator feed grade of 0.93% (H1 FY25: 1.03%). Production guidance for FY26 has been increased to between 1,200 and 1,275 kt (from between 1,150 and 1,250 kt previously) and is expected to be weighted to the first half, in line with higher concentrator feed grade. Concentrator feed grade is now expected to be between 0.85 and 0.90% for the full year (from ~0.85% previously). We are reviewing FY27 production and expect that it will be higher than the existing medium term production guidance (of between 900 and 1,000 kt). We continue to make progress on the optimised Escondida Growth Program. The DIA permit for the Escondida New Concentrator remains on track to be submitted in H2 FY26. Pampa Norte (Spence) 114 kt 10% Spence production decreased in line with planned lower cathode production as a result of a decline in stacked feed grade through the leaching circuit, driven by ore mineralogy as we transition into the deeper hypogene mineral deposits of the orebody. This was partially offset by improved leaching performance through optimising reagent usage. We continue to test the implementation of BHP's Simple Approach to Leaching 2 (SaL2) technology at the operation, to further utilise latent capacity in the cathode infrastructure. Production guidance for FY26 remains unchanged at between 230 and 250 kt. Copper South Australia 148 kt 2% Production increased as a result of solid operational performance including record material mined (and the weather-related power outage in the prior period). Improved performance included an increase in the transfer of ore to surface at Carrapateena which was offset by planned lower grades of 1.19% (H1 FY25: 1.41%). Production guidance for FY26 remains unchanged at between 310 and 340 kt, weighted to the second half as planned. By-product production was also strong, including record refined gold production. Other copper At Antamina, copper production increased 8% to 72 kt as a result of planned higher feed grades and improved safety and operational performance. Zinc production was 49% higher at 63 kt, as a result of planned higher feed grades. Copper production guidance for FY26 has been increased to between 140 and 150 kt (from between 120 and 140 kt previously), while zinc production guidance for FY26 remains unchanged at between 90 and 110 kt. Carajás produced 4.7 kt of copper and 3.8 troy koz of gold. The divestment of Carajás is expected to close in Q1 CY26, subject to the satisfaction of customary closing conditions (including regulatory approvals). For personal use only
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BHP | Operational review for the half year ended 31 December 2025 4 Iron ore Production 134 Mt 2% HY25 131 Mt FY26e 258 – 269 Mt Average realised price US$84.71/wmt 4% HY25 US$81.11/wmt Iron ore production increased 2% to 134 Mt. Production guidance for FY26 remains unchanged at between 258 and 269 Mt. WAIO 130 Mt 1% | 147 Mt (100% basis) WAIO achieved record first half production and shipments as a result of strong supply chain performance across our mine, rail and port operations, including record material mined (up 9%). Car Dumper (CD) performance improved following the completion of the CD3 rebuild in Q1 (4.3 Mt impact, 100% basis), which alongside the planned reduction in tie-in activity on the multi-year Rail Technology Program (RTP1), generated increased efficiency across the rail network and higher inflow to the port. Sales were higher than the prior year, with lump sales up 3%. We are currently negotiating annual contract terms with the China Mineral Resources Group (CMRG). During negotiations, we continue to optimise product placement distribution channels and take actions within our operations to preserve operational flexibility and productivity. This has seen some impact to realised price. Production guidance for FY26 remains unchanged at between 251 and 262 Mt (284 and 296 Mt on a 100% basis). We have also announced an agreement with Rio Tinto to explore opportunities to mine up to 200 Mt of iron ore at BHP’s Yandi and Rio Tinto’s neighbouring Yandicoogina iron ore operations in the Pilbara. These new opportunities build on a history of successful Rio Tinto and BHP collaboration across these operations to enable mining up to the shared tenure boundary. Samarco 4.0 Mt 48% | 8 Mt (100% basis) Production increased as a result of stronger performance at the second concentrator following ramp up, and higher feed grades and recoveries. In October, the Samarco Board approved the phase 3 concentrator project. 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. Production guidance for FY26 remains unchanged at between 7 and 7.5 Mt, with production now expected to be in the upper half of the range and planned maintenance in the second half. Coal Steelmaking coal Production 9.2 Mt 2% HY25 8.9 Mt FY26e 18 – 20 Mt Average realised price US$188.58/t 9% HY25 US$206.37/t BMA 9.2 Mt 2% | 18.3 Mt (100% basis) Production increased due to strong operational performance at our open cut operations, supported by the highest H1 stripping volumes in five years, which offset the impact of planned higher strip ratios. We continue to safely manage ongoing geotechnical challenges at Broadmeadow. While underground production rates were strong in Q1, further deterioration in ground conditions in Q2 materially impacted operations and led to the deferral of the planned longwall move from Q2 to Q3 FY26. As announced in October, Saraji South transitioned into care and maintenance in Q2 in response to market conditions and the unsustainable impact of the Queensland Government’s coal royalties on business returns. Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt on a 100% basis), with production now expected to be in the lower half of the range. Unit cost guidance for FY26 also remains unchanged at between US$116/t and US$128/t, with unit costs now expected to be in the upper half of the range. We expect to continue building raw coal inventory into CY27, to further improve operating stability. For personal use only
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BHP | Operational review for the half year ended 31 December 2025 5 Energy coal Production 8.1 Mt 10% HY25 7.4 Mt FY26e 14 – 16 Mt Average realised price US$95.76/t 23% HY25 US$124.42/t NSWEC 8.1 Mt 10% Strong operational performance due to increased bypass coal as well as mining lower strip ratio areas. Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with production now expected to be in the upper half of the range, with minor planned wash plant maintenance scheduled in Q3 FY26. Quarterly performance | Q2 FY26 v Q1 FY26 Copper Iron ore 491 kt 1% Q1 FY26 494 kt Lower production at Escondida due to planned lower grades, partially offset by increased production at Copper SA and Spence following planned maintenance in the prior quarter, and strong performance at Antamina. 70 Mt 9% Q1 FY26 64 Mt Higher production at WAIO driven by improved supply chain performance following the planned rebuild of Car Dumper 3 in the prior quarter. Steelmaking coal Energy coal 4.3 Mt 12% Q1 FY26 4.9 Mt Lower production due to ongoing geotechnical challenges impacting underground performance and higher rainfall which impacted stripping. 4.6 Mt 31% Q1 FY26 3.5 Mt Higher production due to increased bypass coal combined with favourable weather and mining lower strip ratio areas coal. Record wash plant throughput, following planned annual wash plant maintenance in Q1. For personal use only
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BHP | Operational review for the half year ended 31 December 2025 6 Appendix 1 Average realised pricesi Quarter performance YTD performance Q2 FY26 v Q1 FY26 v Q2 FY25 HY26 v HY25 Copper (US$/lb)ii, iii 5.90 29% 58% 5.28 32% Iron ore (US$/wmt, FOB)iv 85.33 2% 4% 84.71 4% Steelmaking coal (US$/t)v 196.72 9% (1%) 188.58 (9%) Energy coal (US$/t)vi 96.24 1% (23%) 95.76 (23%) i Based on provisional, unaudited estimates. Prices exclude sales from equity accounted investments, third party product and internal sales, and represent the weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted. Includes the impact of provisional pricing and finalisation adjustments. ii The large majority of copper cathodes sales were linked to index price for quotation periods one month after month of shipment, and three to four months after month of shipment for copper concentrates sales with price differentials applied for location and treatment costs. iii At 31 December 2025, the Group had 456 kt of outstanding copper sales that were revalued at a weighted average price of US$5.65/lb. The final price of these sales will be determined over the remainder of FY26. In addition, 434 kt of copper sales from FY25 were subject to a finalisation adjustment in the current period. The displayed prices include the impact of these provisional pricing and finalisation adjustments. iv The large majority of iron ore shipments were linked to index pricing for the month of shipment, with price differentials predominantly a reflection of market fundamentals and product quality. Iron ore sales for H1 FY26 were based on an average moisture rate of 6.8% (H1 FY25: 7.0%). v The large majority of steelmaking coal and energy coal exports were linked to index pricing for the month of scheduled shipment or priced on the spot market at fixed or index-linked prices, with price differentials reflecting product quality. vi Export sales only. Includes thermal coal sales from steelmaking coal mines. Current year unit cost guidance FY26 guidancei Unit cost Previous Current Change Escondida (US$/lb) 1.20 – 1.50 1.20 – 1.50 Bottom end Spence (US$/lb) 2.10 – 2.40 2.10 – 2.40 – Copper SA (US$/lb)ii 1.00 – 1.50ii 1.00 – 1.50ii – WAIO (US$/t) 18.25 – 19.75 18.25 – 19.75 – BMA (US$/t) 116 – 128 116 – 128 Upper half i FY26 unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940. ii Calculated using the following assumptions for by-products: gold US$2,900/oz, and uranium US$70/lb. Medium term guidancei Production Unit cost guidance guidanceii Escondidaiii 900 – 1,000 ktpa US$1.50 – 1.80/lb Spence ~235 ktpa US$2.05 – 2.35/lb WAIO (100% basis)iv >305 Mtpa <US$17.50/t BMA (100% basis) 43 – 45 Mtpa <US$110/t i Medium term refers to a five-year time horizon unless otherwise noted. ii Unit cost guidance is based on exchange rates of AUD/USD 0.65 and USD/CLP 940. iii Medium term refers to FY27 to FY31. iv Sustained production of >305 Mtpa (100% basis) from Q4 FY28. Major projects Commodity Project and ownership Project scope / capacity Project expenditurei US$M First production target date Progress Potash Jansen Stage 1ii (Canada) 100% Design, engineering and construction of an underground potash mine and surface infrastructure, with capacity to produce 4.15 Mtpa. US$8.4 bn Mid-CY27 Project is 75% 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. Under review – update expected in Q4 FY26 FY31 Project is 14% complete i Includes: project capital expenditure, project operating expenditure, cost to construct right-of-use assets (i.e. Westshore port terminal and third-party rail line) and related contingencies. ii Refer to separate exchange announcement for more details: Update - Jansen Stage 1 Potash Project. Exploration Minerals exploration and evaluation expenditure was US$193 m for HY26 (HY25: US$199 m), of which US$167 m was expensed (HY25: US$174 m). For personal use only
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BHP | Operational Review for the half year ended 31 December 2025 Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var 2024 2025 2025 2025 2025 2025 2024 % 2024 2025 2025 2025 2025 2025 2024 % Group production and sales summary By commodity Metals production is payable metal unless otherwise noted. Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported. Copper Payable metal in concentrate kt 391.4 379.8 375.9 374.0 366.5 740.5 752.3 (2)% 372.8 399.0 377.6 343.0 373.8 716.8 764.3 (6)% Escondida kt 295.4 288.4 278.6 282.4 270.5 552.9 560.2 (1)% 275.0 309.2 285.5 258.3 277.7 536.0 548.2 (2)% Pampa Norte (Spence) kt 36.6 36.1 42.2 35.4 33.3 68.7 72.3 (5)% 36.5 36.5 37.3 33.2 27.9 61.1 80.5 (24)% Copper South Australia kt 25.9 22.5 31.7 19.9 22.2 42.1 47.7 (12)% 25.9 23.8 30.9 15.9 24.8 40.7 56.3 (28)% Antamina kt 30.5 30.9 21.2 33.9 38.2 72.1 66.8 8% 33.3 27.4 21.8 33.1 40.4 73.5 72.9 1% Carajás kt 3.0 1.9 2.2 2.4 2.3 4.7 5.3 (12)% 2.1 2.1 2.1 2.5 3.0 5.5 6.4 (14)% Cathode kt 119.4 133.6 140.3 119.6 124.0 243.6 234.8 4% 120.0 133.3 148.4 105.9 130.7 236.6 230.7 3% Escondida kt 44.4 45.2 48.7 46.5 46.7 93.2 83.8 11% 43.2 47.4 52.7 38.1 50.0 88.1 80.8 9% Pampa Norte (Spence) kt 29.6 31.8 31.2 20.4 24.4 44.8 54.0 (17)% 30.0 30.7 34.1 17.9 25.4 43.3 54.1 (20)% Copper South Australia kt 45.4 56.6 60.4 52.7 52.9 105.6 97.0 9% 46.8 55.2 61.6 49.9 55.3 105.2 95.8 10% Total kt 510.8 513.4 516.2 493.6 490.5 984.1 987.1 0% 492.8 532.3 526.0 448.9 504.5 953.4 995.0 (4)% Lead Payable metal in concentrate t 148 234 1,829 754 91 845 169 400% 35 181 837 1,469 551 2,020 160 1,163% Antamina t 148 234 1,829 754 91 845 169 400% 35 181 837 1,469 551 2,020 160 1,163% Zinc Payable metal in concentrate t 22,792 26,026 40,415 35,991 27,003 62,994 42,166 49% 25,328 22,249 37,263 41,499 26,046 67,545 44,937 50% Antamina t 22,792 26,026 40,415 35,991 27,003 62,994 42,166 49% 25,328 22,249 37,263 41,499 26,046 67,545 44,937 50% Gold Payable metal in concentrate troy oz 90,468 89,841 95,949 76,242 73,585 149,827 176,136 (15)% 89,174 92,357 95,523 66,377 82,099 148,476 188,110 (21)% Escondida troy oz 37,293 44,527 40,292 35,348 31,927 67,275 84,256 (20)% 37,293 44,527 40,292 35,348 31,927 67,275 84,256 (20)% Pampa Norte (Spence) troy oz 2,635 3,341 2,961 2,589 2,724 5,313 6,678 (20)% 2,635 3,341 2,961 2,589 2,724 5,313 6,678 (20)% Copper South Australia troy oz 48,309 40,457 50,871 36,489 36,993 73,482 81,237 (10)% 47,719 42,825 50,577 26,476 45,024 71,500 92,480 (23)% Carajás troy oz 2,231 1,516 1,825 1,816 1,941 3,757 3,965 (5)% 1,527 1,664 1,693 1,964 2,424 4,388 4,696 (7)% Refined gold troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33% 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31% Copper South Australia troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33% 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31% Total troy oz 137,946 146,847 142,738 126,958 135,495 262,453 260,999 1% 132,653 150,339 144,764 117,524 141,153 258,677 271,915 (5)% Silver Payable metal in concentrate troy koz 3,277 3,418 3,911 4,114 4,109 8,223 6,427 28% 3,084 3,198 3,526 4,136 4,252 8,388 6,210 35% Escondida troy koz 1,619 1,787 1,906 1,942 2,176 4,118 3,165 30% 1,619 1,787 1,906 1,942 2,176 4,118 3,165 30% Pampa Norte (Spence) troy koz 451 428 441 358 316 674 954 (29)% 451 428 441 358 316 674 954 (29)% Copper South Australia troy koz 253 186 251 182 179 361 476 (24)% 218 173 226 131 207 338 513 (34)% Antamina troy koz 954 1,017 1,313 1,632 1,438 3,070 1,832 68% 796 810 953 1,705 1,553 3,258 1,578 106% Refined silver troy koz 133 462 216 227 284 511 339 51% 110 486 213 255 250 505 312 62% Copper South Australia troy koz 133 462 216 227 284 511 339 51% 110 486 213 255 250 505 312 62% Total troy koz 3,410 3,880 4,127 4,341 4,393 8,734 6,766 29% 3,194 3,684 3,739 4,391 4,502 8,893 6,522 36% Uranium Payable metal in concentrate t 725 783 974 819 903 1,722 1,397 23% 640 710 1,230 649 815 1,464 1,317 11% Copper South Australia t 725 783 974 819 903 1,722 1,397 23% 640 710 1,230 649 815 1,464 1,317 11% Molybdenum Payable metal in concentrate t 751 801 337 341 281 622 1,835 (66)% 872 839 714 347 322 669 1,734 (61)% Pampa Norte (Spence) t 136 187 189 257 269 526 318 65% 138 223 190 208 256 464 319 45% Antamina t 615 614 148 84 12 96 1,517 (94)% 734 616 524 139 66 205 1,415 (86)% Iron ore Western Australia Iron Ore (WAIO) kt 64,751 60,137 68,348 62,015 67,766 129,781 128,114 1% 64,341 59,234 67,830 62,430 66,909 129,339 127,749 1% Samarco kt 1,441 1,603 1,951 2,066 1,938 4,004 2,700 48% 1,477 1,416 1,973 2,042 2,512 4,554 2,459 85% Total kt 66,192 61,740 70,299 64,081 69,704 133,785 130,814 2% 65,818 60,650 69,803 64,472 69,421 133,893 130,208 3% Steelmaking coal BHP Mitsubishi Alliance (BMA) kt 4,430 3,919 5,146 4,865 4,291 9,156 8,945 2% 4,726 3,791 5,030 4,472 4,413 8,885 8,999 (1)% Energy coal NSW Energy Coal (NSWEC) kt 3,698 3,596 4,067 3,518 4,610 8,128 7,373 10% 3,803 3,509 3,926 3,707 4,372 8,079 7,754 4% Nickel1 Western Australia Nickel kt 8.0 2.3 0.3 0.0 - - 27.6 (100)% 11.2 2.2 0.2 0.0 - - 31.1 (100)% Cobalt1 Western Australia Nickel t 121 35 - - - - 415 (100)% 121 - - - - - 415 (100)% 1 WA Nickel ramped down and entered temporary suspension in December 2024. Production Sales Quarter ended Year to date Quarter ended Year to date7 Appendix 2For personal use only
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BHP | Operational Review for the half year ended 31 December 2025 Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var 2024 2025 2025 2025 2025 2025 2024 % 2024 2025 2025 2025 2025 2025 2024 % Production Sales Quarter ended Year to date Quarter ended Year to date Production and sales By asset Copper Metals production is payable metal unless otherwise noted. Escondida, Chile¹ BHP interest 57.5% Material mined kt 116,083 117,038 122,386 114,527 112,808 227,335 216,499 5% Concentrator throughput kt 35,293 32,889 36,490 36,721 35,628 72,349 67,781 7% Average copper grade - concentrator % 1.06% 1.09% 0.95% 0.94% 0.91% 0.93% 1.03% (10)% Production ex mill kt 309.8 295.6 291.0 294.2 279.7 573.9 579.7 (1)% Payable copper kt 295.4 288.4 278.6 282.4 270.5 552.9 560.2 (1)% 275.0 309.2 285.5 258.3 277.7 536.0 548.2 (2)% Copper cathode (EW) kt 44.4 45.2 48.7 46.5 46.7 93.2 83.8 11% 43.2 47.4 52.7 38.1 50.0 88.1 80.8 9% Oxide leach kt 12.2 14.3 16.3 16.8 11.1 27.9 20.0 40% Sulphide leach kt 32.2 30.9 32.4 29.7 35.6 65.3 63.8 2% Total copper kt 339.8 333.6 327.3 328.9 317.2 646.1 644.0 0% 318.2 356.6 338.2 296.4 327.7 624.1 629.0 (1)% Payable gold concentrate troy oz 37,293 44,527 40,292 35,348 31,927 67,275 84,256 (20)% 37,293 44,527 40,292 35,348 31,927 67,275 84,256 (20)% Payable silver concentrate troy koz 1,619 1,787 1,906 1,942 2,176 4,118 3,165 30% 1,619 1,787 1,906 1,942 2,176 4,118 3,165 30% 1 Presented on a 100% basis. BHP interest in saleable production is 57.5%. Pampa Norte (Spence), Chile¹ BHP interest 100% Material mined kt 25,238 21,848 25,944 24,695 22,895 47,590 48,498 (2)% Ore stacked kt 5,974 5,584 5,413 5,652 5,354 11,006 10,902 1% Average copper grade - stacked % 0.81% 0.62% 0.67% 0.61% 0.58% 0.60% 0.77% (23)% Concentrator throughput kt 7,722 7,754 7,792 7,778 8,002 15,780 15,269 3% Average copper grade - concentrator % 0.62% 0.63% 0.66% 0.65% 0.60% 0.62% 0.63% (1)% Payable copper kt 36.6 36.1 42.2 35.4 33.3 68.7 72.3 (5)% 36.5 36.5 37.3 33.2 27.9 61.1 80.5 (24)% Copper cathode (EW) kt 29.6 31.8 31.2 20.4 24.4 44.8 54.0 (17)% 30.0 30.7 34.1 17.9 25.4 43.3 54.1 (20)% Total copper kt 66.2 67.9 73.4 55.8 57.7 113.5 126.3 (10)% 66.5 67.2 71.4 51.1 53.3 104.4 134.6 (22)% Payable gold concentrate troy oz 2,635 3,341 2,961 2,589 2,724 5,313 6,678 (20)% 2,635 3,341 2,961 2,589 2,724 5,313 6,678 (20)% Payable silver concentrate troy koz 451 428 441 358 316 674 954 (29)% 451 428 441 358 316 674 954 (29)% Payable molybdenum t 136 187 189 257 269 526 318 65% 138 223 190 208 256 464 319 45% 1 Pampa Norte consists of Spence and Cerro Colorado. Cerro Colorado entered temporary care and maintenance in December 2023. 8 For personal use only
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BHP | Operational Review for the half year ended 31 December 2025 Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var 2024 2025 2025 2025 2025 2025 2024 % 2024 2025 2025 2025 2025 2025 2024 % Production Sales Quarter ended Year to date Quarter ended Year to date Copper (continued) Copper South Australia, Australia BHP interest 100% Copper Payable metal in concentrate kt 28.0 24.8 33.2 25.5 24.8 50.3 55.9 (10)% 25.9 23.8 30.9 15.9 24.8 40.7 56.3 (28)% Cathode kt 45.4 56.6 60.4 52.7 52.9 105.6 97.0 9% 46.8 55.2 61.6 49.9 55.3 105.2 95.8 10% Total copper kt 73.4 81.4 93.6 78.2 77.7 155.9 152.9 2% 72.7 79.0 92.5 65.8 80.1 145.9 152.1 (4)% Payable metal in concentrate transfer to Olympic Dam kt (2.1) (2.3) (1.5) (5.6) (2.6) (8.2) (8.2) 0% Net copper kt 71.3 79.1 92.1 72.6 75.1 147.7 144.7 2% Gold Payable metal in concentrate troy oz 52,288 46,097 53,055 47,893 41,351 89,244 98,740 (10)% 47,719 42,825 50,577 26,476 45,024 71,500 92,480 (23)% Refined gold troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33% 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31% Total gold troy oz 99,766 103,103 99,844 98,609 103,261 201,870 183,603 10% 91,198 100,807 99,818 77,623 104,078 181,701 176,285 3% Payable metal in concentrate transfer to Olympic Dam troy oz (3,979) (5,640) (2,184) (11,404) (4,358) (15,762) (17,503) (10)% Net gold troy oz 95,787 97,463 97,660 87,205 98,903 186,108 166,100 12% Silver Payable metal in concentrate troy koz 264 198 258 213 193 406 518 (22)% 218 173 226 131 207 338 513 (34)% Refined silver troy koz 133 462 216 227 284 511 339 51% 110 486 213 255 250 505 312 62% Total silver troy koz 397 660 474 440 477 917 857 7% 328 659 439 386 457 843 825 2% Payable metal in concentrate transfer to Olympic Dam troy koz (11) (12) (7) (31) (14) (45) (42) 7% Net silver troy koz 386 648 467 409 463 872 815 7% Uranium t 725 783 974 819 903 1,722 1,397 23% 640 710 1,230 649 815 1,464 1,317 11% Olympic Dam Material mined kt 1,918 2,498 2,587 2,818 2,763 5,581 4,652 20% Ore milled kt 2,407 2,462 2,859 2,640 2,926 5,566 5,024 11% Average copper grade % 2.09% 1.99% 2.05% 1.97% 1.97% 1.97% 2.04% (3)% Average uranium grade kg/t 0.59 0.56 0.56 0.55 0.56 0.56 0.60 (7)% Copper cathode (ER and EW) kt 45.4 56.6 60.4 52.7 52.9 105.6 97.0 9% 46.8 55.2 61.6 49.9 55.3 105.2 95.8 10% Refined gold troy oz 47,478 57,006 46,789 50,716 61,910 112,626 84,863 33% 43,479 57,982 49,241 51,147 59,054 110,201 83,805 31% Refined silver troy koz 133 462 216 227 284 511 339 51% 110 486 213 255 250 505 312 62% Payable uranium t 725 783 974 819 903 1,722 1,397 23% 640 710 1,230 649 815 1,464 1,317 11% Prominent Hill Material mined kt 1,111 1,119 1,210 1,049 1,014 2,063 2,038 1% Ore milled kt 1,761 1,364 1,998 1,621 1,376 2,997 3,320 (10)% Average copper grade % 0.72% 0.82% 0.92% 0.71% 0.83% 0.77% 0.72% 6% Concentrate produced kt 21.5 19.2 33.0 19.0 19.1 38.1 41.1 (7)% Payable copper kt 10.9 9.7 16.2 9.9 9.7 19.6 20.4 (4)% 8.0 9.5 12.8 4.4 7.5 11.9 18.9 (37)% Payable gold concentrate troy oz 25,445 24,309 28,593 24,105 17,406 41,511 46,421 (11)% 19,658 22,614 25,222 9,033 17,671 26,704 38,377 (30)% Payable silver concentrate troy koz 70 63 98 61 49 110 133 (17)% 48 51 69 29 45 74 121 (39)% Carrapateena Material mined kt 1,476 1,202 1,583 1,488 1,479 2,967 2,946 1% Ore milled kt 1,429 1,306 1,557 1,511 1,415 2,926 2,875 2% Average copper grade % 1.37% 1.31% 1.24% 1.18% 1.20% 1.19% 1.41% (16)% Concentrate produced kt 57.6 50.6 58.7 52.4 53.4 105.8 116.8 (9)% Payable copper kt 17.1 15.1 17.0 15.6 15.1 30.7 35.5 (14)% 17.9 14.3 18.1 11.5 17.3 28.8 37.4 (23)% Payable gold concentrate troy oz 26,843 21,788 24,462 23,788 23,945 47,733 52,319 (9)% 28,061 20,211 25,355 17,443 27,353 44,796 54,103 (17)% Payable silver concentrate troy koz 194 135 160 152 144 296 385 (23)% 170 122 157 102 162 264 392 (33)% 9 For personal use only
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BHP | Operational Review for the half year ended 31 December 2025 Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var 2024 2025 2025 2025 2025 2025 2024 % 2024 2025 2025 2025 2025 2025 2024 % Production Sales Quarter ended Year to date Quarter ended Year to date Copper (continued) Antamina, Peru BHP interest 33.75% Material mined kt 57,497 51,529 39,369 58,970 57,442 116,412 121,591 (4)% Concentrator throughput kt 13,323 13,140 10,154 13,307 13,725 27,032 26,419 2% Average head grade - copper % 0.77% 0.81% 0.76% 0.86% 0.98% 0.92% 0.84% 10% Average head grade - zinc % 0.84% 0.85% 1.70% 1.26% 1.01% 1.13% 0.76% 50% Payable copper kt 30.5 30.9 21.2 33.9 38.2 72.1 66.8 8% 33.3 27.4 21.8 33.1 40.4 73.5 72.9 1% Payable zinc t 22,792 26,026 40,415 35,991 27,003 62,994 42,166 49% 25,328 22,249 37,263 41,499 26,046 67,545 44,937 50% Payable silver troy koz 954 1,017 1,313 1,632 1,438 3,070 1,832 68% 796 810 953 1,705 1,553 3,258 1,578 106% Payable lead t 148 234 1,829 754 91 845 169 400% 35 181 837 1,469 551 2,020 160 1,163% Payable molybdenum t 615 614 148 84 12 96 1,517 (94)% 734 616 524 139 66 205 1,415 (86)% Carajás, Brazil BHP interest 100% Material mined kt 152 140 148 134 147 281 332 (15)% Ore milled kt 170 128 176 160 172 333 332 0% Average copper grade % 1.92% 1.64% 1.40% 1.63% 1.51% 1.57% 1.77% (11)% Production ex mill kt 12.6 7.9 9.5 10.3 9.8 20.1 22.5 (11)% Average gold grade g/t 0.54 0.50 0.43 0.46 0.47 0.47 0.50 (7)% Payable copper kt 3.0 1.9 2.2 2.4 2.3 4.7 5.3 (12)% 2.1 2.1 2.1 2.5 3.0 5.5 6.4 (14)% Payable gold concentrate troy oz 2,231 1,516 1,825 1,816 1,941 3,757 3,965 (5)% 1,527 1,664 1,693 1,964 2,424 4,388 4,696 (7)% Iron ore Iron ore production is reported on the basis of saleable product, which is wet metric tonnes (wmt) for WAIO and dry metric tonnes (dmt) for Samarco. WAIO, Australia BHP interest 85% Newman Joint Venture kt 13,796 11,991 15,073 13,724 13,340 27,064 27,154 0% Area C Joint Venture kt 29,578 27,869 32,824 29,415 32,265 61,680 58,417 6% Yandi Joint Venture kt 3,777 3,819 3,854 3,498 2,899 6,397 8,217 (22)% Jimblebar¹ kt 17,600 16,458 16,597 15,378 19,262 34,640 34,326 1% Total kt 64,751 60,137 68,348 62,015 67,766 129,781 128,114 1% Total (100%) kt 73,071 67,844 77,480 70,246 76,326 146,572 144,664 1% Lump kt 20,319 18,822 21,285 20,250 20,595 40,845 39,696 3% Fines kt 44,022 40,412 46,545 42,180 46,314 88,494 88,053 1% Total kt 64,341 59,234 67,830 62,430 66,909 129,339 127,749 1% Total (100%) kt 72,594 66,765 76,723 70,592 75,397 145,989 144,137 1% 1 Presented on a 100% basis. BHP interest in saleable production is 85%. Samarco, Brazil BHP interest 50% Total kt 1,441 1,603 1,951 2,066 1,938 4,004 2,700 48% 1,477 1,416 1,973 2,042 2,512 4,554 2,459 85% 10 For personal use only
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BHP | Operational Review for the half year ended 31 December 2025 Dec Mar Jun Sep Dec Dec Dec Var Dec Mar Jun Sep Dec Dec Dec Var 2024 2025 2025 2025 2025 2025 2024 % 2024 2025 2025 2025 2025 2025 2024 % Production Sales Quarter ended Year to date Quarter ended Year to date Coal Coal production is reported on the basis of saleable product. BMA, Australia BHP interest 50% Goonyella kt 1,439 1,228 1,811 1,880 1,254 3,134 2,798 12% Peak Downs kt 1,073 1,098 1,154 1,111 967 2,078 2,322 (11)% Saraji kt 1,171 883 1,079 884 1,146 2,030 2,111 (4)% Caval Ridge kt 747 710 1,102 990 924 1,914 1,714 12% Total1 kt 4,430 3,919 5,146 4,865 4,291 9,156 8,945 2% Total (100%)1 kt 8,860 7,838 10,292 9,730 8,582 18,312 17,890 2% Hard coking coal kt 4,695 3,708 4,831 4,428 4,302 8,730 8,968 (3)% Energy coal kt 31 83 199 44 111 155 31 400% Total kt 4,726 3,791 5,030 4,472 4,413 8,885 8,999 (1)% Total (100%) kt 9,452 7,582 10,060 8,944 8,826 17,770 17,998 (1)% 1 Production figures include some energy coal. NSWEC, Australia BHP interest 100% Energy coal - Export kt 3,471 3,128 3,554 3,549 4,190 7,739 6,887 12% Energy coal - Domestic kt 332 381 372 158 182 340 867 (61)% Total kt 3,698 3,596 4,067 3,518 4,610 8,128 7,373 10% 3,803 3,509 3,926 3,707 4,372 8,079 7,754 4% Other Nickel production is reported on the basis of saleable product. Western Australia Nickel, Australia¹ BHP interest 100% Mt Keith Nickel concentrate kt 5.4 - - - - - 41.3 (100)% Average nickel grade % 16.7 - - - - - 17.0 (100)% Leinster Nickel concentrate kt - - - - - - 72.4 (100)% Average nickel grade % - - - - - - 8.8 (100)% Refined nickel kt 0.1 - - - - - 12.2 (100)% 0.8 - - - - - 14.3 (100)% Nickel sulphate kt - - - - - - 0.3 (100)% 0.3 0.1 0.1 - - - 0.9 (100)% Intermediates and nickel by-products kt 7.9 2.3 0.3 - - - 15.1 (100)% 10.1 2.1 0.1 - - - 15.9 (100)% Total nickel kt 8.0 2.3 0.3 - - - 27.6 (100)% 11.2 2.2 0.2 - - - 31.1 (100)% Cobalt by-products t 121 35 - - - - 415 (100)% 121 - - - - - 415 (100)% 1 WA Nickel ramped down and entered temporary suspension in December 2024. 11 For personal use only
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BHP | Operational review for the half year ended 31 December 2025 12 Variance analysis relates to the relative performance of BHP and/or its operations during the six months ended December 2025 compared with the six months ended December 2024, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100% basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis. Numbers presented may not add up precisely to the totals provided due to rounding. Medium term refers to a five-year horizon, unless otherwise noted. The following abbreviations may have been used throughout this release: billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon dioxide equivalent (CO2-e), Direct Reduced Iron (DRI), dry metric tonnes (dmt); free on board (FOB); giga litres (GL); greenhouse gas (GHG); grams per cubic centimetre (g/cm3), grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t); kilometre (km); million ounces per annum (Mozpa); metres (m), million pounds (Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); percentage point (ppt); ounces (oz); part per million (ppm), pounds (lb); thousand ounces (koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); total recordable injury frequency (TRIF); wet metric tonnes (wmt); and year to date (YTD). In this release, the terms ‘BHP’, the ‘Group’, ‘BHP Group’, ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used to refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to Note 28 - Subsidiaries of the Financial Statements in BHP’s 2025 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Notwithstanding that this release may include production, financial and other information from non-operated assets, non-operated assets are not included in the BHP Group and, as a result, statements regarding our operations, assets and values apply only to our operated assets unless stated otherwise. Our non-operated assets include Antamina, Resolution, Samarco and Vicuña. BHP Group cautions against undue reliance on any forward-looking statement or guidance in this release. These forward-looking statements are based on information available as at the date of this release and are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and which may cause actual results to differ materially from those expressed in the statements contained in this release. Further information on BHP can be found at bhp.com Authorised for lodgement by: Stefanie Wilkinson Group Company Secretary Media Relations Email: media.relations@bhp.com Investor Relations Email: investor.relations@bhp.com Australia and Asia Gabrielle Notley Mobile: +61 411 071 715 Europe, Middle East and Africa Amanda Saunders Mobile: +44 7887 468 926 North America Megan Hjulfors Mobile: +1 403 605 2314 Latin America Renata Fernandez Mobile: +56 9 8229 5357 Australia and Asia John-Paul Santamaria Mobile: +61 499 006 018 Europe, Middle East and Africa Adam Sanderson Mobile: +44 7884 735 515 Americas Li Hua Mobile: +1 647 828 9830 BHP Group Limited ABN 49 004 028 077 LEI WZE1WSENV6JSZFK0JC28 Registered in Australia Registered Office: Level 18, 171 Collins Street Melbourne Victoria 3000 Australia Tel +61 1300 55 4757 Fax +61 3 9609 3015 BHP Group is headquartered in Australia Follow us on social media For personal use only