BHP Profit Climbs 30% as Copper Drives Record Earnings
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BHP reported a 30% rise in underlying attributable profit to $13.2 billion for the year ended June 30, as copper prices and operational gains lifted earnings. Underlying EBITDA rose 27% to $32.9 billion, and the company declared $8.7 billion of dividends for the fiscal year. BHP also outlined plans to direct billions of dollars toward expanding its copper business over the next decade, even as iron ore remains one of its largest cash generators.
Key Facts
- Underlying attributable profit rose 30% to $13.2 billion for the year ended June 30.
- Underlying EBITDA increased 27% to $32.9 billion, from $26.0 billion a year earlier.
- Copper accounted for 54% of group EBITDA in fiscal 2026 with a 70% EBITDA margin, and BHP produced 1.95 million metric tons of copper.
- BHP declared $8.7 billion of dividends for the year, equivalent to 172 U.S. cents per share, including a final dividend of 99 cents per share.
- BHP approved about $500 million in pre-commitment funding for a new concentrator at Chile's Escondida mine; the project is estimated at $5.4 billion to $6.3 billion and could produce 230,000-270,000 tons of copper annually.
Financial Results
Underlying EBITDA rose 27% to $32.9 billion, while underlying attributable profit climbed 30% to $13.2 billion. Net operating cash flow increased 17% to $21.8 billion. The company declared $8.7 billion of dividends, including a final dividend of 99 U.S. cents per share. Net debt ended the period at $8.7 billion. External factors added $5.6 billion to EBITDA, including a $7.3 billion benefit from higher prices partially offset by currency movements and inflation; operational factors added another $1.3 billion.
Copper Expansion
Copper accounted for 54% of group EBITDA in fiscal 2026 with a 70% margin, and BHP produced 1.95 million metric tons of copper. BHP expects copper demand to rise from about 34 million tons per year to more than 50 million tons by 2050, and sees potential for a supply deficit of roughly 10 million tons annually over the next decade. The company approved about $500 million in pre-commitment funding for a new concentrator at Chile's Escondida mine, with total capital estimated at $5.4 billion to $6.3 billion and potential production of 230,000-270,000 tons per year. A final investment decision on Escondida is targeted for 2027-2028, with first production expected in 2031-2032. BHP is also advancing Copper South Australia and the Vicuña copper-gold-silver development, and its project pipeline could lift attributable copper production by about 40% between fiscal 2027 and fiscal 2035.
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BHP Profit Climbs 30% as Copper Drives Record Earnings
