UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

17 February 2026

BHP GROUP LIMITED

(ABN 49 004 028 077)

(Exact name of Registrant as specified in its charter)

VICTORIA, AUSTRALIA

(Jurisdiction of incorporation or organisation)

171 COLLINS STREET, MELBOURNE, VICTORIA 3000 AUSTRALIA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: ☒ Form 20-F ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ☐ Yes ☒ No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

BHP | Financial results for the half year ended 31 December 2025

LOGO


Financial results for the half year ended 31 December 2025		17 February 2026

Operational excellence; strong margins, cash flows and growth; >50% of Group EBITDA from Copper

“We continue to prosecute our strategy of operational excellence, distinctive social value creation and growth in copper and potash. We have achieved ~30% growth in copper production in the last four years, positioning us ahead of the strengthening copper market that we had anticipated.

This half marks a milestone for BHP with Copper contributing the largest share of our overall earnings, at 51% of Underlying EBITDA. BHP is the world’s largest copper producer and with strong performance at Escondida, and solid contributions from our other operations in Chile and South Australia, we have increased FY26 group copper guidance to 1.9 – 2.0 Mt. This is allowing us to maximise increased earnings from the recent run up in copper prices as well as gold.

With four compelling growth options across Chile, Argentina, Arizona and South Australia, we are well positioned to capture the forecast higher long term copper prices. We expect first production and revenue from the Jansen Stage 1 potash project in mid-CY27. Following completion of our definitive updated cost estimate, at our recent Operational Review we announced an increase in Jansen Stage 1 project expenditure to US$8.4 bn.

Our Western Australia iron ore business continues to deliver for shareholders. WAIO achieved record first half production and shipments and we further strengthened our position as the world’s lowest cost major iron ore producer. We continue to invest in this business. We are adding a sixth rail car dumper at Port Hedland so trains can unload faster, supporting an uplift in sustainable volumes to >305 Mt.

At a Group level, we again delivered a safe, reliable half, with resilient margins and cash flows that support disciplined investment and strong shareholder returns. Underlying EBITDA increased 25% to US$15.5 bn with an Underlying EBITDA margin of 58%. Underlying Attributable profit also increased by more than 20% to US$6.2 bn. Underlying ROCE increased by around 3 percentage points to circa 24%.

Consistently strong cash generation and balance sheet strength remain hallmarks of BHP. We generated US$9.4 bn in operating cash and finished the half with net debt of US$14.7 bn, comfortably around the midpoint of our US$10–20 bn target range.

We determined an interim dividend of US 73 cents per share, equivalent to a 60% payout ratio, reflecting strong operating performance, disciplined capital allocation and confidence in our outlook.

Today, we announced the most valuable silver streaming agreement ever relating to our share of Antamina’s future silver production, which follows the agreement in December relating to our share of WAIO’s inland power consumption. These are examples of our active approach to capital portfolio and asset management, improving our financial flexibility and unlocking value. Together, these agreements will unlock over US$6 bn of cash. We see the potential to unlock up to a total of US$10 bn.

Looking ahead we expect circa 3% global economic growth in CY26. China’s economy is resilient after meeting its around 5% target last year. India continues to outperform. We are optimistic that the economic backdrop is supportive for our key commodities. Against a structurally higher cost environment, these conditions reinforce the importance of productivity and cost discipline and play to the strengths of BHP’s low cost, diversified portfolio.

Our growth pipeline sets BHP apart, both from expansion of our existing Tier 1 assets and exciting greenfield projects like Jansen, Vicuña and Resolution, and will allow us to deliver resilient returns through the cycle.”

Mike Henry, BHP Chief Executive Officer



Safety		Operational excellence

Maintaining strong safety performance		Operational records in copper and iron ore

Our High Potential Injury Frequency (HPIF)ⁱ declined 20% relative to H2 FY25 and is 67% lower now compared to HY20, demonstrating sustained, long-term improvement in safety performance. This has been driven by our continued investment in engineering controls, automation and expanding use of technology to identify hazards earlier and reduce risk exposure. Our safety performance is further enabled through the BHP Operating System (BOS).		We achieved record performance across many assets. At Escondida, record concentrator throughput underpinned strong production, even as grade declined. With our other copper assets also performing well, we have increased our FY26 Group copper production guidance, and Escondida’s FY27 production guidance. In iron ore, WAIO achieved record first half production and shipments, and record material mined, while strengthening our position as the lowest cost major iron ore producer globally.ⁱⁱ Group gold production increased, with record refined gold output at Copper SA (up 33%), while Group silver production increased 29%.

Financial results		Net cash tax paid

Attributable profit US$5.6 bn 28% HY25 US$4.4 bn		Net income tax and royalty-related taxation US$3.6 bn 5% HY25 US$3.4 bn

The significant increase in Attributable profit was driven by operational excellence and disciplined cost control, alongside average higher prices. Copper and Iron ore were standout performers with Underlying EBITDA marginsⁱⁱⁱ of 66% and 62% respectively. The Copper segment (Copper) contributed >50% of Group Underlying EBITDAⁱⁱⁱ for the first time.^iv		BHP continues to be one of the top three corporate taxpayers in Australia^v and one of the largest in Chile. Our global adjusted effective tax rateⁱⁱⁱ remains elevated at 36.6% (HY25: 36.4%) and is 43.0% (HY25: 44.2%) once revenue and production-based royalties are included.

Investing in growth		Shareholder value

Capital and exploration expenditureⁱⁱⁱ US$5.3 bn 1% HY25 US$5.2 bn		Fully franked interim dividend US$0.73 per share 60% payout ratio

We are continuing to invest in our sector-leading pipeline of organic growth projects at Jansen, Escondida, Copper SA and WAIO, which we expect will help drive our attributable copper equivalent (CuEq) production growth to a CAGR of 3 – 4% between FY27 – FY35.^vi		We have determined an interim dividend of US$3.7 bn, extending our track record of strong returns while also investing in growth. Including this dividend, we will have returned >US$110 bn to shareholders since the introduction of the Capital Allocation Framework in 2016.

BHP | Financial results for the half year ended 31 December 2025

Group financial performance

Earnings and margins

Operational records and strong prices result in record Copper EBITDA

Revenue

US$27.9 bn 11%

HY25 US$25.2 bn

Attributable profit

US$5.6 bn 28%

HY25 US$4.4 bn

Underlying attributable profitⁱⁱⁱ

US$6.2 bn 22%

HY25 US$5.1 bn

Profit from operations

US$12.3 bn 34%

HY25 US$9.1 bn

Underlying EBITDA

US$15.5 bn 25%

HY25 US$12.4 bn

Underlying EBITDA margin

58.4%

HY25 51.1%

Adjusted effective tax rate

36.6%

HY25 36.4%

FY26e 36 – 40%

Following another strong half of operational performance, Revenue increased US$2.7 bn primarily due to the significant increase in copper prices, and higher iron ore prices.

We remain focused on controlling costs and maintaining our attractive Underlying EBITDA margins relative to our competitors. This discipline enabled us to offset the unfavourable movements in exchange rates and inflation. Escondida and Copper SA delivered 16% and 53% reductions in unit costsⁱⁱⁱ respectively, supported by increased gold and silver by-product credits. WAIO strengthened its position as the lowest cost major iron ore producer globally.ⁱⁱ

Underlying EBITDA increased by 25%. Copper contributed 51% (HY25: 39%) of Group Underlying EBITDA, increasing to a record US$8.0 bn and representing the first time the majority of Group Underlying EBITDA was generated from Copper.

Our Underlying EBITDA margin increased 7 percentage points to 58%, building further on our track record of maintaining an Underlying EBITDA margin of over 50% on average over the last 25 years.^vii In Copper, we achieved an Underlying EBITDA margin of 66%, an increase of 12 percentage points.

For further details see Underlying EBITDA waterfall.

Our adjusted effective tax rate was broadly in line with HY25 at 36.6%. The adjusted effective tax rate for FY26 is expected to be within the guidance range of 36% to 40%.

Operating costs included US$1.4 bn of revenue or production-based royalties. Including these payments, our adjusted effective tax rate was 43.0% (HY25: 44.2%). For further details see Adjusted effective tax rate.

Supported by disciplined cost control and strong operational performance, together with higher prices for key commodities, we recorded Underlying attributable profit of US$6.2 bn.

For further details see Note 2 – Exceptional items and Note 9 – Significant events – Samarco dam failure.



		Detailed financial information is included in Appendix 1

BHP | Financial results for the half year ended 31 December 2025

Cash flow and balance sheet

A solid balance sheet and strong cash flow generation support long-term shareholder value growth

Net operating cash flow

US$9.4 bn 13%

HY25 US$8.3 bn

Capital and exploration expenditure

US$5.3 bn 1%

HY25 US$5.2 bn

FY26e ~US$11 bn^viii

Free cash flowⁱⁱⁱ

US$2.9 bn 10%

HY25 US$2.6 bn

Net debtⁱⁱⁱ

US$14.7 bn

FY25 US$12.9 bn

HY25 US$11.8 bn

Gearing ratioⁱⁱⁱ

20.9%

FY25 19.8%

HY25 19.2%

Net operating cash flow increased 13% predominantly due to higher realised copper and iron ore prices. This included an offsetting increase in working capital of ~US$2.3 bn, primarily as a result of larger receivables driven by higher copper prices.

Free cash flow increased 10% to US$2.9 bn, after investing US$5.3 bn in capital and exploration projects.

This included investing US$2.4 bn in Copper as we advance our significant pipeline of organic growth projects in Chile and South Australia. We also invested US$1.0 bn in potash in Canada, as we progress the Jansen project to first production in mid-CY27.

Capital and exploration expenditure guidance remains unchanged at ~US$11 bn per annum in FY26 and FY27, and ~US$10 bn on average each year between FY28 and FY30.^viii

Vicuña, our joint venture with Lundin Mining on the Argentina-Chile border, expects to spend ~US$800 m (100% basis) in CY26 to advance project studies and mine plan optimisation and to prepare the project for a potential Stage 1 final investment decision (FID) by ~CY26. Today, Vicuña released updated studies that reinforce the scale of the resource and the opportunity to develop a top global copper, gold and silver producing asset.

After investing in line with our Capital Allocation Framework, our net debt increased by US$1.8 bn from 30 June 2025 to US$14.7 bn reflecting:

•

Payment of dividends to BHP shareholders of US$3.1 bn, and to non-controlling interests of US$1.0 bn; and

•

US$1.0 bn in Samarco settlement obligations (BHP equity share) related to the Brazil Agreement. The Samarco settlement obligations related to the Brazil Agreement are expected to decline to ~US$0.6 bn in FY27.

Our balance sheet remains strong. Today, we announced a silver streaming agreement for which we will receive an upfront cash payment of US$4.3 bn. We also expect to realise US$2 bn from the innovative agreement we announced with Global Infrastructure Partners linked to BHP’s share of WAIO’s power consumption. Both transactions are expected to complete in H2 FY26. We see the potential to unlock up to US$10 bn through active capital portfolio and asset management.

Our net debt target range remains unchanged at between US$10 bn and US$20 bn.

Our global credit ratingsix also remained unchanged in HY26. 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

BHP | Financial results for the half year ended 31 December 2025

Value and returns

Strong operating cash flow enables investment in the business and excellent shareholder returns

Interim dividend

73 US cps

Fully franked

60% payout ratio

Underlying return on capital employed (ROCE)ⁱⁱⁱ

23.6%

HY25 20.4%

Earnings per share – basic

111.1 US cps

HY25 87.1 US cps

Earnings per share – Underlyingⁱⁱⁱ

122.2 US cps

HY25 100.2 US cps

Our operations continued to generate very strong Underlying ROCE, with our largest assets, Escondida and WAIO, delivering 48% and 43% respectively.

An interim dividend of US$0.73 per share (US$3.7 bn) has been determined, equivalent to a 60% payout ratio, with a payment date to shareholders of 26 March 2026.

This extends our track record of strong returns while balancing investment in growth. Including the HY26 interim dividend determined, we will have returned >US$110 bn to shareholders since the introduction of the Capital Allocation Framework in 2016.

Important dates for shareholders

BHP’s Dividend Reinvestment Plan (DRP) will operate in respect of the interim dividend. Full terms and conditions of the DRP and details about how to participate can be found at: bhp.com/DRP



Events in respect of the interim dividend	Date

Announcement of currency conversion into RAND		2 March 2026

Last day to trade cum dividend on Johannesburg Stock Exchange (JSE)		3 March 2026

Ex-dividend Date JSE		4 March 2026

Ex-dividend Date Australian Securities Exchange (ASX) and London Stock Exchange (LSE)		5 March 2026

Ex-dividend Date New York Stock Exchange (NYSE)		6 March 2026

Record Date		6 March 2026

Announcement of currency conversion into AUD, GBP and NZD		9 March 2026

DRP and Currency Election date		9 March 2026	¹

Payment Date		26 March 2026

DRP Allocation Date2		13 April 2026

1	5:00 pm AEDT.

2	Allocation dates may vary between registers but all allocations will be completed on or before 13 April 2026.

Shareholders registered on the South African branch register will not be able to dematerialise or rematerialise their shareholdings between the dates of 3 March 2026 and 6 March 2026 (inclusive), and transfers between the Australian register and the South African branch register will not be permitted between the dates of 2 March 2026 and 6 March 2026 (inclusive). American Depositary Shares (ADSs) each represent two fully paid ordinary shares and receive dividends accordingly.

Any eligible shareholder who wishes to participate in the DRP, or to vary a participation election should do so before 5.00 p.m. (AEDT) on 9 March 2026, or, in the case of shareholdings on the South African branch register of BHP Group Limited, in accordance with the instructions of your CSDP or broker. The DRP Allocation Price will be calculated in each jurisdiction as an average of the price paid for all shares actually purchased to satisfy DRP elections. The DRP Allocation Price applicable to each exchange will be made available at: bhp.com/DRP

BHP | Financial results for the half year ended 31 December 2025

Economic outlook^x

Commodities experienced healthy demand in H2 CY25, supported by fiscal policies and improving market confidence. Combined with ongoing supply constraints, this resulted in strong pricing for metals and minerals markets.

The International Monetary Fund (IMF) puts global growth at 3.3% in CY25, reflecting milder tariff impacts and supportive monetary and fiscal policies. Growth in CY26 is projected at around 3.0% with fiscal and monetary policy in major economies continuing to support commodity demand.

China achieved its official growth target of “around 5%” in CY25, supported by proactive fiscal measures and resilient exports. As expected, momentum slowed in the second half of the year, most notably in property construction, and in manufacturing and infrastructure investment. Looking ahead, the 15th Five-Year Plan (CY26 - CY30) is expected to lift domestic household demand and prioritise technological development – with the consequent structural rebalancing of the economy providing further demand support for metals critical to electrification and decarbonisation.

India’s economy outperformed in CY25, with GDP growth exceeding 7%, driven by solid household demand and investment. We believe momentum will continue into CY26, supported by infrastructure spending, expanding manufacturing capacity, and improving financial conditions.

Commodity demand

While policy and geopolitical uncertainty persisted through CY25, commodity demand was robust. The market’s concern with trade policy early in the year did lead to some front-loading of demand.

In China, supportive policy measures in CY25 underpinned steel and metals-related manufacturing activity, particularly in transport and machinery, which helped to offset ongoing housing sector weakness and the slowdown in infrastructure investment. China’s trade surplus surpassed US$1 Tn in CY25 for the first time, as strong exports to global markets offset weaker shipments to the United States. Steel exports provided support to China’s production and more than offset the slight decline in domestic steel demand. China’s copper demand growth was a particularly robust 8.8% in H1 CY25 and CY26 copper demand is expected to remain strong off its current high base. Seaborne iron ore demand is expected to stabilise at a high level in CY26, while seaborne metallurgical coal demand could recover modestly driven by India and developing economies.

Indian commodity demand continues to grow strongly, driven by broad-based sectoral growth and underpinned by the ongoing capacity additions in the steel and metals value chain (e.g. blast furnaces in steel, smelting and refining in copper).

Over the long term, population growth, urbanisation, rising living standards, and the infrastructure required for digitisation and decarbonisation are all expected to drive demand for steel and copper. Growing global population and rising incomes will shift dietary patterns and the need to improve soil productivity, underpinning long-term potash demand.

For the review and outlook relating to our individual commodities please refer to the relevant sections below.

Costs and inflation

Cost pressures have been mixed across our operations, with upward pressure emerging in several key categories. In Australia, inflation has increased above the Reserve Bank of Australia’s (RBA)’s 2–3% target range, reflecting a broad-based rise in cost pressures as well as the temporary impact of the withdrawal of electricity subsidies. In Chile, inflation has eased in recent months and is expected to reach the Central Bank’s 3% target in Q1 CY26. In Canada, consumer inflation has stabilised at around 2%, although industrial construction costs continue to rise sharply, increasing by over 12% over the past two years in Saskatoon.

Labour market conditions have evolved unevenly across regions. In Australia, labour market conditions have eased, and wage growth has largely normalised to long-run averages. In Canada, labour demand is expected to remain subdued through to mid-CY26, reflecting ongoing tariff-related economic headwinds. In Chile, labour conditions within the mining sector remain volatile, with employment reaching a record high at the start of H2 CY25 before easing in recent months. At the same time, we expect ongoing regulatory changes to add to cost pressures, particularly through higher labour costs in the coming years.

Other inputs costs have been mixed. Average diesel prices have remained relatively stable. In contrast, ammonia has rebounded after bottoming out early in H2 CY25, while sulphuric acid prices remain elevated.

Overall, these dynamics point to a structurally higher cost environment compared to pre-COVID norms. This reinforces the importance of productivity and cost discipline, while highlighting the competitive advantage of low-cost, diversified producers in a market where price support levels have shifted upward.

BHP | Financial results for the half year ended 31 December 2025

Segment and asset performance



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

Copper



Production		Commodity review and outlook

984 kt 0% HY25 987 kt FY26e 1,900 – 2,000 kt		The average copper price reached record nominal highs in H2 CY25 and finished the period close to US$12,500/t (US$5.67/lb). Prices averaged just over US$10,400/t (US$4.72/lb) in H2 CY25 (up 13%) with large supply disruptions at major copper mines and the threat of tariffs providing positive price momentum.

Average realised price US$5.28/lb 32% HY25 US$3.99/lb		Global demand increased 2.1% in CY25 relative to CY24. Chinese copper demand was particularly strong in H1 CY25. Demand slowed toward the end of CY25 as front-loading of demand ahead of US reciprocal tariffs and stimulus programs waned. Chinese demand is expected to remain strong in CY26 and OECD demand is expected to gather momentum. Indian demand is expected to continue the strong growth experienced in CY25.

Underlying EBITDA US$8.0 bn 59% HY25 US$5.0 bn		Given the strong demand outlook, combined with the impact of disruptions at our competitor’s mines, grade declines and the slow mine development pipeline, we anticipate a continued tight copper market over the next few years.

51% contribution to the Group’s Underlying EBITDA 66% Underlying EBITDA margin		The supply shortfall is expected to be addressed through a combination of greater scrap generation (although trade barriers, the fragmented supply-chain and rising collection costs could act as a constraint), recovery in currently disrupted mine operations and new mine supply. However, the market still requires 10 Mt of additional, as-yet-uncommitted new supply, to be able to balance by CY35.

Underlying ROCE 22% HY25 13% Capital and exploration expenditure US$2.4 bn HY25 US$2.2 bn FY26e ~US$5.1 bn		Copper fundamentals remain attractive. Demand is expected to grow from ~34 Mt today to >50 Mt by CY50, with the key drivers being ‘Traditional’ economic growth (home building, electrical equipment and household appliances), ‘Energy Transition’ (renewables and electric vehicles) and ‘Digital’ (Artificial Intelligence and Data Centres). Growth potential for ‘Digital’ is promising – we believe that copper demand in Data Centres could grow sixfold to nearly 3Mtpa in CY50. We anticipate that the cost curve for the mines needed to meet this demand is likely to steepen as both operational and development challenges progressively increase.
		Segment outlook We continue to deliver strong performance across all operated copper assets, with copper production up ~30% in the last four years. In HY26, total Copper Underlying EBITDA increased by 59% to a record US$8.0 bn (HY25: US$5.0 bn). Copper contributed 51% of the Group’s HY26 Underlying EBITDA (HY25: 39%); the first timeiv it has contributed the majority of Group Underlying EBITDA. This was supported by strong contributions from by-products at Copper assets, with 259 koz of gold, 8.9 Moz of silver and 1.5 kt of uranium sales across the portfolio in the half, delivering total revenue of US$2.1 bn, up 46% from HY25. We increased Group copper production guidance to between 1,900 and 2,000 kt for FY26 (from between 1,800 and 2,000 kt previously). We have a significant pipeline of organic copper growth projects which we estimate could increase our attributable copper production to ~2 Mtpa (~2.5 Mtpa CuEq) by FY35;xi an increase of ~40% above current attributable copper production levels.

BHP | Financial results for the half year ended 31 December 2025


		These include:

		• In Chile, we expect our growth projects at Escondida and Pampa Norte assets will enable copper production in Chile of ~1.4 Mtpa on average through the 2030s. 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. • In South Australia, we continue to develop the portfolio of projects that we expect to deliver >500 ktpa of copper production (~750 ktpa CuEq) for the first phase and contribute to the strategy to deliver up to 650 ktpa copper production (towards ~1 Mtpa CuEq) from the 100%-owned Copper SA in the second phase.xii We expect the first phase growth projects at our mines and concentrators to be at competitive capital intensities of US$16 – 21k/t CuEq. • In Peru, we hold a 33.75% share in Antamina, a top 10 global copper producer.xiii Antamina is expected to produce between 140 and 150 kt in FY26. • In South America, today Vicuña released a Technical Assessment Report (including an updated mineral resource estimate) on the Vicuña project, which reinforces the scale of the resource and the opportunity to develop a top global copper, gold and silver producing asset. The integrated Technical Assessment Report is included in this document following the Financial Statement and Non-IFRS Financial Information. The Josemaria and Filo deposits are estimated to have a combined total of ~47 Mt copper, ~97 Moz gold and ~1.8 Boz silver. Based on the study estimates, Vicuña would have first quartile cash costs, and potential to produce >500 ktpa of copper, >0.8 Mozpa of gold and >20 Mozpa of silver (~800 ktpa CuEq) in peak production years. Vicuña expects to spend ~US$800 m (100% basis) in CY26 to advance project studies, mine plan optimisation and to complete access road construction. Development of the Stage 1 mill, with initial production from the Josemaria deposit, would set up the district for development of Filo in Stages 2 and 3 later in the 2030s. • We also have a 45% interest in the Resolution Copper Project in the United States, one of the largest undeveloped copper projects in the world, with the potential to become a significant copper producer in North America. The divestment of the Carajás assets is now expected to close in H1 CY26, subject to the satisfaction of customary closing conditions (including regulatory approvals).

BHP | Financial results for the half year ended 31 December 2025

Escondida



Copper production	Unit cost^1,2	Underlying EBITDA

646 kt 0%	US$1.12/lb 16%	US$5.6 bn 63%

HY25 644 kt	HY25 US$1.33/lb	HY25 US$3.5 bn

FY26e 1,200 – 1,275 kt	FY26e US$1.20 – US$1.50/lb

FY27e 1,000 – 1,100 kt	Medium-term⁴US$1.50 – US$1.80/lb

Medium-term³ 900 – 1,000 ktpa

1	Based on exchange rates of: HY26 USD/CLP 947 (realised); HY25 USD/CLP 947 (realised); FY26 and medium-term USD/CLP 940 (guidance).

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

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

4	Medium-term refers to an average for FY27 – FY31.

Financial performance

Underlying EBITDA increased 63% driven by higher realised copper, gold and silver prices, which had a favourable impact of US$2.1 bn (net of price linked royalties).

Increased by-product credits and continued management focus on delivering incremental cost productivity has delivered a 16% reduction in unit costs.

Asset outlook

Continued strong operational performance, driven by record concentrator throughput in HY26 and improved recoveries underpinned the increase for FY26 production guidance to between 1,200 and 1,275 kt (from between 1,150 and 1,250 kt previously). Concentrator feed grade for FY26 is expected to be between 0.85% and 0.90% (from ~0.85% previously). FY26 unit cost guidance remains unchanged at between US$1.20/lb and US$1.50/lb,^xiv with unit costs expected to be at the bottom end of the range.

As a result of the strong operational performance and ongoing mine plan and productivity improvements, production guidance for FY27 is now expected to be between 1,000 and 1,100 kt (compared to the medium-term guidance range of between 900 and 1,000 ktpa). These outcomes reflect the effectiveness of BOS in generating incremental improvement in performance. Medium term guidance remains between 900 – 1,000 ktpa for FY28 to FY31, with grade <0.80%.

The increase in FY26 and FY27 production guidance ranges, combined with the extension of medium-term production guidance to FY31 relative to plans outlined at the Chilean copper site tour in November 2024, have generated opportunities to create >500 kt of incremental copper volumes over this period. These include several low capital intensity productivity initiatives across the Laguna Seca concentrators and the Los Colorados life extension beyond FY29 and subsequent demolition to allow earlier access to high grade PL2 zone ore, which are aimed at offsetting the impact of this extension.

The Escondida New Concentrator remains central to the Escondida growth program and the DIA permit application for the new concentrator remains on track for submission in H2 FY26. The new concentrator is expected to deliver an additional 220 – 260 ktpa of copper volumes and remains on track for a potential FID by CY27-28, and first production by CY31-32. This is expected to be delivered with a competitive capital intensity of US$15 – 21k/t CuEq and IRR of 13 – 16%.^xv

Full SaL, a BHP designed leaching technology which has already been successfully deployed at Spence, delivered first production during FY25 and contributed 28 kt in HY26. We expect Full SaL to produce ~410 kt in copper cathodes at Escondida over a 10-year period through improved recoveries and shorter leach cycle times. We also continue to study various leaching technologies, with each at different stages of evaluation.

BHP | Financial results for the half year ended 31 December 2025

Pampa Norte



Spence copper production	Spence unit cost^1,2	Underlying EBITDA

114 kt 10%	US$2.05/lb 2%	US$0.7 bn 22%

HY25 126 kt	HY25 US$2.01/lb	HY25 US$0.5 bn

FY26e 230 – 250 kt	FY26e US$2.10 – US$2.40/lb

Medium-term ~235 ktpa	Medium-termUS$2.05 – US$2.35/lb

1	Based on exchange rates of: HY26 USD/CLP 947 (realised); HY25 USD/CLP 947 (realised); FY26 and medium-term USD/CLP 940 (guidance).

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

Financial performance

Underlying EBITDA increased 22% driven by higher realised copper and silver prices, which had a favourable impact of US$0.3 bn. This was partially offset by lower sales volumes in line with planned lower cathode production and the deferral of sales volumes to H2 FY26 due to port swells.

Unit costs at Spence increased by 2% due to lower sales volumes, partially offset by increased by-product credits.

Asset outlook

Production guidance at Spence for FY26 remains unchanged at between 230 and 250 kt. Production is expected to average ~235 ktpa over the next five years, driven by ore mineralogy as we transition into the deeper hypogene mineral deposits of the orebody. FY26 unit cost guidance also remains unchanged at between US$2.10/lb and US$2.40/lb.xiv

Since the Chilean copper site tour in November 2024, we have continued to advance options to debottleneck the Spence concentrator to further lift throughput and recoveries, which we are progressing at pace. We plan to invest in upgraded flotation cells utilising a combination of conventional and new technologies, which are expected to enable improved processing and recoveries from the more complex ore characteristics in the orebody. This could potentially increase copper production by 10 – 15 ktpa and FID for this project is now expected in HY27.

We continue to test the implementation of BHP’s Simple Approach to Leaching 2 (SaL2) technology at the sulphide leach pad, enabling processing of hypogene ores and utilising latent capacity in the cathode infrastructure.

Cerro Colorado entered temporary care and maintenance in December 2023 and we are continuing to study the application of BHP’s Full SaL leaching technology to potentially restart operations in the future.

BHP | Financial results for the half year ended 31 December 2025

Copper South Australia



Copper production	Unit cost^1,2	Underlying EBITDA

148 kt 2%	US$0.74/lb 53%	US$1.3 bn 69%

HY25 145 kt	HY25 US$1.57/lb	HY25 US$0.7 bn

FY26e 310 – 340 kt	FY26e US$1.00 – US$1.50/lb

1	Based on exchange rates of: HY26 AUD/USD 0.66 (realised); HY25 AUD/USD 0.66 (realised); FY26e AUD/USD 0.65 (guidance) and prices for by-products of: gold US$2,900/oz, and uranium US$70/lb (guidance).

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

Financial performance

Underlying EBITDA increased 69% to US$1.3 bn, the second consecutive half >US$1 bn, predominantly as a result of higher average realised prices for copper and gold, which had a favourable impact of US$0.5 bn (net of price linked royalties).

Record refined gold production of 113 koz supported the 3% increase in gold sales.

Asset outlook

Production guidance for FY26 remains unchanged at between 310 and 340 kt, weighted to the second half. FY26 unit cost guidance also remains unchanged at between US$1.00/lb and US$1.50/lb.xiv

Since the integration of Carrapateena and Prominent Hill, Copper SA has consistently delivered >310 ktpa copper production (>450 ktpa CuEq including gold, silver and uranium production), and strong free cash flow. This operational stability driven by BOS provides a strong foundation to invest in the business, with growth programs now advancing at all assets.

•

At Prominent Hill, we have made strong progress with the Operation Expansion (PHOX) project since the shaft sinking was completed in Q4 FY25. The project remains on track to be completed in H2 FY27 for a total investment of ~US$0.9 bn. The Wira shaft hoisting system is expected to extend the mine life to at least 2040.

•

At Carrapateena, the decline towards the base of the block cave is now 95% complete. The project is expected to extend the mine life beyond the existing sub-level cave and increase throughput up to 12 Mtpa, ramping up from FY29.

•

At Olympic Dam, the Southern Mining Area Decline continues to progress with the completion of the box cut and the commencement of lateral development. 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 FY28.

•

In HY28, we plan to complete a planned Smelter Campaign Maintenance (SCM27) following an extended six-year campaign life. This campaign maintenance will include scope to enable the tie-in of the potential Smelter and Refinery Expansion (SRE).

At Oak Dam, we have 4 active drill rigs currently in operation. We are seeking government approvals to begin execution activities on twin underground access declines.

During HY26, we continued to study the SRE option and we remain on track for a potential FID in CY27. The first phase 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, supported by expected production growth from Carrapateena and Olympic Dam. We expect the first phase growth projects at our mines and concentrators to be at competitive capital intensities of US$16 – 21k/t CuEq. The second phase of the expansion would increase capacity to align with potential further growth from Olympic Dam (including OD Deeps) and Oak Dam.

BHP | Financial results for the half year ended 31 December 2025

Iron ore


Production		Commodity review and outlook

134 Mt 2% HY25 131 Mt FY26e 258 – 269 Mt Average realised price (WAIO) US$84.71/wmt 4% HY25 US$81.11/wmt Underlying EBITDA US$7.5 bn 4% HY25 US$7.2 bn 48% contribution to the Group’s Underlying EBITDA 62% Underlying EBITDA margin Underlying ROCE (WAIO) 43% HY25 44% Capital and exploration expenditure (WAIO) US$1.6 bn HY25 US$1.4 bn FY26e ~US$3.3 bn		Iron ore prices (Argus 62% Fe Fines CFR China) averaged US$102/dmt CFR in CY25, 7% lower than CY24, as supply growth outpaced demand and contributed to a steady buildup in Chinese port inventories. Pricing momentum strengthened in H2 CY25, supported by higher blast furnace operating rates and renewed market expectations of further government policy support. Chinese demand remained resilient with steel production estimated to have remained around 1 Bt for the seventh successive year, supported by strong steel exports and solid manufacturing demand, particularly from the automobile and machinery sectors. These factors helped offset ongoing structural weakness in the real estate sector – which we expect to persist in CY26. Iron ore demand in the rest of the world was mixed. Demand from India and emerging Asian economies continued to grow alongside new blast furnace capacity additions, while demand in mature markets was subdued. Looking ahead, global iron ore and steel demand is expected to remain broadly stable in the short term, with the rising trade protectionism remaining a risk to demand – though we anticipate this to result in higher costs and trade re-routing rather than demand destruction. Seaborne iron ore demand is expected to plateau at the current high level over the next few years, with slight reductions in China offset by growth from emerging economies and a mild recovery from Europe – driven by the Carbon Border Adjustment Mechanism (CBAM). Seaborne iron ore supply is expected to increase, with the majors’ established production bases showing modest growth, alongside the new supply from Guinea. Rising Indian domestic demand is expected to act as a constraint on its iron ore exports going forward. Our estimate of cost support continues to sit in the US$80-100/dmt range on a 62% Fe CFR basis, formed by ~180 Mt of higher cost supply, mainly from Chinese domestic mines, Australian junior miners, Indian high-cost producers and some African producers. We maintain our view that China’s steel production will plateau around the 1 Bt level in the late 2020s. Chinese pig iron production is expected to decline mildly over this period as less iron ore is displaced by scrap than previously expected. A critical source of scrap is the property sector where sectoral weakness is constraining scrap generation. In the long run, the seaborne iron ore trade is likely to undergo steady diversification as demand grows in emerging economies.
		Segment outlook Over the last 6 years, we have remained the lowest cost major iron ore producer globally and are focused on extending our industry leading cost position at WAIO.ii During this period, we have completed many low capital intensity projects on time and on budget. The Car Dumper 3 (CD3) renewal was delivered in Q1 FY26, ahead of schedule. We are also progressing the Western Ridge Crusher project and it remains on track for completion in Q1 FY27. These projects have created resilience and reliability across our operations. We plan to increase production to >305 Mtpa (100% basis) by the end of FY28 and sustain it over the medium term, with unit costs expected to decrease to <US$17.50/t at WAIO. The sixth car dumper (CD6) (and associated infrastructure) was sanctioned in August 2025 and execution has commenced. In Brazil, the Samarco Board approved the phase 3 concentrator project in HY26. 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.

BHP | Financial results for the half year ended 31 December 2025

Western Australia Iron Ore



Iron ore production	Unit cost^1,2	Underlying EBITDA

130 Mt 1%	US$19.41/t 7% C1 US$17.66/t³	US$7.5 bn 5%

HY25 128 Mt	HY25 US$18.19/t	HY25 US$7.1 bn

FY26e 284 – 296 Mt (100% basis)	FY26e US$18.25 – US$19.75/t

Medium-term >305 Mtpa (100% basis)	Medium-term<US$17.50/t

1	Based on exchange rates of: HY26 AUD/USD 0.66 (realised); HY25 AUD/USD 0.66 (realised); FY26 and medium-term AUD/USD 0.65 (guidance).

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

C1 unit costs for HY25 were US$17.50/t. WAIO C1 unit cost excludes third party royalties of US$2.23/t (HY25: US$1.54/t), net inventory movements US$(1.68)/t (HY25: US$(1.12)/t), depletion of production stripping US$0.93/t (HY25: US$0.95/t), combined with exploration expenses, marketing purchases, demurrage, exchange rate gains/losses, and other income US$0.27/t (HY25: US$(0.68)/t).

Financial performance

Underlying EBITDA increased 5% primarily due to:

•

Higher average realised prices for iron ore, which increased 4%; and

•

Record first half shipments and production (run-rate 300 Mtpa on a 100% basis, adjusting for the outage due to the renewal of CD3) as a result of strong supply chain performance across our mine, rail and port operations.

WAIO strengthened its industry leading cost positionii with a C1 unit cost of US$17.66/t. The increase in costs was primarily due to record material mined (up 9%) to enhance our inventory position across the value chain.

Asset outlook

Production guidance for FY26 remains unchanged at between 284 and 296 Mt (100% basis). FY26 unit cost guidance is also unchanged at between US$18.25/t and US$19.75/t.^xiv

We have commenced the execution of CD6 and related infrastructure at Port Hedland, which we expect will create 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 and also improve our ore blending and screening capability at the port.

Sustained production of >305 Mtpa (100% basis) over the medium term is expected to be supported by increased rail operation capacity created by the Rail Technology Programme (RTP1) and the Western Ridge Crusher project which replaces production from the depleting orebodies around Newman (first production Q1 FY27; capital intensity of US$38/t). We expect average annual sustaining capital expenditure guidance over the medium term to be ~US$6.50/t,xvi excluding costs associated with CD6, operational decarbonisation and automation programs. Ministers North (expected to utilise the existing Yandi infrastructure) remains on track for potential FID in FY26.

With record material mined, improving rail and port infrastructure, and strong resource optionality (via Ministers North and Jinidi), we have a potential pathway to grow WAIO beyond 305 Mtpa (100% basis) should market conditions be 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 200 Mt 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.

BHP | Financial results for the half year ended 31 December 2025

Samarco



Iron ore production		Samarco settlement cash impact

4.0 Mt 48%		US$1.0 bn

HY25 2.7 Mt¹		FY26e² ~US$2.2 bn

FY26e 7 – 7.5 Mt		FY27e² ~US$0.6 bn

1	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.

2	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 48% to 4.0 Mt (8.0 Mt on a 100% basis), as a result of stronger performance at the second concentrator following ramp up, and higher feed grades and recoveries.

Production guidance for FY26 remains unchanged between 7.0 and 7.5 Mt (14 and 15 Mt on a 100% basis), with production expected to be in the upper half of the range and planned maintenance in the second half.

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).

Since 2015, BHP Brasil, Vale and Samarco have provided US$15.6 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 ~625,000 people who have received ~US$6.5 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% 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 has processed nearly all claims under the Definitive Indemnity Program (PID), established as part of the Brazil Agreement, and had paid ~301,000 claims as at 31 December 2025.

The Samarco dam failure provision stands at US$5.3 bn as at 31 December 2025, down from US$5.8 bn at 30 June 2025. This reflects the net impact of spend over the year, depreciation of the BRL/USD, 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 9 – Significant events – Samarco dam failure for the Samarco dam failure provision.

BHP | Financial results for the half year ended 31 December 2025

Coal


Production		Commodity review and outlook – Steelmaking coal

Steelmaking coal 9.2 Mt 2% HY25 8.9 Mt FY26e 18 – 20 Mt Energy coal 8.1 Mt 10% HY25 7.4 Mt FY26e 14 – 16 Mt Average realised price Steelmaking coal US$188.58/t 9% HY25 US$206.37/t Energy coal – export US$95.76/t 23% HY25 US$124.42/t Underlying EBITDA US$0.2 bn 60% HY25 US$0.6 bn 1% contribution to the Group’s Underlying EBITDA 9% Underlying EBITDA margin Capital and exploration expenditure US$0.2 bn HY25 US$0.3 bn FY26e ~ US$0.5 bn		Though lower against the same period last year, steelmaking coal prices rebounded by 4% from H1 CY25 to H2 CY25, with Prime Low Volatile Hard Coking Coal averaging US$192/t FOB. The recovery was supported by strong Indian coal demand and reduced Chinese domestic coal production in H2 CY25. New blast furnace capacity additions in India and coke import restrictions reinforced India’s position as the largest seaborne steelmaking coal importer and as the price setter in the global seaborne steelmaking coal market. Chinese controls on domestic coal supply supported seaborne imports in H2 CY25. Australia’s steelmaking coal exports in CY25 are estimated to have declined by over 20% from the peak levels recorded in CY16. Recovery is slower than anticipated amidst years of underinvestment. US supply is expected to increase as restarted/ramp-up capacity comes online. Metallurgical coal market fundamentals are expected to remain broadly balanced over the next two years, with demand growth driven by India and emerging Asian economies, met by gradual supply recovery from Australia and the US. Chinese policy toward domestic coal supply remains a key uncertainty for the market. Over the longer term, we expect that high quality steelmaking coals, such as those produced by BMA, will be valued for their role in reducing the greenhouse gas emission intensity of blast furnaces. In addition, we expect robust hard coking coal imports from emerging economies such as India to lead to growing and resilient demand for high quality steelmaking coal for decades. Queensland remains the major seaborne supplier. There is a risk of increasingly constrained supply with coals of the highest quality becoming increasingly scarce overtime. Segment outlook Over the last few years, we have strategically refined our coal portfolio to focus on higher-quality steelmaking coal and BMA remains one of the largest suppliers of this higher-quality coal in the seaborne market.^xvii To deliver on our medium-term operational targets at BMA, we are focused on rebuilding raw coal inventory levels into CY27 and normalising strip ratios, while further improving labour and fleet productivity. At New South Wales Energy Coal (NSWEC) we are progressing 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 post mining land use, and supporting the community as it prepares for closure of the operation.

BHP | Financial results for the half year ended 31 December 2025

BMA



Steelmaking coal production	Unit cost^1,2	Underlying EBITDA

9.2 Mt 2%	US$128.19/t 0%	US$0.3 bn 34%

HY25 8.9 Mt	HY25 US$128.46/t	HY25 US$0.4 bn

FY26e 36 – 40 Mt (100% basis)	FY26e US$116 – US$128/t

Medium-term 43 – 45 Mtpa (100% basis)	Medium-term<US$110/t

1	Based on exchange rates of: HY26 AUD/USD 0.66 (realised); HY25 AUD/USD 0.66 (realised); FY26 and medium-term AUD/USD 0.65 (guidance).

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

Financial performance

Underlying EBITDA decreased by US$134 m, predominately driven by lower average realised prices for steelmaking coal, which had an unfavourable impact of US$115 m (net of price linked royalties).

The lower prices offset strong operational performance across the open cut mines which was underpinned by the highest first half of stripping volumes in five years (an increase of 12%). This increases access to coal in the short term and enables stabilised strip ratios and inventory levels in the medium to long-term.

Against a backdrop of the material impact of the Queensland Government’s coal royalties on business returns, BMA is taking further action to reduce costs, such as placing Saraji South into care and maintenance in Q2 FY26 and removing ~750 roles across Queensland.

Asset outlook

Production guidance for FY26 remains unchanged at between 18 and 20 Mt (36 and 40 Mt on a 100% basis), with production expected to be in the lower half of the range due to ongoing geotechnical challenges at Broadmeadow, impacts from Tropical Cyclone Koji and the transition of Saraji South into care and maintenance. Correspondingly, unit cost guidance for FY26 also remains unchanged at between US$116/t and US$128/t,xiv with unit costs expected to be in the upper half of the range.

Our focus on improving value chain stability will continue into CY27 as we continue to rebuild raw coal inventory to sustainable levels and normalise strip ratios.

Over the medium term, our plan to increase production to between 21.5 and 22.5 Mtpa (43 and 45 Mtpa on a 100% basis) remains unchanged and we have plans to reduce unit costs to <US$110/t.^xiv

BHP | Financial results for the half year ended 31 December 2025

New South Wales Energy Coal



Energy coal production		Underlying EBITDA

8.1 Mt 10%		US$0.04 bn 75%

HY25 7.4 Mt		HY25 US$0.17 bn

FY26e 14 – 16 Mt

Financial performance

Underlying EBITDA decreased US$125 m, primarily reflecting lower average realised prices for energy coal. This was partially offset by higher sales volumes in line with strong production and progression into lower strip ratio areas as part of the pathway to closure in FY30.

NSWEC continues to focus on operating cost discipline to maximise value while meeting closure commitments for stakeholders.

Asset outlook

Production guidance for FY26 remains unchanged at between 14 and 16 Mt, with production expected to be in the upper half of the range.

We are engaging closely with key stakeholders as part of the Mt Arthur Coal closure planning. Mt Arthur has partnered with neighbouring operator, Malabar Resources, to place NSWEC tailings in an existing mine void at Malabar’s Maxwell Underground site, removing the need to expand the above-ground Tailings Storage Facility at NSWEC. To support this arrangement, Mt Arthur Coal will also transfer a select parcel of land and tenure to Malabar.

BHP | Financial results for the half year ended 31 December 2025

Group & Unallocated

Potash


Capital and exploration expenditure US$1.0 bn HY25 US$0.9 bn FY26e ~US$1.9 bn		Commodity review and outlook
		Potash prices averaged ~US$340/t FOB Vancouver in H2 CY25, about 30% higher than the prior year, driven by strong demand in Southeast Asia and China. The annual CY26 China potash import price was settled at US$348/t, US$2/t above the CY25 price and earlier than usual, setting a positive tone for prices into H1 CY26.
		Potash demand reached a new all-time high of ~75 Mt in CY25, driven by double-digit growth in Southeast Asia, good affordability (potash is the most affordable of all fertilisers) and stock-building.
		Belarusian supply has largely returned to CY24 levels. We expect the unwinding of US sanctions on Belarusian supply to result in trade-flow rebalancing.

		Longer term, we believe potash benefits from attractive demand fundamentals from the intersection of several global megatrends: rising population, changing diets and the need for more sustainable and efficient use of arable land for agriculture.

		Business outlook

		In January, BHP completed a detailed review of Jansen Stage 1 (JS1)’s cost and schedule estimates and confirmed that the total investment estimate for JS1 has increased to US$8.4 bn (including contingencies) from the preliminary updated estimated range of US$7.0 bn to US$7.4 bn (including contingencies) announced in July 2025. BHP has implemented a response plan to address cost and schedule risks for JS1 which has improved productivity, strengthened project management and enhanced oversight of execution contracts. This plan is supporting sustained efficiency gains in the delivery of JS1 to completion.

		We continue to advance construction of Jansen Stage 2 (JS2) in parallel and will implement the project execution improvements identified in the detailed review of JS1.

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

Jansen Stage 1


Progress	Production target date	Project expenditure

75%	Mid-CY27	US$8.4 bn

JS1 is 75% complete. First production is expected to be achieved in mid-CY27, in line with the original schedule, followed by a two-year ramp up period. In the coming months, we expect to complete the skip load commissioning in the service shaft, and continue with the assembly of underground equipment, product storage building and construction of wet and dry mill areas.

Jansen Stage 2


Progress	Production target date	Project expenditure

14%	FY31	Under review – update expected in Q4 FY26

JS2 is 14% complete. First production is expected in FY31, followed by a two to three-year ramp up period. We expect to update the market on JS2’s project expenditure estimate in Q4 FY26.

BHP | Financial results for the half year ended 31 December 2025

Minerals exploration and early-stage entry

Exploration expenditure

US$193 m

HY25 US$199 m

Our greenfield exploration strategy is focused on the discovery of high-quality resources, with a current focus on copper. We are leveraging advanced technologies including AI-driven geoscience models, machine learning and proprietary data systems to accelerate high-value mineral discoveries, improve exploration precision and unlock new resources globally.

We continued to progress greenfield exploration activities, either directly or with partners, in Chile, Peru, Canada, Australia, Serbia, Norway, Botswana and the United States.

The 2026 cohort of BHP’s Xplor program has been announced, with our largest and most diverse cohort of 10 companies focussed on exploration projects and technology-enabled discovery. The geographically diverse participants have a strong focus on copper, and were chosen based on the high quality of their exploration programs, strong leadership, and innovative approaches to leveraging leading-edge technologies and data.

BHP | Financial results for the half year ended 31 December 2025

Appendix 1



		Financial Report for the half year ended 31 December 2025

Financial performance summary¹

A summary of performance for HY26 and HY25 is presented below.

Key group metrics



Half year ended 31 December	HY26 US$M	HY25 US$M	Change %

Revenue	27,902	25,176	11%

Profit from operations	12,260	9,126	34%

Attributable profit	5,640	4,416	28%

Basic earnings per share (cents)	111.1	87.1	28%

Interim dividend per share (cents)	73	50	46%

Net operating cash flow	9,372	8,317	13%

Capital and exploration expenditure	5,263	5,205	1%

Net debt	14,686	11,793	25%

Underlying EBITDA	15,462	12,362	25%

Underlying attributable profit	6,202	5,082	22%

Underlying basic earnings per ordinary share (cents)	122.2	100.2	22%

Key asset metrics

Half year ended

31 December 2025

US$M

Revenue

Underlying

EBITDA

Underlying

EBIT

Exceptional

items

⁴

Net

operating

assets

Capital

expenditure

Exploration

gross

Exploration

to profit

Copper

Escondida

7,924

5,642

5,115

15,682

1,085

Pampa Norte⁵

1,302

666

435

5,354

395

Antamina⁶

1,188

800

735

1,781

242

Copper South Australia⁷

2,615

1,251

875

18,012

760

Other⁶

(88)

(123)

2,678

130

Total Copper from Group production

13,110

8,271

7,037

–

43,507

2,612

Third-party products

1,386

–

Total Copper

14,496

8,297

7,063

–

43,507

2,612

Adjustment for equity accounted investments⁶

(1,188)

(345)

(277)

–

(341)

(1)

Total Copper statutory result

13,308

7,952

6,786

–

43,507

2,271

Iron Ore

Western Australia Iron Ore

11,976

7,499

6,451

21,914

1,558

Samarco⁸

–

(4,991)

–

Other

(3)

(17)

(213)

–

Total Iron Ore from Group production

12,042

7,496

6,434

(226)

16,710

1,558

Third-party products

–

Total Iron Ore

12,052

7,496

6,434

(226)

16,710

1,558

Adjustment for equity accounted investments

–

Total Iron Ore statutory result

12,052

7,496

6,434

(226)

16,710

1,558

Coal

BHP Mitsubishi Alliance

1,667

257

6,589

187

New South Wales Energy Coal⁹

831

–

(190)

Other

–

(73)

(88)

Total Coal from Group production

2,498

283

(86)

–

6,488

200

Third-party products

–

Total Coal

2,498

283

(86)

–

6,488

200

Adjustment for equity accounted investments⁹

(68)

(58)

(45)

–

Total Coal statutory result

2,430

225

(131)

–

6,488

200

Group and unallocated items

Potash

–

(166)

(167)

9,931

1,012

Western Australia Nickel¹⁰

106

(114)

(234)

–

Other¹¹

(288)

(1,431)

Total Group and unallocated items

112

(211)

(569)

(34)

8,266

1,041

Inter-segment adjustment

–

Total Group

27,902

15,462

12,520

(260)

74,971

5,070

193

167

BHP | Financial results for the half year ended 31 December 2025

Half year ended

31 December 2024

US$M

Revenue

Underlying

EBITDA

Underlying

EBIT

Exceptional

items

⁴

Net

operating

assets

Capital

expenditure

Exploration

gross

Exploration

to profit

Copper

Escondida

5,828

3,468

2,984

13,102

1,168

Pampa Norte⁵

1,254

545

260

4,860

338

Antamina⁶

841

532

412

1,529

246

Copper South Australia⁷

2,083

742

407

16,804

598

Other⁶

(75)

(99)

482

Total Copper from Group production

10,076

5,212

3,964

–

36,777

2,414

Third-party products

1,030

–

Total Copper

11,106

5,281

4,033

–

36,777

2,414

Adjustment for equity accounted investments⁶

(841)

(270)

(150)

–

(246)

(1)

Total Copper statutory result

10,265

5,011

3,883

–

36,777

2,168

Iron Ore

Western Australia Iron Ore

11,430

7,140

6,161

21,531

1,369

Samarco⁸

–

(6,259)

–

Other

(168)

Total Iron Ore from Group production

11,494

7,185

6,194

(162)

15,104

1,376

Third-party products

–

Total Iron Ore

11,508

7,187

6,196

(162)

15,104

1,376

Adjustment for equity accounted investments

–

Total Iron Ore statutory result

11,508

7,187

6,196

(162)

15,104

1,376

Coal

BHP Mitsubishi Alliance

1,853

391

167

6,791

214

New South Wales Energy Coal⁹

1,027

213

163

(145)

Other

–

(6)

Total Coal from Group production

2,880

614

324

–

6,667

281

Third-party products

–

Total Coal

2,880

614

324

–

6,667

281

Adjustment for equity accounted investments⁹

(74)

(47)

(35)

–

Total Coal statutory result

2,806

567

289

–

6,667

281

Group and unallocated items

Potash

–

(133)

(134)

7,475

940

–

Western Australia Nickel¹⁰

592

(303)

(75)

176

Other¹¹

(251)

(1,805)

Total Group and unallocated items

597

(403)

(688)

(392)

5,595

1,181

Inter-segment adjustment

–

Total Group

25,176

12,362

9,680

(554)

64,143

5,006

199

174

1	Group profit before taxation comprised Underlying EBITDA of US$15,462 m (HY25: US$12,362 m), exceptional items, depreciation, amortisation and impairments of US$3,202 m (HY25: US$3,236 m) and net finance costs of US$705 m (HY25: US$457 m).

2	Total revenue from thermal coal sales, including BMA and NSWEC, was US$784 m (HY25: US$955 m).

3	For more information on the reconciliation of non-IFRS financial information to our statutory measures, reasons for usefulness and calculation methodology, please refer to non-IFRS financial information.

4	Excludes exceptional items relating to Net finance costs US$302 m and Income tax benefit US$nil (HY25: Net finance costs US$208 m and Income tax benefit US$96 m).

5	Includes Spence and Cerro Colorado. Cerro Colorado entered temporary care and maintenance in December 2023.

Antamina, SolGold, Vicuña and Resolution (the latter three included in Other) are equity accounted investments and their financial information presented above reflects BHP Group’s share, with the exception of net operating assets that represents the Group’s carrying value of investments accounted for using the equity method. Group and Copper level information is reported on a statutory basis which reflects the application of the equity accounting method in preparing the Group financial statements – in accordance with IFRS. Underlying EBITDA of the Group and the Copper segment, includes D&A, net finance costs and taxation expense of US$345 m (HY25: US$270 m) related to equity accounted investments.

7	Includes Olympic Dam, Prominent Hill and Carrapateena.

8	Samarco is an equity accounted investment. All financial impacts following the Samarco dam failure have been reported as exceptional items in both reporting periods and net operating assets represents predominantly the Group’s carrying value of the provision related to the Samarco dam failure.

Includes Newcastle Coal Infrastructure Group (NCIG) which is an equity accounted investment and its financial information presented above, with the exception of net operating assets, reflects BHP Group’s share. Total Coal statutory result excludes the contribution related to NCIG until future profits exceed accumulated losses.

10	Western Australia Nickel is comprised of the Nickel West operations and the West Musgrave project, both of which transitioned into temporary suspension in December 2024.

Other includes functions, other unallocated operations including legacy assets and consolidation adjustments. Revenue not attributable to reportable segments comprises the sale of freight and fuel to third parties, as well as revenues from unallocated operations. Exploration and technology activities are recognised within relevant segments.

BHP | Financial results for the half year ended 31 December 2025

Underlying EBITDA waterfall

The following table and commentary describes the impact of the principal factorsiii that affected Underlying EBITDA for HY26 compared with HY25:



US$M	Total Group			Copper			Iron ore			Coal			Group and unallocated

Half year ended 31 December 2024	12,362			5,011			7,187			567			(403	)

Net price impact	2,978			2,971			343			(336	)		–

Change in sales prices	3,062			3,015			431			(384	)		–

Price linked costs	(84	)		(44	)		(88	)		48			–

			Copper SA: Higher royalties in line with higher prices.			WAIO: Higher royalties in line with higher prices.			BMA: Lower royalties in line with lower prices.

Changes in volumes	(159	)		(281	)		125			(3	)		–

			Escondida: Record concentrator throughput and improved recoveries driven by operational enhancements, more than offset by lower concentrator feed grade of 0.93% (HY25: 1.03%) and timing of sales due to sea swells at the port impacting shipments. Spence: Lower planned cathode grade of 0.60% (HY25: 0.77%) combined with timing of sales due to sea swells at the port impacting shipments. Copper SA: Record material mined, as well as the weather-related power outage in the prior period, were offset by planned lower grades.			WAIO: Record production as a result of strong supply chain performance combined with planned reduction in tie-in activity on the multi-year Rail Technology Program (RTP1) and lower weather impacts, partially offset by CD3 renewal completed in Q1.			BMA: Strong operational performance offset by the impact of planned higher strip ratios and timing of sales. NSWEC: Increased bypass coal as well as mining lower strip ratio areas.

Change in controllable cash costs	522			323			15			126			58

Operating cash costs	507			315			12			130			50

			Escondida: Primarily one-off labour related costs in HY25. Spence: Net favourable inventory movements due to port swells. Copper SA: Net favourable inventory movements primarily due to sales timing and planned steam outage at the smelter.						BMA: Net favourable inventory movements as a result of Broadmeadow geotechnical characteristics and to improve operating stability. NSWEC: Net favourable inventory movements primarily due to prior period impacts of reduced truck availability, unfavourable weather conditions and sales timing.

Exploration and business development	15			8			3			(4	)		8

Change in other costs	(422	)		(109	)		(204	)		(79	)		(30	)

Exchange rates	(287	)		(74	)		(158	)		(45	)		(10	)

Inflation on costs	(270	)		(153	)		(52	)		(45	)		(20	)

			Inflation rate of 2.5% for Australia and 4.3% for Chile

Fuel, energy, and consumable price movements	69			51			7			11			–

			Escondida, Spence and Copper SA: Primarily due to lower electricity, diesel, and explosives prices.						BMA: Primarily due to lower diesel and electricity prices.

Non-Cash	66			67			(1	)		–			–

			Escondida and Spence: Higher capitalised stripping reflecting current phase of mine plan.

Change in other	181			37			30			(50	)		164

Asset sales	7			–			(1	)		–			8

Ceased and sold operations	115			(50	)		–			(53	)		218

									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 (HY25) as planned.

Other	59			87			31			3			(62	)

			Antamina: Higher profit driven by higher copper prices.			WAIO: Higher net freight recoveries due to higher freight rate.						G&U: Individually immaterial items.

Half year ended 31 December 2025	15,462			7,952			7,496			225			(211	)

BHP | Financial results for the half year ended 31 December 2025

Exchange rates

The following exchange rates relative to the US dollar have been applied in the financial information:


	Average HY26	Average HY25	As at 31 December 2025	As at 31 December 2024	As at 30 June 2025
Australian dollar¹	0.66	0.66	0.67	0.62	0.65
Chilean peso	947	947	907	996	936

1	Displayed as US$ to A$1 based on common convention.

Capital and exploration expenditure

Historical capital and exploration expenditure and guidance are summarised below:


Capital and exploration expenditure¹	FY26e² US$B		HY26 US$B		HY25 US$B
Deferred stripping		1.1		0.6		0.5
Baseline sustaining		3.2		1.7		1.6
Non-recurring sustaining		2.7		1.0		1.1
Growth		3.6		1.8		1.8
Exploration		0.3		0.2		0.2
Total		~11.0		5.3		5.2

1	For the for the purposes of the Capital Allocation Framework, ‘maintenance and decarbonisation capital’ is comprised of ‘deferred stripping’ and a portion of ‘baseline sustaining’ capital, which for HY26 was US$0.8 bn (HY25: US$0.9 bn), and for FY26 is expected to be ~US$1.6 bn (FY25 US$1.8 bn).

2	Capital and exploration expenditure guidance is subject to movements in exchange rates.

Major Projects


Commodity	Project and ownership	Capacity	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 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

1	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.

Production and unit cost guidance

Historical production and production guidance are summarised below:

Production

Medium-term guidance¹

FY26 guidance

HY26

v HY25

Copper (kt)

1,900 – 2,000

–

984.1

Escondida (kt)²

900 – 1,000

1,200 – 1,275

–

646.1

Pampa Norte (Spence) (kt)

~235

230 – 250

–

113.5

(10

Copper SA (kt)

310 – 340

–

147.7

Antamina (kt)

140 – 150

–

72.1

Carajás (kt)

–

4.7

(12

Iron ore (Mt)

258 – 269

–

133.8

WAIO (Mt)

251 – 262

–

129.8

WAIO (100% basis) (Mt)

>305

284 – 296

–

146.6

Samarco (Mt)

7.0 – 7.5

Upper half

4.0

Steelmaking coal – BMA (Mt)

21.5 – 22.5

18 – 20

–

9.2

BMA (100% basis) (Mt)

43 – 45

36 – 40

Lower half

18.3

Energy coal – NSWEC (Mt)

14 – 16

Upper half

8.1

1	Medium term refers to a five-year horizon unless otherwise noted.

2	FY27 production guidance of 1,000 – 1,100 kt. Medium term refers to an average for FY28 to FY31.

3	Sustained production of >305 Mtpa (100% basis) from Q4 FY28.

BHP | Financial results for the half year ended 31 December 2025

Historical unit costs and guidance for our major assets are summarised below:


Unit cost¹	Medium-term guidance²		FY26 guidance²			HY26 at guidance exchange rates²		HY26 at realised exchange rates³		HY25³		HY26 v HY25

Escondida (US$/lb)⁴		1.50 – 1.80		1.20 – 1.50	Bottom end		1.12		1.12		1.33		(16	%)

Spence (US$/lb)		2.05 – 2.35		2.10 – 2.40	–		2.03		2.05		2.01		2	%

Copper SA (US$/lb)⁵		–		1.00 – 1.50	–		1.34		0.74		1.57		(53	%)

WAIO (US$/t)⁶		<17.50		18.25 – 19.75	–		19.08		19.41		18.19		7	%

BMA (US$/t)		<110		116 – 128	Upper half		126.17		128.19		128.46		0	%

1	Refer to Non-IFRS information for detailed unit cost reconciliations and definitions.

2	FY26 and medium-term unit cost guidance are based on exchange rates of AUD/USD 0.65 and USD/CLP 940.

3	Based on exchange rates of: HY26 AUD/USD 0.66 and USD/CLP 947 (realised); HY25 AUD/USD 0.66 and USD/CLP 947 (realised).

4	Medium-term refers to an average for FY27 – FY31.

5	FY26 unit cost guidance is based on prices for by-products of gold US$2,900/oz, and uranium US$70/lb.

6	The breakdown of C1 unit costs, excluding third party royalties, are detailed on page 12.

Competent Person Statement: Vicuña Mineral Resources



		Measured Resources				Indicated Resources				Inferred Resources				Total Resources				Contained Metal

			Cu	Au	Ag		Cu	Au	Ag		Cu	Au	Ag		Cu	Au	Ag	Cu	Au	Ag
Deposit	Material type	Mt	%	g/t	g/t	Mt	%	g/t	g/t	Mt	%	g/t	g/t	Mt	%	g/t	g/t	kt	Moz	Moz

Filo del Sol	Sulphide	-	-	-	-	1,730	0.46	0.34	6	8,720	0.34	0.18	3	10,500	0.36	0.21	3

	Copper Oxide	-	-	-	-	467	0.32	0.27	3	431	0.23	0.20	2	898	0.28	0.24	2

	Gold Oxide	-	-	-	-	301	-	0.25	3	711	-	0.18	3	1,010	-	0.20	3

	Silver Oxide	-	-	-	-	71	0.36	0.36	120	95	0.08	0.14	35	166	0.20	0.23	71

Josemaria	Sulphide	648	0.33	0.25	1	961	0.25	0.15	1	683	0.22	0.11	1	2,290	0.26	0.17	1

Total Vicuña		648	0.33	0.25	1	3,530	0.34	0.27	6	10,600	0.30	0.18	3	14,800	0.31	0.20	4	46,600	97	1,780

1	Mineral Resources are reported in situ and reported as at 31 December 2025.

2	Mineral Resources are reported on a 100% basis. The Project is a 50:50 joint venture between Lundin Mining and BHP Canada. BHP Canada’s attributable interest in the Mineral Resource estimate is 50%.

The Competent Person for the Filo del Sol estimates is Mr. Luke Evans, M.Sc., P.Eng., an SLR Consulting (Canada) Ltd. employee. The Competent Persons for the Josemaría estimate are Mr. Sean D. Horan, P.Geo., a Resource Modelling Solutions Ltd. employee and Mr. Paul Daigle, P.Geo. a AGP Mining Consultants Inc. employee.

4	Additional information is provided in the Technical Assessment Report Vicuña Joint Venture.

BHP | Financial results for the half year ended 31 December 2025

Health, safety and social value¹

Key safety indicators



	Target/Goal	HY26	FY25	HY25

Fatalities	Zero work-related fatalities	0	0	0

High-potential injury (HPI) frequency²	Year-on-year improvement in HPI frequency	0.08	0.09	0.07

Total recordable injury frequency (TRIF)²	Year-on-year improvement in TRIF	4.3	4.5	4.3
Social value: key indicators scorecard

	Target/Goal	HY26	FY25	HY25

Operational GHG emissions (MtCO2-e)³	Reduce operational GHG emissions by at least 30% from FY20 levels by FY30	4.4	8.7	4.4

Value chain GHG emissions (Scope 3): Committed funding in steelmaking partnerships and ventures to date (US$m)	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	√	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	46.6	44	44

Social investment (US$m BHP equity share)	Voluntary investment focused on the six pillars of our social value framework	61.4	127.8	37.4

Indigenous procurement spend (US$m)	Key metric for part of our 2030 Indigenous partnerships goal, to support the delivery of mutually beneficial outcomes	490	853	452

Female representation⁵(%)	Aspirational goal for gender balanced employee workforce⁶by the end of CY25	41.2	41.3	38.9

Indigenous employee participation^5,7(%)	Australia: aim to achieve 9.7% by the end of FY27	9.0	9.0	8.6

	Chile: aim to maintain 10.0% by the end of FY26	11.8	10.5	10.0

	Canada: aim to achieve 20.0% by the end of FY26	21.4	17.8	10.4

Area under nature-positive management practices⁸(%)	Create nature-positive⁹outcomes by having at least 30% of the land and water we steward¹⁰under conservation, restoration or regenerative practices. In doing so we focus on areas of highest ecosystem value both within and outside our own operational footprint, in partnership with Indigenous peoples and local communities.	1.5	1.5	1.3

1	Data includes former OZL (except former OZL Brazil assets), except where specified otherwise. Data is subject to non financial assurance review.

2	Combined employee and contractor frequency per 1 million hours worked. HY25 data for HPIF restated due to ongoing verification activities resulting in the reclassification of 1 HPI after the HY25 reporting period.

Our operational GHG emissions are the Scopes 1 and 2 emissions from our operated assets. Baseline year data and performance data has been adjusted for acquisitions, divestments and methodology changes up to the end of FY25. HY25 data has been restated primarily due to the finalisation of surrender of Renewable Energy Certificates (RECs), as updated within the reporting of our FY25 results. We are transitioning to a residual mix factor (RMF) for market-based reporting of Scope 2 emissions as applicable for our Australian operated assets during FY26, with the baselines year data to be adjusted accordingly, and this will be reflected in the reporting of FY26 results.

Baseline year data and performance data have been adjusted to only include voyages associated with the transportation of commodities currently in BHP’s portfolio due to the data availability challenges of adjusting by asset or operation for CY08 and subsequent year data. GHG emissions intensity calculations currently include the transportation of copper, iron ore, steelmaking coal, energy coal, molybdenum, uranium and nickel.

5	Based on a ‘point in time’ snapshot of employees as at the end of the relevant reporting period.

6	We define gender balance as a minimum 40% women and 40% men in line with the definitions used by entities such as the International Labour Organization.

7	Indigenous employee participation for Australia is at Minerals Australia operations; for Chile is at Minerals Americas operations in Chile; and for Canada is at the Jansen Potash project and operations in Canada.

Area under stewardship that has a formal management plan that includes conservation, restoration or regenerative practices. This metric is measured on an annual basis and an update will be provided in the full year results for FY26. HY25 data restated primarily due to identification of additional former OZL land holdings and areas where we hold sub-surface mineral rights.

Nature-positive is defined by the TNFD Glossary version 1.0 as ‘A high-level goal and concept describing a future state of nature (e.g. biodiversity, ecosystem services and natural capital) which is greater than the current state’. We understand it to include land and water management practices that halt and reverse nature loss – that is, supporting healthy, functioning ecosystems.

10	Excluding areas we hold under greenfield exploration licences (or equivalent tenements), which are outside the area of influence of our existing mine operations. 30% will be calculated based on the areas of land and water that we steward at the end of FY30.

BHP | Financial results for the half year ended 31 December 2025

The Financial Report for the half year ended 31 December 2025 has been prepared on the basis of accounting policies and methods of computation consistent with those applied in the 30 June 2025 financial statements contained within the Annual Report of the Group. This news release including the Financial Report is unaudited. Variance analysis relates to the relative financial and/or production performance of BHP and/or its operations during the December 2025 half year compared with the December 2024 half year, unless otherwise noted. Medium term refers to a five-year horizon, unless otherwise noted. Numbers presented may not add up precisely to the totals provided due to rounding.

The following abbreviations may have been used throughout this release: silver (Ag); gold (Au); billion dollars (B/bn); billion troy ounces (Boz); billion tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF); carbon dioxide equivalent (CO2-e); compound annual growth rate (CAGR); copper (Cu); copper equivalent (CuEq); dry metric tonne unit (dmtu); final investment decision (FID); free on board (FOB); foreign exchange (FX); greenhouse gas (GHG); grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t); kilometre (km); million troy ounces (Moz); million ounces per annum (Mozpa); million pounds (Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); OZ Minerals Ltd (OZL); pounds (lb); million dollars (M); 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); uranium (U); uranium oxide (U3O8); and wet metric tonnes (wmt).

Forward-looking statements

This release contains forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements, other than statements of historical or present facts, including: statements regarding trends in commodity prices and currency exchange rates; demand for commodities; global market conditions, reserves and resources estimates; development and production forecasts; guidance; expectations, plans, strategies and objectives of management; climate scenarios; approval of projects and consummation of transactions; closure, divestment, acquisition or integration of certain assets, ventures, operations or facilities (including associated costs or benefits); anticipated production or construction commencement dates; capital costs and scheduling; operating costs and availability of materials and skilled employees; anticipated productive lives of projects, mines and facilities; the availability, implementation and adoption of new technologies, including artificial intelligence; provisions and contingent liabilities; and tax, legal and other regulatory developments.

Forward-looking statements may be identified by the use of terminology, including, but not limited to, ‘aim’, ‘ambition’, ‘anticipate’, ‘aspiration’, ‘believe’, ‘commit’, ‘continue’, ‘could’, ‘desire’, ‘ensure’, ‘estimate’, ‘expect’, ‘forecast’, ‘goal’, ‘guidance’, ‘intend’, ‘likely’, ‘may’, ‘milestone’, ‘must’, ‘need’, ‘objective’, ‘outlook’, ‘pathways’, ‘plan’, ‘project’, ‘schedule’, ‘seek’, ‘should’, ‘strategy’, ‘target’, ‘trend’, ‘will’, ‘would’, or similar words. These statements discuss future expectations or performance, or provide other forward-looking information.

Forward-looking statements are based on management’s expectations and reflect judgements, assumptions, estimates and other information available, as at the date of this release. These statements do not represent guarantees or predictions of future financial or operational 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. BHP cautions against reliance on any forward-looking statements.

For example, our future revenues from our assets, projects or mines described in this release will be based, in part, on the market price of the commodities produced, which may vary significantly from current levels or those reflected in our reserves and resources estimates. These variations, if materially adverse, may affect the timing or the feasibility of the development of a particular project, the expansion of certain facilities or mines, or the continuation of existing assets. Other factors that may affect our future operations and performance, including the actual construction or production commencement dates, revenues, costs or production output and anticipated lives of assets, mines or facilities include our ability to profitably produce and deliver the products extracted to applicable markets; the development and use of new technologies and related risks; the impact of economic and geopolitical factors, including foreign currency exchange rates on the market prices of the commodities we produce and competition in the markets in which we operate; activities of government authorities in or impacting the countries where we sell our products and in the countries where we are exploring or developing projects, facilities or mines, including increases in taxes and royalties or implementation or expansion of trade or export restrictions; changes in environmental and other regulations; political or geopolitical uncertainty and conflicts; labour unrest; weather, climate variability or other manifestations of climate change; and other factors identified in the risk factors discussed in OFR 11 in the Annual Report and BHP’s filings with the U.S. Securities and Exchange Commission (the ‘SEC’) (including in Annual Reports on Form 20-F) which are available on the SEC’s website at www.sec.gov.

Except as required by applicable regulations or by law, BHP does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events.

Past performance cannot be relied on as a guide to future performance.

Emissions and energy consumption data

Due to the inherent uncertainty and limitations in measuring greenhouse gas (GHG) emissions and operational energy consumption under the calculation methodologies used in the preparation of such data, all GHG emissions and operational energy consumption data or references to GHG emissions and operational energy consumption volumes (including ratios or percentages) in this release are estimates. There may also be differences in the manner that third parties calculate or report GHG emissions or operational energy consumption data compared to BHP, which means third-party data may not be comparable to our data. For information on how we calculate our GHG emissions, refer to the BHP GHG Emissions Calculation Methodology 2025, available at bhp.com.

No offer of securities

Nothing in this release should be construed as either an offer, or a solicitation of an offer, to buy or sell BHP securities in any jurisdiction, or be treated or relied upon as a recommendation or advice by BHP.

Reliance on third party information

The views expressed in this release contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This release should not be relied upon as a recommendation or forecast by BHP.

No financial or investment advice – South Africa

BHP does not provide any financial or investment ‘advice’ as that term is defined in the South African Financial Advisory and Intermediary Services Act, 37 of 2002, and we strongly recommend that you seek professional advice.

BHP and its subsidiaries

In this release, the terms ‘BHP’, the ‘Company, the ‘Group’, ‘BHP Group’, ‘our business’, ‘organisation’, ‘we’, ‘us’, ‘our’ and ourselves’ refer to BHP Group Limited and, except where the context otherwise requires, our subsidiaries. Refer to Note 28 – Subsidiaries of the Financial Statements in the 2025 Annual Report for a list of our significant subsidiaries. Those terms do not include non-operated assets. Our non-operated assets include Antamina, Resolution, Samarco and Vicuña.

This release covers BHP’s functions and assets (including those under exploration, projects in development or execution phases, sites and operations that are closed or in the closure phase) that have been wholly owned and operated by BHP or that have been owned as a BHP-operated joint venture1 (referred to in this release as ‘operated assets’ or ‘operations’) during the period from 1 July 2025 to 31 December 2025 unless otherwise stated.

BHP also holds interests in assets that are owned as a joint venture but not operated by BHP (referred to in this release as ‘non-operated joint ventures’ or ‘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.

1	References in this release to a ‘joint venture’ are used for convenience to collectively describe assets that are not wholly owned by BHP. Such references are not intended to characterise the legal relationship between the owners of the asset.

BHP | Financial results for the half year ended 31 December 2025

The following footnotes apply to this Results Announcement:

i	Combined employee and contractor frequency per 1 million hours worked. HY20 excludes former OZL Australian assets (acquired 2 May 2023), which are included in HY26 and H2 FY25.

ii	BHP internal analysis based on WAIO C1 reported unit costs compared to publicly available unit costs reported by major competitors (including Fortescue, Rio Tinto and Vale), adjusted based on publicly available financial information.

iii

We use various non-IFRS financial information to reflect our underlying financial performance. For further information on the reconciliations of certain non-IFRS financial information measures to our statutory measures, reasons for usefulness and calculation methodology, please refer to non-IFRS financial information.

iv	The Copper segment has contributed >50% of Group Underlying EBITDA for the first time since the Copper segment was introduced in FY13.

v	Based on the Corporate Tax Transparency Report 2023-2024 published by the Australian Taxation Office on 2 October 2025.

Compound annual growth rate (CAGR) from FY27 to FY35 is calculated based on attributable copper equivalent (CuEq) production, excluding NSWEC, Carajás and WA Nickel, at fixed long-term UBS consensus prices as of December 2025: copper US$4.37/lb, gold US$2,824/oz, iron ore US$84/t, steelmaking coal US$199/t, potash US$352/t.

vii	On a total operations basis. 25-year average includes all half-year reporting periods from HY02 to HY26 (inclusive).

viii	Capital and exploration expenditure guidance is subject to movements in exchange rates.

Credit ratings are forward-looking opinions on credit risk. Moody’s and Fitch’s credit ratings express the opinion of each agency on the ability and willingness of BHP to meet its financial obligations in full and on time. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by an assigning rating agency. Any credit rating should be evaluated independently of any other information.

x	The information in this section is based on BHP data, analysis and desktop research on public data sources.

Represents our current aspiration for BHP group attributable copper production, and not intended to be a projection, forecast or production target. Includes potential increases in production rates, as well as potential production from non-operated joint ventures and exploration programs. The pathway is subject to the completion of technical studies to support Mineral Resource and Ore Reserves estimates, capital allocation, regulatory approvals, market capacity, and, in certain cases, the development of exploration assets, in which factors are uncertain.

xii

The pathway to increase potential production at Copper South Australia is subject to regulatory approvals, market capacity and, in certain cases, the development of exploration assets, which factors are uncertain. The pathway represents our current aspiration for Copper South Australia, and is not intended to be a projection, forecast or production target. Copper equivalent production includes potential increases in production rates and contribution from by-products, as well as potential impacts from our exploration program. Copper equivalent production is calculated using UBS 2026 long term (real) consensus prices as of December 2025 of US$4.37/lb for copper, US$2,824/oz for gold, US$34/oz for silver and US$73/lb for uranium.

xiii	Based on CY24 production.

xiv	FY26 and medium-term unit cost guidance ranges are based on exchange rates of AUD/USD 0.65 and USD/CLP 940, and for Copper SA by-product prices of US$2,900/oz for gold, and US$70/lb for uranium.

xv	Calculation based on long term consensus copper price of US$4.50/lb.

xvi	Subject to movements in exchange rates; +/- 50% in any given year over the medium term.

xvii	BMA on a 100% basis. Source: Wood Mackenzie 2025 Q4 dataset.

BHP | Financial results for the half year ended 31 December 2025

Authorised for lodgement by:

The Board of BHP Group Limited

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Financial Report Half year ended 31 December 2025

BHP | Financial results for the half year ended 31 December 2025

Contents


Half Year Financial Statements	Page

Consolidated Income Statement for the half year ended 31 December 2025		30

Consolidated Statement of Comprehensive Income for the half year ended 31 December 2025		30

Consolidated Balance Sheet as at 31 December 2025		31

Consolidated Cash Flow Statement for the half year ended 31 December 2025		32

Consolidated Statement of Changes in Equity for the half year ended 31 December 2025		33

Notes to the Financial Statements		34

1. Basis of preparation		34

2. Exceptional items		34

3. Interests in associates and joint venture entities		36

4. Net finance costs		36

5. Income tax expense		37

6. Earnings per share		38

7. Dividends		39

8. Financial risk management – Fair values		40

9. Significant events – Samarco dam failure		42

10. Subsequent events		50

Directors’ Report		51

Directors’ Declaration of Responsibility		53

Auditor’s Independence Declaration to the Directors of BHP Group Limited		54

Independent Review Report		55

BHP | Financial results for the half year ended 31 December 2025

Consolidated Income Statement for the half year ended 31 December 2025


	Notes		Half year ended 31 Dec 2025 US$M		Half year ended 31 Dec 2024 US$M		Year ended 30 June 2025 US$M

Revenue				27,902		25,176		51,262

Other income				213		222		368

Expenses excluding net finance costs				(16,075)		(16,367)		(32,319)

Profit/(loss) from equity accounted investments, related impairments and expenses		3		220		95		153
Profit from operations				12,260		9,126		19,464

Financial expenses				(973)		(779)		(1,771)

Financial income				268		322		660
Net finance costs		4		(705)		(457)		(1,111)
Profit before taxation				11,555		8,669		18,353

Income tax expense				(3,799)		(2,904)		(6,130)
Royalty-related taxation (net of income tax benefit)				(632)		(480)		(1,080)
Total taxation expense		5		(4,431)		(3,384)		(7,210)
Profit after taxation				7,124		5,285		11,143
Attributable to non-controlling interests				1,484		869		2,124
Attributable to BHP shareholders				5,640		4,416		9,019

Basic earnings per ordinary share (cents)		6		111.1		87.1		177.8
Diluted earnings per ordinary share (cents)		6		110.8		86.9		177.4

The accompanying notes form part of this half year Financial Report.

Consolidated Statement of Comprehensive Income for the half year ended 31 December 2025


	Half year ended 31 Dec 2025 US$M		Half year ended 31 Dec 2024 US$M		Year ended 30 June 2025 US$M

Profit after taxation		7,124		5,285		11,143

Other comprehensive income

Items that may be reclassified subsequently to the income statement:

Hedges:

(Losses)/gains taken to equity		(47)		(88)		346

(Gains)/losses transferred to the income statement		(6)		33		(392)

Tax recognised within other comprehensive income		16		16		14
Total items that may be reclassified subsequently to the income statement		(37)		(39)		(32)

Items that will not be reclassified to the income statement:

Re-measurement gains/(losses) on pension and medical schemes		1		(6)		(8)

Equity investments held at fair value		37		17		23

Tax recognised within other comprehensive income		–		1		3
Total items that will not be reclassified to the income statement		38		12		18
Total other comprehensive income/(loss)		1		(27)		(14)
Total comprehensive income		7,125		5,258		11,129
Attributable to non-controlling interests		1,484		869		2,119
Attributable to BHP shareholders		5,641		4,389		9,010

The accompanying notes form part of this half year Financial Report.

BHP | Financial results for the half year ended 31 December 2025

Consolidated Balance Sheet as at 31 December 2025


	31 Dec 2025 US$M		30 June 2025 US$M

ASSETS

Current assets

Cash and cash equivalents		13,466		11,894

Trade and other receivables		5,452		4,116

Other financial assets		607		561

Inventories		5,817		5,538

Current tax assets		419		545

Other		167		176
Total current assets		25,928		22,830

Non-current assets

Trade and other receivables		104		137

Other financial assets		1,116		1,122

Inventories		1,833		1,440

Property, plant and equipment		79,851		76,457

Intangible assets		2,012		1,924

Investments accounted for using the equity method		4,292		4,107

Deferred tax assets		74		78

Other		802		695
Total non-current assets		90,084		85,960
Total assets		116,012		108,790

LIABILITIES

Current liabilities

Trade and other payables		6,288		6,637

Interest bearing liabilities		3,431		2,018

Other financial liabilities		462		214

Current tax payable		1,330		900

Provisions		4,200		5,823

Deferred income		15		47
Total current liabilities		15,726		15,639

Non-current liabilities

Trade and other payables		37		33

Interest bearing liabilities		24,590		22,478

Other financial liabilities		1,412		1,364

Non-current tax payable		3		3

Deferred tax liabilities		3,755		3,506

Provisions		14,973		13,498

Deferred income		51		51
Total non-current liabilities		44,821		40,933
Total liabilities		60,547		56,572
Net assets		55,465		52,218

EQUITY

Share capital		5,093		5,015

Treasury shares		(32)		(18)

Reserves		91		(2)

Retained earnings		45,255		42,670

Total equity attributable to BHP shareholders		50,407		47,665

Non-controlling interests		5,058		4,553
Total equity		55,465		52,218

The accompanying notes form part of this half year Financial Report.

BHP | Financial results for the half year ended 31 December 2025

Consolidated Cash Flow Statement for the half year ended 31 December 2025


	Half year ended 31 Dec 2025 US$M		Half year ended 31 Dec 2024 US$M		Year ended 30 June 2025 US$M

Operating activities

Profit before taxation		11,555		8,669		18,353

Adjustments for:

Depreciation and amortisation expense		2,920		2,648		5,540

Net impairment/(reversal of impairment) of property, plant and equipment, financial assets and intangibles		22		(56)		108

Net finance costs		705		457		1,111

(Profit)/loss from equity accounted investments, related impairments and expenses		(220)		(95)		(153)

Other		406		325		831

Changes in assets and liabilities:

Trade and other receivables		(1,331)		576		776

Inventories		(672)		197		64

Trade and other payables		(65)		(214)		(116)

Provisions and other assets and liabilities		(276)		(733)		(249)

Cash generated from operations		13,044		11,774		26,265

Dividends received		339		233		375

Interest received		237		265		608

Interest paid		(814)		(779)		(1,478)

Proceeds from cash management related instruments		186		261		195

Net income tax and royalty-related taxation refunded		42		95		448

Net income tax and royalty-related taxation paid		(3,662)		(3,532)		(7,721)
Net operating cash flows		9,372		8,317		18,692

Investing activities

Purchases of property, plant and equipment		(5,070)		(5,006)		(9,398)

Exploration and evaluation expenditure		(193)		(199)		(396)

Exploration and evaluation expenditure expensed and included in operating cash flows		167		174		346

Net investment and funding of equity accounted investments		(1,281)		(679)		(3,984)

Proceeds from sale of assets		75		55		127

Proceeds from sale of subsidiaries, operations and joint operations, net of their cash		87		285		535

Other investing		(251)		(299)		(580)
Net investing cash flows		(6,466)		(5,669)		(13,350)

Financing activities

Proceeds from interest bearing liabilities		3,107		1,150		4,129

Settlements of debt related instruments		–		(147)		(147)

Repayment of interest bearing liabilities		(488)		(1,311)		(1,675)

Distributions to non-controlling interests		–		–		(2)

Dividends paid		(3,080)		(3,865)		(6,403)

Dividends paid to non-controlling interests		(989)		(1,097)		(1,873)
Net financing cash flows		(1,450)		(5,270)		(5,971)

Net increase/(decrease) in cash and cash equivalents		1,456		(2,622)		(629)

Cash and cash equivalents, net of overdrafts, at the beginning of the period		11,893		12,498		12,498

Foreign currency exchange rate changes on cash and cash equivalents		117		(317)		24
Cash and cash equivalents, net of overdrafts, at the end of the period		13,466		9,559		11,893

The accompanying notes form part of this half year Financial Report.

BHP | Financial results for the half year ended 31 December 2025

Consolidated Statement of Changes in Equity for the half year ended 31 December 2025

Attributable to BHP shareholders

US$M

Share capital

Treasury
shares

Reserves

Retained

earnings

Total equity

attributable

to BHP

shareholders

Non-

controlling

interests

Total

equity

Balance as at 1 July 2025

5,015

(18)

(2)

42,670

47,665

4,553

52,218

Total comprehensive income

–

5,641

1,484

7,125

Transactions with owners:

Shares issued¹

(78)

–

Employee share awards exercised net of employee contributions net of tax

–

(56)

(8)

–

Accrued employee entitlement for unexercised awards net of tax

–

Dividends

–

(3,048)

(989)

(4,037)

Equity contributed net of tax

–

Balance as at 31 December 2025

5,093

(32)

45,255

50,407

5,058

55,465

Balance as at 1 July 2024

4,899

(36)

(15)

39,963

44,811

4,309

49,120

Total comprehensive income

–

(22)

4,411

4,389

869

5,258

Transactions with owners:

Shares issued¹

(65)

–

Employee share awards exercised net of employee contributions net of tax

–

(63)

(13)

–

Accrued employee entitlement for unexercised awards net of tax

–

Dividends

–

(3,749)

(1,097)

(4,846)

Balance as at 31 December 2024

4,964

(25)

(35)

40,612

45,516

4,081

49,597

During the period, BHP Group Limited issued 2,920,940 fully paid ordinary shares to the BHP Group Limited Employee Equity Trust and to Solium Nominees (Australia) Pty Ltd at A$41.47 per share (31 December 2024: 2,370,371 fully paid ordinary shares at A$40.84 per share), to satisfy the vesting of employee share awards and related dividend equivalent entitlements under those employee share plans.

The accompanying notes form part of this half year Financial Report.

BHP | Financial results for the half year ended 31 December 2025

Notes to the Financial Statements

1.	Basis of preparation

This general purpose Financial Report for the half year ended 31 December 2025 is unaudited and has been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ as issued by the International Accounting Standards Board (IASB) and AASB 134 ‘Interim Financial Reporting’ as issued by the Australian Accounting Standards Board (AASB) and the Australian Corporations Act 2001 as applicable to interim financial reporting. The general purpose Financial Report for the half year ended 31 December 2025 does not include all of the notes of the type normally included in an annual report. Accordingly, this report should be read in conjunction with the annual consolidated Financial Statements for the year ended 30 June 2025 and any public announcements made by the Group in accordance with the continuous disclosure obligations of the ASX Listing Rules.

Segment Reporting disclosures from IAS 34/AASB 134 ‘Interim Financial Reporting’ have been disclosed within the Financial performance summary on pages 19 and 20 outside of this Financial Report.

The half year Financial Statements have been prepared on a basis of accounting policies and methods of computation consistent with those applied in the 30 June 2025 annual consolidated Financial Statements contained within the Annual Report of the Group, with the exception of an amended accounting standard that became effective for the Group from 1 July 2025. The adoption of this amended accounting standard has not had a significant impact on the Group. A number of accounting standards and interpretations have been issued and will be applicable in future periods. These standards have not been applied in the preparation of these half year Financial Statements.

All amounts are expressed in US dollars unless otherwise stated. The Group’s presentation currency and the functional currency of the majority of its operations is US dollars as this is the principal currency of the economic environment in which it operates. Amounts in this Financial Report have, unless otherwise indicated, been rounded to the nearest million dollars.

The Directors have assessed the Group’s ability to continue as a going concern for the 12 months from the date of this report and consider it appropriate to adopt the going concern basis of accounting in preparing the half year Financial Statements.

2.	Exceptional items

Exceptional items are those gains or losses where their nature, including the expected frequency of the events giving rise to them, and impact is considered material to the Financial Statements. Such items included within the Group’s profit for the half year are detailed below.

Half year ended 31 December 2025

Gross

US$M

Tax

US$M

Net

US$M

Exceptional items by category

Samarco dam failure

(562)

–

(562)

Total

(562)

–

(562)

Attributable to non-controlling interests

–

Attributable to BHP shareholders

(562)

–

(562)

Samarco Mineração S.A. (Samarco) dam failure

The loss of US$562 million (after tax) relates to the Samarco dam failure, which occurred in November 2015, and comprises the following:


Half year ended 31 December 2025			US$M

Other income			64

Expenses excluding net finance costs:

Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure			(128)

Profit/(loss) from equity accounted investments, related impairments and expenses:

Samarco dam failure provision			(345)

Fair value change on forward exchange derivatives			149

Net finance costs			(302)

Income tax expense			–
Total¹			(562)

1	Refer to note 9 ‘Significant events – Samarco dam failure’ for further information.

BHP | Financial results for the half year ended 31 December 2025

The exceptional items relating to the half year ended 31 December 2024 and the year ended 30 June 2025 are detailed below.


Half year ended 31 December 2024	Gross US$M		Tax US$M		Net US$M

Exceptional items by category

Samarco dam failure		(442)		–		(442)

Western Australia Nickel (WAN) temporary suspension		(320)		96		(224)
Total		(762)		96		(666)

Attributable to non-controlling interests		–		–		–

Attributable to BHP shareholders		(762)		96		(666)


Year ended 30 June 2025	Gross US$M		Tax US$M		Net US$M

Exceptional items by category

Samarco dam failure		(914)		–		(914)

Western Australia Nickel (WAN) temporary suspension		(320)		96		(224)
Total		(1,234)		96		(1,138)

Attributable to non-controlling interests		–		–		–

Attributable to BHP shareholders		(1,234)		96		(1,138)

BHP | Financial results for the half year ended 31 December 2025

3.	Interests in associates and joint venture entities

The Group’s major shareholdings in associates and joint venture entities, including their profit/(loss), are listed below:


	Ownership interest at the Group’s reporting date						Profit/(loss) from equity accounted investments, related impairments and expenses
	31 Dec 2025 %		31 Dec 2024 %		30 June 2025 %		Half year ended 31 Dec 2025 US$M		Half year ended 31 Dec 2024 US$M		Year ended 30 June 2025 US$M

Share of profit/(loss) of equity accounted investments:

Compañia Minera Antamina S.A.		33.75		33.75		33.75		459		264		538

Samarco Mineração S.A.¹		50.00		50.00		50.00		—		—		—

Vicuña Corp²		50.00		—		50.00		(3)		—		1

Other								(40)		(49)		(141)
Share of profit of equity accounted investments								416		215		398
Samarco dam failure provision¹								(345)		194		(659)
Fair value change on forward exchange derivatives¹								149		(314)		414
Profit/(loss) from equity accounted investments, related impairments and expenses								220		95		153

1	Refer to note 9 ‘Significant events – Samarco dam failure’ for further information.

On the 15 January 2025, BHP Investments Canada Inc. (BHP Canada) and Lundin Mining Corporation (Lundin Mining) completed the acquisition of Filo Corp., a Toronto Stock Exchange listed company. Filo Corp. owns 100% of the Filo del Sol (FDS) copper deposit. Prior to completion, Lundin Mining owned 100% of the Josemaria copper deposit located in the Vicuña district of Argentina and Chile. At completion, BHP Canada acquired a 50% interest in the Josemaria copper deposit from Lundin Mining. BHP Canada and Lundin Mining formed the Canadian based company, Vicuña Corp. and contributed their respective 50% interests in Filo Corp. and the Josemaria copper deposit. BHP Canada and Lundin Mining each own 50% of Vicuña Corp and share joint control.

4.	Net finance costs


	Half year ended 31 Dec 2025 US$M		Half year ended 31 Dec 2024 US$M		Year ended 30 June 2025 US$M

Financial expenses

Interest expense using the effective interest rate method:

Interest on bank loans, overdrafts and all other borrowings		727		667		1,325

Interest capitalised at 5.47% (31 December 2024: 6.31%; 30 June 2025: 5.97%)¹		(400)		(287)		(595)

Interest on lease liabilities		96		86		169

Discounting on provisions and other liabilities		591		457		975

Other gains and losses:

Fair value change on hedged loans		(119)		(90)		263

Fair value change on hedging derivatives		83		17		(290)

Exchange variations on net debt		(5)		(71)		(94)

Other		—		—		18
Total financial expenses		973		779		1,771

Financial income

Interest income		(249)		(322)		(603)

Other		(19)		—		(57)
Total financial income		(268)		(322)		(660)
Net finance costs		705		457		1,111

1	Interest has been capitalised at the rate of interest applicable to the specific borrowings financing the assets under construction or, where financed through general borrowings, at a capitalisation rate representing the average interest rate on such borrowings.

BHP | Financial results for the half year ended 31 December 2025

5.	Income tax expense


	Half year ended 31 Dec 2025 US$M		Half year ended 31 Dec 2024 US$M		Year ended 30 June 2025 US$M

Total taxation expense comprises:

Current tax expense		4,147		3,155		7,033

Deferred tax expense		284		229		177
Total taxation expense		4,431		3,384		7,210


	Half year ended 31 Dec 2025 US$M		Half year ended 31 Dec 2024 US$M		Year ended 30 June 2025 US$M

Factors affecting income tax expense for the year

Income tax expense differs to the standard rate of corporation tax as follows:
Profit before taxation		11,555		8,669		18,353
Tax on profit at Australian prima facie tax rate of 30 per cent		3,467		2,601		5,506

Derecognition of deferred tax assets and current year tax losses		661		578		1,036

Tax on remitted and unremitted foreign earnings		232		154		354

Amounts under/(over) provided in prior years		8		45		(57)

Foreign exchange adjustments		(7)		48		21

Tax effect of profit/(loss) from equity accounted investments, related impairments and expenses¹		(21)		(123)		78

Recognition of previously unrecognised tax assets		(60)		(96)		(127)

Impact of tax rates applicable outside of Australia		(730)		(505)		(1,132)

Other²		249		202		451
Income tax expense		3,799		2,904		6,130
Royalty-related taxation (net of income tax benefit)		632		480		1,080
Total taxation expense		4,431		3,384		7,210

1	This item removes the prima facie tax effect on profit/(loss) from equity accounted investments, related impairments and expenses that are net of tax, with the exception of the Samarco forward exchange derivatives described in note 9 ‘Significant events – Samarco dam failure’, which are taxable.

2	Includes current tax expense related to Pillar Two income taxes of US$13 million (31 December 2024: US$1 million; 30 June 2025: US$1 million).

International Tax Reform – Pillar Two Model Rules

The Group has a presence in jurisdictions that have enacted or substantively enacted legislation in relation to the OECD/G20 BEPS Pillar Two model rules, including Australia, where its ultimate parent entity is a tax resident. This effectively brings all jurisdictions in which the Group has a presence into the scope of the rules.

The temporary exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes has been applied at 31 December 2025.

The Group continues to monitor and evaluate the domestic implementation of the Pillar Two rules in the jurisdictions in which it operates. The implementation of legislation that is enacted or substantively enacted but not yet in effect is not expected to have a material impact on the Group’s global effective tax rate.

BHP | Financial results for the half year ended 31 December 2025

6.	Earnings per share


	Half year ended 31 Dec 2025 US$M		Half year ended 31 Dec 2024 US$M		Year ended 30 June 2025 US$M

Earnings attributable to BHP shareholders (US$M)¹		5,640		4,416		9,019

Weighted average number of shares (Million)

- Basic²		5,077		5,072		5,073

- Diluted³		5,089		5,083		5,083

Earnings per ordinary share (US cents)⁴

- Basic		111.1		87.1		177.8

- Diluted		110.8		86.9		177.4

Headline earnings per ordinary share (US cents)⁵

- Basic		112.0		86.3		182.4
- Diluted		111.8		86.1		182.0

1	Diluted earnings attributable to BHP shareholders are equal to earnings attributable to BHP shareholders.

2	The calculation of the number of ordinary shares used in the computation of basic earnings per share is the weighted average number of ordinary shares of BHP Group Limited outstanding during the period after deduction of the number of shares held by the BHP Group Limited Employee Equity Trust.

For the purposes of calculating diluted earnings per share, the effect of 12 million dilutive shares has been taken into account for the half year ended 31 December 2025 (31 December 2024: 11 million shares; 30 June 2025: 10 million shares). The Group’s only potential dilutive ordinary shares are share awards granted under employee share ownership plans. Diluted earnings per share calculation excludes instruments which are considered antidilutive.

At 31 December 2025, there are no instruments which are considered antidilutive (31 December 2024: nil; 30 June 2025: nil).

4	Each American Depositary Share (ADS) represents twice the earnings for BHP Group Limited ordinary share.

5	Headline earnings is a Johannesburg Stock Exchange defined performance measure and is reconciled from earnings attributable to ordinary shareholders as follows:


	Half year ended 31 Dec 2025 US$M		Half year ended 31 Dec 2024 US$M		Year ended 30 June 2025 US$M

Earnings attributable to BHP shareholders		5,640		4,416		9,019

Adjusted for:

Loss/(gain) on sales of property, plant and equipment, intangibles and investments		5		(5)		(3)

Net impairment/(reversal of impairment) of property, plant and equipment and intangibles		22		(56)		154

Loss on disposal of subsidiaries and operations		29		2		117

Tax effect of above adjustments		(8)		18		(34)
Subtotal of adjustments		48		(41)		234
Headline earnings		5,688		4,375		9,253
Diluted headline earnings		5,688		4,375		9,253

BHP | Financial results for the half year ended 31 December 2025

7.	Dividends


	Half year ended 31 Dec 2025				Half year ended 31 Dec 2024				Year ended 30 June 2025
	Per share US cents		Total US$M		Per share US cents		Total US$M		Per share US cents		Total US$M

Dividends paid during the period

Prior year final dividend		60		3,048		74		3,749		74		3,749

Interim dividend		N/A		—		N/A		—		50		2,537
		60		3,048		74		3,749		124		6,286

Dividends paid during the period differs from the amount of dividends paid in the Consolidated Cash Flow Statement as a result of foreign exchange gains and losses between the record date and the payment date of equity distributions. Proceeds of US$31 million were received on derivative instruments as part of the funding of the dividend paid during the period and disclosed in ‘Proceeds from cash management related instruments’ in the Consolidated Cash Flow Statement.

Each American Depositary Share (ADS) represents two ordinary shares of BHP Group Limited. Dividends determined on each ADS represent twice the dividend determined on each BHP Group Limited ordinary share.

Dividends are determined after period-end and announced with the results for the period. Interim dividends are determined in February and paid in March. Final dividends are determined in August and paid in September or October. Dividends determined are not recorded as a liability at the end of the period to which they relate. Subsequent to the half year, on 17 February 2026, BHP Group Limited determined an interim ordinary dividend of 73 US cents per share (US$3,707 million), which will be paid on 26 March 2026 (31 December 2024: interim dividend of 50 US cents per share – US$2,537 million; 30 June 2025: final dividend of 60 US cents per share – US$3,045 million).

BHP Group Limited dividends for all periods presented are, or will be, fully franked based on a tax rate of 30 per cent.

BHP | Financial results for the half year ended 31 December 2025

8.	Financial risk management – Fair values

Recognition and measurement

All financial assets and liabilities, other than derivatives and trade receivables, are initially recognised at the fair value of consideration paid or received, net of transaction costs as appropriate. Financial assets are initially recognised on their trade date.

Financial assets are subsequently carried at fair value or amortised cost based on:

•

the Group’s purpose, or business model, for holding the financial asset;

•

whether the financial asset’s contractual terms give rise to cash flows that are solely payments of principal and interest.

The resulting Financial Statements classifications of financial assets can be summarised as follows:


Contractual cash flows	Business model	Category
Solely principal and interest	Hold in order to collect contractual cash flows	Amortised cost
Solely principal and interest	Hold in order to collect contractual cash flows and sell	Fair value through other comprehensive income
Solely principal and interest	Hold in order to sell	Fair value through profit or loss
Other	Any of those mentioned above	Fair value through profit or loss

Solely principal and interest refers to the Group receiving returns only for the time value of money and the credit risk of the counterparty for financial assets held. The main exceptions for the Group are provisionally priced receivables and derivatives which are measured at fair value through profit or loss under IFRS 9/AASB 9 ‘Financial Instruments’.

The Group has the intention of collecting payment directly from its customers in most cases, however the Group also participates in receivables financing programs in respect of selected customers. Receivables in these portfolios which are classified as ‘hold in order to sell’, are provisionally priced receivables and are therefore held at fair value through profit or loss prior to sale to the financial institution.

With the exception of derivative contracts and provisionally priced trade payables which are carried at fair value through profit or loss, the Group’s financial liabilities are classified as subsequently measured at amortised cost.

The Group may in addition elect to designate certain financial assets or liabilities at fair value through profit or loss or to apply hedge accounting where they are not mandatorily held at fair value through profit or loss.

Fair value measurement

The carrying amount of financial assets and liabilities measured at fair value is principally calculated based on inputs other than quoted prices that are observable for these financial assets or liabilities, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, fair value is estimated based on the Group’s views on relevant future prices, net of valuation allowances to accommodate liquidity, modelling and other risks implicit in such estimates.

The inputs used in fair value calculations are determined by the relevant segment or function. The functions support the assets and operate under a defined set of accountabilities authorised by the Executive Leadership Team. Movements in the fair value of financial assets and liabilities may be recognised through the income statement or in other comprehensive income according to the designation of the underlying instrument.

For financial assets and liabilities carried at fair value, the Group uses the following to categorise the inputs to the valuation method used based on the lowest level input that is significant to the fair value measurement as a whole:

BHP | Financial results for the half year ended 31 December 2025

Financial assets and liabilities

The financial assets and liabilities are presented by class in the table below at their carrying amounts.

IFRS 13 Fair

value

hierarchy

Level¹

IFRS 9 Classification

31 Dec 2025

US$M

30 June

2025

US$M

Current cross currency and interest rate swaps²

Fair value through profit or loss

Current other derivative contracts³

2,3

Fair value through profit or loss

229

275

Current other financial assets⁴

Fair value through profit or loss

—

Current other financial assets⁵

Amortised cost

246

236

Current other investments⁶

1,2

Fair value through profit or loss

Non-current cross currency and interest rate swaps²

Fair value through profit or loss

424

448

Non-current other derivative contracts³

2,3

Fair value through profit or loss

186

158

Non-current other financial assets⁴

Fair value through profit or loss

113

122

Non-current other financial assets^5,7

Amortised cost

199

191

Non-current investment in shares

1,3

Fair value through other comprehensive income

101

Non-current other investments⁶

1,2

Fair value through profit or loss

139

Total other financial assets

1,723

1,683

Cash and cash equivalents

Amortised cost

13,466

11,894

Trade and other receivables⁸

Amortised cost

1,110

1,195

Provisionally priced trade receivables

Fair value through profit or loss

3,989

2,581

Total financial assets

20,288

17,353

Non-financial assets

95,724

91,437

Total assets

116,012

108,790

Current other derivative contracts

Fair value through profit or loss

381

130

Current other financial liabilities⁹

Amortised cost

Non-current cross currency and interest rate swaps²

Fair value through profit or loss

1,175

1,056

Non-current other financial liabilities⁹

Amortised cost

237

308

Total other financial liabilities

1,874

1,578

Trade and other payables¹⁰

Amortised cost

5,627

6,087

Provisionally priced trade payables

Fair value through profit or loss

626

493

Bank overdrafts and short-term borrowings¹¹

Amortised cost

—

Bank loans¹¹

Amortised cost

3,717

3,731

Notes and debentures¹¹

Amortised cost

20,642

17,653

Lease liabilities¹²

3,510

2,953

Other¹¹

Amortised cost

152

158

Total financial liabilities

36,148

32,654

Non-financial liabilities

24,399

23,918

Total liabilities

60,547

56,572

1	All of the Group’s financial assets and financial liabilities recognised at fair value were valued using market observable inputs categorised as Level 2 unless specified otherwise in the following footnotes.

2	Cross currency and interest rate swaps are valued using market data including interest rate curves and foreign exchange rates. A discounted cash flow approach is used to derive the fair value of cross currency and interest rate swaps at the reporting date.

3	Includes net other derivative assets of US$40 million related to power purchase contract agreements that are categorised as Level 3 (30 June 2025: US$37 million).

Includes receivables contingent on future realised coal price of US$101 million (30 June 2025: US$122 million). A 10 per cent change in the coal realised price used in the valuation model, with all other factors held constant, would increase or decrease profit after taxation by approximately US$60 million.

5	Includes deferred consideration of US$292 million in relation to the divestment of the Blackwater and Daunia mines (30 June 2025: US$280 million).

6	Includes investments held by BHP Foundation which are restricted and not available for general use by the Group of US$136 million (30 June 2025: US$176 million) of which other investments (mainly US Treasury Notes) of US$67 million is categorised as Level 1 (30 June 2025: US$105 million).

7	Includes Senior notes of US$153 million (30 June 2025: US$147 million) relating to Samarco with a maturity date of 30 June 2031. Refer to note 9 ‘Significant events – Samarco dam failure’ for further information.

8	Excludes input taxes of US$457 million (30 June 2025: US$477 million) included in other receivables.

9	Includes the discounted settlement liability in relation to the cancellation of power contracts at the Group’s Escondida operations.

10	Excludes input taxes of US$72 million (30 June 2025: US$90 million) included in other payables.

11	All interest bearing liabilities, excluding lease liabilities, are unsecured.

12	Lease liabilities are measured in accordance with IFRS 16/AASB 16 ‘Leases’.

BHP | Financial results for the half year ended 31 December 2025

The carrying amounts in the table above generally approximate to fair value. In the case of US$520 million (30 June 2025: US$525 million) of fixed rate debt not swapped to floating rate, the fair value at 31 December 2025 was US$541 million (30 June 2025: US$541 million). The fair value is determined using a method that can be categorised as Level 2 and uses inputs based on benchmark interest rates, alternative market mechanisms or recent comparable transactions.

For financial instruments that are carried at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the fair value hierarchy by reassessing categorisation at the end of each reporting period. There were no transfers between categories during the period.

9.	Significant events – Samarco dam failure

As a result of the Samarco dam failure on 5 November 2015, BHP Billiton Brasil Ltda (BHP Brasil) and other Group entities continue to incur costs and maintain liabilities for future costs. The information presented in this note should be read in conjunction with section 7 ‘Samarco’, Financial Statements note 4 ‘Significant events – Samarco dam failure’ and Additional Information section 8 ‘Legal proceedings’ in the 30 June 2025 Annual Report.

The financial impacts of the Samarco dam failure on the Group’s income statement, balance sheet and cash flow statement for the half year ended 31 December 2025 are shown below and have been treated as an exceptional item.


Financial impacts of Samarco dam failure	Half year ended 31 Dec 2025 US$M		Half year ended 31 Dec 2024 US$M		Year ended 30 June 2025 US$M

Income statement

Other income¹		64		—		—

Expenses excluding net finance costs:

Costs incurred directly by BHP Brasil and other BHP entities in relation to the Samarco dam failure²		(128)		(114)		(211)

Profit/(loss) from equity accounted investments, related impairments and expenses:

Samarco dam failure provision³		(345)		194		(659)

Fair value change on forward exchange derivatives⁴		149		(314)		414

Loss from operations		(260)		(234)		(456)

Net finance costs⁵		(302)		(208)		(458)

Loss before taxation		(562)		(442)		(914)

Income tax expense		—		—		—
Loss after taxation		(562)		(442)		(914)

Balance sheet movement

Other financial assets/(liabilities)⁶		33		(272)		441

Trade and other receivables		26		—		—

Trade and other payables		(43)		(1)		29

Tax liabilities		—		—		—

Provisions		503		623		656
Net decrease in liabilities		519		350		1,126

BHP | Financial results for the half year ended 31 December 2025


	Half year ended 31 Dec 2025 US$M			Half year ended 31 Dec 2024 US$M			Year ended 30 June 2025 US$M

Cash flow statement

Loss before taxation			(562)			(442)			(914)

Adjustments for:

Samarco dam failure provision³		345			(194)			659

Fair value change on forward exchange derivatives⁴		(149)			314			(414)

Proceeds from/(settlement of) cash management related instruments		122			(37)			(17)

Net finance costs⁵		302			208			458

Changes in assets and liabilities:

Trade and other receivables		(26)			—			—
Trade and other payables		43			1			(29)
Net operating cash flows			75			(150)			(257)
Net investment and funding of equity accounted investments⁷			(1,150)			(637)			(1,773)
Net investing cash flows			(1,150)			(637)			(1,773)
Net decrease in cash and cash equivalents			(1,075)			(787)			(2,030)

1	Proceeds from insurance settlements.

2	Includes legal and advisor costs incurred.

3	US$407 million (31 December 2024: US$440 million; 30 June 2025: US$540 million) change in estimate and US$(62) million (31 December 2024: US$(634) million; 30 June 2025: US$119 million) exchange translation.

The Group enters into forward exchange contracts to limit the Brazilian reais exposure on the dam failure provision. While not applying hedge accounting, the fair value changes in the forward exchange instruments are recorded within Profit/(loss) from equity accounted investments, related impairments and expenses in the Income Statement.

5	Amortisation of discounting of provision.

6	Includes forward exchange contracts described in 4 above, and Senior notes issued by Samarco as part of its Judicial Reorganisation in September 2023.

7	Includes US$(1,150) million utilisation of the Samarco dam failure provision including payments under the Brazil Settlement Agreement ratified on 6 November 2024 (31 December 2024: US$(637) million; 30 June 2025: US$(1,773) million).

Equity accounted investment in Samarco

BHP Brasil’s investment in Samarco remains at US$ nil. No dividends have been received by BHP Brasil from Samarco during the period and Samarco currently does not have profits available for distribution.

Provision related to the Samarco dam failure

31 Dec 2025

US$M

30 June

IFRS 13 Fair value hierarchy

Valuation inputs

Based on quoted prices (unadjusted) in active markets for identical financial assets and liabilities.

Based on inputs other than quoted prices included within Level 1 that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices).

Based on inputs not observable in the market using appropriate valuation models, including discounted cash flow modelling.

BHP Group Ltd 6-K