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BHP reports copper-led earnings shift as underlying EBITDA tops iron ore
Copper accounted for $18.2 billion of underlying EBITDA in the year ended June 30, and BHP lifted FY2026 dividends while cutting net debt to $8.7 billion.
BHP Group Limited said copper is now the main driver of its earnings, with copper generating $18.2 billion of underlying EBITDA in the year ended June 30, overtaking iron ore at $14.5 billion and contributing more than half of group EBITDA for the first full year.
The miner reported underlying attributable profit rose 30% to $13.2 billion, beating consensus estimates of $12.7 billion, and Australian shares rose as much as 4.2% to a two-month high, according to Yahoo Finance.
BHP also pointed to balance sheet progress, reducing net debt to $8.69 billion and increasing its FY2026 dividend to $1.72 per ordinary share, the highest level in four years.
Looking ahead, BHP expects average annual capital and exploration spending of about $11 billion over the medium term, with more than half aimed at copper growth, and said its project pipeline could raise attributable copper production by about 40% by fiscal 2035.
Latest closeCopper $6.544 ▼0.8%