BHP Group (BHP) Company Report

Analyst Coverage

Research analysts who have asked questions during BHP Group earnings calls.

Anna Mulholland

Deutsche Bank

1 question for BHP

Clarke Wilkins

Citi

1 question for BHP

Duncan Simmonds

Bank of America Merrill Lynch

1 question for BHP

Glyn Lawcock

Barrenjoey

1 question for BHP

Also covers: AA, ALTM, CODQL +1 more

Hayden Bairstow

Argonaut

1 question for BHP

Also covers: MTAL

Heath Jansen

Citi

1 question for BHP

Hunter Hillcoat

Investec

1 question for BHP

James Gurry

Credit Suisse

1 question for BHP

Jason Fairclough

Bank of America Merrill Lynch

1 question for BHP

Also covers: ERELY, GLNCY, RIO

Lyndon Fagan

JPMorgan Chase & Co.

1 question for BHP

Also covers: RIO

Menno Gerard Cornelis Sanderse

Morgan Stanley

1 question for BHP

Also covers: GLNCY

Myles Allsop

UBS Group AG

1 question for BHP

Also covers: GLNCY, RIO, SCCO +2 more

Paul McTaggart

Credit Suisse

1 question for BHP

Paul Young

Goldman Sachs

1 question for BHP

Also covers: CODQL, RIO

Pete O'Connor

Shaw and Partners

1 question for BHP

Sylvain Brunet

BNP Paribas

1 question for BHP

Also covers: GLNCY

Latest news

Recent press releases and 8-K filings for BHP.

BHP enters US$2 billion infrastructure agreement with Global Infrastructure Partners

BHP

New Projects/Investments

M&A

BHP has entered a binding agreement with Global Infrastructure Partners (GIP), a part of BlackRock, for its share of Western Australia Iron Ore's (WAIO) inland power network.
Under the agreement, GIP will provide US$2 billion in funding for a 49% stake in a trust entity, while BHP will retain 51% ownership and full operational control of WAIO's inland power infrastructure.
This arrangement is expected to strengthen BHP's balance sheet flexibility and support long-term value creation, with completion anticipated towards the end of FY2026, subject to regulatory approvals.

Dec 9, 2025, 11:01 AM

6-K

BHP Group Ltd provides update on UK group action and dam failure provision

BHP

Legal Proceedings

Guidance Update

The English High Court found BHP liable under Brazilian law for the 2015 Fundão dam failure, a decision BHP intends to appeal.
The assessment of damages will be determined in future second and third stage trials, which are expected to complete in 2028 or 2029.
In October 2024, BHP Brasil, Vale, and Samarco entered into a US$32 billion comprehensive agreement with Brazilian public authorities for a full and final settlement of key claims in Brazil, with over 610,000 people already compensated.
BHP updated its aggregate provision for the dam failure to US$5.5 billion as of October 31, 2025, reflecting approximately US$1 billion spent from July 1, 2025, to October 31, 2025.
Expected cash outflows relating to Samarco remain largely aligned with US$2.2 billion for FY2026 and US$0.5 billion for FY2027.

Nov 14, 2025, 1:27 PM

6-K

BHP Reports Strong FY 2025 Performance and Strategic Growth in Copper and Potash

BHP

Earnings

Dividends

New Projects/Investments

BHP delivered strong operational and financial performance in FY 2025, including a 20.6% return on capital employed and an underlying EBITDA margin of 53%. The company returned over $100 billion USD to shareholders over the past decade, with $5.6 billion USD in dividends for FY 2025.
The company is strategically focused on copper and potash growth, with copper now contributing 45% of EBITDA. Key projects include Resolution Copper in Arizona, which could supply 25% of US copper needs, and the Jansen potash project in Canada, with first production forecast for mid-2027.
BHP faces significant challenges with its Queensland steelmaking coal operations (BMA), reporting a 1% return on capital employed and paying 67 cents on every dollar in taxes and royalties for the past year. Consequently, no growth capital will be deployed into this business for the foreseeable future.
BHP is committed to its decarbonization target of a 30% reduction in carbon footprint by 2030 from 2020 levels, and is on track to achieve this. This includes closing its New South Wales energy coal business by June 2030 due to economic reasons and investing in steel decarbonization technologies.

Oct 22, 2025, 11:00 PM

Transcript

BHP Reports Strong FY 2025 Performance, Strategic Growth, and Board Leadership Transition

BHP

Dividends

New Projects/Investments

Board Change

BHP delivered strong operational and financial performance in FY 2025, achieving record production at Western Australia Iron Ore and record overall copper production, which grew 28% over the past three years. The company reported a 20.6% return on capital employed and an underlying EBITDA margin of 53%.
For FY 2025, BHP paid $5.6 billion in dividends, representing a 60% payout ratio for the final dividend, and has returned over $100 billion to shareholders over the past decade. Copper now accounts for 45% of the company's EBITDA, more than double its contribution five years ago.
Construction continues on the Jansen potash project in Canada, with first production forecast for mid-2027. However, BHP has suspended operations at its Saraji South mines in Queensland and cut 750 jobs, primarily citing the Queensland government's royalty scheme and a 67% tax position as deterrents to investment in the region. The New South Wales energy coal business is scheduled for closure by June 2030 due to economic reasons.
Ross McEwan chaired his first BHP Group Limited AGM in October 2025, succeeding Ken MacKenzie, who retired as Chair on March 31, 2025.

Oct 22, 2025, 11:00 PM

Transcript

BHP Reports Strong Q1 FY26 Performance and Project Progress

BHP

Earnings

Guidance Update

New Projects/Investments

BHP reported a strong start to the year for the quarter ended September 30, 2025, and is on track to deliver full-year guidance.
Group copper production rose 4% compared to Q1 FY25, driven by record concentrator throughput at Escondida, while iron ore production decreased 1% and steelmaking coal production increased 8% over the same period.
The Jansen potash project Stage 1 is 73% complete and on track for production to begin in 2027, with Stage 2 at 13% completion.
During the quarter, BHP issued EUR 1.4 billion and US$1.5 billion in bonds and refinanced its US$5.5 billion revolving credit facility.

Oct 21, 2025, 7:29 PM

6-K

BHP Group Limited to hold 2025 AGM, reports strong FY2025 performance and dividends

BHP

Earnings

Dividends

Executive Compensation

BHP Group Limited will hold its 2025 Annual General Meeting (AGM) on October 23, 2025, to consider financial reports, re-elect directors, adopt the remuneration report, and approve equity grants for the Chief Executive Officer.
The company reported strong performance in FY2025, with dividends totalling 110 US cents a share, representing a total distribution of US$5.6 billion or 55 per cent of the underlying attributable profit for the year. Profit from operations for FY2025 was US$19.5 billion, up from US$17.5 billion in FY2024.
Operational highlights for FY2025 include record copper production, record iron ore production for the third consecutive year, and a 5% increase in steelmaking coal volumes. The Jansen potash project is 68% complete, with first potash estimated for mid-CY2027.
Shareholders will vote on approving equity grants for CEO Mike Henry, including CDP Deferred Rights with a face value of US$3.31 million and LTIP Performance Rights with a face value of US$3.94 million.
Ross McEwan is the new Chair, succeeding Ken MacKenzie who retired on March 31, 2025.

Sep 16, 2025, 10:01 AM

6-K

BHP Group Prices EMTN Bond Offer

BHP

Debt Issuance

BHP Group Limited priced a EUR 1,400,000,000 bond offer on August 29, 2025.
The offer consists of EUR 800,000,000 Notes due September 4, 2031, with a 3.180% fixed interest rate, and EUR 600,000,000 Notes due September 4, 2035, with a 3.643% fixed interest rate.
The Notes, guaranteed by BHP Group Limited, are for general corporate purposes and are expected to be rated A1 by Moody's and A by Fitch.

Aug 29, 2025, 10:02 AM

6-K

BHP Group Limited Provides 6-K Update on Performance and Growth Initiatives

BHP

New Projects/Investments

Guidance Update

Risk disclosures reiterate key factors from the Annual Report 2024, including forward‐looking statements and comparative performance assessments, emphasizing caution in relying on past performance ( ).
Strong operational performance was highlighted with resilient commodity results and robust net operating cash flow exceeding US$15 bn, underpinning consistent margin delivery ( , ).
Financial discipline is maintained through a low net debt profile and a clear focus on disciplined capital allocation to support ongoing projects ( , ).
Growth initiatives include progress on the Escondida expansion and optimization of the growth program, aimed at increasing medium-term copper production ( , ).

May 13, 2025, 12:00 AM

6-K

BHP Group Delivers Record Production and Steady Guidance in FY25 Update

BHP

Guidance Update

New Projects/Investments

Record Production: BHP achieved record nine‐month copper production of 1.5 million tonnes and record iron ore output, demonstrating resilience amid challenging market and operational conditions.
Steady Guidance: FY25 production guidance remains unchanged with copper production maintained between 1,845–2,045 kt and iron ore production between 255–265.5 Mt.
Operational Resilience: The report highlights supply chain excellence, proactive measures such as extending asset life at Escondida, and milestone progress toward a workforce of 40% female representation.

Apr 17, 2025, 12:00 AM

6-K

BHP Group Declares Interim Dividend

BHP

Dividends

Interim dividend of 50 US cents per share declared for the half year ended 31 December 2024, with detailed currency conversion rates provided for AUD, GBP, NZD, and ZAR.
Dividend payment scheduled for 27 March 2025, as confirmed in the release.

Mar 11, 2025, 12:00 AM

6-K