BHP released its full year results on 19 August 2025 at 8.30am (AEST). Mike Henry, Chief Executive Officer, and Vandita Pant, Chief Financial Officer, reviewed the Company's operating and financial performance.

• Exchange release
• Results presentation
• Speech
• Presentation video
• Investor and analyst briefing transcript 1

BHP Chief Executive Officer, Mike Henry:

“FY25 was another strong year for BHP, marked by record production, continued sector-leading margins and disciplined capital allocation. Safety remains our highest priority, and we achieved year-on-year improvements across key metrics. Against a backdrop of global uncertainty this strong performance has led to robust financial outcomes and reflects the resilience of BHP’s business and strategy.

We met full-year production guidance across all assets, and set new records in copper and iron ore. Copper production exceeded 2 Mt for the first time, up 28% over the past three years. We maintained our position as the world’s lowest-cost major iron ore producer at WAIO where we delivered 290 Mt – a new production record. Underlying EBITDA was US$26 bn with a 53% margin, and underlying attributable profit was US$10.2 bn. This strong performance allowed us to determine a final dividend of 60 US cents per share. We also continue to invest in growth. In each of the next two years we expect to spend US$11 bn in capital and exploration, reducing to US$10 bn on average each year between FY28 and FY30. The Jansen project in Canada is estimated to deliver first potash production by mid-2027. We are optimising our growth program at Escondida in Chile, Copper South Australia has the potential to double production through phased expansions and the Vicuña project in Argentina is advancing towards a multi-decade copper opportunity. At WAIO, over the medium term we are targeting sustained production of greater than 305 Mtpa.

We made meaningful progress on sustainability and remain on track to reduce operational greenhouse gas emissions by at least 30% from FY20 levels by FY30. Recently we signed charter contracts for two ammonia dual-fuelled bulk carriers – to progress GHG emissions intensity reduction of our shipping – and partnered with Aurizon in South Australia to reduce truck movements and related emissions. Indigenous procurement spend rose 40% over the past year, and we launched plans for a 158,000-hectare conservation project at Copper South Australia. In April we achieved gender balance within our global employee base.

The global economic outlook is mixed. Growth is expected to ease to 3% or slightly below in the near-term amid shifting trade policies, yet demand for commodities remains strong, particularly in China and India. Chinese copper demand outperformed in FY25, while iron ore demand was resilient, driven by strong infrastructure investment and manufacturing activity in China. Steelmaking coal prices have softened due to oversupply, though policy shifts in China and new blast furnace capacity in Asia are expected to support the market. Potash markets are expected to continue to benefit from a growing and wealthier population and the need for more sustainable agriculture.

We remain confident in the long-term fundamentals of steelmaking materials, copper and fertilisers, which are critical to global growth, urbanisation and the energy transition. Backed by a diversified portfolio of large, long-life assets, disciplined low-cost operations and a strong balance sheet, BHP is well-positioned to deliver enduring value through the cycle.”