BHP Group Ltd (LSE:BHP, ASX:BHP) has surged more than 6% on Tuesday after delivering a strong first-half result, with profit lifting 28% to US$5.64 billion (about A$8 billion) on the back of an 11% rise in revenue to US$27.9 billion. The miner’s underlying EBITDA climbed 25% year-on-year to US$15.5 billion, supported by higher copper earnings and strong margins.
Copper was the standout, prompting BHP to raise FY26 copper production guidance to 1.9–2.0 million tonnes after strong output at Escondida and its other Chilean operations. Escondida’s guidance was upgraded to 1.2–1.275 million tonnes. Meanwhile, West Australian iron ore delivered record first-half production and shipments, reinforcing BHP’s position as the lowest-cost major producer, with iron ore and coal performing in line with guidance overall.
BHP declared a fully franked interim dividend of US73¢ per share, up from US50¢ a year earlier, reflecting a 60% payout ratio and coming in above market expectations.
Morgans analyst Adrian Prendergast said record copper earnings — now accounting for 51% of group EBITDA — alongside a US$4.3 billion Antamina silver streaming deal, would support the balance sheet and help offset Jansen Stage 1 capex pressures. He added that ongoing capital management, including the Wheaton streaming arrangement and the GIP WAIO power deals, is expected to unlock more than US$6 billion in the second half.
BHP maintained FY26 guidance across all segments. Shares hit a 52-week high of $53.98 in early trading. At 1pm they were up 6.47% to $53.620.