BHP profit rises 9% as copper becomes biggest earnings contributor

BHP Group Ltd (LSE:BHP, ASX:BHP) has reported a 9% increase in full-year attributable profit to US$9.83 billion, with stronger copper prices lifting earnings and making copper the group’s largest contributor to underlying EBITDA. Revenue for the year to 30 June 2026 increased 15% to US$58.8 billion, while underlying attributable profit rose 30% to US$13.2 billion. Underlying EBITDA climbed 27% to around US$33 billion. Copper generated 54% of group underlying EBITDA, contributing around US$18 billion, up 48% year-on-year as higher realised prices supported stronger margins. Chief executive Brandon Craig said copper had become central to BHP’s growth outlook, describing it as “the engine that is driving BHP’s growth”. The company produced around 2 million tonnes of copper for the 2nd consecutive year, supported by major operations including Escondida. BHP’s Western Australia Iron Ore business also delivered record annual production of 265 million tonnes, with iron ore remaining a major earnings contributor despite copper moving ahead on an underlying EBITDA basis. The company declared a final dividend of US$0.99 per share, taking total dividends for FY2026 to US$1.72 per share, compared with US$1.10 in the previous year. Reported profit was partly affected by a previously announced US$2.3 billion impairment relating to the Jansen potash project in Canada. BHP said it continued to progress growth opportunities across its copper portfolio while advancing Jansen towards first potash production in 2027. Management said the company remained positive on the longer-term outlook for its key commodities, although it acknowledged continued uncertainty across the global economy and interna...