BHP’s H1 Profit Climbs 22% with Copper EBITDA at $8bn, $4.3bn Silver Deal
BHP's underlying profit rose 22% to $6.2bn in H1, propelled by a 59% surge in copper EBITDA to $8bn as copper accounted for 51%+ of group profits, while iron ore edged up 4%. The company agreed a $4.3bn silver streaming deal for Antamina output and raised its interim dividend to $0.73 per share.
1. H1 Financial Performance
BHP’s H1 underlying profit rose 22% to $6.2bn on revenue of $27.9bn, lifting EBITDA by 25% to $15.5bn and delivering EPS of $2.24. Net operating cash flow increased 13% despite a $2.3bn working capital rise, reflecting strong copper and iron ore prices.
2. Copper Division Outperforms
The copper division drove earnings with a 59% increase in underlying EBITDA to $8bn, marking its first time contributing over half of group profit as prices climbed nearly one-third. Output gains at Escondida and recent acquisitions supported these results, leading to a 150,000-tonne upward revision in copper guidance for 2026 and 2027.
3. Silver Streaming Agreement
BHP signed a $4.3bn streaming deal with Wheaton Precious Metals for silver from its 33.75% stake in the Antamina mine, delivering 33.75% of output until 100 million ounces and 22.5% thereafter for 20% of spot price per ounce. Effective April 1, the deal preserves BHP’s copper, zinc and lead interests and adds capital without increasing reported debt.
4. Capital Discipline & Dividends
The Jansen potash project in Canada is on track for mid-2027 first production with a revised first-phase capex of $8.4bn, underscoring BHP’s focus on portfolio optimisation. An interim dividend of $0.73 per share reflects a 60% payout ratio and the company’s commitment to disciplined capital allocation.