BHP Share Price Heads to Record High Posts 25% EBITDA Surge, Lifts Copper Outlook
In December 2025, BHP Group Ltd. reported a strong half-year performance, bolstered by growth led by copper, prudent capital returns, and...
Quick overview
- BHP Group Ltd reported a 25% increase in underlying EBITDA for the first half of fiscal 2026, achieving a 58% margin and an underlying attributable profit of $6.2 billion.
- The company delivered record production at its Western Australia Iron Ore division and raised copper production guidance by 150,000 tonnes over the next two years.
- BHP's solid balance sheet and disciplined cost control supported a $3.7 billion interim dividend, reflecting its commitment to shareholder returns.
- The company's share price has gained approximately 13% year-to-date in 2026, bolstered by firm metal prices and strong global infrastructure demand.
For 2025, BHP Group Ltd. reported a strong half-year performance, bolstered by growth led by copper, prudent capital returns, and record iron ore output.
Strong Operational Delivery and Margin Expansion
BHP reported a 25% increase in underlying EBITDA for the first half of fiscal 2026, achieving an impressive 58% margin. Underlying attributable profit reached $6.2 billion, highlighting the company’s ability to convert favorable commodity pricing into robust earnings.
Operationally, the group delivered record production at its Western Australia Iron Ore division while maintaining its status as the world’s lowest-cost major iron ore producer. Steady global steel demand and resilient iron ore pricing supported earnings stability.
Copper emerged as a central growth driver. Management raised copper production guidance by 150,000 tonnes over the next two years, reflecting strategic investments and expanding capacity in future-facing commodities.
Financial Strength and Shareholder Returns
BHP’s balance sheet remains solid, supported by disciplined cost control and strong cash generation. Key highlights include:
- Underlying EBITDA: +25%, 58% margin
- Underlying attributable profit: $6.2 billion
- Return on capital employed: 24%
- Interim dividend: $3.7 billion (60% payout ratio)
The declared interim dividend underscores BHP’s commitment to shareholder returns while preserving flexibility for growth investments.
Strategic agreements completed during the period are expected to unlock up to $10 billion in capital over time, reinforcing long-term financial optionality.
Market Performance and Technical Momentum
BHP’s performance has reinforced investor confidence, supporting a steady uptrend in the share price since April 2025. After reversing from below R390, the stock has gained approximately 13% year-to-date in 2026.
On the JSE (BHG), the share price is now approaching the 2023 record high of R641. Technical indicators such as the 20-day simple moving average (gray) continue to provide support, reflecting sustained positive momentum.
BHP Chart Daily – The 20 SMA Keeps Pushing the Price Higher
Firm metal prices—particularly copper—remain a key tailwind, and continued strength in global infrastructure demand could provide further support.
Conclusion: BHP’s half-year update highlights a company executing effectively across operations while benefiting from a supportive commodity environment. Copper expansion, record iron ore production, and disciplined capital allocation reinforce its leadership position in global mining.
With strong margins, rising production guidance, and consistent shareholder returns, BHP appears well positioned to navigate cyclical volatility while capitalizing on structural demand trends in energy transition and infrastructure markets.
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