BHP’s copper shift matters more than a single coal headline
BHP says copper generated more than half of its underlying EBITDA in FY2026, with coal improving and iron ore output strong.
Source finding
BHP reports about US$33 billion underlying EBITDA, net debt below US$9 billion and a final dividend of US$0.99 per share.
Our analysis
Commodity mix changes the company’s exposure to coal, copper and iron ore cycles.
What remains uncertain
These are FY2026 company results, not a forecast of current share price or guaranteed dividend.