February 16th, 2026

Mike Henry

Thank you for joining us to hear about BHP's December 2025 half year results. I'm joined by our Chief Financial Officer, Vandita Pant. This has been another good half, both operationally and financially. Our strong performance on production delivery and cost control, coupled with a strong commodity price environment has underpinned continued balance sheet strength and growth in cash returns for the period. We continue to deliver well against our strategy, and we can see the fruits of our strategy execution evident not only in our continued operational excellence, but also in the fact that just over half of our earnings for the period came from our copper business. That's up 30 percentage points over the past 3 years, and this is the result of our deliberate actions to grow our copper business, including through more reliable operations at Olympic Dam, our focus on grade and sequencing at Escondida and our OZ Minerals acquisition. This has positioned us well for the strengthening copper dynamics that we have forecast. And we have built a strong pipeline of growth in both copper and in potash.

I remember one of my predecessors many years ago talking about how the combination of a strong, stable asset base, operational performance and balance sheet, combined with growth options was the winning formula for value creation. And in the almost 25 years since the merger of BHP and Billiton, we have delivered the highest total shareholder return of the major diversified miners and around 4x that of the MSCI, World Metals and Mining Index. That formula is as valid today as it was the...