# BHP delivers strong first half

By Matt Britzman — 2026-02-17

Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “BHP delivered a strong first half, with profit up 28 per cent and revenue 11 per cent higher, supported by standout copper performance and record production across key assets.

“Copper has now overtaken iron ore as the biggest earnings driver, contributing 51 per cent of cash profits (EBITDA), although iron ore remains a major cash generator with Western Australia Iron Ore again delivering record output and sector-leading costs.

“Strong cash generation and a resilient balance sheet underpin a business with two powerful profit engines – copper as the new growth leader and iron ore still a dependable cash cow.”

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