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2d ago

BHP Cuts Dividend as FY25 Underlying Profit Drops 26%

Copper’s rising contribution underscores a pivot toward assets tied to the energy transition.

A view shows the BHP Limited logo at their headquarters in Melbourne, Australia, March 24, 2025. REUTERS/Hollie Adams/File Photo
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BHP said that a fall in iron ore prices was offset by higher copper prices
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Overview

  • BHP reported underlying profit of about US$10.2 billion, with revenue down 8% to US$51.3 billion and underlying EBITDA falling roughly 10% to around US$26 billion.
  • Net attributable (statutory) profit rose 14% to US$9.0 billion, reflecting irregular items alongside record iron ore and copper output.
  • The final dividend was set at US$0.60 a share, taking the full-year payout to US$1.10, the lowest since 2017 yet slightly ahead of expectations, and the stock rose about 1.5–1.6% in Sydney.
  • The company cited weaker iron ore and metallurgical coal prices driven by softer Chinese steel demand and elevated policy and tariff uncertainty.
  • Copper accounted for about 45% of underlying pre-tax earnings as production surpassed 2 million tonnes, while BHP reaffirmed roughly US$11 billion in near-term capital spending and invested US$2.1 billion for a 50% stake in the Vicuña joint venture, with Jansen potash facing previously flagged delays and cost overruns.