J P M O R G A N Asia Pacific Equity Research 18 August 2026 BHP FY26 First Take: Clean results with DPS ahead of consensus, cost guidance generally positive in copper Key takeaways: 1) Underlying NPAT was a 4% beat vs consensus whilst final dividend was a ~20% beat to consensus (albeit at a 2H payout of 70%; we were surprised the street wasn't higher given comfortable ND); both were in line with JPMe. 2) FY27 cost guidance came in better than our expectations with Escondida/ WAIO/Copper SA lower than JPMe a ...