J P M O R G A N Asia Pacific Equity Research 18 August 2026 BHP FY26 result: Clean result with DPS beat; retain OW Key takeaways: 1) Underlying EBITDA of $32.9bn and earnings of $13.2bn were slightly ahead of company-compiled consensus (in line with JPMe); the final dividend of US$0.99ps was a solid beat to cons. (+19%), taking the full year to $1.72ps ($8.7bn / 66% EPS payout); 2) new FY27 cost guidance in copper was better than we expected at the midpoint (Escondida/WAIO/Copper SA below JPMe); WAIO was a ...