JOUMANNA: GOOD MORNING. IT IS "HORIZONS MIDDLE EAST AND AFRICA." OUR TOP STORIES THIS MORNING. U.S. FUTURES FALLING AND TREASURIES EDGE HIGHER UNDERSCORING A MOVE HEADING INTO THE MARKET’S REOPENING AFTER A HOLIDAY.WTI CRUDE RISING AS TRADERS PRICE IN HIGHER GEO-POLITICAL RISKS AS IRAN HOLDS NAVAL EXERCISES BEFORE TALKS WITH THE U.S. IN GENEVA TODAY. THE WORLD’S LARGEST MINER REPORTS HIGH FIRST QUARTER PROFIT VIA THE COPPER RALLY. YESTERDAY WAS VERY THIN LIQUIDITY IN THESE MARKETS.IT IS LUNAR NEW YEAR. HAPP ...

Core Insights - BHP reported strong operational and financial performance for the December 2025 half year, driven by effective production delivery, cost control, and favorable commodity prices [1] - The company's strategy execution is evident, with over half of earnings for the period derived from the copper business, reflecting a 30 percentage point increase over the past three years [2] - BHP has established a robust growth pipeline in copper and potash, aligning with anticipated strengthening dynamics in the copper market [3] - Since the merger of BHP and Billiton, the company has achieved the highest total shareholder return among major diversified miners, approximately four times that of the MSCI World Metals and Mining Index [4]

>> LIVE FROM DUBAI. THIS IS BLOOMBERG DAYBREAK EUROPE. I’M JOUMANNA BERCETCHE WITH YOUR TOP STORIES.U.S. FUTURES SLIDE AHEAD OF WALL STREET’S ROPING TODAY. JOBS DATA SHOWS MORE COOL IN THE U.K. LABOR MARKET. GENEVA TAKES CENTER STAGE AS THE U.S. AND IRAN HOLD TALKS TO END THEIR LONG RUNNING NUCLEAR DISPUTES.AND ANOTHER ROUND OF DISCUSSIONS BETWEEN RUSSIA AND UKRAINE. WE’LL HEAR FROM THE CFO TO HAVE WORLD’S LARGEST MINER LATER THIS HOUR. IF YOU’RE JUST TUNING IN, WE ARE COMING OFF WHAT HAS BEEN A THINNER TRA ...

Market Overview - The S&P/ASX 200 closed up on February 17, 2026, gaining 21.80 points or 0.24% to reach 8,958.90, with a 1.03% increase over the last five days and currently 1.71% off its 52-week high [1][10] - The mining subindex rose by 1.3%, driven by BHP's strong performance [2][10] Top Performers - JB Hi-Fi Limited (JBH) led the gains, closing at A$89.10, up A$6.70 or 8.13% [6][11] - Pro Medicus Limited (PME) followed, finishing at A$125.96 after rising A$8.99, a gain of 7.69% [6][11] - Other notable gainers included A2 Milk Company Limited (A2M) up 6.26%, PEXA Group Limited (PXA) up 4.76%, and BHP Group Limited (BHP) up 4.73% to A$52.74 [7][11] Sector Performance - The materials sector was the best-performing sector, gaining 1.28% on the day and 1.41% over the past five days [8][11] - Financials remained relatively unchanged, with losses in three of the big four banks offsetting Westpac's 0.3% gain [9][11] Upcoming Events - Investors are awaiting Rio Tinto's earnings report on February 19, 2026, and Fortescue's report next week, focusing on iron ore demand and sector outlook [3][10] - Traders are also eyeing upcoming jobs data expected to show a cooling in hiring and a slight uptick in unemployment, which will be crucial for the country's rate outlook [10][11]

Financial Data and Key Metrics Changes - The company's underlying EBITDA grew by 25%, with an increased margin of 58% [10] - Underlying attributable profit reached $6.2 billion, and return on capital employed was 24%, both significantly up from the previous year [10] - An interim dividend of $0.73 per share was declared, representing a 46% increase half-on-half, with a total half-year dividend of $3.7 billion and a payout ratio of 60% [4][10] Business Line Data and Key Metrics Changes - Copper business generated a record $8 billion of EBITDA, accounting for over half of the group total, with a margin of 66% [11] - Production in copper increased by 2%, while gold production rose by 12% in Copper South Australia, leading to a more than 50% reduction in unit costs [12] - Western Australia Iron Ore achieved record first-half production and shipments, with C1 costs up only 1% to $17.66 per ton, maintaining its position as the lowest-cost major iron ore producer globally [12] Market Data and Key Metrics Changes - Global demand for copper is projected to grow by around 70% between 2021 and 2050, driven by traditional economic growth, energy transition, and increased data center needs [22] - The company expects to generate around $60 billion in attributable free cash flow over the next five years, even in a prolonged low-price environment [13] Company Strategy and Development Direction - The company's strategy focuses on investing in highly attractive commodities, operating world-class assets, and maintaining disciplined capital allocation [4][8] - Plans to grow copper production by around 40% by 2035, with a capital-efficient, predominantly brownfield growth approach [21] - The company aims to unlock up to $10 billion in capital for reinvestment into higher-returning opportunities and increased shareholder returns [4][16] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the business's ability to thrive amid favorable commodity demand and supportive policy environments, particularly in China and India [18][19] - The company is well-positioned to benefit from tight supply and strong fundamentals in the commodities market [19] Other Important Information - The company has made significant progress in its capital allocation framework, including a valuable silver streaming agreement related to Antamina's future silver production, unlocking $4.3 billion in cash [14][15] - The company is advancing its plans for the Jansen Potash asset, expected to deliver around $1 billion of EBITDA per year per stage, with margins above 60% [21] Q&A Session Summary Question: What is the outlook for copper production growth? - The company has raised production guidance for financial year 2026 and 2027, expecting to deliver over 500,000 more tons over the next five years compared to previous estimates, which could result in an additional $5 billion of EBITDA [23][24] Question: How does the company plan to manage costs amid increasing competition? - The company has maintained its position as the world's lowest-cost major iron ore producer and aims to reduce costs further while increasing production volumes [20]

Financial Data and Key Metrics Changes - The company's underlying EBITDA grew by 25%, with an increased margin of 58% [10] - Underlying attributable profit reached $6.2 billion, and return on capital employed was 24%, both significantly up from the previous year [10] - An interim dividend of $0.73 per share was declared, representing a 46% increase half-on-half, with a total half-year dividend of $3.7 billion and a payout ratio of 60% [4][10] Business Line Data and Key Metrics Changes - Copper business generated a record $8 billion of EBITDA, accounting for over half of the group total, with a margin of 66% [11] - Production in copper increased by 2%, while gold production rose by 12% in Copper South Australia, leading to a more than 50% reduction in unit costs [12] - Western Australia Iron Ore achieved record first-half production and shipments, with C1 costs up only 1% to $17.66 per ton, maintaining its position as the lowest-cost major iron ore producer globally [12] Market Data and Key Metrics Changes - Global demand for copper is projected to grow by around 70% between 2021 and 2050, driven by traditional economic growth, energy transition, and increased use of data centers [22] - The company expects to generate around $60 billion in attributable free cash flow over the next five years, even in a prolonged low-price environment [13] Company Strategy and Development Direction - The company's strategy focuses on investing in highly attractive commodities, operating world-class assets, and maintaining disciplined capital allocation [4][8] - Plans to grow copper production by around 40% by 2035, with a capital-efficient, predominantly brownfield growth approach [21] - The company aims to unlock up to $10 billion in capital for reinvestment into higher-returning opportunities and increased shareholder returns [4][16] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the business's ability to deliver strong results amid favorable commodity prices and operational excellence [3][10] - Expectations for global GDP growth in 2026 to be broadly in line with the previous year, supported by policy responses in major economies [18] - The company is well-positioned to thrive through commodity price cycles due to its diversified portfolio [13] Other Important Information - The company has made significant progress in its capital allocation framework, including a valuable silver streaming agreement related to Antamina's future silver production, unlocking $4.3 billion in cash [14][15] - The Jansen Potash asset is expected to become a world-class, low-cost potash producer, contributing significantly to the company's EBITDA [21] Q&A Session Summary Question: What is the outlook for copper production growth? - The company plans to increase copper production by around 40% by 2035, with a clear pathway for growth [21] Question: How does the company plan to manage capital allocation? - The capital allocation framework ensures all users of capital compete to maximize value and return for shareholders, with a focus on unlocking additional value from the capital base [14] Question: What are the expectations for global demand in the coming years? - Global demand for commodities is expected to remain robust, supported by favorable trade outcomes and improved confidence in major economies [18]

Financial Data and Key Metrics Changes - The underlying EBITDA grew by 25%, with an increased margin of 58% [9] - Underlying attributable profit reached $6.2 billion, and return on capital employed was 24%, both significantly up from the previous year [9] - An interim dividend of $0.73 per share was declared, representing a 46% increase half-on-half [4] Business Line Data and Key Metrics Changes - Copper business generated a record $8 billion of EBITDA, accounting for over half of the group total, with a margin of 66% [10] - Production in copper increased by 2%, while unit costs improved by approximately 4.5% despite inflation [10] - Western Australia Iron Ore achieved record first-half production and shipments, maintaining its position as the lowest-cost major iron ore producer globally [11] Market Data and Key Metrics Changes - Global demand for copper is projected to grow by around 70% between 2021 and 2050, driven by economic growth and energy transition [21] - The company expects to generate around $60 billion in attributable free cash flow over the next five years at current spot prices [12] - Even in a prolonged low-price environment, the company anticipates generating around $10 billion in attributable free cash flow [12] Company Strategy and Development Direction - The company focuses on investing in highly attractive commodities, operating world-class assets, and maintaining disciplined capital allocation [4][5] - A clear pathway to grow iron ore volumes to over 305 million tons per year by the end of financial year 2028 has been established [19] - The Jansen Potash asset is expected to deliver around $1 billion of EBITDA per year per stage, enhancing the company's portfolio [20] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the business outlook, supported by healthy demand and favorable trade outcomes [17] - The company is well-positioned to thrive amid geopolitical uncertainties and expects global GDP growth in 2026 to align with the previous year [17] - The management highlighted the importance of operational performance in generating maximum value for deployed capital [6] Other Important Information - The company has identified potential to unlock up to $10 billion in capital for reinvestment or increased shareholder returns [4][15] - Recent agreements related to silver streaming and power consumption are expected to unlock over $6 billion in cash [13][14] - The company has a clear capital allocation framework to maximize value and returns for shareholders [13] Q&A Session Summary Question: What are the expectations for copper production growth? - The company expects a production growth of around 40% by 2035, primarily through capital-efficient brownfield projects [20] Question: How does the company plan to manage costs in the current environment? - The company has reduced costs in real terms post-COVID and aims to maintain its position as the lowest-cost major producer [6] Question: What is the outlook for the iron ore market? - The company anticipates fierce competition in the iron ore market but is well-positioned due to its cost leadership and operational excellence [18]

Core Insights - BHP Group has identified opportunities to unlock additional value from its asset portfolio [1] - The company has not set a specific deadline for achieving a target of generating up to $10 billion from potential deals [1] Summary by Categories Company Strategy - BHP Group is exploring ways to enhance the value of its existing assets [1] - The company remains flexible regarding the timeline for realizing financial targets from asset deals [1] Financial Outlook - The potential to generate as much as $10 billion from deals indicates significant financial opportunities for BHP Group [1]

Core Viewpoint - Wheaton Precious Metals Corp. has announced the acquisition of an additional silver stream from the Antamina Mine in Peru through a partnership with BHP, increasing its silver production significantly and enhancing its cash flow profile [1][2]. Transaction Overview - Wheaton's subsidiary, Wheaton Precious Metals International Ltd., has entered into a Precious Metals Purchase Agreement with BHP for their 33.75% share of silver production at Antamina, raising Wheaton's total silver stream to 67.5% [1]. - The acquisition is expected to add approximately 6.0 million ounces (Moz) of silver production per year for the first five years and 5.4 Moz per year for the first ten years [1]. - Total attributable silver production from Antamina is projected to average 12.0 Moz per year over the first five years and 10.8 Moz per year over the first ten years [1]. Financial Impact - The upfront payment for the acquisition is $4.3 billion, which represents only 6.5% of Wheaton's total market capitalization, indicating strong strategic fit and accretion potential [1]. - The transaction is expected to increase Wheaton's 2026 production by 11.3% on a pro forma basis [1]. - Wheaton anticipates generating over $3.2 billion in cash flows in 2026 and more than $10 billion through 2028, providing ample capacity to manage new debt and fund growth opportunities [2]. Asset and Production Profile - With the addition of Antamina, approximately 76% of Wheaton's 2026 production is forecasted to come from mines in the first quartile of their respective cost curves, enhancing overall portfolio diversification [1]. - Antamina is recognized as one of the lowest-cost copper mines globally and is a significant contributor to Peru's economy, accounting for approximately 2.9% of the country's GDP in 2024 [1][2]. Financing Structure - The acquisition will be financed through a combination of existing liquidity, including approximately $1.9 billion in cash on hand, a new $1.5 billion term loan, and a draw on the existing $2 billion revolving credit facility [1][2]. - The term loan is structured to be flexible and non-dilutive, allowing for repayment without penalty [1]. Strategic Importance - The partnership with BHP underscores the growing importance of streaming agreements in the mining sector, as major companies seek to unlock value from silver production [1]. - The acquisition is viewed as a transformative opportunity for Wheaton, reinforcing its position as one of the largest silver producers globally and enhancing its growth profile in the mining industry [1].

Stability + Growth = Value Half year ended 31 December 2025 For personal use only Escondida Disclaimer The information in this presentation is current as at 17 February 2026. It is in summary form and is not necessarily complete. It should be read together with the BHP Results for the half year ended 31 December 2025. Forward-looking statements This presentation contains forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements other than statements ...