Adjusted EBITDA rose 86% year-over-year to $10.1 billion, driven by strong commodity prices, robust metals, minerals, and energy markets, and exceptional oil and gas trading performance, with operational delivery within guidance.
Net income increased 8% to $4.4 billion, with funds from operations up 158% to $8.1 billion.
Announced $3.5 billion in 2026 shareholder returns, including a $1 billion special cash distribution and $500 million buyback, and a secondary ASX listing targeted for October 2026.
Copper portfolio growth remains on track, with key projects ahead of schedule, targeting 1 million tons by 2028 and 1.6 million tons by 2035; Alumbrera restart now expected H2 2027.
Net debt reduced to $10.2 billion, maintaining a strong balance sheet and supporting capital allocation.
Revenue increased 49% year-over-year to $174.4 billion in H1 2026.
Adjusted industrial EBITDA reached $6.5 billion, up 72% year-over-year, mainly from higher metals prices and strong coal demand.
Marketing Adjusted EBIT surged 142% to $3.3 billion, benefiting from energy and freight market disruptions.
Net capex cash flow was $4.0 billion, with capital allocation focused on copper growth and operational flexibility.
Net debt/Adjusted EBITDA improved to 0.56x, down from 0.83x year-end 2025.
Full-year 2026 illustrative Adjusted EBITDA projected at ~$19.7 billion, with H2 expected to benefit from higher volumes in steelmaking coal and copper.
Full-year Marketing Adjusted EBIT expected between $4.7 billion and $5.0 billion, at the upper end of long-term guidance.
Copper production targets remain at 1 million tons by 2028 and 1.6 million tons by 2035, with flexibility to accelerate projects.
Production guidance for 2026 remains largely unchanged, with copper, zinc, nickel, and coal output expected to meet or exceed prior targets.
Energy and steelmaking coal margins expected to improve in H2 2026, benefiting from volume uplift and lower diesel prices.
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