MELBOURNE, AU — For nearly seven years, Mike Henry has operated with the precision of the chemist he once was, methodically distilling the world’s largest mining company into a “future-facing” powerhouse. On Tuesday, as he stood before investors to deliver BHP’s half-year results, he finally presented the masterpiece he has been painting since January 2020: a company where copper, not iron ore, is the undisputed king.
The results for the half-year ended December 31, 2025, were nothing short of a victory lap. Underlying attributable profit surged 28% to $US5.64 billion ($A8.1 billion), driven by a historic shift in the company’s earnings profile. For the first time, copper accounted for 51% of group underlying EBITDA, a milestone that sent BHP’s share price soaring to an all-time record high of $54.20.
Yet, beneath the champagne-popping numbers, a persistent question echoed through the halls of Collins Street: is this the “perfect moment” for Henry to exit?
The “Meticulous Mike” Era: A Portfolio Reborn
When Henry took the reins, he inherited a BHP still tethered to the fossil fuel era. His tenure has been defined by a relentless, “meticulous” pruning of the portfolio. Under his watch, BHP exited petroleum through the $40 billion Woodside merger, greenlit the massive $US12.9 billion Jansen potash project in Canada, and absorbed Oz Minerals to solidify its copper footprint.
“Stability plus growth equals value,” Henry told analysts on Tuesday, a mantra that has become his legacy. By focusing on “future-facing commodities” essential for the global energy transition—copper for wiring and potash for food security—he has successfully decoupled BHP’s fate from the volatile Chinese steel sector that long dictated its share price.
The Record-Breaking Half: By the Numbers
The half-year results showcased a company firing on all cylinders, even as competitors struggled with supply chain disruptions and rising costs.
| Key Metric | Result (HY 2026) | Change vs HY 2025 |
| Revenue | $US27.9 Billion | +11% |
| Underlying EBITDA | $US15.5 Billion | +25% |
| Interim Dividend | 73 US cents/share | +46% |
| Copper EBITDA | $US8.0 Billion | +59% |
| Net Debt | $US14.7 Billion | Mid-point of target |