1. Maintain a neutral rating on BHP Group due to balanced risk-reward and preference for Rio Tinto's cheaper valuation and organic growth. 2. BHP's H1 2025 results showed a $2 billion sales decline, an 11% drop in EBITDA, and unchanged production guidance. 3. BHP's net debt expected to rise to $15 billion, dividend payout trimmed by 50% due to CAPEX plans and settlement costs.