BHP's strong FY25 overshadowed by Jansen delays and flat growth view, Citi says

** Global miner BHP Group BHP finished FY25 with strong June-quarter production in copper and iron ore, and coal output beating expectations, but Jansen potash project start-up delays cloud growth prospects - Citi analysts

** Brokerage highlights improved FY25 net debt guidance of ~$13 bln vs previous $14.8 bln estimate, reflecting strong cash generation

** Citi flags Jansen Stage 1 potash project's start-up in Canada pushed back to mid-2027 with material capex increases and potential stage 2 delays

** Says FY26 production guidance broadly flat despite strong FY25 finish, limiting near-term growth prospects for the mining giant

** Citi maintains "buy" rating with unchanged target price of A$43 per share on high margins despite muted growth

** Stock up 1.87% this year, as of last close