Harmony Gold Mining Company Limited 2026 H2 Earnings Call

Please go ahead, sir. Good day, and thank you for joining us.

I'm joined by Boipelo Lekubo, our FD, and members of our group executive and investor relations teams. FY 2026 was a defining year in Harmony's evolution into a diversified global gold and copper producer. Through safe, consistent operational delivery, disciplined execution, and strategic investment, we achieved gold production guidance for the 11th consecutive financial year and delivered on all key operating guidance metrics. Group gold production of 1.43 million ounces was in line with guidance, while all-in sustaining costs of ZAR 1.19 million per kilogram or $2,195 per ounce also remained within guidance. Underground recovered gold grades of 5.83 grams per ton was in line with guidance too.

Following its acquisition, CSA copper mine contributed 18,207 tons of copper at a recovered grade of 3.75% at a C1 cash cost of $2.47 per pound, that is U.S., all within guidance as well. This performance translated into record financial results, with revenue increasing by 34% to ZAR 100 billion or $5.9 billion. Headline earnings per share increased by 87% to ZAR 43.63 per share. Group operating free cash flow increased by 54% to a record ZAR 17 billion or $1 billion.

This enabled us to declare a record final dividend of ZAR 4.8 billion or ZAR 7.50 per share, lifting the full-year dividend to ZAR 8.2 billion or ZAR 12.80 per share at a yield of approximately 3.5%. Importantly, this was achieved while continuing to invest in reserve conversion, life extension, and future growth. Up to 2025, we focused on portfolio progression and improvement. Between 2026 and 2030, we will focus on execution and unlocking the value already embedded in our assets. Beyond 2030, we expect a meaningful cash flow inflection as margins strengthen, costs decline, and free cash flow expands. We look ahead with confidence. Our gold and copper portfolio provides optionality. Our balance sheet remains strong. Our people provide the capability to deliver.

Together, these strengths position Harmony to generate cash today, deliver growth tomorrow, and create enduring value through the cycle. Guided by our values and mining with purpose, we remain committed to safe, profitable production, and sustainable returns for all our shareholders and our stakeholders. Before I take your questions, I would like to remind you that all supporting information relating to our results is available on our website. With that, let's open the line for questions.

Good morning, Martin. It is indeed marginally above guidance. You remember our guidance was above 5.8 grams per ton, and we came in at 5.83 grams per ton, Martin. So 0.03 above that entry point of guidance. Very pleased with the grades, mainly on the back of continued strong performance at our high grade Mponeng Mine, who's had a stellar year again.

Thank you very much to everybody who joined the media call this morning. We look forward to perhaps see some of you at the results presentation.