Harmony Gold Mining H1 Earnings Call Highlights

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Harmony Gold Mining (NYSE:HMY) executives utilized the company’s media telephone connected results for the six months ended Dec. 31, 2025 to stress advancement toward what CEO Beyers Nel described arsenic a “higher quality, little hazard planetary shaper of copper and gold,” portion highlighting stronger currency procreation and an updated dividend model intended to springiness shareholders greater information during favorable commodity-price conditions.

Nel said Harmony continues to prosecute “selective, sequentially, and affordably” growth, with superior allocation priorities starting with information and sustaining the existing business, followed by integrated projects and enlargement wherever risk-adjusted returns conscionable institution hurdles. He added that each inaugural competes internally connected “risk, margin, and currency conversion,” and that absorption intends to sphere equilibrium expanse spot to enactment “disciplines and accordant done the rhythm dividends.”

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Management said operations stay connected way to conscionable full-year production, cost, and people guidance, and noted that the “exceptional golden terms environment” supported what it characterized arsenic different beardown fiscal show successful the half.

Harmony announced a revision to its dividend policy, introducing a basal dividend positive an “upside information model” linked to pre-dividend nett debt-to-EBITDA levels. Under the caller framework, the institution declared an interim dividend of ZAR 5.30 (or $0.32) per share, which absorption said equates to a rolling 12-month dividend output of 2.2%.

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Nel said the interim dividend payout doubled to a grounds ZAR 3.4 cardinal (or $204 million), representing 43% of nett escaped currency travel for the period.

For fiscal 2026, Harmony reiterated anterior guidance for its golden operations:

• Gold production: 1.4 cardinal to 1.5 cardinal ounces

• Underground recovered grades: supra 5.8 grams per tonne

• All-in sustaining costs (AISC): ZAR 1.15 cardinal to ZAR 1.22 cardinal per kilogram

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On copper, the institution said its accumulation guidance lone includes the CSA excavation for FY2026, with targets of:

• Copper production: 17,500 to 18,500 tons

• C1 currency costs: $2.65 to $2.80 per pound

• Recovered grades: supra 3.5%

Nel said longer-term guidance for the CSA excavation would beryllium provided astatine the company’s full-year results release.