South Africa · Delayed Price · Currency is ZAR · Price in ZAc Harmony Gold Mining Company Earnings Call Transcripts
Fiscal Year 2026
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A diversified gold and copper producer outlined its strategy to balance resilient gold cash flows with deliberate copper growth, targeting a 60/40 gold-copper mix by 2035. Strong financials, disciplined capital allocation, and major projects like Eva Copper and CSA Mine underpin long-term value creation.
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Gold and copper drive strong growth, with revenue up 20% and EBITDA up 39% year-over-year. CSA and Eva Copper projects advance, while a revised dividend policy boosts shareholder returns to up to 50% of net free cash.
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Strong cash flow and high gold prices enabled a record interim dividend and a revised policy with enhanced shareholder participation. Guidance for gold and copper production remains robust, with CapEx updated to include new copper assets and risk mitigation measures in place.
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Strong H1 performance driven by high gold prices, disciplined capital allocation, and a revised dividend policy with record payouts. Operational setbacks were largely one-off, with guidance reaffirmed and major copper and gold projects advancing on schedule.
Fiscal Year 2025
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Delivered record financial and operational results, with adjusted free cash flow up 54% and net profit up 67% year-over-year. Production met guidance, margins remained strong, and major copper acquisitions are set to diversify and enhance future growth.
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Record free cash flow and earnings growth were driven by higher gold prices and operational excellence, despite a 5% drop in production and rising costs. FY26 guidance signals steady output but margin pressure from higher costs and lower grades.
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Record free cash flow and headline EPS growth were driven by higher gold prices and operational excellence, despite a 5% drop in production and a 17% rise in costs. Strong liquidity and disciplined capital allocation support growth, with major acquisitions and project funding decisions ahead.
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Record interim results featured strong revenue, profit, and cash flow growth, with production and grades ahead of guidance and disciplined cost control. Major capital projects and a robust balance sheet support future growth, while a record dividend was declared.
Fiscal Year 2024
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Record FY 2024 results driven by high gold prices, improved grades, and operational excellence, with revenue up 25% and net profit up 78%. Capital expenditure will rise in FY 2025 to support growth projects, while guidance remains conservative but confident.