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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Delivered record free cash flow and a 26% rise in EPS, with strong margins and a healthy balance sheet. FY26 guidance signals steady production but higher costs and margin pressure, while major projects and acquisitions advance.
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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, operational excellence, and strategic asset upgrades led to strong revenue, profit, and cash flow growth. Guidance for FY 2025 remains conservative but confident, with major capital projects and life extensions underway.