What factors drove the changes in Harmony Gold Mining's revenue and profit?

What is the revenue and EPS growth rate for Harmony Gold Mining year over year?

What is Harmony Gold Mining's gross profit margin?

What does Harmony Gold Mining do and what are its main business segments?

What is Harmony Gold Mining's latest dividend and current dividend yield?

What were the key takeaways from Harmony Gold Mining’s earnings call?

What were the key takeaways from Harmony Gold Mining's earnings call?

What guidance did Harmony Gold Mining's management provide for the next earnings period?

- **Strategic Growth**: 65,000-60,000 tpa copper from Eva by 2028, CSA production guidance of 17,500-18,500 tpa for FY26.
- **Financial Strength**: EBITDA +39% to ZAR 18 billion, interim dividend doubles to ZAR 3.4 billion (50% payout ratio).
- **Operational Excellence**: 61% operating profit growth, LTI rate 4.23 (3Q low), AISC at ZAR 1.18 million/kg.
- **Copper Expansion**: Wafi-Golpu permitting progress; Eva capex ZAR 5.6 billion, CSA capex ZAR 1.1 billion.
- **Dividend Policy**: Up to 50% net free cash payout, reflecting confidence in cash flows and balance sheet strength.

**【CEO Summary Section】**
- Highlighted Harmony's strategic focus on gold stability and copper growth, with 724,000 oz gold produced in H1 FY26 despite industry-wide cyanide shortages and lower recoveries.
- Announced Eva Copper project construction, targeting 65,000-60,000 tpa copper production by 2028, with capital intensity of USD 26-29k/tonne.
- CSA mine integration progress, with 17,500-18,500 tpa copper production guidance for FY26 and ZAR 1.1 billion capex allocation.
- Revised dividend policy allowing up to 50% of net free cash payout, with interim dividend doubling to ZAR 3.4 billion.
- Emphasized safety with LTI rate at 4.23, lowest in 3 quarters, and operational excellence driving 61% operating profit growth.

**【CFO Financial Commentary】**
- H1 FY26 financials: EBITDA up 39% to ZAR 18 billion, cash from ops +36% to ZAR 14 billion, net profit +24% to ZAR 10 billion.
- Gold revenue +20% to ZAR 44 billion, supported by 30% hedging and higher realized prices.
- All-in sustaining costs (AISC) at ZAR 1.18 million/kg (USD 2,115/oz), up due to lower volumes and higher royalties.
- Balance sheet strength: net debt/EBITDA 0.18x, ZAR 15 billion cash headroom, and BB credit ratings.
- FY26 capex guidance: ZAR 18.5 billion including Eva (ZAR 5.6 billion) and CSA (ZAR 1.1 billion).

**【Q&A Highlights】**
- **Cyanide Shortage**: Resolved via new liquid cyanide plant; no long-term impact on recoveries.
- **CSA Constraints**: Ventilation and infrastructure upgrades needed; 18-24 months to achieve steady-state production.
- **Wafi-Golpu Delays**: Permitting progress via PNG Peer Review Team; 180,000 tpa copper potential if approved.
- **Dividend Policy**: Base dividend 30% of net free cash, +20% upside if leverage <0.5x; FY26 interim dividend ZAR 5.30/share.
- **MAC Synergies**: Focused on existing assets; no immediate M&A plans.
- **Hidden Valley Extension**: 18-month mine life extension via tailings dam optimization; long-term expansion study underway.

Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call Transcript

- **10-year production streak**: Consistently met guidance with 1.48M oz gold at ZAR 1.05M/ kg AISC.
- **Cash flow record**: ZAR 11B free cash flow (+54% YoY) driven by high-grade assets.
- **Copper expansion**: MAC Copper acquisition (ZAR 1.2B/yr EBITDA) and Eva Copper FID Q4 2025 add 2.8M oz gold eq.
- **Financial strength**: ZAR 11.1B net cash, 0.4x leverage, 26% dividend growth.
- **Safety progress**: LTIFR 5.39 (all-time low), 25% 5-year decline in high-risk areas.

**【CEO Summary Section】**
- **10-year production consistency**: FY '25 marks the 10th consecutive year of meeting production guidance, with 46 tonnes (1.48M oz) of gold produced at ZAR 1.05M/ kg AISC.
- **Record cash flow**: Adjusted free cash flow reached ZAR 11B (16% margin), up 54% YoY, driven by high-grade assets and disciplined cost management.
- **Safety improvement**: LTIFR dropped to 5.39, lowest in company history, despite second-half safety challenges.
- **Copper expansion**: MAC Copper acquisition (pending shareholder vote) and Eva Copper FID expected Q4 2025, adding 2.8M oz gold eq. and 40kt copper/yr.
- **Dividend growth**: Final dividend of ZAR 1.55/share (total ZAR 3.82/ share FY '25), up 26% YoY.

**【CFO Financial Commentary】**
- **Earnings surge**: Headline EPS rose 26% to ZAR 23.37, net cash jumped 285% to ZAR 11.1B.
- **Revenue growth**: ZAR 74B revenue (+20% YoY), supported by 30% gold price hedging over 36 months.
- **Balance sheet strength**: ZAR 20.9B headroom, 0.4x leverage post-MAC Copper, no equity raise needed.
- **Hedging strategy**: ZAR 4.5B hedge loss realized, protecting 30% of FY '25-27 production.

**【Q&A Highlights】**
- **Mponeng grade sustainability**: Sequential grid mining maintains safety; reserve-grade 9.89g/t is forward guide, not current performance.
- **MAC Copper integration**: ZAR 12.95B FY '26 capex includes MAC's ventilation upgrades; mine in "good nick" with ZAR 1.2B/yr EBITDA potential.
- **Wafi-Golpu delay cost**: Papua New Guinea's copper demand justifies wait; project remains Tier 1 with 15+ year life.
- **Target 1 turnaround**: Infrastructure upgrades complete; green shoots visible in Q4 2025 production.


Harmony Gold Mining Company Limited (HMY) Q4 2025 Earnings Call Transcript

- **Record Cash Flow**: ZAR 10.4 billion ($579M) operating free cash flow, 29% margin driven by high gold prices.
- **Cost Efficiency**: AISC at ZAR 972,000/kg ($1,690/oz), on track to beat FY2025 target.
- **Project Momentum**: Eva Copper (2029 start) and Wafi-Golpu (permit pending) set to drive long-term growth.
- **Dividend Growth**: Interim dividend up 33% to ZAR 1.4 billion, with balance sheet in ZAR 7.3 billion net cash position.
- **Safety Progress**: Lost time injury rate 5.52, 0 fatalities in H1, with proactive safety programs.


**【CEO Opening Remarks】**
- Q2 2025 production reached 25,000 kg (800,000 oz) with underground recovered grades at 6.4 g/t, exceeding full-year guidance.
- All-in sustaining costs (AISC) at ZAR 972,000/kg ($1,690/oz), on track to beat FY2025 target of ZAR 980,000/kg.
- Record operating free cash flow of ZAR 10.4 billion ($579M), with 29% cash flow margin driven by high gold prices and quality ounces.
- Dividend payout of ZAR 1.4 billion, up 33% YoY, reflecting strong balance sheet (ZAR 7.3 billion net cash).

**【CFO Financial Highlights】**
- Group revenue rose 18% to ZAR 37 billion, driven by 23% increase in rand gold price.
- Net profit up 33% to ZAR 7.9 billion; EBITDA expanded 28% to ZAR 22 billion.
- Rolling 12-month operating free cash flow increased 46% to ZAR 10.4 billion.
- FY2025 capital intensity at ZAR 225,000/kg ($415/oz), fully funded by internal cash flows.

**【Q&A Key Takeaways】**
- **Eva Copper Project**: Feasibility study nearing completion; targeting first copper production in 2029. All-in sustaining costs expected in global median range.
- **Wafi-Golpu**: Special mining lease negotiations ongoing; 40-year tenure provides stability despite bureaucratic delays.
- **Dividend Policy**: Committed to 20% of net free cash flow, with flexibility for special dividends post-Eva.
- **Production Mix**: Optimized assets (9% of production) will be phased out by 2030, replaced by higher-margin surface and international assets.
- **Safety Culture**: Lost time injury frequency rate improved to 5.52, with 0 fatalities in H1. Thibakotsi program driving safety leadership.


Actual															0.8845
Forecast															0.9547
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-7.35%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	2.74B
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	2.76B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.75%

HMY

HMY fundamentals

HMY Q2 2026 Earnings

Earnings Call

You can ask Aime

HMY

HMY fundamentals

HMY Q2 2026 Earnings

Earnings Call

HMY Earnings Call Summary for Q2/20262:30 AM on Mar 11, 2026

HMY Earnings Call Summary for Q4/2025Invalid Date on Aug 28, 2025

HMY Earnings Call Summary for Q2/2025Invalid Date on Mar 4, 2025

HMY Earnings Call Summary for Q4/20244:00 AM on Sep 5, 2024

HMY Earnings Call Summary for Q2/20247:00 AM on Feb 28, 2024

You can ask Aime