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- **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