Harmony Gold Mining Co. Ltd. · JSE:HAR

Harmony Gold Mining — H1 FY2026 Earnings Presentation

57 slides from Harmony Gold Mining's earnings presentation, Mar 11, 2026

  1. Slide 1: H1FY26 Results Presentation

    #MiningWithPurpose H1FY26 RESULTS PRESENTATION © Harmony Beyers Nel, CEO 11 March 2026 JSE ticker code HAR / NYSE ticker code HMY

  2. Slide 2: Safe harbour statement

    H1FY26 results presentation Safe harbour statement 2 Disclaimer – Forward Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbour provided by Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the “Securi

  3. Slide 3: Mining Gold and Copper, Guided by Purpose

    #MiningWithPurpose Mining GOLD AND Guided by COPPER PURPOSE © Harmony Powered by globally PEOPLE

  4. Slide 4: Building long term value over the next decade

    H1FY26 results presentation Building long term value over the next decade . 4 Creating enduring value through four clear business areas .4 - 1.5Moz 14 1 G -TERM VALUE LO N N Our strategy: TIO 1. STE SA SA RE WA CA SP LO underground underground ONS SHIP 4. CAPITAL AL high-grade optimised ✓ to produce

  5. Slide 5: Building a globally competitive gold and copper portfolio

    H1FY26 results presentation Building a globally competitive gold and copper portfolio 5 A geographically diversified mining company South Africa Australia Papua New Guinea Doornkop Kusasalethu Kalgold (open-pit) Mponeng Eva Copper Project: 100% owned Mine Waste Solutions Savuka Wafi-Golpu Project: 5

  6. Slide 6: Gold remains core. Copper provides growth.

    H1FY26 results presentation Gold remains core. Copper provides growth. 6 Production from Eva Copper and CSA copper mine to address the Moab Khotsong gold gap 100 000 tonnes 1 800 Life-of-mine production profile copper 1 600 from CSA mine and Eva Copper within 1 400 Copper* the next 3 to 5 years 1 20

  7. Slide 7: De-risking the portfolio to protect our cash flows

    H1FY26 results presentation De-risking the portfolio to protect our cash flows 7 Building resilience and scale by diversifying geographically and enhancing our portfolio margins Hidden Valley; CSA Copper*; SA Underground 11% 11% optimised; 8% Wafi-Golpu* SA Underground copper-gold optimised; 36% gro

  8. Slide 8: Six performance areas

    H1FY26 results presentation Six performance areas Creating long-term value for our shareholders and stakeholders (H1FY26 vs H1FY25) On track to meet full-year production, cost and grade guidance • Lowest ever LTIFR13 of 4.23 • Fundamentals intact despite short-term headwinds • < 5.00 for 3rd consecu

  9. Slide 9: Operational results

    #MiningWithPurpose Fundamentals firmly intact Operational © Harmony results BEYERS NEL, CEO

  10. Slide 10: Taking safety personally: lowest LTIFR in our history

    H1FY26 results presentation Taking safety personally: lowest LTIFR13 in our history 10 Embedded proactive safety culture yielding results • We pay our respects to our colleague who passed away in the second quarter Group LTIFR13 per million hours worked • Performance and scorecard for remuneration l

  11. Slide 11: Margin focus across portfolio

    H1FY26 results presentation Margin focus across portfolio 11 Gold price supports operational leverage 48% 42% 39% 38% 37% 34% 26% 22% 20% 16% 16% © Harmony 12% International (Hidden Valley) SA high-grade underground SA surface operations SA optimised underground % of total production in H1FY26 % of

  12. Slide 12: AISC margin

    H1FY26 results presentation Gold price tailwind and quality ounces converting to higher margins 12 All-in sustaining cost margins expand up for 4th consecutive year Gold price received vs AISC* (R/kg) 45% 2 000 000 1 909 849 40% 38% 1 529 358 35% 1 500 000 31% 30% 1 201 653 1180 367 AISC margin 25%

  13. Slide 13: Copper Growth

    #MiningWithPurpose Our next growth chapter Copper © Harmony Growth BEYERS NEL, CEO

  14. Slide 14: Disciplined and balanced capital allocation focused on value

    H1FY26 results presentation Disciplined and balanced capital allocation focused on value 14 Funding growth while delivering cash to shareholders Safety and production optimisation: Aiming for ZERO loss-of-life Returning capital to Debt repayment and shareholders: balance sheet strength: Paying a div

  15. Slide 15: Eva Copper

    #MiningWithPurpose Eva © Harmony Copper BEYERS NEL, CEO

  16. Slide 16: Eva Copper: Strategic rationale behind growth project

    H1FY26 results presentation Eva Copper: Strategic rationale behind growth project 16 Aligned with our strategic objectives while delivering copper scale in a Tier 1 mining jurisdiction ✓ ✓ ✓ Diversification and Lowers risk profile Sustainability embedded in near-term copper planning ✓ ✓ Platform for

  17. Slide 17: Eva Copper: Robust three-year feasibility programme significantly de-risks project

    H1FY26 results presentation Eva Copper: Robust three-year feasibility programme significantly de-risks project 17 High-confidence capital estimate delivered. On track to achieve first production by 2028 Front end engineering and design (FEED) CY2025 Preliminary works Final Investment Decision Nov 20

  18. Slide 18: Eva Copper: long-life, low-execution risk

    H1FY26 results presentation Eva Copper: long-life, low-execution risk 18 Scalable with growth potential underpinned by solid fundamentals OPERATIONAL Mineral Resources EXCELLENCE Copper: 482Mt15 @ 0.40% Cu3 → 1 932Kt11 copper Gold: 223Mt15 @ 0.07g/t8 Au26 → 492Koz11 gold 60 000 tonnes copper average

  19. Slide 19: CSA mine

    #MiningWithPurpose CSA © Harmony mine BEYERS NEL, CEO

  20. Slide 20: CSA mine: The highest-grade copper mine in Australia

    H1FY26 results presentation CSA mine: The highest-grade copper mine in Australia with expansion potential 20 Immediate copper production in a Tier 1 mining jurisdiction • Integrating CSA mine: safety, culture and operating standards • Re-establish correct geotechnical sequencing • Prioritise decline

  21. Slide 21: Significant high-grade intercepts

    H1FY26 interim results CSA mine: Exceptional copper ore body Slide21 21 Significant high-grade intercepts outside of existing Resource ✓ Extensive drilling programme planned ✓ Track record of Resource to Reserve conversion Recent results highlight resource / ✓ Positioning CSA for long-term value cre

  22. Slide 22: Financial performance

    #MiningWithPurpose Underpinned by the higher gold price and quality ounces Financial © Harmony performance BOIPELO LEKUBO, FD

  23. Slide 23: Strong earnings growth alongside investment in quality orebodies

    H1FY26 results presentation Strong earnings growth alongside investment in quality orebodies 23 Significant margins ensure flexibility and optionality H1FY26 H1FY25 Metrics Change (Rm17) (Rm17) EBITDA4 Group revenue* 20% 44 400 37 141 39% Net profit 24% 9 833 7 929 EBITDA4 39% 18 004 12 924 to R18bn

  24. Slide 24: Strong operational profits on back of high gold price and disciplined mining

    H1FY26 results presentation Strong operational profits on back of high gold price and disciplined mining 24 Net profit lower on higher taxes, transitional and once-off costs Key metrics impacting earnings Impact Rand US dollar Revenue R44.4bn US$2.6bn Operating profit Hedge loss (included in revenue

  25. Slide 25: Higher AISC on lower production and increased royalties

    H1FY26 results presentation Higher AISC2 on lower production and increased royalties; within guidance 25 H1FY25 reconciliation to H1FY26 and guidance AISC R/kg Increase in deferred 1 400 000 stripping at Planned Planned Hidden Valley Lower silver inflationary sustaining and Kalgold Royalties now and

  26. Slide 26: AISC translation and sensitivity

    H1FY26 results presentation AISC2 translation and sensitivity ZAR vs US$ 26 Strong rand lifts US$ costs. Rand cost escalations remain controlled. Mid-range AISC2 guidance US$/oz sensitivity to ZAR 2 400 At spot of R16.30/US$ (US$2 252/oz) R18.54/US$1 used in planning 2 300 2 304 2 234 2 200 2 168 US

  27. Slide 27: Cash generation sensitivity to gold price

    H1FY26 results presentation Cash generation sensitivity to gold price 27 Significant upside at current spot gold prices Adjusted free cash flow* at operational level (includes potential hedge impact) *Excudes group adjustments. Full reconciliation of total adjusted free cash flows, as a non-GAAP mea

  28. Slide 28: Significant liquidity headroom

    H1FY26 results presentation Significant liquidity headroom 28 Heathy, flexible balance sheet Headroom (R million) Headroom (US$ million*) 20 000 1 000 18 000 900 16 000 800 14 000 700 498 444 9 396 12 000 600 7 350 10 000 500 R17 551m US$931m US$895m 8 000 400 R14 819m 6 000 300 © Harmony 4 000 8 15

  29. Slide 29: Net debt/EBITDA well below times

    H1FY26 results presentation Net debt/EBITDA4 well below 1 times 29 Flexibility preserved and potential to return to net cash position by end of financial year* Net cash/(debt) to EBITDA Well-positioned to fund major brownfield and 1 R2 200 000/kg (US$/3 691/oz) greenfield projects without 0,8 placin

  30. Slide 30: FY26 capex guidance updated with CSA mine and Eva Copper

    H1FY26 results presentation FY26 capex guidance updated with CSA mine and Eva Copper (Rand)* 30 Sequenced, with affordable intensity* 20 000 Total R18 545m 18 000 16 000 5 596 14 000 Total 1 136 12 000 R10 819m 807 Rm 10 000 8 000 6 000 11 812 © Harmony 10 012 4 000 2 000 - FY25 FY26 revised guidanc

  31. Slide 31: Record interim dividend payout on revised policy

    H1FY26 results presentation Record interim dividend payout on revised policy 31 Enhanced dividend payout rewards investors alongside our growth aspirations Confidence Delivering Solid cash flows in ability positive total Enhanced dividend Base Upside and strong to pay dividend shareholder returns po

  32. Slide 32: Conclusion

    #MiningWithPurpose Pathway to growth: a compelling story of resilience and scale © Harmony Conclusion BEYERS NEL, CEO

  33. Slide 33: Reaffirming our FY26 gold guidance and providing copper guidance

    H1FY26 results presentation Reaffirming our FY26 gold guidance* and providing copper guidance 33 Consistent delivery and confidence in our planning Underground Revised capital Production Cost guidance* grade expenditure AISC: Gold 1.4Moz14 to 1.5Moz14 >5.8g/t8 R1 150 000/kg10 to R1 220 000/kg10 R11.

  34. Slide 34: Momentum, discipline and value creation

    H1FY26 results presentation Momentum, discipline and value creation 34 Gold scale with rising copper exposure delivers sustainable shareholder returns Safety Informs all we do Strong financial performance Underpinned by the higher gold price and quality ounces Good operating profit Reflects health o

  35. Slide 35: Building a globally competitive gold and copper producer

    H1FY26 results presentation Building a globally competitive gold and copper producer 35 CSA mine, Eva Copper and Wafi-Golpu critical to long-term copper growth Creating long-term value ~160kt11pa by delivering… Long-life copper Robust producer Safety High Operational excellence margins cash (incl. 3

  36. Slide 36: Thank you

    #MiningWithPurpose Upgraded to 4.2 out of 5.0, placing Harmony Upgraded to BB Overall performance 1.4 - 1.5Moz in 93rd percentile in ICB9 better than industry average Supersector G -TERM VALUE LO N Harmony ranked in N Top 50 in TIO 1. STE gold sub-industry category SA SA RE WA CA SP LO underground u

  37. Slide 37: Glossary of acronyms and definitions

    H1FY26 results presentation Glossary of acronyms and definitions 37 Acronym and related footnote references 1 AFCF Adjusted free cash flow = cash generated from operating activities less additions to property, plant and equipment plus CAWMS post retirement obligation settlement 2 AISC All-in sustain

  38. Slide 38: Annexures

    H1FY26 results presentation #MiningWithPurpose Slide 38 © Harmony Annexures

  39. Slide 39: Strong earnings growth alongside investment in quality orebodies (US$)

    H1FY26 results presentation Strong earnings growth alongside investment in quality orebodies 39 Significant margins ensure flexibility and optionality H1FY26 H1FY25 Metrics Change (US$m17) (US$m17) EBITDA4 Group revenue* 23% 2 557 2 071 44% Net profit 28% 569 445 EBITDA4 44% 1 037 721 to US$1bn18 Ba

  40. Slide 40: Gold price tailwind converting to higher margins

    H1FY26 results presentation Gold price tailwind converting to higher margins 40 All-in sustaining cost margins are trending up for 4th consecutive year Gold price received vs AISC (US$/oz) 4 000 45% 3 421 40% 3 500 38% 35% 3 000 2 620 31% 30% 2 500 AISC margin 25% 2 115 25% US$/oz 1 999 2 000 1 829

  41. Slide 41: Predictable cash operating costs

    H1FY26 results presentation Predictable cash operating costs*: H1FY26 vs H1FY25 41 Total cash costs excluding CSA rose 10% to R22 billion (US$1.3 billion), in-line with plan H1FY25 H1FY26 Other; -9% Other; -9% Royalties; 4% Royalties; 6% Salaries; 44% Salaries; 42% Electricity and water; 23% Electri

  42. Slide 42: South Africa underground high-grade operations

    H1FY26 results presentation South Africa underground high-grade operations Mponeng and Moab Khotsong: cash engines plus longevity All-in sustaining Adjusted free Production: Grade: costs: cash flow1: 7 765kg10 (249 650oz16) 8.86g/t8 R1 030 072/kg10 R5 473m17 (US$1 845/oz16) (US$315m18) Mponeng conti

  43. Slide 43: International copper-gold operations

    H1FY26 results presentation International copper-gold operations: expanding our copper footprint Hidden Valley delivers exceptional margins. CSA mine integration underway All-in sustaining Adjusted free Production*: Grade*: costs*: cash flow1*: 2 638kg10 (84 814oz16) 1.54g/t8 R878 389/kg10 R2 212m17

  44. Slide 44: South Africa surface operations

    H1FY26 results presentation South Africa surface operations – low-risk, high-margin, cash generation Kalgold, Mine Waste Solutions, Phoenix, Savuka, Central Plan Reclamation All-in sustaining Adjusted free Production: costs: Grade: cash flow1: 3 549kg10 R1 037 525/kg10 (114 103oz16) 0.17g/t8 (US$1 8

  45. Slide 45: SA underground optimised operations

    H1FY26 results presentation SA underground optimised operations: stable contributors with leverage Doornkop, Kusasalethu, Tshepong North, Tshepong South, Joel, Target and Masimong All-in sustaining Adjusted free Production: costs: Grade: cash flow1: 8 570kg10 R1 467 337/kg10 (275 532oz16) 4.33g/t8 (

  46. Slide 46: Eva Copper: Key project matrix

    H1FY26 results presentation Eva Copper: Key project matrix 46 Robust economics, low execution risk and strategic alignment Capital investment: AUD2.3 to AUD2.6bn9 (US$1.55 to US$1.75bn18) Capital intensity: $26k/t to $29k/t8 AISC: $2.49/lb12 Key project metrics* Base Upside** Long-term copper price

  47. Slide 47: FY26 cost and grade guidance

    H1FY26 results presentation FY26 cost and grade guidance (per operation) • Gold - Plan to produce ~1.4Moz14 to 1.5Moz14 in FY26, at • an average underground recovered grade of >5.80g/t8, • an all-in sustaining cost of R1 150 000/kg10 to R1 220 000/kg10 for total Harmony. • Copper - Plan to produce ~

  48. Slide 48: FY26 gold production guidance

    H1FY26 results presentation FY26 gold production guidance (per operation) FY25 production FY26 guidance Life of mine Operation (oz16) (oz16) (years) Mponeng 333 402 279 600 – 310 600 19 Moab Khotsong 198 820 175 000 – 178 500 19 Kusasalethu 116 675 103 700 – 110 200 3 Tshepong North 93 237 98 300 –

  49. Slide 49: FY26 capex guidance updated with CSA mine and Eva Copper (US$)

    H1FY26 results presentation FY26 capex guidance updated with CSA mine and Eva Copper (US$)* 49 Sequenced with affordable intensity* 1 200 Total US$1 068m 1 000 322 800 65 Total US$m US$595m 600 44 400 © Harmony 680 551 200 - FY25 FY26 revised guidance SA Operations and Hidden Valley CSA Mine Eva Cop

  50. Slide 50: Capex guidance updated; Eva Copper and CSA mine included (Rand)

    H1FY26 results presentation Capex guidance updated; Eva Copper and CSA mine included for FY26 only * (Rand) Sequenced with affordable intensity* 20 000 Total R18 545m 18 000 16 000 5 596 14 000 Total Total 1 136 12 000 R11 422m Total R10 819m 1 258 R10 539m 1 011 807 - 307 Rm 10 000 673 730 1 811 1

  51. Slide 51: Capex guidance updated; Eva Copper and CSA mine included (US$)

    H1FY26 results presentation Capex guidance updated; Eva Copper and CSA mine included for FY26 only* (US$)** 51 Sequenced with affordable intensity* 1 200 Total US$1 068m 1 000 322 800 Total 65 US$658m Total Total US$595m 72 US$607m US$m 58 600 - 18 44 39 - 104 40 55 277 329 400 222 Operational 188 U

  52. Slide 52: FY26 capital guidance per operation (Rm)

    H1FY26 results presentation FY26 capital guidance per operation (Rm17) 3 500 3 000 2 500 1 074 2 000 Rm 333 1 273 1 500 1 143 © Harmony 1 000 963 52% 473 47% 489 726 57% 126 54% 500 184 608 248 139 292 153 150 166 516 476 433 123 410 394 184 91 42 289 238 213 46 15 191 189 176 147 103 - 80 30 14 Hid

  53. Slide 53: FY26 capital guidance per operation (US$m)

    H1FY26 results presentation FY26 capital guidance per operation (US$m18) 180 160 140 62 120 100 US$m 19 73 80 60 66 55 27 42 © Harmony 40 28 7 52% 47% 11 35 14 57% 8 20 17 9 54% 9 10 30 27 25 7 24 23 11 17 14 12 - 2 3 11 11 10 8 6 1 - 5 5 2 -1 Hidden Mponeng Moab CSA Mine Doornkop MWS Tshepong Tshep

  54. Slide 54: Hedging table as at December 2025

    H1FY26 results presentation Hedging table as at 31 December 2025 54 FY2026 FY2027 FY2028 FY2029 H2 H1 H2 H1 H2 H1 Total Rand Gold Forward Contracts koz 92 36 20 10 - - 158 R'000/kg 1 561 1 669 1 735 1 792 - - 1 622 Dollar Gold Forward Contracts koz 13 6 6 1 - - 26 US$/oz 2 531 2 631 2 765 2 760 - -

  55. Slide 55: Revised renewable energy plan driving decarbonisation

    H1FY26 results presentation Revised renewable energy plan driving decarbonisation 55 Energy generating capacity increased to support asset life extension SUNGAZER 1 SUNGAZER 2 SUNGAZER 3 & 3-Ext SUNGAZER 4 WHEELED WIND 30MW23 100MW23 108MW23 100MW23 260MW23 FY24 FY27 FY28/9 FY29 *FY29 Energy generat

  56. Slide 56: CSA mine: Intercepts table September 2024 to February 2026 (1 of 2)

    H1FY26 results presentation CSA mine: Intercepts table for the period September 2024 to February 2026 (1 of 2) 56 Hole East (MG) North(MG) RL. (MG) EOH Azimuth Dip From To Length Cu % UDD23032 5,873 3,863 8,474 300.0 101.0 -52.5 93.0 96.3 3.3 8.6 Notes to the Intercepts Table: 184.4 198.5 14.1 6.3 U

  57. Slide 57: CSA mine: Intercepts table September 2024 to February 2026 (2 of 2)

    H1FY26 results presentation CSA mine: Intercepts table for the period September 2024 to February 2026 (2 of 2) 57 Hole East (MG) North(MG) RL. (MG) EOH Azimuth Dip From To Length Cu % 205.0 218.7 13.7 4.1 Notes to the Intercepts Table: 221.3 231.0 9.7 5.1 286.1 295.6 9.5 5.7 1. East, North, and RL c

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