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

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the Harmony FY26 Results Analyst Call. All participants will be in a listen-only mode. There will be an opportunity to ask questions later during the call. If you should need assistance during the call, please signal an operator by pressing star, then zero. Please note that this event is being recorded. I would now like to hand the conference over to Bayes now. Please go ahead, sir. Good morning and thank you for joining us for Harmony's results for the six months ended 31 December 2025. During the period under review, we reinforced Harmony's position as a higher quality, lower risk global producer of gold and copper. We continue to grow selectively, sequentially and affordably, turning today's gold price tailwind into durable compounding value. Our first rent or dollar spent goes to safety and sustaining our operations. We then allocate to organic projects and advance copper and gold scale only where risk-adjusted returns clear our hurdles. Every initiative in Harmony competes on risk, margin and cash conversion. We continue preserving balance sheet strengths for disciplines and consistent through the cycle dividends. Operationally, we remain on track to meet our full-year production cost and grade guidance, and the exceptional gold price environment has further supported another strong financial performance. As a result of our strength in cash flow generation, we are pleased to announce that we have revised our dividend policy to provide shareholders with enhanced upside participation. The revised policy now includes a base dividend and an upside participation model based on pre-dividend net debt to EBITDA levels. In line with our new dividend policy, we have declared an interim dividend of 530 SA cents, or 32 US c...