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

SA Transcripts158.91K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Harmony Gold Mining Company Limited (HMY) Q2 2026 Earnings Call March 11, 2026 2:30 AM EDT Company Participants Beyers Nel - Group CEO & Executive DirectorBoipelo Lekubo - Financial Director & Executive Director Conference Call Participants Rene HochreiterArnold Van Graan - Nedbank Corporate and Investment Bank, Research DivisionAdrian Hammond - SBG Securities (Proprietary) Limited, Research DivisionChristopher Nicholson - Morgan Stanley, Research Division Presentation Operator Good morning, ladies and gentlemen, and welcome to the Harmony FY '26 Results Analyst Call. [Operator Instructions] Please note that this event is being recorded. I would now like to hand the conference over to Beyers now. Please go ahead, sir. Beyers NelGroup CEO & Executive Director Good morning, and thank you for joining us for Harmony's results for the 6 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 rand or dollar spend 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 strength for disciplined 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 strengthened 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