Full Year 2025 Harmony Gold Mining Company Ltd Earnings Call Transcript
Key Points
- Harmony Gold Mining Co Ltd (HMY) achieved its 10th consecutive year of meeting production guidance, enhancing investor confidence.
- The company reported record high cash flows with adjusted free cash flow reaching over ZAR11 billion at a 16% margin.
- Headline earnings per share rose by 25% to ZAR23.37 per share, and a record final dividend of ZAR2.4 billion will be paid.
- Underground recovered grades increased to 6.27 grams per tonne, exceeding upward revised grade guidance.
- Harmony Gold Mining Co Ltd (HMY) maintained a strong balance sheet with net cash surging by 285% to ZAR11.1 billion.
- The second half of the financial year saw unacceptable safety performance, despite improvements in LTIFR.
- All-in sustaining costs increased by 17% to ZAR1.05 million a kilogram, reflecting lower planned production and mine inflation.
- The company faced challenges in securing contractors for projects at Moab Khotsong and Mponeng, causing delays.
- Production decreased by 5% to 46 tonnes or 1.48 million ounces due to safety stoppages and inclement weather.
- The optimized assets quadrant operates at a higher cost, impacting margins despite efforts to maintain flexibility.
All right. Good morning, everybody, and thank you for joining us. I'm Beyers Nel, the CEO of Harmony. Today, we are presenting our financial year '25 results that unpack not only our operational and financial performance, but it also details how we are creating value for our shareholders and all our stakeholders. You'll also hear today from our Financial Director, Boipelo Lekubo, who will take you through the financial detail later on in the deck.
Before we begin, please take note of our safe harbor statement. We encourage you to read the cautionary language in full. And with that, let's move to the heart of the equity story. FY '25 marks our 10th consecutive year of meeting production guidance. This level of consistency is rare in our sector and is underpinned by responsible stewardship, operational excellence, effective capital allocation and cash certainty.
Harmony has delivered a steady performance over the past decade, contributing to investor confidence and long-term trust. Our growth story is built on
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