Investment Idea: Harmony Gold - 26 May 2025

In this report, we review Harmony Gold’s interim results for the period ended 31 December 2024, released in March 2025, alongside the current global macroeconomic environment.

Financial:

• Gold revenue increased from R29 705 million to R35 447 million, an increase of 19% over the period.

• Headline earnings per share increased by 33% to 1 270 cents in 1H25, up from 956 cents in 1H24.

• An interim dividend of 227 cents was reported for 1H25.

• AISC increased by 20% from $1 403/oz (R843 043/kg) to $1 686/oz (R972 261/kg) mainly due to inflationary cost increases in operations and lower production numbers. The AISC remains well within the guidance provided by management, as outlined below.

• The average gold price received improved by 28% to $2 437/oz during the period.