Financial Data and Key Metrics Changes - The company achieved a record high adjusted free cash flow of over ZAR 11 billion, reflecting a 54% increase [5][36] - Headline earnings per share rose by 25% to ZAR 2,337, with net profit jumping 67% to ZAR 14.6 billion [5][36] - Revenue grew by 20% to ZAR 74 billion, driven by operational consistency and higher gold prices [36][35] - Net cash on the balance sheet surged by 285% to ZAR 11.1 billion, indicating robust cash generation [35][38] Business Line Data and Key Metrics Changes - Underground recovered grades increased to 6.27 grams per tonne, exceeding revised guidance [6][10] - Production from high-grade mines increased by 8% to 16.5 tonnes, with a 10% improvement in grade to 9.89 grams per tonne [18] - All-in sustaining costs for high-grade operations rose by 9% to close to ZAR 860,000 per kilogram [18] Market Data and Key Metrics Changes - The company maintained production guidance at 1,400,000 to 1,500,000 ounces for FY '26, reflecting confidence in ore body performance [24] - The stronger rand resulted in higher reported costs in USD, but the investment case remains strong due to quality assets [11][12] Company Strategy and Development Direction - The company is focused on producing high-quality gold and copper, with a strategic shift towards copper as a significant part of its portfolio [4][28] - Harmony aims to maintain a balance between shareholder returns and disciplined growth, with a strong emphasis on safety and sustainability [16][41] - The acquisition of Mack Copper is expected to enhance the portfolio and improve quality across commodity cycles [4][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant opportunity cost associated with delays in the Wafi Golpu project but emphasized its long-term value [50] - The company is optimistic about the future, with plans to close the Mack Copper acquisition and advance the Eva Copper project [25][32] - Management highlighted the importance of maintaining safety and operational excellence as non-negotiables in their strategy [3][9] Other Important Information - The company has been included in the FTSE for Good Index for the eighth consecutive year, reflecting its commitment to responsible mining [16] - Total capital expenditure is projected to rise to ZAR 12.95 billion, driven by fleet replacement and project advancements [25] Q&A Session Summary Question: Concerns about high grading during high gold prices - Management clarified that Harmony is not high grading but is using a sequential grid mining method to ensure safety and stability in operations [44][45] Question: Opportunity cost analysis regarding Wafi Golpu delays - Management acknowledged the significant opportunity cost but emphasized the project's long-term value and alignment with macroeconomic trends [50][51] Question: Update on Mack Copper and operational changes - Management stated that detailed planning for Mack Copper will begin post-acquisition, with a focus on operational consistency and addressing technical challenges [53][56] Question: Production gap between 2030 and 2035 - Management clarified that the gap is not where Mack Copper will fill in, as it is already included in the production profile [63] Question: Sustainable grade management - Management indicated that while high grades are currently being mined, future grades should be aligned with the stated reserve grade [67][69]

FY25 ANNUAL RESULTS #MiningWithPurpose #MiningWithPurpose 28 August 2025 Beyers Nel, CEO JSE ticker code HAR / NYSE ticker code HMY © Harmony #MiningWithPurpose FY25 Annual Results Safe harbour statement Disclaimer – Forward Looking Statements 2 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 "Securities Act"), with respect to our financial condition, result ...

Summary of Energy Services of America Corporation (ESOA) FY Conference Call Company Overview - **Company Name**: Energy Services of America Corporation (ESOA) - **Ticker**: ESOA - **Industry**: General contracting and construction, HVAC electrical work - **Primary Region**: Appalachian region - **Revenue**: $352 million in the last fiscal year - **Adjusted EBITDA**: $29 million [5][6] Core Business Segments - **Natural Gas and Petroleum Transmission**: Main focus area - **Water and Natural Gas Distribution**: Significant operations - **Industrial Services**: Involves power, automotive, chemical, and steel manufacturing [3][4] Financial Performance - **Employee Count**: Approximately 1,400 employees [6] - **Backlog**: Increased to $304 million as of June, with $125 million in water services and $100 million in industrial services [7][43] - **Quarterly Dividend**: $0.03 per share [10][48] Growth Strategies - **Geographical Expansion**: Active in expanding reach, particularly in Michigan and other states based on customer demand [8][11] - **Mergers and Acquisitions**: Completed four acquisitions to enhance service offerings and geographical presence [9][12] - **Diversification**: Shifted focus from solely gas transmission to include water distribution and industrial services to mitigate risks [15][16] Customer Relationships - **Key Customers**: American Water, Toyota, Mountaineer Gas, Dow, and TC Energy [12][13] - **Importance of Relationships**: Strong customer relationships are crucial for securing contracts and expanding operations [7][11] Safety and Operational Focus - **Safety as a Core Value**: Emphasis on safety to maintain customer trust and employee well-being [36][37] - **Quality Production**: Aiming for high standards in service delivery to ensure shareholder returns [38] Market Outlook - **Future Opportunities**: Anticipation of growth in water distribution services due to aging infrastructure and increasing demand for clean water [42][43] - **Challenges**: Weather-related disruptions and customer spending delays have impacted profitability [46][47] Capital Allocation and Stock Management - **Active in Acquisitions**: Continues to seek acquisition opportunities to enhance service capabilities [47] - **Stock Repurchase Plan**: Approximately 786,000 shares remaining for repurchase [48] Conclusion - **Overall Sentiment**: Optimistic about future growth despite recent challenges, with a focus on diversifying services and maintaining strong customer relationships [44][45]

Financial Performance - Production increased by 4% compared to the first half of 2024, but 2025 production guidance was revised to 9.7 – 10.5 MMboe[24] - Underlying EBITDAX decreased by 25% to US$201 million compared to 1H24[24] - Underlying NPAT decreased by 61% to US$45 million compared to 1H24[24] - The company bought back approximately 9% of issued capital since August 2024[24] - Net debt was US$237.9 million as of June 30, 2025, compared to US$8.8 million at the end of 2024, with liquidity at US$452.1 million[24] - Revenue decreased by 25% from US$409.4 million in 1H24 to US$308.3 million in 1H25[49] Operational Highlights - Baúna Project 2P Reserves increased by 13.7 MMbbl due to revisions and asset life extension[24] - Neon 2C resource increased by 44% and entered the Define Phase in April 2025[24] - FPSO efficiency in 1H25 was 94.5%, up from 85.3% in 1H24[66] - Field life for Baúna was extended from 2032 to 2039[83] Strategic Initiatives - Karoon completed the acquisition of the Baúna FPSO and will operate it, subject to regulatory approvals[24] - The company commenced a farm-down process for 30-50% of Neon[24] - Neon FID is targeted for the second half of 2026[24] - Who Dat East entered the Define Phase, with FID targeted in late 2025/early 2026[24]

F Y25 Full Year Results 12 months to 30 June 2025 For personal use only Presentation Outline | Item | Presenter | | Pages | | --- | --- | --- | --- | | FY25 Highlights | David Bailey | 4 – | 6 | | Market & operations update | David Bailey | 7 – | 13 | | Financial update | Luca Pietropiccolo | 14 | | | Outlook | David Bailey | 21 | | | Q&A | | | | | Appendices | | | | For personal use only – 6 – 13 – 20 – 26 2 Significant scale in the finance industry 3 $948B Settlements p.a. in the Australian finance market ...

Heightened tensions between Beijing and Washington have many investors waiting to allocate capital to Chinese assets https://t.co/dF5KbTc0GA ...

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Financial Data and Key Metrics Changes - EBITDA increased by 5.3% to $143,800,000 compared to the same period in 2024 [3] - Funds from operations (FFO) rose by 13.8% to $84,100,000 [3] - Net profit after tax was reported at $43,100,000, a 17% increase from the prior comparative period [13] Business Line Data and Key Metrics Changes - The terminal's capacity remains fully contracted at 84,200,000 tons per annum, with all customers under take-or-pay contracts [2][5] - The terminal infrastructure charge (TIC) increased to $3.72 per ton, reflecting a 3.6% uplift compared to the previous year [3][9] - General and administrative expenses decreased by 9.2% compared to 2024, demonstrating ongoing cost management [10] Market Data and Key Metrics Changes - The terminal services 21 mines owned by 11 customers across the Central Bowen Basin, Australia's premier metallurgical coal region [2] - The terminal represents over 14% of global seaborne metallurgical coal exports [2] Company Strategy and Development Direction - The company is focused on organic growth opportunities, including optimization initiatives and a committed capital expenditure program of $405,500,000 [21][22] - The ADEX project is being considered for future expansion, which will involve significant capital investment [23][27] - The company aims to maintain a payout ratio of 60% to 80% of FFO while targeting distribution per security (DPS) growth of 3% to 7% per annum [11] Management's Comments on Operating Environment and Future Outlook - Management noted that the current coal market is influenced by global geopolitical factors, which may delay customer engagement on expansion projects [35] - The company is optimistic about future revenue growth driven by new revenue initiatives and the implementation of approved projects [31] Other Important Information - The company has received a citizenship level safety rating from Centus, the highest rating issued, indicating strong operational safety [4] - DBI's debt level remains stable, with a total of $2,300,000,000 in debt facilities, of which $1,800,000,000 was drawn as of June 30, 2025 [14][15] Q&A Session Summary Question: Can you provide more time frames on the ADEX expansion? - Management indicated that the ADEX expansion has been delayed due to the current coal market and approvals environment, with customer engagement expected in 2026 [35] Question: What are the components within the supply chain that would need to be expanded for ADEX? - Management believes there is sufficient capacity in the rail network to support an ADEX expansion without significant expansion, but some enhancements may be needed [44] Question: Can you provide a breakdown of the $60 million spent in CapEx? - Most of the CapEx was spent on the ship loader and reclaimer, with approximately $40,000,000 to $50,000,000 allocated to these projects [47] Question: What is the expectation for interest costs for the full year? - Interest costs are expected to be higher due to increased capital spending, but capitalized interest will not significantly impact the P&L until projects are commissioned [48][49] Question: Can you provide more details on the kneecap opportunities? - Management is assessing the need for a new ship loader and potential gallery wrapping projects, with significant capital expected to be spent over the next few years [52][54] Question: What is the scale of potential acquisition opportunities? - Management indicated that opportunities below $100,000,000 may not be pursued unless they are adjacent and easy to execute, while larger opportunities would be considered based on alignment with existing business [56] Question: What is the company's stance on working as part of a consortium? - Management is open to working with partners if it reduces execution risk and aligns with business objectives [62]

Core Insights - The focus is on building a thoughtful investment portfolio that balances strong growth potential with solid fundamentals [1] - Emphasis on high-quality businesses primarily located in the U.S. and Europe, characterized by industry-leading profitability, low leverage, and growth potential [1] - Investment philosophy prioritizes long-term financial independence and challenges conventional thinking [1] Investment Strategy - The investment strategy involves selecting companies with staying power and strong fundamentals [1] - Capital allocation and portfolio strategy are key areas of interest for maximizing returns [1] - The approach is centered around identifying businesses that are worth holding for the long term [1]