JSE ticker code HAR / NYSE ticker code HMY © Harmony #MiningWithPurpose H1FY26 RESULTS PRESENTATION Beyers Nel, CEO 11 March 2026 H1FY26 results presentation 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, results of operations, busine ...

Financial Data and Key Metrics Changes - The company announced an interim dividend of ZAR 5.30 or $0.32 per share, with a record payout of ZAR 3.4 billion or $204 million, representing 43% of net free cash [3] - The rolling 12 months dividend yield is 2.2% [3] - Cash flow generation strength led to a revised dividend policy to enhance shareholder participation [3] Business Line Data and Key Metrics Changes - Gold production guidance remains between 1.4-1.5 million ounces, with underground recovered grades above 5.8 grams per ton [4] - All-in sustaining costs for gold operations are projected between ZAR 1.15 million and ZAR 1.22 million per kilogram [4] - Copper production guidance for FY26 is set at 17,500-18,500 tons, with C1 cash costs between $265-$280 per pound [4] Market Data and Key Metrics Changes - The company is experiencing a favorable gold price environment, contributing to strong financial performance [2] - The operational performance is on track to meet full-year production cost and grade guidance [2] Company Strategy and Development Direction - The company aims to reinforce its position as a higher quality, lower risk global producer of gold and copper [2] - Focus on safety and sustaining operations, with capital allocated to organic projects and advancing copper and gold scale where risk-adjusted returns are favorable [2] - The company is transitioning into a significant global gold and copper producer, emphasizing value creation for stakeholders [55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting production guidance despite challenges such as a cyanide shortage impacting recoveries [12][14] - The company is working to reduce reliance on a sole supplier of liquid cyanide and has commissioned a cyanide dissolution plant [15] - Management is optimistic about the potential for upside in the CSA mine based on recent intercepts and ore body quality [20] Other Important Information - Group CapEx for FY26 has been updated to ZAR 18.5 billion, including capital expenditure for CSA and Eva Copper [4] - The company is addressing operational issues at Moab Khotsong and Mponeng, with management confident in the stated reserve grades [17][41] Q&A Session Summary Question: What caused the underground grade drop at Moab and Mponeng? - Management indicated that the drop was due to being out of the high-grade channel at Mponeng and operational issues at Moab [7][14] Question: What is the update on the Special Mining Lease at Wafi-Golpu? - Management noted ongoing negotiations and the appointment of an independent review team to facilitate progress [9][10] Question: How is the cyanide shortage affecting operations? - The shortage led to reduced recoveries, particularly in surface re-mining operations, but management is working to normalize supply and recoveries [12][14] Question: What are the challenges at CSA? - Management acknowledged challenges but expressed satisfaction with the ore body quality and ongoing improvements [19][20] Question: What is the potential for extending the life of the Hidden Valley mine? - Management believes it is possible to extend the mine life by lifting the tailings dam and is studying further options for significant extensions [46][48]

Financial Data and Key Metrics Changes - The company reported a strong financial performance supported by an exceptional gold price environment, leading to a revised dividend policy that includes a base dividend and an upside participation model [2][3] - An interim dividend of ZAR 5.30 or $0.32 per share was declared, with a total payout of ZAR 3.4 billion or $204 million, representing 43% of net free cash flow [3] Business Line Data and Key Metrics Changes - Gold operations production guidance remains between 1.4 million oz and 1.5 million oz, with underground recovered grades above 5.8 g per tonne and all-in sustaining costs between ZAR 1.15 million and ZAR 1.22 million per kg [4] - Copper production guidance for FY 2026 is set between 17,500 and 18,500 tonnes, with C1 cash costs between $265 and $280 per pound [4] Market Data and Key Metrics Changes - The company experienced a 27% decrease in silver revenue, dropping to ZAR 740 million from ZAR 1 billion in the previous period, attributed to a 15% reduction in silver production at Hidden Valley [26] Company Strategy and Development Direction - The company aims to reinforce its position as a higher quality, lower risk global producer of copper and gold, focusing on safety and sustainable operations while selectively growing its portfolio [2] - The company is excited about the Eva Copper project, with a final investment decision announced and full construction ramping up, expecting first production by the end of calendar year 2028 [42] Management's Comments on Operating Environment and Future Outlook - Management noted that the cyanide supply has normalized, and they are working on reducing reliance on external suppliers [9] - The company is optimistic about its organic growth pipeline in gold, with plans to explore further surface re-mining opportunities [23] Other Important Information - The company has updated its capital expenditure for FY 2026 to ZAR 18.5 billion, including CSA and Eva projects, with CSA CapEx guided at ZAR 1.1 billion or $65 million [4][5] - The company is actively evaluating its capital structure, particularly regarding a bridge loan taken out for the CSA asset [30] Q&A Session Summary Question: Input cost inflation and supply issues - Management confirmed that the cyanide supply has normalized and they are working on contingency measures to reduce dependency on external suppliers [9] Question: CSA production capacity and CapEx guidance - Management explained that CSA's production guidance incorporates one-off stoppages for safety and rehabilitation, and they are confident in the ore body's quality [13][15] Question: Gold production levels and growth potential - Management indicated that recent production declines were due to specific operational issues and emphasized the potential for organic growth in gold production [21][23] Question: Silver price exposure and mitigation strategies - Management acknowledged a decrease in silver revenue and noted that they hedge silver but have not added new hedges due to current price levels [28] Question: Net debt situation and future cash management - Management expects to return to a net cash position by the end of the financial year, balancing capital allocation between sustaining the business and shareholder returns [29] Question: Plans for the Eva mine and opportunities in Australia - Management expressed excitement about the Eva project and highlighted their long-standing presence and operational capabilities in Australia [42][44] Question: Quality of gold production and expected grade levels - Management detailed the high-grade underground operations and their plans to maintain high-quality production through ongoing projects [56][58]

Financial Data and Key Metrics Changes - The company reported a strong financial performance supported by an exceptional gold price environment, leading to a revised dividend policy that includes a base dividend and an upside participation model based on pre-dividend net debt to EBITDA levels [2][3] - An interim dividend of ZAR 5.30 or $0.32 per share was declared, with a total payout of ZAR 3.4 billion or $204 million, representing 43% of net free cash flow [3] Business Line Data and Key Metrics Changes - Gold operations are guided to produce between 1.4 and 1.5 million ounces with underground recovered grades above 5.8 grams per tonne, and all-in sustaining costs between ZAR 1.15 million and ZAR 1.22 million per kilogram [4] - Copper production guidance for FY 2026 is set between 17,500 and 18,500 tons, with C1 cash costs between $265 and $280 per pound and recovered grades above 3.5% [4] Market Data and Key Metrics Changes - The company experienced a 27% decrease in silver revenue, down to ZAR 740 million from ZAR 1 billion in the previous period, attributed to a 15% reduction in silver production at Hidden Valley due to operational issues [25][28] Company Strategy and Development Direction - The company aims to reinforce its position as a higher quality, lower risk global producer of copper and gold, focusing on safety and sustainable operations while selectively growing its portfolio [2] - The company is excited about the Eva Copper project, with a final investment decision made and full construction ramping up, expecting first production by the end of calendar year 2028 [44] Management Comments on Operating Environment and Future Outlook - Management noted that the production decrease in gold was due to one-off events, including a mill motor failure at Hidden Valley and a force majeure on cyanide supply, but they expect recoveries to normalize [20][21] - The company is confident in its long-term prospects, citing a significant mineral reserve and ongoing organic projects to enhance gold production [22] Other Important Information - The company is actively working on increasing its cyanide distribution capacity to reduce reliance on external suppliers, which had previously caused operational disruptions [9][10] - Management emphasized the importance of maintaining a disciplined approach to capital allocation, balancing investments in operations with shareholder returns [29] Q&A Session Summary Question: Input cost inflation and cyanide supply issues - Management confirmed that the cyanide supply has normalized and they are working on contingency measures to mitigate future risks [9][10] Question: CSA mine production capacity - Management explained that the lower production guidance for CSA incorporates one-off stoppages for safety and maintenance, and they are confident in the ore body's quality [12][14] Question: Gold production levels and growth potential - Management attributed the decrease in gold production to specific operational issues and expressed optimism about future growth through organic projects [20][22] Question: Silver price exposure and hedging - Management acknowledged the decrease in silver revenue and confirmed that they do hedge silver but have not added new hedges recently due to current price levels [25][28] Question: Net debt situation and capital structure - Management expects to return to a net cash position by the end of the financial year and is evaluating options for managing their capital structure [29][30] Question: Update on Eva Mine and illegal mining concerns - Management provided an update on the Eva project, highlighting ongoing construction and expressed awareness of illegal mining activities but noted effective control measures in place [44][46]

© Harmony #MiningWithPurpose H1FY26 RESULTS PRESENTATION Beyers Nel, CEO 11 March 2026 JSE ticker code HAR / NYSE ticker code HMY H1FY26 results presentation 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, results of operations, busine ...

Roadshow booklet Q4 2025 Investor Relations, 11 February 2026 Strong results for Q4 and FY2025, delivering on strategic priorities 1) Excluding incidentals of 84m and restructuring costs of 99m, including HAL costs of 135m. 2) Pending regulatory approval. 3) Additional distribution of 500m deducted from capital 2 • Good finish to the year with a net profit of 410m, resulting in a full-year return on equity of 8.7% • Solid commercial momentum driving profitable growth: − Continued high new mortgage productio ...

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were CNY 222.0 million, a 1.9% increase year-on-year from CNY 218.1 million [9] - Net advertising revenues decreased to CNY 181.1 million from CNY 189 million in the same period last year [9] - Paid services revenue increased by 41.6% year-on-year to CNY 41.2 million from CNY 29.1 million [9] - Cost of revenues decreased by 18.6% to CNY 98.6 million from CNY 121.1 million [9] - Gross margin improved to 35.6% from 44.5% in the same period last year [10] - Income from operations increased by 265.7% to CNY 24.5 million from CNY 6.7 million [10] - Net income attributable to the company was CNY 45.0 million, compared to a net loss of CNY 3.6 million in the same period last year [10] - Cash and cash equivalents totaled CNY 1.02 billion, approximately $135.6 million [11] Business Line Data and Key Metrics Changes - The company focused on enhancing its core capabilities and original content system, which contributed to its performance in major political and current affairs topics [4] - The company reported significant engagement with original content, with episodes reaching up to 145 million views [6][7] - The integration of content with high-end events, such as the Action League charity gala, reinforced the company's social influence [7] Market Data and Key Metrics Changes - The advertising market faced challenges, with declines in budgets among major internet platforms, particularly in the automotive and liquor sectors [15] - Growth was observed in consumer categories such as personal care, tourism, entertainment, and home appliances, partially offsetting declines in traditional sectors [15] Company Strategy and Development Direction - The company aims to enhance the quality and influence of its core columns and flagship products while managing risks and advancing transformation [3] - There is a focus on developing original content as a core asset and leveraging technology for efficiency [8] - The company plans to prioritize sectors with stronger budget potential, including home appliances and transportation, while aligning with technological innovation and green consumption [15] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the intense competition in the macroeconomic environment and emphasized the need to optimize client mix and explore new growth drivers [15] - The company views internationalization as a key differentiator and aims to strengthen connections with overseas business communities [15] - AI technologies will be increasingly applied to content production and data analytics to improve marketing efficiency [15] Other Important Information - The company has seen significant growth in social media engagement, with a 54% increase in average likes per post on Douyin and a total follower count of 18.9 million [8] Q&A Session Summary Question: What are the key challenges the company is currently facing, and how do you view the outlook for the advertising market in 2026? - The management noted a decline in advertising budgets among major internet platforms, particularly in the automotive and liquor sectors, but growth in consumer categories like personal care and home appliances [15] - The company will focus on optimizing its client mix and exploring new growth drivers, with internationalization being a key differentiator [15] - Demand for short-form video is growing, and the company will enhance content differentiation and conversion capabilities [15]

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were CNY 222.0 million, a 1.9% increase year-on-year from CNY 218.1 million [10] - Net advertising revenues decreased to CNY 181.1 million from CNY 189 million in the same period last year [10] - Paid services revenue increased by 41.6% year-on-year to CNY 41.2 million from CNY 29.1 million [10] - Cost of revenues decreased by 18.6% to CNY 98.6 million from CNY 121.1 million [10] - Gross margin improved to 35.6% from 44.5% in the same period last year [11] - Income from operations increased by 265.7% to CNY 24.5 million from CNY 6.7 million [11] - Net income attributable to the company was CNY 45.0 million, compared to a net loss of CNY 3.6 million in the same period last year [11] - Cash and cash equivalents totaled CNY 1.02 billion, approximately $135.6 million [12] Business Line Data and Key Metrics Changes - The company focused on enhancing in-depth reporting and professional commentary, optimizing key events and branded initiatives [4] - Original content, particularly human-centered stories, remained a strong foundation for audience engagement [6] - The company strengthened its presence in high-end events, integrating resources for synergy between content and offline events [8] - Average likes per post on Douyin increased by 54% quarter-over-quarter, with total followers growing to 18.9 million [9] - Interaction volume increased by over 10%, and average time spent per user rose 8% quarter-over-quarter [9] Market Data and Key Metrics Changes - Advertising budgets declined among major internet platforms, particularly in the automotive and liquor sectors [15] - Growth was observed in consumer categories such as personal care, tourism, entertainment, and home appliances [15] - The company aims to prioritize sectors with stronger budget potential, including home appliances and daily consumer goods [16] Company Strategy and Development Direction - The company will continue to focus on core strengths and long-term strategy while managing risks prudently [4] - Emphasis on developing original content as a core asset and leveraging technology for efficiency [9] - Internationalization is seen as a key differentiator, enhancing brand influence and collaboration potential [15] - The company plans to enhance content differentiation and conversion capabilities through social media metrics [16] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment remains challenging, with intense market competition [5] - The company will focus on optimizing client mix and exploring new growth drivers [15] - AI technologies will be increasingly applied to content production and data analytics to improve marketing efficiency [16] - The forecast for total revenue in Q1 2026 is between CNY 160 million and CNY 175 million [12] Other Important Information - The company’s Action League charity gala marked its 10th anniversary, enhancing its social influence in public welfare [8] - The company’s cooperation within Huawei's HarmonyOS ecosystem provides a stable traffic entry point and deeper technological collaboration [9] Q&A Session Summary Question: What are the key challenges the company is currently facing, and how do you view the outlook for the advertising market in 2026? - The company noted that advertising budgets declined among major internet platforms, particularly in the automotive and liquor sectors, but achieved growth in consumer categories like personal care and home appliances [15] - The company will focus on optimizing its client mix and exploring new growth drivers, with internationalization as a key differentiator [15] - Demand for short-form video is growing, and the company will enhance content differentiation and conversion capabilities [16]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue reached $581.9 million, up 7.7% quarter-over-quarter and 5.9% year-over-year, marking the fourth consecutive quarter of positive year-over-year growth since Q2 2024 [4][18] - Non-GAAP operating profit was $40.8 million, with operating cash flow totaling $116 million [5][25] - For the full year 2025, total revenue was $2.12 billion, with live streaming contributing $1.53 billion and BIGO Ads contributing $398.5 million, up 38.5% year-over-year [6][19] Business Line Data and Key Metrics Changes - Live streaming revenue was $394.4 million, up 1.5% quarter-over-quarter, marking three consecutive quarters of growth [5][10] - BIGO Ads generated $128.1 million in revenue, up 61.5% year-over-year, with third-party audience network revenue growth accelerating to 82.5% year-over-year [5][12] - Non-live streaming businesses represented 32.2% of total revenue, an increase of 7.9 percentage points compared to 2024 [6][21] Market Data and Key Metrics Changes - Global social MAUs reached 272.1 million, up 2.2% quarter-over-quarter, with traffic from instant messaging increasing by 4.5% [9][10] - The American market recorded a strong recovery, with revenue climbing 3.4% quarter-over-quarter [10] - By region, North America saw an increase of over 21% quarter-over-quarter, while Western Europe rose 46% quarter-over-quarter [13] Company Strategy and Development Direction - The company is focusing on a strategic framework as a global technology company with multiple growth engines, including social entertainment, ad tech, and e-commerce services [4][8] - The board approved an additional cash dividend of approximately $20 million, demonstrating commitment to operational improvement and shareholder returns [7][26] - A new segment reporting structure is being evaluated for 2026 to enhance visibility of progress within each business [8][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to sustainable and profitable growth, with expectations for live streaming revenue to achieve steady positive year-over-year growth in 2026 [9][34] - The advertising business is expected to deliver mid-double-digit year-over-year growth in Q1 2026, despite seasonal softness [37][46] - The company anticipates continued strong performance from BIGO Ads and e-commerce SaaS, with a focus on expanding R&D and sales capabilities [40][41] Other Important Information - The company held $3.26 billion in net cash as of December 31, 2025, supporting consistent shareholder returns [6][25] - The company repurchased 67.4 million shares in Q4 2025, with total repurchases for the year reaching 134.6 million [16][19] Q&A Session Summary Question: Key factors for recovery in live streaming business and long-term trend - Management highlighted improvements in streamer incentives, content offerings, and AI optimizations as key drivers for recovery, expecting steady positive growth in 2026 [33][34] Question: 2026 outlook for revenue and profit guidance - Management provided guidance for Q1 2026, expecting group revenue growth of 8.8%-10.9%, with live streaming returning to positive year-over-year growth [36][37] Question: Key drivers of advertising growth in Q1 2026 - Management noted a diversified advertiser mix and algorithm optimizations as key drivers, expecting mid-double-digit growth despite seasonal softness [44][46] Question: Long-term profitability of third-party ads business - Management discussed the mutual reinforcement of traffic growth, advertiser demand, and algorithm improvements as long-term drivers for BIGO Ads, targeting $1 billion in revenue by 2028 [50][52] Question: Current business momentum of Shopline and path to breakeven - Management indicated that Shopline is on a clear path to breakeven by 2028, driven by product excellence and rising gross profit [56][59] Question: Considerations behind additional cash dividend and share buyback intentions - Management explained the strong capital return execution and commitment to enhancing shareholder returns, indicating plans to continue share buybacks [61][64]

Fortinet Investor Briefing Summary Company Overview - **Company**: Fortinet (NasdaqGS:FTNT) - **Event Date**: March 10, 2026 - **Focus**: Cybersecurity innovations, strategic positioning, and growth prospects Key Industry Insights - **Cybersecurity Market**: The cybersecurity industry is experiencing rapid growth, with a total addressable market (TAM) exceeding $300 billion. Fortinet currently holds less than 20% market share in this fragmented market, indicating significant growth potential [16][18] - **AI Integration**: AI is seen as a major tailwind for Fortinet, enhancing their product offerings and operational efficiency. The company has invested $1 billion in AI infrastructure, including GPU farms and proprietary AI models [9][20] - **SASE and SD-WAN**: Fortinet is focusing on Unified SASE, integrating SD-WAN and cloud security into a single platform. The SASE market is expected to grow significantly, with Fortinet's offerings being approximately one-third the cost of competitors [8][20] Core Company Highlights - **Innovative Operating System**: Fortinet's operating system is the only one recognized as a leader in five Gartner Magic Quadrants, integrating multiple functions and utilizing ASIC technology for enhanced performance [4][5] - **Market Leadership**: Fortinet holds a 55% unit market share in firewalls and is the most deployed SD-WAN solution, outperforming competitors in product revenue growth [17][7] - **Investment in Infrastructure**: The company has invested significantly in building its infrastructure over the past 15 years, which supports its secure operations and AI capabilities [10][9] Financial Performance and Projections - **Revenue Growth**: Fortinet expects to grow at a rate of 12% or above over the next 3-5 years, with a historical CAGR of 13% [31][32] - **Free Cash Flow**: The company anticipates delivering high mid-teens adjusted free cash flows, supported by its business model [32] - **Stock Buyback**: Fortinet has repurchased $471 million in stock this quarter, with a total of $9 billion returned to shareholders since its IPO [34] Strategic Advantages - **Convergence of Security and Networking**: The demand for secure networking is growing, with customers seeking to reduce complexity by replacing disparate products with Fortinet's integrated solutions [16][17] - **Operational Technology (OT) Market**: Fortinet is well-positioned in the OT market, which is growing at over 20% annually, driven by the surge in connected devices and regulatory compliance [19][18] - **Sovereign SASE**: This model allows for localized high-performance security services, particularly in regions with strict data residency requirements, such as Europe and the Middle East [20] Customer Engagement and Market Trends - **Upsell Opportunities**: Fortinet is successfully upselling from firewalls to SD-WAN and SASE, with a focus on simplifying customer journeys and reducing total cost of ownership [28][29] - **Customer Demand**: There is a growing demand for integrated solutions that combine SD-WAN and SASE, with customers increasingly looking for cost-effective and efficient security solutions [56][67] - **AI Workloads**: The need for internal segmentation and network capacity tied to AI is expected to increase, with a shift towards on-premise solutions as organizations seek to secure their data [75][92] Conclusion Fortinet is strategically positioned to capitalize on the growing cybersecurity market through its innovative products, strong market share, and significant investments in AI and infrastructure. The company's focus on integrated solutions and customer-centric approaches is expected to drive sustained growth and profitability in the coming years.