You should read the following discussion and analysis together with our consolidated financial statements, including the related notes, set forth beginning on page F-1. A discussion of the changes in our financial condition and results of operations between the fiscal years ended 30 June 2023 and 2024, has been omitted from this Harmony 2025 Form 20-F, but may be found in Item 5: "Operating and Financial Review and Prospects", of the Harmony 2024 Form 20-F for the year ended 30 June 2024, filed with the SEC on 31 October 2024, which is available free of charge on the SEC’s website at www.sec.gov and our website at www.harmony.co.za. Overview Harmony is currently the largest producer of gold in South Africa and is furthermore an important producer in PNG. Our gold sales for fiscal 2025 were 46,193 kilograms of gold (1.5 million ounces of gold) and in fiscal 2025 we processed approximately 51 million tonnes of ore. As at 30 June 2025, our mining operations and projects reported total Proved and Probable Mineral Reserves of approximately 36.8 million gold and gold equivalent ounces, Measured and Indicated Mineral Resources (exclusive of Mineral Reserves) of approximately 99.1 million gold and gold equivalent ounces and Inferred Mineral Resources (exclusive of Mineral Reserves) of approximately 36.3 million gold and gold equivalent ounces. For further information on the company’s Mineral Resources and Mineral Reserves, see Item 4: "Information on the Company - Property, Plant and Equipment - Mineral Resource and Mineral Reserve Summary Disclosure”. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. See note 39 "Segment report" of our consolidated financial statements set forth beginning on page F-1 for further details. For segment purposes, management distinguishes between “Underground” and “Surface”, with each shaft or group of shafts or open-pit mine managed by an operational team. Our reportable segments are as follows: •Moab Khotsong, Mponeng, Tshepong North, Tshepong South, Doornkop, Joel, Target 1, Kusasalethu, Masimong, Bambanani (closed June 2022), MWS and Hidden Valley; and •All other surface operations, including those that treat historic tailings, include Phoenix, Central Plant Reclamation, Savuka Tailings, WRDs and Kalgold, are grouped together under “All other surface operations”. 161 Table of contents A. OPERATING RESULTS Key factors affecting our results Gold Prices Most of our revenues are derived from the sale of gold. As a result, our operating results are directly related to the price of gold. Historically, the price of gold has fluctuated widely. The gold price is affected by numerous factors over which we do not have control. See Item 3: “Key Information - Risk Factors - Market Risks - The profitability of our operations, and cash flows generated by those operations, are affected by changes in the price of gold and other metals; a fall in the gold price below our cash cost of production and capital expenditure required to maintain production for any sustained period may lead to losses and require us to curtail or suspend certain operations” and “- Rising inflation and geopolitical risks may have a material adverse effect on our business, operating results and financial condition”. As a general rule, we sell the majority of our gold produced at market prices to obtain the maximum benefit from increases in the prevailing gold price. Since fiscal 2017, Harmony entered into derivative contracts to manage the variability in cash flows from the Group’s production, in order to create cash certainty and protect the Group against lower commodity prices. Our hedging strategy was expanded during the second half of the fiscal 2024 to introduce gold zero cost collars to the derivative program and to set a new limit. The limit set by the Board is 30%, 20% and 10% of production in a 12-, 24- and 36-month period, respectively, for contracts entered into on or after 1 April 2024. Prior to the change, the limit set by the Board was for 20% of the production from gold over a 24-month period. The limit set by the Board for silver is 50% of the exposure over a 24-month period and 50% for uranium exposure over a 60-month period. Management continues to top up these programs as and when opportunities arise to lock in attractive margins for the business, but we are not required to maintain hedging at these levels. A portion of the production of the South African operations is linked to Rand gold forward contracts and Rand gold zero cost collar contracts. US$ gold forward contracts and US$ gold zero cost collar contracts were entered into for the production from Hidden Valley. The exposure to the variability in the price of silver for Hidden Valley is managed by entering into US$ silver zero cost collars. The US$ silver zero collars have not been designated as hedging instruments for hedge accounting and the gains and losses are accounted for in the income statement. During fiscal 2025 the group's cash inflows from uranium were managed by way of a forward contract, whereby uranium prices are predetermined for a fixed amount of uranium production. These contracts are not designated as derivative contracts as the “own use” exemption of IFRS 9 Financial instruments is applicable to them. Harmony's indirect subsidiary, MWS, previously entered into a contract with Franco-Nevada Barbados ("Franco-Nevada"). The Franco-Nevada contract consisted of a streaming agreement to purchase 25% of the gold production through MWS for a fixed amount of consideration until the balance of the gold cap is delivered. The gold cap, a provision included in the contract, stipulated the maximum quantity of gold to be sold to Franco-Nevada over the term of the contract. The consideration was determined as the lower of the quoted spot gold price as per the London Metals Exchange or US$400 per ounce, subject to an annual escalation adjustment. As the performance obligation to deliver gold is met, the contract liability unwinds into revenue. On 23 October 2024, Harmony fulfilled all its obligations stemming from the agreement with Franco Nevada. Significant changes in the price of gold over a sustained period of time may lead us to increase or decrease our production in the near term. Harmony’s Realised Gold Price In fiscal 2025, the average gold price received by us was R1,529,358 per kilogram or $2,620/oz. This average gold price includes the net realised effective portion of the hedge-accounted gold derivatives. The price of gold in US$ terms closed at US$3,303/oz on 30 June 2025, up from the closing price of US$2,325/oz on 30 June 2024. The range traded during the year reaffirms gold's safe haven status with investors during times of global uncertainty and market volatility. The average spot gold price received (that is, excluding the impact of hedging gains or losses) for the 2025 year was US$2,786/oz compared to US$2,042/oz in fiscal 2024. Harmony is exposed to the impact of any significant decreases in the commodity prices on its production. This is mitigated to some extent by commodity derivatives and hedging arrangements, but as Harmony has limitations for the volume of forward sales, commodity derivatives or hedging arrangements it may enter into for its future production, it is exposed to the impact of decreases in the commodity prices on the remainder of its unhedged production. See Item 3: “Key Information - Risk Factors - Risk Related to Our Industry - We are exposed to the impact of any significant decreases in the commodity prices on our production", and “ - Market Risks - The profitability of our operations, and cash flows generated by those operations, are affected by changes in the price of gold and other metals; a fall in the gold price below our cash cost of production and capital expenditure required to maintain production for any sustained period may lead to losses and require us to curtail or suspend certain operations”. In addition to the US$ gold price, the gold price received is impacted by the exchange rate of the Rand and other non-US$ currencies to the US dollar. An appreciation of the Rand and other non-US$ currencies against the US dollar will result in a decrease in the revenue recorded, without considering the impact of the hedging instruments. Conversely, a depreciation of these currencies against the US dollar would result in an increase of revenue recorded. See Item 3: “Key Information - Risk Factors - Market Risks - Foreign exchange fluctuations could have a material adverse effect on our operational results and financial condition”. During fiscal 2025, the average exchange rate appreciated from R18.70/US$1.00 in fiscal 2024, to R18.15/US$1.00 in fiscal 2025. See "- Exchange Rates" below for further discussion. 162 Table of contents The following table sets out the average, the high and the low London Bullion Market price of gold and our average sales price during the past two fiscal years: Fiscal Year Ended 30 June 2025 2024 Average (US$/oz) ..................................................................................................................................... 2,818 2,076 High (US$/oz) ............................................................................................................................................ 3,432 2,444 Low (US$/oz) ............................................................................................................................................. 2,329 1,819 Harmony’s average sales price1 (US$/oz)) ........................................................................................... 2,620 1,999 Average exchange rate (R/US$) ............................................................................................................ 18.15 18.70 Harmony’s average sales price1 (Rand/kilogram) ................................................................................ 1,529,358 1,201,653 1Our average sales price differs from the average gold price due to the timing of our sales of gold within each year. In addition, the effect of hedge accounting i.e. realised losses from the cash flow hedges have been included in revenue. Costs Our cash costs are approximately between 80% and 85% of our total costs (excluding impairments and disposal/loss on scrapping of assets). The remainder of our total costs consists primarily of share-based payments, exploration costs, corporate and sundry expenditure, and amortisation and depreciation. Our cash costs consist primarily of production costs. Production costs are incurred on labour, equipment, consumables and utilities. Labour costs are the largest component and typically comprise between 50% and 55% of our production costs. Our US dollar translated costs are sensitive to the exchange rate of the Rand and other non-US currencies to the US dollar. See "- Exchange Rates" below. Appreciation of the Rand and other non-US currencies against the US dollar increases working costs at our operations when those costs are translated into US dollars. See Item 3: “Key Information - Risk Factors - Market Risks - Foreign exchange fluctuations could have a material adverse effect on our operational results and financial condition”. All-in sustaining costs for the Group increased by 16.9% to R1,054,346 per kilogram in fiscal 2025. This was driven by lower planned production, higher sustaining capital as well as higher cash costs due to annual wage and above-inflation electricity tariff increases. Our cash costs have increased from R758,736 per kilogram in fiscal 2024 to R874,901 per kilogram in fiscal 2025, mainly due to above-inflation increase in electricity costs, higher royalties and labour increases. Management conducts a thorough review of costs at all operations to ensure that costs are properly managed and within budget. However, it should be noted that there are risks beyond our control such as safety stoppages, which would result in production being negatively affected while certain costs would still be incurred. This is discussed in more detail in Item 3: “Key Information - Risk Factors - Risks Related to Our Industry - The nature of our mining operations presents safety risks and "- Risks Related to ESG - Given the nature of mining and the type of mines we operate, we face a material risk of liability, delays and increased cash costs of production from environmental and industrial accidents and pollution compliance breaches”. We are also exposed to price increases on electricity, which is regulated, as well as the implementation of other levies such as carbon tax. See Item 3: "Key Information - Risk Factors - Risks Related to Our Operations and Business - Disruptions to electricity supply and rising power costs: Impact on operations and financial results" and "- Risks Related to ESG - Compliance with emerging climate change regulations could result in significant costs for us". We remain subject to risks related to the volatility of commodity prices, as well as the potential shortage of supply and disruptions of supply chains due to geopolitical instability, including impacts of the ongoing conflicts in the Middle East. See Item 3: "Key Information - Risk Factors - Market Risks - Fluctuations in input production prices linked to commodities may adversely affect our operational results and financial condition","- Risks Related to Our Operations and Business - Actual and potential shortages of production inputs and supply chain disruptions may affect our operational results" and “- Market Risks - Rising inflation and geopolitical risks may have a material adverse effect on our business, operating results and financial condition”. Production levels In addition to gold prices, Harmony’s gold income in any year is also influenced by its level of gold production. Production levels are in turn influenced by grades, tonnages mined and processed through the plant and metallurgical recoveries. Gold production decreased by 5.3% between 2024 and 2025, from 1,561,815 ounces in 2024 to 1,479,671 ounces in 2025 mainly driven by lower recovered grades, reduced ore milled and infrastructure challenges and operational disruptions. For more information on our business and operations, see Item 4: “Information on the Company -– Business Overview” and “- Property, Plant and Equipment - Mineral Resource and Mineral Reserve Summary Disclosure”. Exchange Rates Our revenues are very sensitive to the exchange rate of the Rand and other non-US currencies to the US dollar. Since gold is generally sold in US dollars, most of our revenues are received in US dollars. Currently, the majority of our earnings are generated in South Africa. Appreciation of the Rand against the US dollar decreases our revenues, which serves to reduce operating margins and net income from our South African operations. Depreciation of the Rand against the US dollar increases our revenue, which serves to increase operating margins and net income from our South African operations. Accordingly, strengthening of the Rand generally results in poorer earnings for us if there is not a similar increase in the gold price. The exchange rates obtained when converting US dollars to Rand are determined by foreign exchange markets, over which we have no control. The spot rate as at 30 June 2025 was R17.75 per US$1.00, compared with R18.19 per US$1.00 as 163 Table of contents at 30 June 2024, reflecting an appreciation of 2.4% of the Rand against the US dollar. The average exchange rate for fiscal 2025 was R18.15 per US$1.00, reflecting an appreciation of 2.9% of the Rand against the US dollar when compared with fiscal 2024. In fiscal 2025, the Rand strengthened against the Australian dollar and closed at R11.68/A$1.00 (2024: R12.14/A$1.00), reflecting an appreciation of 3.8% of the Rand against Australian dollar. The Kina weakened against the Australian dollar and closed at PGK2.72/A$1.00 (2024: PGK2.57/A$1.00), reflecting a depreciation of 5.8%. The average gold price received by us during fiscal 2025, before including the effect of the cash flow hedges, increased by R397,799 per kilogram to R1,625,683 per kilogram from R1,227,884 per kilogram during fiscal 2024. This is driven by the US$ average gold price increase, with an offset effect of the foreign exchange movements noted above. The majority of our working costs are incurred in Rand and, as a result of this, any appreciation of the Rand against the US dollar would increase our working costs when translated into US dollars. Depreciation of the Rand against the US dollar would cause a decrease in our costs in US dollar terms. Similarly, at our international operations, appreciation of the Australia dollar or Kina against the US dollar would cause an increase in our costs in US dollar terms. See Item 3: “Key Information - Risk Factors -Market Risks - Foreign exchange fluctuations could have a material adverse effect on our operational results and financial condition”. We have several credit facilities and loans denominated in US dollars. This exposes us to the changes in the Rand against the US dollar, which would affect our borrowings as well as the interest recognised. This will also affect the cash flows when the borrowings are raised and repaid as well as at the time of the payments of the interest. Movements in the currencies expose the Group's operations to foreign currency gains and losses on foreign-denominated receivables and liabilities, including derivatives. They also impact the Group’s translation of its international operating results and net assets into its Rand presentation currency, which resulted in a foreign exchange translation loss of R819 million for fiscal 2025 (2024: R943 million). Harmony has entered into foreign exchange derivative contracts in the form of zero cost collars, which establish a minimum (floor) and maximum (cap) Rand/US dollar exchange rate at which to convert US dollars to Rand. The Group also uses forward exchange contracts to manage the risks. At 30 June 2025, the zero cost collars had a nominal amount of US$226 million in derivative contracts, covering a two-year period with a weighted average cap price of US$1.00=R20.54 and weighted average floor price of US$1.00=R18.54. Additionally, at 30 June 2025 Harmony had open forward exchange contracts which had a nominal amount of US$53 million spread over a one-year period at an average exchange rate of US$1.00 = R19.98. The Bank of Papua New Guinea has systematically allowed the Kina to weaken against the US dollar over several years. The Kina weakened by 7.8% and 7.0% in fiscal 2024 and fiscal 2025 respectively. Since the introduction of a 150 basis point trading band in June 2014, the Kina weakened by 68.9% against the US dollar as at 30 June 2025. Should the trading band continue and depending on the level the exchange rate is set at, it could have a negative impact on the results of the Hidden Valley operation, as well as the Kina cost of development at Wafi-Golpu and other PNG exploration sites. Geopolitical and socio-political risks Harmony faces material exposure to geopolitical and socio-political risks across its operating jurisdictions. Globally, rising tensions from conflicts, trade disputes, and shifting alliances disrupt supply chains and elevate input costs, which impact our financial margins. Locally, socio-political pressures in South Africa, including high unemployment and persistent disparities, fuel public dissatisfaction posing operational challenges. In Papua New Guinea, political uncertainty and proposed legislative changes under the PNG Draft Mining Bill 2025 may threaten project viability and future investment. While these risks elevate cost and operational pressures, they also contribute to upward momentum in the gold price, which can partially offset financial impacts and enhance revenue potential. See Item 3: "Key Information - Risk Factors - Market Risks - Fluctuations in input production prices linked to commodities may adversely affect our operational results and financial condition”, “- Rising inflation and geopolitical risks may have a material adverse effect on our business, operating results and financial condition” and “- We are subject to the imposition of various regulatory costs, such as mining taxes and royalties, changes to which may have a material adverse effect on our operations and profits; our operations and financial condition could also be adversely affected by policies and legislation related to greater state intervention in the mining sector and potentially the expropriation of mining assets without compensation – Papua New Guinea”. Inflation Inflation in South Africa was 2.9% at the end of fiscal 2025, down from 5.1% at the end of fiscal 2024. The decrease was driven by a combination of economic, policy and consumer behaviour factors. We have, however, seen increases in labour, contractors and electricity costs for our mining operations some of which have increased at levels above the rate of inflation. Combined with geopolitical risks and further compounding inflationary pressure, we believe we will see continued increases through 2026. On 4 April 2024, Harmony announced the acceptance of a five-year wage agreement by the unions, which became effective on 1 July 2024 and will remain in effect until 30 June 2029. This agreement will result in an increase of approximately 6% per annum over the five-year period which is within our planning parameters. The inflation rate in PNG at the end of fiscal 2024 was 2.4%, while inflation closed at 3.6% at the end of fiscal 2025. The increase is driven by a mix of domestic policy reforms, commodity price shifts and structural economic changes. Our profits and financial condition could be adversely affected if, increased costs due to inflation, are not offset by a concurrent devaluation of the Rand and other non-US currencies and/or an increase in the price of gold. See Item 3: “Key Information - Risk Factors - Market Risks - Rising inflation and geopolitical risks may have a material adverse effect on our business, operating results and financial condition”. 164 Table of contents South African Socio-Economic Environment We are domiciled in South Africa and the majority of our operations are located in South Africa. The primarily listing for our shares is also on the Johannesburg Stock Exchange. As a result, we are subject to various economic, fiscal, monetary and political policies and factors that affect South African companies generally. See Item 3: “Key Information - Risk Factors - Risks Related to ESG - The socio-economic landscape in the regions in which we operate may have an adverse effect on our operations and profits”. In particular, South African companies are subject to exchange control limitations. While exchange controls were relaxed some years ago, South African companies remain subject to restrictions on their ability to deploy capital outside of the Southern African Common Monetary Area. See Item 10: “Additional Information - Exchange Controls”. We must also comply with the SLPs that have been developed for each of our South African operations. These SLPs are prepared in line with legislation governing the participation of HDPs in mining assets. See Item 3: "Key Information - Risk Factors - Risk Related to Our Industry - Laws governing mineral rights affect our business and could impose significant costs and obligations; mineral rights in the countries in which we operate could be altered, suspended or cancelled for a variety of reasons, including breaches in our obligations in respect of such mining rights.” We have been granted mining licenses under the MPRDA necessary for the conduct of our current operations. As such we have therefore already incurred expenses relating to HDP participation. We believe the biggest challenge will lie in maintaining these licenses, as we will have a responsibility in respect of human resource development, procurement and local economic development. We are however unable to provide a specific amount of what the estimated cost of compliance will be, but we will continue to monitor these costs on an ongoing basis. See Item 4: "Information on the Company - Business Overview - Regulation - Mineral Rights - South Africa – Mining Charter." Electricity in South Africa Eskom, the state utility, generates approximately 90% of South Africa’s electricity and about 30% of Africa’s supply. It generates, transmits and distributes electricity to industrial, mining, commercial, agricultural and residential users. In fiscal 2025, electricity supply remained constrained but improved, with fewer interruptions. Eskom suspended load shedding in April 2024 as the Generation Recovery Plan improved plant performance. Consequently power interruptions did not materially impact production in fiscal 2025. Global energy prices remained volatile due to higher demand, limited new supply, carbon tax uncertainty, and geopolitical conflicts, including those in the Middle East and between Russia and Ukraine. Electricity supply remains tight during evening peak periods. We continue to participate in Eskom’s Critical Peak Pricing pilot at four sites, allowing tariff savings outside surcharge periods. The South African Government is expanding the Independent Power Producer ("IPP") program to diversify supply and reduce carbon emissions. Eskom’s transmission business was legally separated in July 2023 into the National Transmission Company of South Africa ("NTCSA"), a wholly owned subsidiary with a license from the National Energy Regulator of South Africa (“NERSA”). NTCSA began operating on 1 July 2024. Unbundling of the generation and distribution divisions is ongoing. See Item 3: "Key Information - Risk Factors - Risks Related to Our Operations and Business - Disruptions to electricity supply and rising power costs: Impact on operations and financial results". Renewable energy Renewables are a growing component of South Africa’s energy mix. Forecasts project solar and wind will surpass coal by 2030 (IEA 2024). Increased renewable penetration and self-generation are reducing Eskom’s sales volumes, contributing to tariff increases and delays in new grid connections. The government has also supported gas-to-power and nuclear options, while continuing state support for coal. In South Africa, a multi-phase renewable energy programme is underway, complemented by short-term power purchase agreements, wheeled wind capacity, rooftop solar installations, and supplier engagement. Recent regulatory reforms in South Africa have significantly accelerated the country’s energy transition. The removal of licensing requirements for embedded generation and the unbundling of Eskom’s transmission division have enabled greater private sector participation in renewable energy development and the wheeling of electricity through the national grid. These changes have created a more favourable environment for large-scale renewable energy investments. We propose to increase our procurement of wind energy delivered through wheeling from 140 MW to 260 MW. This is expected to come online in Q4 of 2027. Lastly, we are also exploring the opportunity of bringing in 200MW of short term PPA energy into the mix, from fiscal 2027 to fiscal 2031. Phased strategy: •Sungazer 1 (Phase 1) - 30 MW commissioned May 2023 with installed generation capacity of 70GWh pa; •Sungazer 2 - Moab, Great Noligwa Mine and Noligwa gold plant. Under construction. 100MW capacity to generate 230GWh pa and is expected to be completed in fiscal 2027; •Sungazer 3a - Central, H1, Target, Joel. Installed capacity of 75 MW to generate 177GWh pa and is expected to be completed in fiscal 2028; •Sungazer 3b - Chemwes, Kalgold. Under investigation. Installed capacity of 33 MW to generate 76GWh pa and is expected to be completed in fiscal 2028; •Sungazer 4 - Mponeng installed capacity of 100 MW to generate 230GWh pa and is expected to be completed in fiscal 2028; •Wheeled wind - Procurement of circa 260MW of wind energy is underway and is expected to be completed in fiscal 2028; 165 Table of contents •Short term PPA - 200MW of energy has been completed and PPA negotiations are underway. Once concluded, we expect to generate 500GWh of energy per annum for a period of five years. Harmony is integrating climate-aligned finance into its capital structure to support long-term decarbonisation and operational resilience. Over R4 billion in facilities have been secured, including a R1.5 billion green loan for the Sungazer 2 solar project and sustainability-linked revolving credit facilities of R2.5 billion, US$300 million, and a US$100 million term loan. See Item 10: “Material Contracts - R1.5 Billion Green Term Loan” “- R2.5 Billion Syndicated Revolving Credit Facility”,“- US$400 Million Syndicated Facility”, and '' - US$1,250 Million Syndicated Bridge Loan Facility''. See also “– Governance – Social and ethics committee: Chairperson's report” on pages 225 to 226, “– Environment stewardship – Building a lasting positive legacy” on pages 88 to 90 and Climate and energy management" on page 98 to 104 of the Integrated Annual Report for the 20-F 2025. Electricity tariffs As a major electricity consumer and mostly being supplied by Eskom, Harmony is exposed to significant additional costs as a result of rising electricity tariffs. On 11 March 2025, Eskom officially announced a 12.7% tariff increase, which is effective from 1 April 2025. The expected impact on fiscal 2026 is R1,050 million increase in operating costs for SA operations. Although Eskom is showing signs of recovery in 2025, its structural challenges - especially municipal debt, tariff inadequacy and governance issues suggest that financial instability could persist unless deeper reforms are implemented. This is likely to result in further self-generation activity by Eskom's customers, which could further weaken Eskom. While the Multi Year Price Determination ("MYPD'') provides a structured and predictable framework, external shocks and regulatory corrections can still lead to unexpected price increases. See Item 3: “Key Information - Risk Factors - Risks Related to Our Operations and Business - Disruptions to electricity supply and rising power costs: Impact on operations and financial results". Energy efficiency Harmony has worked closely with Eskom to manage electricity use and peak demand, underlining our commitment to reduce energy consumption. This includes demand-side management (“DSM”) strategies to reduce electricity consumption in peak periods; timing the use of our services (pumping, hoisting, compressed air, refrigeration and ventilation) with cheaper off- peak periods, making more efficient use of Eskom tariffs that reward load-shifting, and improving the efficiency of the services provided for mining operations. In 2016 Harmony contracted an ESCO to improve its energy management practices and aggressively mitigate the impact of higher-than-inflation electricity price increases on its operational costs. Energy management assists in maintaining the performance of implemented initiatives. This way Harmony focuses on continuously implementing new initiatives and technologies, while eliminating the risk of forfeiting the benefit of completed projects. Our energy efficiency programme in South Africa had achieved cumulative savings of 2.3 TWh, equating to almost R3 billion in avoided energy costs and 2.5 million tCO2e. Harmony targets a 63% reduction in Scope 1 and 2 emissions by 2036 (SBTi) with a net-zero ambition by 2045. This pathway is supported by energy efficiency initiatives and investment in renewable energy infrastructure. We have implemented various energy efficiency projects in recent years. See , “– Environment stewardship – Building a lasting positive legacy” on pages 88 to 90 and "Climate and energy management" on pages 98 to 104 of the Integrated Annual Report for the 20-F 2025. Climate Change, Environmental Factors and Carbon tax Rising temperatures, changing rainfall patterns and severe weather conditions believed to be caused or exacerbated by climate change remain growing concerns for businesses, investors, broader society and governments. This has led to increased pressure on companies, including those in the mining sector, to reduce GHG emissions consistent with national commitments made by numerous countries under the Paris Agreement, to promote responsible corporate practices and to increase transparency about the risks and opportunities of transitioning to a low-carbon economy. Pressure from governments, investors and broader society for mining companies to improve environmental stewardship and reduce GHG emissions, both in terms of absolute emissions and in intensity of emissions per tonne mined, is likely to increase in the future. On 1 June 2019 the Carbon Tax Act became effective. The carbon tax has been designed to fix liability on the person who conducts an activity in South Africa that results in GHG emissions above a certain threshold. The carbon tax design requires the calculation of liability to be based on the sum of GHG emissions, which result from fuel combustion, industrial processes and fugitive emissions. Taxpayers must determine emissions in accordance with the reporting methodology approved by DFFE. The tax will be phased in over time. The first phase, which was originally expected to end on 31 December 2022, has been extended to 31 December 2025. This phase is designed to largely be revenue-neutral in terms of its aggregated impact, given the complementary tax energy incentives and reduction or credit for the current electricity levy. Tax-free allowances will then change and fall away with the basic tax-free allowance (60%) being reduced and is likely to fall away from 2026 to 2030. In phase 2 the carbon offset allowance is due to increase by 5%, the trade exposure allowance from the current 10% and the carbon budget allowance could fall away completely. See Item 3: “Key Information - Risk Factors - Risks Related to ESG - Compliance with emerging climate change regulations could result in significant costs for us” and Item 4: "Information on the Company - Business Overview - Regulation - Laws and Regulations Pertaining to Environmental Protection - South Africa”. In 2022, the National Treasury announced an alternative increase structure which is expected to see the current carbon price (US$9 per tonne) increase to US$20 per tonne by 2026, US$30 per tonne by 2030 and finally US$120 per tonne by 2050. Based on published legislation, commentary and governmental information, management believes that the carbon tax poses a low cost to Harmony until 31 December 2025. Gas emissions reported to the DFFE for a company’s National Greenhouse Gas Emission Reporting submission will be taxed at a base value increasing from R236 to R308 per tonne of 166 Table of contents carbon dioxide equivalent (before allowances) making the effective tax R190 per tonne of carbon dioxide equivalent for years 2023 to 2025. From the second phase onwards, carbon tax might also affect the price of electricity. The impact of the carbon tax on the Company arising from electricity usage after 31 December 2025 has been modelled to grow over time, as allowances are anticipated to fall away. As a result, the annual carbon tax expense is anticipated to increase progressively from approximately R450 million to R800 million per annum by the end of fiscal 2038. Harmony has set its internal carbon price (for the South African operations) to match that of the proposed carbon tax. Harmony is also at risk due to potential pass-through costs from its suppliers in the short term from increased fuel prices. The carbon tax on liquid fuels will be imposed at the source. It is estimated that the increased fuel price would be R0.10/liter and R0.09/liter for petrol and diesel respectively. This is expected to have an impact on the Company’s operational expenses. Estimates are included in the LOM plans and resource base models used for impairment assessments and has affected the forecast profitability of all operations, and in some cases, the impact is significant. Various regulators have released guidance or proposed regulations for required disclosures during the year. In June 2023, the International Sustainability Standards Board ("ISSB") issued its first two IFRS Sustainability Disclosure Standards, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS 2 Climate-related Disclosures. IFRS S1 and IFRS S2 are effective for annual reporting periods beginning on or after 1 January 2024, therefore, these standards are applicable to Harmony from fiscal 2025. The adoption of IFRS S1 and S2 is not mandatory, and entities can choose to apply these standards on a voluntary basis. In March 2024, the SEC adopted the SEC Climate Disclosure Rules, which would have required registrants to provide certain climate-related information in their registration statements and annual reports. However, the SEC stayed the effectiveness of the SEC Climate Disclosure Rules in April 2024 and in March 2025 announced it was ending its defence of the rules in pending litigation, meaning it is uncertain if or when compliance will be mandated. See Item 3: "Key Information - Risk Factors - Risks Related to ESG - Compliance with emerging climate change regulations could result in significant costs for us" for further discussion on the potential impact. Production The information set forth under the headings, “– Delivering profitable ounces – Performance by operation” on pages 46 to 84 of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference. Results of Operations Years Ended 30 June 2025 and 2024 Revenue Revenue increased by R12,517 million to R73,896 million in fiscal 2025, compared to R61,379 million in fiscal 2024, mainly due to the increase in the average US$ gold price received. Offsetting this increase was the impact of the strengthening of the Rand/US$ exchange rate from an average of R18.70/US$ to R18.15/US$, as well as the decrease in gold sold (see discussion below). The average gold price received (including hedging) increased by 27.3% from R1,201,653 per kilogram in fiscal 2024 to R1,529,358 per kilogram in fiscal 2025. Hedging losses increased by R3,329 million to R4,594 million in fiscal 2025, compared to R1,265 million in fiscal 2024. This was mainly due to the realised effective portion of our hedge-accounted gold derivatives which was impacted by the average gold market spot price of R1,644,902 per kilogram, compared to the average forward price of matured contracts of R1,306,033 per kilogram in fiscal 2025. In fiscal 2024, the average gold market spot price was R1,249,344 per kilogram compared to the average forward price of matured contracts of R1,134,735 per kilogram. Overall gold sales decreased by 4.2% from 48,222kg in fiscal 2024 to 46,193kg. The details of these changes are discussed below: Tshepong South's gold sold decreased by 11.2% from 3,082 kilograms in fiscal 2024 to 2,737 kilograms in fiscal 2025. This was mainly due to a 9.2% decrease in recovered grade in fiscal 2025 to 6.11g/t from 6.73g/t in fiscal 2024. This decline was attributable to lower face grades and a reduction in plant call factor. At Moab gold sold decreased by 7.1% from 6,650 kilograms in fiscal 2024 to 6,178 kilograms in fiscal 2025. This was as a result of heightened seismicity in the middle mine and pre-emptively halting operations, for a limited time during the second quarter, from a safety perspective in the top mine to allow for the removal of toxic gasses. At Mine Waste Solutions gold sold decreased by 18.3% from 3,742 kilograms in fiscal 2024 to 3,057 kilograms in fiscal 2025. This was as a result of a 23.5% decrease in the recovered grade, from 0.17g/t in fiscal 2024 to 0.13g/t in fiscal 2025. The lower grades were attributable to unusually high rainfall, which affected access to higher grade areas in the reclamation sites. At Doornkop, gold sold decreased by 21.3% from 3,469 kilograms in fiscal 2024 to 2,730 kilograms in fiscal 2025 due to a decrease in the recovered grade of 13.8% from 4.26g/t to 3.67g/t. The decrease was primarily due to mining of the high-grade vent pillar being stopped. Ore milled decreased by 9.0% from 815,000 tonnes in fiscal 2024 to 742,000 tonnes in fiscal 2025. This was as a result of operational mechanical challenges. At Target 1, gold sold decreased by 23.7% from 1,854 kilograms in fiscal 2024 to 1,415 kilograms in fiscal 2025. This was as a result of lower tonnes milled as well as a decline in grade of 11.7% from 4.02g/t in fiscal 2024 to 3.55g/t in fiscal 2025 due to a delay in commissioning some of the higher-grade massives. Tonnes milled decreased by 15.4% from 462,000 tonnes in fiscal 2024 to 391,000 tonnes in fiscal 2025.This reduction was caused by numerous flooding incidents that necessitated an extensive infrastructure upgrade. 167 Table of contents The Mponeng mine sold 10,454 kilograms of gold, a 20.9% increase from the 8,648 kilograms sold in fiscal 2024, mainly due to a significant increase of 13.4% in the recovered grade from 9.94g/t to 11.27g/t in fiscal 2025. This was as a result of the operation mining high grade areas. Export Sales All of our gold produced in South Africa during fiscal 2023 to 2025 was refined by Rand Refinery Proprietary Limited ("Rand Refinery"). Rand Refinery is owned by a consortium of the major gold producers in South Africa and Harmony held a 10.4% interest at 30 June 2025. All of our gold and silver produced in PNG during fiscal 2023 to 2025 was sold to the Australian Bullion Corporation. Cost of sales Cost of sales includes production costs, impairments, amortisation and depreciation and other items, including employment termination and restructuring costs. Cost of sales increased by 5.1% from R47,233 million in fiscal 2024 to R49,635 million in fiscal 2025. Factors affecting the increase are discussed below. Production costs (cash costs/all-in sustaining costs) The following table sets out, for our reportable segments, total kilograms produced and weighted average cash costs per kilogram and total kilograms sold and weighted average all-in sustaining costs per kilogram for fiscal 2024 and fiscal 2025: Year ended 30 June 2025 Year ended 30 June 2024 Percentage(increase)/decrease Cash costs All-in sustainingcosts Cash costs All-in sustainingcosts Cashcostsperkg All-insustainingcosts perkg (kgProduced) (R/kg) (kg sold) (R/kg) (kgProduced) (R/kg) (kg sold) (R/kg) South Africa Moab Khotsong ............. 6,184 846,013 6,178 952,206 6,599 699,300 6,650 798,866 (21.0) (19.2) Mponeng......................... 10,370 674,481 10,454 804,429 8,751 670,811 8,648 785,108 (0.5) (2.5) Tshepong North ............. 2,900 1,075,014 2,905 1,305,365 3,248 884,464 3,196 1,078,897 (21.5) (21.0) Tshepong South ............ 2,739 1,073,030 2,737 1,258,634 3,129 833,307 3,082 1,002,141 (28.8) (25.6) Doornkop ........................ 2,720 1,162,651 2,730 1,440,880 3,470 880,229 3,469 1,031,845 (32.1) (39.6) Joel .................................. 1,634 1,149,466 1,639 1,351,641 1,733 975,319 1,708 1,145,064 (17.9) (18.0) Target 1 ........................... 1,387 1,808,182 1,415 2,203,514 1,859 1,266,487 1,854 1,558,946 (42.8) (41.3) Kusasalethu ................... 3,629 1,092,265 3,658 1,256,873 3,842 965,284 3,795 1,058,639 (13.2) (18.7) Masimong ....................... 1,478 1,334,765 1,483 1,455,114 1,780 1,057,287 1,756 1,121,951 (26.2) (29.7) MWS ............................... 2,996 735,525 3,057 795,380 3,770 545,310 3,742 605,710 (34.9) (31.3) All other surface operations ....................... 4,879 809,657 4,839 889,015 5,296 700,971 5,270 719,354 (15.5) (23.6) International Hidden Valley ................. 5,107 458,928 5,098 868,228 5,101 477,360 5,052 814,375 3.9 (6.6) Total kg ........................... 46,023 46,193 48,578 48,222 Weighted average(1) ...... 874,901 1,054,346 758,736 901,550 (15.3) (16.9) 1The offsetting of the by-product income for management's reporting purposes has the effect of decreasing the cash costs and the all-in sustaining costs. For further information about the use of non-GAAP measures, such as all-in sustaining costs, see “Reconciliation of Non- GAAP Measures” below. Our average cash costs increased by 15.3%, or R116,165 per kilogram, from R758,736 per kilogram in fiscal 2024 to R874,901 per kilogram in fiscal 2025. Cash costs per kilogram vary with the working costs per tonne (which are, in turn, affected by the number of tonnes processed) and grade of ore processed. Production costs increased by 10.9% from R38,923 million in fiscal 2024 to R43,155 million in fiscal 2025, mainly due to inflationary pressures on costs including labour, contractors, consumables and electricity. Additionally, the royalty expense increased due to a higher rate being applied as a result of higher profits, as well as the increased revenue base to which it is applied. 168 Table of contents At Joel, all-in sustaining cost increased by 18.0% from R1,145,064 per kilogram in fiscal 2024 to R1,351,641 per kilogram in fiscal 2025, mainly as a result of a 5.7% decrease in gold production to 1,634 kilograms from 1,733 kilograms. This was driven by a decrease in tonnes treated, resulting from time lost due to a mud rush incident that severely impacted hoisting operations. At Moab, all-in sustaining cost increased by 19.2% from R798,866 per kilogram in fiscal 2024 to R952,206 per kilogram in fiscal 2025, mainly as a result of an increase in production costs and a 6.3% decrease in gold production to 6,184 kilograms from 6,599 kilograms. The production costs increase was mainly due to annual wage and electricity tariff increases as well as inflationary increases on consumables and contractors. MPRDA royalties increased by 40% to R319 million due to higher revenue and profitability. At Kusasalethu, all-in sustaining cost increased by 18.7% from R1,058,639 per kilogram in fiscal 2024 to R1,256,873 per kilogram in fiscal 2025, mainly as a result of a increase in production costs and a 5.5% decrease in gold production to 3,629 kilograms from 3,842 kilograms. The production costs increase was mainly due to annual wage and electricity tariff increases as well as significantly higher MPRDA royalties. At Tshepong North, all-in sustaining cost increased by 21.0% from R1,078,897 per kilogram in fiscal 2024 to R1,305,365 per kilogram in fiscal 2025, mainly due to the increase in production costs and decrease in gold production. The production costs increase was mainly due to annual wage and electricity tariff increases as well as higher MPRDA royalties. Royalties increased by 48.0% as revenue and profits increased. The decrease in gold production was driven by a 7.3% decrease in the volumes of ore milled to 673 000 tonnes (2024: 726 000 tonnes). At Tshepong South, all-in sustaining cost increased by 25.6% to R1,258,634 per kilogram in fiscal 2025, compared with R1,002,141 per kilogram in fiscal 2024, mainly due to the increase in the production costs and lower gold production which decreased from 3,129 kilograms in fiscal 2024 to 2,739 kilograms in fiscal 2025. Production was affected by lower face grades as well as ore milled for the year decreasing to 448 000 tonnes (2024: 465 000 tonnes). Production costs increased mainly due to annual wage and electricity tariff increases as well as an increase in the cost of consumables. Higher MPRDA royalties also contributed to the increase in cost by 48% on higher revenue and profits. At Masimong, all-in sustaining costs increased by 29.7% from R1,121,951 per kilogram in fiscal 2024 to R1,455,114 per kilogram in fiscal 2025, mainly due to annual wage and electricity tariff increases. Further, this was impacted by a decrease in gold production of 17.0% to 1,478 kilograms in fiscal 2025 from 1,780 kilograms in fiscal 2024 due to the lower tonnes milled as a result of operational and hoisting challenges. At MWS, all-in sustaining costs increased year on year by 31.3% from R605,710 per kilogram in fiscal 2024 to R795,380 per kilogram in fiscal 2025. This was mainly as a result of annual wage and electricity tariff increases as well as an increase in water costs driven by additional charges from the Department of Water and Sanitation related to the pumping of water. At Doornkop, all-in sustaining cost increased by 39.6% from R1,031,845 per kilogram in fiscal 2024 to R1,440,880 per kilogram in fiscal 2025. This was mainly due to a significant decrease of 21.6% in gold production to 2,720 kilograms from 3,470 kilograms, driven by operational challenges. Lower grade also contributed as a result of mining of the high-grade vent pillar being stopped in fiscal 2025. At Target 1, all-in sustaining costs increased year on year by 41.3% from R1,558,946 per kilogram in fiscal 2024 to R2,203,514 per kilogram in fiscal 2025. This was as a result of a decrease in gold production of 25.4% from 1,859 kilograms in fiscal 2024 to 1,387 kilograms in fiscal 2025, mainly due to a decrease in tonnes milled as well as grade recovery resulting from a delay in commissioning some of the higher-grade massives. Amortisation and depreciation Amortisation and depreciation increased from R4,642 million in fiscal 2024 to R4,842 million in fiscal 2025, primarily due to higher production at Hidden Valley. Furthermore, assets brought into use on the completion of phase 1 of the Kareerand TSF Extension project at Mine Waste Solutions also contributed to the increase. These increases were partially offset by a decrease at Mponeng, which resulted from an increase in reserve tonnes used to calculate depreciation based on the units-of-production method. Impairment of assets No impairment charge was recorded in fiscal 2025 for the operations identified for testing by the trigger assessment including; Joel, Target 1, Masimong, Kusasalethu, Tshepong South and Kalgold. There was no reversal of impairments previously recognised during fiscal 2025. An impairment charge of R2,793 million was recorded in fiscal 2024. This was as a result of new preliminary Mineral Resources estimates for the Target North project received during August 2024 by management after the completion of the exploration drilling program. Additional drilling information and the application of modern industry best practice estimation techniques indicated a decrease in the Mineral Resource estimate due to a better understanding of the geological complexity and the application of constrained estimation domains. The Mineral Resource estimate used to determine the recoverable amount of Target North changed from the previous estimate of 56.4 million resource ounces, consisting of 22 million Indicated Resources and 34.4 million Inferred Resources, to the current Mineral Resource estimate of 13.8 million ounces of Inferred Resources. The gold resource multiple price in US dollar terms was unchanged from previous assessments. Any reasonable possible changes to the unobservable inputs of the Mineral Resource estimate for Target North would have resulted in immaterial changes. There are no declared Mineral Resources attributable to Target North. The post-tax recoverable amount was determined to be R888 million. See note 5(f) “Cost of Sales", to our consolidated financial statements set forth beginning on page F-1. 169 Table of contents Share-based payments cost Share-based payments costs increased in fiscal 2025 to R573 million (2024: R171 million). The increase was as a result of the Katleho ya Moruo Employee Share Ownership Plan for non-managerial employees, which was costed from 1 April 2024 onwards, contributing an increase of R344 million. Additionally, there was a R58 million increase under the Management Deferred Share Plan. Income statement items other than revenue and cost of sales Corporate, administration and other expenditure Corporate, administration and other expenditure expenses increased to R1,647 million in fiscal 2025 from R1,294 million in fiscal 2024 principally as a result of annual inflationary increases and higher annual incentives. Gains/losses on derivatives Losses on derivatives amounted to R59 million in fiscal 2025, compared to gains of R453 million in fiscal 2024. Gains/ losses on derivatives include the fair value movements of derivatives which have not been designated as hedging instruments for hedge accounting purposes or where hedge accounting has been discontinued, the amortisation of day-one gains and losses for derivatives and the hedging ineffectiveness. The day-one adjustment arises from the difference between the contract price and market price on the day of the transaction. Potential sources of hedge ineffectiveness include counterparty and own credit risk, day-one gains and losses, a mismatch in the timing of the derivative and underlying gold sale maturities, location differential and the refining margin. Hedge ineffectiveness is measured by comparing the change in the expected cash flows from a forward sale contract/zero cost collar contract versus the sale of an equivalent quantity of gold in the open market. Ineffectiveness results when the changes in the fair values in the hedging instruments exceed the fair value changes in the hedged item. Factors affecting gains/losses on derivatives are discussed below. (a) Foreign exchange derivatives Harmony maintains a foreign exchange derivative program in the form of zero cost collars, which establish a floor and cap US$/Rand exchange rate at which to convert US dollars to Rand, and forward exchange contracts. As hedge accounting is not applied, the resulting gains and losses have been recorded in the income statement. In fiscal 2025, a gain amounting to R235 million (2024: R670 million) was recorded. (b) US$ commodity contracts Harmony maintains a derivative program for Hidden Valley by entering into commodity derivative contracts. The contracts comprise US$ gold forward sale contracts, US$ gold zero cost collars and silver zero cost collars which establish a minimum (floor) and maximum (cap) commodity sales price. Hedge accounting has been applied to all US$ gold contracts and these are shown separately from the silver zero cost collars that are not hedge accounted. Losses of R506 million were recognised in revenue for fiscal 2025 compared to R50 million in fiscal 2024. During fiscal 2025 and 2024 a negligible amount of hedge ineffectiveness was experienced. The gains and losses for the silver zero cost collars are recorded in gains/(losses) on derivatives in the income statement. In fiscal 2025, losses on derivative of R150 million were recorded in the income statement compared to R98 million in fiscal 2024. (c) Rand gold contracts Harmony maintains a derivative programme for some of the South African companies by entering into commodity derivative contracts. The contracts comprise forward sale contracts and zero cost collars. Hedge accounting is applied to these contracts, resulting in the effective portion of the unrealised gains and losses being recorded in other comprehensive income (other reserves). The contracts that matured realised losses of R1,215 million in fiscal 2024 compared to a loss of R4,088 million in fiscal 2025, which has been included in revenue. During fiscal 2025 and 2024 a negligible amount of hedge ineffectiveness was experienced. Remeasurement of contingent consideration The contingent consideration liability comprises of the contingent portion of consideration transferred for the acquisition of the Mponeng operations and related assets and Eva Copper. The contingent consideration for Mponeng remeasurement for both above and below infrastructure during fiscal 2025 amounted to R427 million and R291 million in fiscal 2024, mainly reflecting the changes in the production profile. The remeasurement of the contingent consideration for Eva Copper in fiscal 2025 amounted to R403 million and R193 million in fiscal 2024. This increase was predominantly as a result of the declaration of additional Mineral Resources and includes an amount of R264 million which is due in September 2025. Other operating expenses Other operating expenses increased to R346 million in fiscal 2025 from R195 million in fiscal 2024 principally as a result of a change in assumptions of the silicosis settlement provision due to the potential preserved claims, which resulted in an R2 million increase of the estimated obligation in fiscal 2025, compared to a R174 million credit in fiscal 2024. This was offset in 2025 due to the availability of actual exit data and an adjustment to the take-up rate. Acquisition-related costs The cost of R40 million in fiscal 2025 was incurred in anticipation of the acquisition of MAC. There were no acquisition costs in fiscal 2024. 170 Table of contents Investment income During fiscal 2025 investment income amounted to R1,504 million compared to R809 million in fiscal 2024. This was mainly due to higher favourable cash balances during fiscal 2025 resulting in increased interest income earned. Finance costs During fiscal 2025 finance costs amounted to R698 million compared to R796 million in fiscal 2024. The decrease was mainly as a result of lower aggregate borrowings due to repayments during fiscal 2024 and minimal drawdowns during fiscal 2025. Income and mining taxes In fiscal 2025 the tax rates for companies remained 33% for mining income and 27% for non-mining income. The income tax rate remained 30% for Australian companies and PNG mining companies. Harmony’s effective income and mining tax rates for fiscal 2024 and 2025 are presented in the table below: Fiscal year ended 30 June Income and mining tax 2025 2024 Effective income and mining tax rate ........................................................................................................ 31% 26% The effective tax rate for fiscal 2025 was lower than the mining statutory tax rate of 33% for Harmony and our subsidiaries as a whole. This is mainly due to capital allowances and utilisation of deferred tax assets. Refer to note 11 "Taxation" to our consolidated financial statements beginning on page F-1 for further detail. During fiscal 2025 taxation amounted to R6,658 million, compared to R3,082 million in fiscal 2024, mainly attributable to increased mining tax due to the higher gold price realised, resulting in a significant increase in our profitability during fiscal 2025. The deferred tax movement was affected by changes in the life-of-mine rates (see below) as well as changes in the temporary differences. These changes had the following impacts: •Increase of temporary differences related to the carrying value of property, plant and equipment resulted in an increase of R1,079 million in the deferred tax expense (2024: R510 million); •Unwinding of temporary differences related to the utilisation of unredeemed capital expenditure and assessed loss balances resulted in a increase of R167 million in the deferred tax expense (2024: R74 million) and R17 million (2024: R120 million) in the deferred tax expense, respectively; •The change in deferred tax rates of Mponeng from 8.1% to 17.2%, applied to balances excluding hedge accounted derivatives, resulted in an increase in the deferred tax expense and liability to the amount of R329 million (2024: R379 million decrease); and •The change in deferred tax rates of the remaining legal entities in the group, applied to balances excluding hedge accounted derivatives, resulted in an increase in the deferred tax expense and liability to the amount of R805 million (2024: R239 million increase). Deferred tax rates for the South African operations are calculated based on estimates of the future profitability of each ring- fenced mine when temporary differences will reverse. The future profitability of each ring-fenced mine, in turn, is determined by reference to the LOM plan for that operation, which is based on parameters such as the Group’s long-term view of the US$ gold price and the Rand/US$ exchange rate, as well as the reserves declared for the operation. As some of these parameters are based on market indicators, they differ from one year to the next. In addition, the reserves may also increase or decrease based on updated or new geological information. Changes in the future profitability of each ring-fenced mine impact the deferred tax rates used to recognise temporary differences at these operations. The movement in deferred tax on temporary differences due to changes in estimated effective tax rates results primarily from the movement in the effective deferred tax rate at Harmony (includes Masimong and Harmony's portion of the Doornkop Joint Venture (Harmony Company)), Freegold (includes Joel, Tshepong North and Tshepong South), Moab Khotsong, Mponeng, Randfontein (includes Doornkop and Kusasalethu), Kalgold and Chemwes (includes Mine Waste Solutions). The deferred income tax rates changed significantly for the following entities: Fiscal year ended 30 June Deferred tax rates 2025 2024 Harmony Company 20.8 26.4 Freegold (Harmony) Proprietary Limited ("Freegold") 17.4 12.6 Harmony Moab Khotsong Operations Proprietary Limited ("Moab") 21.2 19.0 Golden Core Trade and Invest Proprietary Limited ("Mponeng") 17.2 8.1 Randfontein Estates Limited ("Randfontein") 17.2 12.3 Kalahari Goldridge Mining Company Limited ("Kalgold") 26.2 21.5 Chemwes Proprietary Limited ("Chemwes") 26.3 18.1 171 Table of contents South Africa Generally, South Africa imposes tax on worldwide income (including capital gains) of all our South African incorporated tax resident entities at a rate of 27% (2024: 27%) on non-mining income. The South African entities pay taxes separately on mining income and non-mining income. The amount of our South African mining income tax is calculated on the basis of a gold mining formula that takes into account our total revenue and profits from, and capital expenditure for, mining operations in South Africa. 5% of total mining revenue is exempt from taxation in South Africa as a result of the application of the gold mining formula. The amount of revenue subject to taxation is calculated by deducting qualifying capital expenditure from taxable mining income. The amount by which taxable mining income exceeds 5% of mining revenue, constitutes taxable mining income. We and our subsidiaries account for taxes separately that are determined in respect of each entity. Hence, South Africa does not apply any Group basis of taxation. Previously, Harmony was able to carry forward assessed losses indefinitely and offset the total accumulated balance against taxable income in the relevant year of assessment. However, this has been amended from fiscal year 2023 and remained unchanged in fiscal 2025. Assessed losses utilised are limited to the higher of R1 million or 80% of taxable income, and the balance remaining will be carried forward to the following year of assessment. This essentially results in a minimum taxable income of 20%. The restriction on utilising losses has been made on the basis that the calculation of the assessed loss restriction must be determined before any capital expenditure is deducted. South Africa has a Controlled Foreign Company regime which effectively attributes certain types of passive income derived by offshore subsidiaries and imputes that income in taxable income as if it had been derived in South Africa under South African tax rules. Australia Generally, Australia also imposes tax on the worldwide income (including capital gains) of all of our Australian incorporated and tax resident entities. The current income tax rate for companies is 30%. HGA and its wholly-owned Australian subsidiary companies are recognised and taxed as a single entity, called a consolidated Group. Under the Australian Tax Consolidation rules all of the Australian subsidiary companies are treated as divisions of the Head Company, HGA. As a result, inter-company transactions between group members are generally ignored for tax purposes. This allows the Group to transfer assets between group members without any tax consequences, and deems all tax losses to have been incurred by HGA. Papua New Guinea PNG mining projects are taxed on a project basis. Therefore, each project is taxed as a separate entity, even though it may be one of a number of projects carried on by the same company. Capital development and exploration expenditure incurred in PNG is capitalised for tax purposes and can be deducted at 25% per annum on a diminishing value basis against project income, with the deduction being limited to the lesser of 25% of the diminished value or the income of the project for the year. PNG mining companies are taxed at a rate of tax of 30%. Mining operations in PNG are subject to a 2% royalty and 0.5% Production Levy which are payable to the PNG Government. Operating performance per Segment For a further discussion on operating performance on a segment basis, refer to “– Delivering profitable ounces – Performance by operation” on pages 46 to 84 of the Integrated Annual Report for the 20-F 2025. Also refer to note 39 “Segment report” to our consolidated financial statements set forth beginning on page F-1. Reconciliation of Non-GAAP Measures The World Gold Council (“WGC”) published revised industry guidance in November 2018 on the calculation of “all-in sustaining costs” and “all-in cost”. These measures were developed to create a better understanding of the overall costs associated with producing gold. Although Harmony is not a member of the WGC, we disclose these measures. The all-in sustaining cost measure is an extension of the cash cost measure (referenced below) and incorporates costs related to sustaining production. We use adjusted free cash flow as a liquidity measure. Cash costs, cash costs per ounce/kilogram, all-in sustaining costs, all-in sustaining costs per ounce/kilogram and adjusted free cash flows are all non-GAAP measures. These measures should not be considered by investors in isolation or as an alternative to production costs, cost of sales, cash generated by operating activities or any other measure of financial performance or liquidity calculated in accordance with IFRS. The calculation of these measures may vary significantly among gold mining companies and, by themselves, do not necessarily provide a basis for comparison with other gold mining companies. Nevertheless, Harmony believes that the cost measures are useful indicators to investors and management as they provide an indication of profitability and efficiency, the trend in costs as the mining operations mature over time on a consistent basis and an internal benchmark of performance to allow for comparison against other mines, both within the Group and at other gold mining companies. The cost metrics are also a measure of an operation's performance by comparison of cash costs per ounce/kilogram to the spot price of gold. The adjusted free cash flow non-GAAP measure indicates the net cash generation or utilisation after capital expenditure, and how much cash is available for distribution or other investing activities. Harmony believes adjusted free cash flow is useful to investors in understanding how existing cash from operations is utilised as a source for sustaining our current capital plan and future development growth. Adjusted free cash flow is not a measure of cash available for discretionary expenditures, since Harmony has certain non-discretionary obligations such as the principal portion of debt obligations that are not deducted from this measure. 172 Table of contents Our cash costs consist primarily of production costs and are expensed as incurred. The cash costs are incurred to access ore to produce current mined reserves. Cash costs do not include capital development costs, which are incurred to allow access to the orebody for future mining operations and are capitalised and amortised when the relevant reserves are mined. Total cash costs include mine production costs, transport and refinery costs, applicable general and administrative costs, ore stockpiles, as well as ongoing environmental rehabilitation costs, transfers for stripping activities and costs associated with royalties. Employee termination costs are included, however employee termination costs associated with major restructuring and shaft closures are excluded. The costs associated with movements in production inventories are excluded from total cash costs. Gold ounces/kilograms produced are used as the denominator in the total cash costs per ounce/kilogram calculation. All-in sustaining costs include mine production costs, transport and refinery costs, applicable general and administrative costs, costs associated with movements in production inventories, ore stockpiles, as well as ongoing environmental rehabilitation costs, transfers for stripping activities and costs associated with royalties. Employee termination costs are included, however employee termination costs associated with major restructuring and shaft closures are excluded. The following costs are also included: local economic development (“LED”) expenditure for continuing operations, corporate costs, sustaining exploration costs and sustaining capital expenditure including ongoing capital development (“OCD”) expenditure and rehabilitation accretion and amortisation for continuing operations. Gold ounces/kilograms sold are used as the denominator in the all-in sustaining costs per ounce/kilogram calculation. Depreciation costs are excluded. Adjusted free cash flow is determined as cash generated by operating activities after deducting capital expenditure and adjusting the effects of once-off transactions (acquisition costs). Changes in all-in sustaining costs per ounce/kilogram and cash costs per ounce/kilogram are affected by operational performance. In US dollar terms, these measures are also affected by the changes in the currency exchange rate between the Rand and the US dollar and, in the case of the PNG operations, the Kina. While recognising the importance of reducing all-in sustaining costs and cash costs, our chief focus is on controlling and, where possible, reducing total costs, including overhead costs. We aim to control total unit costs per ounce/kilogram produced by maintaining our low total cost structure at our existing operations. We have been able to reduce total costs by implementing a management structure and philosophy that is focused on reducing management and administrative costs. The following is a reconciliation of total all-in sustaining costs, as a non-GAAP measure, to the nearest comparable GAAP measure, cost of sales under IFRS: Fiscal year ended 30 June 2025 2024 (in R millions, except for ounce/kilogram amounts) Cost of sales ....................................................................................................................................... 49,635 47,233 Amortisation and depreciation ......................................................................................................... (4,842) (4,642) Rehabilitation expenditure ................................................................................................................ (142) (3) Care and maintenance costs of restructured shafts ..................................................................... (380) (246) Employment termination and restructuring costs .......................................................................... (200) (86) Share-based payments ..................................................................................................................... (573) (171) Impairment of assets ......................................................................................................................... — (2,793) Toll treatment costs ............................................................................................................................ (368) (420) By-products credits ............................................................................................................................ (2,631) (2,533) Stripping activities .............................................................................................................................. 730 892 Local economic development expenditure .................................................................................... 139 165 Corporate, administration and other expenditure costs ............................................................... 1,238 1,140 Capital expenditure (OCD) ............................................................................................................... 2,741 2,547 Capital expenditure (exploration, abnormal expenditure and shaft capital) ............................. 2,821 1,895 Other .................................................................................................................................................... 536 496 Total all-in sustaining costs ............................................................................................................... 48,704 43,474 Per kilogram calculation: Kilogram sold ...................................................................................................................................... 46,193 48,222 Total all-in sustaining costs per kilogram ........................................................................................ 1,054,346 901,550 Total all-in sustaining costs (US$ million) ....................................................................................... 2,683 2,325 Per ounce calculation: Ounces sold ........................................................................................................................................ 1,485,136 1,550,373 Total all-in sustaining costs per ounce ............................................................................................ 1,806 1,500 173 Table of contents The following is a reconciliation of total cash costs, as a non-GAAP measure, to the nearest comparable GAAP measure, cost of sales under IFRS: Fiscal year ended 30 June 2025 2024 (in R millions, except for ounce/kilogram amounts) Cost of sales ....................................................................................................................................... 49,635 47,233 Amortisation and depreciation ......................................................................................................... (4,842) (4,642) Rehabilitation expenditure ................................................................................................................ (142) (3) Care and maintenance costs of restructured shafts ..................................................................... (380) (246) Employment termination and restructuring costs .......................................................................... (200) (86) Share-based payments ..................................................................................................................... (573) (171) Impairment of assets ......................................................................................................................... — (2,793) By-product credits .............................................................................................................................. (2,631) (2,533) Gold and uranium inventory movement ......................................................................................... (258) 468 Other .................................................................................................................................................... (343) (369) Total cash costs .................................................................................................................................. 40,266 36,858 Per kilogram calculation: Kilograms produced ........................................................................................................................... 46,023 48,578 Total cash costs per kilogram ........................................................................................................... 874,901 758,736 Total cash costs (US$) ...................................................................................................................... 2,219 1,971 Per ounce calculation:Ounces produced ............................................................................................................................... 1,479,671 1,561,815 Total cash costs per ounce ............................................................................................................... 1,499 1,262 The following is a reconciliation of total adjusted free cash flows, as a non-GAAP measure, to the nearest comparable GAAP measure, cash generated by operating activities, under IFRS: Fiscal year ended 30 June 2025 2024 (in R millions) Cash generated by operating activities .......................................................................................... 22,647 15,650 Additions to property, plant and equipment ................................................................................... (11,855) (8,398) Post retirement obligation settlement ............................................................................................. 350 — Total adjusted free cash flows .......................................................................................................... 11,142 7,252 Within this report, our discussion and analysis is focused on the all-in sustaining costs, total cash costs and adjusted free cash flows measure. B. LIQUIDITY AND CAPITAL RESOURCES We centrally manage our funding and treasury policies. There are no legal or economic restrictions on the ability of our subsidiaries to transfer funds to us. We have generally funded our operations and our short-term and long-term liquidity requirements from: (i) cash generated from operations; (ii) credit facilities and other borrowings and (iii) sales of equity securities. Harmony intends to finance its capital expenditure, other purchase obligations and debt repayment requirements in 2026 from cash on hand, cash flow from operations, and existing credit facilities. Fiscal year ended 30 June 2025 2024 (in R millions) Operating cash flows ......................................................................................................................... 22,647 15,650 Investing cash flows .......................................................................................................................... (11,955) (8,361) Financing cash flows ......................................................................................................................... (2,215) (5,435) Foreign exchange differences .......................................................................................................... (69) (28) Total cash flows .................................................................................................................................. 8,408 1,826 174 Table of contents Cash flows from operating activities Net cash provided by operations is primarily affected by the quantities of gold sold, the gold price, the Rand/US$ exchange rate, cash costs per ounce and, in the case of the international operations, the Australian dollar and PNG Kina versus US dollar exchange rate. A significant adverse change in one or more of these parameters could materially reduce cash provided by operations as a source of liquidity. Net cash generated by operations increased from R15,650 million in fiscal 2024 to R22,647 million in fiscal 2025. This increase is mainly due to higher revenue generated through the year as a result of higher gold prices received. The increase was slightly offset by the increase in production costs. Income and mining tax paid in fiscal 2025 amounted to R4,289 million, and R2,388 million in fiscal 2024. Cash flows from investing activities Net cash utilised by investing activities increased from R8,361 million in fiscal 2024 to R11,955 million in fiscal 2025. The increase of R3,594 million was primarily due to additions to property, plant and equipment relating to the projects at Moab and Mponeng. Cash flows from financing activities Financing activities utilised R5,435 million in fiscal 2024, compared to R2,215 million in fiscal 2025. This was primarily due to substantial repayments of borrowings in 2024, compared to significantly decreased repayments in 2025. In fiscal 2025, borrowings repaid amounted to R50 million compared to repayments of R4,047 million made during fiscal 2024. The drawdowns made during fiscal 2025 exceeded the repayments, resulting in a net inflow on the borrowings of R176 million compared to the outflow of R3,747 million in fiscal 2024. In fiscal 2025, a total dividend of R2,100 million (2024: R1,437 million) was paid mainly reflecting the final dividend of 94 SA cents per share for the 2024 year, amounting to R596 million paid on 14 October 2024 (2024: 75 SA cents per share amounting to R464 million on 16 October 2023) and the interim ordinary dividend of 227 SA cents per share for the 2025 year, amounting to R1,442 million paid on 14 April 2025 (2024: 147 SA cents per share amounting to R930 million paid on 15 April 2024). See note 30 “Borrowings", note 32 “Cash Generated by Operations” and note 38 "Subsequent events" to our consolidated financial statements set forth beginning on page F-1. Outstanding Credit Facilities and Other Borrowings R1.5 Billion Green Term Loan On 25 May 2022 Harmony concluded a R1.5 billion six- and a- half-year term green loan facility with a syndicate of banks led by ABSA Bank Limited and Nedbank Limited (the "R1.5 Billion Green Term Loan"). The terms of the R1.5 Billion Green Term Loan provide that amounts borrowed may be used in respect of eligible green projects, which relate to the construction, development, acquisition, maintenance, and/or operation of renewable energy installations. The R1.5 Billion Green Term Loan became available in four quarterly increments of R375 million starting in November 2022. At 30 June 2025, R226 million was drawn down, R50 million was repaid. No additional amount of the facility was available for draw down. The key terms of the R1.5 Billion Green Term Loan are: Term facility:R1.5 billion Margin:2.65% over 3-month Johannesburg Interbank Average Rate ("JIBAR") Maturity:Six and a half years (November 2028) Security:Unsecured R2.5 Billion Syndicated Revolving Credit Facility On 25 May 2022 Harmony concluded a R2.5 billion sustainability-linked revolving credit facility with a syndicate of banks led by ABSA Bank Limited and Nedbank Limited (the “R2.5 Billion Syndicated Revolving Credit Facility”). Under the terms of the R2.5 Billion Syndicated Revolving Credit Facility all amounts borrowed must be used (i) in repayment of the R2 billion four- year syndicated term loan and revolving credit facility and (ii) for ongoing general corporate costs, working costs and working capital requirements of the Group. In March 2024 a 12-month extension to the maturity date was granted to May 2027. At 30 June 2025, no draw down or repayment was made and the full amount on the R2.5 Billion Syndicated Revolving Credit Facility was available. The key terms of the R2.5 Billion Syndicated Revolving Credit Facility are: Revolving facility:R2.5 billion Margin on revolving facility:2.4% over 3-month JIBAR Maturity:Five years (May 2027) Security:Unsecured 175 Table of contents US$400 Million Syndicated Facility On 25 May 2022 Harmony and a syndicate of local and international lenders, which was jointly arranged by Nedbank Limited and ABSA Bank Limited, concluded a US$400 million sustainability-linked syndicated term loan facility (the “US$400 Million Syndicated Facility”) comprising a US$100 million term facility and a US$300 million revolving credit facility. The US$400 Million Syndicated Facility is a sustainability-linked facility. Sustainability-linked metrics have been included into the agreement which would result in specific increases/decreases in the interest rate charged to the facility. During March 2024 a 12-month extension to the maturity date was granted to May 2027. During fiscal 2025, no repayment was made. At 30 June 2025, no drawdown or repayment was made under the US$400 Million Syndicated Facility and US$300 million was available. The key terms of the US$400 Million Syndicated Facility are: Term facility:US$100 million Revolving facility:US$300 million Margin on term facility:2.85% over Secured Overnight Financing Rate (''SOFR'') Margin on revolving facility:2.70% over SOFR Maturity:Five years Security:Unsecured US$1.25 Billion Bridge Facility On 26 June 2025, Harmony and its wholly owned subsidiary HGA entered into a US$1.25 billion bridge facility agreement with a syndicate of lenders (the "US$1.25 Billion Bridge Facility") to finance the acquisition of MAC and related costs. The US$1.25 Billion Bridge Facility agreement comprises of a US$250 million term facility and a US$1 billion term facility. No amounts were drawn down under the US$1.25 Billion Bridge Facility as at 30 June 2025. Origination fees of R197 million were incurred for the facility. These origination fees have been deferred and will be treated as a transaction cost when the first drawdown of the facility occurs. The key terms of the US$1.25 Billion Bridge Facility are: Margin on facility:2.0% over SOFR first 6 months starting 26 May 2025 2.8% over SOFR next 6 months starting 26 November 2025 4.0% over SOFR last 6 months starting 26 May 2026 Maturity:364 days (June 2026) with a 6 month extension option Security:Unsecured The R2.5 Billion Syndicated Revolving Credit Facility and the US$400 Million Syndicated Facility are both sustainability- linked facilities. These facilities are linked to certain key performance indicators ("ESG KPIs") which were measured annually over the past three years and resulted in changes to the interest rate margins. The rate was adjusted annually by one basis point for each metric achieved (decrease) or not achieved (increase), with these adjustments being cumulative over the three- year measuring period. The adjustments to interest rate margins for each financial year's ESG performance would impact the following financial year. The respective ESG KPIs was as follows: KPI Unit of Measurement Scope Sustainability performance targets Fiscal 2024Targets Fiscal 2025Targets Greenhouse gas emissions Thousand tonnes of Scope 1 and Scope 2 CO2e emissions All operations 4,279 4,074 Renewable Energy Renewable energy consumption as % of total electricity consumed SA operations 8% 20% Water consumption Potable water consumed (Mℓ) SA operations 19,833 19,436 Depending on Harmony's performance in relation to these ESG KPIs, the potential change in interest rate margin is as follows: Cumulative benefit/penalty for each financial year (basis points) Fiscal 2024 Fiscal 2025 KPI Greenhouse gas emissions 2 3 Renewable Energy 2 3 Water consumption 2 3 We need to comply with certain debt covenants for the US$400 Million Syndicated Facility, the R2.5 Billion Syndicated Revolving Credit Facility and the R1.5 Billion Green Term Loan. 176 Table of contents The debt covenant tests are as follows: The Group’s interest cover ratio shall be more than five times (EBITDA1/Total interest paid). Leverage2 shall not be more than 2.5 times. 1Earnings before interest, taxes, depreciation and amortisation (EBITDA), as defined in the agreement excludes extraordinary items such as impairment and restructuring cost and gains/losses on disposal of fixed assets. 2Leverage is defined as total net debt to EBITDA. Debt covenants tests were performed for the loan facilities for both fiscal 2025 and 2024 and no breaches were noted. For fiscal 2025, the Group's interest cover ratio was 97.3 times (2024: 44.1 times), while the Group's leverage was negative 0.4 (2024: 0.2). Management believes that it is very likely that the covenant requirements will be met in the foreseeable future given the current earnings and interest levels. Current borrowings Current borrowings at 30 June 2025 consist of R59 million (2024: R9 million) accrued interest on the US$400 Million Syndicated Facility and repayments on the R1.5 Billion Green Term Loan. Non-current borrowings At 30 June 2025 the total non-current borrowings amount to R1,894 million (2024: R1,785 million) of which R1,770 million relates to the US$100 million term facility under the US$400 Million Syndicated Facility and R124 million to the R1.5 Billion Green Term Loan. Capital Expenditure Total budgeted capital expenditures for fiscal 2026, excluding the capital outlay for renewable projects, are R12,927 million. See Item 4: “Information on the Company - Business Overview - Capital Expenditures” for details regarding the budgeted capital expenditures for each operation. We currently expect that our planned operating capital expenditures will be financed from operations, including the use of our current facilities, as described in “- Outstanding Credit Facilities and Other Borrowings” above, and new borrowings as needed. The following table sets forth our authorised capital expenditure as of 30 June 2025: R’millions Authorised and contracted for1 ............................................................................................................................................... 4,329 Authorised but not yet contracted for .................................................................................................................................... 18,462 Total ........................................................................................................................................................................................... 22,791 1Including our share of the capital expenditure amounting to R13 million for the joint operation in PNG. Total capital expenditure was R11,855 million in 2025, compared to R8,398 million in 2024. This represents a R3,457 million increase from 2024. This increase was driven mainly by the extension projects at Moab Khotsong and Mponeng, the 100MW renewable energy project at Moab Khotsong and the Mine Waste Solutions Kareerand TSF extension. Working Capital and Anticipated Financing Needs The board believes that our working capital resources, by way of cash generated from operations, borrowings and existing cash on hand, are sufficient to meet our present working capital needs. The South African and PNG operations are generally expected to fund their capital internally, and likely also fund the development of the Eva Copper Project in Australia. The acquisition of MAC will be funded by the US$1.25 Billion Bridge Facility. We intend to refinance the US$1.25 Billion Bridge Facility through a mix of existing cash, debt and/or debt-like instruments and maintain an optimal capital structure. For more information on our planned capital expenditures, see “-Capital Expenditure” above. Also see Item 3: “Key Information - Risk Factors - Risks Related to Our Operations and Business - Our operations have limited proved and probable reserves; exploration for additional resources and reserves is speculative in nature, may be unsuccessful and involves many risks”. Our board believes that we will have access to adequate financing on reasonable terms given our cash-based operations and modest leverage expected, even after the conclusion of the MAC acquisition. Our ability to generate cash from operations could, however, be materially adversely affected by increases in cash costs, decreases in production, decreases in the price of gold and appreciation of the Rand and other non-US dollar currencies against the US dollar. In addition, while exchange controls were relaxed some years ago, South African companies remain subject to restrictions on their ability to deploy capital outside of the Southern African Common Monetary Area, which may impair our ability to fund overseas operations or guarantee credit facilities entered into by overseas subsidiaries. See Item 10: “Additional Information - Exchange Controls”. The information set forth under the heading: “– Delivering profitable ounces – Performance by operation” on pages 46 to 84 of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference. See also note 30 “Borrowings”, note 36 “Commitments and contingencies” and note 32 “Cash generated by operations” to our consolidated financial statements set forth beginning on page F-1. 177 Table of contents Contractual obligations and contingencies Our contractual obligations and commercial commitments consist primarily of credit facilities and environmental obligations. The following table summarises our contractual obligations as of 30 June 2025: Payments Due by Period Total Less Than 12 Months 1 July 2025 to 30 June 2026 12-36 Months 1 July 2026 to 30 June 2028 36-60 Months 1 July 2028 To 30 June 2030 After 60 Months Subsequent 30 June 2030 (R’millions) (R’millions) (R’millions) (R’millions) (R’millions) Bank facilities1 ......................................................... 2,224 192 2,006 26 — Environmental obligations2 ................................... 9,055 — — — 9,055 Silicosis settlement obligation3 ............................. 261 — 86 132 43 Contingent consideration4 ..................................... 2,631 492 178 793 1,168 Total contractual obligations ............................ 14,171 684 2,270 951 10,266 1See “- Liquidity and Capital Resources - Outstanding Credit Facilities and Other Borrowings” above. The amounts include the interest payable over the terms of the facilities. Where a variable rate is applicable, the rate at the reporting date has been used for the future periods. 2We make provision for environmental rehabilitation costs and related liabilities based on management’s interpretations of current environmental and regulatory requirements. See note 24 “Provision for environmental rehabilitation” to our consolidated financial statements set forth beginning on page F-1. 3This liability relates to potential cost of settling the silicosis and TB class actions that were instituted against the Group in South Africa. See Item 3: “Key Information - Risk Factors - Risks Related to ESG - The cost of occupational health care services and the potential liabilities related to occupational health diseases may increase in future and may be substantial” and note 25 “Other provisions” to our consolidated financial statements set forth beginning on page F-1. 4The liability was included as part of the consideration transferred for the acquisition of the Mponeng operations and related assets and Eva Copper. See note 27 "Contingent consideration" to our consolidated financial statements set forth beginning on page F-1. Commercial Commitments The following table provides details regarding our commercial commitments as of 30 June 2025: Amount of Commitments Expiring by Period Total Less Than 12 Months 1 July 2025 to 30 June 2026 12-36 Months 1 July 2026 to 30 June 2028 36-60 Months 1 July 2028 To 30 June 2030 After 60 Months Subsequent 30 June 2030 (R’millions) (R’million) (R’million) (R’million) (R’millions) Guarantees1 ........................................................ 1,296 — — — 1,296 Capital commitments2 ....................................... 4,329 4,329 — — — Total commitments expiring by period ...... 5,625 4,329 — — 1,296 1R539 million of these guarantees relate to our environmental and rehabilitation obligations. 2Capital commitments consist only of amounts committed to external suppliers, although a total of R22,791 million has been approved by the board for capital expenditures for the next three years. See note 36 “Commitments and contingencies” to our consolidated financial statements set forth beginning on page F-1. Off-balance Sheet Arrangements The Group does not have any off-balance sheet arrangements, as defined by the SEC for the purposes of the Form 20-F, that have or are reasonably likely to have a material current or future effect on the Group’s financial position or results of operations. 178 Table of contents Recent Developments See Item 4: “Information on the Company - History and Development of the Company - Recent Developments - Developments since 30 June 2025”. Related Party Transactions For a detailed discussion of related party transactions, see Item 7: "Related Party Transactions”. Recent Accounting Pronouncements Recently adopted accounting policies, as well as recent accounting pronouncements with the potential for impact on the consolidated financial statements, are described in note 2 “Accounting policies” to our consolidated financial statements set forth beginning on page F-1. Accounting Policies Harmony’s accounting policies are described in note 2 “Accounting policies” to our consolidated financial statements set forth beginning on page F-1. Use of Estimates and Making of Assumptions The preparation of the financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Some of our accounting policies require the application of significant judgment and estimates by management in selecting the appropriate assumptions for calculating financial estimates. By their nature, these judgments are subject to an inherent degree of uncertainty and are based on our historical experience, terms of existing contracts, management’s view on trends in the gold mining industry and information from outside sources. Our critical accounting estimates and judgments are described in more detail in note 3 “Critical accounting estimates and judgments”, to our consolidated financial statements set forth beginning on page F-1. This discussion and analysis should be read in conjunction with such consolidated financial statements and the relevant notes. C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. Not applicable. D. TREND INFORMATION The information set forth under the heading: “– Delivering profitable ounces - Performance by operation” on pages 46 to 84 of the Integrated Annual Report for the 20-F 2025 is incorporated herein by reference. Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the year ended 30 June 2025 that are reasonably likely to have a material and adverse effect on our net revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results of operations or financial conditions. E. CRITICAL ACCOUNTING ESTIMATES Not applicable