Harmony Gold Mining Company (HAR) H1 2026 (Q&A) earnings summary

Executive summary

• Reinforced position as a higher quality, lower risk global gold and copper producer, with strong earnings growth in H1FY26 as group revenue rose 20% to R44.4 billion (US$2.56 billion) and operating profit increased 61% to R16.1 billion (US$930 million).

• Interim dividend doubled to a record R3.4 billion (US$204 million), or 530 SA cents per share, reflecting robust cash flows and a revised policy to pay up to 50% of net free cash.

• Maintained focus on safety, sustaining operations, and disciplined capital allocation for organic growth and copper/gold scale, with improved safety performance and lowest ever LTIFR of 4.23 per million hours worked.

• Strategic expansion into copper through the acquisition and integration of MAC Copper and CSA mine, with further growth expected from the Eva Copper Project.

• On track to meet full-year production, cost, and grade guidance, supported by strong gold prices and value creation for stakeholders.

Financial highlights

• EBITDA increased 39% to R18 billion (US$1.04 billion); net profit rose 24% to R9.8 billion (US$564 million); headline EPS up 13% to 1,431 SA cents (82–90 US cents).

• Group revenue up 20% to R44.4 billion (US$2.56 billion); average gold price received rose 36% to R1,909,849/kg (US$3,421/oz).

• Interim dividend declared at ZAR 5.30 (530 SA cents/US$0.32) per share, with payout doubling to a record ZAR 3.4 billion (US$204 million), representing 43% of net free cash.

• Adjusted free cash flow increased 4% to R6 billion (US$344 million); cash generated by operations reached R17.1 billion.

• Group AISC increased 21% to R1,180,367/kg (US$2,115/oz); cash operating costs up 21% to R984,549/kg (US$1,764/oz).

Outlook and guidance

• FY26 gold production guidance reaffirmed at 1.4–1.5 million ounces, with underground recovered grades above 5.8g/t and AISC of R1,150,000–R1,220,000/kg.

• CSA copper mine expected to produce 17,500–18,500 tonnes at C1 cash cost of US$2.65–2.80/lb and recovered grades above 3.5%.

• Eva Copper Project construction underway, targeting 100,000 tonnes annual copper production within three years; total Eva project capital of US$1.55–1.75 billion over three years.

• Group CapEx for FY26 updated to R18.5 billion, including CSA and Eva; gold CapEx reduced by R1 billion to R11.8 billion.

• CSA CapEx guided at R1.1 billion (US$65 million); Eva Copper CapEx at R5.6 billion (US$320 million) for the year.