Harmony Gold Mining Company (HAR) H2 2025 (Q&A) earnings summary

Executive summary

• Achieved record cash flows and met guidance for the 10th consecutive year, supported by higher-quality orebodies, copper diversification, and strong shareholder returns.

• Operational excellence and disciplined mining led to strong production, margin expansion, and a record dividend payout.

• Safety improved, reaching an all-time low lost time injury frequency rate of 5.39 per million hours worked.

• Embedded sustainability and improved ESG ratings recognized by third parties.

• Focused on responsible mining, operational excellence, and disciplined capital allocation.

Financial highlights

• Headline EPS rose 26% to ZAR 23.37 ($1.29) year-over-year; net profit increased 67% to ZAR 15.5 billion.

• Adjusted free cash flow up 54% to ZAR 11.1 billion ($600 million); EBITDA up 37% to ZAR 25.9 billion.

• Revenue increased 20% to ZAR 74 billion ($4.1 billion) year-over-year.

• Net cash increased 285% to ZAR 11.1 billion ($628 million); liquidity at ZAR 21 billion ($1.2 billion).

• Record dividend payout of ZAR 2.4 billion, up 74% year-over-year.

Outlook and guidance

• FY26 production guidance: 1.4–1.5 million ounces; underground grades above 5.8g/t; AISC ZAR 1.15–1.22 million/kg; capex ZAR 12.95 billion.

• Guidance to be revisited in February 2026 pending MacCopper acquisition.

• Copper expected to contribute ~40% of production by FY35, with major growth from CSA and Eva Copper projects.