Harmony Gold Mining Company (HAR) H2 2026 (Q&A) earnings summary

Executive summary

• Achieved gold production guidance for the 11th consecutive year, with 1.43 million ounces produced and all-in sustaining cost of $2,195/oz, both within guidance.

• Record revenue of ZAR 100 billion ($5.9 billion), up 34% year-over-year, and net profit doubled to ZAR 29.5 billion, with headline EPS up 87% to ZAR 43.63/share.

• CSA acquisition contributed 18,207 tons of copper at a recovered grade of 3.75% and C1 cash cost of $2.47/lb, all within guidance.

• Declared record final dividend of ZAR 4.8 billion (ZAR 7.50/share), full-year dividend ZAR 8.2 billion (ZAR 12.80/share), yield ~3.5%.

• Portfolio diversification advanced, with international assets contributing 16% of production and copper now a significant growth lever.

Financial highlights

• Revenue increased 34% year-over-year to ZAR 100 billion ($5.9 billion); group operating cash flow rose 48% to ZAR 33.6 billion.

• Headline earnings per share rose 87% to ZAR 43.63/share (4,363 SA cents); net profit up 102% year-over-year.

• Adjusted free cash flow up 54% to ZAR 17 billion ($1 billion); robust FCF margin.

• Net debt to EBITDA at 0.02x, with liquidity of ZAR 17.1 billion and cash of ZAR 8.6 billion.

• Final dividend of 750 SA cents per share, full-year payout ZAR 8.2 billion (US$503m), yield ~3.5%.

Outlook and guidance

• Portfolio outlook now shows a growing production profile over the next 10 years, reversing last year’s projected decline, excluding Wafi-Golpu.

• FY27 gold production guidance: 1.3Moz–1.4Moz at ~5.6g/t underground grade; copper: 28,000t–30,000t at >3.5% grade.

• Additional 350,000 oz of conceptual “blue sky” gold production potential identified, with mine life extensions and reclamation projects.

• Guidance maintained for Eva Copper’s first production in 2028, with CapEx and schedule on track despite environmental regulatory processes.

• Beyond 2030, expect stronger margins, lower costs, and expanding free cash flow.