Harmony Gold Mining Company (HAR) H2 2026 earnings summary

Executive summary

• Achieved record financial and operational performance for FY 2026, with revenue up 34% to ZAR 99.2 billion and net profit doubling to ZAR 30 billion, underpinned by disciplined execution and portfolio optimization.

• Delivered on gold and copper production guidance, with 1.43 million ounces of gold and 18,200 tons of copper produced, maintaining consistent gold production and reaching the upper end of copper guidance.

• Maintained a strong safety record, achieving the lowest-ever lost time injury frequency rate of 5.05 and reducing fatalities from 11 to 6 year-over-year.

• Portfolio strengthened by acquisitions, integration of high-quality assets, and diversification, with international assets contributing 16% of production and a clear path to a 70/30 South Africa/Australasia split by FY36.

Financial highlights

• Revenue increased by 34% year-over-year to ZAR 99.2 billion, with net profit up 102% to ZAR 30 billion and headline EPS up 87% to ZAR 43.63.

• Group operating cash flow rose 48% to ZAR 33.6 billion; adjusted free cash flow up 54% to ZAR 17.1 billion.

• Declared a record final dividend of ZAR 7.50 per share, totaling ZAR 8.6 billion for the year.

• All-in sustaining cost margin expanded to 42% from 31% year-over-year; group AISC for gold at ZAR 1,191,698/kg (US$2,195/oz).

• Net debt to EBITDA at 0.02x; cash and cash equivalents at ZAR 8.6 billion.

Outlook and guidance

• FY 2027 gold production guidance: 1.3–1.4 million ounces at a recovered grade of ~5.6 g/t; gold AISC guided at ZAR 1.3–1.395 million/kg.

• CSA copper production guidance: 28,000–30,000 tons at >3.5% grade; C1 cost $2.55–$2.65/lb.

• Eva Copper project on track for first production by end of 2028, pending environmental approvals; CapEx guidance: ZAR 14.4 billion for gold, $650–$680 million for Eva Copper.