Harmony Gold Mining Company (HAR) Q3 2026 TU earnings summary

Executive summary

• Achieved a strong third quarter, returning to a net cash position and on track to meet full-year production, grade, and cost guidance for both gold and copper operations.

• Gold and copper revenue rose 34% year-over-year to R68,385 million (US$4,016 million), driven by a 39% increase in the average gold price received.

• Free cash flow at the operational level increased 87% year-over-year, supporting a record interim dividend payout.

• Safety performance improved, with a Group LTIFR of 4.71 per million hours worked, though two fatalities occurred in Q3.

• MSCI ESG rating upgraded to 'A', reflecting enhanced sustainability practices.

Financial highlights

• Returned to a net cash position of R1,326 million (US$78 million) from a net debt of R5,554 million (US$335 million) at December 2025.

• Liquidity stood at R19,656 million (US$1,161 million) in cash and undrawn facilities.

• All-in sustaining cost (AISC) for gold assets increased 14% year-over-year to R1,167,679/kg (US$2,133/oz).

• Average gold price received rose 39% to R2,020,821/kg (US$3,691/oz).

• Total cash operating costs increased 10% year-over-year to R32,646 million (US$1,917 million), mainly due to inflation and higher royalties.

Outlook and guidance

• Full-year gold production guidance: 1,400,000oz to 1,500,000oz; AISC between R1,150,000/kg and R1,220,000/kg; underground recovered grade above 5.80g/t.

• Copper production guidance: 17,500 to 18,500 tonnes; C1 cash costs between US$2.65/lb and US$2.80/lb; recovered grade above 3.50%.

• Growth projects, including Eva Copper and South African extensions, are progressing on schedule and within budget.