Harmony Gold Mining Company (HAR) H1 2025 earnings summary

Executive summary

• Achieved record interim results for H1FY25, with production and grades ahead of guidance, strong free cash flow, and margin expansion, driven by operational excellence and high gold prices.

• Headline earnings per share rose 33% to 1,270 SA cents (71 US cents), and a record interim dividend of R1.4 billion (US$78 million) was declared.

• Maintained a disciplined approach to capital allocation, focusing on long-term value creation, safety, and a balanced, de-risked asset portfolio.

• Underground recovered grades increased to 6.40g/t, exceeding guidance, and group production reached 24,816kg (797,854oz).

• Safety remains a priority, with LTIFR at 5.52 per million hours worked, though eight fatalities occurred in the period.

Financial highlights

• Group revenue rose 18% to R37.1 billion (US$2.1 billion), driven by a 23% increase in the rand gold price.

• Net profit increased 33% year-over-year to R7.9 billion (US$445 million); EBITDA up 28% to R22.2 billion (US$1.18 billion).

• Operating free cash flow grew 46% to R10.4 billion (US$579 million), with a margin expansion to 29%.

• Headline earnings per share increased 33% to 1,270 SA cents (71 US cents).

• Record interim dividend payout of R1.4 billion (US$78 million) declared.

Outlook and guidance

• FY25 production guidance reiterated at 1.4–1.5 million ounces, with underground grade above 5.8g/t.

• Group AISC expected between R1,020,000/kg and R1,100,000/kg, with costs supported by controls and high recovered grades.

• Ongoing investment in high-grade and international assets to drive future margin expansion and portfolio quality.

• Capital allocation remains disciplined, with major projects advancing as planned.

• Third quarter expected to be seasonally slower due to January start-up.