Harmony Gold Mining Company (HAR) H1 2026 (Media) earnings summary

Executive summary

• Reinforced position as a higher quality, lower risk global copper and gold producer, focusing on selective, affordable growth and disciplined capital allocation.

• Interim dividend doubled to 530 SA cents per share, reflecting a revised policy to pay up to 50% of net free cash to shareholders, supported by strong cash generation and copper growth initiatives.

• Group revenue rose 20% year-over-year to R44.4 billion, with operating profit up 61% to R16.1 billion, driven by higher gold prices and disciplined operational performance.

• Transitioning into a significant global gold and copper producer, emphasizing value creation for stakeholders.

• Safety performance improved, achieving the lowest ever LTIFR of 4.23 per million hours worked.

Financial highlights

• Revenue increased to R44.4 billion (US$2.56 billion) from R37.1 billion (US$2.07 billion) year-over-year.

• Operating profit rose 61% to R16.1 billion (US$930 million); basic EPS up 24% to 1,563 SA cents (90 US cents).

• Interim dividend declared at ZAR 5.30 ($0.32) per share, with payout doubling to a record ZAR 3.4 billion ($204 million), representing 43% of net free cash flow.

• Group adjusted free cash flow grew 4% to R5.97 billion (US$344 million); margin decreased to 14%.

• Silver revenue decreased by 27% to ZAR 740 million due to lower production at Hidden Valley.

Outlook and guidance

• Gold production guidance for FY 2026: 1.4–1.5 million oz, underground grades above 5.8 g/t, all-in sustaining costs ZAR 1.15–1.22 million/kg.

• Copper (CSA mine) guidance: 17,500–18,500 tonnes, C1 cash costs $2.65–$2.80/lb, grades above 3.5%.

• Group CapEx for FY 2026 updated to ZAR 18.5 billion, including CSA and Eva projects.

• Eva Copper CapEx projected at $1.55–$1.75 billion over three years, with first production targeted for end of 2028; construction underway, targeting 100,000 tonnes annual copper production.