Harmony Gold Mining Company (HAR) H1 2026 earnings summary

Executive summary

• Gold remains the core business, with copper as a strategic growth lever; portfolio includes assets in South Africa, Papua New Guinea, and Australia.

• 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.

• Produced 724,000 ounces of gold, impacted by a cyanide shortage and lower plant recoveries, but recoveries have normalized; group gold production declined 9% to 22,522kg due to temporary operational challenges, but full-year guidance remains unchanged.

• Integration of CSA copper mine and development of Eva Copper project progressing, with significant investment in both; maiden copper production from CSA mine achieved.

• Safety performance improved, with lost time injury frequency rate at an all-time low of 4.23.

Financial highlights

• Group revenue up 20% year-over-year to R44.4 billion (US$2.56 billion); operating profit up 61% to R16.1 billion (US$930 million).

• EBITDA rose 39% to R18 billion (US$1.04 billion); net profit up 24% to R9.8 billion (US$564 million).

• Basic EPS up 24% to 1,563 SA cents (90 US cents); headline EPS up 13% to 1,431 SA cents (82 US cents).

• All-in sustaining cost (AISC) increased 21% to R1,180,367/kg (US$2,115/oz), mainly due to lower production and higher royalties.

• Interim dividend of 530 SA cents/share, total payout R3.4 billion (US$204 million), a record and 43% of net free cash.

Outlook and guidance

• FY26 gold production guidance unchanged at 1.4–1.5 million ounces; AISC guidance between R1,150,000/kg and R1,220,000/kg.

• CSA copper mine expected to produce 17,500–18,500 tonnes at C1 cash cost of US$2.65–2.80/lb and grade above 3.5% for the financial year.

• Eva Copper project on track, with long-term target of 100,000 tonnes copper per annum within three years and first output targeted for 2028.

• Gold CapEx guidance reduced by R1 billion; FY26 group capital guidance includes R5.6 billion for Eva and R1.1 billion for CSA, total group capital R18.5 billion.

• Expect to return to net cash position by year-end, even after major acquisitions.