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.

• Achieved strong earnings growth and record interim dividend, supported by high gold prices, disciplined mining, and robust cash generation.

• Produced 724,000 ounces of gold, impacted by a one-off cyanide shortage and lower plant recoveries, both now resolved; group gold production declined 9% to 22,522kg, but full-year guidance remains unchanged.

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

• Revised dividend policy allows up to 50% of net free cash to be returned to shareholders, with interim dividend doubled to 530 SA cents per share.

Financial highlights

• Group revenue up 20% year-over-year to R44.4 billion (US$2.56 billion), supported by higher realized gold prices.

• EBITDA rose 39% to R18 billion (US$1.04 billion); operating profit up 61% to R16.1 billion (US$930 million); net profit up 24% to R9.8 billion.

• 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.

• Net debt/EBITDA at 0.18x, with strong balance sheet and liquidity of R14.8 billion (US$895 million) in cash and undrawn facilities.

Outlook and guidance

• Confident in meeting full-year production, cost, and grade guidance; FY26 gold production guidance at 1.4–1.5Moz, AISC R1.15m–R1.22m/kg.

• CSA copper mine expected to produce 17,500–18,500 tonnes at >3.5% grade, C1 cost US$2.65–2.80/lb.

• 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.

• FY26 capital guidance includes R5.6 billion for Eva and R1.1 billion for CSA, with total group capital at R18.5 billion.

• Gold CapEx guidance reduced by R1 billion; focus remains on disciplined capital allocation and sustainable value creation.