Harmony Gold Mining Company (HAR) H2 2025 (Media) earnings summary

Executive summary

• Achieved FY 2025 guidance for the 10th consecutive year, delivering record free cash flows and sustained shareholder returns.

• Safety improved with an all-time low Lost Time Injury Frequency Rate of 5.39 per million hours, despite fatalities.

• Focused on responsible mining, operational excellence, and disciplined capital allocation.

Financial highlights

• Headline EPS rose 26% to ZAR 23.37 ($1.29) year-over-year.

• Adjusted free cash flow increased 54% to ZAR 11.1 billion ($600 million).

• Group revenue up 20% to ZAR 74 billion ($4.1 billion) year-over-year.

• Final dividend of ZAR 1.55/share, total FY 2025 payout at ZAR 2.4 billion.

• Net cash increased 285% to ZAR 11.1 billion ($628 million); liquidity at ZAR 21 billion ($1.2 billion).

Outlook and guidance

• FY 2026 production guidance: 1.4–1.5 million ounces; underground grade above 5.8 g/t.

• All-in sustaining cost guidance: ZAR 1,150,000–1,220,000/kg.

• Capital guidance increased to ZAR 12.95 billion to support growth and asset flexibility.

• Guidance to be revisited in February 2026 pending MAC Copper acquisition conclusion.