Harmony Gold Mining Company (HAR) H2 2025 (Q&A) earnings summary

Executive summary

• Achieved record adjusted free cash flows and met guidance for the 10th consecutive year, supported by higher-quality orebodies and copper diversification.

• Operational excellence, responsible mining, and disciplined capital allocation led to strong production, margin expansion, and record shareholder returns.

• Embedded sustainability and improved ESG ratings recognized by third parties.

• Safety improved with an all-time low lost time injury frequency rate, despite tragic losses.

Financial highlights

• Group revenue increased 20% year-over-year to ZAR 74 billion ($4.1 billion); net profit rose 67% to ZAR 15.5 billion.

• Headline EPS up 26% to ZAR 23.37 ($1.29); EBITDA up 37% to ZAR 25.9 billion.

• Adjusted free cash flow up 54% to ZAR 11.1 billion ($600 million); net cash increased 285% to ZAR 11.1 billion ($628 million).

• Record dividend payout of ZAR 2.4 billion, up 74% year-over-year; final dividend of ZAR 1.55/share.

Outlook and guidance

• FY26 production guidance: 1.4–1.5 million ounces; underground grades above 5.8g/t; AISC ZAR 1.15–1.22 million/kg; capex ZAR 12.95 billion.

• Copper expected to contribute ~40% of production by FY35, with major growth from CSA and Eva Copper projects.

• Guidance to be revisited in February 2026, pending MacCopper acquisition.