Harmony Gold Mining Company (HAR) H2 2025 earnings summary

Executive summary

• Achieved 10th consecutive year of meeting production guidance, underpinned by operational excellence and higher-quality ore bodies.

• Delivered record operational and financial results, with group gold production at the upper end of guidance and all-in sustaining costs in line with expectations.

• Maintained a proactive safety culture, achieving an all-time low lost-time injury frequency rate (LTIFR).

• Embedded sustainability practices recognized by third parties, with improved ESG ratings and progress on decarbonization targets.

• Consistent delivery, disciplined cost management, and a robust balance sheet drive long-term trust.

Financial highlights

• Adjusted free cash flow rose 54% to ZAR 11.1 billion at a 16% margin.

• Headline earnings per share increased by 26% to ZAR 23.37; net profit up 67% to ZAR 15.5 billion.

• Revenue grew 20% to ZAR 74 billion, driven by operational consistency and higher gold prices.

• EBITDA increased 37% to ZAR 26 billion; record final dividend of ZAR 2.4 billion declared.

• Net cash surged 285% to ZAR 11.1 billion; available liquidity at ZAR 20.9 billion.

Outlook and guidance

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

• All-in sustaining costs expected to rise to ZAR 1.15–1.22 million/kg due to mining inflation and higher sustaining capital.

• Total capital to increase to ZAR 12.95 billion, supporting fleet replacement and project advancement.

• Copper expected to contribute 40% of production by FY35, supporting long-term growth and diversification.

• MAC Copper transaction expected to close in October; Eva Copper final investment decision later in the year.