Harmony Gold Mining Company (HAR) Q1 2026 TU earnings summary

Executive summary

• Achieved a loss-of-life free quarter, with LTIFR at 4.29, below 5.00 for the second consecutive quarter.

• Group gold production decreased by 8% year-over-year to 12,128kg (389,923oz), but remains on track for full-year guidance.

• Completed acquisition of MAC Copper, adding immediate copper production and enhancing portfolio resilience.

• Strong operational performance at Mponeng and Hidden Valley, with the latter generating R1.7 billion in adjusted free cash flow.

• Maintained a strong, flexible balance sheet with net cash increasing to R17.1 billion and liquidity at R26.6 billion.

Financial highlights

• Gold revenue rose 20% year-over-year to R21.7 billion, driven by a 34% increase in average gold price received to R1,818,510/kg.

• Group all-in sustaining costs (AISC) increased 15% to R1,107,486/kg, but remained below the lower end of FY26 guidance.

• Adjusted free cash flows from Mponeng and Moab Khotsong increased by 3% to R2,819 million; Hidden Valley's adjusted free cash flow rose 115% to R1,661 million.

• Group capital expenditure rose 31% to R2,873 million, reflecting investment in long-life projects and renewables.

Outlook and guidance

• On track to meet FY26 production guidance of 1.4–1.5Moz, AISC between R1,150,000/kg and R1,220,000/kg, and underground grade above 5.80g/t.

• Updated production guidance, including CSA mine contribution, to be provided with interim results in early 2026.

• Copper production of ~100,000 tonnes per year expected within 3–5 years, pending Eva Copper approval.