Harmony Gold Mining Company Limited Earnings Recaps
Q4 2026
Aug 29, 2026
Shares of Harmony Gold fell 9.8% following the release of FY26 results, reflecting investor disappointment primarily with the cautious outlook and lingering cash flow pressures tied to acquisition-related one-offs and integration costs, despite reported record earnings and production in line with guidance.
Key takeaways
- Gold production of 1.43 million ounces met guidance for the 11th consecutive year, with underground gold grades and all-in sustaining costs in line with expectations.
- Copper segment (CSA and Eva Copper) contributed meaningfully, with copper reserves increasing 71% and resources up 18.5%, though operational complexities and integration costs weighed on cash flow.
- Record headline earnings per share rose 87% to ZAR 43.63, and adjusted free cash flow rose 54% to a record ZAR 17 billion, yet actual cash flow was impacted by approximately ZAR 10 billion in one-off CSA-related costs and contingent payments.
- While management highlighted long-term growth optionality and portfolio life extensions, these remain largely conceptual and early stage, offering limited near-term certainty.
- The market appeared cautious on Harmony’s forward-looking statements concerning portfolio growth and margin improvements, given the downgrade from prior production decline expectations and residual acquisition-related cash flow complexities.
Q4 2025
Aug 28, 2025
Harmony delivered robust financial results in FY ‘25, achieving record cash flows and maintaining consistent production while enhancing safety protocols. The company reported a 26% increase in headline earnings per share and reached the upper end of its gold production guidance.
Key takeaways
- Adjusted free cash flow surged 54% to over ZAR 11 billion at a 16% margin.
- Headline earnings per share rose 26% to ZAR 23.37; a record final dividend of ZAR 2.4 billion was declared.
- Gold production hit 46 tonnes (1.48 million ounces), consistent with production guidance, while maintaining all-in sustaining costs at ZAR 1.05 million per kilogram (approximately USD 1,800 per ounce).
- Achieved the lowest ever Lost-Time Injury Frequency Rate (LTIFR) in company history, reflecting a commitment to improving safety culture.
- The operational strategy focuses on high-quality ore bodies and disciplined cost management to ensure resilience across commodity cycles.